DJI Holdings says looking at opportunities for new contracts in China

The statement was released in response to market speculation regarding a number of possible future developments circulating on the internet.

“However, these matters remain at a formative stage, there can be no certainty that any of the commercial discussions currently under consideration will proceed (other than those announced earlier this morning) and at this stage the board has not yet finalised a short-list of suitable of candidates it wishes to join the company."

DJI said it will notify the market if and when agreements are reached or appointments are made.

Earlier on Wednesday, the company announced that it has proposed a name change to BNN Technology and will seek shareholder consent at a general meeting next month.

It said the change reflects the broader changes this year in the group, which has seen DJI Holdings diversify its model to become a dynamic technology platform provider that can facilitate mobile payments, deliver mobile content and provide data management to consumers throughout China, while preparing for a dual-listing on Nasdaq.

In addition, the group said NewNet, which represents its technology platform and marketing sources in China, has agreed to acquire a 10% stake in its joint venture partner Xinhuatong and transfer its lottery assets into the Xinhuacai joint venture.

Chief executive Darren Mercer said: “"Now is the right time to begin building a new brand, with the BNN Technology name, as we broaden from lottery specialist to payment fulfilment, content-delivery, data management and value-added services on mobile internet.

“We believe completing the pivot to a technology company will add substantial shareholder value as we enter high growth, multi-billion dollar markets in China.”

At 0935 BST, DJI shares were down 5.2% to 157.06p.