Yearly Archives: 2020

PR Newswire

High customer satisfaction with Picosun’s new service and support model

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ESPOO, Finland, Aug. 31, 2020 — Picosun Group’s growth strategy is based on strong expansion into industrial ALD markets. To support this strategy, special emphasis has been placed on strengthening the Group’s global service organization. The investment has paid itself back in the form of high level of customer satisfaction, despite the challenges caused by the global covid-19 pandemic especially in traveling and logistics.

"Due to the reinforced localization of our service and support units, our service engineers’ utilization level has been more than 85% in the past six months, and with the latest remote service and support tools we have gained advantage to manage our customers’ PICOSUN® ALD system commissionings online and in time. ALD tool maintenances, process development, spare parts and other critical deliveries are also provided locally with maximum safety precautions in place, to ensure customers continuous operation of their PICOSUN® ALD equipment," states Mr. Timo Malinen, Customer Experience Director of Picosun Group.

During the last months, Picosun Group has hired and trained several new service engineers and sales and support personnel to provide local support at the Group’s US, Asian, and European locations. Remote diagnostics, control, and data logging features for remote troubleshooting and process optimization of customers’ PICOSUN® ALD tools are a routine approach in the Group’s ALD solution deliveries. Augmented and/or virtual reality solutions for even more efficient service operations and remote learning/e-training possibilities are also under development and will be introduced in all Picosun’s operations later on.

"Our principle of ‘AGILE ALD’ and our position as the technological forerunner in our field obligate us to provide the best possible services and solutions to our customers. As a globally operating company, pandemic risk scenarios are an integral part of our continuous risk planning. Against the backdrop of the current covid-19 outbreak, our service operations are continuously being adapted to mitigate potential impacts. Picosun Group follows a holistic management process that enables constant development of our customer service unit to ensure the best possible response even in an emergency situation," continues Malinen.

For Picosun, the health of employees and customers is the highest priority. In order to closely monitor and manage the covid-19 situation, Picosun follows all the safety regulations provided by WHO, CDC, ECDC, and Finnish Institute for Health and Welfare, and provides the necessary information timely to all employees, customers, and other stakeholders.

Picosun provides the most advanced AGILE ALD® (Atomic Layer Deposition) thin film coating solutions for global industries. Picosun’s ALD solutions enable technological leap into the future, with turn-key production processes and unmatched, pioneering expertise in the field – dating back to the invention of the technology itself. Today, PICOSUN® ALD equipment are in daily manufacturing use in numerous leading industries around the world. Picosun is based in Finland, with subsidiaries in Germany, USA, Singapore, Taiwan, Mainland China, Korea and Japan, offices in India and France, and a world-wide sales and support network. Visit www.picosun.com.

More information:

Mr. Timo Malinen
Customer Experience Director, Picosun Group
Tel. +358 40 5011 860
Email: info@picosun.com
Web: www.picosun.com
 

CONTACT:

Minna Toivola
D.Sc., Marketing Manager, Picosun Oy
Email: minna.toivola@picosun.com
Tel: +358 40 758 8748

This information was brought to you by Cision http://news.cision.com

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During the last months, Picosun Group has hired and trained several new service engineers and sales and support personnel to provide local support at the Group’s US, Asian, and European locations.

 

PR Newswire

G-ray Switzerland announces new CEO, closes successful funding round

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NEUCHÂTEL, Switzerland, Aug. 31, 2020 — G-ray Switzerland, the medical imaging and industrial diagnosis start-up founded in 2014, has announced the appointment of Luis Pallares as Chief Executive Officer, as the company embarks on an accelerated growth drive and completes a successful funding round.

Mr Pallares is focused on leading the transformation of G-ray’s business development efforts following the company’s development of a disruptive and patented state of the art technology to bring safer, cheaper and better vision into imaging for medical and industrial diagnosis.

Mr Pallares joins G-ray with a wealth of entrepreneurial and start-up experience, having founded Spain’s first streaming service, Addhoc Streaming, Spanish-speaking health related content site Vivir Mejor, and Spain’s leading digital strategy firm, Nennisiwok.

Most recently Mr Pallares’ deep experience in technology development, artificial intelligence and digital advertising led him found Plyzer Technologies, a global leader of price comparison technology matched with business analytics and intelligence based on artificial intelligence.

The appointment coincides with the news that G-ray has also raised a further CHF 2.6 millions, enabling it close out its successful Series A funding round at CHF 28 million.

Luis Pallares, Chief Executive Officer of G-ray, said: "G-ray has already proven to be a positive disruptive force within the technology industry and I relish the opportunity to help deliver tangible progress by bringing improvements in imaging into medical and industrial diagnosis."

Mr Yves Claude Aubert, Chairman of G-ray Switzerland, said: "Our technology has already started to disrupt the multi-billion particle detection imaging markets, based on our proprietary and transformative unique detector architecture. As artificial intelligence impacts the traditional X ray detector market, Luis is the perfect choice to lead G-ray forward into a new phase of growth and to capture these opportunities.

About G-ray Switzerland

Founded in 2014 in Neuchâtel, G-ray Switzerland SA has filed a number of revolutionary patents in the fields of radiographic imaging and new semiconductor assembly techniques. The rapidly expanding company has developed core skills in monolithic detectors with integrated high-resolution CMOS circuits. These innovations cover a wide range of sectors, including automotive, aerospace and medicine. www.g-ray.ch

 

 

Related Links :

http://www.g-ray.ch

PR Newswire

‘Torinaoshi’: YouTube Series Traverses Countries, Racial Identity

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Inner and outer journeys meet as a young Japanese-American woman travels to her mother’s hometown of Osaka, Japan. ‘Torinaoshi,’ a YouTube series exploring the nuances of racial and family identity, challenges viewers to reflect on their own such identifications.

OSAKA, Japan, Aug. 30, 2020 — "Torinaoshi," a YouTube series exploring the nuances of racial and family identity, highlights a young Japanese-American woman’s journey from New York to Osaka, Japan — her mother’s hometown. The production is a collaboration between Alex Iskounen’s Tsukuba Indy LLC, Yusuke Kitaguchi’s Ichibiri Pics Inc., and Yosuke Kumakura’s Bear Create Japan.

An ode to the emotions of multicultural migration and return, the series shines a light on family discord and renewal. After realizing she has no real knowledge of her roots, Kiyoko (aka Koko) travels to her mother’s hometown of Osaka from New York City, discovering that learning about one’s identity, especially on foreign soil, can be complicated. She befriends an African-Japanese boy who travels with her as she encounters several relatives, learning hard lessons about family, race relations and her struggle for identity; will Koko accept what she learns about herself and her roots as she dives deeper into her unresolved family history?

The series features several recognizable cast members from Japanese media, including notorious comedian Minoru Torihada, African-Japanese actor and popular YouTuber BiX, bilingual actress Megan Murayama, and Okinawa-born improv artist Osamu Hirata. The series is directed by Osaka native Yusuke Kitaguchi, whose short film "Baby in the Dark" won the Osaka 48 Hour Film Festival in 2017 and was later screened at the prestigious Cannes Film Festival in 2018.

Alan Ng, Managing Editor of FilmThreat.com, stated, "The reality is racism is not unique to the States — it’s everywhere. What’s interesting about ‘Torinaoshi’ is that it’s not that much different abroad. What the series shows is that as different cultures spread and intermingle across the globe, the struggle to find one’s identity on foreign soil becomes increasingly complicated. What do I hold on to from my heritage and what do I embrace in my new homeland."

"Torinaoshi" stands as a tribute to the quest for self-understanding — and connection — in all its complexity and challenges people to think about how they unravel their cultural and family identities. "Where do I belong?" and "How can I connect with someone different than me?" are some of the central themes explored in "Torinaoshi."

The filmmakers invested $5,000 per episode in production, crew and the acquisition of local talent. The three-episode release has since garnered over 1.3 million views worldwide on YouTube, gained international fans with enthusiastic appeals for more episodes, and is a testament to the hard work and collaboration between local Osaka actors and filmmakers.

See the official 2020 "Torinaoshi" trailer and the rest of the series on the Torinaoshi YouTube channel.

To learn more about "Torinaoshi," visit the official website and IMDb page.

International Contacts:
Alex Iskounen, Yusuke Kitaguchi, Yosuke Kumakura: TeamTorinaoshi@gmail.com

Related Links

Series Channel

Official Images (Web Use)

PR Newswire

500.com Limited Announces Unaudited Financial Results For the Second Quarter ended June 30, 2020

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SHENZHEN, China, Aug. 29, 2020 — 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"), an online sports lottery service provider in China, today reported its unaudited financial results for the second quarter ended June 30, 2020.

Suspension of Online Sports Lottery Sales in China

All provincial sports lottery administration centers to which the Company provided sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People’s Republic of China on January 15, 2015. In response to the Self-Inspection Notice, on April 4, 2015, the Company decided to voluntarily suspend all online lottery sales services. As a result of the provincial sport lottery administration centers’ decision to suspend accepting online lottery orders and the Company’s voluntary suspension of all online sports lottery sales services in China, the Company has not generated any revenue from these services since April 2015.

Temporary Suspension of Operations in Sweden 

The Multi Group ("TMG"), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden as TMG did not complete the renewal of its e-Gaming license before it expired. The Company promptly issued a Current Report on Form 6-K dated January 13, 2020 regarding this situation, and provided an update through another Current Report on Form 6-K dated February 20, 2020. TMG has submitted all the application materials and is in close communication with Sweden’s e-Gaming regulatory authority to complete the renewal process. The Company’s revenues for the second quarter ended June 30, 2020 have been, and for the fiscal year of 2020 are expected to be, materially and adversely impacted by the temporary suspension of TMG’s operations in Sweden. Revenue generated by TMG accounted for approximately 89.7% of the Company’s total net revenues for the fiscal year ended December 31, 2019, of which approximately 61.3% was generated from Sweden.

Internal Investigation Still in Progress

On December 31, 2019, the Company announced that its Board of Directors (the "Board") had formed a Special Investigation Committee (the "SIC") to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company’s subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office. On January 16, 2020, the Company announced that the SIC had retained King & Wood Mallesons LLP ("KWM") as its legal advisor to assist with its internal investigation.

As of today, we understand generally from the SIC that KWM has completed certain investigatory work and the internal investigation is still in progress. The Company currently is unable to determine with certainty what effect (if any) the result of the internal investigation may have on the Company’s financial statements for the fiscal year ended December 31, 2019. In addition, the Company currently cannot conclude the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019 until the internal investigation is completed.

Annual Report on Form 20-F for the Fiscal Year ended December 31, 2019

The Company previously filed a Form 12b-25 with the SEC on June 15, 2020 for late filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2019 (the "2019 Annual Report"), pursuant to which the 2019 Annual Report was due to be filed by June 30, 2020. The Company expects to file the 2019 Annual Report (i) upon completion of the previously announced internal investigation being conducted by the SIC of the Company’s Board, with the assistance of KWM, (ii) once the Company’s financial statements for the fiscal year ended December 31, 2019 are finalized, (iii) the Company has completed the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019, and (iv) Friedman LLP, the Company’s independent registered public accounting firm, has completed its audit of financial statements and internal control over financial reporting as of December 31, 2019.

The Company also reports that on July 1, 2020, the Company received an expected notice from New York Stock Exchange ("NYSE") Regulation stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the Company’s failure to timely file the 2019 Annual Report with the SEC. As required by the notice, (a) a representative of the Company contacted the NYSE on July 1, 2020 to discuss the status of the 2019 Annual Report, and (b) the Company is issuing this press release, disclosing the status of the 2019 Annual Report, noting the delay and the reason for the delay, as mentioned above. The anticipated filing date of the 2019 Annual Report is not known at this time.

NYSE Regulation notified the Company that the NYSE will closely monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from the due date of the 2019 Annual Report. If the Company fails to file its annual report and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the NYSE Listed Company Manual.

The Company intends to meet the filing deadline of six months period from the filing due date of the 2019 Annual Report, or December 31, 2020.

Purchase of the Remaining 7% Equity Interest of TMG

In connection with our acquisition of a 93% equity interest in TMG in 2017, on April 10, 2020, we entered into a definitive agreement with Helmet Limited, or Helmet, which owned the remaining 7% equity interest (post-acquisition) in TMG, to purchase the remaining 7% equity interest for a consideration of EUR1.9 million. We fully paid this consideration on April 20, 2020, and received the remaining 7% equity interest in TMG on the same date. Since April 2020, we have consolidated into our financial statements the financial and operating results of TMG as a wholly-owned subsidiary.

Second Quarter 2020 Highlights

  • Net revenues were RMB3.6 million (US$0.5 million), compared with net revenues of RMB3.1 million for the first quarter of 2020, and net revenues of RMB9.7 million for the second quarter of 2019.
     
  • Operating loss was RMB52.3 million (US$7.4 million), compared with operating loss of RMB36.8 million for the first quarter of 2020, and operating loss of RMB138.3 million for the second quarter of 2019.
     
  • Non-GAAP[1] operating loss was RMB33.7 million (US$4.8 million), compared with non-GAAP operating loss of RMB31.7 million for the first quarter of 2020, and non-GAAP operating loss of RMB60.9 million for the second quarter of 2019.
     
  • Net loss attributable to 500.com was RMB86.3 million (US$12.2 million), compared with net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020, and net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019.
     
  • Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million), compared with non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020, and non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019.
     
  • Basic and diluted losses per ADS were RMB2.01 (US$0.28).
     
  • Non-GAAP basic and diluted losses per ADS were RMB0.79 (US$0.11).

[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of acquired intangible assets, impairment of goodwill, impairment of long-term investments and deferred tax benefit relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.

Second Quarter 2020 Financial Results

Net Revenues

Net revenues were RMB3.6 million (US$0.5 million) for the second quarter of 2020, representing a decrease of RMB6.1 million or 62.9% from RMB9.7 million for the second quarter of 2019 and a slight increase of RMB0.5 million or 16.1% from RMB3.1 million for the first quarter of 2020. Net revenues during the second quarter of 2020 primarily consisted of RMB3.0 million (EUR0.4 million) in revenue contribution from the Company’s online lottery betting and online casino in Europe through TMG, which accounted for 83.3% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of RMB6.6 million resulting from the temporary suspension of operations in Sweden.

Operating Expenses

Operating expenses were RMB55.1 million (US$7.8 million) for the second quarter of 2020, representing a decrease of RMB37.1 million or 40.2% from RMB92.2 million for the second quarter of 2019, and an increase of RMB11.1 million or 25.2% from RMB44.0 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB10.9 million in expenses for employees as a result of decrease in headcount, a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB4.1 million in rental expenses mainly due to the termination of leases for subsidiaries in Hong Kong, Japan and Hangzhou since the local offices were closed, a decrease of RMB2.9 million in travelling expenses, a decrease of RMB2.0 million in consulting expenses, a decrease of RMB1.6 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB1.9 million in consulting expenses and a decrease of RMB1.5 million in expenses for employees.

Cost of services was RMB4.6 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB10.4 million or 69.3% from RMB15.0 million for the second quarter of 2019, and a slight increase of RMB0.6 million or 15.0% from RMB4.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses.

Sales and marketing expenses were RMB5.0 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB4.6 million or 47.9% from RMB9.6 million for the second quarter of 2019, and an increase of RMB2.0 million or 66.7% from RMB3.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB3.3 million in expenses for employees and a decrease of RMB0.5 million in travelling expenses. The sequential increase was mainly due to an increase of RMB1.7 million in share-based compensation expenses associated with share options granted to the Company’s employees.

General and administrative expenses were RMB35.4 million (US$5.0 million) for the second quarter of 2020, representing a decrease of RMB20.3 million or 36.4% from RMB55.7 million for the second quarter of 2019, and an increase of RMB5.5 million or 18.4% from RMB29.9 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB6.4 million in expenses for employees, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB2.8 million in rental expenses, a decrease of RMB2.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.4 million in travelling expenses, and a decrease of RMB1.8 million in consulting expenses. The sequential increase was mainly due to an increase of RMB8.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB2.0 million in consulting expenses and a decrease of RMB1.1 million in expenses for employees.

Service development expenses were RMB10.1 million (US$1.4 million) for the second quarter of 2020, representing a decrease of RMB1.7 million or 14.4% from RMB11.8 million for the second quarter of 2019, and an increase of RMB3.0 million or 42.3% from RMB7.1 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB1.3 million in rental expenses and a decrease of RMB1.2 million in expenses for employees, which were partially offset by an increase of RMB0.7 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential increase was mainly due to an increase of RMB3.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB0.3 million in expenses for employees.

Impairments of Goodwill and Acquired Intangible assets

The impairments of goodwill and acquired intangible assets were related to the Company’s acquisition of TMG, which were triggered by TMG’s temporary suspension of operations in Sweden.

Impairment of goodwill was RMB57.2 million for the second quarter of 2019. There was no additional impairment of goodwill for the first and second quarters of 2020 as the related goodwill and intangible assets were fully impaired as of December 31, 2019.

Operating Loss

Operating loss was RMB52.3 million (US$7.4 million) for the second quarter of 2020, compared with operating loss of RMB138.3 million for the second quarter of 2019, and operating loss of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, and there was no such impairment during the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP operating loss was RMB33.7 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP operating loss of RMB60.9 million for the second quarter of 2019, and non-GAAP operating loss of RMB31.7 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

Net Loss Attributable to 500.com

Net loss attributable to 500.com was RMB86.3 million (US$12.2 million) for the second quarter of 2020, compared with net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019, and net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, there was no such impairment for the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which were partially offset by a decrease of RMB6.1 million in revenue and an impairment provision of RMB33.7 million provided for the equity method investment in Loto Interactive Limited ("Loto Interactive", HK: 08198) during the second quarter of 2020, which was calculated based on the last reported sale price on June 30, 2020. The sequential increase was mainly due to (i) an impairment provision of RMB33.7 million provided for long-term investment in Loto Interactive Limited during the second quarter of 2020,  and (ii) an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019, and non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

Cash and Cash Equivalents, Restricted Cash, Time Deposits and Short-term Investments

As of June 30, 2020, the Company had cash and cash equivalents of RMB295.5 million (US$41.8 million), restricted cash[2] of RMB4.6 million (US$0.7 million), time deposit[3] of RMB0.2 million and short-term investment[4] of RMB50.0 million (US$7.1 million), compared with cash and cash equivalents of RMB332.9 million, restricted cash of RMB4.6 million, time deposits of RMB0.2 million and short-term investments of RMB30.0 million as of March 31, 2020.

[2] Restricted cash represents: (i) government grants received but pending final clearance; and (ii) deposits in merchant banks yet to be withdrawn.

[3] Time deposit represents deposits in commercial banks with original maturities of greater than three months but less than a year.

[4] Short-term investment represents investments in structured financial products provided by financial institutions in the PRC with an initial maturity of six months.

Prepayments and Other Current Assets

As of June 30, 2020, the balance of prepayment and other current assets was RMB24.9 million (US$3.5 million), compared with RMB33.4 million as of March 31, 2020. The balance as of June 30, 2020 mainly included: (i) the current portion of deferred expenses of RMB4.1 million (US$0.6 million); (ii) receivables from third party payment providers of RMB1.9 million (US$0.3 million); (iii) deposit receivables of RMB0.5 million (US$0.1 million); (iv) receivables of consideration from disposal of subsidiaries of RMB0.5 million (US$0.1 million); (v) deductible value added input tax of RMB12.2 million (US$1.7 million); and (vi) other receivables of RMB5.7 million (US$0.7 million).

Business Outlook

The Company does not expect to issue any earnings forecast until it receives clear instructions as to the resumption date of online sports lottery sales from the Ministry of Finance.

Currency Convenience Translation

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.0651 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2020, and all translations from Renminbi to Euros were made at the exchange rate of RMB7.7812 to EUR1.00, which was the average of the month-end exchange rates as set forth in the statistical release of State Administration of Foreign Exchange at the end of each month in 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. 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 law.

About Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in the Company’s consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.

Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.

For more information, please contact:

500.com Limited
ir@500wan.com

Christensen

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

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

 

 

 

500.com Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares)

December 31,
2019

June 30,
2020

June 30,
2020

RMB

RMB

US$

Unaudited

Unaudited

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

361,220

295,505

41,826

Restricted cash

4,576

4,640

657

Time deposits

23,849

200

28

Short-term investments

–

50,000

7,077

      Amounts due from related parties

10,401

503

71

Prepayments and other current assets

30,280

24,936

3,529

Total current assets

430,326

375,784

53,188

Non-current assets:

Property and equipment, net

64,112

49,384

6,990

Intangible assets, net

4,505

3,299

467

Deposits

5,388

5,282

748

Long-term investments

152,954

109,495

15,498

Right-of-use assets

36,607

24,161

3,420

Other non-current assets

1,887

1,664

236

Total non-current assets

265,453

193,285

27,359

TOTAL ASSETS

695,779

569,069

80,547

LIABILITIES AND SHAREHOLDERS’ EQUITY 

Current liabilities:

 Accrued payroll and welfare payable

6,879

3,093

438

 Accrued expenses and other current liabilities

51,398

53,684

7,599

 Income tax payable

2,213

545

77

 Operating lease liabilities – current

16,672

16,154

2,286

Total current liabilities

77,162

73,476

10,400

Non-current liabilities:

 Long-term payables

2,965

751

106

 Deferred tax liabilities

59

–

–

 Operating lease liabilities – non-current

31,675

21,747

3,078

Total non-current liabilities

34,699

22,498

3,184

TOTAL LIABILITIES

111,861

95,974

13,584

Redeemable noncontrolling interest 

14,849

–

–

Shareholders’ Equity:

Class A ordinary shares, par value US$0.00005
per share, 700,000,000 shares authorized as of 
December 31, 2019 and June 30, 2020;
420,001,792 and 430,014,792 shares issued
and outstanding as of December 31, 2019 and
June 30, 2020, respectively

145

149

22

Class B ordinary shares, par value US$0.00005
per share; 300,000,000 shares authorized as of
December 31, 2019 and June 30, 2020;
10,000,099 and 99 shares issued

 and outstanding as of December 31, 2019 and
June 30, 2020, respectively

6

2

–

Additional paid-in capital

2,547,293

2,571,064

363,910

Treasury shares

(143,780)

(143,780)

(20,351)

Accumulated deficit

(1,960,692)

(2,083,838)

(294,948)

Accumulated other comprehensive income

141,484

143,200

20,269

Total 500.com Limited shareholders’ equity

584,456

486,797

68,902

Noncontrolling interests

(15,387)

(13,702)

(1,939)

Total shareholders’ equity

569,069

473,095

66,963

TOTAL LIABILITIES, NONCONTROLLING
INTEREST AND SHAREHOLDERS’ EQUITY

695,779

569,069

80,547

 

 

 

500.com Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
 except for number of shares, per share (or ADS) data)

 Three Months Ended 

 Six Months Ended 

June 30,
2019

March 31,
2020

June 30,
2020

June 30,
2020

June 30,
2019

June 30,
2020

June 30,
2020

RMB

RMB

RMB

US$

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Net Revenues

9,705

3,064

3,648

516

21,340

6,712

950

Operating costs and expenses:

    Cost of services

(15,032)

(3,984)

(4,616)

(653)

(31,100)

(8,600)

(1,217)

    Sales and marketing expenses

(9,567)

(3,042)

(4,998)

(707)

(24,332)

(8,040)

(1,138)

    General and administrative expenses

(55,738)

(29,876)

(35,373)

(5,007)

(121,417)

(65,249)

(9,235)

    Service development expenses

(11,825)

(7,146)

(10,070)

(1,425)

(25,612)

(17,216)

(2,437)

Total operating expenses

(92,162)

(44,048)

(55,057)

(7,792)

(202,461)

(99,105)

(14,027)

    Other operating income 

952

4,091

453

64

4,715

4,544

643

    Government grant

377

169

172

24

3,022

341

48

    Other operating income (expenses)

40

(53)

(1,553)

(220)

(6,720)

(1,606)

(227)

    Impairment of goodwill

(57,218)

–

–

–

(57,218)

–

–

Operating loss from continuing operations

(138,306)

(36,777)

(52,337)

(7,408)

(237,322)

(89,114)

(12,613)

    Other income (expenses), net

1

(375)

1,116

158

389

741

105

    Interest income

3,427

2,391

2,554

361

7,117

4,945

700

    Loss from equity method investments

(6,568)

(5,211)

(2,769)

(392)

(6,911)

(7,980)

(1,129)

    Impairment of long-term investments

–

–

(33,706)

(4,771)

–

(33,706)

(4,771)

Loss before income tax

(141,446)

(39,972)

(85,142)

(12,052)

(236,727)

(125,114)

(17,708)

    Income tax benefit

342

3,593

60

8

440

3,653

517

Net loss from continuing operations

(141,104)

(36,379)

(85,082)

(12,044)

(236,287)

(121,461)

(17,191)

Net loss

(141,104)

(36,379)

(85,082)

(12,044)

(236,287)

(121,461)

(17,191)

    Less: Net (loss) income attributable to noncontrolling interest and Redeemable noncontrollling interest
from continuing operations

(3,306)

449

1,236

175

(3,554)

1,685

238

    Net (loss) income attributable to noncontrolling interests

(3,306)

449

1,236

175

(3,554)

1,685

238

Net loss attributable to 500.com Limited

(137,798)

(36,828)

(86,318)

(12,219)

(232,733)

(123,146)

(17,429)

Other comprehensive income (loss)

    Changes in unrealized (loss) gain

–

(2,409)

436

62

–

(1,973)

(279)

    Foreign currency translation gain (loss)

7,835

4,104

(415)

(59)

(1,010)

3,689

522

Other comprehensive income (loss), net of tax

7,835

1,695

21

3

(1,010)

1,716

243

Comprehensive loss

(133,269)

(34,684)

(85,061)

(12,041)

(237,297)

(119,745)

(16,948)

    Less: Comprehensive (loss) income attributable to noncontrolling interests and Redeemable noncontrolling
interest

(3,306)

449

1,236

175

(3,554)

1,685

238

Comprehensive loss attributable to 500.com Limited

(129,963)

(35,133)

(86,297)

(12,216)

(233,743)

(121,430)

(17,186)

Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Diluted

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Losses per share attributable to 500.com Limited-Basic and Diluted

    Net loss 

(0.32)

(0.09)

(0.20)

(0.03)

(0.54)

(0.29)

(0.04)

Losses per ADS* attributable to 500.com Limited-Basic and Diluted

    Net loss 

(3.22)

(0.86)

(2.01)

(0.28)

(5.45)

(2.86)

(0.41)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary
shares of the Company.

Numerator adjustment for net loss attributable to 500.com Limited

 

 

 

500.com Limited
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares, per share (or ADS) data)

 Three Months Ended 

 Six Months Ended 

June 30,
2019

March 31,
2020

June 30,
2020

June 30,
2020

June 30,
2019

June 30,
2020

June 30,
2020

RMB

RMB

RMB

US$

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Operating loss from continuing operations

(138,306)

(36,777)

(52,337)

(7,408)

(237,322)

(89,114)

(12,613)

    Adjustment for share-based compensation expenses

20,203

5,103

18,649

2,640

48,919

23,752

3,362

    Adjustment for impairment of goodwill

57,218

–

–

–

57,218

–

–

Adjusted operating loss from continuing operations (non-GAAP)

(60,885)

(31,674)

(33,688)

(4,768)

(131,185)

(65,362)

(9,251)

Net loss attributable to 500.com Limited

(137,798)

(36,828)

(86,318)

(12,219)

(232,733)

(123,146)

(17,429)

    Adjustment for share-based compensation expenses

20,203

5,103

18,649

2,640

48,919

23,752

3,362

    Adjustment for impairment of goodwill

57,218

–

–

–

57,218

–

–

    Adjustment for Impairment of long-term investments

–

–

33,706

4,771

–

33,706

4,771

    Adjustment for deferred tax benefit relating to valuation allowance

–

(3,599)

(60)

(8)

–

(3,659)

(518)

Adjusted net loss attributable to 500.com Limited (non-GAAP) 

(60,377)

(35,324)

(34,023)

(4,816)

(126,596)

(69,347)

(9,814)

Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Diluted

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Losses per share attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(0.14)

(0.08)

(0.08)

(0.01)

(0.30)

(0.16)

(0.02)

Losses per  ADS* attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(1.41)

(0.82)

(0.79)

(0.11)

(2.96)

(1.61)

(0.23)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

Numerator adjustment for net loss attributable to 500.com Limited

 

 

Related Links :

http://ir.500.com/

PR Newswire

UL Advances Ability for Electronic Product and Equipment Manufacturers to Quickly Enter Mexico Market

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Mexico Ministry of Economy grants UL first mutual recognition agreement to allow electronics product testing outside of Mexico

NORTHBROOK, Illinois, Aug. 29, 2020 — UL, a leading global safety science company, today announced that Mexico’s Ministry of Economy, General Directorate of Standards (DGN), has granted UL the right to conduct safety and energy efficiency testing globally for electronic products and equipment imported into that country. These include safety tests for audio, video and information technology products and equipment and uninterruptible power systems (UPS) as well as energy efficiency tests for washing machines, household and commercial refrigerators and freezers, motors, lighting, external power supplies and products and equipment requiring stand-by power.

With the ability now to perform safety and energy efficiency tests at UL or UL-approved laboratories outside of Mexico, according to official Mexico standards, Norma Oficial Mexicana and Oficial Mexico Standard (NOM) and Mexican Standard (NMX), UL can help reduce time and cost to market for product access to the Mexican marketplace.

The safety test designation, a first for any international testing, inspection and certification company, applies to specific products and equipment as identified by the NOM and NMX categories. Product and equipment groups include:

  • NOM-001-SCFI-2018 – Electronic appliances
  • NMX-I-163-NYCE-2016 – Electronic equipment – uninterruptible power systems (UPS).
  • NMX-I-60065-NYCE-2015 – Electronic equipment – audio, video and similar electronic apparatus
  • NMX-I-60950-1-NYCE-2015 – Information technology equipment

According to The World Bank, Mexico – with a population of more than 130 million and a rise in income levels and spending power – has the 11th largest economy in the world and the second largest economy in Latin America.

"With Mexico’s rising growth comes a greater demand for more consumables, contributing to an increased need for additional regulatory safety and security oversight," said Carlos Correia, senior vice president and general manager of UL in Latin America. "With this designation from the DGN, UL is now able to meet that need by utilizing our global network of best-in-class laboratories and testing facilities to help electronic product and equipment manufacturers meet necessary Mexico safety and security requirements and pave the way for a swift and smooth Mexico market entry."

In addition to safety tests, the DGN has designated that UL can now perform energy efficiency testing, including requirements for Energy Star or the Canada Standards Association, at UL facilities outside of Mexico. Applicable NOM standards include:

  • NOM-005-ENER-2016 – household washing machines
  • NOM-014-ENER-2004 – air-cooled motors
  • NOM-015-ENER-2012 – household refrigerators and freezers
  • NOM-017-ENER/SCFI-2014 – commercial refrigeration appliances
  • NOM-029-ENER-2017- external power supplies
  • NOM-030-ENER-2016 – LEDs
  • NOM-032-ENER-2013 – equipment and appliances requiring standby power

"We know that navigating the regulatory landscape of global markets is a complex and challenging task. COVID-19 has added another layer of complexity. With this designation, customers can test their products and equipment closer to their production facilities and mitigate delays due to the pandemic," said Helena Wolf, senior director of UL’s International Certification division. "We stand ready to address global market access needs, with our experts and facilities throughout the world — to help ensure a streamlined Mexico market entry."

About UL

UL helps create a better world by applying science to solve safety, security and sustainability challenges. We empower trust by enabling the safe adoption of innovative new products and technologies. Everyone at UL shares a passion to make the world a safer place. All of our work, from independent research and standards development, to testing and certification, to providing analytical and digital solutions, helps improve global well-being. Businesses, industries, governments, regulatory authorities and the public put their trust in us so they can make smarter decisions. To learn more, visit UL.com. To learn more about our nonprofit activities, visit UL.org.

Press contact:
Steven Brewster
UL
steven.brewster@ul.com
1+847.664.8425

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Related Links :

http://www.ul.com

http://www.ul.org

PR Newswire

Crypto.com Pay Now Powers CRO Payments From Any ERC-20 Wallet

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Enables merchants to expand reach to 30 million + crypto wallets

HONG KONG, Aug. 29, 2020 — Crypto.com today announced that Crypto.com Pay — the company’s payment solution for online merchants — will now support CRO payments from any ERC-20 wallet. This evolution of Crypto.com Pay will help merchants expand their reach by giving customers more wallet options to spend CRO and increase transaction volume.

 

Crypto.com Pay Now Powers CRO Payments From Any ERC-20 Wallet.
Crypto.com Pay Now Powers CRO Payments From Any ERC-20 Wallet.

 

There are an estimated 30 million+ ERC-20 wallets in use throughout the global crypto industry, representing a massive market for merchants seeking to attract crypto users. Today’s enhancement of Crypto.com Pay allows merchants to drive broad acceptance of payments from all ERC-20 wallets.

Kris Marszalek, Co-founder and CEO of Crypto.com said: "This marks an important milestone in CRO utility and a major step towards widespread adoption of CRO. Now, any user with an ERC-20 wallet can transact with Crypto.com Pay merchants. Those merchants will benefit from a large customer base using 30M+ ERC-20 wallets, regardless of which wallet customers choose to use."

Benoît Pellevoizin, VP of Marketing at Ledger, said: "As one of the most prominent crypto industry players. It is Ledger’s duty to stimulate crypto adoption for all comers. At Ledger we are convinced crypto mass adoption will be brought by new services enabling regular digital usage such as ecommerce payments. Ledger is very glad to partner with Crypto.com by supporting CRO tokens on Ledger Live. From now on, Ledger’s users will be able to pay in CRO ERC-20 tokens with Ledger Live on ecommerce websites supporting this new Crypto.com Pay feature."

Alen Salamun, CTO of BC Vault, said: "This is what blockchain is all about in the first place! It is always nice to see a company as Crypto.com provide more and more real-world use cases for their token (CRO). Since BC Vault hardware crypto wallet supports all ERC-20 tokens in existence with the launch on Crypto.com Pay system now BC Vault users are able to pay directly from within the BC Vault desktop application to any merchant supporting Crypto.com Pay on-chain payment. Our valued customers will also be able to pay for their BC Vault hardware crypto wallet in our online store using any existing ERC-20 wallet holding CRO tokens. Now you can even buy BC Vault with BC Vault!"

Steve Hipwell, Co-Founder and COO of Travala.com, said: "We are the world’s largest blockchain-based online travel company, which means it’s critical that we offer Travala.com users flexible payment options in crypto. By accepting CRO payment from any ERC-20 wallet, Crypto.com Pay opens up crypto payments to millions more wallets, making it easier to pay for bookings and bringing us one step closer to widespread crypto adoption."

Since launching in 2018, Crypto.com Pay has helped merchants such as Ledger, Coinzilla, as well as platforms such as WooCommerce and Oveit tap into the global cryptocurrency economy and accept crypto on their website. Crypto.com Pay features zero transaction fees and only 0.5% for settlements – an 80% saving on fees compared to typical payment processors – with low volatility and easy integration for merchants. Merchants interested in offering Crypto.com Pay to their customers can sign up here.

For users, all payments made in CRO are entitled to CRO cashback, known as Pay Rewards, which are collected in the user’s Crypto.com App. Until Sept 30th, 2020, customers paying with wallets other than Crypto.com App can also enjoy the 2X Pay Rewards privilege enjoyed by App users with 10,000 CRO staked in Exchange or with an active 3 Months Earn term, which is up to 10% of Pay Rewards. If the email provided by the customer does not belong to a Crypto.com App account, the Pay Rewards can still be able to be collected if the someone uses that email to sign up at Crypto.com App and verified within 90 days.

More details about Pay Rewards can be found here. For more details, please visit our FAQ page here (for merchants) and here (for retail customers).

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 3 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card and the Crypto.com Exchange.

Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 500+ strong team. Find out more by visiting https://crypto.com

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“Great Wall Heroes” Welcomes Future Visitors Back to Beijing with New 2020 Promotional Campaign

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BEIJING, Aug. 28, 2020 — On August 28, 2020, the "Great Wall Hero 2020—Visit Beijing Again" promotional event organized by Beijing Municipal Culture and Tourism Bureau was held at Fortress Square, Badaling Great Wall Scenic Area. This event was supported by Yanqing District Cultural Tourism Bureau, Badaling Special Zone Administrative Center, Air China, and China Plus. It is one of a series of events in 2020 as part of the Beijing Great Wall Cultural Festival.

Ms. Pang Wei awarded official Great Wall Heroes the Great Wall Heroes 2020 certificates
Ms. Pang Wei awarded official Great Wall Heroes the Great Wall Heroes 2020 certificates

Ms. Pang Wei, Deputy Director-General of Beijing Municipal Culture and Tourism Bureau, reviewed the achievements of the Visit Beijing international social media campaigns since 2013. Visit Beijing actively promotes Beijing on Facebook, Instagram, Twitter, and YouTube. Each year, the "Great Wall Heroes" global marketing campaign has invited foreign influencers to Beijing to experience the latest Beijing cultural tourism tours and products, as well as promoting Beijing through global social media platforms. The event has become an annual branding event for Beijing Municipal Culture and Tourism Bureau’s overseas promotion campaigns. In the wake of COVID-19, this year’s "Great Wall Heroes" campaign had the new theme of "Visit Beijing Again." Long-term Beijing expat influencers were invited to take part in a panel discussion about post-COVID-19 tourism development.

The five influencers/panelists were: Mr. Jim Spear, co-founder and designer of two award-winning tourism businesses near Mutianyu Great Wall; Ms. Sarah Keenlyside, founder of Bespoke Travel Company, which offers tailor-made, immersive travel services to foreign tourists; Mr. Hayden Opie of Beijing Hikers, a hiking club that has been popular in Beijing for more than 10 years; Mr. Ignace Lecleir, owner and founder of TRB, awarded number one fine dining restaurant in the world by TripAdvisor in 2019; and Mr. Dominic De Couto of B Electric, which offers fun new ways to discover Beijing via e-bike.

At the end of the event, Beijing Municipal Culture and Tourism Bureau presented the five foreign influencers with a certificate naming them "Great Wall Heroes" in recognition of their active efforts to promote Beijing and promote international cultural exchange.

In an interview, Ms. Pang Wei said that now that the COVID-19 outbreak in Beijing has been brought under control, the successful hosting of this event was of great significance to the future of cultural tourism in Beijing. Foreigners in Beijing were invited to visit the Great Wall and join the live stream, with the hope of helping people around the world to get to know China again after COVID-19 and find out how Beijing’s tourism market has recovered. The event also launched Beijing’s latest Great Wall Cultural Tours project, with the goal of laying a solid foundation for the recovery of inbound tourism after COVID-19.

After the event, the guests experienced the newly-launched Badaling Great Wall Night Tour, which was also live-streamed from Visit Beijing’s Facebook page. It is hoped that these promotional campaigns will embody and carry forward the spirit of the Great Wall, use the Great Wall culture as a link to tell Chinese stories, and promote cultural exchanges between China and the world.

PR Newswire

Sungrow 1H 2020 Fiscal Report: Revenues up 55.57% Year-on-Year

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HEFEI, China, Aug. 28, 2020 — Sungrow, the global leading inverter solution supplier for renewables, posted its 1H fiscal report in late August, showing a huge growth on revenue, underlining the solid financial result and strong competitiveness for the first half of 2020 despite the impact of the pandemic.

Specifically, the revenue increased by 55.57% year-on-year (YoY) to US$ 987.2 million in 1H 2020, while net income grew by 34.13% YoY to US$ 63.4 million, due to strong performance in Americas, Europe and China. Operational cash flow also improved by 85.41% per the statement.

Sungrow continues to lead the global market with a revenue of US$ 870.8 million in the PV segment, embracing a YoY increase of 48.49%. The energy storage segment meanwhile has enjoyed a staggering 49.66% YoY growth to US$ 35.6 million in revenues for 1H 2020.

The Company attributes the boost to strong performance to the continued efforts in pioneering technical innovations and expanding global footprints. Sungrow’s cumulative shipment reached 120 GW as of June this year and has more than 1000 deployments of its integrated energy storage solutions over the world. The agile local team can offer responsive technical support, sales and 24/7 after-sale service, which is essential for forging partnerships during COVID-19.

"As a pioneer, Sungrow keeps offering state-of-the-art products and solutions to meet diversified global market demand. The forecast for the second half of 2020 is optimistic as the global market heads to recover in a few months," said Prof. Cao Renxian, Chairman of Sungrow.

Prof. Cao also mentioned that Sungrow was once again ranked "100% bankable" by BloombergNEF as per the latest bankability survey, becoming the only inverter brand ranked "100% bankable" for two straight years.

About Sungrow

Sungrow Power Supply Co., Ltd ("Sungrow") is the world’s most bankable inverter brand with over 120 GW installed worldwide as of June 2020. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 23-year track record in the PV space, Sungrow products power installations in over 120 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com.

Related Links :

http://www.sungrowpower.com

PR Newswire

Focalcrest Inc to Launch New Relay Switch at IFA 2020

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BERLIN, Aug. 28, 2020 — Focalcrest Inc, the leading smart home solutions company, has announced the planned launch of a new smart relay switch in the upcoming IFA 2020 in Berlin on September 3rd. At the premiere which is to happen at Booth No.: 109 Level 1 of the CityCube Berlin, Focalcrest plans to showcase its innovative relay switch and the potential it has for safety and performance improvement in smart homes.

Mixtile Relay Switch
Mixtile Relay Switch

The Mixtile Relay Switch does not require a neutral wire or a minimum load to work. Additionally, it eliminates many of the safety issues that installers are facing, such as light flickering and electrical leakage. The relay part adds connectivity to lights while the switch is an optional inclusion that bridges the relay and light switches for expanded functionality.

The Mixtile Wireless Relay Switch with a patent-pending design pursues improved safety and user satisfaction. An included overload protection can keep smart bulbs from overheating, blowing, or starting fires—further, the new design targets to solve poor connectivity, and energy wastage.

Focalcrest has achieved a relay switch design that is exceptionally compact to allow the installation of 2 or more Mixtile switches in any electrical boxes. The switch can support three-way and four-way switches, making it possible for consumers to remotely control smart bulbs while being able to use traditional light switches.

To fulfill its brand vision for a better smart home experience, the company made the Mixtile Relay Switch with minimum installation requirements. The design expands the scope of usage for the relay switch to include low wattage bulbs and LED lights, fluorescent bulbs, and rocker and rebound switch types.

Global user adoption for smart lighting has been on a sharp rise driven by the need for energy efficiency and convenience. Data by Allied Market Research shows that the smart lighting industry will reach $38.68 billion by 2026 with a CAGR of 20.5%.

"The Mixtile Relay Switch will change the paradigm of the smart home experience," says Martin, CEO at Focalcrest Inc. "With a new emphasis on safety and diverse performance, we will materialize the experiences integral for a smooth and modernized lifestyle."

About Focalcrest Inc.

Focalcrest Inc is a smart home company that provides forward-thinking solutions to simplify the user experience with home appliances, aiming to save consumers from high costs and frustrations with innovative systems designed for agile implementation and superior performance.

 

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Hachi Infinite M1, the First-Ever AI-Powered Interactive Touchscreen Projector, Launches on Amazon

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The industry-first portable smart projector turns any surface into a touchscreen, powered with artificial intelligence and human-computer interaction for unmatched immersive experiences

NEW YORK, Aug. 28, 2020 — Hachi, the creators of cutting-edge robotics solutions that enable consumers to build AI-enhanced smart living ecosystems, has announced the official launch of its brand-new device, Hachi Infinite M1. Now available for purchase on Amazon and www.hachismart.com, the first-ever portable smart projector turns any flat surface into an interactive touchscreen, featuring human-computer interaction and AI integrations for unmatched immersive experiences.

Hachi Infinite M1
Hachi Infinite M1

Hachi, which is led by parent company Beijing Puppy Robotics Co., Ltd, first unveiled the device earlier this year at CES 2020, where it was met with wide acclaim and selected as a CES 2020 Innovation Awards Honoree. Incorporating deep learning technology coupled with high-precision sensors to allow image recognition, gesture recognition and skeleton recognition, Hachi Infinite M1 offers AI-powered education, fitness, and kitchen functions that enable intuitive interactions and immersive experiences for children and adults alike in these settings. These AI integrations differentiate Hachi among competitors in the marketplace and make it the only device of its kind, as the HCI and AI functions provide an unprecedented level of advanced interaction and unique, unparalleled user experience.

Powered by a Qualcomm Snapdragon 670 processor, an advanced CPU with a multi-core AI Engine and a new hardware framework for projectors, Hachi Infinite M1 features built-in Android OS 9.0 and a custom UI, allowing users to enjoy third-party apps, games and entertainment with touchscreen functionality. Complete with voice control features, dual 5W speakers, an 8M camera, bi-directional microphone and wireless pairing across iOS and Android devices, it also enables large-screen video calls for home or work use and serves as a portable home cinema projector.

"We’re thrilled to bring Hachi Infinite M1’s industry-first capabilities into the homes of consumers," said Song Tang, VP of Technology and Lead of AIoT at Hachi. "The projector’s novel interactive AI capabilities, multitouch technology and spectacular HD picture come together to create an entirely new category within the smart home market. The debut of Hachi Infinite M1 marks a significant moment for our brand and a huge leap toward our ultimate goal of bettering the everyday lives of our customers through helping them build their ideal smart living ecosystems."

AI education APP of Hachi Infinite M1
AI education APP of Hachi Infinite M1

Debuting as the second-generation iteration of the brand’s flagship bestselling projector, Puppy Cube, Hachi Infinite M1 boasts an ultra-short throw DLP and an HD display of up to 100 inches from just half an arm’s length away. Unlike projectors with basic touchscreen functionality, it is powered by a proprietary multitouch technology called AnyTouch that works on all surfaces and enables responsiveness on par with capacitive displays. In horizontal or vertical projection mode, the device generates a 23-inch interactive touchscreen similar to that of a tablet device, using computer vision that tracks and reads a user’s touch to detect each tap on the surface instantly without delay.

Current users of Hachi Infinite M1 can experience its AI Education function, which features interactive games for children employing AI recognition to identify physical objects such as letters and blocks placed within the touch interface, blurring the boundaries of digital and traditional learning. Hachi’s AI Fitness app, which can recognize and interpret activities, correct form and instruct within a variety of exercise regimens, will roll out in an upcoming software update in Q4 of 2020. The companion AI Kitchen experience is still in development and is expected to release early next year.

Hachi Infinite retails for $999 USD and is available for purchase with worldwide shipping on Amazon and www.hachismart.com.

About Beijing Puppy Robotics Co., Ltd

Beijing Puppy Robotics Co., Ltd is the parent company of the brands Hachi and Puppy Robot, leading providers of consumer robotics technology to help consumers build an AI-enhanced smart home ecosystem. Launched in 2016 by a team of technology industry experts, the company is on a mission to make life smarter, easier and more convenient. To learn more, visit www.hachismart.com and follow the brand on Twitter, Instagram and Facebook @puppycubeai.

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