Recon Announces Success of FGS' Cooperative Promotion Program with PetroChina and Alipay

BEIJING, Oct. 15, 2018 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service, environmental protection, electric power and coal chemical industries, today announced that the Company's joint venture Future Gas Station (Beijing) Technology, Ltd. ("FGS") successfully ran a Cooperative Promotion Program (the "Program") that FGS launched with PetroChina Co., Ltd. ("PetroChina") in Zhejiang Provence and Alipay, a third-party mobile and online payment platform established by Alibaba Group.

The three parties launched the Program from the period of September 1, 2018 to September 28, 2018 (the "Period"). During the Period, when Alipay users clicked any coupon or special offer posted on the Alipay mobile application for refueling at PetroChina gas stations in Zhejiang Province, they were directed to FGS' DT Refuel mobile application to complete the purchase and payment activities. In that way, they were provided with the opportunity to use DT Refuel to refuel at PetroChina gas stations. During the Period and through the Program, DT Refuel gained about 550,000 new registered users, among whom 420,000 new DT Refuel users refueled between once and four times. The average Gross Merchandise Volume of DT Refuel increased from RMB 0.5 million to RMB 5 million from August 2018 to September 2018, and the total sales of DT Refuel reached RMB 165 million (approximately $31 million) during the Period. Compared to the same period of last year, during the Period, the PetroChina's gas stations in Zhejiang Province increased the total sales by 2.5%, decreased the users' latency and payment time by approximately 60%, and improved the efficiency of gas station service overall. Furthermore, through the Program, FGS helped Alipay attract more customers to use its mobile payment platform and increase its mobile payment ratio in the gasoline consumption industry in Zhejiang Province.

Management Commentary

Mr. Shenping Yin, CEO of Recon, stated, "The growth of FGS has exceeded our expectations as the promotion program that it conducted with PetroChina and Alipay attracted a significant number of new users of its DT Refuel mobile application. The 420,000 new users that refueled at least once during the Period show the demand for a way of more economic refuel payment and we hope to share similar success stories regarding FGS in the future."

Mr. Yang Song, the founder of FGS, stated, "We are glad to achieve our multi-win goal by promoting the gas sales of PetroChina, attracting more users of our DT Refuel mobile application, and enabling Alipay to provide the online payment channel to PetroChina. Moreover, this Program helps us get more data about the consumer activities in the gas stations, with which we expect to serve the consumers better. The success we achieved through the Program showed the needs of better experience provided by the gas stations, and the approval of our services by consumers. We plan to continue some promotion activities with better technological resolutions, stream guidance of Alipay and ground marketing in the coming months. We view FGS as a platform to serve the needs of a changing market in China as the retail gas stations evolve through the innovations in retail business models and technological changes in the energy sector."

About Future Gas Station (Beijing) Technology, Ltd.

Established in January 2016, FGS is a service company focusing on providing new technical applications and data operations to gas stations of oil companies such as PetroChina Co., Ltd. With its DT Refuel mobile application, FGS provides solutions to gas stations to improve their operations and their customers' experience. FGS aims to increase the overall income of gas stations through integration of internet technique and new retail E-Commerce platform, and to help transform gas stations into comprehensive service providers.

About Recon Technology, Ltd.

Recon Technology, Ltd. (NASDAQ: RCON) is China's first listed non-state-owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and CNPC, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit:

Forward Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, levels of spending in our industry as well as consumer confidence generally; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; the results of cooperation between parties to cooperation agreements; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

For more information, please contact:

In China:
Ms. Jia Liu
Chief Financial Officer
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799

In the United States:
Ms. Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333

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