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UPI Collaborates with Korea Easy Payment Foundation and BC Card to Enable UnionPay QR Payment at ZeroPay Merchants
SEOUL, South Korea, Dec. 2, 2022 /PRNewswire/ -- UnionPay International (UPI) announced its partnership with the Korea Easy Payment Foundation and BC Card to enable the merchants of ZeroPay, a local mobile payment service provider in South Korea, to accept UnionPay QR codes. This partnership enables UnionPay cardholders visiting the country to make QR payments with their UnionPay App at the merchants accepting ZeroPay. In the future, this new offering will be extended to more e-wallets that support the enrollment of UnionPay cards. In recent years, UnionPay has become a payment brand recognized by the industry, well-known to merchants and popular among consumers in South Korea through its refining acceptance network as well as its growing capabilities to service local customers. At present, almost all merchants in the country accept UnionPay cards. The constantly optimizing card usage environment not only provides a seamless payment experience for visiting UnionPay cardholders, but also attracts an increasing number of local residents to apply for and use UnionPay cards. So far, over 50 million cards have been issued in South Korea. Building on this, UPI has collaborated with organizations such as KB Card, Shinhan Card, Hana Card, Nonghyup Bank, Danal and Tmoney to enable UnionPay mobile payment services in local wallets. As a result, consumers only need to link or apply for UnionPay cards in these local wallets to enjoy easy payments at merchants across the world that accept UnionPay mobile payments. ZeroPay is a local wallet product operated by the Korea Easy Payment Foundation, covering a large number of small and medium-sized merchants in South Korea. Thanks to this tripartite cooperation, the coverage of UnionPay services in the country will be further improved, allowing these merchants to provide more convenient contactless payment offerings for inbound consumers and enhance their capabilities to service international business travelers. At present, UnionPay's acceptance network has extended to 181 countries and regions, and more than half of them accept UnionPay mobile payment. At the same time, UnionPay cards have been issued in more than 70 countries and regions outside the Chinese mainland, 30 of which have launched over 140 UnionPay-powered e-wallet products including the UnionPay App.
87% of Malaysia consumers want a better online experience from banking services providers - Capco Bank of the Future survey
Three-quarters (74%) of respondents would find an app that gave better visibility of all their financial products and provided personalized insights 'very' or 'extremely' attractive KUALA LUMPUR, Malaysia, Dec. 2, 2022 /PRNewswire/ -- Confidence in digital banking is rising in Malaysia but consumers want a better online experience and more personalized offerings, according to the new Asia-Pacific focused Bank of the Future survey from Capco, the global technology and management consultancy. Capco surveyed 999 consumers in Malaysia with a focus on Kuala Lumpur (46% of respondents) and selected urban areas to gauge their attitudes to banking services at a time of rapid change in the retail banking industry. The findings form part of a larger survey of nearly 5,000 consumers across five key markets in the Asia-Pacific region. Asked to identify areas where banks should focus to deliver a better online experience, Malaysia respondents selected mobile apps (61%), easy and clear navigation (60%) and money transfers (60%). Banking services that are more tailored to customers' individual needs also emerged as a key regional theme in the survey. Almost seven in 10 (68%) Malaysian respondents said they would at least consider sharing the personal data required to facilitate such enhanced personalization, including 28% who said they would 'definitely' share such data. Of those willing to share their data, respondents said they would allow access to location data (47%), life event data (46%), and health test data (41%). There was more reticence around wearables data (33% of respondents) and social media data (32%), and the least popular choice was data from other bank accounts (22%). Key themes to emerge from the Malaysia survey include: 1. Malaysian respondents are concerned about sustainability – 39% said the sustainability credentials of banking services such as their stance on climate action are 'extremely important', a markedly higher percentage than those responding to our Hong Kong survey (27% of respondents), for instance, though lower than in Thailand (52%). 2. Rising confidence in digital banking over the last two years – 78% of Malaysia respondents said their confidence in mobile and digital banking services has increased over the last two years, including 28% who said they were 'significantly more confident'. Three-quarters (75%) of respondents now use mobile apps to access banking services, underlining the degree to which the future of banking services is digital. Other digital channels surveyed included desktop/laptop (59%) and wearables (9%); non-digital channels included branches (41%), phone (41%) and mail (15%). 3. Consumers are open to the idea of banking services in the metaverse – 30% of respondents were 'definitely' interested in buying banking services via the still emerging metaverse. The metaverse, which has the potential to be a significant banking channel over the next decade, is a more attractive option for the younger age groups surveyed, with the percentage of respondents stating a 'definite' interest increasing to 37% among 25-34 year olds. Paul Sommerin, Partner and APAC Head of Digital & Technology at Capco, said: "Our survey indicates that bank customers are looking for intuitive, transparent and frictionless digital experiences. Malaysian consumers are willing to consider sharing various kinds of data to unlock personalized products and services that align with their individual needs and values. Banks have an opportunity to reimagine their role in customers' daily lives, and in particular explore how hyper-personalization can more effectively align banking services within customers' lifestyles in order to address their ambitions and anxieties." James Arnett, APAC Managing Partner at Capco, said: "Retail banking services across Asia-Pacific are undergoing a seismic transformation. Digital-savvy, mobile-oriented consumers are playing a key role in reshaping banks' priorities and the wider banking ecosystem. New technologies are granting consumers unprecedented freedom to pick and choose how they engage with their bank(s), access more personalized services, and see a more complete single view of all their finances. As incumbent banks and their competitors aim to support consumers' personal and lifestyle ambitions, our survey findings throw new light on the priorities that will define the Bank of the Future." Survey Methodology The survey was conducted online during September and October 2022 and collected responses from a total of 4,889 respondents in five Asia-Pacific markets. Individual samples sizes – Hong Kong: 707; Greater Bay Area (ex-Hong Kong): 1293; Singapore: 1,000; Thailand: 890; Malaysia: 999. Survey respondents were drawn from six age groups – 18-24, 25-34, 35-44, 45-54, 55-64, and 65+ – and sample sizes were representative of age-related demographics in each market. About Capco Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco's cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn and Instagram.
MIDEA, GER AND INEOS STYROLUTION COLLABORATE TO CREATE THE FIRST LARGE SCALE HOME APPLIANCE CLOSED-LOOP CIRCULAR ECONOMY SYSTEM IN THE WORLD
Successful validation of INEOS Styrolution's ABS ECO grades for use in various MIDEA's home appliances Milestone towards achieving the first large scale home appliance closed-loop circular economy system in the world SHANGHAI, Dec. 2, 2022 /PRNewswire/ -- INEOS Styrolution, the global leader in styrenics, has today announced that its ABS ECO grades, manufactured from post-consumer recycled (PCR) ABS produced by GER, have been successfully validated by Midea for its range of sustainable household appliances, including air conditioners, refrigerators and water dispensers. Midea’s pilot water dispenser using the new recycled material provided by INEOS Styrolution (image courtesy of Midea, 2022) Established in 1968 and headquartered in Southern China, Midea is the global leader for household appliances and air conditioners, owning the most comprehensive white goods portfolio; while GER is a world-leading waste recycling enterprise based in China's Jiangxi province. At a recent event held at their site located in Foshan, China, Midea demonstrated the production of the pilot product using the new recycled material provided by INEOS Styrolution and was impressed with the ease of processing and the quality of the final product. This first step is an important milestone for the establishment of a closed-loop circular economy system, by which INEOS Styrolution will produce ABS ECO and PS ECO grades using Midea's products at their end-of-life, after being dismantled and recycled by GER. These ABS ECO and PS ECO grades, specially tailored made for Midea, will then be used as a drop-in solution to manufacture Midea's ECO home appliances. The next steps are for Midea, GER and INEOS Styrolution to validate the use of PS ECO grades on a commercial scale at Midea's production facilities, finalizing an integrated supply chain solution starting from Midea's finished goods, to recycling after their end-of-life, and turning them into PS ECO and ABS ECO grades exclusively for Midea. Mr Durante Lin, Director of Systems and Resources, Midea Group Supply Chain Management, says, "As one of the world's leading home appliance producers, Midea has been investing into R&D for innovative and sustainable materials to significantly increase PCR content within the next five years. With the successful commercialization of INEOS Styrolution's ABS ECO grades for our household appliances, we have set a new benchmark in the circular economy for the industry and a step closer to realizing our goal in creating the first large-scale home appliance closed-loop circular economy system in the world." "We are really excited to be able to collaborate with such an innovative and creative company like Midea," comments Alexandre Audouard, Vice President Standard Polymers Asia-Pacific, INEOS Styrolution. "Midea shares our passion for sustainability and we are fully committed to providing high quality products and sustainable solutions to help them achieve their sustainability ambitions." About INEOS Styrolution INEOS Styrolution is the leading global styrenics supplier, with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 90 years of experience, INEOS Styrolution helps its customers succeed by offering solutions, designed to give them a competitive edge in their markets. At the same time, these innovative and sustainable best-in-class solutions help make the circular economy for styrenics a reality. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, packaging and toys/sports/leisure. In 2021, sales were at 6 billion euros. INEOS Styrolution employs approximately 3,100 people and operates 16 production sites in nine countries. More information: www.ineos-styrolution.com. Follow us on Twitter (@styrolution).  ABS: Acrylonitrile butadiene styrene  Refer to press release: http://www.ineos-styrolution.com/news/INEOS-Styrolution-advances-Chinas-circular-economy-target-through-collaboration-with-GER-to-produce-Terluran-ECO-gp-22
"ASTANA CLUB" HELD IN PARIS DURING PRESIDENT OF KAZAKHSTAN VISIT TO FRANCE
NUR-SULTAN, Kazakhstan, Dec. 2, 2022 /PRNewswire/ -- On November 29, President of the Republic of Kazakhstan Kassym-Jomart Tokayev paid a historic visit to France and held a meeting with his French counterpart Emmanuel Macron. The Presidents discussed the prospects for the further development of strategic partnership and cooperation between two countries. "ASTANA CLUB" HELD IN PARIS DURING PRESIDENT OF KAZAKHSTAN VISIT TO FRANCE On the same day, the meeting of the Astana Club, organized in support of the President's visit, was held in Paris. The meeting was dedicated to the topic "Greater Eurasia: building dialogue in the age of uncertainty". The Astana Club platform once again brought together prominent international figures, including the world-famous economist Nouriel Roubini, former Head of Bank of Israel and Chairman of the Group of Thirty Jacob Frenkel, Chairman of the Financial Stability Board (FSB) Klaas Knoth, Nobel Peace Prize Laureate on climate change Raekwon Chung and many others. During the key session, Prof. Roubini noted the importance of Central Asia to continue the policy of balancing between Great powers. "It is necessary to diversify your allies. There is no point in relying solely on Russia, China, EU or the US." Considering the current geopolitics, ex-deputy assistant to the US President for national security Lisa Curtis noted: "Until this year few questioned Russia's influence in Central Asia. However, the tectonic shifts certainly rise questions about if Central Asian states will allow themselves to remain reliant on Russia alone." Ms. Curtis believes that a window of opportunity is opening for the world to build stronger relations with the region. Peter Frankopan, a well-known historian from Oxford University noted that the process of de-globalization will require a new adaptation. Frankopan emphasized: "Central Asian states are in a tricky neighborhood. The need to maneuver between Moscow and Beijing is forcing the countries to use special approaches when implementing foreign policies". The session was moderated by Yerzhan Saltybaev, Director of Institute of World Economics and Politics from Kazakhstan, who stated that "We are witnessing the emergence Eurasia as a single economic space, and Central Asia and Kazakhstan has a great potential to become an assemblage point of the continent". The experts emphasized that the key factor for stability in Eurasia is the speedy resolution of the conflict in Ukraine. All participants of the conference specially noted the high importance and timeliness of the visit of the President of Kazakhstan to France at this political moment.
Deloitte Named a Leader in the 2022 Gartner® Magic Quadrant™ for Custom Software Development Services Worldwide
NEW YORK, Dec. 1, 2022 /PRNewswire/ -- Gartner has positioned Deloitte as a Leader in their November 2022 report, Magic Quadrant for Custom Software Development Services Worldwide. Deloitte's capabilities were also recognized in the 2022 Gartner Critical Capabilities for Custom Software Development Services report. This is the first year that Gartner has published a report examining custom software development. "We are seeing an unprecedented shift in the market as organizations embrace more cloud native principles and modern engineering approaches to drive product velocity, increase business agility and realize digital transformation ambitions," said Ranjit Bawa, US Cloud Leader, Deloitte Consulting LLP. "We believe that the strategic investments we've made in our business to advance and scale software engineering have been recognized in this inaugural report." Deloitte believes that modern, engaging and value-driving engineering requires untethered curiosity, deep technical experience, an intimate understanding of a client's business and a culture of execution. Deloitte is driving meaningful and sustainable value for organizations through deep industry and domain knowledge and modern software engineering capabilities, as well as by accelerating cloud adoption. "We are excited to be recognized in this report and look forward to continuing to create competitive advantage and spark innovation for organizations worldwide through the strengths of Deloitte's global software engineering workforce, industry depth and rich technology ecosystem," said Sam Balaji, Deloitte Global Consulting Leader. Deloitte has made global investments in software engineering and in expanding its capabilities across Cloud, Cyber, AI and Operate and remains committed to cultivating and strengthening its global workforce and expanding custom software development services, evidenced by its recent acquisitions of HashedIn, NTC, and Dextra Technologies. Gartner Disclaimer Gartner, Magic Quadrant for Custom Software Development Services Worldwide, Luis Pinto, Gunjan Gupta, Jaideep Thyagarajan, Deacon D.K Wan, Brett Sparks, 17 November 2022. Gartner, Critical Capabilities for Custom Software Development Services, Worldwide, Gunjan Gupta, Luis Pinto, Deacon D.K Wan, Brett Sparks, 18 November 2022. GARTNER and Magic Quadrant are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. About Deloitte "Deloitte," "us," "we" and "our" refer to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte's approximately 415,000 people worldwide make an impact that matters at www.deloitte.com.
Major Warehouse Retailer Selects Dogness Product Following Global Buyer Conference
PLANO, Texas, Dec. 1, 2022 /PRNewswire/ -- Dogness (International) Corporation ("Dogness" or the "Company") (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced a major retailer selected one of its specially tailored product sets. Dogness expects to finalize product specifications and initial order quantities over the coming weeks. The retailer expanded the breadth of the Dogness product line it carries to include certain traditional pet products earlier this year, following a large-scale rollout in 2021 of Dogness smart pet products in their stores. Silong Chen, Chairman and Chief Executive Officer of Dogness, commented, "This is a major win for us with material unit order volumes expected. We have built a strong relationship with this customer, having started out small and gradually increasing stores we had a presence in. We were excited to be invited to the 2023 global product review and thought a great deal about the products we would showcase. The product ultimately selected demonstrates our excellent research and design capabilities, and high-quality manufacturing. We have demonstrated our reliability to deliver the larger qualities this customer requires. We aim to enter as many North American locations as possible in the initial rollout phase and hope to expand to the customer's global locations in the future." Dogness has built an integrated sales platform across all channels, with major customers including Petco, PetSmart, Costco Wholesale Corporation, Xiuhu, Sam's Club, Walmart, Target, QVC®, Pet Value, Pets at Home, PETZL, Petmate, Trendspark, Anyi Trading, IKEA, SimplyShe, and online shopping platforms, such as Amazon, Chewy.com, Boqii Holding Limited, Target.com, HomeDepot.com, Loews.com, Wayfair.com, JD, Tmall and Taobao, as well as live streaming sales platforms hosted by influencers. About Dogness Dogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness' technology simplifies pet lifestyles and enhances the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com. Forward Looking Statements No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers' businesses and end purchasers' disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
Tantech Holdings Regains Compliance with NASDAQ Minimum Bid Price Requirement
LISHUI, China, Dec. 1, 2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), announced today that, on November 30, 2022, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has regained compliance with NASDAQ's minimum bid price requirement under Listing Rule 5550(a)(2). NASDAQ noted this matter is now closed. About Tantech Holdings Ltd For the last two decades, Tantech has been a leading high-tech enterprise pioneering and specializing in producing, researching and developing products based on bamboo charcoals with a well-established domestic and international sales and distribution network. Tantech expanded into the clean vehicle industry in 2017 through acquiring 70% shares of Shangchi Automobile. In November 2020, Tantech established two additional subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., to produce and market electric vehicles, including automatic high-speed street sweepers and others. The Company's subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. Tantech has recently expanded its operation into international markets. In May and July 2022, the Company established wholly-owned subsidiaries, EPakia Inc. and EPakia Canada Inc., in the United States and Canada to develop biodegradable packaging business in the North American and other international markets. The Company is fully ISO 90000 and ISO 14000 certified and has received numerous national, provincial and local honors, awards and certifications for its products and scientific research efforts. For more information, please visit: http://ir.tantech.cn. Forward-Looking Statements This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. For more information, please contact: Tantech Holdings LtdInvestor RelationsTel: +86 (578) email@example.com
Boqii Announces Unaudited Financial Results for the First Half of Fiscal Year 2023
First Half Year Revenues of RMB589.6 million First Half Year GMV of RMB 1,382.0 million SHANGHAI, Dec. 1, 2022 /PRNewswire/ -- Boqii Holding Limited ("Boqii" or the "Company") (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the first half of fiscal year 2023 (the Six Months ended September 30, 2022). Operational and Financial Highlights for the First Half of Fiscal Year 2023： Total revenues were RMB589.6 million (US$82.9 million), compared to RMB604.0 million in the same period of fiscal year 2022. Loss from operations was RMB29.6 million (US$ 4.2 million), representing a decrease of 64.2% compared to RMB82.6 million in the same period of fiscal year 2022. Net loss was RMB 29.5 million (US$4.1 million), representing a decrease of 64.0% from net loss of RMB81.9 million in the same period of fiscal year 2022. Non-GAAP net loss was RMB28.5 million (US$4.0 million), representing a decrease of 60.6% from non-GAAP net loss of RMB72.4 million in the same period of fiscal year 2022. EBITDA was a loss of RMB22.9 million (US$3.2 million), representing a decrease of 70.2% from a loss of RMB77.1 million in the same period of fiscal year 2022. Total GMV was RMB1,382.0 million (US$194.3 million), compared to RMB1,484.7 million in the same period of fiscal year 2022. Active buyers were 3.8 million, representing an increase of 16.4% from 3.3 million in the same period of fiscal year 2022.  EBITDA refers to net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses. EBITDA is a Non-GAAP financial measurement. Please refer to "Non-GAAP financial measurement".  GMV refers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or drop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts. The total GMV amount (i) includes GMV of products sold by Xingmu, (ii) excludes products sold through consignment model and (iii) excludes the value of services offered by us. GMV is subject to future adjustments (such as refunds) and represents only one measure of the Company's performance and should not be relied on as an indicator of our financial results, which depend on a variety of factors. CEO & CFO Quote Mr. Hao Liang, Boqii's Founder, Chairman and Chief Executive Officer commented, "Boqii was able to demonstrate its resilience, and highlight its value proposition in the first half despite challenges from COVID-19, supply chain, and consumer sentiment. We saw outstanding performance from our private label, with its revenue increasing 30.9% YoY to RMB105.1 million. Our Boqii mall also continues to be the preferred choice for pet parents, as demonstrated by the 16.4% YoY growth to 3.8 million in active buyers. Riding on the increasing platform stickiness and growing contributions from private labels, we also saw an expanding gross profit margin from 18.6% last year, to 21.0% this year. That should lay a solid foundation for our future development." Ms. Yingzhi (Lisa) Tang, Boqii's Co-Founder, Co-CEO and CFO commented, "On top of our private label development, we also saw the increasing value of prudence amid market uncertainties. During the first half of fiscal 2023, we made great strides in cost control, with our operating expenses dropped from 32.2% of total revenue last year, to 26.1% of total revenue this year. That paves the way of a significant reduction in net loss, with the first half ending with a net loss of RMB29.5 million, down by 64.0% year-on-year from RMB81.9 million last year. The improving financial performance shows that our business model and development strategy are right on track, and we look forward to serving more pet parents and industry partners in the future, while generating better results for our shareholders." Financial Results for the First Half of Fiscal Year 2023: Total revenues were RMB589.6 million (US$82.9 million), compared to RMB604.0 million in the same period of fiscal year 2022. Revenues (in million) Six Months Ended September 30 % 2022 2021 change RMB RMB YoY Product sales 568.7 577.6 (1.5 %) · Boqii Mall 238.6 215.9 10.5 % · Third party e-commerce platforms 330.1 361.7 (8.7 %) Online marketing and information services and other revenue 20.9 26.4 (20.5 %) Total 589.6 604.0 (2.4 %) Gross profit was RMB 123.9 million (US$17.4 million), compared to RMB112.1 million in the same period of fiscal year 2022. Gross margin was 21.0%, representing an increase of 240 basis points from 18.6% in the same period of fiscal 2022, which is primarily due to improvement of gross margin of private label products and increased proportion of pet supplies and health care products with higher margins. Operating expenses were RMB153.8 million, representing a decrease of 21.0% from RMB194.7 million in the same period of fiscal year 2022. Operating expenses as a percentage of total revenues was 26.1%, down from 32.2% in the same period of fiscal year 2022. Fulfillment Expenses were RMB68.2 million, compared to RMB62.5 million in the same period of fiscal year 2022. Fulfillment expenses as a percentage of total revenues were 11.6%, compared to 10.4% in the same period of fiscal year 2022. The increase was primarily due to the increased shipping and handling expenses, which resulted from temporary logistics price increases and transportation restrictions due to the outbreak of Covid-19 in China starting from April 2022. Sales and marketing expenses were RMB63.5 million, representing a decrease of 29.0% from RMB89.5 million in the same period of fiscal year 2022. The decrease was primarily due to the decline of advertising expenses amount to RMB26.1 million resulting from (i) the lower expenditure for cost saving; (ii) the increased proportion of revenue generated from more cost-efficient channels. Sales and marketing expenses as a percentage of total revenue were 10.8%, down from 14.8% in the same period of fiscal year 2022. General and administrative expenses were RMB22.1 million, representing a decrease of 48.4% from RMB42.8 million in the same period of fiscal year 2022. The decrease was primarily due to:(i) the decline of share-based compensation expense of RMB13.5 million, resulting form the cancellation of options corresponding to employee departures; (ii) the decline of staff costs amount to RMB3.7 million related to the optimization of our organizational structure; (iii) the decline of professional fees amount to RMB2.5 million compared with the same period of fiscal year 2022. General and administrative expenses as a percentage of total revenue were 3.7%, down from 7.1% in the same period of fiscal year 2022. Loss from operations was RMB29.6 million (US$ 4.2 million), representing a decrease of 64.2% compared to RMB82.6 million in the same period of fiscal year 2022. Net loss was RMB29.5 million (US$4.1 million), representing a decrease of 64.0% compared to net loss of RMB81.9 million in the same period of fiscal year 2022. EBITDA was a loss of RMB22.9 million (US$3.2 million), representing a decrease of 70.2% compared to a loss of RMB77.1 million in the same period of fiscal year 2022. Non-GAAP net loss was RMB28.5 million (US$ 4.0 million), representing a decrease of 60.6% compared to non-GAAP net loss of RMB72.4 million in the same period of fiscal year 2022. Diluted net loss per share was RMB0.43 (US$ 0.06), compared to diluted net loss per share of RMB1.16 in the same period of fiscal year 2022. Total cash and cash equivalents and short-term investments were RMB210.3 million (US$ 29.6million), compared to RMB290.9 million as of March 31, 2022. Conference Call Boqii's management will hold a conference call to discuss the financial results at 8:00 AM on Thursday December 1, 2022, U.S. Eastern Time (9:00 PM on Thursday, December 1, 2022, Beijing/Hong Kong Time). To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers. Phone Number International 1-412-317-6061 United States 1-888-317-6003 Hong Kong 852 800 963-976 Mainland China 86 4001-206115 Passcode 1311582 A replay of the conference call may be accessed by phone at the following numbers until December 8, 2022. Phone Number International 1-412-317-0088 United States 1-877-344-7529 Replay Access Code 9673562 A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.boqii.com/. About Boqii Holding Limited Boqii Holding Limited (NYSE: BQ) is a leading pet-focused platform in China. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, namely non-GAAP net loss, non-GAAP net loss margin, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) non-GAAP net loss as net loss excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) non-GAAP net loss margin as non-GAAP net loss as a percentage of total revenues, (iii) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, (iv) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes non-GAAP net loss, non-GAAP net loss margin, EBITDA and EBITDA margin enhance investors' overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliation of GAAP and Non-GAAP Results." The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure. Exchange Rate This press release contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For investor and media inquiries, please contact: In China: Boqii Holding LimitedInvestor RelationsTel: +86-21-6882-6051Email: firstname.lastname@example.org DLK Advisory Limited Tel: +852-2857-7101 Email: email@example.com BOQII HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share and per share data, unless otherwise noted) As ofMarch 31, 2022 As ofSeptember 30, 2022 As of September 30, 2022 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 162,855 85,136 11,968 Short-term investments 128,084 125,145 17,593 Accounts receivable, net 49,231 96,215 13,526 Inventories, net 109,921 107,264 15,079 Prepayments and other current assets 116,738 100,516 14,130 Amounts due from related parties 11,726 4,782 672 Total current assets 578,555 519,058 72,968 Non-current assets: Property and equipment, net 7,779 7,298 1,026 Intangible assets 25,544 23,569 3,313 Operating lease right-of-use assets 38,567 38,693 5,439 Long-term investments 82,319 81,598 11,471 Goodwill 40,684 40,684 5,719 Amounts due from related parties, non-current - 8,317 1,169 Other non-current asset 4,861 10,092 1,419 Total non-current assets 199,754 210,251 29,556 Total assets 778,309 729,309 102,524 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Short-term borrowings 161,126 142,336 20,009 Accounts payable 94,224 79,195 11,133 Salary and welfare payable 6,871 6,203 872 Accrued liabilities and other current liabilities 27,324 25,471 3,581 Amounts due to related parties, current 219 102 14 Contract liabilities 7,007 3,208 451 Operating lease liabilities, current 10,001 11,082 1,558 Derivative liabilities 9,086 12,970 1,823 Total current liabilities 315,858 280,567 39,441 Non-current liabilities Deferred tax liabilities 4,847 4,269 Operating lease liabilities, non-current 28,197 28,078 3,947 Other debts, non-current 181,062 124,399 17,488 Total non-current liabilities 214,106 156,746 22,035 Total liabilities 529,964 437,313 61,476 Mezzanine equity Redeemable non-controlling interests 6,522 6,844 962 Total mezzanine equity 6,522 6,844 962 Stockholders' equity: Class A ordinary shares (US$0.001 par value; 129,500,000 shares authorized,55,709,591 and 55,743,337 shares issued and outstanding as of March 31, 2022 and September 30, 2022, respectively) 372 373 52 Class B ordinary shares (US$0.001 par value; 15,000,000 shares authorized, 13,037,729 shares issued and outstanding as of March 31, 2022 and September 30, 2022, respectively) 82 82 12 Additional paid-in capital 3,295,336 3,291,793 462,753 Statutory reserves 3,433 3,876 545 Accumulated other comprehensive loss (46,069) (23,989) (3,372) Accumulated deficit (2,889,233) (2,919,198) (410,375) Receivable for issuance of ordinary shares (164,746) (110,133) (15,482) Total Boqii Holding Limited shareholders' equity 199,175 242,804 34,133 Non-controlling interests 42,648 42,348 5,953 Total shareholders' equity
Vantage introduces Social Trading to make trading more interactive
Vantage App is also available on more phone models PORT VILA, Vanuatu, Dec. 1, 2022 /PRNewswire/ -- Vantage (or "Vantage Markets"), the multi-asset broker, has launched social trading on the Vantage App, making it an all-in-one trading app that supports both regular trading and social trading. Lian Jie, Assistant App Marketing Director, Vantage Social trading is an innovative feature that turns trading into a social event. Experienced traders can share their trading strategies as signal providers. Novice traders will be able to follow numerous signal providers, gain insights from experienced investors, and trade their strategies by mirroring the trades of others. The Vantage App offers access to over 1000 trading instruments including CFDs on Forex, Commodities, Indices, Energy, Shares, ETFs and Bonds. It has an intuitive in-app navigation and provides a comprehensive range of charts, technical tools, order types, personalised trading reports and alerts. Available in 14 languages, the Vantage App also offers market analysis and market news powered by Trading Central and FX Street. With the growing demand for mobile trading in mobile-centric markets, the Vantage App is now supported on OPPO, VIVO, Huawei, Xiaomi, and Samsung devices, on top of iOS and Android devices. Lian Jie, Assistant App Marketing Director at Vantage explains how the new feature is revolutionizing the traditional CFD industry. "As our active investor profile gets younger, our clients have been more willing to explore and adopt innovative trading methods like social trading, going beyond traditional trading methods. At Vantage, we understand how technology and innovation can transcend boundaries, so we have utilized the power of technology in our Vantage App to meet the needs of the next generation and provide a seamless and convenient experience for all our clients." About Vantage Vantage (Vantage Global Limited (VFSC 700271) ) is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares, ETFs and Bonds. With more than 13 years of market experience, Vantage now has over 1,000 employees across more than 30 global offices. Vantage is more than a broker. It provides a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that enables clients to take advantage of trading opportunities. Download the Vantage App on App Store or Google Play. trade smarter @vantage Vantage introduces Social Trading to make trading more interactive
ACC Completes 3.2MW Rooftop Solar Project for Eastroc Beverage
BEIJING, Dec. 1, 2022 /PRNewswire/ -- Asia Clean Capital Investment Holdings Limited ("ACC") announced that the 3.2MW distributed rooftop solar project in cooperation with Eastroc Beverage (Group) Co., Ltd (hereinafter referred to as Eastroc Beverage) has been successfully connected to the grid today. ACC's rooftop solar project on Eastroc Beverage Nanning The completed solar project is installed on the idle roof of Eastroc Beverage's Nanning Plant, which is invested and operated by ACC. The green electric generated by the system will be sold to the user at a competitive price. Not only does user not need any initial investment, but its energy consumption cost will be continuously reduced. The components, string inverters, grid-connected facilities, wires and cables of this solar project are selected from the industry's high-quality first-line brands. The whole project construction process is always based on the four cornerstones: health and safety, emission control, quality and construction schedule to ensure quality of the system, as well as safety and efficient operation during its life cycle. Eastroc Beverage (Group) Co., Ltd is a time-honored beverage manufacturer in Shenzhen and a listed company on the main board of the Shanghai Stock Exchange. With the improvement of its product sales, brand reputation and influence, Eastroc Beverage has been listed in "2021 Hurun China 500" and "2021 Hurun China Food Industry Top 100" separately, and has been widely recognized by consumers and organizations. It is a great honor for ACC to cooperate with Eastroc Beverage on the rooftop solar project, and she is looking forward to assisting more and more enterprises full of socially responsible just like Eastroc Beverage and achieve sustainable development and carbon peaking and caron neutrality goals by implementing clean energy systems as well as reducing energy costs and carbon emissions. About Asia Clean Capital Asia Clean Capital ("ACC") is a leading clean energy solutions developer that serves large multinational and domestic firms throughout China. ACC clean energy solutions including Rooftop Solar systems, Ground Energy systems, and Energy Efficiency Upgrading services. ACC is the first wholly foreign-owned enterprise to develop distributed solar business in China. Its shareholders include IFU, an independent government-owned sovereign wealth fund owned by the Danish government. Focused on rooftop solar projects, ACC invests and manages the projects, and provides the design, engineering, equipment, government approvals, system operation and management. All electricity produced through ACC's solar projects is then provided to clients at agreed rates lower than when purchased from the local power grid. ACC's project sites are typically large production facilities with electric demand from one to twenty megawatts, including Daming, Eastroc Beverage, Nestle, Coca-Cola, Swire, COFCO, Danone, Volkswagen, SKF, Unilever, IKEA, Wahaha, Andritz, WISCO, VAST, Schindler, Lee Kum Kee, Hanglung, Tsuneishi etc. The company has offices in Hong Kong, Beijing and Ho Chi Minh City. How to Contact Us ACC Media Relations: ACC Investor Relations: +8610 5869 1319 +8610 5869 1338 firstname.lastname@example.org email@example.com
Centralis Group launches Alternative Investment Fund Anti-Money Laundering Risk Management services
Centralis' Governance, Risk and Compliance service line, launched earlier this year on the incorporation of Wheelhouse Advisors into the Group, continues to broaden its proposition to the alternative investment management sector following last month's acquisition of Danesmead Limited. LUXEMBOURG, Dec. 1, 2022 /PRNewswire/ -- Centralis Group today announced the further expansion of its Governance, Risk and Compliance service line and Cayman Islands business operations with the appointment of offshore anti-money laundering (AML) specialist Gary McLean. Gary will lead a new independent anti-money laundering risk management team that will focus on the provision of specialised AML services to alternative investment funds domiciled in all major jurisdictions. This development comes on the back of the acquisition of the independent directorship services provider Danesmead Limited in November. Under Gary's leadership, tailored investment fund specific AML risk solutions will be delivered via a high calibre team of experienced AML professionals. Services include client funds' Anti Money Laundering Compliance Officer, Money Laundering Reporting Officer, Deputy Money Laundering Reporting Officer roles and delivering AML Advisory. Matthew Crisp, Head of Centralis Governance, Risk & Compliance commented: "Hot on the heels of welcoming our highly experienced independent fund directors to the group, it is immensely satisfying that we are now further extending our services for alternative investment managers. I am delighted to welcome Gary. As an accomplished AML professional who has worked with some of the world's leading asset managers, the experience he brings to bear demonstrates a world class understanding of the AML risk requirements that investment funds face and must comply with, along with the practical means of discharging the attendant obligations. With this latest development, as well as those to come, we strive to bring best-in-class solutions to both current and new clients." Gary McLean commented: "I am absolutely delighted to join the growing team of Centralis professionals. The goal is to provide high quality AML risk solutions that are tailored to address the specific needs of investment funds. The independence and support network of Centralis Group provides the perfect environment to do so." Centralis Group is a leading alternative asset and corporate services provider, offering a full range of services and expertise to its global client base. It has established itself as an industry leader providing a customer-centric tailored service via over 270 highly experienced professionals. The Group is headquartered in Luxembourg, with a presence in 13 countries globally.
111, Inc. Announces Third Quarter 2022 Unaudited Financial Results
SHANGHAI, Dec. 1, 2022 /PRNewswire/ – 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China, today announced its unaudited financial results for the third quarter ended September 30, 2022. Third Quarter 2022 Key Results Net revenues were RMB3.35 billion (US$470.8 million), representing an increase of 0.1% year-over-year. Gross segment profit (1) increased by 21.6% year-over-year, with B2B segment profit increasing by 26.9% year-over-year. Total operating expenses were RMB282.7 million (US$39.7 million), compared to RMB341.4 million in the same quarter of last year. As a percentage of net revenues, total operating expenses decreased to 8.4% from 10.2% in the same quarter of last year, which reflected continuous improvement in our operation efficiency. Non-GAAP loss from operations (2) was RMB48.7 million (US$6.9 million), compared to RMB135.9 million in the same quarter of last year. As a percentage of net revenues, non-GAAP loss from operations decreased to 1.5% from 4.1% in the same quarter of last year. (1) Gross segment profit represents net revenues less cost of goods sold. (2) Non-GAAP loss from operations represents loss from operations excluding share-based compensation expenses. Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, "Our business was negatively impacted by lockdowns in various cities and provinces during the third quarter. We have tried our very best to work with local governments as well as logistics companies to fulfill our customer/patient orders as these medicines are badly needed. Our net revenue for third quarter increased by 0.1% year-over-year to RMB3.35 billion, while our gross segment profit increased by 21.6% year-over-year. Non-GAAP loss from operations was narrowed to 1.5% of net revenues as compared to 4.1% in the same quarter of last year. We are also pleased to see our positive operating cash flow and overall cash flow for the quarter." Mr. Liu added, "Our efforts to improve our margin profile continued to deliver positive results during the quarter. Our overall gross segment margin(3) as a percentage of net revenues improved to 6.0% from 5.0% in the same quarter of last year. B2B segment profit grew by 26.9% year-over-year, and as a percentage of net revenues, B2B segment margin improved to 5.5% from 4.4% in the same quarter of last year. We also improved B2C segment margin to 22.4% from 19.7% in the same quarter of last year. In addition, we continued to enhance our operation efficiency and total operating expenses as a percentage of net revenues decreased to 8.4% in this quarter from 10.2% in the same quarter of last year. We expect this momentum to continue as we scale, and meanwhile we will continue to focus on delivering best services to our customers/patients." (3) Gross segment margin represents gross segment profit divided by net revenues. Third Quarter 2022 Financial Results Net revenues were RMB3,349 million (US$470.8 million), representing an increase of 0.1% from RMB3,346 million in the same quarter of last year. (In thousands RMB) For the three months ended September 30, 2021 2022 YoY B2B Net Revenue Product 3,205,763 3,225,201 0.6 % Service 16,188 23,716 46.5 % Sub-Total 3,221,951 3,248,917 0.8 % Cost of Products Sold(4) 3,080,411 3,069,316 -0.4 % Segment Profit 141,540 179,601 26.9 % Segment Profit % 4.4 % 5.5 % (In thousands RMB) For the three months ended September 30, 2021 2022 YoY B2C Net Revenue Product 116,069 90,941 -21.6 % Service 8,207 8,857 7.9 % Sub-Total 124,276 99,798 -19.7 % Cost of Products Sold(4) 99,751 77,417 -22.4 % Segment Profit 24,525 22,381 -8.7 % Segment Profit % 19.7 % 22.40 % (4) For segment reporting purposes, purchase rebates are allocated to the B2B segment and B2C segments primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses. Cost of service revenue is recorded in the operating expense. Operating costs and expenses were RMB3.4 billion (US$482.1 million), representing a decrease of 2.6% from RMB3.5 billion in the same quarter of last year. Cost of products sold was RMB3.1 billion (US$442.4 million), representing a decrease of 1.1% from RMB3.2 billion in the same quarter of last year. Fulfillment expenses were RMB100.2 million (US$14.1 million), representing a decrease of 0.4% from RMB100.6 million in the same quarter of last year. Fulfillment expenses accounted for 2.99% of net revenues this quarter as compared to 3.01% in the same quarter of last year. Selling and marketing expenses were RMB107.8 million (US$15.2 million), representing a decrease of 18.2% from RMB131.8 million in the same quarter of last year. We continued to see the improved sales efficiency and effectiveness. As a percentage of net revenues, selling and marketing expenses further reduced to 3.2% in the quarter from 3.9% in the same quarter of last year. General and administrative expenses were RMB46.1 million (US$6.5 million), representing a decrease of 13.1% from RMB53.1 million in the same quarter of last year. As a percentage of net revenues, general and administrative expense decreased to 1.4% in the quarter from 1.6% in the same quarter of last year. Technology expenses were RMB29.5 million (US$4.2 million), representing a decrease of 47.3% from RMB56.1 million in the same quarter of last year. As a percentage of net revenues, technology expenses accounted for 0.9% this quarter as compared to 1.7% in the same quarter of last year. We completed major tech development programs last year and believe that current spending reflected the appropriate amount of investment in technology. Loss from operations was RMB80.7 million (US$11.3 million), compared to RMB175.4 million in the same quarter of last year. As a percentage of net revenues, loss from operations decreased to 2.4% in the quarter from 5.2% in the same quarter of last year. Non-GAAP loss from operations was RMB48.7 million (US$6.9 million), compared to RMB135.9 million in the same quarter of last year. As a percentage of net revenues, non-GAAP loss from operations decreased to 1.5% in the quarter from 4.1% in same quarter of last year. Net loss was RMB86.2 million (US$12.1 million), compared to RMB165.8 million in the same quarter of last year. As a percentage of net revenues, net loss decreased to 2.6% in the quarter from 5.0% in same quarter of last year. Non-GAAP net loss (5) was RMB54.3 million (US$7.6 million), compared to RMB126.3 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss decreased to 1.6% in the quarter from 3.8% in same quarter of last year. Net loss attributable to ordinary shareholders was RMB96.8 million (US$13.6 million), compared to RMB252.9 million in the same quarter of last year. As a percentage of net revenues, net loss attributable to ordinary shareholders decreased to 2.9% in the quarter from 7.6% in same quarter of last year. Non-GAAP net loss attributable to ordinary shareholders (6) was RMB64.9 million (US$9.1 million), compared to RMB213.4 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders decreased to 1.9% in the quarter from 6.4% in same quarter of last year. (5) Non-GAAP net loss represents net loss excluding share-based compensation expenses, net of tax. Considering the impact of accretion of redeemable non-controlling interest for the third quarter 2022 (which pertains to the Group's obligation to redeem equity interests held by certain minority investors of a subsidiary of the Company), non-GAAP net loss is used as a meaningful measurement of the operation performance of the Company. (6) Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. As of September 30, 2022, the Company has cash and cash equivalents, restricted cash and short-term investments of RMB865.9 million (US$121.7 million), compared to RMB943.2 million as of December 31, 2021. Conference Call 111's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Thursday, December 1, 2022 (8:30 PM Beijing Time on the same day). Details for the conference call are as follows:Conference Topic: 111, Inc. Third Quarter 2022 Earnings Conference CallRegistration Link: https://s1.c-conf.com/diamondpass/10026835-fg6ds.html All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will then be provided with the dial in number, the Passcode, and the unique access PIN. This information will also be emailed to the participant as a calendar invite. Please dial in 15 minutes before the call is scheduled to begin. To join the conference, simply dial the number in the calendar invite and enter the passcode followed by your PIN, and the participant will join the conference instantly. A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/kpnswevm. A telephone replay of the call will be available after the conclusion of the conference call until Dec 8, 2022, 7:59 AM U.S. Eastern Time:China: 4001209216United States: +1-855-883-1031International: +61-7-3107-6325Conference ID: 10026835 Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP loss from operations as loss from operations excluding share-based compensation expenses. The Company defines non-GAAP net loss as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company believes that non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company's core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release. Exchange Rate Information Statement This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2022. Forward-Looking Statements 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," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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. 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, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: http://ir.111.com.cn/. For more information, please contact: 111, Inc.Investor RelationsEmail: firstname.lastname@example.org 111, Inc.Media Relations Email: email@example.comPhone: +86-021-2053 6666 (China) 111, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) As of As of December 31, 2021 September 30, 2022 RMB RMB US$ ASSETS Current Assets: Cash and cash equivalents 661,390 720,729 101,318 Restricted cash 99,282 38,507 5,413 Short-term investments 182,556 106,710 15,001 Accounts receivable, net 404,469 422,853 59,444 Notes Receivable 90,734 73,233 10,295 Inventories 1,121,107 1,241,409 174,515 Prepayments and other current assets 242,199 188,515 26,501 Total current assets 2,801,737 2,791,956 392,487 Property and equipment, net 80,254 61,406 8,632 Intangible assets, net 4,909 3,740 526 Long-term investments 3,000 2,000 281 Other non-current assets 22,086 20,336 2,859 Operating lease right-of-use asset 233,847 175,521 24,675 Total Assets 3,145,833 3,054,959 429,460 LIABILITIES AND EQUITY Current Liabilities: Short-term borrowings 259,658 229,616 32,279 Accounts payable 1,347,352 1,547,943 217,606 Accrued expense and other current liabilities 522,968 480,563 67,555 Total Current liabilities 2,129,978 2,258,122 317,440 Long-term operating lease liabilities 165,614 115,046 16,173 Other non-current liabilities 1,537 (113) (16) Total Liabilities 2,297,129 2,373,055 333,597 MEZZANINE EQUITY Redeemable non-controlling interests 1,000,849 1,042,801 146,595 SHAREHOLDERS' DEFICIT Ordinary shares Class A 31 31 5 Ordinary shares Class B 25 25 4 Treasury shares (40,859) (40,859) (5,744) Additional paid-in capital 2,817,789 2,903,786 408,208 Accumulated deficit (3,009,678) (3,312,125) (465,611) Accumulated other comprehensive income 59,371 78,567 11,045 Total shareholders' deficit (173,321) (370,575) (52,093) Non-controlling interest 21,176 9,678 1,361 Total Deficit (152,145) (360,897) (50,732)
Monetary Authority of Singapore Grants licence to MetaComp Under Payment Services Act to Provide Digital Payment Token Services
MetaComp is now able to offer regulated digital payment token services to its customers in Singapore MetaComp's platform will provide the infrastructure for traditional and crypto-native companies to build their digital asset offerings Together with its parent company, MetaComp aims to drive token innovation within its ecosystem of products and services SINGAPORE, Dec. 1, 2022 /PRNewswire/ -- The Monetary Authority of Singapore ("MAS") has granted licence to MetaComp Pte. Ltd. (f.k.a. Cyberdyne Tech Services Pte. Ltd) to provide digital payment token services as a Major Payment Institution. Effective December 2022, MetaComp has been granted license under the Payment Services Act, enabling it to offer a holistic, end-to-end suite of digital asset services to corporates, as well as traditional and crypto-native institutional investors, and enabling it to safely bridge the gap between traditional finance and crypto assets for its customers. Dr. Bo Bai, Executive Chairman and Co-Founder of MetaComp said, "At MetaComp, we believe in the potential of tokenisation and in its ability to solve some of the world's most pressing issues today — from enhancing financial inclusion to strengthening the integrity of green finance initiatives. This is a view that the MAS has equally held, evidenced by the robust regulatory frameworks that have enabled Singapore to position itself on the global stage as a trusted hub for digital asset innovators such as MetaComp to grow." MetaComp offers a leading digital asset exchange built on the cloud and powered by the best-in-class Nasdaq trading engine. Backed by bank-grade, enhanced customer due diligence that is compliant with global KYC/AML frameworks as stipulated by the Financial Action Task Force (FATF), MetaComp empowers accredited and institutional investors to confidently enter the digital market with safety, security, and compliance. Led by a world-class team of executives with over three decades of collective experience across leading multinational and regional financial services firms, MetaComp straddles the worlds of traditional finance across private equity and hedge funds and digital assets. MetaComp's efforts to drive token innovation are strengthened by its parent company MetaVerse Green Exchange ("MVGX")'s unique set of licenses. MVGX is a digital green exchange that holds the Recognised Market Operator License and Capital Market Service License for dealings in securities and collective investment schemes and providing custodial services, under Singapore's Securities and Futures Act. Under its Capital Market Service License, MVGX is also permitted to conduct dealings in over-the-counter (OTC) derivatives and exchange-traded derivatives, to further enhance the firm's overall financial offerings. Together, both entities are able to offer exposure to tokens backed by real-world assets, such as tokens backed by intellectual properties, tokens backed by supply chain financing, and tokens backed by carbon credits in the form of the Carbon Neutrality Token (CNT®), effectively strengthening their positions as enablers of sustainable growth of the real-world economy. As a prime example of token innovation, the CNT® is designed with the company's proprietary protocols and blockchain technology to facilitate cross-border trading of carbon voluntary emission reduction credits. "In recent years, we've witnessed the rapid expansion and maturation of the digital assets ecosystem. Our team built MetaComp to serve as a compass guiding institutional investors and businesses in their long-term digital asset investment journey, setting them on the right path from the very start. The regulatory support from the MAS is critical in imbuing even greater trust and integrity in Singapore's domestic digital asset industry, enabling institutions to make the leap into the sector with confidence. With MetaComp now regulated as a Major Payment Institution, we look forward to leveraging our unique set of regulatory licenses to support traditional financial services in their transition towards embracing a new breed of digital financial services," continued Dr. Bai. MetaComp Executive Chairman and Co-Founder Bo Bai is available for interviews About MetaComp (WWW.MCE.SG) MetaComp is a leading Singapore-based digital asset platform that is regulated by the Monetary Authority of Singapore under the Payments Services Act. Founded in 2018, MetaComp offers a world-class digital exchange platform with the best-in-class Nasdaq trading engine. With a focus on institutional and accredited investors as well as corporates, MetaComp operates under a P2B2C (platform-to-business partners-to-clients) model and provides an integrated end-to-end suite of services to its clients, empowering them to confidently enter the digital asset market with the much-needed safety, security, and compliance. MetaComp's suite of services also provides a compliant platform on which businesses can develop and scale their digital asset offerings, through OTC and exchange trading services, fiat payment gateway, digital asset custody, prime brokerage, and asset management. MetaComp was granted its Major Payment Institution Licence under the Payment Services Act by the Monetary Authority of Singapore in December 2022. MetaComp's parent company, MetaVerse Green Exchange, holds the Recognised Market Operator License and Capital Market Service License for dealings in securities, collective investment schemes, exchange-traded derivatives, and OTC derivatives, as well as providing custodial services, under Singapore's Securities and Futures Act. Media Contact: firstname.lastname@example.org
Tsz Wan Shan Shopping Centre Presents the "Jagabee Magical Carnival"
Potta to Grant New Year Wishes amid Magic Formations Spanning 78 m2 A spherical magic formation 10 metres in diameter grants New Year wishes in the sky garden, plus a 20-metre-long tunnel of starlight offers an amazing backdrop for selfies Free admission to "Magical Carnival" games and workshops, and redemption opportunities for the chance to win limited-edition prizes Shop to receive exclusive Jagabee and Potta goodies HONG KONG, Dec. 1, 2022 /PRNewswire/ -- Tsz Wan Shan Shopping Centre is partnering with Calbee for the first time to organise the "Jagabee Magical Carnival", where the popular character Potta puts a magic spell on the winter holiday season. Tsz Wan Shan Shopping Centre is partnering with Calbee for the first time to organise the “Jagabee Magical Carnival”, where the popular character Potta puts a magic spell on the winter holiday season. Boasting over 150 merchants and more than 100 parking spaces, Tsz Wan Shan Shopping Centre is the biggest and ultimate shopping, dining and leisure destination in the neighbourhood, with its special events and happenings always whipping up excitement among shoppers. For the upcoming winter holiday season, Tsz Wan Shan Shopping Centre is teaming up for the first time with popular character Potta to host the "Jagabee Magical Carnival", a festive party where all New Year wishes will be granted as the fun-drenched celebration unfurls. Journey with Potta to Collect Magic Stamps for Gifts This winter, Potta is conjuring a spellbound journey out of a Magic Bible, with magic handbooks available for collection on 5/F. Follow the itinerary to collect magic stamps from Magic Power Stations dotting each floor of the mall and redeem the stamps for gifts! The first stop is the 7/F sky garden, where weekends-only carnival games – namely "Magic Puzzles", "Magic Treasure Hunt", "Magic Throws" and "Magic Hoops" – invite players to rise to the challenge. Visitors can also create their own Christmas huts or baubles during one of the magic DIY workshops, or join the upcycling workshop to turn potato chip bags into multifunctional pouches. Potta will greet visitors at each of the Magic Power Stations offering different magic stamps and – abracadabra – up go your "imagination", "curiosity", "generosity", "love", "knowledge", "wisdom", "strength", "happiness", "creativity" and "faith" level bars! Any combination of five stamps is good for a magic card, and after collecting 10 stamps, you can redeem them for fabulous offers from selected merchants or delicious treats, plus another magic card. This card grants you access to an exclusive magic game with an array of exciting prizes (valued at $100,000 in total) up for grabs. Giant Wish-Granting Magic Formations and a 20-Metre-Long Tunnel of Starlight The magic-infused experience goes on from day to night! On 7/F of Tsz Wan Shan Shopping Centre, giant magic formations spanning over 78 m2 glimmer at nightfall. The play of light creates an iridescent halo around the sky garden with a 20-metre-long tunnel of starlight, topped off by magic hats and neon signs carrying auspicious messages to complete a truly photogenic setting. And of course Potta will be there to shower New Year blessings on well-wishers. Exclusive Jagabee Potta Goodies Plus Meet & Greet Opportunities Shoppers with a designated amount of e-spending are entitled to exclusive goodies, including the fluffy "Magical Coral Fleece Blanket" and the eco-friendly "Potta's Magical Reusable Bag" made with recycled materials. Spread the winter magic and New Year blessings with "Jagabee Magical Carnival" mobile stickers courtesy of Potta (available for free download). More festive surprises are on the menu on designated dates, as Potta turns out at Tsz Wan Shan Shopping Centre for meet & greet and photo ops with fans. In addition, on specified weekends, the outdoor stage on 6/F will host music performances to celebrate Christmas. Terms and conditions apply. The programme is subject to change without prior notice. For more details about the event, please visit Linkhk.com. Download Photos: http://bit.ly/3XGGTgp About Link Link Real Estate Investment Trust (Link REIT; Hong Kong stock code: 823) is the largest REIT in Asia. It is managed by Link Asset Management Limited, a leading real estate investor and asset manager in the world. Since its listing in 2005 as the first REIT in Hong Kong, Link REIT has been 100% held by public and institutional investors. It is a constituent of the Hong Kong securities market benchmark Hang Seng Index, as well as a component of the Dow Jones Sustainability Asia Pacific Index, the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index. From its home in Hong Kong, Link Asset Management Limited owns and manages a diversified portfolio including retail facilities, car parks, offices and logistics assets spanning from China's Beijing, Greater Bay Area (Hong Kong, Guangzhou and Shenzhen), and Yangtze River Delta centred around Shanghai, to the UK's London and Australia's Sydney and Melbourne. Link Asset Management Limited seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of sustainable growth. For details, please visit https://www.linkreit.com/ About Calbee "Calbee" is originated by its English name, which composes of two parts: "Cal" and "bee". "Cal" means Calcium and "bee" refers to the pronunciation of Vitamin B. Calcium is the essential element for human bone development while Vitamin B can foster body metabolism, which can strengthen personal resistance to virus attack. "Calbee", reflects the company goal, always devoted to providing nutritional benefits to the world. In 1994, Calbee Four Seas Company Limited was founded, followed by the Tseung Kwan O manufacturing plant in 2000 for the production of freshly made delicacies. Photos and campaign details Magical Carnival Potta the magician says abracadabra and participants in all games can collect stamps and win prizes. Visitors can also unleash their creativity in various DIY or eco-friendly workshops. Date: 1 Dec 2022 to 15 Jan 2023 (Weekends and Public Holidays) Time：1pm - 6pm (Workshop: 1pm – 5pm) Venue：7/F Sky Garden, Tsz Wan Shan Shopping Centre How to participate: Free to Join Magic Bible and Magic Power Stations From the Magic Bible comes the magic handbook, which visitors can use to collect stamps at Magic Power Stations in a journey through the mall. These magic stamps can later be redeemed to receive exclusive prizes and offers from merchants. Date: 1 Dec 2022 to 15 Jan 2023 Venue: 1/F, 4/F, 5/F, 6/F & 7/F, Tsz Wan Shan Shopping Centre Redemption Date: Weekends and Public Holidays Redemption Time: 12nn – 8pm Redemption Venue: 5/F Magic Bible, Tsz Wan Shan Shopping Centre Potta's Wish-Granting Magic Formation Potta the magician conjures blissful power at the heart of a 100m3 magic formation to grant well-wishers' New Year wishes. Date: 1 Dec 2022 to 15 Jan 2023 Time：11am - 10pm Venue：7/F Sky Garden, Tsz Wan Shan Shopping Centre Tunnel of Starlight The 20-metre-long tunnel of starlight creates an iridescent halo around the sky garden to immerse visitors in a magical experience under the stars. Date: 1 Dec 2022 to 15 Jan 2023 Time：11am - 10pm Venue：7/F Sky Garden, Tsz Wan Shan Shopping Centre Exclusive Magic Card Games Visitors who purchase recommended products or who have designated stamps from spending are eligible to receive a magic card, which grants the holder access to exclusive games with a chance to win fabulous prizes and limited-edition Jagabee snacks. Date: 1 Dec 2022 to 15 Jan 2023 Redemption Date: Weekends and Public Holidays Redemption Time：12nn - 8pm Venue：5/F Magic Bible, Tsz Wan Shan Shopping Centre Jagabee Potta Crossover Goodies The mall is collaborating with Calbee to present a series of limited-edition goodies for shoppers who spend a designated amount, including the "Magical Coral Fleece Blanket" and the eco-friendly "Potta's Magical Reusable Bag", available in limited quantities while stock lasts. How to redeem: Shoppers with e-spending^ totalling $1,800 or more accumulated over seven days within the promotion period at Tsz Wan Shan Shopping Centre can redeem their receipt(s) for a "Magical Coral Fleece Blanket"; those with $800 or more can redeem their receipt(s) for a "Potta's Magical Reusable Bag". Each item is available in a quantity of 500 on a first-come, first-served basis while stock lasts. Redemption date: 10 Dec 2022 until stock runs out Redemption Time：12nn - 8pm Venue：3/F Customer Service Counter, Tsz Wan Shan Shopping Centre Potta Magic Meet & Greet Potta will celebrate the festive season and exchange sorcery skills with fans. Date: 24 Dec 2022 & 2 Jan 2023 Time: 3pm Venue: 5/F & 7/F Sky Garden, Tsz Wan Shan Shopping Centre Free Download of "Jagabee Magical Carnival" Mobile Stickers Let Potta send your friends and relatives best wishes for Christmas and the New Year! How to download: http://bit.ly/3Uf71fr ^Electronic payment methods include credit card, EPS, Octopus, Apple Pay, Google Pay, Samsung Pay, Tap & Go, WeChat Pay, AlipayHK or other mobile payment applications
New governance awards celebrates innovators flipping the boardroom on its head
SYDNEY, Dec. 1, 2022 /PRNewswire/ -- Board training & education company Future Directors Institute (FDI) announces the launch and call-for-entries for their annual Future Director Awards. Now in its second year, the award categories have been expanded to include Future Boards as well as Future Directors based in Australia and New Zealand. FDI Founder Paul Smith says that in a year dominated by news of underperforming boardrooms, "Instead of focusing on problems, we want to focus on solutions. Our awards honour the boards and directors who are approaching their responsibilities through a lens of innovation and fresh perspectives. Those who understand that not all the old ways work." This year's Awards see the introduction of a new category. In addition to the Future Director Award recognising the most innovative board directors, the Future Board Award has been added to recognise future-fit collectives in the boardroom. Those bringing innovation, change, growth, learning and highly effective stewardship to their organisations. Entries are open to fiduciary directors and boards based in Australia and New Zealand. Directors must be non-executive and have held an active position for over 12 months. A select number of finalists will be profiled throughout the Awards program and category winners will be announced in May 2023. Future Director Awards is supported by BoardPro, Westpac Group and AIME, with over $10,000 worth of prizes up for grabs for finalists and winners. The governance community is also able to nominate directors and boards to enter the Awards - encouraging people to identify those they've encountered on boards who are innovative and making a meaningful and positive impact. Smith adds, "We want to coax out the community of board directors who see the boardroom as a vector for change," "We also want to show them that they're not alone - that there's a community of Future Directors and Future Boards out there who are passionate, progressive and hungry to design a better future and see the boardroom as the place to drive change." Entries close Tuesday 28th February. awards.futuredirectors.com ABOUT FUTURE DIRECTORS INSTITUTE: https://www.futuredirectors.com/about ABOUT PAUL SMITH: https://www.futuredirectors.com/fdi-founder-paul-smith For Media Enquires Contact: Natalie Musiconmusico@futuredirectors.com+61 0412720789 Paul Smithpsmith@futuredirectors.com+61 0416 851 072
2C2P and Pine Labs to Expand Buy Now Pay Later Acceptance in Southeast Asia
SINGAPORE, Dec. 1, 2022 /PRNewswire/ -- 2C2P, a global payments platform and leading merchant commerce omnichannel platform Pine Labs have partnered to expand Buy Now Pay Later (BNPL) across Asia in six key markets, namely Singapore, Malaysia, Hong Kong, Indonesia, the Philippines and Thailand. 2C2P and Pine Labs to Expand Buy Now Pay Later Acceptance in Southeast Asia Unlike other BNPL offerings, Pine Labs works with issuing banks to enable cardholders of participating issuing banks to purchase items with multiple and longer instalment tenures, without having to download any mobile application or subscribe to any additional e-wallet or payment services. Cardholders will be able to make instant instalment payments at checkout up to their pre-approved credit limit with no interest charge. This partnership is expected to boost consumer confidence in the region and empower retail merchants to sell more and sell often to their customers. Pine Labs' BNPL strategy has a strong track record in India and has now expanded into various Southeast Asian markets. Since its launch in Singapore, Pine Labs Pay Later has emerged as a flexible payment option for merchants across a variety of verticals, including retail and tech, counting the likes of Eu Yan Sang, Samsung, OPPO, and more as its clients. "We are delighted with the rapid strides we are taking in Southeast Asia when it comes to expanding our Buy Now Pay Later proposition. In this respect, we are excited to announce today our partnership with leading payments player 2C2P. With more young shoppers preferring digital modes of payments, we believe our BNPL offering will hit the right chord with the discretionary consumer of today and help merchants in the region drive sales, especially of big-ticket items, and contribute to a positive customer experience," said Dheeraj Chowdhry, Chief Business Officer & Head - Pay Later, Southeast Asia, Pine Labs. "BNPL solutions have emerged as an essential capability for card issuers and merchants across the globe. In doing so, by partnering with Pine Labs, we are excited to aggregate customer demand and increase retailers' cross-sell opportunities. If shoppers prefer a BNPL fintech solution, we are here and enabling it; if they want an option from their banks, we're offering those too. At 2C2P, we are always looking for new ways to support our merchants' growth and enhance the payment experience by offering all types of payment options. With the shift in demand for digital payments and the appeal of interest-free payments, BNPL is an effective tool to expand sales and attract younger tech-savvy customers," said Agnes Chua, Executive Director of Business and Product Development of 2C2P. "Unlike other BNPL offerings, customers now have more flexible payment options to consider when making larger purchases. This aids customers to better plan and manage their spending, especially when moving into a new home," said Andrew Kang, Head of eCommerce in Samsung. Winston Tan, Head of Sales from OPPO said, "Having Pine Labs as a payment option enables us to give our customers more flexibility in how they pay for their purchases. We believe the option will make it easier and more attractive for price-sensitive customers to afford large ticket items and help with cash flow management and budgeting." "Integrating the BNPL platform into our payment system has been seamless. Since implementing the program, our stores have seen incremental customer engagement and good satisfaction," said Rachel Cheng, Managing Director of Eu Yan Sang Singapore. According to an IDC report commissioned by 2C2P, BNPL spending is expected to expand by $9.8billion in 2026, a 3.5x increase from 2021. In addition, retail sales in Singapore grew by 11.2% year on year in September 2022, marking the seventh straight month of increase in retail trade this year. Amidst the positive outlook for retail trade, the ease of instalment purchase offerings at the offline point of sale will encourage the continued growth of the retail industry amidst post-COVID-19 disruptions. About Pine Labs Pine Labs is a leading merchant commerce omnichannel platform operating across India and Southeast Asia. Pine Labs' tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale. In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up. In issuing, Qwikcilver serves leading corporates, Fast-Moving Consumer Goods (FMCG) brands, e-commerce companies, the Banking, Financial Services and Insurance (BFSI) sector and the airline industry, with a presence across India, the Middle East, Southeast Asia and Australia. Qwikcilver is a go-to gift card provider among companies looking to, among other things, bolster their employee rewards program and issue closed-loop gift cards for customer acquisition. In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way. Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. To know more, please visit www.pinelabs.com. About 2C2P 2C2P is a full-suite payments platform helping the world's leading enterprises securely accept and make payments through one point of integration. Its far-reaching network extends across online, mobile and offline channels including over 400,000 alternative payment locations, enabling enterprises to reach their customers or recipients anywhere. 2C2P also provides value-added services such as issuing, 3D Secure, bill payments and digital goods to meet every business need. The company is headquartered in Singapore and operates globally. It is the preferred payments platform of tech giants, online marketplaces, retailers and other global enterprises. https://2c2p.com Media Contact:Chauhans@email@example.com
Bud APAC Hosts its 2022 Investor Day
HONG KONG, Dec. 1, 2022 /PRNewswire/ -- Budweiser Brewing Company APAC ("Bud APAC" or the "Company", SEHK:1876) is hosting its inaugural 2022 Investor Day. Jan Craps, Chief Executive Officer and Co-chair of the Board, and the senior leadership team will discuss the Company's strategic priorities, focused on leading and growing the beer category, digitizing and monetizing Bud APAC's ecosystem, optimizing its business and creating a more sustainable and inclusive future. Please join the Bud APAC 2022 Investor Day beginning today at 9:00am HKT / 10:00am KST. To register, please visit the following website: https://ap-app.webinar.net/Aye6mwyM1OK?preview=true&_=1667500263914 About Budweiser Brewing Company APAC Limited Budweiser Brewing Company APAC Limited ("Bud APAC") is the largest beer company in Asia Pacific, with leadership positions in Premium and Super Premium beer segments. It brews, imports, markets, distributes and sells a portfolio of more than 50 beer brands, including Budweiser®, Stella Artois®, Corona®, Hoegaarden®, Cass® and Harbin®. Bud APAC has expanded beyond beer into new categories such as ready-to-drink, energy drinks and spirits in recent years. Through its local subsidiaries, Bud APAC operates in its principal markets, including China, South Korea, India and Vietnam. Headquartered in Hong Kong SAR, China, Bud APAC operates 48 breweries and employs over 25,000 colleagues across APAC. Bud APAC is listed on the Hong Kong Stock Exchange under the stock code "1876" and is a Hang Seng Composite Index member that is incorporated under the laws of the Cayman Islands. The Company is a subsidiary of Anheuser- Busch InBev, the public Company listed on Euronext which has over 600 years of brewing heritage and an extensive global presence. Legal Disclaimer This release may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks, uncertainties and other factors beyond our control. Please refer to the investor seminar presentations published at our website https://www.budweiserapac.com/ for the full disclaimer.