By Chris Wack
Datasea Inc. shares were down 12% at $3.56, ending a two-day win streak after the company said Wednesday its Shuhai Zhangxun Information Technology Co. subsidiary has signed six purchase-and-distribution agreements to provide 5G message-marketing Cloud Platform Version 3.0 in China by adding new district partners.
Volume for the stock was 1.5 million shares at 10:25 a.m. ET, compared with its 65-day average volume of 2.9 million shares. The stock hit its 52-week high of $6.84 on Wednesday.
The technology company said Shuhai Zhangxun entered into purchase-and-distribution agreements with six companies located in Nei Mongol, Anhui, Chongqing and Zhejiang, China.
Under the agreements, the six companies will cooperate with Shuhai Zhangxun as district partners, with the exclusive authorization in designated districts to distribute 5G messaging technology, and receive sales commissions.
In exchange, the companies will pay Shuhai Zhangxun for providing 5G Messaging products and services, a total value of $137,000. Shuhai Zhangxun has already received $76,000.
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