Monthly Archives: December 2020

PR Newswire

Renren Announces Unaudited First Half 2020 Financial Results

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BEIJING, Dec. 31, 2020 — Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates a premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) ("Kaixin") as well as several U.S.-based SaaS businesses, today announced its unaudited financial results for the six months ended June 30, 2020. 

First Half of 2020 Highlights

  • Total net revenues were US$41.2 million, an 80.9% decrease from the corresponding period in 2019.
    — Kaixin revenues (1) were US$33.3 million, an 83.7% decrease from the corresponding period in 2019.
  • Operating loss was US$23.2 million, improved from an operating loss of US$26.4 million in the corresponding period in 2019.
  • Net loss attributable to the Company was US$16.6 million, compared to a net income attributable to the Company of US$67.7 million in the corresponding period in 2019.
  • Adjusted loss from operations (2) (non-GAAP) was US$12.0 million, improved from an adjusted loss from operations of US$19.4 million in the corresponding period in 2019.
  • Adjusted net loss (2) (non-GAAP) was US$8.5 million, compared to an adjusted net loss of US$15.5 million in the corresponding period in 2019.

 

(1)       Kaixin revenues are the net revenue from the Company’s subsidiary Kaixin, which are included in the Company’s Auto Group segment. Please refer to the table of additional information for details.

(2)       Adjusted loss from operations and net income (loss) are non-GAAP measures, which are defined as loss from operations excluding share-based compensation expenses and amortization of intangible assets and net income (loss) excluding share-based compensation expenses, fair value change of contingent consideration and amortization of intangible assets, respectively. See "About Non-GAAP Financial Measures" below.

First Half 2020 Results

Total net revenues for the first half of 2020 were US$41.2 million, representing an 80.9% decrease from the corresponding period in 2019. The COVID-19 pandemic had a material adverse impact on the Company’s used-car dealership business.

Cost of revenues was US$34.0 million, compared to US$201.9 million from the corresponding period of 2019. The decrease was in line with the decrease of revenue.

Operating expenses were US$30.4 million, a 23.4% decrease from the corresponding period of 2019.

Selling and marketing expenses were US$5.3 million, a 58.5% decrease from the corresponding period of 2019. The decrease resulted from the effort to improve operation efficiency in headcount and personnel-related expenses.  

Research and development expenses were US$8.0 million, a 39.5% decrease from the corresponding period in 2019. The decrease was primarily due to a decrease in headcount and personnel-related expenses.

General and administrative expenses were US$17.1 million, a 25.0% increase from the corresponding period in 2019. The increase was primarily due to an increase in share-based compensation expenses.

Share-based compensation expenses, which were all included in operating expenses, were US$11.0 million, compared to US$6.9 million in the corresponding period in 2019. The increase was mainly due to a modification which repriced the exercise price with respect to options during the first half of 2020, which led to the higher share-based compensation expenses in the six months ended June 30, 2020 compared to the six months ended June 30, 2019.

Loss from operations was US$23.2 million, improved from a loss from operations of US$26.4 million in the corresponding period in 2019.

Net loss attributable to Renren Inc. was US$16.6 million, compared to a net income of US$67.7 million in the corresponding period in 2019.

Adjusted loss from operations (non-GAAP) was US$12.0 million, improved from an adjusted loss from operations of US$19.4 million in the corresponding period in 2019. Adjusted loss from operations is defined as loss from operations excluding share-based compensation expenses and amortization of intangible assets.

Adjusted net loss (non-GAAP) was US$8.5 million, compared to an adjusted net loss of US$15.5 million in the corresponding period in 2019. Adjusted net loss is defined as net loss excluding share-based compensation expenses, fair value change of contingent consideration and amortization of intangible assets.

Business Outlook

The Company expects to generate revenues in an amount ranging from US$8 million to US$12 million in the second half of 2020. The decrease in revenues as compared with the second half of 2019 or the first half of 2020 is expected to be primarily due to Kaixin Auto Holdings having decided to put a halt to its used-car dealership business operations while reexamining its business model. This forecast reflects the Company’s current and preliminary view, which is subject to change.

Binding Term Sheet with Haitaoche

The Company’s subsidiary Kaixin entered into a binding term sheet (the "Biding Term Sheet") with Haitaoche Limited ("Haitaoche") on November 3, 2020.

The Binding Term Sheet sets forth the terms and conditions by which Haitaoche will merge with a newly formed wholly-owned subsidiary of Kaixin, with Haitaoche continuing as the surviving entity and a wholly-owned subsidiary of Kaixin (the "Merger"). As consideration for the Merger, Kaixin will issue a number of ordinary shares of Kaixin to the shareholders of Haitaoche (the "Haitaoche Shareholders") so that the Haitaoche Shareholders will collectively hold 51% of Kaixin’s share capital upon the closing of the Merger.

Conference Call Information

The Company will not host a conference call. Please contact our Investor Relations Department if you have any questions.

About Renren Inc.

Renren Inc. (NYSE: RENN) operates a premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several US-based SaaS businesses. Renren’s American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on NYSE under the symbol "RENN".

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" and similar statements. Among other things, the business outlook for the second half of 2020 and quotations from management in this announcement, as well as Renren’s strategic and operational plans, contain forward-looking statements. Renren may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), 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 Renren’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: Renren’s goals and strategies; Renren’s future business development, financial condition and results of operations; Renren’s  expectations regarding demand for and market acceptance of its services; Renren’s expectations regarding the retention and strengthening of its relationships with used auto dealerships; Renren’s plans to enhance user experience, infrastructure and service offerings; competition in the used auto industry in China; and government policies and regulations relating to the used auto industry in China. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Renren’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Renren uses "adjusted income (loss) from operations" and "adjusted net income (loss)" which are defined as non-GAAP financial measures by the SEC, in evaluating its business. Renren defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses and amortization of intangible assets and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses, fair value change of contingent consideration and amortization of intangible assets, respectively. Renren continuously and periodically reviews its operating results and business performance. Starting from the first quarter of 2018, there was a significant impact on net income (loss) due to the material and significant noncash amount of fair value change of contingent consideration relating to the used auto dealerships of the emerging used auto business. Due to the nature of the business, Renren believes that including adjusted income (loss) from operations and excluding the impact of such fair value changes more appropriately reflects Renren’s results of operations, and provides investors with a better understanding of Renren’s business performance. To facilitate investors and analysts, the aforesaid impact is presented retrospectively in "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures". Renren presents adjusted income (loss) from operations and adjusted net income (loss) because they are used by Renren’s management to evaluate its operating performance. Renren also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Renren’s consolidated results of operations in the same manner as Renren’s management and in comparing financial results across accounting periods and to those of Renren’s peer companies.

These non-GAAP financial measures are not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures" at the end of this release.

 

 

 

RENREN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands of US dollars)

December
31,

June 30,

2019

2020

 ASSETS

 Current assets:

 Cash and cash equivalents

$

4,473

$

5,059

 Restricted cash

13,091

–

 Short-term investments

1,436

–

 Accounts receivable, net

649

595

 Prepaid expenses and other current assets

30,454

32,643

 Amounts due from related parties

688

678

 Inventory

21,981

18,527

 Total current assets

72,772

57,502

 Non-current assets:

 Property and equipment, net

851

619

 Goodwill and intangible assets, net

832

641

 Long-term investments

13,454

13,507

 Amount due from related parties- non-current

131,758

131,346

 Restricted cash – non-current 

358

5,643

 Right-of-use lease assets

5,506

3,900

 Other non-current assets

680

626

 Total non-current assets

153,439

156,282

 TOTAL ASSETS

$

226,211

$

213,784

 LIABILITIES AND EQUITY

 Current liabilities:

 Accounts payable

$

5,393

$

2,088

 Short-term debt

31,077

26,213

 Accrued expenses and other current liabilities

37,068

34,589

 Short-term lease liabilities

2,836

3,088

 Payable to investors

14

14

 Amounts due to related parties

774

3,269

 Deferred revenue and advance from customers 

750

273

 Income tax payable

20,054

19,454

 Contingent consideration 

204

94

 Total current liabilities

98,170

89,082

 Non-current liabilities:

 Long-term debt

–

1,585

 Long-term lease liabilities

1,980

1,140

 Long-term contingent consideration

828

381

 Total non-current liabilities

2,808

3,106

 TOTAL LIABILITIES

$

100,978

$

92,188

 Shareholders’ Equity:

 Class A ordinary shares

751

757

 Class B ordinary shares

305

305

 Additional paid-in capital

720,513

731,521

 Statutory reserves

6,712

6,712

 Accumulated deficit

(614,830)

(631,407)

 Accumulated other comprehensive income

(9,338)

(8,978)

 Total Renren Inc. shareholders’ equity

104,113

98,910

 Noncontrolling interests

21,120

22,686

 TOTAL EQUITY

125,233

121,596

 TOAL LIABILITIES AND EQUITY

$

226,211

$

213,784

 

 

 

RENREN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands of US dollars, except share data and per share data, ADS data, and per ADS data)

June 30,

June 30,

2019

2020

 Net revenues:

 Automobile sales

$

200,914

$

32,996

 Others

14,214

8,164

 Total net revenues

215,128

41,160

 Cost of revenues 

(201,873)

(33,993)

 Gross profit

13,255

7,167

 Operating expenses:

 Selling and marketing

(12,769)

(5,293)

 Research and development

(13,243)

(8,010)

 General and administrative

(13,657)

(17,071)

 Total operating expenses

(39,669)

(30,374)

 Loss from operations

(26,414)

(23,207)

 Other  income 

2,505

511

 Fair value change of contingent consideration

88,116

557

 Interest income

4,393

3,734

 Interest expenses

(1,468)

(779)

 Total non-operating income

93,546

4,023

 Income (loss) before provision of income tax and loss in equity
method investments, net of tax

67,132

(19,184)

 Income tax expenses

(628)

–

 Income (loss) before loss in equity method investments and
noncontrolling interest, net of tax

66,504

(19,184)

  (Loss) income in equity method investments, net of tax

(910)

79

 Income (loss) from continuing operations

65,594

(19,105)

 Net income (loss)

65,594

(19,105)

 Net loss attributable to noncontrolling interests

2,133

2,528

 Net income (loss) attributable to Renren Inc.

$

67,727

$

(16,577)

 Net  income (loss) per share from continuing operations
attributable to Renren Inc.shareholders:

 Basic

$

0.06

$

(0.02)

 Diluted

$

0.04

$

(0.02)

 Net  income (loss) per share attributable to Renren Inc.
shareholders:

 Basic

$

0.06

$

(0.02)

 Diluted

$

0.04

$

(0.02)

 Net income (loss) attributable to Renren Inc. shareholders per
ADS*:

 Basic

$

2.53

$

(0.70)

 Diluted

$

1.56

$

(0.70)

 Weighted average number of shares used in calculating net loss
per ordinary share attributable to Renren Inc. shareholders:

 Basic

1,045,443,122

1,058,890,544

 Diluted

1,083,883,429

1,058,890,544

 * Each ADS represents 45 Class A ordinary shares.

 

 

 

Reconciliation of Non-GAAP results of operations measures to the comparable GAAP financial
measures

 (In thousands of US dollars)

June 30,

June 30,

2019

2020

 Loss from opeartions

$

(26,414)

$

(23,207)

 Add back: Shared-based compensation expenses

6,869

11,015

     Add back: Amortization of intangible assets

192

192

 Adjusted loss from operations

$

(19,353)

$

(12,000)

 Net income (loss)

$

65,594

$

(19,105)

 Add back: Shared-based compensation expenses

6,869

11,015

  Add back: Fair value change of contingent consideration 

(88,116)

(557)

     Add back: Amortization of intangible assets

192

192

 Adjusted net income (loss)

$

(15,461)

$

(8,455)

 

 

 

RENREN INC.

ADDITIONAL INFORMATION (UNAUDITED)

(In thousands of US dollars)

For the Six Months Ended

June 30, 2019

June 30,  2020

Kaixin

Renren

Total

Kaixin

Renren

Total

 Net revenues:

 Automobile sales

$

200,914

$

$

200,914

$

32,996

$

–

$

32,996

 Others

3,685

10,529

14,214

299

7,865

8,164

 Total

204,599

10,529

215,128

33,295

7,865

41,160

 Cost of revenues 

$

195,969

$

5,904

$

201,873

$

32,375

$

1,618

$

33,993

 

 

Related Links :

http://www.renren.com

PR Newswire

LG Display to showcase lifestyle of future with Transparent OLED at CES 2021

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SEOUL, South Korea, Dec. 31, 2020 — LG Display, the world’s leading innovator of display technologies, announced today brand-new Transparent OLED applications to be showcased at the upcoming all-digital CES 2021. The company has applied its cutting-edge transparent OLED displays to objects and situations that people encounter on a daily basis, thereby presenting an upgraded lifestyle of the future.

LG Display Transparent OLED on Subway Train
LG Display Transparent OLED on Subway Train

Among LG Display’s most exciting and practical Transparent OLED products is a Smart Bed to be showcased in a Smart Home Zone at the company’s online showroom, featuring a frame that can be moved to the foot of a bed of the user’s choice. At the push of a button, the Smart Bed’s 55-inch Transparent OLED display rises from its frame to show information or TV contents in various screen ratios without compromising its clear image quality that does not rely on backlights. With immersive Cinematic Sound OLED (CSO) embedded in the frame, there is also no need to clutter bedroom space with external speakers. In addition, the Smart Bed display’s movable frame can easily be taken to various locations in a house to serve the diverse needs of users.

LG Display Transparent OLED at Restaurant
LG Display Transparent OLED at Restaurant

LG Display is also offering a game-changer to its customers at CES 2021 in a Restaurant Zone, where a sushi bar can utilize a 55-inch Transparent OLED display to deliver information with clear image quality while benefiting from high transparency to maintain a connection between people on both sides of the screen. As guests wait for their order, they can watch a movie or TV program, while at the same time viewing the chef preparing their food on the other side of the display. This innovative product naturally stands out more in the contactless era as it can not only act as a partition but also serve up some fun.

LG Display will additionally demonstrate how the company’s 55-inch Transparent OLED display can be applied to a subway train in a Metro Zone. While on board a virtual train carriage, passengers may look outside through the transparent display that has replaced a traditional window. Its high transparency enabled by OLED means passengers can still enjoy the passing scenery while viewing clear information such as subway line maps, weather information, and other news.

"Transparent OLED is a technology that maximizes the advantages of OLED and can be used in various places in our daily lives, from stores, shopping malls, and architectural interiors to autonomous vehicles, subway trains, and aircraft," said Jong-sun Park, Senior Vice President & Head of the Commercial Business Unit at LG Display. He added, "It will grow into a next-generation display that can change the existing display paradigm."

The company’s Transparent OLED realizes 40% transparency, providing clear image quality while being crystal clear like glass compared to the existing transparent LCD with only 10% transparency. With its superior transparency, Transparent OLED can be used in various fields such as smart homes, smart buildings, and mobility, including autonomous vehicles, aircraft, and subways. LG Display, the only transparent OLED manufacturer in the world, is seeing growing demand for Transparent OLED from these industries.

The company will demonstrate its cutting-edge products online at CES 2021 where all general visitors can enjoy them for the first time.

About LG Display

LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world’s leading innovator of display technologies, including thin-film transistor liquid crystal and OLED displays. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers, desktop monitors, and various other applications, including tablets and mobile devices. LG Display currently operates manufacturing facilities in Korea and China, and back-end assembly facilities in Korea, China, and Vietnam. The company has approximately 60,000 employees operating worldwide. For more news and information about LG Display, please visit www.lgdisplay.com.

Media Contact:

Jean Lee, Senior Manager, Global Communications
jean.lee@lgdisplay.com

Sue Kim, Executive Vice President
Insight Communications Consultants
sue.kim@insightcomms.com

Related Links :

http://www.lgdisplay.com/

PR Newswire

LAIX Inc. Announces Result of Annual General Meeting

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SHANGHAI, Dec. 31, 2020 — LAIX Inc. (NYSE: LAIX) ("LAIX" or the "Company"), an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning, today announced that, at its annual general meeting of shareholders held today, shareholders of the Company adopted the following resolution as a special resolution proposed by the Company:

"THAT the Company’s Fifth Amended and Restated Memorandum and Articles of Association be amended and restated by the deletion in their entirety and by the substitution in their place of the Sixth Amended and Restated Memorandum and Articles of Association, substantially in the form attached to the Notice of Annual General Meeting dated November 20, 2020 as Exhibit A."

About LAIX Inc.

LAIX Inc. ("LAIX" or the "Company") is an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning. Its proprietary AI teacher utilizes cutting-edge deep learning and adaptive learning technologies, big data, well-established education pedagogies and the mobile internet. LAIX believes its innovative approach fundamentally transforms learning. LAIX provides its products and services on demand via its mobile apps, primarily its flagship "English Liulishuo" mobile app launched in 2013. On the Company’s platform, AI technologies are seamlessly integrated with diverse learning content incorporating well-established language learning pedagogies, gamified features and strong social elements to deliver an engaging, adaptive learning experience. LAIX provides a variety of courses inspired by a broad range of topics and culture themes to make English learning more interesting and is committed to offering a fun, interactive learning environment to motivate and engage its users.

For investor and media inquiries, please contact:

LAIX Inc.
Harry He
Investor Relations
E-mail: ir@laix.com

Related Links :

http://www.liulishuo.com

PR Newswire

‘People’ chosen as Chinese character of the year

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BEIJING, Dec. 30, 2020 — A news report by China.org.cn on China’s Chinese character of the year:

 

In a recently published list of buzzwords in China, "min", meaning "people," was chosen as the Chinese character of 2020, while "poverty alleviation" was crowned as the Chinese word of the year.

"Min," the people, are the target. Confronted with the unprecedented COVID-19 pandemic, China responded proactively. Swift screening, targeted prevention and control measures, effective treatment, rapid vaccine development and orderly work resumption –– all these efforts have helped guarantee the health and normal life of the 1.4 billion Chinese people, while giving them confidence and hope.

The character "min" is also closely linked with "poverty alleviation," the word of the year. An old saying, "Wishing all the common people free from hunger and cold," shows that the Chinese people have held a sincere desire for the wellbeing of their fellow countrymen since ancient times. By the end of 2020, China already managed to achieve its goal of eliminating poverty despite the pandemic. With poverty-stricken counties being removed from the list one after another, being "free from hunger and cold" is no longer just a vision. It has now become reality, with no one being left behind.

"Min" implies the endeavor to better fulfill people’s wishes. The first-ever Civil Code since China’s founding will come into force in 2021. The document features many new provisions, such as personality rights, dignity of life and a peaceful private life, all of which reflect the specific demands of the people in the new era, with the aim of better safeguarding their rights through improved legislation. In addition, while formulating the 14th Five-Year Plan (2021-2025), the government also solicited opinions and suggestions from the public, with a view to better promoting the people’s interests.

The people are not only the target, but also a source of confidence, representing the power of the people and the spirit of the nation. In the past year, some Chinese people stayed home voluntarily for quarantine purposes; some joined the medical teams or contributed in whatever ways they could. People from all over the country initiated a group-buying campaign, for products made in Hubei, the hardest-hit province in the pandemic. Many chose to leave cities to offer their help in the least developed places, and numerous people living in hardships have been struggling forward. The Chinese people have provided the country with the confidence and conviction to face future challenges.

The people also embody hope for the future. 2021 marks the beginning of China’s "14th Five-Year Plan" period. On the agenda of the recent Central Economic Work Conference, keywords such as "income," "employment," "housing" and "elderly care" were all centered around one common theme: for the people.

The character "min" can be seen as both a target and a source of conviction. In 2021, the Chinese people will stand together to face challenges and embrace the future.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

‘People’ chosen as Chinese character of the year
http://www.china.org.cn/video/2020-12/30/content_77065575.htm

PR Newswire

Xiaobai Maimai Announces the Closing of P2P Disposition Agreement

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BEIJING, Dec. 30, 2020 — Xiaobai Maimai Inc. (NASDAQ: HX), formerly known as Hexindai Inc. ("Xiaobai Maimai", the "Company", or "we"), a social e-commerce platform in China, today announced the closing of the assignment and assumption agreement dated December 16, 2020, by and among Beijing Hexin Yongheng Technology Development Co., Ltd. ("Hexin Yongheng"), a wholly-owned subsidiary of the Company, Kuaishangche Automobile Leasing Co., Ltd. ("Kuaishangche"), a company not directly associated with the Company but controlled by Mr. An, the CEO and Chairman of the board of directors of the Company, Hexin E-Commerce Company Limited ("Hexin E-Commerce"), and individual shareholders of Hexin E-Commerce ( the "Agreement"). The closing of the Agreement took place on December 30, 2020. Prior to the closing, Hexin Yongheng had assigned and transferred to Kuaishangche the control over Hexin E-Commerce, and Kuaishangche had delivered the assignment consideration of RMB 5 million to Hexin Yongheng (the "Disposition"). As a result of the Disposition, Kuaishangche has become the primary beneficiary of and controls Hexin E-Commerce, and has assumed all assets and liabilities of Hexin E-Commerce and its subsidiaries, excluding any of its rights, titles, interests or claims in Wusu Hexin Yongheng Commercial and Trading Co., Ltd. ("Wusu Company"), which remains as the Company’s consolidated variable interest entity.

The Company launched its social e-commerce platform in May 2020 as a new business line. After the Disposition, the Company will continue to develop and invest in its social e-commerce business to take advantage of China’s fast-growing e-commerce industry.

Mr. Xiaobo An, Founder, Chairman and Chief Executive Officer of Xiaobai Maimai, commented, "We are encouraged by the solid progress we have made to fully transform our business into a social e-commerce platform – Xiaobai Maimai. We will continue to improve the product and service offerings on Xiaobai Maimai to cater to the ever-changing demands of consumers, and at the same time continue to explore new business opportunities to tap into the huge potential of social marketing and e-commerce in China."

About Xiaobai Maimai Inc.

Xiaobai Maimai Inc. (NASDAQ: HX), formerly known as Hexindai Inc., ("Xiaobai Maimai" or the "Company"), is a social e-commerce platform based in Beijing, China. The Company collaborates with domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products on its social e-commerce platform. Leveraging its cooperation with mainstream e-commerce platforms and services marketplaces, and its data analytics algorithm and operating system, the Company continues to identify and introduce cost-efficient products and attract users to its platform and generate higher user satisfaction to realize the platform’s fast growth.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals, strategies and expansion plans; its future business development, financial condition and results of operations; its ability to attract and retain new users and to increase revenues generated from repeat users; its expectations regarding demand for and market acceptance of its products and services; its relationships and cooperation with e-commerce platforms and services marketplaces; trends and competition in China’s e-commerce market; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company’s corporate structure and the e-commerce industry; and general economic conditions in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please visit ir.xiaobaimaimai.com

For investor inquiries, please contact:

The Company

Investor Relations
Ms. Zenabo Ma
Email: ir@xiaobaimaimai.com

Christensen

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

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com

Related Links :

https://ir.xiaobaimaimai.com/

PR Newswire

Flipclutch Research Report: Hologram AR promotes the field of game shopping and becomes a new 5G infrastructure solution

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HONG KONG, Dec. 30, 2020 — AR (Augmented Reality) is to superimpose virtual information in the real world, that is, to "enhance" reality. This enhancement can come from sight, hearing, and even touch. The main purpose is to integrate the real world and the virtual world in the senses. Among them, the cognition of the real world is mainly reflected in vision, which requires the use of cameras to help obtain information, and feedback in the form of images and videos.

The basic part of AR is the integration of computer vision and related fields. AR is an interdisciplinary subject of computer vision and human-computer interaction. The foundation of AR is artificial intelligence and computer vision.

AI generally refers to artificial intelligence. It is a new technological science that studies and develops theories, methods, technologies, and application systems applied to simulate, extend, and expand human intelligence.

With the improvement of living standards and the development of emerging technologies such as artificial intelligence, various industry scenarios have put forward new demands for service quality and efficiency. Visual AI is the entrance of artificial intelligence, and how to promote the implementation of scenes has become a key issue.

What is visual AI? The face recognition we often use now is a kind of visual AI. Visual AI allows the machine to learn to "see" and substitute the human eyes for feature extraction and analysis of images. Meanwhile, it trains the model to perform tasks such as detection and recognition of new image data and establish an artificial intelligence system that can obtain "information" from images or multi-modal data. When these AI smart devices understand the world, they can help humans improve the efficiency of processing information in production and life.

However, for visual AI, face recognition is only a starting point, and the market application space is being further explored.

Unconsciously, visual AI has become a part of our lives. For example, there is commodity recognition in smart retail, "pig face recognition" in smart pig farms, and road signs in autonomous driving. The new infrastructure of vision AI puts "eyes" on everything. In the future, the video data will usher in a big explosion.

Foreign manufacturers have invested heavily in the AI supercomputing center, and WIMI independently develops a holographic cloud platform for computer vision.

In practical applications, platform computing supports the video data of C-end users, such as video analysis technology to assist program production and broadcasting, and short videos and Internet live broadcasting integrated with AR special effects technology. In addition, it also supports the video data of B-end industries, for example, the autonomous driving road testing, which aims to meet the high-precision, low-latency, high-performance, and fast iteration requirements of algorithm deployment on the application side.

WIMI has the world’s leading 3D computer vision technology and SAAS platform technology. WIMI uses AI algorithms to turn ordinary images into holographic 3D contents, which is widely used in holographic advertising, holographic entertainment, holographic education, holographic communication, and other fields.

WIMI Hologram Cloud, as a computer vision technology-led company in China, according to reports,its business covers multiple links of the Hologram AR technology, including Hologram computer visual AI synthesis, Hologram visual presentation, Hologram interactive software development, Hologram AR online and offline advertising, Hologram ARSDK payment, as well as 5G Hologram communication software development. It is a holographic cloud comprehensive technical solution provider. WIMI’s commercial application scenarios are mainly concentrated in five professional fields, including home entertainment, light field theater, performing arts system, commercial publishing system, and advertising display system.

As the infrastructure, the 5G network has a major technological breakthrough from serving people to serving things at the same time. Since AI technology is a basic enabling technology, AI applications can be found in almost every field, and the same is true in the 5G field.

At present, the network complexity of operators is getting higher and higher, and the data traffic is increasing explosively. The existing network equipment cannot satisfy users’ data explosion. Because of the increase in network complexity, the costs of operation and maintenance, as well as the network construction costs, have greatly increased.

In particular, 5G not only connects people to people, but also connects things to things. The existing network maintenance and management methods are still manual interventions, and there is no way to adapt to the needs of the 5G era.

Therefore, 5G needs "self-energized" management, such as autonomous connection path selection, automatic network connection health status analysis, and even the ability to self-repair known faults. Using the technical expertise of AI, such as autonomous learning and data analysis, gives 5G the ability to be "autonomous" and "self-energized". In turn, 5G empowers AI with broader connectivity.

About Flipclutch

Flipclutch Team is a leading market research company in Hong Kong. They have established a professional and proprietary research platform for financial markets, focusing on emerging growth companies and technologically leading companies. Flipclutch team is professional in market research reports, industry insights & financing trends analysis. For more information, please visit http://www.Flipclutch.com

PR Newswire

Future Fintech Group Inc. Announces the Closing of $8 Million Registered Direct Offering

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NEW YORK, Dec. 30, 2020 — Future FinTech Group Inc. (NASDAQ: FTFT) ("Future FinTech", "FTFT" or "the Company"), a leading blockchain based e-commerce company and a service provider for financial technology, today announced that it closed the registered direct offering of 4,210,530 units, each consisting of one share of its common stock and a warrant to purchase one share of its Common Stock, at a purchase price of $1.90 per unit on December 29, 2020. The gross proceeds of this offering are $8,000,007. The Company issued a total of 4,210,530 shares of its Common Stock and warrants to purchase up to an aggregate of 4,210,530 shares of its Common Stock (the "Investors Warrants") to the investors in the offering.  The Investors Warrants have an exercise price of $2.15 per share and a term of five years and are exercisable by the holder at any time after the date of issuance. The net proceeds from this offering will be used for growth capital and general working capital purposes.

A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.

All offers were made only by means of a prospectus, including a prospectus supplement pursuant to the Company’s effective shelf registration statement and base prospectus contained therein. The shelf registration statement on Form S-3 (File No. 333-224686) relating to the offering was previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective on December 11, 2020. A prospectus supplement related to the offering was filed with the SEC on December 28, 2020 and is available at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 

For further details of this transaction, please see the Current Report on Form 8-K filed with the SEC on December 28, 2020 which may be viewed at www.sec.gov.

About Future FinTech Group Inc.

Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based technology and services as well as financial technology services. For more information, please visit http://www.ftftex.com/.   

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2019 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

 

Related Links :

http://www.ftftex.com/

PR Newswire

“Age of Titanium — Creation of the Future” National Titanium Industry Innovation and Start-up Competition 2020 Held in Panzhihua

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From City of Steel to Capital of Vanadium and Titanium

CHENGDU, China, Dec. 30, 2020 — The "Age of Titanium — Creation of the Future" National Titanium Industry Innovation and Start-up Competition 2020, China’s first titanium-themed nationwide titanium industry innovation and start-up contest, was hosted by the Panzhihua Municipal People’s Government of Sichuan Province inside the Roadshow Hall of the Panzhihua Municipal Innovation and Start-up Olympic Center on December 26.

After the preliminary and secondary rounds, a total of 18 distinguished teams entered the final. Hailing from 12 provinces and municipalities, the finalists cover all Chinese regions involved in the titanium industry. A score of outstanding projects and technologies from the Chinese titanium industry participated in the competition, including those with innovative applications in the biomedicine, aerospace, marine engineering sectors and traditional titanium sponge smelting, casting and forging, which served to optimize Panzhihua’s existing industry foundation. After the final, project cooperation agreements were inked between Panzhihua and ten enterprises, which would lay a good basis to future development of Panzhihua’s titanium industry.

In recent years, Panzhihua has leaned on its rich vanadium and titanium resources and scientific and technological innovations to drive the growth of its vanadium and titanium industry. The city has risen as the country’s largest refined titanium ore supply base and the world’s number one vanadium product manufacturer, truly living up to its reputation as the Chinese capital of vanadium and titanium, and striving toward the goal of becoming a world-class vanadium and titanium industry base.

Green Development Philosophy Propels Transformation of the "City of Steel"

As one of China’s four major iron-producing regions, Panzhihua has a substantial amount of vanadium-titanium magnetite resources, including 7.18 billion tons of proven iron ore that accounts for 72.3% of proven iron ore reserve of Sichuan Province. Relying on its abundant mineral wealth, Panzhihua became well-known as one of southwestern China’s most important resource-driven industrial cities as early as the 1970s, and the steel industry thrived within a vast area around Panzhihua, which inspired its nickname the "City of Steel".

However, the extensive development in the early days was achieved at the cost of the ecological environment. In 2004, Panzhihua gained notoriety as "Ten Cities with Worst Air Quality in China," and the intensifying conflict between development and the environment compelled Panzhihua to make a stand and say no to pollution.

In the many years thereafter, Panzhihua committed more than RMB25 billion for environment protection and management, including over RMB12 billion from Panzhihua Iron and Steel (Pangang). A slew of measures were taken to address major sources of pollutants such as flue gas desulfurization from sintering machines, and the city was also the first in the nation to levy a far-reaching tax on water resource conservation. Economic and taxation means were also adopted to motivate enterprises to upgrade their technologies, adjust industrial structures and elevate the level of clean production.

In addition, Panzhihua was determined to stop deforestation and farmland reclamation, and strict laws were enacted to curtail illegal lumbering, land reclamation and forest destruction. Ecology restoration and large-scale greening endeavors were carried out to bolster the gravely weakened ecology of Jinsha River’s Dry-hot Valley, resulting in 62% forest coverage in the city.

Under a multi-pronged approach, Panzhihua saw remarkable improvement in the lushness of its mountains, clarity of its water and cleanliness of its air. Monitoring data shows that Panzhihua has consistently maintained good air quality more than 97% of the year for many consecutive years, while PM2.5 has been kept below 35 micrograms throughout the year. As a result, Panzhihua has emerged as one of China’s renowned city of sunshine and health preservation.

Scientific and Technological Innovations in Vanadium and Titanium Boost Industry Upgrade

During more than five decades of development, Panzhihua, a typical resource-driven city, has strived to maximize its resource advantage and oriented its vanadium and titanium industry toward the "advanced, refined, top-notch" orientation, thereby emerging as a Chinese success story in the comprehensive use of vanadium-titanium magnetite resources.

Well-endowed in vanadium-titanium magnetite resources, Panzhihua has the largest titanium reserve in the world, respectively accounting for 93% and 35% of the national and worldwide total. As the third-largest vanadium reserve region in the world, Panzhihua makes up 63% and 11% of the national and worldwide total respectively. Between 2016 and 2019, Panzhihua invested more than RMB5 billion for a series of worldwide tenders involving scientific and technological breakthroughs, which were conducive to accelerating major scientific and technological innovation projects such as blast furnace slag titanium extraction, vanadium-aluminum alloys for the space industry, titanium and titanium alloys for applications in aerospace, and so forth.

In recent years, these innovation projects have resulted in the successful research and development of more than ten state-of-the-art vanadium and titanium technologies and sophisticated products like vacuum continuous titanium coating and titanium alloy rehabilitation instrument, while several dozen vanadium and titanium high-precision casting products have found applications in cutting-edge industries. Panzhihua has ascended as the world’s foremost titanium product manufacturer and China’s number one titanium raw material producer, with capacity for the production of goods such as titanium material, titanium pipe, titanium wire and titanium powder. Panzhihua, listed as a National Strategic Resource Innovation Development Pilot Zone, has witnessed the establishment of the National-level Vanadium-titanium High-tech Zone and the National Committee for Vanadium-titanium Magnetite Comprehensive Usage Standardized Technology.

Pangang, built upon the vanadium-titanium magnetite resources, has transformed into the world’s top vanadium producer and China’s biggest titanium raw material and titanium processing enterprise after several decades of development. Particularly noteworthy is the 100-meter vanadium-containing steel rail manufactured by Pangang, the one and only top-tier steel rail that has won "national export inspection exemption" qualification. Due to its natural vanadium content, outstanding anti-corrosion and excellent durability, the signature product has been extensively utilized in national key programs and projects undertaken in cold and high-altitude areas such as the Beijing-Tianjin Hi-speed Railway and Qinghai-Tibet Hi-speed Railway, sold to more than 30 nations and regions across the globe, thereby driving Chinese hi-speed railway to reach world-class velocity.

Furthermore, relevant academic and technical talents introduced and cultivated also play crucial roles in the course of the transformation and upgrade of the Panzhihua vanadium and titanium industry. Contract was signed for the Panzhihua Vanadium and Titanium Industry Leading Talent Assembly and Breakthrough Plan — "Titanium and Its Composite Material Deep Processing and Surface Treatment Innovation Team" on May 22, 2020, which ushered in more possibilities for relevant human resources to showcase their expertise in the city.

In the future, response to its aspiration of becoming a world-class vanadium and titanium industry base, Panzhihua will rely on its Vanadium and Titanium New City and Panzhihua-Xichang Science and Technology City, make sufficient use of platform advantages such as its status as a National Strategic Resource Innovation Development Pilot Zone, maximize its mineral resources, well-established industrial support, unique industries and other strengths, so as to earn its place as a world-class vanadium and titanium industry base.

PR Newswire

Yuanyuan’s Adventure Episode Ⅱ: The Reclamation of Taiwan

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BEIJING, Dec. 30, 2020 — A news report by China.org.cn:

 

In the late 15th and early 16th centuries, as the world ushered in the Age of Discovery, Taiwan, a beautiful island with rich resources became a target of Western colonial exploitation. A group of pirates from the Netherlands and Spain were particularly active. They set foot on this island and committed all sorts of crimes against its people.

In 1624, the Dutch seized Taiwan, brutally oppressing and exploiting the residents there. It is never too late for justice! Zheng Chenggong, who fought fierce battles against the invaders, successfully reclaimed Taiwan. In many ways, he’s my idol and I really admire him.

In 1661, Zheng Chenggong led the army to Taiwan and launched fierce attacks on the Dutch imperialists. A few months later, the Dutch surrendered, and Taiwan, the Chinese territory which had been colonized for 38 years, was eventually reclaimed.

When the country was facing great difficulties, Zheng, who was commanding a weaker force, dared to challenge the stronger invaders. He also made sure that anyone who attacked China would be dealt with no matter how far away they were. This is exactly what protecting the people and giving them a sense of security is all about! After leading his warriors in a valiant battle to reclaim their homeland, Zheng Chenggong reasserted control over Taiwan and began a massive program to develop the island. Through both its political and military achievements, Taiwan transformed itself from a "punching bag", which was exploited by foreign powers and pirates, to a world-respected maritime trade hub. At the same time, culture, etiquette and education flourished on the island.

Zheng Chenggong not only brought Taiwan under Han Chinese rule for the first time, but also attracted many people from the Chinese mainland to the island. The rule has endured for three generations in Taiwan, and made great contributions to the development of the island. Since then, Taiwan has ushered in a sustained period of prosperity and peace.

History continues its unstoppable march. And yet another sudden change appears on the horizon, but is it a blessing or a curse? Stay tuned for our next episode and I’ll tell you more!

Yuanyuan’s Adventure Episode Ⅱ: The Reclamation of Taiwan
http://news.china.com.cn/txt/2020-12/30/content_77063495.htm

 

PR Newswire

For the 10th Anniversary Pantum Plans Significant Expansion in the Indian Market

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MUMBAI, India, Dec. 30, 2020 — Pantum, a developer and manufacturer of laser printers and printing solutions, is celebrating its 10th anniversary. Committed to offering consumers the best there is, the company is enhancing its product series, as its business in India continues to expand. Pantum will launch the Elite Series in 2021, including the first color laser printer model as well as its fastest high-end A4 laser printer with the speed up to 40 pages per minute in the India market.

Aiming at customers like large enterprise work groups and governments, Elite Series is designed to be of high velocity and efficiency with robust metal frame structure. It is combined with other essential highlights of large monthly duty cycle, powerful paper tray, high-yield toner cartridge, etc. The launch of  Elite Series not only further fills Pantum’s gap of high-end products in marketing and adds extra values to partners with a more complete product line. It also provides users with more options, comprehensively satisfying their different demands.

Pantum brings full product line-ups in India
Pantum brings full product line-ups in India

"2020 is the 10th anniversary of Pantum, and it also marks two years since our entry into the Indian market," said Michael Qin, sales director of Pantum. "While this year’s COVID-19 pandemic impacted the business environment in the country, Pantum leverages its brand and product strengths to achieve continued business success. To better serve the needs of local users, ten star products have been mindfully selected and launched in the Indian market. Most notably, the best-selling P2500, M6502, and M7102 series have been extremely well-received by users."

Since its entry to the India market, Pantum has continuously optimized its local services. As of today, Pantum is present in more than 20 states across India, with 1,200 sales outlets and more than 40 service sites covering key cities. Pantum also enjoys a cooperation with the well-known Indian after-sales service organization Wipro, providing a national after-sales network, a national after-sales hotline, and on-site printer repair services. All their customers enjoy free one-year warranty services.

Furthermore, Pantum plans to partner with the country’s leading chain electronics stores, expanding its presence to more customers. Pantum’s ambitious plans also include 100 authorized retailers in the pipeline, to be signed in 2021. To date, it has completed nearly 40 percent of the relevant contacts, and will provide decoration and material support for these stores to enhance and optimize the Pantum brand identity. Not only will these franchised stores enjoy Pantum’s preferential policies, but they will also organize joint activities for users with Facebook.

Pantum authorized retailers in India
Pantum authorized retailers in India

"Pantum will continue to optimize our product offering and deepen our presence in the country, increasing local partnerships and enhancing customer service support through our growing franchise network. The company looks forward to collecting more user feedback to deliver even more exceptional products and capture new opportunities in the market," Michael added.

About Pantum

Founded in 2010, Pantum is a printer manufacturer, with its business covering printers, printing materials, and printing solutions and services. In 2011, Pantum began its overseas expansion with current global footprints in more than 80 countries. With its patented technology, Pantum is committed to meeting evolving printing needs by offering economical, user-friendly, and energy-efficient products as well as reliable printing solutions. Today, Pantum is now also bringing greater value to Indian customers through its cost-effective products, premium services.

For further information, please contact:

Mr. Aaron Zhao
Asia-Pacific Sales Manager
Mobile: +86 18928036307
Email: Aaron.zhao@pantum.com

Mr. Abhra Das
Pantum India Sales Head
Mobile: +91 9831849971
Email: Abhra.das@pantum.com

Related Links :

http://www.pantumcloudprint.com