Takung Art Co. (TKAT) Uplists to the New York Stock Exchange and Rings the Opening Bell March 22, 2017
VIDEO: Opening Bell -and Gong – at the New York Stock Exchange 3/22/17
Hong Kong, February 18, 2016 — Takung Art Co., Ltd. (OTCQB:TKAT), an online platform for acquiring shared ownership in Asian fine art, jewelry and precious gems, today reported net income of $5,436,109, or $.49 per share, for the year ended December 31, 2015, a 297 percent improvement on net income of $1,369,537, or $.15 per share, in calendar 2014.
The company reported revenue of $11,335,941 for calendar/fiscal 2015, which represents a 140 percent increase on revenue of $4,719,862 in the prior year.
Weighted average number of common shares outstanding was 11,119,276 in 2015 and 9,332,276 in 2014.
The company’s strong improvement in revenue compared to 2014 was primarily due to year-over-year increases of $3,059,665 in listing fee revenue and $3,313,103 in trading commission revenue. The improvement in listing fee revenue arose from a significant increase in the number of artworks listed on the company’s trading platform, and the resulting increase in listing fees charged to artists. Takung’s improvement in both trading volume and commission revenue was mainly the result of the commencement, in August 2015, of operations in Shanghai, which enabled the company to accept deposits in Renminbi and greatly increase the number of mainland China-based traders on Takung’s platform.
Takung’s improved profitability for 2015 compared to the previous year was primarily due to the company’s aforementioned increases in listing fee and trading commission revenue, partially offset by an increase of about $1.2 million in operating expenses compared to 2014. This increase included $518,090 in legal and professional fees, $362,157 in salaries, $223,056 in office and rental expense, and $104,110 in travel expense.
“We are very proud of our 2015 results,” said Takung chairman and CEO Di Xiao. “We believe that our sharp increases in revenue and profitability validate the soundness of our shared fine art ownership model, which we expect will continue to bring greater numbers of new investors into the marketplace.”
As previously reported, Takung’s trading platform generated fine art sales of over $299 million in January 2016, compared with $84 million in January 2015. In calendar 2015, the platform generated total trading transactions of about $2.33 billion, compared to $731 million in the prior year.
ABOUT TAKUNG ART CO., LTD: www.takungart.com
Based in Hong Kong, Takung Art Co., Ltd. is an online trading platform for acquiring shared ownership in Asian fine art, jewelry and precious gems. This proprietary platform allows collectors and investors – including those with modest financial resources — to buy and sell units of these assets and participate in the booming Asian art market. The company’s shared-ownership business model significantly expands the number of interactions between sellers and buyers of fine art far beyond those generated by art galleries and auction houses alone.
Takung operates its online trading platform via three wholly-owned subsidiaries, Hong Kong Takung Assets and Equity of Artworks Exchange Co. Ltd., Takung (Shanghai) Co., Ltd., and Takung Cultural Development (Tianjin) Co., Ltd.
This press release may contain projections or other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements.
Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
Takung Art Co., Ltd.
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