Technology Stocks

Recon Technology Ltd. (NASDAQ: RCON) gains 5% after Its FGS subsidiary partners with Gao Deng

Recon Technology Ltd. (NASDAQ: RCON) gained 5.61% after the company announced that its Beijing subsidiary Future Gas Station Technology Company Limited had entered a strategic cooperation deal with An Hui Gao Deng Wei Xing Technology Ltd. 

FGS partners with Gao Deng

As per the agreement, the parties will form strategic cooperation on electronic fuel coupon sales, refueling services, and the development and giving of electronic cards. Notably, the partnership will rely on refueling channel FGSS created for Gao Geng and China National Petroleum Corporation’s client base. In addition, it will also depend on the electronic toll collection payment scenario to offer a convenient refueling experience for car owners and keep loyal, long-term users of CNPC gas stations. 

Shen Zhen Gao Deng Computer Technology Co. Ltd owns Gao Deng, with Shenzhen Tencent Computer System Co. being the largest shareholder Shen Zhen Gao Deng. Gao Deng’s main product is the ETC Assistant App, a closed loop of an online app for ETC for buses. 

Millions of users visit ETC Assistant daily 

The ETC Assistant has an average of millions of user visits per day, with the highest application volume per day exceeding 100,000. The application is vital for online ETC cards issuance in China, and by the end of 2019, over 35 million ETC car owners own the ETC Assistant. 

FGS CEO and founder Song Yang said, “We are very pleased to work with Gao Deng to provide more convenient service experiences for vehicle owners based on the ETC refueling scenario, and help Gao Deng improve its ETC service ecology and its smart travel business. Through our solution, Gao Deng can further optimize its operation process of ETC refueling payment process, and reduce the preliminary cost investment of ETC marketing.”

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