ACROFAN

Discover the Joyful Delights of the Festive Season at LANDMARK

Special shopping offers and fabulous food, drinks and dining optionsHONG KONG, Dec. 12, 2019 /PRNewswire/ -- This December at LANDMARK, celebrate the festive season with a host of joyful treats, feasts, treasured moments and delightful purchases to put everyone in a holiday mood. Mr Raymond Chow, Executive Director of Hongkong Land, joined with the villagers from Santa Paws Village to enjoy Santa Paws’ magical market in celebrating all the festive sentiments of the holiday period. Mr Raymond Chow, Executive Director of Hongkong Land, joined with the villagers from Santa Paws Village to enjoy Santa Paws’ magical market in celebrating all the festive sentiments of the holiday period. Share in the spirit of good wishes and find the joy of giving at the Santa Paws Store, with a selection of carefully crafted gifting merchandise, including ‘Discover The Christmas Spirit with Santa Paws’ storybook by Pedro Serapicos; adorable ‘Pedro edition’ plush toys; village character ornaments; and personalised Christmas stockings and badges, all sourced by Santa Paws from around the world as the perfect presents for loved ones, with all proceeds going to Make-a-Wish(R) Hong Kong. CAFE LANDMARK will delight their customers with the Santa Paws Village Afternoon Tea Set till 31 December. As guests enjoy a quaint festive-themed tea they can also enjoy a view of the Christmas installation in LANDMARK ATRIUM. At Santa Paws Village, a host of colourful characters in a traditionally-inspired village are the inspiration behind many of the special festive shopping offers and delicious food and beverage experiences to be savoured during the holiday period across LANDMARK's four buildings. Discover exciting Santa Paws inspired gifts and festive items along with tantalisingly sweet and savoury treats as well as traditional festive menus across its award-winning restaurants, delicatessens and eateries to make for a truly delicious season of celebration. Festive Rewards From 1st December until 24th December, LANDMARK's fabulous collection of tenants will be offering over 1,000 gifts and exclusive offers. Every day of the festive period, LANDMARK's BESPOKE members will receive an exciting offer or gift through the LANDMARK HONGKONG app from stores while celebrating the countdown. From 1st to 26th December, BESPOKE members can choose to apply up to 3X bonus reward points on three personally-selected shopping days and use their points to redeem unlimited LANDMARK gift certificates or share in the seasonal joy by making donations to Make-a-Wish® Hong Kong[1] for every 1,000 points (equivalent to HK$ 20). In addition, customers will be further rewarded with additional LANDMARK bonus rewards of HK$ 100 Home & Kids gift certificates with minimum same-day accumulated spending of HK$ 5,000. BESPOKE members also have the opportunity to 'Take Santa Paws Home' and bid on a wide range of cute special edition LANDMARK Santa Paws characters, including several specially created in collaboration with Ralph Lauren Childrenswear, HBX and Nicholas & Bears, in an online auction that runs from now until 22nd December on LANDMARK HONGKONG app, with all proceeds donated to Make-a-Wish® Hong Kong. BESPOKE is a regional loyalty programme with unparalleled privileges, extended personalised services and superior recognition at pre-eminent destination worldwide, including Macau, Hong Kong, Beijing and esteemed global partners. Reward points can be earned and used in LANDMARK in Hong Kong, WF CENTRAL in Beijing, and ONE CENTRAL in Macau. Santa Paws Inspired Offerings LANDMARK's tenants have collaborated to offer something truly unique this festive season. Swedish sportswear specialist J.Lindeberg will have limited edition Santa Paws and Robo-themed polo shirts to mark the occasion, while beauty lifestyle specialty shop The Artistry has an exclusive Santa Paws packaging of their Rose Quartz Undereye Vibration Massager, enabling customers to sparkle this season. CAFE LANDMARK will delight their customers with the Santa Paws Village Afternoon Tea Set. As guests relax with a quaint festive-themed tea they can also enjoy a view of the installation in LANDMARK ATRIUM. For those with a sweet tooth, Santa Paws has specially asked the friends from Cookie DPT to prepare the Red Velvet Matcha Ganache Filled Cookie and Special Edition Christmas Tree Rice Crispy Treats, only available at the Santa Paws Store. For an organic option, The Cakery has prepared Santa Paws Organic Sugar Cookie for the sweetest treat for all at HK$ 55. For chocolate lovers, do not miss the hot chocolate served by Robo Cocoa (a donation of HK$ 30) or follow @landmarkhk on Instagram or Facebook and post a photo of our Santa Paws Village with designated hashtags for a complimentary drink. For something a little cheering, Dr. Fern's Gin Parlour has a Limited Edition Christmas Nordés Gin Box. Connoisseurs will have a happy festive thanks to a 450ml bottle of Nordes Gin, a 180ml bottle of Indian or Classic Tonic, garnishes and a Nordes Gin Candle (HK$ 680). At La Maison Du Chocolat, the Polar Circle serves as inspiration for the brand's delicious range of chocolate gifts and hampers. From a Christmas Polar Gesture gift box to a Limited Edition handmade chocolate snowflake, there is something for everyone with a sweet tooth to savour. We all need a little pick me up during the festive period, and Le Jus's Christmas Wonderland Wellness Drink offers rejuvenation. Drink in its vibrant pink flavours made with pineapple, red dragon fruit, banana and coconut water - that will power you through the holidays (HK$ 49) For apparel and accessories, SHEER is offering a complimentary Eberjey Gisele eye mask upon any purchase; Athleisure lifestyle store Caelum Greene is offering 15% off for last minute shoppers. British retailer mothercare is giving out one-year My Mothercare VIP club membership to all; and purchase made in Jaeger-LeCoultre will be offered a complimentary snowball as a token for the winter wonderland. Carrie Bradshaw's favourite Manolo Blahnik, one of the world's most influential footwear designer brand, is offering a minimum of HK$ 500 off gift certificates for purchases of HK$ 8,000 or above. Luxury fashion brand Jimmy Choo is giving out branded water bottles with a single purchase of HK$ 10,000. Men's footwear will also receive expert tender, love and care with TASSELS, which is offering 6-month pre-VIP privileges, complimentary shoeshine experience and TASSELS cedar wood shoe tree upon any footwear purchase. The beauty comes from within is certainly true when it comes with BEYORG No. 8 Organic Spa, where they are offering multiple offerings, including a complimentary organic shampoo & conditioner set, free 10-minute mini eye treatment or make up service. For something a little different, head to Drivepro for a complimentary ART-DE-MOORE iPhone case on 21st December. French luxury brand Yves Delorme is also offering complimentary items, including tea towel giveaway and a gift upon any purchase. At the meantime, Bed & Bath is offering multiple discounts, including 20% off for all Christmas items. Eat, Drink and Be Merry with your family During the festive period, LANDMARK's selection of prestigious restaurants, eateries and bars have created festive delicacies, bringing the tastiest treats to suit all tastes. At Dot Cod, diners can enjoy a buffet starting with a freshly shucked oyster station and Aylesbury duck pate before selecting a traditional festive roast turkey platter for their main course, just one of their special holiday menus available over the festive period. Don't miss the epicure cheese plate with onion chutney, biscuits and figs. Mak Mak's Festive brunch promises a memorable holiday meal. The acclaimed Thai restaurant offers a fun alternative to traditional Christmas dining on Christmas Day and Boxing Day with free-flow Aperol spritzes and a selection of flavour-packed Thai favourites. Thai food fans can also toast the arrival of a new year with a sharing feast which includes a glass of Veuve Clicquot champagne. For those looking for a taste of tradition, Landmark Mandarin Oriental is adding some sparkle at MO Bar with their festive brunch, filled with familiar festive classics and free flow drinks and cocktails. At Amber, the two-Michelin starred restaurant from Richard Ekkebus, a special Christmas eve eight-course feast will kick off the festivities in style. Priced at HK$ 3,288 per person, there is a special early bird offer of HK$ 2,988 if you make your reservations soon. Amber with its festive ambiance will be open throughout the Christmas and New Year period. An Italian extravaganza await diners at 8 1/2 Otto e Mezzo Bombana on Christmas Eve. In what promises to be an exclusive gourmet evening, taste buds will be delighted with Oyster Gillardeau and roasted Turbot and King Crab before enjoying divine delights such as Chestnut Gnocchi and Poularde from Bresse. L'Atelier de Joel Rouchon is offering two complimentary cocktails along with two dinner sets ordered, while Kakure and Zuma are offering complimentary bottle of sake (720ml) for two and glass of champagne or sake bottle upon order the Festive Daikoku Tasting for two and more guests respectively. China Tang is also offering a complimentary bottle of Ruggeri Argeo Prosecco Di Trevino for those who enjoy a glass of bubbles. The espresso bar concept NODI is bringing free 8 oz handcraft coffee on 14th December for the first 50 BESPOKE members, and complimentary pack of toasted caramel coco crunch from Cocoparadise for purchasing three cups of coffee. Tiffany & Co., the world-renowned jewellery brand, is inviting customers with spending over HK$ 20,000 on or before 31st December to have a relaxing afternoon with their tea set for two at the Tiffany Blue Box Café. To discover more about LANDMARK and to receive our latest news and register for upcoming events, sign up for the LANDMARK e-newsletter at www.landmark.hk. Follow LANDMARK on Facebook at www.facebook.com/landmark.hk; Instagram www.instagram.com/landmarkhk or search 'landmarkhk' and use the hashtags #celebratexmasspirit #santapawsvillage #landmarkchristmas #landmarkhk. Download LANDMARK HONGKONG app at http://bit.ly/lmapp_pr. Celebrate the festive Spirit at LANDMARK. [1] Make-A-Wish Hong Kong grants one special wish to children aged between three and 17 with critical illnesses, in Hong Kong and Macau, to enrich the human experience with hope, strength and joy. To date, they have granted nearly 2,000 life-changing wishes. They are dedicated to making every eligible child's wish come true. Please download the high-resolution images at:https://www.dropbox.com/sh/axsuh7l7giejk4u/AAB5VSifHE_Bep75suHuoXUYa?dl=0 About LANDMARK LANDMARK represents the epitome of top-tier luxury shopping and lifestyle experiences. Drawing from a rich heritage which began in 1904 -- LANDMARK today is the luxury shopping destination of Hongkong Land's Central portfolio including 4 iconic connected buildings, LANDMARK ATRIUM, LANDMARK ALEXANDRA, LANDMARK CHATER and LANDMARK PRINCE'S. LANDMARK offers approximately 208 of the finest stores and restaurants, all seamlessly linked by pedestrian bridges. From high fashion and accessories to watches and jewellery, from luxury living to beauty and grooming, from international cuisine to authentic gourmet dining, LANDMARK brings the ultimate shopping experience to the discerning customer. About Hongkong Land Hongkong Land is a major listed property investment, management and development group. Founded in 1889, Hongkong Land's business is built on excellence, integrity and partnership. The Group owns and manages more than 850,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong, Singapore, Beijing and Jakarta. Its properties attract the world's foremost companies and luxury brands. The Group's Central Hong Kong portfolio represents some 450,000 sq. m. of prime property. It has a further 165,000 sq. m. of prestigious office space in Singapore mainly held through joint ventures, a luxury retail centre at Wangfujing in Beijing, and a 50% interest in a leading office complex in Central Jakarta. The Group also has a number of high quality residential, commercial and mixed-use projects under development in cities across Greater China and Southeast Asia. In Singapore, its subsidiary, MCL Land, is a well-established residential developer. Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group's assets and investments are managed from Hong Kong by Hongkong Land Limited. Hongkong Land is a member of the Jardine Matheson Group. Photo - https://photos.prnasia.com/prnh/20191212/2668886-1-a?lang=0Photo - https://photos.prnasia.com/prnh/20191212/2668886-1-b?lang=0Photo - https://photos.prnasia.com/prnh/20191212/2668886-1-c?lang=0Photo - https://photos.prnasia.com/prnh/20191212/2668886-1-d?lang=0Related Links :http://www.landmark.hk

Acorn International Reports Financial Results for the Third Quarter of 2019, Declares Quarterly Dividend

Net Revenues Increased 49.4% Year-Over-Year to US$11.3 MillionSHANGHAI, Dec. 11, 2019 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), a leading marketing and branding company in China, today announced its preliminary unaudited financial results for the quarter and nine months ended September 30, 2019. Third Quarter 2019 Financial Highlights Net revenues increased 49.4% year-over-year in Q3 2019 to US$11.3 million. Gross profit rose 47.0% year-over-year in Q3 2019 to US$8.4 million. Gross margin was 73.9% in Q3 2019, compared to 75.1% in Q3 2018. Income from continuing operations was US$1.4 million in Q3 2019, compared to US$1.5 million in Q3 2018. Net income was US$1.2 million in Q3 2019 as compared to net income of US$3.8 million in Q3 2018. The year-ago period includes a US$2.4 million capital gain from the sale of the Company's Bright Rainbow Investments Limited ("Bright Rainbow") subsidiary. The board of directors declared a cash dividend for the third quarter of 2019 of US$0.0125 per ordinary share, or approximately US$0.25 per ADS, each of which represents twenty ordinary shares. "In the third quarter of 2019, Acorn continued its sales momentum, with revenues up 49.4% while maintaining gross margins over 70%," said Mr. Jacob A. Fisch, CEO and President of Acorn International. "Our Babaka branded posture correction products posted another solid quarter and sales of Acorn Fresh continued to ramp up as it continued to expand its product portfolio by adding beef to its core seafood offerings. Acorn Digital Services, our social media and digital services division, executed on both our own and our clients' brand-building efforts in China." "In keeping with our core focus on direct-to-consumer e-commerce and digital media marketing in China, we recently reached an agreement to sell our oxygen-generating products business, which sold products via an offline network of distributors in China. As we move forward, we will continue to focus on our core business of selling our own and third party branded products through e-commerce to consumers in China," Mr. Fisch concluded. Dividend On November 22nd, 2019, the Company's board of directors declared a cash dividend for the third quarter of 2019 of US$0.0125 per ordinary share, or approximately US$0.25 per ADS, each of which represents twenty ordinary shares. Record holders of the Company's ordinary shares at the close of business US Eastern Time on December 13th, 2019 (the "Record Date") will be entitled to receive the cash dividend for the third quarter of 2019. The Company expects Citibank N.A., the depositary bank for Acorn's ADS program, to distribute dividends to ADS holders as of the Record Date on or about December 20th, 2019. Dividends to be paid to the Company's ADS holders through the ADS Depositary will be subject to the terms of the deposit agreement by and among the Company, the ADS Depositary, and the holders and beneficial owners of ADS issued thereunder, including the fees and expenses payable thereunder. Preliminary Financial Results for the Third Quarter of 2019: Total net revenues were US$11.3 million in the third quarter of 2019, up 49.4% from US$7.6 million in the third quarter of 2018, primarily due to an increase in e-commerce sales of Babaka branded products and other products. Cost of sales in the third quarter of 2019 was US$3.0 million, up 56.8% from US$1.9 million in the third quarter of 2018. The increase was attributable to increased sales volume and net revenues. Gross profit in the third quarter of 2019 was US$8.4 million, up 47.0% from US$5.7 million in the third quarter of 2018. Gross margin was 73.9% in the third quarter of 2019, compared with 75.1% in the third quarter of 2018. The slight decrease in gross margin was due to changes in the product and platform mix of Babaka and a higher proportion of Acorn Fresh products, which have a slightly lower margin than Babaka branded products, in the product mix. Total operating expenses in the third quarter of 2019 were US$7.0 million, up 67.5% from US$4.2 million in the third quarter of 2018. The increase in operating expenses was due primarily to an increase in selling and marketing expenses to support e-commerce sales as well as higher general and administrative expenses associated with higher staff expenses due to the expansion of Acorn Digital Services. These were partially offset by an increase in other operating income due to increased revenues from Acorn Digital Services and interest from the long-term loan to Cachet Hotels & Resorts. Income from continuing operations was US$1.4 million in the third quarter of 2019, as compared to income from continuing operations of US$1.5 million in the third quarter of 2018. Other income was US$0.7 million in the third quarter of 2019, compared to other income of US$2.4 million in the third quarter of 2018. The year-ago period includes a US$2.4 million capital gain associated with the sale of the Company's Bright Rainbow subsidiary. Net income from continuing operations was US$2.0 million in the third quarter of 2019. This compares to net income from continuing operations of US$3.6 million in the third quarter of 2018. Net loss from discontinued operations, which reflects the sale of a majority stake in the Company's HJX electronic learning products business to a third-party investor and operator in 2017 as well as the Company's call center operations which were discontinued in the third quarter of 2019 (Refer to "Discontinued Operations" discussion below), was US$0.8 million in the third quarter of 2019, compared to net income from discontinued operations of US$0.2 million in the third quarter of 2018. Net income attributable to Acorn was US$1.2 million in the third quarter of 2019. This compares to net income attributable to Acorn of US$3.8 million in the third quarter of 2018. In the fourth quarter of 2019, the Company reached an agreement to sell its oxygen-generating products business, which is described in further detail below. Preliminary Nine Months of 2019 Financial Results Total net revenues were US$28.3 million in the first nine months of 2019, up 61.2% from US$17.6 million in the first nine months of 2018, primarily due to an increase in e-commerce sales of Babaka branded products as well as other products. Cost of sales in the first nine months of 2019 was US$7.6 million, up 68.9% from US$4.5 million in the first nine months of 2018. The increase was attributable to increased sales volume and net revenues. Gross profit in the first nine months of 2019 was US$20.7 million, up 58.6% from US$13.1 million in the first nine months of 2018. Gross margin was 73.1% in the first nine months of 2019, compared with 74.3% in the first nine months of 2018. The slight decrease in gross margin was due to changes in the product and platform mix of Babaka and a higher proportion of Acorn Fresh products, which have a slightly lower margin than Babaka branded products, in the product mix. Total operating expenses in the first nine months of 2019 were US$19.3 million, up 58.6% from US$12.2 million in the first nine months of 2018. The increase in operating expenses was due primarily to an increase in selling and marketing expenses to support e-commerce sales as well as higher general and administrative expenses associated with higher staff expenses due to the expansion of Acorn Digital Services. These were partially offset by an increase in other operating income due to increased revenues from Acorn Digital Services and interest from the long-term loan to Cachet Hotels & Resorts. Income from continuing operations was US$1.4 million in the first nine months of 2019, as compared to income from continuing operations of US$0.9 million in the first nine months of 2018. Other income was US$5.5 million in the first nine months of 2019, primarily associated with a gain on the sale of the Company's former principal office in Shanghai to a third party. This compared to other income of US$30.1 million in the first nine months of 2018, which was primarily due to a gain on the sale of the Company's Bright Rainbow subsidiary. Net income from continuing operations was US$7.0 million in the first nine months of 2019. This compares to net income from continuing operations of US$28.6 million in the first nine months of 2018, which was primarily due to the previously mentioned capital gain from the sale of Bright Rainbow. Net loss from discontinued operations, which reflects the sale of a majority stake in the Company's HJX electronic learning products business to a third-party investor and operator in 2017 as well as the Company's call center operations which were discontinued in the third quarter of 2019 (Refer to "Discontinued Operations" discussion below), was US$0.9 million in the first nine months of 2019, compared to a net loss from discontinued operations of US$1.3 million in the first nine months of 2018. Net income attributable to Acorn was US$6.2 million in the first nine months of 2019. This compares to net income attributable to Acorn of US$27.3 million in the first nine months of 2018. As of September 30, 2019, Acorn's cash and cash equivalents, with restricted cash, totaled US$13.3 million. The cash balance at the end of the first nine months of 2019 reflects the payment of cash dividends totaling approximately US$3.9 million in 2019 and a drawdown of approximately US$4.9 million under the long-term loan to Cachet Hotels & Resorts after the increase of loan capacity from US$10 million to US$15 million. This compares to cash and equivalents, with restricted cash, of US$20.2 million as of December 31, 2018. In the fourth quarter of 2019, the Company reached an agreement to sell its oxygen-generating products business, which is described in further detail below. Discontinued Operations In 2017, Acorn reached an agreement to sell a majority stake in its HJX electronic learning products business ("HJX Business") to a third-party investor and operator, allowing the Company to focus on its core business. Acorn maintains a 37.5% stake in a joint venture established with this third party. As a result of this transaction, the Company is required by applicable accounting rules to treat the historical operations of the wholly-owned HJX Business as discontinued operations and the minority stake in the HJX Business as equity in losses of affiliates in the consolidated statements of operations for all periods presented, subject to the consolidation of the HJX Business into the joint venture entity. In the third quarter of 2019, the Company completed shutting down operations at its call center in Wuxi, China. As a result, the Company is required by applicable accounting rules to treat the historical operations of the call center as discontinued operations for all periods presented. Sale of Oxygen-Generating Products Business In the fourth quarter of 2019, the Company's wholly-owned subsidiary, China DRTV, Inc. entered into an equity transfer agreement to sell 100% of the equity interests in its wholly-owned subsidiary, Zhuhai Acorn Electronic Technology Co., Ltd. ("Zhuhai Acorn"), to an unrelated third-party for a purchase price of US$1,450,000 in cash. The transaction is subject to certain specific closing conditions, includes a working capital adjustment and other adjustments, and is expected to close by early 2020. This sale, along with the shutdown of the call center, allows the Company to focus on its core business of selling its own and third party branded products through e-commerce to consumers in China. Receipt of Non-binding Proposal to Acquire the Company On November 4th, 2019 the board of directors of the Company (the "Board") received a preliminary non-binding proposal letter (the "Proposal") from Mr. Robert W. Roche, Chairman of the Company, to acquire all of the outstanding shares of the Company not already owned by the Buyer Vehicle (as defined below) at US$19.50 per ADS or US$0.975 per ordinary share in cash, subject to certain conditions. According to the Proposal, it is anticipated that the Buyer Vehicle or its shareholders will control approximately 75% of the outstanding shares of ordinary shares of the Company. According to the Proposal, Mr. Robert W. Roche will form a transaction vehicle (the "Buyer Vehicle") for the purpose of pursuing the proposed transaction and will finance the proposed transaction with Buyer Vehicle's internal resources, or funds from affiliated entities, possibly supplemented by equity funding and/or debt financing. According to the Proposal, there is no definite arrangement in place for such equity or debt financing at this time. The Board held a special meeting to consider next steps with respect to the Proposal, at which meeting the Board authorized formation of a Special Committee consisting solely of independent directors to consider the Proposal. The Special Committee has conducted several meetings, retained counsel, interviewed financial advisor candidates, and continues to analyze the Proposal; however, no decisions have been made with respect to the Company's response to the proposed transaction. There can be no assurance that any definitive offer will be made, that any agreement will be reached or executed, or that this or any other transaction will be approved or consummated. Conference Call Due to its receipt of the Proposal, the Company will not host a conference call. Please reach out to our Investor Contacts listed below if you have any questions. About Acorn International, Inc. Acorn International is a leading marketing and branding company in China, leveraging a twenty-year direct marketing history to monetize brand IP, content creation and distribution, and product sales, through digital media in China. For more information visit www.acorninternationalgroup.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "strives," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," and similar statements and include statements with respect to the Company's continued focus on promoting its core products through digital media in China as well as on third-party e-commerce B2C platforms; its plan for continued development of Acorn Digital Services; its expected third quarter of 2019 payment of a cash dividend of US$0.0125 per ordinary share, or US$0.25 per ADS; the closing of the sale of the Company's oxygen-generating products business, expected by early 2020; and with respect to the preliminary non-binding proposal from Mr. Robert W. Roche, Chairman of the Company, to acquire all of the outstanding shares of the Company not already owned by the Buyer Vehicle at US$19.50 per ADS or US$0.975 per ordinary share in cash, subject to certain conditions, whether any definitive offer will be made, any agreement will be reached or executed, or this or any other transaction will be approved or consummated. Such statements are based on management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance, or achievements to differ materially from those in these preliminary financial results and the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. Other factors that could cause forward-looking statements to differ materially from actual future events or results include risks and uncertainties related to: the Company's ability to successfully improve or introduce new products and services, including to offset declines in sales of existing products and services; the Company's ability to stay abreast of consumer market trends and maintain the Company's reputation and consumer confidence; the Company's ability to execute and maintain a successful market strategy; potential unauthorized use of the Company's intellectual property; potential disruption of the Company's manufacturing processes; increasing competition in China's consumer market; the Company's U.S. tax status as a passive foreign investment company; and general economic and business conditions in China, as well as potential friction between the U.S. and China associated with their current trade dispute and related factors, which could potentially impact Acorn. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2018 annual report on Form 20-F filed with SEC on April 30, 2019. For a discussion of other important factors that could adversely affect the Company's business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 9 of the Company's Form 20-F for the fiscal year ended December 31, 2018. The Company's actual results of operations for the second quarter and first nine months of 2019 are not necessarily indicative of its operating results for any future periods. Any projections in this release are based on limited information currently available to the Company, which is subject to change. Although such projections and the factors influencing them will likely change, the Company will not necessarily update the information. Such information speaks only as of the date of this release. Statement Regarding Unaudited Financial Information The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information. Contact: Acorn International, Inc. Compass Investor Relations Mr. Martin Key Ms. Elaine Ketchmere, CFA Phone +86-21-5151-8888 Phone: +1-310-528-3031 Email: ir@chinadrtv.com Email: Eketchmere@compass-ir.com www.chinadrtv.com www.compassinvestorrelations.com - Financial Tables Follow - ACORN INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In US dollars) For the three monthsended For the nine monthsended 2018 2019 2018 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net revenues Direct sales $ 6,219,453 $ 9,589,314 $ 14,405,700 $ 23,873,718 Distribution sales 1,346,782 1,717,452 3,177,431 4,472,297 Total net revenues 7,566,235 11,306,766 17,583,131 28,346,015 Cost of revenues Direct sales -1,470,324 -2,405,281 -3,449,561 -6,160,021 Distribution sales -411,572 -546,308 -1,063,758 -1,463,158 Total cost of revenues -1,881,896 -2,951,589 -4,513,319 -7,623,179 Gross profit Direct sales 4,749,129 7,184,032 10,956,139 17,713,697 Distribution sales 935,210 1,171,144 2,113,673 3,009,139 Total gross profit 5,684,339 8,355,176 13,069,812 20,722,836 75.1% 73.9% 74.3% 73.1% Operating (expenses) income Other selling and marketing expenses -2,913,914 -5,279,234 -7,381,934 -13,580,188 General and administrative expenses -1,514,118 -2,263,355 -6,314,892 -7,301,107 Other operating income, net 250,153 544,919 1,532,500 1,587,700 Total operating (expenses) income -4,177,879 -6,997,669 -12,164,326 -19,293,594 Income (loss) from continuingoperations 1,506,460 1,357,507 905,486 1,429,241 Interest expense - - - - Interest income 232,614 114,381 509,237 267,606 Other income (expenses), net 2,355,392 659,927 30,057,693 5,522,463 Income (loss) from continuingoperations before income taxes andequity in losses of affiliates 4,094,466 2,131,815 31,472,416 7,219,310 Income tax - current -489,436 -139,365 -2,860,087 -190,872 Income tax - deferred - - -6,751 - Income (loss) from continuingoperations before equity in losses of affiliates 3,605,030 1,992,450 28,605,578 7,028,438 Discontinued operations : Income (loss) from discontinued operations 204,656 -755,830 -1,276,154 -865,670 Income (loss) from discontinuedoperations before equity in losses of affiliates 204,656 -755,830 -1,276,154 -865,670 Equity in losses of affiliates - - - - Net income (loss) 3,809,686 1,236,620 27,329,424 6,162,768 Net income (loss) attributable to non-controlling interests -1,196 -1,010 -3,554 -4,038 Net income (loss) attributable to Acorn International, Inc. 3,810,882 $1,237,630 $27,332,978 $6,166,806 ACORN INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (In US dollars) 2018/12/31 2019/09/30 Cash and cash equivalents $20,143,783 $13,222,471 Restricted cash 76,243 74,511 Accounts receivable, net 3,520,440 4,370,771 Inventory, net 1,590,319 1,983,663 Other prepaid expenses and current assets 7,936,100 7,281,957 Loan receivable 3,597,392 3,689,093 Held-for-sale assets 2,881,370 466,626 Assets to be abandoned 579,644 20,172 Current assets 40,325,291 31,109,264 Property and equipment, net 660,157 586,800 Available-for-sale securities 38,858,216 37,706,133 Loan to related party 10,050,054 14,710,207 Right of use assets - 1,619,030 Other long-term assets 243,236 276,657 Total assets $90,136,954 $86,008,090 Accounts payable 2,057,539 2,716,432 Dividend payable 174,658 126,219 Accrued expenses and other current liabilities 12,726,641 7,027,550 Lease Liability - 767,394 Income taxes payable 2,096,987 1,265,102 Deferred revenue 174,826 93,304 Liabilities to be abandoned 272,428 336,340 Current liabilities 17,503,079 12,332,341 Lease Liability - 945,706 Deferred tax liability, net 630,574 611,879 Total liabilities 18,133,653 13,889,925 Ordinary shares 918,844 918,844 Additional paid-in capital 121,962,650 118,091,209 Statutory reserve 8,350,141 8,350,141 Retained earnings (87,749,530) (81,582,725) Beginning balance (118,876,713) (82,820,355) Net income (loss) attributable to Acorn 31,127,183 1,237,630 Appropriation of statutory reserve fund - - Accumulated other comprehensive income 56,507,394 54,340,699 Treasury stock, at cost (28,320,324) (28,320,325) Total Acorn International, Inc. shareholders'equity

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