Monthly Archives: June 2020

PR Newswire

TAICCA Shares Taiwan’s Immersive Content Innovation at Cannes XR Keynote Forum

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TAIPEI, Taiwan, June 27, 2020 — Taiwan’s immersive content has emerged as an international powerhouse and featured in the 2020 Cannes XR program keynote forum, “How to Build an Ecosystem for XR? Taiwan as an example” along with the Taiwan Creative Content Agency (TAICCA). Due to the pandemic, the forum was held online at the official site of Cannes Marche du Film on June 25 from 21:00 to 22:00 GMT+2.

TAICCA's First VR Grant Winners.
TAICCA’s First VR Grant Winners.

The president of TAICCA, Lolita Ching-Fang HU, who is also the chairperson of the Immersive Content Grant international jury panel, moderated the forum. She invited speakers from across the XR industry including, Wen-Hao HUANG, the Chairperson of Digital Art Foundation and well-known art curator; Shou-Jung PENG, Technical Director of Industrial Technology Research Institute (ITRI); Grace Huai-Chin LEE, VR Programmer of Kaohsiung Film Archive and Kaohsiung Film Festival; and Jimmy CHENG, Director of Content & Business Operations of Iconic Engine.

Chairperson HUANG opened up the discussion by sharing his experiences in XR archives and story-telling. “The Digital Art Foundation views VR development from the perspective of contemporary art. We hope to be a professional third-party platform for creators and anyone unfamiliar with VR to enter this field through promotion and experiment.” HUANG added, “we too can explore the possibilities of VR as museum pieces.”

Regarding Taiwan’s technology-end of the XR industry, ITRI Technical Director PENG, who helped and supervised building the first Volumetric Capture Studio in Taipei, spoke about how the innovation combines culture with technology. “ITRI hopes to create a hub here in Taiwan to connect with international organizations within the industry,” said PENG, who stressed the importance of the 5G network, which will allow audiences to enjoy the exciting breakthrough of immersive content from mobile devices. President HU added that aside from co-operating the 4DViews Lab with TAICCA, ITRI also assists artists to in utilizing technology, which can be exemplified by Huang Yi Studio’s human-robot dance duet.

Award-winning film producer Grace Huai-Chin LEE touched on immersive content trends and how Taiwan seizes this opportunity to join the global supply chain. In 2017, Taiwan already noticed that major international film festivals, including Cannes, Sundance, Tribeca, and Venice film festivals, were expanding their completion to the VR domain. In the same year, Taiwanese Director John Han-Chiang HSU and Serendipity Films’ “Your Spiritual Temple Sucks” amazed the world through the newly-developed Microwave Camera, proving technological breakthroughs are no less important than creative minds.

An essential part of the XR ecosystem is the market. Iconic Engine’s Director of Content, Jimmy CHENG, shared feedback from international VR platforms and buyers on Taiwan’s immersive content. He also spoke of the expectations from international markets. CHENG pointed out how global telecommunications companies, including Taiwan, are all developing their strategies for ways to showcase 5G capabilities — and the answer is through VR. 

In terms of themes of and subjects for immersive content, CHENG believes that the sentiment of Taiwan’s culture and history is easily relatable for a global audience. For instance, the short VR film, “The Abandoned Deity,” talks about a missing deity statue with an underlying element of familial relationships and emotions. “It’s a universal topic. TAICCA can help our creative content creators promote their works to the world. Maybe to start with film festivals, then to the telecom platforms,” said CHENG, who also believes by allowing buyers to understand these works will make Taiwan’s cultural content convincing and reach a further audience. 

Chairperson HUANG commented on the changes VR brought to art. “When VR technology is introduced to the art world, it allows creators to think from different compositions and narrative structures. This young form of art reconstructs time and space. It gives the audience the power and to alter the dramatic intensity for the experience.” 

As a final remark, President HU emphasized her belief in the somatosensory experience VR creates, which could transform an audience into a participant. HU concluded, “cultural content is everything, and technology, after all, comes from human beings. We are the ones who use technology to activate our imagination for the future.”

Taiwan has already enjoyed a reputation as a key player in immersive content production. As an intermediary organization, TAICCA is devoted to support and promote Taiwan’s cultural content industries, and to serve as a platform for international and cross-industry collaborations. To encourage multinational XR content development in Taiwan, TAICCA has launched the first edition of the Immersive Content Grant for International Joint Ventures or Co-Productions in March 2020, offering NT$3.5 million (US$118,000). TAICCA recently announced the grant recipients at a press conference on June 22.

The grant recipients are all projects with co-production partnerships with Taiwan-based teams: an unannounced game developed by UK-based Oiffy, “The Starry Sand Beach” by French-based Lucid Realities, “Anthem to the Fading Flowers” by Taiwan-based ET@T Lab Theater, “Missing Pictures” by Taiwan-based Serendipity Films Ltd., and “Through the Body” by Virtual & Physical Media Integration Association of Taiwan.

The full recording of the forum will be available on TAICCA’s official YouTube site on June 25 from 9 PM to 10 PM Central European Time (June 26 from 3 AM to 4 AM CST) for audiences in Taiwan and the world to join the discussion.

# # #

Cannes XR: https://taiwancinema.taicca.tw/annecy/

TAICCA YouTube: https://www.youtube.com/channel/UCe-xwPRzRoxpNXsWL7lqlyA

About TAICCA

The Taiwan Creative Content Agency (TAICCA), established in June 2019 and supervised by the Ministry of Culture, is a professional intermediary organization working to promote the development of Taiwan’s content industries including film and TV, publishing, pop music, ACG and more. 

Photo – https://photos.prnasia.com/prnh/20200627/2842707-1?lang=0

PR Newswire

Recon Technology Announces Pricing of $2.1 million Registered Direct Offering

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BEIJING, June 26, 2020 — Recon Technology, Ltd. (NASDAQ: RCON) (“Recon” or the “Company”) announced today it has entered into a securities purchase agreement with certain accredited investors on June 26, 2020 to purchase $2.1 million worth of its ordinary shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement.

Under the terms of the securities purchase agreement, the Company has agreed to sell 1.68 million ordinary shares. In a concurrent private placement, the Company has agreed to issue unregistered warrants to purchase up to 1.68 million ordinary shares. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $1.25. The warrants will expire 5.5 years from the date of issuance. The purchase price for one ordinary share and a corresponding warrant will be $1.25. In addition, the initial exercise price for previously issued unregistered warrants to purchase 911,112 ordinary shares has decreased from $2.25 per share to $1.25 per share. The gross proceeds to the Company from this registered direct offering and concurrent private placement are estimated to be $2.1 million before deducting the placement agent’s fees and other estimated offering expenses, assuming there is no exercise of any of the warrants. The registered direct offering and concurrent private placement are expected to close on or about June 30, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC (“Maxim”) is acting as sole placement agent in connection with this offering.

The Company intends to use the net proceeds from this offering for general corporate purposes.

The securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (SEC) dated November 13, 2019, and declared effective on November 26, 2019. A prospectus supplement related to the offering will be, filed with the SEC and available on the SEC’s website at http://www.sec.gov . Copies of the prospectus supplements relating to the offering may be obtained, when available, by contacting: Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, by telephone: at (212) 895-3500.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Recon Technology, Ltd.

Recon Technology, Ltd. (RCON) is China’s first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China’s largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn .

Forward-Looking Statements

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and RCON’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on RCON’s operations, the demand for the RCON’s products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the “SEC”) by RCON. 

Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. RCON’s SEC filings are available publicly on the SEC’s website at  www.sec.gov . RCON disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

IR contact:
Liu Jia
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn

Related Links :

http://www.recon.cn/

PR Newswire

58.com Reports First Quarter 2020 Unaudited Financial Results

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BEIJING, June 26, 2020 — 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China’s largest online classifieds marketplace, today reported its unaudited financial results for the first quarter ended March 31, 2020.

First Quarter 2020 Highlights

  • Total revenues were RMB2,560.3 million (US$361.4 million[1]), a 15.5% decrease from RMB3,028.3 million in the same quarter of 2019.
  • Total number of paying business users[2] was approximately 2.7 million in the first quarter of 2020, a 20.7% decrease from the same quarter of 2019.
  • Gross margin was 87.9% compared with 90.2% in the same quarter of 2019.
  • Loss from operations was RMB55.8 million (US$7.9 million), compared with income from operations of RMB281.3 million in the same quarter of 2019.
  • Non-GAAP income from operations[3] was RMB144.0 million (US$20.3 million), a 69.0% decrease from RMB465.1 million in the same quarter of 2019.
  • Net income attributable to 58.com Inc. ordinary shareholders was RMB1,638.6 million (US$231.3 million), a 134.7% increase from RMB698.2 million in the same quarter of 2019. This includes a net gain picked up from 58 Home of RMB2,683.2 million.
  • Non-GAAP net income attributable to 58.com Inc. ordinary shareholders [4] was RMB2,243.6 million (US$316.7 million), a 414.7% increase from RMB435.9 million in the same quarter of 2019. This includes a net gain picked up from 58 Home of RMB2,683.2 million.
  • Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB10.95 (US$1.54) and RMB10.82 (US$1.53), respectively, representing 132.6% and 132.6% increases from RMB4.71 and RMB4.65, respectively, in the same quarter of 2019. One ADS represents two Class A ordinary shares.
  • Non-GAAP basic and diluted earnings per ADS[5] attributable to ordinary shareholders were RMB14.99 (US$2.12) and RMB14.81 (US$2.09), respectively, representing 410.0% and 410.1% increases from RMB2.94 and RMB2.90, respectively, in the same quarter of 2019.

First Quarter 2020 Financial Results

Revenues

Total revenues were RMB2,560.3 million (US$361.4 million), representing a decrease of 15.5% from RMB3,028.3 million in the same quarter of 2019.

Membership revenues were RMB815.6 million (US$115.1 million), a decrease of 16.9% from RMB982.0 million in the same quarter of 2019.

Online marketing services revenues were RMB1,595.4 million (US$225.2 million), a decrease of 17.8% from RMB1,940.9 million in the same quarter of 2019.

The decreases were mainly due to the adverse impact from the outbreak of COVID-19. To control the spread of COVID-19, the PRC government implemented a series of strict measures, including travel restrictions, quarantines, and a temporary shutdown of businesses which resulted in a decrease in activity level among paying business users. In particular, paying business users that require in-person meetings to conduct their business, including those in the secondary housing and rental real estate sector, used auto dealers, local service providers, and recruiters, have been adversely and materially affected by these interruptions and delayed business resumption. The Company’s revenues are generated primarily from these paying business users, most of whom are small and medium-sized local businesses, and the outbreak of COVID-19 and subsequent prevention and control measures have adversely affected their business operations and financial conditions in the first quarter of 2020. As a result, the Company’s revenues during the first quarter of 2020 declined significantly when compared with the same period in 2019.

Cost of Revenues

Cost of revenues was RMB309.3 million (US$43.7 million), an increase of 4.2% from RMB296.9 million in the same quarter of 2019.

The year-over-year increase was primarily driven by increases in the costs associated with "Premium Home Services" (到家精选), enhanced services that focus on partnering with high quality providers to further standardize their service quality and integrate service protection plans while establishing closed-loop transactions through the Company’s platforms, and an increase in the costs of goods sold and services provided on the Zhuan Zhuan platform which were partially offset by a decrease in traffic acquisition cost paid to advertising union partners.

Gross Profit and Gross Margin

Gross profit was RMB2,251.0 million (US$317.7 million), a decrease of 17.6% from RMB2,731.4 million during the same quarter of 2019.

Gross margin was 87.9% in the first quarter of 2020, compared with 90.2% during the same quarter of 2019.

Operating Expenses

Operating expenses were RMB2,306.8 million (US$325.6 million), a decrease of 5.8% from RMB2,450.1 million in the same quarter of 2019.

Sales and marketing expenses in the first quarter of 2020 were RMB1,577.5 million (US$222.7 million), a decrease of 12.0% from RMB1,793.0 million in the same quarter of 2019.

Within sales and marketing expenses, advertising expenses in the first quarter of 2020 were RMB712.2 million (US$100.5 million), a decrease of 19.7% from RMB886.5 million in the same quarter of 2019 as a result of the spread of COVID-19 which caused a decrease in advertising activities.

Non-advertising sales and marketing expenses in the first quarter of 2020 were RMB865.3 million (US$122.1 million), a decrease of 4.5% from RMB906.5 million in the same quarter of 2019.

Non-advertising sales and marketing expenses include salaries and benefits, commissions and share-based compensation expenses for the Company’s sales, sales support, customer service, marketing dealer management personnel, online and offline promotional expenses, and other operating expenses that are associated with sales and marketing activities.

Research and development expenses in the first quarter of 2020 were RMB497.0 million (US$70.1 million), essentially flat with RMB495.0 million in the same quarter of 2019.

General and administrative expenses in the first quarter of 2020 were RMB232.4 million (US$32.8 million), an increase of 43.3% from RMB162.2 million in the same quarter of 2019. The increase was mainly due to the adoption of the current expected credit losses methodology in estimating allowances for credit losses in the first quarter of 2020.

Income/(Loss) from Operations

Loss from operations was RMB55.8 million (US$7.9 million) in the first quarter of 2020, compared with income from operations of RMB281.3 million in the same quarter of 2019.

Operating margin, defined as income/(loss) from operations divided by total revenues, was negative 2.2% in the first quarter of 2020, compared with 9.3% in the same quarter of 2019.

Non-GAAP income from operations was RMB144.0 million (US$20.3 million) in the first quarter of 2020, a decrease of 69.0% from RMB465.1 million in the same quarter of 2019.

Non-GAAP operating margin, defined as non-GAAP income from operations divided by total revenues, was 5.6% in the first quarter of 2020, compared with 15.4% in the same quarter of 2019.

Other Income/(Expenses), net

Net other income in the first quarter of 2020 was RMB1,680.7 million (US$237.2 million), compared with net other income of RMB554.3 million in the same quarter of 2019.

Net other income in the first quarter of 2020 was primarily comprised of a RMB2,654.8 million gain in share of results of equity investees and RMB30.9 million in tax refunds and other government subsidies, offset by RMB1,054.3 million in a net investment loss.

Share of results of equity investees in the first quarter of 2020 was mainly attributed to RMB2,683.2 million net gain pick-up from 58 Home, which was mainly due to the Company’s proportionate share of one-time non-cash gain recognized by 58 Home for its deconsolidation of 58 Daojia Limited, a majority owned subsidiary of 58 Home, which was partially offset by the Company’s proportionate share of net loss attributable to 58 Home’s ordinary shareholders. 58 Home lost its control over 58 Daojia Limited and started to deconsolidate its financial statements when 58 Daojia Limited completed its Series B round of equity financing in February 2020, as certain Series B investors have substantive participating rights in the operational decision making of 58 Daojia Limited.

Net investment loss mainly included RMB683.3 million in impairment losses in long-term investments and RMB446.1 million losses in change in fair value of long-term investments and investments in convertible notes as the market value of certain fair value measured investments suffered downward adjustments in the first quarter of 2020.

There would have been net other expenses of RMB1,002.5 million (US$141.5 million) in the first quarter of 2020 if the RMB2,683.2 million net gain picked up from 58 Home was excluded.

Net Income Attributable to 58.com Inc. Ordinary Shareholders

Net income attributable to 58.com Inc. ordinary shareholders was RMB1,638.6 million (US$231.3 million) in the first quarter of 2020, an increase of 134.7% from RMB698.2 million in the same quarter of 2019. Excluding the RMB2,683.2 million net gain picked up from 58 Home, net loss attributable to 58.com Inc. ordinary shareholders in the first quarter of 2020 was RMB1,044.5 million (US$147.4 million).

Net margin, defined as net income attributable to 58.com Inc. ordinary shareholders divided by total revenues, was 64.0% in the first quarter of 2020, compared with 23.1% in the same quarter of 2019. Excluding the net gain picked up from 58 Home, net margin in the first quarter of 2020 was negative 40.8%.

Non-GAAP net income attributable to 58.com Inc. ordinary shareholders was RMB2,243.6 million (US$316.7 million) in the first quarter of 2020, an increase of 414.7% from RMB435.9 million in the same quarter of 2019. Excluding the net gain picked up from 58 Home, non-GAAP net loss attributable to 58.com Inc. ordinary shareholders in the first quarter of 2020 was RMB439.6 million (US$62.0 million).

Non-GAAP net margin, defined as non-GAAP net income attributable to 58.com Inc. ordinary shareholders divided by total revenues, was 87.6% in the first quarter of 2020, compared with 14.4% in the same quarter of 2019. Excluding the net gain picked up from 58 Home, non-GAAP net margin in the first quarter of 2020 was negative 17.2%.

Basic and Diluted Earnings per ADS

Basic and diluted earnings per ADS attributable to ordinary shareholders in the first quarter of 2020 were RMB10.95 (US$1.54) and RMB10.82 (US$1.53), respectively, representing 132.6% and 132.6% increases from RMB4.71 and RMB4.65, respectively, in the same quarter of 2019.

Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders in the first quarter of 2020 were RMB14.99 (US$2.12) and RMB14.81 (US$2.09), respectively, representing 410.0% and 410.1% increases from RMB2.94 and RMB2.90, respectively, in the same quarter of 2019.

Cash Flow

Net cash used in operating activities was RMB379.4 million (US$53.6 million) in the first quarter of 2020, compared to net cash provided by operating activities of RMB564.9 million in the same quarter of 2019.

Cash and Cash Equivalents, Term Deposits, Restricted Cash and Short-term Investments 

As of March 31, 2020, the Company had cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB12,547.3 million (US$1,770.9 million).

Shares Outstanding

As of March 31, 2020, the Company had a total of 299,728,769 ordinary shares (including 254,496,649 Class A and 45,232,120 Class B ordinary shares) issued and outstanding.

Non-GAAP Financial Measures     

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss) attributable to 58.com Inc. ordinary shareholders, non-GAAP net margin and non-GAAP basic and diluted earnings/(loss) per share and per ADS by excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, change in fair value of long-term investments and investments in convertible notes, share-based compensation expenses included in share of results of equity investees, income tax effects of above GAAP to non-GAAP reconciling items. The Company believes these non-GAAP financial measures are important to help investors understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s core operating results, as they exclude certain expenses/gains that are not expected to result in cash payments/receipts. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, non-cash gain or loss and income tax effects resulting from GAAP to non-GAAP reconciling items have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, change in fair value of long-term investments and investments in convertible notes, share-based compensation expenses included in share of results of equity investees, income tax effects of above GAAP to non-GAAP reconciling items, all of which should be considered when evaluating the Company’s performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the readers. Unless otherwise specified, all translations of Renminbi amounts into US$ amounts in this press release are made at RMB7.0851 to US$1.00, which was the U.S. dollars middle rate announced by the PRC State Administration of Foreign Exchange on March 31, 2020. The percentages stated in this press release are calculated based on the Renminbi amounts. On June 24, 2020, such exchange rate was RMB7.0555 to US$1.00.

[2] Paying business users refer to users who are identified as business users with unique identity information such as business licenses or personal identification information and who used the Company’s subscription-based membership services or purchased at least one type of online marketing services in a given period. One paying business user can open up several paying user accounts on one or multiple online platforms. The number and the percentage calculation does not include paying business users on Ganji as the Company stopped selling stand-alone Ganji subscription-based membership services in 2018 or earlier in all of its content categories.

[3] Non-GAAP income from operations is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

[4] Non-GAAP net income attributable to 58.com Inc. ordinary shareholders is defined as net income attributable to 58.com Inc. ordinary shareholders excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, change in fair value of long-term investments and investments in convertible notes, share-based compensation expenses included in share of results of equity investees, and income tax effects of GAAP to non-GAAP reconciling items. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. 

[5] Non-GAAP basic and diluted earnings per ADS is defined as non-GAAP net income attributable to 58.com Inc. ordinary shareholders divided by weighted average number of basic and diluted ADSs.

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

 

58.com Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data, unless otherwise)

As of

December 31, 2019

March 31, 2020

March 31, 2020

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents…………………………………………………………………………………………………………………………………..

5,293,206

4,876,057

688,213

Restricted cash-current……………………………………………………………………………………………………………………………………….

477,099

538,724

76,036

Term deposits……………………………………………………………………………………………………………………………………………………

70,000

70,000

9,880

Short-term investments……………………………………………………………………………………………………………………………………….

8,414,348

7,062,554

996,818

Accounts receivable, net……………………………………………………………………………………………………………………………………..

1,209,251

1,105,326

156,007

Prepayments and other current assets……………………………………………………………………………………………………………………

2,326,920

2,830,994

399,570

Total current assets………………………………………………………………………………………………………………………………………….

17,790,824

16,483,655

2,326,524

Non-current assets:

Property and equipment, net………………………………………………………………………………………………………………………………..

1,305,793

1,285,024

181,369

Intangible assets, net…………………………………………………………………………………………………………………………………………..

886,565

840,901

118,686

Right-of-use assets, net………………………………………………………………………………………………………………………………………

275,459

253,408

35,766

Land use rights, net……………………………………………………………………………………………………………………………………………

3,532

3,512

496

Goodwill………………………………………………………………………………………………………………………………………………………….

15,874,220

15,874,220

2,240,508

Long-term investments……………………………………………………………………………………………………………………………………….

6,086,511

8,249,490

1,164,343

Investments in convertible notes…………………………………………………………………………………………………………………………..

669,715

817,270

115,351

Long-term prepayments and other non-current assets……………………………………………………………………………………………..

469,592

803,450

113,400

Total non-current assets…………………………………………………………………………………………………………………………………..

25,571,387

28,127,275

3,969,919

Total assets……………………………………………………………………………………………………………………………………………………..

43,362,211

44,610,930

6,296,443

LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable………………………………………………………………………………………………………………………………………………

1,042,697

1,387,244

195,797

Deferred revenues……………………………………………………………………………………………………………………………………………..

2,154,920

1,691,080

238,681

Customer advances…………………………………………………………………………………………………………………………………………….

1,986,108

1,970,655

278,141

Taxes payable……………………………………………………………………………………………………………………………………………………

698,104

362,025

51,097

Salary and welfare payable………………………………………………………………………………………………………………………………….

753,267

560,843

79,158

Operating lease liabilities, current…………………………………………………………………………………………………………………………

137,310

114,304

16,133

Accrued expenses and other current liabilities………………………………………………………………………………………………………..

1,053,007

1,082,811

152,829

Total current liabilities……………………………………………………………………………………………………………………………………..

7,825,413

7,168,962

1,011,836

Non-current liabilities:

Deferred tax liabilities…………………………………………………………………………………………………………………………………………

389,719

324,514

45,802

Operating lease liabilities, non-current…………………………………………………………………………………………………………………..

138,554

157,195

22,187

Total non-current liabilities………………………………………………………………………………………………………………………………

528,273

481,709

67,989

Total liabilities…………………………………………………………………………………………………………………………………………………

8,353,686

7,650,671

1,079,825

Mezzanine equity:

Mezzanine classified noncontrolling interests…………………………………………………………

3,668,876

3,815,512

538,526

Total mezzanine equity…………………………………………………………………………………………………………………………………….

3,668,876

3,815,512

538,526

Shareholders’ equity:

58.com Inc. shareholders’ equity:

Ordinary shares (US$0.00001 par value, 4,800,000,000 Class A and
    200,000,000 Class B shares authorized, 254,045,293 Class A and
    45,232,120 Class B shares issued and outstanding as of December 31,
    2019 and 254,496,649 Class A and 45,232,120 Class B shares issued
    and outstanding as of March 31, 2020, respectively)

 

 

 

19

 

 

 

19

 

 

 

3

Additional paid-in capital…………………………………………………………………………………………………………………………………….

21,942,829

22,026,581

3,108,860

Retained earnings………………………………………………………………………………………………………………………………………………

8,892,773

10,529,706

1,486,176

Accumulated other comprehensive income…………………………………………………………………………………………………………….

95,903

178,710

25,223

Total 58.com Inc. shareholders’ equity……………………………………………………………………………………………………………..

30,931,524

32,735,016

4,620,262

Noncontrolling interests…………………………………………………………………………………………………………………………………..

408,125

409,731

57,830

Total shareholders’ equity……………………………………………………………………………………………………………………………….

31,339,649

33,144,747

4,678,092

Total liabilities, mezzanine equity and shareholders’ equity

43,362,211

44,610,930

6,296,443

 

58.com Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share, per share and per ADS data, unless otherwise noted)

For the Three Months Ended

March 31,

2019

December 31,

2019

March 31,

2020

March 31,

2020

RMB

RMB

RMB

US$

Revenues:

Membership……………………………………………………………………………..

982,028

1,112,362

815,624

115,118

Online marketing services…………………………………………………………

1,940,900

2,713,807

1,595,421

225,180

E-commerce services………………………………………………………………..

28,023

53,722

8,744

1,234

Other revenues………………………………………………………………………….

77,302

275,643

140,553

19,838

Total revenues……………………………………………………………………………..

3,028,253

4,155,534

2,560,342

361,370

Cost of revenues(1)………………………………………………………………………..

(296,851)

(565,985)

(309,344)

(43,661)

Gross profit………………………………………………………………………………….

2,731,402

3,589,549

2,250,998

317,709

Operating expenses(1):

Sales and marketing expenses(2)……………………………………………….

(1,792,950)

(2,023,502)

(1,577,510)

(222,652)

Research and development expenses……………………………………….

(494,977)

(560,746)

(496,970)

(70,143)

General and administrative expenses……………………………………….

(162,168)

(264,172)

(232,361)

(32,796)

Total operating expenses…………………………………………………………….

(2,450,095)

(2,848,420)

(2,306,841)

(325,591)

Income/(loss) from operations……………………………………………………

281,307

741,129

(55,843)

(7,882)

Other income/(expenses):

Interest income, net…………………………………………………………………..

8,462

27,841

31,783

4,486

Investment income/(loss), net…………………………………………………..

544,570

1,924,195

(1,054,274)

(148,802)

Share of results of equity investees…………………………………………..

(10,571)

9,806

2,654,755

374,695

Foreign currency exchange gain/(loss), net……………………………….

2,949

(8,601)

9,900

1,397

Others, net…………………………………………………………………………………

8,928

134,871

38,488

5,432

Income before tax………………………………………………………………………..

835,645

2,829,241

1,624,809

229,326

Income tax benefit/(expenses)…………………………………………………

(106,109)

(158,122)

75,700

10,684

Net income……………………………………………………………………………………

729,536

2,671,119

1,700,509

240,010

Net loss attributable to noncontrolling interests………………………..

2,314

4,075

4,069

574

Net income attributable to 58.com Inc.………………………………………

731,850

2,675,194

1,704,578

240,584

Deemed dividend to mezzanine classified
noncontrolling interests……………………………………………………………………………………..

(33,700)

 

(65,428)

(65,955)

(9,309)

Net income attributable to 58.com Inc. ordinary
shareholders..

698,150

2,609,766

1,638,623

231,275

Net earnings per ordinary share attributable to
ordinary shareholders – basic……………………………………………………………………….

2.35

8.72

5.47

0.77

Net earnings per ordinary share attributable to
ordinary shareholders – diluted…………………………………………………………………….

2.33

8.64

5.41

0.76

Net earnings per ADS attributable to ordinary
shareholders – basic (1 ADS represents 2 Class A
ordinary shares)……………………………….

4.71

17.45

10.95

1.54

Net earnings per ADS attributable to ordinary
shareholders – diluted (1 ADS represents 2 Class A
ordinary shares)……………………………….

4.65

17.28

10.82

1.53

Weighted average number of ordinary shares used in
computing basic earnings per share………………………………………………………………..

296,690,552

 

 

299,155,358

299,427,404

299,427,404

Weighted average number of ordinary shares used in
computing diluted earnings per share……………………………………………………………..

300,250,567

 

302,001,274

302,932,654

302,932,654

 

Note:

(1)  Share–based compensation expenses were allocated in cost of revenues and operating expenses as follows:

Cost of revenues……………………………………………………………………….

1,833

2,895

3,322

469

Sales and marketing expenses……………………………………………………..

28,520

31,612

29,909

4,221

Research and development expenses……………………………………………

51,220

62,520

65,681

9,270

General and administrative expenses……………………………………………

51,732

61,935

59,567

8,407

(2)  Amortization of intangible assets resulting from business acquisitions were allocated in operating expenses as follows:

Sales and marketing expenses………………………………………………..

42,954

43,087

42,954

6,063

Research and development expenses……………………………………….

11,997

12,015

2,433

343

(3)  Breakdown of sales and marketing expenses was as follows:

Advertising expenses……………………………………………………………

886,470

865,144

712,239

100,526

Non-advertising sales and marketing expenses…………………………

906,480

1,158,358

865,271

122,126

 

58.com Inc.

Reconciliation of GAAP and Non-GAAP Results

(in thousands, except share, ADS, per share and per ADS data, unless otherwise noted)

For the Three Months Ended

March 31,

2019

December 31,

2019

March 31,

2020

March 31,

2020

RMB

RMB

RMB

US$

GAAP income/(loss) from operations…………………………………………

281,307

741,129

(55,843)

(7,882)

Share-based compensation expenses[6]………………………………………

128,875

154,244

154,451

21,799

        Amortization of intangible assets resulting from
        business acquisitions………………………………………………………………………………..

 

54,951

 

55,102

 

45,387

 

6,406

Non-GAAP income from operations…………………………………………..

465,133

950,475

143,995

20,323

GAAP net income attributable to 58.com Inc.…………………………….

698,150

2,609,766

1,638,623

231,275

Share-based compensation expenses………………………………………..

128,875

154,244

154,451

21,799

        Amortization of intangible assets resulting from
        business acquisitions………………………………………………………………………………..

 

54,951

 

55,102

 

45,387

 

6,406

Change in fair value of long-term investments and
investments in convertible notes[7]…………………………………………………………………..

(508,950)

2,258,544

446,081

62,960

        Share-based compensation expenses included in share
        of results of equity investees…………………………………………………………………….

 

9

–

 

–

 

–

        Income tax effects of GAAP to non-GAAP reconciling
        items[8]…..

 

62,878

 

(200,057)

 

(40,949)

 

(5,780)

Non-GAAP net income attributable to 58.com Inc.…………………….

435,913

4,877,599

2,243,593

316,660

GAAP operating margin……………………………………………………………..

9.3%

17.8%

(2.2)%

(2.2)%

    Share-based compensation expenses………………………………………..

4.3%

3.7%

6.0%

6.0%

        Amortization of intangible assets resulting from
        business acquisitions………………………………………………………………………………..

 

1.8%

 

1.4%

 

1.8%

 

1.8%

Non-GAAP operating margin……………………………………………………..

15.4%

22.9%

5.6%

5.6%

GAAP net margin…………………………………………………………………………

23.1%

62.8%

64.0%

64.0%

    Share-based compensation expenses………………………………………..

4.3%

3.7%

6.0%

6.0%

        Amortization of intangible assets resulting from
        business acquisitions………………………………………………………………………………..

1.8%

1.4%

1.8%

1.8%

        Change in fair value of long-term investments and
        investments in convertible notes……………………………………………………………………

(16.8)%

54.4%

17.4%

17.4%

        Share-based compensation expenses included in share
        of results of equity investees…………………………………………………………………….

0.0%

0.0%

0.0%

0.0%

        Income tax effects of GAAP to non-GAAP reconciling
        items……

2.0%

(4.9)%

(1.6)%

(1.6)%

Non-GAAP net margin…………………………………………………………………

14.4%

117.4%

87.6%

87.6%

Weighted average number of ordinary shares used in
computing non-GAAP basic earnings per share………………………..

296,690,552

 

299,155,358

299,427,404

299,427,404

Weighted average number of ordinary shares used in
computing non-GAAP diluted earnings per share……………………..

300,250,567

 

302,001,274

302,932,654

302,932,654

Weighted average number of ADS used in computing
non-GAAP basic earnings per ADS…………………………………………………..

148,345,276

149,577,679

149,713,702

149,713,702

Weighted average number of ADS used in computing
non-GAAP diluted earnings per ADS………………………………………………..

150,125,284

151,000,637

151,466,327

151,466,327

Non-GAAP net earnings per ordinary share
attributable to ordinary shareholders – basic…………………………………………………….

1.47

16.30

7.49

1.06

Non-GAAP net earnings per ordinary share
attributable to ordinary shareholders – diluted………………………………………………….

1.45

16.15

7.41

1.05

Non-GAAP net earnings per ADS attributable to
ordinary shareholders – basic……………………………………………………………………

2.94

32.61

14.99

2.12

Non-GAAP net earnings per ADS attributable to
ordinary shareholders – diluted…………………………………………………………………

2.90

32.30

14.81

2.09

 

[6] Since the third quarter of 2017, certain share-based awards with redemption features granted to the Company’s employees were expected to be settled in cash and were classified as liabilities. The share-based compensation expenses recognized for this type of awards amounted to RMB4.4 million, RMB4.7 million and RMB4.0 million for the first and fourth quarter of 2019 and the first quarter of 2020, respectively, which were excluded from the GAAP to non-GAAP reconciliation accordingly.

[7] The purpose of this reconciliation is to exclude the unrealized gain or loss relating to changes in fair value of long-term investments and investments in convertible notes. The amount of realization of any previously recognized unrealized gain or loss in a given period is also included in this line item so that the non-GAAP net income would only include cumulative realized gain or loss.

[8] This is to exclude the income tax effects related to amortization of intangible assets resulting from business acquisitions and change in fair value of long-term investments and investments in convertible notes. Other GAAP to non-GAAP reconciling items have no income tax effect.

 

Related Links :

http://www.58.com

PR Newswire

Klarna and Universal Music keep track of Australia’s lockdown buying habits with pop parody.

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SYDNEY, June 26, 2020 — Leading shopping service and payments provider Klarna is helping Australians make smarter decisions about what to buy online during our ‘new normal’.

To encourage the entire country to buy only the things we really love and actually need, Klarna, in partnership with Universal Music Australia’s creative agency BRING, has today released a parody music video about Australia’s online shopping habits during lockdown.

Starring local favourites, The Inspired Unemployed, musicians Thandi Phoenix and Tuka – Get What I Love shines a big pink spotlight on all the things we’ve been buying, but never knew we really needed…hello Tiger King g-string!

An original R’n’B flavoured pop song which was written collaboratively over Zoom, Get What I Love is about finding fun ways to make use of the stuff we’ve bought during isolation, that in a different world may not have been added to our cart.

Klarna talks to shoppers on their terms and creates services, experiences and content which are very different from what people expect from a brand in the fintech, finance or banking space.

The pop parody allows Klarna to extend its support of local retailers to emerging homegrown artists in what is a tough time for the Australian entertainment industry.

Andrea Darling, Klarna’s Head of Marketing for Australia and New Zealand says:
“We are so excited about this collaboration and working with such amazing Australian talent. Klarna is all about the consumer experience and inviting customers into our world. This music video clip illustrates perfectly how we do things differently and in a fun way. It’s time for a new kind of shopping service that is genuinely interested in its customer and fits with their lifestyle.”

From swapping high heels for Uggs, buying bread makers to bake that insta-worthy sourdough, to grabbing the latest thigh master to tone that at-home bod, the video takes a light-hearted look at how our needs changed during COVID-19.

The music clip focuses on two flatmates (The Inspired Unemployed) stuck in lockdown in a studio style apartment. Each ‘week’ a new purchase is delivered to their door thanks to the simple shopping experience of Klarna. As time passes, our two stars continue to make use of the items delivered, sometimes in unexpected ways.

The Inspired Unemployed says: 
“This partnership with Klarna was an absolute pleasure to work on and it was truly a team effort to bring the vision to life with incredible creatives like Tuka and Thandi Phoenix, who we learnt a lot from. We are thrilled to see this project come to life after weeks of collaboration and we really hope Australians find it relatable, fun and entertaining and that it also serves as a reminder of the once in a lifetime lockdown experience.” 

Thandi Phoenix says:
“I had a such a good time working on this project for Klarna during lockdown. It was really nice to be able to collaborate with different creatives on this song and being able to make fun of some of the activities we’ve all been doing during isolation.” 

Tuka says:
“This project definitely saved me from the insane level of boredom we all experienced in lockdown. Thanks for getting me on board, Klarna has been a great brand to work with.”

Official Music Video

Embed the YouTube link:    https://youtu.be/GWNX256wchQ 
On set photos: https://www.dropbox.com/sh/rvey8xsk4qk0pas/AAAbNR55i_qAInOAlhWV2Cpra?dl=0 

The Inspired Unemployed: www.instagram.com/theinspiredunemployed/ 
Thandi Phoenix:                   www.instagram.com/thandiphoenix/ 
Tuka:                                      www.instagram.com/willrap4tuka/

About Klarna

We make shopping smoooth. With Klarna consumers can buy now and pay later, so they can get what they love today. Klarna’s offering to consumers and retailers include payments, social shopping, and personal finances. Over 205,000 merchants, including H&M, Adidas, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress have enabled Klarna’s innovative shopping experience online and in-store. Klarna is the most highly valued fintech in Europe with a valuation of $US5.5bn and one of the largest private fintechs globally. Klarna was founded in 2005, has over 2,700 employees and is active in 17 countries. For more information, visit klarna.com/au

About BRING
BRING are a creative agency born from Universal Music Australia and as such culture runs in their DNA. With their unrivalled access to talent, data, leading live and content production capabilities as well as a creative-driven approach to everything they do, BRING create ideas that make noise.  They have created brand platforms and campaigns including – Adobe, KFC, Nintendo, Oppo, Adidas, Lion, Optus, American Express, KFC and more. www.bring.com.au

Related Links :

https://www.klarna.com/au/

PR Newswire

Indonesia Focused East Ventures Raises New Seed Fund for Tech Startups in Aftermath of Pandemic

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The new vehicle will be East Ventures’ eighth fund, as the firm remains bullish on the ASEAN’s digital economy and predicts that innovative startups will transform the region’s post-lockdown landscape for the better.

Quick Facts:

  • Southeast Asia’s most active early-stage tech investor has reached a first close on its latest seed fund, designed for Southeast Asian innovation in a post-COVID-19 era.
  • The new fund will be East Ventures’ eighth tech investment vehicle to date, with the firm aiming to raise US$88 million from limited partners.
  • The capital is being raised from institutional investors, global funds, and family offices.
  • East Ventures was recently named the most consistent top performing VC fund globally by Preqin.
  • In addition to funding new startups in Southeast Asia, the firm is also working closely with existing portfolio companies and advising on how best to implement wartime leadership.

JAKARTA, Indonesia, June 26, 2020 — Earlier today, Southeast Asia’s most active early-stage tech investment firm East Ventures announced that it has reached the first close on a new venture fund for innovative startups in the region. The new seed fund is designed for digital companies emerging in the post-lockdown aftermath of the COVID-19 pandemic.

Willson Cuaca, Co-founder and Managing Partner East Ventures.
Willson Cuaca, Co-founder and Managing Partner East Ventures.

The fund is East Ventures’ eighth investment vehicle to date, and the firm aims to raise no more than US$88 million from limited partners.

As the world has slowed down in the time of COVID-19, businesses in the region continue to struggle and lives have been changed forever. Local entrepreneurs are forced to rethink how they operate, understand what is truly essential, and learn how to live with less physical contact. As a result, many are now accelerating to the point where they’re leap-frogging into digital transformation and bypassing years of the usual adoption process.

East Ventures’ latest fund is attracting global and regional institutional investors.

“We are excited to continue our partnership with East Ventures. The firm is well-positioned in Southeast Asia to guide entrepreneurs to achieve their full potential,” said Tow Heng Tan, CEO of Pavilion Capital.

Sunil Mishra, Partner of Adams Street Partners added, “Adams Street is pleased to be committing to the new East Ventures fund. We are impressed with the track record of the team, their local market reputation, ability to work with young founders to guide them and hope that they will continue to generate strong returns.”

Crisis Brings Clarity

East Ventures’ management team believes new global conditions have provided unprecedented clarity for startup decision-makers.

“The pandemic has created a chance for a new breed of entrepreneurs to think about new problems and how to solve them in efficient ways via technology,” says East Ventures’ Managing Partner Willson Cuaca. “We remain optimistic about the future of Southeast Asia’s digital economy, and we’re particularly bullish on the Indonesian market. We feel the current situation proves our core hypothesis that great founders will find a way to make their companies thrive, even in times of crisis. Great people withstand the test of time.”

Cuaca adds that East Ventures’ eighth fund will remain sector agnostic, as exceptional founders exist across the board, in a multitude of industries.

According to East Ventures, the team intentionally seeks to keep its latest fund under US$100 million, as this makes it easier to deploy money into early-stage companies. In turn, the fund is designed to help East Ventures more quickly achieve its key objective of being the best asset class for its limited partners.

Investment Focus

East Ventures’ management team believes the main objective in early-stage investing is to find product-market fit as quickly as possible. As such, it makes a point of working with fledgling founders to navigate the market and neutralize biases.

By having full teams in multiple cities and understanding both Singapore and Indonesia deeply, East Ventures is able to bridge geographic and cultural biases. This is useful for Singapore-based startups looking to expand to Indonesia. It’s also useful for Indonesia-based startups that need to use global practices to become locally dominant.

The same principle can also extend beyond Southeast Asia. Over the past 11 years, East Ventures has formed a knowledge-base and playbook for tech investment success, born from one of the most advanced emerging markets for digital innovation.

East Ventures has developed a concise theory of Indonesia having a “flywheel effect.” The firm works closely with all stakeholders — local industry players, family offices, entrepreneurs, early-stage startups, and growth companies — to build a frictionless flywheel. It has formed a complete startup life cycle from investing at the early-stage, finding product-market fit, creating value and scaling, and finally exits and re-investing.

COVID-19 Response

“We realized that the majority of our CEOs have never been in crisis before,” explains Cuaca. “Because of this, we are doing health checks with our portfolio companies. Instead of immediately advising on tactical business plans, we first try to help the founder understand the crisis and how severely it is impacting their company. Only after founders understand these things can they begin to cultivate their own strategy and implement it tactically. In this respect, we’re trying to convey the importance of wartime leadership.”

The Bigger the Market, the Bigger the Flywheel

Representing approximately 40% of the region’s economy, Indonesia’s internet economy has progressed rapidly — starting as a humble e-commerce-based game and blooming into an everyday staple that touches all industries.

Regionally, venture capital has become a relatively new asset class for investors. East Ventures has established an outstanding track record as one of the first movers. The firm has grown its portfolio value significantly and assisted in the successful exits of multiple companies.

Some of the firm’s deals have reached 1,000x in terms of Multiple on Invested Capital (MOIC). East Ventures claims a Distributions to Paid-in Capital (DPI) rate as high as 7x, with notable exits including Grab’s acquisition of Kudo in 2017, as well as GoJek’s more recent purchases of Loket and Moka POS. Two out of four East Ventures funds have returned beyond the amount of capital invested by limited partners.

About East Ventures

Founded in 2009, East Ventures is an early-stage sector-agnostic venture capital firm. The firm has supported more than 170 companies in the Southeast Asian region that are present across Indonesia, Singapore, Japan, Malaysia, Thailand, and Vietnam.

An early believer in the startup ecosystem in Indonesia, East Ventures is the first investor of Indonesia’s unicorn companies, namely Tokopedia and Traveloka. Other notable companies in the portfolio include Mercari, Ruangguru, Warung Pintar, Fore Coffee, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS, ShopBack, CoHive, Koinworks, Waresix, and Sociolla.

In 2019, East Ventures remains the most active startup investor in Southeast Asia and the firm was recently named the most consistent top performing VC fund globally by Preqin.

Photo – https://photos.prnasia.com/prnh/20200626/2841728-1?lang=0

PR Newswire

Huawei officially launches Huawei Pay mobile payment in Thailand

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BANGKOK, June 26, 2020 — Huawei Mobile Services (HMS) collaborates with UnionPay to launch the Huawei Pay in Thailand. Huawei Pay is a mobile payment tool that provides contactless, cashless payment service for HUAWEI device users. In Thailand, Industrial and Commercial Bank of China (Thai) Public Company Limited is the first bank to support this service.

First introduced to the China market in August 2016, Huawei Pay is a mobile payment service rooted on HUAWEI Wallet, which provides contactless, cashless payment service for HUAWEI device users, as part of the Huawei Mobile Services (HMS).

“We are pleased to extend our partnership with UnionPay and Industrial and Commercial Bank of China to introduce Huawei Pay to the Thailand market. With Huawei Pay, users can turn their devices into an e-wallet to enjoy secure, easy and convenient payment experience,” said the Director of Huawei Asia Pacific Consumer Cloud Service, Shane Shan.

Huawei Pay is one of the key services under the HUAWEI Wallet app that supports the Near Field Communication (NFC) payments in retail stores. Users can enable Huawei Pay by adding their bank cards to HUAWEI Wallet app and transact conveniently by tapping their Huawei devices to the payment terminal.

Huawei Pay is designed with security in mind — it uses PIN or biometric authentication methods such as fingerprint recognition to authenticate customers for retail purchases. The HUAWEI Wallet app comes pre-installed in the newly launched HUAWEI P40 series, while for the existing HUAWEI smartphone models, the app can be downloaded from HUAWEI AppGallery, Huawei’s official app marketplace.

In Thailand, the local merchandises support Huawei Pay including Boots, Emporium, Jaymart, Major Cineplex, Mr. D.I.Y, Sushi Hiro, Swarovski, Tesco Lotus, The Face Shop and more.

About Huawei Mobile Services:

Huawei Mobile Services is part of HUAWEI Consumer Business Group which aims to provide complete mobile experience to HUAWEI device users. Our services include HUAWEI AppGallery, Mobile Cloud, Video, Themes, ScreenMagazine and more. Huawei Mobile Services covers 600 million users in over 170 countries, enabling a smart living for every HUAWEI device users. In the era of fully connected world, we continue to provide better user experience and fulfil our commitment to bring the world closer together.

To learn more about Huawei Mobile Services, please visit our official website: https://consumer.huawei.com/th/mobileservices/

PR Newswire

GA-ASI Demonstrates Automatic Takeoff and Landing Enhancements

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SAN DIEGO, June 26, 2020 — As part of the ongoing U.S. Air Force contract for MQ-9A Reaper modernization, General Atomics Aeronautical Systems, Inc. (GA-ASI) demonstrated three expanded Automatic Takeoff and Landing Capability (ATLC) enhancements that provide the MQ-9A with a dramatic increase in operational flexibility. One enhancement enables the MQ-9A to land at an alternate or "divert" airfield in which no Ground Control Station (GCS) is present, and under satellite communication (SATCOM) control. The second enhancement expands the cross-wind limits of the MQ-9A. The third increases the maximum landing weight for normal and emergency landings.

"This achievement will enable operational MQ-9A’s to land at alternate airfields, on their own, in case of inclement weather, changing mission requirements, or damaged runways," said GA-ASI President David R. Alexander. "These upgrades will improve mission-effectiveness tremendously."

With the "divert landing" enhancement, the remote pilot can enter the new landing area coordinates to automatically land at the selected location, or the pilot can overfly and self-survey the divert airfield’s runway using the MQ-9A’s multispectral Electro-optical/Infrared (EO/IR) sensor to obtain coordinates for automatic landing. Once uploaded to the MQ-9A’s mission profile, the MQ-9A aircrew enables the ATLC system, which allows the aircraft to automatically maneuver itself into a landing pattern and make the automatic landing.

"All three enhancements provide MQ-9A aircrews with increased runway options, as well as expanded weather tolerances that greatly improve mission flexibility, operational availability and time on station. It will also lead to a substantial reduction in aircrew," said Alexander.

About GA-ASI

General Atomics Aeronautical Systems, Inc. (GA-ASI), an affiliate of General Atomics, is a leading designer and manufacturer of proven, reliable Remotely Piloted Aircraft (RPA) systems, radars, and electro-optic and related mission systems, including the Predator® RPA series and the Lynx® Multi-mode Radar. With more than six million flight hours, GA-ASI provides long-endurance, mission-capable aircraft with integrated sensor and data link systems required to deliver persistent flight that enables situational awareness and rapid strike. The company also produces a variety of ground control stations and sensor control/image analysis software, offers pilot training and support services, and develops meta-material antennas. For more information, visit www.ga-asi.com.

SkyGuardian, Predator and Lynx are registered trademarks of General Atomics Aeronautical Systems, Inc.

GA-ASI Media Relations
General Atomics Aeronautical Systems, Inc.
+1 (858) 524-8101
 ASI-MediaRelations@ga-asi.com

Related Links :

http://www.ga-asi.com

PR Newswire

Uploadcare Media Pipeline for Online Business Wins at Nanjing Tech Week Competition

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WILMINGTON, Del., June 26, 2020 — Uploadcare became one of the three best cloud solutions at Nanjing Tech Week 2020 Competition. This is one of the biggest tech festival and contest in the world, uniting innovative companies from all countries and industries. The winners can develop business at the Chinese Market.

Uploadcare is a global end-to-end cloud platform designed to help businesses turn visual-first customer experience into revenue. This PaaS is featured with one of the world’s fastest file uploader, an automated storage, an AI-driven image transformations engine, and flexible content delivery solutions. This customer experience suit facilitates the complete media pipeline: from uploading files to delivering them adapted to the end-user context.

On 25th of June, 2020 Uploadcare took second place at Nanjing Tech Week Cloud Competition. In 2019 Uploadcare raised a $1.7 million seed round led by Runa Capital and Vendep Capital, with existing investors Vaizra Capital and LVL1 Group participating, as well.

"The deep understanding of developers, startups, and enterprises needs allows Uploadcare to offer its clients an all-in-one platform for online content optimization, delivering the proven business results," notes Jupe Arala, General Partner at Vendep Capital.

"With differentiated technology and a strong leadership team, we believe that Uploadcare is well-positioned to accelerate its growth and further solidify its leadership in the content delivery market," says Dmitry Chikhachev, General Partner at Runa Capital.

Uploadcare aims to grow together with actively enhancing digital industries, including e-commerce and e-learning. As the number of users increases, the pressure on these online platforms grows. The shortest delay in content delivery may turn into an increased bounce rate and significant revenue losses. So business owners have to successfully manage this traffic tidal wave while keeping customer experience satisfying.

New Uploadcare media pipeline help online platforms ensure fast and reliable digital learning experience while saving up to 92% on traffic and related costs. Modern file upload widget and Image CDN capable of image management and transformation help to easily handle content and automatically adapt it to user devices. On top of that, they can quickly scale their infrastructure according to the traffic load.

Uploadcare cloud platform driven by intelligence and featured with image uploader, CDN and optimizer can reduce the total image size by 80% due to smart image transformations. Such e-commerce CDN management reduced image hosting costs by 86% without any technical complications. Moreover, Uploadcare’s technology and backend support cut the development process by 3 months and made it $200,000 cheaper.

Uploadcare technology reduces not only image sizes, hosting costs, and development time, providing efficient file upload API and CDN image hosting. The company’s world’s fastest image resizing algorithm can save, roughly, 21.1 MWh energy annually, if it will replace every image resizing code on the planet.

"Our platform, featured with the fastest cloud uploader and the best image CDN, helps reduce tech costs and time spent on image optimization and manipulation. But at the end of the day, it helps turn the crisis into development," says Igor Debatur, CEO at Uploadcare.

About Uploadcare

Uploadcare is a global end-to-end cloud platform that covers the complete media pipeline, using one of the world’s fastest File Uploader, an automated Smart and Secure Storage, a supreme AI-driven Image Transformations Engine, Visual Intelligence Algorithms, and unique content delivery solutions.

Founded in 2011, Uploadcare became a technological partner in e-commerce, e-learning, SaaS, and healthcare industries for thousands of clients like Mozilla, L’Oreal, Sundance Institute, Paperless, Totango. In 2019 Uploadcare raised a $1.7 million seed round led by Runa Capital and Vendep Capital, with existing investors Vaizra Capital and LVL1 Group.

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PR Newswire

The Fourth World Intelligence Congress Kicked Off Online in Tianjin

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TIANJIN, China, June 26, 2020 — On the afternoon of June 23, the Fourth World Intelligence Congress kicked off in Media Theater, Tianjin. Wan Gang, Vice Chairman of CPPCC and Chairman of China Association for Science and Technology (CAST), attended the online opening ceremony. CPC Tianjin Committee Secretary Li Hongzhong addressed the congress. Li Xiaohong, President of the Chinese Academy of Engineering (CAE), congratulated the congress through video. Huai Jinpeng, Executive Vice Chairman of CAST, Zhang Guoqing, Mayor of Tianjin attended the meeting. Park Won Soon, Mayor of Seoul, Republic of Korea, delivered a speech via video. The congress was presided over by Gong Ke, Chairman of the World Federation of Engineering Organizations. 58.6 million people watched the cloud opening ceremony and theme summit at the same time on 40 live streaming websites and platforms, and the total number of views reached 392 million.

Venue of the Fourth World Intelligence Congress
Venue of the Fourth World Intelligence Congress

Wan Gang pointed out that the congress is a high-end platform for artificial intelligence communication jointly created by Tianjin and CAST. We will open up big data, apply blockchain and innovate in cloud services during the pandemic prevention and control; promote the development of new industries, further drive the intelligent process and digitization of the entire industry chain, and continuously boost the close combination of artificial intelligence with real economy; create a new platform for employment, build an open source sharing platform, and forge the "Sci-Tech Innovation China" brand; continuously deepen basic research, build a world-class artificial intelligence development platform and industrial ecosystem; and promote international cooperation in the field of artificial intelligence.

Li Hongzhong said that Tianjin comprehensively promotes the strategic layout of the new generation artificial intelligence industry, and intelligent technology is becoming the core driving force for high-quality development in the city. Tianjin will take the initiative to embrace the new era of intelligence, push forward the construction of a pioneer city in the fourth industrial revolution, build itself into an innovative city in intelligent technology, an energization city of the intelligent industry, and an ecological city of intelligent development, continuously optimize its business environment, and strengthen cooperation in intelligence fields with various parties from home and abroad.

According to Li Xiaohong, Tianjin has embarked on a new way of innovation-driven development with the intelligence technology industry as the lead, and Tianjin Intelligent Port shows a promising future.

Park Won Soon said that this year is a crucial year for the construction of 5G networks in Tianjin. He hoped Seoul and Tianjin will strengthen communications and share experience on the construction of intelligence industrial infrastructures.

At the theme summit, representatives from the global intelligence technology industry and academia delivered speeches on site or via video accesses. Among them include Gao Wenjiu, academician of CAE, Ma Huateng, Chairman of the Board of Tencent, Max Tegmark, tenured professor at the MIT Department of Physics, Yang Yuanqing, Chairman of Lenovo Group, Yang Xu, Global Vice President of Intel Corporation, Edmund Phelps, laureate of Nobel Economics Award, Wang Jian, Chairman of the Technical Committee of Alibaba Group, and Raj Reddy, foreign academician at CAE and winner of Turing Award.

Themed on Intelligence New Era: Innovation, Energization and Ecology, the Fourth World Intelligence Congress applied the modes of "meetings, exhibitions, contests and intelligence experience" to hold six cloud events namely, cloud promotion, cloud release, cloud bilateral talk, cloud intelligence experience, cloud intelligence technology exhibition, world intelligent driving challenge contest, "Fifth Space" intelligent safety competition, Tianjin "Haihe Talents" Entrepreneurial Competition, as well as 13 cloud parallel forums, cloud and on-site contract signing activities.

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Contact：Cui Kejia
Tel：0086-400-019-0516, Mobile: 0086-15120084132
Email：wic@wicongress.org

Night view of Tianjin, host city of the 4th WIC
Night view of Tianjin, host city of the 4th WIC

 

PR Newswire

KPMG and Planon Extend Cooperation to Support Organisations in the Digitalisation of Lease-, Real Estate- and Portfolio Management Processes

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NIJMEGEN and AMSTELVEEN, Netherlands, June 26, 2020 — KPMG and Planon today announced moving their collaboration to the next level, by signing a partnership agreement. Over the past two years the parties have been successfully working together on helping companies to comply with IFRS 16 standards by implementing Planon’s Lease Accounting solution across Europe.

Thanks to this partnership organisations can achieve a stronger ‘end-to-end transformation’ from lease accounting towards strategic portfolio management. The combination of Planon’s innovative software solutions with KPMG’s extensive knowledge around process optimisation and performance improvements creates synergy. It will enable building owners and users to plan and execute a smart portfolio management strategy, using innovative technologies managed from a single-source-of-truth.

Gerben de Roest, Partner at KPMG Enterprise Solutions, said, ‘I am very happy that we have found a global software provider that helps building owners and occupiers to streamline business processes for buildings, people and workplaces and that puts innovation first. I am looking forward to continuing our successful collaboration by helping our mutual and new clients to get the most value out of their Planon investments, by providing value added expertise and controlled implementation of Planon solutions and related technology.’

Sander Grunewald, Partner at KPMG Real Estate Advisory, added, ‘The extended cooperation in a partnership between Planon and KPMG emphasises our global firm’s focus to support corporate organisations with optimising and digitising their real estate portfolios and further align real estate within its key business strategy. Many of our corporate clients are looking to embrace the opportunities that technology brings. We aim to support them in gaining the full potential from digital and innovative technology. Planon is one of the established technology providers in this domain that can fulfill a bridging role to connect the technology solutions and bring additional value to the corporate clients.

About Planon

With over 35 years of experience, Planon is the leading global provider of innovative software, proven best practices and professional services that help building owners and occupiers, commercial service providers, and financial controllers to streamline business processes.

About KPMG Netherlands

KPMG has offered high-quality accountancy and advice services in the Netherlands since 1917.

 

Related Links :

https://planonsoftware.com