CNFinance Files Annual Report on Form 20-F for Fiscal Year 2023
Arçelik renames its global operations under one corporate brand "Beko"
Inc & Co brand incspaces Announces €1.5M Investment in Barcelona Office with European Expansion Plans & Global Pivot
135th Canton Fair Provides Hassle-free Payment Services for Global Visitors
Medtronic receives FDA approval for Inceptiv™ closed-loop spinal cord stimulator
iClick Interactive Asia Group Limited Announces Termination of Merger Agreement
KB FINANCIAL GROUP INC. FILES ITS ANNUAL REPORT ON FORM 20-F
FOSUN FOR GOOD, CREATING IMPACT: Fosun International Issued its 2023 ESG Report and the Second Climate Information Disclosures Report
Zhihu Inc. Files Its 2023 Annual Report on Form 20-F
HKBN Achieves Business Turnaround in FY2024 Interim Results
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Blackfort partners with Archistar to deliver technology-enabled real estate
SYDNEY, April 26, 2024 /PRNewswire/ -- Commercial real estate lender Blackfort has announced a partnership with property intelligence platform Archistar to streamline and innovate the loan process for real estate development. The partnership will allow Blackfort to provide instant access and certainty of funding for smaller and mid-size developers to secure sites for development. Blackfort is an AI-led real estate lender, which services the $1.5million to $20million commercial real estate loan market, which to-date is a segment that remains neglected by existing lenders and brokers. Blackfort is excited to further their impact on the market through a strategic partnership with Archistar, which is already used and trusted by architects, planners, developers and agents in Australia and internationally, including in the United States, New Zealand and Canada. Archistar's software gives instant information on the type of residential projects allowable on any development site, based on local planning and zoning rules. It allows professionals to create and assess hundreds of compliant 3D generative designs, exploring features like height restrictions, exposure to sunlight and ventilation. Its clients span the public and private sectors, and include the likes of Mirvac, Ernst & Young, Brookfield, JLL and government agencies. As a result of the partnership, Blackfort will have access to data insights typically only available to the top-end of the market through Archistar's propriety deal assessment engine. Archistar's technology can assess site feasibility and profitability instantly, while Blackfort can simultaneously provide an automated loan assessment. The Blackfort product, which will be launched in Australia within the next three months and in New Zealand late next year, will result in faster decision-making and facilitate a conditional, instant 'yes' for loan applications with lower overheads and customer acquisition costs. Blackfort and Archistar have already deployed AU$50 million with volume builder Simonds and a select number of smaller developers as part of a pilot for rapid funding for site acquisition. The product will launch with an initial 8.5% rate for site acquisition, available exclusively for Archistar subscribers. Prabhat Sethi, former Managing Director of Murdoch Media and chairman of Blackfort said: "Blackfort's platform has the potential to revolutionise an often-neglected segment of the commercial real estate debt market. In collaboration with Archistar, Blackfort will assist developers acquiring sites and ensure rapid deployment of funds. This partnership will modernise the sector by creating speedier and safer decision making." Dr Benjamin Coorey, Co-Founder and CEO of Archistar said: "We are very pleased to partner with Blackfort to further service the property development sector. We are excited about the product that will rapidly deploy loans to developers in a segment that has been underserviced by banks and other lenders." "On a global scale, our vision is to revolutionise the way developers assess, design and build properties, and the partnership with Blackfort is a natural step to improving the end-to-end process". Rhett Simonds, Executive Chairman of Simonds Group said: "It is great to see Blackfort to continue partnering with companies to bring innovation into the property sector. As a leading home builder that has been constructing since 1949, we understand the importance of home ownership to Australians. Blackfort came to the table when others couldn't, and we look forward to continuing our partnership." About Blackfort: Blackfort is a revolutionary real estate lender, that focuses on the $1.5million to $20million loan segment in the commercial real estate debt market. The company uses AI-led decision making to rapidly deploy loan assessments to enable confident and rapid decision making. The company is led by a world-class executive management team, chaired by former Managing Director of Murdoch Media Prabhat Sethi. About Archistar: Founded by Dr. Benjamin Coorey, a global expert in 3D generative design, Archistar is the world's leading digital platform for the Property Industry. The platform combines architectural design with artificial intelligence to inform decision-making in property and is used by agents, developers, architects, government planners and homeowners nationwide. Since launching in 2018, Archistar has grown rapidly, listed by the AFR as the 20th fastest growing company in Australia, with notable clients including Mirvac, Ernst & Young, Brookfield and JLL.
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SM focuses on expansion to serve more regions
PASAY CITY, Philippines, April 26, 2024 /PRNewswire/ -- The SM group continues to expand its presence nationwide to serve more Filipinos and communities. "We will continue to invest in growth in the Philippines and we are committed to being a catalyst for responsible development. We have a young, dynamic, higher-earning population who will help support and drive economic activity," said SM Investments Corporation President and Chief Executive Officer Frederic C. DyBuncio. There are many areas in the country which have yet to benefit from access to modern retailing, formal financial services and integrated property developments. "Our strategy is to continue to expand coverage nationwide to create new markets that improve access to these sectors," he added. SM Prime Holdings, Inc. is opening four new malls, one in Metro Manila and three in the provincial areas in 2024. SM Development Corporation (SMDC) is planning to roll out 8,000 to 10,000 residential units this year in the northern part of the Philippines and across Visayas and Mindanao. SM Hotels officially launched its first Lanson Place property at the Mall of Asia Complex, Pasay City. Alfamart, SM's minimart grocery format, is set to increase its store expansion by at least 400 stores in 2024. BDO also continues to expand coverage nationwide with BDO and BDO Network Bank planning to increase branches by a combined 100 to 120 this year. Following its acquisition of the Philippine Geothermal Production Company (PGPC), SM is set to explore new steam fields with the aim to double the company's current steam production of 300 megawatts within the medium-term. These projects are set to generate around 2,000 jobs during exploration and development, which will boost livelihood in each respective locality. 2GO Group, Inc. added two new ships and will have 11 ships in its fleet, serving 19 ports of call. Airspeed, another SM-owned logistics company, is also keen on expanding its distribution facilities in key cities in the regions along with opening more kiosks and collaborations with service providers to offer better customer options, wider network, and quicker delivery times. About SM Investments Corporation SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy. SM's retail operations are the country's largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM's property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM's interests in banking are in BDO Unibank, Inc., the country's largest bank, and China Banking Corporation, the fourth largest private domestic bank. For more information, please visit www.sminvestments.com
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Damstra targets global growth as part of Ideagen
MELBOURNE, Australia, April 26, 2024 /PRNewswire/ -- Ideagen has further strengthened its position as a global leader in regulatory compliance software with the acquisition of Australian workforce safety solution, Damstra Technology. Damstra's suite of cloud-based contractor and workforce management tools, complement Ideagen's existing portfolio of quality, compliance, health, safety and risk management software, enabling Ideagen to offer even more comprehensive, tailored solutions to regulated industries. Speaking about their latest acquisition, Ben Dorks, Ideagen CEO, said: "We're thrilled to welcome Damstra into the Ideagen family. This acquisition significantly strengthens our solutions for high-risk industries such as mining, energy, and construction. "Damstra's robust safety and compliance solutions enhance our EHS capabilities enabling us to help our customers meet regulatory requirements, mitigate risk and achieve operational excellence. " Damstra software provides end-to-end safety solutions for workforce management that allows organizations to predict, mitigate and reduce unforeseen and unnecessary business risks to people, workplaces, assets and information. Christian Damstra, CEO of Damstra Technology, commented on the acquisition: "Joining Ideagen is a pivotal moment for Damstra. We're excited about the opportunities this acquisition opens up for customers and colleagues. "Leveraging Ideagen's global footprint and deep industry expertise means we can offer our customers enhanced support, scalability and a wider portfolio of products. "As Ideagen Damstra, we can continue to introduce cutting-edge, integrated solutions, redefining industry standards and creating safer, more efficient workplaces. Together, we'll enhance our capabilities and further solidify our dedication to innovation and excellence, delivering solutions to regulated industries worldwide. " With more than one million daily users of Ideagen quality, risk, audit, health and safety, and collaboration solutions, Ideagen understands the challenges organization's face in today's complex and increasingly volatile business market. This acquisition is the fifth Australian business to be brought into the Ideagen family since the start of 2023 and underscores the UK headquartered businesses' commitment to building a robust suite of solutions for regulated industries worldwide. As part of their Asia-Pacific footprint, Ideagen Damstra joins, Ideagen OnePlace Solutions (May 2023), Ideagen Lucidity (October 2023) Ideagen OpCentral (November 2023) and Ideagen Plant Assessor (January 2024) alongside Ideagen CompliSpace (December 2021). It is their third acquisition of 2024 and follows Monday's announcement that InPhase, the mobile frontline worker safety solution would be joining Ideagen. About Ideagen Ideagen brings clarity and confidence to the safe hands and trusted voices protecting our world. By unifying deep regulatory expertise and innovation with affordable, best-in-class software we provide trusted, meaningful intelligence to regulated and high-compliance industries such as life sciences, healthcare, banking and finance, aviation, defence, manufacturing and construction. From the shop floor to the flight deck, from the front line to the boardroom, our 11,500 customers include more than 250 global aviation organisations, nine of the top ten accounting firms, nine of the top ten global aerospace and defence corporations, 15 of the top 20 global pharmaceutical companies and 65% of the top 20 global food & drink companies Headquartered in Nottingham UK, with offices across the US, Australia, India, Malaysia and UAE, our 1500+ colleagues are dedicated to supporting industries to turn risk into resilience. About Damstra Damstra is a global leader in enterprise protection software in industries where regulatory compliance is key such as mining and construction. Its Enterprise Protection Platform (EPP) integrates an extensive range of modules and products that allows organizations to mitigate and reduce unforeseen and unnecessary business risks around people, workplaces, assets, information, financials, and reputation. The EPP links together organizations' existing technologies related to vendor management, security, training, and safety, connecting and protecting an organization's most valuable resources, as well as preserving their corporate reputation. Damstra is focused on worker safety, risk management, and organisational compliance towards zero harm in the workplace. Headquartered in Melbourne Australia, Damstra provides solutions to over 6000 clients and contracting companies in ~25 countries.
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Vantage unveils significant impact of donation on UNHCR's ongoing refugee support in Australia
SYDNEY, April 26, 2024 /PRNewswire/ -- Leading multi-asset broker, Vantage Markets (or Vantage), is pleased to announce the ongoing impact of its contribution to support the protection and resettlement of refugees and stateless people in Australia. This follows its US$100,000 donation to UNHCR, the UN Refugee Agency in May 2023. The Australian Government has granted emergency visas to evacuate Afghans no longer safe in their home country, including Fatima, the captain of the Afghan Women’s Football Team. © UNHCR/Heidi Wentworth-Ping Australia's refugee landscape presents complex challenges, with thousands seeking asylum and protection. UNHCR's efforts, bolstered by Vantage's support, have been instrumental in navigating these challenges and providing critical assistance to these individuals, by advocating for improved refugee and stateless protection, offering direct counselling support, and facilitating durable solutions for eligible refugees. The impact of this partnership has been profound, touching the lives of approximately 788 refugees, internally displaced persons (IDPs), and returnees in 2023 alone. Of these, 119 individuals were successfully resettled from Australia to New Zealand, 39 found new homes in Canada and 19 individuals departed to the United States. "Our collaboration with UNHCR underscores our commitment to creating a more inclusive and compassionate world," said Jack Kelly, Head of Sales, Vantage Australia. "We are humbled to see how our partnership has enabled UNHCR to delicately navigate the complexities of refugee support, ensuring that every step taken is a step towards a better future." These efforts have resulted in meaningful changes in the lives of those in need. For instance, one woman from Iran, who had endured violence and social isolation due to severe post-traumatic stress disorder (PTSD), found solace through UNHCR's support. With the funding support from Vantage, UNHCR had sufficient resources to support her mental health and complete the necessary interviews for resettlement to New Zealand. Today, she awaits the outcome of her application, hopeful for a brighter future. Similarly, another Kurdish man, grappling with chronic PTSD and a life-threatening health condition, demonstrated remarkable resilience. Through UNHCR's holistic support, he stabilised his mental health and was able to complete the extensive and detailed interviews to start his resettlement process. Today, he remains stable and hopeful for a new beginning. "The completion of these activities has had a significant impact on the well-being and quality of life of refugees and asylum-seekers under UNHCR's protection," said a report compiled by UNHCR Australia. "By empowering them and fostering a sense of self-agency, these activities have offered a pathway for refugees and asylum seekers to regain some control over their lives. More importantly, this engagement has kept their options open for eventual resettlement, offering hope and a tangible pathway towards a brighter future." "We're honoured to be supporting UNHCR's efforts — the team is doing incredibly important work and we're proud to be part of their journey," said Kelly. "We hope that our initiative encourages more individuals and organisations to support UNHCR's ongoing efforts and join in the mission of creating a more inclusive and compassionate world." About Vantage Vantage (or Vantage Markets) is a multi-asset broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) on Forex, Commodities, Indices, Shares, ETFs, and Bonds. With over 13 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play. trade smarter @vantage https://www.vantagemarkets.com/en-au/ Vantage Global Prime Pty Ltd (ACN 157 768 566) ("Vantage"), located at 12/15 Castlereagh Street, Sydney, NSW, Australia, 2000, and is authorised and regulated by the Australian Securities & Investments Commission (ASIC) AFSL no. 428901. Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't take into account your personal objectives, financial circumstances, or needs. Accordingly, before acting on the advice, you should consider whether the advice is suitable for you having regard to your objectives, financial situation and needs. We encourage you to seek independent advice if necessary. You should consider whether you're part of our target market by reviewing our Target Market Determination (TMD), reading our Product Disclosure Statement (PDS), and other legal documents to ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice if necessary. About UNHCR UNHCR, the UN Refugee Agency, leads international action to protect people forced to flee because of conflict and persecution. The organization delivers life-saving assistance including shelter, food and water, helps to safeguard fundamental human rights and develops solutions that ensure people have a safe place to call home where they can build a better future. UNHCR also works to ensure that stateless people are granted nationality.
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Sarawak and ICCA Award First Association Impact Leaders
KUCHING, Malaysia, April 26, 2024 /PRNewswire/ -- The first ICCA Association Impact Masterclass kicks off today in Kuching with 24 Malaysian and international association leaders in line to be awarded the "Association Impact Leadership" Certificate. They will become the first cohort to be recognised as Association Impact Leaders awarded by the International Congress and Convention Association (ICCA) in collaboration with their co-creators Meet4Impact and GainingEdge. Datuk Sebastian Ting, Deputy Minister for Tourism Sarawak (centre left) with Senthil Gopinath, CEO of ICCA (centre right) kickstarting the first ICCA Association Impact Masterclass today in Kuching at the Borneo Convention Centre Kuching. The two-day specialised training course, held at the Borneo Convention Centre in Kuching on 26 and 27 April, covers important topics related to legacy building and impact creation. The course offers insights, practical tools, and hands-on learning to effectively communicate their impact mission, scale up partnerships, and create an effective approach to impact planning, management, and measurement. The course is led by association meeting experts Genevieve Leclerc, co-founder and CEO of Meet4Impact, and Gary Grimmer, Executive Chairman of GainingEdge, who are also co-creators of this unique education programme. The Association Impact Masterclass highlights Sarawak's proactive steps to establish itself as the Legacy Capital of Business Events in Malaysia and Borneo, in tandem with the Legacy Impact Master Action Plan 2023–2025 to prepare Sarawak's business events industry towards impact-driven meetings. The Masterclass will count towards the ICCASkills association certification and is considered a beneficial preparatory step for other courses under the ICCASkills umbrella. "We are now at a phase where associations must translate ideas into actions for real impact. Sponsoring and hosting the first Association Impact Masterclass reflects our commitment to enabling associations locally and worldwide to be proficient and powerful at creating change through their events," expressed Amelia Roziman, CEO of Business Events Sarawak. "We hope participants feel empowered and confident to apply the Masterclass lessons when hosting a business event in Sarawak, Malaysia, or beyond. We want associations to become more powerful and appreciate and respect the support from our international partners for putting this course together and developing a legacy for everyone." Senthil Gopinath, CEO of ICCA, said, "The importance of legacy can't be understated, and the Association Impact Masterclass is an incredible opportunity for association professionals to hone their skills in legacy building, measuring impacts, and cultivating the activities of their organisations in order to achieve sustained growth and development. I anticipate the transformative impact that two hugely interactive days in Kuching, Sarawak will bring to our thriving global community." Genevieve Leclerc said "For several years, we have been actively involved in discussions with associations regarding legacy and impact, with a primary emphasis on assisting them in optimising the influence of their events. An area of concern that we have identified is that associations worldwide could truly benefit from a deeper understanding of how to supplement their strategic plans through the development of impact strategies that encompass their entire operations. Such strategies aim to improve the delivery of their missions and establish a structure for facilitating social and economic advancement in society. We are delighted to introduce this new educational initiative that will be beneficial to the growth of Sarawak-based associations, whose contributions are already recognised and strategically leveraged by the government here." Speaking on the impact of the Masterclass, Gary Grimmer stated "Sarawak has taken a real leadership role in developing an innovative new programme that will benefit associations globally. Associations already provide so many transformative impacts to communities, nations and sometimes the entire world. This Masterclass will help strengthen their societal contributions even further." BESarawak is the exclusive Seed Grant Contributor for the Association Impact Masterclass, with the intent of growing the human capital with qualified association members who specialise in legacy impact, thus positioning Sarawak as the Legacy Capital of Business Events in Malaysia and Borneo. The Association Impact Masterclass is co-created by the International Congress and Convention Association, GainingEdge (Australia), and Meet4Impact (Canada). Destinations worldwide are welcome to host the next Association Impact Masterclass. – END – ABOUT BUSINESS EVENTS SARAWAK BESarawak was established in 2006 by the Sarawak Government as a non-profit destination marketing organisation to promote Sarawak for national and international business events. Support and services include, but are not limited to, bidding services, developing business events of interest, delegate marketing, financial support and developing incentive itineraries. BESarawak is a member of the International Congress and Convention Association (ICCA), Union of International Associations (UIA), and Union des Foires Internationales (UFI) - The Global Association of the Exhibition Industry. Visit www.businesseventssarawak.com for more information. Business events refer to meetings, incentives, conventions and exhibitions. BESarawak is also known as 'Biro Konvensyen Sarawak' (Bahasa Malaysia) or 砂拉越会议局 (Mandarin). ABOUT BUSINESS EVENTS' LEGACY IMPACT Legacy impact refers to the long-term, positive benefits that business events bring to sectors, communities, trade and investment, the environment, and governance. Sarawak is the first in Malaysia and one of the few in the world to focus on legacy impact as a sustainable method of measuring the value of business events. The sector is one of six in the Sarawak Government's Post Covid-19 Development Strategy to achieve economic prosperity, social inclusion, and environmental sustainability by 2030. ABOUT ICCA The International Congress and Convention Association (ICCA) is a global community and knowledge hub for the international association meetings industry. Founded in 1963, ICCA specialises in the international association and governmental meetings sector, offering unrivalled data, education, and communication channels, as well as business development and networking opportunities. Today, ICCA is one of the most prominent organisations in — and advocates for — the world of international meetings. Initiatives such as the ICCA Association Community offers associations across the world education, connections, tools, and resources to help them organise more effective and successful meetings with the global network of ICCA member suppliers. Read more: www.iccaworld.org
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Shepherd Smith Edwards & Kantas: Family Seeks Up to $1M in Damages From Cetera Investment Services Over Non-Traded REIT Losses in Cole Capital, Arc Re
Another Cetera Broker Accused of Using Shared Cultural Affinity To Gain Trust of Investors of Chinese Descent HOUSTON, April 26, 2024 /PRNewswire/ -- More investors of Chinese descent are suing broker-dealer Cetera because of losses they sustained in allegedly unsuitable investments. The claimants, who live in California, are seeking up to $1,000,000 in damages. They contend that their Cetera Investment Services broker John Yin (Haiguang Yin), who they met through East West Bank, used their mutual cultural affinity to gain their trust. He then allegedly overconcentrated all of their assets in high-risk, illiquid private placements that were unsuitable for them given their low risk tolerance level. This was an aggressive portfolio strategy contrary to the sound financial plan with a minimal amount of risk that these claimants were promised. There were several private placements that Cetera recommended to them, including the non-traded real estate investment trusts (non-traded REITs) Cole Capital and Arc Realty Finance, which has suspended distributions. https://youtu.be/nGRdnIM1dWM?si=ZNB9PPLfcP-cMcej In their non-traded REIT fraud lawsuit, the claimants are alleging unsuitability, concentration, gross lack of supervision, and misrepresentations and omissions. Not only that, but Cetera purportedly did not give these investors account statements or fulfill its affirmative duty to provide them with accurate information. Shepherd Smith Edwards and Kantas (investorlawyers.com) is representing these claimants in their FINRA lawsuit against Cetera. If you sustained serious losses while working with a Cetera Investment Services financial advisor, contact us today to schedule your free, initial case assessment. Our Broker Fraud Law Firm Are Representing Chinese Investors Against Cetera We are working with investors, both US citizens/residents and foreign nationals, in recouping their investment losses from Cetera Investment Services. Our other clients that are suing Cetera sustained losses in Northstar Financial Services (Bermuda), PB Investment Holdings, Beechwood Bermuda—these were sold to Chinese investors and other foreign nationals—and non-traded REITs Healthcare Trust, NorthStar Healthcare Income REIT, and Griffin Realty Trust. Why Hire Our Non-Traded REIT Fraud Lawyers To Represent You in Your Cetera Investment Loss Recovery Claim? We have years of experience working with American citizens and international investors in fighting for the damages they are owed by US broker-dealers. Through our dedication and hard work, more than 90% of our clients have received full or partial financial recovery. Contact Us:Call (800) 259-9010 or fill out this form.
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Viomi Technology Co., Ltd Filed 2023 Annual Report on Form 20-F
GUANGZHOU, China, April 26, 2024 /PRNewswire/ -- Viomi Technology Co., Ltd ("Viomi" or the "Company") (NASDAQ: VIOT), a leading IoT @ Home technology company in China, today announced that the Company has filed its annual report on Form 20-F for the full year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the "SEC") on April 25, 2024. The annual report is available on the Company's investor relations website at ir.viomi.com and on the SEC's website at www.sec.gov. The Company will provide hard copies of the annual report, free of charge, to its shareholders and ADS holders upon written request. Requests should be directed to Investor Relations, Viomi Technology Co., Ltd, Room 1302, Tower C, Wansheng Square, Xingang East Road, Haizhu District, Guangzhou, Guangdong, 510220, People's Republic of China. About Viomi Technology Viomi's mission is to redefine the future home via the concept of IoT @ Home. Viomi has developed a unique IoT @ Home platform consisting of an ecosystem of innovative IoT-enabled smart home products, together with a suite of complementary consumable products and value-added businesses. This platform provides an attractive entry point into the consumer home, enabling consumers to intelligently interact with a broad portfolio of IoT products in an intuitive and human-like manner to make daily life more convenient, efficient and enjoyable, while allowing Viomi to grow its household user base and capture various additional scenario-driven consumption events in the home environment. For more information, please visit: http://ir.viomi.com. For investor and media inquiries, please contact: In China: Viomi Technology Co., LtdClaire JiE-mail: ir@viomi.com.cn Piacente Financial CommunicationHui FanTel: +86-10-6508-0677E-mail: viomi@tpg-ir.com In the United States: Piacente Financial CommunicationBrandi PiacenteTel: +1-212-481-2050E-mail: viomi@tpg-ir.com
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FinVolution Group Files 2023 Annual Report on Form 20-F
SHANGHAI, April 26, 2024 /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 25, 2024. The annual report on Form 20-F can be accessed on the SEC's website at http://www.sec.gov and on the Company's investor relations website at http://ir.finvgroup.com. The Company will also provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. About FinVolution Group FinVolution Group is a leading fintech platform with strong brand recognition in China and the international markets connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2023, the Company had over 180.2 million cumulative registered users across China, Indonesia and the Philippines. For more information, please visit: http://ir.finvgroup.com. For investor and media inquiries, please contact: In China:FinVolution GroupHead of Investor RelationsJimmy Tan, IRCTel: +86 (21) 8030-3200 Ext. 8601Email: ir@xinye.com Piacente Financial CommunicationsJenny CaiTel: +86 (10) 6508-0677Email: finv@tpg-ir.com In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: finv@tpg-ir.com
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Aon completes acquisition of NFP to bring more capability to clients
Faster-than-anticipated close contributes to accretion and free cash flow benefit realization a year earlier than modeled As an Aon company, NFP will operate as an independent and connected platform delivering Risk Capital and Human Capital capabilities Enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities as well as $6.0 billion in equity in the form of 19.0 million Aon shares DUBLIN, April 26, 2024 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, announced today that it has completed the acquisition of NFP, a leading middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP's main capital sponsor, Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners for an enterprise value of $13.0 billion, including $7.0 billion cash and assumed liabilities1 as well as $6.0 billion in equity in the form of 19.0 million Aon shares. "It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues," said Greg Case, CEO of Aon. "With high performing teams and leading content and capability – further enabled by our Aon Business Services operating platform – we will create more value for our clients, while also enhancing long-term shareholder value creation for investors. This acquisition is another example of how we are going further, faster with our 3x3 Plan to accelerate our Aon United strategy and further enhance our relevance to clients." The acquisition of NFP expands Aon's presence in the large and fast-growing middle-market segment, with more than 7,700 colleagues and capabilities across property and casualty brokerage, benefits consulting, wealth management and retirement plan advisory. As an Aon company, NFP will operate as an "independent and connected" platform delivering Risk Capital and Human Capital capabilities from across Aon and will continue to be led by NFP CEO Doug Hammond, reporting into Aon President Eric Andersen. "The idea of being 'independent and connected' is key to how we will collaborate and create more options for clients across our Risk Capital and Human Capital capabilities," said Andersen. "Doug and his team have built an exceptional client-centered business and we are focused on using our Aon Business Services platform to scale delivery of new capabilities to small and middle market clients across Aon and NFP." "With Aon's acquisition of NFP now complete, we are starting an exciting new chapter in our company's history," said Doug Hammond, CEO of NFP. "We look forward to the positive impact that our complementary expertise and capabilities will have on all stakeholders. Aon's diverse resources and global reach enhance our ability to serve the dynamic risk, workforce, wealth management and retirement needs of our clients. We remain focused on both advancing a culture colleagues want to be part of and working together to contribute to our collective growth and success." The faster-than-anticipated close date contributes to expected accretion and free cash flow benefit realization a year earlier than modeled at announcement. Aon will provide further updates on NFP and deal financials, along with the firm's financial results, guidance, and outlook during its previously scheduled earnings call on April 26, 2024. UBS Investment Bank served as the exclusive financial advisor to Aon on the transaction. Citi served as a financial advisor and is advising Aon on the transaction financing. Cravath, Swaine & Moore LLP and McDermott Will & Emery LLP acted as external legal counsel to Aon. Evercore acted as lead financial advisor with support from Barclays, BofA Securities, Inc., Deutsche Bank Securities Inc., Jefferies LLC and TD Securities to NFP. Skadden, Arps, Slate, Meagher & Flom LLP and Ropes & Gray LLP acted as external legal counsel to NFP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to NFP's capital sponsors. About AonAon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries and sovereignties with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon's newsroom and sign up for news alerts here. About NFPNFP, an Aon company, is an organization of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. We are more than 7,700 colleagues in the US, Puerto Rico, Canada, UK and Ireland serving a diversity of clients, industries and communities. Our global capabilities, specialized expertise and customized solutions span property and casualty insurance, benefits, wealth management and retirement plan advisory. Together, we put people first, prioritize partnerships and continuously advance a culture we're proud of. Visit https://www.nfp.com/ to learn more. About Madison Dearborn PartnersMadison Dearborn Partners, LLC is a leading private equity investment firm based in Chicago. Since MDP's formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including basic industries; financial services; health care; and technology & government. For more information, please visit www.mdcp.com. About HPS Investment PartnersHPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with $111 billion of assets under management as of February 2024. For more information, please visit www.hpspartners.com. Investor Contact AonLeslie Follmer+1 847 442 0622investor.relations@aon.com Media Contacts Aon mediainquiries@aon.com Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114 International: +1 312 381 3024 NFPJosh Wozmanjosh.wozman@nfp.com415.318.6441 Safe Harbor StatementThis communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. 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These factors may be revised or supplemented in subsequent reports filed with the SEC. Any forward-looking statements in this communication are based upon information available as of the date of this communication which, while believed to be true when made, may ultimately prove to be incorrect. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. No Offer or SolicitationThis communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. 1 Total amount of cash consideration based on estimates of acquired cash.
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Lumary Introduces Smart Sprinkler Water Timer
Lumary Introduces Smart Sprinkler Water Timer: A Sustainable Development Solution NEW YORK, April 25, 2024 /PRNewswire/ -- Lumary, a prominent player in the smart home industry known for its innovative indoor smart recessed lights, smart outdoor lighting solutions, and commercial lighting fixtures, proudly announces the launch of its latest innovation: the Lumary Smart Sprinkler Water Timer. This groundbreaking product is set to revolutionize outdoor watering, offering unmatched convenience, efficiency, and affordability. Lumary smart Sprinkler Timer With growing global concern about water scarcity, Lumary is pleased to announce the launch of a new smart water timer that marks a breakthrough in water management. This smart water valve will bring unprecedented convenience and intelligent experience to users, helping them manage water resources more effectively and achieve sustainable development goals. How does a smart water valve revolutionize your life? The Lumary Smart Sprinkler Water Timer is designed to simplify and enhance outdoor watering tasks, boasting a range of advanced features: Seamless Mobile App Control: Easily manage watering schedules and settings from anywhere using the intuitive Lumary app, available for both iOS and Android devices.Effortless Voice Control: Enjoy hands-free operation compatible with popular voice assistants like Amazon Alexa and Google Assistant, allowing users to control their watering system with simple voice commands.Intelligent Timed Irrigation: Customize watering schedules tailored to your garden's specific needs, ensuring optimal hydration for healthy plant growth while conserving water.Rain Delay Functionality: The system automatically adjusts watering based on real-time weather data to prevent overwatering and conserve resources, promoting environmental sustainability.Comprehensive Watering History Logs: Access detailed logs of watering activities through the app, providing valuable insights for optimizing water usage and plant health.Dual-Outlet Flexibility: Choose between single or dual head configurations to accommodate different garden layouts and watering needs, providing versatility and convenience.Affordable Pricing Experience the Future of Outdoor Watering "We are excited to launch the Lumary Smart Sprinkler Water Timer, the latest addition to our lineup of smart home products," said [Johnny], CEO of Lumary. "With its advanced features, affordability, and ease of use, the Smart Sprinkler Water Timer empowers users to efficiently manage outdoor watering while promoting water conservation and sustainability." The Lumary Smart Sprinkler Water Timer is priced competitively to ensure accessibility for all users. The single-head option is available for $59.99, while the dual-head option is priced at $69.99, making it an affordable yet powerful solution for efficient outdoor water management. About Lumary Lumary is a smart lifestyle brand providing high-end smart lighting products. Lumary is a tech-led, people-oriented company. Lumary technology can combine voice assistants and mobile applications to provide high-quality smart products and a more convenient user experience for Lumary customers. Easy and quick installation and the latest technology save your time and make your experience more enjoyable. For more information about the Lumary Smart Sprinkler Water Timer and other Lumary smart home solutions, visit Lumary | Smart Recessed Lighting & Outdoor Lighting for Smart Life. Discover Lumary's extensive product line at: Lumary on Amazon.comLumary: Lumarysmart.comLumary on Shein.comLumary's Facebook.comJoin our Facebook group Shelly - Lumary Global PR teamEmail: shelly@lumarysmart.com
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PETLIBRO Unveils Polar, First-Of-Its-Kind Refrigerated Wet Food Feeder
Revolutionizing the pet tech space, the Polar Wet Food Feeder transforms feeding time for cats and pet parents with modern design and advanced technological solutions. SAN JOSE, Calif., April 25, 2024 /PRNewswire/ -- PETLIBRO, a leading global pet tech brand that is transforming the pet tech market by incorporating sleek and seamless design, and cutting-edge technology into their products, has unveiled Polar Wet Food Feeder, a first-of-its-kind automatic, refrigerated feeder for wet food. According to a recent PETLIBRO survey of over 900 cat owners, these pet parents said the worst thing about feeding their cat wet food is maintaining the freshness of the food (56%) and that it requires them to be present for mealtime (50%). Keeping both cats and their parents top of mind, PETLIBRO has developed the innovative Polar Wet Food Feeder to solve both obstacles and make mealtimes both automatic and fresh. Additionally, Polar enables cat owners to more easily give their feline friends all the hydration and health benefits of wet food and a moisture-rich diet, without the hassle. "For years, pet parents and their cats have had to compromise in one way or another when it comes to a wet food diet, but Polar encapsulates the ways design and technology can come together to address these challenges," said Dr. Christie Long, Chief Medical Officer at Modern Animal, a new kind of veterinary clinic with convenient locations, 24/7 virtual care, and an intuitive app. "The value of incorporating wet food into a cat's diet cannot be underestimated, especially when it comes to weight management, digestion, urinary tract health, and more. What PETLIBRO has developed in Polar makes a world of difference for cats and pet parents alike." PETLIBRO's recent survey showed that the top reason for pet parents wanting an automatic wet food feeder is convenience when traveling. 67% of cat owners would feel stress-free when they were away from home if they had an automatic wet food feeder. Peace of mind when it comes to the well-being of your pets is invaluable, which is why PETLIBRO designed Polar to specifically address the need for ease and convenience while delivering the highest level of pet care possible. Premiere capabilities include: Refrigeration: With semiconductor cooling tech, Polar refrigerates up to three portions of wet food. This thermoelectric cooling technology can keep up to 7.4 ounces of food per portion chilled and safe for your feline friend to eat during their next meal. 3 Days of Freshness: To reduce odors and spoilage from exposed and uneaten wet food, Polar encloses and refrigerates wet food to maintain freshness for up to 3 days or until the next mealtime, which is great for pet parents who are looking to take longer weekends away. App-Controlled, Convenient Scheduling: Polar allows busy cat owners to set an exact mealtime directly from the PETLIBRO app that will be automatically served when scheduled, so mealtime is never missed with this smart-dispense feature. Polar also features easy-to-clean parts, a 12-hour power outage protection, PawShield and an anti-pinch lid sensor for safety. As a part of the original team that pioneered the creation of the first iPhone back in 2007, PETLIBRO Founder & CEO, York Wu is now applying his technological prowess to the pet industry. With a focus on both pets and their parents, Polar's refrigerated technology, multi-container storage and app capabilities make mealtime seamless. "We are excited to release this groundbreaking new product in hopes of transforming the way cat parents care for their pets," said PETLIBRO Founder & CEO, York Wu. "We know opting for a wet food diet presents certain obstacles for cat owners, including odors, the need to be present during feedings, and the additional time it takes to serve. After hearing these concerns from the cat parent community, we wanted to provide a way for people to serve wet food with ease while giving their cats the nutritional boost they need." Priced at $129.99, the Polar Wet Food Feeder is available at PETLIBRO's official website and Amazon. About PETLIBRO Since 2019, PETLIBRO has grown into one of the best-selling pet tech brands globally. From smart feeders with app insights to ultra-filtered automatic fountains and customizable cat trees, its products are engineered to magnify the bond between your pet and you. PETLIBRO's innovative products have received prestigious awards including the German Design Award and iF Design Award for their design-focused ingenuity. Please visit www.petlibro.com for more information.
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iHuman Inc. Files 2023 Annual Report on Form 20-F
BEIJING, April 25, 2024 /PRNewswire/ -- iHuman Inc. (NYSE: IH) ("iHuman" or the "Company"), a leading provider of tech-powered, intellectual development products in China, today announced that it filed its annual report on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission on April 25, 2024. The annual report on Form 20-F is available on the Company's investor relations website at https://ir.ihuman.com/. iHuman will provide a hard copy of its annual report on Form 20-F containing complete audited financial statements for the year ended December 31, 2023, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to iHuman Inc., Floor 8, Building B, No. 1 Wangjing East Road, Chaoyang District, Beijing 100012, People's Republic of China. About iHuman Inc. iHuman Inc. is a leading provider of tech-powered, intellectual development products in China that is committed to making the child-upbringing experience easier for parents and transforming intellectual development into a fun journey for children. Benefiting from a deep legacy that combines over two decades of experience in the parenthood industry, superior original content, advanced high-tech innovation DNA and research & development capabilities with cutting-edge technologies, iHuman empowers parents with tools to make the child-upbringing experience more efficient. iHuman's unique, fun and interactive product offerings stimulate children's natural curiosity and exploration. The Company's comprehensive suite of innovative and high-quality products include self-directed apps, interactive content and smart devices that cover a broad variety of areas to develop children's abilities in speaking, critical thinking, independent reading and creativity, and foster their natural interest in traditional Chinese culture. Leveraging advanced technological capabilities, including 3D engines, AI/AR functionality, and big data analysis on children's behavior & psychology, iHuman believes it will continue to provide superior experience that is efficient and relieving for parents, and effective and fun for children, in China and all over the world, through its integrated suite of tech-powered, intellectual development products. For more information about iHuman, please visit https://ir.ihuman.com/. For investor and media enquiries, please contact: iHuman Inc.Mr. Justin ZhangInvestor Relations DirectorPhone: +86-10-5780-6606E-mail: ir@ihuman.com ChristensenIn ChinaMs. Alice LiPhone: +86-10-5900-1548E-mail: alice.li@christensencomms.com In the USMs. Linda BergkampPhone: +1-480-614-3004E-mail: linda.bergkamp@christensencomms.com
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36Kr Holdings Inc. Files 2023 Annual Report on Form 20-F
BEIJING, April 25, 2024 /PRNewswire/ -- 36Kr Holdings Inc. ("36Kr" or the "Company") (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 25, 2024. The annual report can be accessed on the Company's investor relations website at http://ir.36kr.com and on the SEC's website at www.sec.gov. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to ir@36kr.com or Investor Relations Department at 36Kr Holdings Inc., Building B6, Universal Business Park, No. 10 Jiuxianqiao Road, Chaoyang District, Beijing, 100015, People's Republic of China. About 36Kr Holdings Inc. 36Kr Holdings Inc. is a prominent brand and pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China's New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China's New Economy. For more information, please visit: http://ir.36kr.com. For investor and media inquiries, please contact: 36Kr Holdings Inc.Investor RelationsTel: +86 (10) 8965-0708E-mail: ir@36kr.com Piacente Financial Communications.Jenny CaiTel: +86 (10) 6508-0677E-mail: 36Kr@tpg-ir.com Piacente Financial Communications.Brandi PiacenteTel: +1(212) 481-2050E-mail: 36Kr@tpg-ir.com
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THE WORLD'S 50 BEST RESTAURANTS NAMES 'CHAMPIONS OF CHANGE' WINNERS 2024
LONDON, April 25, 2024 /PRNewswire/ -- The World's 50 Best Restaurants today announces its Champions of Change 2024, the heroes of hospitality at the forefront of positive action and long-term progress within the industry and their communities. The World’s 50 Best Restaurants announces João Diamante, founder of Diamantes Na Cozinha in Rio de Janeiro and duo Caroline Caporossi and Jessica Rosval behind Roots in Modena, as Champions of Change winners for 2024 Part of The World's 50 Best Restaurants 2024 programme, sponsored by S. Pellegrino & Acqua Panna, it's awarded to a duo in Italy whose ground-breaking initiative supports migrant women, and a Brazilian chef determined to help forge a better future for the youth of Rio's favelas. Modena's Roots is a migrant women-led social enterprise model, founded by Caroline Caporossi and chef Jessica Rosval. In 2020, the duo founded the Association for the Integration of Women, whose mission is to provide resources for women to establish roots and flourish. In 2022, alongside co-founder Maria Assunta Ioele, they opened Roots, a self-sustaining social impact model where migrant women in Modena can learn, work and build self-confidence as they take their first steps towards careers. Brazilian João Diamante is also named a Champion of Change and is the founder of social project Diamantes Na Cozinha (Diamonds in the Kitchen), which runs cooking, nutrition and hospitality courses for young people in vulnerable situations. Diamantes Na Cozinha is creating a new generation of talent, now serving up to 100 students in semester-long courses. Earlier this year, Diamante opened his own restaurant in Rio, Diamante Gastrobar, with the majority of the staff graduates from his school. William Drew, Director of Content for The World's 50 Best Restaurants said; "The work these individuals are doing to contribute to a better future for their communities is admirable; we're excited to support the development of such valuable projects." Caroline Caporossi and Jessica Rosval say: "What an honour to receive this recognition. We are so proud of our graduates; the success of Roots is made possible by the value they bring to our kitchen everyday and this award is further testament to the human and economic capital of women everywhere." João Diamante says: "Being named a Champion of Change is a huge compliment and I am grateful for the appreciation of our work. This project was started to help people in situations of social vulnerability in Rio on a path to a better future and I'm proud of being able to share this with a global audience." Media centre: https://mediacentre.theworlds50best.com
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Waterdrop Files Annual Report on Form 20-F for Fiscal Year 2023
BEIJING, April 25, 2024 /PRNewswire/ -- Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission ("SEC") on April 25, 2024. The annual report can be accessed on the Company's investor relations website at https://ir.waterdrop-inc.com as well as the SEC's website at http://www.sec.gov. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed to the Company's IR Department at IR@shuidi-inc.com. About Waterdrop Inc. Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com. For investor inquiries, please contact: Waterdrop Inc.E-mail: IR@shuidi-inc.com BlueshirtIn ChinaMr. Eric YuanPhone: +86-1380-111-0739E-mail: eric@blueshirtgroup.co In USMs. Silvia ChenPhone: +1-347-741-0843Email: silvia@blueshirtgroup.co
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POSCO International achieves solid first quarter results for fiscal year 2024 despite global economic downturn
On the 25th, announced 1Q revenue of 7.8 trillion won and operating profit of 265 billion won Stable profit structure of the energy business value chain and increased sales to the eco-friendly industry customers contributed to profit growth Secured a stable cash flow foundation to support future investment and improve shareholder returns SEOUL and INCHEON, South Korea, April 25, 2024 /PRNewswire/ -- Despite the ongoing global economic slowdown due to high interest rate and increased volatility in energy prices, POSCO International's performance remains solid throughout the first quarter of 2024. POSCO International (CEO Lee Kye-In) announced through disclosure that its first quarter sales were 7.8 trillion won with operating profit of 265 billion won. The company demonstrated stable profit generation and capability of sustainable growth with a 23.6% increase in operating profit compared to the previous quarter. This performance exceeded the operating profit consensus of 245 billion won by 8%. Despite the front industry slump, the company's performance in the first quarter remained robust. This can be attributed to the company's stable profit structure created by the LNG (liquefied natural gas) value chain and the steady performance in the eco-friendly materials business. These factors are the key drivers behind the performance. Firstly, in the energy sector, the upstream global gas exploration business continued to generate steady sales of natural gas, resulting in an operating profit of approximately 64 billion won, similar to the previous quarter. In the midstream sector, the LNG terminal achieved sales of 27 billion won by increasing the intake volume at low LNG prices through capacity expansion and operational optimization. This represented in an increase of over 26.3% in sales compared to the same period last year. For the downstream LNG power generation, the company achieved an operating profit of 60 billion won, a 11.5% increase compared to the same period last year, by securing competitive fuel import prices. POSCO International plans to invest 3.6 trillion won by 2026 to enhance the LNG value chain, which includes production increase of existing gas fields, exploring new reserves, and doubling the capacity of LNG terminals. Regardless of the downturn in the global steel industry, the eco-friendly materials business's performance stood out. In particular, strong sales of API steel* exports to the United States and high-strength steel plates for EVs contributed to a 24.8% increase in operating profit compared to the previous quarter, reaching 79 billion won. * Steel products used in the manufacturing of oil and gas pipelines. In addition, even with the slowdown of the EV industry, motor core sales for domestic markets increased by 6.3% compared to the same period last year, while overseas sales increased by 22%. From the first half of this year, Mexico plant number 1 has started production and the groundbreaking ceremonies for Mexico plant number 2 is scheduled in May and Poland plant is expected in June of 2024. Expansion of overseas production share and an increase in production volume is expected to lead profitability improvement in the future. Permanent magnets orders received at the beginning of this year through North American and European overseas subsidiaries are planned to be produced by using rare earth materials sourced from the United States, Australia, Vietnam, etc. This initiative aims to establish a supply chain for rare earth sourced outside of China. Furthermore, the company is expanding the value chain to strengthen its position as a key supplier of core components for eco-friendly vehicles. Meanwhile, POSCO International is also making efforts to improve its financial stability. Net debt for the first quarter is 5.9 trillion won and debt to equity ratio is 73.1%. With debt repayment, net debt was reduced by 549 billion won, which is an 8.5% decrease compared to the same period last year. Also, EBITDA recorded 400 billion won securing cash for future investments and shareholder returns. A POSCO International official stated "In January, we announced our shareholder-friendly policy and starting this year we will be thoroughly considering interim dividends. If approved, as of June 30th, in accordance with the articles of incorporation, shareholders will be eligible for interim dividends. We are committed to enhancing shareholder value based on steady profit." For more information, please visit https://www.poscointl.com/.
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TAL Education Group Announces Unaudited Financial Results for the Fourth Fiscal Quarter and the Fiscal Year 2024
BEIJING, April 25, 2024 /PRNewswire/ -- TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended February 29, 2024. Highlights for the Fourth Quarter of Fiscal Year 2024 Net revenues was US$429.6 million, compared to net revenues of US$269.0 million in the same period of the prior year. Loss from operations was US$11.1 million, compared to loss from operations of US$44.4 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$9.4 million, compared to non-GAAP loss from operations of US$18.1 million in the same period of the prior year. Net income attributable to TAL was US$27.5 million, compared to net loss attributable to TAL of US$39.4 million in the same period of the prior year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$48.0 million, compared to non-GAAP net loss attributable to TAL of US$13.1 million in the same period of the prior year. Basic net income per American Depositary Share ("ADS") was US$0.05, and diluted net income per ADS was US$0.04. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.08. Three ADSs represent one Class A common share. Cash, cash equivalents and short-term investments totaled US$3,303.3 million as of February 29, 2024, compared to US$3,171.5 million as of February 28, 2023. Highlights for the Fiscal Year Ended February 29, 2024 Net revenues was US$1,490.4 million, compared to net revenues of US$1,019.8 million in the same period of the prior year. Loss from operations was US$69.2 million, compared to loss from operations of US$90.7 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$19.7 million, compared to non-GAAP income from operations of US$17.8 million in the same period of the prior year. Net loss attributable to TAL was US$3.6 million, compared to net loss attributable to TAL of US$135.6 million in the same period of the prior year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$85.3 million, compared to non-GAAP net loss attributable to TAL of US$27.0 million in the same period of the prior year. Basic and diluted net loss per ADS were both US$0.01. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.14. Financial Data——Fourth Quarter and Fiscal Year 2024(In US$ thousands, except per ADS data and percentages) Three Months Ended February 28/29, 2023 2024 Pct. Change Net revenues 268,986 429,563 59.7 % Loss from operations (44,416) (11,061) (75.1 %) Non-GAAP (loss)/income from operations (18,090) 9,440 (152.2 %) Net (loss)/income attributable to TAL (39,417) 27,508 (169.8 %) Non-GAAP net (loss)/income attributable to TAL (13,091) 48,009 (466.7 %) Net (loss)/income per ADS attributable to TAL – basic (0.06) 0.05 (173.5 %) Net (loss)/income per ADS attributable to TAL – diluted (0.06) 0.04 (172.1 %) Non-GAAP net (loss)/income per ADS attributable to TAL – basic (0.02) 0.08 (486.5 %) Non-GAAP net (loss)/income per ADS attributable to TAL – diluted (0.02) 0.08 (478.9 %) Fiscal Year Ended February 28/29, 2023 2024 Pct. Change Net revenues 1,019,772 1,490,440 46.2 % Loss from operations (90,730) (69,229) (23.7 %) Non-GAAP income from operations 17,841 19,669 10.2 % Net loss attributable to TAL (135,612) (3,573) (97.4 %) Non-GAAP net (loss)/income attributable to TAL (27,041) 85,325 (415.5 %) Net loss per ADS attributable to TAL – basic (0.21) (0.01) (97.2 %) Net loss per ADS attributable to TAL – diluted (0.21) (0.01) (97.2 %) Non-GAAP net (loss)/income per ADS attributable to TAL – basic (0.04) 0.14 (429.9 %) Non-GAAP net (loss)/income per ADS attributable to TAL – diluted (0.04) 0.14 (424.2 %) "We ended the 2024 fiscal year with continued development across our core businesses, each delivering distinct value propositions to our customers." said Alex Peng, TAL's President & Chief Financial Officer. Mr. Peng added: "As we move into fiscal year 2025, we remain focused on delivering high quality products and services, managing our overall operational efficiency, while also harnessing new technologies to transform our business." Financial Results for the Fourth Quarter of Fiscal Year 2024 Net Revenues In the fourth quarter of fiscal year 2024, TAL reported net revenues of US$429.6 million, representing a 59.7% increase from US$269.0 million in the fourth quarter of fiscal year 2023. Operating Costs and Expenses In the fourth quarter of fiscal year 2024, operating costs and expenses were US$445.4 million, representing a 41.7% increase from US$314.4 million in the fourth quarter of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$424.9 million, representing a 47.5% increase from US$288.1 million in the fourth quarter of fiscal year 2023. Cost of revenues increased by 58.4% to US$202.2 million from US$127.7 million in the fourth quarter of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 59.8% to US$199.6 million, from US$124.9 million in the fourth quarter of fiscal year 2023. Selling and marketing expenses increased by 69.0% to US$125.9 million from US$74.5 million in the fourth quarter of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 80.1% to US$120.4 million, from US$66.9 million in the fourth quarter of fiscal year 2023. General and administrative expenses increased by 4.5% to US$117.2 million from US$112.2 million in the fourth quarter of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 8.9% to US$104.9 million, from US$96.3 million in the fourth quarter of fiscal year 2023. Total share-based compensation expenses allocated to the related operating costs and expenses in the fourth quarter of fiscal year 2024 was US$20.5 million, compared to US$26.3 million for the fourth quarter of fiscal year 2023. Gross Profit Gross profit increased by 60.9% to US$227.3 million from US$141.3 million in the fourth quarter of fiscal year 2023. (Loss)/Income from Operations Loss from operations was US$11.1 million in the fourth quarter of fiscal year 2024, compared to loss from operations of US$44.4 million in the fourth quarter of fiscal year 2023. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$9.4 million, compared to Non-GAAP loss from operations of US$18.1 million in the same period of the prior year. Other Income/(Expense) Other income was US$37.3 million for the fourth quarter of fiscal year 2024, compared to other income of US$2.1 million in the fourth quarter of fiscal year 2023. Impairment Loss on Long-term Investments Impairment loss on Long-term investment was US$14.0 million for the fourth quarter of fiscal year 2024, compared to US$0.9 million for the fourth quarter of fiscal year 2023. Income Tax Expense Income tax expense was US$6.5 million in the fourth quarter of fiscal year 2024, compared to US$10.5 million of income tax expense in the fourth quarter of fiscal year 2023. Net (Loss)/Income attributable to TAL Education Group Net income attributable to TAL was US$27.5 million in the fourth quarter of fiscal year 2024, compared to net loss attributable to TAL of US$39.4 million in the fourth quarter of fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$48.0 million, compared to Non-GAAP net loss attributable to TAL of US$13.1 million in the fourth quarter of fiscal year 2023. Basic and Diluted Net (Loss)/Income per ADS Basic net income per ADS was US$0.05, and diluted net income per ADS was US$0.04 in the fourth quarter of fiscal year 2024. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.08 in the fourth quarter of fiscal year 2024. Cash Flow Net cash used in operating activities for the fourth quarter of fiscal year 2024 was US$23.7 million. Cash, Cash Equivalents, and Short-Term Investments As of February 29, 2024, the Company had US$2,208.7 million of cash and cash equivalents and US$1,094.6 million of short-term investments, compared to US$2,021.9 million of cash and cash equivalents and US$1,149.6 million of short-term investments as of February 28, 2023. Deferred Revenue As of February 29, 2024, the Company's deferred revenue balance was US$428.3 million, compared to US$237.4 million as of February 28, 2023. Financial Results for the Fiscal Year Ended February 29, 2024 Net Revenues For fiscal year 2024, TAL reported net revenues of US$1,490.4 million, representing a 46.2% increase from US$1,019.8 million in fiscal year 2023. Operating Costs and Expenses In fiscal year 2024, operating costs and expenses were US$1,576.1 million, representing a 39.1% increase from US$1,133.2 million in fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,487.2 million, representing a 45.1% increase from US$1,024.6 million in fiscal year 2023. Cost of revenues increased by 56.8% to US$684.3 million from US$436.4 million in fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 58.7% to US$674.7 million from US$425.0 million in fiscal year 2023. Selling and marketing expenses increased by 63.2% to US$461.9 million from US$283.0 million in fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 73.2% to US$437.2 million from US$252.4 million in fiscal year 2023. General and administrative expenses increased by 3.9% to US$429.9 million from US$413.8 million in fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 8.1% to US$375.3 million from US$347.2 million in fiscal year 2023. Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 18.1% to US$88.9 million in fiscal year 2024 from US$108.6 million in the same period of fiscal year 2023. Gross Profit Gross profit increased by 38.2% to US$806.1 million from US$583.4 million in fiscal year 2023. (Loss)/Income from Operations Loss from operations was US$69.2 million in fiscal year 2024, compared to loss from operations of US$90.7 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$19.7 million, compared to US$17.8 million Non-GAAP income from operations in the same period of the prior year. Other Income/(Expense) Other income was US$48.8 million for fiscal year 2024, compared to other expense of US$82.4 million in the same period of the prior year. Impairment Loss on Long-term Investments Impairment loss on long-term investments was US$47.0 million for the fiscal year 2024, compared to US$7.7 million for fiscal year 2023. Income Tax Expense Income tax expense was US$15.4 million in fiscal year 2024, compared to US$20.0 million of income tax expense in fiscal year 2023. Net (Loss)/Income Attributable to TAL Education Group Net loss attributable to TAL was US$3.6 million in fiscal year 2024, compared to net loss attributable to TAL of US$135.6 million in fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$85.3 million, compared to US$27.0 million Non-GAAP net loss attributable to TAL in the same period of the prior year. Cash Flow Net cash provided by operating activities in fiscal year 2024 was US$306.2 million. Basic and Diluted Net (Loss)/Income per ADS Basic and diluted net loss per ADS were both US$0.01 in fiscal year 2024. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.14. Extension of Share Repurchase Program by the Company Extension of Share Repurchase Program by the Company TAL's board of directors (the "Board") has authorized to extend the Company's share repurchase program (the "Share Repurchase Program") initially launched in April 2021 by another 12 months. The Company has repurchased its American depositary shares, every three representing one Class A common share, at an aggregate consideration of approximately US$233.6 million under the Share Repurchase Program between April 1, 2023 and April 25, 2024. Pursuant to the extended Share Repurchase Program, the Company may repurchase up to approximately US$503.8 million of its common shares through April 30, 2025. The share repurchases may be effected from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and will be implemented in accordance with applicable rules and regulations. The Company expects to fund the repurchases out of its existing cash balance. Conference Call The Company will host a conference call and live webcast to discuss its financial results for the fourth fiscal quarter of fiscal year 2024 ended February 29, 2024 at 8:00 a.m. Eastern Time on April 25, 2024 (8:00 p.m. Beijing time on April 25, 2024). Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI23be6c0588034962aee23821deb37f5e. Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time. A live and archived webcast of the conference call will be available on the Investor Relations section of TAL's website at https://ir.100tal.com/. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, TAL Education Group's strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to provide competitive learning services and products; the Company's ability to continue to recruit, train and retain talents; the Company's ability to improve the content of current course offerings and develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law. About TAL Education Group TAL Education Group is a smart learning solutions provider in China. The acronym "TAL" stands for "Tomorrow Advancing Life", which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning services to students from all ages through diversified class formats. Our learning services mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol "TAL". About Non-GAAP Financial Measures In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to TAL, non-GAAP basic and non-GAAP diluted net loss per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses, the related tax effect of which has been nil. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release. TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to TAL's historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. For further information, please contact: Jackson DingInvestor RelationsTAL Education GroupTel: +86 10 5292 6669-8809Email: ir@tal.com TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) As of February 28,2023 As of February 29,2024 ASSETS Current assets Cash and cash equivalents $ 2,021,927 $ 2,208,756 Restricted cash-current 126,891 167,656 Short-term investments 1,149,607 1,094,593 Inventory 39,002 68,328 Amounts due from related parties-current 423 343 Income tax receivables 5,071 - Prepaid expenses and other current assets 125,486 159,498 Total current assets 3,468,407 3,699,174 Restricted cash-non-current 146,089 81,064 Property and equipment, net 288,877 405,319 Deferred tax assets 5,973 4,620 Rental deposits 12,734 16,947 Intangible assets, net 485 1,988 Land use right, net 193,878 189,049 Amounts due from related parties- non-current - 59 Long-term investments 453,375 284,266 Long-term prepayments and other non-current assets 5,534 14,359 Operating lease right-of-use assets 149,002 231,104 Total assets $ 4,724,354 $ 4,927,949 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 59,991 $ 127,321 Deferred revenue-current 234,889 400,286 Amounts due to related parties-current 100 96 Accrued expenses and other current liabilities 446,711 491,911 Operating lease liabilities, current portion 42,174 62,604 Total current liabilities 783,865 1,082,218 Deferred revenue-non-current 2,465 27,993 Deferred tax liabilities 1,563 2,360 Operating lease liabilities, non-current portion 115,548 176,614 Total liabilities 903,441 1,289,185 Equity Class A common shares 169 152 Class B common shares 49 49 Treasury Stock (6) - Additional paid-in capital 4,400,656 4,256,957 Statutory reserve 160,353 165,138 Accumulated deficit (685,912) (694,270) Accumulated other comprehensive loss (30,666) (65,928) Total TAL Education Group's equity 3,844,643 3,662,098 Noncontrolling interest (23,730) (23,334) Total equity 3,820,913 3,638,764 Total liabilities and equity $ 4,724,354 $ 4,927,949 TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share, ADS, per share and per ADS data)