Recon Technology Reports Operation Results of DT Refuel with a Historical High Daily Volume

  • Mar 23, 2020
  • PR Newswire

NEW YORK, March 23, 2020 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") today announced the operation result of DT Refuel mobile application ("DT Refuel"), which is developed by the Company's subsidiary Future Gas Station (Beijing) Technology, Ltd ("FGS"). The single-day Gross Merchandise Value ("GMV") of DT Refuel has hit a new high of $2.19 million (RMB15.32 million) on March 18, 2020.

DT Refuel acts as an e-commerce platform aiming at improving the refueling experience of car owners. It allows users to buy oil products and groceries and pay the fuel through their phones. It also provides navigation and enables users to query traffic violation through the application to make their daily lives easier.

As of March 19, 2020, DT Refuel has a total of 3.76 million registered users. Among them, 3 million users have paid refueling through the application at least once, and 1.46 million users have paid refueling through the application more than once.

From January 1 to March 19, 2020, DT Refuel's total GMV was $57.18 million (RMB400.3 million), approximately equaling its total GMV of the first half in 2019. Its total GMV increased $19.68 million (RMB137.79 million) or 257.44% to $27.33 million (RMB191.31 million) year-over-year in January 2020 from January 2019. Its total GMV increased $3.58 million (RMB22.08 million) or 65.26% to $9.07 million (RMB63.5 million) year-over-year in February 2020 from February 2019. From March 1 to March 19, 2020, its total GMV was $20.78 million (RMB145.49 million), already 175% more than the total GMV in March 2019.

"Since the launch of DT Refuel in January 2018, the most active user has refueled his car over 800 times through the application so far, a great example interpreting that we have provided customers with a convenient and practical refueling platform," said Mr. Yang Song, the founder of FGS. "As the work in China begins to resume on a more normal scale, the daily GMV of DT Refuel has shown robust growth. By providing the convenient drive-through option, DT Refuel provides better protection for car owners and gas station workers during the COVID-19 outbreak. The car owners do not need to leave their cars or open the windows while refueling, therefore reduce the risk of cross-infection."

"Recon has expanded business operations into the downstream sectors of the oil and gas industry such as FGS. It has found opportunities during the recent drop in oil prices," said Mr. Shenping Yin, co-founder and CEO of Recon. "By investing in FGS, we diversify the risks of other businesses affected by the price of oil and expect to benefit from its advanced digital operations. Given the rising GMV of DT Refuel, we are confident that this project can bring more value to Recon in the future."