JM Wowo Clarifies Its Business Does Not Involve P2P Lending

BEIJING, Aug. 25, 2016 -- On August 24, 2016, China Banking Regulatory Commission, Ministry of Industry and Information Technology of China, Ministry of Public Security, National internet Information Office issued a series of Measures to further strengthen the management of P2P financing and P2P internet lending platforms.

Regarding this issue, JM Wowo announced that the Company’s business scale does not include P2P financing and P2P internet lending service. JM Wowo’s focus is on B2B global procurement service in hotel restaurant and hotel industries. The Company’s online e-commerce platform provides integrated services and supply chain financing service to suppliers and customers in the foodservice industry.

JM Wowo always abides by the principle of protecting its online platform’s interests. The Company will maintain an optimum, healthy and orderly transaction environment and comply with Chinese government e-commerce regulation and Nasdaq’s regulation of public companies. JM Wowo will proactively provide service in fine quality to China’s restaurants and hotels.

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “ought to”, “plan”, “project”, “potential”, “seek”, “may”, “might”, “can”, “could”, “will”, “would”, “shall”, “should”, “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JM Wowo’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JM Wowo’s strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JM Wowo’s plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JM Wowo might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JM Wowo does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About JM Wowo Limited

Wowo Limited currently operates China’s leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry. With the help of Internet and cloud technologies, the Company has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. The Company is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.

Through cooperation with national and local industry associations and reputable restaurant groups across China, the Company has formed a leading industrial alliance and has great resource leverage in China’s catering industry. The Company works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services.

Contact:

Zhao Lichao IR Director
Wowo Limited
[email protected]
Tel: 86-183 2119 5582

Bill Zima
ICR Inc.
[email protected]
Tel: 203-682-8200