Monthly Archives: May 2023

PR Newswire

TCL CSOT Introduces a Full Range of Breakthrough Display Innovations at SID Display Week 2023

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New cutting-edge display products and technologies promise a reimagined future for the field of display technology

LOS ANGELES, May 24, 2023 /PRNewswire/ — TCL CSOT, a company focused on developing new technologies and innovations in the display industry, today unveiled over 30 of its latest products and advanced technologies, including more than ten firsts in the world, at Display Week 2023 organized by the Society for Information Display (SID), held from May 21 to 26 in Los Angeles, California.

Guided by the vision of “Display A Better Future For All”, TCL CSOT showcases its expertise and capacity in providing complete display technology solutions across a range of sizes, categories, and forms – spanning IJP OLED, Mini LED, Micro LED, medical displays, vehicle-mounted displays, light field displays, as well as consumer electronics displays. Among them, six core exhibits include:

  • The world’s first 65-inch 8K ink-jet printing flexible OLED display brings to the industry the largest flexible OLED foldable screen based on ink-jet printing technology to date with the highest resolution and a 120Hz refresh rate. The screen uses IGZO TFT backplane technology and ultra-high-precision ink-jet printing technology to present a smooth and intricate display of an astounding 33 million pixels per frame. Combining ultra-thin and high-strength flexible module materials, the product has a bending radius of less than R25mm and a bending life of up to 100,000 times.
  • The ultrawide 47.5″ curved pillar-to-pillar display extends continuously about 1.4m-wide from one A-pillar seamlessly to the next. The whole display area is equipped with in-cell touch sensing and can be operated by driver and co-driver simultaneously. With an integrated cluster, central control and passenger entertainment functions built into the 4,200R curved display, its utterly natural design merges stylishly with the interior, creating an immersive and futuristic experience. At 8K, this display boasts the highest resolution in the automotive industry. In addition, an AM Mini LED backlight with more than 3,000 local dimming zones and advanced control algorithms facilitates an improved user experience with increased image contrast and decreased energy consumption.
  • Blurring the line between virtual reality and the real world, the world’s first mass-produced 1,512 PPI Mini LED VR display guarantees an immersive visual feast for gamers, movie-buffs, and the like. With a resolution of 2,280RGB x 2,280 and a pixel density of 1,512 PPI, the 2.1-inch display is currently the LCD screen with the highest pixel density in the world, effectively eliminating any screen-door effect and greatly improving the visual perception of VR products. Thanks to local dimming technology, it can achieve fine partition dimming with a contrast ratio of up to 100,000:1, bringing a more realistic and delicate picture, while a 120Hz refresh rate supports a smoother viewing experience.
  • The 2.1-inch 1,512 PPI LTPO-VR realRGB fast-LCD is TCL CSOT’s latest LTPO VR display module with 4K resolution for both eyes and 1,512 PPI real-RGB. Its ultra-high pixel density further improves the experience of VR products. As the most extreme LCD display module in the industry, it eliminates the screen-door effect and vertigo common in VR systems. The graininess no longer exists, while the 3D image is more vivid and immersive than ever. Utilizing advanced LTPO panel design and flow, this product is enabled by major breakthroughs in transmittance, frame rate, border size, and power consumption.
  • Catering to the growing demand for ultra-wide e-sports screens, the world’s first 57-inch 1,000R 8K high-end curved gaming display delivers a super wide perspective using a unique high-performance HVA screen. Boasting a resolution of DUHD 7,680 x 2,160, 1,000R curvature and 32:9 super wide display ratio, the player can experience a 3D depth of field perception and immersion that engages all senses. At the same time, the high refresh rate of 240Hz and fast response speed of 1ms offer a fluid gaming experience, ushering in a new era for e-sports as the world’s first 8K e-sports-ready monitor with exceptional picture quality.
  • Driven by TCL CSOT’s future-oriented vision, the world’s first ultra-narrow OLED flexible display screen (also the world’s first WQ_LTPO ultra-narrow AMOLED flexible product) presents an extra fine appearance with a four-sided 0.9mm Array Panel frame, a four-sided 1.6mm module frame, a 0.3mm O-cut Array Border and a 0.36mm module border. With 1,920Hz PWM dimming technology and a static frame as low as 1Hz, its overall power consumption is 15-20% lower than conventional products in the industry. Equipped with a 240Hz high touch report rate and TCL CSOT’s latest C7 organic light emitting system, this product provides a more realistic color.

“This year’s showcase of TCL CSOT’s breakthrough products and technologies at SID Display Week exemplifies the hard work, tenacity, dedication, and talent of our R&D team from across the world. I’m excited for our customers and partners to experience our advanced offerings and technological achievements,” said Jun Zhao, CEO of TCL CSOT. “Driven not only by a commitment to building a display industry ecosystem, but also to supporting a healthy and more sustainable planet for all through low-carbon, energy-saving, and eye-friendly products, we look forward to driving progress and uncovering more innovations to further accelerate the development of high-end display technology.”

TCL CSOT (TCL China Star Optoelectronics Technology), established in 2009, is a company committed to developing new technologies and innovations in the display industry. TCL CSOT focuses on promoting the development of next-generation display technologies such as Mini LED, Micro LED, OLED, and ink-jet printing OLED to embrace the future technology trend. The company business includes large area displays, small medium displays, touch modules, interactive whiteboards, video walls, automotive displays, and gaming monitors. In the future, TCL CSOT will keep devoting itself to technology innovation and providing high-end products for customers and building a vibrant display industry ecosystem.

PR Newswire

ATRenew Inc. Reports Unaudited First Quarter 2023 Financial Results

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SHANGHAI, May 23, 2023 /PRNewswire/ — ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2023. 

First Quarter 2023 Highlights

  • Total net revenues grew by 30.2% to RMB2,871.8 million (US$418.2 million) from RMB2,206.5 million in the first quarter of 2022.
  • Loss from operations was RMB67.6 million (US$9.8 million), compared to RMB134.8 million in the first quarter of 2022. Adjusted income from operations (non-GAAP)1 was RMB44.4 million (US$6.5 million), compared to RMB3.9 million in the first quarter of 2022.
  • Number of consumer products transacted2 was 7.9 million, compared to 8.4 million in the first quarter of 2022.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are delighted to announce that our year-over-year topline growth exceeded 30% as we recorded revenues of RMB2,871.8 million. As business, offline retail, and logistics began to normalize, consumer mindset of AHS Recycle as the go-to brand for recycling drove a rebound in our 1P orders. Bolstered by our deep roots in pre-owned consumer electronics, we continued to build the competitive moat formed by our storefront-based fulfillment network and intelligent supply chain. At the same time, we further explored a variety of new recycling categories and maintained our focus on benefitting users through supply chain efficiency optimizations. Looking ahead, we will strive to improve the accessibility of our hassle-free recycling services while executing on our long-term mission ‘to give a second life to all idle goods’. We remain committed to promoting the development of circular consumption and creating greater social and commercial value.”

Mr. Rex Chen, Chief Financial Officer of ATRenew, added, “We continued to make progress on our path to profitability during the first quarter of 2023. Non-GAAP operating income reached a new record of RMB44.4 million, representing an adjusted operating margin of 1.5%. We have benefitted from our automated quality inspection system, which has further enhanced our efficiency. Through the integration of industry-leading AI and big data algorithms, we have realized disassembly-free X-ray product testing and achieved optimal pricing of pre-owned electronics, helping us successfully manage quality inspection errors and minimize return losses. As a result, non-GAAP fulfillment expense as a percentage of total revenues was reduced to 9.1% compared to 12.8% in the same period of 2022. Going forward, we will continue to optimize cost efficiency and demonstrate our value to steadily grow our profits, and we remain committed to rewarding our shareholders through our share repurchase program.”

1. See “Reconciliations of GAAP and Non-GAAP Results” for more information.

2. “Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.

First Quarter 2023 Financial Results

REVENUE

Total net revenues increased by 30.2% to RMB2,871.8 million (US$418.2 million) from RMB2,206.5 million in the same period of 2022.

  • Net product revenues increased by 34.9% to RMB2,575.2 million (US$375.0 million) from RMB1,908.9 million in the same period of 2022. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics both through the Company’s online and offline channels.
  • Net service revenues were RMB296.6 million (US$43.2 million), compared to RMB297.6 million in the same period of 2022, representing a decrease of 0.3%. This was primarily due to the lessened consignment business of Paipai Marketplace as the Company pivoted its strategic focus, which was partially offset by an increase in the service revenue generated from PJT Marketplace.

OPERATING COSTS AND EXPENSES

Operating costs and expenses were RMB2,941.4 million (US$428.3 million), compared to RMB2,352.5 million in the same period of 2022, representing an increase of 25.0%.

  • Merchandise costs were RMB2,252.1 million (US$327.9 million), compared to RMB1,640.0 million in the same period of 2022, representing an increase of 37.3%. This was primarily due to the growth in product sales.
  • Fulfillment expenses decreased by 10.1% to RMB266.4 million (US$38.8 million) from RMB296.2 million in the same period of 2022. The decrease was primarily due to (i) a decrease in operation center related expenses as the Company optimized its store and operation station networks, (ii) a decrease in share-based compensation expenses, and (iii) a decrease in logistics expenses benefiting from the reduction of unit cost.
  • Selling and marketing expenses decreased by 2.9% to RMB299.0 million (US$43.5 million) from RMB307.8 million in the same period of 2022. The decrease was primarily due to a decrease in share-based compensation expenses, which was partially offset by the increases in marketing expenses and office related expenses mainly composed of travelling expenses in relation to business development.
  • General and administrative expenses were RMB76.4 million (US$11.1 million), compared to RMB45.0 million in the same period of 2022, representing an increase of 69.8%, primarily due to an increase in professional service and consulting fees.
  • Technology and content expenses decreased by 25.4% to RMB47.4 million (US$6.9 million) from RMB63.5 million in the same period of 2022. The decrease was primarily due to the changes in technological personnel cost relating to platforms as the Company’s platforms matured.

LOSS FROM OPERATIONS

Loss from operations was RMB67.6 million (US$9.8 million), compared to RMB134.8 million in the same period of 2022.

Adjusted income from operations (non-GAAP)1 was RMB44.4 million (US$6.5 million), compared to RMB3.9 million in the same period of 2022.

NET LOSS

Net loss was RMB50.0 million (US$7.3 million), compared to RMB161.4 million in the same period of 2022. Adjusted net income (non-GAAP)1 was RMB50.1 million (US$7.3 million), compared to adjusted net loss of RMB35.8 million in the same period of 2022.

BASIC AND DILUTED NET LOSS PER ORDINARY SHARE

Basic and diluted net loss per ordinary share were RMB0.31 (US$0.04), compared to RMB0.99 in the same period of 2022.

Adjusted basic and diluted net income per ordinary share (non-GAAP)1 were RMB0.31 (US$0.04) and RMB0.30 (US$0.04), compared to negative RMB0.22 in the same period of 2022.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS

Cash and cash equivalents, short-term investments and funds receivable from third party payment service providers were RMB2,502.7 million (US$364.4 million) as of March 31, 2023, as compared to RMB2,802.1 million as of December 31, 2022.

Business Outlook

For the second quarter of 2023, the Company currently expects its total revenues to be between RMB2,850.0 million and RMB2,950.0 million. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Recent Development

On December 9, 2022, ATRenew announced an extension of the Company’s existing share repurchase program under which the Company may repurchase up to US$100 million of its shares for another twelve-month period starting from December 28, 2022, with all other terms remain unchanged. During the first quarter 2023, the Company repurchased 1,426,490 American depositary shares (“ADSs”) in the open market at an average price of US$2.91 per ADS, with a total cash consideration of US$4.1 million. As of March 31, 2023, the Company repurchased a total of 9,975,463 ADSs for approximately US$38.0 million under this share repurchase program.

On February 10, 2023, ATRenew announced that Ms. Shuangxi Wu had been appointed as a new member of the Company’s board of directors, effective immediately, to fill in the vacancy arising from the resignation of Mr. Yanzhong Yao.

Conference Call Information

The Company’s management will hold a conference call on Tuesday, May 23, 2023 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Access Code:

7263243

The replay will be accessible through May 30, 2023 by dialing the following numbers:

International:

1-412-317-0088

United States Toll Free:

1-877-344-7529

Access Code:

2795571

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

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s pre-owned consumer electronics industry.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8676 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2023.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net (loss) income and adjusted net (loss) income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the impact of the impairment loss of deferred cost, intangible assets and goodwill, share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net (loss) income is net loss excluding the impact of the impairment loss of deferred cost, intangible assets and goodwill, share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of impairment loss of deferred cost and intangible assets and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net (loss) income per ordinary share is adjusted net (loss) income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share.

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net (loss) income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net (loss) income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The impairment loss of deferred cost, intangible assets and goodwill, share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of impairment loss of deferred cost and intangible assets and amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to loss from operations, net loss, and net loss attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to 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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew 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 ATRenew’s beliefs, plans 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: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

In China:

ATRenew Inc.
Investor Relations
Email: ir@atrenew.com

In the United States:

ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share and otherwise noted)

As of December 31,

As of March 31,

2022

2023

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

1,703,626

1,565,659

227,978

Short-term investments

782,230

644,280

93,814

Amount due from related parties, net

115,501

102,618

14,942

Inventories

433,467

583,398

84,949

Funds receivable from third party payment service
providers

316,277

292,780

42,632

Prepayments and other receivables, net

539,077

608,165

88,556

Total current assets

3,890,178

3,796,900

552,871

Non-current assets:

Amount due from related parties, net, non-current

180,000

—

—

Long-term investments

219,583

493,334

71,835

Property and equipment, net

118,600

111,838

16,285

Intangible assets, net

544,650

474,535

69,098

Other non-current assets

95,744

87,638

12,761

Total non-current assets

1,158,577

1,167,345

169,979

TOTAL ASSETS

5,048,755

4,964,245

722,850

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term borrowings

123,983

318,983

46,448

Accounts payable

73,335

84,552

12,312

Contract liabilities

195,369

89,584

13,044

Accrued expenses and other current liabilities

449,489

390,046

56,795

Accrued payroll and welfare

132,468

93,814

13,660

Amount due to related parties

47,604

38,016

5,536

Total current liabilities

1,022,248

1,014,995

147,795

Non-current liabilities:

Operating lease liabilities, non-current

33,523

23,682

3,448

Deferred tax liabilities

111,312

99,452

14,481

Total non-current liabilities

144,835

123,134

17,929

TOTAL LIABILITIES

1,167,083

1,138,129

165,724

TOTAL SHAREHOLDERS’ EQUITY

3,881,672

3,826,116

557,126

TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY

5,048,755

4,964,245

722,850

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended,

March 31,
2022

December 31,
2022

March 31, 2023

RMB

RMB

RMB

US$

Net revenues

Net product revenues

1,908,932

2,687,917

2,575,178

374,975

Net service revenues

297,572

293,256

296,616

43,191

Operating (expenses) income (1)(2)(3)

Merchandise costs

(1,640,022)

(2,370,546)

(2,252,121)

(327,934)

Fulfillment expenses

(296,220)

(274,927)

(266,386)

(38,789)

Selling and marketing expenses

(307,794)

(594,027)

(299,041)

(43,544)

General and administrative expenses

(44,958)

(76,605)

(76,440)

(11,131)

Technology and content expenses

(63,539)

(54,456)

(47,433)

(6,907)

Goodwill impairment loss

—

(1,819,926)

—

—

Other operating income (loss), net

11,241

(1,305)

2,036

296

Loss from operations

(134,788)

(2,210,619)

(67,591)

(9,843)

Interest expense

(1,003)

(1,078)

(811)

(118)

Interest income

1,724

2,961

7,952

1,158

Other loss, net

(38,623)

(13,678)

(570)

(83)

Loss before income taxes

(172,690)

(2,222,414)

(61,020)

(8,886)

Income tax benefits

13,113

71,476

11,860

1,727

Share of loss in equity method investments

(1,775)

(307)

(839)

(122)

Net loss

(161,352)

(2,151,245)

(49,999)

(7,281)

Net loss per ordinary share:

Basic

(0.99)

(13.23)

(0.31)

(0.04)

Diluted

(0.99)

(13.23)

(0.31)

(0.04)

Weighted average number of shares used in calculating
net loss per ordinary share

Basic

162,576,959

162,569,309

163,827,229

163,827,229

Diluted

162,576,959

162,569,309

163,827,229

163,827,229

Net loss

(161,352)

(2,151,245)

(49,999)

(7,281)

Foreign currency translation adjustments

499

8,751

(10,530)

(1,533)

Total comprehensive loss

(160,853)

(2,142,494)

(60,529)

(8,814)

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (CONTINUED)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended,

March
31, 2022

December
31, 2022

March 31, 2023

RMB

RMB

RMB

US$

(1) Includes share-based compensation expenses as
follows:

Fulfillment expenses

(14,763)

(15,665)

(5,507)

(802)

Selling and marketing expenses

(15,406)

(12,025)

(3,804)

(554)

General and administrative expenses

(16,583)

(21,940)

(18,999)

(2,766)

Technology and content expenses

(4,559)

(7,970)

(4,686)

(682)

(2) Includes amortization of intangible assets and
deferred cost resulting from assets and business
acquisitions as follows:

Selling and marketing expenses

(85,755)

(88,747)

(78,495)

(11,430)

Technology and content expenses

(1,580)

(1,580)

(482)

(70)

(3) Includes impairment loss of deferred cost, intangible
assets and goodwill as follows:

Selling and marketing expenses

—

(271,114)

—

—

Technology and content expenses

—

(6,217)

—

—

Goodwill impairment loss

—

(1,819,926)

—

—

Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended,

March 31,
2022

December
31, 2022

March 31, 2023

RMB

RMB

RMB

US$

Loss from operations

(134,788)

(2,210,619)

(67,591)

(9,843)

Add:

Share-based compensation expenses

51,311

57,600

32,996

4,804

Amortization of intangible assets and deferred cost resulting
from assets and business acquisitions

87,335

90,327

78,977

11,500

Impairment loss of deferred cost, intangible assets and
goodwill

—

2,097,257

—

—

Adjusted income from operations (non-GAAP)

3,858

34,565

44,382

6,461

Net loss

(161,352)

(2,151,245)

(49,999)

(7,281)

Add:

Share-based compensation expenses

51,311

57,600

32,996

4,804

Amortization of intangible assets and deferred cost resulting
from assets and business acquisitions

87,335

90,327

78,977

11,500

Impairment loss of deferred cost, intangible assets and
goodwill

—

2,097,257

—

—

Less:

Tax effects of impairment loss of deferred cost and intangible
assets and amortization of intangible assets and deferred cost
resulting from assets and business acquisitions

(13,113)

(71,476)

(11,860)

(1,727)

Adjusted net (loss) income (non-GAAP)

(35,819)

22,463

50,114

7,296

Adjusted net (loss) income per ordinary share (non-
GAAP):

Basic

(0.22)

0.14

0.31

0.04

Diluted

(0.22)

0.13

0.30

0.04

Weighted average number of shares used in calculating
net loss per ordinary share

Basic

162,576,959

162,569,309

163,827,229

163,827,229

Diluted

162,576,959

169,321,970

169,151,003

169,151,003

Source: ATRenew Inc.

PR Newswire

EV Group and Dymek Company Form Joint Venture Company in Malaysia to Enhance Regional Customer Support

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ST. FLORIAN, Austria and HONG KONG, May 23, 2023 /PRNewswire/ — EV Group (EVG), a leading supplier of wafer bonding and lithography equipment for the MEMS, nanotechnology and semiconductor markets, and Dymek Company, an advanced equipment distributor for the semiconductor, biomedical, data storage, photovoltaic and aerospace industries, today announced that they have established a new joint venture company in Malaysia.

The new company, called EV Group Malaysia Dymek Sdn. Bhd., will be charged with managing EVG’s customer support operations in Malaysia. Hermann Waltl, executive sales and customer support director and member of the executive board at EVG, will serve as director of the new joint venture, and Sean Lim from Dymek will serve as managing director of the new joint venture.

EV Group Malaysia Dymek is located at 70-3-31, D’Piazza Mall, Jalan Mahsuri, 11900 Bayan Lepas, Penang, Malaysia.

Working closely with EVG’s headquarters, EV Group Malaysia Dymek will be responsible for numerous key regional customer support activities, including equipment installation, technical service and support, spare parts management and supply, and process development support. The company will be fully operational in July 2023.

“Malaysia has been an important center for semiconductor and microelectronics packaging, test and assembly for several decades. As global investments from leading chip manufacturers and outsourced semiconductor assembly and test companies in the region continue to ramp up, it is vital that EVG strengthen its customer support infrastructure here as well,” stated Hermann Waltl. “Dymek has been a key strategic partner for EVG in several countries in Asia already for many years, and we look forward to partnering with them to enhance our customer support in Malaysia as well.”

“This strategic move by EV Group to establish a more direct presence in Malaysia will be well-received by the semiconductor and microelectronics industries of Southeast Asia. Companies here already recognize EVG as a market and technology leader in semiconductor process equipment, and now knowing they can receive local support from local engineers will only further increase their confidence and trust in EVG,” stated Stanley Lam, managing director, Asia Pacific, at Dymek Company. “We are pleased to be working closely with EVG to grow and enhance their customer support infrastructure in Malaysia and across Southeast Asia.”

See EVG at SEMICON Southeast Asia
EVG is a sponsor and program speaker at SEMICON Southeast Asia, taking place May 23-25 at the Setia SPICE Convention Centre in Penang, Malaysia. Attendees interested in learning more about EVG’s latest developments in heterogeneous integration are welcome to attend the Advanced Packaging Forum on Wednesday, May 24 at 15:00 to see Dr. Thorsten Matthias, regional sales director Asia-Pacific for EVG, present on state of the art and upcoming requirements in wafer-to-wafer and die-to-wafer hybrid bonding.

About Dymek Company
Dymek Company Ltd was established in 1989 and is an advanced equipment distributor to leading manufacturers and innovative R&D facilities in the Aerospace, Biomedical, Semiconductor, Data Storage, and Photovoltaic industries. In the early 2000s, Dymek expanded from our headquarters in Hong Kong throughout Southeast Asia and China in order to meet the diverse needs of our customers. In today’s globalized marketplace, it is standard for our customers to have integrated supply chains that link countries across Asia Pacific, and our expert staff is prepared to meet them wherever they are and connect them with industry-leading equipment from around the world. More information about Dymek is available at www.dymek.com.

About EV Group (EVG)
EV Group (EVG) is a leading supplier of equipment and process solutions for the manufacture of semiconductors, microelectromechanical systems (MEMS), compound semiconductors, power devices and nanotechnology devices. Key products include wafer bonding, thin-wafer processing, lithography/nanoimprint lithography (NIL) and metrology equipment, as well as photoresist coaters, cleaners and inspection systems. Founded in 1980, EV Group services and supports an elaborate network of global customers and partners all over the world. More information about EVG is available at www.EVGroup.com.

Dymek Contact:
Dow Wang
Marketing Manager
Dymek Company Ltd
Tel: +60 4 641 5536
E-mail: marketing@dymek.com

EV Group Contacts:

Clemens Schütte 

David Moreno

Director, Marketing and Communications

Principal

EV Group

Open Sky Communications

Tel: +43 7712 5311 0 

Tel: +1.415.519.3915

E-mail: Marketing@EVGroup.com 

E-mail: dmoreno@openskypr.com 
PR Newswire

Hollywood teams and Chinese filmmakers cooperate to build new hubs of film industry between the Greater Bay Area(GBA) and China-ASEAN Free Trade Zone

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SHENZHEN, China, May 22, 2023 /PRNewswire/ — On May 18, 2023, “building new hubs of film industry between the Greater Bay Area(GBA) and China-ASEAN Free Trade Zone” and also the launch ceremony of the Train to the Frontier was held in Guangzhou.

group photo
group photo

After providing virtual production for Everything Everywhere All at Once and King of the Sky, virtual production of Unilumin will be applied to the Train to the Frontier again, which gains recognition of film industry experts at home and abroad, accelerating the industrialization process of domestic movies.

Huang Changning, the president of Guangdong Film Industry Association, as well as leaders of Guangzhou Legendary Film Corporation, Unilumin, and other enterprises were invited to be present. In addition, the producing team of the Train to the Frontier, including Fang Jinli (the director), Mike Leeder (the joint producer), Phil Nibbelink (the art director), Victor Enriquez (the coordinator of visual special effects), and Dmitry(the director of special effects), gathered in Guangzhou 1978 Film Town to witness the new chapter of film industry together.

In this ceremony, Guangzhou Legendary Film Corporation and Unilumin established strategic cooperation partnership in virtual production, special effects making and digital assets about six movies such as the Train to the Frontier and Romantic Years etc. Furthermore, Guangzhou Legendary Film Corporation, Unilumin, and Guangxi Satellite TV established strategic cooperation partnership and cooperated to strengthen promotion and enlarge application of virtual production.

The Train to the Frontier tells the story about passengers fighting outlaws who possess national treasures illegally in a train driving to the frontier. It’s reported that Hollywood teams and Chinese filmmakers cooperate to adopt Unilumin’s complete solution of virtual production in this movie. And 90% content of this movie will be shot in virtual shooting studios.

In the filed of virtual production, Unilumin has complete solutions, including film shooting, digital assets and LED displays in theaters. 

By 2022, over 100 studios are established by Unilumin among 140 virtual shooting studios around the world, accounting for 80% of the market. In the future, virtual production of Unilumin will serve as the bridge between domestic and foreign filmmakers for their communication, helping Chinese film industry boom and prosper.

Mike Leeder, the joint producer
Mike Leeder, the joint producer

Source: Unilumin Group., Ltd.

Computers, Gaming, Lifestyle, News

The NVIDIA GeForce RTX 4060 and RTX 4060 Ti is Finally Here – Better Late Than Never!

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NVIDIA launched their Ada Lovelave architecture technology last year with the rather humungous NVIDIA GeForce RTX 4090 and RTX 4080 flagship class GPUs. That brought high-end 4K and 8K gaming to the hands of consumers who could afford them. For the ones that could not, they had to be content with the existing NVIDIA GeForce RTX 30 series set-up. They had to settle for an NVIDIA GeForce RTX 3060 or RTX 3070, since the RTX 3080 and RTX 3090 were still sold at incredibly high prices at the time. The NVIDIA GeForce RTX 4070 Ti came rather late to the Ada Lovelace party, but it was still a welcome addition to the RTX 40 series line-up since that means that Ada Lovelace is becoming a little more accessible to normal people. The RTX 4070 Ti is still, by no means, a cheap or affordable GPU to start with though, for those looking to game on a budget, they still must go for NVIDIA’s outdated GeForce RTX 3060. Not anymore.

NVIDIA has just announced that the NVIDIDA GeForce RTX 4060 family is finally seeing the light. This includes the NVIDIA GeForce RTX 4060 Ti variant of the GPU. Alongside the announcement of the latest entry-level RTX 40 series GPU, NVIDIA announces that over 300 games now support DLSS 3 upscaling technology for better gaming performance at higher graphics quality.

NVIDIA GeForce RTX 4060

The regular NVIDIA GeForce RTX 4060 comes with 3,072 CUDA cores that clocks in at 2.46 GHz, which is curiously less cores than the NVIDIA GeForce RTX 3060 that came before it. The GPU is clocked higher than before though, and with Ada Lovelace architecture, should prove to be an improvement over the RTX 3060. Obviously, the GeForce RTX 4060 also comes with NVIDIA’s 3rd generation Ray Tracing cores that also supports DLSS 3.0 and 4th Generation Tensor cores that should prove to perform better than the older 60 class GPU.

The result is the NVIDIA GeForce RTX 4060 performing about 1.7x better than the RTX 3060 on average. While you only get the choice of an 8GB GDDR6 memory option, the NVIDIA GeForce RTX 4060 should be a better all-around performer for Full HD 1080p gaming natively. Of course, if you want even better performance and higher frame rates, you can upscale your games with DLSS 3.0.

You still can output the GPU to an 8K display at up to 60Hz with either HDMI 2.1 or DisplayPort 2.0 on the Founder’s Edition GPUs. Whether or not we will see a combination of HDMI 2.1 and DisplayPort 2.0 on partner boards is a guess. Still, it can power up to 4 monitors simultaneously if you need that kind of set-up. It is a 60 class GPU, and it is not meant for higher power consumptions, and therefore it only draws up to 115W in TGP.

NVIDIA GeForce RTX 4060 Ti

For those who are looking to spend a little more on their GPU, but not RTX 4070 high, the RTX 4060 Ti should fit the bill nicely. It is technically more powerful than the RTX 4060. It also a large improvement over the GPU it replaces.

Again, Ada Lovelace architecture means that the new GeForce RTX 4060 Ti does not have to have larger amounts of CUDA cores within the GPU. It only has 4,352 CUDA cores over the 4,864 of the GeForce RTX 3060 Ti. There is the 3rd Generation Ray Tracing cores and 4th Generation Tensor Cores too with AV1 support that is making the GeForce RTX 4060 Ti perform about 1.7x better than the old GPU it replaces. Like the NVIDIA GeForce RTX 4060, the RTX 4060 Ti is designed to crush games even better at Full HD resolutions.

You can also drive up to 4 displays with the 4 output ports from the NVIDIA GeForce RTX 4060 Ti reference GPU. One of them would have to be plugged into the HDMI port, but it is HDMI 2.1 so you still can get 8K 60Hz output out from the GPU. Thanks to lower core counts, the NVIDIA GeForce RTX 4060 Ti is more efficient than ever with up to 165W TGP over the older 200W even with 16GB of GDDR6 memory on board.

Price and Availability

There is no mention on whether NVIDIA will offer the GeForce RTX 4060 and RTX 4060 Ti with GDDR6X memory or not. With GDDR6X being available for the older GeForce RTX 3060 and RTX 3060 Ti, we can assume that NVIDIA will be planning to bring the new 40 series entry-level GPUS with GDDR6X memory. For now, no other manufacturing partners have showcased their own version of the NVIDIA GeForce RTX 4060 and RTX 4060 Ti GPUs. If you plan to get NVIDIA’s Founder’s Edition GeForce RTX 4060 GPU, prices start at US$ 299 (MYR 1,359*), which is not entirely unreasonable. The NVIDIA GeForce RTX 4060 Ti starts at US$ 399 (MYR 1,813*) for the 8GB edition and the 16GB edition will set you back MYR US$ 499 (MYR 2,267*). More information on the new NVIDIA GeForce RTX 4060 GPUs can be found on their website.

*Approximately based on exchange rate of US$ 1 = MYR 4.54 as of 22/05/2023 on xe.com

PR Newswire

IBM Launches $100 Million Partnership with Global Universities to Develop Novel Technologies Towards a 100,000-Qubit Quantum-Centric Supercomputer

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Landmark 10-year partnerships with the University of Tokyo and the University of Chicago to develop a new paradigm of high-performance computing

IBM Quantum milestones to lay foundation for integration of large-scale classical and quantum systems

Collaborations will develop detailed blueprint to pioneer quantum-centric supercomputing

HIROSHIMA, Japan, May 21, 2023 /PRNewswire/ — At the G7 Summit in Japan, IBM (NYSE: IBM) announced a 10-year, $100 million initiative with the University of Tokyo and the University of Chicago to develop a quantum-centric supercomputer powered by 100,000 qubits.

Quantum-centric supercomputing is an entirely new, and as of now, unrealized, era of high-performance computing. A 100,000-qubit system would serve as a foundation to address some of the world’s most pressing problems that even the most advanced supercomputers of today may never be able to solve.

For example, such a powerful quantum system could unlock entirely new understandings of chemical reactions and the dynamics of molecular processes. In turn, this could enable researchers to help study climate change through modeling better methods to capture carbon; discover materials to build batteries for electric vehicles and energy grids towards the goal of being cleaner and more sustainable; and uncover more effective and energy-efficient fertilizers.

To usher in this powerful new paradigm, a global collaboration and an activation of talent and resources across industries and research institutions is being initiated. By partnering with the University of Chicago, the University of Tokyo, and IBM’s broader global ecosystem, IBM will work over the next decade to advance the underlying technologies for this system, as well as to design and build the necessary components at scale. 

Moving forward, IBM intends to expand these partnerships to include Argonne National Laboratory and Fermilab National Accelerator Laboratory, both of which are members of the Chicago Quantum Exchange and home to two respective Department of Energy quantum hubs. Importantly, the two laboratories offer capabilities and expertise that can facilitate delivering the technologies envisaged in the race to build a quantum-centric supercomputer.

“Over the past several years, IBM has been at the forefront of introducing quantum technology to the world,” said Arvind Krishna, Chairman and CEO, IBM. “We have achieved significant progress along our roadmap and mission to globally establish useful quantum technology, so much so that we can now, with our partners, truly begin to explore and develop a new class of supercomputing anchored by quantum.”

“Achieving breakthroughs at scale in quantum technology requires deeply rooted and productive collaboration around the world and across a broad range of industry, academic, and government partners,” said Paul Alivisatos, President of the University of Chicago. “Quantum information science and technology is at a crossroad where foundational discovery and technical innovation will combine to create real breakthroughs. The University of Chicago is thrilled to partner in this endeavor.”

“We expect our partnership will lead to scientific breakthroughs, acceleration of the adoption of quantum computing for the coming era, and active engagement into the critical societal challenges of humanity. We also aim to contribute to the realization of a better future society by nurturing diverse talents,” said Dr. Teruo Fujii, the President of the University of Tokyo.

Building the Blocks of Quantum-Centric Supercomputing

The plans for this quantum-centric supercomputer are expected to involve innovations at all levels of the computing stack, and encompass the convergence of the fields of quantum computing and quantum communication, as well as the seamless integration of quantum and classical workflows via the hybrid cloud.

Because such a computer has never been made before, the first step will be to lay out a blueprint. The design will have to integrate classical computers and quantum computers – a challenging task to date – as well as break new ground in quantum communication and computing technology.

The foundation of this system will include milestones IBM has already outlined on its Quantum Development Roadmap. This includes the ability to scale and connect growing numbers of quantum processors through quantum interconnects, as well as technology to mitigate errors to fully harness noisy yet powerful quantum processors.

By the end of 2023, IBM intends to debut three cornerstones of its necessary architecture for quantum-centric supercomputers. One is the new 133-qubit ‘IBM Heron’ processor. This processor is a complete redesign of IBM’s previous generations of quantum processors, with a new two-qubit gate to allow higher performance. It will also be compatible with future extensions to enable modular connected processors to grow the size of the computer.

The second is the introduction of IBM Quantum System Two. The new flagship system is designed to be modular and flexible to introduce elements of scaling in its underlying components, including classical control electronics and high-density cryogenic wiring infrastructure. This system is targeted to be online by the end of 2023.

The third is the introduction of middleware for quantum, a set of tools to run workloads on both classical and quantum processors. This includes tools for decomposing, parallel execution, and reconstructing workloads to enable efficient solutions at scale.

Over the next decade, IBM plans to work with university partners and its worldwide quantum ecosystem to evolve how its quantum processors can be connected via quantum interconnects. This work will aim to enable high-efficiency, high-fidelity inter-processor quantum operations and a reliable, flexible, and affordable system component infrastructure to allow scaling to 100,000 qubits.

IBM’s collaboration with the University of Chicago will build upon the Chicago area’s strengths in quantum research. The University of Chicago seeded the region’s quantum ecosystem more than a decade ago with the decision to make quantum technology a focus of what is now the Pritzker School of Molecular Engineering. Chicago has arguably become one of the leading global hubs for research in quantum technology and home to one of the largest quantum networks in the country. Scientists from the University of Chicago-headquartered Chicago Quantum Exchange, which includes Argonne National Laboratory and Fermilab National Accelerator Laboratory, four universities, more than 40 industry partners, and researchers at other world-class academic institutions in the region will continue to expand the understanding and utilization of quantum technology. 

In conjunction with IBM, researchers at the University of Tokyo have been pushing forward on topics such as the detailed analysis of noise deep inside quantum processors, the development of efficient computation for quantum artificial intelligence, and quantum chemistry simulation with classical-quantum hybrid computations.

For more about the path to a 100,000-qubit quantum-centric supercomputer, read the IBM Research blog.

Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Visit www.ibm.com for more information.

MEDIA CONTACTS

Steven Tomasco 
IBM Communications
stomasc@us.ibm.com

Erin Angelini 
IBM Communications
edlehr@us.ibm.com

IBM Quantum System Two, visually rendered here, is a system designed to be modular and flexible, combining multiple processors into a single system with communication links. This system is targeted to be deployed by the end of 2023 and will be the building block of quantum-centric supercomputing.
IBM Quantum System Two, visually rendered here, is a system designed to be modular and flexible, combining multiple processors into a single system with communication links. This system is targeted to be deployed by the end of 2023 and will be the building block of quantum-centric supercomputing.
A visual rendering of IBM Quantum’s 100,000-qubit quantum-centric supercomputer, expected to be deployed by 2033.
A visual rendering of IBM Quantum’s 100,000-qubit quantum-centric supercomputer, expected to be deployed by 2033.
PR Newswire

Meituan Launches Food Delivery Brand KeeTa Amid Hong Kong Debut

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KeeTa starts operation in Mong Kok and Tai Kok Tsui areas

HONG KONG, May 21, 2023 /PRNewswire/ — Meituan (HKG: 3690) (the “Company”), a leading technology-driven retail company in China, today introduced KeeTa, a new food delivery brand as it officially launches in the Hong Kong market, to provide residents with more customized, efficient and reliable delivery services.

Meituan introduces new food delivery brand KeeTa as it officially launches in the Hong Kong market.
Meituan introduces new food delivery brand KeeTa as it officially launches in the Hong Kong market.

Following the initial launch in Mong Kok and Tai Kok Tsui, the Company expects KeeTa to complete full coverage of the Hong Kong market by the end of this year. The KeeTa app is now available for download in major mobile app stores. Delivery services via KeeTa will start at 8:00 a.m., Monday, May 22, 2023 local time.

Notable merchants that have joined KeeTa include brands like McDonald’s, Maxim’s MX (美心MX), KFC, Yoshinoya(吉野家), Pacific Coffee, and popular food and beverage shops such as hana-musubi (華御結), Hung Fook Tong(鴻福堂), and CHICHA San Chen(吃茶三千). Each newly registered KeeTa user will receive a gift coupon package valued at HK$300, including special meal offers and delivery fee reductions.

KeeTa has introduced a Meal for One program customized for Hong Kong residents. It offers value-for-money set menus for individuals, which allow them to order a meal for as little as HK$60, including delivery fee. Currently available set menus include Chinese, western and Japanese cuisines and beverages. For merchants, the program provides optimized online exposure without requiring additional advertising and traffic expenses. Promoting selected set menus also helps merchants with more efficient ingredient purchasing and meal preparation. Merchants can grow their overall profitability through greater order volumes.

To further improve user experience, KeeTa has an “On-time Promise” policy, an industry-first in the Hong Kong market, which comes free-of-charge for all users. It includes a tiered compensation plan for late orders. Users are promised vouchers toward future purchases for eligible orders delivered more than 15 minutes beyond the original delivery estimate. For courier support, KeeTa is offering couriers multiple reward programs, including incentives for on-time deliveries to improve performance.

“We are seeing an accelerating development of the food delivery market in Hong Kong in the past few years and still unfilled market demands from diners, restaurants and couriers,” said a Meituan spokesperson. “KeeTa aims to meet users’ demand for high-quality delivery services, help merchants grow their business, and provide more flexible and rewarding employment opportunities for couriers.”

Inspired by the renowned sprinter cheetah, KeeTa aims to become an exceptional and enduring on-demand delivery platform in the Hong Kong market, providing high-quality services with more efficiency and better user experience for Hong Kong residents.

About KeeTa

KeeTa is a technology-driven delivery platform that connects consumers with local food and retail merchants and couriers. With the mission of “We help people eat better, live better,” KeeTa is committed to providing localized high-quality products and services, benefiting consumers, food and retail merchants and couriers from the entire ecosystem. KeeTa was launched by Meituan (3690.HK), which owns China’s leading food delivery platform Meituan Waimai.

About Meituan

Meituan (HKG: 3690) (the “Company”) is a leading technology-driven retail company in China. With the mission of “We help people eat better, live better,” the Company uses technology to connect consumers and merchants. Service offerings on its platform address people’s daily needs for food and retail goods and extend further to broad lifestyle and travel services. Meituan is the world’s leading on-demand food delivery service provider and China’s leading e-commerce platform for in-store dining services. Meituan helps consumers discover merchant information, make informed decisions, complete online and offline transactions and enjoy on-demand delivery. The Company currently owns several household brands in China, including Meituan, China’s leading online marketplace for services, Dianping, China’s leading online destination for discovering local services, Meituan Waimai for on-demand delivery services, and Meituan Bikes for bike-sharing services. Meituan has 677.9 million Annual Transacting Users and 9.3 million Annual Active Merchants as of December 31, 2022. The Company operates in over 2,800 cities and counties in China.

For media inquiries, please contact:

Meituan
pr.global@meituan.com   

ICR Inc.
Email: MeituanPR@icrinc.com

PR Newswire

LG Display Recognized for Pioneering Research on Ultra-large OLED and Stretchable Displays at SID 2023

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SEOUL, South Korea, May 21, 2023 /PRNewswire/ — LG Display, the world’s leading innovator of display technologies, announced today that two of its research papers on ‘ultra-large OLED display’ and ‘Stretchable display’ have been selected as Distinguished Papers by the Society for Information Display (SID).

LG Display's Third Generation OLED TV Panel
LG Display’s Third Generation OLED TV Panel

Under the theme of ‘A Novel Ultra-Large Size OLED Display for Premium TVs,’ LG Display’s research team led by Dr. Hong-jae Shin, research fellow, received the Excellence Paper Award for introducing the key technologies that enabled ultra-large OLED displays of 80 inches and above. With this award, LG Display has been recognized once again for its leadership in OLED innovation.

LG Display's Stretchable Display
LG Display’s Stretchable Display

LG Display led the development of a series of ultra-large OLED TV panels by addressing the challenge of uniformly expressing high-quality images on larger screens, advancing panel and driving technologies, improving the performance of organic light-emitting components, and minimizing bezels.

Following on from the 88-inch 8K OLED TV panel released in 2018, the company commenced the production of its largest 97-inch OLED TV panels last year to offer a full lineup ranging from medium-sized to ultra-large OLED displays. LG Display is the only company with capability of mass-producing ultra-large OLED panels of 80 inches and above.

In addition, LG Display will introduce ‘META technology,’ its third-generation OLED TV panel technology, during SID 2023. These OLED panels realize the industry’s highest brightness of 2,100 nits (1 nit: the brightness of a single candle) among existing OLED TVs, making them the perfect solution for ultra-large TVs. Notably, these panels also demonstrate a remarkable 22 percent improvement in energy efficiency.

Another research team led by Precedence Technology Laboratory at LG Display was also awarded the Excellence Paper Award for the paper, ‘High-Resolution Active-Matrix Micro-LED Stretchable Displays.’ The Stretchable display is highly anticipated as a next-generation display technology courtesy of its ultimate free-form technology that enables it to be extended, folded, and twisted.

LG Display unveiled the industry’s first 12-inch Stretchable display last year that can be stretched by up to 20 percent while delivering full-color RGB and a high resolution of 100ppi (pixels per inch) comparable to standard monitors. This award-winning research has garnered recognition for significantly enhancing the resolution, flexibility, and reliability of stretchable displays, achieving substantial progress towards its commercialization.

LG Display will also present its latest research findings on new technologies during Display Week 2023 from May 21 to 26 at LA Convention Center. This will include the presentation of 15 research papers with significant findings regarding next-generation displays such as OLED and microLED.

LG Display also plans to unveil its latest cutting-edge technologies at SID 2023, including its new OLED technology and third-generation OLED TV panels based on ‘META Technology.’

“We will continue to maintain and expand our competitive advantage by developing cutting-edge displays that provide innovative customer value, particularly in the field of large-sized and high-resolution displays, thereby widening the technological gap between us and our competitors,” remarked Soo-young Yoon, CTO and Executive Vice President at LG Display.

About LG Display

LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world’s leading innovator of display technologies, including thin-film transistor liquid crystal and OLED displays. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers, desktop monitors, automobiles, and various other applications, including tablets and mobile devices. LG Display currently operates manufacturing facilities in Korea and China, and back-end assembly facilities in Korea, China, and Vietnam. The company has approximately 69,656 employees operating worldwide. For more news and information about LG Display, please visit www.lgdisplay.com.

Media Contact:
Joo Yeon Jennifer Ha, Manager, Global PR Team 
Email: hjy05@lgdisplay.com 

Jean Lee, Team Leader, Global PR Team
Email: jean.lee@lgdisplay.com

PR Newswire

Mini-sized, Mega Performance: Introducing New VIOFO A119 MINI 2 Dash Cam with Sony STARVIS 2

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SHENZHEN, China, May 20, 2023 /PRNewswire/ — VIOFO, an innovative dashcam brand, has been committed to improving the image quality of dashcams. Following last year’s release of the world’s first 4K HDR A139 Pro featuring Sony’s newest STARVIS 2 technology, VIOFO recently launched another first-ever 2K HDR dashcam A119 Mini 2, using Sony’s latest STARVIS 2 IMX675 sensor and boasting a range of impressive features, which greatly enhances low-illuminance performance and ability to capture clear license plates.


A119 Mini 2 is the newly upgraded version of our A119 Mini dashcam, making leaps and bounds in both performance and functionality. Let’s take a closer look at it and whether it’s worth considering for your vehicle.

Mini Design

One of the standout features of A119 Mini 2 is its mini design. It is VIOFO’s smallest dashcam, with a discreet dimension of 1.8 inch*2.9 inch*1.6 inch, just the size of a car key. Despite its powerful performance, A119 Mini 2 is incredibly compact and can be mounted behind the rear-view mirror, taking up minimal space on your windshield. This makes it ideal for those who prefer a more concealed installation, as it won’t obstruct the driver’s view or draw attention to itself.

What’s new on A119 Mini 2?

Newest Sony STARVIS 2 Image Sensor

A119 Mini 2 is the world’s first dashcam using Sony’s newest STARVIS 2 IMX675 sensor. The new sensor employs Sony’s unique STARVIS 2 technology which delivers high sensitivity and a wider dynamic range, but with approximately 30% less power consumption than conventional models such as the STARVIS IMX335 image sensor.

Main Features

  • Single exposure method with approximately 2.5 times wider dynamic range than conventional models

The Sony STARVIS 2 tech uses unique processing technology to increase the area of the light-receiving unit despite pixel size limitations, resulting in a wide dynamic range in a 1/2.8-type 5.12 megapixels format. This design delivers a dynamic range approximately 2.5 times wider than conventional models, at 78 dB, thereby enabling high-precision capturing. It can record images accurately without overexposure even in situations such as nighttime roads or tunnel entrances/exits with large changes in brightness.

  • Improved sensitivity in the low-light domain delivers high-quality images in dark environments

The STARVIS 2 IMX675 sensor deploys a back-illuminated structure which increases the amount of light to be captured and enables super-high sensitivity, making it possible to capture high-quality and low-noise images even in low-light scenes and at night.

  • Consumes 30% less power than conventional models

The IMX675 sensor utilizes a stacked structure, employing a Cu-Cu connection between the pixel unit and circuit unit, to achieve an optimized layout for multiple high-speed signal processing circuits. This results in significantly lower power consumption, approximately 30% lower than conventional models. With this new sensor, issues such as power consumption costs, impact on the environment, and camera heat generation can be effectively reduced.

Best-In-Class 2K HDR Image Quality

Powered by a Sony STARVIS 2 image sensor, A119 Mini 2 is by far VIOFO’s second most advanced dashcam. The Sony STARVIS 2 image sensor means that A119 Mini 2 can record crisp videos at 2K 60fps resolution, and at a sensitivity beyond the human eye in low light environments, bringing low noise, eliminating motion blur, and revealing more details. This is a step up from their already impressive 2K quality on other models.

The image sensor IMX675 produces sharp and detailed footage day and night with its outstanding DOL HDR technology. This tech captures a bright and dark image in succession and superimposes one over the other, which helps balance extremely bright and dark areas to accurately restore 2K details recorded at night.

A119 Mini 2 also features an F1.6 aperture with a wider-angle view than A119 Mini’s 140˚, providing a good field of view for capturing everything that happens on the road.

Smart Voice Control

Voice control is another innovative A119 Mini 2 feature, which allows you to start recording, take photos, turn on WiFi, and more by giving simple voice commands in multiple languages (English, Chinese, Russian, Japanese, Vietnamese, and Thai). This can be especially handy if you’re driving while you keep your eyes on the road and your hands on the wheel.

The voice control function supports up to 10 voice commands, including:

  • Take Photo
  • Video Start
  • Video Stop
  • Turn On Audio
  • Turn Off Audio
  • Turn On Screen
  • Turn Off Screen
  • Lock the Video
  • Turn On WiFi
  • Turn Off WiFi

Other Amazing Features

Ultra Fast 5GHz Wi-Fi

A119 Mini 2 comes equipped with dual-band 2.4GHz & 5GHz Wi-Fi. The upgraded 5GHz Wi-Fi provides 4 times faster file transfer than 2.4GHz Wi-Fi, enabling ultra-rapid file transfer, smooth video viewing, and dashcam settings adjustment. The built-in Wi-Fi feature lets you connect the dashcam to your iOS & Android smartphones using the VIOFO app, you can live stream, playback recorded videos, download, or share video files with ease, making it simple to access, store, and send over video evidence in case of any incident.

*Download a 1-minute 2K video in just 10 seconds, with a download speed up to 11MBps (data from VIOFO R&D center).

Intelligent Parking Mode

One of the most important A119 Mini 2 features is Parking Mode, providing 24/7 surveillance of your car even when you’re away. The parking mode offers three options, Auto Event Detection, Time Lapse Recording, and Low Bitrate Recording, keeping your car safe while parked and giving you peace of mind no matter where you go.

Auto Event Detection

With a built-in G-sensor, A119 Mini 2 can detect any motion or impact during parking and automatically start recording for 45 seconds. Supported by a buffered function, it records a 45-second video that starts 15 seconds before and 30 seconds after the detected event, ensuring no critical moments are missed.

Time Lapse Recording

The time lapse mode condenses long periods of time into shorter video clips, recording a video at low frames at 1 / 2 / 3 / 5 / 10 fps without audio recorded, which saves storage and power. This is particularly useful for capturing road trips, scenic drives, or lengthy commutes, as it presents the entire journey in a more concise and easily watchable way.

Low Bitrate Recording

It keeps continuous recording with audio in small file sizes, helping save more space on the MicroSD card.

Voice Notification

A119 Mini 2 comes with voice notifications that serve as a virtual assistant to keep you informed of important dashcam events, such as video protection, setting changes, or memory card errors. This feature keeps you fully focused on the road.

GPS Logger

A119 Mini 2 is equipped with a GPS logger that accurately records detailed location, speed, and time data of the vehicle, making it an ideal tool for insurance claim situations. The GPS data can be viewed when playing back the video on VIOFO App or a computer.

Auto Emergency Lock

With the built-in G-sensor, when a sudden collision or crash occurs, the dashcam automatically triggers the Auto Emergency Lock feature and locks the current video file, preventing it from being overwritten. This way, the accident scene can be accurately reconstructed for your peace of mind.

Final Thoughts

Overall, the A119 Mini 2 dash cam is innovative and tech-forward. It is powered by Sony’s newest STARVIS 2 IMX675 sensor, offering best-in-class 2K footage quality. Additionally, it features smart voice control, enabling hands-free operations. Whether you’re looking for a way to protect yourself on the road or simply want to capture beautiful footage of your travels, the A119 Mini 2 is definitely worth your consideration.

About VIOFO Dashcam

Founded in 2011, VIOFO was started by two engineers aiming at providing the ultimate dash camera image quality for users worldwide.  Attribute to 10 years concentration in dashcam imaging, VIOFO dash cameras are now distributed in over 70 countries with millions of followers. For best customer experience, VIOFO always stays ears open to feedback from both regular and professional users. For more product information, pls visit VIOFO official.

PR Newswire

AGM Group Receives Notification from Nasdaq Relating Delayed Filing of Form 20-F

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BEIJING, May 20, 2023 /PRNewswire/ — AGM Group Holdings Inc. (“AGM Group ” or the “Company”) (NASDAQ: AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced that it received a notification letter dated May 17, 2023 (the “Notification Letter”) from Nasdaq notifying that the Company is not in compliance with the requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) since the Company did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2022 (the “2022 Form 20-F”) with the Securities and Exchange Commission (the “SEC”).

The Notification Letter has no immediate effect on the listing or trading of the Company’s shares on Nasdaq. Pursuant to the Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Notification Letter to submit a plan to regain compliance with Nasdaq Listing Rules (the “Compliance Plan”). If Nasdaq accepts the Compliance Plan, it may grant the Company an extension of up to 180 calendar days or until November 13, 2023, to regain compliance.

AGM Group continues to work diligently to complete the Form 20-F and file it with SEC as soon as reasonably practicable. The Company expects to submit a plan to regain compliance or file its Form 20-F within the timeline prescribed by Nasdaq.

This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.

About AGM Group Holdings Inc.

Incorporated in April 2015 and headquartered in Beijing, China, AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment. AGMH’s mission is to become one of the key participants and contributors in the global fintech and blockchain ecosystem. For more information, please visit www.agmprime.com.

Forward Looking Statements

This news 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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

For more information, please contact:

In China:
At the Company:
Email: ir@agmprime.com

Seaquant Consulting
Ms. Kristy Li
Email: kristy@sea-quant.com

Source: AGM Group Holdings Inc.