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Vipshop Reports Unaudited Third Quarter 2020 Financial Results

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Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on November 13, 2020

GUANGZHOU, China, Nov. 13, 2020 — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights

  • Total net revenue for the third quarter of 2020 increased by 18.2% year over year to RMB23.2 billion (US$3.4 billion) from RMB19.6 billion in the prior year period.
  • GMV[1] for the third quarter of 2020 increased by 21% year over year to RMB38.3 billion from RMB31.7 billion in the prior year period.
  • Gross profit for the third quarter of 2020 increased by 15.3% year over year to RMB4.9 billion (US$718.9 million) from RMB4.2 billion in the prior year period.
  • Net income attributable to Vipshop’s shareholders for the third quarter of 2020 increased by 42.1% year over year to RMB1.2 billion (US$183.3 million) from RMB875.5 million in the prior year period.
  • Non-GAAP net income attributable to Vipshop’s shareholders[2] for the third quarter of 2020 increased by 15.2% year over year to RMB1.4 billion (US$204.1 million) from RMB1.2 billion in the prior year period.
  • The number of active customers[3] for the third quarter of 2020 increased by 36% year over year to 43.4 million from 32.0 million in the prior year period.
  • Total orders[4] for the third quarter of 2020 increased by 35% year over year to 172.8 million from 127.6 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We finished the third quarter of 2020 with robust financial and operational results. During the quarter, our number of active customers increased by 36% year over year to 43.4 million from 32.0 million in the prior year period. Importantly, both our existing and new customers have shown improved next-month retention as compared to the same period last year. We are glad that customers recognize the value of our differentiated offerings, particularly in our core apparel-related categories. We are confident the positive trends in customer acquisition and retention will continue to drive our growth and profitability going forward. Looking ahead, we remain focused on providing value to our customers, offering superior customer experience and carefully procured assortments at a deep discount, further enabling us to gain share in China’s discount retail market."

Mr. Donghao Yang, Chief Financial Officer of Vipshop, further commented, "In the third quarter of 2020, we delivered strong topline growth coupled with solid profitability, driven by the strong performance in new customer acquisition and existing customer retention. Our total GMV for the quarter increased by 21% year over year to 38.3 billion from 31.7 billion in the prior year period, and GMV for our core apparel-related categories grew even faster at 29% year over year. Going forward, we will continue to focus on improving our merchandising capability and offering a differentiated shopping experience as compared to marketplace platforms, delivering solid shareholder return over time."

Third Quarter 2020 Financial Results

REVENUE

Total net revenue for the third quarter of 2020 increased by 18.2% year over year to RMB23.2 billion (US$3.4 billion) from RMB19.6 billion in the prior year period, primarily driven by the growth in the number of total active customers.

GROSS PROFIT

Gross profit for the third quarter of 2020 increased by 15.3% year over year to RMB4.9 billion (US$718.9 million) from RMB4.2 billion in the prior year period. Gross margin for the third quarter of 2020 was 21.1%, as compared with 21.6% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the third quarter of 2020 were RMB3.9 billion (US$576.3 million), as compared with RMB3.4 billion in the prior year period. As a percentage of total net revenue, total operating expenses for the third quarter of 2020 decreased to 16.9% from 17.3% in the prior year period.

  • Fulfillment expenses for the third quarter of 2020 were RMB1.6 billion (US$238.5 million), as compared with RMB1.6 billion in the prior year period. As a percentage of total net revenue, fulfillment expenses for the third quarter of 2020 decreased to 7.0% from 8.1% in the prior year period, primarily attributable to the change in fulfillment logistic arrangement.
  • Marketing expenses for the third quarter of 2020 were RMB1.1 billion (US$167.8 million), as compared with RMB721.3 million in the prior year period. As a percentage of total net revenue, marketing expenses for the third quarter of 2020 were 4.9%, as compared with 3.7% in the prior year period, primarily attributable to increased investment into customer acquisition.
  • Technology and content expenses for the third quarter of 2020 decreased to RMB305.1 million (US$44.9 million) from RMB400.7 million in the prior year period. As a percentage of total net revenue, technology and content expenses for the third quarter of 2020 decreased to 1.3% from 2.0% in the prior year period.
  • General and administrative expenses for the third quarter of 2020 were RMB848.6 million (US$125.0 million), as compared with RMB681.6 million in the prior year period. As a percentage of total net revenue, general and administrative expenses for the third quarter of 2020 were 3.7%, as compared with 3.5% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the third quarter of 2020 increased by 6.7% year over year to RMB1.2 billion (US$183.8 million) from RMB1.2 billion in the prior year period. Operating margin for the third quarter of 2020 was 5.4%, as compared with 6.0% in the prior year period.

Non-GAAP income from operations[5] for the third quarter of 2020, which excluded share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, increased by 8.0% year over year to RMB1.5 billion (US$218.9 million) from RMB1.4 billion in the prior year period. Non-GAAP operating income margin[6] for the third quarter of 2020 was 6.4%, as compared with 7.0% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the third quarter of 2020 increased by 42.1% year over year to RMB1.2 billion (US$183.3 million) from RMB875.5 million in the prior year period. Net margin attributable to Vipshop’s shareholders for the third quarter of 2020 increased to 5.4% from 4.5% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the third quarter of 2020 increased to RMB1.80 (US$0.27) from RMB1.30 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the third quarter of 2020, which excluded (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnerships that are accounted for as equity method investees, increased by 15.2% year over year to RMB1.4 billion (US$204.1 million) from RMB1.2 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the third quarter of 2020 was 6.0%, as compared with 6.1% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the third quarter of 2020 increased to RMB2.01 (US$0.30) from RMB1.78 in the prior year period.

For the quarter ended September 30, 2020, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 690,834,625.

BALANCE SHEET AND CASH FLOW

As of September 30, 2020, the Company had cash and cash equivalents and restricted cash of RMB9.6 billion (US$1.4 billion) and short term investments of RMB4.9 billion (US$728.7 million).

For the quarter ended September 30, 2020, net cash from operating activities was RMB1.2 billion (US$177.1 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

Sep 30, 2019

 

RMB’000

Sep 30, 2020

 

RMB’000

Sep 30, 2020

 

US$’000

Net cash from operating activities

2,067,480

1,202,504

177,110

Add: Net impact from Internet financing
activities[11]

(1,837,974)

(178,412)

(26,277)

Less: Capital expenditures

(1,094,668)

(627,434)

(92,411)

Free cash (outflow) / inflow

(865,162)

396,658

58,422

For the trailing twelve months ended

Sep 30, 2019

 

RMB’000

Sep 30, 2020

 

RMB’000

Sep 30, 2020

 

US$’000

Net cash from operating activities

12,053,995

10,684,651

1,573,679

Add: Net impact from Internet financing
activities[11]

(3,239,772)

(2,367,857)

(348,748)

Less: Capital expenditures

(4,040,032)

(2,907,965)

(428,297)

Free cash inflow

4,774,191

5,408,829

796,634

Recent Development

Mr. David Cui will succeed Mr. Donghao Yang as the Company’s new Chief Financial Officer, effective today, and Mr. Donghao Yang has joined the Company’s Board of Directors as a Non-Executive Director.

Internal Review

In May 2020, the Hong Kong Independent Commission Against Corruption (the "ICAC") charged two individuals with commercial bribery offences in connection with alleged conduct dating back to the period from 2013 to 2016. The two individuals were associated with entities that had business dealings with the Company during the referenced period. Although neither the Company nor any employee of the Company is a party to the case or has been accused of any wrongdoing, the Company is aware of media reports mentioning the Company in connection with this case.

In an abundance of caution, the Company conducted an internal review under the oversight of the Company’s independent Audit Committee of the Board of Directors. The internal review within the agreed scope was recently completed and did not uncover material findings. However, certain areas for improvement were identified with respect to our procurement process. In the spirit of continuous improvement, we have implemented certain changes to enhance the processes in this area. 

The Company will continue to monitor the development of the ICAC case, but cannot predict its timing, outcome, or consequence, including impact on the Company, if any. 

Business Outlook

For the fourth quarter of 2020, the Company expects its total net revenue to be between RMB33.7 billion and RMB35.2 billion, representing a year-over-year growth rate of approximately 15% to 20%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency conversions of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the effective noon buying rate on September 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on September 30, 2020, or at any other rate.

Conference Call Information

The Company will hold a conference call on Friday, November 13, 2020 at 7:30 am Eastern Time or 8:30 pm Beijing Time to discuss its financial results and operating performance for the third quarter of 2020.

All participants wishing to join the conference call must pre-register online using the link provided below. Once pre-registration has been complete, participants will receive dial-in numbers, a passcode, and a unique registrant ID. To join the conference, simply dial the number in the calendar invite you receive after pre-registration, enter the passcode followed by your PIN, and you will join the conference instantly.

Conference ID

#5476014

Registration Link

http://apac.directeventreg.com/registration/event/5476014

The replay will be accessible through November 21, 2020 by dialing the following numbers:

United States Toll Free:

+1-855-452-5696

International:

+61-2-8199-0299

Conference ID: 

#5476014

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit www.vip.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vipshop’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: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding demand for and market acceptance of flash sales products and services; competition in the discount retail industry; the potential impact of the COVID-19 to Vipshop’s business operations and the economy in China and elsewhere generally; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that comparative consolidated statements of income and cash flows for the period presented and detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270"), have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating income margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. Non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnerships that are accounted for as equity method investees. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions. Non-GAAP operating income margin is non-GAAP income from operations as a percentage of total net revenue. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenue. Free cash flow is net cash from operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets. Impact from Internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (a) share-based compensation, (b) amortization of intangible assets resulting from business acquisitions, (c) investment gain and revaluation of investments excluding dividends, and (d) share of loss in investment of limited partnerships that are accounted for as equity method investees add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (1) non-cash share-based compensation expenses, (2) amortization of intangible assets resulting from business acquisitions, (3) investment gain and revaluation of investments excluding dividends, and (4) share of loss in investment of limited partnerships that are accounted for as equity method investees. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from Internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure and technology platform. Share-based compensation expenses and amortization of intangible assets have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.

[1] "Gross merchandise value (GMV)" is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, offline stores, and Shan Shan Outlets during the relevant period, including through the Company’s websites and mobile apps, third-party websites and mobile apps, Vipshop offline stores and Vipmaxx offline stores, as well as Shan Shan Outlets that were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the relevant orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnerships that are accounted for as equity method investees.

[3] "Active customers" is defined as registered members who have purchased from the Company’s online sales business or the Company’s online marketplace platforms at least once during the relevant period.

[4] "Total orders" is defined as the total number of orders placed during the relevant period, including the orders for products and services sold through the Company’s online sales business and the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.

[6] Non-GAAP operating income margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share.

[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from (used in) operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets.

[11] Net impact from Internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

 

 

Vipshop Holdings Limited

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income 

(In thousands, except for share and per share data)

Three Months Ended

September 30, 2019

September 30, 2020

September 30, 2020

RMB’000

RMB’000

USD’000

Product revenues 

18,477,421

22,161,443

3,264,028

Other revenues(1)

1,135,559

1,018,583

150,021

Total net revenues

19,612,980

23,180,026

3,414,049

Cost of revenues

(15,378,956)

(18,299,063)

(2,695,161)

Gross profit

4,234,024

4,880,963

718,888

Operating expenses:

Fulfillment expenses(2)

(1,579,981)

(1,619,487)

(238,525)

Marketing expenses

(721,334)

(1,139,484)

(167,828)

Technology and content expenses

(400,677)

(305,106)

(44,937)

General and administrative expenses

(681,568)

(848,594)

(124,984)

Total operating expenses

(3,383,560)

(3,912,671)

(576,274)

Other operating income

318,943

279,820

41,213

Income from operations

1,169,407

1,248,112

183,827

Investment gain and revaluation of investments

(31,636)

186,596

27,483

Impairment loss of investments

(83,616)

0

0

Interest expense

(27,087)

(4,623)

(681)

Interest income

34,448

112,286

16,538

Foreign exchange gain (loss)

44,938

(96,558)

(14,221)

Income before income tax expense and share of (loss) gain of equity method investees

1,106,454

1,445,813

212,946

Income tax expenses 

(212,463)

(247,757)

(36,491)

Share of (loss) gain of equity method investees

(12,393)

53,598

7,894

Net income

881,598

1,251,654

184,349

Net gain attributable to non-controlling interests

(6,124)

(7,255)

(1,069)

Net income attributable to Vipshop’s shareholders

875,474

1,244,399

183,280

Shares used in calculating earnings per share(3):

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

–Basic

133,689,150

135,372,361

135,372,361

–Diluted

135,057,876

138,166,925

138,166,925

Net earnings per Class A and Class B ordinary share

Net income attributable to Vipshop’s shareholders–Basic

6.55

9.19

1.35

Net income attributable to Vipshop’s shareholders–Diluted

6.48

9.01

1.33

Net earnings per ADS (1 ordinary share equals to 5 ADSs)

Net income attributable to Vipshop’s shareholders–Basic

1.31

1.84

0.27

Net income attributable to Vipshop’s shareholders–Diluted

1.30

1.80

0.27

(1) Other revenues primarily consist of revenues from third-party logistics services, product promotion and online advertising, fees charged
to third-party merchants which the Company provides platform access for sales of their products, interest income from microcredit and
consumer financing services, inventory and warehouse management services to certain suppliers, and lease income earned from the Shan
Shan Outlets.

(2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.0 billion and RMB 1.1 billion  in the three month
periods ended September 30,2019 and September 30,2020, respectively.

(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A
ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to
shareholder vote.

Three Months Ended

September 30, 2019

September 30, 2020

September 30, 2020

RMB’000

RMB’000

USD’000

Share-based compensation expenses are included in the operating expenses as
follows:

Fulfillment expenses

31,676

24,341

3,585

Marketing expenses

11,500

4,405

649

Technology and content expenses

61,780

42,033

6,191

General and administrative expenses

101,693

161,502

23,787

Total

206,649

232,281

34,212

Vipshop Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except for share and per share data)

December 31, 2019

September 30, 2020

September 30, 2020

RMB’000

RMB’000

USD’000

ASSETS

CURRENT ASSETS

Cash and cash equivalents

6,573,808

8,883,746

1,308,434

Restricted cash 

1,145,477

710,755

104,683

Short term investments

3,052,726

4,947,339

728,664

Accounts receivable, net

1,295,766

485,151

71,455

Amounts due from related parties

47,964

310,997

45,805

Other receivables and prepayments,net

2,897,893

2,279,640

335,755

Loan receivables,net

306,115

53,765

7,919

Inventories

7,708,292

6,420,009

945,565

Total current assets

23,028,041

24,091,402

3,548,280

NON-CURRENT ASSETS

Property and equipment, net

11,256,810

13,461,309

1,982,637

Deposits for property and equipment

101,800

97,979

14,431

Land use rights, net

5,541,108

5,961,786

878,076

Intangible assets, net

337,310

354,120

52,156

Investment in equity method investees

3,112,952

1,845,822

271,860

Other investments

2,002,756

3,023,241

445,275

Other long-term assets

608,073

430,753

63,443

Amounts due from related party-non current

102,000

0

0

Goodwill

236,711

593,662

87,437

Deferred tax assets, net

539,561

630,401

92,848

Operating lease right-of-use assets

1,715,556

1,750,486

257,819

Total non-current assets

25,554,637

28,149,559

4,145,982

TOTAL ASSETS

48,582,678

52,240,961

7,694,262

LIABILTIES AND  EQUITY 

CURRENT LIABILITIES

Short term loans

1,093,645

2,035,078

299,735

Accounts payable

13,792,200

11,421,579

1,682,217

Advance from customers 

1,233,165

1,460,246

215,071

Accrued expenses and other current liabilities 

6,534,575

6,422,737

945,967

Amounts due to related parties 

532,788

416,184

61,297

Deferred income 

405,994

334,557

49,275

Operating lease liabilities

333,268

287,160

42,294

Total current liabilities

23,925,635

22,377,541

3,295,856

NON-CURRENT LIABILITIES

Long term loans

64,515

197,858

29,141

Deferred tax liability 

165,098

421,873

62,135

Deferred income-non current 

782,068

1,010,699

148,860

Operating lease liabilities

1,395,665

1,525,825

224,730

Other long term liabilities 

0

57,444

8,461

Total non-current liabilities

2,407,346

3,213,699

473,327

TOTAL LIABILITIES

26,332,981

25,591,240

3,769,183

EQUITY:

Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and
117,584,362 and 118,954,373 shares issued and outstanding as of December 31,
2019 and September 30,2020, respectively) 

76

77

11

Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and
16,510,358 and 16,510,358 shares issued and outstanding as of December 31, 2019
and September 30,2020, respectively) 

11

11

2

Additional paid-in capital

9,959,497

10,658,423

1,569,816

Retained earnings

11,924,228

15,299,602

2,253,388

Accumulated other comprehensive loss

(56,656)

(41,364)

(6,093)

Non-controlling interests

422,541

732,972

107,955

Total shareholders’ equity

22,249,697

26,649,721

3,925,079

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

48,582,678

52,240,961

7,694,262

Vipshop Holdings Limited

 Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

September 30, 2019

September 30, 2020

September 30, 2020

RMB’000

RMB’000

USD’000

Income from operations

1,169,407

1,248,112

183,827

Share-based compensation expenses

206,649

232,281

34,212

Amortization of intangible assets resulting from business acquisitions 

318

5,896

868

Non-GAAP income from operations

1,376,374

1,486,289

218,907

Net income

881,598

1,251,654

184,349

Share-based compensation expenses

206,649

232,281

34,212

Impairment loss in investments

83,616

0

0

Investment gain and revaluation of investments excluding dividends

20,895

(84,961)

(12,513)

Share of loss (gain) in investment of limited partnerships that are accounted for as an
equity method investee

33,562

(4,747)

(699)

Tax effect of investment gain and revaluation of investments excluding dividends

(17,516)

(5,810)

(856)

Amortization of intangible assets resulting from business acquisitions

318

5,896

868

Tax effect of amortization of intangible assets resulting from business acquisitions

(79)

(1,474)

(217)

Non-GAAP net income

1,209,043

1,392,839

205,144

Net income attributable to Vipshop’s shareholders

875,474

1,244,399

183,280

Share-based compensation expenses

206,649

232,281

34,212

Impairment loss in investments

83,616

0

0

Investment gain and revaluation of investments excluding dividends

20,895

(84,961)

(12,513)

Share of loss (gain) in investment of limited partnerships that are accounted for as an
equity method investee

33,562

(4,747)

(699)

Tax effect of investment gain and revaluation of investments excluding dividends

(17,516)

(5,810)

(856)

Amortization of intangible assets resulting from business acquisitions 

308

5,896

868

Tax effect of amortization of intangible assets resulting from business acquisitions 

(77)

(1,474)

(217)

Non-GAAP net income attributable to Vipshop’s shareholders

1,202,911

1,385,584

204,075

Shares used in calculating earnings per share:

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

–Basic

133,689,150

135,372,361

135,372,361

–Diluted

135,057,876

138,166,925

138,166,925

Non-GAAP net income per Class A and Class B ordinary share

Non-GAAP net income attributable to Vipshop’s shareholders–Basic

9.00

10.24

1.51

Non-GAAP net income attributable to Vipshop’s shareholders–Diluted

8.91

10.03

1.48

Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs)

Non-GAAP net income attributable to Vipshop’s shareholders–Basic

1.80

2.05

0.30

Non-GAAP net income attributable to Vipshop’s shareholders–Diluted

1.78

2.01

0.30

 

Related Links :

http://www.vip.com

PR Newswire

Infosys Positioned as a Leader in the Everest Group PEAK Matrix® for Cloud-native Application Development Service Providers 2020

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BENGALURU, India, Nov. 13, 2020 — Infosys (NYSE: INFY), the global leader in next-generation digital services and consulting, today announced that it has been positioned as a Leader in Everest Group’s PEAK Matrix® for Cloud-native Application Development Service Providers 2020. Infosys was recognized for its ability to help organizations augment their digital capabilities, modernize their core systems, and deliver design-led experiences in an agile manner. Backed by deep domain expertise and experience, Infosys leverages platforms such as Infosys PolyCloud Platform and Infosys Cloud Native Development Platform, part of Infosys Cobalt, to simplify and accelerate cloud native journey for its clients.

Everest Group assessed 21 leading service providers through a multi-phased research and analysis process for their vision and capabilities in the cloud-native applications development space. Infosys’ cloud-native application development services include API, microservices, PaaS, observability, security, and DevSecOps.

The key highlights of the report include:

  • Design thinking approach and joint workshops with clients that have helped build and demonstrate POCs, thus, fostering client confidence
  • Mature set of tools and accelerators that enable predictability and consistency in its cloud-native engagements
  • Strong pool of domain experts across industry verticals, which enables it to contextualize cloud-native solutions with a better understanding of clients’ businesses
  • Infosys’ upskilling initiatives that help provide consistent and quality delivery teams in cloud-native engagements
  • Extensive partnership with ISVs and cloud service providers to develop joint solutions and enhanced service offerings for clients

"Rapidly evolving market conditions have put unprecedented pressure on enterprises to differentiate themselves and find more agile, scalable, and cost-effective means to develop applications. In response, they are increasingly relying on cloud-native development," said Alisha Mittal, Practice Director, Everest Group. "Infosys is enabling its clients to develop resilient cloud-native applications leveraging Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys’ clients also appreciate its talent initiatives, design thinking approach, and domain expertise across industry verticals."

"Cloud native applications and technologies are the way forward to drive innovation, resilience and deliver well-recognized business value to customers. It is an ideal approach for enterprises that are looking to build and run responsive, scalable, and fault-agnostic apps across public, private, or hybrid clouds," said Shaji Mathew, Executive Vice President, Infosys. "Our positioning as a Leader in the report validates our deep domain knowledge backed by offerings from Infosys Cobalt to contextualize cloud-native solutions specific to our clients’ businesses across industry verticals."

A complimentary custom copy of Everest Group PEAK Matrix® for Cloud-native Application Development Service Providers 2020 can be accessed here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

PR Newswire

FinVolution Group to Report Third Quarter 2020 Financial Results on Tuesday, November 17, 2020

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-Earnings Call Scheduled for 7:00 a.m. ET on November 17, 2020-

SHANGHAI, Nov. 13, 2020 — FinVolution Group ("FinVolution", or the "Company") (NYSE: FINV), a leading fintech platform in China, today announced that it will report its third quarter 2020 unaudited financial results, on Tuesday, November 17, 2020, before the open of U.S. markets.

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 17, 2020 (8:00 PM Beijing/Hong Kong time on November 17, 2020).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

International:

1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

852-3018-4992

Mainland China:

400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "FinVolution Group."

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at  https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 24, 2020, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10149966

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2020, the Company had over 110.4 million cumulative registered users.

For more information, please visit https://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200-8601
E-mail: ir@xinye.com

The Piacente Group, Inc. Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com

In the United States:
The Piacente Group, Inc. Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

 

Related Links :

https://ir.finvgroup.com

PR Newswire

Fang Announces Third Quarter 2020 Unaudited Financial Results

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BEIJING, Nov. 13, 2020 — Fang Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights

  • Total revenues were $56.7 million, a decrease of 16.1% from $67.6 million in the corresponding period of 2019.
  • Operating income from continuing operations was $17.7 million, a decrease of 33.7% from $26.7 million in the corresponding period of 2019.
  • Net income was $10.9 million, an increase of 1,393.3% from $0.7 million in the corresponding period of 2019.

Third Quarter 2020 Financial Results

Revenues

Fang reported total revenues of $56.7 million in the third quarter of 2020, a decrease of 16.1% from $67.6 million in the corresponding period of 2019, mainly due to the decrease in revenues from listing services.   

  • Revenue from marketing services was $30.3 million in the third quarter of 2020, which remained relatively stable with $30.0 million in the corresponding period of 2019.
  • Revenue from listing services was $10.1 million in the third quarter of 2020, a decrease of 48.2% from $19.4 million in the corresponding period of 2019, mainly due to the decrease in the number of paying customer.
  • Revenue from leads generation services was $12.9 million in the third quarter of 2020, a decrease of 8.2% from $14.1 million in the corresponding period of 2019.
  • Revenue from financial services was $1.9 million in the third quarter of 2020, an increase of 9.0% from $1.7 million in the corresponding period of 2019, mainly due to an increase in average loan receivable balances.

Cost of Revenue

Cost of revenue was $5.1 million in the third quarter of 2020, a decrease of 11.0% from $5.7 million in the corresponding period of 2019, primarily due to optimization in cost structure.

Operating Expenses

Operating expenses were $35.1 million in the third quarter of 2020, a decrease of 3.9% from 36.5 million in the corresponding period of 2019, mainly due to the decrease in staff related costs.

  • Selling expenses were $15.1 million in the third quarter of 2020, which remained relatively stable with $14.8 million in the corresponding period of 2019.
  • General and administrative expenses were $20.0 million in the third quarter of 2020, a decrease of 7.8% from $21.7 million in the corresponding period of 2019, mainly due to the decrease in staff related costs.

Operating Income from Continuing Operations

Operating income from continuing operations was $17.7 million in the third quarter of 2020, a decrease of 33.7% from $26.7 million in the corresponding period of 2019, mainly due to the decrease in total revenue.

Change in Fair Value of Securities

Change in fair value of securities for the third quarter of 2020 was a gain of $19.4 million, compared to a loss of $26.1 million in the corresponding period of 2019, mainly due to the fluctuation in market price of investments in equity securities.

Income Tax Expenses

Income tax expenses were $19.2 million in the third quarter of 2020, compared to income tax benefits of $0.1 million in the corresponding period of 2019, mainly due to the effect of change in fair value of equity securities.

Net Income

Net income was $10.9 million in the third quarter of 2020, an increase of 1,393.3% from net income of $0.7 million in the corresponding period of 2019.

Business Outlook

Based on current operations and market conditions, Fang’s management predicts a positive net income for the year of 2020, which represents management’s current and preliminary view and is subject to change.

Conference Call Information

Fang’s management team will host a conference call on the same day at 7:00 AM U.S. EST (8:00 PM Beijing/Hong Kong time). The dial-in details for the live conference call are:

International Toll:

+65 67135600

Toll-Free/Local Toll:

United States

+1 877-440-9253 / +1 631-460-7472

Hong Kong

+852 800-906-603 / +852 3018-6773

Mainland China

+86 800-870-0075 / +86 400-120-0948

Direct Event Passcode

1383200#

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1383200#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1383200#), and your unique Registrant ID, followed by the pound or hash (#) sign to get into the call.

Direct Event online registration: http://apac.directeventreg.com/registration/event/2585897

A telephone replay of the call will be available after the conclusion of the conference call from 10:00 AM ET on November 13, 2020 through 7:59 AM ET November 21, 2020. The dial-in details for the telephone replay are:

International Toll:

+61 2-8199-0299

Toll-Free/Local Toll:

United States

+1 855-452-5696 / +1 646-254-3697

Hong Kong

+852 800-963-117 / +852 3051-2780

Mainland China

+86 400-602-2065 / +86 800-870-0206

Conference ID:

2585897

A live and archived webcast of the conference call will be available on Fang’s website at http://ir.fang.com.

About Fang

Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China’s fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking 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," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, statements regarding Fang’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. 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 Fang’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, without limitation, the impact of Fang’s business development strategies, the impact of the COVID-19 pandemic, and the impact of current and future government policies affecting China’s real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang’s filings with the U.S. Securities and Exchange Commission. Fang 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.

 

Fang Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

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

ASSETS

September 30,

December 31,

2020

2019

Current assets:

Cash and cash equivalents

111,848

105,282

Restricted cash, current

229,168

219,096

Short-term investments

253,135

194,720

Accounts receivable, net

98,999

66,379

Funds receivable

4,514

8,372

Prepayment and other current assets

32,494

31,509

Commitment deposits

193

188

Loans receivable, current

73,899

60,490

Amounts due from related parties

744

644

Total current assets 

804,994

686,680

Non-current assets:

Property and equipment, net

693,219

695,457

Deferred tax assets

3,145

6,570

Deposits for non-current assets

499

618

Restricted cash, non-current portion

44,086

42,452

Long-term investments

246,462

341,946

Other non-current assets

38,496

39,179

Total non-current assets

1,025,907

1,126,222

Total assets

1,830,901

1,812,902

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term loans

300,301

264,624

Short-term bond payable

106,209

102,779

Deferred revenue

132,895

134,143

Accrued expenses and other liabilities

112,971

120,244

Customers’ refundable fees

3,915

4,981

Income tax payable

14,733

4,207

Amounts due to related parties

12,472

9,227

Total current liabilities

683,496

640,205

Non-current liabilities:

Long-term loans

150,299

184,158

Convertible senior notes

168,452

168,929

Deferred tax liabilities

95,985

90,723

Other non-current liabilities

114,049

138,435

Total non-current liabilities

528,785

582,245

Total Liabilities  

1,212,281

1,222,450

Equity:

Class A ordinary shares, par value Hong Kong Dollar ("HK$") 1 per share,
600,000,000 shares authorized for Class A and Class B in aggregate, issued
shares as of December 31, 2019 and September 30, 2020: 71,775,686 and   

71,775,686; outstanding shares as of December 31, 2019 and September
30, 2020: 65,403,527 and 65,715,527

9,244

9,244

Class B ordinary shares, par value HK$1 per share, 600,000,000 shares
authorized for Class A and Class B in aggregate, and 24,336,650 shares
and 24,336,650 shares issued and outstanding as at December 31, 2019
and September 30, 2020, respectively

3,124

3,124

Treasury stock

(117,183)

(123,216)

Additional paid-in capital

540,049

528,620

Accumulated other comprehensive loss

(75,247)

(98,371)

Retained earnings

257,939

270,358

Total Fang Holdings Limited shareholders’ equity

617,926

589,759

Non controlling interests

694

693

Total equity

618,620

590,452

TOTAL LIABILITIES AND EQUITY

1,830,901

1,812,902

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income[i]

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

Three months ended

September 30,

September 30,

2020

2019

Revenues:

Marketing services

30,273

29,993

Listing services

10,061

19,438

Leads generation services

12,948

14,099

Financial services

1,864

1,710

Value-added services

1,382

1,514

E-commerce services

149

796

Total revenues

56,677

67,550

Cost of revenues:

Cost of services

(5,066)

(5,694)

Total cost of revenues

(5,066)

(5,694)

Gross profit

51,611

61,856

Operating expenses and income:

Selling expenses

(15,077)

(14,822)

General and administrative expenses

(20,005)

(21,688)

Other income

1,191

1,385

Operating income

17,720

26,731

Foreign exchange (loss)/income

(5,138)

832

Interest income

3,192

1,562

Interest expense

(5,527)

(5,185)

Investment income

460

2,068

Realized gain on sale of available-for-sale
securities

–

711

Change in fair value of securities

19,393

(26,148)

Government grants

72

44

Income before income taxes and noncontrolling
interests

 

30,172

 

615

Income tax expense

Income tax (expense)/benefit

(19,241)

117

Net income

10,931

732

Net income attributable to noncontrolling
interests

–

–

Net income attributable to Fang Holdings Limited
shareholders

 

10,931

 

732

Earnings per share for Class A and Class B ordinary shares:

Basic

0.12

0.01

Diluted

0.12

0.01

[i] On June 19, 2020, a ratio change that had the same effect as a 1-for-10 reverse ADS split took effect, and
as a result, one ADS currently represents ten Class A ordinary shares.

 

Related Links :

http://www.fang.com

PR Newswire

SmallRig Launches Seamless Cage for RED KOMODO

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SHENZHEN, China, Nov. 13, 2020 — SmallRig launches the cage for "filmmaking beast" RED KOMODO, featuring the lightest weight with unbeatable performance.

RED KOMODO provides impressive image quality and color science without sacrifacing any dynamic range. The compact and full-featured cinema camera realizes flexible shooting in a small space, and perfectly covers all scenarios from personal video shooting to film production.

Made of magnesium alloy, SmallRig cage weighs only 163 grams, which is 40% lighter than traditional alloys. Lighter material and stronger performance allow RED KOMODO users to calmly deal with more challenges.

In order to satisfy RED KOMODO users’ habits, the cage adopts a modular design. The top plate can be disassembled to access the original threaded holes of KOMODO and is fully compatible with RED original accessories. Meanwhile, SmallRig is the pioneer to create a three-sided slider design that allow quickest disassembly and assembly to meet fast-changing shooting needs.

Thanks to the comprehensive accessory ecology, SmallRig is known as the "LEGO for fillmmakers". The cage provides various threaded holes and mounts for fillmmakers to integrate monitors, LED lights, microphones and other accessories and build a complete shooting kit. Whether it is personal content creation or professional film shooting, the cage is able to support.

The cage provides double security on the bottom and both sides to prevent twisting. Besides that, the body is designed to avoid bumps and protect the "beast" in all directions.

While keeping the compact layout of RED KOMODO, SmallRig cage expands more practical functions for the "beast" under multiple shooting scenarios.

About SmallRig

Founded in 2012, SmallRig is an innovation-driven manufacturer that designs and builds premium camera rigs and accessories for all kinds of cameras. Our sales network is spreading to over 200 countries and regions while our products are well-supported by over 500k filmmakers and photographers worldwide.

SmallRig Cage for RED KOMODO
SmallRig Cage for RED KOMODO

PR Newswire

CGTN: Shanghai’s Pudong to be pioneer in China’s new reform drive

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BEIJING, Nov. 13, 2020 — After 30 years of development and opening-up, Pudong in east China’s Shanghai Municipality has been given two new roles in the country’s overall development in the next three decades. 

 

The area should strive to become a pioneer of reform and opening-up at a higher level and a vanguard in fully building a modern socialist country, Chinese President Xi Jinping said on Thursday at a grand gathering in Shanghai to celebrate the 30th anniversary of Pudong’s development and opening-up. 

Xi, also general secretary of the Communist Party of China (CPC) Central Committee, said as China embarks on a new journey to achieve the goal of fully building a modern socialist country by the middle of the century, Pudong needs to bear new historic missions to facilitate the process. 

Read original article here.

He encouraged the district to "carry the heaviest load" and "crack the hardest nut" in China’s reform and modernization drive.

Read more:

How Xi Jinping cares about Pudong’s opening-up and development

Pudong 30 years on: Epitome of China’s modernization and opening-up

Engine of innovation

Thursday’s event came two weeks after the conclusion of the fifth plenary session of the 19th CPC Central Committee, at which Chinese leaders charted the country’s development course for the next 15 years. 

According to the Party leadership’s proposals for formulating the 14th Five-Year Plan (2021-2025, FYP) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, China will uphold the central role of innovation and take self-reliance in science and technology as strategic underpinning for national development, aiming to become a global leader in innovation. 

In such a context, Xi called on Pudong to strengthen its role as an engine of innovation and make breakthroughs in key and core technologies. The district should develop innovative industries in key fields and create world-class industrial clusters in areas such as integrated circuits, biomedicine and artificial intelligence, he said.

Read more:

Officials outline China’s development roadmap at new stage

China unveils blueprint to become global leader in innovation

Pudong should strengthen the dominant role of enterprises in technological innovation and work more closely with other players in the Yangtze River Delta region, he said, calling for breakthroughs in core components and the launch of high-end products. 

He also called on Pudong to initiate reforms in crucial areas and key links and create a market-oriented, internationalized business environment. 

The district should deepen institutional opening-up in rules, regulations, management and standards to enhance its strengths in international cooperation and competition, he said. 

The new Lingang area of the China (Shanghai) Pilot Free Trade Zone, launched last year, should make more efforts in stress testing and achieve breakthroughs in a number of key areas, said Xi.

Role in global resource allocation

It was Xi’s second speech to mark major milestones of China’s reform and opening-up during the past month. In mid-October, Xi visited Shenzhen in south China’s Guangdong Province and attended a gathering to celebrate the 40th anniversary of the establishment of the Shenzhen Special Economic Zone, urging the city to deepen all-round reform and expand opening-up on all fronts. 

Shengzhen and Shanghai have been at the forefront of China’s reform and opening-up over the past decades. The two cities are also homes to the only two stock exchanges on the Chinese mainland, playing irreplaceable roles in resource allocation for the world’s second largest economy. 

As China strives to nurture a new development pattern that takes the domestic market as the mainstay while letting domestic and foreign markets boost each other, the roles of Shenzhen and Shanghai are becoming even more significant. 

Xi called for efforts to improve Pudong’s capabilities in global resource allocation so that it will better serve the establishment of the new development pattern. Pudong should better coordinate resources in domestic and foreign markets and enhance its global influence on mobilizing factors including fund, information, technology, talent and goods, he said. 

Pudong should strive to become a hub of the domestic market and a strategic link of the domestic and foreign markets, he said. The area should also play a leading role in the integrated development of the Yangtze River Delta region, he added.

The president also urged Pudong to establish an international financial-asset trading platform, develop a higher-level headquarters economy and build itself into an important hub of global industrial, supply and value chains. 

Meanwhile, Xi called for modernizing urban governance and building the district into a beautiful home where people and nature coexist in harmony. 

On April 18, 1990, China announced the development and opening-up of Pudong, a less developed area located east of the Huangpu River in Shanghai.  

Pudong’s regional GDP has increased more than 210 times over the past three decades. The district now contributes nearly one-third of Shanghai’s GDP. It is home to over 1,000 financial institutions, over 300 regional headquarters of multinationals and more than 240 foreign-invested R&D centers.

PR Newswire

Egis and Cylus Partner to launch a Center of Excellence, for Rail Cybersecurity Services

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TEL AVIV, Israel, Nov. 13, 2020 — Egis and Cylus, the leading rail cybersecurity company, announced today that they are joining forces to form a Center of Excellence for advanced, rail-focused, cybersecurity services. The Center of Excellence will support rail companies around the world in building cyber resiliency and securing critical networks.

Cybersecurity is a growing concern for the railway industry. Egis and Cylus bring their combined expertise in offering end-to-end cybersecurity services, encompassing all aspects of the rail operational network’s life-cycle. Designed by the world’s foremost experts, based on methodologies, technologies, and standards (IEC 62443), the Center of Excellence delivers a wide array of advanced security solutions and services to customers worldwide. From development of strategy, through identification of cyber risks, to detection and response to incidents, railway companies will be supported in all aspects of cybersecurity.

"We are excited to collaborate with Cylus, the leading rail cybersecurity company. Joining forces enables us to provide our customers, unique domain expertise as well as cutting-edge cybersecurity know-how and best practices." Says Olivier Bouvart, Executive Director Rail of Egis and adds "We decided to take action and be proactive in supporting our customers by preparing them for the growing risk of cyber threats."

"We’re excited to work with Egis Rail, which has decades of experience in providing mobility services around the globe." Says Amir Levintal, CEO of Cylus, "This partnership strengthens our capabilities to provide end-to-end support to rail organizations in meeting the specter of cyber threats. Our joint services are designed specifically for the railway industry and will enable our customer to focus on their day-to-day operations, business, and growth, leaving their cyber-defense management to our security experts. We are certain that this partnership will drive the rail industry towards a cyber-safe future."

For more information, visit the Center of Excellence.

About Cylus

Cylus leads rail transport towards a cyber-safe future by protecting railway systems against cyber threats.

With a 100% focus on rail-cybersecurity, Cylus is the first software company to address the railway industry’s unique, complex and divergent needs. Cylus rail cybersecurity solutions are trusted by top-tier railway companies globally and the rail ecosystem as a whole. For more information please visit – https://www.cylus.com

Press contacts:
Ben Kapon – Tel.: +972-52-6100006
kapon@cylus.com 

About the Egis group

Egis is a major international group in the construction engineering and mobility services sectors whose unique global service range encompasses infrastructure consulting, engineering and operation. Through our capacity for innovation, we respond to the climate emergency and to the greatest challenges of our time by offering solutions and acknowledged know-how in the areas of transportation and mobility, sustainable city construction, buildings, water, the environment and energy.

A 75%-owned subsidiary of Caisse des Dépôts, with the remaining 25% held by partner executives and employees, Egis Imagine a sustainable future, working for populations and social progress.

€1.22 bn managed turnover in 2019
15,800 employees

 

Press contacts

Isabelle Bourguet Mayrand
Strategy, Marketing and Communications Director
Tel.: +33 (0)1 39 41 44 17 / +33 (0)6 17 10 29 70
isabelle.bourguet@egis.fr

Sabine Mendy

Deputy Communications Director

Tel.: +33 (0)1 39 41 43 05 / +33 (0)6 25 33 02 64
sabine.mendy@egis.fr

 

Related Links :

http://www.egis.fr

PR Newswire

ViewSonic Announces Winners of the ColorPro(TM) Award 2020 Global Photography Contest

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BREA, Calif., Nov. 13, 2020 — ViewSonic Corp., a leading global provider of visual and educational solutions, organized the ColorPro Award 2020 Global Photography Contest in cooperation with four leaders in the creative industry – Blurb, Shoot the Frame (STF), Tinyspace, and TourBox – centered on the theme of kindness, so as to promote compassion and beauty through creativity. ViewSonic received more than 2,100 extraordinary photo entries from 18 countries and regions, which offered visual representations of the ubiquity of kindness. ViewSonic announced the contest’s winners on November 13 – World Kindness Day – through a global, live-streamed awards ceremony.

Kindness by Antonio Aragon Renuncio - The 1st Prize Winner of the ColorPro Award 2020 Global Photography Contest (photo credit: ViewSonic)
Kindness by Antonio Aragon Renuncio – The 1st Prize Winner of the ColorPro Award 2020 Global Photography Contest (photo credit: ViewSonic)

James Chu, Chairman and CEO of ViewSonic, said, "I’m delighted that this contest has elicited such a strong response among creators worldwide. During this difficult time of the COVID-19 pandemic, ViewSonic has worked with its partners to highlight stories of kindness from around the globe to provide some much-needed positivity. The contest has shown that, no matter how dramatic the changes to people’s lives have been, kindness is still all around us. I sincerely hope that people will continue to use photography to explore heartwarming stories of kindness."

The top three entries in the ColorPro Award 2020 Global Photography Contest all conveyed heartwarming messages through their photography. The first-prize winner, Spain’s Antonio Aragon Renuncio, made a photograph titled Kindness of 14-year-old Kodjo in Bombouaka, Togo, who is helping a classmate with homework before a soccer game at a care center for children with severe physical and intellectual disabilities. The friendship and compassion shown by Kodjo help disabled children, who are often referred to as "snakes" in their local communities, enjoy normal lives.

Bangladesh’s Tanvir Alam has won the second prize for Harvesting Water Lily, which uses a bird’s-eye view to show a colorful image of harmony between man and nature, with two farmers working together to process water lilies. The third prize has been awarded to Singapore’s Chin Leong Teo for his photograph Drought Ladies. Shot from behind two women, the image shows the helplessness of people in the face of major natural disasters but also the warmth of the woman who consoles her sister in a powerful symbol of mutual support.

At the live-streamed awards ceremony, ViewSonic also invited Chen-Yu Chiu, CEO of the Taiwan-Reyhanli Centre for World Citizens, to share the photos of civic events held near the border between Turkey and Syria and to explain what kindness means to him. Chiu stated that "a grim concrete border wall was transformed into a Taiwan-built center that serves to convey kindness from the world to people in Turkey and Syria. Kindness derives from our close experience of the environment in which we find ourselves, as well as our innate compassion and empathy, and is accentuated by a little bit of craziness and persistence."

Huai-An Ho, President of the HoHuan Theatre Company, which has held 660 free performances at hospitals and clinics over the past 18 years in Taiwan, also took part in the ceremony to share his views on kindness through two photographs. The first photo showed a Mazinger Z figure holding the hand of a little boy as they are about to enter a hospital room and perform for a young girl, demonstrating that kindness can help even the weakest among us be as strong as super heroes. The other photo showed a renowned Peking opera master who, despite his old age and dementia, can still sing the songs he performed during his long career, a touching symbol of persistence. Ho added that "cancer cannot be transmitted, but kindness can" and that "even if I’m unable to do great things, I can still show love while doing many little things."

To further enhance the power of kindness, ViewSonic also launched a special event called "You comment, ViewSonic Donates," which will last until January 13, 2021. ViewSonic invites people to take part in spreading kindness by going to the event page: https://www.facebook.com/events/987244695108535/ leaving comments about or sharing one of the top 10 photos, explaining why they like the photo, or sending a message to the photographer. For each instance in which a message is left or a photo is shared, ViewSonic will donate US$1 to the HoHuan Theatre Company[1].

ViewSonic has put the top 100 entries on the contest’s official website (https://colorproaward.shoottheframe.com/), allowing people to see kindness in all types of interactions between people, between people and animals, and between people and nature.

[1] The donation cap is US$10,000.

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 the 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.

Related Links :

http://www.viewsonic.com

PR Newswire

DJI’s Latest AGRAS T20 Drone Makes Agricultural Spraying Easier, Smarter And Safer

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Robust Modular Design, Omnidirectional Digital Radar, And Optimized Precision Spraying Module Transform Farming With Digital Insights And Efficiency

SHENZHEN, China, Nov. 13, 2020 — DJI, the global leader in drone and camera technology, is again transforming farming with its latest agriculture drone, the DJI AGRAS T20. This durable, high-performance and intelligent precision agriculture spraying drone packs impressive features into a modular and portable design, making it accessible and scalable for farmers who are ready to apply digital insights and automated spray technology into their operations. The DJI AGRAS T20 is optimized to work in the most complicated environments and different agricultural lands, from its easy autonomous flight planning and terrain-sensing radar, to its extended flight time, high payload capacity, and off-the-grid power options. The DJI AGRAS T20 is now available for pre-orders in select countries and regions.

Upgraded Spraying System For Improved Accuracy And Efficiency

The DJI AGRAS T20 can carry a maximum payload of 20kg, and the layout of the nozzles have been optimized to achieve a 20% improvement on the uniformity of spray droplets and the effective spray width of 7 meters. The DJI AGRAS T20 is equipped with 8 nozzles and high-volume pumps that can spray at a rate of up to 6 L/min. A highly optimized wind field produces droplets ideal in size and consistency. With the new 4-channel electromagnetic flow meter design, it can monitor and control the four hoses individually, ensuring an efficient flow rate for each nozzle.

Durable Design With Enhanced Safety Features

The DJI AGRAS T20 is equipped with an Omnidirectional Digital Radar system, which is able to detect obstacles from all horizontal directions. It can also automatically circumvent obstacles while flying over various terrains, ensuring a high level of operational safety. With this radar system, the AGRAS T20 can adapt to some of the most challenging environments thanks to its strong resistance to dust and water thanks to an impressive IP67 rating. The DJI AGRAS T20 can also withstand splashes when cleaning the aircraft body with water.

In addition, the DJI AGRAS T20 enable users to set flight and operation parameters easily. With a built-in RTK centimeter-level positioning system and RTK dongles, centimeter-level waypoint recording is enabled, strengthening operations greatly and ensuring precision spraying. It also comes with a real-time FPV camera and two searchlights, providing users with comprehensive live views even during low-light operations.

Improved Portability, Easy To Operate

With a robust modular design, the DJI AGRAS T20 folds and unfolds in seconds, making it more portable than other agriculture drones. The spray tank and battery are both swappable, reducing downtime and increasing workflow significantly. Thanks to a new programmable DJI AGRAS Smart Controller 2.0 and the DJI AGRAS app, the user interface runs smoothly and is incredibly intuitive. In addition, the smart controller comes with an ultra-bright 5.5-inch display, which remains readable even under direct sunlight. It also supports external battery packs and can last twice as long as other remote controllers, perfect for lengthy or heavy workloads.

A Comprehensive Agriculture Solution

With a comprehensive suite of DJI agriculture solutions, operating in broadacre farmlands, orchards, or grasslands, has become a lot easier. The DJI agricultural solution packages are designed to monitor crop health and generate variable treatment procedures. By using the P4 Multispectral, operators can scan target areas and generate multispectral charts that provide actionable insights into crop health and help formulate variable spraying and seeding maps.

Navigating through challenging terrains is now an issue of the past, thanks to the 3D Flight Route Planning solution. By using the Phantom 4 RTK, operators can scan and map target areas, making it easier to identify all aspects of the field. In Orchard mode 3.0, 3D flight routes can be generated based on the shapes of each tree after they are identified. Afterwards, users can conduct efficient spraying with their DJI AGRAS T20.

Price and Availability

The DJI AGRAS T20 is available for pre-orders starting today in select countries and regions. For more details about the product, pricing and availability, visit https://www.dji.com/t20 or contact an authorized DJI reseller. Operators should check local regulations to determine what certifications and approvals are required for the operation of this product in their country or region.

AGRAS T20 intro video: https://youtu.be/hGyLjO7KWeU 

Images and assets can be downloaded here: https://bit.ly/3pl6WZk 

About DJI

DJI is a global leader in developing and manufacturing civilian drones and aerial imaging technology for personal and professional use. DJI was founded and is run by people with a passion for remote-controlled helicopters and experts in flight-control technology and camera stabilization. The company is dedicated to making aerial photography and filmmaking equipment and platforms more accessible, reliable, and easier to use for creators and innovators around the world. DJI’s global operations currently span across the Americas, Europe, and Asia, and its revolutionary products and solutions have been chosen by customers in over 100 countries for applications in filmmaking, construction, inspection, emergency response, agriculture, conservation, and many other industries.

For more information, visit our:

Website: www.dji.com
Online Store: store.dji.com
Facebook: www.facebook.com/DJI
Instagram: www.instagram.com/DJIGlobal
Twitter: www.twitter.com/DJIGlobal   
LinkedIn: www.linkedin.com/company/dji
Subscribe to our YouTube Channel: www.youtube.com/DJI
RoboMaster Competition: https://www.robomaster.com

Related Links :

http://store.dji.com/cn

PR Newswire

CooTek to Participate in November Investor Conferences

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SHANGHAI, Nov. 13, 2020 — CooTek (Cayman) Inc. (NYSE: CTK) ("CooTek" or the "Company"), a fast-growing global mobile internet company, today announced that the Company will present and meet with institutional investors at the following virtual investor conferences. For more information on CooTek presentations, please visit investor relations website https://ir.cootek.com.

  • BofA Securities 2020 China Conference
    Panel or one-on-one Discussion on November 2 – November 13, 2020;
  • dbVIC – Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference
    Presentation on Wednesday, November 18, 2020 at 09:30 a.m. ET

The Company’s management will participate in virtual meetings with institutional investors throughout these events. For additional information, please contact your respective institutional sales representative at each sponsoring bank.

About CooTek (Cayman) Inc.

CooTek is a fast-growing mobile internet company with a global vision, offering mobile applications. Our mission is to empower everyone to enjoy relevant content seamlessly. The Company’s user-centric and data-driven approach has enabled it to release appealing products to capture mobile internet users’ ever-evolving content needs and helps it rapidly attract targeted users. CooTek has developed and brought to market content-rich mobile applications, focusing on three categories: online literature, scenario-based content apps and casual games.

For more information on CooTek, please visit https://ir.cootek.com.  

For more information, please contact:

CooTek (Cayman) Inc.

Mr. Robert Cui
ir@cootek.com  

Christensen

In China
Mr. Rene Vanguestaine
Phone: +86-10-5900-1548
E-mail: rvanguestaine@ChristensenIR.com   
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com