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PR Newswire

Lam Research Named as One of Ethisphere’s 2023 World’s Most Ethical Companies®

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Prestigious recognition honors company’s commitment to business integrity

FREMONT, Calif., March 14, 2023 /PRNewswire/ — Lam Research Corp. (NASDAQ: LRCX) today announced it has been named as one of the 2023 World’s Most Ethical Companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. Lam is the only wafer fabrication equipment maker and one of two companies in the semiconductor category included on this year’s global list, which honors companies demonstrating business integrity through best-in-class ethics, compliance, and governance practices.

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.
“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.

“At Lam, everything we undertake – from driving breakthrough innovations, to serving our customers, to our goal of becoming net zero by 2050 – is executed with a commitment to excellence. That means doing business the right way,” said Tim Archer, president and chief executive officer at Lam Research. “Ethics and compliance are deeply rooted in our company’s core values and are part of our shared responsibility to make the world a better place.”

Grounded in Ethisphere’s proprietary Ethics Quotient®, the World’s Most Ethical Companies assessment process evaluates companies on culture, environmental and social practices, ethics and compliance activities, governance, diversity, and initiatives that support a strong value chain. The 2023 list recognized 135 honorees, spanning 19 countries and 46 industries.

“We are proud to be named this year as one the World’s Most Ethical Companies, a reflection of Lam’s unwavering commitment to business integrity through company culture, transparency and upholding the principles set forth in our global standards of business conduct,” said Nick Bougopoulos, chief compliance officer at Lam Research. “Lam has established policies and programs for a strong and effective ethics and compliance framework to ensure we strive to uphold the best practices worldwide.”

“Ethics matter. Organizations that commit to business integrity through robust programs and practices not only elevate standards and expectations for all, but also have better long-term performance,” said Erica Salmon Byrne, CEO of Ethisphere. “We continue to be inspired by the World’s Most Ethical Companies honorees and their dedication to making real impact for their stakeholders and displaying exemplary values-based leadership. Congratulations to Lam Research for earning a place in the World’s Most Ethical Companies community.”

Led by its guiding principle to “act with purpose for a better world,” Lam Research was also recently named to Fortune’s 2023 World’s Most Admired Companies, JUST Capital’s 2023 Most JUST Companies, and Barron’s 2023 100 Most Sustainable U.S. Companies. 

Media Resources:

About Ethisphere

Ethisphere is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust, and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies® recognition program, provides a community of industry experts with the Business Ethics Leadership Alliance (BELA), and showcases trends and best practices in ethics with Ethisphere Magazine. Ethisphere also helps to advance business performance through data-driven assessments, guidance, and benchmarking against its unparalleled data: the Culture Quotient dataset focused on ethical culture and featuring the responses of 2+ million employees around the world; and the Ethics Quotient dataset, featuring 200+ data points highlighting the ethics, compliance, social, and governance practices of the World’s Most Ethical Companies. For more information, visit https://ethisphere.com.

About Lam Research

Lam Research Corporation (NASDAQ: LRCX) is a leading global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam’s equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research is a FORTUNE 500® company headquartered in Fremont, California, with operations around the globe. Learn more at www.lamresearch.com.

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our goal to become net zero by 2050, our commitment to business integrity, the strength and effectiveness of our ethics and compliance framework, and our long-term performance. Some factors that may affect these forward-looking statements include: trade regulations, export controls, trade disputes, and other geopolitical tensions may inhibit our ability to sell our products; business, political and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy may deteriorate or change; the actions of our customers and competitors may be inconsistent with our expectations; supply chain cost increases and other inflationary pressures have impacted and are expected to continue to impact our profitability; supply chain disruptions have limited and are expected to limit our ability to meet demand for our products; the severity, magnitude and duration of the COVID-19 pandemic (and the related governmental, public health, business and community responses to it), and their impacts on our business, results of operations and financial condition, are evolving and are highly uncertain and unpredictable; and widespread outbreaks of illness may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our annual report on Form 10-K for the fiscal year ended June 26, 2022 and our quarterly report on Form 10-Q for the fiscal quarter ended December 25, 2022. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.

Lam Research Contacts: 
Libra White 
Media Relations
(510) 572-7725 
publicrelations@lamresearch.com 

Ram Ganesh 
Investor Relations
(510) 572-1615 
investor.relations@lamresearch.com

Ethisphere Contact: 
Anne Walker
Media and Communications
Anne.Walker@Ethisphere.com 

PR Newswire

Aetina to Showcase Its New AI Solutions at Embedded World 2023

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NEW TAIPEI CITY, March 13, 2023 /PRNewswire/ — Aetina Corporation, a leading provider of AI solutions for the creations of different types of vertical AI, will showcase its new embedded computers, AI inference platforms, GPUs, AI accelerators, and edge devices management software at upcoming Embedded World 2023.

Aetina to Showcase Its New AI Solutions at Embedded World 2023
Aetina to Showcase Its New AI Solutions at Embedded World 2023

GPU and ASIC Solutions

Aetina provides different types of form factors based on GPUs or ASICs, such as MXMs, graphic cards, and edge computing systems. The MXMs that are powered by NVIDIA Ampere architecture-based GPU offer extra computing power to existing AI systems, ensuring low-latency data analytics tasks. The MXMs and systems that are built with ASICs, on the other hand, are ideal for the creation of any specific applications or AI systems that involve multi-inference processes.

Embedded Computers Powered by NVIDIA Jetson Orin Series

As an Elite member of the NVIDIA Partner Network, Aetina offers a variety of edge computing systems and platforms powered by the NVIDIA® Jetson™ edge AI and robotics platform. Aetina’s newly released embedded computers are built with the Jetson Orin™ series SoMs—Jetson AGX Orin™, Jetson Orin™ NX, and Jetson Orin Nano™; these small-sized systems and platforms, supporting different peripherals, can be easily integrated into larger AI-powered systems while also being able to function as a standalone AI computer.

AI Inference Platforms

Aetina’s MegaEdge is a series of AI inference platforms that feature a powerful CPU and are compatible with either graphic cards or MXM modules to deal with heavy workloads and complex AI analytic tasks. The latest MegaEdge model supports up to two passively cooled graphics cards and up to two ASIC-based M.2; developers can use the MegaEdge model for high-level AI inference by installing proper graphic cards and AI accelerators into it.

Edge Device Monitoring and Management

Aetina delivers a complete solution to help AI system owners efficiently manage all the edge devices in their system networks even if the devices are located in different places. System owners can set up a private server and monitor all their edge devices with EdgeEye—a cloud management platform created by Aetina to let the system owners quickly find any malfunctioning edge devices that need to be fixed or replaced. EdgeEye features a user-friendly interface that shows the real-time status of all connected edge devices, allowing the system owners to have a clear idea if their devices are functioning normally.

PR Newswire

3M named as one of the World’s Most Ethical Companies by Ethisphere Institute for 10th consecutive year

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ST. PAUL, Minn., March 13, 2023 /PRNewswire/ — The Ethisphere Institute today recognized 3M for ethics and integrity in business conduct and compliance for the 10th straight year. 3M is one of only nine industrial companies worldwide to be honored this year.

“At 3M, we are committed to doing things with unwavering integrity,” said Michael Duran, 3M senior vice president and chief ethics and compliance officer. “It is our commitment to unwavering integrity that makes it possible to receive this recognition as one of the World’s Most Ethical Companies for the 10th straight year. I am truly proud of all of our employees who work to protect 3M’s reputation every day.” 

3M’s Code of Conduct is the foundation for its strong reputation with customers across many industries. Company leaders create and promote a workplace environment where compliance and integrity are expected and encouraged.

3M is one of 135 companies around the world designated as one of the World’s Most Ethical Companies in 2023.

“Ethics matters. Organizations that commit to business integrity through robust programs and practices not only elevate standards and expectations for all, but also have better long-term performance,” said Ethisphere CEO, Erica Salmon Byrne. “We continue to be inspired by the World’s Most Ethical Companies honorees and their dedication to making real impact for their stakeholders and displaying exemplary values-based leadership. Congratulations to 3M for being named one of the World’s Most Ethical Companies for the 10th year in a row.”

Methodology & Scoring
Grounded in Ethisphere’s proprietary Ethics Quotient®, the World’s Most Ethical Companies assessment process includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity, and initiatives that support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of organizations across industries and around the globe.

About 3M 

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what’s possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we’re working to improve lives and make what’s next at 3M.com/news or on Twitter at @3M or @3MNews.

PR Newswire

Bonfire Media and KORNERSTONE Join Forces to promote the globally recognised Certified Digital Marketing Professional digital marketing course from the Digital Marketing Institute.

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HONG KONG, March 13, 2023 /PRNewswire/ — Bonfire Media, a premium digital marketing training provider, and KORNERSTONE, a renowned professional certification training provider in Asia for over 15 years, today announced a strategic partnership where KORNERSTONE would be a distribution partner of the Full-Time Certified Digital Marketing Professional (“CDMP”).

Licensed by Bonfire Media from the Digital Marketing Institute and introduced to Hong Kong 7 years ago, the globally recognised CDMP has been taken by more than 220,000 professionals around the world who were keen to learn world-class knowledge in full-funnel digital marketing, including content marketing, display advertising, search marketing, social media marketing, email marketing, and more.

Founded in 2006, KORNERSTONE is dedicated to providing professional training for individuals and businesses in global certifications in Info-Tech, Finance, and Management, such as the ubiquitous PMP, CFA, and many more. “We are thrilled to partner with Bonfire to offer this much-needed global certificate course in digital marketing,” said Catherine Chan, Founder of KORNERSTONE. “Digital marketing is an essential tool for businesses of all sizes and industries, and we are proud to provide students with the skills and knowledge they need to succeed in this fast-paced field.”

The partnership between KORNERSTONE and Bonfire Media represents a unique opportunity for individuals and businesses to upskill and stay ahead of the digital marketing curve. The course is designed to provide students with a real-world understanding of digital marketing without the buzzwords and is taught by local expert practitioners.

“At Bonfire Media, we are passionate about providing strategic yet practical digital marketing training to individuals and businesses,” said Patrick Tam, Founder and Principal Lecturer of Bonfire Media. “We are excited to collaborate with KORNERSTONE to offer this comprehensive digital marketing course and help professionals succeed in this rapidly evolving industry.”

“We are excited to partner with Bonfire Media in promoting the esteemed CDMP course from the prestigious DMI. As the world continues to digitize, it is paramount that professionals stay ahead of the curve by acquiring cutting-edge skills and knowledge. This course offers a unique opportunity for our members to attain the expertise required to excel in the dynamic field of digital marketing.” Kenneth Chan, General Manager of KORNERSTONE said.

The Full-Time Certified Digital Marketing Professional Course will take place in KORNERSTONE Central from 24th April 2023. To learn more about the course and to register, please visit https://www.bonfiremedia.hk/upcoming-courses/apr-2023-full-time-certified-digital-marketing-professional-course.

About KORNERSTONE

Established in 2006, KORNERSTONE, a renowned professional training provider in Asia, has over 15 years of experience in providing professional training programs to individuals and corporate members. With the letter K stands for Knowledge, KORNERSTONE has a strong belief that knowledge is the cornerstone of success for every business. TRAINOCATE becomes the major stakeholder of KORNERSTONE in 2017. Combined, the companies possess 30 years of experience in delivering superior professional development and certification programs in info-tech, finance, and management across the globe including Singapore, Japan, Philippines, Thailand, Taiwan, Indonesia, Malaysia, India, Vietnam, Sri Lanka, Hong Kong, China,  Australia, UAE and USA. For more information, visit https://www.kornerstone.com

About Bonfire Media Limited

Founded in 2015 by local digital practitioners, Bonfire Media is a premier digital marketing training provider in Hong Kong. Through standardized certification and customized training programs, we train senior professionals in digital communications to solve business problems. We are an authorized partner of global certification bodies such as the Digital Marketing Institute and UX Design Institute, working with them to evangelize an international standard in our industry. For more information, visit https://www.bonfiremedia.hk.

PR Newswire

Emeren Issues Statement Regarding Silicon Valley Bank

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STAMFORD, Conn., March 12, 2023 /PRNewswire/ — Emeren Group Ltd (“Emeren” or the “Company”) (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced that it does not hold cash deposits or securities at Silicon Valley Bank.

About Emeren Group Ltd
Emeren Group Ltd. (NYSE: SOL) is a leading global solar project developer, owner, and operator with a ~3 GW pipeline of projects and IPP assets across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams in more than 10 countries. For more information, go to www.emeren.com.

PR Newswire

Empowered by innovation, Huion Aims to Bring Digital Ink Solutions Worldwide

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NEW YORK, March 12, 2023 /PRNewswire/ — Huion, a leading innovator and manufacturer of digital drawing devices, is celebrating its 12th anniversary across all the platforms, including social networking sites and the official community.

Founded in 2011, Huion has grown from a startup to an industry leader in the last decade. When asked what the secret to its success is, Huion will say it is Innovation. Huion acted to provide its customers with the best products and cutting-edge technology. As a result, it rapidly developed as a global brand with a good reputation. For the time being, Huion has become a baseline of comparison in the industry, frequently recommended by communities and creatives for its great value.


Huion sticks to “Technology + Innovation” strategy

In recent years, Huion strives for a “Technology + Innovation” strategy as it expands its product line ranging from entry-level to high-end workflow, catering to a diverse range of creators and professionals.

From 2022 to 2023, Huion has introduced the industry’s largest pen tablet, Inspiroy Giano; the industry’s first pen tablet with dual dial controllers, Inspiroy Dial 2; in addition, it rolled out its first smart digital notebook, Huion Note; the intuitive Inspiroy 2 series of tablets; and the new pen computers Kamvas Studio 16 & 24, which drew much attention.


As for technological achievement, Huion introduced the latest PenTech 3.0+ to give artists a more natural writing experience. PenTech 3.0+ technology is first used on PW550 and PW550S. With the linear pressure sensitivity, the new pens will react smoothly and take the user experience to the next level.

During that time, Huion also won design awards, such as GOLDEN PIN DESIGN AWARD 2022 and Red Dot Design Award 2022. It is undeniably a form of recognition and encouragement for Huion, propelling it to greater heights.

Huion’s prospects in the near future

Huion’s mission is to bring digital ink solutions to more people around the world, allowing them to express their ideas and values with boundless imagination and creativity, regardless of their background and status. Today, Huion users come from all over the world, including Europe, Southeast Asia, North America, and Australia.

We’ve seen the power of innovation, and we still believe it’s the key to the longevity of an enterprise. In the foreseeable future, Huion will continue to innovate and lead the way in the industry.

PR Newswire

16 Major Banks Gathered at Edianyun – Building Momentum in China’s IT Remanufacturing

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BEIJING, March 10, 2023 /PRNewswire/ — Recently, Edianyun Syndicated Loan Meeting was successfully held. Sixteen major banks in China, including Xiamen International Bank and Bank of East Asia, attended the meeting under the leadership of Fubon Bank. Ji Pengcheng, Founder and CEO of Edianyun, Zhang Bin, Co-founder and COO of Edianyun, and Ma Xiliang, President of Fubon Bank Beijing Branch, were present.

Fubon Bank is a wholly-owned subsidiary of Fubon Financial Holding Co., Ltd. and the second largest financial holding company in Taiwan, with a total asset of RMB 2,418.3 billion.

“I have been looking forward to this event and hope to continue the friendly cooperation with other banks on the project of Edianyun. Edianyun is a pioneer that spurs the development of China’s enterprise office IT industry, something that’s recognized both home and abroad and drives us to lead the syndicated meeting,”said Ma Xiliang.

“Strategically, Edianyun mainly targets SMEs, which are over 1.5 million and continue to grow in China. SMEs face more severe IT challenges than large enterprises as they are short of money and professional IT teams and have a tough time in digital transformation and upgrading.” Ji Pengcheng added, “Edianyun offers stable, high-quality IT services to help SMEs promote efficiency, digital transformation and upgrading, and competitiveness at lowers costs. In return, such SMEs help Edianyun develop a business model featuring growth and profitability. In the future, we are committed to providing enterprises with effortless access to our services.”

As Zhang Bin said, “What distinguishes Edianyun from others is its ability to attract customers with lower costs and retain them with convenient services. I recently met an old customer who told me that his company has been using Edianyun service since 2015 without any change even though the company’s development direction has changed five times.”

Edianyun has more than 40,000 paying customers and 1.1 million devices in service. In 2022, the company maintained over 90% customer retention thanks to its constantly upgrading digital technology.

Edianyun’s manufacturing and service system takes each product and service to the lowest level, thereby standardizing manufacturing and services.

In the case of computer screen damage, instead of being discarded, the computer’s backlight and backlit paper will undergo digital detection separately to identify the exact problem, which is then specifically addressed. For example, if the backlit paper is found to be yellow, it will be replaced. Remanufacturing technology extends computer life from 3 to 5 years up to 7 to 10 years and cuts carbon emissions by 50,000 tons per year while effectively meeting customer needs.

The Xuanji system, independently developed by Edianyun, can flexibly dispatch more than 3,000 engineers nationwide to deliver door-to-door on-site service within two hours. In addition, Edianyun continues to improve its service efficiency and capability and is now promoting the regional grid-based service on a trial basis to reform its original service model and offer exclusive “fully managed” IT services to enterprises.

The closed-loop system Case independently developed by Edianyun supports the whole-process and real-time monitoring, warning and verification of every customer’s demand and hits every tiny problem “to the core.”

Such technologies equip Edianyun with the competitiveness that outperforms exclusive equipment reselling companies, enabling it to provide high-quality products and services at low costs that ultimately benefit customers.

“Edianyun focuses on services and solutions to SMEs and gains insights into the IT industry, SMEs and the business itself in the promising SME office IT market. It’s compellingly attractive for investors,” said Ma Xiliang said.

As we advance, Edianyun will deepen its cooperation with major banks to jointly explore the broad office IT market, truly help SMEs, and boost China’s office IT industry!

PR Newswire

TD Holdings, Inc. Reports Fiscal Year 2022 Financial Results

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SHENZHEN, China, March 11, 2023 /PRNewswire/ — TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a commodities trading service provider in China, today announced its financial results for the year ended December 31, 2022.

Ms. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “The challenging market environment and uncertain macro-economic conditions have significant impact on our business. We continue to deliver high quality services to our customers and our efforts have been greatly recognized by our customers and industry. Our online to offline e-commerce commodities trading platform, tongdow.com, was awarded Top 100 China Industrial Internet Enterprise of 2022. Our subsidiary Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. was awarded the 2022 China (Industry) Leading Enterprise. These awards once again demonstrate the competitiveness of the Company in the industry. Looking ahead to 2023, we expect to take multiple necessary initiatives to strengthen our business resilience and enhance our market position. Leveraging our experience and expertise, we remain focused on improving our services, enhancing our brand awareness and executing the strategic plan to capture the opportunities ahead of us as the market recovers.”

Fiscal Year 2022 Financial Highlights

  • Total revenue was $156.84 million, consisting of $155.44 million from sales of commodity products, and $1.39 million from supply chain management services for the year ended December 31, 2022, a decrease of 22% from $201.13 million for the year ended December 31, 2021.
  • Net income was $4.25 million for the year ended December 31, 2022, compared with net loss of $0.94 million for the year ended December 31, 2021.
  • Basic and diluted earnings per share were $0.08 and $0.07 respectively, for the year ended December 31, 2022, compared with basic and diluted loss per share of $0.04 for the year ended December 31, 2021.

Fiscal Year 2022 Financial Results

Revenues

For the year ended December 31, 2022, the Company sold non-ferrous metals to 29 third-party customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $155.44 million from sales of commodity products for the year ended December 31, 2022, compared with $197.95 million for the year ended December 31, 2021.

For the year ended December 31, 2022, the Company earned commodity distribution commission fees of $1.39 million from third-party vendors, compared with $3.18 million from third-party vendors for the year ended December 31, 2021.

Cost of revenue

Cost of revenue primarily includes cost of revenue associated with commodity product sales and cost of revenue associated with management services of supply chain. Total cost of revenue decreased by $42.33 million, or 21% to $155.80 million for the year ended December 31, 2022, from $198.13 million for the year ended December 31, 2021, primarily due to a decrease of $42.25 million in cost of revenue associated with commodity product sales. The decreased cost of revenue is in line with the decrease in sales.

Selling, general, and administrative expenses

Selling, general and administrative expenses increased by $0.71 million or 9%, to $8.84 million for the year ended December 31, 2022, from $8.14 million for the year ended December 31, 2021. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expenses, amortizations of intangible assets and convertible promissory notes, professional service fees and finance offering related fees. The increase was mainly attributable to (1) amortization of intangible assets of $4.63 million, and (2) amortization of convertible promissory notes of $1.21 million.

Share-based payment for service

On December 16, 2022, the Company issued 300,000 shares of the Company’s common stock as compensation to a settlement and mutual release agreement with White Lion Capital, LLC, a Nevada limited liability company, and recognized $324,000 share-based payment for service to profit and charged back $280,000 share-based payment for service to profit to a PR service provider.

On March 4, 2021, the Company issued 750,000 fully-vested warrants with an exercise price of $0.01, with a five-year life, to an agent who was engaged to complete the warrant waiver and exercise agreements. The Company applied the Black-Scholes model and determined the fair value of the warrants to be $1,695,042. Significant estimates and assumptions used included stock price on March 4, 2021 of $2.27 per share, risk-free interest rate of one year of 0.08%, life of five years, and volatility of 71.57% for the year ended December 31, 2021.

On July 16, 2021, the Company issued 140,000 shares of the Company’s common stock as compensation to a PR service provider for increasing the Company’s visibility in the financial news community, and recognized 141,400 share-based payment for service to profit.

Interest income

Interest income was primarily generated from loans made to third parties and related parties. Interest income increased by $6.96 million or 69%, to $17.04 million for the year ended December 31, 2022, from $10.08 million for the year ended December 31, 2021. The increase was primarily due to the growth of loans made to third-party vendors for the year ended December 31, 2022.

Amortization of beneficial conversion feature and relative fair value of warrants relating to the issuance of convertible promissory notes  

For the year ended December 31, 2022, the item represented the amortization of beneficial conversion feature of $1.21 million of three convertible promissory notes issued on March 4, 2021, October 4, 2021 and May 6, 2022.

For the year ended December 31, 2021, the item represented the amortization of beneficial conversion feature of $1.46 million of three convertible promissory notes issued on January 6, 2021, March 4, 2021 and October 4, 2021.

Net income (loss)

Net income was $4.25 million for the year ended December 31, 2022, compared with net loss of $0.94 million for the year ended December 31, 2021.

Twelve Months Ended December 31, 2022 Cash Flows

As of December 31, 2022, the Company had cash and cash equivalents of $0.89 million, as compared with $4.31 million as of December 31, 2021.

Net cash provided by operating activities was $4.34 million for the year ended December 31, 2022, compared with $8.03 million for the year ended December 31, 2021.

Net cash used in investing activities was $125.54 million for the year ended December 31, 2022, compared with $71.52 million for the year ended December 31, 2021.

Net cash provided by financing activities was $117.39 million for the year ended December 31, 2022, compared with $64.12 million for the year ended December 31, 2021.

About TD Holdings, Inc.

TD Holdings, Inc. is a service provider currently engaging in the commodities trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal products from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information, please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company’s operations, the demand for the Company’s products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Ascent Investor Relations LLC

Ms. Tina Xiao

Email:tina.xiao@ascent-ir.com 

Tel: +1 917 609 0333

TD HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2022 and 2021

December 31,

December 31,

2022

2021

ASSETS

Current Assets

Cash and cash equivalents

$

893,057

$

4,311,068

Loans receivable from third parties

143,174,634

115,301,319

Due from related parties

–

11,358,373

Inventories, net

458,157

–

Other current assets

4,040,477

3,288,003

Total current assets

148,566,325

134,258,763

Non-Current Assets

Plant and equipment, net

6,370

2,872

Goodwill

160,213,550

71,028,283

Intangible assets, net

54,114,727

21,257,337

Right-of-use assets, net

196,826

888,978

Total non-current assets

214,531,473

93,177,470

Total Assets

$

363,097,798

$

227,436,233

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable

$

1,269

$

3,337,758

Bank borrowings

1,005,083

1,129,288

Third party loans payable

460,587

476,779

Advances from customers

437,148

5,221,874

Due to related parties

38,767,481

21,174

Income tax payable

11,634,987

8,441,531

Lease liabilities

116,170

310,665

Other current liabilities

5,348,646

4,297,793

Convertible promissory notes

4,208,141

3,562,158

Total current liabilities

61,979,512

26,799,020

Non-Current Liabilities

Deferred tax liabilities

3,059,953

4,178,238

Lease liabilities

84,164

586,620

Total non-current liabilities

3,144,117

4,764,858

Total liabilities

65,123,629

31,563,878

Commitments and Contingencies (Note 16)

Shareholders’ Equity

Common stock (par value $0.001 per share, 600,000,000 shares authorized;
106,742,117 and 27,634,830 shares issued and outstanding as of December 31,
2022 and 2021, respectively) *

106,742

27,635

Additional paid-in capital

344,295,992

224,900,948

Statutory surplus reserve

2,602,667

1,477,768

Accumulated deficit

(38,800,375)

(42,200,603)

Accumulated other comprehensive (loss) income

(8,984,925)

11,666,607

Total TD Shareholders’ Equity

299,220,101

195,872,355

Non-controlling interest

(1,245,932)

–

Total Shareholders’ Equity

297,974,169

195,872,355

Total Liabilities and Shareholders’ Equity

$

363,097,798

$

227,436,233

*

Retrospectively restated due to five for one reverse stock split, see Note 13 – Reverse stock split of common stock.

TD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Years Ended December 31, 2022 and 2021

(Expressed in U.S. dollars, except for the number of shares)

 

For the Years Ended

December 31,

2022

2021

Revenues

     Sales of commodity products – third parties

$

155,443,398

$

173,904,016

     Sales of commodity products – related parties

–

24,049,999

     Supply chain management services – third parties

1,391,903

3,180,227

Total Revenues

156,835,301

201,134,242

Cost of revenues

     Commodity product sales – third parties

(155,789,519)

(173,996,000)

     Commodity product sales – related parties

–

(24,045,511)

     Supply chain management services – third parties

(7,525)

(84,118)

Total operating costs

(155,797,044)

(198,125,629)

Gross profit

1,038,257

3,008,613

Operating expenses

Selling, general, and administrative expenses

(8,844,739)

(8,137,481)

     Share-based payment for service

(44,000)

(1,836,442)

Total operating expenses

(8,888,739)

(9,973,923)

Other income (expenses), net

     Interest income

17,035,200

10,079,776

     Interest expenses

(523,980)

(313,965)

     Amortization of beneficial conversion feature relating to issuance of convertible
     promissory notes

(1,212,617)

(1,463,883)

     Other income (expense), net

59,088

(285,774)

Total other income, net

15,357,691

8,016,154

Net income from continuing operations before income taxes

7,507,209

1,050,844

Income tax expenses

(3,253,672)

(1,991,201)

Net income (loss)

4,253,537

(940,357)

Less: Net loss attributable to non-controlling interests

(271,590)

–

Net income(loss) attributable to TD Holdings, Inc.’s Stockholders

$

4,525,127

$

(940,357)

Other comprehensive income (loss)

Net income (loss)

$

4,253,537

$

(940,357)

Foreign currency translation adjustment

(20,651,532)

4,781,112

Comprehensive (loss) income

(16,397,995)

3,840,755

Less: Total comprehensive loss attributable to non-controlling interests

(271,590)

–

Comprehensive (loss) income attributable to TD Holdings, Inc.

(16,126,405)

3,840,755

Weighted Average Shares Outstanding-Basic

52,972,727

21,483,527

Weighted Average Shares Outstanding- Diluted

58,590,270

24,219,866

income (loss) per share- basic

$

0.08

$

(0.04)

income (loss) per share- diluted

$

0.07

$

(0.04)

TD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2022 and 2021

(Expressed in U.S. dollar)

 

For the Years Ended

December 31,

2022

2021

Cash Flows from Operating Activities:

Net income (loss)

$

4,253,537

$

(940,357)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     Depreciation of plant and equipment

2,885

622

      Amortization of right-of-use lease assets

306,546

45,309

     (Gain) loss on disposal of right-of-use lease assets

(20,092)

–

     Amortization of intangible assets

4,630,169

3,927,961

     Amortization of beneficial conversion feature of convertible promissory notes

1,212,617

489,000

     Interest expense for convertible promissory notes

465,201

417,784

     Amortization of discount on convertible promissory notes

434,333

–

     Share-based payment for service

44,000

1,836,442

     Standstill fee relating to convertible promissory notes

–

356,934

     Monitoring fee relating to convertible promissory notes

263,982

–

     Amortization of beneficial conversion feature relating to issuance of convertible
     promissory notes

–

1,463,883

     Inventories impairment

17,540

–

     Deferred tax liabilities

(792,114)

(825,945)

Changes in operating assets and liabilities, (net of assets and liabilities acquired and
   disposed):

     Other current assets

1,830,247

5,558,942

     Inventories

(491,943)

–

     Prepayments

(456,052)

–

     Due from related parties

(15,986)

(496,242)

     Advances from customers

(4,497,189)

(4,170,261)

     Due from third parties

(192,670)

(2,619,091)

     Income tax payable

4,046,672

2,808,268

     Due to related parties

(20,071)

(5,516,085)

     Accounts payable

(3,162,561)

3,299,002

     Other current liabilities

(3,507,517)

1,039,735

     Lease liabilities

(41,152)

886,866

     Due to third party loans payable

24,977

471,243

Net cash provided by operating activities

4,335,359

8,034,010

Cash Flows from Investing Activities:

Purchases of intangible assets

–

(5,115,803)

Purchases of plant and equipment

(6,700)

(3,469)

Purchases of operating lease assets

(250,171)

(923,964)

Investment in subsidiary, net of cash acquired

(96,638,468)

(15,579,946)

Payment made on loans to third parties

(109,106,926)

(108,800,053)

Collection of loans from third parties

70,150,111

13,504,542

Collection of loans from related parties

10,448,662

45,397,738

Investments in other investing activities

(134,254)

–

Net cash used in investing activities

(125,537,746)

(71,520,955)

Cash Flows from Financing Activities:

Repayments made on loans to third parties

(29,735)

(558,088)

Repayment made on loans to related parties

–

(1,901,724)

Proceeds from issuance of common stock under ATM transaction

–

2,192,989

Proceeds from issuance of common stock under private placement transactions

114,420,000

57,877,941

Proceeds from issuance of convertible promissory notes

3,000,000

6,500,000

Proceeds from exercise of warrants

–

7,500

Net cash provided by financing activities

117,390,265

64,118,618

Effect of Exchange Rate Changes on Cash

394,111

979,382

Net (Decrease)/Increase in Cash

(3,418,011)

1,611,055

Cash, Beginning of Year

4,311,068

2,700,013

Cash from continuing operations

$

893,057

$

4,311,068

Cash paid for interest expense

$

83,496

$

92,062

Cash paid for income taxes

$

1,681

$

75,416

Supplemental disclosure of non-cash investing and financing activities

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

$

250,171

$

–

Issuance of common stocks in connection with conversion of convertible promissory
   notes

$

4,730,150

$

–

Issuance of common stocks in exchange of investments in one equity investee

$

–

$

1,439,826

Source: TD Holdings, Inc.

PR Newswire

In new expedition, ‘striving in unity’ is China’s main theme: Global Times editorial

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BEIJING, March 11, 2023 /PRNewswire/ — On Friday, the new leadership of the state institutions and the 14th National Committee of the Chinese People’s Political Consultative Conference was elected at the two sessions. Xi Jinping was unanimously elected Chinese president and chairman of the Central Military Commission. This fully reflects the common aspiration of the whole Party, the military and the people of all ethnic groups in the country, and fully embodies the high degree of unity of the will of the Party, the will of the people, and the will of the country. Embarking on a journey full of glory and dreams, the sense of direction and certainty brought about by this achievement has further strengthened the firm confidence of Chinese society in its unity and striving.

From the 20th National Congress of the Communist Party of China (CPC) to the ongoing two sessions, “striving in unity” has always been a key and frequently used word. The development and changes in the internal and external situation has made “striving in unity” more important and urgent, and it has become a rigid demand in China.

In the 10 years of the new era, in the face of risks, challenges and tests from politics, economy, ideology, and nature, the CPC Central Committee with Comrade Xi at the core unites and leads the Party, the military, and the people of all ethnic groups in the country to carry out the great struggle with many new historical characteristics. We have won the battle against poverty as scheduled, built a moderately prosperous society in all respects, achieved the first centenary goal, achieved a major and decisive victory in COVID prevention and control, and created a great achievement of socialism with Chinese characteristics in the new era. The main theme running through this great journey is striving in unity.

The judgment on the current situation at the second plenary session of the 20th Central Committee of the CPC held not long ago is: “The world is undergoing momentous and rapid changes unseen in a century, and it has entered a new phase of turbulence and transformation. China has entered a development period in which strategic opportunities, risks and challenges are concurrent, and uncertainties and unforeseen factors are rising, and it must therefore be ready to withstand high winds, choppy waters and even dangerous storms.” The more this is the case, the more it requires internal unity, and under the leadership of the Party with Comrade Xi at its core, we must be united and as one like tough steel. The spirit that has supported the Chinese people to achieve prosperity and the Chinese nation to realize rejuvenation for a century is more special and precious today than ever before.

The CPC always represents the fundamental interests of the vast majority of the people, and has no special interests of its own. It never represents any interest group, any power group, or any privileged class. This is a prominent manifestation of China’s institutional advantages and the deep-rooted driving force behind Chinese society’s striving in unity. 

Embarking on a new journey, we will rally even more closely around the CPC Central Committee with Comrade Xi at the core, comprehensively promoting the great rejuvenation of the Chinese nation with Chinese modernization. The unity and striving of more than 1.4 billion Chinese people belong not only to China but also to the world. This is worthy of respect and also makes people feel exhilarated.

https://www.globaltimes.cn/page/202303/1287091.shtml

PR Newswire

Huawei Unveils Four Scenario-based Solutions for Healthcare, Contributing New Ideas to Smart Hospital Construction

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BARCELONA, Spain, March 11, 2023 /PRNewswire/ — During the Mobile World Congress (MWC) 2023, Huawei held a healthcare media roundtable themed “Accelerate the Digital Journey of Healthcare, Create New Value Together”. Xia Zun, President of Huawei Global Public Sector, introduced Huawei’s four scenario-based healthcare solutions and announced the first smart hospital online showcase at Huazhong University of Science and Technology Union Shenzhen Hospital, which is open for the first time to customers outside China.

Xia Zun, President of Huawei Global Public Sector (first from the right)
Xia Zun, President of Huawei Global Public Sector (first from the right)

Xia Zun said, “Healthcare digital transformation is entering the deep-water zone. New digital technologies, such as 5G, F5G, AI, IoT, and cloud computing, are combined with medical engineering to support the innovations in healthcare, and speed up its development. Huawei will stay humble, work with customers and partners, who have the expertise and know-how, and step up our strategic investment to help the healthcare industry accelerate digital transformation.”

All-Optical Medical Imaging Solution for 3D Image Viewing

Huawei’s All-Optical Medical Imaging solution can load thousands of images in seconds and reconstruct the image in 3D with 4K high definition, offering a fast, stable, and intelligent experience.

Digital Pathology Solution to View 1000+ Slices in Seconds

Based on Huawei OceanStor Pacific distributed storage and lossless compression algorithms, Huawei’s Digital Pathology solution speeds up the storage and query of pathological data, and saves more than 30% storage space.

Smart Ward Solution for Intelligent and Wireless Ward Management and Services

Using 5G, IoT, and Wi-Fi technologies, Huawei Smart Ward solution help hospitals reduce management costs, and improve patient experience through healthcare IoT applications, such as IV fluids monitoring, baby theft prevention and etc.

Smart Hospital ICT Infrastructure for Ever-fast, Secure, and Long-lasting Systems

Huawei’s ICT infrastructure solution, featuring active-active DC and converged campus network will ensure that business systems can run 24*7 smoothly.

Huawei is committed to bringing digital to every person, home and organization for a fully connected, intelligent world. Healthcare is one of the key sectors for Huawei’s Global Public Sector business. As of now, along with over 2,000 ecosystem partners, Huawei serves more than 2,800 hospitals and medical research institutions in over 90 countries and regions worldwide.

Media enquiries please contact: hwebgcomms@huawei.com