AGTech has announced that its wholly-owned subsidiary, Beijing AGTech GOT Technology Co, has won sports lottery terminal procurement bidding projects successively in eight Chinese provinces.
It comes as part of a wider strategy to penetrate the Chinese market and follows on from a series of successful tenders this year, which have reaffirmed its position as the market leader in the Chinese sports lottery market.
The newly won projects ensure the Hong Kong-based firm enters several key provinces in China, including Henan province, Hebei province, Zhejiang province, Jilin province, Hunan province, Shanxi province, Inner Mongolia Autonomous Region and Guangdong province of the People’s Republic of China.
Even though AGTech stated that the latest move signals its ‘continued dedication’ to the Chinese market, it also stressed its commitment to ‘ensure safety and R&D compliance, and contribute to the overall healthy development’ of the market as a whole.
The firm’s expansion strategy has helped its financial outlook: total group revenue reached HK$77.9m in FY2021, representing an increase of approximately 77.6% year-on-year.
During that period, it had won similar tenders to operate in six Chinese provinces which were cited in the financial report.
A company statement from the report stated: “The increase in revenue from the provision of lottery distribution services was due to the increase in average lottery sales volume per sales outlet and the continuous efforts of the group in expanding its network of collaborating retail sales outlets for lottery distribution.”