Newborn Town Announced its Operating Figures for the First Three Quarters; Expected Revenue Growth of Over 115% YoY; MAU of Social Apps Reached 20.43 million

HONG KONG, CHINA / ACCESSWIRE / October 19, 2021 / On 18 October, Newborn Town Inc. (HK:9911), China's top social networking enterprise going global announced its operating figures for the first three quarters of 2021. The Company expects the revenue for the first three quarters will reach RMB 1.58 to 1.70 billion, representing a significant growth of over 115% year-on-year (YoY).

Revenue from the Company's value-added service business is expected to reach RMB 1.35 to 1.40 billion. The value-added service business, which is mainly contributed by social networking business, has achieved remarkable breakthroughs in developed markets such as Europe, North America, Japan and Korea.

On user base, the average monthly active users (MAU) of Newborn Town's social networking products for the third quarter this year reached approx. 20.43 million, representing an increase of approx. 12.07% quarter-on-quarter (QoQ). As of 30 September 2021, the cumulative number of downloads of the social networking products reached 298 million, representing a growth of 17.38% as compared to 30 June 2021.

Social networking business grew rapidly with breakthroughs in developed markets

Since 2013, Newborn Town has been focusing on the overseas market. The Company expanded into social networking business in 2015, and completed its IPO in Hong Kong in 2019. As China's top social networking enterprise going global, Newborn Town has developed a series of global audio and video social networking products, such as MICO and YoHo.

For the nine months ended 30 September 2021, the total revenue of the Company is expected to reach RMB 1.58 to 1.70 billion, representing a growth of over 115% YoY. The surge in revenue is primarily attributable to the rapid growth in social networking business. During the nine-month period, the Company's revenue from value-added service business is expected to reach RMB 1.35 to 1.40 billion, which is mainly from social networking business.

The announcement stated that Newborn Town's social networking business achieved remarkable breakthroughs in developed markets such as Europe, North America, Japan and Korea. Newborn Town's social networking products have been leading the way in emerging markets such as Middle East, Southeast Asia and South Asia, and the Company has successfully replicated the success to developed markets such as North America and Europe.