ChinaNet Online Holdings Appoints Chief Business Officer and Provides Update on COVID-19 Impact

ChinaNet Online Holdings, Inc., an integrated online advertising, precision marketing, and data analysis and management platform company, announced the appointment of Mr. Kelly Cheung Ling Yu to the position of Chief Business Officer. In this role, Mr. Yu will help to explore new business opportunities in healthcare industry advertising, advance the Company’s development of blockchain technology, and facilitate the integration of artificial intelligence (“AI”) data analysis.

“We are pleased to welcome Mr. Yu on board to become our Chief Business Officer. Mr. Yu brings extensive leadership experience in the healthcare industry, robust business development capabilities, and technical expertise in software engineering to our executive team. His addition will better equip us to enter into the healthcare industry advertising business, accelerate the development of our blockchain initiatives, and increase our data analysis capabilities through AI technologies. Furthermore, Mr. Yu’s proven salesmanship and keen business acumen will enable us to expand our business scope while better allocating resources to those initiatives with stronger revenue generation potential,” commented Mr. Handong Cheng, Chairman, President, and Chief Executive Officer of ChinaNet.

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Mr. Handong Cheng continued, “Mr. Yu joins our team in the midst of the 2019 novel coronavirus (“COVID-19”) outbreak. This outbreak has significantly impacted the market, especially for small- and mid-sized companies that have yet to resume normal operations following the government’s requirements. As the majority of our clients fit this profile, we expect the COVID-19 outbreak to materially impact our sales at least in the first quarter and to possibly exert lingering effects in the second quarter of 2020. Nevertheless, as we anticipate the gradual containment and control of the epidemic, we do not believe that this downturn will persist in the long term. In the interim, we will continue to support our existing clients, bolster our service offerings, and explore additional business opportunities. Furthermore, we have launched a number of relief measures, such as service discounts and commission exemption from our existing products and future blockchain products, to help our clients work through their current business challenges. We are also leveraging remote work technologies and allowing our staff to work from home to better protect our employees during this time of hardship. Going forward, we will continue to explore new countermeasures to mitigate impacts from the COVID-19 outbreak in any way possible.

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While we offer support and sympathy to those impacted by the COVID-19 outbreak, it is also our duty to recognize current market opportunities. Notably, this epidemic has raised people’s health awareness and thus created massive growth potential for China’s healthcare industry. With his past professional experience in healthcare, Mr. Yu will strengthen our ability to expand our client base throughout the healthcare industry, and thus meet the growing needs of such companies via our targeted advertising solutions, blockchain technology, and enhanced data analysis capabilities from AI technologies.”

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