The Group announced today the approval of four top-level domains in China.
Companies: Minds + Machines Group Limited
Domain registrar Minds + Machines (LON: MMX) has announced today the pre-approval of four of its top-level domains by Chinese regulator MIIT for use in China.
The four extensions - .work, .law, .beer and .购物 (shopping) come after the Group's launch of .vip in China, with another four top-level domains awaiting pre-approval.
Shares in MMX jumped 4% today as a result.
The announcement comes a day after MMX CEO Toby Hall gave a key-note speech on the domain industry at Chinese e-commerce giant Alibaba's "The Computing Conference" event in Hangzhou, attended by over 40,000 delegates.
Speaking at the prestigious event, Mr Hall said:
"We are greatly honoured to be the first western registry to receive a second round of approvals from MIIT. China accounts for over half of global registrations in new gTLDs and from a revenue perspective it is important for the Company to have a dominant position in this market."
The announcement today also noted the launch of .boston on October 10 received 2000 registrations in its first six hours, totalling $100,000 in billings.
MMX currently trades at a PE ratio of 3x, well below the industry median of 18x, with a market cap of c. £79m. The Group is a loss-making company who in FY16 reported a Net Loss of £4.5m from Revenues of £13.5m.