Readen Holding Corporation (OTC Pink: RHCO) is a listed venture capital corporation with a history of over 30 years. It has a long history of engaging in the retail trade and more recently it is active in the Fintech, Online Payment and E-commerce industries. RHCO has subsidiaries and liaison offices in Europe, Asia and New Zealand.
RHCO has made a strategic decision to pursue an investment strategy that takes an integrated asset approach with a focus on Payments, E-commerce and their supporting Infrastructure technologies. In addition to seeking a structured balance between short-term revenue and long-term outperformance multiples, RHCO continues to find value in distressed assets. This has always been supported by its strong turnaround abilities and disposal of non-performing assets.
Latest News from RHCO
9 Mar 2023
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment, and E-commerce industries, today announced the Company is back to “Pink Current” status on OTC Markets.
The Company had received the “Yield Sign” due to some minor errors in the last filling with the OTC Markets. After amendment of the filing with all required mandatory disclosure updated, OTC Markets has removed the “Yield Sign” and moved RHCO back in the “Pink Current” tier.
The Company also expects to announce soon to move forward with the application for up-listing to OTC QB. This will be subject to the return of shares from the cancelled transaction of the land purchase in France. The Company had to stop the taking over of Quentin S.A. which fully owned the land and claimed to have construction permission to develop the land, due to the fact that the ultimate seller failed to provide the construction permission and delivery of shares as agreed. Now RHCO is waiting on litigation against Allgemeines Treuunternehmen (ATU), the notary based in Liechtenstein which failed to return the shares to RHCO as agreed in earlier communication. After the return of 16 million shares, the audit of RHCO can be finalized and the Company will officially apply for the OTC QB listing.
Richard Klitsie, CEO of RHCO stated, “We have been working hard with the auditors to finalize our application to OTC Markets. I strongly believe 2023 will be RHCO’s breakthrough year, and we still have a lot of work to do. All the hard work will bring us fruitful results, and we will see it very soon. Special thanks to our colleagues around the world for what we have achieved together. And I also thank our shareholders for the trust and support you have placed in our team and our company.”
6 Mar 2023
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced that the Company has split offices for its E-commerce and Fintech divisions. The new office of E-commerce division has been relocated to 3301, Cable TV Tower, Tsuen Wan, Hong Kong, which is also in the same area of Fintech division office.
The new 3,000 sq. feet office will be the operating center of Neckermann Direct (www.neckermanndirect.eu) and Two Percent (www.twopercent.hk), the Company’s two flagship E-commerce platforms, as well as its wholesale businesses Fligro (www.fligrofood.com).
Neckermann Direct has been undergoing major expansion after RHCO revived the well-known 70 years old brand last year and turned it into a front runner of global E-commerce. It provides a platform for Asian merchants and products to enter European market and has captured the market opportunity, as E-commerce giant Amazon blocked numerous Chinese merchant accounts and forced many Chinese companies to seek other direct selling channels. Neckermann Direct welcomes cross-border merchants from Asia to directly sell their products to customers in Europe, activity bridging the gap between European customers and Asian merchants and has already added more than 150,000 products online.
The Company has foreseen the tremendous sales growth of Neckermann Direct and the need to expand its operating team, including Marketing, Logistic, Customer Service and I.T. support, thus made the decision to open a new office for the E-commerce division. The new office is also a preparation for Two Percent’s coming expansion, as the Company targets to relaunch the online shopping platform in coming months.
The Company is also in the process of opening three logistic warehouses, two in China and one in Hong Kong, for the logistics and inspections before the goods are sent out to the costumers in Europe or USA to overcome any problem with quality or counterfeit products.
On another note, currently RHCO is labeled a Yield Sign (Pink Limited Information), it was due to new filing rules required by OTC Markets. As all new information has been filed, RHCO is expecting the Yield Sign to be taken off very soon.
Filing of December 31, 2022 Financial Statements with OTC Markets, Revenue Up 152%, Earnings Up 1,414%
13 Feb 2023
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced that the Company has filed its financial statements for the quarter ending December 2022 with OTC Markets Disclosure & News Service. RHCO reported an increase in Revenue of 151.70% compared to the quarter ending September 2022, which is also a year-over-year increase of 665.25%. And the Company has recorded a profit of $822,343 for this period, an impressive increase of 1,413.99% compared to last quarter.
The encouraging result was due to the recent activities in Oke Partners and Oke Club, which have brought significant income to the Company. As Covid restrictions started to relax in Q4 of 2022, travel and retail sectors were back on track to normal. Oke Club (Oke Travel Club: oketravelclub.enjoymydeals.com) has been benefited from the resume of traveling with a solid growth of paid membership. And Oke Partners (www.okepartners.com) also saw growth in members and merchants which has increased the consumer spendings through OkeApp. The Company will realize a full scale, multiple channels marketing campaign for Oke Partners and Oke Club in coming months and expects even bigger growth in the aftermath of Covid.
Meanwhile, Neckermann Direct (www.neckermanndirect.eu) - the Company’s B2C E-commerce Platform has also contributed profits significantly. RHCO has revived Neckermann Direct last year, turning the 70 years old, one of the most well-known retails brands in Europe into a front runner of global E-commerce, and providing a platform for Asian merchants and products to enter European market. The Company has captured the market opportunity, as E-commerce giant Amazon blocked numerous Chinese merchant accounts and forced many Chinese companies to seek other direct selling channels. Neckermann Direct welcomes cross-border merchants from Asia to directly sell their products to customers in Europe, activity bridging the gap between European customers and Asian merchants and has already added more than 150,000 products online. This has resulted in tremendous sales growth on Neckermann Direct platform.
Richard Klitsie, CEO of RHCO stated, “The management team of RHCO is thrilled to present our stockholders this good news in the beginning of 2023. For many companies, the past two years have been very difficult due to Covid situations. Our Company managed to keep on building, developing and exploring under the same circumstances, because we always believe in the future of Fintech and E-Commerce and would not give in easily. This profitable Q4 2022 was the result of our hard work and strong resilience. Our team has a high spirit, and we expect to sustain the percentage of growth in revenue and profit for the next quarter.”