Yearly Archives: 2020

PR Newswire

iQIYI Announces Second Quarter 2020 Financial Results

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BEIJING, Aug. 14, 2020 — iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

  • Total revenues were RMB7.4 billion (US$1.0 billion[1]), representing a 4% increase from the same period in 2019.
  • Operating loss was RMB1.3 billion (US$181.4 million) and operating loss margin was 17%, compared to operating loss of RMB1.9 billion and operating loss margin of 26% in the same period in 2019.
  • Net loss attributable to iQIYI was RMB1.4 billion (US$204.1 million), compared to net loss attributable to iQIYI of RMB2.3 billion in the same period in 2019. Diluted net loss attributable to iQIYI per ADS was RMB1.96 (US$0.28), compared to diluted net loss attributable to iQIYI per ADS of RMB3.22 in the same period of 2019.
  • The number of total subscribing members was 104.9 million as of June 30, 2020, 99.4% of whom were paying subscribing members. This compares to 100.5 million of total subscribing members as of June 30, 2019, up 4% year over year.

"We delivered another quarter of growth amid the volatile environment with total revenues increasing 4% year over year," commented Dr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. "The Covid-19 pandemic greatly impacted our business during the first half of the year, resulting in unusual user behavior, fluctuating numbers, and unprecedented challenges. Nevertheless, we further secured our dominant market position bolstered by our substantial IP assets, outstanding content, and robust technology platform. We continued to be encouraged by the strong affinity users have for our original content, as well as the industry-wide support and appreciation from our content partners and advertising customers. We are confident in our ability to navigate through uncertainties and emerge from it in a strong position."   

"Our membership services revenue grew by 19% year-over-year and continued to be our largest business pillar for the second quarter. We further optimized our membership system to cater to diverse user needs by launching the S-diamond membership package." commented Mr. Xiaodong Wang, Chief Financial Officer of iQIYI. "Our loss margin narrowed as we kept spending strategically on original content to boost in-house production capability and made wise and disciplined investment across the board. With the pandemic being contained in China and its adverse impact gradually fading away, we believe we are still well on track to achieve healthy and sustainable long-term growth."

Footnotes:

[1] Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0651 to US$1.00, the exchange rate in effect as of June 30, 2020 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

 

Second Quarter 2020 Financial Results

Total revenues reached RMB7.4 billion (US$1.0 billion), representing a 4% increase from the same period in 2019.

Membership services revenue was RMB4.0 billion (US$572.7 million), representing a 19% increase from the same period in 2019. The increase was primarily attributable to the growth in the number of subscribing members and our various operational initiatives to improve monetization.    

Online advertising services revenue was RMB1.6 billion (US$224.5 million), representing a 28% decrease from the same period in 2019. The decrease was primarily due to the challenging macroeconomic environment in China.

Content distribution revenue was RMB860.6 million (US$121.8 million), representing a 66% increase from the same period in 2019. The growth was primarily attributable to the increase of high-quality content which fulfilled distribution to other platforms during the quarter.

Other revenues were RMB918.9 million (US$130.1 million), representing a 6% decrease from the same period in 2019, primarily due to the soft performance of certain business lines.

Cost of revenues was RMB6.8 billion (US$967.2 million), representing a 2% decrease from the same period in 2019. The decrease in cost of revenues was primarily due to lower bandwidth cost and the exemption of cultural business construction fee this year, partially offset by the increase of content costs. Content costs as a component of cost of revenues were RMB5.1 billion (US$726.7 million), representing a 2% increase from the same period in 2019.

Selling, general and administrative expenses were RMB1.2 billion (US$169.2 million), representing a 11% decrease from the same period in 2019. This was primarily due to less expenses for content and game promotion, as well as lower spending on offline branding activities.

Research and development expenses were RMB664.0 million (US$94.0 million), flat compared with the same period in 2019.

Operating loss was RMB1.3 billion (US$181.4 million), compared to operating loss of RMB1.9 billion in the same period in 2019. Operating loss margin was 17%, compared to operating loss margin of 26% in the same period in 2019.

Total other expense was RMB140.8 million (US$19.9 million), compared to total other expense of RMB426.7 million during the same period of 2019. The year-over-year variance was mainly due to the fluctuation of exchange rate between Renminbi and the U.S. dollar.

Loss before income taxes was RMB1.4 billion (US$201.3 million), compared to loss before income taxes of RMB2.3 billion in the same period in 2019.

Income tax expense was RMB15.9 million (US$2.3 million), compared to income tax expense of RMB5.8 million in the same period in 2019.

Net loss attributable to iQIYI was RMB1.4 billion (US$204.1 million), compared to net loss attributable to iQIYI of RMB2.3 billion in the same period in 2019. Diluted net loss attributable to iQIYI per ADS was RMB1.96 (US$0.28) for the second quarter of 2020, compared to diluted net loss attributable to iQIYI per ADS of RMB3.22 in the same period of 2019.

As of June 30, 2020, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB9.5 billion (US$1.3 billion).

Financial Guidance

For the third quarter of 2020, iQIYI expects total net revenues to be between RMB6.95 billion (US$984.1 million) and RMB7.40 billion (US$1.0 billion), representing a 6% decrease to flat year over year. This forecast reflects iQIYI’s current and preliminary view, which may be subject to change.

SEC Investigation

The SEC’s Division of Enforcement is seeking the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020 ("Wolfpack Report"). The Company is cooperating with the SEC.  We cannot predict the timing, outcome, or consequences of the SEC investigation.

In addition, shortly after the publication of the Wolfpack Report, the Company engaged professional advisers to conduct an internal review into certain of the key allegations in the Wolfpack Report and to report their findings to the Company’s Audit Committee ("Internal Review").  These professional advisers have been examining the Company’s books and records and undertaking testing procedures that, in their judgment, are necessary and appropriate to evaluating the key allegations in the Wolfpack Report, including accounting policy analysis, data analytics on whether the Company manufactured orders and inflated revenues and/or expenses. The Internal Review is ongoing and we cannot predict the timing for completion, outcome, or consequences of the Internal Review at this time.

Conference Call Information

iQIYI’s management will hold an earnings conference call at 8:00 PM on August 13, 2020, U.S. Eastern Time (8:00 AM on August 14, 2020, Beijing Time).

Please register in advance of the conference using the link provided below. Upon registering, participant will receive dial-in numbers, Direct Event passcode and unique registrant ID by email.

Participant Online Registration: http://apac.directeventreg.com/registration/event/5968936

It will automatically direct you to the registration page of "iQIYI Second Quarter 2020 Earnings Conference Call", where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter "5968936".

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.

A telephone replay of the call will be available after the conclusion of the conference call through August 21, 2020.

Dial-in numbers for the replay are as follows:

International Dial-in                            +61 2 8199 0299
Passcode:                                           5968936

A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, professional user generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, online games, live broadcasting, IP licensing, talent agency, online literature and e-commerce etc.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as iQIYI’s strategic and operational plans, contain forward-looking statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iQIYI’s  strategies; iQIYI’s future business development, financial condition and results of operations; iQIYI’s ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and iQIYI undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement iQIYI’s consolidated financial results presented in accordance with GAAP, iQIYI uses the free cash flow as non-GAAP financial measure. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

iQIYI believes that the non-GAAP financial measure provides meaningful supplemental information regarding its liquidity by excluding certain items that may not be indicative of its recurring liquidity position, such as operating cash flows adjusted by capital expenditures. The Company believes that both management and investors benefit from referring to the non-GAAP financial measure in assessing its liquidation and when planning and forecasting future periods. The non-GAAP financial measure also facilitates management’s internal comparisons to iQIYI’s historical liquidity. The Company believes the non-GAAP financial measure is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using the non-GAAP financial measure is that the non-GAAP measure exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. The non-GAAP financial measure presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Free cash flow represents net cash provided by operating activities less capital expenditures. Starting from January 1, 2020, iQIYI adopted ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which reclassifies cash outflows for costs incurred to acquire licensed contents from investing activities to operating activities. To increase comparability, 2019 free cash flow has been adjusted to include cash outflows of acquisition of licensed copyrights, which is presented on the same basis as 2020 and going forward.

For more information, please contact:

Investor Relations
iQIYI, Inc.
+ 86 10 8264 6585
ir@qiyi.com

 

iQIYI, INC.

Condensed Consolidated Statements of Loss

 (In RMB thousands, except for number of shares and per share data) 

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2019

2020

2020

2019

2020

RMB

RMB

RMB

RMB

RMB

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 Revenues:

Membership services

3,412,349

4,634,347

4,045,968

6,857,692

8,680,315

Online advertising services

2,200,682

1,536,770

1,586,083

4,320,115

3,122,853

Content distribution

517,939

602,772

860,629

985,800

1,463,401

Others

979,211

875,877

918,897

1,936,493

1,794,774

 Total revenues

7,110,181

7,649,766

7,411,577

14,100,100

15,061,343

 Operating costs and expenses:

Cost of revenues

(6,980,957)

(7,902,864)

(6,833,586)

(14,258,153)

(14,736,450)

Selling, general and administrative

(1,346,324)

(1,310,603)

(1,195,632)

(2,486,935)

(2,506,235)

Research and development

(654,601)

(678,135)

(664,045)

(1,252,673)

(1,342,180)

 Total operating costs and expenses

(8,981,882)

(9,891,602)

(8,693,263)

(17,997,761)

(18,584,865)

 Operating loss

(1,871,701)

(2,241,836)

(1,281,686)

(3,897,661)

(3,523,522)

 Other expense

Interest income 

130,721

56,594

44,425

195,818

101,019

Interest expenses

(247,762)

(262,030)

(265,656)

(383,009)

(527,686)

Foreign exchange (loss)/gain, net

(306,117)

(312,422)

61,199

21,918

(251,223)

Loss from equity method investments

(38,112)

(96,838)

(62,205)

(72,647)

(159,043)

Other income/(loss), net

34,593

(13,811)

81,389

22,369

67,578

 Total other expense, net

(426,677)

(628,507)

(140,848)

(215,551)

(769,355)

 Loss before income taxes

(2,298,378)

(2,870,343)

(1,422,534)

(4,113,212)

(4,292,877)

Income tax expense

(5,776)

(4,841)

(15,926)

(13,219)

(20,767)

 Net loss

(2,304,154)

(2,875,184)

(1,438,460)

(4,126,431)

(4,313,644)

Less: Net income/(loss) attributable to
noncontrolling interests 

23,291

 

(542)

3,357

14,990

2,815

 Net loss attributable to iQIYI, Inc.

(2,327,445)

(2,874,642)

(1,441,817)

(4,141,421)

(4,316,459)

Accretion of redeemable noncontrolling
interests

–

(1,717)

(1,747)

–

(3,464)

 Net loss attributable to ordinary
shareholders

(2,327,445)

(2,876,359)

(1,443,564)

(4,141,421)

(4,319,923)

 Net loss per share for Class A and Class
B ordinary shares:

 Basic

(0.46)

(0.56)

(0.28)

(0.81)

(0.84)

 Diluted

(0.46)

(0.56)

(0.28)

(0.81)

(0.84)

 Net loss per ADS (1 ADS equals 7 Class A
ordinary shares):

 Basic

(3.22)

(3.92)

(1.96)

(5.67)

(5.88)

 Diluted

(3.22)

(3.92)

(1.96)

(5.67)

(5.88)

Weighted average number of Class A and
Class B ordinary shares used in net loss
per share computation:

Basic

5,102,652,726

5,137,428,818

5,151,499,718

5,092,895,972

5,144,464,250

Diluted

5,102,652,726

5,137,428,818

5,151,499,718

5,092,895,972

5,144,464,250

 

 

iQIYI, INC.

Condensed Consolidated Balance Sheets

(In RMB thousands, except for number of shares and per share data)

December 31,

June 30,

2019

2020

RMB

RMB

(Unaudited)

ASSETS

    Current assets:

Cash and cash equivalents

5,934,742

4,280,694

Restricted cash

974,932

999,282

Short-term investments

4,579,313

4,196,237

Accounts receivable

3,627,749

3,311,635

Prepayments and other assets

3,719,228

3,613,564

Amounts due from related parties

211,993

106,665

Licensed copyrights, net

1,224,881

1,183,915

    Total current assets

20,272,838

17,691,992

    Non-current assets:

 Fixed assets, net

1,754,367

1,660,408

 Long-term investments

2,982,154

3,745,872

 Deferred tax assets, net

34,916

62,748

 Licensed copyrights, net

6,287,330

5,742,647

 Intangible assets, net

813,960

711,855

 Produced content, net

4,355,221

4,414,354

 Prepayments and other assets

3,508,476

3,059,272

Operating lease assets

722,742

1,110,754

Goodwill

3,888,346

3,888,346

Amounts due from related parties

172,200

189,200

    Total non-current assets

24,519,712

24,585,456

Total assets

44,792,550

42,277,448

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’
EQUITY

Current liabilities:

Accounts and notes payable

8,212,449

7,691,757

Amounts due to related parties

1,604,258

1,628,514

Customer advances and deferred revenue

3,081,407

3,131,602

Short-term loans

2,618,170

3,614,023

Long-term loans, current portion

736,814

466,521

Operating lease liabilities, current portion

125,412

183,508

Accrued expenses and other liabilities

3,794,656

3,750,768

    Total current liabilities

20,173,166

20,466,693

Non-current liabilities:

Long-term loans

880,278

886,926

Convertible senior notes

12,296,868

12,693,748

Deferred tax liabilities

30,136

527

Amounts due to related parties

1,061,883

1,020,261

Operating lease liabilities

402,732

725,501

Other non-current liabilities

232,555

223,813

    Total non-current liabilities

14,904,452

15,550,776

Total liabilities

35,077,618

36,017,469

Redeemable noncontrolling interests:

101,542

105,006

Shareholders’ equity:

Class A ordinary shares

142

145

Class B ordinary shares

183

183

Additional paid-in capital

41,298,328

42,057,844

Accumulated deficit

(33,834,357)

(38,248,328)

Accumulated other comprehensive income

2,106,718

2,300,941

Non-controlling interests

42,376

44,188

Total shareholders’ equity

9,613,390

6,154,973

Total liabilities, redeemable noncontrolling interests and shareholders’ equity

44,792,550

42,277,448

 

 

 

iQIYI, INC.

Condensed Consolidated Statements of Cash Flows 

 (In RMB thousands, except for number of shares and per share data) 

Three Months Ended

June 30,

March 31,

June 30,

2019

2020

2020

RMB

RMB

RMB

(Unaudited)

(Unaudited)

(Unaudited)

Net cash provided by (used in) operating activities(1)

890,678

(604,269)

(1,358,278)

Net cash (used in) provided by investing activities (1、2)

(7,836,357)

(1,609,423)

1,144,401

Net cash provided by (used in) financing activities

373,109

(79,473)

822,793

Effect of exchange rate changes on cash, cash equivalents
   and restricted cash

171,050

64,567

(10,016)

Net (decrease) increase in cash, cash equivalents and
   restricted cash

(6,401,520)

(2,228,598)

598,900

Cash, cash equivalents and restricted cash

At beginning of period

14,025,538

6,909,674

4,681,076

At end of period

7,624,018

4,681,076

5,279,976

Net cash provided by (used in) operating activities

890,678

(604,269)

(1,358,278)

Less: Capital expenditures (3)

(154,923)

(66,824)

(57,465)

Less: Acquisition of licensed copyrights (1)

(2,906,429)

–

–

Free cash flow

(2,170,674)

(671,093)

(1,415,743)

 

(1)  Starting from January 1, 2020, iQIYI adopted ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which reclassifies cash outflows for costs incurred to acquire licensed contents from investing activities to operating activities. To increase comparability, 2019 non-GAAP measure of free cash flow has been adjusted to include cash outflows of acquisition of licensed copyrights, which is presented on the same basis as 2020 and going forward.

(2)  Starting from January 1, 2020, net cash used in or provided by investing activities primarily consists of net cash flows from investing in debt securities, purchase of long term investments and capital expenditures.

(3)  Capital expenditures are incurred primarily in connection with leasehold improvements, computers and servers.

 

 

 

Related Links :

http://www.iqiyi.com

PR Newswire

ViewSonic Holds “ColorPro Award Global Photography Contest” to Highlight the Spirit of Kindness

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BREA, Calif., Aug. 14, 2020 — ViewSonic International Corp.*, a leading global provider of visual solutions, invited four leaders in the creative industry with many years of experience in providing professional tools and services to creators—Blurb, Shoot the Frame (STF), Tinyspace,  and TourBox—to hold the ColorPro Award Global Photography Contest. The theme of the contest is "kindness," and everyone is welcome to submit photos from August 18 to 30 to demonstrate what kindness means to them. The top prize includes a ColorPro VP2785-2K professional display and a package of photography tools.

The theme of ColorPro Award Global Photography Contest is “kindness,” and everyone is welcome to submit photos from August 18 to 30 to demonstrate what kindness means to them.
The theme of ColorPro Award Global Photography Contest is “kindness,” and everyone is welcome to submit photos from August 18 to 30 to demonstrate what kindness means to them.

"We are glad to host this global contest with our partners and help generate positive energy during this difficult time," said Oscar Lin, Head of the Monitor Business Unit at ViewSonic. "With this contest, we seek to encourage people to explore stories and moments about kindness and share what kindness means to them through photographs. Our aim is to inspire creativity and identify the kindness that has always been within us, no matter the changes to the way we live."

The ColorPro Award fully respects artistic creativity, setting no limits on size, aspect ratio, style, or device. Two well-known professional photographers, Luke Stackpoole and Kai W, are serving as ColorPro Award ambassadors, sharing their photographs of kindness. In Luke Stackpoole’s photo, a mother sled dog is sheltering her young puppies from a blizzard in temperatures of -35°C, reflecting the paternal instinct to care for the young. Meanwhile, Kai W’s fascinating photo shows a butcher using a meat knife to help a little girl open a straw hole on her tea carton.

Partner companies have made available generous prizes for inspiring submissions. In addition to US$1,000 in cash, the top prize includes a ColorPro VP2785-2K professional display and a TourBox Controller that will help creators develop their work. STF, Tinyspace, and Blurb will also provide memberships and vouchers, so that creators can showcase their work, build online portfolios, and take advantage of online printing and self-publishing services.

All submitted photographs will be evaluated based on three main aspects: (1) overall impression conveyed and emotion delivered; (2) originality, creativity, and storytelling; (3) technical aspects, such as lighting, exposure, color, tone, and execution.

Contest Details

  • When: 18th to the 30th of August
  • How: submit your photo with the theme of "Kindness" to event site
  • First prize:
    1.  $1,000 Cash
    2.  ColorPro VP2785-2K
    3.  TourBox Controller
    4.  12 Month Tinyspace Membership
    5.  $500 Blurb Voucher
    6.  12 Month Shoot The Frame Premium Membership
     
    Second prize:
    1.   Blurb $200 voucher
    2.  12 Month Tinyspace Membership
    3.  12 Month Shoot The Frame Premium Membership
     
    Third prize:
    1.  Blurb $100 voucher
    2.  12 Month Tinyspace Membership
    3.  12 Month Shoot The Frame Premium Membership

*The Contest is hosted and sponsored by ViewSonic International Corp., located in New Taipei City, Taiwan. ViewSonic International Corp. is a subsidiary company of ViewSonic Corp. located in California, USA.

About ViewSonic

Founded in California, ViewSonic is a leading global provider of visual solutions and conducts business in over 100 countries worldwide. As an innovator and visionary, ViewSonic is committed to providing comprehensive hardware and software solutions that include monitors, projectors, digital signage, ViewBoard interactive displays, and myViewBoard software ecosystem. With over 30 years of expertise in visual displays, ViewSonic has established a strong position for delivering innovative and reliable solutions for education, enterprise, consumer, and professional markets and helping customers "See the Difference." To find out more about ViewSonic, please visit www.viewsonic.com.

Blurb

Blurb is a creative platform that enables individuals to create high-quality Photo Books, Trade Books, Magazines, and Wall Art with free, innovative creation and layout tools. To find out more about Blurb please visit: https://www.blurb.com/

Shoot The Frame

Shoot The Frame, launched in 2012, are a suite of monthly photography awards. Join professional and amateur photographers from around the globe and enter your best portrait, landscape and wildlife photos. https://shoottheframe.com/

Tinyspace

Tinyspace is about to launch a neat little product that allows designers and creative people to build a simple portfolio & resume. We are dedicated to helping you get your next job as a creative. We’re giving away discount codes to a limited number of early users. To get your voucher, visit: http://tinyspace.io/

TourBox

TourBox team was thus founded in November 2016 and began to create new tools that would reshape the industry.TourBox innovates step by step and is dedicated to developing a tool that can increase efficiencies and truly optimize operational experiences and increase efficiencies. TourBox has now become the first choice of creators to accelerate their workflows. The support of every creator will continue to encourage us to innovate with passion and continue delivering the best tools to the digital world. To find out more about TourBox please visit: https://www.tourboxtech.com/en/index.html

Photo – https://photos.prnasia.com/prnh/20200812/2883288-1?lang=0

Related Links :

http://www.viewsonic.com

PR Newswire

Netmarble Issues Earnings and Fiscal Results for Second Quarter of 2020

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Significant Q2 Increases Driven by Record-Breaking Overseas Sales and the Success of The Seven Deadly Sins: Grand Cross and A3: Still Alive

SEOUL, South Korea, Aug. 14, 2020 — Netmarble Corp., a global mobile game company focused on creating entertaining gaming experiences for players of all ages, has reported their financial results for the second quarter of 2020.

"Netmarble had a very strong second quarter with solid performances from games launched in the first half of the year including the worldwide release of The Seven Deadly Sins: Grand Cross and Korea’s release of A3: Still Alive. Our amazing community of players helped fuel a record-breaking quarter for overseas sales, and we look forward to continuing this momentum and expanding domestic and overseas growth in the second half of 2020 with highly-anticipated games featuring our own and globally popular IP," said Seungwon Lee, Co-CEO of Netmarble.

"Following the recent release of MaguMagu 2020 in Korea, the third quarter will include the global launch of BTS Universe Story, our second BTS game co-produced with Big Hit Entertainment. Our popular Seven Knights IP will be the basis for two releases in the second half of the year, the mobile MMORPG Seven Knights 2 and our first console launch with Seven Knights – Time Wanderer -. Additional titles coming in 2020 include Kabam’s MARVEL Realm of Champions and A3: Still Alive, which will launch globally following its successful Korean release in March."

Selected highlights from Netmarble’s second quarter include:

  • $568.2 million in total sales, $67.7 million in operating profit, and a net profit of $70.7 million from April through June.
  • Total sales increased by 30.3% year-over-year and 28.7% quarter-on-quarter. Operating profit increased 146.1% year-over-year and 300.5% quarter-on-quarter.
  • Net profit increased by 124.2% year-over-year and 48.2% quarter-on-quarter.
  • Genre portfolio showed diversification across RPG (41%), MMORPG (25%), Casual (25%), and others (9%)
  • Top-performing games include The Seven Deadly Sins: Grand Cross (21%), MARVEL Contest of Champions (13%), Blade&Soul Revolution (9%), Lineage 2: Revolution (8%), and A3: Still Alive (6%)
  • Overseas sales accounted for 75% ($426.3 million) of overall sales in the second quarter. This is the highest figure in Netmarble’s history on a quarterly basis, and on a continued increasing trend. The success of The Seven Deadly Sins: Grand Cross, MARVEL Contest of Champions (Kabam), Lineage 2: Revolution, Blade&Soul Revolution and Cookie Jam (Jam City) in overseas markets like the U.S. and Japan was a major driver for the quarter.

A breakdown of the total financial earnings is below:

4/1/20-6/31/20 actuals

YoY Changes

QoQ Changes

Total Sales

$568.2 million

+30.3%

+28.7%

Operating Profit

$67.7 million

+146.1%

+300.5%

Net Profit

$70.7 million

+124.2%

+48.2%

For additional details on Netmarble’s quarterly performance, and to listen to the earnings call, please visit the company’s Investor Relations page to learn more.

About Netmarble Corporation

Established in Korea in 2000, Netmarble Corporation is a top developer and publisher pushing the boundaries of the mobile gaming experience with highly innovative games including Lineage 2: Revolution, The Seven Deadly Sins: Grand Cross, Blade&Soul Revolution and MARVEL Future Fight. As a parent company of Kabam, and a major shareholder of Jam City and Big Hit Entertainment, Netmarble strives to entertain audiences around the world with a variety of mobile games based on its powerful franchises and collaborations with IP holders worldwide. More information can be found at http://company.netmarble.com

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PR Newswire

iClick Announces Upgrade of Advertising Campaign Management Tool – iActivate

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HONG KONG, Aug. 13, 2020 — iClick Interactive Asia Group Limited ("iClick" or the "Company") (NASDAQ: ICLK), an independent online marketing and enterprise data solutions provider in China launched an upgrade of its ultimate advertising campaign management tool, iActivate.

iActivate is a SEM campaign management platform that consolidates a number of ad platforms into one single platform for efficient campaign monitoring and management. iActivate is a strong addition to iClick’s iSuite products including iAudience, iAccess, iAX and Tracking Solution. iActivate integrates and analyzes the often scattered ad campaign information with insufficient intelligence provided by different ad platforms across various geographic regions. Working in tandem with iClick’s Tracking Solution, iActivate provides marketers with customized comprehensive reports and actionable insights into the effectiveness of their advertising spend thereby enabling them to optimize future ad campaign performance.

"iActivate provides straightforward and intelligent market insights that address the pain points faced by marketers of receiving insufficient and overly-general campaign data from existing ad platforms," said Frankie Ho, President of International Business at iClick. "iActivate helps brands analyze and understand campaign performance in order to target audiences more accurately, empowering them to respond promptly to market changes. Following the upgrade of iAudience and iActivate, we will continue to leverage iClick’s over 930 million consumer profiles and advanced technology in machine learning and artificial intelligence to enhance and improve our product offerings to provide better solution to our clients."

About iClick Interactive Asia Group Limited

iClick Interactive Asia Group Limited (NASDAQ: ICLK) is an independent online marketing and enterprise data solutions provider that connects worldwide marketers with audiences in China. Built on cutting-edge technologies, iClick’s proprietary platform possesses omni-channel marketing capabilities and fulfils various marketing objectives in a data-driven and automated manner, helping both international and domestic marketers to reach their target audiences in China. Headquartered in Hong Kong, iClick was established in 2009 and is currently operating in ten locations worldwide including Asia and Europe.

For more information, please visit ir.i-click.com.

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company’s business strategies, operations and financial performance. These statements 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" 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. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s fluctuations in growth; its success in implementing its mobile and new retail strategies, including extending its solutions beyond its core online marketing business; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favorable contractual terms; market competition, including from independent online marketing technology platforms as well as large and well-established internet companies; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; fluctuations in foreign exchange rates; and general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

In the United States:

iClick Interactive Asia Group Limited

Core IR

Lisa Li

John Marco

Phone: +86-21-3230-3931 #892

Tel: +1-516-222-2560

E-mail: ir@i-click.com

E-mail: johnm@coreir.com

 

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PR Newswire

AirNet Announces Adoption of a Shareholder Rights Plan

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BEIJING, Aug. 13, 2020 — AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that its board of directors (the "Board") has adopted a shareholder rights plan. Pursuant to the plan, the Company will issue one right (a "Right") with respect to each outstanding ordinary share of the Company of a par value of US$0.001 each (the "Ordinary Shares"), held of record at the close of business on August 24, 2020.

The shareholder rights plan, which has a term of one year, is designed to guard against coercive or otherwise unfair takeover tactics to gain control or undue influence of the Company without offering a fair and adequate price and terms to shareholders of the Company. The plan does not prevent the Board from considering or accepting an offer to acquire the Company if the board believes that such action is fair, advisable and in the best interest of shareholders of the Company as a whole.

Each Right will initially entitle the registered holder to purchase one Ordinary Share at an exercise price of US$0.9 per Right, subject to adjustment. However, the Rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events. More specifically, if a person or group acquires 15% or more of the outstanding Ordinary Shares while the shareholder rights plan remains in place, then the Rights will become exercisable by all Rights holders (except the acquiring person or group) for that number of Ordinary Shares having a then-current market value of twice the exercise price of a Right. However, by way of illustration, if a shareholder’s beneficial ownership of Ordinary Shares as of the time of this announcement of the shareholder rights plan is at or above the 15% threshold, that shareholder’s existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after this announcement the shareholder increases its ownership percentage by 1% or more without the prior approval of the Board. In addition, if after a person or group acquires 15% or more of the outstanding Ordinary Shares, the Company consolidates or merges or participates in a scheme of arrangement or statutory share exchange with any other entity or the Company sells or transfers more than 50% of its assets, operating income or cash flow, then each Right will entitle its holder to purchase, for the exercise price, that number of shares of the person engaging in the transaction having a then-current market value of twice the exercise price of a Right. The acquiring person will not be entitled to exercise these rights. The Board may redeem the Rights for US$0.001 per Right at any time before an event that causes the Rights to become exercisable.

Additional details about the shareholder rights plan will be contained in a Form 6-K to be filed by the Company with the U.S. Securities and Exchange Commission.

About AirNet

Incorporated in 2007 and headquartered in Beijing, China, AirNet provides in-flight solutions to connectivity, entertainment and digital multimedia in China. Collaborating with its partners, AirNet empowers Chinese airlines with seamlessly immersive Internet connections through a network of satellites and land-based beacons, provides airline travelers with interactive entertainment and a coverage of breaking news, and furnishes corporate clients with advertisements tailored to the perceptions of the travelers. For more information, please visit http://ir.ihangmei.com.  

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, statements regarding the development of the COVID-19 pandemic and its impact on the Company’s business operations. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements are based upon management’s current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but not limited to the following: its ability to achieve and maintain profitability; its ability to continuously improve its solutions and services enabling inflight connectivity; its ability to compete effectively against its competitors; the expected growth in consumer spending, average income levels and advertising spending levels; the growth of the inflight connectivity industry in China; and government policies affecting the inflight connectivity industry in China. 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.

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PR Newswire

Spotware Celebrates 10 Years of Fintech Innovation

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LIMASSOL, Cyprus, Aug. 13, 2020 — It has now been 10 years since Spotware, and soon after its flagship product – cTrader, have entered the market and became the epitome of Fintech innovation. 10 years of continuous growth, development and updates, a journey that began from a new-born trading platform with its Traders First™ idea at the core, and that has led to one of the most sought-after, trader-chosen products, boasting with features and integrations, appreciated by some of the largest and most well-known brokers worldwide.

How it all began

Andrey Pavlov and Ilya Holeu founded Spotware in 2010, and launched the cTrader platform less than a year later. Fintech experts with years of technology and FX industry experience, they have given their all to create a product free from all the downfalls they have seen first-hand throughout their careers. Transparency, fairness, impeccable execution and a trader-centric approach have become the key to the product and the market loved it.

Where cTrader stands today

With 60+ world-renowned brokers, millions of traders and over 40 integrations with leading liquidity providers, CRMs and data-vendors, cTrader Suite is no doubt the product of choice. cTrader’s STP/ECN customer-centric platform works both ways: granting traders the ultimately transparent all-in-one experience, and benefiting all types of brokers by growing their customer base, and hence increasing their market share.

Believing in innovation to succeed, the Spotware team is working hard on a daily basis to not only accommodate, but to surpass the standards of the competitive FX industry and become the best trading platform provider out there.

"We are already far beyond industry standards in terms of the feature-set, usability and philosophical appeal of our product. And we intend to strengthen that further." Andrey Pavlov – the CEO and Founder of Spotware comments on his company’s 10th birthday.

If you wish to start your own brokerage, or are interested in finding out more about Spotware’s cTrader, please visit: https://startup.spotware.com/

About Spotware

Spotware is an award-winning financial technology provider specializing in complete business solutions and custom development projects. It is best known for its flagship product, cTrader, a premium FX and CFDs trading platform offered by leading brokers and trusted by millions of traders worldwide. Founded on the values of transparency and Traders First™ approach, the company develops products that are responsive to the changing demands of the business and regulatory landscape, and serve the interests of all market participants.

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PR Newswire

HotForex Launches CFDs on ETFs and DMA Stocks on its MT5 Platform

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Traders with the award-winning broker HotForex can now diversify their portfolio by trading Contracts for Differences ("CFDs") on hundreds of DMA Stocks & ETFs on the company’s powerful multi-asset platform MT5

PORT LOUIS, Mauritius, Aug. 13, 2020 — HotForex, the internationally acclaimed multi-asset broker on CFDs, has expanded its product range offering with the launching of exchange-traded funds (ETFs) and direct market access (DMA) stocks. The new asset classes come with excellent trading conditions and are exclusive to the company’s MT5 platform.  

HotForex CEO George Koumantaris said: "Every new product we offer is driven by our constant efforts to secure a better trading experience for our clients. With this addition to our list of 1000+ instruments we provide our clients with the opportunity to expand their trading activities and ensure they can access innovative and low cost investment products at all times."

With CFDs on DMA Stocks traders can benefit from direct market live pricing. Unlike CFDs on Stocks, which are not directly hedged in the underlying physical market, a CFD on DMA Stocks means that HotForex will allow you to view and trade with the live order books of global stocks regulated exchanges.

An ETF is a basket of related assets that can be traded on a stock market exchange, just like stocks. A key benefit of an ETF is that allows for portfolio diversification. ETFs are an ideal way of investing in market sectors as a whole rather than in individual stocks. With CFDs on ETFs, HotForex’s investors gain enhanced exposure to a diverse variety of markets with a single trade!

Notes to Media:

About HotForex 

With its origins dating back to 2010, HotForex is the brand name of HF Markets Group which encompasses global and regulated entities which are operating as multi-asset brokers offering both retail and institutional trading services to clients from around the world. HotForex is continuously establishing its position as a market leader, a fact affirmed by:

  • Over 2,000,000 Live Accounts Opened
  • More than 35 International Awards
  • Client Support in 27+ Languages
  • Top Fund Security Measures

To learn more about HotForex, please visit our website here.

Risk warnings:

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital.

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Media Contact:
HF Markets Ltd
marketing@hotforex.com
+44-2033185978

 

 

PR Newswire

Ashnik reveals 91% cite that enterprise open source is going to be important for their organization in the coming 12 months

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The enterprise open source survey conducted by Ashnik highlights some key observations in technology adoption patterns across Southeast Asia and India.

SINGAPORE, Aug. 13, 2020 — A recent survey with respondents from across Southeast Asia and India helps understand the expected rise and adoption of open source. The survey focused on the current state of enterprise open source and the impact of Covid-19 on the upcoming technology adoptions and digital initiatives. Conducted by Ashnik, one of the leading open source providers in the region, the report indicates some key insights on open source readiness and implementation.

"While there is an overall shift in the way digitalization is happening, Covid-19 has prompted an even greater need to keep the existing initiatives on track and implement new technology solutions to stay amped up. We designed this survey to understand how enterprise open source is being leveraged by enterprises today and in the coming 12 months. It is interesting to note that many open source led technology initiatives are a top-tier priority for several organizations," adds Deepti Dilip J., Head of Marketing for Southeast Asia and India, Ashnik.

Nearly 83% participants of this survey range from managerial level to C-level, thus throwing some key insights on decision making patterns, in order to speed up and go digital as quickly as possible.

Survey found that about 92% of organizations are already using open source today, with a mix of both enterprise and community open source. According to the respondents, enterprise open source will be majorly adopted in the areas of: Database, Analytics, Security, and IT Infra Monitoring. 68% of respondents cite that container adoption will scaling up in their organizations, while 72% say that multi-cloud deployment will see an increase in the coming months. About 81% of respondents state that open source database will be adopted in their organizations, and 58% say enterprise open source database will be the fastest growing database technology in their infrastructure.

Respondents also rated the various benefits of adopting enterprise open source in the coming months – 60% of which rate the security aspect of enterprise open source as the top benefit for their organization. While, 57% respondents rate the ability to attract new talents as a highly important benefit in adopting enterprise open source. 68% respondents rate cost efficiency as their top benefit in open source adoption.

See the full survey report here: https://www.ashnik.com/enterprise-open-source-survey-2020/

About the Survey:

100 unique organizations across Southeast Asia and India participated in the survey; industries ranging from BFSI, Power and Engineering, Technology, Telecoms, Government sectors and more. The backdrop of this study was to understand the expected rise and adoption of enterprise open source and associated digital initiatives, in the coming months. Covid-19 has transformed the way our new norms are, and businesses are evolving technologically to better serve a diverse tomorrow.

About Ashnik

Ashnik is a Singapore-headquartered leading open source solutions provider, with presence across Southeast Asia, US and India. Ashnik delivers consulting services and solutions based on enterprise-grade open source technologies to tackle critical business challenges. Backed by its strong solutioning and architecting skill sets, Ashnik helps organisations in this region to get innovative, agile and digitally transformed.

PR Newswire

Scienjoy Holding Corporation Signs Agreement to Acquire BeeLive and Expand Its Global Footprint

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BEIJING, Aug. 13, 2020 — Scienjoy Holding Corporation ("Scienjoy", the "Company", or "We") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China today announced that it has entered into an Equity Acquisition Framework Agreement (the "Agreement") on August 10, 2020, to acquire 100% of the equity interest in Beelive from its two controlling companies at a total consideration of RMB300 million, including a cash consideration of RMB50 million and share consideration of RMB250 million in ordinary shares to be issued by Scienjoy. The share consideration payments are subject to certain performance conditions and requirements over the following three years.  

BeeLive is a global live streaming platform that initially launched in China in November 2016. After establishing a strong foothold in China’s live streaming industry, BeeLive began expanding into international markets during the second half of 2019. To date, BeeLive has launched its Arabic language live streaming product in the Middle East and its Thai language live streaming product in Southeast Asia.

Although BeeLive’s global expansion is still at an early stage, the platform’s activity in overseas markets has demonstrated potential for future growth. As of June 2020, the number of total registered users on BeeLive exceeded 20 million and the number of active live streaming hosts on BeeLive reached 62 thousand. Additionally, during the first half of 2020, BeeLive’s ARPU reached RMB2,200, which was higher than the industry average.

"We are pleased to announce our acquisition of BeeLive and remain confident that this arrangement will serve to provide increasing shareholder value over the long term," commented Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy. "As BeeLive has come to establish itself as a leader in the provision of engaging talent show live streaming content and continued to make exceptional progress in its overseas expansion initiatives, we have gained a tremendous amount of respect for both the business and its platform capabilities. Based on the similarities between our business models, we believe that this deal has the potential to generate powerful synergies and thus significantly bolster our competitive advantages in the industry going forward. After thorough analysis, we maintain our belief that this acquisition is a true win-win arrangement for both parties and will help to provide our users with an increasingly vibrant and interactive social environment going forward."

About Scienjoy Holding Corporation

Founded in 2011, Scienjoy is a leading show live streaming video entertainment social platform in China. With more than 200 million registered users, Scienjoy currently operates three primary online live streaming brands with their respective websites and mobile apps: Showself, Lehai, and Haixiu, each using Scienjoy’s own mobile applications. Through this collection of online live streaming brands, Scienjoy has created a vibrant, interactive, and close community. Scienjoy operates a mobile live streaming business through which it provides live streaming entertainment from professional "broadcasters" to end-users, allowing for the operation of live social video communities. Using Scienjoy’s mobile applications, users can select broadcasters and enter real time video rooms to interact with them. In addition to real-time interactions, users can also view photos posted by broadcasters on their personal pages, leave comments, and engage in private chats with broadcasters when they are not streaming. In addition, users can also play fun and simple games by using virtual currencies within the video rooms while watching the live streaming of a broadcaster.

Safe Harbor Statement

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, Company’s expectations with respect to future performance and anticipated financial impacts of the acquisition, the satisfaction of the closing conditions to the acquisition and the timing of the completion of the acquisition. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of the Company and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement relating to the acquisition; (2) the inability to complete the acquisition, including due to failure to satisfy conditions to closing in the Agreement; (3) delays in obtaining or the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Agreement; (4) the risk that the acquisition disrupts current plans and operations as a result of the announcement and consummation of the acquisition; (5) the ability to recognize the anticipated benefits of the acquisition; (6) costs related to the acquisition; (7) changes in applicable laws or regulations; and (8) the possibility that Beelive or the Company may be adversely affected by other economic, business, and/or competitive factors.  These forward -looking statements are subject to the filings with the Securities and Exchange Commission ("SEC") made by the Company.  Company cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made.  Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

Contacts

Ray Chen
VP, Investor relations
Scienjoy Inc.
+86-010-64428188
ray.chen@scienjoy.com

Jack Wang
ICR Inc.
+1 (212) 537-9254
scienjoy.ir@icrinc.com

PR Newswire

Industrial AI Solutions Startup MakinaRocks raises $10M in Series A

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Hyundai Motors, LG, Applied Ventures participate in Series A

SEOUL, South Korea and SILICON VALLEY, Calif., Aug. 12, 2020 — MakinaRocks, an industrial AI solutions startup aiming to revolutionize the world of manufacturing, announced today that it has successfully raised $10 million in Series A funding from prestigious global investors.

MakinaRocks, based in Seoul and Silicon Valley, specializes in industrial AI with a primary focus on providing intelligent control for anomaly detection in manufacturing equipment and improved product quality. The Series A participants include strategic investors LG Technology Ventures, Hyundai Motors and Applied Ventures, LLC, and financial investors Korea Development Bank, Daesung Venture Capital, Shinhan Investment Corporation, and HB Investment.

In its 2018 seed-round funding, MakinaRocks was successful in securing some of the leading Korean conglomerates, SK Telecom, Hyundai Motors, and Naver, as investors.

"Our innovative technology tailored to solve complex manufacturing challenges enables our customers to grow and compete globally," remarked Andre Yoon and Jaehyuk Lee, Co-CEOs of MakinaRocks. "The unique potential of MakinaRocks has attracted some of the largest companies to invest in us."

"We believe artificial intelligence and machine learning will transform the way semiconductor, display, and other high-end factories operate, redefining the concept for manufacturing including process optimization and maintenance," noted Anand Kamannavar, Global Head of Applied Ventures. "Through this investment in MakinaRocks, we are excited to help accelerate the adoption of Industry 4.0 technologies for multiple industries. Applied Ventures will continue looking for innovative start-ups globally in the areas of AI and machine learning as part of our strategy to invest across the Materials to Systems™ ecosystem."

MakinaRocks has collaborated with major corporations in various industries to apply its solution to a wide range of production lines. The results have shown overall improvement and increased efficiency of operation rate and quality by predicting equipment failure and anomalies while streamlining production processes  through intelligent control.

MakinaRocks expects to use the funds to expand the company’s portfolio and develop a Software as a Service (SaaS) platform built on the existing on-premise solutions to secure domestic and international customers. The company is actively hiring skilled individuals in data analysis, AI development, and business development. 

About MakinaRocks

Founded in 2017, MakinaRocks is a startup specializing in industrial machine intelligence. Using proprietary technology in anomaly detection and intelligent control, MakinaRocks’ solutions use sensor and numeric data to detect anomalies in equipment, increase product quality, and improve process control. Our solutions enhance the product and production processes of various industries such as semiconductors, automobiles,  batteries, and energy. For more information, visit www.makinarocks.ai.

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