Yuuzoo: Difference between revisions
Added information Tag: references removed |
|||
| Line 12: | Line 12: | ||
}} |
}} |
||
'''YuuZoo''' |
'''YuuZoo''' is a company that has built an online platform that combines [[social network]]ing, [[e-commerce]], [[Online game|gaming]] and online and mobile payments. It grows internationally through a licensing programme in which geographical licenses are sold to companies or entrepreneurs in each market. It was the first company of its kind to be listed in Singapore.<ref>{{cite web|last1=Lim|first1=Stanley|title=An Introduction to the First Social Media Company Listed In Singapore: Yuuzoo Corporation|url=http://www.fool.sg/2014/09/18/an-introduction-to-the-first-social-media-company-listed-in-singapore-yuuzoo-corporation/|website=The Motley Fool Singapore|publisher=The Motley Fool Singapore Pte. Ltd|access-date=28 October 2015}}</ref> The platform also has advertising functionalities and a payment service called YuuPay. |
||
== History == |
== History == |
||
YuuZoo was founded in 2008 by Ron Creevey and [[Thomas Zilliacus|Thomas Henrik Zilliacus]],<ref>{{cite news|last1=Yap|first1=Shiwen|title=Interview: the man who led Nokia’s charge into Asia|url=https://www.techinasia.com/interview-man-led-nokias-charge-asia/|access-date=28 October 2015|publisher=Tech in Asia|date=27 January 2014}}</ref> the former Regional Director for Asia Pacific of [[Nokia]]. Building of his 14-year experience as a senior executive in the world's leading mobile phone company Nokia, Thomas Zilliacus from the time YuuZoo was founded used leading audit and legal firms to ensure that YuuZoo from a corporate governance point of view was prepared for a possible listing. He engaged KPMG, one of the world's big 4 audit firms, to advise Yuuzoo on how it should recognise the sale of licenses against shares in the companies that bought the licenses. Following the advice of KPMG, YuuZoo appointed Deloitte, another big 4 audit firm, to value the shares YuuZoo received. The model was presented to the Singapore Stock Exchange (SGX) who approved it. On September 16, 2014, YuuZoo became a listed company on the SGX under the ticker symbol “AFC.”<ref>{{cite news|title=YuuZoo CEO Zilliacus on Business Strategy|url=https://www.bloomberg.com/news/videos/b/ac0537ed-9a30-4b5a-9939-527b18f89b32|access-date=28 October 2015|agency=Bloomberg|publisher=Bloomberg|date=17 September 2014}}</ref>. |
|||
YuuZoo set up its headquarters in Singapore, and also set up offices in Thailand, China and Nigeria. Soon after the listing Thomas Zilliacus resigned as CEO and James Sundram was appointed. From October 2015 Sundram was in charge of all operational matters while Thomas Zilliacus as Chairman focused on strategic issues. |
|||
Its headquarters is located in Singapore, and they also have offices in Bangkok, Shanghai, Seoul and Nigeria. |
|||
In 2017, YuuZoo made a major acquisition in buying a French logistics company. The aim was to build a European base for YuuZoo's e-commerce business and to provide logistics services in Europe for Asian e-commerce companies. The French company was named YuuLog. |
|||
| ⚫ | |||
| ⚫ | In 2018, SGX |
||
| ⚫ | |||
| ⚫ | In March 2018, SGX, which had approved YuuZoo's revenue recognition model before the company was listed, suspended the trading in the shares of YuuZoo claiming that the model may have mislead investors. SGX also asked the Singapore Commercial Affairs Department (CAD) to start an investigation into the matter. <ref>{{Cite web|last=hermesauto|date=2018-03-05|title=YuuZoo hit with SGX notice of compliance and queries over unaudited FY2017 results|url=https://www.straitstimes.com/business/companies-markets/yuuzoo-hit-with-sgx-notice-of-compliance-and-queries-over-unaudited|access-date=2021-02-11|website=The Straits Times|language=en}}</ref> <ref>{{Cite web|last=hermes|date=2018-04-04|title=YuuZoo being probed over possible breaches|url=https://www.straitstimes.com/business/companies-markets/yuuzoo-being-probed-over-possible-breaches|access-date=2021-02-11|website=The Straits Times|language=en}}</ref> An investigation of almost 3 years showed no breaches by YuuZoo of any SGX rules or regulations nor anything wrong with the model. In spite of this, SGX has refused to lift the trading suspension. This led to Yuuzoo having to close its newly acquired YuuLog business in France, its offices in Singapore, Thailand, China and Nigeria. It also had to terminate more than 300 employees as it was unable to access its funds in Singapore due to the ongoing trading suspension.<ref>{{Cite web|last=hermesauto|date=2019-03-18|title=YuuZoo to close all Singapore operations, lay off staff due to continued trading suspension|url=https://www.straitstimes.com/business/companies-markets/yuuzoo-says-to-close-all-singapore-operations-lay-off-staff-on-continued|access-date=2021-02-11|website=The Straits Times|language=en}}</ref> |
||
==References== |
==References== |
||
Revision as of 09:45, 20 February 2021
| Company type | Public |
|---|---|
| SGX: AFC | |
| Industry | E-commerce |
| Founded | 2008 |
| Founder |
|
| Headquarters | Singapore |
Key people | Thomas Zilliacus (Executive Chairman) |
| Subsidiaries | YuuPay Secure Pte Ltd Relativity Media (32%) |
| Website | www |
YuuZoo is a company that has built an online platform that combines social networking, e-commerce, gaming and online and mobile payments. It grows internationally through a licensing programme in which geographical licenses are sold to companies or entrepreneurs in each market. It was the first company of its kind to be listed in Singapore.[1] The platform also has advertising functionalities and a payment service called YuuPay.
History
YuuZoo was founded in 2008 by Ron Creevey and Thomas Henrik Zilliacus,[2] the former Regional Director for Asia Pacific of Nokia. Building of his 14-year experience as a senior executive in the world's leading mobile phone company Nokia, Thomas Zilliacus from the time YuuZoo was founded used leading audit and legal firms to ensure that YuuZoo from a corporate governance point of view was prepared for a possible listing. He engaged KPMG, one of the world's big 4 audit firms, to advise Yuuzoo on how it should recognise the sale of licenses against shares in the companies that bought the licenses. Following the advice of KPMG, YuuZoo appointed Deloitte, another big 4 audit firm, to value the shares YuuZoo received. The model was presented to the Singapore Stock Exchange (SGX) who approved it. On September 16, 2014, YuuZoo became a listed company on the SGX under the ticker symbol “AFC.”[3].
YuuZoo set up its headquarters in Singapore, and also set up offices in Thailand, China and Nigeria. Soon after the listing Thomas Zilliacus resigned as CEO and James Sundram was appointed. From October 2015 Sundram was in charge of all operational matters while Thomas Zilliacus as Chairman focused on strategic issues.
In 2017, YuuZoo made a major acquisition in buying a French logistics company. The aim was to build a European base for YuuZoo's e-commerce business and to provide logistics services in Europe for Asian e-commerce companies. The French company was named YuuLog.
2018-2019: Trading halt and office closures
In March 2018, SGX, which had approved YuuZoo's revenue recognition model before the company was listed, suspended the trading in the shares of YuuZoo claiming that the model may have mislead investors. SGX also asked the Singapore Commercial Affairs Department (CAD) to start an investigation into the matter. [4] [5] An investigation of almost 3 years showed no breaches by YuuZoo of any SGX rules or regulations nor anything wrong with the model. In spite of this, SGX has refused to lift the trading suspension. This led to Yuuzoo having to close its newly acquired YuuLog business in France, its offices in Singapore, Thailand, China and Nigeria. It also had to terminate more than 300 employees as it was unable to access its funds in Singapore due to the ongoing trading suspension.[6]
References
- ^ Lim, Stanley. "An Introduction to the First Social Media Company Listed In Singapore: Yuuzoo Corporation". The Motley Fool Singapore. The Motley Fool Singapore Pte. Ltd. Retrieved 28 October 2015.
- ^ Yap, Shiwen (27 January 2014). "Interview: the man who led Nokia's charge into Asia". Tech in Asia. Retrieved 28 October 2015.
- ^ "YuuZoo CEO Zilliacus on Business Strategy". Bloomberg. Bloomberg. 17 September 2014. Retrieved 28 October 2015.
- ^ hermesauto (2018-03-05). "YuuZoo hit with SGX notice of compliance and queries over unaudited FY2017 results". The Straits Times. Retrieved 2021-02-11.
- ^ hermes (2018-04-04). "YuuZoo being probed over possible breaches". The Straits Times. Retrieved 2021-02-11.
- ^ hermesauto (2019-03-18). "YuuZoo to close all Singapore operations, lay off staff due to continued trading suspension". The Straits Times. Retrieved 2021-02-11.