BEIJING, Nov. 15, 2017 /PRNewswire/ -- Gridsum Holding Inc. ("Gridsum" or the "Company") (NASDAQ: GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence ("AI") solutions in China, today announced that it has signed a strategic cooperation agreement with Tencent Cloud and Shandong Guohui Investment Co. Ltd., ("Guohui"), a company owned by the Shandong Province State-owned Assets Supervision and Administration Commission to jointly develop an industrial internet of things cloud platform ("IIoT Cloud Platform") in Shandong Province.
According to the strategic cooperation agreement, Gridsum, Tencent and Guohui will leverage each of their competitive strengths to jointly develop the IIoT Cloud Platform and support the emergence of a smart industrial manufacturing cluster in Shandong Province. It is anticipated that the IIoT Cloud Platform will revolutionize the manufacturing ecosystem in Shandong Province by leveraging "Industry 4.0" methodologies to greatly improve the efficiency and acquisition of vast quantities of information which will be analyzed and processed at very fast speeds. The IIoT Cloud Platform will greatly improve manufacturers' ability to interconnect, increase efficiency, reduce production times and costs and build their businesses out to scale. The centerpiece of the IIoT Cloud Platform will be an industrial cloud and big data R&D center in Jinan, the capital of Shandong Province. Once completed, the industrial R&D center is expected to be amongst China's largest.
Mr. Guosheng Qi, Chief Executive Officer of Gridsum, commented, "I am extremely excited to be part of Shandong Province's efforts to transition towards smart manufacturing. In August, Mr. Xijian Liu joined us as our chief strategy officer. He also heads our newly established IIoT division. Mr. Liu's more than three decades of IT and strategic management experience at one of the largest state-owned petrol chemical enterprises in China laid a solid foundation for our rapid development in the IIOT space. Our core competency and competitive advantage is our ability to process massive amounts of data, leveraging advanced analytics and AI, to help organizations make better decisions and substantially drive their KPIs. This is a great example of how our cloud-based big data analytics and AI capabilities can rapidly expand a business' horizons and revolutionize manufacturing. I believe this agreement endorses the high-quality and reputation of our technology and our ability to work in close cooperation with Tencent to really build something transformative. This agreement also paves the way for further expanding our strategic partnership with Tencent as we develop new ways to leverage each other's strengths. This development also highlights the transformative nature of IIoT as defining a substantial strategic opportunity for Gridsum."
Gridsum Holding Inc. (NASDAQ: GSUM), is a leading provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum's core technology, the Gridsum Big Data Platform, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum's customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named "Gridsum" to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company's mission is to help enterprises and government organizations in China use data in new and powerful ways to make better informed decisions and be more productive.
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations from management in this announcement as well as Gridsum's strategic and operational plans contain forward-looking statements. Gridsum may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Gridsum's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: unexpected difficulties in Gridsum's pursuit of its goals and strategies; the unexpected developments, including slow growth, in the digital intelligence market; reduced demand for, and market acceptance of, Gridsum's solutions; difficulties keeping and strengthening relationships with customers; potentially costly research and development activities; competitions in the digital intelligence market; PRC governmental policies relating to media, software, big data, the internet, internet content providers and online advertising; and general economic and business conditions in the regions where Gridsum provides solutions and services. Further information regarding these and other risks is included in Gridsum's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.
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