BlueVisor Takes Second Place in Fintech Unicorn Battle in Asia

November 27, 2020 TechENT Syndication Leave a comment

SEOUL, South Korea, Nov. 27, 2020 — BlueVisor, a member company of Born2Global Centre, placed second in the latest Fintech Unicorn Battle in Asia, receiving recognition for its technological prowess and business viability.

The Fintech Unicorn Battle in Asia is a global pitch competition organized by Startup.Network. It provides an opportunity for investors to discover competitive startups and an opportunity for such startups to attract investment and enable their global growth.

The competition was divided into four categories: fintech, AI, healthtech, and other technologies. Over 1,800 companies from 125 countries around the world participated, and about 200 advanced to the main competition.

Selected as one of the top 10 companies in the fintech category, BlueVisor presented its plan to the judges and addressed their questions in the final round, which was streamed online. Over 40 investors from R3i Ventures and other companies participated as judges.

BlueVisor introduced a proposal for its flagship item HIGHBUFF, an AI asset management platform, which was highly rated for its concept, potential market, and competitiveness by judges. It won second place in the overall vote.

Yong-guk Hwang, CEO of Bluevisor, and Seo-yeon Hong, CMO of Bluevisor, said, "Placing second in a competition for promising global technology companies in AI, IoT, fintech, logistics, and other areas, means that we’ve received international recognition for our technology and marketability. Through this competition, international investors now know BlueVisor, and we are now presented with opportunities to partner with other fintech and IT companies. We hope to develop into a global fintech company."

In addition to the existing AI asset management platform HIGHBUFF, BlueVisor has launched HIGHBUFF Interview, an AI interview solution that allows objective interviews in the age of contact-free communication. Further, the company has developed I.EARN, an AI content management solution, and is working on marketing these solutions, which are establishing themselves in the industry as products that limit human risk and offer time-saving and other material benefits.

For more detailed information on Bluevisor, visit https://bluevisor.kr/eng/ and https://play.google.com/store/apps/details?id=ai.entrusta.www.eng_hb&hl=da.

Media Contact

BlueVisor: yrkim@bluevisor.kr
Born2Global Centre: jlee@born2global.com

PR Newswire

Why has the world’s largest free trade bloc formed in East Asia

November 27, 2020 TechENT Syndication Leave a comment

BEIJING, Nov. 27, 2020 — A news report by China.org.cn on RCEP:

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On Nov. 15, the Regional Comprehensive Economic Partnership, or the RCEP, was signed over video link by the 10 members of the Association of Southeast Asian Nations (ASEAN) and five regional partners, namely China, Japan, the Republic of Korea, Australia and New Zealand. The 15 participating countries have a total population of 2.27 billion, with a combined GDP of $26 trillion and exports of nearly $5.2 trillion.

The signing of the RCEP will create the world’s largest free trade bloc. But why has it come into existence in East Asia?

The 21st century has witnessed the collective rise of Asian, especially East Asian economies. With ASEAN at the center, the 10+1 and 10+3 cooperation mechanisms were established by East Asian countries. As a result, the "spaghetti bowl" phenomenon undermined the effectiveness of their respective free trade agreements. More importantly, East Asia, with a well-established production network and active regional trade, lacked an overall free trade agreement. This prompted countries in the region to start negotiating just such an agreement.

In addition, the resurgence of unilateralism and trade protectionism over recent years have greatly disrupted regional trade in East Asia. Under the impact of COVID-19, industrial and supply chains in the region broke down for a time, negatively impacting its sustainable economic development. To address the challenges, the 15 countries accelerated RCEP negotiations.

The RCEP also represents a breakthrough in trade relations between China and Japan. Although the volume of bilateral trade exceeds $300 billion, the two countries had no free trade deal between each other. The signing of the RCEP has therefore laid a strong foundation for trade and investment liberalization and facilitation between China and Japan.

The RCEP is a win-win agreement embraced by all member countries to safeguard their respective national interests. Despite uncertainties in the future, there is reason enough to believe that the world’s largest free trade deal will be fully implemented in East Asia as scheduled, thereby promoting a complete regional and global economic recovery.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm
Why has the world’s largest free trade bloc formed in East Asia?
http://www.china.org.cn/video/2020-11/27/content_76955559.htm

Related Links :

http://www.china.org.cn

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Antiprohense Research: Digital Hologram ARAdvertising vs. Traditional Advertising in 5G Era

November 27, 2020 TechENT Syndication Leave a comment

How WIMI’s Hologram AR advertising technology is changing the industry

HONG KONG, Nov. 27, 2020 — Antiprohense, a market research organization in Hong Kong, recently released a research report on ‘Digital Advertising vs. Traditional Advertising in 5G Era‘. Digital advertising is challenging the traditional advertising industry. During the outbreak of COVID-19, many people saw the public-welfare function and commercial value of the media, and many advertisers would adjust their advertising strategies as soon as possible. Digital advertising will highlight its competitive advantages, such as no contact advertising or online remote updates, so that the delivery of information is timelier than before. In the future, more digital media will emerge to help the industry develop in a healthy way.

The demand for TV, online games, e-commerce, social networks, health TV, and online education increased significantly during the quarantine. Only in the first quarter, Netflix increased 16m new users in the US — about double the number in the previous quarter. Italians also increased their time spent on Facebook apps by 70 percent. After 2020, there will be significant growth in the upstream video data stream from the Internet of Things. AR holographic services are expected to generate massive demand between 2020 and 2025.

WIMI’s holographic advertising platform will overturn traditional advertising. Customers will directly watch the holographic stereoscopic advertisements and have an immersive feeling. Besides, the holographic cloud AI-MBT technology can track and analyze various data of customers to provide effective data support for advertisers. The current application fields: holographic indoor advertising, holographic outdoor advertising, high-altitude holographic advertising, holographic airport/subway advertising, holographic in-store (outside) display of well-known brands, and holographic event advertising display, etc.

The core of WIMI’s business is holographic AR technology, which is used in software engineering, content production, cloud, and big data to provide customers with AR-based holographic services and products. Products mainly include holographic AR advertising services and holographic AR entertainment products.

WIMI Hologram Cloud’s advertising business is divided into online and offline AR holographic advertising. And the online business is mainly mobile AR holographic advertising display and light entertainment advertising application. The entertainment business is divided into online and offline AR holographic interactive entertainment.

The development momentum of Holographic AR advertising business is relatively fast. In the past two years, both the number of customers and the unit price of customers have obviously increased. WIMI’s holographic AR adware enables users to insert real or animated 3D objects into video clips, seamlessly integrating the objects with scenes in the video. Moreover, WIMI’s online Holographic AR advertising solution incorporates holographic AR ads into films and programs hosted by China’s leading online video media platforms.

In terms of subdivision, the AR industry chain mainly includes four parts: hardware, software, application and content, and services. Hardware includes parts and equipment. Software is divided into information processing and operating platforms. Application and content are developed and produced for different industries. And services are about channel distribution of application content through the distribution platform. From the perspective of the business model, WIMI is a solution provider, which integrates application and content, and services, according to the real needs of downstream customers, and then outputs complete solutions. Thus, the liquidity of WIMI is mainly relying on the holographic AR advertising services and holographic AR entertainment products.

About Antiprohense

Antiprohense Team is a leading market research company in Hong Kong. They have built one of the premier proprietary research platforms on financial market, with an emphasis on emerging growth companies and paradigm-shifting businesses. Antiprohense team is professional in market research reports, industry insights & financing trends analysis. For more information, please visit http://www.antiprohense.com

Media contact

Company: Antiprohense Research
Contact: insights & financing
E-Mail: lt@Antiprohense.com
Website: http://www.antiprohense.com
TEL: 00852 7038534

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China moves closer to self-reliance in 7nm chip production

November 27, 2020 TechENT Syndication Leave a comment

BEIJING, Nov. 27, 2020 — A news report by China.org.cn on China moves closer to self-reliance in 7nm chip production.

China has recently made new breakthroughs in its 7nm chip-making process, reportedly developing tools and know-how for several segments of the manufacturing process amid efforts to reduce reliance on foreign equipment and material vendors.

Last month, China’s chip customization solution provider Innosilicon announced that it had taped out and completed testing of a prototype chip based on the FinFET N+1 process of Semiconductor Manufacturing International Corporation (SMIC). This achievement marks a new step forward in China’s homegrown chip development.

An exhibition booth of China’s Semiconductor Manufacturing International Corporation (SMIC) is seen at the 17th China International Semiconductor Expo in Shanghai, Sept. 3, 2019. [Photo/CFP]

Amid major trade restrictions enforced by the United States, SMIC’s new generation foundry node is said to be comparable to the 7nm process by Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest dedicated independent semiconductor foundry.

As China’s largest chip foundry, SMIC will introduce its N+1 7nm node, marking a significant improvement over its current 14 nm production node, boasting a 20% increase in performance, power consumption reduction of 57%, a reduced logic area of 63%, and SoC (System on a Chip) area reduction of 55%, according to the company.

Moreover, the N+1 foundry node may enable SMIC to break its reliance on advanced Extreme Ultraviolet (EUV) lithography machines produced by Dutch microchip machine maker ASML, according to Liang Mengsong, co-CEO of SMIC. ASML is subject to U.S. export controls as its products contain American technology.

At the same time, China is working hard to develop its own lithography system.

The Suzhou Institute of Nano-tech and Nano-Bionics under the Chinese Academy of Sciences (Sinano), along with the National Center for Nanoscience and Technology, recently announced a breakthrough in a new type of 5nm laser lithography technology. Experts believe it could lay the foundation for research into a self-developed advanced lithography machine.

The new technology has broken the traditional constraint in laser direct writing (LDW) with its ability to process at the nano level. In addition to ultra-high precision, the technology also demonstrates potential for mass production.

According to research results published in Nano Letters, a monthly peer-reviewed scientific journal, the new LDW technology "exhibits an attractive capability of well-site control and mass production of 500,000 nanogap electrodes per hour," breaking the trade-off between resolution and throughput using nanofabrication techniques.

During the recent China International Import Expo (CIIE) in Shanghai, ASML, the global leader in lithography machines, showcased its deep ultraviolet (DUV) lithography machines, sending out a strong signal for its capability and willingness to export the equipment to China.

Previously, ASML’s CFO Roger Dassen has stated that the company can export DUV lithography machines to China without a U.S. license. The technology can typically produce chips down to the 7nm node.

On the side of materials, Nata Opto-electronic Materials in east China’s Jiangsu province announced that it has established China’s first ArF photoresist production line, which is used to transfer electronic circuit patterns to silicon crystals in the 7nm chip-making process.

Previously, photoresist materials produced in China could only be applied in the production of chips with standards of 436nm and 365nm.

As the world’s largest semiconductor market, China has been spending aggressively in semiconductor investment, acquisition, and talent recruitment to bolster the industry by on-shoring chip manufacturing equal to those of the world’s top foundries.

A report by Goldman Sachs on July 2 predicted that China may be capable of producing 7nm chips by 2023.

Thomas Friedman, a columnist for the New York Times, said during an online forum on Nov. 11 that China attempts to build an entire microchip supply chain from end to end, and will be no longer dependent on the U.S. technologies, according to the country’s latest five-year plan.

PR Newswire

WeTrade Group Inc. Attends The 7th World Internet Conference in China

November 27, 2020 TechENT Syndication Leave a comment

BEIJING, Nov. 27, 2020 — WeTrade Group Inc. ("Wetrade" or the "Company") (US: WETG), an emerging growth company engaged in the business of providing technical services and solutions via its membership-based social e-commerce platform, today announced that it attended The 7th World Internet Conference ("WIC") –Internet Development Forum in China on November 22, 2020.

WIC, also known as the Wuzhen Summit, is an annual international event, first held in 2014, organized by Chinese government. It is a state-run event, and a platform for global tech leaders to discuss internet issues and policies, which attracted top U.S. names including Apple’s Tim Cook and Google’s Sundar Pichai in past years. Representatives of enterprises and research institutes gathered to showcase the latest products and technologies in 5G, AI, cloud-computing, big data, and cybersecurity.

The Company was invited to participate in this year’s WIC to display its Cloud intelligent system ("YCloud") application for WeChat e-commerce(micro-business). Many officials visited the Company’s booth and listened to the report from Mr. Zheng Dai, Chairman of Wetrade, including Mr. Jiajun Yuan, Secretary of the Zhejiang Provincial Party Committee, Mr. Zeliang Zhao, Deputy Director of the Central Cyberspace Affairs Office, Mr. Liehong Liu, Vice Minister of the Ministry of Industry and Information Technology, and Mr. Guoxian Zhu, Publicity Minister of Standing Committee of the Zhejiang Provincial Party Committee.

Mr. Zheng Dai, Chairman of Wetrade, commented, "In recent years, driven by the rapid development of Internet technology, micro-commerce, e-commerce, and livestream sales gradually become mainstream for new individual economies. However, a large number of platforms and individuals flocked to the micro-business field to compete fiercely in prices and supply chains. While enjoying traffic dividends, they ignored the current technological gaps in the industry. To address this market, we accurately grasped this big demand in the industry, developed and launched the YCloud. Through technology and big data, YCloud has strengthened users’ marketing relationship tracking, CPS commission income management, community AI fission and management, improving supply chain system, increasing payment scenarios and revenue, and team leader management to help customers increase revenue. Up to now, YCloud has successfully landed in Southeast Asian countries such as the Philippines and Singapore, covering multiple industries including micro-business, tourism, hotel, livestream and short video, aesthetic medical and retail."

About WeTrade Group Inc.

WeTrade Group Inc. is an emerging growth company engaged in the business of providing technical services and solutions via its membership-based social e-commerce platform and the Company targets to provide technical and auto-billing management services for 100 million micro-business users in China. Wetrade has conducted its business operations in mainland China and trial operation in Hong Kong, Philippines and Singapore. WeTrade has also formed the long-term technical cooperation with Yuetao App, Daren App, Yuebei App, JD Zhiding App, Yuedian App and Lvyue App. For more information, please visit http://www.wetradegroup.net.

Forward-Looking Statements

This press release contains information about the Company’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company’s encourages you to review other factors that may affect its future results in the Company’s annual reports and in its other filings with the Securities and Exchange Commission.

Related Links :

http://www.wetradegroup.net

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Accelerating New Infrastructure Construction and Empowering Smart Cities for High-quality Development

November 27, 2020 TechENT Syndication Leave a comment

– The 22nd CHTF China Smart City Expo Ends with Complete Success

SHENZHEN, China, Nov. 27, 2020 — The 22nd China Hi-Tech Fair (CHTF), which lasted for 5 days, came to a successful conclusion on November 15. As China’s first science and technology expo, this year’s CHTF attracted over 3,300 exhibitors from all over the world, gathered a host of new technologies and new products, and received global attention, becoming a "wind vane" for the development in technology and industry.

As one of the most popular exhibition halls of the CHTF, the CHTF China Smart City Expo co-organized by the State Information Center and IDG Asia also ended on the same day. With the theme of "Smart Future Linkages", this year’s China Smart City Expo is held around the events such as "exhibition, forum, selection, and matching", presenting a professional, forward-looking and leading smart city event.

In the smart city exhibition hall, excellent smart city exhibitors from all over the world showcased cutting-edge technology, top-level design and great solutions in the field of smart cities. At the Asia-Pacific Smart City Development Forum 2020, top experts shared the leading-edge trends, conducted discussion and exchanges based on the cutting-edge field of smart city construction, shared the latest research results, and offered suggestions for the development of smart cities. At the Asia-Pacific Smart City Project Matchmaking Meeting, representatives of cities were matched with the manufacturers, and new progress was made in the interaction of technology and the market. Award-winning cities and manufacturers attracted global attention at the Asia-Pacific Smart City Gala Night 2020.

High popularity thanks to leading manufacturers

The smart city exhibition hall sets up seven zones for smart city ecosystem, cloud computing & big data, mobile applications, smart hardware, artificial intelligence, smart vehicles, Internet of Things, display of smart city achievements, and communication & information technology. Major smart city enterprises such as Huawei, ZTE, Ping An, Alibaba Cloud, Inspur, iSoftStone, Hualu, Pactera, Zhengyuan Geomatics, and Tesla held an unparalleled smart city feast for the visitors during the five-day event. It also brings vitality to various sectors of the digital economy such as 5G, artificial intelligence, big data, and smart city.

Managers, operators, service providers and designers in the fields of digital economy and smart city from all over the world harnessed the CHTF China Smart City Expo, an international exchange and exhibition platform, to gain experience and broaden their horizons. According to statistics, this year’s CHTF China Smart City Expo with an exhibition area of 10,000+ square meters showcases more than 300 smart city solutions, and attracted 400,000+ visitors.

Heavy-hitter guests exchanged views on smart city

The Asia-Pacific Smart City Development Forum 2020 has one main forum and two parallel forums. With the themes of "Smart Future Linkages, era of new infrastructure, and digital ecosystem", the Forum brought together over one hundred experts in the field of smart city and industry leaders. The participants come from various fields such as government, industry, academia, research institutes, and users. They shared their latest thoughts on smart city with the participants through the knowledge brainstorming, came up with new concepts and ideas about the construction of "smart city", and pointed out the main trend of innovative development of new smart cities in China and even the world.

The Asia-Pacific Smart City Award List 2020 was released at the conference and the Asia-Pacific Smart City Gala Night 2020 was held. As one of the most influential award presentation ceremonies for the Asia-Pacific smart city industry in the Asia-Pacific region, it selects the most representative cases of outstanding smart city construction projects in the Asia-Pacific region, and the most beefiest and influential smart city service providers by means of the neutral stance, a professional perspective, a rigorous selection system and accurate industry analysis each year. It provides excellent case design and construction experience for cities, and selects the suitable service providers for assistance and advice. The annual Asia-Pacific Smart City Selection Event, noted for its stellar professional standards and authority, becomes a milestone in the construction of "smart cities" in the Asia-Pacific region every year.

First held in 2014, CHTF China Smart City Expo has become one of the world’s largest and most influential professional events in the fields of smart city technology, industry and thoughts. With the contemporary and global perspective, the annual event brings together top manufacturers, products, solutions, experts, scholars, and industry elites, who draw up the blueprint and path for the construction and development of smart cities through the international, cutting-edge, and forward-looking ideas and perspectives.

PR Newswire

PureVPN Kicks Off Black Friday with a Super-Saver Deal: 88% off a 5-Year Plan

November 27, 2020 TechENT Syndication Leave a comment

PureVPN’s limited-time Black Friday deal enables VPN users to pay only $1.32 per month for a premium No-Log VPN service.

HONG KONG, Nov. 27, 2020 — PureVPN is a well-trusted VPN provider, scoring the highest trust score of 4.8 on the world’s most popular review platform, Trustpilot. PureVPN is also the first-ever VPN provider to have received over 11,000+ stellar reviews for its reliable and logless VPN services.

On this Black Friday, PureVPN seems all set to win hearts yet again with a deal that is too good to resist: a 5-year plan for only $79. With this super-saver deal, frequent and occasional VPN users alike can save as much as $578 on a VPN that has a valid No-log certification, which is endorsed by multiple leading auditors, such as Altius IT and KMPG, one of the Big Four auditing services.

PureVPN’s blockbuster Black Friday offer is an ideal deal for budget-conscious users who are always looking for the best bang for their buck. The deal offers them not only huge savings but also a revolutionized VPN experience. PureVPN’s Black Friday deal packs:

Privacy-centric features, including IPv6 leak protection, DNS leak protection, WebRTC leak protection, and our Internet Kill Switch.
A massive VPN network of 6,500+ servers with a collective pool of 300,000+ IP addresses from over 140 countries and 180+ locations.
Instant access to 50+ channels such as Disney+, Amazon Prime Video, Hulu US, HBO Now, BBC iPlayer, IPTV, and SonyLIV, to name a few.
Accessibility to the American version of Netflix as well as six more Netflix libraries, including Netflix UK, Canada, Japan, Germany, France, and Australia.
256-bit bank-grade encryption that ensures optimal protection against cyber threats and their consequences.
10 Gigabit VPN network that ensures ultra-fast connection and speeds.
Highly compatible VPN applications for 20+ most demanded devices, such as Windows, Mac, Android, iOS, Apple TV, Android TV, set-top boxes, gaming consoles, and routers.
The most sought after paid add-ons, such as Port Forwarding and Dedicated IPs.
31-day no-questions-asked money-back guarantee.

The super-extended 5-year plan, offered by PureVPN, aims to deliver prolonged internet security, freedom, and privacy for users worldwide. Since it is a limited-time deal, act now and grab this deal before it expires.

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PureVPN: Secure, Reliable and Lightning-Fast VPN Service

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Mercurity Fintech Holding Inc. Reports Third Quarter 2020 Financial Results

November 27, 2020 TechENT Syndication Leave a comment

BEIJING, Nov. 27, 2020 — Mercurity Fintech Holding Inc. (Nasdaq: MFH) today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial and Operating Highlights

Q3 2020 GAAP revenues of $41 thousand, compared to $580 thousand in Q3 2019.
Q3 2020 GAAP gross profit of $11 thousand, compared to $464 thousand in Q3 2019.
Q3 2020 GAAP net loss of $631 thousand, compared to a profit of $396 thousand in Q3 2019.
Q3 2020 Non-GAAP net loss of $427 thousand, compared to $396 net income in Q3 2019.

Commenting on the quarter, Ms. Alva Zhou, Chairperson of the Board and Chief Executive Officer, said, "As challenges of the pandemic persist and due to our new focus on capturing the opportunity of the digital assets industry, the Q3 2020 operating results reflect the stage of our initial business transition. We are building our team and products to execute this strategic transition."

Mr. Erez Simha, Chief Financial Officer and Interim President of the company, commented, "I joined the company in late August this year because I believe in the tremendous opportunity that the digital assets industry represents. Since I joined, I have been working with our executive teams to analyze our potential addressable markets, forming our business strategy, aligning our product road map and building a team that is necessary to execute it. We have launched and introduced our DeFi platform earlier this month and plan to introduce additional products linked to our DeFi platform in the next few months. We will invest majority of our resources and focus on bringing a comprehensive DeFi offering to the market."

FINANCIAL RESULTS

Summary of Third Quarter Results:

Revenues for the third quarter of 2020 were $41 thousand compared to $580 thousand in the same period last year. The revenues for the third quarter of 2020 consisted of software development fees earned from a new client who entered into a contract with the company in July 2020. The software development and maintenance contracts signed in 2019 were completed in the second quarter of 2020.

Cost of revenues for the third quarter of 2020 were $30 thousand, compared to $116 thousand in the same period last year. The cost of revenues consisted primarily of the direct cost related to the contract signed in July 2020.

Gross profit for the third quarter of 2020 was $11 thousand, compared to $464 thousand in the same period last year.

General and administrative expenses for the third quarter of 2020 were $644 thousand, compared to $87 thousand in the same period last year. The general and administrative expenses consisted primarily of employee’s costs, office expenses and professional fees. The increase in general and administrative expenses primarily reflected increases in employees’ costs and office expenses as a result of our acquisition of NBpay Investment Limited in March 2020. In the third quarter of 2020, share-based compensation of approximately $204 thousand was included in employees’ costs and professional fees.

Loss from operations for the third quarter of 2020 was $633 thousand compared to income from operations of $377 thousand in the same period last year.

Loss before provision for income taxes for the third quarter of 2020 was $631 thousand compared to an income before taxes of $396 thousand in the same period last year.

Non-GAAP net (loss)/income attributable to Mercurity Fintech Holding Inc. is a non-GAAP measure which excludes amortization of acquired intangible assets, impairment loss, share-based compensation, and related provision for income tax expenses. Non-GAAP net loss attributable to Mercurity Fintech Holding Inc. for the third quarter of 2020 was $427 thousand compared to a net income of $396 thousand in the same period of last year.

Cash and cash equivalents as of September 30, 2020 were $187 thousand, compared to $435 thousand as of December 31, 2019.

Total shareholders’ equity as of September 30, 2020 was $11.2 million, compared to total shareholders’ equity of $8.0 million as of December 31, 2019.

Non-GAAP Measures

To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("U.S.GAAP"), the Company uses non-GAAP financial measures, including Non-GAAP (loss)/income from continuing operations and Non-GAAP net (loss)/income attributable to the Company, that are adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment loss, share-based compensation and related provision for income tax expenses. The non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s operations and prospects for the future. The non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, the Company’s calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in the Company’s results of operations. The Company compensates for these limitations by providing reconciliations of non-GAAP financial measures to U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release.

BUSINESS OUTLOOK

Due to uncertainty as a result of the continued global pandemic and new product development, the Company will not provide a financial forecast for Q4 2020.

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 "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend, " "ought to, " "plan, " "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations are or contain 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. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

CONTACTS
Xingyan Gao
Mercurity Fintech Holding Inc.
ir@mercurity.com
Tel: +86 (10) 5360-6428

MERCURITY FINTECH HOLDING INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(US dollars in thousands, except for number of shares and per share (or ADS) data)


	Three Months Ended Sepetmber 30,		Nine months Ended Sepetmber 30,
	2020	2019	2020	2019
Revenues
Third parties	$ 41	$ 580	$ 1,433	$ 610
Total revenues	41	580	1,433	610

Cost of revenues	(30)	(116)	(109)	(153)
Gross profit	$ 11	$ 464	$ 1,324	$ 457

Operating expenses:
General and administrative	(644)	(87)	(1,400)	(164)
Impairment loss	–	–	(835)	–
Total operating expenses	$ (644)	$ (87)	$ (2,235)	$ (164)
(Loss)/income from operations	$ (633)	$ 377	$ (911)	$ 293

Interest income, net	0	0	3	0
Other income/(Expenses), net	2	19	(28)	19
(Loss)/income before provision for income taxes	$ (631)	$ 396	$ (936)	$ 312
Income tax benefits	–	–	–	–
(Loss)/Income from continuing operations	$ (631)	$ 396	$ (936)	$ 312

Discontinued operations:
Loss from discontinued operations	$ –	$ –	$ –	$ (1,421)
Net loss	$ (631)	$ 396	$ (936)	$ (1,109)

Net loss attributable to holders of ordinary shares of Mercurity Fintech Holding Inc.	$ (631)	$ 396	$ (936)	$ (1,109)

Net loss per ordinary share
Basic	$ (0.00)	$ 0.00	$ (0.00)	$ (0.00)
Diluted	$ (0.00)	$ 0.00	$ (0.00)	$ (0.00)
Weighted average shares used in calculating net loss per ordinary share
Basic	2,388,513,555	1,619,027,948	2,388,513,555	1,619,027,948
Diluted	2,388,513,555	1,619,027,948	2,388,513,555	1,619,027,948

MERCURITY FINTECH HOLDING INC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(US dollars in thousands)


	Three Months Ended Sepetmber 30,		Nine Months Ended Sepetmber 30,
	2020	2019	2020	2019
Net loss	$ (631)	$ 396	$ (936)	$ (1,109)

Other comprehensive (loss)/income, net of tax of $nil:				$ –
Change in cumulative foreign currency translation adjustment	368	(125)	363	(165)

Comprehensive loss	$ (263)	$ 271	$ (573)	$ (1,274)

MERCURITY FINTECH HOLDING INC
CONSOLIDATED BALANCE SHEETS
(US dollars in thousands)

	September 30, 2020	December 31, 2019
ASSETS:
Current assets:
Cash and cash equivalents	$ 187	$ 435
Accounts receivable	1,964	1,648
Prepaid expenses and other current assets, net	114	8
Amounts due from related parties	660	43
Total current assets	2,925	2,134

Non-current assets:
Intangible assets, net	373	1,208
Goodwill	8,455	5,529
Total non-current assets	8,828	6,737

TOTAL ASSETS	$ 11,753	$ 8,871

LIABILITIES AND SHAREHOLDER’S EQUITY :
Current liabilities:
Accrued expenses and other current liabilities	$ 520	$ 836
Amounts due to related parties	30	–
Total current liabilities	$ 550	$ 836

TOTAL LIABILITIES	$ 550	$ 836

Commitments and contingencies

Shareholders’ equity:
Ordinary shares	$ 30	$ 21
Additional paid-in capital	649,063	645,331
Accumulated deficits	(639,304)	(638,368)
Accumulated other comprehensive (loss)/income	1,414	1,051
Total shareholders’ (deficit)/equity	$ 11,203	$ 8,035

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 11,753	$ 8,871

MERCURITY FINTECH HOLDING INC
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(US dollars in thousands)

	Three Months Ended Sepetmber 30,		Nine Months Ended Sepetmber 30,
	2020	2019	2020	2019
Income/(Loss) from continuing operations	$ (631)	$ 396	$ (936)	$ 312
Net loss attributable to Mercurity Fintech Holding Inc.	(631)	396	(936)	(1,109)

Amortization of acquired intangible assets ^(a)	–	–	–	–
Provision for income tax expenses ^(b)	–	–	–	140
Share-based compensation ^(c)	204	–	204	(293)
Impairment loss ^(d)	–	–	835	–

Non-GAAP (loss)/income from continuing operations (2019 periods (d), 2020 periods (c)(d))	$ (427)	$ 396	$ 103	$ 312
Non-GAAP net (loss)/income attributable to Mercurity Fintech Holding Inc.(a)(b)(c)(d)	$ (427)	$ 396	$ 103	$ (1,262)



Notes:
(a) Adjustment to exclude amortization of acquired intangible assets
(b) Adjustment to exclude provision for income tax expenses
(c) Adjustment to exclude share-based compensation
(d) Adjustment to exclude impairment loss

Related Links :

http://ir.ccjmu.com/

PR Newswire

JinkoSolar Sells Its Stake in Abu Dhabi Sweihan Power Station

November 27, 2020 TechENT Syndication Leave a comment

SHANGRAO, China, Nov. 27, 2020 — JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its wholly-owned subsidiary JinkoSolar Sweihan (HK) Limited ("Sweihan HK") has signed a share and debt purchase agreement with Jinko Power (HK) Company Limited ("Jinko HK"), an indirectly wholly-owned subsidiary of Jinko Power Technology Co., Ltd. ("JinkoPower") .

Pursuant to the agreement, Sweihan HK will sell its 50% equity interest in Sweihan Solar Holding Company Limited ("Sweihan Holding") to Jinko HK. Sweihan Holding holds a 40% equity interest in Sweihan PV Power Company PJSC (the "Project Company"), the operating entity of a 1,200 MW photovoltaic power plant in Abu Dhabi (the "Sweihan Power Station"). Upon completion of the transaction, which is subject to the closing conditions set forth in the agreement, Jinko HK will indirectly hold a 20% equity interest in the Project Company. The closing of this transaction is subject to approvals by Emirates Water and Electricity Company ("EWEC"), other shareholders of Sweihan Holding and the Project Company, and the project finance lenders.

The Sweihan Power Station is located in the Eastern Region of the Emirate of Abu Dhabi. In September 2016, JinkoSolar and Marubeni Corporation ("Marubeni") formed a consortium that won the bid for the project. All the power generated for an initial period of 25 years will be contractually sold to EWEC.

Mr. Kangping Chen, Chief Executive Officer of JinkoSolar, commented, "We are glad to have reached this agreement with JinkoPower. This divestiture will help JinkoSolar focus on its core business, enhance our strength and further sustain our long term growth in the global PV industry."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 20 GW for mono wafers, 11 GW for solar cells, and 25 GW for solar modules, as of June 30, 2020.

JinkoSolar has 9 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

To find out more, please see: www.jinkosolar.com.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.jinkosolar.com

PR Newswire

Lightnet Group Forges Partnership with Siam Commercial Bank

November 27, 2020 TechENT Syndication Leave a comment

SINGAPORE, Nov. 27, 2020 — Singapore-based fintech company, Lightnet Pte. Ltd. (Lightnet Group), has announced a partnership with Siam Commercial Bank (SCB). The partnership makes remittance services accessible to all Thai bank accounts and anyone who has signed up for PromptPay, a government-sponsored service that enables instant bank-to-bank fund transfers.

From left to right – Tridbodi Arunanondchai, Lightnet Group’s CEO and Vice Chairman; Srihanath Lamsam, SCB’s EVP, Payment Strategy and Digital Disruptive Technology; Suvicha Sudchai, Lightnet Group’s Chief Product Officer.

Suvicha Sudchai, Chief Product Officer of Lightnet Group, says "SCB will be Lightnet Group’s settlement partner responsible for disbursing and clearing payments, facilitating the electronic payment processing and enabling frictionless real-time remittances to Thailand from anywhere in the world with lower fees."

This partnership offers SCB additional international money transfer options through Lightnet Group’s channels. "Siam Commercial Bank has been a longtime supporter of fintech startups in Thailand, and our fintech investment arm, Digital Ventures Co. Ltd., is the largest venture capital fund in Thailand, with a total capital base of USD100 million. Fintech plays an essential role in SCB’s digital transformation, and we look forward to working with the Lightnet Group to revolutionize the global remittances industry," says EVP, Payment Strategy and Digital Disruptive Technology, Srihanath Lamsam.

On the new partnership, Lightnet Group’s CEO and Vice Chairman, Tridbodi Arunanondchai says, "We are very proud to be working with SCB to facilitate cross-border remittances together with another trusted global fintech solution provider, SENTBE. SCB is one of the most reputable banks in Thailand and the technology investment the bank employs allows us to optimize our platform and reach our goals."

Lightnet Group’s partnership with SCB and Sentbe extends the Lightnet Group’s reach further in line with its mission to promote financial mobility and inclusivity.

About Lightnet Group

Lightnet Group is a Singapore-headquartered fintech company with the mission of promoting financial mobility and inclusivity. Lightnet Group empowers unbanked populations and SME trade finance with an inclusive international remittance ecosystem. The Lightnet Group’s international remittance ecosystem adopts the Velo Protocol as its blockchain protocol and positions itself as the premiere clearing and settlement network for the Asia Pacific region by connecting existing financial systems with its network of cash agents and wallets.

www.lightnet.io

About SCB

SCB was established on 30 January 1907 by Royal Charter as the first Thai bank. SCB was Thailand’s largest commercial bank (in total asset value) as of 31 December 2018. King Vajiralongkorn is the largest single shareholder, owning 23.35 percent of SCB shares. SCB is well established in Thailand, Cambodia and Myanmar, with a heritage of over 110 years, leading financial services in Thailand with its deep expertise.

www.scb.co.th

About SENTBE

Founded in 2015, SENTBE is South Korea’s first neo bank specialized in foreign exchange service. SENTBE has revolutionized overseas remittance services with low fees, fast transaction speeds, and simple user experiences to create frictionless cross-border financial services. SENTBE has processed more than 1 million remittance transactions, having acquired Overseas Remittance and Payment Gateway license in Korea, as well as Major Payment Institution License in Singapore.

www.sentbe.com

Related Links :

http://www.lightnet.io

techENT

Monthly Archives: November 2020

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JinkoSolar Sells Its Stake in Abu Dhabi Sweihan Power Station

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Tech Your Way