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PR Newswire

TCEB Launches Campaign to Strengthen MICE Entrepreneurs in Response to COVID-19 Outbreak

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BANGKOK, April 20, 2020 /PRNewswire/ — Thailand Convention and Exhibition Bureau or TCEB has announced two projects focusing on digital-based MICE services and health safety standard.

TCEB Launches Campaign to Strengthen MICE Entrepreneurs in Response to COVID-19 Outbreak
TCEB Launches Campaign to Strengthen MICE Entrepreneurs in Response to COVID-19 Outbreak

The first called “Virtual Meeting Space” (VMS) will help MICE entrepreneurs run business events online and re-skill their employees via virtual platforms. The second, called “Simple Ways to Prevent the Spread of COVID-19 in Your Meetings and Events”, offers MICE venue owners and operators an incentive to upgrade their safety and health standards. The two projects are in response to the business disruptions brought about by COVID-19 and lockdown measures worldwide.

According to Chiruit Isarangkun Na Ayuthaya, TCEB President, the COVID-19 pandemic has caused the postponement and cancellation of MICE events worldwide. Amidst the tough times, online or virtual platforms have become an alternative for events that can ensure business continuity. Thai entrepreneurs need to adapt to such business platforms. In this respect, TCEB has designed two key projects. The first — “Virtual Meeting Space” (VMS) – is aimed at enabling Thai MICE entrepreneurs to continue operating their business and to re-skill their employees.

Under VMS, TCEB will support three categories of virtual meetings:

  • Webinar — TCEB will provide support in the preparation and management of this online platform, including the preparation and set-up of a studio for live streaming, as well as technical co-ordination and system monitoring during live streaming. Organisers can run slide presentations during the session, enable interaction between participants and speakers, or conduct a Q&A or poll. Such sessions can cater up to 10,000 attendees at a time.     
  • O2O (Offline to Online) — This platform is for trade exhibitions. TCEB will support the arrangement and management of O2O platforms for exhibitors, as well as live streaming” from either a studio or the organiser’s venue. This includes sequencing, production, controlling, system monitoring during live streaming and technical preparation. Exhibitors can showcase their activities, products and services as needed. An online payment system can also be installed to boost sales.
  • E-Learning Platform — This is a platform for MICE entrepreneurs to re-skill or up-skill their employees through six learning courses conducted by Southeast Asia Center (SEAC) on its YourNextU platform: 1. Project Management 2. Inter-personal Skills 3. Management 4. Communication 5. Entrepreneurship and 6. Digital. These courses are available to 250 users from May to October 2020. Learners will receive a certificate from TCEB if they complete the course requisites. TCEB welcomes application from all MICE entrepreneurs.

For the second project, “Simple Ways to Prevent the Spread of COVID-19 in Your Meetings and Events”, aims to assist MICE venue operators to upgrade the safety standard of their facilities”. TCEB will provide a 30,000-baht subsidy for each MICE venue to formulate and implement COVID-19 screening and prevention measures as stipulated by the Ministry of Public Health. Examples of these measures include the screening of body temperature before participation, the screening of a delegate’s travel history, the preparation of hand-washing guidelines and supply of alcohol-based sanitisers, and the practice of social distancing. This project aims to equip venues with the enhanced health and safety standards that clients will be demanding.

To be eligible for “Simple Ways to Prevent the Spread of COVID-19 in Your Meetings and Events”, a venue must hold a Thailand MICE Venue Standard (TMVS) certification. Hotel applicants must be members of Thai Hotel Association (THA). With an allocation of 6,480,000 baht, the project run from April to June 2020 and will benefit up to 216 MICE venues nationwide.

“Apart from the two projects, TCEB has set up the TCEB COVID-19 Information Centre to serve the MICE community during this critical period. The centre’s primary role is to monitor, compile and assess information on the pandemic, especially those that impact our MICE industry, and produce the necessary recommendations. The centre’s secondary role is to update industry members on the COVID-19 situation, such as government rules, regulations and announcements, so that they are kept abreast of the latest developments,” said Mr. Chiruit. 

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PR Newswire

CreditEase Fund of Funds Profiled in London Business School Case Study

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LONDON, April 20, 2020 /PRNewswire/ — CreditEase’s support on investors’ asset allocation with a Fund of Funds (FoF) has been officially introduced to the masterclass in private equity at the London Business School (LBS), making it the first Chinese FinTech company selected as an LBS case study.

“We picked CreditEase FoF not only because it represents Chinese exploration on FinTech, but also because it is worth attention and research of private equity professionals around the world,” said Professor Florin Vasvari, the program leader and instructor, who spent nearly one year on developing the course and interviewing the core team of CreditEase Private Equity FoF. Prof. Vasvari is the co-author of Private Capital, a highly acclaimed book endorsed by leading figures in the private equity industry.

Since its establishment in 2013, CreditEase FoF’s globalized team has managed assets over 25 billion yuan, a leading player among domestic market-oriented FoFs. It has invested in more than 200 funds and indirectly invested in more than 4,000 high-growth enterprises covering TMT, health care, consumption upgrading, energy and environmental protection and other emerging industries. By far among the companies CreditEase FoF has invested, more than 100 went public or listed on National Equities Exchange and Quotations.

The outperformance of CreditEase FoF is not only owing to the investment strategy that evaluates both sustainability and stability of funds, but also based on real-time analysis generated by an AI platform with processing capacity of 10 million data items per second, enabled by cloud computing, big data and self-developed AI algorithm. The AI system tracks 20,000 investment firms, 30,000 funds and over one million financing enterprises, screens target funds with the highest investment value and makes dynamic adjustments.

“CreditEase FoF is a pioneer and practitioner of financial and technology innovation in China. It is of great research value to the global wealth management industry,” said Dickie Liang-Hong Ke, Sloan Fellow at London Business School and a well-known innovation and entrepreneurship expert. Mr. Ke has been paying a lot of attention to the development of Fintech innovation in China for many years. He began to communicate with CreditEase two years ago, and initiated the interviews and kicked off the case study with Professor Florin Vasvari.

Tang Ning, CreditEase Founder and CEO, highlights the rising role of FoF in wealth management and asset allocation that drives capital market positively and serves real economy, particularly new economy. “Market-oriented FoFs effectively connect social capital with the needs for scientific and technological innovation, providing long-term, patient and humane funding support,” said Tang.

“A key contribution of FoF to the Chinese financial industry and the society is to perfectly match the enormous wealth created by traditional economy over the past 40 years, thanks to the reform and opening up, with the capital required by new economy to boost scientific and technological innovation for the next 40 years,” said Tang.

“This is what a wealth management company can serve the society, and also what a FoF can do for the future of China. I think it’s revolutionary,” added Tang.

About CreditEase

Founded in 2006, CreditEase is a world-leading FinTech conglomerate in China. It specializes in inclusive finance and wealth management with a dominant position in credit technology, wealth management technology, insurance technology, etc. The main business sectors of CreditEase include Yiren Digital, CreditEase Wealth Management and CreditEase Insurance. Better tech, better finance, better world.

About London Business School

London Business School’s vision is to have a profound impact on the way the world does business. The School is consistently ranked in the global top 10 for its programmes and is widely acknowledged as a centre for outstanding research. As well as its top-ranked full-time MBA, the School offers degree and award-winning executive education programmes to executives from around the world. With a presence in four international cities – London, New York, Hong Kong and Dubai – the School is well-positioned to equip students from more than 130 countries with the tools needed to operate in today’s business environment. The School has more than 44,000 alumni, from over 150 countries, which provide a wealth of knowledge, business experience, and worldwide networking opportunities. London Business School’s 157 academics come from more than 30 countries and cover seven subject areas: accounting; economics; finance; management science and operations; marketing; organisational behaviour; and strategy and entrepreneurship.

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PR Newswire

ESET Extends Trial Period for Consumer, SMB and Enterprise Products During Circuit Breaker Period

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SINGAPORE, April 20, 2020 /PRNewswire/ — ESET, a global leader in cybersecurity, recently announced several measures, to assist consumers, small businesses and enterprises in all industries to stay safe and secure online during the circuit breaker period.

“With governments around the world mandating that employees work-from-home, there has been a surge in internet traffic, indicating a large increase in the number of people online, through multiple devices, throughout the day. In recent weeks, cybercriminals have already taken advantage of people’s fears of the coronavirus, by circulating malicious links and attachments, as well as fraudulent websites that claim to sell face masks and testing kits,” said Parvinder Walia, Sales and Marketing Director, ESET APJ. “More than ever, cybersecurity is crucial to protecting ourselves in our new work setting and it has an important role to play in curbing the spread of scams,” said Parvinder.

To protect consumers from phishing attacks and other malicious software, ESET is extending the free trial period from 30 to 90 days for ESET Internet Security, which protects Windows, Mac, Android and Linux devices from the latest threats.

To assist new and existing ESET business customers to bolster their network security and minimise risks from employees working remotely, ESET is also extending the free trial period for ESET Dynamic Threat Defense (for users with more than 100 seats) and ESET Secure Authentication from 30 to 90 days.

ESET Dynamic Threat Defense provides another layer of security for ESET products like Mail Security and endpoint products by utilising cloud-based sandboxing technology to detect new, never before seen types of threats. ESET Secure Authentication provides a simple, effective way for businesses of all sizes to implement multi-factor authentication across commonly utilised systems. All trials provide access to the full features of the listed products.

“ESET remains committed to securing the digital world, so everyone can enjoy safer technology. Through this initiative, we hope that businesses and employees will benefit from increased security and awareness during this period of remote work. As the situation continues to evolve, we will continue to support our customers and partners across all industries to stay secure,” added Parvinder.

With more than 30 years of cybersecurity innovation, ESET takes a multilayered approach to cybersecurity, protecting over 110 million users in 200 countries and territories globally. ESET regularly publishes threat research at WeLiveSecurity.

These offers are valid from today until June 30, 2020 inclusively. For more information, please visit:

About ESET

For 30 years, ESET® has been developing industry-leading IT security software and services for businesses and consumers worldwide. With solutions ranging from endpoint and mobile security to encryption and two-factor authentication, ESET’s high-performing, easy-to-use products give consumers and businesses the peace of mind to enjoy the full potential of their technology. ESET unobtrusively protects and monitors 24/7, updating defenses in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company. Backed by R&D centers worldwide, ESET has become the first IT security company to earn 100 Virus Bulletin VB100 awards, identifying every single “in-the-wild” malware without interruption since 2003. For more information, visit www.eset.com or follow us on LinkedIn, Facebook and Twitter.

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PR Newswire

AUTOCRYPT Shortlisted for 2020 TU-Automotive Award – Automotive Tech Company of the Year

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DETROIT, April 20, 2020 /PRNewswire/ — AUTOCRYPT, an all-in-one mobility security solutions company for connected vehicles, was announced as a finalist for the 2020 TU-Automotive Award for the second consecutive year. TU-Automotive represents the entire automotive technology ecosystem with leading representatives from all over the world every year and celebrates the best talent, products, and services across the industry.

AUTOCRYPT Products Lineup
AUTOCRYPT Products Lineup

AUTOCRYPT has continuously developed and improved its automotive cybersecurity products and solutions for all users’ safety, security, and privacy in the automotive industry. Since 2007, AUTOCRYPT has participated in various projects including South Korea’s V2X security certification system project and gained a reputation for creating the global certification standard for government agencies. Additionally, with EV platform providers, AUTOCRYPT has contributed its expertise to support the deployment of V2G security through ISO 15118 testing symposiums across the world. The Chinese leading OEMs and Tier 1 suppliers have also worked closely with AUTOCRYPT in order to integrate the solutions for safer in-vehicle security countermeasures, such as IDS (Intrusion Detection System), secure booting, OTA (Over-The-Air), and so on. 

“We’re honored to have been appreciated by an esteemed automotive organization,” said ES Daniel Kim, CEO of AUTOCRYPT. “As we offer an all-in-one technology products and solutions for OEMs and government agencies, this award is an additional honorable recognition for us on the path to establishing awareness in the automotive security industry in the US and European markets. It will further our efforts in expanding and cooperating with other leading players to accelerate the deployment of safer vehicle security solutions.” 

About AUTOCRYPT

As a leading player in transportation security technologies, AUTOCRYPT provides a secured transportation experience for connected vehicles. AUTOCRYPT’s development began under Penta Security in 2007. A decade later in 2019, it was spun-off as a separate entity and expanded its global presence. Recognized as the Best Auto Cybersecurity Product/Solution by TU-Automotive in 2019, AUTOCRYPT has been aiding in installing modules through various projects to deploy secure V2X, RSU-based communications, and PKI for connected vehicles security. Moreover, AUTOCRYPT has also developed a security solution for Plug&Charge (PnC), a simplified communications solution for EV charging, as well as mobility data platform solutions and fleet management systems. For more information on AUTOCRYPT, visit www.autocrypt.io. For partnership inquiries, email marketing@autocrypt.io. 

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PR Newswire

Entrepreneurship flourishes amid pandemic; Antler receives over 1500 applications for COVID-19 call

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SINGAPORE, April 20, 2020 /PRNewswire/ — Global early-stage VC Antler has received over 1500 applications from 100 countries in barely two weeks since it launched its COVID-19 call to startups. Startups applied for funding with various solutions to tackle the current pandemic.  Antler is currently shortlisting and interviewing the teams and plans to invest in up to 5 teams and deploy up to US$500,000 in aggregate. 

Entrepreneurship flourishes amid pandemic; Antler receives over 1500 applications for COVID-19 call
Entrepreneurship flourishes amid pandemic; Antler receives over 1500 applications for COVID-19 call

Examples include drone delivered test kits for remote villages, patient monitoring systems, antiviral surface coating and manufacturers pivoting production to products currently needed. The response has been overwhelmingly positive from both new startups and existing businesses adapting their existing products and operations.

“Our approach for selection has been different compared to our usual Antler program. Due to the speed at which the solution needs to be implemented and put into action, we are selecting only existing teams and startups that already have a minimum viable product or a pilot project to show,” said Jussi Salovaara, co-founder and Managing Partner of Antler. 

Antler invited startups to propose solutions in Mitigation (e.g. masks, contact tracing, surveillance, data infrastructure), Medical Equipment (e.g. test kits, protective devices, ventilators), Remote Health (e.g. telehealth, remote patient monitoring, symptom checkers) and Digital Tools (e.g. remote work, smart delivery, e-learning). The purpose is to contribute towards the path to recovery from the crisis. 

“From the breadth of applications received,  we are seeing a coronavirus-induced acceleration of a digital-first mindset across many traditional industries, where entrepreneurs understand that COVID-19 will permanently change the landscape of our lives and are planning for the needs of a post-COVID society,” added Salovaara.

The Investment criteria will take into account the relevance towards mitigating COVID-19, as well as how the startup works in a post-COVID-19 era. 

Companies receiving the investment will receive access to Antler’s global network of entrepreneurs, investors and industry experts, as well as coaching by Antler’s leadership. Antler will help startups get their solutions off the ground and make them accessible to those who need them as quickly as possible. Given the overwhelming response, Antler is continuing to accept select applications on a rolling basis. 

About Antler 

Founded in Singapore in 2017, Antler (www.antler.co) is a global early-stage VC helping to build the next big wave of tech. With the mission to turn exceptional individuals into great founders, Antler aims to create hundreds of companies globally. They select the world’s most exceptional and determined people, help them find the right co-founder and connect them to a top tier network of advisors and experts worldwide. Antler breaks the barriers to entrepreneurship by providing funding from day one and building strong teams from the ground up while enabling founders to rapidly launch and scale their ideas. Antler has 8 locations globally- Singapore, London, New York, Amsterdam, Stockholm, Sydney, Nairobi, and Oslo.

At Antler, we feel passionate about helping to map out the path to recovery for the global tech startup ecosystem during and following the COVID-19 pandemic. As such, we have launched a few other initiatives to empower and support entrepreneurs. Read our ‘finding the upside’ series on Medium, join one of our online events or listen to our podcast.

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PR Newswire

CMC Technology & Solution Joins Comeet Alliance to Launch “Made in Vietnam” Video Conference Solutions on Open-Source Platform

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HANOI, Vietnam, April 20, 2020 /PRNewswire/ — CoMeet Alliance which includes 5 members of VFOSSA (CMC TS, NetNam, iWay, FDS, DQN) has been developed with the mission to bring effective, safe, secured solution and technological autonomy. CoMeet services are customized with regard to special requirement of agencies, organizations and businesses.

The solution and services provided by CoMeet Alliance are expected to bring multipoint connection, mobility, convenience and promote safety, security, technological autonomy to end-users.
The solution and services provided by CoMeet Alliance are expected to bring multipoint connection, mobility, convenience and promote safety, security, technological autonomy to end-users.

Given the fact that global pandemic COVID-19 has now been more and more complicated and the demand for online working tools is growing sharply, especially when the foreign software is still being questioned by users. Among all of them, the quality of service, safety, security, user commitment, just to name a few, are the most concerned. The solution and services provided by CoMeet Alliance are expected to bring multipoint connection, mobility, convenience and promote safety, security, technological autonomy to end-users.

Some noticeable features which can be named out are online conference, unlimited number of participation areas, screen sharing among members following the coordinator of administrators, private conversation thanks to chat feature and meeting record, etc. More specifically, users can be assured of safety, security as a result of data encryption and member control. Users can also easily navigate the service across multiple platforms such as MS Windows, MAC OS, iOS, Android.

PhD. Nguyen Hong Quang, Chairman of VFOSSA has shared: “Based on the open source resources, the solutions offered by CoMeet Alliance have outstanding advantages in personalization of the system, allowing users to customize the interface as well as integrating with other services such as IP PBX or existing systems of Polycom, Cisco, etc.“ Being optimistic with the trust of government’s agencies and enterprises, Mr. Truong Anh Tuan, the Alliance media representative, said: “The operation of the CoMeet solutions does not depend on the international transmission line. Using domestic bandwidth makes it possible to operate well even when AAG has not yet recovered.“

CMC Technology & Solution (CMC TS) – a member company of CMC Corporation is an IT solutions company that excels as the trusted advisor for organizations in their journey toward digital transformation. Backed by rich IT software, systems integration and security experience, CMC TS guides its customers through the end-to-end digital transformation journey, from consultation to implementation through migration.

 

CoMeet Alliance was founded by 5 members: CMC TS, NetNam, iWay, FDS, DQN, which have currently been recognized as active members of VFOSSA.

 

For more information about the alliance and solutions, please find out on the official website: https://comeet.vn/ .

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PR Newswire

Linkage Pay Brings Disruption Changes to the Payment Status Quo

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SINGAPORE, April 18, 2020 /PRNewswire/ — With the development of fintech breakthroughs such as blockchain, big data, cloud computing, and artificial intelligence, the financial sector has witnessed unprecedented paradigm shifts in the past decade. The ever-shifting digital landscape opens possibilities of new business models and consumer behaviours. The acceptive attitude towards novel concepts accelerates the gradual implementation of nascent technologies in traditional sectors. Linkage Pay emerges as a timely response to the shifting landscape of the payment industry and sets out to bring about disruptive changes to the payment industry.

Linkage Pay
Linkage Pay

What is Linkage Pay?

Linkage Pay is committed to the improvement of global payment solutions. By moving the bulk of offline trading services online, Linkage Pay will revolutionize the payment process and empower users to manage their assets more efficiently. These services include transactions, exchange, trading, clearing and settlement, and payment services. The integration of transaction channels and customer-oriented services will afford clients a one-stop experience that is not only convenient but also highly secure. Linkage Pay boasts four key competitive advantages that set it apart from mainstream online payment platforms. These competitive advantages are innovative payment, rapid settlement, integrated payment, and smart business.    

Linkage Pay’s Business Model

1. Integrated Payment

The traditional payment system is cumbered with layers of red tape, resulting in low efficiency and high processing fee. On top of that, the traditional system relies heavily on third or even fourth-party platforms. The dependence on external factors renders the system more vulnerable to inconsistency, unexpected account closure, among other potential risks. Leveraging blockchain technology, Linkage Pay makes rapid peer-to-peer payment a reality, by offering the most straightforward solution to issues such as complex processes and high exchange rates.    

2. Financial Settlement

Linkage Pay’s payment system mobilizes innovative payment technology to circumvent information monitoring and high gas fees incurred from the over reliance on third-party platforms. Linkage Pay, in collaboration with Alipay and WeChat Pay, aims to minimize redundancy during the payment processes and cut operating costs by 30 to 50 percent.   

3. Investment and Asset Management  

Linkage Pay utilizes a portion of the savings to maintain liquidity. The fund will be used to invest in sound and low-risk financial products during the capital accumulation phase to generate multiple returns for the clients. 

4. Technical Competitiveness

Linkage Pay incorporates automatic confirmation of Alipay and WeChat Pay barcode in the payment system. A single transaction of US$100 – $50,000 typically generate a return rate of 0.5% to 1%. These transactions can be repeated multiple times in a same day until the platform quota is met.   

About the Team

Linkage Pay boasts a team of sophisticated industry professionals from diverse backgrounds. Its co-founder, Jimmy Li, takes on multiple managerial roles in tech startups, including AVG Group and Influence Chain. Graduated with a master’s degree in Supply Chain Management from a prestigious university, Jimmy has established himself as a top-tier supply chain analyst, before venturing into the world of entrepreneurship. In 2013, he founded Ads Venture Group (AVG), which has since become the largest Chinese digital media company in Southeast Asia, with branch offices operating in 7 countries and providing services to industry giants, including Baidu, Alibaba, and Tencent. In 2016, Jimmy challenged the status quo of the payment industry by establishing AIC Fintech, a firm committed to providing digital payment solutions powered by blockchain technology. In a short span of five years, Jimmy has attained several prominent awards under his belt, including being accorded the honour of Young Eminent Overseas Chinese. He has been named as an adjunct professor at the MBA centre of Shanghai University in recognition of his extensive contributions to the university and the industry.

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PR Newswire

TAL’s AI Mandarin Teaching App Receives Recognition by UNESCO

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BEIJING, April 18, 2020 /PRNewswire/ — TAL’s Improving literacy, preserving language, and providing inclusion using AI and big data has been selects by UNESCO as one of the innovative projects of Mobile Learning Week 2020, under the theme “Artificial Intelligence and Inclusion”. 

UNESCO certificate presented to TAL Education Group
UNESCO certificate presented to TAL Education Group

TAL’s AI “Putonghua” Teacher is an app that allows Yi children, as well as other students from all backgrounds, access to Mandarin language learning resources and tools. The system requirements are minimal and mobile-friendly, available across all platforms and devices. One device or PC with audio capabilities are sufficient to run the system, making it easier for users to learn both on the go and in the classroom. The interface is easy to learn and navigate, even for self-learning students, without the need of teacher assistants.

The project focuses on helping improve the overall literacy rate, using AI speech recognition and big data, to increase opportunities for further inclusivity and social mobility within these rural communities. In 2018, Xueersi Online School under TAL, developed the AI Mandarin Teaching System specifically for Zhaojue County (Yi Autonomous Prefecture in Liangshan), Sichuan. The customized Mandarin-Yi bilingual learning module was developed for pre-school children there. Its system deeply integrates technologies, such as voice recognition and voice assessment, conducts intelligent real-time assessment and correction. Therefore, the program can help kids improve their mandarin proficiency. By November 2019, nearly 80,000 students and over 2,000 middle and primary school teachers have benefited from this program, which has laid the foundation for future education equity and poverty elimination in remote regions inhabited by rural communities. The idea is to help preserve the Yi language while connecting learners to the outside world.

Having been exhibited at multiple events, including China-CEEC Education Cooperation Exhibition and the 1st International Conference on Artificial Intelligence and Education, the program has won worldwide recognition.

Mobile Learning Week (MLW) is the United Nations’ flagship event on Information and Communication Technology (ICT) in education, and has been organized by UNESCO and its partners for eight consecutive years. The 2020 edition of MLW, under the theme Artificial Intelligence and Inclusion, was postponed due to the outbreak. However, its design to steer the use of Artificial Intelligence (AI) towards the inclusion and equity in education has succeeded, standing behind its core values of the Sustainable Development Goals (SDGs) and propeller of digital opportunities for all. It is noted that programs from Google and University College London are also among the recipients awarded Mobile Learning Week 2020 Innovation Certificate for their contributions.

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Sohu.com Announces Completion of Changyou Going-Private Transaction

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BEIJING, April 18, 2020 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu”), China’s leading online media, video, search and gaming business group, today announced that it has completed the acquisition of all of the outstanding shares of Changyou.com Limited (“Changyou”) that it did not already beneficially own, through the merger (the “Changyou Merger”) of an indirect wholly-owned subsidiary (“Changyou Merger Co.”) of Sohu with and into Changyou, with Changyou being the company surviving the Changyou Merger. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “Changyou ADSs”), each of which represented two Changyou Class A ordinary shares (“Changyou Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, each Changyou Class A Ordinary Share issued and outstanding immediately prior to the effectiveness of the Changyou Merger, other than Changyou Class A ordinary shares owned beneficially by Sohu, was cancelled in exchange for the right to receive $5.40 in cash without interest, and each outstanding Changyou ADS was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

In connection with the Changyou Merger, each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y) the number of Changyou Class A Ordinary Shares underlying such Vested Option; and each outstanding but unvested option (each, an “Unvested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the effectiveness of the Changyou Merger in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the effectiveness of the Changyou Merger.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Changyou Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of Changyou Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of Changyou Class A Ordinary Shares becomes effective.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Sohu

Sohu is China’s premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products which offer the vast Sohu user community a broad array of choices regarding information, entertainment and communication. Sohu has built one of the most comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and leading online media destination www.sohu.com; interactive search engine www.sogou.com; developer and operator of online games www.changyou.com and the online video website tv.sohu.com.

Sohu’s corporate services consist of online brand advertising on Sohu’s matrix of websites as well as bid listing and home page on its in-house developed search directory and engine. Sohu also provides multiple news and information services on mobile platforms, including Sohu News App and the mobile news portal m.sohu.com. Sohu’s online game subsidiary Changyou develops and operates a diverse portfolio of PC and mobile games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China. Changyou also owns and operates the 17173.com Website, a game information portal in China. Sohu’s online search subsidiary Sogou (NYSE: SOGO) has grown to become the second largest search engine by mobile queries in China. It also owns and operates Sogou Input Method, the largest Chinese language input software. Sohu, established by Dr. Charles Zhang, one of China’s internet pioneers, is in its twenty-fourth year of operation.

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Source: Sohu.com Ltd.

PR Newswire

Changyou.com Announces Completion of Going-Private Transaction

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BEIJING, April 18, 2020 /PRNewswire/ — Changyou.com Limited (“Changyou”) (NASDAQ: CYOU), a leading online game developer and operator in China, today announced the completion of the merger (the “Changyou Merger”) contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated January 24, 2020, by and among Changyou; Sohu.com (Game) Limited (“Sohu Game”), an indirectly wholly-owned subsidiary of Sohu.com Limited (“Sohu”) (NASDAQ: SOHU); and Changyou Merger Co. Limited (“Changyou Merger Co.”), a direct wholly-owned subsidiary of Sohu Game, in which Changyou Merger Co. merged with and into Changyou effective April 17, 2020 (the “Effective Time”), with Changyou being the surviving company. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “ADSs”), each of which represented two Changyou Class A ordinary shares (“Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, (i) each Class A Ordinary Share issued and outstanding immediately prior to the Effective Time, other than shares held beneficially by Sohu (the “Excluded Shares”), was cancelled in exchange for the right to receive $5.40 in cash without interest, and (ii) each outstanding ADS, other than the ADSs representing the Excluded Shares, was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Pursuant to the Merger Agreement, at the Effective Time, (i) each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y)  the number of Class A Ordinary Shares underlying such Vested Option, and (ii) each outstanding but unvested option (each, an “Unvested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the Effective Time in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the Effective Time.

Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of the Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of the Class A Ordinary Shares becomes effective.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Changyou

Changyou is a leading developer and operator of online games in China with a diverse portfolio of popular online games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China, as well as a number of mobile games. Changyou also owns and operates the 17173.com Website, a leading game information portal in China. Changyou began operations as a business unit within Sohu in 2003, and was carved out as a separate, stand-alone company in December 2007. Changyou has an advanced technology platform that includes advanced 2.5D and 3D graphics engines, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology. For more information, please visit http://ir.changyou.com/.

For investor and media inquiries, please contact:

In China:
Mr. Yujia Zhao
Investor Relations
Tel: +86 (10) 6192-0800
E-mail: ir@cyou-inc.com

In the United States:
Ms. Linda Bergkamp
Christensen
Phone: +1 (480) 614-3004
E-mail: lbergkamp@ChristensenIR.com

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