Monthly Archives: August 2023

PR Newswire

Dstny launches Call2Teams Go for cost-effective voice integration with Microsoft Teams

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LONDON, Aug. 15, 2023 /PRNewswire/ — Dstny Automate, the leading provider of Direct Routing solutions for Microsoft Teams, is excited to launch Call2Teams Go, the latest addition to their ecosystem of Direct Routing products. Call2Teams Go revolutionizes voice integration with Teams, effectively unlocking the power of Teams collaboration without the added complication of additional telephony licensing. This makes it one of the most cost-effective solutions on the market for voice-enabling Teams. Because it is native, Call2Teams Go delivers a rich calling experience directly within the Teams interface.

Call2Teams Go is the only truly native client companion for Microsoft Teams

Call2Teams Go lets Call2Teams PBX users rapidly activate a dial pad within the Teams environment. Additionally, with Call2Teams Go the tenant only needs to have one Microsoft Teams Resource Account license and one phone system license per company. This native experience means users can access essential Teams functions, such as presence, call history, 1-1 call recording and transcription, voicemail, call waiting and contact syncing. Call2Teams Go also delivers features exclusive to Call2Teams products such as 100% true reflection of line state when making transfers.

Neil Greenwood, VP of Product at Dstny Automate, explains why being native to Teams is so important.

“Being native on the client side means you’re using the Teams voice capabilities within the platform, which comes with the networking and quality of service attributes that go from the client into the Azure Cloud and then to Teams.

With Call2Teams Go there is no software to install, so users are not handling a cross-launch in a separate window to Teams. With some integrations, you’ll see the dialer in Teams, but it’s actually presenting as a web client using WebRTC or simply acting as a remote interface to an existing application sitting outside of Teams.”

As Call2Teams Go is native to Teams, it is instinctive to users already familiar with the Microsoft Teams interface.

Call2Teams Go is a game-changer for Teams calling via PBX.

As with Call2Teams for PBX and Trunks, this latest addition to the product ecosystem is delivered on a per-user-per-tenant basis. Greenwood goes on to explain:

“Call2Teams Go completes our Direct Routing product set. Now all users within a company can have access to native Teams calling, whether that be via Microsoft Phone System or via Call2Teams Go.”

The launch of Call2Teams Go delivers ground-breaking advances in how users make and receive calls in Microsoft Teams and is a major step forward in delivering native Teams calling to all users, regardless of price.

Find out more at www.call2teams.com/call2teams-go

Contact: Helen Johnstone – helen.johnstone@dstny.com – +44 330 008 4523

About Call2Teams from Dstny

Call2Teams easily voice-enables Microsoft Teams around existing enterprise-grade telephony. Call2Teams is a cloud-native, middleware product that sits between any phone system, PBX or SIP Trunk provider, and Microsoft Teams. No hardware or software is needed – there is no need to port numbers, change carrier, or throw away an existing phone system. 

Learn more at www.call2teams.com 

About Dstny

Dstny is a premier European provider of cloud-based business communications solutions. With more than 3 million users, Dstny simplifies communication for companies, partners, and service providers with interactive tools delivered as-a-service across all formats, including voice, video, and chat. Featuring a mobile-first design and easy integration, Dstny’s innovative technology and strong local partnerships allow for delivering exceptional user experiences. Headquartered in Brussels, Dstny has ca. 1000 employees in 7 European countries and a ca. €250 million annual revenue.

Learn more at www.dstny.com

PR Newswire

Yalla Group Limited Announces Unaudited Second Quarter 2023 Financial Results

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DUBAI, UAE, Aug. 15, 2023 /PRNewswire/ — Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial and Operating Highlights

  • Revenues were US$79.2 million in the second quarter of 2023, representing an increase of 4.1% from the second quarter of 2022.

– Revenues generated from chatting services in the second quarter of 2023 were US$55.2 million.

– Revenues generated from games services in the second quarter of 2023 were US$24.0 million.

  • Net income was US$28.3 million in the second quarter of 2023, compared with US$20.4 million in the second quarter of 2022. Net margin[1] was 35.7% in the second quarter of 2023.
  • Non-GAAP net income[2]  was US$33.8 million in the second quarter of 2023, compared with US$28.6 million in the second quarter of 2022. Non-GAAP net margin[3] was 42.6% in the second quarter of 2023.
  • Average MAUs[4] increased by 14.3% to 34.2 million in the second quarter of 2023 from 29.9 million in the second quarter of 2022.
  • The number of paying users[5]  on our platform increased by 26.6% to 13.4 million in the second quarter of 2023 from 10.6 million in the second quarter of 2022.

Key Operating Data

For the three months ended

June 30, 2022

June 30, 2023

Average MAUs (in thousands)

29,920

34,192

Paying users (in thousands)

10,585

13,402

[1] Net margin is net income as a percentage of revenues.

[2] Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

[3] Non-GAAP net margin is non-GAAP net income as a percentage of revenues.

[4] “Average MAUs” refers to the average monthly active users in a given period calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. “Active users” refers to registered users who accessed any of our main mobile applications at least once during a given period. Yalla, Yalla Ludo and Yalla Parchis have been our main mobile applications for the periods presented herein; YallaChat and 101 Okey Yalla have been our main mobile applications since the fourth quarter of 2022; and WeMuslim has been our main mobile application since the second quarter of 2023.

[5] “Paying users” refers to registered users who played a game or purchased our virtual items or upgrade services using virtual currencies on our main mobile applications at least once in a given period, except for users who receive all of their virtual currencies directly or indirectly from us for free. “Registered users” refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications.

“Our robust second quarter performance delivered total revenues that increased by 4.1% year-over-year to US$79.2 million, exceeding the top end of our guidance despite the period’s seasonality prompted by the Ramadan holiday,” said Mr. Yang Tao, Founder, Chairman and CEO of Yalla. “These exceptional results showcase our ongoing dedication and ability to successfully refine our operating processes, enhance the gamification of our flagship applications and optimize our user acquisition strategy. As a result, we have holistically elevated users’ experience across our suite of products, driving increased user engagement. Our Group’s average MAUs increased to 34.2 million for the second quarter, up 14.3% year-over-year. Users are also showing increasing willingness to pay for our products and the number of total paying users increased to 13.4 million in the second quarter of 2023.

“The launch of our second hard-core mobile game Merge Kingdoms drove exciting progress in our mid-core and hard-core gaming business during the second quarter. Meanwhile, we continue to refine and upgrade our first self-developed hard-core game, Age of Legends, which was launched across Gulf countries at the beginning of August 2023,” Mr. Yang added. “Digital transformation is sweeping through the MENA region. To make the most of the growing opportunities within the expanding market, we are strategically investing in R&D and exploring new business prospects that complement our existing offerings. Moving forward, we will continue to leverage our local know-how and core capabilities, as well as work to forge collaborations with international partners that strengthen our offerings and overall value proposition.”

“In the second quarter, we achieved solid top-line and bottom-line growth as we continued to pursue high-quality development of our business,” said Ms. Karen Hu, CFO of Yalla. “Our commitment to disciplined cost management and an ROI-focused sales and marketing strategy has elevated our overall operational efficiency. We have also strategically leveraged the high-interest rates to achieve a higher return for our strong cash position. Consequently, we maintained a healthy level of profitability throughout the quarter, registering a net margin of 35.7% and excluding share-based compensation, a non-GAAP net margin of 42.6%. Our solid cash position and effective overall execution equip us to seize future opportunities that foster our sustainable growth and generate value for all of our stakeholders.”

Second Quarter 2023 Financial Results

Revenues

Our revenues were US$79.2 million in the second quarter of 2023, a 4.1% increase from US$76.1 million in the second quarter of 2022. The increase was primarily driven by the broadening of our user base and our enhanced monetization capability. Our average MAUs increased by 14.3% from 29.9 million in the second quarter of 2022 to 34.2 million in the second quarter of 2023. Our solid revenue growth was also partially attributable to the significant increase in the number of paying users, which grew from 10.6 million in the second quarter of 2022 to 13.4 million in the second quarter of 2023.

In the second quarter of 2023, our revenues generated from chatting services were US$55.2 million, and revenues from games services were US$24.0 million.

Costs and expenses

Our total costs and expenses remained relatively stable at US$55.3 million in the second quarter of 2023, compared with US$55.2 million in the second quarter of 2022.

Our cost of revenues was US$28.3 million in the second quarter of 2023, a 3.2% decrease from US$29.3 million in the same period last year, primarily due to lower commission fees paid to third-party payment platforms as a result of diversified payment channels, and lower technical service fees resulting from more disciplined management.

Cost of revenues as a percentage of our total revenues decreased to 35.8% in the second quarter of 2023, compared with 38.5% in the second quarter of 2022.

Our selling and marketing expenses were US$12.4 million in the second quarter of 2023, a 10.4% increase from US$11.2 million in the same period last year, primarily due to higher advertising and market promotion expenses driven by our continued user acquisition efforts and expanding product portfolio. Selling and marketing expenses as a percentage of our total revenues remained relatively stable at 15.6%, compared with 14.7% in the second quarter of 2022.

Our general and administrative expenses were US$8.0 million in the second quarter of 2023, a 15.4% increase from US$6.9 million in the same period last year, primarily due to an increase in incentive compensation and an increase in professional service fees. General and administrative expenses as a percentage of our total revenues remained relatively stable at 10.1%, compared with 9.1% in the second quarter of 2022.

Our technology and product development expenses were US$6.6 million in the second quarter of 2023, a 14.8% decrease from US$7.7 million in the same period last year, primarily due to the appreciation of the U.S. dollars, which resulted in a decrease in the reporting currency amount of salaries and benefits for our technology and product development team, demonstrating benefits of the Company’s globalized talent acquisition strategy. Technology and product development expenses as a percentage of our total revenues decreased from 10.2% in the second quarter of 2022 to 8.3% in the second quarter of 2023.

Operating income

Operating income was US$23.9 million in the second quarter of 2023, compared with US$20.9 million in the second quarter of 2022.

Non-GAAP operating income[6]

Non-GAAP operating income in the second quarter of 2023 was US$29.4 million, compared with US$29.2 million in the same period last year.

Interest income

Our interest income was US$4.6 million in the second quarter of 2023, compared with US$0.2 million in the second quarter of 2022, primarily due to a significant increase in interest rates applicable to the Company’s bank deposits and a continued increase in the Company’s cash position.

Income tax expense

Our income tax expense was US$0.82 million in the second quarter of 2023, compared with US$0.78 million in the second quarter of 2022.

Net income

As a result of the foregoing, our net income was US$28.3 million in the second quarter of 2023, compared with US$20.4 million in the second quarter of 2022.

Non-GAAP net income

Non-GAAP net income in the second quarter of 2023 was US$33.8 million, compared with US$28.6 million in the same period last year.

Earnings per ordinary share

Basic and diluted earnings per ordinary share were US$0.19 and US$0.16, respectively, in the second quarter of 2023, while basic and diluted earnings per ordinary share were US$0.14 and US$0.12, respectively, in the same period of 2022.

Non-GAAP earnings per ordinary share[7]

Non-GAAP basic and diluted earnings per ordinary share were US$0.22 and US$0.19, respectively, in the second quarter of 2023, compared with US$0.19 and US$0.16, respectively, in the same period of 2022.

Cash and cash equivalents, term deposits and short-term investments 

As of June 30, 2023, we had cash and cash equivalents, term deposits and short-term investments of US$510.5 million, compared with US$453.0 million as of December 31, 2022.

Share repurchase program

Pursuant to the Company’s share repurchase program beginning on May 21, 2021 with an extended expiration date of May 21, 2024, the Company completed cash repurchases in the open market of 2,302,141 American depositary shares (“ADSs”), representing 2,302,141 Class A ordinary shares, for an aggregate amount of approximately US$27.0 million, as of June 30, 2023. The aggregate value of ADSs and/or Class A ordinary shares that remain available for purchase under the current share repurchase program was US$123.0 million as of June 30, 2023.

Outlook

For the third quarter of 2023, Yalla currently expects revenues to be between US$73.0 million and US$80.0million.

The above outlook is based on current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

[6] Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

[7] Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited’s shareholders represents net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited’s shareholders are non-GAAP financial measures. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

Conference Call

The Company’s management will host an earnings conference call on Monday, August 14, 2023, at 8:00 PM U.S. Eastern Time, Tuesday, August 15, 2023, at 4:00 AM Dubai Time, or Tuesday, August 15, 2023, at 8:00 AM Beijing/Hong Kong time.

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

United States Toll Free:

+1-888-317-6003

International:

+1-412-317-6061

United Arab Emirates Toll Free:

80-003-570-3589

Mainland China Toll Free:

400-120-6115

Hong Kong Toll Free:

800-963-976

Access Code:

8369149

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

A replay of the conference call will be accessible until August 21, 2023, by dialing the following telephone numbers:

United States Toll Free:

+1-877-344-7529

International:

+1-412-317-0088

Access Code:

1131608

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company’s operating performance. The presentation of the 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. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited’s shareholders as net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by the weighted average number of basic and diluted shares outstanding.

By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. Investors can better understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures 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 measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has 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 financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release.

About Yalla Group Limited

Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenue in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users’ evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users; Waha, a social networking product featuring 3-D avatars; casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla’s mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users.

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

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. Statements that are not historical facts, including statements about Yalla Group Limited’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact: 

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

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com 

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com 

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31, 2022

June 30, 2023

US$

US$

ASSETS

Current assets

Cash and cash equivalents

407,256,837

305,819,389

Term deposits

20,000,000

191,761,209

Short-term investments

25,788,304

12,952,035

Amounts due from a related party

—

136,608

Prepayments and other current assets

28,652,840

35,435,305

Total current assets

481,697,981

546,104,546

Non-current assets

Property and equipment, net

2,121,613

2,101,182

Intangible asset, net

1,328,470

1,240,710

Operating lease right-of-use assets

1,950,364

3,202,752

Long-term investments

3,833,750

3,819,565

Other assets

15,406,078

15,080,631

Total non-current assets

24,640,275

25,444,840

Total assets

506,338,256

571,549,386

LIABILITIES

Current liabilities

Accounts payable

5,382,276

1,268,107

Deferred revenue

35,957,485

43,998,842

Operating lease liabilities, current

858,452

1,293,977

Accrued expenses and other current liabilities

22,821,168

24,251,003

Total current liabilities

65,019,381

70,811,929

Non-current liabilities

Operating lease liabilities, non-current

744,612

1,678,544

Amounts due to a related party

709,789

647,575

Total non-current liabilities

1,454,401

2,326,119

Total liabilities

66,473,782

73,138,048

EQUITY

Shareholders’ equity of Yalla Group Limited

Class A Ordinary Shares

13,356

13,670

Class B Ordinary Shares

2,473

2,473

Additional paid-in capital

294,406,395

306,177,968

Treasury stock

(27,014,697)

(27,014,697)

Accumulated other comprehensive loss

(1,701,111)

(3,097,167)

Retained earnings

174,880,748

224,812,958

Total shareholders’ equity of Yalla Group Limited

440,587,164

500,895,205

Non-controlling interests

(722,690)

(2,483,867)

Total equity

439,864,474

498,411,338

Total liabilities and equity

506,338,256

571,549,386

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2022

June 30, 2023

US$

US$

US$

US$

US$

Revenues

76,090,799

73,518,613

79,246,363

148,428,081

152,764,976

Costs and expenses

Cost of revenues

(29,272,347)

(27,852,477)

(28,330,815)

(56,800,337)

(56,183,292)

Selling and marketing expenses

(11,208,074)

(11,354,975)

(12,378,490)

(23,734,535)

(23,733,465)

General and administrative expenses

(6,945,989)

(10,164,394)

(8,018,573)

(14,973,859)

(18,182,967)

Technology and product development expenses

(7,726,715)

(7,411,188)

(6,586,078)

(13,711,283)

(13,997,266)

Total costs and expenses

(55,153,125)

(56,783,034)

(55,313,956)

(109,220,014)

(112,096,990)

Operating income

20,937,674

16,735,579

23,932,407

39,208,067

40,667,986

Interest income

176,432

3,118,289

4,623,275

227,551

7,741,564

Government grants

1,847

177,659

4,560

160,532

182,219

Investment income (loss)

17,674

491,889

529,308

(150,771)

1,021,197

Income before income taxes

21,133,627

20,523,416

29,089,550

39,445,379

49,612,966

Income tax expense

(780,211)

(616,358)

(821,149)

(1,393,656)

(1,437,507)

Net income

20,353,416

19,907,058

28,268,401

38,051,723

48,175,459

Net loss attributable to non-controlling interests

236,433

554,591

1,202,160

314,597

1,756,751

Net income attributable to Yalla Group
   Limited’s shareholders

20,589,849

20,461,649

29,470,561

38,366,320

49,932,210

Earnings per ordinary share

——Basic

0.14

0.13

0.19

0.25

0.32

——Diluted

0.12

0.11

0.16

0.22

0.28

Weighted average number of shares

   outstanding used in computing earnings

   per ordinary share

——Basic

151,384,789

157,976,350

158,871,859

150,771,175

158,424,104

——Diluted

175,146,529

180,517,715

180,752,549

175,847,551

180,635,132

Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses and
technology and product development expenses as follows:

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2022

June 30, 2023

US$

US$

US$

US$

US$

Cost of revenues

1,404,341

1,030,249

923,513

2,848,661

1,953,762

Selling and marketing expenses

1,850,318

971,335

1,014,371

3,696,912

1,985,706

General and administrative expenses

4,663,550

3,245,278

3,242,981

9,326,219

6,488,259

Technology and product development expenses

357,487

349,277

315,173

668,929

664,450

Total share-based compensation expenses

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

YALLA GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS 

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2022

June 30, 2023

US$

US$

US$

US$

US$

Operating income

20,937,674

16,735,579

23,932,407

39,208,067

40,667,986

Share-based compensation expenses

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

Non-GAAP operating income

29,213,370

22,331,718

29,428,445

55,748,788

51,760,163

Net income

20,353,416

19,907,058

28,268,401

38,051,723

48,175,459

Share-based compensation expenses,
   net of tax effect of nil

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

Non-GAAP net income

28,629,112

25,503,197

33,764,439

54,592,444

59,267,636

Net income attributable to Yalla
   Group Limited’s shareholders

20,589,849

20,461,649

29,470,561

38,366,320

49,932,210

Share-based compensation expenses,
   net of tax effect of nil

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

Non-GAAP net income attributable to
   Yalla Group Limited’s shareholders

28,865,545

26,057,788

34,966,599

54,907,041

61,024,387

Non-GAAP earnings per ordinary share

——Basic

0.19

0.16

0.22

0.36

0.39

——Diluted

0.16

0.14

0.19

0.31

0.34

Weighted average number of shares
   outstanding used in computing earnings
   per ordinary share

——Basic

151,384,789

157,976,350

158,871,859

150,771,175

158,424,104

——Diluted

175,146,529

180,517,715

180,752,549

175,847,551

180,635,132
PR Newswire

Announcing new leadership appointments at HH Global

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HH Global is excited to announce three significant, new leadership appointments

LONDON, Aug. 14, 2023 /PRNewswire/ — As we continue to grow and succeed as a business it is essential that our strategy and organizational design evolve to keep ahead of ever-changing and increasingly demanding client and commercial market needs.

Group President

Kristian Elgey has moved into the position of Group President. Kristian has been part of the HH Global leadership team since 2016 and has been integral in shaping and developing business advancements in his role as Group CFO. As someone with a wealth of experience, Kristian’s impact on the finance function, business growth and culture is undeniable.

Chief Operating Officer

Helen Babbe, as a valued member of the Group Management Board, has been promoted to the position of Chief Operating Officer (COO). Helen will focus on developing client-centric operations that have a consistent global approach, allowing for the biggest impact for all our partners, colleagues and clients.

Chief Financial Officer

Ben Goodband joins the business in the role of Chief Financial Officer (CFO). With an impressive history of global senior financial roles, paired with a strong background in strategic corporate leadership and investor relations— Ben will be key to driving the delivery of our shared strategic priorities as we work towards our future goals.

About HH Global

HH Global is a tech-enabled, creative production and procurement partner that delivers big impact for big ideas across the globe. With +4,500 experts in every market and a thirty-year track record of success, we help the biggest brands on the planet achieve stronger, more sustainable growth. Across every channel. At the speed of modern business. With an unmatched supply chain, a growing suite of tech tools and data insights—we make our clients’ brilliant ideas unmissable everywhere.

PR Newswire

OLIVER WYMAN STRENGTHENS INDONESIA CAPABILITIES WITH SENIOR APPOINTMENT

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JAKARTA, Indonesia, Aug. 14, 2023 /PRNewswire/ — Global management consultancy, Oliver Wyman, today announced the addition of Erik Koenen as a Partner based in Jakarta. With his extensive experience in the Financial Services sector, Erik will collaborate with Oliver Wyman’s Southeast Asia leadership team to enhance the firm’s offerings in Indonesia.

This strategic move represents Oliver Wyman’s commitment to further invest in the Indonesian market. Currently serving a diverse range of clients in the Financial Services, Energy and Natural Resources, and Transportation sectors, the firm aims to deepen its capabilities in Indonesia, specifically in the areas of Digital Transformation (including AI and Advanced Analytics), Climate and Sustainability, Business Performance Improvement, and Enterprise Risk Management.

Seo Young Lee, Partner and Head of Southeast Asia, said: “Indonesia’s robust economic growth[1] and promising outlook have driven demand for Oliver Wyman’s expertise as businesses recover from the pandemic. The addition of Erik to the team, at this inflection point positions us well to meet these growing client needs in Indonesia and the region.”

Erik added: “I have always admired Oliver Wyman and its talented people, who approach challenges with humility and focus, to help organizations navigate complex and unprecedented issues. In Indonesia, I aim to further strengthen the firm’s local strategy and commitment to provide insightful guidance, work alongside our clients, and deliver breakthrough impact.”

With over 25 years of experience, including 16 years in Indonesia, Erik has held senior positions in prominent technology conglomerates, consulting firms, and banks. Prior to joining Oliver Wyman, Erik worked at Google Cloud, where he led the technology strategy targeted at the largest population of digital natives in Southeast Asia.

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 6,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC].  

For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter/X @OliverWyman. 

PR Newswire

ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2023 Q2 Financial Results

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XI’AN, China, Aug. 12, 2023 /PRNewswire/ — ENTREPRENEUR UNIVERSE BRIGHT GROUP (“EUBG” or the “Company”) (OTCQB: EUBG), a digital marketing consulting company, announced its unaudited financial results for the second quarter ended June 30, 2023.

Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group, commented, “Our business experienced a significant boost in revenue, with an increase of approximately 40.6% compared to the prior period. This phenomenal growth can be attributed to our top-notch consultation services which we provided to clients engaged in the live streaming business. Our team of experts offered invaluable insights and advice that helped our clients to improve their service delivery. We are proud to have played a significant role in this success story and look forward to continuing to provide exceptional services to our clients.”  

Second Quarter 2023 Unaudited Financial Results

Unaudited Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2023 And 2022

Three Months Ended June 30,

2023

2022

$

% of
Revenues

$

% of
Revenues

Revenues

$

1,705,942

100

%

$

840,868

100

%

Cost of revenues

(108,581)

(6)

%

(113,332)

(13)

%

Gross profit

1,597,361

94

%

727,536

87

%

Selling Expenses:

(5,279)

0

%

(8,319)

(1)

%

General and administrative expenses

(390,294)

(23)

%

(331,385)

(39)

%

Total other income (expenses), net

(55,476)

(3)

%

58,099

7

%

Income before income tax

1,146,312

67

%

445,931

53

%

Income tax expense

(455,865)

(27)

%

(180,081)

(21)

%

Net income

$

690,447

40

%

$

265,850

32

%

Revenue and cost of revenue: During the three months ended June 30, 2023, we generated revenue of $1,705,942, which represents an increase of $865,074 or 102.9% compared to the same period in the prior year. The increase was mainly contributed by our consultation services to a client engaged in live streaming business.

Cost of revenue for the three months ended June 30, 2023 was $108,581, which represented a slight decrease of $4,751 or 4.2% compared to the same period in the prior year.

As a result of the above, the gross profit was $1,597,361 for the three months ended June 30, 2023, which represented an increase of $869,825 or 119.6% as compared to the same period in the prior year. The increase in gross profit was primarily due to the increase in revenue as well as the decrease in cost of revenues, resulting in an increase in profit margin.

Selling expenses: During the three months ended June 30, 2023, we incurred $5,279 selling expenses, which represented a decrease of $3,040 or 36.5% as compared to the same period in the prior year. We maintained the selling expenses at a lower amount during the periods.

General and administrative expenses: During the three months ended June 30, 2023, we incurred $390,294 general and administrative expenses, which represented an increase of $58,909 or 17.8% as compared to the same period in the prior year. Our general and administrative expenses consisted mainly of audit fees, professional fees, payroll expenses and consultancy fees. The increase in general and administrative expenses was primarily due to an increase in audit fees related to the filing of a registration document during the period. Additionally, certain staff costs that were previously classified as selling expenses were reclassified as general and administrative expenses to better reflect their nature.

Total other income (expenses), net: During the three months ended June 30, 2023, we incurred net other expense of $55,476, which represented a difference of $113,575 or 195.5% as compared to the same period in the prior year. The difference was primarily attributable to exchange losses of US$74,178, which arose from the translation of certain foreign currency-denominated assets in our subsidiaries. Our net other income (expenses) mainly consisted of bank interest income, exchange rate differences and sundry income.

Income tax expense: During the three months ended June 30, 2023, we incurred income tax expense of $455,865, which represented an increase of $275,784 or 153.1% as compared to the same period in the prior year. The income tax expenses consisted of the Enterprise Income Tax charged in China and the withholding tax incurred in Hong Kong.

For the three months ended June 30, 2023, our income tax expenses comprised of current tax expenses and deferred tax expenses of $358,019 and $97,846, respectively, compared to current tax expenses and deferred tax expenses of $131,409 and $48,672 for the three months ended June 30, 2022.

Net income: As a result of the above, we generated a net income of $690,447 and $265,850 for the three months ended June 30, 2023 and 2022, respectively.

Cash and cash equivalents: As of June 30, 2023 and 2022, $8,059,731 and $7,193,591 of the Company’s cash and cash equivalents, respectively were held at financial institutions and online payment platforms located in the PRC and Hong Kong that management believes to be of high credit quality. 

Unaudited Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2023 And 2022 

Six Months Ended June 30,

2023

2022

$

% of
Revenues

$

% of
Revenues

Revenues

$

2,882,878

100

%

$

2,049,872

100

%

Cost of revenues

(223,135)

(8)

%

(425,811)

(21)

%

Gross profit

2,659,743

92

%

1,624,061

79

%

Selling Expenses:

(6,718)

0

%

(24,914)

(1)

%

General and administrative expenses

(813,796)

(28)

%

(642,673)

(31)

%

Total other income, net

30,813

1

%

159,921

8

%

Income before income tax

1,870,042

65

%

1,116,395

54

%

Income tax expense

(748,138)

(26)

%

(459,372)

(22)

%

Net income

$

1,121,904

39

%

$

657,023

32

%

Revenue and cost of revenue: During the six months ended June 30, 2023, we generated revenue of $2,882,878, which represents an increase of $833,006 or 40.6% compared to the same period in the prior year. The increase was mainly contributed by our consultation services to a client engaged in live streaming business.

Cost of revenue for the six months ended June 30, 2023 was $223,135, which represented a decrease of $202,676 or 47.6% compared to the same period in the prior year. The decrease in cost of revenue is mainly due to the absence of direct operating costs related to digital training services used in the current period. For the six months ended June 30, 2022, direct operating costs related to these services were $206,783.

As a result of the above, the gross profit was $2,659,743 for the six months ended June 30, 2023, which represented an increase of $1,035,682 or 63.8% as compared to the same period in the prior year. The increase in gross profit was primarily due to the increase in revenue, resulting in an increase in profit margin, and was further supported by the temporary suspension of digital training services that typically had lower profit margins. 

Selling expenses: During the six months ended June 30, 2023, we incurred $6,718 selling expenses, which represented a decrease of $18,196 or 73.0% as compared to the same period in the prior year. The decrease of selling expenses was mainly due to the tightening of entertainment policies and no staff costs incurred in selling activities during the current period.

General and administrative expenses: During the six months ended June 30, 2023, we incurred $813,796 general and administrative expenses, which represented an increase of $171,123 or 26.6% as compared to the same period in the prior year. Our general and administrative expenses consisted mainly of audit fees, professional fees, payroll expenses and consultancy fees. The increase in general and administrative expenses was primarily due to an increase in audit fees related to the filing of a registration document during the period. Additionally, certain staff costs that were previously classified as selling expenses were reclassified as general and administrative expenses to better reflect their nature.

Total other income, net: During the six months ended June 30, 2023, we recorded net other income of $30,813, which represented a decrease of $129,108 or 80.7% as compared to the same period in the prior year. The different was mainly due to certain sundry income generated in the prior year that did not recur in the current period, as well as exchange losses of US$53,630, which arose from the translation of certain foreign currency-denominated assets in our subsidiaries. Our net other income mainly consisted of bank interest income, exchange rate differences and sundry income.

Income tax expense: During the six months ended June 30, 2023, we incurred income tax expense of $748,138, which represented an increase of $288,766 or 62.9% as compared to the same period in the prior year. The income tax expenses consisted of the Enterprise Income Tax charged in China and the withholding tax incurred in Hong Kong.

For the six months ended June 30, 2023, our income tax expenses comprised of current tax expenses and deferred tax expenses of $573,420 and $174,718, respectively, compared to current tax expenses and deferred tax expenses of $335,479 and $123,893 for the six months ended June 30, 2022.

Net income: As a result of the above, we generated a net income of $1,121,904 and $657,023 for the six months ended June 30, 2023 and 2022, respectively.

About ENTREPRENEUR UNIVERSE BRIGHT GROUP

ENTREPRENEUR UNIVERSE BRIGHT GROUP is a digital marketing consultation company with its main operation in China, providing marketing consulting services to Chinese start-up companies. The company provides consulting services, sourcing and marketing services in China through its PRC subsidiary with support from its HK subsidiary. Its PRC subsidiary provides services aimed at connecting businesses with e-commerce platforms.  The integrated service platform focuses on strategic marketing and consulting. The company’s mission is to help start-up companies and small-size companies and guide these companies’ founders in utilizing the company’s digital marketing consulting plan to reach their business goals. For more information about the Company, please visit: http://www.eubggroup.com/. 

Safe Harbor Statement

This press release contains projections and “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 related to the Company’s business. 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. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

The Company:
Jianyong Li
Email: lijianyong@eubggroup.com
Phone: +86-(029) 86100263

Investor Relations:
Tina Li
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Mobile: +86-13721971703 (from China)
+1-281-250-4349 (from U.S.)

ENTREPRENEUR UNIVERSE BRIGHT GROUP 

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(UNAUDITED)

(In U.S. dollars except for number of shares)

June 30,
2023

December 31,
2022

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

8,059,731

$

7,193,591

Accounts receivable

421,736

234,978

Other receivables and prepayments

58,052

73,069

Total current assets

8,539,519

7,501,638

NON-CURRENT ASSETS

Plant and equipment, net

142,943

188,889

Operating lease right-of-use assets, net

53,310

83,077

Total non-current assets

196,253

271,966

TOTAL ASSETS

$

8,735,772

$

7,773,604

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Other payables and accrued liabilities

$

197,457

$

369,727

Other payables and accrued liabilities – related party

3,902

–

Receipt in advance

–

1,710

Operating lease liabilities, current

53,310

54,705

Tax payables

363,685

94,758

Amount due to a director

3,496

167,936

Total current liabilities

621,850

688,836

NON-CURRENT LIABILITY

Deferred tax liabilities

200,639

172,196

Operating lease liabilities, non-current

–

28,372

Total non-current liabilities

200,639

200,568

TOTAL LIABILITIES

822,489

889,404

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.0001 per share, 1,100,000 shares authorized, Nil (December 31, 2022:
   Nil) shares issued and outstanding as of June 30, 2023

–

–

Common stock, par value $0.0001 per share; 1,800,000,000 shares authorized, 1,701,181,423
   (December 31, 2022: 1,701,181,423) shares issued and outstanding as of June 30, 2023

170,118

170,118

Additional paid-in capital

6,453,048

6,453,048

Statutory reserves

65,911

65,911

Retained earnings

1,169,119

47,215

Accumulated other comprehensive income

55,087

147,908

Total stockholders’ equity

7,913,283

6,884,200

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

8,735,772

$

7,773,604

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(UNAUDITED)

(In U.S. dollars except for number of shares)

For the three months ended
June 30,

For the six months ended
June 30,

2023

2022

2023

2022

Revenue

1,705,942

840,868

$

2,882,878

$

2,049,872

Cost of revenue

(108,581)

(113,332)

(223,135)

(425,811)

Gross profit

1,597,361

727,536

2,659,743

1,624,061

Selling expenses

(5,279)

(8,319)

(6,718)

(24,914)

General and administrative expenses

(390,294)

(331,385)

(813,796)

(642,673)

Profit from operations

1,201,788

387,832

1,839,229

956,474

Other income (expenses):

–

Interest income

10,764

12,637

18,500

22,967

Exchange gain (loss)

(74,178)

27,862

(53,630)

27,922

Sundry income

7,938

17,600

65,943

109,032

Total other income(expenses), net

(55,476)

58,099

30,813

159,921

Income before income tax

1,146,312

445,931

1,870,042

1,116,395

Income tax expense

(455,865)

(180,081)

(748,138)

(459,372)

Net income

$

690,447

265,850

$

1,121,904

$

657,023

Other comprehensive loss

–

Foreign currency translation adjustment

(77,327)

(231,781)

(92,821)

(236,916)

Total comprehensive income

$

613,120

34,069

$

1,029,083

$

420,107

Net income per share – Basic and diluted

$

0.00

*

0.00

*

$

0.00

*

$

0.00

*

Weighted average number of common shares outstanding

– Basic and Diluted

1,701,181,423

1,701,181,423

1,701,181,423

1,701,181,423

*

Less than $0.01 per share

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(UNAUDITED)

(In U.S. dollars)

For the six months ended
June 30,

2023

2022

Cash flows from operating activities

Net income

$

1,121,904

$

657,023

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

Depreciation

40,298

42,322

Amortization of operating lease right-of-use assets

26,907

27,395

Deferred tax

28,230

123,894

Changes in operating assets and liabilities:

Other receivables and prepayments

12,259

19,049

Accounts receivable

(207,645)

(213,535)

Accounts payable

–

(113,645)

Other payables and accrued liabilities

(160,301)

(170,904)

Tax payables

286,498

125,057

Contract liabilities

–

(212,060)

Receipt in advance

(1,703)

(5,064)

Operating lease liabilities

(26,908)

(27,395)

Net cash generated from operating activities

1,119,539

252,137

Cash flows used in investing activities

Purchase of property, plant and equipment

(1,877)

(8,381)

Cash flows used in financing activities

Repayment to a director

(164,441)

–

Effect of exchange rates on cash

(87,081)

(255,625)

Net increase (decrease) in cash and cash equivalents

866,140

(11,869)

Cash and cash equivalents at beginning of period

7,193,591

7,649,129

Cash and cash equivalents at end of period

$

8,059,731

$

7,637,260

Supplemental cash flow information

Cash paid during the period for:

Income taxes

$

286,922

$

224,055
PR Newswire

Chindata Group Enters into Definitive Agreement for “Going Private” Transaction

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BEIJING, Aug. 12, 2023 /PRNewswire/ — Chindata Group Holdings Limited (“Chindata Group” or the “Company”) (Nasdaq: CD), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, today announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BCPE Chivalry Bidco Limited (“Parent”) and BCPE Chivalry Merger Sub Limited, a wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the “Merger”), in a transaction implying an equity value of the Company of approximately US$3.16 billion. As a result of the Merger, the Company will become a wholly owned subsidiary of Parent.

Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each Class A ordinary share, par value US$0.00001 per share (each, a “Class A Ordinary Share”), and each Class B ordinary share, par value US$0.00001 per share (together with the Class A Ordinary Shares, each, a “Share”) issued and outstanding immediately prior to the Effective Time, other than the Excluded Shares, the Dissenting Shares (each as defined in the Merger Agreement) and Shares represented by American depositary shares of the Company (each, an “ADS”, representing two Class A Ordinary Shares), will be cancelled and cease to exist, in exchange for the right to receive US$4.30 in cash without interest and net of any applicable withholding taxes, and each outstanding ADS, other than the ADSs representing the Excluded Shares, together with each Share represented by such ADSs, will be cancelled in exchange for the right to receive US$8.60 in cash without interest and net of any applicable withholding taxes and certain fees to the ADS depositary (the “Merger Consideration”).

The Merger Consideration represents a 7.5% increase from the purchase price contemplated by the preliminary non-binding proposal letter delivered by BCPE Bridge Cayman, L.P. and BCPE Stack Holdings, L.P. (collectively, the “Bain Shareholders”) to the Company on June 6, 2023. The Merger Consideration also represents a premium of approximately 42.6% to the closing price of the ADSs on June 5, 2023, the last trading day before the Company’s receipt of the preliminary non-binding proposal letter from the Bain Shareholders, and a premium of approximately 48.7% to the volume-weighted average trading price of the ADSs during the 30 trading days prior to and including June 5, 2023.

The Bain Shareholders and the other Investors (as defined in the Merger Agreement) have entered into support agreements with Topco and Parent, whereby, among other things, subject to the terms and conditions of the applicable support agreement, the Investors (as applicable) have agreed to (i) vote all the equity securities of the Company beneficially owned by such Investors in favor of the the authorization and approval of the Merger Agreement and the consummation of the Merger, (ii) have all or a portion of the Shares (including Shares represented by ADSs) beneficially owned by such applicable Investors (the “Rollover Shares”) cancelled at the Effective Time for no consideration from the Company and receive newly issued shares of Topco, and (iii) make or cause to be made cash contribution in accordance with the equity commitment letters and to subscribe for newly issued shares of Topco at or immediately prior to the Effective Time. As of the date of this press release, the Investors collectively beneficially own Shares representing approximately 95.26% of the outstanding voting power of the Company and approximately 65.67% of the outstanding Shares.

The Merger will be funded through a combination of (i) cash contribution from the Sponsors (as defined in the Merger Agreement) or their affiliates pursuant to their respective equity commitment letters, (ii) debt financing provided by Shanghai Pudong Development Bank Co., Ltd. Lujiazui Sub-branch (上海浦东发展银行股份有限公司陆家嘴支行) and Industrial Bank Co., Ltd. Shanghai Branch (兴业银行股份有限公司上海分行) and (iii) equity rollover by each of the Investors who are existing shareholders of the Company of their respective Rollover Shares.

The Company’s board of directors, acting upon the unanimous recommendation of a committee of independent directors established by the board of directors (the “Special Committee”), approved the Merger Agreement and the Merger, and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its independent financial advisor and legal advisors.

The Merger is currently expected to close during the fourth quarter of 2023 or the first quarter of 2024 and is subject to customary closing conditions, including among others,(i) that the authorization and approval of the Merger Agreement by the affirmative vote of shareholders representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a general meeting of the Company’s shareholders, and (ii) that shareholders of the Company holding less than 12% of the total issued and outstanding Shares immediately prior to the Effective Time shall have validly served and not withdrawn a notice of objection under Section 238(2) of the Companies Act (as amended) of the Cayman Islands. If completed, the Merger will result in the Company becoming a privately held company and its ADSs will no longer be listed on the NASDAQ Global Select Market.

Citigroup Global Markets Asia Limited is serving as the independent financial advisor to the Special Committee. Gibson, Dunn & Crutcher is serving as U.S. legal counsel to the Special Committee. Certain legal matters with respect to the Cayman Islands law are advised by Maples and Calder (Hong Kong) LLP. Certain legal matters with respect to PRC law are advised by Haiwen & Partners. Weil, Gotshal & Manges is serving as U.S. legal counsel to Citigroup Global Markets Asia Limited.

Morgan Stanley Asia Limited is serving as the financial advisor to the Bain Shareholders and their affiliates (the “Bain Parties”). Kirkland & Ellis is serving as U.S. legal counsel to the Bain Parties.  Conyers Dill & Pearman is serving as Cayman Islands legal counsel to the Bain Parties. King & Wood Mallesons is serving as PRC legal counsel to the Bain Parties.

Additional Information About the Merger

The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include the Merger Agreement as an exhibit thereto. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the Merger, the Company will prepare and mail to its shareholders a proxy statement that will include a copy of the Merger Agreement. In addition, in connection with the Merger, the Company and certain other participants in the Merger will prepare and disseminate to the Company’s shareholders a Schedule 13E-3 Transaction Statement that will include the Company’s proxy statement (the “Schedule 13E-3”). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. Shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger, and related matters, without charge from the SEC’s website (http://www.sec.gov).

This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities, and it is not a substitute for any proxy statement or other materials that may be filed with or furnished to the SEC should the proposed merger proceed.

About Chindata Group

Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services.

Chindata Group operates two sub-brands: “Chindata” and “Bridge Data Centres”. Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Chindata Group’s strategic and operational plans, contain forward-looking statements. Chindata Group 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 but not limited to statements about Chindata Group’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Chindata Group’s goals and strategies; its future business development, financial condition and results of operations; the expected growth and competition of the data center and IT market; its ability to generate sufficient capital or obtain additional capital to meet its future capital needs; its ability to maintain competitive advantages; its ability to keep and strengthen its relationships with major clients and attract new clients; its ability to locate and secure suitable sites for additional data centers on commercially acceptable terms; government policies and regulations relating to Chindata Group’s business or industry; general economic and business conditions in the regions where Chindata Group operates and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Chindata Group’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Chindata Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For Enquiries, Please Contact:

Chindata IR Team

ir@chindatagroup.com

Mr. Dongning Wang

dongning.wang@chindatagroup.com

PR Newswire

Zenerate, Innovative AI Startup, Partners with SoLa Impact to Automate Affordable/Modular Housing Developments

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LOS ANGELES, Aug. 12, 2023 /PRNewswire/ — Zenerate (https://zenerate.ai), an innovative AI startup in the Proptech space, has entered into a strategic partnership with SoLa Impact (https://solaimpact.com/), the leading private real estate developer of affordable housing in California. Zenerate has developed a powerful platform that employs generative design, artificial intelligence and advanced data analytics to optimize the feasibility analysis process for real estate projects, reducing turnaround time and maximizing development returns.

South Korean PropTech firm, Zenerate, partners with a real estate developer, SoLa Impact
South Korean PropTech firm, Zenerate, partners with a real estate developer, SoLa Impact

In a groundbreaking move to revolutionize the affordable housing sector, SoLa Impact has partnered with Zenerate, to streamline and automate the feasibility analysis process for their affordable and modular housing developments. The collaboration brings cutting-edge AI technology to the modular construction industry and dramatically accelerates the speed of planning, configuration, design, and the permit approval process for a wide range of SoLa’s affording housing projects.

SoLa Impact has been at the forefront of addressing the affordable housing crisis in Los Angeles over the last decade, consistently demonstrating its commitment to creating sustainable, community-focused housing solutions. SoLa currently has over 35 projects with almost 3,000 units at various stages of construction, the majority of which are dedicated to affordable housing. With the increasing demand in the affordable segment, the need for swift and accurate feasibility, configuration, and design analysis has become paramount in the real estate development landscape.

Martin Muoto, the Founder and CEO of SoLa Impact, expressed enthusiasm for the partnership, stating, “We are thrilled to collaborate with Zenerate in our mission to dramatically scale the development and delivery of high-quality affordable housing in California. By leveraging Zenerate’s cutting-edge technology combined with our proprietary standardization processes, we can bring significantly more units to market more cost-effectively and more quickly, with the vast majority of our projects to house people that are currently homeless and living in tents. Equally important, these are units that are an order-of-magnitude more energy efficient than the aging housing stock they are replacing. All units are fully electric, use water-efficient fixtures, and have ENERGY STAR-certified appliances, dramatically reducing GHG emissions while providing cost savings to California’s low-income Black and brown communities.”

The integration of Zenerate’s software into SoLa Impact’s modular operations will facilitate data-driven decision-making, allowing for a more efficient and comprehensive evaluation of potential development sites, construction costs, and market demand. By automating the feasibility and design analysis, SoLa Impact’s team will be able to evaluate more sites, repurpose vacant and sub-optimized locations, and build for maximum density and affordability.

The Co-Founder and CEO of Zenerate, Benji Shin, echoed Muoto’s sentiments, emphasizing Zenerate’s commitment to providing housing more quickly and affordably by leveraging Artificial Intelligence, particularly expert systems for code compliance and machine learning for rapid massing, configuration, and design. “We are thrilled to partner with SoLa Impact, whose deep commitment to creating sustainable, scalable, and affordable housing aligns perfectly with our mission. By automating key parts of the feasibility, configuration, and eventually, the permitting process, we aim to enable developers to run thousands of financial and design scenarios instantly, ultimately contributing to the advancement of affordable housing initiatives.”

The innovative approach undertaken by SoLa Impact and Zenerate is expected to have a significant impact on the speed and scale of affordable housing development in California, starting in Los Angeles – the largest affordable housing market in the United States with the most acute homeless problem – and then expanding to other local municipalities, and eventually, other states.

About Zenerate

Zenerate, a member company of Born2Global Centre, is a venture-backed innovative AI startup in the real estate development space, providing consulting services and web-based products for feasibility studies; Z-maps is a real estate development map that weekly updates all the latest projects in Southern California, and Zenerate App is a design automation tool that generates development scenarios with floor plans in real time for feasibility studies. Visit www.zenerate.ai for more information.

About SoLa Impact

SoLa Impact is a family of real estate funds with a double bottom line strategy focused on preserving, rehabbing, and building high-quality affordable housing in low- and moderate-income communities. SoLa’s proven track record leverages data-driven social impact strategies to deliver superior financial returns. SoLa Impact’s fourth fund, the Black Impact Fund, has invested $1 billion in affordable housing in Southern California. SoLa Impact was ranked as the 7th fastest-growing minority-led private company by Inc. 500 and was awarded the Pension Real Estate Association (PREA) Emerging Manager ESG Award for SoLa’s demonstrated ability to deliver on its commitment to positive changes in environmental, social, and governance (ESG) matters. 

PR Newswire

Building Connections of Love: Yiwugo Merchants Embrace Chinese Valentine’s Day

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YIWU, China, Aug. 11, 2023 /PRNewswire/ — The Qixi Festival, also known as Chinese Valentine’s Day, is drawing near. The gifts you receive, such as the exquisite bouquet of handheld flowers, elegant plush flower arrangements, and adorable stuffed toys, are very likely to come from Yiwu. Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world.

The Artificial flowers of Yiwu.
The Artificial flowers of Yiwu.

Qixi Festival commemorates the bittersweet love of the legendary Cowherd and Weaver Girl. Every year, the “Magpie Bridge”, where the reunion of the two lovers takes place, may come into being through the participation of gift vendors from Yiwugo.

Based on data from the Yiwugo platform, there was a significant surge in search volume for keywords such as “Valentine’s Day gifts,” “artificial flowers,” and “plush toys” between July 9th and August 8th, 2023. The number of orders and total transaction volumes also exhibited noticeable growth. Particularly striking was the surge in orders for “Valentine’s Day gifts”, which alone doubled compared to the same period the previous year, resulting in a transaction volume more than four times that of the corresponding period in 2022. Notably, the consistently favored plush toy industry also witnessed a remarkable upsurge in seasonal sales, with a 57.1% increase in orders and a 41.5% rise in total transaction volume compared to the same period in the previous year.

For more than 15 years, Chen Chu has been running Hai Ruo Craft Products, specializing in Valentine’s Day bouquet gifts. Each year, prior to Chinese Valentine’s Day, the company unveils an extensive array of new products, providing customers with an expanded selection. This year, nearly a hundred new items have already been launched. As the peak season of Chinese Valentine’s Day nears its end, the factory and store continue to be busy with packaging and shipping orders.

Chen Chu mentioned that boutique physical stores in Guangdong, Shandong, Jiangxi, and other regions have emerged as the primary buyers for this year’s purchases. Notably, buyers from Guangzhou have placed the most orders. Orders for large hand-held bouquets, particularly those featuring red roses, typically reach tens of thousands of yuan per order. However, repeat orders are frequent. Even newly introduced products of the season like single-colored roses have performed well. Overall, the results of this year’s Chinese Valentine’s Day are quite favorable.

For this year’s Chinese Valentine’s Day, Chen Chu has unveiled a range of new colors. Following the principle of “quality over quantity”, the packaging team at Hai Ruo Craft Products is incentivized by timely completion, ensuring exceptional craftsmanship for the products. By prioritizing the training of skilled artisans, the flowers are meticulously crafted with plump and well-shaped petals. Special emphasis is also placed on utilizing new materials for gift box production and attending to other intricate details, culminating in the creation of lavish and vibrant bouquets.

Over the past month, the transaction volume for products associated with the keyword “artificial flowers” has nearly doubled compared to the same period last year. He Zhangjuan has been engaged in the business of soap flowers and preserved flowers in the Yiwu market for many years. In the past month, her company sold an average of approximately 6,000 bouquets per day. The sales of newly introduced cartoon-shaped flower bouquets and small plush toy arrangements have also been remarkably impressive. Furthermore, with Teacher’s Day approaching on September 10th, He Zhangjuan has been exceptionally busy lately.

He Zhangjuan shared that not only is the Chinese domestic market currently in a peak season, but there has also been positive feedback from overseas markets such as the United States, Russia, and Mexico recently. Particularly noteworthy, a Mexican customer has been placing frequent repeat orders, with each order averaging around 70,000 yuan. They have expressed high satisfaction with both the products and services provided by the company.

To He Zhangjuan’s delight, there has been a remarkable increase in inquiries from her Yiwugo store recently. On July 15th, a customer from Guangdong initiated communication through Yiwugo and made an initial small-scale purchase of products in 10 different styles. Within less than a month, the customer’s repeat orders have already exceeded 100,000 yuan. An increasing number of these new and valuable customers has significantly bolstered the company’s confidence in its growth and development.

With the upcoming Chinese Valentine’s Day and Teacher’s Day, numerous vendors on Yiwugo are anticipating the busiest period of the year. The e-commerce customer base remains steady, and there is a noticeable resurgence in physical customers. Furthermore, Yiwugo’s continuous technological enhancements and efforts to expand its platform coverage and influence through marketing and promotion are expected to provide even better support in facilitating successful transactions for vendors.

PR Newswire

Boqii Announces ADS Ratio Change

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SHANGHAI, Aug. 11, 2023 /PRNewswire/ — Boqii Holding Limited (“Boqii” or the “Company”) (NYSE: BQ) today announced that it will change its ratio of its American Depositary Shares (“ADSs”) to Class A ordinary shares from one (1) ADS representing four and one-half (4.5) Class A ordinary shares to one ADS representing fifteen (15) Class A ordinary shares (the “ADS Ratio Change”). The ADS Ratio Change is expected to become effective on or about August 21, 2023 (U.S. Eastern Time) (the “ADS Ratio Change Effective Date”).

For Boqii’s ADS holders, the ADS Ratio Change will have the same effect as a 3-for-10 reverse split on the existing ADSs. Each ADS holder on the ADS Ratio Change Effective Date will be required on mandatory basis to surrender to The Bank of New York Mellon, as depositary, (the “Depositary”) for Boqii’s ADS program, every 10 old ADSs held in exchange for 3 new ADSs. No action is required by holders of uncertificated ADSs to effect the ADS Ratio Change as the change will be effected on the books of the Depositary.  

No fractional new ADSs will be issued in connection with the ADS Ratio Change. Instead, the Depositary will attempt to sell any fractional entitlements to new ADSs and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the Depositary. Boqii’s ADSs will continue to be traded on the New York Stock Exchange under the ticker symbol “BQ”. As a result of the ADS Ratio Change, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the ADS Ratio Change will be equal to or greater than ten-thirds (10/3) times the ADS price before the change.

 About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is a leading pet-focused platform in China. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken, Mocare and D-cat, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission (“SEC”), in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact: 

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

DLK Advisory Limited
Tel: +852-2857-7101
Email: ir@dlkadvisory.com

PR Newswire

Genes Tech Group Announces 2023 Interim Results

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Total revenue reached approximately NTD749.51 million, representing an increase of approximately 25.63%

Revenue from the the turnkey solutions increased by approximately 59.74% to approximately NTD 373.37 million

Basic earnings per share were NTD7.66 cents

2023 Interim Results Highlights

  • Total revenue reached approximately NTD749.51 million, representing an increase of approximately 25.63%
  • Total comprehensive income for the period attributable to owners of the Company amounted to approximately NTD76.34 million
  • Revenue from the turnkey solutions increased by approximately 59.74% to approximately NTD 373.37 million
  • Basic earnings per share were NTD7.66 cents

HONG KONG, Aug. 11, 2023 /PRNewswire/ — Genes Tech Group Holdings Co. Ltd (“Genes Tech Group” or “The Group”, Stock Code: 8257.HK) announces its interim results for the six months ended 30 June, 2023 (“During the period”). During the period, the Group recorded the total revenue of approximately NTD749.51 million, Total comprehensive income for the period attributable to owners of the Company amounted to approximately NTD76.34 million. Basic earnings per share were NTD7.66 cents. 

During the period, revenue from the turnkey solutions amounted to approximately NTD373.37 million, representing an increase of approximately 59.74% as compared to the corresponding period of last year and accounting for approximately 49.81% of the Group’s total revenue. The revenue from trading of used SME and parts amounted to approximately NTD376.15 million, accounting for approximately 50.19% of the Group’s total revenue. During the period under review, revenue from the domestic business in Taiwan accounted for approximately 65.74% of the Group’s total revenue.

In 2023, the global semiconductor industry is facing a complicated operating environment affected by weak end market demand and continuous inventory adjustment. It denotes the start of a downward industrial cycle for the semiconductor market. According to the latest forecast report released by the World Semiconductor Trade Statistics (WSTS), due to the weak demand from smartphones and personal computers, the two major semiconductor downstream sectors, the global semiconductor sales forecast for 2023 is significantly revised downwards to USD515.095 billion, representing a decrease of 10.3% as compared to 2022, which is the first contraction since 2019. However, WSTS also points out that the demand in artificial intelligence (AI), industry, automotive electronics and other fields remains strong, which can make up for the weak demand for semiconductors in the consumer field. WSTS forecasts that global semiconductor sales will increase by 11.8% year-on-year to USD575.997 billion in 2024 and hitting a record high. According to the Semiconductor Equipment and Materials International (SEMI), it is estimated that global sales of SME by OEMs in 2023 will decrease to USD87.4 billion, representing a decrease of 18.6%. A strong rebound to USD100 billion is expected in 2024.

On the other hand, artificial intelligence (AI) will be a key area of the High-tech industry. The development and coopetition of the global semiconductor industry will remain in a state of change and complexity. The Group will pay close attention to the changes in the market environment, respond to market changes in a prudent and prompt manner to seize development opportunities, and actively explore market development opportunities.

Mr. Yang Ming-Hsiang, Chairman and Chief Executive Officer concluded: “In general, there is a differentiation in the consumer and industry, automotive electronics fields of the global semiconductor market. The growth in sectors including telecommunications, consumer electronics and data centers will slow down in the coming years due to the weak demand in the consumer sector caused by inflation and rising interest rates. Benefiting from the booming emerging industries such as new energy vehicles, autonomous vehicles (ADAS) industry, high performance computing (HPC), cloud infrastructure investment, industrial automation, artificial intelligence (AI), Internet of Things (“IoT”), metaverse and wearable devices, there will be a strong demand, driving a strong growth in automotive semiconductors and industrial semiconductors. The Group will increase its efforts in talent exploration, strengthen its innovation and R & D capabilities, and improve the core competitiveness of the Group to further expand market share and create long-term value for shareholders.

About Genes Tech Group Holdings Co. Ltd (Stock Code: 8257.HK)

Genes Tech Group Holdings Co. Ltd is turnkey solution provider and exporter of used SME and parts in Taiwan. Since the commencement of its business in 2009, the Group mainly engaged in providing turnkey solution of used SME and parts to its customers and modifying and/or upgrading the semiconductor equipment of its production systems according to customers needs. In addition, the Group is also engaged in the trading of used SEM and parts. The used SME and parts supplied by the Group included furnaces, clean tracks and other related items, which were used at the front-end of the semiconductor manufacturing process, wafer fabrication such as deposition, photoresist coating and development, and these were extensively applied in mobile phones, game consoles, DVD players, automotive sensors and other digital electronic products.

Source: Genes Tech Group Holdings Co. Ltd