On Wednesday, Fujian Blue Hat Interactive Entertainment Technology Ltd. (NASDAQ: BHAT) fell -1.75% at $1.12 in premarket trading hours without any significant news. At the end of the last trading session, BHAT stock gained 7.5% to $1.14, and it appears that the gain has been corrected in pre-hours trading.
Recent updates from BHAT
A memorandum of understanding has been signed by Fujian Blue Hat (BHAT), a wholly owned subsidiary of Blue Hat Interactive Entertainment Technology Ltd., with Bigg World Pet Ltd. (“Bigg”), a Singapore-based company, on September 20, 2022.
- In the MOU, the Company sought to be a general agent in Southeast Asia for the development and operation of its business strategy games, such as “Mengqu Monopoly” and “Mengqu Game Box”.
- There are more than 10 million registered members in Southeast Asia of Bigg, which has the world’s first independent online to offline (O2O) market driven by blockchain technology.
- Bigg’s operating channels, unique business model, and blockchain technology allow BHAT to quickly and confidently enter the Southeast Asian market, improving the Company’s global layout capabilities.
A Collaboration Effort
Additionally, Blue Hat signed an agreement last month with one of the leading game distributors, Xiamen Traveler Network Technology Co., Ltd. (“TravelerNetwork”). TravelerNetwork and Blue Hat signed an operating agreement to distribute BHAT’s proprietary games such as “cute monopoly” and “cute game box” worldwide.
With teams primarily based in Mainland China, Taiwan, and Hong Kong, TravelerNetwork is a leading distributor in the gaming industry. TravelerNetwork has developed a broad worldwide customer base of more than 10 million paying customers from regions like Greater China, the Middle East, Europe, and the Americas over the past 15 years of operation.
How BHAT will be leveraged?
With TravelerNetwork, two of BHAT’s games will be distributed through the joint operation. TravelerNetwork has excellent global market penetration, product distribution, marketing channels, and cloud technology support services. With TravelerNetwork’s over 10 million paid users worldwide, Blue Hat (BHAT) can expand overseas gaming markets and improve business outcomes and investor returns.