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LightInTheBox to Report Fourth Quarter and Full Year 2023 Financial Results on Monday, March 25, 2024
- Earnings Call Scheduled for 8:00 a.m. ET on March 25, 2024 - SINGAPORE, March 18, 2024 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), an apparel e-commerce retailer that ships products to consumers worldwide, today announced that it will release its unaudited financial results for the fourth quarter and full year ended December 31, 2023 before the open of U.S. markets on Monday, March 25, 2024. LightInTheBox's management will hold an earnings conference call at 8:00 a.m. Eastern Time on March 25, 2024 (8:00 p.m. Hong Kong/Singapore time on the same day). Preregistration Information Participants can register for the conference call by going to https://s1.c-conf.com/diamondpass/10037719-zotk1g.html. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique access PIN. To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique access PIN, and you will be connected to the conference instantly. A telephone replay will be available two hours after the conclusion of the conference call through April 1, 2024. The dial-in details are: US/Canada: +1-855-883-1031 Singapore: 800-101-3223 Hong Kong, China: 800-930-639 Replay PIN: 10037719 Additionally, a live and archived webcast of the conference call will be available on the Company's Investor Relations website at http://ir.lightinthebox.com. About LightInTheBox Holding Co., Ltd. LightInTheBox is an apparel e-commerce retailer that ships products to consumers worldwide. With a focus on serving its middle-aged and senior customers, LightInTheBox leverages its global supply chain and logistics networks, along with its in-house R&D and design capabilities to offer a wide selection of comfortable, aesthetically pleasing and visually interesting apparel that brings fresh joy to customers. LightInTheBox operates its business through www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.sg and other websites as well as mobile applications, which are available in over 20 major languages and over 140 countries and regions. The Company is headquartered in Singapore, with additional offices in California, Shanghai and Beijing. For more information, please visit www.lightinthebox.com. Investor Relations Contact Investor RelationsLightInTheBox Holding Co., Ltd.Email: ir@lightinthebox.com Jenny CaiPiacente Financial CommunicationsEmail: lightinthebox@tpg-ir.com Brandi PiacentePiacente Financial CommunicationsTel: +1-212-481-2050Email: lightinthebox@tpg-ir.com
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OneConnect Announces Fourth Quarter and Full Year Unaudited Financial Results
Net Margin to Shareholders Improved to -8.8% for Fourth Quarter 2023 SHENZHEN, China, March 18, 2024 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial services industry in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights Net loss attributable to shareholders was RMB81 million, as compared to RMB177 million for the same period of the prior year. Net margin to shareholders improved by 5.5 percentage points to -8.8% as compared to -14.3% for the same period of the prior year. Net loss per ADS, basic and diluted, was RMB-2.24 as compared to RMB-4.80 for the same period of the prior year. Full Year 2023 Financial Highlights Gross margin was 36.8% as compared to 36.6% for the prior year; non- IFRS gross margin was 40.3%, as compared to 40.1% for the prior year. Net loss attributable to shareholders was RMB363 million, as compared to RMB872 million for the prior year. Net margin attributable to shareholders improved to -9.9% compared to -19.5% for the prior year. Net loss per ADS, basic and diluted, was RMB-9.99 as compared to RMB-23.90 for the prior year. In RMB'000, except percentages and per ADS amounts Three Months Ended December 31 Year Ended December 31 YoY YoY 2023 2022 2023 2022 Revenue Revenue from Ping An Group 497,524 695,992 -28.5 % 2,091,039 2,526,682 -17.2 % Revenue from Lufax 63,604 104,527 -39.2 % 269,073 459,419 -41.4 % Revenue from third-party customers1 363,437 441,915 -17.8 % 1,307,396 1,477,901 -11.5 % Total 924,565 1,242,434 -25.6 % 3,667,508 4,464,002 -17.8 % Gross profit 358,066 501,070 1,349,405 1,635,016 Gross margin 38.7 % 40.3 % 36.8 % 36.6 % Non-IFRS gross margin 42.1 % 42.8 % 40.3 % 40.1 % Operating loss (79,419) (194,172) (368,212) (981,563) Operating margin -8.6 % -15.6 % -10.0 % -22.0 % Net loss attributable to shareholders (81,349) (177,337) (362,715) (872,274) Net margin to shareholders -8.8 % -14.3 % -9.9 % -19.5 % Net loss per ADS2, basic and diluted (2.24) (4.80) (9.99) (23.90) 1 Third-party customers refer to each customer with revenue contribution of less than 5% of the Company's total revenue in the relevant period. These customers are a key focus of the Company's diversification strategy. 2 In RMB. Each ADS represents thirty ordinary shares. In December 2022, the Company effected an ADS ratio change to adjust its ordinary share to ADS ratio from one (1) ADS representing three (3) ordinary shares to one (1) ADS representingthirty (30) ordinary shares, or the Ratio Change. Except otherwise stated, the Ratio Change has been retrospectively appliedfor all periods presented in this press release. Chairman, CEO and CFO Comments "In 2023, we achieved remarkable milestones in loss reduction." Mr. Chongfeng Shen, Chairman of the Board and Chief Executive Officer of the Company, commented, "Net loss attributable to shareholders improved to RMB363 million from RMB872 million in the prior year. Multiple factors have contributed to this improvement, including our proactive adjustment to the product mix, continued cost control and improvement in operational efficiency, and effective allocation of resources to research and development." Mr. Chongfeng Shen further commented, "In 2023, we continued our dedication in product upgrades. In order to improve user experience and application operation effectiveness, we further broadened application scenarios by refining our algorithm, expanding our system's compatibility and optimizing our architecture structure. These efforts have been recognized. For example, our Omni-Channel Agent Solution was listed among "Excellent Cases in Fintech Innovation and Application" in the third "Jinxintong" event hosted by China Academy of Information and Communication Technology. We also won the IDC FinTech "Global Top 100 FinTech Companies" award and the KPMG "China FinTech Enterprise Excellence Award"." "Scientific and technological revolution will continue to deepen in 2024, and AI, as a new productivity initiative, will lead the high-speed industry-wide development. We firmly believe that the financial industry will provide the best practice scenarios for "AI plus" initiatives and is strategically important in training and developing new productivity initiatives. OneConnect is committed to upgrading and transforming the financial industry with technology innovations, focusing on serving premium-plus customers and products optimization to meet financial institutions' core demands to improve operational efficiency. Supported by intelligent voice robots, Omni-channel Agent Solution, and other products designed with these new productivity initiatives, our solutions enable financial institutions to improve efficiency, enhance service quality, reduce costs and mitigate risks." "We achieved rapid growth in overseas business, which significantly contributed to our revenue. Our revenue contributed by overseas customers (exclude contribution from Ping An OneConnect Bank (Hong Kong) Limited ("PAOB")) increased by 37.2% to RMB182 million in 2023 from RMB133 million in 2022. Revenue proportion from overseas customers in third-party customers increased to 15.7% in 2023 from 9.7% in 2022. Our products are highly valued by overseas customers. In 2024, we will remain proactive to develop overseas markets and expand the overseas sales network." "We are confident that the series of economic stimulus measures launched in China will positively boost the economy. However, we also recognize that it will take time for our industry to fully recover in the short term. In 2024, we will continue to be prudent and focus on boosting revenue from third-party customers as well as improving margins." Mr. Chongfeng Shen further supplemented. Mr. Yongtao Luo, Chief Financial Officer, commented, "I am pleased to share that our efforts to manage costs and drive operational efficiencies have yielded significant results, demonstrating promising path to profitability. In the fourth quarter of 2023, our net margin to shareholders improved from -14.3% to -8.8% compared with the same period in 2022, while in the full year of 2023, our net margin to shareholders improved from -19.5% to -9.9% compared with last year. This not only demonstrates our commitment to financial health but also indicates a positive trajectory towards profitability. I am also delighted to announce that our non-IFRS gross margin in 2023 has remained relatively stable year-over-year with a slight increase from 40.1% to 40.3%. Free cash1 amounted to RMB2,072 million as of December 31, 2023 (December 31, 2022: RMB2,082 million).These results validate our commitment to delivering value to our shareholders and maintaining a resilient financial position amidst changing market conditions. Looking ahead, we remain focused on enhancing revenue structure. We are confident in our ability to deliver sustainable growth and long-term value." On November 13, 2023, the Company entered into a share purchase agreement with Lufax Holding Ltd (the "Purchaser"), and PAOB, an indirectly wholly-owned subsidiary of the Company incorporated in Hong Kong with limited liability, for the disposal of the Company's virtual bank business at a consideration of HK$933 million in cash (the "Disposal"). The Disposal has been approved by the audit committee of the board of directors and the shareholders of the Company, and the closing is subject to the fulfilment or waiver (as applicable) of each of the conditions precedent. 1 Free cash equals the Company's cash and cash equivalents (exclusive of cash and cash equivalents of PAOB) plus financial assets at fair value through profit or loss. Revenue Breakdown Three Months Ended Full Year Ended December 31 In RMB'000, except percentages December 31 YoY YoY 2023 2022 2023 2022 Technology Solution Segment3 Implementation 216,357 316,944 -31.7 % 834,620 861,820 -3.2 % Transaction-based and support revenue Business origination services 23,723 70,515 -66.4 % 132,112 383,723 -65.6 % Risk management services 92,934 111,551 -16.7 % 320,462 414,849 -22.8 % Operation support services 194,189 274,845 -29.3 % 861,056 1,140,727 -24.5 % Cloud services platform 334,076 354,012 -5.6 % 1,245,952 1,315,819 -5.3 % Post-implementation support services 12,839 10,450 22.9 % 52,012 50,983 2.0 % Others 7,781 71,560 -89.1 % 75,377 189,541 -60.2 % Sub-total for transaction-based and support revenue 665,542 892,933 -25.5 % 2,686,971 3,495,642 -23.1 % Sub-total 881,899 1,209,877 -27.1 % 3,521,591 4,357,462 -19.2 % Virtual Bank Business Segment Interest and commission 42,666 32,557 31.1 % 145,917 106,540 37.0 % Total 924,565 1,242,434 -25.6 % 3,667,508 4,464,002 -17.8 % 3 Intersegment eliminations and adjustments are included under technology solution segment. Revenue in the fourth quarter of 2023 decreased by 25.6% to RMB925 million from RMB1,242 million compared with the same period in the prior year, primarily due to a decline in transaction-based and support revenue. Implementation revenue decreased by 31.7% on a year-over-year basis to RMB216 million, mainly due to the sluggish demands from new customers recovering from the pandemic impact. In terms of transaction-based and support revenue, revenue from business origination services decreased by 66.4% on a year-over-year basis to RMB24 million, primarily due to declined transaction volumes and the Company's proactive actions of phasing out of lower value products in the Digital Banking segment. Revenue from risk management services decreased by 16.7% on a year-over-year basis to RMB93 million, mainly due to reduced transaction volume in banking loan solutions because of slower-than-expected recovery of banking activities. Revenue from operation support services decreased by 29.3% on a year-over-year basis to RMB194 million, which was primarily caused by reduced demand from insurance and banking customers. Revenue from cloud services platform was RMB334 million, decreased by 5.6% on a year-over-year basis due to lower demand. Revenue from other services decreased by 89.1% on a year-over-year basis to RMB8 million due to lower demand for auto eco-system related services. Revenue from Ping An OneConnect Bank, Virtual Banking business in Hong Kong, increased by 31.1% to RMB43 million as compared to the fourth quarter last year. Three Months Ended Full Year Ended December 31 In RMB'000, except percentages December 31 YoY YoY 2023 2022 2023 2022 Digital Banking segment 247,109 370,383 -33.3 % 941,879 1,456,704 -35.3 % Digital Insurance segment 140,742 264,645 -46.8 % 657,235 881,702 -25.5 % Gamma Platform segment 494,048 574,848 -14.1 % 1,922,477 2,019,057 -4.8 % Virtual Bank Business segment 42,666 32,557 31.1 % 145,917 106,540 37.0 % Total 924,565 1,242,434 -25.6 % 3,667,508 4,464,002 -17.8 % Revenue from Gamma Platform segment, decreased by 14.1% to RMB494 million on a year-over-year basis, contributing 53.4% of the total revenue, mainly caused by reduced transaction volume of the Company's open platform products due to lower demand from cloud services platform. Revenue from Digital Banking segment decreased by 33.3% to RMB247 million in the fourth quarter of 2023 from RMB370 million for the same period last year, mainly caused by reduction in transaction volume of business origination services and risk management services. This revenue decline reflects the Company's initiative to phase out low value products. Revenue from Digital Insurance segment decreased by 46.8% to RMB141 million in the fourth quarter of 2023 from RMB265 million for the same period in the prior year, primarily due to reduced demand in auto ecosystem services. In addition, revenue from Virtual Banking Business segment increased by 31.1% to RMB43 million from RMB33 million for the same period last year. Revenue Revenue in the fourth quarter of 2023 decreased by 25.6% to RMB925 million from RMB1,242 million for the same period in the prior year, primarily driven by a decline in transaction-based and support revenue. Cost of Revenue Cost of revenue in the fourth quarter of 2023 decreased by 23.6% to RMB566 million from RMB741 million for the same period in the prior year, generally in line with the decrease in revenue. Gross Profit Gross profit in the fourth quarter of 2023 decreased to RMB358 million from RMB501 million for the same period in the prior year. Gross margin decreased slightly by 1.6 percentage point from 40.3% in the fourth of 2022 to 38.7% in the fourth quarter of 2023 due to higher labor cost compare to the same period of last year. Non-IFRS gross margin decreased to 42.1% from 42.8% for the same period in the prior year. For a reconciliation of the Company's IFRS and non-IFRS gross margin, please refer to "Reconciliation of IFRS and Non-IFRS Results (Unaudited)". Operating Loss and Expenses Total operating expenses for the fourth quarter of 2023 decreased to RMB436 million, compared with RMB745 million for the same period in the prior year, primarily driven by decreased labor cost to further improve profitability. As a percentage of revenue, total operating expenses decreased by 12.8 percentage points to 47.1% from 59.9%. Research and Development expenses for the fourth quarter of 2023 decreased to RMB197 million from RMB390 million, mainly due to decreased labor cost and the Company's initiative to invest in research and development at a reasonable pace and selectively invest in profitable projects. As a percentage of revenue, research and development expenses decreased to 21.3%, compared with 31.4% for the same period in the prior year. Sales and Marketing expenses for the fourth quarter of 2023 decreased to RMB69 million, compared with RMB99 million in the prior year, mainly due to a decrease in labor cost. As a percentage of revenue, sales and marketing expenses decreased to 7.5% from 8.0%. General and Administrative expenses for the fourth quarter of 2023 decreased to RMB169 million from RMB255 million in the prior year, primarily due to stringent cost control measures and the Company's continued efforts to optimize its business processes. As a percentage of revenue, general and administrative expenses decreased to18.3% from 20.6%. Operating loss for the fourth quarter of 2023 narrowed notably to RMB79 million, compared with RMB194 million for the same period in the prior year. Operating margin improved to -8.6% from -15.6% for the same period in the prior year. Net Loss Attributable to Shareholders Net loss attributable to OneConnect's shareholders totaled RMB81 million for the fourth quarter of 2023, versus RMB177 million for the same period in the prior year. Net loss attributable to OneConnect's shareholders per basic and diluted ADS decreased to RMB-2.24, versus RMB-4.80 for the same period in the prior year. Weighted average number of ADSs for the fourth quarter was 36,319,638. Cash Flow For the fourth quarter of 2023, net cash generated from operating activities was RMB174 million. Net cash used in investing activities was RMB197 million. Net cash used in financing activities was RMB32 million. Conference Call Information Date/Time Monday, March 18, 2024 at 8:00 a.m., U.S. Eastern time Monday, March 18, 2024 at 8:00 p.m., Hong Kong time Online registration https://www.netroadshow.com/events/login?show=fcfccf38&confId=61770 The financial results and an archived transcript will be available at OneConnect's investor relations website at ir.ocft.com. About OneConnect OneConnect Financial Technology Co., Ltd. is a technology-as-a-service provider for financial services industry. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. The integrated solutions and platform the Company provides include digital banking solution, digital insurance solution and Gamma Platform, which is a technology infrastructural platform for financial institutions. The Company's solutions enable its customers' digital transformations, which help them improve efficiency, enhance service quality, and reduce costs and risks. The Company has established long-term cooperation relationships with financial institutions to address their needs of digital transformation. The Company has also expanded its services to other participants in the value chain to support the digital transformation of financial services eco-system. In addition, the Company has successfully exported its technology solutions to overseas financial institutions. For more information, please visit ir.ocft.com. Safe Harbor Statement 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon 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. 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 limited operating history in the technology-as-a-service for financial institutions industry; its ability to achieve or sustain profitability; the tightening of laws, regulations or standards in the financial services industry; the Company's ability to comply with the evolving regulatory requirements in the PRC and other jurisdictions where it operates; its ability to comply with existing or future laws and regulations related to data protection or data security; its ability to maintain and enlarge the customer base or strengthen customer engagement; its ability to maintain its relationship with Ping An Group, which is its strategic partner, most important customer and largest supplier; its ability to compete effectively to serve China's financial institutions; the effectiveness of its technologies, its ability to maintain and improve technology infrastructure and security measures; its ability to protect its intellectual property and proprietary rights; its ability to maintain or expand relationship with its business partners and the failure of its partners to perform in accordance with expectations; its ability to protect or promote its brand and reputation; its ability to timely implement and deploy its solutions; its ability to obtain additional capital when desired; litigation and negative publicity surrounding China-based companies listed in the U.S.; disruptions in the financial markets and business and economic conditions; the Company's ability to pursue and achieve optimal results from acquisition or expansion opportunities; the duration of the COVID-19 outbreak, lagging effect of businesses' recovery and its potential impact on the Company's business and financial performance; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with 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 the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Use of Unaudited Non-IFRS Financial Measures The unaudited consolidated financial information is prepared in accordance with IFRS Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"). Non-IFRS measures are used in gross profit and gross margin, adjusted to exclude non-cash items, which consist of amortization of intangible assets recognized in cost of revenue, depreciation of property and equipment recognized in cost of revenue, and share-based compensation expenses recognized in cost of revenue. OneConnect's management regularly review non-IFRS gross profit and non-IFRS gross margin to assess the performance of our business. By excluding non-cash items, these financial metrics allow OneConnect's management to evaluate the cash conversion of one dollar revenue on gross profit. OneConnect uses these non-IFRS financial measures to evaluate its ongoing operations and for internal planning and forecasting purposes. OneConnect believes that non-IFRS financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, facilitates period-to-period comparisons of results of operations, and assists in comparisons with other companies, many of which use similar financial information. OneConnect also believes that presentation of the non-IFRS financial measures provides useful information to its investors regarding its results of operations because it allows investors greater transparency to the information used by OneConnect's management in its financial and operational decision making so that investors can see through the eyes of the OneConnect's management regarding important financial metrics that the management uses to run the business as well as allowing investors to better understand OneConnect's performance. However, non-IFRS financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly-titled non-IFRS measures used by other companies. In light of the foregoing limitations, you should not consider non-IFRS financial measure in isolation from or as an alternative to the financial measure prepared in accordance with IFRS. Whenever OneConnect uses a non-IFRS financial measure, a reconciliation is provided to the most closely applicable financial measure stated in accordance with IFRS. You are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures. For more information on non-IFRS financial measures, please see the table captioned "Reconciliation of IFRS and non-IFRS results (Unaudited)" set forth at the end of this press release. Contacts Investor Relations: OCFT IR TeamOCFT_IR@ocft.com Media Relations: Frank Fupub_jryztppxcb@pingan.com.cn ONECONNECT CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended December 31 Full Year Ended December 31 2023 2022 2023 2022
China UnionPay Optimizes Payment Services with the Launch of Project Excellence 2024
SHANGHAI, March 18, 2024 /PRNewswire/ -- On March 15, the launch ceremony for Explore China Your Way with UnionPay: China UnionPay Payment Service Optimization - Project Excellence 2024 was held in Shanghai. Mr. Zhang Qingsong, Member of the CPC People's Bank of China (PBOC) Committee and Deputy Governor of the PBOC, and Ms. Xie Dong, Vice Mayor of Shanghai, attended the ceremony and delivered remarks. The event was also attended by Mr. Wang Ping, Deputy Secretary-General of Shanghai Municipal People's Government, Mr. Jin Penghui and Mr. Liu Xingya, Deputy Directors of the Shanghai Head Office of the PBOC, Mr. Wang Sheng, Deputy Director-General of the PBOC Payment and Settlement Department, as well as the leadership from China UnionPay, including Mr. Dong Junfeng, as well as Mr. Shao Fujun, Chairman, and Mr. Cai Jianbo, President. Other members of the audience included representatives from the Shanghai municipal authorities, major Chinese commercial banks, acquirers, merchants, overseas regulators, international partners and other global card schemes. The State Council recently issued guidelines to further optimize payment services in China. The document aims to address the bottlenecks in payment services and improve a multi-layered and diversified payment service system in line with the payment preferences of different user groups. The release of the guidelines fully demonstrates the significance attached by the central government to the development of the payment industry and serves as a roadmap for the future growth of the industry. It is essential for building a payment service system where different payment options develop in parallel and complement each other, and for creating an inclusive and convenient payment environment to facilitate the high-quality development of the payment industry. In order to fully implement the requirements provided by the guidelines, China UnionPay has taken the initiative to launch Project Excellence 2024 to fully participate in the campaign to improve payment convenience for the senior citizens and international visitors to China. With the goal of delivering full solutions for all use cases across China, Project Excellence 2024 will be jointly implemented and co-funded by industry participants. Specifically, China UnionPay will take the lead and direct CNY 3 billion to focus on acceptance terminal upgrades, signage placement and publicity, etc. in key cities and use cases. At the same time, led by government authorities in specific sectors, UnionPay will encourage other industry players to pool their resources. The efforts will cover 41 key cities nationwide and 26 high-frequency use cases in eight major categories including F&B, accommodation, transportation, sightseeing, shopping, entertainment, healthcare, and education. By providing comprehensive payment solutions that include cards, QR codes, OEM pay products, and cash withdrawal, the undertaking will drive parallel while complementary development of mobile, card and cash payments. Project Excellence 2024 will start in Shanghai with marketing campaigns throughout the year under the theme Explore China Your Way with UnionPay, aiming at providing more discounts and options as well as a better experience. During the event, Mr. Zhang Qingsong, Deputy Governor of the PBOC, stated that the rapid development and accelerated penetration of mobile payment in China in recent years have been pivotal in reducing transaction costs and promoting financial inclusion; however, new challenges have also emerged, such as the digital divide for the elderly population and barriers for international visitors to China. To implement the decision and arrangements by the central government, the PBOC has swiftly set up a dedicated working group to put in place a series of measures in line with the State Council guidelines. He acknowledges China UnionPay's quick action to pool resources with other parties, and encourages all entities to strengthen synergy and provide the resources necessary to achieve substantial results in making payments more convenient. Shanghai, as one of the main destinations for inbound travelers, has gained valuable experience in supporting the China International Import Expo (CIIE). He hopes that the city can continue to set a good example in effectively implementing more measures aiming at increasing payment convenience. The PBOC will work with relevant parties, further develop payment use cases, and coordinate efforts to address any shortcomings and weaknesses. It will make payment services more heart-warming and broadly-covering so as to contribute to China's high-standard opening up, an optimized business environment in China, as well as greater happiness and sense of gain of the people. Ms. Xie Dong, Vice Mayor of Shanghai, said that payment is the foundation of economy and finance, and plays a crucial role in facilitating people's lives, optimizing the business environment, and building a thriving consumer market. The PBOC has guided all parties in the payment industry to establish a multi-layered and broadly-covering acceptance network, which enables China to become a global leader in payment services. Shanghai is the largest clearing center in the world for card-based transactions, where China UnionPay has attracted numerous businesses upstream and downstream of the industry chain to form a cluster. As the city receives a large number of international visitors each year and is also one of the first in China to enter an era of aging society, choosing Shanghai as the first stop for Project Excellence 2024 holds special significance. She believes that Project Excellence can enable senior citizens and international travelers among others to feel accepted and welcomed, and make payment services in Shanghai more accommodating. The Shanghai municipal government will fully support the Project, and it stands ready to work with all parties including the PBOC to implement the requirements listed in the State Council guidelines, aiming to develop the Shanghai Solution that bridges the digital divide and improves the multi-layered as well as diversified payment service system. Together, all parties can contribute to business environment optimization and the high-quality social and economic development. Mr. Dong Junfeng from China UnionPay pointed out that payment service optimization is a national policy and a shared responsibility of all industry participants. China UnionPay has been implementing the strategic decisions by the central government and the work arrangements of the PBOC by fulfilling its pivotal role as a card scheme. He hopes that through Project Excellence 2024, China UnionPay can inspire other industry stakeholders to contribute their resources, promote the parallel and complementary development of card, mobile and cash payments, and respect and support customer's rights to choose payment tools. Project Excellence 2024 is a major initiative that connects different links of the payment industry as well as a systematic one that calls for consensus and coordination across the payment industry in geographies both in and outside China. Under the leadership of the PBOC and local governments, China UnionPay will team up with banks, China UMS, and acquirers in and outside China's mainland, and strive for extensive availability of full solutions in all use cases across China. Furthermore, UnionPay will enhance collaboration with banks and payment institutions, expedite payment code interoperability, strengthen partnership with Chinese clearing institutions, and further engage in consultations with other international card schemes to jointly establish a convenient, open and inclusive payment ecosystem. Ultimately, UnionPay products will be easy to use in every use case, offering a superior experience, more options, and higher value for the elderly and international visitors to China. During the ceremony, China UnionPay released 29 business achievements, covering international card issuance, overseas e-wallets, and acceptance in China. Among which were agreements signed with partners from the Philippines, Australia, and Pakistan to issue three million UnionPay cards. Ten major wallets, including AEON in Hong Kong SAR, OCBC in Singapore, and the LPB e-wallet in Vietnam, now support UnionPay QR payments, which are estimated to cover 60 million potential customers. More than ten well-known online and physical merchants, including Meituan, Trip.com, Pinduoduo, JD.com, and Shouqianba, accept international UnionPay payment products. Hong Kong and Macao vehicles traveling to the mainland can enjoy seamless payments at multiple parking lots and tollgates in Guangdong Province. At the event, UnionPay also signed collaboration agreements with Ctrip Financial Services and China Tourism Group to provide more user-friendly cross-border payment services for international visitors to China. These two collaborations demonstrate the in-depth partnership between payment and tourism sectors that collectively improves the service for inbound travelers to China. They are also the outcome of collaborative efforts by the relevant industries. Themed marketing campaigns targeting these travelers have also been launched alongside Project Excellence 2024, available at visa centers, airlines, online travel agencies, and over 100,000 merchants in several locations including Shanghai, Guangdong, Zhejiang, and Shenzhen. Nearly 20 issuers from countries such as South Korea, Thailand, and Kazakhstan will offer up to 12% cashback to their cardholders who use UnionPay cards in China. Additionally, UnionPay's Travel Mate Asia, a card featuring popular destinations in China's mainland, will be upgraded. The new series of card issuance programs will cover more destinations with more exciting benefits. As a key financial infrastructure in China and one of the major card schemes in the world, China UnionPay has always adhered to the original aspiration of "Payment for the People" and has been strengthening collaboration with other industry stakeholders. With its comprehensive solutions that cover all sorts of payments regardless of the location, vehicle and mode, China UnionPay continues to make payments easier for groups such as senior citizens and international visitors to China. While improving services such as card acceptance and ATM cash withdrawal, China UnionPay has rolled out the senior-friendly version of the UnionPay App, allowing the elderly to enjoy the benefits brought by the era of digital payment. In addition, UnionPay has issued over 230 million cards outside China's mainland, launched nearly 200 UnionPay-powered e-wallets, and extended the acceptance network to 183 countries and regions, transforming UnionPay into a global payment solution that services cardholders across the world in their everyday lives and work. Going forward, China UnionPay will work with all industry participants to ramp up the implementation of Project Excellence, with pledges to achieve substantial progress in more key cities and key use cases.
Uxin Announces Entry into a Term Sheet for Financing
BEIJING, March 18, 2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced that it has entered into a term sheet with Xin Gao Group Limited ("Xin Gao") and an investment fund focusing on automobile related industries ("NC Fund," together with Xin Gao, the "Investors") on March 18, 2024 with respect to financing by the Company from the Investors. Xin Gao is an existing shareholder of the Company. Xin Gao is controlled by Mr. Kun Dai, the chairman of the Company's Board of Directors and the Company's chief executive officer. The term sheet constitutes a commitment by Company and the Investors to negotiate in good faith to enter into definitive agreements for the financing from the Investors in an aggregate amount of approximately US$34.8 million at a subscription price of US$0.004858 per share (equivalent to US$1.4574 per ADS). The proposed transaction is subject to the parties' execution of definitive agreements and closing conditions to be stipulated therein. About Uxin Uxin is China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline inspection and reconditioning centers. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of the used car industry. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements which are made pursuant to 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," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about Uxin's beliefs, plans, 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 risk and uncertainties as to the timing of the entry into definitive agreements or consummation of the transactions; the risk that certain closing conditions of the transactions may not be satisfied on a timely basis, or at all; impact of the COVID-19 pandemic; Uxin's goal and strategies; its expansion plans and successful completion of certain financing transactions; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry; the laws and regulations relating to Uxin's industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. For investor and media enquiries, please contact: Uxin Limited Investor RelationsEmail: ir@xin.com The Blueshirt GroupJack WangPhone: +86 166-0115-0429Email: Jack@blueshirtgroup.com
Qudian Inc. Announces up to US$300 Million Share Repurchase Program
XIAMEN, China, March 18, 2024 /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE: QD), a consumer-oriented technology company, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$300 million worth of its outstanding (i) American depositary shares ("ADSs"), each representing one Class A ordinary share, and/or (ii) Class A ordinary shares over the next 36 months starting from June 13, 2024. Under the share repurchase program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. In addition, the Company will also effect repurchase transactions in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with the Company's working capital requirements and general business conditions. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from its existing cash balance and does not expect the repurchase program to adversely affect its existing business strategies. About Qudian Inc. Qudian is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative logistics services to satisfy consumers' demand for e-commerce transactions by leveraging its technology capabilities. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States 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, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report 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 Qudian'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: Qudian's goal and strategies; Qudian's expansion plans; Qudian's future business development, financial condition and results of operations; Qudian's expectations regarding demand for, and market acceptance of, its products; Qudian's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China:Qudian Inc.Tel: +86-592-596-8208E-mail: ir@qudian.com
Qudian Inc. Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results
XIAMEN, China, March 18, 2024 /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE: QD), a consumer-oriented technology company, today announced its unaudited financial results for the quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights: Total revenues were RMB63.8 million (US$9.0 million), compared to RMB160.1 million for the same period of last year Net loss attributable to Qudian's shareholders was RMB117.1 million (US$16.5 million), compared to net income of RMB490.1 million for the same period of last year; net loss per diluted ADS was RMB0.57 (US$0.08) for the fourth quarter of 2023 Non-GAAP net loss attributable to Qudian's shareholders was RMB 116.6 million (US$16.4 million), compared to Non-GAAP net income of RMB493.3 million for the same period of last year. We exclude share-based compensation expenses and convertible bonds buyback income from our non-GAAP measures. Non-GAAP net loss per diluted ADS was RMB0.57 (US$0.08) for the fourth quarter of 2023 Full Year 2023 Financial Highlights: Total revenues were RMB126.3 million (US$17.8 million) for 2023, representing a decrease of 78.1% from 2022, primarily due to the winding down of the loan book business Net income attributable to Qudian's shareholders was RMB39.1 million (US$5.5 million), compared to a loss of RMB362.0 million in 2022; net income per diluted ADS was RMB0.18 (US$0.03) for 2023 Non-GAAP net income attributable to Qudian's shareholders was RMB 44.1million (US$6.2 million), compared to a Non-GAAP loss of RMB347.9 million in 2022; non-GAAP net loss per diluted ADS was RMB0.20 (US$0.03) for 2023 "We are pleased to announce the exciting advancements in the development of our smart last-mile delivery business, which generated approximately RMB95.6 million in revenue in 2023," stated Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. "As we embark on 2024, our company remains agile, navigating market dynamics and seizing emerging business opportunities to foster long-term value for our esteemed shareholders. Our commitment to maintaining a robust balance sheet through prudent cash management is evident, with net assets totaling RMB11.7 billion as of December 31, 2023, including RMB8.8 billion in cash and cash equivalents, alongside time and structured deposits." Mr. Luo continued, "Looking ahead, we are enthusiastic about unveiling our strategic initiative to venture into new online and offline retail business that bridges Chinese supply chain advancements with discerning global consumers, complemented by a "Buy Now, Pay Later" solution. Detailed insights into these endeavors will be communicated in due course." "Considering our healthy balance sheet, we firmly believe the current market valuation fails to adequately reflect the intrinsic value and potential of Qudian. Consequently, our Board has approved a new share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024" Mr. Luo elaborated. "As of March 13, 2024, the Company has cumulatively purchased 146.7 million ADSs for a total amount of approximately US$675.4 million (an average price of $4.6 per ADS). In the past 12 months ended March 13, the Company has in aggregate purchased 34.7 million ADSs in the open market," Mr. Luo concluded, reaffirming the Company's unwavering commitment to shareholder interests. Fourth Quarter Financial Results Total revenues were RMB63.8 million (US$9.0 million), representing a decrease of 60.1% from RMB160.1 million for the fourth quarter of 2022. Financing income, penalty fee, loan facilitation income and other related income and transaction services fee and other related income decreased to nil as a result of the winding down of the loan book business. Sales income and others increased to RMB63.8 million (US$9.0 million), which was mostly attributable to sales income generated by last-mile delivery business, compared with RMB19.3 million for the fourth quarter of 2022, which was mainly attributable to sales income generated by QD Food. We have completely wound down the QD Food business in 2023. Total operating costs and expenses increased to RMB184.1 million (US$25.9 million) from RMB108.8 million for the fourth quarter of 2022. Cost of revenues increased to RMB78.4 million (US$11.0 million), which was mostly derived from cost related to last-mile delivery business, compared with RMB73.7 million for the fourth quarter of 2022, which was mainly derived from cost related to QD Food business. We have wound down the QD Food business. Sales and marketing expenses decreased by 93.7% to RMB1.2 million (US$0.2 million) from RMB18.5 million for the fourth quarter of 2022, primarily due to the winding down of QD Food business. General and administrative expenses increased by 12.4% to RMB76.2 million (US$10.7 million) from RMB67.8 million for the fourth quarter of 2022, primarily due to the increase in third-party professional services fees and travel expenses. Research and development expenses increased by 534.5% to RMB16.1 million (US$2.3 million) from RMB2.5 million for the fourth quarter of 2022, primarily due to the increase in staff head count as the Company continues to explore new business opportunities, which led to a corresponding increase in staff salaries. Expected credit loss for receivables and other assets was RMB9.3 million (US$1.3 million) as compared to a gain of RMB140.7 million for the fourth quarter of 2022, primarily due to credit loss for other assets. Loss from operations was RMB107.2 million (US$15.1 million), compared to an income of RMB66.1 million for the fourth quarter of 2022. Interest and investment income, net decreased by 93.6% to RMB14.3 million (US$2.0 million) from RMB224.1 million for the fourth quarter of 2022, mainly due to the decrease in market value of investments in the fourth quarter of 2023. Loss on derivative instrument was RMB35.5 million (US$5.0 million), compared to a gain of RMB262.0 million for the fourth quarter of 2022, primarily due to the decrease in quoted price of the underlying equity securities relating to the derivative instruments we held. Net loss attributable to Qudian's shareholders was RMB117.1 million (US$16.5 million). Net loss per diluted ADS was RMB0.57 (US$0.08).Non-GAAP net loss attributable to Qudian's shareholders was RMB116.6 million (US$16.4 million). Non-GAAP net loss per diluted ADS was RMB0.57 (US$0.08). Full Year 2023 Financial Results Total revenues were RMB126.3 million (US$17.8 million), a decrease of 78.1% from RMB577.5 million for 2022. Financing income, penalty fee, loan facilitation income and other related income and transaction services fee and other related income decreased to nil as a result of the winding down of the loan book business. Sales income and others increased to RMB126.3 million (US$17.8 million), which was mostly attributable to sales income generated by last-mile delivery business, compared with RMB82.6 million for 2022, which was mainly attributable to sales income generated by QD Food. Total operating costs and expenses decreased by 45.4% to RMB515.7 million (US$72.6 million) from RMB944.2 million for 2022. Cost of revenues decreased by 58.2% to RMB160.1 million (US$22.6 million) from RMB383.1 million for 2022, primarily due to the winding down of the QD Food business, partially offset by an increase in cost from last-mile delivery business. Sales and marketing expenses decreased by 98.6% to RMB3.8 million (US$0.5 million) from RMB271.6 million for 2022, primarily due to the winding down of QD Food business. General and administrative expenses decreased by 4.8% to RMB273.6 million (US$38.5 million) from RMB287.5 million for 2022, primarily due to the decrease in staff head count as the Company wound down its loan book business and QD Food business, which led to a corresponding decrease in staff salaries. Research and development expenses decreased by 18% to RMB47.8 million (US$6.7 million) from RMB58.3 million for 2022. The decrease was primarily due to the decrease in staff head count as the Company wound down its loan book business and QD Food business, which led to a corresponding decrease in staff salaries and a decrease in third-party service fees. Expected credit loss for receivables and other assets was RMB24.7 million (US$3.5 million) as compared to a gain of RMB221.1 million for 2022, primarily due to credit loss for other assets. Loss from operations was RMB331.0 million (US$46.6 million) compared to RMB329.5 million for 2022. Interest and investment income, net increased by 126.3% to RMB255.3 million (US$36.0 million) from RMB112.8 million for 2022, mainly due to the increase of income from bank deposits and investments in 2023. Gain on derivative instrument was RMB153.8 million (US$21.7 million), compared to a loss of RMB70.4 million for 2022, primarily attributable to the realized investment income from derivative instruments we sold. Net income attributable to Qudian's shareholders was RMB39.1 million (US$5.5 million), compared to a loss of RMB362.0 million. Net income per diluted ADS was RMB0.18 (US$0.03) for 2023. Non-GAAP net income attributable to Qudian's shareholders was RMB44.1 million (US$6.2 million), compared to a loss of RMB347.9 million. Non-GAAP net income per diluted ADS was RMB0.20 (US$0.03) for 2023. Cash Flow As of December 31, 2023, the Company had cash and cash equivalents of RMB7,207.3 million (US$1,015.1 million) and restricted cash of RMB59.4 million (US$8.4 million). For the fourth quarter of 2023, net cash provided by operating activities was RMB139.9 million (US$19.7 million), mainly due to proceeds from interest income. Net cash used by investing activities was RMB16.8 million (US$2.4 million), mainly due to the purchase of property and equipments. Net cash used in financing activities was RMB107.1 million (US$15.1 million), mainly due to the repurchase of ordinary shares. For the full year of 2023, net cash provided by operating activities was RMB352.0 million (US$49.6 million), mainly due to proceeds from settlement of trust incomes related to the loan book business and interest on deposits. Net cash provided by investing activities was RMB3,895.4 million (US$548.7 million), mainly due to the net proceeds from the redemption of short-term investments. Net cash used in financing activities was RMB566.0 million (US$79.7 million), mainly due to the repayment of short-term borrowings and repurchase of ordinary shares. Last-mile Delivery Business In response to the surging demand for cross-border e-commerce transactions, the Company has proactively sought innovative logistic services and solutions to meet global consumers' expectations for swift and top-tier delivery services. In December 2022, the Company introduced a pioneering strategic venture into last-mile delivery services. The Company operates such business under the brand name of "Fast Horse." Update on Share Repurchase As previously disclosed, the Company established a share repurchase program in June 2022, under which the Company may purchase up to US$200 million worth of its Class A ordinary shares and/or ADSs over a 24-month period. From the launch of the share repurchase program on June 13, 2022 to March 13, 2024, the Company has in aggregate purchased 56.7 million ADSs in the open market for a total amount of approximately US$94.2 million (an average price of $1.7 per ADS) pursuant to the share repurchase program. Subsequently, our Board has approved a new share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024, in addition to the existing share repurchase program established on June 13, 2022, scheduled to conclude on June 12, 2024. About Qudian Inc. Qudian Inc. ("Qudian") is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative logistics services to satisfy consumers' demand for e-commerce transactions by leveraging its technology capabilities. For more information, please visit http://ir.qudian.com. Use of Non-GAAP Financial Measures We use Non-GAAP net income/loss attributable to Qudian's shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to Qudian's shareholders helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges, and convertible bonds buyback income, which is non-cash and non-recurring. We believe that Non-GAAP net income/loss attributable to Qudian's shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP net income/loss attributable to Qudian's shareholders is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as an analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Statement Regarding Preliminary Unaudited Financial Information The unaudited financial information set out in this earnings release 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 financial information. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States 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, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report 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 Qudian'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: Qudian's goal and strategies; Qudian's expansion plans; Qudian's future business development, financial condition and results of operations; Qudian's expectations regarding demand for, and market acceptance of, its products; Qudian's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China:Qudian Inc.Tel: +86-592-596-8208E-mail: ir@qudian.com QUDIAN INC. Unaudited Condensed Consolidated Statements of Operations Three months ended December 31, (In thousands except for number 2022 2023 of shares and per-share data) (Unaudited) (Unaudited) RMB RMB US$ Revenues: Financing income 29,276 - - Sales commission fee - - - Sales income and others 19,305 63,794 8,985 Penalty fee 3,966 - - Loan facilitation income and other related income 4,942 - - Transaction services fee and other related income 102,580 - - Total revenues 160,069 63,794 8,985 Operating cost and expenses: Cost of revenues (73,653) (78,363) (11,037) Sales and marketing (18,520) (1,167) (164) General and administrative (67,764) (76,173) (10,729) Research and development (2,538) (16,103) (2,268) Changes in guarantee liabilities and risk assurance liabilities(1) 16,857 - - Expected credit gain/(loss) for receivables and other assets 140,726 (9,266) (1,305) Impairment loss from other assets (103,950) (3,054) (430) Total operating cost and expenses (108,842) (184,126) (25,933) Other operating income 14,858 13,086 1,843 Income/(Loss) from operations 66,085 (107,246) (15,105) Interest and investment income, net 224,055 14,347 2,021 Gain/(Loss) from equity method investments 12,839 (1,778) (250) Gain/(Loss) on derivative instruments 262,049 (35,480) (4,997) Foreign exchange loss, net (1,639) (1,390) (196) Other income 254 84 12 Other expenses - (2,930) (413) Net income/(loss) before income taxes 563,643 (134,393) (18,928) Income tax expenses (73,540) 17,319 2,439 Net income/(loss) 490,103 (117,074) (16,489) Net profit attributable to non-controlling interest shareholders - - - Net income/(loss) attributable to Qudian Inc.'s shareholders 490,103 (117,074) (16,489) Earnings/(Loss) per share for Class A and Class B ordinary shares: Basic 2.07 (0.57) (0.08) Diluted 2.07 (0.57) (0.08) Earnings/(Loss) per ADS (1 Class A ordinary share equals 1 ADSs): Basic 2.07 (0.57) (0.08) Diluted 2.07 (0.57) (0.08) Weighted average number of Class A and Class B ordinary shares outstanding: Basic 236,882,380 204,075,368 204,075,368 Diluted 236,882,380 207,646,764 207,646,764 Other comprehensive loss: Foreign currency translation adjustment (23,059) (38,011)
ATFX UAE Office Relocates to Dubai Marina
DUBAI, UAE, March 18, 2024 /PRNewswire/ -- ATFX has recently relocated its UAE office to the Dubai Marina, a significant and vibrant district in Dubai. The new office, located in the heart of Media City, is drawing significant attention from both local and global media audiences. This strategic relocation not only brings renewed energy to the brand's growth but also reinforces its strong regional presence. ATFX has expanded its office space in Dubai and included advanced facilities for video shooting and live streaming, aimed at delivering smoother investor education content. The seminar spaces and meeting areas are thoughtfully designed to cater to a wide variety of needs and preferences, creating an ideal environment that fosters collaboration and productivity. ATFX organized a grand dinner at the luxurious five-star hotel SO/Uptown Dubai to celebrate this important moment. Several local celebrities and key industry professionals were invited to attend this dinner. The dinner was graced by the presence of important members of the ATFX group, including Joe Li, Chairman of ATFX, Wei Qiang Zhang, Managing Director of ATFX UK, Jeffrey Siu, COO of ATFX, Khaldoun Sharaiha, CEO for Middle East & North Africa, and Weems Chan, ATFX Global Head of Marketing & Branding. Joe Li mentioned in his speech during the dinner: "We aspire to be the world's most active and reliable broker, driven by the ever-changing market trends, evolving investor preferences, and remarkable progress in technology. The opening of our new office in Dubai is a testament to our people-centric beliefs. It is expected to promote long-term customer satisfaction, loyalty, and enrich the experience of our employees. In its future, ATFX aims to enhance its platform's functionality, expand product choices, and meet the evolving needs of the industry. About ATFXATFX is a globally leading fintech broker, holding licenses in multiple countries, including the UK's FCA, Cyprus's CySEC, UAE's SCA, Australia's ASIC, and South Africa's FSCA. With a strong presence in Europe, Southeast Asia, the Middle East, Latin America, APAC, and South Africa, ATFX is committed to delivering exceptional trading experiences to clients worldwide. The company prioritizes customer satisfaction, innovative technology, and strict regulatory compliance, positioning it as one of the top choices for traders seeking reliable and sophisticated trading solutions. For further information on ATFX, please visit: https://www.atfx.com
Ant Group Digital Technologies and Bank CenterCredit Forge Strategic Partnership
HANGZHOU, China, March 18, 2024 /PRNewswire/ -- Ant Group Digital Technologies and Bank CenterCredit (BCC) today announced their strategic cooperation together, which aims to explore digital solutions to deliver faster and more reliable services to end users. Ant Group Digital Technologies and Bank CenterCredit signing ceremony As a first step in this collaboration, BCC will leverage mPaaS, a cloud-to-end one-stop solution for mobile development developed by Ant Group's digital technologies, to introduce BCC's first SuperApp in Kazakhstan. BCC is one of the oldest and largest banks in the Republic of Kazakhstan with more than 3 million clients. The bank provides a full range of financial services to individuals and legal entities across the country. "We are pleased to announce our cooperation with Ant Group Digital Technologies, which has extensive experience in developing digital financial platforms. The company is known for its innovative approach in creating high-quality products and services. We are confident that our cooperation will be beneficial for both parties and will lead to the creation of a product that will satisfy the needs of our clients and lead to new opportunities," said Ruslan Vladimirov, President of Bank CenterCredit JSC. Ant Group Digital Technologies has provided customers with advanced technology products and solutions, including mPaaS (mobile Platform-as-a-Service), ZOLOZ eKYC (electronic Know-Your-Customers), AntChain, ZAN, and more. "We are thrilled to embark on this collaboration with BCC, their deep understanding of the local market and unwavering commitment to innovation will provide invaluable insights and perspectives," said Geoff Jiang, President of Ant Group's Digital Technology Business Group. "At Ant Group Digital Technologies, we are committed to leveraging these innovative technologies to facilitate digital transformation and collaboration." Ant Group Digital Technologies products and solutions have been adopted by customers from a variety of industries. In 2023, the revenue from its international business operation has increased by 300%. About Bank CenterCredit Joint Stock Company Bank CenterCredit was established on September 19, 1988, and is one of the oldest and largest banks in the Republic of Kazakhstan with more than 3 million client's base. The bank provides full range of financial services to individuals and legal entities across the country. Correspondent network includes about 40 foreign banks, which makes easy way for payments all over the world. About Ant Group Digital Technologies Ant Group Digital Technologies continues to promote the development and application of digital technologies, introducing leading products like AntChain, Zoloz, SOFAStack, and mPaaS based on its expertise in blockchain, privacy computing, security technology, and distributed database. Ant Group Digital Technologies is committed to working with partners across different industries to support the small and medium-sized financial institutions in their digital transformation, enable SMEs in the service industry to operate digitally and facilitate digital collaboration across industries.
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JLL Indonesia Leads the Way: The First WELL Platinum-certified Workplace in Indonesia for Enhanced Well-being
JAKARTA, Indonesia, March 18, 2024 /PRNewswire/ -- JLL announced its Indonesian office has become the first in the country to achieve the prestigious WELL Platinum Certification, the highest level awarded by Green Business Certification Inc. (GBCI). This esteemed recognition underlines JLL Indonesia's unwavering commitment to prioritizing the well-being of its employee and fostering a culture of sustainability within its workspace. Jakarta (18/03)- JLL Indonesia sets the bar: the first WELL Platinum-certified Workplace in the country, prioritizing employee well-being and sustainability. Farazia Basarah, Country Head of JLL Indonesia, stated: "Achieving WELL Platinum certification is a proud moment for JLL Indonesia. This recognition underscores our continuous commitment to fostering environments that prioritize the health and well-being of all occupants. By pursuing initiatives such as the WELL Certification, we reaffirm our dedication to creating sustainable and inclusive workplaces that not only meet but exceed industry standards. This accomplishment is a testament to the hard work and dedication of our team and underscores our ongoing efforts to elevate the standards of workplace wellness in the country." Holistic Approach to Well-being The WELL certification evaluates built environment features that affect health, including air and water quality, healthy food, lighting, and mental wellbeing. JLL Indonesia exceeds the standard's requirements by prioritizing occupant well-being, ensuring a healthier and more comfortable work environment. Key initiatives undertaken by JLL Indonesia to meet the stringent standards of the WELL Certification include: Air: JLL Indonesia office employs advanced IAQ monitoring technologies to assess temperature, humidity, CO2 levels, particulate matter, and VOCs, swiftly identifying and optimizing IAQ issues for a healthier indoor environment. Water: Hydration points are strategically placed across the JLL Indonesia office, facilitating convenient access for refilling water bottles, promoting employee health and prevent dehidration. Nourishment: JLL Indonesia office features dedicated kitchen and dining spaces. Fresh fruits are provided weekly, fostering a culture of wellness. Light: JLL Indonesia office maximizes natural light through thoughtful design, enhancing productivity and comfort. Movement: The workstations cater to diverse postures and preferences, accommodating various workstyles and projects for an inclusive and dynamic environment. Thermal: Thermal zone control systems allow occupants to customize temperature settings, ensuring personalized comfort and satisfaction. Noise: JLL Indonesia office prioritizes acoustic comfort with strategic material selection, creating a productive and comfortable workspace. Materials: Low VOC materials are utilized to minimize negative impacts on air quality and occupant health. Mind: Greenery is integrated throughout the office, enhancing air quality, and creating visually appealing spaces. Comprehensive health programs are offered for employee well-being. Community: JLL Indonesia celebrates local heritage with murals of Indonesian landmarks and traditional dances, alongside meeting rooms named after Indonesian cities. Advancing Sustainability: Achieving Net Zero Emissions In addition to obtaining the WELL Certification, JLL Indonesia office proudly received the prestigious Leadership in Energy and Environmental Design (LEED) Gold certification last year. This dual recognition underscores JLL's firm commitment to sustainability and environmental responsibility. Prioritizing green working spaces not only promotes sustainability but also enhances the well-being of JLL's employees. Through innovative interior design, implementation of a smart lighting control system, and integration of EnergyStar-rated equipment, JLL Indonesia office has achieved an impressive 32.2% reduction in energy consumption. Furthermore, the implementation of automated sensor features has led to a significant decrease in water consumption by 25.37%, demonstrating JLL's dedication to environmental stewardship. Prisca Winata, Senior Manager, Energy & Sustainability of JLL Indonesia, commented: "Our dedication to creating healthy, sustainable, and people-centric environments goes beyond mere aspiration; it's deeply ingrained in our office design ethos and company policies. Achieving certifications like LEED and WELL serves as tangible evidence of our commitment to enhancing both environmental sustainability and employee well-being. Through our comprehensive approach, we're not just transforming offices; we're shaping healthier, happier, and more sustainable communities." For more information about JLL Indonesia, visit https://www.jll.co.id/. About JLL For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage, and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
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China Renaissance Named One of Shanghai's First Batch of Global Partners for Foreign Investment Promotion
HONG KONG, March 18, 2024 /PRNewswire/ -- On 27th February, the official certification ceremony was held in Shanghai for the 38th batch of regional headquarters, research and development (R&D) centers of multinational corporations (MNCs), as well as the promotion of global partners for foreign investment. Gong Zheng, the Mayor of Shanghai, presented certificates to 34 newly designated regional headquarters of MNCs, 17 foreign-funded R&D centers, and the first batch of 10 global partners for foreign investment promotion. He also witnessed the signing of 63 newly added foreign-funded projects. China Renaissance served as one of the first batch of global partners to promote foreign investment in Shanghai. Kevin Xie, Chairman and CEO of China Renaissance, was invited to attend the ceremony as a guest and received a certificate from Mayor Gong Zheng. The first batch of global partners for foreign investment promotion in Shanghai included 10 renowned institutions such as the Bank of China's Shanghai branch, Ernst & Young, and CBRE. The selection of the first batch of global partners for foreign investment promotion was based on evaluations and assessments by the Shanghai Municipal Commission of Commerce, considering factors such as the reputation of the institutions, their investment promotion capabilities, and service capabilities of their platform. Shanghai is at the forefront of China's reform and opening-up, as well as a leader in innovation and development. As the national economic center of China, Shanghai registered record high actual utilization of foreign investment totaling US$24 billion in 2023. As of the end of January 2024, Shanghai was the home to 962 MNCs regional headquarters and 563 foreign-invested R&D centers. Shanghai continues to be one of the preferred investment destinations for foreign businesses and a preferred location for the global supply chain and industrial operations of MNCs. As a comprehensive financial services institution rooted in China with a global perspective, China Renaissance has always been committed to exploring, supporting, and accompanying outstanding innovative entrepreneurs in the China market. It has played an active role in connecting domestic and foreign capital and promoting foreign investment. Leveraging its platform attributes and abundant global resources, China Renaissance has actively introduced high-quality enterprises that align with the regional industrial development direction of Shanghai, while providing professional support and assistance to local enterprises in accessing domestic and international capital markets. In the future, China Renaissance will continue to leverage its profound understanding of international and capital market operations to inject capital vitality into the industrial development of Shanghai and various regions throughout the country. Such effort aims to enhance the resilience of strategic industry clusters and contribute to safeguarding the financial sovereignty of China and fostering a robust financial system. Disclaimers The information contained in this article ("Article") is based on current public information that the author(s) consider reliable, but the author(s) do not represent that any of the information contained herein is accurate, complete or up to date, nor shall China Renaissance Securities (Hong Kong) Limited and/or its affiliates ("China Renaissance") have any responsibility to update any opinions or other information contained herein. The information, opinions, estimates and forecasts contained herein are as of the date hereof and are subject to change without prior notification. China Renaissance conducts a global integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our research group. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in the Article. Our asset management area and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in the information contained herein. The Article is not an invitation or offer to sell or the solicitation of an offer to buy any security or related financial instrument. Any security or related financial instrument discussed herein may not be eligible for distribution or sale in all jurisdictions and/or to all types of investors. The Article is provided for information purposes only. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Investors should consider whether any advice or recommendation in the Article is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of investments referred to in the Article and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.
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China UnionPay Optimizes Payment Services with the Launch of Project Excellence 2024
SHANGHAI, March 18, 2024 /PRNewswire/ -- On March 15, the launch ceremony for Explore China Your Way with UnionPay: China UnionPay Payment Service Optimization - Project Excellence 2024 was held in Shanghai. Mr. Zhang Qingsong, Member of the CPC People's Bank of China (PBOC) Committee and Deputy Governor of the PBOC, and Ms. Xie Dong, Vice Mayor of Shanghai, attended the ceremony and delivered remarks. The event was also attended by Mr. Wang Ping, Deputy Secretary-General of Shanghai Municipal People's Government, Mr. Jin Penghui and Mr. Liu Xingya, Deputy Directors of the Shanghai Head Office of the PBOC, Mr. Wang Sheng, Deputy Director-General of the PBOC Payment and Settlement Department, as well as the leadership from China UnionPay, including Mr. Dong Junfeng, as well as Mr. Shao Fujun, Chairman, and Mr. Cai Jianbo, President. Other members of the audience included representatives from the Shanghai municipal authorities, major Chinese commercial banks, acquirers, merchants, overseas regulators, international partners and other global card schemes. The State Council recently issued guidelines to further optimize payment services in China. The document aims to address the bottlenecks in payment services and improve a multi-layered and diversified payment service system in line with the payment preferences of different user groups. The release of the guidelines fully demonstrates the significance attached by the central government to the development of the payment industry and serves as a roadmap for the future growth of the industry. It is essential for building a payment service system where different payment options develop in parallel and complement each other, and for creating an inclusive and convenient payment environment to facilitate the high-quality development of the payment industry. In order to fully implement the requirements provided by the guidelines, China UnionPay has taken the initiative to launch Project Excellence 2024 to fully participate in the campaign to improve payment convenience for the senior citizens and international visitors to China. With the goal of delivering full solutions for all use cases across China, Project Excellence 2024 will be jointly implemented and co-funded by industry participants. Specifically, China UnionPay will take the lead and direct CNY 3 billion to focus on acceptance terminal upgrades, signage placement and publicity, etc. in key cities and use cases. At the same time, led by government authorities in specific sectors, UnionPay will encourage other industry players to pool their resources. The efforts will cover 41 key cities nationwide and 26 high-frequency use cases in eight major categories including F&B, accommodation, transportation, sightseeing, shopping, entertainment, healthcare, and education. By providing comprehensive payment solutions that include cards, QR codes, OEM pay products, and cash withdrawal, the undertaking will drive parallel while complementary development of mobile, card and cash payments. Project Excellence 2024 will start in Shanghai with marketing campaigns throughout the year under the theme Explore China Your Way with UnionPay, aiming at providing more discounts and options as well as a better experience. During the event, Mr. Zhang Qingsong, Deputy Governor of the PBOC, stated that the rapid development and accelerated penetration of mobile payment in China in recent years have been pivotal in reducing transaction costs and promoting financial inclusion; however, new challenges have also emerged, such as the digital divide for the elderly population and barriers for international visitors to China. To implement the decision and arrangements by the central government, the PBOC has swiftly set up a dedicated working group to put in place a series of measures in line with the State Council guidelines. He acknowledges China UnionPay's quick action to pool resources with other parties, and encourages all entities to strengthen synergy and provide the resources necessary to achieve substantial results in making payments more convenient. Shanghai, as one of the main destinations for inbound travelers, has gained valuable experience in supporting the China International Import Expo (CIIE). He hopes that the city can continue to set a good example in effectively implementing more measures aiming at increasing payment convenience. The PBOC will work with relevant parties, further develop payment use cases, and coordinate efforts to address any shortcomings and weaknesses. It will make payment services more heart-warming and broadly-covering so as to contribute to China's high-standard opening up, an optimized business environment in China, as well as greater happiness and sense of gain of the people. Ms. Xie Dong, Vice Mayor of Shanghai, said that payment is the foundation of economy and finance, and plays a crucial role in facilitating people's lives, optimizing the business environment, and building a thriving consumer market. The PBOC has guided all parties in the payment industry to establish a multi-layered and broadly-covering acceptance network, which enables China to become a global leader in payment services. Shanghai is the largest clearing center in the world for card-based transactions, where China UnionPay has attracted numerous businesses upstream and downstream of the industry chain to form a cluster. As the city receives a large number of international visitors each year and is also one of the first in China to enter an era of aging society, choosing Shanghai as the first stop for Project Excellence 2024 holds special significance. She believes that Project Excellence can enable senior citizens and international travelers among others to feel accepted and welcomed, and make payment services in Shanghai more accommodating. The Shanghai municipal government will fully support the Project, and it stands ready to work with all parties including the PBOC to implement the requirements listed in the State Council guidelines, aiming to develop the Shanghai Solution that bridges the digital divide and improves the multi-layered as well as diversified payment service system. Together, all parties can contribute to business environment optimization and the high-quality social and economic development. Mr. Dong Junfeng from China UnionPay pointed out that payment service optimization is a national policy and a shared responsibility of all industry participants. China UnionPay has been implementing the strategic decisions by the central government and the work arrangements of the PBOC by fulfilling its pivotal role as a card scheme. He hopes that through Project Excellence 2024, China UnionPay can inspire other industry stakeholders to contribute their resources, promote the parallel and complementary development of card, mobile and cash payments, and respect and support customer's rights to choose payment tools. Project Excellence 2024 is a major initiative that connects different links of the payment industry as well as a systematic one that calls for consensus and coordination across the payment industry in geographies both in and outside China. Under the leadership of the PBOC and local governments, China UnionPay will team up with banks, China UMS, and acquirers in and outside China's mainland, and strive for extensive availability of full solutions in all use cases across China. Furthermore, UnionPay will enhance collaboration with banks and payment institutions, expedite payment code interoperability, strengthen partnership with Chinese clearing institutions, and further engage in consultations with other international card schemes to jointly establish a convenient, open and inclusive payment ecosystem. Ultimately, UnionPay products will be easy to use in every use case, offering a superior experience, more options, and higher value for the elderly and international visitors to China. During the ceremony, China UnionPay released 29 business achievements, covering international card issuance, overseas e-wallets, and acceptance in China. Among which were agreements signed with partners from the Philippines, Australia, and Pakistan to issue three million UnionPay cards. Ten major wallets, including AEON in Hong Kong SAR, OCBC in Singapore, and the LPB e-wallet in Vietnam, now support UnionPay QR payments, which are estimated to cover 60 million potential customers. More than ten well-known online and physical merchants, including Meituan, Trip.com, Pinduoduo, JD.com, and Shouqianba, accept international UnionPay payment products. Hong Kong and Macao vehicles traveling to the mainland can enjoy seamless payments at multiple parking lots and tollgates in Guangdong Province. At the event, UnionPay also signed collaboration agreements with Ctrip Financial Services and China Tourism Group to provide more user-friendly cross-border payment services for international visitors to China. These two collaborations demonstrate the in-depth partnership between payment and tourism sectors that collectively improves the service for inbound travelers to China. They are also the outcome of collaborative efforts by the relevant industries. Themed marketing campaigns targeting these travelers have also been launched alongside Project Excellence 2024, available at visa centers, airlines, online travel agencies, and over 100,000 merchants in several locations including Shanghai, Guangdong, Zhejiang, and Shenzhen. Nearly 20 issuers from countries such as South Korea, Thailand, and Kazakhstan will offer up to 12% cashback to their cardholders who use UnionPay cards in China. Additionally, UnionPay's Travel Mate Asia, a card featuring popular destinations in China's mainland, will be upgraded. The new series of card issuance programs will cover more destinations with more exciting benefits. As a key financial infrastructure in China and one of the major card schemes in the world, China UnionPay has always adhered to the original aspiration of "Payment for the People" and has been strengthening collaboration with other industry stakeholders. With its comprehensive solutions that cover all sorts of payments regardless of the location, vehicle and mode, China UnionPay continues to make payments easier for groups such as senior citizens and international visitors to China. While improving services such as card acceptance and ATM cash withdrawal, China UnionPay has rolled out the senior-friendly version of the UnionPay App, allowing the elderly to enjoy the benefits brought by the era of digital payment. In addition, UnionPay has issued over 230 million cards outside China's mainland, launched nearly 200 UnionPay-powered e-wallets, and extended the acceptance network to 183 countries and regions, transforming UnionPay into a global payment solution that services cardholders across the world in their everyday lives and work. Going forward, China UnionPay will work with all industry participants to ramp up the implementation of Project Excellence, with pledges to achieve substantial progress in more key cities and key use cases.
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Just 2% of Australia's financial services firms prepared for new mandated climate disclosures
SYDNEY, March 18, 2024 /PRNewswire/ -- Research released today by global management consultancy Baringa shows only a handful of financial services firms are ready for proposed mandatory climate disclosures in 2025. The research comes ahead of proposed amendments to the ASIC Act and Corporations Act which will require large businesses and financial institutions to disclose how they are quantifying and integrating climate change considerations through their business. Disclosures will need to sit alongside financial reporting obligations under chapter 2M of the Corporations Act. "The Treasury is certainly sending a clear message to Australia's CFOs and CROs," said Chris Nott, a Partner at Baringa in Australia. "Our analysis shows that while many firms are disclosing widely, they're not disclosing deeply," he said. "The better prepared companies are focusing their efforts on the credibility of their disclosures rather than simply just trying to clear the compliance hurdle" he said. "These new Standards are beginning to drive a fundamental change in financial reporting, and are raising the bar for company directors and executives now accountable for the accuracy and credibility of these disclosures," Mr. Nott said. The research looked at more than 100 companies, including ASX 200, funds and large unlisted financial institutions. Baringa found while most firms are often disclosing, they lack depth, particularly superannuation and asset management firms. It also found: Low industry-wide capability to assess financial impacts. Unlisted financial institutions are well behind the curve. Insurers are struggling with climate transition metrics, and transition planning is rare. Large banks have a good baseline to assess climate and financial impacts, however physical risk disclosures require more work. Smaller banks lack detail across the board. Baringa also identified the most common gaps and obstacles for firms: Quality quantitative climate scenario analysis. Systems and data which can be leveraged for disclosures and deliver commercial value. Internal alignment, training at Board level and development of enduring capability. A Bill is expected to be tabled in Parliament in the coming weeks. Learn more about Baringa at www.baringa.com/en. About the research Baringa's research comprises an analysis of more than 100 Australian financial services firms, including those in the ASX200, as well as large unlisted companies, and large funds. About Baringa Baringa is a global management consultancy operating across sectors including financial services, energy and resources, and government. We set out to build the world's most trusted consulting firm – creating lasting impact for clients and pioneering a positive, people-first way of working. We work with everyone from FTSE 100 names to bright new start-ups, in every sector. We have hubs in Europe, the US, Asia and Australia, and we can work all around the world – from a wind farm in Wyoming to a boardroom in Berlin. Find us wherever there's a challenge to be tackled and an impact to be made. Find out more at baringa.com or on LinkedIn. Media Inquiries:Claire Brickettclaire.brickett@baringa.com+61 (02) 7208 4376
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Peer2Gether Foundation Celebrates Milestone of Supporting 50 Orphanages and Elderly Care Facilities
Peer2Gether Foundation has been able to expand its reach and support orphanages and elderly care facilities across Singapore SINGAPORE, March 16, 2024 /PRNewswire/ – Peer2Gether Foundation, a non-profit organization dedicated to supporting orphanages and the elderly, is proud to announce that it has reached a significant milestone by successfully supporting 50 orphanages and elderly care facilities across Singapore. Peer2Gether Foundation Celebrates Milestone of Supporting Orphanages and Elderly Care Facilities Since its inception, Peer2Gether Foundation has remained dedicated to serving those in need, particularly orphaned children and the elderly who require specialized care and attention. Through various initiatives and fundraising efforts, the foundation has been able to provide the crucial resources and support to those in need. "We are incredibly proud to have reached this milestone of supporting 50 orphanages and elderly care centers," said the founder of the Peer2Gether Foundation. "Our mission is to make a positive impact in the lives of those who are most in need, and we are grateful for the continued support of our donors, volunteers, and partners who have made this achievement possible." In addition to basic necessities, the Peer2Gether Foundation provides educational and recreational activities for the children and elderly under its care. By offering essential resources such as financial aid, medical supplies, educational materials, and emotional support, the foundation encourages these organizations to strengthen the quality of care they provide and create caring environments for their residents. "Our collaboration with orphanages and elderly care facilities goes beyond mere financial assistance; it's about building lasting partnerships and fostering a sense of community," said the founder of the Peer2Gether Foundation. "Together, we are working to create a brighter future for vulnerable individuals, ensuring they have the love, care, and support they deserve." As Peer2Gether Foundation celebrates this milestone, it reassures its commitment to continuing its mission of providing assistance and support to orphanages and elderly care centers in the future. Through ongoing fundraising efforts and partnerships with like-minded organizations. About Peer2Gether Foundation Peer2Gether Foundation is a humanitarian organization committed to offering shelter, hope, and opportunity to Singapore's unhoused population. Through its faithful commitment to uplifting lives and restoring self-respect, the foundation provides various essential services, empowering individuals to move from a state of uncertainty to one of confidence and security. For more information about Peer2Gether Foundation and how to get involved, visit P2G Foundation.
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Canton Fair Delegation Seeks to Boost European Trade Ties ahead of the 135th Session
GUANGZHOU, China, March 15, 2024 /PRNewswire/ -- In anticipation of the 135th China Import and Export Fair ("Canton Fair"), Chu Shijia, the event's Vice President and Secretary General, also the Director General of China Foreign Trade Centre, has embarked on a promotional journey to Greece, UK and Ireland. Chu's discussions with local business leaders in these nations highlighted the ongoing high-quality growth of China's economy and its move towards Chinese modernization, which he believes will open up new global opportunities. He stressed that the Canton Fair serves as a vital platform not just for China but for the entire world. In Athens, during an exchange with the Greek business community, Chu reviewed the history and stated, "China and Greece, both ancient civilizations, have witnessed a long-standing friendship through the ancient Silk Road. Under the strategic guidance of our leaders, China-Greece economic cooperation has achieved significant results. The Canton Fair opens a window to the world, and we look forward to active participation from the Greek business community to promote China-Greece economic and trade development, contribute to the global economic recovery, and build an open world economy." The promotional event in London was of significant scale, where Chu and his team held discussions with the 48 Group Club and the China-Britain Business Council. Chu introduced that the 135th Canton Fair will feature an optimized exhibition structure, a concentration of high-quality enterprises, and a wealth of innovative products. Jack Perry, Chairman of the 48 Group Club, expressed his intention to lead a delegation to the 135th Canton Fair and explore establishing a strategic partnership with the event. During the promotion conference in Dublin, Chu mentioned, "China's recent announcement of unilateral visa exemption for Ireland will further promote cooperation between businesses of both countries." In light of the 45th anniversary of diplomatic relations between China and Ireland, he invited the Irish business community to actively partake in the fair, access the Chinese market, take advantage of Chinese opportunities, and amplify bilateral economic and trade collaboration. The business communities of Greece, the UK, and Ireland have responded positively to the promotional activities of the Canton Fair. Local enterprises and institutions have expressed eagerness to attend the event, expand cooperation with Chinese companies, promote trade development, and continue the beautiful friendship. The delegation signed partnership agreements with Hellenic Chinese Business Chamber and Industry and Commerce Association of Ireland (ICAOI) in this tour, adding Canton Fair's global partners to 195 covering 103 countries and regions. For more information about the upcoming 135th Canton Fair, please visit: https://www.cantonfair.org.cn/en-US
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Viomi Technology Co., Ltd Launched a Series of New Products and Showcased at the Appliances and Electronic World Expo in Shanghai
GUANGZHOU, China, March 15, 2024 /PRNewswire/ -- Viomi Technology Co., Ltd ("Viomi" or the "Company") (NASDAQ: VIOT), a leading IoT@Home technology company in China, recently held the Company's Spring New Home Water Solution Product and AIoT@Home Solution Product Launch Events. The series of new products was unveiled at the China Home Appliance and Consumer Electronics Expo (AWE) in Shanghai from March 14 to March 17. Kunlun, the new Viomi AI mineral water purifier released this time, carefully selects high-quality mineral sources and utilizes advanced techniques for intelligent system adjustments based on water temperature, flow, flow rate, and water pressure, ensuring a steady and durable release of mineral elements. The water filtered by Kunlun contains six beneficial minerals, including strontium (Sr2+) and metasilicic acid (H2SiO3), similar to natural mineral water. Notably, the Sr2+ content ranges from 0.4-1.4mg/L, surpassing the national standard of 0.2mg/L by two-fold. This innovation enables health-conscious individuals and families with infants and young children to continuously replenish beneficial minerals, ushering in a new era of healthier water purification. Mr. Xiaoping Chen, Founder and CEO of Viomi, commented: "We have been participating in the field of water purification for nearly a decade, leading the industry with 2000G ultra-large flux as well as ten years of long-lasting RO filter, cumulatively applied for over 1,300 related patents, and possessing the industry's most extensive manufacturing and R&D facilities. Going forward, we will further deepen our investment in the water purification industry chain, bringing more comprehensive residential water solutions to more families." Regarding our AIoT@Home business, we launched Alpha X, a cardiorespiratory detection radar equipped with millimeter-wave radar technology. This product adhered to the principle of 'AI: Helpful' and concentrated on monitoring and safeguarding family health. Equipped with our 60GHz millimeter-wave radar AI module, Alpha X is capable of scanning across an ultra-wideband frequency range. This, combined with the ability of AI deep learning algorithms, enables Alpha X to be contactless, detect heart/thorax micro-movement frequency in real-time, and recognize anomalies, thus solving the many inconveniences and difficulties older people face at home. We also introduced Super 3, the Viomi all-space AI air-conditioner 2.0, which intelligently adjusts the ambient temperature according to different sleep stages, providing enhanced comfort and helping to improve users' sleep quality. Meanwhile, as the demand for improved living increases throughout the housing market, we have further upgraded our one-stop IoT@Home solution with the launch of our multimillion-dollar Space series, which provides consumers with a stylish, customized, and more intelligent product experience. "During the AWE fair, our new products received widespread praise from the public. After tasting the mineral water purified from our new water purifier, Kunlun, the audiences were amazed at its outstanding taste. The real-time water quality feedback and the accurate display of filtration status offer a reassuring experience for the audience through technology. In Alpha X's on-site experience area and our AIoT@Home full-scene immersive space, audiences truly experienced the application of AI technology in the living environment, realized that technology not only provides a more convenient and intelligent user experience but also emphasizes the long-term companionship of health, eco-friendliness, and home security. We currently boast two major business segments, AI Water and AIoT@Home, enabling synergistic development. We will continue to advocate a healthy and 'AI: Helpful' life philosophy to provide users with more abundant 'healthy water' solutions and more caring and intelligent AIoT@Home solutions," Mr. Chen concluded. 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 CommunicationsHui FanTel: +86-10-6508-0677E-mail: viomi@tpg-ir.com In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: viomi@tpg-ir.com
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China Merchants Commercial REIT Reports Nearly RMB500 Million Revenue in 2023
The Completion of Garden City Shopping Centre in Shenzhen Attracts A Large Number of New Tenants HONG KONG, March 15, 2024 /PRNewswire/ -- China Merchants Commercial Real Estate Investment Trust ("CMC REIT" or "the Trust", HKEX stock code:1503), announced its annual results for the year ended 31 December 2023. During the reporting period, total revenue of CMC REIT for the Reporting Year was RMB489 million, an increase of RMB57 million or 13.3% over the revenue for 2022. The final distribution per unit for the period is HK$0.0450. Together with the paid interim distribution per unit of HK$0.0475, the total distribution per unit for the Reporting Year amounted to HK$0.0925, equivalent to a distribution yield of 6.9%, based on the closing price of CMC REIT on 29 December 2023 (being HK$1.34). Total net borrowings of CMC REIT were RMB4,054 million, equivalent to a gearing ratio of 39.0%. This ratio is lower than the permitted limit of 50% as stipulated by the Code on Real Estate Investment Trusts (the "REIT Code"). Gross liabilities (excluding net assets attributable to unitholders) as a percentage of gross assets were 53.0% (2022 year end: 62.6%). As at 31 December 2023, net assets attributable to Unitholders amounted to RMB3,392 million or RMB3.01 per Unit, equivalent to HKD3.32 per Unit based on central parity rate as announced by the People's Bank on 29 December 2023. Business Performance Over the Reporting Year, the occupancy rate of the overall property portfolio increased 3.6 percentage points, from 83.2% as at 31 December 2022 to 86.8% as at 31 December 2023. The average occupancy rate of our office buildings increased 4.1 percentage points to 90.0%. There was a marked improvement in occupancy rates at our Grade-A office buildings. At Onward Science & Trade Center the occupancy rate increased by 11.9 percentage points while New Times Plaza the occupancy rate increased by 5.6 percentage points. To achieve this, the passing rent at these two properties was allowed to decrease by around 6%. In contrast, at our three properties in the Net Valley there was no need to trade rental rates for occupancy and the passing rent increased by varying percentages compared to the same period in 2022. The occupancy rate of Garden City Shopping Centre, our only retail property, was significantly affected for most of 2023 as it underwent upgrading works that left one-third of the floor area subject to renovation work and unoccupied during most of the year. Currently, the occupancy rate has recovered to 73.7%. As the renovation and upgrading of Garden City Shopping Centre has been completed, over time the occupancy rate is expected to further recover to prerenovation levels. New Times Plaza During the Reporting Year of 2023, the occupancy rate of New Times Plaza increased by 5.6 percentage points. However, due to the impact of the overall economic downturn and the competition from adjacent Grade-A office buildings, the Manager lowered its asking rents to a certain extent, in order to boost the occupancy rate, which resulted in a decrease of the passing rent by RMB10.5/sq.m. or 5.7%. In 2024, the Manager will continue to prioritize the occupancy rate as the main business objective and efficiently utilize various resources to optimize operating conditions. The valuation of New Times Plaza was impacted by the drop in Grade-A office rents in Shenzhen and the overall instability in the leasing market. Its valuation decreased by RMB84 million or 4% compared to the same period last year, dropping from RMB2,084 million to RMB2,000 million. Three properties within the Shekou Net Valley(Cyberport Building, Technology Building, and Technology Building 2) Against the background of a sluggish economic environment, the operational performance of Net Valley Properties generally continued to improve. During the Reporting Year, both the occupancy rate and passing rent of Technology Building 2 increased, with the occupancy rate rising by 6.1 percentage points as compared to a year ago while the passing rent increased by RMB4.0/sq.m., representing a growth of 3.3%. Technology Building continued to maintain full occupancy while its passing rent increased to RMB133.6/sq.m., representing a growth of 2.9%. At Cyberport Building there was a 4.5 percentage point decrease in occupancy rate as compared to the previous year-end but the current rental rate increased by RMB5.2/sq.m., equivalent to a 4.1% increase. In terms of valuation, Technology Building 2 decreased by 2.2%, while there was an increase in the valuation of Cyberport Building and Technology Building, by 0.3% and 1.6% respectively. Onward Science & Trade Center The occupancy rate of the Onward Science & Trade Center increased significantly from 70.0% to 81.9%, rising by 11.9 percentage points as compared to the same period last year. Due to the adoption of a more lenient leasing policy, the passing rent decreased from RMB319.3/sq.m. to RMB301.4/sq.m., representing a decrease of 5.6%. In 2024, the Manager will continue to focus on improving the occupancy rate while minimizing any impact to the passing rent. In terms of valuation, the Onward Science & Trade Centre experienced a decrease as compared to the same period last year, mainly due to the impact of the decrease in market rent and the property passing rent, as well as the shortening remaining land use period. Garden City Shopping Centre Due to the staggered closing of sections at Garden City Shopping Centre as part of its renovation project, the occupancy rate fell to as low as 53.2% in mid-2023, which is one of the main reasons for the underperformance of this asset in 2023. In order to quickly bring the occupancy rate back up and attract new tenants, the Manager then offered appropriate rental reductions and incentives. The result was a decrease of RMB28.8/sq.m. or 15.9% in passing rent as compared to the end of 2022. The weaker-than-expected recovery in overall economy also hampered the recovery of operations at Garden City Shopping Centre, and therefore the Manager has been focusing on placing resources in Garden City Shopping Centre to increase its attractiveness to retailers. The completion of Garden City Shopping Centre's refurbishment at the end of 2023 ushered in a brand new look, with the introduction of a large number of new tenants and significantly increased foot traffic. Occupancy was restored to 73.7%, representing an increase of 20.5 percentage points as compared to the mid-2023, and even a 1.5 percentage points increase as compared to the same period in 2022. The renovation of Garden City Shopping Centre greatly affected the operating income of Garden City Shopping Centre in 2023 and this has had an impact on its valuation. Because of the lower passing rent, the assessed value of the mall decreased by RMB60 million as compared to the last year. OUTLOOK "Stability" is the theme for China's economy in 2024. The Chinese government is providing strong support to the economy by proactively adjusting its monetary and fiscal policies to support economic development and stabilize the market. At the beginning of 2024, the Ministry of Housing and Urban-Rural Development delegated the function of urban real estate regulation and control to provincial government leading to the introduction of favourable local policies, the revoking of restrictions on purchases and the lowering of down payments. In February, the People's Bank of China lowered the 5-year Loan Prime Rate, which further reduced the cost for home buyers and boosted activity within the property market. Nonetheless, the year will remain a challenging one for China as geopolitical conflicts intensify while expectations of early US interest rate cuts recede. Mr. HUANG Junlong, Chairman and Non-executive Director of CMC REIT, said, "With an aim to broaden sources of income and reduce expenditure, the Manager seeks to provide stakeholders with high-quality and sustainable returns. The Manager will closely monitor market conditions and adjust its operating strategies flexibly to help its properties generate high-quality returns for CMC REIT's unitholders. The current acquisition strategy of CMC REIT is focused on offices in the core business districts of first-tier cities and shopping centers in first- and second-tier cities with relatively strong purchasing power. The Manager continues to seek suitable investment targets in these markets, with a view to diversifying the asset class and location of CMC REIT's portfolio, enhancing the portfolio's robustness and increasing the returns to Unitholders. The Manager will maintain the gearing ratio of CMC REIT stable and further expand the asset under management, by adopting various investment strategies. At the same time, the Manager will review the capital structure of CMC REIT from time to time, with a view to further optimizing the debt structure and exploring further cost reductions, including funding costs and project management fees." Mr. HUANG Junlong stated, "The Manager believes there is a reasonable chance that the distributable income of CMC REIT will recover in 2024, given the incremental income from the reopening of Garden City Shopping Center and the full year's impact of the RMB2,400 million refinancing in 2023." About China Merchants Commercial REIT China Merchants Commercial REIT is a Hong Kong collective investment scheme constituted as a unit trust and authorised under section 104 of the SFO. China Merchants Commercial REIT was launched by a well-known state-owned enterprise: China Merchants Shekou Industrial Zone Holdings Co., Ltd. (1979.SZ). It was listed on the Main Board of the Hong Kong Stock Exchange in December 2019, marking the first successful listing of a REIT in Hong Kong since 2014. It is also the first REIT to be managed by a state-owned corporation of the People's Republic of China. China Merchants Commercial REIT is a REIT formed to primarily own and invest in high quality income-generating commercial properties in the PRC (including Hong Kong and Macao but excluding the CML Cities). Its initial focus is: (i) the Greater Bay Area (other than Foshan and Guangzhou, being two of the CML Cities), which is where the initial five Properties are situated; and (ii) Beijing and Shanghai. China Merchants Commercial REIT holds six high-quality properties, with five located in Shekou, Shenzhen, and one located in Beijing. It is managed by the REIT Manager whose key investment objectives are to provide Unitholders with stable distributions, sustainable and long-term distribution growth, and enhancement in the value of China Merchants Commercial REIT's properties. For more information about China Merchants Commercial REIT, please visit its corporate website: http://www.cmcreit.com/.
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KT&G CEO and CEO nominee meet with PMI CEO to discuss the two companies' global partnership
- KT&G and PMI entered into a supply and distribution agreements in 2020 for the overseas distribution of KT&G's Next Generation Product lil, resulting in expansion into more than 30 markets to date SEOUL, South Korea, March 15, 2024 /PRNewswire/ -- KT&G Corporation's ("KT&G") (KRX:033780) CEO Bok-in Baek and CEO nominee Kyung-man Bang convened a meeting with Philip Morris International Inc.'s ("PMI") CEO Jacek Olczak on March 12, 2024 at the KT&G headquarters in Seoul, South Korea to discuss the two companies' global partnership. The meeting was attended not only by the CEOs of both companies but also by Kyung-man Bang, who was newly appointed as the KT&G CEO nominee on February 22, 2024. Mr. Bang's participation resulted in sharing of the long-term roadmap and vision of the partnership. KT&G and PMI particularly focused on reviewing the achievements of their partnership over the past four years. The two companies first joined hands in 2020 and introduced lil in three markets including Japan in the first year of the agreement. Later, they expanded the coverage of overseas markets to more than 30 markets worldwide, including European countries such as Italy and Greece as well as the Central American region. Building on these achievements, KT&G and PMI entered into a new long-term agreement of 15 years on January 30, 2023 and solidified their commitment to collaboration. KT&G CEO nominee Kyung-man Bang stated, "Over the past four years of partnership with PMI, we have successfully elevated the competitiveness of our NGP products and brands, and established a solid foundation for the robust growth of our global NGP business. Going forward, we will strive to secure our future growth momentum and propel the company into global top-tier position by building on the collaboration with PMI." PMI CEO Jacek Olczak stated, "PMI and KT&G share a common vision of providing better alternatives to more than one billion smokers around the world and the two companies have been continuing strategic collaboration with this vision in mind. We hope the smoke-free products of the two companies will play a complementary role to each other, providing a more innovative product portfolio to more consumers." The picture shows KT&G CEO Bok-in Baek(right), KT&G CEO nominee Kyung-man Bang(left), and PMI CEO Jacek Olczak(center) taking a celebratory photo after the meeting