Why Datasea Inc. (DTSS) stock plunged in the after-hours on Friday?

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ZSAN Stock
ZSAN Stock

Datasea Inc. (DTSS) shares plunged 5.26% in after-hours on Friday, November 26, 2021, and closed the daily trading at $1.62. However, in the regular trading session of Friday, DTSS’s stock gained 1.79%. DTSS shares have fallen 22.27% over the last 12 months, and they have moved down 2.29% in the past week. Over the past three months, the stock has lost 11.86%, while over the past six months, it has declined 32.14%.

Let’s see is there any reason behind its loss on Friday?


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DTSS recent procurement contract with China Mobile

On November 18, 2021, Hangzhou Shuhai Zhangxun Information Technology Co., Ltd which is a wholly-owned subsidiary of Datasea Inc. (DTSS) entered into a $378K procurement contract for Cloud Transformation Services with China Mobile Communications Group Guangdong Co., Ltd. Guangzhou Branch.

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Shuhai Zhangxun will provide software and hardware to China Mobile Guangzhou Branch’s client, Shenzhen Qikai Technology Co., Ltd. and will help Shenzhen Qikai to migrate its property management system from local servers to the cloud and give necessary technical supports during the cooperation.

DTSS short message and 5G Multimedia Message Services contracts

On October 18, 2021, Datasea Inc. (DTSS) announced that its wholly-owned subsidiary company Shuhai Zhangxun Information Technology Co., Ltd. signed a $4.67 million contract for Short Message and 5G Multimedia Message Services with Jiangxi Zhouwang Network Technology Co., Ltd.

Shuhai Zhangxun will help Jiangxi Zhouwang reach its clients and provide value-added telecommunication Messaging Services. The contract would be no less than RMB 30 million (approximately USD 4.67 million) for one year.

Earlier on September 23, 2021, Shuhai Zhangxun signed a $3.87 million procurement contract for Short Message and 5G Multimedia Message Services with Liangzi Xuntong Technology Co., Ltd.

Also on September 13, 2021, Shuhai Zhangxun signed a short messages business sales cooperation agreement to provide Short Message and 5G Multimedia Message Services to Hubei Kuanyun Network Technology Co., Ltd.

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Conclusion

Well, there is no recent news or development about the company so its after-hours plummeting does not make any sense. The company has a strong business portfolio and we mentioned a few contracts which were signed recently. We hope that it will commence the Monday trading in a positive mode.

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