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Vipshop Reports Unaudited Fourth Quarter and Full Year 2022 Financial Results

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Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on February 23, 2023

GUANGZHOU, China, Feb. 23, 2023 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter and full year ended December 31, 2022.

Fourth Quarter and Full Year 2022 Highlights

  • Total net revenues for the fourth quarter of 2022 were RMB31.8 billion (US$4.6 billion), as compared with RMB34.1 billion in the prior year period. Total net revenues for the full year of 2022 were RMB103.2 billion (US$15.0 billion), as compared with RMB117.1 billion in the prior year.
  • GMV[1] for the fourth quarter of 2022 was RMB54.4 billion, as compared with RMB57.0 billion in the prior year period. GMV for the full year of 2022 was RMB175.2 billion, as compared with RMB191.5 billion in the prior year.
  • Gross profit for the fourth quarter of 2022 increased by 2.8% year over year to RMB6.9 billion (US$1.0 billion) from RMB6.7 billion in the prior year period. Gross profit for the full year of 2022 was RMB21.6 billion (US$3.1 billion), as compared with RMB23.1 billion in the prior year.
  • Net income attributable to Vipshop’s shareholders for the fourth quarter of 2022 increased by 57.9% year over year to RMB2.2 billion (US$323.9 million) from RMB1.4 billion in the prior year period. Net income attributable to Vipshop’s shareholders for the full year of 2022 increased by 34.6% year over year to RMB6.3 billion (US$913.2 million) from RMB4.7 billion in the prior year.
  • Non-GAAP net income attributable to Vipshop’s shareholders[2] for the fourth quarter of 2022 increased by 23.9% year over year to RMB2.2 billion (US$323.5 million) from RMB1.8 billion in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders for the full year of 2022 increased by 13.7% year over year to RMB6.8 billion (US$991.3 million) from RMB6.0 billion in the prior year.
  • The number of active customers[3] for the fourth quarter of 2022 was 47.7 million, as compared with 49.2 million in the prior year period. The number of active customers for the full year of 2022 was 84.8 million, as compared with 93.9 million in the prior year.
  • Total orders[4] for the fourth quarter of 2022 increased to 218.5 million from 216.9 million in the prior year period. Total orders for the full year of 2022 were 739.5 million, as compared with 786.6 million in the prior year.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “We had another quarter of strong earnings to finish off an extremely challenging year. Our business fundamentals are now stronger with the capabilities that we have built in merchandising, operations, and technologies in the past year. We have gained momentum with brand partners, securing a consistent flow of quality merchandise at exceptional values to our platform. We have won loyalty from customers, growing the high-value customer base all year long. And we have stepped up efforts in sustainability that benefits all stakeholders. Our sharp execution in 2022 gives us confidence as we look ahead for the post-pandemic opportunities. We believe that we are now in a healthier position than before to achieve both growth and profitability.”

Mr. David Cui, Chief Financial Officer of Vipshop, further commented, “We are pleased to deliver the most profitable quarter in the past two years as we continued with topline recovery. For the full year, we achieved record-high net income with solid margin expansion through consistent efforts to optimize operating efficiency. In addition, we remain committed to delivering value to our shareholders, with a total of US$952 million of ADSs repurchased under our share buyback programs throughout 2022. Looking ahead into 2023, we are confident about regaining growth while sustaining healthy profitability.”  

Fourth Quarter 2022 Financial Results

REVENUES

Total net revenues for the fourth quarter of 2022 were RMB31.8 billion (US$4.6 billion), as compared with RMB34.1 billion in the prior year period, primarily attributable to short-term disruptions on economic activities from the surge of COVID-19 infections nationwide.

GROSS PROFIT

Gross profit for the fourth quarter of 2022 increased by 2.8% year over year to RMB6.9 billion (US$1.0 billion) from RMB6.7 billion in the prior year period. Gross margin for the fourth quarter of 2022 increased to 21.7% from 19.7% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the fourth quarter of 2022 decreased by 6.5% year over year to RMB4.6 billion (US$673.9 million) from RMB5.0 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2022 was 14.6%, which stayed flat as compared with the prior year period.

  • Fulfillment expenses for the fourth quarter of 2022 were RMB2.2 billion (US$312.8 million), which largely stayed flat as compared with the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2022 was 6.8%, as compared with 6.4% in the prior year period.
  • Marketing expenses for the fourth quarter of 2022 decreased by 17.6% year over year to RMB944.1 million (US$136.9 million) from RMB1.1 billion in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2022 decreased to 3.0% from 3.4% in the prior year period, primarily attributable to more prudent marketing strategy.
  • Technology and content expenses for the fourth quarter of 2022 decreased by 7.8% year over year to RMB408.5 million (US$59.2 million) from RMB443.0 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the fourth quarter of 2022 was 1.3%, which stayed flat as compared with the prior year period.
  • General and administrative expenses for the fourth quarter of 2022 decreased by 5.2% year over year to RMB1.1 billion (US$165.0 million), as compared with RMB1.2 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2022 was 3.6%, as compared with 3.5% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the fourth quarter of 2022 increased by 37.1% year over year to RMB2.5 billion (US$363.8 million), as compared with RMB1.8 billion in the prior year period. Operating margin for the fourth quarter of 2022 increased to 7.9% from 5.4% in the prior year period.

Non-GAAP income from operations[5] for the fourth quarter of 2022, which excluded share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, increased by 33.6% year over year to RMB2.8 billion (US$402.2 million) from RMB2.1 billion in the prior year period. Non-GAAP operating income margin[6] for the fourth quarter of 2022 increased to 8.7% from 6.1% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the fourth quarter of 2022 increased by 57.9% year over year to RMB2.2 billion (US$323.9 million) from RMB1.4 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the fourth quarter of 2022 increased to 7.0% from 4.1% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the fourth quarter of 2022 increased to RMB3.66 (US$0.53) from RMB2.07 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the fourth quarter of 2022, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, (v) amortization of intangible assets resulting from business acquisitions, and (vi) tax effects on non-GAAP adjustments, increased by 23.9% year over year to RMB2.2 billion (US$323.5 million) from RMB1.8 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the fourth quarter of 2022 increased to 7.0% from 5.3% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the fourth quarter of 2022 increased to RMB3.65 (US$0.53) from RMB2.64 in the prior year period.

For the quarter ended December 31, 2022, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 610,448,180.

BALANCE SHEET AND CASH FLOW

As of December 31, 2022, the Company had cash and cash equivalents and restricted cash of RMB23.1 billion (US$3.3 billion) and short term investments of RMB1.6 billion (US$231.4 million).

For the quarter ended December 31, 2022, net cash generated from operating activities was RMB6.5 billion (US$946.1 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

Dec 31, 2021

 

Dec 31, 2022

 

Dec 31, 2022

 

RMB’000 

RMB’000 

US$’000

Net cash generated from operating activities

6,873,191

6,525,597

946,123

Reconciling items:

   Net impact from Internet financing activities[11]

(4,926)

243,833

35,352

   Capital expenditures

(1,204,433)

(587,100)

(85,121)

Free cash inflow

5,663,832

6,182,330

896,354

Full Year 2022 Financial Results

Total net revenues for the full year of 2022 were RMB103.2 billion (US$15.0 billion), as compared with RMB117.1 billion in the prior year.

Gross profit for the full year of 2022 was RMB21.6 billion (US$3.1 billion), as compared with RMB23.1 billion in the prior year. Gross margin for the full year of 2022 increased to 21.0% from 19.7% in the prior year.

Income from operations for the full year of 2022 increased by 11.0% year over year to RMB6.2 billion (US$898.5 million) from RMB5.6 billion in the prior year. Operating margin for the full year increased to 6.0% from 4.8% in the prior year.

Non-GAAP income from operations for the full year of 2022, which excluded share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, increased by 12.1% year over year to RMB7.4 billion (US$1.1 billion) from RMB6.6 billion in the prior year. Non-GAAP operating income margin for the full year of 2022 increased to 7.2% from 5.6% in the prior year.

Net income attributable to Vipshop’s shareholders for the full year of 2022 increased by 34.6% year over year to RMB6.3 billion (US$913.2 million) from RMB4.7 billion in the prior year. Net margin attributable to Vipshop’s shareholders for the full year of 2022 increased to 6.1% from 4.0% in the prior year. Net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2022 increased to RMB9.83 (US$1.43) from RMB6.75 in the prior year.

Non-GAAP net income attributable to Vipshop’s shareholders for the full year of 2022, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss(gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, (v) amortization of intangible assets resulting from business acquisitions, and (vi) tax effects on non-GAAP adjustments, increased by 13.7% year over year to RMB6.8 billion (US$991.3 million) from RMB6.0 billion in the prior year. Non-GAAP net margin attributable to Vipshop’s shareholders for the full year of 2022 increased to 6.6% from 5.1% in the prior year. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2022 increased to RMB10.67(US$1.55) from RMB8.67 in the prior year.

For the full year of 2022, the Company’s weighted average number of ADSs used in computing diluted earnings per ADS was 640,786,520.

For the full year of 2022, net cash generated from operating activities was RMB10.5 billion (US$1.5 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows:

For the trailing twelve months ended

Dec 31, 2021

 

Dec 31, 2022

 

Dec 31, 2022

 

RMB’000 

RMB’000 

US$’000 

Net cash generated from operating activities

6,744,644

10,519,692

1,525,212

Reconciling items:

   Net impact from Internet financing activities[11]

(89,546)

408,550

59,234

   Capital expenditures

(3,578,645)

(3,102,589)

(449,833)

Free cash inflow

3,076,453

7,825,653

1,134,613

Share Repurchase Program

During the quarter ended December 31, 2022, the Company repurchased US$317.9 million of its ADSs under its current US$1 billion share repurchase program, which is effective through March 2024. As of December 31, 2022, the Company has an un-utilized amount of US$247.5 million under this program.

Business Outlook

For the first quarter of 2023, the Company expects its total net revenues to be between RMB25.2 billion and RMB26.5 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency conversions of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.8972 to US$1.00, the effective noon buying rate on December 30, 2022 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 30, 2022, or at any other rate.

Conference Call Information

The Company will hold a conference call on Thursday, February 23, 2023 at 7:30 am U.S. Eastern Time, 8:30 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link: https://register.vevent.com/register/BI6984a3247975465ba30e29f8757ef611

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/wo4ejch9. An archived webcast will be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

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

Safe Harbor Statement

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

Use of Non-GAAP Financial Measures

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

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

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: IR@vipshop.com

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

[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, (v) amortization of intangible assets resulting from business acquisitions, and (vi) tax effects on non-GAAP adjustments.

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

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

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

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

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

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

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

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

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

 Vipshop Holdings Limited 

 Unaudited Condensed Consolidated Statements of Income and Comprehensive Income  

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

Three Months Ended

 Twelve Months Ended 

 Dec 31,2021 

Dec 31,2022

Dec 31,2022

 Dec 31,2021 

 Dec 31,2022 

 Dec 31,2022 

RMB’000

RMB’000

USD’000 

RMB’000

RMB’000

USD’000

Product revenues 

32,276,319

29,914,304

4,337,166

111,256,902

97,250,078

14,099,936

Other revenues (1)

1,855,354

1,843,456

267,276

5,802,776

5,902,411

855,769

 Total net revenues 

34,131,673

31,757,760

4,604,442

117,059,678

103,152,489

14,955,705

 Cost of revenues 

(27,418,277)

(24,857,565)

(3,604,008)

(93,953,121)

(81,536,409)

(11,821,668)

 Gross profit 

6,713,396

6,900,195

1,000,434

23,106,557

21,616,080

3,134,037

 Operating expenses: 

 Fulfillment expenses (2) 

(2,183,570)

(2,157,586)

(312,821)

(7,652,504)

(7,247,210)

(1,050,747)

 Marketing expenses 

(1,145,834)

(944,051)

(136,875)

(5,089,213)

(2,831,316)

(410,502)

 Technology and content expenses 

(443,011)

(408,543)

(59,233)

(1,517,307)

(1,605,422)

(232,764)

 General and administrative expenses 

(1,200,449)

(1,137,858)

(164,974)

(4,189,690)

(4,459,518)

(646,569)

 Total operating expenses 

(4,972,864)

(4,648,038)

(673,903)

(18,448,714)

(16,143,466)

(2,340,582)

 Other operating income 

89,183

257,062

37,270

924,579

724,832

105,091

 Income from operations 

1,829,715

2,509,219

363,801

5,582,422

6,197,446

898,546

 Investment gain and revaluation of investments 

92,232

257,064

37,271

85,685

546,031

79,167

 Impairment loss of investments 

(217,046)

(34,347)

(4,980)

(414,780)

(93,904)

(13,615)

 Interest expense 

(4,899)

(4,311)

(625)

(14,461)

(24,258)

(3,517)

 Interest income 

194,870

198,255

28,744

671,461

764,018

110,772

 Exchange (loss) gain 

(34,451)

160,542

23,276

(37,052)

687,871

99,732

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

1,860,421

3,086,422

447,487

5,873,275

8,077,204

1,171,085

 Income tax expenses

(390,691)

(903,839)

(131,044)

(1,222,704)

(1,758,810)

(255,003)

 Share of (loss) income of equity method investees 

(47,023)

59,176

8,580

42,303

(6,559)

(951)

 Net income 

1,422,707

2,241,759

325,023

4,692,874

6,311,835

915,131

Net income attributable to non-controlling interests

(7,938)

(7,998)

(1,160)

(11,801)

(13,019)

(1,888)

 Net income attributable to Vipshop’s shareholders 

1,414,769

2,233,761

323,863

4,681,073

6,298,816

913,243

–

 Shares used in calculating earnings per share (3): 

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

 —Basic 

135,695,489

121,010,371

121,010,371

136,175,112

127,235,048

127,235,048

 —Diluted 

136,631,560

122,089,636

122,089,636

138,745,022

128,157,304

128,157,304

 Net earnings per Class A and Class B ordinary share 

 Net income attributable to Vipshop’s shareholders——Basic 

10.43

18.46

2.68

34.38

49.51

7.18

 Net income attributable to Vipshop’s shareholders——Diluted 

10.35

18.30

2.65

33.74

49.15

7.13

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

 Net income attributable to Vipshop’s shareholders——Basic 

2.09

3.69

0.54

6.88

9.90

1.44

 Net income attributable to Vipshop’s shareholders——Diluted 

2.07

3.66

0.53

6.75

9.83

1.43

(1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan
Shan Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from
third-party logistics services, loan facilitation service income and membership fee income.

(1) Other revenues primarily consist of product promotion
and online advertising revenues, lease income mainly
earned from the Shan Shan Outlets ,fees charged to third-
party merchants which the Company provides platform
access for sales of their products, revenue from third-party
logistics services, loan facilitation service income and
membership fee income.

 (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB1.5 billion and RMB 1.5 billion in the three month
periods ended December 31,2021 and December 31,2022, respectively. 

 (2) Fulfillment expenses include shipping and handling
expenses, which amounted RMB5.2 billion and RMB 5.1
billion in the twelve month periods ended December
31,2021 and December 31,2022, respectively. 

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

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

Three Months Ended

Twelve Months Ended 

 Dec 31,2021 

Dec 31,2022

Dec 31,2022

 Dec 31,2021 

 Dec 31,2022 

 Dec 31,2022 

 RMB’000 

 RMB’000 

 USD’000 

 RMB’000 

 RMB’000 

 USD’000 

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

 Fulfillment expenses 

18,867

16,913

2,452

88,985

74,063

10,738

 Marketing expenses 

2,571

4,489

651

26,834

14,630

2,121

 Technology and content expenses 

59,809

52,588

7,625

252,730

242,714

35,190

 General and administrative expenses 

165,469

191,191

27,720

641,464

876,174

127,033

 Total 

246,716

265,181

38,448

1,010,013

1,207,581

175,082

 Vipshop Holdings Limited

 Unaudited Condensed Consolidated Balance Sheets

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

 Dec 31,2021 

Dec 31,2022

Dec 31,2022

RMB’000

 RMB’000 

 USD’000 

ASSETS

CURRENT ASSETS

Cash and cash equivalents

16,297,410

21,938,653

3,180,806

Restricted cash 

873,859

1,164,748

168,873

Short term investments

5,381,618

1,595,904

231,384

Accounts receivable, net

459,128

567,730

82,313

Amounts due from related parties,net

637,825

670,187

97,168

Other receivables and prepayments,net

2,326,866

2,280,449

330,634

Loan receivables,net

131

882

128

Inventories

6,865,108

5,515,880

799,727

Total current assets

32,841,945

33,734,433

4,891,033

NON-CURRENT ASSETS

Property and equipment, net

14,376,712

16,225,589

2,352,489

Deposits for property and equipment

382,121

296,717

43,020

Land use rights, net

6,612,165

7,638,506

1,107,479

Intangible assets, net

320,943

336,599

48,802

Investment in equity method investees

2,476,868

2,162,872

313,587

Other investments

2,482,911

2,660,305

385,709

Other long-term assets

296,366

91,762

13,304

Goodwill

589,165

755,213

109,496

Deferred tax assets, net

760,023

681,770

98,847

Operating lease right-of-use assets

1,148,322

891,744

129,291

Total non-current assets

29,445,596

31,741,077

4,602,024

TOTAL ASSETS

62,287,541

65,475,510

9,493,057

 LIABILTIES AND  EQUITY  

 CURRENT LIABILITIES 

 Short term loans 

1,975,184

2,687,438

389,642

 Accounts payable 

13,144,935

15,018,138

2,177,425

 Advance from customers  

1,828,781

1,737,424

251,903

 Accrued expenses and other current liabilities  

7,658,677

8,394,742

1,217,121

 Amounts due to related parties  

429,088

151,736

22,000

 Deferred income  

449,693

400,207

58,025

 Operating lease liabilities 

284,659

136,435

19,781

Total current liabilities

25,771,017

28,526,120

4,135,897

 NON-CURRENT LIABILITIES 

Deferred tax liability 

437,202

573,734

83,184

Deferred income-non current 

1,026,155

1,469,685

213,084

 Operating lease liabilities 

952,813

832,928

120,763

 Other long term liabilities  

272,038

–

–

Total non-current liabilities

2,688,208

2,876,347

417,031

TOTAL LIABILITIES

28,459,225

31,402,467

4,552,928

EQUITY:

Class A ordinary shares (US$0.0001 par value, 483,489,642 shares
authorized,122,975,885 and 124,060,090 shares issued, of which
120,232,895 and 101,621,330 shares were outstanding as of December
31,2021 and December 31,2022, respectively) 

80

80

12

Class B ordinary shares (US$0.0001 par value, 16,510,358 shares
authorized, and 15,560,358 and 15,560,358 shares issued and outstanding
as of December 31, 2021 and December 31,2022, respectively) 

11

11

2

Treasury shares,at cost(2,742,990 and 22,438,760 Class A shares as of
December 31, 2021 and December 31,2022, respectively )

(1,927,719)

(8,352,511)

(1,211,000)

Additional paid-in capital

12,227,637

13,091,781

1,898,130

Retained earnings

22,421,488

28,720,304

4,164,053

Accumulated other comprehensive loss

(88,599)

(707,628)

(102,596)

Non-controlling interests

1,195,418

1,321,006

191,528

Total shareholders’ equity

33,828,316

34,073,043

4,940,129

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

62,287,541

65,475,510

9,493,057

 Vipshop Holdings Limited

 Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

Twelve Months Ended

 Dec 31,2021 

 Dec 31,2022 

 Dec 31,2022 

 Dec 31,2021 

 Dec 31,2022 

 Dec 31,2022 

 RMB’000 

 RMB’000 

 USD’000 

 RMB’000 

 RMB’000 

 USD’000 

 Income from operations 

1,829,715

2,509,219

363,801

5,582,422

6,197,446

898,545

 Share-based compensation expenses 

246,716

265,181

38,448

1,010,013

1,207,581

175,082

 Amortization of intangible assets resulting from business acquisitions  

–

–

–

11,792.00

–

–

 Non-GAAP income from operations 

2,076,431

2,774,400

402,249

6,604,227

7,405,027

1,073,627

 Net income attributable to Vipshop’s shareholders 

1,414,769

2,233,761

323,863

4,681,073

6,298,816

913,243

 Share-based compensation expenses 

246,716

265,181

38,448

1,010,013

1,207,581

175,082

 Impairment loss of investments 

217,046

34,347

4,980

414,780

93,904

13,615

 Investment loss (gain) and revaluation of investments excluding dividends 

984

(257,064)

(37,271)

116,567

(533,826)

(77,397)

 Reconciling items on the share of equity method investments(4) 

(77,608)

(46,430)

(6,732)

(120,621)

2,965

430

 Amortization of intangible assets resulting from business acquisitions  

–

–

–

11,792

–

0

 Tax effects on non-GAAP adjustments 

(1,029)

1,270

184

(101,925)

(232,532)

(33,714)

 Non-GAAP net income attributable to Vipshop’s shareholders 

1,800,878

2,231,065

323,472

6,011,679

6,836,908

991,259

(4) To exclude the GAAP to non-GAAP reconciling items relating to investment loss (gain) and revaluation of investments on the share of
equity method investments.

 Shares used in calculating earnings per share: 

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

 —Basic 

135,695,489

121,010,371

121,010,371

136,175,112

127,235,048

127,235,048

 —Diluted 

136,631,560

122,089,636

122,089,636

138,745,022

128,157,304

128,157,304

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

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

13.27

18.44

2.67

44.15

53.73

7.79

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

13.18

18.27

2.65

43.33

53.35

7.74

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

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

2.65

3.69

0.53

8.83

10.75

1.56

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

2.64

3.65

0.53

8.67

10.67

1.55

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MAXST will Showcase Metaverse Service Development Platform at MWC 2023

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SEOUL, South Korea and BARCELONA, Spain, Feb. 22, 2023 /PRNewswire/ — MAXST Co., Ltd., a company specializing in the metaverse platform, will participate in MWC 2023 (Mobile World Congress 2023), held in Barcelona, Spain from February 27 to March 2.

MAXST will Showcase Metaverse Service Development Platform at MWC 2023.
MAXST will Showcase Metaverse Service Development Platform at MWC 2023.

MAXST plans to introduce MAXVERSE, an integrated platform for metaverse service development, AR development platform (MAXST AR SDK), and AR glasses.

MAXVERSE is attracting attention as an integrated platform for metaverse service development and will lead the development of the metaverse ecosystem.

As a Unity plug-in content authoring tool, it includes an XR simulation function, so users can develop services based on real space without going to the field. It can be applied to various fields such as XR telepresence, navigation, advertising, and games.

The upgraded MAXST AR SDK 6.0 version will also be shown. Space Tracker was added to the MAXST AR development platform, which is recognized for its world-class technology, and applied to MAXSCAN application. Space Tracker is a function that can automatically create a realistic spatial map by scanning a space within a radius of 10 meters.

In this expo, MAXST will give a demonstration that allows visitors to place AR contents directly on a 3D spatial map created by them. Also, users can experience reality-based AR contents by linking them to various hardware such as smartphones, tablets, and AR glasses through Space Tracker.

AR SDK 6.0 version will be officially distributed within the first half of the year. It is expected to give a new level of user experience that is connected to reality by providing a convenient development environment such as creating sophisticated AR meshes.

Also, MAXST will unveil tethered type AR glasses which has the industry’s smallest lens thickness, 40 degree field of view(FOV), and ultra light weight of less than 100g. Sensor Fusion SLAM technology installed in these glasses provides an immersive AR experience by tracking the movement of the device with high accuracy. Visitors will also be able to experience Space Tracker through AR glasses.

A MAXST official said, “Through MWC 2023, we plan to not only enter MAXVERSE into overseas markets, but also focus on promoting MAXST’s AR source technology to the world markets and increasing global brand awareness.

Founded in 2010, MAXST is a technology company that has focused on securing and localizing AR source technology. After releasing the open beta version of MAXVERSE, a metaverse development platform, in November, 2022, it is attracting attention as an innovative company that will lead the metaverse ecosystem.

MWC is an exhibition where you can see the latest market and technology trends in the global mobile communication industry and is hosted by Global System for Mobile communications Association (GSMA).

MAXST is going to operate a booth at Congress Square Stand CS179, Fira Gran Via for 4 days.

(https://www.mwcbarcelona.com/exhibitors/maxst-co-ltd)

About MAXST

MAXST (KRX: 377030) is a metaverse leading company that has unrivaled technologies such as commericalization of global top-level AR source technology, Sensor Fusion SLAM and 3D Reconstruction technology. Maxst is currently a public trust company listed on the Korean KOSDAQ market providing globally renowned AR SDK, industrial AR solution MAXWORK and Reality-based metaverse platform MAXVERSE.

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P.I. Works Announces the General Availability of its Non-Real Time RAN Intelligent Controller (Non-RT RIC) to Further Accelerate the Open RAN Adoption by Mobile Operators

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 P.I. Works, a leading provider of AI driven mobile network automated management and optimization solutions, has announced the launch of its new Radio Access  Network (RAN) Intelligent Controller (RIC) to further enhance its EXA product offering and increase its automation use-cases through wide range of its existing and  3rd party rApps

RESTON, Va., Feb. 22, 2023 /PRNewswire/ — P.I. Works’ non-RT RIC over its field proven EVO platform with its Service Management and Orchestration (SMO) functionality will enable the efficient automation, operation, and optimization of hybrid networks, a mix of both purpose-built and Open RAN elements. This will result in improved network performance and accelerated Open RAN adoption. P.I. Works’ Open RAN standard-compliant architecture offers a wide range of deployment opportunities to the operators, while field-proven nature of the solution assures carrier-grade reliability.

P.I. Works’ RIC
P.I. Works’ RIC

P.I. Works’ RIC platform provides:

  • A single platform for automated hybrid network management of both purpose-built and Open RAN networks with its rich multi-vendor support and dynamic abstraction.
  • A set of AI-powered Service Management and Orchestration products and use-cases to enhance automation network capabilities.
  • Continuously growing portable custom use-cases via Novel rApp Sandboxing Framework including development kits, mock APIs for testing and onboarding APIs for CI/CD enablement beyond O-RAN standards
  • Marketplace with rich set of ready-to-use rApps, such as PCI and RSI Optimizers, Energy Saving, Coverage Optimization, Capacity Optimization and Traffic Steering, Special Event Handling, and many more.
  • External enrichment data correlation capabilities with diverse third-party data sources such as mobile app reports, geolocation, Customer Experience Management systems, trouble ticketing systems and others.
  • Multi-cloud deployment support for public and private clouds, and Software-as-a-Service offering.

“We are excited to launch the RAN Intelligent Controller (RIC) offering as addition to our automation product offering to automate management and optimization of green-field and brown-field Open RAN networks, which we believe will help to increase efficiency and speed up transformation in the industry,” said Djakhongir Siradjev, CTO of P.I. Works. “Our RIC provides mobile operators with an easy-to-use, cost-effective way to deploy and manage Open RAN networks in a unified and standardized manner. It shall also simplify creation of new rApps, increase their portability across the ecosystem, and enable new opportunities for innovation and growth for our existing and future customers to provide better subscriber experience.”

“The launch of P.I. Works’ RIC, which will allow us to offer our customers variety of rApps, is another milestone in our mission to revolutionize the mobile network industry.” added Dr. Erol Hepsaydir, VP of Solutions and Business Development at P.I. Works “With our innovative solutions and commitment to customer success, P.I. Works is poised to continue its growth and leadership in the industry.”

For more insights about P.I. Works solutions, visit P.I. Works at Mobile World Congress 2023 Barcelona in Hall 2, #2K20. Click here to learn more about P.I. Works’ showcase at MWC.

Media contact: marketing@piworks.net 

Source: P.I. Works

PR Newswire

TuanChe Limited Announces Receipt of Minimum Bid Price Notice From Nasdaq

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BEIJING, Feb. 22, 2023 /PRNewswire/ — TuanChe Limited (“TuanChe” or the “Company”) (NASDAQ: TC), a leading integrated automotive marketplace in China, today announced that it received a notification letter dated February 17, 2023 (the “Deficiency Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the “Nasdaq”), indicating that the Company is no longer in compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules as the Company’s closing bid price per American depositary share (“ADS”), each representing sixteen Class A ordinary shares, par value US$0.0001 per share, of the Company, has been below US$1.00 for a period of 30 consecutive business days. The Deficiency Letter does not result in the immediate delisting of the Company’s securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until August 16, 2023 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least US$1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by August 16, 2023, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar days compliance period if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards, with the exception of bid price requirement, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency.

The Company intends to monitor the closing bid price of its ADSs between now and August 16, 2023 and is considering its options, including an adjustment of its ADS-to-Class A ordinary share ratio, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. The Company is currently in compliance with all other Nasdaq continued listing standards. The Deficiency Letter does not affect the Company’s business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations.

About TuanChe

Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading integrated automotive marketplace in China. TuanChe offers services to connect automotive consumers with various industry players such as automakers, dealers and other automotive service providers. TuanChe provides automotive marketing and transaction related services by integrating its online platforms with offline sales events. Through its integrated marketing solutions, TuanChe turns individual and isolated automobile purchase transactions into large-scale collective purchase activities by creating an interactive many-to-many environment. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe’s online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements.

For more information, please contact ir@tuanche.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development and business outlook, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For investor and media inquiries, please contact:
TuanChe Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com

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

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WiMi Hologram Cloud Develops A Digital Content Compression and Processing System for Web 3.0

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BEIJING, Feb. 21, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced that it has been continuously optimizing its digital content compression technology. It has launched a digital content compression processing system to accommodate Web 3.0’s high bit-rate transmission requirements.

Compression is the reduction of the amount of data needed to represent digital content. WiMi’s digital content compression and processing system mainly deal with four kinds of redundancy: coding redundancy, spatial redundancy, temporal redundancy, and redundancy of irrelevant information.

The redundancy of digital content data is mainly manifested as coding redundancy caused by the word code in the digital content being more prominent than the optimal coding to form entropy; spatial redundancy caused by the correlation between adjacent pixels in the digital content; temporal redundancy caused by the correlation between different frames in the digital content sequence; and spectral redundancy caused by the correlation between different color or spectrum bands. Due to the sheer volume of digital content data, which is very difficult to store, transmit, and process, the application of WiMi’s system is essential for the more efficient, intelligent, and realistic environment required by Web 3.0.

Coding redundancy exists when the word code used is larger than the optimal code or relatively larger than the minimum length. This is where the concept of entropy comes into play, which has a more specific definition derived from a different discipline, entropy, in digital content processing. WiMi, therefore, optimizes codes intelligently by comparing them with particular algorithms and sorting out the disorganized codes to reduce the codes’ total entropy and redundancy.

Spatial redundancy is caused when addressing correlations between, for example, neighboring pixels in digital content. Spatial redundancy is a frequent type of data and is the most significant type presented in digital content images. There is often a spatial correlation between the colors of sampled points on the surface of the same scene, with adjacent points often taking on similar or identical values. Different data can have roughly the same histogram and entropy and approximately the same compression ratio. The pixels of any one image can reasonably be predicted from their neighboring pixel values, and these correlations are the potential basis for inter-pixel redundancy. To reduce inter-pixel redundancy, two-dimensional arrays of pixels can be transformed into a more efficient format. This type of transformation, known as mapping, takes the original digital content image data, transforms it into a dataset for reconstruction, and then merges it. The system will automatically identify and integrate to significantly reduce the amount of data in the digital content due to spatial redundancy and remove the excess data footprint.

Temporal redundancy, in close analogy to spatial redundancy, arises because of the inter-pixel correlation of adjacent frames in digital content data. The system can insert successive frames of digital content into a matrix of frame structures, linking each frame along a four-dimensional array. The first two dimensions are the number of rows and columns dimensions, the third dimension is the monochrome image, and the fourth is the number of frames in the image sequence. Of course, temporal redundancy refers not only to the image data of digital content but also to data such as speech data, control data, and operational and informational data, all of which can be compiled using the same theoretical basis for integration.

Unlike coding and spatial redundancy, Irrelevant information is a way of processing digital content data using biases or insensitivity in human vision or perception. For example, the human eye is insensitive to high-frequency information in color, so irreversible quantitative compression can be performed.

WiMi’s digital content compression processing system is based on the basic principles of a lossless compression framework. The size of the digital content data is actually information plus data redundancy. When the fundamental problem of data redundancy and data results is optimized, the performance of transmission speed can be significantly improved. WiMi is also continuously optimizing its holographic digital content compression and processing system and has previously introduced a parallel compression scheme with multi-tasking packages to considerably reduce the processing time and improve its performance. WiMi will continue to improve the system’s intelligent processing capabilities and project management performance to provide better services to customers in the Web 3.0 era.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI), whose commercial operations began in 2015, is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, 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. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, 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; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable laws.

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Source: WiMi Hologram Cloud Inc.

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YouLianCloud Officially Accesses Baidu ERNIE Bot, Driving the Development of Financial AIGC

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SHANGHAI, Feb. 21, 2023 /PRNewswire/ — On February 14, 2023, YouLianCloud announced to be the first batch of early experience officers of ERNIE Bot. Subsequently, YouLianCloud will fully experience ERNIE Bot ‘s ability to use AI to drive intelligent financial content production and jointly promote smarter, better quality financial intelligence products and services.

Next, YouLianCloud will apply the results of Baidu’s leading intelligent dialogue technology in the field of financial AIGC. This move marks the priority of YouLianCloud to gain the support of leading AI technology, and also marks the first landing of conversational language modeling technology in domestic financial intelligence scenarios.

ERNIE Bot is a generative conversational product launched by Baidu based on Wenxin’s large model technology.

As the leading intelligent financial information engine in China, YouLianCloud takes ecological connection as the core, deeply cultivates the financial industry and AIGC, uses natural language processing, big data and knowledge graph technology, relies on intelligent creation, intelligent connection, intelligent opinion integration financial SaaS, and provides enterprises with intelligent applications for multiple scenarios such as sales, marketing, investment research, and risk control.

In 2020, with ecological connection as the core, YouLianCloud launched the intelligent financial information connection engine “YouLian Connection” to automate and intelligently connect the online communication mode in real time, safely and accurately, helping enterprises to realize cost reduction and efficiency increase. In 2021, YouLianCloud deeply researched the field of financial AI and cultivated rich insight into the needs of the financial sector. By combining natural language processing, Knowledge Graph and generative AI technology, YouLianCloud launched the intelligent financial information creation platform “YouLian AIGC”, which generates content in the form of intelligent financial information and intelligent financial videos to help enterprises develop intelligently.

At present, “ERNIE Bot” is making a sprint before going online. YouLianCloud has priority to internal testing with ERNIE Bot, and integrates ERNIE Bot’s technical capabilities. It will deepen cooperation with Baidu in various fields such as product development and standard formulation. With the assistance of Baidu’s technical team, YouLianCloud will continue to build diversified solutions for more financial scenarios. Through technology sharing, training empowerment, and joint marketing, YouLianCloud will strengthen its competitiveness, create more financial AI application solutions and services for users, and ultimately unlock new industrial opportunities and lead industrial transformation and upgrading.

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Which category takes best performance on TikTok? Key Findings From Shoplus 2022 TikTok Trends Report

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HONG KONG, Feb. 21, 2023 /PRNewswire/ — Report: “Her Economy” is on the rise, Beauty and Personal Care, Womenswear and Lingerie accounted for 44% in TikTok e-commerce

As the most welcomed TikTok analytics tool, Shoplus released its TikTok E-commerce Product Trends Report of the 2022 Year-End Mega Sales Season in February 2023. Shoplus utilizes platform advantages and comprehensive analysis to analyze TikTok e-commerce product trends from September to November 2022, and conduct the product insights of TikTok e-commerce of major sales countries including the United Kingdom, Indonesia, Thailand, Vietnam, Malaysia, and the Philippines.

This TikTok trends report identifies the future market conditions and helps in understanding growth opportunities for TikTok business. It also assists you to predict which product category will have high potential in the upcoming year, based on the 2022 Year-End Mega Sales Season on TikTok. Enabling businesses to make data-driven decisions for future growth.

Key insights from the report include:

The Continuing Rise of TikTok Ecommerce is the benefit of Favorable Policies.

  • During September – November 2022, Indonesia’s sales showed steady growth, but its market share dropped from 43% in September 2022 to 35% in November 2022. However, it still holds the dominant position.
  • From September – November 2022, Thailand’s market share increased significantly, with sales growth ahead of the market. Its market share increased from 14% in September 2022 to 19% in November 2022.

Rise of the SHEconomy: Beauty and Personal Care, Womenswear and Lingerie accounted for 44%.

  • Beauty and Personal Care, Womenswear and Lingerie are the two categories occupying the top two positions.
  • Except from the need for self-pleasure, their needs for home comfort should not be underestimated, such as Home Supplies, Baby & Maternity and Kitchenware.

Indonesia Market: the consumption price range is within USD 8. High-priced positioning need to be nurtured for a long time.

  • The best-selling prices of most categories in Indonesia are within USD 8.
  • Indonesian consumers are still in the early stage of consumption habits on the TikTok e-commerce platform.

Thailand Market: Consumer are willing to pay for a higher price in terms of hobbies and beauty consumption.

  • Interest-related categories are distributed relatively evenly in each price range. Products with a unit price of more than USD 20 account for about 10%-30% of the market share.

Among the Christmas-related product categories, Beauty and Personal Care ranked NO. 1.

  • Beauty and Personal Care dominate the market, taking 51.4% of the market share on TikTok Christmas-related product category sales distribution, from November 1st to December 11th, 2022.

See the full report for more details and methodology. 

Shoplus, the all-in-one TikTok data analytics tool provides ranking lists for sounds, videos, hashtags, influencers, LIVE streams, products, and shops. LIVE streams and shops are newly launched features. Real-time monitoring, comprehensive analysis, and rich database are the three core characteristics of Shoplus. This make Shoplus stand out from other TikTok analytics tools. It was launched to meet the emerging need for TikTokers and brands. 

At its core, it provides the necessary TikTok analytics to help influencers and brands stay on the right track and make conscious decisions based on reliable data. If a TikTok content creator is looking for more content inspiration. It saves them the manual effort of browsing related TikTok hashtags, popular sounds, trending videos, etc. If a brand wants to grow its business or a seller is seeking the opportunity to start their own business on TikTok. It gives you product selection based on the sales volume of TikTok e-commerce and a detailed influencer profile search.

Key Features:

  • Discover product potential. It analyses the TikTok product trends of different categories based on hourly-updated data on TikTok. So you can maximize product profit potential and craft your product strategy more efficiently.
  • To optimize your video strategy. To unlock advanced content metrics for videos, sounds, and hashtags that make it easy to grow your audiences.
  • Gain competitor insights. View comprehensive data on influencer performance and engagement, and keep track of what strategies your competitors are currently using.

Shoplus is formerly known as Tikmeta. The TikTok data analytics viewer is designed to help users analyze the characteristics of TikTok creators and offer multi-dimensional data analysis for TikTok business. It constantly explores the relationship between videos and talents to discover potential products through audience needs. With comprehensive data analysis and visual presentation, you can be informed of trends and discover product potential more easily. Discover more at Shoplus.net.

Contact Us
For more information, specific data requests or business cooperation, please contact us marketing@shoplus.net

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PR Newswire

Tencent Music Entertainment Group to Report Fourth Quarter and Full Year 2022 Financial Results on March 21, 2023 Eastern Time

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SHENZHEN, China, Feb. 20, 2023 /PRNewswire/ — Tencent Music Entertainment Group (“TME”, or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced that it will report its unaudited financial results for the fourth quarter and full year of 2022 before the U.S. market opens on Tuesday, March 21, 2023.

TME’s management will host a Tencent Meeting Webinar on Tuesday, March 21, 2023, at 7:00 A.M. Eastern Time or 7:00 P.M. Beijing/Hong Kong Time on Tuesday, March 21, 2023, to review and discuss the Company’s business and financial performance.

For participants who wish to join the Tencent Meeting Webinar, please complete online registration in advance using the links provided below. Upon registration, each participant will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration 
Chinese Mainland1:    https://meeting.tencent.com/dw/jm2lKMZeeHs5
International:               https://voovmeeting.com/dw/jm2lKMZeeHs5

A live and archived webcast of the webinar will also be available at the Company’s investor relations website at https://ir.tencentmusic.com/.

1Chinese Mainland, for the purpose of this announcement only, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People’s Republic of China and Taiwan

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to create endless possibilities with music and technology. TME’s platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415

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PR Newswire

/C O R R E C T I O N — Relativity/

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Correction of Press Release: In the news release, The EPA Deploys Relativity’s SaaS Platform as its Cloud Solution for FOIA Requests, issued February 15, 2023, at 8:00 AM EST by Relativity over PR Newswire, we are advised by the company that the EPA’s eDiscovery Division leverages RelativityOne Government for responding to litigation, Congressional Requests and FOIA matters, and that the ongoing work by Relativity and Deloitte is not associated with EPA’s FOIAonline or EPA’s National FOIA Office. 

The EPA Deploys Relativity’s SaaS Platform as its Cloud Solution for FOIA Requests

Deloitte supported the agency’s migration to RelativityOne Government, which provides integrated AI and state-of-the-art security

CHICAGO, Feb. 15, 2023 /PRNewswire/ — Relativity and Deloitte today announced that the U.S. Environmental Protection Agency (EPA) has deployed Federal Risk and Authorization Management Program (FedRAMP) authorized SaaS platform, RelativityOne Government, as its cloud solution for Freedom of Information Act (FOIA) requests.

Relativity, a global legal technology company, with the support of Deloitte, a market-leading provider of litigation support and e-discovery services, helped facilitate the agency’s migration to RelativityOne Government. This move to RelativityOne Government provides the EPA with the security, flexibility and extensibility of the cloud-based data discovery product powered by AI.

“Our advanced AI capabilities empower teams at the EPA to spend less time combing through mountains of data and more time collaborating and gleaning insights from analytics,” said Doug Cowan, Managing Director, Government Sales at Relativity. “The EPA is able to use the information to guide courses of action for their litigation matters or FOIA requests, which is additive to the litigation and e-discovery matters in which they were already leveraging RelativityOne Government. We look forward to seeing what the EPA will accomplish with a platform built exclusively for the cloud, and hope that it encourages other U.S. government agencies that are contemplating the use of SaaS solutions for their e-discovery work.”

The EPA processes thousands of FOIA requests per year. The intuitive RelativityOne Government solution provides the EPA with the flexibility and speed to process this large volume of FOIA requests, and handle litigation and investigations of varying sizes securely and accurately. The solution creates a consistent and repeatable approach which allows for lower costs, reduced risks and an increased efficiency in the agency’s processes. 

“Deloitte’s experience supporting one of the first agencies to move to RelativityOne Government adds to the extensive and varied history Deloitte has in helping clients leverage innovative technology to achieve their goals,” said Chris Knox, Advisory Managing Director, Deloitte Transactions and Business Analytics LLP and leader of Deloitte’s Government and Public Sector Discovery practice. He added, “our extensive knowledge in shaping, planning and driving the migration to the cloud and Relativity’s commitment to building the secure and scalable platform for the public sector, were key factors in the EPA’s successful deployment.”

RelativityOne Government enables the EPA to respond to government matters of increasing complexity, demand, unpredictability and sensitivity. Data-driven insights and related decision-making in the public sector has grown exponentially, and RelativityOne Government helps agencies more securely and efficiently identify relevant documents, personally identifiable information and privileged data.

About Relativity

Relativity makes software to help users organize data, discover the truth and act on it. Its SaaS platform RelativityOne manages large volumes of data and quickly identifies key issues during litigation and internal investigations. Relativity has more than 300,000 users in approximately 40 countries serving thousands of organizations globally, primarily in legal, financial services and government sectors. Please contact Relativity at sales@relativity.com or visit http://www.relativity.com for more information.

About Deloitte

As used in this document, “Deloitte” means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Please contact Deloitte at governmentdiscovery@deloitte.com or visit www.deloitte.com/us/government for more information.

CONTACT: PR@relativity.com

PR Newswire

Leju Announces CFO Change

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BEIJING, Feb. 19, 2023 /PRNewswire/ — Leju Holdings Limited (“Leju” or the “Company”) (NYSE: LEJU), a leading e-commerce and online media platform for real estate and home furnishing industries in China, today announced that Mr. Li-Lan Cheng, the acting chief financial officer of Leju, tendered his resignation to Leju’s board of directors. Leju learnt with profound sadness that Mr. Liang Zhou, the chief financial officer of E-House (China) Enterprise Holdings Limited, Leju’s parent company (SEHK: 2048) (“E-House”), passed away on February 16 after a prolonged illness. The board of directors of E-House has appointed Mr. Cheng as its chief financial officer, effective February 19.

The board of directors of Leju has confirmed the resignation of Mr. Cheng and appointed Ms. Li Yuan as the chief financial officer of Leju, effective February 19. Ms. Li Yuan has served as Leju’s deputy chief financial officer since June 2017. Prior to that, she had been the head of investor relations of E-House (China) Holdings Limited, E-House’s and Leju’s affiliate company, since November 2008. Ms. Yuan received her master’s degree in business administration from Johnson & Wales University.

About Leju

Leju Holdings Limited (“Leju”) (NYSE: LEJU) is a leading e-commerce and online media platform for real estate and home furnishing industries in China, offering real estate e-commerce, online advertising and online listing services. Leju’s integrated online platform comprises various mobile applications along with local websites covering more than 380 cities, enhanced by complementary offline services to facilitate residential property transactions. In addition to the Company’s own websites, Leju operates the real estate and home furnishing websites of SINA Corporation, and maintains a strategic partnership with Tencent Holdings Limited. For more information about Leju, please visit http://ir.leju.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Leju’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 All information provided in this press release is as of the date of this press release, and Leju does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Ms. Christina Wu
Leju Holdings Limited
Phone: +86 (10) 8474-1287
E-mail: ir@leju.com

Philip Lisio
Foote Group
Phone: +86 135-0116-6560
E-mail: phil@thefootegroup.com

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