Monthly Archives: December 2020

PR Newswire

BEYOND Tech Expo to kick off in Macau

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MACAU, Dec. 30, 2020 — Today, TechNode and Macau International Grand Event Promotion Association announce that the first BEYOND International Technology Innovation Expo will be held in Macau next year.

As an emerging center of the global economy, the Asia–Pacific region needs an international event that can display its most cutting-edge technologies to the outside world and attract more investment and collaboration from the international market. The BEYOND International Technology Innovation Expo is that promising event.

The first BEYOND Expo will kick off on June 17, 2021 at the Venetian Macau. The two-day event is expected to attract more than 10,000 attendees from around the globe, and more than 1,000 exhibitors including Fortune Global 500 companies, major multinational corporations, unicorns, and emerging startups. They will show technologies ranging from life sciences to new infrastructure, smart city applications, and future technology. The organizers will also invite more than 500 global investment firms and international media outlets to attend the event. In addition to exhibitions and conferences, the BEYOND tech expo will offer side events such as forums, innovation tours, product launch events, startup demos, VC meetups, and afterparties.

BEYOND has already begun talks with many international companies, including CP Group, Foxconn, BMW, Huawei, Mi, ZTE, AliCloud, and SenseTime.

Technology and its impact are the focus of the BEYOND Expo. BEYOND will highlight how technology disrupts traditional businesses and addresses global sustainability issues. BEYOND is meant to break boundaries across the global tech industry and to create a platform on which innovation from corporates, startups, universities around the world will be represented.

From left: Dr. Gang Lu, CEO and founder of TechNode; Agostinho Vong, acting president of the Macau Trade and Investment Promotion Institute; and Lo Tak Chong, president of the Macau International Grand Events Promotion Association.
From left: Dr. Gang Lu, CEO and founder of TechNode; Agostinho Vong, acting president of the Macau Trade and Investment Promotion Institute; and Lo Tak Chong, president of the Macau International Grand Events Promotion Association.

"We believe that the global technology industry needs a new platform to showcase changes in the industry, including the transformation from consumer electronics to industry digitization, and from Silicon Valley innovation to global innovation," said Dr. Lu Gang, founder of TechNode. "We believe BEYOND will become an exciting technology event where people around the globe can gather and exchange ideas."

"I believe that they will bring different perspectives and inspirations to Macanese youth and entrepreneurs, while exploring the future of business in a forward-looking manner," said Lo Tak Chong, president of the Macau International Grand Events Promotion Association, which will co-host the first BEYOND exhibition.

"BEYOND will help attract different tech companies to participate in the activities in Macau, create an atmosphere for tech exchanges, encourage market innovation, and promote the development of technology in Macau," said Agostinho Vong, acting president of the Macau Trade and Investment Promotion Institute.

With favorable trade and low-tax policies, international companies are also expected to be able to easily access the Asia-Pacific through Macau. Supported by the annual BEYOND Expo, the city aspires to become a new global tech hub connecting technology ecosystems across the world.

For more information about the event, please visit beyondexpo.com, or subscribe to its Facebook page at facebook.com/beyondtechexpo.

PR Newswire

Dada Group Included on Hurun’s Top 500 Private Enterprises in China List

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SHANGHAI, Dec. 30, 2020 — Dada Group (Nasdaq: DADA) ("Dada" or the "Company"), China’s leading local on-demand delivery and retail platform, is pleased to announce the Company’s inclusion on Hurun Research Institute’s "China’s Top 500 Private Enterprises in 2020" list, based on market value. "Chinese private enterprises" refers to non-state-controlled enterprises with headquarters in mainland China. Dada ranked 211th.

"We are pleased to have been included on Hurun’s list and believe it demonstrates the significant advantages of Dada’s on-demand retail and delivery platforms," said Philip Kuai, Founder, Chairman and Chief Executive Officer of Dada Group. "We’re proud of our work digitalizing local retail and offering customers a highly efficient, convenient shopping experience and thank our employees, dedicated riders, partners and investors for their ongoing support."

In addition to the strong performance of the sector and Dada’s long-term growth potential, the ranking of the Company among China’s Top 500 Private Enterprises also demonstrates Dada’s impressive brand value.

A Leader in the On-Demand Retail Industry

Consumer habits have changed as the world continues to grapple with the COVID-19 pandemic, and the on-demand retail market has seen substantial growth and rapid development. According to data from the Huaon Institute, the on-demand delivery industry grew 30%-40% during the past three years and is expected to reach 170 billion yuan by the end of 2020.  

Dada has always prioritized "value creation" in corporate development. The Company empowers retailers, brand owners and users to kick start their digital transformation by growing online traffic, cutting costs and enhancing efficiency through its Haibo system. Dada’s rapid growth comes as a result of the channel advantage and regional coverage of intra-city retail, expanding product categories, partnership with retailers and brand owners and continuous innovation in brand marketing.

As the local on-demand retail market keeps growing, Dada Group’s industry-leading business model and omni-channel digital platform will lead to revenue growth and new services for Dada Group users, further enhancing the value of on-demand retail channels.

Strong Financial Position and Growth Prospects

Dada became China’s first on-demand retail stock when it listed on NASDAQ in June 2020, and is well-positioned to gain market share in the growing on-demand retail and delivery industry. Dada Group reported its 2020 Q3 earnings in November 2020 with financial performance beating market expectations.

In the Company’s Q3 report, it announced significant improvements in market share. In the first nine months of 2020, JDDJ ranked first in market share for Chinese local retail mall and supermarkets’ O2O platforms, increasing to 24% from 21% in 2019 and Dada Now continued to consolidate its leadership among China’s socialized intra-city delivery platforms, in which its market share climbed to 24% from 19% in 2019.

Additionally, Dada Group’s gross operating revenue in Q3 reached 1,305 million yuan, a year-on-year increase of 85.5%, exceeding market expectations. Both JDDJ and Dada Now have maintained strong momentum and growth. In Q3, JDDJ achieved revenue of 582.5 million yuan, and Dada Now reported revenue of 719 million yuan; a year-on-year increase of 91.0% and 81.3%, respectively.

Dada also reported a rising number of active users and customer orders. JDDJ covers nearly 1,200 counties, districts and cities across the country and in the past 12 months, it had 37.3 million active users, a year-on-year increase of 77.1%. The platform had a GMV of 21.3 billion yuan, a year-on-year increase of 102.9%. Dada Now covers over 2,500 counties and cities nationwide, and the number of delivery orders in the past 12 months surpassed 1 billion for the first time.

As its revenue and market share have grown, Dada Group has been recognized by investment institutions and investment banks in China and internationally for its strong performance. Many institutions have expressed optimism about Dada Group’s future growth expectations and increased its price target. Dada Group was given a "buy" rating by well-known investment banks such as Goldman Sachs and Daiwa Capital Markets.

About Dada Group

Dada Group is a leading platform of local on-demand retail and delivery in China. It operates JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The Company’s two platforms are inter-connected and mutually beneficial. The Dada Now platform enables improved delivery experience for participants on the JDDJ platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure. Meanwhile, the vast volume of on-demand delivery orders from the JDDJ platform increases order volume and density for the Dada Now platform. In June 2020, Dada Group began trading on the Nasdaq Global Market, under the ticker symbol "DADA."

Related Links :

http://imdada.cn

PR Newswire

Insilico enters into a collaboration with APRINOIA to apply novel generative AI-powered system to discover novel compounds for neurodegenerative diseases

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TAIPEI, Taiwan, Dec. 30, 2020 —  Insilico Medicine is pleased to announce that it has entered into a research collaboration with APRINOIA Therapeutics to utilize Insilico’s novel generative artificial intelligence (AI) technology to accelerate the discovery of next generation compounds targeting abnormal proteins in brain associated with neurodegenerative diseases.

Insilico partners with APRINOIA
Insilico partners with APRINOIA

With a mission to accelerate drug discovery and development, Insilico Medicine has been breaking new grounds with its next-generation AI technologies and expanding international partnerships in the US, Europe and Asia Pacific Region.

"APRINOIA discovers and develops first-in-class diagnostics and therapeutics that can be broadly applied as PET tracers in the field of neurodegenerative diseases. We are glad to collaborate with APRINOIA, where we will apply our Chemistry42 suite to design a new generation of PET tracers with desired properties. Through this collaboration, we will further demonstrate the universality of our AI-powered generative chemistry platform," said Jimmy Yen-Chu Lin, PhD, CEO of Insilico Medicine Taiwan.

"We are excited to initiate the collaboration with Insilico to enrich APRINOIA’s proprietary collection of compounds for neurodegeneration," said Dr. Ming-Kuei Jang, CEO of APRINOIA. "Early diagnosis is critical for disease management. Our initial focus is to discover novel imaging PET tracers to quantify and visualize pathologies of abnormal proteins in the brain. With Insilico’s AI-powered platform, we are hoping to shorten the time from lab to clinics to benefit patients and in the medical communities."

By leveraging an integrated AI-driven drug discovery approach, Insilico Medicine provides APRINOIA Therapeutics with an effective, rational, external auxiliary solution for driving programs forward. The partnership between APRINOIA and Insilico will include an upfront fee and performance-based milestones.

About APRINOIA Therapeutics
APRINOIA Therapeutics is currently advancing a pipeline featuring diagnostic and therapeutic programs, collectively targeting brain disorders associated with abnormal accumulation of pathological proteins, including tau and alpha-synuclein, from its proprietary small molecule and antibody discovery platforms. APRINOIA is committed to building a pipeline of innovative products, as well as developing partnership with global and regional pharmaceutical companies to accelerate its programs. The company currently has operations in Taipei, Suzhou, Shanghai, Tokyo, and Boston.

Website: www.aprinoia.com

About Insilico Medicine
Since 2014 Insilico Medicine is focusing on generative models, reinforcement learning (RL), and other modern machine learning techniques for the generation of new molecular structures with the specified parameters, generation of synthetic biological data, target identification, and prediction of clinical trials outcomes. Recently, Insilico Medicine secured $37 million in series B funding. Since its inception, Insilico Medicine raised over $52 million, published over 100 peer-reviewed papers, applied for over 25 patents, and received multiple industry awards.

Website: http://insilico.com/

Media Contact
For further information, images or interviews, please contact:
ai@insilico.com

Related Links :

http://insilico.com

PR Newswire

DXY completes USD 500 million financing, to enhance its professional role in healthcare sector

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HANGZHOU, China, Dec. 30, 2020 — On December 28, DXY, a leading digital healthcare technology company in China, announced the completion of a USD 500 million financing. This financing was led by Trustbridge Partners, and followed by Tencent Investment and GL Ventures. Li Tiantian, Founder and Chairman of DXY, said that the company will, driven by both two ends – physicians and the public, strengthen collaboration with professional doctors and enterprises, so as to give play to the expertise of all sides and be a guide for healthy life.

As Chinese people’s awareness of health and consumption rises and changes, the medical and health industry is accelerating its development in the online landscape. In July 2020, DXY released a "dual-core strategy" that connects its brand focusing on the public DX Doctor with its brand targeting physicians DXY.cn, to gather professional strength and offer reliable products. With this financing, DXY plans to keep consolidating its core pillar – physicians’ expertise, supporting the growth of Chinese doctors; and at the meantime, it will reach closer partnership with doctors, enterprises, medical institutions and other professional resources to explore more medical and health scenarios. Through a professional, credible, sustained and holistic portfolio delivered by DX Doctor, the company aspires to improve the quality of Chinese people’s healthy life and fulfill the vision of "MORE HEALTH, BETTER LIFE".

In response to the COVID-19 pandemic, DX Doctor – a platform operated by DXY, took the lead in introducing a COVID-19 Global Pandemic Real-time Report, which has become a major source of global data on the pandemic. Meanwhile, it promptly launched public welfare products such as science popularization and rumors refutation articles, online free consultations, and COVID-19 open classes at both physician and public ends. With these products generating more than 8.6 billion visits/ views, DXY has contributed a lot to the global fight against the novel coronavirus.

PR Newswire

China Finance Online Reports Third Quarter and First Nine Months of 2020 Unaudited Financial Results

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BEIJING, Dec. 30, 2020 — China Finance Online Co. Limited ("China Finance Online", or the "Company", "we", "us" or "our") (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2020.

Third Quarter 2020 Financial Highlights and Recent Development

  • The bottom line losses continued to narrow year-over-year.
  • Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $2.1 million in the third quarter of 2019.
  • Net revenues grew 32.9% year-over-year and 9.8% quarter-over-quarter to $10.7 million.
  • Revenues from the financial information and advisory business, accounted for 46.5% total revenue in the third quarter of 2020, were up 108.0% year-over-year to $5.0 million, powered by 139.6% growth in individual investor subscription and 176.3% growth in investment advisory services.
  • Due to the growth of financial information and advisory business, gross margin increased to 64.4% from 62.3% in the third quarter of 2019 and 63.3% in the second quarter of 2020.
  • In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi Robo-Advisor ("Lingxi") won the Top 10 Best Robo-Advisors.

First Nine Months of 2020 Highlights

  • Net revenues were $30.3 million compared with $26.8 million in the first nine months of 2019.
  • Revenues from the financial information and advisory business grew 54.1% year-over-year and accounted for 43.2% of total revenues in the first nine months of 2020.
  • Net loss attributable to China Finance Online was $4.9 million, compared with a net loss of $7.9 million in the first nine months of 2019.

Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented that "During the third quarter, we continued to expand our top line as our financial information and advisory business experienced robust growth in a market that participation keeps reaching new highs among retail investors. We are pleased that our years of accumulated experience in fintech and wealth management are gaining popularity and showing results. Through our product mix change and vigorous cost controls, we further reduced our bottom-line loss in the third quarter as well."

"As a professional financial media, we continued to retain our leadership and market influence. On October 16th, the prestigious Hurun Institute published its 2020 Hurun China’s Most Influential Financial Media report and awarded China Finance Online as a Top 8 Most Influential Financial Media. We continue to promote innovations and the rise of short-form videos demonstrates how new media is becoming the new entry point for online traffic. As a professional financial media provider, we have strengthened our new media operation to deliver our enriched content to audiences through different channels. With our original content and proprietary programs, we made substantial strides in the popular short-form video social media, DouYin. In recent years, we also have been providing value-added services to public companies listed on domestic and international exchanges which helped grow our revenue in the third quarter."

"In addition, our fintech offerings to empower wealth management buy-side services began to bear fruit. Our one-stop wealth management service platform, i-TAMP, not only empowers investment advisors and wealth managers, but helps elevate their service efficiency and professionalism. Our i-TAMP has supported more than 100 third-party platforms and reached nearly 40 million individual investors. With the growing scale of the platform, our revenue from services for individual investors increased significantly during the third quarter."

"Our two-year-old robo-advisor, Lingxi, remains committed to providing personalized services for global asset allocation to the vast investor population. Lingxi’s outstanding performance didn’t go unnoticed by the financial industry and academia. In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi won as the Top 10 Best Robo-Advisors."

"On the institutional wealth management service front, we are forming partnerships with more and more financial institutions. With the growing popularity of our content, our services in investor education drew increasingly more attention and won projects from leading financial institutions. We strongly believe that China presents a massive market opportunity in wealth management. We will continue to develop and upgrade our technologies, products and services to empower the wealth management sector in China," Mr. Zhao concluded.

Third Quarter 2020 Financial Results

Net revenues were $10.7 million, compared with $8.1 million during the third quarter of 2019 and $9.7 million during the second quarter of 2020. During the third quarter of 2020, revenues from financial services, the financial information and advisory business, advertising business and enterprise value-added services contributed 29%, 47%, 15% and 9% of the net revenues, respectively, compared with 45%, 30%, 17% and 9%, respectively, for the corresponding period in 2019.

Revenues from financial services were $3.1 million, compared with $3.6 million during the third quarter of 2019 and $3.2 million during the second quarter of 2020. The year-over-year and quarter-over-quarter decreases in revenues from financial services were mainly due to reduced revenue from the equity brokerage business.

Revenues from the financial information and advisory business were $5.0 million, compared with $2.4 million during the third quarter of 2019 and $4.6 million in the second quarter of 2020. Revenues from the financial information and advisory business were mainly comprised of subscription services from individual and institutional customers and financial advisory services. The year-over-year and quarter-over-quarter increases in revenues from the financial information and advisory business were mainly due to the fast-growing investment advisory services and subscription fees from individual investors. During the third quarter, revenue from the individual investors subscription business rose by 139.6% from third quarter of 2019 and 9.5% from the second quarter of 2020. Investment advisory services also registered strong growth with an increase of 176.3% from the third quarter of 2019 and an increase of 11.0% from the second quarter of 2020.

Revenues from the advertising business were $1.6 million, compared with $1.3 million in the third quarter of 2019 and $1.0 million in the second quarter of 2020.

Revenues from enterprise value-added services were $1.0 million, compared with $0.7 million in the third quarter of 2019 and $0.9 million in the second quarter of 2020. Enterprise value-added services are a relatively new service that came out of our advertising business. Leveraging its accumulated large corporate data and research and increasing audience base online, China Finance Online provides professional communication services to companies listed on domestic or international markets to increase their visibility in the market.

Gross profit was $6.9 million, compared with $5.0 million in the third quarter of 2019 and $6.2 million in the second quarter of 2020. Gross margin in the third quarter was 64.4%, compared with 62.3% in the third quarter of 2019 and 63.3% in the second quarter of 2020. The year-over-year and quarter-over-quarter increases in gross margin were mainly due to increased revenue contribution from individual subscription services and financial advisory services which have higher gross margin.

General and administrative expenses were $2.2 million, compared with $2.3 million in the third quarter of 2019, and $2.3 million in the second quarter of 2020. The year-over-year and quarter-over-quarter decreases were mainly attributable to further streamlining of the corporate managerial operations.

Sales and marketing expenses were $4.5 million, compared with $2.8 million in the third quarter of 2019, and $4.1 million in the second quarter of 2020. The year-over-year increase was mainly attributable to higher marketing expenses related to the investment advisory business.

Research and development expenses were $2.0 million, compared with $2.2 million in the third quarter of 2019 and $2.0 million in the second quarter of 2020. The year-over-year decrease was mainly attributable to improved efficiency after consolidation of research and development teams throughout different business units. The Company continues to support research and development in the fintech segment to further develop its fintech capabilities.

Total operating expenses were $8.8 million, compared with $7.3 million in the third quarter of 2019, and $8.4 million in the second quarter of 2020. The year-over-year and quarter-over-quarter increases were mainly due to higher sales and marketing expenses.

Loss from operations was $1.9 million, compared with a loss from operations of $2.3 million in the third quarter of 2019 and a loss from operations of $2.2 million in the second quarter of 2020.

Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $2.1 million in the third quarter of 2019 and a net loss of $1.5 million in the second quarter of 2020.

Fully diluted loss per American Depository Shares ("ADS") attributable to China Finance Online was $0.66 for the third quarter of 2020, compared with fully diluted loss per ADS of $0.91 for the third quarter of 2019 and fully diluted loss per ADS of $0.65 for the second quarter of 2020. Basic and diluted weighted average numbers of ADSs for the third quarter of 2020 were 2.3 million, compared with basic and diluted weighted average number of ADSs of 2.3 million for the third quarter of 2019. Each ADS represents fifty ordinary shares of the Company.

First Nine Months of 2020 Financial Results

Net revenues for the first nine months of 2020 were $30.3 million, compared with $26.8 million in the first nine months of 2019.

Gross profit for the first nine months of 2020 was $19.0 million, compared with $17.0 million in the first nine months of 2019.

Loss from operations for the first nine months of 2020 was $5.7 million, compared with a loss from operations of $8.0 million in the first nine months of 2019.

Net loss attributable to China Finance Online for the first nine months of 2020 was $4.9 million, compared to a net loss of $7.9 million in the first nine months of 2019.

Fully diluted losses per ADS attributable to China Finance Online was $2.14 for the first nine months of 2020, compared with fully diluted loss of $3.43 for the first nine months of 2019.

Recent Developments 

  • Lingxi Robo-Advisor recorded strong performance in the third quarter of 2020 and won Top 10 Best Robo-Advisors

According to our proprietary asset allocation system, our Robo-Advisor product, Lingxi, provides Chinese retail investors with a wide array of investment combinations and personalized global asset allocations through Chinese domestic mutual funds. Since its inception, Lingxi established a solid track record of balancing performance and risk management. During the first nine months of 2020, the Chinese stock market experienced unprecedented volatility. Lingxi once again outclassed most of the peer Robo-Advisor products in the marketplace and outperformed the Shanghai Composite Index. The best strategy of Lingxi posted a return of 13.34% in the first nine months while Shanghai Composite Index had a return of 5.50% during the same period. All strategies of Lingxi managed to control the expected annualized fluctuation under 9.54% while the expected annualized volatility of Shanghai Composite Index reached 22.47% during the same period. In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi won the Top 10 Best Robo-Advisors. The other winners are from among the largest financial institutions.

  • 2020 Leading China Annual Forum

In December 2020, the Company hosted the "2020 Leading China Annual Awards" in Beijing. The key discussions were digital transformation of the financial industry, applications of fintech in wealth management, mutual funds, and pension finance. The conference is committed to promoting the long-term development of the financial industry in China and has received high recognition from financial regulators and institutions. There were senior government officials and over 1100 professionals from nearly 300 financial institutions in attendance at the event.

  • Hurun Report Ranks China Finance Online among the Top 8 Most Influential Financial Media in China

In October 2020, the prestigious Hurun Institute awarded China Finance Online as a Top 8 Most Influential Financial Media in China. This new ranking is based on Hurun Institute’s research of leading Chinese financial media outlets’ public data, website unique visitors, social media followers and article readership. The Chairman of Hurun Institute and researcher-in-chief of the Hurun Report, Rupert Hoogewerf, commented: "In this fast-moving information age, credibility of information source is especially crucial. High-quality original content is the most important determining factor of a media’s competitiveness. This ranking list enables corporates to identify the most influential financial media in China." 

Conference Call Information

The management will host a conference call on December 29, 2020 at 8:00 p.m. U.S. Eastern Time (9:00 a.m. Beijing/Hong Kong time December 30, 2020). Dial-in details for the earnings conference call are as follows:

US: 1-855-823-0291
Hong Kong: 800-963-435
Singapore: 800-616-2312
Mainland China: 800-870-0211 or 400-120-3169
Conference ID: 1688879

Please dial in 10 minutes before the call is scheduled to begin and provide the conference ID to join the call.

A recording of the call will be available on China Finance Online’s website under the investor relations section.

In addition, a live and archived webcast of the conference call will be available at https://edge.media-server.com/mmc/p/yenpozzx.

About China Finance Online

China Finance Online Co. Limited is a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers. The Company’s prominent flagship portal site, www.jrj.com, is ranked among the top financial websites in China. In addition to the web-based securities trading platform, the Company offers basic financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd., the Company provides financial database and analytics to institutional customers including domestic financial, research, academic and regulatory institutions. China Finance Online also provides brokerage services in Hong Kong.

Safe Harbor Statement

This press release contains forward-looking statements which constitute "forward-looking" statements within the meaning of 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. The statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. 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, this release contains the following forward-looking statements regarding:

  • Liquidity and sources of funding, including our ability to continue operating as a going concern;
  • our prospect and our ability to attract new users;
  • our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
  • our prospect on stabilization in cash attrition and improvement of our financial position;
  • our initiatives to address customers’ demand for intuitive online investment platforms and alternative investment opportunities; and
  • the market prospect of the business of securities-trading, securities investment advisory and wealth management.

Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, substantial doubt about ability to continue as a going concern, the outbreak of COVID-19 or other health epidemics in China or globally, changing customer needs, regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market, Hong Kong stock market and global financial markets on our future performance; the unpredictability of our strategic transformation and growth of new businesses; the prospect of our margin-related business and the degree to which our implementation of margin account screening and ongoing monitoring will yield successful outcomes; the degree to which our strategic collaborations with partners will yield successful outcomes; the prospects for China’s high-net-worth and middle-class households; the prospects of equipping our customer specialists with new technology, tools and financial knowledge; wavering investor confidence that could impact our business; and possible non-cash goodwill, intangible assets and investment impairments may adversely affect our net income. Furthermore, we have recurring losses from operation and inability to generate sufficient cash flow to meet our obligation and sustain our operations and face uncertainty as to the operation impact of the COVID-19 outbreak, that raise substantial doubt about our ability to continue as a going concern. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors". The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For more information, please contact:

China Finance Online
+86-10-8336-3100
ir@jrj.com

Kevin Theiss
Awaken Advisors
(212) 521-4050
kevin@awakenlab.com

— Tables Follow —

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

Sep. 30,

2020

Dec. 31,

2019

Assets

Current assets:

Cash and cash equivalents

7,093

9,600

Prepaid expenses and other current assets

2,851

2,413

Trust bank balances held on behalf of customers

30,889

36,987

Accounts receivable – margin clients

12,824

13,452

Accounts receivable – others

13,113

12,382

Short-term investments

—

1,147

Total current assets

66,770

75,981

Property and equipment, net

3,446

4,272

Acquired intangible assets, net

75

75

Equity investments without readily determinable fair value

1,645

1,605

Equity method investment, net

783

767

Right-of-use assets

2,491

3,988

Rental deposits

775

770

Goodwill

109

108

Guarantee fund deposits

219

218

Deferred tax assets

1,277

1,381

Total assets

77,590

89,165

Liabilities and equity

Current liabilities:

Deferred revenue, current (including deferred revenue, current of the consolidated variable
interest entities without recourse to China Finance Online Co. Limited of $9,217 and $8,061
as of Sep. 30, 2020 and December 31, 2019, respectively)

9,916

8,855

Accrued expenses and other current liabilities (including accrued expenses and other current
liabilities of the consolidated variable interest entities without recourse to China Finance
Online Co. Limited of $5,454 and $5,068 as of Sep. 30, 2020 and December 31, 2019,
respectively)

18,533

17,420

Amount due to customers for trust bank balances held on behalf of customers (including
amount due to customers for trust bank balances held on behalf of customers of the
consolidated variable interest entities without recourse to China Finance Online Co. Limited
of $1,082 and $2,110 as of Sep. 30, 2020 and December 31, 2019, respectively)

30,889

36,987

Accounts payable (including accounts payable of the consolidated variable interest entities
without recourse to China Finance Online Co. Limited of $407 and $185 as of Sep. 30, 2020
and December 31, 2019, respectively)

5,251

6,741

Lease liabilities, current (including lease liabilities, current of the consolidated variable
interest entities without recourse to China Finance Online Co. Limited of $820 and $1,604 as
of Sep. 30, 2020 and December 31, 2019, respectively)

2,002

2,243

Income taxes payable (including income taxes payable of the consolidated variable interest
entities without recourse to China Finance Online Co. Limited of $35 and $44 as of Sep. 30,
2020 and December 31, 2019, respectively)

(35)

177

Total current liabilities

66,556

72,423

Deferred revenue, non-current (including deferred revenue, non-current of the consolidated
variable interest entities without recourse to China Finance Online Co. Limited of nil and nil
as of Sep 30, 2020 and December 31, 2019, respectively)

80

151

Deferred tax liabilities (including deferred tax liabilities of the consolidated variable interest
entities without recourse to China Finance Online Co. Limited of nil and nil as of Sep. 30,
2020 and December 31, 2019, respectively)

14

15

Lease liabilities, non-current (including lease liabilities, non-current of the consolidated
variable interest entities without recourse to China Finance Online Co. Limited of $273 and
$741 as of Sep. 30, 2020 and December 31, 2019, respectively)

225

1,448

Total liabilities

66,875

74,037

Total China Finance Online Co. Limited Shareholders’ equity

21,033

25,156

Noncontrolling interests

(10,318)

(10,028)

Total liabilities and equity

77,590

89,165

 

 

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

Three months ended

Nine months ended

Sep. 30,

2020

Sep. 30,

2019

Jun. 30,

2020

Sep. 30,

2020

Sep. 30,

2019

Net revenues

10,701

8,051

9,745

30,281

26,833

Cost of revenues

(3,812)

(3,036)

(3,577)

(11,312)

(9,826)

Gross profit

6,889

5,015

6,168

18,969

17,007

Operating expenses

General and administrative (including share-based
compensation expenses of $177, $168, $250, $678 and $763
respectively)

(2,223)

(2,290)

(2,254)

(6,703)

(7,488)

Product development (including share-based compensation
expenses of $30, $8, $34, $91 and $38, respectively)

(2,023)

(2,195)

(1,990)

(5,998)

(7,323)

Sales and marketing (includes share-based compensation
expenses of $18, $13, $16, $26 and $46, respectively)

(4,509)

(2,816)

(4,120)

(11,965)

(10,245)

Total operating expenses

(8,755)

(7,301)

(8,364)

(24,666)

(25,056)

Loss from operations

(1,866)

(2,286)

(2,196)

(5,697)

(8,049)

Interest income

4

5

8

17

25

Exchange gain (loss), net

(78)

76

6

(104)

10

Loss on the interest sold and retained noncontrolling
investment

—

—

—

—

(298)

Income (loss) from equity method investment

—

(1)

(1)

(2)

(4)

Other income (expense), net

350

79

242

658

36

Loss before income tax expenses

(1,590)

(2,127)

(1,941)

(5,128)

(8,280)

Income tax expenses

(5)

(108)

243

(181)

(574)

Net loss

(1,595)

(2,235)

(1,698)

(5,309)

(8,854)

Less: Net loss attributable to the noncontrolling interest

(74)

(131)

(209)

(379)

(1,001)

Net loss attributable to China Finance Online Co. Limited

(1,521)

(2,104)

(1,489)

(4,930)

(7,853)

Other comprehensive income (loss), net of tax:

Changes in foreign currency translation adjustment

(76)

(189)

15

105

(124)

Other comprehensive income (loss), net of tax

(76)

(189)

15

105

(124)

Comprehensive loss

(1,671)

(2,424)

(1,683)

(5,204)

(8,978)

Less: comprehensive loss attributable to noncontrolling
interest

(74)

(131)

(209)

(379)

(1,001)

Comprehensive income (loss) attributable to China Finance
Online Co. Limited

(1,597)

(2,293)

(1,474)

(4,825)

(7,977)

Net income (loss) per share attributable to China Finance
Online Co. Limited

Basic and Diluted

(0.01)

(0.02)

(0.01)

(0.04)

(0.07)

Net income (loss) per ADS attributable to China Finance
Online Co. Limited

Basic and Diluted

(0.66)

(0.91)

(0.65)

(2.14)

(3.43)

Weighted average ordinary shares

Basic and Diluted

115,060,781

115,060,781

115,060,781

115,060,781

114,561,418

Weighted average ADSs

Basic and Diluted

2,301,216

2,301,216

2,301,216

2,301,216

2,291,228

 

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PR Newswire

LESS_ continues to grow and prepares for the next round of financing

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WROCŁAW, Poland, Dec. 30, 2020 — 700,000 users across the world have joined the LESS_, an internet platform for selling second-hand clothes and accessories that operates from Poland. The app was launched in June 2019 and six months later it obtained EUR 4 million in the seed round. Now, LESS_ is preparing for the next round of financing which will be allocated to expand into markets of Eastern and Southern Europe. The application fits in the most significant global consumer trends creating opportunities for investors.  

The rapid pace of development of LESS_ as well as the social usefulness of the adopted business model was appreciated by MyCompany business magazine and recognized as the Polish start-up of 2020. Mateusz Oleksiuk, CEO, explains: "LESS_ was born because we saw a need to create a space for conscious fashion lovers. Together we change the approach to shopping by giving the opportunity to enjoy life in the vein of minimalism. We educate and inspire to change. We promote a conscious view of consumption. In our opinion, fashion and minimalism can go together. It is one of the strongest global trends and we already are on it building our global advantage for our investors. The growth of e-commerce during the pandemic is also a global trend and this trend boosts the rise of e-commerce initiatives."

The platform provides access to thousands of virtual wardrobes owned, among others, by celebrities, influencers, athletes and singers, who easily offer their fans access to their idols’ items. One of LESS_’s account holders is Robert Lewandowski, the best footballer in the world 2020 according to FIFA, who is also an investor in the company that is the platform’s operator.  In addition to the Bayern Munich player, the shareholder structure also includes strongly experienced investors. Krzysztof Pawiński is the president and owner of the Maspex Group, the largest food company in Central and Eastern Europe, Dawid Urban, a valued business-angel, co-founder and COO of LESS_, Eryk Stankunowicz, long-time editor of the Polish edition of Forbes, Cezary Pietrasik, ex CEE director at the London private equity Warburg Pinkus, and also the founders of Allegro, the largest e-commerce platform in this region of Europe.

Further information: About LESS_

 

 

Related Links :

https://less.app/

PR Newswire

Survey Finds Most U.S. And International Teachers Believe Online Learning Will Continue To Be A Major Component Of K-12 Education In Post-Pandemic Era

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Teachers from U.S., China and other countries express need for more support, training; concern that students lack internet access and devices to learn online

WASHINGTON, Dec. 30, 2020 — TEACH-NOW Graduate School of Education, a college at Moreland University, released the results of a survey of teachers in the U.S. and abroad showing that 60% of teachers believe that online education will play a significant role in schools even after the end of the COVID-19 pandemic. But the education system faces major hurdles in remote learning, as the vast majority say their students lack internet access, and that they personally need more training to effectively teach online.

The findings indicate that legislators, policymakers, district leaders and parents need to start preparing for a new era of schooling, and to eliminate the remote learning barriers for teachers and students.

When schools across the nation abruptly closed due to the coronavirus pandemic in March, teachers and students faced significant challenges in remote learning. At the onset of the pandemic, 80% of U.S. public school teachers and 43% of international teachers said that they had students who had poor or no internet access at home. And 71% of U.S. public school teachers and 60% of international teachers said that they were unprepared to teach online.

But the survey indicates that teachers do not expect a return to the past when the COVID-19 pandemic subsides.

"Teachers around the globe know that the world is changing and the education system will need to quickly adapt as well," said Dr. Emily Feistritzer, founder and CEO of TEACH-NOW, which has nearly 1000 students and graduates from China and more than 1200 from across Southeast Asia. "They are way ahead of our elected leaders in recognizing that education five years from now will be delivered very differently than it was before the pandemic struck."

TEACH-NOW surveyed 641 U.S. and international teachers from November 14 to November 30, 2020 on the impact of COVID-19 on their teaching, their biggest challenges, available resources and the future of education. Teachers believe that the technological changes implemented due to remote schooling will continue to evolve and to improve the educational system and teachers want to be part of the future of schooling.

The survey also found that districts and schools need to address teachers’ emotional, social and mental health. An astonishing one-third to 45 percent of teachers wanted "Programs for increasing my well-being" and "Support group of other teachers in my discipline."

Other key findings from the survey:

Districts and schools need to provide more training and professional development opportunities for teachers.
As most public schools are still closed and remote learning remains the primary method of instructional delivery, teachers need more training to teach online.

  • 65% of U.S. public school teachers indicated that they still needed professional development for effective online instruction
  • 61% of international teachers indicated that they still needed professional development for effective online instruction

Districts also need to provide supports for teachers’ emotional, social and mental well-being.
Teachers expressed the need for personal support during this time, particularly in the U.S.

  • 42% of U.S. public school teachers indicated that they needed programs to support their well being
  • 34% of international teachers indicated that they needed programs to support their well being

In spite of a challenging year, teachers remain committed to field of education.

  • Only 7% of US public school teachers and 5% of international teachers expected to be employed in an occupation outside of education in the next five years

TEACH-NOW Teacher Preparation Certificate Program, leading to a state teaching license, began in 2013 with a cohort of 10 students as an affordable, high-quality, worldwide program resulting in a state teaching license in 9 months, TEACH-NOW has grown exponentially, and recently became Moreland University, a comprehensive university offering Masters’ degrees and professional development. Moreland University offers a groundbreaking online learning experience that prepares its students for the real world and the future of education with an activities-based, collaborative learning methodology. Moreland University has over 6,000 students and graduates who are teaching in over 150 countries. For more information, visit https://www.moreland.edu/teachers-matter-survey-findings.

Dr. Emily Feistritzer, founder and CEO of TEACH-NOW, is a lifelong educator and a former nun. She has conducted surveys of teachers throughout her career at the National Center for Education Information, which she founded in 1979 and led until 2012. Dr. Feistritzer was named one of Fast Company’s "Most Creative People 2019" and Inc. magazine’s "2019 Top Ten Groundbreakers."

Interview Requests:
David Weiner (646) 491-0574
david@kirtzmanstrategies.com

PR Newswire

2020 Sino-European New Economic Online Cooperation Conference Successfully Held

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CHENGDU, China, Dec. 29, 2020 — In the context of the "dual circulation" development pattern and the normalization of epidemic prevention and control, the Chengdu New Economic Development Commission hosted the "2020 Sino-European New Economic Online Cooperation Conference" on December 21st and 22nd, in order to explore new modes of foreign exchange and cooperation and to maintain continuous communication with European economic development agencies and new economic enterprises.

With the theme of "New Opportunities in the New Era", the conference aims to seek international cooperation opportunities in the new economy industry and promote cross-border exchanges and cooperation between Chengdu new economy enterprises and German and Finnish enterprises.

More than 60 companies from Germany, Finland and Chengdu in the fields of artificial intelligence, Internet of Things, clean environment protection, port and logistics, park city planning and construction attended online.

Cargotec Finland China, BMH Technologies Finland China, JKMM and other national outstanding enterprise representatives from Finland and Germany carried out precise matchmaking with Sino-German(PuJiang) SME Cooperation Zone, Chengdu Shuxin Chain Company, Sichuan Association of Circular Economy, Sichuan Port and Shipping Group, SPSI Cloud Port Development Group Company, Chengdu Jinjiang Greenway Construction and Investment Group, and JZFZ Architectural Design Co.Ltd.

Sino-European New Economy Industry Innovation Center and Sichuan Association of Circular Economy reached a strategic cooperation on promoting the development of new economy and recycling economy cooperation, and completed the online signing on site.

Chengdu, Germany and Finland have a solid foundation and broad prospects for cooperation in the new economy and many other fields. In recent years, the Sino-German Engineering Center for Intelligent Network Linkage and New Energy Vehicles (Chengdu) and Siemens Global Simulation and Test Technology (Chengdu) R&D Center have settled in Chengdu one after another.

The Sino-German(PuJiang) SME Cooperation Zone has been deepening Sino-German industrial cooperation in the fields of equipment manufacturing, precision machinery, biomedicine, energy conservation and environmental protection and other advanced manufacturing industries, and has become a core carrier to undertake the development of German, European and other international industries. Finland has also invested in 8 enterprises in Chengdu, and Nokia has set up 3 branches in Chengdu, with its global technology center settled in Chengdu Tianfu New Area.

In 2019, the Chengdu New Economic Development Commission led a delegation to Germany and Finland, and visited the related government agencies for cooperation exchanges. This-time online conference served as a reunion for all sides to deepen the cooperation and exchange opportunities, which open up a new model of barrier-free docking for new economy industries, and effectively transform industrial needs into practical cooperation.

As an important step to promote the precise matchmaking between Chengdu and European countries, the success of the conference will stimulate Chengdu to continue to optimize the new economy development environment, open up international cooperation and docking channels, and unleash more cooperation and development opportunities in the future for all the new economy enterprises in Europe.

PR Newswire

Huntkey’s Business Partner Has Released the Photocatalyst Car Air Purifier in Japan

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SHENZHEN, China, Dec. 29, 2020 — Huntkey, a leading provider of power solutions, has completed a customized car air purifier project for its business partner. And the car air purifiers were released in markets and stores in Japan recently.

https://en.huntkey.com/wp-content/uploads/2020/12/hiro-1024×654.jpg

The core technology of the air purification solution is MaSSC. It is a technology to film a high-performance hybrid photocatalyst that using Fujiko’s unique thermal spraying technology. The MaSSC technology was first used in Japan’s space station, and then gradually applied to civilian air purification products.

What is Photocatalyst?

Photocatalyst is a general term for photo-semiconductor materials with photocatalytic function represented by nano-sized titanium dioxide. It is coated on the surface of the substrate and produces strong catalytic degradation function under the action of ultraviolet light and visible light. Photocatalyst can effectively kill bacteria and virus in the air and decompose harmful substances in the air into water and carbon dioxide. It is a ideal solution for removing formaldehyde, deodorizing, anti-pollution and purifying air.

https://en.huntkey.com/wp-content/uploads/2020/12/photocatalyst-1024×293.jpg

Why choose Huntkey?

1) The unique air purification solution in the industry 

Huntkey uses the exclusive MaSSC photocatalyst technology, which does not produce ozone and ultraviolet radiation, safe and environmentally friendly. Laboratory tests have confirmed that the MaSSC technology effectively kills 146 pathogens and harmful microorganisms, with a purification rate of 99%.

2) Professional R&D Team and reliable customer services

Headquartered in Shenzhen, Huntkey was established in 1995 and has its own laboratory and manufacturing plant.In 2012, it passed the accreditation by the China National Accreditation Service for Conformity Assessment (CNAS). It has the authorized laboratories of Germany TUV, Norway Nemko, the United States FCC, and possesses the capabilities of TUV, CE, UL, TLC and other international certifications. Huntkey will have a professional team to develop and customize products according to customer needs, and provide the most reliable after-sales service.

About Huntkey:

Huntkey was founded in 1995 and headquartered in Shenzhen, Huntkey specializes in the development, design, and manufacturing of air purifiers, PC power supplies, industrial power supplies, surge protectors, adapters and chargers for over 20 years with branch companies and cooperating factories around the world.

For more information about Huntkey air purification solutions, please visit:

https://en.huntkey.com/airpurifier.html

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PR Newswire

China Matters tells the story of Ms. Pan and her Mountaintop Guesthouse

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BEIJING, Dec. 29, 2020 — As Pan Qingqing sips on a traditional Chinese tea, she glances out the window of her mountaintop guesthouse. The view is splendid with billowing clouds and valleys, and this is swiftly followed by laughter and loud chatter in the guesthouse where she is right in the middle of a jovial conversation with her guests who have made the trip to Xiangjian village in the southern city of Hangzhou.  

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The 44-year-old is one of many in Lin’an District to have built guesthouses to attract more visitors from home and abroad. For her, this is an opportunity to bring changes to her hometown. And her plans have been supported by the Hangzhou government.

The key to this change has been to combine the local surroundings with the arts to create something fresh where you wouldn’t expect it. And the guesthouses like Ms. Pan’s brings the two together.

Bigger than life-size installations of bamboo art now decorate the halls. When guests sit down for an afternoon tea and food, cups and cutlery sets made from local bamboo wood don the tables. Ms. Pan has been inviting artistic to come and showcase their mastery.

However, it wasn’t all plain sailing at the start. After studying in France, she finally chose to come back to Lin’an. And even though she left all those years ago as a child, no one could deny how special the place was to her.

But as things would have it, Ms. Pan’s father, an experienced tourism operator, opposed the guesthouse plans. He sighted poor accessibility, small population, and an underdeveloped economy in the area as potential pitfalls. Nevertheless, she saw differently. She wasn’t deterred. She believed in the changes her guesthouse would bring.

And now, she is hosting variety of events throughout the year. Recently, she launched a bamboo art exhibition. The bamboo artist was able to teach local villagers how to weave locally-sourced bamboo artworks. Just recently as October, at the tail-end of local rice harvest season, she gathered young agricultural entrepreneurs to taste the new rice and exchange their products to promoting their hometowns. 

So, Xiangjian village is just the tip of the iceberg. It represents this innovative take on how to build tourism in rural Hangzhou. In this video, British host Josh went to visit the guesthouse and see the transformation of villages in Hangzhou through nature and modern arts. The video was filmed and produced by China Matters.

Contact: Li Siwei
Tel.: +8610-68996566
E-mail: lisiwei5125@gmail.com

Video – https://youtu.be/c-e-VA6mT1k 
Logo – https://techent.tv/wp-content/uploads/2021/01/china-matters-tells-the-story-of-ms-pan-and-her-mountaintop-guesthouse.jpg