Monthly Archives: August 2020

PR Newswire

Momo to Report Second Quarter 2020 Results on September 3, 2020

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BEIJING, Aug. 14, 2020 — Momo Inc. (Nasdaq: MOMO) ("Momo" or the "Company"), a leading mobile social and entertainment platform in China, today announced that it will release its unaudited financial results for the second quarter ended June 30, 2020 before U.S. markets open on Thursday, September 3, 2020.

Momo’s management will host an earnings conference call on Thursday, September 3, 2020, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on the same day).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details.

Preregistration Information

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/9767454. Once preregistration has been complete, participants will receive dial-in numbers, direct event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your registrant ID, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call through 9:00 a.m. U.S. Eastern Time, September 11, 2020. The dial-in details for the replay are as follows:

International:

+61-2-8199-0299

U.S. Toll Free:

+1-855-452-5696

Passcode:

9767454

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Momo’s website at http://ir.immomo.com.

About Momo Inc.

We are a leading player in China’s online social and entertainment space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates interactions based on location, interests and a variety of recreational activities including live talent shows, short videos, social games as well as other video- and audio-based interactive experiences, such as live chats and mobile karaoke experience. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application for the younger generation. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people.

For investor and media inquiries, please contact:

Momo Inc.
Momo Investor Relations
Ms. Ashley Jing
Phone: +86-10-5731-0538
Email: ir@immomo.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com

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

Related Links :

http://ir.immomo.com/

PR Newswire

CareMonkey becomes ‘Operoo’, launches digital school operations platform

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Education technology provider repositions to meet surging demand to streamline and automate operational school tasks and processes in K – 12 sector

NEW YORK, Aug. 14, 2020 — CareMonkey – the world’s fastest growing cloud-based solution for online school forms, medical data and trip management – has relaunched as ‘Operoo’. The relaunch will see the company trade as Operoo, with its software – rebranded under the same name, emphasizing its power as a School Operations and Productivity Platform.

The brand’s new logo and website were unveiled at www.operoo.com, along with a simple mission statement: To help schools eliminate operational inefficiencies, so that every dollar and every minute possible is focused on student education.

Operoo CEO and CoFounder, Troy Westley, said the new name reflected how the company had evolved to meet growing demand throughout the global K – 12 education sector for solutions that could streamline a broad range of day-to-day school operations.

"The ‘Oper’ part of Operoo is short for ‘operations’, while the ‘roo’ is a reminder of our Australian origins – even though we’re now truly an international company with offices in the USA, UK and Australia," said Westley. "When we began CareMonkey in 2013, the product was all about care – hence the name. The focus was on collecting child medical and emergency information from parents, then making that data securely available to schools and supervisors at other organizations with a duty-of-care.

"Since then, our product has grown and matured. We’ve listened to what our customers want and how they use the product. The feedback was clear: The daily operational and administrative demand placed on schools and their staff is growing fast. As a result, schools are looking for solutions to reduce the resources required to complete those recurring tasks so that they can focus on what really matters; educating young people. Operoo empowers schools to achieve that goal."

The renewed focus has seen the company grow rapidly, expanding its US and UK client bases by more than 1100% and 260% respectively since early 2019.

Operoo President, Peter Bencivenga, said: "For a long time, there’s been a huge gap in the education technology market, which sat between school administration systems and single use case products; like parent communication or payment apps.

"While we had already been working to address this need leading up to the launch of Operoo, that gap became glaringly obvious when COVID-19 started impacting the global education sector. Not only did the number of operational tasks schools had to manage soar, they simply had to be managed digitally in order to adhere to social distancing requirements and government health guidelines. Paper-based and human-reliant ways of working just weren’t an option. Operoo’s School Operations and Productivity Platform bridges that gap."

Operoo enables schools to automate, manage and track operational tasks in one cloud-based platform. Operoo offers digital workflows for a range of routine school processes – which are often manual, disconnected and paper-based – including distributing and collecting school forms, mobile communications, parental consent, payments, medical and emergency information, staff approvals, incident reporting, activity and group management, paperless school trips and more.

Operoo client and Principal at New York City’s Staten Island Technical High School, Mark Erlenwein, commented: "We started working with CareMonkey, now Operoo, because we were spending too much time and money manually managing routine paper processes. We’ve now digitized and automated over 30 different workflows – from emergency contact cards and consent forms, to reimbursement and leave requests – reducing the manpower required to perform them by 75 percent."

The latest iteration of the OECD’s global Teaching and Learning International Survey found that educators in the developed world are working longer hours than ever before. An increasing amount of time spent on non-teaching tasks was cited as a key contributor to that trend, with ‘skyrocketing administrative requirements’ a primary culprit. In fact, 91 percent of the 18,000 educators who contributed to the University of Sydney’s 2018 study, Understanding Work in Schools, reported experiencing a level of administrative demand so high it was a ‘hindrance’ to their job.

Founded in 2013 from Melbourne, Australia, CareMonkey won numerous awards, including two global start-up competitions in 2015: Talent Unleashed, presented by Sir Richard Branson, and Slush, where the company won a €650,000 investment. Company CoFounders, Troy Westley (CEO) and Martin Howell (CTO), declined the offer in favor of growing the business organically.

In 2019, a consortium led by Peter Bencivenga, New Ground Ventures and ReThink Education, approached and invested in CareMonkey, with Bencivenga becoming CareMonkey’s President.

Today, Operoo has offices in the US, UK and Australia serving thousands of customers from every major continent around the world. The company’s School Productivity and Operations Platform will be generally available under the Operoo name from Friday 14th August 2020.

– END –

About Operoo

Operoo is a School Operations and Productivity Platform. Operoo is helping thousands of schools and other organizations around the world to eliminate slow, expensive and repetitive paper-based tasks. Operoo empowers schools to save time and resources by automating operational tasks and workflows, increasing staff productivity, parental engagement and student participation.

Streamline and digitize any school process, drastically reducing the associated costs: From permission forms, payments, and school trips; to medical information and emergency contacts, incident reporting, staff agreements, student onboarding and more. And, effectively communicate with staff, parents and your whole school community in over 100 languages with Operoo’s multi-language capability.

With Operoo, ensure every dollar and every minute possible is focused on students, rather than wasting resources on operational inefficiencies. For more information, visit www.operoo.com

For further media information, interviews, images or product demonstration, please contact:

Operoo CMO, Lachlan James, on +61 (0)431 835 658 or ljames@operoo.com

Related Links :

http://www.operoo.com

PR Newswire

Fang Announces Second Quarter and First Half Year 2020 Unaudited Financial Results

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BEIJING, Aug. 14, 2020 — Fang Holdings Limited (NYSE: SFUN) (“Fang” or “we”), a leading real estate Internet portal in China, today announced its unaudited financial results for the second quarter and the first half year ended June 30, 2020.

Second Quarter 2020 Highlights

  • Total revenues were $66.8 million, a decrease of 1.5% from $67.8 million in the corresponding period of 2019.
  • Operating income from continuing operations was $6.4 million, a decrease of 78.7% from $30.1 million in the corresponding period of 2019.
  • Net income was $21.5 million, an increase of 321.6% from $5.1 million in the corresponding period of 2019.

First Half 2020 Highlights

  • Total revenues were $103.0 million, which remained relatively stable with $102.8 million in the corresponding period of 2019.
  • Operating income from continuing operations was $6.9 million, a decrease of 62.3% from $18.3 million in the corresponding period of 2019.
  • Net loss was $19.4 million, compared to net income of $18.5 million in the corresponding period of 2019.

“During the COVID-19 global pandemic, Fang remained solid financially in the first half of 2020,” commented Mr. Jian Liu, CEO of Fang. “For the coming quarters we will continue our focus on new initiatives such as live broadcastings, online exhibitions and VR livestreams to better serve our customers.”

Second Quarter 2020 Financial Results

Revenues

Fang reported total revenues of $66.8 million in the second quarter of 2020, a decrease of 1.5% from $67.8 million in the corresponding period of 2019, mainly due to the decrease in revenues from listing services.  

  • Revenue from marketing services was $32.1 million in the second quarter of 2020, a decrease of 1.2% from $32.5 million in the corresponding period of 2019.
  • Revenue from listing services was $14.2 million in the second quarter of 2020, a decrease of 26.0% from $19.2 million in the corresponding period of 2019, mainly due to the decrease in the number of paying customers.
  • Revenue from leads generation services was $17.3 million in the second quarter of 2020, an increase of 60.2% from $10.8 million in the corresponding period of 2019, mainly due to an increased acceptance and popularity of our leads generation services.
  • Revenue from financial services was $1.6 million in the second quarter of 2020, a decrease of 44.8% from $2.9 million in the corresponding period of 2019, mainly due to the decrease in average loan receivable balance.

Cost of Revenue

Cost of revenue was $3.6 million in the second quarter of 2020, a decrease of 56.3% from $8.3 million in the corresponding period of 2019, primarily due to the decline in sales and the optimization in cost structure.

Operating Expenses

Operating expenses were $56.2 million in the second quarter of 2020, an increase of 81.3% from $31.0 million in the corresponding period of 2019, mainly due to the increase in staff related costs.

  • Selling expenses were $14.9 million in the second quarter of 2020, a decrease of 7.5% from $16.1 million in the corresponding period of 2019, mainly due to the decrease in staff related costs.
  • General and administrative expenses were $41.3 million in the second quarter of 2020, an increase of 177.2% from $14.9 million in the corresponding period of 2019, mainly due to the increase in staff related costs.

Operating Income from Continuing Operations

Operating income from continuing operations was $6.4 million in the second quarter of 2020, a decrease of 78.7% from $30.1 million in the corresponding period of 2019, mainly due to the increase in operating expenses.

Change in Fair Value of Securities

Change in fair value of securities for the second quarter of 2020 was a loss of $0.7 million, compared to a loss of $48.5 million in the corresponding period of 2019, mainly due to the fluctuation in market price of investments in equity securities.

Income Tax Benefits

Income tax benefits were $16.7 million in the second quarter of 2020, a decrease of 17.2% compared to income tax benefits of $20.1 million in the corresponding period of 2019, primarily due to the effect of change in fair value of equity securities.

Net Income

Net income was $21.5 million in the second quarter of 2020, an increase of 321.5% from $5.1 million in the corresponding period of 2019.

First half year 2020 Financial Results

Revenues

Fang reported total revenues of $103.0 million in the first half year of 2020, which remained relatively stable with $102.8 million in the corresponding period of 2019.   

  • Revenue from marketing services was $47.2 million in the first half of 2020, an increase of 3.3% from $45.7 million in the corresponding period of 2019, mainly due to the growth of company’s new initiative such as live broadcastings., etc.
  • Revenue from listing services was $24.4 million in the first half of 2020, a decrease of 22.3% from $31.4 million in the corresponding period of 2019, mainly due to the decrease in the number of paying customers.
  • Revenue from leads generation services was $24.8 million in the first half of 2020, an increase of 67.6% from $14.8 million in the corresponding period of 2019.
  • Revenue from financial services was $3.3 million in the first half of 2020, a decrease of 48.4% from $6.4 million in the corresponding period of 2019, mainly due to the decrease in average loan receivable balance.

Cost of Revenue

Cost of revenue was $9.0 million in the first half year of 2020, a decrease of 46.1% from $16.7 million in the corresponding period of 2019, primarily due to cost savings from optimizing Fang’s core business.

Operating Expenses

Operating expenses were $88.3 million in the first half year of 2020, an increase of 26.5% from $69.8 million in the corresponding period of 2019, mainly due to the increase in staff related costs.

  • Selling expenses were $28.5 million in the first half year of 2020, a decrease of 12.3% from $32.5 million in the corresponding period of 2019, mainly due to the decrease in staff related costs.
  • General and administrative expenses were $59.8 million in the first half year of 2020, an increase of 60.3% from $37.3 million in the corresponding period of 2019, mainly due to the increase in staff related costs.

Operating Income from Continuing Operations

Operating income from continuing operations was $6.9 million in the first half year of 2020, a decrease of 62.3% from $18.3 million in the corresponding period of 2019, mainly due to the increase in operating expenses.

Change in Fair Value of Securities

Change in fair value of securities for the first half year of 2020 was a loss of $43.3 million, compared to a loss of $16.5 million in the corresponding period of 2019, mainly due to the fluctuation in market price of investments in equity securities.

Income Tax Benefits

Income tax benefits were $19.5 million in the first half year of 2020, an increase of 116.7% from $9.0 million in the corresponding period of 2019.

Net Income (Loss)

Net loss was $19.4 million in the first half year of 2020, compared to a net income of $18.5 million in the corresponding period of 2019.

Business Outlook

Based on current operations and market conditions, Fang’s management predicts a positive net income for the year of 2020, which represents management’s current and preliminary view and is subject to change.

Conference Call Information

Fang’s management team will host a conference call on the same day at 8:00 AM U.S. EST (8:00 PM Beijing/Hong Kong time). The dial-in details for the live conference call are:

International Toll:

+65 67135600

Toll-Free/Local Toll:

  

United States

+1 877-440-9253 / +1 631-460-7472

Hong Kong

+852 800-906-603 / +852 3018-6773

Mainland China

+86 800-870-0075 / +86 400-120-0948

Direct Event Passcode

1383200#

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1578624#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1578624#), and your unique Registrant ID, followed by the pound or hash (#) sign to get into the call.

Direct Event online registration: http://apac.directeventreg.com/registration/event/6379533  

A telephone replay of the call will be available after the conclusion of the conference call from 11:00 AM ET on August 14, 2020 through 9:59 AM ET August 22, 2020. The dial-in details for the telephone replay are:

International Toll:

+61 2-8199-0299

Toll-Free/Local Toll:

  

United States

+1 855-452-5696 / +1 646-254-3697

Hong Kong

+852 800-963-117 / +852 3051-2780

Mainland China

+86 400-602-2065 / +86 800-870-0206

Conference ID:

3548478

A live and archived webcast of the conference call will be available on Fang’s website at http://ir.fang.com.

About Fang

Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China’s fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding Fang’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Fang’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of Fang’s business development strategies, the impact of the COVID-19 pandemic, and the impact of current and future government policies affecting China’s real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang’s filings with the U.S. Securities and Exchange Commission. Fang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.


Fang Holdings Limited

Unaudited Condensed Consolidated Balance Sheets[i]

(in thousands of U.S. dollars, except share data and per share data)
 

ASSETS

June 30,

December 31,
   

2020

2019

  

Current assets:

      
 

Cash and cash equivalents

85,461

105,282

  
 

Restricted cash, current

217,259

219,096

  
 

Short-term investments

148,382

194,720

  
 

Accounts receivable, net

87,885

66,379

  
 

Funds receivable

4,092

8,372

  
 

Prepayment and other current assets

32,834

31,509

  
 

Commitment deposits

185

188

  
 

Loans receivable, current

58,979

60,490

  
 

Amounts due from related parties

1,350

644

  

Total current assets 

636,427

686,680

  

Non-current assets:

      
 

Property and equipment, net

676,564

695,457

  
 

Loans receivable, non-current

–

–

  
 

Deferred tax assets

13,220

6,570

  
 

Deposits for non-current assets

482

618

  
 

Restricted cash, non-current portion

40,917

42,452

  
 

Long-term investments

325,863

341,946

  
 

Other non-current assets

36,975

39,179

  

Total non-current assets

1,094,021

1,126,222

  

Total assets

1,730,448

1,812,902

  
         

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Current liabilities:

      
 

Short-term loans

361,220

367,403

  
 

Deferred revenue

130,083

134,143

  
 

Accrued expenses and other liabilities

100,695

120,244

  
 

Customers’ refundable fees

3,703

4,981

  
 

Income tax payable

11,675

4,207

  
 

Amounts due to related parties

10,048

9,227

  

Total current liabilities

617,424

640,205

  

Non-current liabilities:

      
 

Long-term loans

178,365

184,158

  
 

Convertible senior notes

168,614

168,929

  
 

Deferred tax liabilities

92,080

90,723

  
 

Other non-current liabilities

107,217

138,435

  

Total non-current liabilities

546,276

582,245

  

Total Liabilities  

1,163,700

1,222,450

  
         

Equity:

      
 

Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share,
600,000,000 shares authorized for Class A and Class B in aggregate, issued
shares as of December 31, 2019 and June 30, 2020: 71,775,686 and    

71,775,686; outstanding shares as of December 31, 2019 and June 30, 2020: 
65,403,527 and 65,403,527

9,244

9,244

  
 

Class B ordinary shares, par value HK$1 per share, 600,000,000 s
hares authorized for Class A and Class B in aggregate, and 24,336,650 shares and
24,336,650 shares issued and outstanding as at December 31, 2019 and
June 30, 2020, respectively

3,124

3,124

  
 

Treasury stock

(123,216)

(123,216)

  
 

Additional paid-in capital

536,352

528,620

  
 

Accumulated other comprehensive loss

(110,381)

(98,371)

  
 

Retained earnings

250,931

270,358

  

Total Fang Holdings Limited shareholders’ equity

566,054

589,759

  
 

Non controlling interests

694

693

  

Total equity

566,748

590,452

  

TOTAL LIABILITIES AND EQUITY

1,730,448

1,812,902

  
 

[i] Impact of the Separation of China Index Holdings Ltd (NASDAQ: CIH) (“CIH”) on the Company’s
Financial Statements: The separation of CIH represents a strategic shift of Fang and has a major effect
on Fang’s results of operations, the business operated by CIH has been reclassified as discontinued
operations. For the periods presented in this press release, the results of the discontinued operations,
less applicable income taxes, are reported as a separate component of income, which is income from
discontinued operations, on the consolidated statements of comprehensive income (loss)

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income[ii]

(in thousands of U.S. dollars, except share data and per share data)
         
   

Three months ended

Six months ended

  
   

June 30,

  

June 30,

June 30,

June 30,

  
   

2020

  

2019

2020

2019

  
               

Revenues:

            
 

Marketing services

32,072

  

32,465

47,208

45,728

  
 

Listing services

14,197

  

19,212

24,413

31,371

  
 

Leads generation services

17,288

  

10,801

24,806

14,787

  
 

Value-added services

1,525

  

1,665

2,941

2,667

  
 

Financial services

1,557

  

2,926

3,283

6,425

  
 

E-commerce services

206

  

779

315

1,860

  

Total revenues

66,845

  

67,848

102,966

102,838

  
               

Cost of revenues:

            
 

Cost of services

(3,603)

  

(8,254)

(9,010)

(16,692)

  

Total cost of revenues

(3,603)

  

(8,254)

(9,010)

(16,692)

  
               

Gross profit

63,242

  

59,594

93,956

86,146

  
               

Operating expenses and income:

          
 

Selling expenses

(14,889)

  

(16,137)

(28,450)

(32,456)

  
 

General and administrative expenses

(41,268)

  

(14,900)

(59,824)

(37,293)

  
 

Other (expense) income

(691)

  

1,508

1,223

1,895

  
               

Operating income from continuing operations

6,394

  

30,065

6,905

18,292

  
             
 

Foreign exchange (loss) gain

(248)

  

(371)

1,468

(633)

  
 

Interest income

2,198

  

1,630

6,121

3,319

  
 

Interest expense

(3,806)

  

(5,696)

(12,267)

(11,741)

  
 

Investment income, net

516

  

485

1,338

490

  
 

Realized gain on sale of available-for-sale
securities

–

  

573

–

871

  
 

Change in fair value of securities

(692)

  

(48,513)

(43,326)

(16,464)

  
 

Government grants

441

  

465

810

700

  

Income (Loss) before income taxes and
noncontrolling interests from continuing
operations

 

4,803

  

 

(21,362)

 

(38,951)

 

(5,166)

  

Income tax benefits

            
 

Income tax benefits

16,675

  

20,127

19,525

9,008

  

Net income (loss) from continuing operations,
net of income taxes

 

21,478

  

 

(1,235)

 

(19,426)

 

3,842

  

Income from discontinued operations, net of income
taxes

–

  

6,349

–

14,672

  

Net income (loss)

21,478

  

5,114

(19,426)

18,514

  
 

Net loss attributable to noncontrolling interests

1

  

–

1

–

  

Net income (loss) attributable to Fang Holdings
Limited shareholders

 

21,477

  

 

5,114

 

(19,427)

 

18,514

  

Earnings /(loss) per share for Class A and Class B ordinary shares:

      
 

Basic

0.24

  

0.06

(0.22)

0.21

  
 

Diluted

0.24

  

0.06

(0.22)

0.20

  

Earnings /(loss) from continuing operations per share for Class A and Class B ordinary shares:
 

Basic

    

(0.01)

  

0.04

  
 

Diluted

    

(0.01)

  

0.04

  

Earnings from discontinued operations per share for Class A and Class B ordinary shares:
 

Basic

    

0.07

  

0.16

  
 

Diluted

    

0.07

  

0.16

  
 

[ii] On June 19, 2020, a ratio change that had the same effect as a 1-for-10 reverse ADS split took effect,
and as a result, one ADS currently represents ten Class A ordinary shares.

 

Related Links :

http://www.fang.com

PR Newswire

Huobi Records $877.8 Billion in Trading Volume for First Half of 2020

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LONDON, Aug. 14, 2020 — Despite 2020 being a difficult year across the planet due to the coronavirus pandemic, the cryptocurrency trading space on Huobi has remained strong and resilient. New information from Huobi global has seen that $877.8 billion has been traded on the platform in the last six months. 

Interestingly, Q1, which was a good quarter for the cryptocurrency space, has been similarly matched by Q2 on Huobi despite Q2 being impacted by a major Bitcoin market collapse. 

For Q1, the unilateral trading volume was $444.2 billion while Q2 was $433.7 billion. Even though Q2 was characterized by the market drop and then sideways trading, the transaction volume saw no real decline to speak of. 


Next let’s analyze Huobi’s performance from perpetual swaps trading and futures trading respectively.

Perpetual Swaps

Huobi only recently launched its own perpetual swap product, but it has been an instant success, keeping up with, and sometimes outperforming BitMEX, one of the leaders in the space.

In its first full quarter, Huobi’s perpetual swap trading volume came in at $21.65 billion in April, but rocketed up to $79.5 billion the next month, falling just short of BitMEX’s trading volume. Then, in June, Huobi overtook BitMEX with a total of $50.2 billion.


Coin-margined Futures

Huobi has managed to push new boundaries against other well established exchanges when it comes to futures trading volume as the coin-margined futures trading volume for the last three months has been better on Huobi than OKEx.

April saw nearly a hundred billion dollars traded on these futures contracts at Huobi while May managed to cross into the hundred-billion-dollar range. June dropped back a bit as $74.05 billion was traded, but all three of these months outperformed OKEx.


First let’s compare the two exchanges from their trading performance of main token BTC.

Huobi has far outperformed OKEx in BTC Weekly contracts trading in Q1 as through April, May and June Huobi more than doubled the trading volume against its competitor. 


For Bi-weekly contracts trading, Huobi did not register as much trading against OKEx, but in June the exchange did manage to overtake its competitor after OKEx had a successful May.


From below chart we can see obviously that Huobi was very successful with its BTC Quarterly contract trading volume across April, May and June, and outperformed OKEx in all three of these months. In April and May, Huobi doubled the volume at OKEx, and in June it was a little closer, but Huobi still came out with more trading. 


Second let’s see their performance from total trading volume of contracts in different types.

Weekly contacts trading was another area that Huobi managed to thrive in as it registered on average more than $5 billion across April, May and June. Meanwhile, OKEx only managed to get above $2.08 billion in June.


While for bi-weekly contracts trading it was OKEx that came out on top for the majority of the quarter in regards to trading volume, but Huobi finished the quarter strong with $3.82 billion in trading in June against OKEx’s $3.45 billion.


When it comes to quarterly contacts, Huobi was again at the top in terms of volume as in April and May the exchange managed to register more than double the trading volume of OKEx for these contracts. Only in June was that level taken down a bit but Huobi still had $32.7 billion in transactions more. 


Third we can analyze from the perspective of market depth and slippage.

Relying on the trading volume is not sufficient for understanding a market’s liquidity, therefore it’s important to have an idea of a market’s depth before trading. Market depth is broadly defined as the market’s ability to sustain relatively large market orders without impacting the price of the asset.

Market depth considers the overall level and breadth of open orders and is calculated from the number of buy and sell orders at various price levels on each side of the mid-price. Let’s take Quarterly contract as an example, as we can see from below charts, the performance of Huobi’s market depth is much better than OKEx for both TOP 2 token BTC and ETH.


 


Another key metric in terms of exchanges is how much slippage there is in these futures contract trading. Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed.

Slippage can occur at any time but is most prevalent during periods of higher volatility when market orders are used. Huobi has shown it has some of the lowest slippage rates, and this can be seen in comparison to OKEx in regards to 10,000 UDT and 50,000 USDT.


 

A good market depth indicates that Huobi Futures will barely have situations like flash crash in the future. Moreover, sound market depth and small slippage can help orders be filled instantly, so as to reduce users’ trading costs and provide users with excellent trading experience.

PR Newswire

Dymax Asia Pacific Pte Ltd Receives the Singapore SME 1000 & SME 1000 Award and Winner of D&B Business Eminence Award

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TORRINGTON, Conn., Aug. 14, 2020 — Dymax Corporation, leading manufacturer of rapid light-curing materials and equipment, is pleased to announce that its Singapore subsidiary, Dymax Asia Pacific Pte Ltd., has received the Singapore 1000 & Singapore SME 1000 award in its annual ranking of best companies in 2020. And it has been awarded one of the winners of the Dun & Bradstreet Business Eminence Award.

Dymax Asia Pacific Pte Ltd. SME Certificate
Dymax Asia Pacific Pte Ltd. SME Certificate

The Singapore 1000 Family of Rankings (Singapore 1000 & Singapore SME 1000) is the prestigious guide that ranks the nation’s top companies annually. For over 30 years, they have been profiling the success of businesses based on financial indicators such as revenue, net profit, return on equity, and overseas revenue. Taking into consideration all companies and requiring no paid nominations, the Singapore 1000 analyzes over 70,000 audited financials each year to arrive at the top 1,000 corporations and SMEs in Singapore. The rankings are shared publicly and distributed to government sectors, embassies, trade organizations, banks, universities, and libraries.

Nominees of the D&B Business Eminence Award receive this distinguished recognition for their achievements as an entrepreneurial business that has contributed to Singapore’s business landscape over the past several years. The assessment of candidates and selection process is based on Dun & Bradstreet’s proprietary financial model that recognizes top performing businesses and helps raise their international profile. The D&B D-U-N-S Registered Seal resonates with customers, suppliers, and business partners.

Dun & Bradstreet has the world’s largest commercial database, with over 240 million company records derived from 30,000 data sources. Some of the largest, most successful technology and service companies in the world embed Dun & Bradstreet data within their offerings. 

Dymax Asia Pacific Pte Ltd. joined in the ranks of this prestigious group being recognized for their abilities and contributions. The company looks forward to an exciting journey as it continually strives to achieve business excellence around the world.

About Dymax Corporation

Dymax Corporation develops innovative rapid and light-curable materials, dispense equipment, and UV/LED light-curing systems. The company’s adhesives, coatings, and equipment are perfectly matched to work seamlessly with each other, providing design engineers with tools to dramatically improve manufacturing efficiencies. Major markets include aerospace and defense; medical device; and consumer and automotive electronics.

For additional information on Dymax, visit www.dymax.com or contact us at info@dymax.com or +65-67522887.

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Related Links :

http://www.dymax.com

PR Newswire

Tencent Music Entertainment Partners with Cooking Vinyl to Promote Global Indie Music

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SHENZHEN, China, Aug. 14, 2020 — Tencent Music Entertainment Group (TME) (NYSE: TME) announced an exclusive partnership with Cooking Vinyl, a European pioneer independent record company. Under this agreement, Cooking Vinyl’s music will be available across TME’s music platforms – QQ Music, Kugou Music, Kuwo Music, and WeSing. 

As a pioneer and leader in China’s online music entertainment industry with over 800 million monthly active users, TME will leverage its strengths in digital music content scouting, promotion, distribution and creation to help Cooking Vinyl with music copyright digitalization. TME will also provide support in music, audio and video content, performances, social entertainment and other fields. TME will maximize the potential value of this cooperation to introduce Cooking Vinyl’s artists and effectively meet the needs of music lovers for original music and indie music.

Established in 1986, Cooking Vinyl is a truly global operation with a presence in more than 40 countries, which enjoys a role as the creative hub for coordinated worldwide artist campaigns and worldwide sales, marketing and distribution strategies. It has supported million-selling successes including Marilyn Manson, The Cranberries, The Prodigy, Passenger and Nina Nesbitt, and multiple Grammy Awards winners. Cooking Vinyl produces widely appreciated music content covering folk, rock, punk, electronic and alternative music.

"The world spotlight is opening up opportunities for non-Anglo-American music and this is the perfect time to enter into this co-operation with TME," said Martin Goldschmidt, Chairman of Cooking Vinyl, "TME is the perfect partner for Cooking Vinyl to develop our artists and labels in China and bring our eclectic and diverse music to the Chinese audience. As China increases its importance in the global music market, musicians have attached greater attention to China. Cooking Vinyl is looking forward to delivering the spirit of indie music to a broader audience in various forms with TME."

An official director of TME said, TME has long invested in and supported original and emerging music. Cooking Vinyl champions the music and careers of artists, and gives artists freedom in content creation, which is aligned with the values of TME. TME will work with music labels and musicians to create content together. Through the mature online and offline operation and interaction channels established in the digital music entertainment field over the years, TME can empower excellent indie musicians and guide these unique artists to shine.

With its robust music ecosystem and customized promotion, distribution and an operation model precisely guided by data, TME has provided outstanding musicians with performance opportunities for their music in various online and offline forms. The strategic cooperation with Cooking Vinyl not only provides a larger stage for its artists, but also empowers classic labels to unleash their potential and infuse fresh blood into their music and artist pools.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to use technology to elevate the role of music in people’s lives by enabling them to create, enjoy, share and interact with music. TME’s platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.

For more information, please visit https://www.tencentmusic.com/

Media Contact:

Edmond Lococo, ICR Inc.
e-mail: TME.PR@icrinc.com
Phone: +86 138-1079-1408

 

Related Links :

https://www.tencentmusic.com/

PR Newswire

Pasternack Introduces New RF Hybrid Couplers with Operating Frequency Range up to 40 GHz

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New High-Performance Hybrid Couplers Ideal for Wide Band Applications 

IRVINE, Calif., Aug. 14, 2020 — Pasternack, an Infinite Electronics brand and a leading provider of RF, microwave and millimeter wave products, has just expanded its line of RF hybrid couplers with new models that meet the demands for higher frequency components. >Products linked here<.

PE-High-Performance-Hybrid-Couplers-SQ
PE-High-Performance-Hybrid-Couplers-SQ

Pasternack’s hybrid coupler line expansion consists of 21 new models with a high-frequency operating range of up to 40 GHz for wide band applications. These coaxial designs feature SMA and 2.92mm connectors. They are ideal for RF applications that require an even split of input and output ports with 90-degree or 180-degree phase shifts while maintaining high isolation between the ports. These hybrid couplers deliver power handling capability of up to 100W (CW). These new models provide very good isolation and insertion loss performance with low return loss. The flat phase balance performance spans across the frequency range. 

"We are happy to be able to offer these high-performance hybrid couplers to meet engineers’ immediate needs for small quantities of components for testing and proof-of-concept builds," said Steven Pong, Product Line Manager at Pasternack.

Pasternack’s new high-performance hybrid couplers are in-stock and available for immediate shipping with no minimum order quantity (MOQ) required. 

For inquiries, Pasternack can be contacted at +1-949-261-1920.

About Pasternack:

A leader in RF products since 1972, Pasternack is an ISO 9001:2015 certified manufacturer and supplier offering the industry’s largest selection of active and passive RF, microwave and millimeter wave products available for same-day shipping. Pasternack is an Infinite Electronics brand.

About Infinite Electronics:

Based in Irvine, Calif., Infinite Electronics offers a broad range of components, assemblies and wired/wireless connectivity solutions, serving the aerospace/defense, industrial, government, consumer electronics, instrumentation, medical and telecommunications markets. Infinite’s brands include Pasternack, Fairview Microwave, L-com, MilesTek, Aiconics, KP Performance Antennas, PolyPhaser, Transtector, RadioWaves, ShowMeCables, INC-Installs and Integra Optics. Infinite Electronics serves a global engineering customer base with deep technical expertise and support, with one of the broadest inventories of products available for immediate shipment.

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Logo – https://techent.tv/wp-content/uploads/2020/08/pasternack-introduces-new-rf-hybrid-couplers-with-operating-frequency-range-up-to-40-ghz-2.jpg  

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Inventec Introduces Entei, the Advanced Storage Server System

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Next-gen data storage server supports dual 2nd Gen Intel Xeon Scalable Processors

TAIPEI, Aug. 14, 2020 — To match an ever-growing need for data storage space, Inventec (2356.TW), one of the key suppliers of world’s leading server brands, hyperscale data centers and server system integrators, announced the arrival of Entei – a 2U24Bay Storage Server System to support dual 2nd Gen Intel Xeon Scalable processors. The solution comes with dual-socket 24 LFF HDD Bay in 2U form factor and will allow the scaling of the IoT and cloud industries.

Inventec Entei: 2U24Bay Storage Server System
Inventec Entei: 2U24Bay Storage Server System

According to market research by US-based Grand View Research, the size of the global next-generation data storage market is expected to grow at a compound annual growth rate (CAGR) of 12.5% from 2019 to 2025. The growth is driven by increasing global penetration of the IoT in various businesses sectors and industries, where there is an immense need to store multiple forms of data.

The research also indicates that market players are currently focusing on the development of scalable, practical and flexible cloud platforms to fulfil the needs of those various businesses and industries in today’s rapidly changing digital era. 

Inventec Entei: 2U High Serviceability Hybrid Storage Array

Entei is powered by dual 2nd Gen Intel Xeon Scalable processors with twelve DIMM capacity (up to 768GB with 64GB DIMMs) in the whole system, laying a new foundation of scalability. Entei also supports Intel Optane persistent memory which capacity is up to 1TB.

This enables optimized workload for synergy across computing, network and storage, and provides a higher virtualized workload throughput and number of VM density, a great boost in performance, security, agility and efficiency, while catering to a wide range of key workloads.

Ultra-Dense in 2U Form Factor

Entei supports 24x 3.5" and 4x 2.5" form factor hot-swappable drives with easy serviceability, providing balanced computing power and storage capacity, flexible I/O expansibility, and hardware redundancy. Together with multiple storage options for greater flexibility and scalability including NVMe support in the rear for a caching layer, Entei also includes 2x M.2 via interposer connection and a variety of storage mezzanine cards.

"Entei is an ideal hybrid system for warm storage and is applicable to further storage applications. By optimizing the ratio of SSDs and HDDs, it can highly accelerate IOPS and throughput performance while offering excellent storage capacity. Also, Entei’s drawer design for easier drive maintenance is a particular design feature which provides convenience to its users," said George Lin, General Manager of Business Unit VI, Inventec Enterprise Business Group (Inventec EBG).

Great Density and Scalability

Entei adopts the Intel® C621 chipset, supports dual Intel Xeon Scalable processors, and has up to 768GB of DDR4 memory. Hosting 3 PCIe x16 lanes, enabling expansion of up to 4 PCIe cards (two x8, two x16) with riser boards.

Flexible Network Configuration

Lastly, Entei offers an OCP NIC mezzanine option, ranging from 10G Ethernet to 40G (optical or Base-T, compatible with OCP 2.0). This allows high-speed performance and I/O flexibility, catering to suitable demands of different application procedures.

About Inventec Data Center Solutions (Inventec EBG)

Inventec Data Center Solutions (Inventec EBG) was established in 1998 and has been focusing on the design and manufacturing of server systems in Inventec Corporation. Over decades, Inventec EBG has been the key server system supplier of the global branding clients.
For more information, please visit: https://ebg.inventec.com/
Follow "Inventec Data Center Solutions" on LinkedIn and Wechat to receive their latest news and announcements.

Inventec logos are trademarks or registered trademarks of Inventec Corporation.
Intel, the Intel logo, the Intel Inside logo and Xeon are trademarks or registered trademarks of Intel Corporation or its subsidiaries.

PR Newswire

Sogou Ranks Top in DNS Challenge at Interspeech 2020

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BEIJING, Aug. 14, 2020 — Sogou Inc. (NYSE:SOGO) ("Sogou" or "the Company"), an innovator in search and a leader in China’s internet industry, recently scores big wins partnering with Norhtwestern Polytechnical University, China in the Deep Noise Suppression (DNS) Challenge at Interspeech 2020.

As the world’s largest technical conference focused on speech processing and application, Interspeech 2020 enjoys extensive attention from industry authorities. The DNS Challenge hosted by Microsoft aims to maximize the perceptual quality and intelligibility of the enhanced speech, which has attracted both industry giants such as Amazon, Facebook, Sony as well as top research institutions including Carnegie Mellon University, John Hopkins University, Seoul National University and University of Science and Technology of China.

Sogou’s AI Interaction Division cooperates with Audio, Speech and Language Processing Group at Northwestern Polytechnical University (ASLP@NPU), China in this year’s DNS Challenge and beats Amazon by 0.03 MOS, winning first in Real-time track. The joint research paper DCCRN: Deep Complex Convolution Recurrent Network for Phase-Aware Speech Enhancement has also been accepted by Interspeech 2020 and will be shared at the conference.

Sogou Ranks First in DNS Challenge at Interspeech 2020
Sogou Ranks First in DNS Challenge at Interspeech 2020

The secret behind the winning is the leverage of Deep Complex Convolution Recurrent Network (DCCRN) in speech enhancement process, which performs better than traditional real-valued convolution in noise suppression. Compared to a traditional real-valued neural network, complex convolution network uses complex multiplication which effectively improves the modeling of real and imaginary parts. The recent research on DCCRN network structure will be further adopted in Sogou’s product roadmap.

Speech enhancement technology aims at reducing environmental noise and improving speech quality thus has a wide range of applications. Sogou S1, a premium AI-powered smart recorder features its proprietary PureVoice noise-canceling technology that can eliminate up to 40,000 types of unwanted noises to ensure recording quality. S1 can also convert audio to text at high speed with an accuracy rate of 98%, making it the top-notch AI products on the market. As the COVID-19 pandemic is impacting the globe and more people are working remotely, conference calls with better noise reduction and voice enhancement will also be in high demand.

Sogou has always attached great importance on the development of spoken language processing, with continuous effort on strengthening our investment and exploration in cutting-edge AI technologies. In the future, Sogou will expand its effort in speech recognition frontiers and offer the benefits to its industry partners and users.

Safe Harbor Statement

This announcement may contain forward-looking statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. The Company cautions you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. There can be no assurance that Tencent will make any definitive offer to the Company, that any definitive agreement relating to the Proposal will be entered into between the Company and Tencent, or that the Proposed Transaction or any other similar transaction will be approved or consummated.

About Sogou

Sogou Inc. (NYSE: SOGO) is an innovator in search and a leader in China’s internet industry. With a mission to make it easy to communicate and get information, Sogou has grown to become the second-largest search engine by mobile queries and the fourth largest internet company by MAU in China. Sogou has a wide range of innovative products and services, including the Sogou Input Method, which is the largest Chinese language input software for both mobile and PC. Sogou is also at the forefront of AI development and has made significant breakthroughs in voice and image technologies, machine translation, and Q&A, which have been successfully integrated into our products and services.

For media enquiries, please contact:

Serena Liu
Sogou Public Relations
Tel: +86 10 5689 9999 (61958)
Email: press@sogou-inc.com 

Related Links :

http://www.sogou.com

PR Newswire

Tencent Music Entertainment Group and Kobalt Music Group Enter Strategic Licensing and Distribution Deal

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The Music of Childish Gambino, Lauv, Marshmello, Elvis Presley, The Weeknd and More Now Available Across Tencent Music Entertainment Group’s QQ Music, Kugou Music, Kuwo Music and Wesing

SHENZHEN, China, Aug. 14, 2020 — Tencent Music Entertainment Group (TME) (NYSE: TME) and Kobalt Music Group announced they have officially reached a strategic cooperation to license and distribute the Kobalt publishing and AWAL recording catalogs on TME’s streaming platforms.

With its strategic position across the entire music entertainment industry value chain, TME will help Kobalt to simultaneously expand to concerts, music festivals, online live streaming and more fields, in order to effectively meet the music needs of fans all over the world.

Kobalt Music Group’s content will now be available through TME’s QQ Music, Kugou Music, Kuwo Music and Wesing. In the future, the two parties will join hands in content, to deepen the development of music IP and explore potential new artists.

As one of the biggest independent publishers and recording companies, Kobalt represents over 25,000 songwriters, 600 publishers, and 20,000 independent artists.

The most iconic and exciting musicians in the world call Kobalt home, including Childish Gambino, Dave Grohl, Enrique Iglesias, Lauv, Lorde, Zayn Malik, Marshmello, Max Martin, Paul McCartney, Elvis Presley, The Weeknd, and more. The company’s recording division, AWAL, includes Allie X, Bruno Major, FINNEAS, Lauv, and more, many of which are well-known to Chinese fans.

Globally, Kobalt Music, as an emerging music service company, is actively embracing the trend of digital transformation. TME said that it is willing to join hands with Kobalt Music to cultivate in the digital music content ecosystem, help musicians to obtain greater value, provide users with more rich and diverse music content, and also bring innovative inspiration to the industry.

"Innovation is in the DNA of both Tencent Music Entertainment and Kobalt," said Founder and Chairman of Kobalt Music Group, Willard Ahdritz. "We look forward to our partnership and driving the next phase of the digital marketplace transformation and working with TME on a bigger scale."

"I’m excited to continue our commitment to the Chinese music market," said Laurent Hubert, CEO of Kobalt Music. "With TME’s expansive user base and our all-star roster, we look forward to many creative and commercial opportunities for our artists, songwriters and partners."

Bob Bruderman, EVP, Digital Partnerships at Kobalt Music Group also said, "This is a great step for our musicians, as well as their fans. We are honored to be partnering with TME, and look forward to exploring new innovative forms of business and collaboration. "

With the cooperation between Tencent Music Entertainment Group and Kobalt Music, the two parties will combine their strengths through the entire music industry chain, with high-quality music content at the core driving the creation of music value, jointly providing better music for fans around the world, while helping the development of the global music industry.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to use technology to elevate the role of music in people’s lives by enabling them to create, enjoy, share and interact with music. TME’s platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.

For more information, please visit https://www.tencentmusic.com/

Media Contact:
Edmond Lococo, ICR Inc.
e-mail: TME.PR@icrinc.com
Phone: +86 138-1079-1408