Yearly Archives: 2021

PR Newswire

Key Foundry to Begin Mass Production of Automotive Semiconductor Using Gen2 0.13 micron Embedded Flash Process

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SEOUL, South Korea, April 6, 2021 — Key Foundry, the only pure-play foundry in Korea, announced today that it has completed the development of its first automotive semiconductor using its Gen2 0.13 micron embedded flash process and will begin full-scale mass production this year.

Key Foundry has continued mass production of a broad range of consumer application products, such as MCU, Touch and Auto Focus with its Gen1 0.13 micron embedded flash technology for more than 5 years. This newly developed Gen2 0.13 micron embedded flash process can be applied to automotive parts, satisfying the reliability criteria of the AEC-Q100 Grade-1. The AEC-Q100 is an Integrated Circuit (IC) stress test qualification for automotive applications, and to be qualified for Grade-1, the IC should not break down for 10+ years under an extreme temperature as high as 125℃ while keeping all the data saved in the flash intact. Based on its accumulated know-how and utilizing the robust characteristics of its patented Side-wall Selective Transistor Cell (SSTC) structure, Key Foundry has developed an embedded flash technology that passes all the AEC-Q100 Grade-1 tests by adding  ECC (Error Correcting Code memory) in the embedded flash IP. This design improvement increases the flash memory reliability of the technology and makes it suitable for automotive applications.

This new process is first applied to a MCU product for a toll transponder of one of its Korean customers. The 128Kbyte eFlash IP provided by Key Foundry is embedded in the product whose product-level test is completed; mass production will begin in full swing this year. It is the first automotive-bound product utilizing Key Foundry’s embedded flash process, and Key Foundry is expecting the product’s successful development will help expand the technology’s applications to Touch ICs, wireless charge ICs and other various automotive products.

With greater reliability and more cost-competitiveness than the Gen1, this Gen2 technology is expected to be applied to a wide range of consumer applications including MCU, Touch and Auto Focus. Additionally, integrated with the BCD (Bipolar-CMOS-DMOS) process, it is a good fit for various power products such as USB type-C PDs, motor drive ICs, or wireless charging ICs. The application of Gen2 technology is expected to further expand to low-power IoT products with an ultra-low leakage process option. 

In addition, Key Foundry is also developing an embedded flash process in 0.11 microns, followed by the Gen1 and the Gen2 in 0.13 microns. The plan is to provide a flash IP with a memory density as high as 4Mbits by significantly reducing the size of flash cell in response to its customers’ increasing demand for higher memory density.

“We are excited to complete the first product development applying the Gen2 0.13 micron embedded flash technology and begin mass production,” said Dr. Tae Jong Lee, CEO of Key Foundry. “We will take full advantage of our accumulated technological strengths to offer highly reliable and cost-competitive foundry services and continue to increase the portion of automotive semiconductors in our portfolio.”

About Key Foundry

Headquartered in Korea, Key Foundry provides specialty Analog and Mixed-Signal foundry services for semiconductor companies to serve a wide range of applications in the consumer, communications, computing, automotive and industrial industries. With a broad range of technology portfolio and process nodes, Key Foundry has the flexibility and capability to meet the ever-evolving needs of semiconductor companies across the globe. Please visit https://www.key-foundry.com for more information.

CONTACTS:

Media Communication:
Strategy & Business Planning Team
Tel. + 82-2-3450-5191
strategy@key-foundry.com    

Sales/Marketing/Technology:
Taeho Choi (Marketing VP)
Tel. + 82-43-718-4548
taeho.choi@key-foundry.com 

 

 

Related Links :

http://www.key-foundry.com

PR Newswire

TCEB launches ‘MICE Winnovation’ to give MICE entrepreneurs a ready suite of tech solutions and all-round support to go digital

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BANGKOK, April 5, 2021 — Thailand Convention and Exhibition Bureau (TCEB) has launched ‘MICE Innovation, Winning with the Innovation’ to offer enhanced support for Thai MICE entrepreneurs to source and implement innovation in all aspects of event management. The goal is to ensure business continuity and long-term competitiveness of Thailand’s MICE industry.

TCEB LAUNCHES ‘MICE WINNOVATION’ TO GIVE MICE ENTREPRENEURS A READY SUITE OF TECH SOLUTIONS AND ALL-ROUND SUPPORT TO GO DIGITAL.
TCEB LAUNCHES ‘MICE WINNOVATION’ TO GIVE MICE ENTREPRENEURS A READY SUITE OF TECH SOLUTIONS AND ALL-ROUND SUPPORT TO GO DIGITAL.

It is an expanded version of the bureau’s MICE innovation incubation programme ‘Thailand’s MICE Startup’ starting in 2018, which has so far involved 37 successful startups and tech firms and the resources and experiences of which have been consolidated for the newly launched project.

At the launch of ‘MICE Winnovation’, 29 tech firms showcased their products and services to 126 trade visitors representing convention venues, hotels, event organisers, travel agents, trade associations, and education institutions. Their products and services included software for monitoring visitor traffic, face recognition cameras, robots, on-demand workforce, and livestreaming services.

Technomart, the business-matching segment of the day’s programme, gave MICE entrepreneurs an opportunity to meet a select pool of potential technology partners who are familiar with the particular requirements of MICE. A total of 101 business-matching meetings were held onsite while 51 more were conducted online. Some of the online meetings took place as a result of searches made by attendees on TCEB’s online MICE Innovation Catalog. 

To spur adoption of MICE technologies, TCEB is extending funding support in the form of Inno-Vouchers. These vouchers can be used by organisers of domestic and international exhibitions, international conventions, and festivals to offset their investment in new digital solutions. 

TCEB President, Mr Chiruit Isarangkun Na Ayuthaya, said the ‘MICE Winnovation’ project will enable Thai entrepreneurs to take concrete steps to embrace digital innovation in the face of a fast-shifting business landscape. "Implementing innovation is one of the four pillars of TCEB’s Operational Plan for 2021 to maintain Thailand’s competitiveness. ‘MICE Winnovation’ will unlock the resources built up under our ‘Thailand’s MICE Startup’ programme since 2018. We have witnessed the co-creation of numerous technology solutions from the programme and will continue to support our MICE entrepreneurs to future-proof their businesses through innovation, while creating trade opportunities for startups and tech firms" he said.

‘MICE Winnovation’ is made up of four components:

  • MICE Innovation Catalog – an online innovation and technology databank listing products and services for pre-event, onsite, and post-event management
  • Technomart – a business-matching platform for MICE entrepreneurs and startups throughout Thailand
  • Inno-Voucher – a funding scheme to promote innovation implementation
  • Digital Literacy for MICE – an initiative to encourage MICE entrepreneurs to attend online or offline workshops where they can exchange ideas with experts to advance their digitalisation strategy. TCEB is set to launch a quarterly podcast in 2021 to help MICE professionals stay abreast of relevant technology and trends.

‘MICE Innovation, Winning with the Innovation’ is a collaboration between TCEB and the following partners: Digital Economy Promotion Agency (depa), National Innovation Agency (NIA), National Science and Technology Development Agency (NSTDA), Thai Exhibition Association (TEA), Thailand Incentive and Convention Association (TICA), and Thai International Events and Festivals Trade Association (TIEFA).

More information on Thailand’s tech entrepreneurs and their products and services is available from TCEB’s MICE Innovation Catalog at: https://innocatalog.tceb.or.th

Related Picture : https://we.tl/t-r5ITjpg6Hy

About TCEB

A LEADING AGENCY AT THE FOREFRONT OF THAILAND’S MICE INDUSTRY

Established in 2004, Thailand Convention & Exhibition Bureau (Public Organization) or TCEB – the government agency under the supervision of the Prime Minister – has been assigned a role to promote, support and develop business events industry – corporate meetings, incentive trips, conventions, exhibitions, mega events and world festivals. Serving as a strategic partner, TCEB helps deliver creative ideas and solutions to bring success and fulfill the requirements of business events. The overarching goal is to drive Thailand to become a global MICE and mega events destination that can drive the country’s strategic industries and national economy.

PR Newswire

Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2021

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BEIJING, April 5, 2021 — Recon Technology, Ltd (Nasdaq: RCON) ("Recon" or the "Company"), today announced its financial results for the first six months of Fiscal Year 2021.

First Six Months of Fiscal 2021 Financial:

  • Total revenues for the six months ended December 31, 2020 decreased by 17.2% to $3.9 million (RMB25.2 million), while revenue from oily sludge and waste water increased by 10,618.7% or $0.4 million (RMB2.8 million).
  • Gross profit for the six months ended December 31, 2020 was $1.0 million (RMB6.7 million). Gross profit margin for the six months ended December 31, 2020 was 26.7%, representing a decrease of 12.7 percentage points compared to the six months ended December 31, 2019.
  • Net loss attributable to Recon for the six months ended December 31, 2020 was $1.4 million (RMB8.9 million), or $0.19 (RMB1.22) per basic and diluted share, compared to RMB6.7 million, or RMB1.51 per basic and diluted share, for the six months ended December 31, 2019.

Management Commentary

Mr. Shenping Yin, co-founder and CEO of Recon stated, "During the six months period ended December 31, 2020, our management focused on fund reserve and cash management to prepare for a rapid development in the coming year. We believe oil companies in China will continue to increase their capital expenditures in 2021. We expect more orders to be released in year 2021 which might be a busy year of the overall oil industry. We expect our business will benefit from this trend and our numbers will be improved from the second half year of calendar 2021."

Mr. Yin continued, "Besides, the oil industry is experiencing digital transformation. We believe oil companies will continue to increase their usages of intelligent solutions to improve the operation efficiency. We have been devoting resources and participating testing projects with our clients to develop leading solutions. We will continue to enhance our competitive strength through up-gradation with big data and intelligent analysis. We have also seen the trend of digitalization and intelligence in downstream of the oil and gas industry, especially in the management and operation of gas stations in China. We have acquired 51% of Future Gas Station (Beijing) Technology, Ltd. by January 2021 and will continue to invest more in this segment."

First Six Months Fiscal 2021 Financial Results:

Revenue

Total revenues for the six months ended December 31, 2020 decreased by RMB5.2 million ($0.8 million) or 17.2%, to RMB25.2 million ($3.9 million) compared to RMB30.4 million for the six months ended December 31, 2019 mainly due to the decreased revenue from automation products during the six months ended December 31, 2020.

Revenue from automation product and software decreased by RMB10.0 million ($1.5 million), or 44.1%, to RMB12.6 million ($1.9 million) for the six months ended December 31, 2020 from RMB22.6 million for the six months ended December 31, 2019, as the Company’s sales activities were not able to return to normal level which was affected by Covid-19. To make a breakthrough, the Company’s management has been upgrading its automation solutions and introducing big data and intelligent technology to the Company’s products and enhancing its capacity of downhole solutions to enhance its competitive strength.

Revenue from equipment and accessories increased by RMB1.9 million ($0.3 million), or 24.9%, to RMB9.8 million ($1.5 million) for the six months ended December 31, 2020 from RMB7.8 million for the six months ended December 31, 2019 as requirement from maintenance of heating furnaces continued to increase.

Revenue from oilfield environmental protection projects increased by RMB2.8 million ($0.4 million), or 10,618.7%, to RMB2.8 million ($0.4 million) for the six months ended December 31, 2020 as the Company stared to process oily sludge during the six months ended December 31, 2020 and revenue was recorded. As of December 31, 2020, the Company received 4,680 tons of oily sludge from several oil companies and processed 796 tons of them, which was reflected in its revenue for the six months ended December 31, 2020.

Cost and Margin

Total cost of revenues increased slightly from RMB18.4 million for the six months ended December 31, 2019 to RMB18.5 million ($2.8 million) for the same period in 2020. The increase was mainly caused by increased cost of revenue from equipment and accessories and oilfield environmental protection segments.

Gross profit decreased by RMB5.3 million ($0.8 million), or 43.9%, to RMB6.7 million ($1.0 million) for the six months ended December 31, 2020 from RMB12.0 million from the six months ended December 31, 2019. The gross profit as a percentage of revenue decreased to 26.7% for the six months ended December 31, 2020 from 39.4% for the same period in 2019.

Operating Expenses

Selling and distribution expenses maintained at the same level of RMB2.7 million ($0.4 million) compared to the six months ended December 31, 2019.

General and administrative expenses decreased by RMB0.4 million ($0.1 million), or 2.7%, to RMB13.0 million ($2.0 million) for the six months ended December 31, 2020 from RMB13.4 million for the six months ended December 31, 2019. The decrease in general and administrative expenses was mainly due to the decrease in stock-based compensation expense as well as social security expenses during the six months ended December 31, 2020.

Provision for doubtful accounts was RMB25,537 ($3,665) for the six months ended December 31, 2019, compared to reversal of provision for doubtful accounts of RMB3.7 million for the six months ended December 31, 2020, mainly due to the collection of long outstanding receivables during the six months ended December 31, 2020.

Research and development expenses increased from approximately RMB2.9 million for the six months ended December 31, 2019 to RMB3.8 million ($0.6 million) for the same period of 2020. This increase was primarily due to more research and development expense spent on design of new automation platform systems and treatment of wastewater.

Net Loss

Loss from operations was RMB9.1 million ($1.4 million) for the six months ended December 31, 2020, compared to a loss of RMB7.0 million for the six months ended December 31, 2019. This RMB2.1 million ($0.3 million) increase in loss from operations was primary due to decreased revenue and increase in R&D expenses.

Net loss was RMB10.0 million ($1.5 million) for the six months ended December 31, 2020, an increase of RMB3.3 million ($0.5 million) from net loss of RMB7.0 million for the six months ended December 31, 2019. Net loss attributable to the Company for the six months ended December 31, 2019 was RMB6.7 million, or RMB1.51 per basic and diluted share, compared to RMB8.9 million ($1.4 million), or RMB1.22 ($0.19) per basic and diluted share for the six months ended December 31, 2020.

As of December 31, 2020, the Company had cash of RMB70.8 million ($10.8 million), compared to RMB30.3 million as of June 30, 2020. As of December 31, 2020, the Company had working capital of RMB67.0 million ($10.3 million) while as of June 30, 2020, the Company had working capital of RMB64.1 million.

Net cash used in operating activities was RMB16.7 million ($2.6 million) for the six months ended December 31, 2020, compared to net cash provided by operating activities of approximately RMB0.3 million for the six months ended December 31, 2019. Net cash provided by investing activities was RMB1.9 million ($0.3 million) for the six months ended December 31, 2020, compared to net cash provided by investing activities RMB3.7 million for the six months ended December 31, 2019. Net cash provided by financing activities was RMB56.2 million ($8.6 million) for the six months ended December 31, 2020, compared to net cash provided by financing activities of RMB1.9 million for the six months ended December 31, 2019.

Exchange Rate

The translation of RMB amounts into U.S. dollars are included solely for the convenience of readers and have been made at the rate of RMB6.5326 to $1.00, the approximate exchange rate prevailing on December 31, 2020.

About Recon Technology, Ltd

Recon Technology, Ltd (NASDAQ: RCON) is China’s first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit: www.recon.cn.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, the effect of novel coronavirus and other health matters on target markets, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5188
Email: info@recon.cn

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

(UNAUDITED)

As of June 30

As of
December 31

As of
December 31

2020

2020

2020

RMB

RMB

U.S. Dollars

ASSETS

Current assets

Cash

¥

30,336,504

¥

70,807,497

$

10,839,024

Notes receivable

4,180,885

7,789,997

1,192,472

Trade accounts receivable, net

48,244,015

35,471,068

5,429,817

Trade accounts receivable- related party, net

3,068,920

–

–

Inventories, net

1,985,723

2,117,754

324,180

Other receivables, net

6,350,802

11,004,821

1,684,589

Loans to third parties

3,200,377

950,000

145,423

Purchase advances, net

178,767

82,437

12,619

Contract assets, net

31,537,586

45,621,966

6,983,690

Prepaid expenses

198,294

–

–

Total current assets

129,281,873

173,845,540

26,611,814

Property and equipment, net

29,756,879

29,078,178

4,451,210

Land use right, net

1,280,648

1,267,028

193,953

Investment in unconsolidated entity

31,541,850

31,290,554

4,789,875

Long-term other receivables, net

3,640

–

–

Operating lease right-of-use assets (including ¥803,503 and ¥508,888 ($88,921) from a related party as of June 30, 2020 and December 31, 2020, respectively)

2,549,914

2,070,548

316,954

Total Assets

¥

194,414,804

¥

237,551,848

$

36,363,806

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Short-term bank loans

¥

9,520,000

¥

12,020,000

$

1,839,990

Convertible notes payable

–

42,448,810

6,497,951

Trade accounts payable

23,034,347

19,273,046

2,950,267

Other payables

2,609,486

1,563,002

239,260

Other payable- related parties

4,498,318

1,655,668

253,445

Contract liabilities

3,486,033

6,686,592

1,023,566

Accrued payroll and employees’ welfare

1,917,635

954,304

146,081

Investment payable

6,400,000

6,400,000

979,695

Taxes payable

1,108,288

1,381,912

211,539

Short-term borrowings

200,000

215,699

33,019

Short-term borrowings – related parties

10,230,746

12,009,174

1,838,333

Long-term borrowings – related party – current portion

847,346

882,900

135,152

Operating lease liabilities – current (including ¥450,728 and ¥461,859 ($70,700) from a related party as of June 30, 2020 and December 31, 2020, respectively)

1,328,976

1,333,113

204,069

Total Current Liabilities

65,181,175

106,824,220

16,352,367

Operating lease liabilities – non-current (including ¥352,775 and ¥119,029 ($18,221) from a related party as of June 30, 2020 and December 31, 2020, respectively)

1,210,088

729,909

111,733

Long-term borrowings – related party

7,379,253

6,942,795

1,062,785

Total Liabilities

73,770,516

114,496,924

17,526,885

Commitments and Contingencies

Equity

Common stock, ($ 0.0925 U.S. dollar par value, 20,000,000 shares authorized; 7,202,832 shares and 8,416,721 shares issued and outstanding as of June 30, 2020 and December 31, 2020, respectively)*

4,577,233

5,312,021

813,150

Additional paid-in capital

282,505,455

295,104,195

45,173,769

Statutory reserve

4,148,929

4,148,929

635,107

Accumulated deficit

(184,027,586)

(192,963,238)

(29,538,302)

Accumulated other comprehensive gain

2,825,731

1,894,365

289,984

Total stockholders’ equity

110,029,762

113,496,272

17,373,708

Non-controlling interests

10,614,526

9,558,652

1,463,213

Total equity

120,644,288

123,054,924

18,836,921

Total Liabilities and Equity

¥

194,414,804

¥

237,551,848

$

36,363,806

* Retrospectively restated for effect of stock split on December 27, 2019.

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

For the six months ended

December 31,

2019

2020

2020

RMB

RMB

USD

Revenues

Revenues – third party

¥

30,405,153

¥

25,083,622

$

3,839,734

Revenues – related party

–

85,657

13,112

Revenues

30,405,153

25,169,279

3,852,847

Cost of revenues

Cost of revenues – third party

18,437,241

18,452,239

2,824,620

Cost of revenues

18,437,241

18,452,239

2,824,620

Gross profit

11,967,912

6,717,040

1,028,227

Selling and distribution expenses

2,660,873

2,750,389

421,022

General and administrative expenses

13,366,413

13,009,013

1,991,385

Provision for (net recovery of) doubtful accounts

25,537

(3,697,024)

(565,931)

Research and development expenses

2,895,286

3,756,839

575,087

Operating expenses

18,948,109

15,819,217

2,421,563

Loss from operations

(6,980,197)

(9,102,177)

(1,393,336)

Other income (expenses)

Subsidy income

854,389

222,038

33,989

Interest income

85,745

20,168

3,087

Interest expense

(761,322)

(1,000,182)

(153,105)

Income (loss) from investment in unconsolidated entity

141,288

(251,296)

(38,468)

Foreign exchange transaction gain (loss)

209

(78,784)

(12,060)

Other income (loss)

(60,760)

50,369

7,711

Other income (expense), net

259,549

(1,037,687)

(158,846)

Loss before income tax

(6,720,648)

(10,139,864)

(1,552,182)

Income tax expenses (benefit)

316,799

(98,338)

(15,053)

Net loss

(7,037,447)

(10,041,526)

(1,537,129)

Less: Net loss attributable to non-controlling interests

(336,250)

(1,105,874)

(169,284)

Net loss attributable to Recon Technology, Ltd

¥

(6,701,197)

¥

(8,935,652)

$

(1,367,845)

Comprehensive loss

Net loss

(7,037,447)

(10,041,526)

(1,537,129)

Foreign currency translation adjustment

9,610

(931,366)

(142,571)

Comprehensive loss

(7,027,837)

(10,972,892)

(1,679,700)

Less: Comprehensive loss attributable to non-controlling interests

(336,250)

(1,105,874)

(169,284)

Comprehensive loss attributable to Recon Technology, Ltd

¥

(6,691,587)

¥

(9,867,018)

$

(1,510,416)

Loss per common share – basic and diluted

¥

(1.51)

¥

(1.22)

$

(0.19)

Weighted – average shares -basic and diluted*

4,449,980

7,330,866

7,330,866

* Retrospectively restated for effect of stock split on December 27, 2019.

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the six months ended December 31,

2019

2020

2020

RMB

RMB

U.S. Dollars

Cash flows from operating activities:

Net loss

¥

(7,037,447)

¥

(10,041,526)

$

(1,537,129)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

411,592

1,369,590

209,653

Loss from disposal of equipment

3,189

1,095

168

Provision for (net recovery of) doubtful accounts

25,537

(3,697,024)

(565,931)

Provision for slow moving inventories

25,312

423,714

64,861

Amortization of right of use assets

718,000

542,896

83,105

Restricted shares issued for management and employees

4,057,093

3,403,513

521,001

Loss (income) from investment in unconsolidated entity

(141,288)

251,296

38,468

Interest expenses related to convertible notes

–

84,607

12,951

Restricted shares issued for services

33,927

–

–

Changes in operating assets and liabilities:

Notes receivable

(986,826)

(3,609,112)

(552,473)

Trade accounts receivable

5,412,201

15,866,295

2,428,770

Trade accounts receivable-related party

–

3,409,912

521,980

Inventories

(551,200)

(765,595)

(117,195)

Other receivable

1,364,500

(4,262,681)

(652,520)

Other receivables-related parties

–

(23,800)

(3,643)

Purchase advance

1,108,902

96,330

14,746

Contract assets

(9,951,981)

(14,262,839)

(2,183,318)

Prepaid expense

116,917

(19,306)

(2,955)

Prepaid expense – related parties

217,600

217,600

33,310

Operating lease liabilities

(610,000)

(539,572)

(82,596)

Trade accounts payable

362,758

(3,761,301)

(575,770)

Other payables

(160,316)

(850,478)

(130,189)

Other payables-related parties

1,790,155

(2,842,651)

(435,145)

Advance from customers

1,904,753

3,200,559

489,933

Accrued payroll and employees’ welfare

1,501,406

(963,905)

(147,552)

Accrued expenses

–

(198,483)

(30,383)

Taxes payable

650,855

273,624

41,886

Net cash provided by (used in) operating activities

265,639

(16,697,242)

(2,555,967)

Cash flows from investing activities:

Purchases of property and equipment

(12,967)

(375,569)

(57,491)

Proceeds from disposal of equipment

900

–

–

Repayments from loans to third parties

4,960,000

3,200,377

489,905

Payments made for loans to third parties

–

(950,000)

(145,423)

Payments and prepayments for construction in progress

(1,297,663)

–

–

Net cash provided by investing activities

3,650,270

1,874,808

286,991

Cash flows from financing activities:

Proceeds from short-term bank loans

–

3,520,000

538,832

Repayments of short-term bank loans

–

(1,020,000)

(156,139)

Proceeds from short-term borrowings

–

2,460,000

376,570

Repayments of short-term borrowings

(1,081,096)

(2,460,000)

(376,570)

Proceeds from short-term borrowings-related parties

13,115,000

10,100,000

1,546,081

Repayments of short-term borrowings-related parties

(10,195,000)

(8,320,000)

(1,273,604)

Repayments of long-term borrowings-related party

(365,530)

(399,422)

(61,142)

Proceeds from sale of common stock, net of issuance costs

–

9,930,015

1,520,060

Proceeds from issuance of convertible notes

–

42,364,203

6,485,000

Capital contribution by non-controlling shareholders

405,000

50,000

7,654

Net cash provided by financing activities

1,878,374

56,224,796

8,606,742

Effect of exchange rate fluctuation on cash

9,611

(931,369)

(142,574)

Net increase in cash

5,803,894

40,470,993

6,195,192

Cash at beginning of period

4,521,325

30,336,504

4,643,832

Cash at end of period

¥

10,325,219

¥

70,807,497

$

10,839,024

Supplemental cash flow information

Cash paid during the period for interest

¥

718,201

¥

849,409

$

130,025

Cash received during the period for taxes

¥

(2,002)

¥

(98,338)

$

(15,053)

Non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease obligations

¥

1,228,963

¥

63,530

$

9,725

Inventories used as fixed assets

¥

–

¥

302,795

$

46,351

Payable for construction in progress

¥

236,302

¥

–

$

–

Receivable for disposal of property and equipment

¥

5,000

¥

–

$

–

 

Related Links :

http://www.recon.cn/

Android, Business, Consumer Electronics, Lifestyle, Mobile, News

LG Completely Backs Out of Smartphone Market

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South Korea has become one of the biggest electronic giants the world has ever seen. With the likes of Samsung and LG, it is no wonder the South Koreans are highly regarded in the modern era of technology. The two electronic giants have conquered everything from televisions to even washing machines in 2021. They make some of the best-selling televisions, fridges, even down to a water purifier.

They have also been a leader in the smallest things we carry with us every day. Samsung and LG have been at the forefront of smartphone technologies for the past few years now. But there has been some interesting development for the past few weeks or so. One of them is the fact that LG has made an announcement that they are no longer interested in the smartphone business.

The announcement from LG’s very own newsroom describes that LG Electronics Inc. will close its mobile business unit as per approved by their board earlier in the day. What that means is that LG will give up its smartphone business unit and not dabble in the smartphone market in the future.

To be fair, the company has been considering the exit for a while now. LG’s Mobile Business Unit, or its smartphone division has been posting losses for the past five years at least, and they show no sign of recovering. The company has been focusing on selling some mid-range smartphones while developing interesting concepts that produces smartphones like the LG Wing. They also showed some concept of a rollable smartphone, something we do not expect to see LG producing ever with the announcement.

As per the announcement as well LG will continue to make their current inventory available for sale. LG will also continue to provide support and software updates for their current customers and their existing products until an unspecified time. Although there is no indication to when they will end their product life support. They only indicated that it will be varied by regions.

This also means that the company will have to repurpose its workforces from its mobile business units. They mentioned that this will be determined at a local level as well. Still, they have some time to repurpose everyone within the business unit.

LG is expecting the close to complete by the 31st July 2021. While LG will no longer be officially selling their devices by the end of July, they expect some existing stocks to still be available after specified date and those will still be on sale. LG will still be involved in the development of mobile technologies, however. They will continue to work on 6G network related developments even after the Mobile Business Unit concludes its closure.

News

533 Million Facebook Users’ Data Resurfaces Online from 106 Countries

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Facebook seems to be having a row of things recently. The company initially faced humongous backlash on their implementation of data sharing policies between popular messaging app, WhatsApp, and the larger company. Now, it looks like old wounds are reopening for the company as data from a breach that happened in 2019 has surfaced on forums in hacking forums.

The breach involves over half a million users from over 100 countries with data such as their phone number, emails and even birth date. Malaysia is listed in the countries affected with over 11 million users having been compromised. The breach was first reported by Business Insider. Business Insider has also verified the data in the leak by testing password reset requests. A spokesperson for Facebook has confirmed the data breach. The person also confirmed that the data breach occurred due to vulnerability which was identified and patched back in 2019.

https://twitter.com/UnderTheBreach/status/1378314424239460352

While the data is 2 years old, the fact that it is readily available online at this point is a worrying fact. Data like birthdates, phone numbers and emails can be used to socially engineer scams. In fact, due to the phone numbers being leaked and made readily available, the likelihood in getting scams over SMS and phone calls are heightened.

Acronis Vice President of Cyber Protetction research, Candid Wuest, advises that, in light of the leak, “There is now a higher risk of SMS spam, but also password reset attacks and attacks against other services that use SMS for MFA are now more likely. Users should therefore change from SMS-based MFA service where possible for critical accounts.”

The fact that the leaker has readily made the data available for free can be puzzling. However, according Wuest, “As the leaked data does not contain any passwords or payment card details it is of less value to attackers. Furthermore, at least two third of the data was already available from previous leaks. It is not uncommon to see such data sets being made available for free, as they would not yield much profits on underground site. Such large data sets tend to not stay private for very long anyway.”

The new leak brings into the spotlight the amount of personal data we have available online and especially on social media. It also brings into question Facebook’s privacy policies which govern and protect data stored on their service. What’s even more worrying is the fact that Facebook wasn’t the notifying users, instead, the leak was reported by twitter user Alon Gal who has since been looking at and verifying the data leak. Facebook has only confirmed the occurrence of the breach and has not even notified users that were affected.

PR Newswire

100 Series Live Pitching Season Two Going Global

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KUALA LUMPUR, Malaysia, April 5, 2021 — The flagship community-driven campaign by Brand 21 Asia that focuses on the young entrepreneurship landscape development in Malaysia, had successfully launched its season two at JDX By Smuz Concept Store, Quill City Mall Kuala Lumpur. The opening speech was delivered by Mr. Alvin Soh, the founder of Brand 21 Asia with acknowledgement to season two’s co-hosting partner, AFFIN BANK and venue sponsor, JDX By Smuz Concept Store as well as other official supporting partners. The keynote address was presented by Mr. Andy Loke, Affin Bank Berhad representative, followed by Mr. Kent Lee, the founder of Smuzcity Bhd who introduced O2O marketplace concept to honourable guests.

from left Mr. Alvin Soh, the founder of Brand 21 Asia and Organizer of 100 SERIES LIVE PITCHING. Mr. Andy Loke, Affin Bank Berhad, Mr. Kent Lee, Smuzcity Bhd
from left Mr. Alvin Soh, the founder of Brand 21 Asia and Organizer of 100 SERIES LIVE PITCHING. Mr. Andy Loke, Affin Bank Berhad, Mr. Kent Lee, Smuzcity Bhd

The 100 SERIES LIVE PITCHING main objective is to accelerate young entrepreneurs’ business establishments towards globalization by providing them a fully integrated ecosystem equipped with online & offline marketplace, affluent interview, product live-streaming, media review along with public relation solutions. This year, the 100 SERIES LIVE PITCHING season two has several industry leading partners onboarding the flagship campaign such as the boutique legal advisory firm, Lee & Poh Partnership; fintech management consulting firm, CS Tech; accounting, audit & secretarial firm, JS Partners; self-serve end-to-end advertising platform, Adwork; boutique serviced office, Novux; new edge media, Affluent Luxe World; CEO lounge, Affluent Personalities; supporting association, International Beauty and Health Education Association; and supporting chamber, Global Chamber of Business Leaders.

The 100 SERIES LIVE PITCHING season two campaign will be running from March 2021 until October 2021. Entrepreneurs who have registered online will be required to submit their six-page pitching deck by 15th May 2021 with the top 10 finalists to be announced on 31st July 2021. The top three finalists will be presented with their awards and prizes by AFFIN BANK at the 100 Series Awards Gala Dinner to be tentatively held on 30th October 2021. On top of the prizes, the finalists will enjoy other benefits and values covering personality interview, brand review, product live-streaming, product listing and public relation services thanks to the supports given by associated partners.

In January 2021, Brand 21 Asia founder, Mr Alvin Soh was officially appointed as the main delegate representing Global Chamber of Business Leaders (GCBL) Malaysia to welcome GCBL Annual Summit 2021 and 2022 which the GCBL board has consented Malaysia to be the main hosting country for GCBL Annual Summit 2022. All the 100 SERIES LIVE PITCHING participating entrepreneurs will have the opportunities to present individual profile to global institutions and business leaders’ community across US and Europe regions.

During the event launch, a special appearance guest, Puan Sri Nisa Bakri, one of the highly notable women entrepreneurs who has won numerous awards and recognitions showcased her signature dish to all honourable guests. Guests were treated to a delicious lunch prepared by NJB Innari Sdn Bhd. PR Newswire as Official News Release Distribution Partner for 100 SERIES LIVE PITCHING since year 2019.

The ceremony was successfully officiated and ended on a high note with O2O marketplace tour arranged by Smuzcity Bhd being the collaborative partner with Brand 21 Asia.

PR Newswire

HAI ROBOTICS, the Shenzhen-based ACR pioneer, receives IFOY AWARD 2021 “Best in Intralogistics” certificates

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SHENZHEN, China, April 2, 2021 — HAI ROBOTICS (www.hairobotics.com), pioneer in autonomous case-handling robotic systems (ACR systems) has received two "Best Intralogistics" certificates from the world-renowned IFOY AWARD, with its HAIPICK ACR solutions after going through the world’s largest and toughest intralogistics tests in the recent concluded IFOY test days.

The IFOY AWARD is one of the most significant awards in the material handling industry worldwide, honoring the year’s best products and solutions. The "Best in Intralogistics" certificate was introduced three years ago to document visibly to the outside world the high degree of innovation of the products and solutions nominated for an IFOY AWARD that successfully absolve the IFOY test.

HAI ROBOTICS was selected for its HAIPICK A42T, the world’s first telescopic lift ACR (Autonomous Case-handling Robot), enabling intelligent "goods-to-person" order picking and covering an ultra-wide picking range from 0.25 meters to 6.5 meters, and the HAIPICK A42N, the world’s first autonomous carton-picking ACR to enable mixed picking of cartons and totes of different sizes.

Carton-picking ACR HAIPICK A42N
Carton-picking ACR HAIPICK A42N

Based in Shenzhen, the powerhouse of ICT industry in China, HAI ROBOTICS has been developing AI powered ACR systems since 2015 and has been a leader in the field with best-in-class intelligent goods-to-person solution and smart in-plant logistics solution. By using the HAIPICK systems, customers can realize warehouse automation transformation in a week, increase storage density by 80% – 130%, and improve operational efficiency by 3-4 times compared to manual operations.

Receiving the prestigious and hotly contested IFOY AWARD 2021 "Best in Intralogistics" certificates was just a footnote of the Shenzhen based ACR systems pioneer’s strong head start of a fast expansion to the global markets.

The recent announced partnership with MHS, a US based well-known material handling systems supplier, marks HAI ROBOTICS’s stepping into the US. The relationship leverages innovative HAIPICK technology from HAI ROBOTICS and systems engineering, integration and support from MHS to address labor and storage capacity challenges facing customers in North America.

HAI ROBOTICS also started its business successfully in other parts of the world. In January 2021, HAI ROBOTICS and Bettaroe Robotics, independent supplier of modern logistics in Europe, are pleased to officially announce the beginning of a partnership for the European market. In South Korea, the strategic cooperation starting from September 2020 with The Smart Logistics Business Unit of LG CNS enabled the automation of operations in the agreed new warehouses with HAI ROBOTICS technology. And with the partnership with Mujin, a world-leading artificial intelligence company, HAI ROBOTICS were able to offer better intralogistics solutions to clients and extend the business to Japan starting from December 2019.

Besides the strong performance in expanding into varies key markets around the world, HAI ROBOTICS is also well received by the industry and the capital market.

In March 2021, HAI ROBOTICS secured its series B+ round funding of nearly $ 15 million led by 5Y Capital, with participation from existing investors Source Code Capital and Walden International. The funding does not only confirm, from the investors’ perspective, the success and leading position of the ACR pioneer, but also fuels the company’s R&D, operational capabilities and business expansion.

Boosted by the fast development of e-commerce globally, the logistics industries are placing ever growing demand on the material handling operations in terms of flexibility and efficiency. HAI ROBOTICS, with its proven industry leading ACR products and solutions to address the demands effectively, will continue its fast-growing warehouse automation transformation business worldwide.

About IFOY

The IFOY Award is one of the most prestigious and hotly contested international awards in the materials handling industry, honoring the year’s best products and solutions. It is established as an indicator for economic efficiency and innovation within the intralogistics sector and is a well-known innovation price due to its professional expertise.

About HAI ROBOTICS

HAI ROBOTICS is a pioneer in autonomous case-handling robotics (ACR) system. The company is committed to providing efficient, intelligent, flexible, and customized warehouse automation solutions through advanced robotics technology and AI algorithms and creates value for each factory and logistics warehouse. HAI ROBOTICS focuses on the R&D and design of autonomous case-handling robot systems (ACR). The company realizes the independent R&D of core elements such as robot body, bottom positioning algorithm, control system, robot scheduling, intelligent warehouse management system, and has carried out global patent layout. In 2015, the company developed HAIPICK, the first autonomous case-handling robot system, and put it into commercial operation. Since then, it has been applied in 3PL, apparel, e-commerce, electronics, energy, manufacturing, pharmaceuticals, and other industries. By using the HAIPICK system, customers can realize warehouse automation transformation in a week, increase storage density by 80% – 130%, and improve workers’ work efficiency by 3-4 times.

Related Links :

http://www.hairobotics.com

PR Newswire

Yalla Group Limited Files 2020 Annual Report on Forms 20-F

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DUBAI, UAE, April 2, 2021 — Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA), the leading voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA), today announced that it has filed its annual report on Form 20-F that includes its audited financial statements for the fiscal year ended December 31, 2020 with the Securities and Exchange Commission (the "SEC") on April 2, 2021, U. S. Eastern Time.

The annual report can be accessed on Yalla’s investor relations website at http://ir.yallatech.ae/ and on the SEC’s website at www.sec.gov. The Company will also provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and American Depositary Share holders upon request.

About Yalla Group Limited

Yalla Group Limited is the leading voice-centric social networking and entertainment platform in the Middle East and Northern Africa (MENA). The Company’s flagship mobile application, Yalla, is specifically tailored for the people and local cultures of the region and primarily features Yalla rooms, a mirrored online version of the majlis or cafés where people spend their leisure time in casual chats. Voice chats are more suitable to the cultural norms in MENA compared to video chats. The Company strives to maintain users’ equal status on its platform, thereby encouraging all users to freely communicate and interact with each other. The Company also operates Yalla Ludo, a mobile application featuring online versions of board games that are highly popular in MENA, such as Ludo and Domino. In-game real-time chats and Ludo chat room functions are popular social networking features among users. Through close attention to detail and localized appeal that deeply resonates with users, Yalla’s mobile applications deliver a seamless user experience that fosters a loyal sense of belonging, creating a highly devoted and engaged user community.

For more information, please visit: http://ir.yallatech.ae/

For investor and media inquiries, please contact:

Yalla Group Limited
Investor Relations
Kerry Gao – IR Director
Tel: +86-571-8980-7962
Email: ir@yallatech.ae

The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com

PR Newswire

Selling Simplified appoints Daniel Juanillo as CFO amidst Unprecedented Company Growth

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Juanillo, an experienced executive, hopes to streamline operations, automate functions, and improve efficiencies

DENVER, April 2, 2021 — Selling Simplified Group, Inc. (SSG), a global leader in data-driven B2B demand generation, announced today the appointment of Daniel Juanillo as Chief Financial Officer. 

Selling Simplified, a leading B2B demand generation company, announces Dan Juanillo as Chief Financial Officer.
Selling Simplified, a leading B2B demand generation company, announces Dan Juanillo as Chief Financial Officer.

Juanillo brings more than 30 years of experience – many in senior financial roles – including Regional Accounting Director at Marconi Communications, Vice President and Controller at Horizon Banks, and CFO at Navajo Incorporated. Juanillo also served as a Financial Management Consultant, working his way through a variety of financial certifications, including a Certification in Risk Management Assurance (CRMA) and as a Certified Financial Services Auditor (CFSA).  

Most recently, Juanillo was instrumental in generating 35% revenue growth as CFO for a leading CPG manufacturer, where he executed a series of financial automation efforts, including the implementation of new reporting systems that saved two weeks in each reporting cycle.  

"Dan’s technical experience and business savvy make him perfect for the role at this time of company growth," said CEO and President Michael Whife. "We are thrilled to have someone of his caliber on the executive team, with his exceptional leadership skills and contagious optimistic attitude."  

Over the course of his extensive career, Juanillo has served in various industries, including banking, telecommunications, government, and financial services. At Selling Simplified, he is focused on three long-term goals: streamlining operations, automating functions where possible, and improving efficiencies.  

"It’s a great time in SSG history because we’re growing very quickly, and it’s an exciting market," said Juanillo. He was drawn to the culture at SSG, stating that the company’s global reach contributes to the depth of its people and the knowledge they share. "There is an emphasis on what’s best for the people," he said.  

Juanillo is most looking forward to improving efficiencies related to the 2021 year-end audit and to implementing a more robust financial system. "It’s a breath of fresh air to be on the Selling Simplified team, where ideas are encouraged and welcomed," stated Juanillo. "I can’t stop smiling every day I’m here." 

Juanillo holds an MBA in Corporate Finance & Strategy from Pepperdine Graziadio Business School. He joins Selling Simplified after the company was named one of Inc. 5000’s Fastest-Growing Private Companies in America for the fifth year in a row. 

Photo – https://techent.tv/wp-content/uploads/2021/04/selling-simplified-appoints-daniel-juanillo-as-cfo-amidst-unprecedented-company-growth.jpg

Related Links :

http://www.sellingsimplified.com

PR Newswire

Pintec Technology Holdings Limited to Hold 2021 Extraordinary General Meeting on May 7, 2021

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BEIJING, April 2, 2021 — Pintec Technology Holdings Limited (Nasdaq: PT) ("PINTEC" or the "Company"), a leading independent technology platform enabling financial services in China, today announced that it has called an extraordinary general meeting (the "EGM") of shareholders to be held at Floor 9, Room Jupiter, Heng An Building, No. 17, East 3rd Ring Road, Chaoyang, Beijing on May 7, 2021 at 10:00a.m. Local time to consider and vote on the following two proposals (the "Proposals") as further detailed in the notice of the EGM (the "Notice"):

  1. THAT the authorized share capital of the Company shall be changed to US$250,000, divided into 2,000,000,000 shares of a par value of US$0.000125 each, comprising of (i) 750,000,000 Class A Ordinary Shares of a par value of US$0.000125 each, (ii) 250,000,000 Class B Ordinary shares of a par value of US$0.000125 each, and (iii) 1,000,000,000 shares of no specific class of a par value of US$0.000125 each, by the re-designation of 1,000,000,000 authorized but unissued Class A Ordinary Shares as shares of no specific class (the "Re-designation of Share Capital");

  2. THAT the Company’s Fourth or Current Amended and Restated Memorandum of Association and Articles of Association be amended and restated by their deletion in their entirety and by the substitution in their place of the Fifth Amended and Restated Memorandum of Association and Articles of Association in the form as attached as Exhibit A to the Notice.

The detailed Proposals and additional information regarding the EGM can be found in the Notice and the form of proxy for the EGM. The Notice and form of proxy for the EGM are available on the Company’s website at ir.pintec.com, and will also be furnished to the Securities and Exchange Commission on Form 6-K on or about April 2, 2021. In addition, the Company’s proxy materials (including the final proxy statement) will be mailed to shareholders and ADS holders.

The Board of Directors of the Company recommends that the Company’s shareholders and ADS holders vote FOR the Proposals.

The Board of Directors of the Company has fixed the close of business on April 7, 2021 as the record date (the "Record Date") for determining the shareholders entitled to receive the Notice or any adjournment or postponement thereof. Holders of record of ordinary shares of the Company at the close of business on the Record Date are entitled to notice of, to attend and vote at, the EGM or any adjournment or postponement thereof. Holders of the Company’s American depositary shares ("ADSs") who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, The Bank of New York Mellon.

About PINTEC

PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions. For more information, please visit ir.pintec.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, quotations from management and PINTEC’s strategic and operational plans. PINTEC 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. 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, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but not limited to, the Company’s limited operating history, regulatory uncertainties relating to online consumer finance in China, the Company’s reliance on Jimu Group for a significant portion of its funding and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, publicity regarding the consumer finance industry and the evolving regulatory environment governing this industry in China, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. 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. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Related Links :

https://ir.pintec.com/