SHENZHEN, China, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading cloud-based bandwidth acceleration technology company in China, today announced that the Company has entered into a strategic partnership with Newland Hi-Tech Group Co., Ltd. (“Newland”) (the “Strategic Partnership”).
Newland is a leading international integrated service provider of electronic payment products. It has been developing a “Digital Citizen” program in China, which is aimed to provide innovative public services for citizens. Through the Strategic Partnership, Xunlei and Newland will leverage their respective strengths and technology know-how to research and develop new products and services.
In connection with the Strategic Partnership, Xunlei also entered into a series of transactions with Beijing LinkChain Co., Ltd. (“Beijing LinkChain”), an associated company of Newland, to transfer the exclusive right to operate LinkToken program within mainland China, including without limitation, the formulation, amendment and execution of the rules governing the rewarding of LinkToken to users, LinkToken Pocket and the LinkToken Mall, and the related assets and liabilities to Beijing LinkChain (the “Transfer”).
Upon the completion of this Transfer, Xunlei will cease operating the LinkToken program within mainland China. This Transfer will allow Xunlei to put more focus on research and development of the underlying blockchain technology and infrastructure, such as ThunderChain and ThunderChain File System (TCFS).
While the exclusive right to operate the LinkToken program within mainland China has been transferred, users of OneThing Cloud device will still be able to obtain LinkToken via contributing their idle computing resources. Xunlei will also continue to leverage shared computing and blockchain technology to provide enterprise customers with cloud computing services.
Xunlei Limited ("Xunlei") is a leading cloud-based bandwidth acceleration technology company in China. Xunlei operates a powerful internet platform in China based on cloud computing to provide users with quick and easy access to digital media content through its core products and services, Xunlei Accelerator and the cloud acceleration subscription services. Xunlei is increasingly extending into mobile devices in part through potentially pre-installed acceleration products in mobile phones. Benefitting from the large user base accumulated by Xunlei Accelerator, Xunlei has further developed various value-added services to meet a fuller spectrum of its users' digital media content access and consumption needs.
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Source: Xunlei Limited