Category Archives: PR Newswire

PR Newswire

The China “618” Online Shopping Gala under the Epidemic

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BEIJING, June 19, 2020 — In June, under the gloom of the epidemic, how to revive the economies has become the primary task for governments all around the world.

The China "618" Online Shopping Gala under the Epidemic
The China “618” Online Shopping Gala under the Epidemic

 

As the main force driving the Chinese economy, on Jun. 18th, the China “618” online shopping gala of Chinese e-commerce has attracted much attention from the world. Syntun Data provides you with an exclusive data report of 2020 “618” to help you understand the Chinese e-commerce market better. The report covers more than 2,000 categories that under FMCG and durable consumer goods industries etc.

Syntun is a professional provider of big data products, services and solutions in the consumer sector. According to the data monitoring of Syntun, during the 2020 China “618” online shopping gala (from Jun. 1st to Jun. 18th), the GMV of the whole e-commerce network in China reached RMB 457.33 billion, with a year-on-year growth of 43.78 %.

For top e-commerce platform rankings and the most popular category rankings, etc., all data can be viewed here: https://photos.prnasia.com/prnk/20200619/2836061-1?lang=0

CONTACT:

Syntun Marketing Team
Tel: +86-10-5287-4212
Email: info@syntun.com

 

Related Links :

https://photos.prnasia.com/prnk/20200619/2836061-1

http://www.syntun.com

PR Newswire

JinkoSolar Receives Determination in German Court in Patent Litigation Brought by Hanwha Q CELLS

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SHANGHAI and MUNICH, June 19, 2020 — JinkoSolar Holding Co., Ltd. (“JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today responded to the Regional Court of Düsseldorf’s recent determination concluding that third-party cell technology contained in certain JinkoSolar modules, no longer in production, infringes a patent held by Hanwha Q CELLS. JinkoSolar believes the Düsseldorf court came to an erroneous conclusion and will appeal the decision. JinkoSolar is also challenging the Hanwha patent’s validity at the European Patent Office (“EPO”).

Importantly, the scope and impact of the Düsseldorf court’s decision is limited to Germany. Additionally, the decision relates to third-party cells included in older versions of JinkoSolar-branded modules which are no longer in production. As such, the decision has no impact on current JinkoSolar customers, and JinkoSolar may continue to import and sell modules that use its own cell technology to customers in Germany.

“We respectfully disagree with the recent decision of the Düsseldorf court, which did not take any independent expert evidence and based its decision on one sided allegations,” said Kangping Chen, CEO of JinkoSolar. “We continue to believe that Hanwha’s claims are without merit and were brought solely to slow down our business momentum. We will pursue all legal avenues to vigorously defend against Hanwha’s claims, including contesting the validity of the patent associated with the cell technology in question. Providing JinkoSolar’s customers with industry-leading solar modules remains our top priority and we will continue to work tirelessly to achieve that end.”

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 17.5 GW for mono wafers, 10.6 GW for solar cells, and 16 GW for solar modules, as of March 31, 2020.

JinkoSolar has over 15,000 employees across its 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

To find out more, please see: www.jinkosolar.com

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.jinkosolar.com

PR Newswire

Kuaishou Unleashes Amateur Singers’ Potential with a Charity Live-Streaming Concert

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The 9-hour concert received a total of 2 million views

BEIJING, June 19, 2020 — Livestreaming on Kuaishou, a video-sharing and live streaming platform in China, a 9-hour online charity concert initiated and hosted by a popular Chinese amateur singer Li Yuer wrapped up with an overwhelming response from the audience in early May – more than 2 million viewers tuned in to watch the show.

Chinese amateur singer Li Yuer is hosting a 9-hour online charity concert on Kuaishou, receiving a total of 2 million views
Chinese amateur singer Li Yuer is hosting a 9-hour online charity concert on Kuaishou, receiving a total of 2 million views

Engaging with the audience alongside other singers during the live concert, Li launched an online fundraising campaign with all proceeds going to the student aid foundation established by herself to help hundreds of students living in the impoverished villages.

Since the foundation was founded seven years ago, Li has been trying to bring support society through the power of music. In addition to raising funds for the students this time, the singer also connected with the government of Dong’an county in Hunan province, where she was born, in a bid to encourage people to support the local poverty-alleviation program.

“The overwhelming response from the audience during this session brought me to my knees in gratitude,” said Li. “Once again, I am grateful for the incredible generosity of my supporters and this platform where I can spread love and positivity across the nation.”

Chinese amateur singer Li Yuer is hosting a 9-hour online charity concert on Kuaishou, receiving a total of 2 million views
Chinese amateur singer Li Yuer is hosting a 9-hour online charity concert on Kuaishou, receiving a total of 2 million views

Make the music happen

Joining on February 13, Li quickly became one of the most-followed online streamers on the platform who gained 1.5 million followers within 100 days. Now with her 1.8 million fans, the up-and-coming singer’s live-streaming sessions have accumulated a total of 40 million views with 400,000 Kuaishou users watching her performance every day.

Humorous and outspoken, Li’s unfiltered image and personality are woven into her music by her marvelous voice, making her songs the embodiment of her personal stories about chasing dreams with perseverance and hardworking. 100 days since Li joined Kuaishou, her musical journey on the platform has allowed her to receive support from a wider audience, and in return, encourage more grassroots sing-song writers to follow their dreams and hearts.

“My biggest hope has always been bringing more high-quality songs to my audience on this platform,” Li said. “All I want is to create something for my music fans, for this incredible music community, a virtual hangout space for people connect with one another, to see some of their favorite musicians, and to listen to the soundtracks that resonate with their hearts.”

“With more music professionals with similar visions joining Kuaishou to carve out careers and establish their own friend cycles, I can see Kuaishou has become a community where musicians are able to explore the new opportunities and create more meaningful songs for themselves and their fans,” she said.

“I love this inclusive platform which embraces people from all walks of life, and musicians with dynamic creativities inspired by their personal experiences. It is the community where people can see themselves grow, learn, and share while leveraging the resources and tools to bring out meaningful changes to the music industry.”

About Kuaishou Technology

Kuaishou Technology, headquartered in Beijing, China, runs Kuaishou, one of the world’s leading short video social platforms, boasting more than 300 million daily active users since 2011. Users can use the platform to create and share videos with friends and their communities through posts, likes and comments. Known for its active and vibrant community of over 300 million users, the app is available on iOS and Android.

Photo – https://photos.prnasia.com/prnh/20200619/2835928-1-a?lang=0
Photo – https://photos.prnasia.com/prnh/20200619/2835928-1-b?lang=0

PR Newswire

127th Canton Fair Helps Disadvantaged Regions Reach Global Market

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GUANGZHOU, China, June 19, 2020 — The ongoing 127th and the first-ever digital China Import and Export Fair (Canton Fair) is supporting more than 1,000 companies from less-developed regions to have access to the international trade market, with exhibitors increasing by 62.3 percent.

The ongoing 127th Canton Fair helps 1000+ companies from less-developed regions to access global markets
The ongoing 127th Canton Fair helps 1000+ companies from less-developed regions to access global markets

On this global platform of the Canton Fair, companies can fully present their products to both domestic and foreign buyers without exhibiting on site, saving time, cost and resources.

“Since 2017, Canton Fair has helped more than 3,000 companies from less-developed areas with more than 5,000 exhibition booths,” said Quandong Liu, Deputy Director General of Foreign Affairs Office of Canton Fair. “And now we are helping them move online to explore the international market.”

Register at https://buyer.cantonfair.org.cn/en/register/selectiveId for more opportunities.

Canton Fair introduces targeted measures for poverty alleviation

Shifting to online platforms, the Canton Fair is facilitating target measures, setting up barrier-free access for companies from less-developed areas, such as waiving of entrance and any other service fee and providing training on online marketing skills.

Tian Yongqiang, general manager of Baoyisheng pharmaceutical company in Longde town in China’s Ningxia province, said that his company is located in the northwest of the country. They are not able to attend many trade fairs due to the limited transportation access, and the online Canton Fair has provided opportunities for them to tackle such challenges as well as to recover from the COVID-19 pandemic.

“We have met many new buyers in our live stream rooms in the past two days. We will take this advantage to sell our quality products to the international market.”

Market potential for less-developed areas discovered at the Canton Fair

Raw agricultural products are highlighted at this year’s Canton Fair introduced by companies from less-developed areas, as they have geographic advantages of agriculture such as high altitude, sufficient sunlight, pollution-free environment as well as huge temperature difference between day and night.

Chen Yu, general manager from Yasheng International trade company from China’s Gansu province, believes that with more people looking for a healthy lifestyle, raw agricultural products have huge market potential in the international markets.

“We have brought fennel, dried white melon seeds and cumin as well as pepper and Chinese red dates to the Fair. Many international buyers have shown interest to our products when they visit our live stream showroom.”

Green tea from a Yi autonomous county in Mabian, Sichuan province, is another popular product at the Fair. Feng Min, deputy general manager of Jinyuchun Tea company, noted that their tea was popular with buyers in Japan and Europe. The company has brought premium yellow tea that features more green tea polyphenols and amino acids to its platform to explore new orders.

“In our live stream showroom, we can start a direct conversation with each other, as buyers can virtually see the details of dried tea leaves as well as the process of steeping tea.”

Photo – https://photos.prnasia.com/prnh/20200619/2836048-1?lang=0

Related Links :

https://www.cantonfair.org.cn

PR Newswire

58.com Inc. to Report First Quarter 2020 Financial Results on June 26, 2020

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BEIJING, June 19, 2020 — 58.com Inc. (NYSE: WUBA) (“58.com” or the “Company”), China’s largest online market place for classifieds, today announced that it plans to release its unaudited financial results for the first quarter ended March 31, 2020 before the open of U.S. markets on Friday, June 26, 2020.

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China’s largest online market place for classifieds, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local business users and consumer users to connect, share information and conduct business. 58.com’s broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.    

For more information, please contact:

58.com Inc.
ir@58.com  

Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com  

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.58.com

PR Newswire

LightInTheBox Reports First Quarter 2020 Financial Results

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BEIJING, June 19, 2020 — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a cross-border e-commerce platform that delivers products directly to consumers around the world, today announced its unaudited financial results for the first quarter ended March 31, 2020.

First Quarter 2020 Highlights

  • Total revenues increased 1.3% year-over-year to $51.5 million.
  • Gross margin expanded further to 46.4% from 40.4% last quarter and 34.8% in the same quarter of 2019.
  • Third consecutive quarter of GAAP profitability despite impact from COVID-19 pandemic with net income of $0.7 million, compared with a net loss of $14.1 million in the same quarter of 2019.
  • Adjusted EBITDA improved significantly, increasing to earnings of $1.4 million, compared with a loss of $7.9 million in the same quarter of 2019.

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, “We responded quickly and decisively to the outbreak of COVID-19 by implementing a number of strategic initiatives to provide us with the flexibility needed to adapt to a challenging global economic environment. Seasonally, the first quarter is generally the slowest quarter of the year, so the COVID-19 induced economic disruption made the operating environment even more difficult. We took advantage of the temporary slowdown to deepen relationships with high-quality suppliers, optimize our product portfolio and category mix, and improve order fulfillment speed. We also prioritized the health and safety of our employees to ensure business continuity and adequately prepare for the resumption of normal operations while demonstrating our commitment to corporate social responsibility by including free medical face masks in numerous orders shipped to markets that were being impacted heavily by the pandemic. Despite the challenging operational environment, our financial results this quarter are a reflection of our ability to adapt and is highlighted by our third and consecutive quarter of GAAP profitability which I believe demonstrates the long-term growth trajectory we are on. We remain focused on executing our strategy and are very encouraged by our improvements to date. We are already starting to see certain product categories regain strong growth momentum towards the end of the second quarter as global markets begin re-opening and expect that both our operating and financial results will continue to improve going forward.”

First Quarter 2020 Financial Results

Total revenues increased by 1.3% year-over-year to $51.5 million from $50.9 million in the same quarter of 2019. Revenues generated from product sales were $49.9 million, compared with $49.8 million in the same quarter of 2019. Revenues from service and others were $1.6 million, compared with $1.1 million in the same quarter of 2019.

The number of orders for product sales was 1.0 million in the first quarter of 2020, compared with 1.2 million in the same quarter of 2019. The number of customers for product sales was 0.8 million for the first quarter of 2020, compared with 0.6 million in the same quarter of 2019.

Revenues generated from product sales in the apparel category were $13.4 million in the first quarter of 2020, compared with $14.4 million in the same quarter of 2019. As a percentage of product sales, apparel revenues accounted for 26.8% in the first quarter of 2020, compared with 28.9% in the same quarter of 2019. Revenues generated from product sales from other general merchandise were $36.5 million in the first quarter of 2020.

Total cost of revenues was $27.6 million in the first quarter of 2020, compared with $33.2 million in the same quarter of 2019. Cost for product sales was $26.9 million in the first quarter of 2020, compared with $32.8 million in the same quarter of 2019. Cost for service and others was $0.7 million in the first quarter of 2020, compared with $0.4 million in the same quarter of 2019.

Gross profit in the first quarter of 2020 was $23.9 million, compared with $17.7 million in the same quarter of 2019. Gross margin was 46.4% in the first quarter of 2020, compared with 34.8% in the same quarter of 2019. The increase in gross margin was a result of the Company’s continuous efforts to drive revenues from categories with higher margins.

Total operating expenses in the first quarter of 2020 were $27.1 million, compared with $26.5 million in the same quarter of 2019.

  • Fulfillment expenses in the first quarter of 2020 were $5.0 million, compared with $5.2 million in the same quarter of 2019. As a percentage of total revenues, fulfillment expenses were 9.8% in the first quarter of 2020, compared with 10.2% in the same quarter of 2019 and 10.7% in the fourth quarter of 2019.
  • Selling and marketing expenses in the first quarter of 2020 were $14.8 million, compared with $9.3 million in the same quarter of 2019. As a percentage of total revenues, selling and marketing expenses were 28.7% for the first quarter of 2020, compared with 18.3% in the same quarter of 2019 and 23.9% in the fourth quarter of 2019.
  • G&A expenses in the first quarter of 2020 were $7.3 million, compared with $12.0 million in the same quarter of 2019. As a percentage of total revenues, G&A expenses were 14.1% for the first quarter of 2020, compared with 23.6% in the same quarter of 2019 and 11.8% in the fourth quarter of 2019. Included in G&A expenses, R&D expenses in the first quarter of 2020 were $3.5 million, compared with $4.2 million in the same quarter of 2019.

Net income was $0.7 million in the first quarter of 2020, compared with a net loss of $14.1 million in the same quarter of 2019.

Net income per American Depository Share (“ADS”) was $0.01 in the first quarter of 2020, compared with net loss per ADS of $0.21 in the same quarter of 2019. Each ADS represents two ordinary shares. The diluted net income per ADS was $0.01 in the first quarter of 2020, compared with the diluted net loss per ADS of $0.21 in the same quarter of 2019.

In the first quarter of 2020, the Company’s basic weighted average number of ADSs used in computing the net income per ADS was 102,240,901 and the diluted weighted average number of ADSs was 112,122,548.

Adjusted EBITDA, which represents gain  / (loss) from operations before share-based compensation expense, change in fair value of convertible promissory notes, interest income, interest expense, income tax expense and depreciation and amortization expenses, was earnings of $1.4 million in the first quarter of 2020, compared with a loss of  $7.9 million in the same quarter of 2019.

As of March 31, 2020, the Company had cash and cash equivalents and restricted cash of $35.6 million, compared with $40.4 million as of December 31, 2019.

Business Outlook

For the second quarter of 2020, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $105 million and $120 million.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:

“Adjusted EBITDA” represents gain /(loss) from operations before share-based compensation expense, change in fair value of convertible promissory notes, interest income, interest expense, income tax expense and depreciation and amortization expenses. Although other companies may calculate adjusted EBITDA differently or not present it at all, we believe that the adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

Conference Call

The Company will hold a conference call to discuss the results at 7:00 a.m. Eastern Time on June 19, 2020 (7:00 p.m. Beijing Time on the same day).

Preregistration Information

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/8893322. Once preregistration has been complete, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through June 26, 2020. The dial-in details are:

US/Canada:

+1-855-452-5696

Hong Kong:

800-963-117

International:

+61-2-8199-0299

Passcode:

8893322

Additionally, a live and archived webcast of the conference call will be available on the Company’s Investor Relations website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a cross-border e-commerce platform that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.com and other websites and mobile applications, which are available in 23 major languages and cover more than 140 countries.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email:  ir@lightinthebox.com

OR
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Forward-Looking Statements

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,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements.

LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. 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: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

LightInTheBox Holding Co., Ltd.

  

Unaudited Condensed Consolidated Balance Sheets

  

(U.S. dollars in thousands, or otherwise noted)

  
   
           
   

As of December 31,

  

As of March 31,

  
   

2019

  

2020

  

ASSETS

          

Current Assets

          

Cash and cash equivalents

  

37,736

  

33,902

  

Restricted cash

  

2,709

  

1,684

  

Accounts receivable, net of allowance for doubtful accounts

  

1,356

  

1,411

  

Amounts due from related parties

  

4,600

  

2,802

  

Inventories

  

7,357

  

7,316

  

Prepaid expenses and other current assets

  

3,619

  

4,121

  

Total current assets

  

57,377

  

51,236

  

Property and equipment, net

  

3,502

  

3,245

  

Intangible assets, net

  

8,516

  

8,350

  

Goodwill

  

27,922

  

27,465

  

Operating lease right-of-use assets

  

12,233

  

13,504

  

Long-term rental deposits

  

778

  

723

  

Long-term investments

  

2,873

  

6,634

  

TOTAL ASSETS

  

113,201

  

111,157

  
           

LIABILITIES AND EQUITY

          

Current Liabilities

          

Accounts payable

  

17,643

  

11,957

  

Amounts due to related parties

  

186

  

167

  

Advance from customers

  

21,731

  

28,921

  

Operating lease liabilities

  

3,470

  

4,642

  

Accrued expenses and other current liabilities

  

28,642

  

24,273

  

Total current liabilities

  

71,672

  

69,960

  
           

Operating lease liabilities

  

8,801

  

9,173

  

Long-term payable

  

847

  

726

  

TOTAL LIABILITIES

  

81,320

  

79,859

  
           

EQUITY

          

Ordinary shares

  

14

  

17

  

Additional paid-in capital

  

262,888

  

278,804

  

Forward contracts

  

15,769

  

—

  

Treasury shares, at cost

  

(27,512)

  

(28,268)

  

Accumulated other comprehensive loss

  

(1,444)

  

(2,165)

  

Accumulated deficit

  

(217,888)

  

(217,267)

  

Non-controlling interests

  

54

  

177

  

TOTAL EQUITY

  

31,881

  

31,298

  

TOTAL LIABILITIES AND EQUITY

  

113,201

  

111,157

  

LightInTheBox Holding Co., Ltd.

  

Unaudited Condensed Consolidated Statements of Operations

  

(U.S. dollars in thousands, except per share data, or otherwise noted)

  
   
   

Three-month Period Ended

  
   

March 31,

  

March 31,

  
   

2019

  

2020

  

Revenues

          

Product sales

  

49,789

  

49,936

  

Services and others

  

1,084

  

1,582

  

Total revenues

  

50,873

  

51,518

  

Cost of revenues

          

Product sales

  

(32,785)

  

(26,905)

  

Services and others

  

(357)

  

(712)

  

Total Cost of revenues

  

(33,142)

  

(27,617)

  

Gross profit

  

17,731

  

23,901

  

Operating expenses

          

Fulfillment

  

(5,265)

  

(5,049)

  

Selling and marketing

  

(9,269)

  

(14,780)

  

General and administrative

  

(11,984)

  

(7,268)

  

Other operating income

  

—

  

13

  

Total operating expenses

  

(26,518)

  

(27,084)

  

Loss from operations

  

(8,787)

  

(3,183)

  

Interest income

  

123

  

47

  

Interest expense

  

(20)

  

(30)

  

Change in fair value of convertible promissory notes

  

(5,337)

  

—

  

Other Income,net

  

—

  

3,913

  

Total other (loss) / income

  

(5,234)

  

3,930

  

(Loss) / Income before income taxes and gain from an equity method investment

  

(14,021)

  

747

  

Income tax expense

  

(216)

  

(3)

  

Gain from an equity method investment

  

127

  

—

  

Net (loss) / income

  

(14,110)

  

744

  

Less: Net income attributable to non-controlling interests

  

32

  

123

  

Net (loss) /income attributable to LightInTheBox Holding Co., Ltd.

  

(14,142)

  

621

  
           

Weighted average numbers of shares used in calculating (loss) / income per ordinary share

          

—Basic

  

134,458,170

  

204,481,801

  

—Diluted

  

134,458,170

  

224,245,096

  
           

Net (loss) / income per ordinary share

          

—Basic

  

(0.11)

  

0.00

  

—Diluted

  

(0.11)

  

0.00

  
           

Net (loss) / income per ADS (2 ordinary shares equal to 1 ADS)

          

—Basic

  

(0.21)

  

0.01

  

—Diluted

  

(0.21)

  

0.01

  

LightInTheBox Holding Co., Ltd.

  

Unaudited Reconciliations of GAAP and Non-GAAP Results

  

(U.S. dollars in thousands, or otherwise noted)

  
   
   
   

Three-month Period Ended

  
   

March 31,

  

March 31,

  
   

2019

  

2020

  
           

Net (loss) / income

  

(14,110)

  

744

  
           

Less: Interest income

  

123

  

47

  

Interest expense

  

(20)

  

(30)

  

Income tax expense

  

(216)

  

(3)

  

Depreciation and amortization

  

(628)

  

(551)

  

EBITDA

  

(13,369)

  

1,281

  
           

Less: Share-based compensation

  

(157)

  

(149)

  

Change in fair value of convertible promissory notes

  

(5,337)

  

—

  

Adjusted EBITDA*

  

(7,875)

  

1,430

  
   
   

* Adjusted EBITDA represents gain /(loss) from operations before share-based compensation expense, change in fair value of
convertible promissory notes, interest income, interest expense, income tax expense and depreciation and amortization expenses.

Related Links :

http://ir.lightinthebox.com/

PR Newswire

Global supply chain capability is the strength for Suning in its success during the 618 Mid-Year Shopping Festival in China

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NANJING, China, June 19, 2020 — The first 618 shopping festival in the post-COVID era has already surpassed the meaning of “Mid-Year Shopping Festival”. Suning.com, as the leading O2O smart retail service provider in China owned by Suning Holdings Group, aimed to stimulate China’s consumption engine and help consumers to enjoy real benefits.

On May 25th, at the Suning.com 618 cloud conference, Gu Wei, vice president of Suning.com announced Suning will launch the “J-10%” money-saving plan, multi-categories top-selling products plan and “1V1” customer service plan.

Suning’s “J-10%” money-saving plan, targeting household appliances, mobile phones, computers, supermarkets and other categories participating in the subsidy activities will be at least 10% lower than other major e-commerce platforms’ hand price. During the 618 Mid-Year Shopping Festival, major platforms are providing tens of billions of subsidies, and the benefits are complicated for consumers to figure out.

At the same time, Suning also launched the multi-categories top-selling products plan, depending on the supply chain price advantage and platform supplements to reduce price to the end. “This year’s 618 Mid-Year Shopping Festival is not only a price war, but also a service war,” said Gu Wei. He also explained that the “1V1” customer service plan will allocate service strength to the maximum value and match exclusive services for each consumer.

In addition to the providing competitive pricing, variety performance events are the second area of focus in the Festival. Suning.com Super Show invited many superstars and celebrities to create a livestream. The show and stars’ livestream had a strong effect on sales. After 5 and a half hours, the turnover exceeded RMB 5 billion and the number of viewers on the platforms exceeded 120 million.

Suning.com Super Show invited many superstars and celebrities to create a livestream
Suning.com Super Show invited many superstars and celebrities to create a livestream

According to the data released by Suning during the 618 Mid-Year Shopping Festival, Suning’s omni-channel sales scales increased by 129% and retail cloud sales increased by 431%. Among them, Apple, Midea, Gree, Haier, Huawei, Xiaomi and other brands’ sales performance broke RMB 100 million in just an hour.

Global supply chain capability is the foundation of sales competitiveness. Zhang Jindong, Chairman of Suning Holdings Group said, “The capabilities of Suning’s global value chain must be implemented at providing affordable prices and high-quality services to users, and by providing the ultimate service experience.” At the 618 Mid-Year Shopping Festival, Zhang Jindong put forward the concept of “value war” on the basis of price war, which actually put forward higher requirements on Suning. Relying on the advantages of the global value chain, Suning can maintain competitive prices as well as top-level service, raising a new standard for industry competition.

Photo – https://photos.prnasia.com/prnh/20200619/2835061-1?lang=0

PR Newswire

Diverse Companies in Hong Kong Accelerate HR Digital Transformation & Manage Remote Workforce with SAP Solutions

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HONG KONG, June 19, 2020 — As companies in Hong Kong maneuver operations to tackle business disruption, SAP Hong Kong is reinforcing its support for them with HR technologies that address evolving challenges in recruiting, developing and retaining workforce. SAP SuccessFactors, a leading cloud-based employee experience management solution, has enabled a number of Hong Kong companies from diverse industries to accelerate HR digital transformation and optimize operations locally and remotely.

Fabian Padilla Crisol, Managing Director, SAP Hong Kong, said, “Smart companies understand clearly that HR operation is mission-critical to their success. They see that having a productive and engaged workforce contributes considerably to operational efficiency and sustainable growth. And they realize intuitive HR technologies, such as SAP SuccessFactors, help to remove HR operation friction and recalibrate processes in response to changing needs. SAP is well-positioned to support companies to power their HR operations in the long run.”  

In Hong Kong, SuccessFactors has been an underlying HR infrastructure for many established companies in diverse industries such as hospitality, finance, property development, transportation, retail and many more. Some of the latest SuccessFactors customers which are tapping the solutions to make HR operations run better include:

  • As a leading global leisure, entertainment and hospitality company, Genting Hong Kong‘s core competency is to create indelible experiences for holidaymakers in its cruise lines and resort. To position the company for its next phase of growth, Genting Hong Kong developed a holistic HR digital transformation roadmap, with SuccessFactors at its core, and scheduled it for post-pandemic deployment. This technology-led transformation will support Genting Hong Kong in optimizing and enhancing its HR operations, in sync with its long-term expansion and to manage a 16,000-strong workforce that operates over a vast network of cruise ships and outports.
  • ICBC (Asia) is the flagship overseas bank of Industrial and Commercial Bank of China Limited, the largest commercial bank in China. ICBC (Asia) deployed SuccessFactors Employee Central Payroll, Onboarding, Recruiting, Compensation, HXM Suite, Human Capital Management solutions in early 2020 in time to celebrate the bank’s 20th anniversary. With SuccessFactors, the bank increased productivity with self-service tools for over 3,000 employees, streamlined onboarding and recruiting processes, simplified processes and services, met industry compliance and security requirements, and integrated its pre-existing proprietary systems with SuccessFactors.

Industry-leading SAP SuccessFactors solutions help more than 6,800 customers around the world deliver comprehensive, exceptional experiences that keep employees engaged and businesses growing. SAP SuccessFactors solutions allow customers to integrate processes and systems within HR and across the business, while allowing them to capture in-the-moment insights from employees and link them with operational data to see what is happening in their workforce and understand why.

For more details about SAP SuccessFactors, please go HERE.

About SAP

As the Experience Company powered by the Intelligent Enterprise, SAP is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP® system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables more than 440,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.

# # #

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
© 2020 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices.

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PR Newswire

VISTA Eye Specialists collaborates with Hoya Vision Care and Vision Space Optometrists to raise awareness on Myopia Pandemic[1]

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KUALA LUMPUR, Malaysia, June 19, 2020 /PRNewswire/ — VISTA, in a collaboration with Hoya Vision Care and Vision Space Optometrists (Vision Space), will be sharing with the public, via Facebook Live Webinar on 25 June 2020 8pm titled ‘Addressing our Children’s Sight: Controlling the progress of Short-Sightedness in the Era of Digitalization’, focusing on the impact of kid’s shortsightedness, how parents can help kids with lifestyle tweaks, clinical methods or special contact lenses and glasses.

VISTA Eye Specialist, Hoya Vision Care and Vision Space Optometrist collaborate to educate about the rising problem of Short-sightedness.
VISTA Eye Specialist, Hoya Vision Care and Vision Space Optometrist collaborate to educate about the rising problem of Short-sightedness.

“In this era of digitalization, especially since the Covid-19 lockdown, we see more kids with increasing shortsightedness (myopia) due to online classes and the increasing use of digital devices to pacify or occupy kids while parents work from home,” says VISTA Eye Specialist (VISTA) consultant ophthalmologist, Dr Vienne Tai.

A rising issue worldwide, short-sightedness has become a major health issue for kids. Research shows that 70% to 87% of Asian school children and young adults have myopia².

“The progression of myopia is growing at an alarming rate from the current global prevalence of 30% to 50% by 2050 – close to a 5 billion population³,” says Dr. Vienne. “Many don’t realize that increasing shortsightedness doesn’t mean only the changing of glasses,” says Dr. Vienne. “The risks of certain eye diseases increase exponentially with myopia, such as glaucoma and retinal detachment.”  

“Many parents are actively seeking ways to help their kids control the progression of shortsightedness. However, there is still a lack of knowledge about technology such as special contact lenses and glasses,” says Mr. Woon Pak Seong, CEO of Vision Space. “There are some myths about these tools and via this Webinar, parents will be able to understand and learn about how to choose the ones that most suits their child.”

“Our goal is to develop optical technology that is readily accessible for kids to lead a better quality of life through controlling myopia progression,” adds Mr Chris Toh, Professional Affairs Specialist, Hoya Vision Care. “We will be explaining our technology’s breakthrough in the industry, that it is already available locally. Today, more than ever, we are proud to say we have a clinically proven technology to control short-sightedness.” Hoya Vision Care, one of the largest healthcare providers in the world, is dedicated to providing the education that will help parents make the best decisions for their children.

Despite the Movement Control Order, VISTA continues its effort to raise awareness of eye health and has conducted over 40 Zoom/FB Live Webinars over the last 3 months including the recent ones with the Star and Sin Chew Daily, 2 major daily newspapers in Malaysia.

About VISTA Eye Specialist

Founded in 1999, VISTA is one of the largest Eye Specialist Centers in Malaysia with 11 centres covering the Klang Valley, Penang and Johor Bahru.

Media Contact

Bernard Chan
+60177722811

Photo – https://photos.prnasia.com/prnh/20200618/2834853-1?lang=0

PR Newswire

Swiss Re Corporate Solutions announces collaboration with LocalTapiola to deliver International Programme Administration (IPA) platform and Network Services

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  • The IPA platform allows LocalTapiola to manage structured and compliant international programmes
  • LocalTapiola will gain access to Swiss Re Corporate Solutions’ network of over 150 local offices and network partners
  • Property customers of LocalTapiola to benefit from ONE Form, a globally standardised property policy
  • Collaboration supports LocalTapiola’s desire to grow its corporate business book and ability to serve clients abroad

ZURICH, June 19, 2020 — Swiss Re Corporate Solutions announces a strategic agreement to bring LocalTapiola onto its International Programme Administration (IPA) platform. Additionally, the agreement gives the Finnish insurer access to Swiss Re Corporate Solutions’ network of over 150 local offices and network partners. The collaboration supports LocalTapiola’s ambitions to grow its corporate business book by competing as lead for international programme business.

Swiss Re Corporate Solutions’ state-of-the-art IPA platform software enables LocalTapiola to manage and deliver structured and compliant multinational programmes to its corporate customers. IPA allows for efficient policy issuance, information management and knowledge exchange from a single online platform.

LocalTapiola will also use ONE Form, Swiss Re Corporate Solutions’ globally standardised property policy. ONE Form is embedded in the IPA platform, thus automating local policy issuance. As a result, LocalTapiola’s corporate customers will benefit from higher policy accuracy, increased contract certainty and faster processes.

This collaboration builds on the existing business relationship between LocalTapiola and the Swiss Re Group.

“Our collaboration with LocalTapiola marks a new milestone on our journey to advance the insurance industry,” stated Andreas Berger, CEO Swiss Re Corporate Solutions. “Enabling other insurers – and their customers – to benefit from our digital International Programme Administration platform underlines our ambition to simplify complex international programme delivery through technology.”

Jari Sundström, Managing Director at LocalTapiola General Mutual Insurance Company, said: “Together with Swiss Re Corporate Solutions, we are able to offer for our corporate clients a reliable way to have accurate and compliant insurance policies reflecting the needs of over 150 international markets through a single point of contact.”

With IPA, Swiss Re Corporate Solutions offers insurers, brokers and broker networks an innovative Software-as-a-Service (SaaS) platform to support international programme structuring. In October 2019, the company entered its first collaboration with the global broker network Brokerslink. Swiss Re Corporate Solutions will continue to develop the IPA platform as an open market standard.

About Swiss Re Corporate Solutions
Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from offices worldwide and is backed by the financial strength of the Swiss Re Group. For more information about Swiss Re Corporate Solutions, visit corporatesolutions.swissre.com or follow us on LinkedIn and Twitter.

About LocalTapiola
LocalTapiola Group is a mutual group of companies owned by its customers. LocalTapiola is a partner in lifelong security for its customers. Group offering features an increasing variety of forecasting, security and well-being solutions that make the everyday life of Finns safer, more successful financially and healthier. LocalTapiola serves private customers, entrepreneurs, corporate customers, farmers and organisations. LocalTapiola’s products and services cover non-life, life and pension insurance, as well as investment and saving services. We are also professionals in corporate risk management and welfare in the workplace. LocalTapiola’s network of regional companies consists of 20 regional mutual insurance companies.

Related Links : http://www.corporatesolutions.swissre.com