Monthly Archives: August 2020

PR Newswire

Discover the Untapped Revenue Potential of Cinema in the Kingdom of Saudi Arabia

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Frost & Sullivan’s Digital Media team to explore the cinema exhibition market in KSA and outline strategies for growth during upcoming webinar

SANTA CLARA, California, Aug. 24, 2020 — The loosening of restrictions on the media and entertainment sector by The Kingdom of Saudi Arabia (KSA) has fueled the demand for public viewing of cinema in theaters. This positive development has created revenue generation opportunities for several stakeholders in the ecosystem, both nationally and internationally, as the region is one of few in the world where cinema exhibition is a new business. To help navigate this emergent market, our Digital Media team will provide insight on the near- to long-term growth opportunities present in KSA against a backdrop of challenges, such as the current COVID-19 pandemic and stiff competition faced from over-the-top (OTT) players.

Frost & Sullivan - cinema exhibition in KSA
Frost & Sullivan – cinema exhibition in KSA

Join Frost & Sullivan Director Saurabh Verma, accompanied by Runaway Insights experts Sailesh Dave and Neil Dave, for the Growth Opportunity briefing, "Cinema Exhibition Business in KSA: Strategies for Revenue Generation & Growth," on September 1 at 3 p.m. GST. The briefing will shed light on key innovative development strategies that can be launched by cinema chain operators to effectively enter the market in KSA and sustain long-term progress and profitability.

For more information and to register for the webinar, please visit: http://frost.ly/4do

Key benefits of attending this webinar:

  • Understand the role analytics and big data will play in the theatrical exhibition business in KSA.
  • Decipher if and how cinema chain operators can co-exist with OTT platforms.
  • Discover why KSA is the destination for future investments by real estate developers, cinema equipment and technology providers, and distribution and marketing companies.
  • Identify how cinema chain operators, independent local content creators, international production houses and studios can effectively capitalize on the immense growth opportunities from theatrical exhibition in KSA.

The event will also be recorded and available on-demand at http://frost.ly/1ti. 

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Press Contact: 

Jaylon Brinkley
Frost & Sullivan 
+1 (210) 247 2481
jaylon.brinkley@frost.com

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PR Newswire

New Qingdao model of BRI cooperation

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BEIJING, Aug. 24, 2020 — A news report by China.org.cn:

A contest on the theme of the Belt and Road Initiative (BRI) of the "Tell China’s Stories" Contest 2020 and a seminar on Qingdao building a new platform for international cooperation under the BRI framework were launched in Jiaozhou of Qingdao, East China’s Shandong Province, on August 21, 2020.

The launch ceremony
The launch ceremony

The contest is steered by the State Council Information Office and sponsored by China International Publishing Group. Open to all the BRI countries and regions, domestic and foreign enterprises, institutions and individuals, the contest looks for good stories about the BRI on economic integration, cultural inclusiveness and people-to-people exchanges and about the global community of shared future. During the seminar, attendees discussed Qingdao’s initiative of building a new BRI cooperation platform.

New Qingdao model of BRI cooperation

Liu Jianjun, member of the Standing Committee of the Qingdao Municipal Party Committee, secretary of the Jiaozhou Municipal Party Committee, and secretary of the Party Working Committee and director of the Management Committee of the the China-Shanghai Cooperation Organization (SCO) Demonstration Zone for Local Economic and Trade Cooperation [of Qingdao], said that the core area of the demonstration zone is located in Jiaozhou, Qingdao. One of its important tasks is to strengthen people-to-people connections and cultural exchanges by building a business and tourism development center and establishing an exchange platform for BRI countries and regions, especially SCO members. More and more SCO-related projects will be launched and carried out in the demonstration zone. Youth, experts and academics from SCO member countries say that they will meet here, establish friendships, and talk about the future.

China Internet Information Center (CIIC) Editor-in-chief Wang Xiaohui observed that in recent years Qingdao has been working on a new platform for BRI-based international cooperation and playing an important role in interactions with SCO member states and Northeast Asia. The China-SCO Demonstration Zone and BRI experimentation area, both under construction, will greatly promote land and sea transport, international trade, industrial capacity cooperation, and cultural exchanges. This land will witness more wonderful BRI stories.

Xiang Zhiqiang, deputy director of the Management Committee of the China-SCO Demonstration Zone for Local Economic and Trade Cooperation [of Qingdao], explained that the zone will be a new platform for BRI-based international cooperation. To this end, five centers will be founded at the zone to expand cooperation in international logistics, modern trade, two-way investment, business and cultural exchanges, and maritime affairs. Therefore, Qingdao will play a greater role in the BRI New Eurasian Land Bridge economic corridor and maritime cooperation, and China will strengthen its links with SCO countries and promote bilateral economic cooperation and land-sea linkage.

At the demonstration zone, we respect cultural traditions of BRI countries and regions and will make full use of internet ideas and new technology to promote deeper integration of BRI countries’ culture under the guiding principle of seeking mutual benefit and harmony but not uniformity, with a more open and inclusive mindset. The goal is to make the BRI a road of civilization, communication and cooperation.

Experts’ proposals on development path for China-SCO Demonstration Zone

Fan Hengshan, an eminent economist and former deputy secretary general of the National Development and Reform Commission, said that the demonstration zone must start well and pursue high-quality development. Efforts are to be made in laying three solid foundations and have the zone play a demonstration role in four aspects. The three foundations are an international and open environment as a good institutional foundation for both the international and domestic markets, intelligent operation facilities as a good hardware foundation, and an inclusive cooperation platform as a supporting foundation. The four aspects of its demonstration role are an open and connected innovation system, an upgraded industrial base and modernized industrial chain, diversified cooperation and exchange, especially economic and cultural exchanges, and a globalized and multilateral trade system.

Hu Biliang, executive dean of the Belt and Road School and dean of Emerging Markets Institute of Beijing Normal University, emphasized three areas of BRI cooperation — ASEAN, the European Union and the SCO. According to Hu, ASEAN has become China’s largest trade partner; cooperation between China and the EU in the field of high-tech is very important; and China and SCO member countries can strengthen cooperation in resource development, manufacturing integration and high-tech. In today’s international situation, new ways of cooperation and the China-SCO Demonstration Zone will offer high hopes to high-quality BRI development. SCO member states are key among BRI counties and regions; of the six economic corridors under construction, five are in SCO member states. Thus the demonstration zone is not only valuable for China but for all the BRI and SCO countries. It will be invaluable for promoting the BRI.

Yu Yunquan, director of the Academy of Contemporary China and World Studies said that steered by the SCO Qingdao Summit and the demonstration zone, Qingdao has seen its image as an international city becoming more distinct. He suggested that in order for the high-end exchange platform to succeed, it must be a platform for professional in-depth dialogue, for interdisciplinary exchange and mutual learning, and for offline face-to-face and efficient online communication. More attention should be paid to the role of intelligence in urban development; by this, Qingdao should establish a high-end think tank cultivation base as opportunities arise, attract more intellectual resources to settle there, and continue to expand its circle of friends. Qingdao should stand at the forefront of China’s opening up and tell its stories in the new era.

Shen Zhengping, executive dean of the Belt and Road Institute of Jiangsu Normal University, pointed out that Jiaozhou is a well-developed city with a long history and broad future prospects. Building the China-SCO Demonstration Zone in Jiaozhou will raise Qingdao’s role in the BRI. Three key expressions define the demonstration zone: high-level, open and modern. Being high-level requires high-standard and high-level planning; being open needs a broader international vision; and being modern demands higher positioning. He suggested that we should integrate all kinds of development platforms at all levels in Qingdao to support the construction of the demonstration zone. Moreover, we should coordinate all parts of the Jinan economic circle, and ensure interactive development of Jinan and Qingdao with resources from all over the province of Shandong. We should consider the demonstration zone in the Yellow River basin, and at the same time, make overall plans in consideration of both domestic and international conditions, so as to build a high-quality zone for economic and trade cooperation oriented towards both the international and domestic markets.

Telling cooperation stories in the new era for better BRI communication

Zhu Hongren, executive vice chairman and director general of China Enterprise Confederation/China Enterprise Directors Association, said that the BRI is a public product China is providing to the international community and it reflects the common values of humanity and the reality of contemporary international relations. The China-SCO Demonstration Zone will become a new BRI highlight, and a source of information for telling China’s stories. It is a platform for open, interactive East-West and land-sea interaction. It is expected to achieve fruitful results in expanding cooperation international logistics, modern trade, two-way investment, business and cultural exchanges and other fields. We should make better use of Qingdao’s role in the BRI New Eurasian Land Bridge economic corridor and maritime cooperation, and strengthen mutual connections with SCO member countries.

Zhou Xisheng, former vice president of Xinhua News Agency and member of the experts committee of Project of Research and Development International, pointed out that Qingdao has advantages in geographical location and eco-environment. It integrates tradition and modernity, economy and trade, advanced science and technology and high-end talent, advanced industries and product markets, social sciences and humanities, life and fashion, health and food, culture and art, tourism and sports. These are the primary international concerns about China and Qingdao at present and in the future, and are also areas worth being recommended to the international community. There are four key words to tell good stories of Qingdao: story, platform/medium and audience. At the same time, three key groups should be targeted: international businesspeople, international tourists and international media. The highlight of Qingdao stories should be rule-observing, honesty and the sense of responsibility.

CIIC Deputy Editor-in-Chief Xue Lisheng believed that Qingdao was the starting point and an important hub of the northern route of the maritime Silk Road in ancient times. As an important port city, it is an important part of BRI transnational cooperation. When telling BRI stories, adding Qingdao or Jiaozhou features will help present a full picture of the BRI and Qingdao.

The contest is sponsored by China International Publishing Group, co-hosted by the Academy of Contemporary China and World Studies, China Internet Information Center, the Communication Department in Qingdao, and the Belt and Road Initiative Think Tank of the Chinese Academy of Social Studies. It is run by belt.china.org.cn of China.org.cn, China Development Gateway, the Communication Department of Jiaozhou, and Project of Research and Development International. And it is supported by China Enterprise Confederation/China Enterprise Directors Association, the Belt and Road School of Beijing Normal University, and B&R Institute of Jiangsu Normal University.

 

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PR Newswire

Bitauto Announces Second Quarter 2020 Results

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BEIJING, Aug. 24, 2020 — Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of internet content & marketing services, and transaction services for China’s automotive industry, today announced its unaudited financial results for the second quarter ended June 30, 2020[1].

Bitauto Second Quarter 2020 Highlights

  • Revenue in the second quarter of 2020 was RMB1.96 billion (US$276.9 million), compared to RMB2.79 billion (US$395.1 million) in the corresponding period in 2019.
  • Gross profit in the second quarter of 2020 was RMB1.30 billion (US$184.4 million), compared to RMB1.67 billion (US$236.9 million) in the corresponding period in 2019.
  • Net loss in the second quarter of 2020 was RMB536.4 million (US$75.9 million), compared to net loss of RMB136.2 million (US$19.3 million) in the corresponding period in 2019.
    Non-GAAP net loss in the second quarter of 2020 was RMB447.3 million (US$63.3 million), compared to Non-GAAP net income of RMB216.0 million (US$30.6 million) in the corresponding period in 2019.
  • Net loss attributable to Bitauto in the second quarter of 2020 was RMB368.8 million (US$52.2 million), compared to net loss attributable to Bitauto of RMB145.5 million (US$20.6 million) in the corresponding period in 2019.
    Non-GAAP net loss attributable to Bitauto in the second quarter of 2020 was RMB333.6 million (US$47.2 million), compared to Non-GAAP net income attributable to Bitauto of RMB155.3 million (US$22.0 million) in the corresponding period in 2019.

Mr. Andy Zhang, chief executive officer of Bitauto, said, "Despite China’s gradual economic recovery following the COVID-19 outbreak, the domestic automobile industry remained challenged during the second quarter of 2020 with sluggish retail passenger vehicle sales and rising dealer inventory levels. The macro situation presents both challenges and opportunities for our business."

"While weak vehicle sales and increasingly fierce competition in China’s online automobile advertising sector put pressure on our advertising business, Bitauto’s paying subscriber base increased slightly during the quarter, helping to drive mild revenue growth in our subscription business. In our transaction services business, due to its conservative risk control approach, Yixin recorded about 69,000 total transactions in the second quarter, representing a year-over-year decrease of approximately 49.9%."

"In the months ahead, in response to the uncertainties in China’s overall economic environment and particularly the automobile sector, we will stay focused on our core strategic initiatives. First, our continued efforts to upgrade our content and product offerings will provide better value to automobile customers, car owners, automakers and dealer customers. Second, we will further raise Bitauto’s brand recognition through our on-going strategic brand building campaign, which we expect will help further expand our user base and enhance user engagement. Third, Yixin will continue to optimize its conservative risk assessment methodology and strengthen its dealer and financial institution partnerships to explore opportunities as China’s automobile market recovers. We believe our efforts will help strengthen Bitauto’s position as the leading provider of Internet content and marketing services and transaction services for China’s automobile industry."

Mr. Ming Xu, chief financial officer of Bitauto, said, "The weakness in China’s automobile sector in the second quarter of 2020 continued to impact our top line results. We also continued to experience margin pressure this quarter due to our branding and marketing initiatives as well as our on-going investments in user acquisition. In the long run, we expect these efforts will form a solid foundation to attract users and enhance our value proposition for our business partners."

Bitauto Second Quarter 2020 Results 

Bitauto reported revenue of RMB1.96 billion (US$276.9 million) in the second quarter of 2020, compared to RMB2.79 billion (US$395.1 million) in the corresponding period in 2019.

  • Revenue from the advertising and subscription business in the second quarter of 2020 was RMB1.03 billion (US$145.5 million), representing a 2.2% increase from RMB1.01 billion (US$142.4 million) in the corresponding period in 2019.
  • Revenue from the transaction services business in the second quarter of 2020 was RMB737.6 million (US$104.4 million), compared to RMB1.49 billion (US$211.0 million) in the corresponding period in 2019, mainly due to weak passenger vehicle sales following the COVID-19 outbreak and more cautious underwriting standards imposed by Yixin.
  • Revenue from the digital marketing solutions business in the second quarter of 2020 was RMB190.3 million (US$26.9 million), compared to RMB294.7 million (US$41.7 million) in the corresponding period in 2019.

Cost of revenue in the second quarter of 2020 was RMB653.5 million (US$92.5 million), compared to RMB1.12 billion (US$158.2 million) in the corresponding period in 2019. Cost of revenue as a percentage of revenue in the second quarter of 2020 was 33.4%, compared to 40.0% in the corresponding period in 2019.

Gross profit in the second quarter of 2020 was RMB1.30 billion (US$184.4 million), compared to RMB1.67 billion (US$236.9 million) in the corresponding period in 2019.

Selling and administrative expenses in the second quarter of 2020 were RMB1.80 billion (US$255.1 million), representing a 10.1% increase from the corresponding period in 2019. This increase was primarily due to the increase in provision for credit losses of receivables related to Yixin and the increase in marketing expenses associated with the Company’s branding and marketing efforts, partially offset by the decrease in amortization of intangible assets related to the strategic cooperation with JD.com, and decrease in expenses related to personnel.

Product development expenses in the second quarter of 2020 were RMB147.2 million (US$20.8 million), representing a 3.7% increase from the corresponding period in 2019.

Share-based compensation, which was allocated to related operating expense line items, was RMB55.0 million (US$7.8 million) in the second quarter of 2020, compared to RMB99.9 million (US$14.1 million) in the corresponding period in 2019.

Loss from operations in the second quarter of 2020 was RMB670.0 million (US$94.8 million), compared to loss from operations of RMB48.9 million (US$6.9 million) in the corresponding period in 2019.

Non-GAAP loss from operations in the second quarter of 2020 was RMB594.3 million (US$84.1 million), compared to Non-GAAP income from operations of RMB215.4 million (US$30.5 million) in the corresponding period in 2019.

Income tax benefit in the second quarter of 2020 was RMB148.0 million (US$20.9 million), compared to income tax expense of RMB6.7 million (US$1.0 million) in the corresponding period in 2019.

Net loss in the second quarter of 2020 was RMB536.4 million (US$75.9 million), compared to net loss of RMB136.2 million (US$19.3 million) in the corresponding period in 2019.

Non-GAAP net loss in the second quarter of 2020 was RMB447.3 million (US$63.3 million), compared to Non-GAAP net income of RMB216.0 million (US$30.6 million) in the corresponding period in 2019.

Net loss attributable to Bitauto in the second quarter of 2020 was RMB368.8 million (US$52.2 million), compared to net loss attributable to Bitauto of RMB145.5 million (US$20.6 million) in the corresponding period in 2019.

Non-GAAP net loss attributable to Bitauto in the second quarter of 2020 was RMB333.6 million (US$47.2 million), compared to Non-GAAP net income attributable to Bitauto of RMB155.3 million (US$22.0 million) in the corresponding period in 2019.

Basic and diluted net loss per ADS, each representing one ordinary share, in the second quarter of 2020 amounted to RMB5.15 (US$0.73) and RMB5.15 (US$0.73), respectively.

Non-GAAP basic and diluted net loss per ADS in the second quarter of 2020 amounted to RMB4.65 (US$0.66) and RMB4.65 (US$0.66), respectively.

As of June 30, 2020, the Company had cash and cash equivalents and restricted cash of RMB8.61 billion (US$1.22 billion). Cash used in operating activities, cash provided by investing activities, and cash used in financing activities in the second quarter of 2020 were RMB830.5 million (US$117.5 million), RMB3.33 billion (US$471.4 million), and RMB2.19 billion (US$309.9 million), respectively.

The number of employees totaled 6,837 as of June 30, 2020, including employees of entities in which Bitauto has acquired and holds controlling interests as of such date. This represented an 18.6% year-over-year decrease, as Yixin optimized its team to improve operational efficiency.

As of June 30, 2020, the Company had a total of 73,761,089 ordinary shares. Non-GAAP basic and diluted per ADS figures for the second quarter of 2020 were calculated using a weighted average of 71,796,549 and 71,796,549 ADSs, respectively. Each ADS represents one ordinary share of the Company.

Yixin Second Quarter 2020 Highlights

Bitauto’s controlled subsidiary Yixin, the primary operator of the Company’s transaction services business, facilitated approximately 69,000 financed transactions for the three months ended June 30, 2020, representing a year-over-year decrease of approximately 49.9%. The decrease was primarily driven by Yixin’s more conservative risk control methodology. The total aggregate financing amount facilitated through Yixin’s loan facilitation services and self-operated financing business was approximately RMB5.38 billion (US$761.3 million).

Amid the challenging macroeconomic environment, Yixin continued to adopt conservative risk control methodology and to focus on its loan facilitation services. For the three months ended June 30, 2020, Yixin facilitated approximately 53,000 financed transactions, representing a year-over-year decrease of 20.8% and approximately 76.9% of Yixin’s total financed transactions.

In the second quarter of 2020, under U.S. GAAP, Yixin’s total revenues were RMB745.2 million (US$105.5 million), representing a year-over-year decrease of 50.3%; new core services revenues, which include revenues from loan facilitation transactions and new self-operated financing lease transactions facilitated by Yixin during the period, were RMB254.7 million (US$36.0 million), representing a year-over-year decrease of 56.8%.

As of June 30, 2020, 90+ days (including 180+ days) past due ratio and 180+ days past due ratio for all financed transactions (including third-party loan facilitations) were 2.46% and 1.40%, respectively.

Under U.S. GAAP, Yixin’s provision for credit losses of finance receivables in the second quarter of 2020 was RMB321.4 million (US$45.5 million).

As Bitauto’s controlled subsidiary listed on the Hong Kong Stock Exchange, Yixin announced its consolidated financial statements under IFRS for the first half of 2020. In order to help investors to understand the difference between IFRS and U.S. GAAP for Yixin’s operation results, a reconciliation of the IFRS data to U.S. GAAP is presented at the end of this earnings release.

Changes to Board of Directors

Bitauto today also announced the appointment of Mr. Chenkai Ling, Vice President of JD.com Inc. ("JD.com") as a director to its board of directors ("the board"). Mr. Ling replaces Mr. Sidney Huang as JD.com’s designated director on Bitauto’s board due to Mr. Huang’s upcoming retirement from JD.com in September 2020. The appointment and the resignation became effective as of August 21, 2020.

"We are delighted to welcome Mr. Chenkai Ling to Bitauto’s board and we look forward to drawing on his experience and knowledge as we execute on our long-term growth strategy," Mr. Andy Zhang said. "We would also like to sincerely thank Mr. Sidney Huang for his service and dedication to Bitauto’s board of directors. Over the past 10 years, Sidney has consistently drawn upon his deep knowledge of China’s e-commerce and internet industries as well as his experience as a corporate leader to make invaluable contributions to Bitauto. We wish him all the best in his upcoming retirement."

Mr. Chenkai Ling is vice president of JD.com, head of strategy and the chief of staff to the CEO of JD Retail. He joined JD.com in July 2016. He is responsible for JD Retail’s strategic planning, M&A and post-merger integration, as well as public affairs. Mr. Ling has almost two decades of experience in strategic planning, consultancy and operations, having worked for multinational companies in various roles. Prior to joining JD.com, he worked at Bain & Company as a principal. Mr. Ling earned his master’s degree in Business Administration from the Amos Tuck School of Business Administration at Dartmouth College and his MIS from Tongji University.

Conference Call Information 

Bitauto’s management will hold an earnings conference call at 8:15 AM on August 24, 2020 U.S. Eastern Time (8:15 PM on August 24, 2020 Beijing/Hong Kong Time).

Conference Call Pre-registration:

Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call. Once pre-registration has been completed, participants will receive dial-in numbers, direct event passcode, and registrant ID.

To join the conference, simply dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will join the conference instantly.

PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/9674115

A replay of the conference call may be accessed by phone at the following number until September 1, 2020:

US:

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

International:

+61-2-8199-0299

Conference ID:

9674115

Additionally, a live and archived webcast of this conference call will be available at http://ir.bitauto.com.

[1] This announcement contains translations of certain amounts in Renminbi into U.S. dollars at specified rates solely for the convenience of the readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.0651 to US$1.00, the effective noon buying rate as of June 30, 2020 in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York. 

About Bitauto Holdings Limited

Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content & marketing services, and transaction services for China’s automotive industry. Bitauto’s business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business.

Bitauto’s advertising and subscription business provides a variety of advertising services to automakers through the bitauto.com website and corresponding mobile apps which provide consumers with up-to-date automobile pricing and promotional information, specifications, reviews and consumer feedback. Bitauto also provides transaction-focused online advertisements and services for promotional activities to its business partners, including automakers, automobile dealers, auto finance partners and insurance companies. Bitauto offers subscription services via its SaaS platform, which provides web-based and mobile-based integrated digital marketing solutions to new car automobile dealers in China. The SaaS platform enables automobile dealer subscribers to create their own online showrooms, list pricing and promotional information, provide automobile dealer contact information, place advertisements and manage customer relationships to help them reach a broad set of purchase-minded customers and effectively market their automobiles to consumers online.

Bitauto’s transaction services business is primarily conducted by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a leading online automobile finance transaction platform in China, which provides transaction platform services as well as self-operated financing services.

Bitauto’s digital marketing solutions business provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns, advertising agent services, big data applications and digital image creation.

For more information, please visit ir.bitauto.com.

Safe Harbor Statement 

This announcement contains forward-looking statements. These 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," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook of the Company and the quotations from management in this announcement, as well as Bitauto’s strategic and operational plans, contain forward-looking statements. Bitauto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Bitauto’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our goals and strategies; our future business development, financial condition and results of operations; the expected growth of the automobile industry and the internet marketing industry in China; our expectations regarding demand for and market acceptance of our services and service delivery model; our expectations regarding enhancing our brand recognition; our expectations regarding keeping and strengthening our relationships with major customers, partner websites and media vendors; relevant government policies and regulations relating to our businesses, automobile purchases and ownership in China; our ability to attract and retain quality employees; our ability to stay abreast of market trends and technological advances; competition in our industry in China and internationally; general economic and business conditions in China; and our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Bitauto’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F. Bitauto does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Bitauto undertakes no duty to update such information, except as required under applicable law.

Use of Non-GAAP Financial Measures 

To supplement Bitauto’s consolidated financial results presented in accordance with U.S. GAAP, Bitauto uses Non-GAAP income/(loss) from operations, Non-GAAP net income/(loss), Non-GAAP net income/(loss) attributable to Bitauto and Non-GAAP basic and diluted net income/(loss) per ADS as Non-GAAP financial measures , and uses Yixin’s Non-GAAP income/(loss) from operations and Yixin’s Non-GAAP net income/(loss) as Non-GAAP financial measures to supplement the disclosure of financial performance of Yixin. Non-GAAP income/(loss) from operations is defined as income/(loss) from operations excluding (i) share-based compensation; and (ii) amortization of intangible assets resulting from asset and business acquisitions. Non-GAAP net income/(loss) and Non-GAAP net income/(loss) attributable to Bitauto, respectively, are defined as net income/(loss) and net income/(loss) attributable to Bitauto excluding (i) share-based compensation; (ii) amortization of intangible assets resulting from asset and business acquisitions; (iii) investment loss/(income) associated with the share of equity method investments; (iv) investment loss/(income) associated with non-cash investment matters; (v) amortization of the BCF discount on the convertible notes; and (vi) tax effect of Non-GAAP line items. Non-GAAP basic and diluted net income/(loss) per ADS is defined as Non-GAAP net income/(loss) attributable to ordinary shareholders of the parent company divided by basic and diluted weighted average number of ADS. Yixin’s Non-GAAP income/(loss) from operations is defined as income/(loss) from operations excluding (i) share-based compensation; and (ii) amortization of intangible assets resulting from asset and business acquisitions. Yixin’s Non-GAAP net income/(loss) is defined as net income/(loss) excluding (i) share-based compensation; (ii) amortization of intangible assets resulting from asset and business acquisitions; and (iii) tax effect of Non-GAAP line items. These Non-GAAP financial measures provide Bitauto’s management with the ability to assess its operating results by excluding certain items that may not be indicative of the performance of its business such as non-cash and non-recurring items. Bitauto believes these Non-GAAP financial measures are useful to investors by understanding supplemental information used by management in its assessment of operating results.

The use of Non-GAAP financial measures has certain limitations. These Non-GAAP measures exclude certain items that have been and will continue to be incurred in the future and are not reflected in the presentation of the Non-GAAP financial measures. These Non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, and should not be considered a substitute for or superior to U.S. GAAP results. In addition, these Non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as Bitauto or Yixin does.

Reconciliation of these Non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is set forth at the end of this release.

For investor and media inquiries, please contact: 
China

Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com

Philip Lisio
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com

 

 

 

SELECTED CONSOLIDATED FINANCIAL DATA

Unaudited Condensed Consolidated Statements of Operations

For the Three Months Ended

For the Six Months Ended

June 30, 2019

June 30, 2020

June 30, 2020

RMB

RMB

RMB

(in thousands, except for per share data)

(in thousands, except for per share data)

Revenue 

2,791,586

1,956,260

3,694,477

Cost of revenue

(1,117,951)

(653,468)

(1,282,566)

Gross profit

1,673,635

1,302,792

2,411,911

Selling and administrative expenses

(1,637,159)

(1,802,355)

(4,255,383)

Product development expenses

(142,052)

(147,245)

(294,219)

Other gains/(losses), net

56,703

(23,237)

(70,959)

Loss from operations

(48,873)

(670,045)

(2,208,650)

Interest income

38,627

23,565

49,777

Interest expense

(90,487)

(9,955)

(15,703)

Share of results of equity investees

(21,328)

(18,938)

(32,812)

Investment loss

(7,384)

(9,000)

(7,604)

Loss before tax

(129,445)

(684,373)

(2,214,992)

Income tax (expense)/benefit

(6,740)

147,969

399,948

Net loss

(136,185)

(536,404)

(1,815,044)

Net income/(loss) attributable to noncontrolling interests

1,710

(175,784)

(630,526)

Accretion to redeemable noncontrolling interests

7,586

8,204

16,408

Net loss attributable to Bitauto Holdings Limited

(145,481)

(368,824)

(1,200,926)

Non-GAAP financial data

Non-GAAP net income/(loss)

216,044

(447,329)

(1,485,260)

Non-GAAP net income/(loss) attributable to noncontrolling interests

53,110

(121,966)

(524,603)

Accretion to redeemable noncontrolling interests

7,586

8,204

16,408

Non-GAAP net income/(loss) attributable to Bitauto Holdings Limited

155,348

(333,567)

(977,065)

Reconciliation of GAAP to Non-GAAP results

For the Three Months Ended

For the Six Months Ended

June 30, 2019

June 30, 2020

June 30, 2020

RMB

RMB

RMB

(in thousands, except for per share data)

(in thousands, except for per share data)

Loss from operations

(48,873)

(670,045)

(2,208,650)

Share-based compensation

99,881

54,957

133,108

Amortization of intangible assets resulting from asset and business acquisitions

164,390

20,783

185,039

Non-GAAP income/(loss) from operations

215,398

(594,305)

(1,890,503)

Net loss

(136,185)

(536,404)

(1,815,044)

Share-based compensation

99,881

54,957

133,108

Amortization of intangible assets resulting from asset and business acquisitions

164,390

20,783

185,039

Investment loss associated with the share of equity method investments

1,541

5,969

5,905

Investment loss associated with non-cash investment matters

7,384

9,000

9,000

Amortization of the BCF discount on the convertible notes

80,701

–

–

Tax effect of Non-GAAP line items

(1,668)

(1,634)

(3,268)

Non-GAAP net income/(loss)

216,044

(447,329)

(1,485,260)

Non-GAAP net income/(loss) per ADS

Basic

2.17

(4.65)

(13.62)

Diluted

2.12

(4.65)

(13.62)

 

 

SELECTED CONSOLIDATED FINANCIAL DATA

Unaudited Condensed Consolidated Balance Sheets

December 31, 2019

June 30, 2020

RMB

RMB

(in thousands)

Assets

Current assets

  Cash and cash equivalents

4,260,533

4,963,823

  Restricted cash

3,136,926

3,467,575

  Accounts receivable, net

3,792,641

3,881,598

  Uncollateralized finance receivables – current portion, net

4,451,575

2,932,424

  Collateralized finance receivables – current portion, net

12,301,329

8,950,691

  Other current assets

2,720,558

2,936,796

30,663,562

27,132,907

Non-current assets

  Restricted cash

114,318

181,858

  Investments in equity investees

1,912,803

1,881,535

  Investment in convertible notes

2,153,790

2,185,682

  Property, plant and equipment, net

205,394

618,559

  Intangible assets, net

381,749

189,679

  Goodwill

861,583

861,609

  Uncollateralized finance receivables – non-current portion, net

2,906,280

1,838,716

  Collateralized finance receivables – non-current portion, net

7,330,610

3,941,436

  Other non-current assets

1,846,955

1,901,850

17,713,482

13,600,924

Total assets

48,377,044

40,733,831

Liabilities

Current liabilities

  Short term borrowings

10,860,862

9,256,192

  Asset-backed securitization debt

6,201,021

3,884,712

  Accounts payable

3,081,405

3,247,919

  Other current liabilities

3,499,449

3,438,106

23,642,737

19,826,929

Non-current liabilities

  Long term borrowings

2,263,614

1,088,815

  Asset-backed securitization debt

1,167,910

466,487

  Other non-current liabilities

1,546,562

1,492,226

4,978,086

3,047,528

Total liabilities

28,620,823

22,874,457

Redeemable noncontrolling interests

390,437

406,845

Total equity *

19,365,784

17,452,529

Total liabilities, redeemable noncontrolling interests
and equity 

48,377,044

40,733,831

* The Company has adopted ASU No. 2016-13 Financial Instruments – Credit Losses ("ASC 326") beginning January 1, 2020
by applying the modified retrospective method with the cumulative effect of initially applying the guidance recognized at the
date of initial application. The new guidance would mainly have impact on credit losses in connection with finance receivables,
accounts receivables, and guarantee liabilities. The cumulative effect on the opening balance of accumulated deficit upon
adoption of ASC 326 is RMB267.4 million.

 

 

Yixin

Unaudited Condensed Consolidated Statements of Operations

(in thousands)

For the Six Months Ended

June 30, 2020

June 30, 2020

June 30, 2020

RMB

RMB

RMB

IFRS

Reconcilation

U.S. GAAP

Revenue 

1,623,834

(16,640)

1,607,194

Cost of revenue

(888,734)

–

(888,734)

Gross profit

735,100

(16,640)

718,460

Selling and administrative expenses

(2,114,153)

53,259

(2,060,894)

Product development expenses

(82,023)

(85)

(82,108)

Other gains/(losses), net

88,772

(122,486)

(33,714)

Loss from operations

(1,372,304)

(85,952)

(1,458,256)

Interest income

15,004

–

15,004

Interest expense

(17,902)

624

(17,278)

Share of results of equity investees

(833)

–

(833)

Loss before tax

(1,376,035)

(85,328)

(1,461,363)

Income tax benefit

323,123

21,707

344,830

Net loss

(1,052,912)

(63,621)

(1,116,533)

Reconciliation of GAAP to Non-GAAP results

For the Six Months Ended

June 30, 2020

June 30, 2020

June 30, 2020

RMB

RMB

RMB

IFRS

Reconcilation

U.S. GAAP

Loss from operations

(1,372,304)

(85,952)

(1,458,256)

Share-based compensation

63,409

–

63,409

Amortization of intangible assets resulting from asset and business acquisitions

119,041

(1,755)

117,286

Non-GAAP loss from operations

(1,189,854)

(87,707)

(1,277,561)

Net loss

(1,052,912)

(63,621)

(1,116,533)

Share-based compensation

63,409

–

63,409

Amortization of intangible assets resulting from asset and business acquisitions

119,041

(1,755)

117,286

Tax effect of Non-GAAP line items

(83)

–

(83)

Non-GAAP net loss

(870,545)

(65,376)

(935,921)

 

 

Related Links :

http://ir.bitauto.com/

Computers, Lifestyle, News

Acer Brings Magic in Purple with Acer Aspire 5 (2020) at MYR 2,599

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Being flexible and able to work from anywhere in the world is more important than ever before. It is important also that you need to be able to set up and get going within 5 seconds of you sitting at a table. This flexibility is paramount in the world today.

This kind of flexibility sometimes comes with a big price tag. But what if you have MYR 3,000 to spend on that flexibility? You can buy an Acer Aspire 5 or the Acer Aspire 3 and more to get you up to speed with your work from home requirements.

Acer Aspire 5

The Acer Aspire 5, as you have read from the title is MYR 2,599. In the sea of notebooks today, that might sound like a good price. That is because it is a good price for a general-purpose notebook.

For that money though you are not paying for discounted or inferior hardware. You still get a powerful enough 10th Generation Intel Core i5 processors. It does not have a dedicated discreet GPU for its 14-inch Full HD IPS display on board, but the Intel HD graphics is still good enough to run some low-level video editing and rendering with little issues.

Of course, you are not looking at this as a main video or production level rig. In that sense, you only get 4GB of RAM in the device which is still expandable if you need more. Within the sleek and pretty Magic Purple coloured body is a 512GB SSD to make quick work of your documents and file keeping purposes. Of course, if you need more space, there is an extra HDD slot too.

To make sure that you have everything you need to stay productive, the Acer Aspire 5 comes with Microsoft Office Home & Student 2019 pre-installed. But that is not all that you can do if you are already planning to spend MYR 3,000 on a rig. You can get a pretty good mouse with that, probably a nice pair of earphones to keep you stay productive and focused with the Aspire 5.

Acer Aspire 3

Need something bigger? 14-inch is a little puny? 15.6-inch should work fine then. That is the Acer Aspire 3 with 15.6-inch Full HD display.

You get Intel’s 10th Generation Core i5 still, the same as the one you find in the Acer Aspire 5. It also comes with 4GB in RAM (expandable), and a 512GB SSD storage. You get 32GB of Intel Optane Memory in place as well with the Acer Aspire 3.

Price and Availability

The Acer Aspire 5 is now available in Acer authorised stores across the nation. It will be also be available in all Acer’s official online store. As mentioned earlier, the Acer Aspire 5 is available in Magic Purple colour option at the price of MYR 2,599. The Acer Aspire 3 comes in Obsidian Black fro the same price. For more information on the Acer Aspire 5 and the Acer Aspire 3, you can head to Acer’s website.

Computers, Lifestyle, News

An AMD Twist for the Acer Nitro 5 (2020)

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We reviewed the Acer Nitro 5 a few weeks ago and we thought that the gaming notebook is one of the best value-for-money devices of the year. It was worth MYR 4,899 and packs quite a lot of punch for that money.

You get a powerful Intel Core i7 (up to) and a not-so-entry-level NVIDIA GeForce GTX 1660Ti for your money. You now get 8GB of RAM and 512GB in SSD too in the entry-level gaming notebook. To sweeten the deal, the display is an IPS panel with 144Hz in response rate.

We did not think that it could be better in value, the Nitro 5. Acer proved us wrong with AMD though. The new Acer Nitro 5 now comes in AMD flavour for those looking for some distinction.

You are still getting the same 8GB RAM and 512GB in SSD storage. You also still get a 15.6-icnh IPS panel at Full HD resolution and refreshes at 144Hz. There is still the always reliable Killer Ethernet E2600 ethernet port. Even the keyboard is still the same 4-zone RGB type.

The differences are a little more than skin deep in this case. It comes packing AMD’s Ryzen 7 4800 8-core CPU power paired to an NVIDIA GeForce GTX 1650 instead of the GTX 1660Ti. While it might sound like a small downgrade, the differences are more minute than you know with the Intel pairing.

But the differences do not end at the hardware though. It is also differently priced at the same time. The Acer Nitro 5 with AMD’s Ryzen 7 4800 and NVIDIA GeForce GTX 1650 is now available across the nation via authorised retailers and official online stores at MYR 4,099. That is MYR 800 in difference to the top specced Intel variant of the Acer Nitro 5. With the current Acer Day promotion, the AMD variant of the Acer Nitro 5 is available for MYR 3,999. For more information on the Acer Nitro 5, do check out their website.

PR Newswire

LED CHINA 2020 to Launch Interactive Virtual Exhibition to Benefit Global Buyers

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1 ~ 3 September, both in-person and virtual version of LED CHINA 2020 will be held as planned, presenting the latest trends in LED displays and its vertical application domains.

SHENZHEN, China, Aug. 24, 2020 — LED CHINA 2020 has recently launched a B2B online webcast platform – LED CHINA I Live (https://live.ledchina.com/), to complement its in-person event which is coming in September. With rich content and powerful functions, such platform offers a brand-new experience and ongoing opportunities to source, learn and interactive, without the constraints of time, space and costs.

LED CHINA B2B Online Webcast Platform
LED CHINA B2B Online Webcast Platform

What Visitors Can Do at LED CHINA I Live:

  1. To look up over 1,200 brands from the robust B2B search engine, and to learn trending technologies such as pixel-pitch/micro LED, new vision of 5G internet + 8K video display.
  2. To interact with targeted suppliers through live webcast, online chatting or video call.
  3. To post requirements and join the business 1-to-1 matching or simply let the qualified suppliers come up to you.

LED CHINA I Live is the virtual version of physical LED CHINA 2020 from 1 to 3 September. It’s open to all professionals free of charges. To enable visitors to have a smooth and efficient experience on the platform, more information, such as platform’s function introduction, user guide, exhibitor list and webcast timetable will be available here: https://bit.ly/2Ekupa8

LED CHINA 2020 to Launch Interactive Virtual Exhibition to Benefit Global Buyers
LED CHINA 2020 to Launch Interactive Virtual Exhibition to Benefit Global Buyers

Concurrent Events Offer Solutions Designed Vertical Application Domains

Apart from the Live Online Webcast, LED CHINA 2020 will also be co-hosted with Entertainment Design Expo 2020, Commercial Integrated System China 2020, Digital Signage China 2020 and Sign China 2020, all events together will offer solutions designed for its vertical application domains:

Entertainment / Staging / Broadcasting / Hospitality / Stadiums & Venues / Conferencing / Brand Marketing & Advertising / Experiential Design / Command & Control Rooms / Retail Environments / DOOH Networks / Conference & Multimedia / Pro AV & Installation

About LED CHINA:

Established in 2005, LED CHINA is the initiator of international LED exhibition in the world. Being the benchmark of the global LED industrial chain, LED CHINA· Shenzhen is devoted to build a one-stop trading platform with a wide range of LED related products, LED applications in different industrial fields. (For more, visit: www.LEDChina.com)

About the Organiser:

Informa Markets Trust, a joint venture of Informa Markets. Informa Markets is a leading B2B information services group and the largest B2B event organizer in the world. It has over 11,000 staff and provides business service to over 40 countries for more than 50 different industries. Over 500 leading exhibitions across the globe are organised by Informa Markets

Contact: Jenee Liao, +86-02-38106261

Photo – https://photos.prnasia.com/prnh/20200824/2893115-1-a?lang=0
Photo – https://photos.prnasia.com/prnh/20200824/2893115-1-b?lang=0

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PR Newswire

ASTRI sets smart water data challenge to promote STEM education in Greater China

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HONG KONG, Aug. 24, 2020 — The Hong Kong Applied Science and Technology Research Institute (ASTRI) has supported the International Mathematical Modelling Challenge (IM2C) to nurture STEM talent and innovative entrepreneurship for secondary school students in Hong Kong SAR and the rest of the Greater China region through problem setting, field studies, summer internships and presentation competitions. 

ASTRI CEO Hugh Chow welcomes IMMC students and teachers visiting ASTRI2019
ASTRI CEO Hugh Chow welcomes IMMC students and teachers visiting ASTRI2019

 

ASTRI explains how mathematical modelling is applied in our technological innovations solving problems in 2018
ASTRI explains how mathematical modelling is applied in our technological innovations solving problems in 2018

Established by Consortium for Mathematics and its Applications (COMAP, USA) and NeoUnion ESC Organization (NeoUnion, Hong Kong) in 2015, the IM2C is a global innovation contest for secondary school students to explore the application of mathematical modelling in real-life situations to solve problems of importance today. Water is an essential resource in our daily life. A smart water supply system which can monitor flaws in pipes and valves is key to sustainable and efficient water use in Hong Kong. Using ASTRI’s simulated scenarios from the real-life project on Smart Water Data Analysis, the Hong Kong team from Diocesan Girl’s School won the Outstanding Award for the 2020 IM2C Greater China Contest, which was featured in the July issue of the Newsletter of Hong Kong Laureate Forum. The problems set for the IM2C 2020 in Greater China covered a wide spectrum of issues including Smart Water Data Analysis, Credibility in Online News, Grid Frequency Response and Cyber Insurance Incentive Strategy; Flash Sale is used for the international challenge.

"Mathematical modelling provides the effective tool in applying logical thinking to solving the complex problems we face today," said Dr James Lei, ASTRI Senior Director of Artificial Intelligence and Big Data Analytics. "Through our support to the IM2C competition, field studies and the Advanced Innovation Program platform, ASTRI hopes to stimulate young people’s interest in STEM education and careers, and encourage them to take on the difficult challenges – an essential trait for technological innovation."

ASTRI Chief Executive Officer, Mr Hugh Chow said, "STEM education is becoming increasingly recognised as a key driver of opportunity. IM2C facilitates students to learn about the relevance of mathematical modelling to their studies as well as to their career including entrepreneurship – an important skill for the technology-driven economy of the future. ASTRI will continue to promote STEM education and applied research to prepare our young people to work in a world that is progressively competitive yet collaborative."

Mr Alfred Cheung, Director of IM2C Committee (Zhonghua) said: "We value ASTRI’s continuous support to the IM2C in promoting STEM education in Hong Kong and the Greater China region. With the implementation of the Outline Development Plan for the Guangdong-Hong Kong-Macau Greater Bay Area, Hong Kong will play an increasingly active role as the international hub of science and innovation. We thank ASTRI for the robust support and partnership to inspire more students to be engaged in international exchange in science and innovation."

The 2020 contest, the sixth IM2C, saw 650 teams from the Mainland, Hong Kong SAR, Macau SAR and Taiwan compete – a tenfold increase since its establishment.

Notes to editors

  1. Photo 1: ASTRI CEO Hugh Chow welcomes students and teachers of International Mathematical Modelling Challenge visiting ASTRI to learn about our latest technologies.
  2. Photo 2: ASTRI explains how mathematical modelling is applied in our technological innovations solving problems of today.

About ASTRI

The Hong Kong Applied Science and Technology Research Institute (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness in technology-based industries through applied research.

ASTRI’s research and development strategic focus covers five areas of applications: Smart City; Financial Technologies; Intelligent Manufacturing; Health Technologies; and Application Specific Integrated Circuits through its mandate as the Hong Kong branch of the Chinese National Engineering Research Centre. Our core competence in various areas is grouped under five technology divisions, namely Artificial Intelligence and Big Data Analytics; Communications Technologies; Cybersecurity, Cryptography and Trusted Technologies; Integrated Circuits and Systems, and IoT and Sensors.

ASTRI seeks to develop technologies that address the needs of industries, institutions and communities in Hong Kong; as well as nurture talents to create economic value and societal impact. To date, ASTRI has transferred more than 750 technologies to the industry and owns more than 850 patents in the Mainland, the US and other countries. For further information, please visit www.astri.org.

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PR Newswire

SINTRONES Edge AI GPU Computing Solution enabling flexibility: EBOX-7000

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TAIPEI, Aug. 24, 2020 — SINTRONES, one of the global leaders in computing technology in vehicles, announces the launch of the new EBOX-7000 Edge AI GPU Computing. The new EBOX-7000 Edge AI GPU Computing is suitable for various factory automation and Industrial Internet of Things (IIoT) control system in large-scale processes such as mining and manufacturing. It is powered by Intel 9th Gen Core i7/ Intel 8th Gen Core i7/i5/i3 CPU with 6 x RJ45 GbE (optional 4 x PoE Max. 100W). EBOX-7000 features two LTE SIM Card Sockets with automatic SIM Card detection (Taiwan Patent No. M592609). It supports both 5G and LTE standard for wireless network performance. Furthermore, the users can simply remove the HDD and use it as a portable hard drive with USB port and power connector. No additional converter needed.

SINTRONES Edge AI GPU Computing Solution enabling flexibility:EBOX-7000
SINTRONES Edge AI GPU Computing Solution enabling flexibility:EBOX-7000

EBOX-7000 provides PCIe card expansion including a riser card w/ 1 x PCIe x16 slot (1 x PCIe 3.0 x16 interface) or optional riser card w/ 2 x PCIe x16 slot (2 x PCIe 3.0 x8 interface). Both riser cards can be up to 185mm length total 90W~150W PCIe cards. It is expandable with Nvidia Tesla Card, Nvidia GPU card, Nvme card, image capture card and I/O card. Furthermore, EBOX-7000 can be used in edge AI enhancements, intelligent video analytics AI Video analysis, IIoT, traffic management and machine vision.

EBOX-7000 features TPM 2.0 and memory 2 x DDR4 2400/2666 MHz SO-DIMM up to 32GB. In addition, the environmental tolerance continually maintains a wide range of operating temperatures (-40°C ~ 70°C) allowing it to operate in extreme and rugged environment conditions.

Another highlight of EBOX-7000 is the SINTRONE self-developed technology SINSmart – it provides reliable monitoring of network-connected remote power control devices, Power over Ethernet (PoE) switches and UPS for power management. It has remote monitoring of voltage, UPS delay setup and Digital, IO/WDT/System temperature control. This feature supports edge ai gpu computing with reliable remote connectivity. Furthermore, it has automatic recovery short circuit protection and vehicle power ignition for variety vehicles. Includes an optional battery backup kit (SINTRONE patented technology), for continuous operations, providing an extra 10 minutes after power drain or failure of the main power source to increase the reliability of the system.

Key Features:

  • Intel 9th Gen Core i7/ Intel 8th Gen Core i7/i5/i3
  • 1 x PCIe 3.0 x16 Interface Expansion (optional 2 x PCIe 3.0 x8 Interface)
  • 6 x RJ45 GbE (optional 4 x PoE Max. 100W)
  • 8 x GPI, 4 x GPO and 2 x RS-232/422/485
  • 1 x DP + 1 x HDMI + 1 x DVI-I (Single Link w/o Analog Video)
  • Dual Hot Swappable SATA Storage RAID 0,1,5
  • 9-48V DC Input and Operating Temp.: -40~70°C
  • TPM 2.0

For more information, please visit www.sintrones.com, Products / Edge AI GPU Computing.

About SINTRONES

SNTRONES is a world-renowned and ISO 9001 & IRIS ISO/TS 22163 certified company of in-vehicle computing system products. We are dedicated to provide our customers with high quality system products that meet international traffic standards certification, including EN50121, EN50155, E-Mark, IEC60945, IACS E10, DNV and MIL-810. SINTRONES in-vehicle computing solutions have been widely adopted and approved by many well-known international brands and companies in industries.

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PR Newswire

The 18th CIEP is Coming Soon to Build a Global Technological Innovation Community

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SHENZHEN, China, Aug. 22, 2020 — To keep pace with times and share "China’s opportunities," the 18th Conference for the International Exchange of Professionals (hereinafter referred to as CIEP), sponsored by the Ministry of Science and Technology of China and the People’s Government of Shenzhen Municipality and hosted by Shenzhen Center for International Exchange of Personnel, will be launched. With its official website as the hosting place, the CIEP will use high technology to create a new exhibition mode, namely, integrated "online conference with offline activities," and an "internet convention and exhibition."

Gathering over the "Cloud" to explore development

Due to COVID-19, the 18th CIEP will adopt online meeting as the platform for the conference, and set up functional zones including Virtual Exhibition Hall, Project Docking, Guest of Honor, Online Recruitment, etc., to gather global users over the "Cloud" and share the new trend of international professionals’ exchange.

It is reported that the Virtual Exhibition Hall, with cutting-edge AR/VR/3D technology to create up street-view exhibition areas, will present immersive experience for the attendees. The Online Recruitment area gives play to advantages of various HR service organizations to demonstrate their whole-process, one-stop, contact-free recruitment methods. The innovatively launched "Project Docking Talent-Show" platform will overcome the limits of time and space for professionals, projects, and funds, enabling zero-distance interactive communication.

Breaking boundaries to connect for win-win results

Since its inception in 2001, the CIEP, as a international, and comprehensive talent and intelligence exhibition open to overseas experts, training institutions, technological innovation talents, has been successfully held for 17 years.

Each year, it attracts professional organizations from over 40 countries and regions and there were more than 35,000 overseas experts, students, and professionals. Over 10,000 projects were successfully implemented.

Nowadays, CIEP has become a bridge for in-depth cooperation between other countries and China. Russia, as the Guest of Honor this year, will showcase the achievements of technological innovation and talent exchange with China online, providing the best platform for the two countries to seek cooperative opportunities.

A Chinese market, more open to international collaborations, will form more positive interactions with the world, resulting in a more progressive and prosperous international market. Let’s join the CIEP to promote the establishment of a global community eager to forward technological development, and share "China’s opportunities" which welcome technological progress and innovative development.

Contacts: CIEP, Wang Chan, wangchan@ciep.gov.cn

PR Newswire

Hong Kong SFC Issues Approval-in-Principle to OSL for Virtual Asset Automated Trading and Brokerage Licenses

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  • OSL receives approval-in-principle for Types 1 and 7 license applications
  • Licenses will allow STOs and automated digital asset trading  
  • Company on track to become world’s only listed, licensed, insured and audited digital asset platform

HONG KONG, August 22, 2020 — OSL, Asia’s leading digital asset platform and member of BC Technology  Group (stock code: 863 HK), today received an approval-in-principle for its application to operate a virtual asset trading platform under a license for Type 1 (dealing in securities) and Type 7 (automated trading service (ATS)) regulated activities under the Securities and Futures Commission ("SFC") virtual asset licensing framework in Hong Kong.

Once the conditions for final approval are satisfied, the license will permit OSL to operate a brokerage and automated trading service for digital assets, including security tokens ("STOs"). The company is on track to become the world’s only publicly listed, licensed, insured and Big-4 audited digital asset platform.

This follows the November 2019 announcement by the SFC of its ground-breaking regulatory framework for digital asset trading platforms that included requirements on hot and cold digital wallet insurance, client asset segregation, know-your-customer, anti-money laundering, maintenance of orderly markets and other digital asset-specific controls.

"Securing approval-in-principle for a virtual asset trading platform license in Hong Kong, inclusive of security tokens, underscores our commitment to comprehensively addressing the demands of institutional investors," said BC Group CEO Hugh Madden.

"Until now, traditional finance has been observing this asset class with interest, but lack of regulatory clarity has so far discouraged participation," said Madden. "Licensing is a game-changer, because it provides certainty and confidence to investors, unlocking massive participation as it drives the increasing use of our platform by the global institutional investor community."

The SFC framework continues to be the only licensing framework within the top international financial centers that fully integrates the specific requirements for digital asset platforms alongside traditional rigorous securities regulations. Because of this unique integrated framework, clients of a Hong Kong licensed digital asset trading platform can enjoy all the protections and safeguards they have become accustomed to in traditional finance, and can also take comfort in additional protections under the new regime that have been tailor-made for the new asset class.

OSL CEO Wayne Trench added: "The SFC displayed impressive foresight in 2017 when it embarked on developing an ecosystem for professional and institutional traders to invest in digital assets. Recent global regulatory developments, emerging sovereign digital currency trials and increasingly cashless societies, exemplify that digital assets are today’s reality and not some distant dream. Both Hong Kong and OSL are well-positioned as institutional participation continues to accelerate in the coming months and years."

The OSL digital asset platform business experienced exceptional growth and performance in 2019, and in the first half of 2020. In its interim results announcement on 12 August 2020, BC Group stated it had experienced a year-on-year revenue increase of 47%, driven mainly by record annualized trading volumes of USD28 billion achieved during the first six months of the year.

About the OSL Platform and BC Technology Group

Backed by BC Technology Group (stock code: 863 HK), Asia’s only listed, licensed and ‘Big-four’-audited digital asset and fintech company, OSL is Asia’s largest digital asset platform, providing prime brokerage, custody, exchange and SaaS services for institutional clients and professional investors.

The company offers OTC, iRFQ and electronic trading services giving traders access to the world’s deepest liquidity pools, digital asset borrowing and lending, as well as secure, insured wallets to ensure the safekeeping of digital assets with timely transaction settlement. OSL is the trusted gateway to the digital asset economy.

For more information: bc.group  and osl.com.

Logo – https://photos.prnasia.com/prnh/20200302/2735144-1LOGO?lang=0

 

 

 

Related Links :

http://bc.group/en