WUXI, Jiangsu Province, China, April 18, 2019 /PRNewswire/ — Sharing Economy International Inc. (“SEII” or “the Company”) (OTC Markets: SEII), a clean era and sharing economic system business enterprise that designs, manufactures, and distributes of proprietary excessive and coffee temperature dyeing and finishing machinery to the fabric industry, and is engaged inside the improvement of sharing financial system systems and condominium associated agencies, these days announced its economic consequences for the year ended December 31, 2018.
“In 2018, our legacy dyeing and completing business endured numerous challenges including tough economic conditions, growing uncooked substances charges, and compelled closures utilizing the Chinese authorities, which adversely impacted our financial results for the year. We additionally recorded $eight.6 million in impairment losses associated with patent use rights and the disposition of manufacturing equipment at the side of an $eight.Nine million loss on our sun farm equity technique funding following the Chinese government’s halt on new solar farm installations and reduced subsidies for sun farms already under production,” stated Mr.
Jianhua Wu, Chairman and CEO of SEII. “Given the demanding situations dealing with our existing production operations, we retain to search for new growth possibilities for the Company. In 2018, we set up new sharing economy corporations in peer-to-peer errand services, coworking, and three-D virtual excursions. We are making good development in growing our online condo sharing enterprise in Asia.