BEIJING, Nov. 23, 2022 /PRNewswire/ -- Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company"), a leading gig economy platform focusing on local community-centered services in China, has initiated its overseas expansion efforts by promoting the partnership between oTMS, an industry-leading shipping management platform and Quhuo's strategic investee, with DSV Indonesia, a global shipping services provider. oTMS and DSV Indonesia are rolling out the international version of their Transportation Management System (the "TMS") to facilitate logistical planning for businesses.
"We're delighted to promote the partnership between oTMS, our strategic investee, with DSV Indonesia to launch the international version of the TMS" said Leslie Yu, Chairman and Chief Executive Officer of Quhuo. "The partnership reflects the Company's commenced strategy for overseas expansion. We made a strategic investment in oTMS in a bid to establish its network of international partners and diversify its service offerings last year. With its expertise and resources in Southeast Asian markets, oTMS has successfully built up stable relationships with key partners in the industry, such as DSV Indonesia, which can in turn facilitate Quhuo's international expansion."
The integration of oTMS into Quhuo's business solutions has borne fruit. In the first half of 2022, the Company's revenues generated from its mobility services, including ride-hailing, shared-bike maintenance and freight service solutions, grew 32.2% year-over-year. While oTMS' solutions have formed an important part of Quhuo's freight service solutions, the Company is making efforts to expand its range of services to cover more sectors, such as e-commerce and offline retail.
The Company's strategic investment in oTMS marks the first step in its foray into overseas markets, with plans afoot to link up with more potential overseas partners in various sectors, including food delivery, ride-hailing and hotel management. As the labor demand continues to grow in the e-commerce and traditional retail industries, Quhuo's gig economy platform has seen a surge in popularity, and oTMS is well equipped to expand its offerings of services.
"As the first Chinese gig economy platform to go public on Nasdaq, we're committed to exploring new opportunities to expand our business in overseas markets," added Leslie.
About Quhuo Limited
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a leading gig economy platform focusing on local community-centered services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.
With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.
Safe Harbor Statements
This press release contains ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo's business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo's current expectations and involve risks and uncertainties. Quhuo's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo's abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) remain in its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationships with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares in relation to competitors in existing markets and its success in expansion into new markets, as well as the length and severity of the recent COVID-19 outbreak and its impact on Quhuo's business and industry. Other risks and uncertainties are included under the caption "Risk Factors" and elsewhere in the Company's filings with the Securities and Exchange Commission, including, without limitation, the final prospectus related to the IPO filed with the SEC on July 10, 2020 and the Company's latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Quhuo Limited