According to the agreement, CNIT will install its cloud-based new media terminals inside the automobile 4S stores and franchise stores ope" />
China Information Technology, Inc. (the "Company") (Nasdaq GS: CNIT), a leading provider of cloud-based software as service for the Chinese new media industry, today announced that it has entered into a strategic partnership with Tianjin Pengfeng Investment Co., Ltd. ("Pengfeng") to jointly establish an automobile new media platform.
According to the agreement, CNIT will install its cloud-based new media terminals inside the automobile 4S stores and franchise stores operated by Pengfeng. A small quantity of existing third-party media terminals at the stores will also be connected to the CNIT automobile new media platform. CNIT and Pengfeng will leverage on each other's strength and collaborate on a business model centered on the automobile new media platform. Through the CNIT automobile new media platform, car dealers can seamlessly upload, edit and display advertisement and automobile related information on networked media terminals.
Established in 1999, Pengfeng is a leading automobile retailer and end-to-end automobile service provider in China, including auto dealerships, aftermarket services, auto financing, and driving schools. Pengfeng operates a total of 30 automobile 4S stores and franchise stores throughout the Tianjin metropolitan area, Shandong province, and Guangdong province. Pengfeng operates the largest and most comprehensive automobile service in Tianjin, through which over 55% of China's imported automobiles enter into the country annually.
Mr. Jianghuai Lin, Chairman and CEO of the Company, commented, "We are pleased to introduce our new media advertising solutions to the world's largest automobile market. Pengfeng's leadership position in offline automobile retailing combined with our new media platform will help usher in a new era of the automobile O2O (offline-to-online) market."
Mr. Baojie Shan, President of Pengfeng, commented, "We are pleased to have CNIT as our strategic technology partner. CNIT has built a leading new media platform for the automobile retail industry. Its cloud-based solutions will help us not only attract new customers but also lower our marketing costs, optimize our advertisement resources, and strengthen our competitive position against online automobile E-commerce players in China such as Autohome (NYSE: ATHM) and BitAuto (NYSE: BITA)."
About China Information Technology, Inc.
Headquartered in Shenzhen, China, China Information Technology, Inc., through its subsidiaries and other consolidated entities, provides the CNIT Cloud Platform based on its proprietary Cloud-App-Terminal (CAT) model. The Company's cloud-based products include, among others, Cloud-based Education Platform (CEP), Information Distribution Platform (IDP), Elevator Internet-of-Things Platform (EIoTP), Community Service Platform (CSP), Online Ad Exchange Platform (OAEP). The Company's integrated hardware, software, and cloud-based services serve a variety of customers in the fields of government, education, healthcare, financial, commercial, communication and individual consumers. To learn more about the Company, please visit its corporate website at http://www.chinacnit.com.