Monthly Archives: April 2020

PR Newswire

Planful Welcomes Shane Hansen as Chief Financial Officer

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Hansen Brings Significant Go-to-Market, Analytics, and Business Performance Expertise to New Role

REDWOOD CITY, California, April 30, 2020 /PRNewswire/ — Planful, Inc. (formerly Host Analytics), a leading financial planning and analysis (FP&A) cloud platform provider, today announced that Shane Hansen has joined the company as Chief Financial Officer (CFO). 

With 15+ years of finance and technology experience, Hansen has seen firsthand why legacy approaches to planning, forecasting, reporting, and analytics are difficult to optimize and scale in a world rapidly moving to cloud technologies. Hansen will focus on long-term growth for the company to meet the needs of the underserved mid-to-enterprise-sized companies looking to modernize their back-office technologies.

“We’re excited to welcome a brilliant, experienced executive like Shane to the Planful team,” said Grant Halloran, Chief Executive Officer, Planful. “Shane is an excellent fit from a team culture perspective. His approach embodies the savvy financial planning professionals we serve, and he thoroughly understands the software market’s growth levers and how companies can capitalize on opportunities and achieve success.”

Prior to joining Planful, Hansen served as Divisional CFO for Vivint Smart Home, where he had previously served as Vice President (VP) of Finance, Strategy, Innovation & Business Development. Before that role, Hansen held several key financial analytics, go-to-market, and value creation leadership positions with security software leader Symantec, steadily rising through the ranks to become the VP of Finance, Enterprise Security.

Earlier in his career, Hansen served as a financial analyst, law clerk, and consultant/developer for various organizations after completing a Fulbright fellowship. Hansen’s impressive academic credentials include an MBA from the Wharton School, a JD from the University of Pennsylvania, and a BA in Russian and international development from Brigham Young University. 

“I’m thrilled to be joining the team at Planful because of the strong growth trajectory of the FP&A cloud software market, the power of Planful’s world-class product offering, and experienced industry leadership,” Hansen said. “As we help customers weather uncertain business conditions with a Continuous Planning approach, we’re also positioning Planful for phenomenal success within the cloud FP&A solutions market with our unique platform.”

About Planful
 Planful is a leading financial planning and analysis (FP&A) cloud platform. Planful delivers a vision of Continuous Planning by accelerating the end-to-end FP&A process and fostering business-wide participation in agile planning and decision-making. More than 800 customers including Bose, Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe rely on Planful for financial planning and budgeting, dynamic operational planning, financial consolidations, reporting, and visual analytics. Planful is a private company backed by Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses. Learn more at www.planful.com.

Additional Resources
 Join the FP&A Community on Slack
Join the FP&A Live Roundtable on Zoom
View FP&A Resources to Navigate an Uncertain World
Join the conversation on social media: LinkedIn, Twitter, or Facebook.

Contact
 press@planful.com

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PR Newswire

GigaMedia Announces First-Quarter 2020 Financial Results

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TAIPEI, April 30, 2020 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results.

Comments from Management

For the first quarter of 2020, GigaMedia reported revenues of $1.60 million, with a gross profit of $0.93 million, an operating loss of $0.64 million and the net loss of $0.29 million. Total revenues increased by 6.6% if compared to the previous quarter, and net loss was similar.

“The pandemic of COVID-19 only mildly affected our operations in Taiwan and Hong Kong,” said GigaMedia CEO James Huang. “While it has indeed caused disruptions to our offline marketing and operating activities, we managed to mitigate its impact, and continued improving the productivity in our existing products and making progress in developing new offerings.”

First Quarter Overview

  • Operating revenue increased by $0.10 million or 6.6% in quarter-on-quarter comparison, and increased by 8.2% in year-over-year comparison.
  • Loss from operations amounted to approximately $0.64 million and net loss approximately $0.29 million, comparable to the fourth quarter of 2019 and slightly improved when compared with the same quarter last year.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the First Quarter

GIGAMEDIA 1Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, in US$ thousands, except for percentages and per
share amounts)

1Q20

4Q19

Change

(%)

1Q20

1Q19

Change

(%)

Revenues

$

1,604

$

1,504

6.6

%

$

1,604

$

1,483

8.2

%

Gross Profit

927

1,025

(9.6)

%

927

738

25.6

%

Loss from Operations

(640)

(399)

NM

(640)

(949)

NM

Net Loss Attributable to GigaMedia

(286)

(271)

NM

(286)

(532)

NM

Loss Per Share Attributable to GigaMedia,
Diluted

(0.03)

(0.02)

NM

(0.03)

(0.05)

NM

EBITDA(A)

(536)

(574)

NM

(536)

(876)

NM

Cash, Cash Equivalents and Restricted Cash

57,311

58,274

(1.7)

%

57,311

58,494

(2.0)

%

NM= Not Meaningful

(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.)

First-Quarter Financial Results

  • Consolidated revenues for the first quarter of 2020 increased by 6.6% quarter-on-quarter to $1.60 million, from $1.50 million in the fourth quarter of 2019, or by 8.2% year-over-year from $1.48 million in the first quarter of 2019.
  • Consolidated gross profit decreased to $0.93 million from $1.03 million in last quarter but increased by 25.6% from $0.74 million in the same quarter last year.
  • Consolidated operating expenses were $1.57 million in the first quarter of 2020, representing an increase by $0.14 million quarter-on-quarter, or a decrease by $0.12 million from $1.69 million year-over-year.
  • Loss from operation for the first quarter of 2020 was approximately $0.64 million, comparable to a loss of $0.40 million last quarter and approximately a loss of $0.95 million in the first quarter of 2019.
  • Net loss for the first quarter of 2020 was $0.29 million, approximately comparable to such amount in the fourth quarter of 2019, and improved by $0.25 million when compared with the net loss of $0.53 million in the same quarter last year.
  • Cash, cash equivalents and restricted cash at the first quarter-end of 2020 accounted for $57.31 million, which decreased by $0.96 million from the end of 2019.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounting to $57.31 million, or approximately $5.19 per share as of March 31, 2020.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of April 30, 2020. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In following quarters, we will continue developing new offerings to enhance the variety of our product lines, while our marketing strategies will adjust swiftly, as in the current coronavirus situation, stay-home requirement may boost sales of online business on the one hand, but prevailing economic uncertainties and weakened consumer confidence may discourage spending on entertainment on the other hand.

“In this time of uncertainty, we don’t just wait out the storm. We practice frugality and adapt proactively while focusing on sharpening our core competence,” stated CEO James Huang, “so that we will get well prepared when the storm is over.”

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will also continue reviewing potential targets that have strategic capacity to accelerate our growth and enhance shareholders’ value,” said CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the first quarter 2020 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2020 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Operating revenues

Digital entertainment service revenues

$

1,603,904

$

1,503,848

$

1,483,233

Operating costs

Cost of digital entertainment service revenues

677,194

479,341

744,901

Gross profit

926,710

1,024,507

738,332

Operating expenses

Product development and engineering expenses

328,815

213,241

320,494

Selling and marketing expenses

410,475

427,090

526,003

General and administrative expenses

824,442

571,562

835,987

Impairment losses

—

208,921

—

Other

2,984

2,957

5,214

1,566,716

1,423,771

1,687,698

Loss from operations

(640,006)

(399,264)

(949,366)

Non-operating income (expense)

Interest income

255,719

322,587

381,799

Foreign exchange (loss) gain – net

98,887

(84,774)

(11,402)

Other – net

(298)

(110,020)

46,912

354,308

127,793

417,309

Loss before income taxes

(285,698)

(271,471)

(532,057)

Income tax benefit (expense)

—

—

—

Net loss attributable to shareholders of GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Loss per share attributable to GigaMedia

Basic and Diluted:

$

(0.03)

$

(0.02)

$

(0.05)

Weighted average shares outstanding:

Basic

11,052,235

11,052,235

11,052,235

Diluted

11,052,235

11,052,235

11,052,235

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

3/31/2020

12/31/2019

3/31/2019

unaudited

audited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

$

56,777,472

$

57,742,696

$

57,976,503

Accounts receivable – net

355,225

368,445

589,520

Prepaid expenses

276,010

112,243

208,919

Restricted cash

533,436

530,984

517,815

Other receivables

238,396

261

375,192

Other current assets

148,757

138,601

127,377

Total current assets

58,329,296

58,893,230

59,795,326

Property, plant & equipment – net

8,117

—

100,148

Intangible assets – net

17,965

—

32,492

Prepaid licensing and royalty fees

210,530

43,915

383,681

Other assets

285,319

285,071

1,034,278

Total assets

$

58,851,227

$

59,222,216

$

61,345,925

Liabilities and equity

Short-term borrowings

$

—

$

—

$

—

Accounts payable

60,405

64,337

98,921

Accrued compensation

156,948

200,455

134,243

Accrued expenses

1,449,553

1,079,234

1,228,483

Unearned revenue

1,285,399

1,364,749

1,290,792

Other current liabilities

715,877

874,434

177,073

Total current liabilities

3,668,182

3,583,209

2,929,512

Other liabilities

7,337

94,385

779,919

Total liabilities

3,675,519

3,677,594

3,709,431

Total equity

55,175,708

55,544,622

57,636,494

Total liabilities and equity

$

58,851,227

$

59,222,216

$

61,345,925

GIGAMEDIA LIMITED

Reconciliations of Non-GAAP Results of Operations

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Depreciation

354

10,888

25,388

Amortization

4,657

9,669

12,899

Interest income

(255,719)

(322,587)

(381,799)

Interest expense

—

—

—

Income tax (benefit) expense

—

—

—

EBITDA

$

(536,406)

$

(573,501)

$

(875,569)

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PR Newswire

Shenzhen Daily: Innovation-driven growth marks 5th anniversary of Qianhai

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SHENZHEN, China, April 30, 2020 /PRNewswire/ — A news report by Shenzhen Daily on the 5th anniversary of the inauguration of the Qianhai & Shekou Free Trade Area.

Qianhai-headquartered WeBank has grown into a top private bank in China over the past five years since its establishment, servicing over 200 million individual clients with its inclusive financial system.

Set up in December 2014 as one of the country’s first private banks and the first Internet-only bank, WeBank has become the world’s leading digital bank, as claimed by the Massachusetts-based Forrester Research, one of the most influential research and advisory firms.

An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).
An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).

Figures show that the digital-only bank had 220 billion yuan (US$31.03 billion) in assets by the end of 2018. Its net profit reached 2.47 billion yuan in 2018, surpassing the total profit of 1.98 billion yuan by the 16 other private banks set up at the same time as WeBank.

The digital bank would not have made it without the innovation-oriented business environment in Qianhai, part of the China (Guangdong) Pilot Free Trade Zone inaugurated April 27, 2015, said Wan Jun, chairman of the board of supervisors of WeBank.

WeBank is one of the enterprises that have gone through rapid development in Qianhai, which Shenzhen Special Zone Daily said has become the core engine for high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area, in the past five years.

Official statistics show that the added value of Qianhai-registered enterprises has grown 150 percent over the past several years, while its tax revenue has doubled. The fixed asset investment in Qianhai has gone up 90 percent, and it contributed 2.4 percent of the 2019 GDP of Guangdong Province. The 2019 Guangdong GDP topped the nation at 10.77 trillion yuan.

Qianhai has reported a 152 percent growth in foreign trade over the past five years. The total volume of imports and exports in its Qianhaiwan Bonded Free Trade Port Area reached 128.55 billion yuan last year, up 233 percent from 55.2 billion yuan in its inaugural year.

Liu Yuli, deputy general manager of YHGlobal based in Qianhaiwan port, said her company recorded over 200% year-on-year growth in the first quarter of the year despite the economic uncertainty caused by the COVID-19 pandemic.

The total volume of imports and exports of YHGlobal, a Hurun-listed unicorn engaged in the global supply chain, reached 59.4 billion yuan last year, topping Shenzhen’s supply-chain enterprises and ranked No. 13 nationally, according to Liu.

She attributed the eye-catching growth of YHGlobal to a series of innovative customs policies adopted to facilitate cross-border trade.

“Take the global central warehouse initiation as an example,” Liu said. “The global central warehouse allows the storage of different kinds of goods — including bonded and nonbonded goods, and imported and exported goods — in the same warehouse in the Qianhaiwan port, greatly reducing the operational costs and facilitating the flow of cross-border goods.”

Liu said Shekou Customs has created many other favorable policies to address the actual needs of importers and exporters within their business operations, which also helps them lure more new clients.

The high-quality economic development in Qianhai is due in large part to institutional innovations that the Qianhai authority has committed to since its establishment.

According to official statistics, Qianhai has rolled out 106 institutional innovations last year, bringing the total number to 520 in five years’ time. Of them, 50 have been promoted nationwide, five in the Greater Bay Area, 69 in Guangdong Province and 166 have been duplicated for use in Shenzhen.

Qianhai has topped the country for the past two consecutive years in the national innovation index compiled by the Guangzhou-based Sun Yat-sen University.

Efforts by the Qianhai authority to create a fair, transparent business environment has paid off. The actual use of foreign investment in the free trade area has grown 187 percent in five years, accounting for 21 percent of the total foreign investments made in Guangdong last year, up from the 8.3 percentage points in the first year of its establishment.

Nearly 1,400 new Hong Kong-funded enterprises were registered in Qianhai last year, bringing in 88 billion yuan in registered capital. By the end of 2019, Qianhai had become home to 12,102 Hong Kong-funded companies, up 420% from 2,313 at the end of 2015. The Hong Kong-funded companies have brought in a total of 1.3 trillion yuan in registered capital.

Qianhai was ranked 51st in the world business environment list by PricewaterhouseCoopers in 2017, then jumped to 31st in 2018 and 23rd last year.

Over the past five years, a total of 59 new roads, 36 kilometers in length, have been opened to traffic and 179 new office buildings have been put into use, offering companies 3.13 million square meters of office floor space in Qianhai.

http://szdaily.sznews.com/PC/layout/202004/27/node_02.html#content_851012

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PR Newswire

58.com Announces Receipt of Updated Preliminary Non-Binding Proposal

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BEIJING, April 30, 2020 /PRNewswire/ — 58.com Inc. (NYSE: WUBA) (“58.com” or the “Company”), China’s largest online classifieds marketplace, today announced that its Board of Directors (the “Board”) has received a preliminary non-binding proposal letter dated April 30, 2020 (the “Proposal Letter”) from Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited, and Mr. Jinbo Yao, Chairman of the Board and Chief Executive Officer of 58.com (collectively, the “Consortium”), with respect to the proposed  “going-private” transaction (the “Proposed Transaction”) wherein the Consortium proposes to acquire all of the outstanding ordinary shares of the Company, including Class A ordinary shares represented by the American Depositary Shares of the Company (the “ADSs”, each representing two Class A ordinary shares) for US$27.50 in cash per ordinary share, or US$55.00 in cash per ADS. A copy of the proposal letter is attached hereto as Exhibit A. The Consortium was formed in furtherance of the proposed transaction initially set forth in the preliminary non-binding proposal letter submitted by Ocean Link Partners Limited to the Company on April 2, 2020, and the Proposal Letter updates the initial proposal letter accordingly. As previously announced, the Board had formed a committee of two independent directors (the “Special Committee”) to evaluate the Proposed Transaction, or any alternative strategic option that the Company may pursue. The Special Committee will continue to evaluate the Proposed Transaction in light of the latest development.

The Board and the Special Committee caution the Company’s shareholders and others considering trading the Company’s securities that no decisions have been made with respect to the Proposed Transaction or any alternative strategic option that the Company may pursue. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the Proposed Transaction or that any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China’s largest online classifieds marketplace, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local business users and consumer users to connect, share information and conduct business. 58.com’s broad, in-depth and high-quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.

Safe Harbor Statements

This press release contains forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. 58.com 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 report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about 58.com’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: 58.com’s goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user base and network of local merchants for its online marketplace; the growth of, and trends in, the markets for its services in China; the outbreak of COVID-19 or other health epidemics in China or globally; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users’ information and adequately address privacy concerns. 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 current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

58.com Inc.
ir@58.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Exhibit A
Updated Preliminary Non-Binding Proposal
 to Acquire 58.com Inc.

April 30, 2020

The Board of Directors
58.com Inc.
Building 105, 10 JiuXianQiao North Road Jia
Chaoyang District, Beijing 100015
The People’s Republic of China

Dear Board Members,

Reference is made to the preliminary non-binding proposal dated April 2, 2020 (the “Original Proposal”, as amended and updated by this letter and as may be further amended and updated from time to time, the “Proposal”) from Ocean Link Partners Limited (together with its affiliated investment entities, “Ocean Link”) to acquire all of the outstanding ordinary shares of 58.com Inc. (the “Company”) in a going private transaction (the “Transaction”).

We, Warburg Pincus Asia LLC (together with its affiliated investment entities, “Warburg Pincus”), General Atlantic Singapore Fund Pte. Ltd. (together with its affiliated investment entities, “General Atlantic”), Ocean Link, and Mr. Jinbo Yao, the Chief Executive Officer of the Company (collectively, the “Initial Consortium Members”), are pleased to update the Proposal to, among other things, inform you that we are forming a buyer consortium with respect to the proposed Transaction (the “Consortium”).

We believe that our Proposal provides an attractive opportunity for the Company’s shareholders. The Proposal represents a premium of approximately 17.8% to the closing price of the Company’s ADSs on the trading day immediately preceding the Original Proposal and a premium of 17.1% to the volume-weighted average closing price during the last 15 calendar days preceding the Original Proposal.

Set forth below are the updated primary terms of our Proposal:

1. Consortium Members.  The Initial Consortium Members have agreed to work exclusively with each other in pursuing the proposed Transaction. The Initial Consortium Members in the aggregate hold approximately 44.1% of the total voting power of the Company’s issued and outstanding shares.

2. Purchase Price. We propose to acquire all of the outstanding ordinary shares of the Company and the American Depositary Shares of the Company (each, an “ADS”, representing two Class A ordinary shares of the Company). The consideration payable for each ADS to be acquired will be US$55.00 in cash, or US$27.50 in cash per ordinary share (in each case other than those ADSs or ordinary shares that may be rolled over in connection with the proposed Transaction).

3. Funding. We intend to fund the Transaction with a combination of equity and debt financing, and we expect the commitments for the required funding, subject to the terms and conditions set forth in the equity and debt financing documents, to be in place when the definitive agreements for the Transaction (the “Definitive Agreements”) are signed.  Equity financing will be provided by the Initial Consortium Members and additional members that may be admitted into the Consortium.  We are confident of our ability to secure adequate financing for the Transaction in a timely manner.

4. Due Diligence. We, along with our advisors, are prepared to move expeditiously to carry out our due diligence on the Company.  The Initial Consortium Members, together with our advisors, have significant experience in structuring and consummating transactions of this type and believe that we will be in a position to complete customary due diligence for the Transaction in a timely manner and in parallel with negotiation of the Definitive Agreements.

5. Definitive Agreements. We are prepared to promptly negotiate and finalize the Definitive Agreements. These documents will provide for representations, warranties, covenants and conditions which are typical, customary and appropriate for transactions of this type.

6. Process. We believe that the Transaction will provide superior value to the Company’s shareholders. We understand that the Company’s Board of Directors has established a special committee (the “Special Committee”) comprised of independent directors to evaluate our Proposal and any alternative strategic option that the Company may pursue.  We look forward to promptly engaging with the Special Committee and its advisors to discuss our Proposal. 

In considering our Proposal, you should be aware that the Initial Consortium Members do not intend to sell their shares in the Company to any third party or support any competing bid to our Proposal while remaining a member of the Consortium.

7. About Warburg Pincus.  Warburg Pincus is a leading global private equity firm focused on growth investing. Warburg Pincus has more than $54 billion in private equity assets under management. Warburg Pincus’ active portfolio of more than 185 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $83 billion in over 895 companies in more than 40 countries. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.

8. About General Atlantic. General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic has more than 180 investment professionals based in New York, Greenwich, Palo Alto, São Paulo, London, Munich, Mexico City, Beijing, Shanghai, Hong Kong, Mumbai, Singapore and Jakarta. General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with management teams to build exceptional businesses worldwide. General Atlantic has $37 billion in assets under management, and the firm’s unique capital base is comprised of long-term commitments primarily from wealthy families and large charitable foundations; this affords General Atlantic with flexibility in investment structures and time horizon, enabling a strong partnership approach with growth companies.

9. About Ocean Link. Ocean Link is a private equity firm with a focus on China’s consumer, travel and TMT sectors. Ocean Link currently manages two USD funds and an RMB Fund. With teams in Shanghai, Beijing and Hong Kong, Ocean Link invests in the leading companies across the value chain and sub-verticals of the abovementioned sectors.

10. No Binding Commitment. This letter constitutes only a preliminary indication of our interest, and does not constitute any binding commitment with respect to the Transaction or in connection with the Company’s securities. A binding commitment will result only from the execution of Definitive Agreements, and then will be on terms and conditions provided in such documentation.

11. Governing Law. This letter shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflicts of law principles thereof.

We would like to express our commitment to working collaboratively with the Special Committee and its advisors to bring the Transaction to a successful and timely conclusion. Should you have any questions regarding our Proposal, please do not hesitate to contact us.

Sincerely,

Warburg Pincus Asia LLC
By: Julian Cheng, Managing Director
/s/ Julian Cheng

General Atlantic Singapore Fund Pte. Ltd.
By: Ong Yu Huat, Director
/s/ Ong Yu Huat

Ocean Link Partners Limited
By: Tony Tianyi Jiang, Partner
/s/ Tony Tianyi Jiang

Jinbo Yao
/s/ Jinbo Yao

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With Wi-Fi Capacity Stressed by Remote Workforces and Changing Connectivity Needs, 6 GHz will Provide Faster, Lower Latency, and More Reliable Wi-Fi Coverage

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New ABI Research whitepaper explores why 6 GHz is so important to the future of Wi-Fi

OYSTER BAY, New York, April 30, 2020 /PRNewswire/ — The need for faster, more reliable, more efficient, and more widespread Wi-Fi coverage is becoming increasingly vital in a world filled with more Wi-Fi devices at both ends of the performance spectrum, from high-throughput and low-latency applications to battery-constrained Internet of Things (IoT) devices. Global tech market advisory firm, ABI Research forecasts that Wi-Fi-enabled devices are set to increase from 3.3 billion annual unit shipments in 2019 to more than 4.6 billion by 2024, a growth that underscores the need for a more robust Wi-Fi network.

In its new whitepaper, The Future of Wi-Fi, ABI Research highlights that while the growing reach of Wi-Fi will be driven by several advancements, such as Wi-Fi 6 and Wi-Fi’s expansion into the 60 Gigahertz (GHz) and sub-1 GHz bands through WiGig and HaLow, the most exciting, and potentially transformative, change to the Wi-Fi landscape is the anticipated availability of 6 GHz spectrum over the next few years.

“It is hard to overstate the potential that 6 GHz and Wi-Fi 6E can bring to Wi-Fi networks,” says Andrew Zignani, Principal Analyst, Wi-Fi, Bluetooth, and Wireless Connectivity at ABI Research. Currently, Wi-Fi faces several difficult challenges. Key among them are the growing demands being placed on Wi-Fi networks, leading to increased congestion, performance limitations, and reduced Quality of Service (QoS). Most Wi-Fi devices are using increasing amounts of data per device, including streaming high-resolution music and videos, video calling, application and firmware updates, digital downloads, social networking, data-heavy web content, and online gaming, among others. “The tremendous surge in active Wi-Fi devices at home in recent months and the resulting increase in traffic due to COVID-19 stay-at-home orders have reaffirmed Wi-Fi as a vital utility, acutely demonstrating both its importance and limitations,” Zignani explains.

“On April 23, 2020, the FCC voted to make additional spectrum in the 6 GHz band available for Wi-Fi, with other regions expected to follow suit in the not too distant future. Once the global regulatory landscape for 6 GHz is finalized, the technology will bring about much higher throughput, much more capacity, greater reliability, lower latency, and better QoS than ever before,” says Zignani.

6 GHz not only brings about additional spectrum and higher throughputs, but essentially guarantees access to channels with no legacy, resulting in a corresponding improvement in latency and simplifying channel access. Wi-Fi 6E takes full advantage of what Wi-Fi 6 has to offer and can open new opportunities for Wi-Fi to better support 5G-class services reliant on high multi-gigabit throughput, low latency, high efficiency, broader coverage, and better mobility,” Zignani adds.

There are still challenges ahead. “Perhaps the largest current barrier to 6GHz adoption is still the need to iron out various regulatory challenges and obstacles across different regions,” Zignani points out. Limited chipset availability, cost of supporting the technology, building out the 6 GHz ecosystem, and proximity to Wi-Fi 6 rollout are hurdles. However, ABI Research anticipates that most of these challenges will be overcome and that opening the 6 GHz band for Wi-Fi will address many of the challenges it is facing today and in the next decade.  

To learn more about what is driving 6 GHz adoption, the significant benefits that 6 GHz will provide, the expected timeline surrounding its launch, and ABI Research’s strategic recommendations for technology implementers, download the whitepaper, The Future of Wi-Fi. You are welcome to share this link with your readers.

These findings are from ABI Research’s The Future of Wi-Fi whitepaper. This whitepaper is part of the company’s Wi-Fi, Bluetooth, and Wireless Connectivity research service, which includes research, data, and ABI Insights. 

About ABI Research
ABI Research provides strategic guidance to visionaries, delivering actionable intelligence on the transformative technologies that are dramatically reshaping industries, economies, and workforces across the world. ABI Research’s global team of analysts publish groundbreaking studies often years ahead of other technology advisory firms, empowering our clients to stay ahead of their markets and their competitors. 

ABI Research提供开创性的研究和战略指导，帮助客户了解日新月异的技术。 自1990年以来，我们已与全球数百个领先的技术品牌，尖端公司，具有远见的政府机构以及创新的贸易团体建立了合作关系。 我们帮助客户创造真实的业务成果。 

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.

Contact Info: 

Global
 Deborah Petrara
Tel: +1.516.624.2558
pr@abiresearch.com 

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Agoda Shares How To Explore The World While You #Stayhome

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SINGAPORE, April 30, 2020 /PRNewswire/ — While May’s public holidays, school breaks and long weekends may be very different this year with travel or day trip plans postponed, digital travel platform Agoda shows how you can still explore the globe, shake off that cabin fever and experience what the world has to offer, all without leaving your own home. Taking Agoda’s travelers’ favorite destinations throughout 2019, combined with the top travel motivations from its Usage & Attitude Survey (U&A), Agoda shares a handy guide to travel in the virtual world. According to Agoda’s U&A survey, Nature/Countryside; Beaches; Food & Dining; Landmarks; and Culture are the top five reasons cited to travel globally, so whether you have always wanted to check out the bustling cosmopolitan cities of Bangkok, Tokyo, Seoul or Kuala Lumpur, the Arts and Culture of New York, London or Paris, or the natural beauty of Canada, Vietnam, or Japan, thanks to the wonders of technology you can.

Travel Motivation #5 – Culture

Agoda’s Usage and Attitude survey found that culture – artefacts, dance, the arts – is the fifth highest reason to travel globally.

MUSEUMS & GALLERIES

Art

  • Don’t wait to see the Mona Lisa, The Wedding at Cana or Venus de Milo, housed in the world famous Le Louvre in Paris, instead check out this virtual tour and get up close view of these world-famous paintings, without leaving home.
  • Singapore’s cultural scene gets better and better. With theatre, arts, fine food and dining all to explore. Have a taster as you view the ArtScience Museum. located right in the heart of the lion city, nestled between the iconic Marina Bay Sands hotel, overlooking the harbor, the museum hosts a range of fabulous exhibitions throughout the year – take a look at its contemporary art and science shows all throughout this #stayathome period.
  • Meanwhile, the Museum of Contemporary Art Bangkok houses a huge collection of valuable paintings and sculptures that promotes and highlights the rich legacy and heritage of Thailand. While not fully interactive, travelers can still learn about the works of local Thai artists such as Professor Emeritus Chalood NImsamer, and Professor Paitun Muangsomboon.
  • Any visit to New York is not complete without a trip to the Metropolitan Museum of Art, and what better way to whet your appetite for a future visit than with a virtual tour. The Met 360 project has released a series of six short videos inviting viewers to virtually visit the Met’s art and architecture in a fresh, immersive way. Experience the wide expanse of the six halls, which includes The Great Hall, The Cloisters, The Temple of Dendur, The Met Breuer, The Charles Engelhard Court and Arms and Armor Galleries.

History

  • Korean pop culture may be influential now but Korea has a long, proud and exciting history worth exploring further. Take your pick of eras to explore via Gyeonggi Art and History with virtual sightseeing of some of South Korea’s world heritage UNESCO sites including the Namhanhangseoung World heritage center, Jeongak Pre-history Museum and Gyeonggi Museum of Modern Art.
  • In Malaysia, which ranks number three on the top destination list for Agoda travelers during 2019, you can dive into Islamic history with a virtual walk-through of the Islamic Arts Museum in Kuala Lumpur, which showcases the rich cultural history of Islamic influence on art, architecture, clothing and calligraphy dating back 1400 years.
  • The National Palace Museum in Taipei, offers a fully interactive virtual tour so travelers can enjoy the museum and historical artifacts at your own pace.

Science

  • If science is more your thing, enjoy a 360-degree view of London’s world-class Natural History Museum from the comfort of your home.

THEATRE AND MUSIC

There’s nothing quite as magical as a trip to the theatre for plays, musicals or dance performances. While currently you can’t get to Broadway or the West End, the Royal Opera House or pop concert tours for your favourite artists, with the magic of showbiz and modern technology, it can come to you.

Ballet

Musicals

  • If you want to indulge in your musical obsession and check out with Andrew Lloyd Webber’s ‘The Shows Must Go On’, which includes song bursting The Phantom of the Opera, and toe tapping Joseph’s Amazing Technicolored Dream Coat.

Opera

  • If you can’t wait until the theatres re open or just wanted to dip your toe into the world of Opera to watch the magnificence of a ‘live’ performance of Gloriana or Mozart’s Cosi fan Tutte check out the Royal Opera Houses Our House to Your House performances on youtube.
  • Not to be outdone, and equally as renowned for it’s distinctive building as it’s performances, tune in to ‘live’ music and dance performances from the Sydney Opera House.

Theatre

  • If you have always loved to see actors treading the boards, and long for works of the The Bard, performed at the world-famous Shakespeare’s Globe Theatre in London, prepare to be inspired and awed, through this series of ‘live’ performances here.

Pop Culture

  • Pop stars and singers might not be able to fill stadiums right now, but they are doing their best to perform for you at home.  So, whether you like to rock to Bruce Springsteen, sing along with Gary Barlow and a selection go world wide artists during his Crooner Sessions, or want to bust a move to chart-topping Columbia Records artists like Diplo and John Mayer, you can catch them on live stream or their social accounts.

Travel Motivation #4 – CULTURAL LANDMARKS

Chinese and Indonesian tourists are most likely to visit famous attractions when traveling. But globally, it’s the fourth biggest motivation to travel, so check out these Instagram worthy destinations – online.

Landmarks

  • They say there is nowhere like Paris in the springtime. Enjoy a virtual trip of, The Eiffel Tower, the most-visited paid monument in the world, which welcomes 7 million visitors every year.
  • The rose city of Petra in Jordan is said to be holding secrets of decades past. Virtually discover what inspired the sets of the lost city in Indiana Jones’ movie ‘The Last Crusader’ at your own pace.

Palaces

  • The Apostolic Palace – or the Vatican City – is the official residence of the Pope and visited by 12 million people every year. Take a chance to explore the Sistine Chapel or Raphael’s Rooms at your own leisure via the Vatican Museums’ 360-degree tours and videos.
  • A chance to take a look inside the Royal palaces may be even more appealing during this stay home period, and for many travelers planning a trip to London, a visit to Buckingham Palace is often on the cards. Fret not, you can still have a nose around, as the Royal Collection Trust is showcasing the palace and sharing its rich history through virtual tours.

Entertainment

  • If there was one destination that makes every one, no matter their age believe in magic, it has to be Disneyland. Keep the child in you alive with virtual tours of some of the best Disneyland rides.

Travel Motivation #3 – FOOD & DINING

The number three motivation to travel according to Agoda’s global Usage & Attitude survey, is to experience the food and dining at the destination, this rises to the top spot for travelers from Asia.  Just because you can’t travel doesn’t mean you can’t explore the vibrant flavours of the world’s cuisine.

  • Replicate Michelin-star dishes with famous Italian chef Massimo Botturo and man behind #KitchenQuarantine encouraging chefs and people from around the world to recreate food they love and travel for. If you have been taking constant trips to the snack cupboard, why not give it a gourmet twist with Munchies from chefs that make it the best.
  • If you want a break from watching endless episodes of Queer Eye but cannot get over Antoni Porowski’s, check out his easy cooking recipes.
  • If you would like to relish dishes from your favorite movies, cook alongside American filmmaker turn chef Andrew Rea on Binging with Babish.

Travel motivation – Beaches/Islands

Beaches and/or islands are the second favorite global reason to travel.  While you might need to wait a while until you can feel the sand between your toes or waves on your back, you don’t need to miss the magic of the ocean completely.

  • Dating back 10,000 years, the Buck Island Reef National Park houses many unique corals and sea life. Take National Geographics’ guided dive with marine life photographer Brian Skerry and drift into the spectacular details of the gem colors and textures of this unique and protected barrier reef, watch sea turtle hatchlings make their way into the ocean at night.
  • Alternatively, take a virtual dive with sealions at the National Marine Sanctuaries courtesy of the National Oceanic and Atmospheric Administration (NOAA).

Travel motivation – NATURE/SCENERY/COUNTRYSIDE.

The number one motivation to travel for explorers across the world is nature and scenery. So Agoda has compiled a collection of natural beauty and cityscape videos to whet your appetite for travelling when it’s time to not stay at home.

Nature

  • Renowned its great outdoors, Canada offers so much beauty to explore. Gaze into the magical night skies for glimpses of the Northern Lights streamed live every night. How about exploring Banff National Park, where it has a variety of videos available for your “trek” across the country’s oldest national park – Johnston Canyon.
  • Indonesia’s beautiful island of Bali is often referred to as paradise on earth. Known for its volcanic mountains, rice paddy fields and most of all its bone white beaches. Get away virtually to the many beaches of Bali, while staying safe at home.
  • Japan is increasingly popular among travelers, and taking a closer look at JNTO’s tourism promotion campaign video, “Visit Japan.”, you’ll see why. The video highlights 16 of Japan’s most unique attractions such as Tokyo Tower, Kyoto’s Sagano Bamboo Forest, and the torii gates of Fushimi Inari Shrine.
  • The wild and rugged landscape of South Africa, with it’s Big Five animal safaris, is captured in Wild Earth’s daily live sunrise and sunset safaris – Wild Earth Safaris South Africa.
  • Hang Sơn Đoòng in central Vietnam’s Phong Nha-Ke Bang national park, explored by scientists for the first time in 2009, after a local man, Ho Khanh, discovered it in 1991. Enjoy a virtual trek complete with images and atmospheric sounds, zoom into of the flora and fauna.

Scenery / Cities

If you are daydreaming of the hustle and bustle of city life here is a bird’s eye view of some of the world’s most breath-taking cityscapes:

  • Hong Kong is known for its edgy skyline and fast-paced life. Brandon Li’s Hong Kong Strong video showcases the city’s futuristic culture while staying true to its roots.
  • The financial capital of India, Mumbai is not just famous for Bollywood, it is also a melting pot of cosmopolitan India and celebrates several sub-cultures, cuisines and scenery. Mumbai also hosts the world’s second largest number of art-deco buildings amongst other historic colonial, gothic and contemporary architecture as seen on the video.
  • One of the most beautiful destinations finds yourself transported to serene rivers and cobbled walkways. Step inside the Colosseum or walk through the Forum, where many of the Ancient Rome discoveries are tucked away, waiting for you to discover them.
  • Singapore which ranks 13 on the Agoda travelers list for 2019, the island country is a powerhouse of experiences rooting from its mixed culture, yet modern perspective. Enjoy unique views of Garden city’s eclectic culture of modern and traditional.
  • UK ranks 15 on the Agoda traveler list London its capital city is pure magic. With 2000 years of history, London is one of the worlds most visited cities and has something for everyone. Walk through iconic landmarks like Tower Bridge, London Eye and Carnaby Street.
  • They say New York city never sleeps. One of the world’s fastest, most expensive cities has something to see at every corner, New York is a breath of fresh air. Take a look at world famous Times Square, Grand Central station and Washington Square Park like never before.

And finally, for a truly out of this world travel experience….

Check out the views from NASA’s International Space Station which takes sixteen orbits around the Earth in 24 hours. It sees either a sunset or a sunrise every 45 minutes. What better time to view Earth on NASA’s Space Station live stream than right now?

–ENDS–

Notes to Editors:

Agoda’s Top Destinations throughout 2019

1.  Japan
2.  Thailand
3.  Malaysia
4.  Taiwan
5.  Indonesia
6.  South Korea
7.  Philippines
8.  Vietnam
9.  United States
10.  China
11.  Hong Kong
12.  India
13.  Singapore
14.  Australia
15.  France
16.  United Kingdom
17.  UAE
18.  Italy
19.  Germany
20.  Spain

Agoda’s Usage & Attitude Survey (June to August 2019) was conducted in among 22,000 respondents in 20 countries surveyed.

About Agoda

From its beginnings as an e-commerce start-up based in Singapore in 2005, digital travel platform Agoda has grown to offer a global network of over 2.6 million properties in more than 200 countries and territories worldwide, offering travelers easy access to a wide choice of luxury and budget hotels, apartments, homes and villas, to suit all budgets and travel occasions. In 2019, Agoda added a flight product and packages to help make travel even easier.

Headquartered in Singapore, Agoda is part of Booking Holdings (Nasdaq: BKNG) and employs more than 5,000 staff in 30 countries. Agoda.com and the Agoda mobile app are available in 38 languages.

For more information, please contact press@agoda.com

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iQIYI Becomes the First Chinese Video Streaming Site to Support AV1 Video Codec

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The new encoding format allows viewers to stream ultra-HD video using 20% less data without sacrificing quality

BEIJING, April 30, 2020 /PRNewswire/ — iQIYI Inc. (NASDAQ: IQ) (“iQIYI” or ‘the “Company”), an innovative market-leading online entertainment service in China, has recently launched support for the Alliance for Open Media Video 1 (AV1) video encoding format for users on PC web browsers and Android devices, becoming the first and the only Chinese video streaming site to adopt the AV1 format to date.

The AV1 format reduces the size of video files by around 20% while maintaining the same quality. For example, watching a 1080P video typically requires 1,000 MB data, but with AV1, just 800 MB is needed. The adoption of the AV1 codec will help to improve the user streaming experience of ultra HD videos especially for 4K and 8K resolutions. Given the large size of raw video files, video encoding techniques are required to compress the files for efficient storage and transmission. AV1 is the new-generation open-source video codec designed to deliver higher quality videos on a narrower bandwidth.

AV1 was developed by Alliance for Open Media (AOM), a consortium founded by leading tech companies including Google, Facebook, Amazon, Intel, Netflix and Apple. AOM is committed to the promotion of ultra-high quality videos, data saving technologies and improved user experiences. iQIYI joined AOM in 2018, becoming the first Chinese member of the alliance. Thanks to the efforts of AOM, AV1 has won widespread support in the industry and is being rapidly deployed to deliver a greater viewing experience.

To further boost the encoding efficiency, iQIYI independently developed an AV1 standard-based QAV1 encoder that significantly mitigates computation complexity and reduces the time required for encoding. As a result, the QAV1 encoder delivers smoother streaming of AV1 videos while allowing users to realize massive savings in data usage.

As ultra HD 4K and 8K videos are poised to enter a period of explosive growth, audiences have increasingly high demands for video quality. The development of AV1 and other new-generation video encoding standards will ensure sharpness and cost-effectiveness in video streaming platforms with limited bandwidth. It will also allow users to enjoy ultra HD videos while saving more data.

As a leading online video streaming platform in China, iQIYI will continue to work with members of AOM to build open, high-quality technical standards. The Company will collaborate with industrial partners, chipmakers, mobile phone vendors to expand the deployment of AV1 to more devices and deliver premium entertainment experiences to users.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

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Source: iQIYI, Inc.

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Consumers Want AI Bias Eliminated and Will Reward Businesses for Doing So, Finds Genpact’s Third Annual AI 360 Study

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Improving customer experience emerges as top AI business benefit, while senior executives of both genders agree that companies do not provide the same AI reskilling opportunities to men and women

SYDNEY, April 30, 2020 /PRNewswire/ — More than three-quarters (78%) of consumers worldwide say companies must address bias in artificial intelligence (AI) and new research from Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, finds that they will reward businesses that take action. The study, now in its third year, underscores how AI continues to present opportunities for growth, but businesses still have work to do to address customers’ concerns about bias and workers’ concerns about equity in reskilling opportunities. 

In times of uncertainty, providing good service isn’t good enough. Empathising deeply with customer concerns is what will separate the winners from losers. Genpact’s study, AI 360: Hold, fold, or double down?, shows that while 70% of Australians – the highest among countries surveyed – worry about AI discriminating against them, and 67% fear that AI will make decisions that affect them without their knowledge (the highest too), companies that understand these issues can succeed.

Genpact’s study analyses perceptions of three distinct audiences that are critical to AI’s widespread adoption in business: senior executives, workers, and consumers. Taken together, this 360-degree view provides organisations with comprehensive and actionable insights that now have added relevance in considering business resilience today. The research offers views from 500 senior executives and 4,000 workers and consumers in Australia, the United States, United Kingdom, and Japan.

Beating bias brings business
Going all in to address AI bias can increase opportunities to build customer relationships. Most Australians (63%) are more likely to recommend a company that can demonstrate its AI algorithms are bias-free, and more likely to purchase products or services from such businesses (59%). Gen Z (69%) and millennial (70%) respondents champion unbiased brands even more so.

Reskilling still not enough; inequality in opportunities for men and women
 Many workers see opportunities in AI, and more than 85% of Australians are willing to learn new skills to take advantage of this technology. Yet for the third consecutive year, companies are not meeting the demand for reskilling that takes into account there being more AI in the workplace. According to employees surveyed, 63% of Australian organisations do not offer AI-related trainings.

The good news is the current findings show that 58% of senior executives in Australia are talking about providing employees with training. However, globally, both male and female senior executives agree (77% and 75%, respectively) that companies in their industry generally do not provide equal opportunities to men and women for AI reskilling. A majority of Australian executives believe that integrating AI into various talent processes will help reduce three main issues: gender bias in recruiting (56%), hiring (54%), and promotion (62%).

“Businesses are being challenged like they never have been before,” said Tiger Tyagarajan, chief executive officer, Genpact. “In this unprecedented time, AI provides companies with a valuable tool to improve customer experience and mine data to engage with customers in a more personal, empathetic way. Our study suggests there is significant optimism shown by both consumers and employees if companies can demonstrate a responsible approach to AI. It is important that business leaders implement equitable training and fight AI bias.”

AI benefits can drive personalised services
The top benefits of AI according to senior executives in Australia are freeing up more time for employees to focus on more important tasks (41%), improving customer experience and service (40%), and the ability to leverage data and analytics (39%). Customer experience tops the AI benefits list globally for the first time, compared to Genpact’s similar studies in 2018 and 2017, signalling a new level of maturity in enterprise AI adoption.

These findings underscore AI’s increasing value in achieving success in today’s disruptive market, which require companies to commit more resources to creating the right customer experiences. The companies that emerge the strongest will have doubled down on AI to remain close to their customers, predicting and responding to their needs, and being empathetic in their actions.

AI reimagines businesses and helps build resilience
Australia is leading the AI deployment race compared to other countries, with over a third (36%) of Australian senior executives saying they are extensively implementing AI-related technologies to fundamentally reimagine their business and/or operating model, and more than half (56%) of the AI leaders* globally are doing so. These findings may bode well for the future since challenges from the current business environment have underscored the importance of digital transformation. AI leaders may have the competitive edge since the technology plays a key role in building resilience that helps companies handle disruption and pivot according to market demands

AI 360 also reveals AI investments have increased across industries globally, with 38% of Australian senior executives reporting their organisations have invested $10 million or more in AI, a 12% increase compared to a similar Genpact study in 2018. When looking at investments of $20 million or more, 9% of Australian respondents say their companies are investing at this level, which is a 7% uptick from the prior study.

As companies continue to confront current workplace disruption, senior executives may be questioning whether to pause AI activities, walk away, or keep going. Genpact’s research shows that AI adoption is advancing rapidly and generating a positive impact for almost three quarters of respondents’ organisations. In the coming months it will be critical for businesses to double down, in the right places – with a longer-term, holistic outlook. They must embrace strategies that enable the greater transparency and a more ethical approach to business that societies are demanding, and the hyper-personalized experiences that customers expect. And AI unlocks opportunities to meet those goals.

For more information, including the full global report and infographics, see Genpact’s AI 360: Hold, fold, or double down?

Methodology
In November 2019, Genpact worked with research firm Wakefield Research to survey senior executives, workers, and consumers. The executive survey included 500 C-level and SVP-level executives in the United States, United Kingdom, Australia, and Japan. Respondents are from multiple sectors, including banking, insurance, technology, life sciences, healthcare, consumer goods, retail, and industrial manufacturing. They work for companies with at least $1 billion in annual revenues ($50 billion in financial institutions). 

*To help identify best practices, we asked senior executives to assess the impact of their AI initiatives. Sixteen percent of respondents reported very positive business outcomes. We call them the leaders because their actions give us insights into valuable best practices.

Over the same period Wakefield also executed a gender and age-balanced survey of 4,000 adults in the same countries of which 53 % work at least eight hours per week. These studies used online surveys with participation secured through email invitations. Genpact also conducted in-depth interviews with a wide range of experts to add insights to the survey findings.

This research complements similar Genpact studies conducted in 2018 and 2017 in association with Wakefield, YouGov, and Fortune Knowledge Group.

About Genpact
 Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes primarily for Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics.  Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 90,000+ of us. From New York to New Delhi and more than 30 countries in between, we connect every dot, reimagine every process, and reinvent companies’ ways of working. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we’ll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.

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Origin Agritech Further Strengthens its Board of Directors

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BEIJING, April 30, 2020 /PRNewswire/ — Origin Agritech Ltd. (NASDAQ: SEED) (the “Company” or “Origin”), an agriculture technology and rural e-commerce company, today announced that Dr, Min Lin will join the Company’s Board of Directors as independent board members.

Dr. Min Lin is currently a professor at the Biotechnology Research Institute of Chinese Academy of Agricultural Sciences (CAAS) located in Beijing, China. From 2005 to 2019, Dr. Lin served as the director of the Biotechnology Research Institute of CAAS. Dr. Lin also served as Executive Vice President for the Chinese Society of Agri-Biotechnology and Vice President for Chinese Society of Biotechnology. Dr. Lin has been a visiting scientist at the Institut Pasteur in France and at the Research Institute for Plant Protection (IPO-DLO) in the Netherlands. Dr. Lin received his Ph.D. and Master’s Degree from CAAS and his Bachelor’s degree in Biology from University of Sichuan.

“I’m very excited that Dr. Lin is joining our board, Dr. Lin is the leading agri-biotechnology scientist in China and has been in collaboration with Origin for many years,” said Dr. Gengchen Han, Origin’s Chairman and CEO. “I’m sure his addition to our board will help Origin to continue its leadership in the corn seed biotechnology development in China.”

About Origin Agritech Limited

Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is China’s leading agricultural technology and a rural social e-commerce company, expanding in mid-2018 from crop seed breeding and genetic improvement business to be a leading technology developer in new rural e-commerce platform and Blockchain technologies. In crop seed biotechnologies, Origin Agritech’s phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China’s Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company’s website at: http://www.originseed.com.cn or http://www.originseed.com.cn/en/.

Forward-Looking Statements

This communication contains “forward-looking statements” as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and 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. Forward-looking statements address expected future business and financial performance and financial condition, and contain words like “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “will,” “would,” “target,” and similar expressions and variations. Forward-looking statements address matters that are uncertain. Forward-looking statements are not guarantees of future performance and are based on assumptions and expectations which may not be realized. They are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates but involve a number of risks and uncertainties, many of which are beyond the company’s control. Some of the important factors that could cause the company’s actual results to differ materially from those discussed in forward-looking statements are: failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting our products; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; natural disasters and weather events and patterns; ability to protect and enforce the company’s intellectual property rights; and separation of underperforming or non-strategic assets or businesses. The company undertakes no duty or obligation to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

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PR Newswire

Delta Obtains Highest Platinum Rating for Zero Waste to Landfill (UL 2799) for “100% Diversion, with 8% Thermal Processing with Energy Recovery”

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TAIPEI, April 30, 2020 /PRNewswire/ — The Delta Dongguan Plant has successfully obtained UL 2799 zero waste to landfill certification with a platinum rating. Platinum is the highest level of the certification, which confirms that none of the waste generated by the Dongguan plant goes to landfill. The plant has achieved 100% diversion, with 8% thermal processing with energy recovery. This honor not only commends and recognizes Delta’s long-term efforts in waste reduction and management, but also Delta’s specific actions to increase the chance of resources being reused and to improve the waste management system through certification.

Mr. Rock Huang, Delta’s president of global manufacturing, highlighted, “Delta sorts waste generated as well as supervises, keeps abreast of, and tracks the process and processing results in line with its corporate mission ‘To provide innovative, clean and energy-efficient solutions for a better tomorrow.'” In addition to requiring all departments to reduce the generation of waste, Delta actively strives not to generate waste, and to allow resources to be recycled effectively for environmental protection. This time the zero waste to landfill platinum rating obtained by the Dongguan plant recognizes that Delta has made tremendous progress in waste management. For the future, Delta will build on this certification achievement and continue to expand this model to all of its plants around the world.

Delta pursues the sustainable utilization of resources and the prevention of resource depletion. In 2017, it passed a review by the internal Corporate Social Responsibility Committee and set a target of reducing waste intensity by 15% by 2020 with 2015 as the base year. At the end of 2019, a total of 187 waste reduction projects were implemented, saving 4,051.7 tons of waste. Waste reduction activities include the replacement of cartons with plastic rotary boxes, a closed loop of paper, secondary use of metal scraps, improved plastic utilization, and reduced waste plastics, which demonstrate Delta’s specific achievements in waste reduction and management.

UL 2799 is a certification standard of zero waste to landfill. It requires all waste flows within an enterprise to be in regulatory compliance, inspected, and audited to confirm that waste has been properly reduced, recycled, and energy recovered, rather than landfilled or incinerated without energy recovery. Companies that achieve a diversion rate of 80 percent or greater qualify for the validation. Delta obtains the highest platinum level for zero waste to landfill with a 100% diversion rate – 92% from waste reduction and recycling, and 8% from thermal processing with energy recovery. 

About Delta

Delta, founded in 1971, is a global provider of switching power supplies and thermal management products with a thriving portfolio of smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, “To provide innovative, clean and energy-efficient solutions for a better tomorrow,” Delta leverages its core competence in high-efficiency power electronics and its CSR-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents.

Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to CSR. Since 2011, Delta has been listed on the DJSI World Index of Dow Jones Sustainability™ Indices for 9 consecutive years. In 2017, Delta was selected by CDP (formerly the Carbon Disclosure Project) for its Climate Change Leadership Level for the 2nd consecutive year.

For further information about Delta, please visit: www.deltaww.com 

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