Hui10 Secures Landmark Agreement with Team China
20 January 2025
Intuitive Investments Group plc
("IIG" or the "Company")
Hui10 Secures Landmark Agreement with Team China
Supporting national sports development
Strengthening Hui10's market position
Intuitive Investments Group plc (SFS: IIG) ("IIG" or the "Company"), a closed-end investment company focused on high-growth opportunities in the technology and life sciences sectors, announces a significant milestone for its investee company, Hui10 Inc. ("Hui10"), which has secured a landmark agreement with the General Administration of Sport of China.
This strategic partnership provides an opportunity for Hui10 to support Team China, the national sports teams of the People's Republic of China, competing on the world stage at prestigious events such as the Olympic Games, World Championships, and other major international sporting competitions. Under this agreement, Hui10 will have the exclusive rights to promote Team China and its merchandise through its network of dedicated lottery shops, and through HongBao Sports Lottery.
Team China merchandise is a symbol of national pride and sporting excellence, and Hui10 is uniquely positioned to bring these iconic products to its expansive existing customer base of over 100 million through its network.
This also marks a transformational milestone in Hui10's growth strategy, which:
· Positions Lucky World as the largest connected retail network in China, once fully integrated;
· Enhances Hui10's leadership in China's retail and lottery sectors; and
· Aligns Hui10 with China's national sports development agenda, enhancing its corporate image and strengthening relationships with regulatory bodies and key stakeholders.
The agreement
The agreement grants Hui10's Lucky World the rights to launch and operate 31 flagship Team China Sports Lottery branded stores retailing its range of official branded products such as football shirts and Olympic team apparel and collectibles. These products will be available online, in these flagship stores and across all China's c.200,000 Sports Lottery shops, reaching the existing 100 million lottery shop consumers while providing the opportunity to expand this customer base by attracting new customers to the stores.
The agreement also enables HongBao Sports Lottery with each purchase of Team China merchandise. HongBao allows consumers to earn lottery credits and is integrated into China UnionPay's national clearing and interbank settlement system, ensuring secure and easy reward redemption and appealing to the broader, tech-savvy audience increasing engagement with both Team China and the Sports Lottery.
Hui10 aims to open 3 flagship Team China Sports Lottery stores in 4 months, with a goal to open 20 stores in 20 regions across China by the end of 2025. Flagship stores in key regions will offer a unique "lottery meets sports" experience, fostering deeper consumer engagement and loyalty.
Sir Nigel Rudd, Chairman of IIG, commented: "The Team China contract highlights the importance of the lottery shops in China and the role of the lottery in supporting China's sporting excellence. Hui10 sits at the centre of the development of both the lottery shops, through its Lucky World platform, and the Chinese Lottery through its digitisation strategy to expand lottery participation. This collaboration further demonstrates how Hui10's platform can connect communities, improve the retail experience, and contribute to the growth of national sports. This is a significant landmark for Hui10 underpinning the substantial opportunity Hui10 will deliver for IIG shareholders."
Enquiries:
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Intuitive Investments Group plc Sir Nigel Rudd, Non-Executive Chairman Robert Naylor, CEO Giles Willits, CIO
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Via FTI Consulting |
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Zeus Nick Cowles / Graeme Summers / Dominic King |
+44 (0)20 3829 5000 |
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FTI Consulting Jamie Ricketts / Valerija Cymbal / Jemima Gurney |
+44 (0)20 3727 1000 IIG@fticonsulting.com |
About Intuitive Investments Group plc
IIG is an investment company seeking to provide investors with exposure to a portfolio concentrating on fast growing, high potential Technology and Life Sciences businesses operating predominantly in the UK, continental Europe, the US and APAC, utilising the Board's experience to seek to generate capital growth over the long term for shareholders.
About Hui10
Hui10 is a technology company with interests in two operating businesses, Huishi Dehua and Huishi Chunyuan ('Lucky World'), involved in the digital transformation of the Chinese lottery. Huishi Dehua enables the market expansion of the Chinese lottery through its proprietary technology platform. Huishi Dehua is integrated into China's national card settlement system and payment platform, UnionPay. Hui10 holds a 33% share in Huishi Dehua. Lucky World is an ecommerce platform which provides China's existing lottery shops access to a wider fast-moving consumer goods product offering. Hui10 owns 60% of Lucky World.
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