FGS Announces Strategic Cooperation with China Minsheng Bank Kunming Branch

BEIJING, April 13, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that Future Gas Station (Beijing) Technology Ltd. ("FGS"), a subsidiary of two mainland China variable interest entities with contractual ties to the Company's subsidiary, Recon Hengda Technology (Beijing) Co., Ltd., has entered into a strategic business cooperation agreement (the "Agreement") with the Kunming Branch of China Minsheng Bank Corp., Ltd ("CMBC").

According to this Agreement, Minsheng Bank will direct their users to refuel in gas stations using e-accounts on its "Cloud Wallet" platform by mobile application. FGS will direct users with the option to select their Minsheng Cards when consumption via WeChat's and Alipay on the promotion and/or events pages. Both parties will also extend their cooperation nationwide through more online and offline channels to provide for more preferential and convenient options for premium customers and to attract mobile users traffic for DT Refuel mobile application ("DT Refuel").

Management Statement

Mr. Shenping Yin, Founder and CEO of Recon said, "We are pleased to sign a strategic cooperation agreement with Minsheng Bank Yunnan Branch. This is another significant progress we have made in terms of bank cooperation channels after signing a cooperation agreement with Ping An Bank in the year 2019. Since we signed the cooperation agreement with Ping An Bank, the cumulative transaction volume completed through the Ping An Bank channel has exceeded RMB 1.26 billion, accounting for approximately 20% of the turnover in the DT Refuel platform. "Cloud Wallet" is a one-stop financial cloud service platform of Minsheng Bank for corporate clients' employees and members, and can quickly tailor financial and non-financial services for corporate employees and members. Through this strategic cooperation, we will work with the Minsheng Bank Kunming Branch to provide for more convenient and preferential fueling solutions for consumers at gas stations, complementing the service scenarios of its platform. We also hope that the cooperation with Minsheng Bank will continue to bring new users and more transactions to DT Refuel."

About Recon Technology, Ltd ("RCON")

Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/.

Forward-Looking Statements

Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon's operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.

For more information, please contact:

Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: [email protected] 

SOURCE Recon Technology Ltd

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