Chinese e-commerce software player to list on the ASX
China-based TTG Mobile Coupon Services will be listing on the Australian Securities Exchange (ASX) on Tuesday after a successful initial public offer (IPO) earlier in October.
According to the company, TTG has been viewed as being particularly attractive to investors, thanks to its exclusive partnership with China's UnionPay, a bank-card organisation that operates as the only interbank network linking the ATMs of a plethora of banks in China.
The pair developed software that can link card-based transactions from all online and offline sources, such as ones done by consumers, merchant point-of-sale machines, and financial institutions into one platform. It is then able to offer users discounts, and store product information on a cloud-based storage system. TTG gets a cut of the transaction fee when merchants make a sale through the platform.
"The TTG [IPO] has major appeal for Australian investors seeking direct participation in arguably not only the world's most exciting growing consumer market, but one evolving a very dynamic shift in the way merchants connect with consumers," TTG co-chairman Chris Ryan said in a statement back in October. "It is TTG's belief that this technology will eventually migrate to strategic applications globally."
The technology has been rolled out in Shenzhen, where TTG is based, with several major Chinese cities to follow in the next two years, and is expected to reach Australia by 2013.
TTG Mobile Coupon Services' ASX code is TUP.