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PR Newswire

Vipshop Holdings Limited to Hold Annual General Meeting on December 16, 2022

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GUANGZHOU, China, Nov. 16, 2022 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company“), today announced that it will hold an annual general meeting of shareholders at Vipshop Headquarters, 128 Dingxin Road, Haizhu District, Guangzhou 510220, People’s Republic of China on December 16, 2022 at 11:00 a.m., Beijing time.

No proposal will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders and beneficial owners of the Company’s American depositary shares (“ADSs“) to discuss Company affairs with management. 

The board of directors of the Company has fixed the close of business on November 28, 2022 as the record date (the “Record Date“) for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof.

Holders of record of the Company’s ordinary shares at the close of business on the Record Date are entitled to attend the annual general meeting and any adjournment or postponement thereof in person. Beneficial owners of the Company’s ADSs are welcome to attend the annual general meeting in person.

The Company has filed its annual report on Form 20-F (the “Annual Report“), which includes the Company’s audited financial statements for the fiscal year ended December 31, 2021, with the U.S. Securities and Exchange Commission (the “SEC“). The Company’s Annual Report can be accessed on the investor relations section of its website at http://ir.vip.com/, as well as on the SEC’s website at http://www.sec.gov/.

Holders of the Company’s ordinary shares or ADSs may obtain a hard copy of the Annual Report free of charge by emailing Jessie Zheng, Vipshop Holdings Limited, at ir@vipshop.com or by writing to:

Vipshop Headquarters, 128 Dingxin Road
Haizhu District, Guangzhou 510220
People’s Republic of China
Attention: Jessie Zheng

About Vipshop Holdings Limited

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

Investor Relations Contact

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

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PR Newswire

ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2022 Q3 Financial Results

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XI’AN, China, Nov. 15, 2022 /PRNewswire/ — ENTREPRENEUR UNIVERSE BRIGHT GROUP (“EUBG” or the “Company”) (OTCBB: EUBG), a digital marketing consulting company, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group commented, “During the third quarter, our business and operations continued to be materially and negatively impacted by the COVID-19 situation in China. The decrease of our business was mainly due to the drop of our consultancy services income, generated from clients who engaged in online courses business. These end customers became more patient and cautious in choosing online courses. We are continuing to seek out different business opportunities to stabilize our income streams.”

“As of September 30, 2022, the COVID-19 pandemic situation in China continues to be dynamic, and near-term challenges across the economy remain. Substantially all of our revenues and operations are concentrated in China and demand for our consulting services by small and medium-sized enterprises were adversely affected due to widespread economic disruptions during the COVID-19 outbreak. Specifically, as a result of government mandated closures of non-essential business in China, many of our customers’ business were suspended while others permanently closed their businesses,” Mr. Tao added.

Third Quarter 2022 Unaudited Financial Results

Three months ended
September 30,

2022

2021

Revenue

$

801,784

$

1,622,471

Cost of revenue

(140,009)

(870,967)

Gross profit

661,775

751,504

Selling expenses

(10,043)

(54,921)

General and administrative expenses

(423,931)

(326,090)

Total other (expenses) income, net

(124,016)

38,847

Income before income tax

103,785

409,340

Income tax expense

(135,784)

(201,789)

Net (loss) income

$

(31,999)

$

207,551
  • Revenue decreased by 50.6% to $801,784 due to the decrease our consultancy services and sourcing and marketing services income
  • Gross profit decreased by 11.9% to $661,775
  • Net income decreased by $239,550 to a net loss of $31,999

Revenue and cost of revenue: During the three months ended September 30, 2022, we generated revenue of $801,784 compared to $1,622,471 for the three months ended September 30, 2021, representing a decrease of $820,687 or 50.6% as compared with the prior period.

Cost of revenue was $140,009 for the three months ended September 30, 2022 compared to $870,967 for the three months ended September 30, 2021. The decrease of cost of revenue for the three months ended September 30, 2022 was mainly due to our senior management no longer directly involved in performing the services but focused on management work. Therefore, less direct senior management costs were incurred in the consultancy services and souring and marketing service.

Gross profit: We generated a gross profit of $661,775 and $751,504 for the three months ended September 30, 2022 and 2021, respectively.

Net (loss) income: As a result of the above, we resulted a net loss of $31,999 and generated a net income of $207,551 for the three months ended September 30, 2022 and 2021, respectively.

Cash and cash equivalents. As of September 30, 2022 and December 31, 2021, $6,330,431 and $7,649,129 of the Company’s cash and cash equivalents, respectively were held at financial institutions and online payment platforms located in the PRC and Hong Kong that management believes to be of high credit quality.

Nine months ended September 30, 2022 Financial Results

Nine months ended
September 30,

2022

2021

Revenue

$

2,851,656

$

4,479,415

Cost of revenue

(565,820)

(1,289,739)

Gross profit

2,285,836

3,189,676

Selling expenses

(34,957)

(224,935)

General and administrative expenses

(1,066,604)

(905,391)

Total other income, net

35,905

108,941

Income before income tax

1,220,180

2,168,291

Income tax expense

(595,156)

(872,063)

Net income

$

625,024

$

1,296,228
  • Revenue decreased by 36.3% to $2,851,656 due to the decrease in our consultancy services income
  • Gross profit decreased by 28.3% to $2,285,836
  • Net income decreased by $671,204 to $625,024

Revenue and cost of revenue: During the nine months ended September 30, 2022, we generated revenue of $2,851,656 compared to $4,479,415 for the nine months ended September 30, 2021, representing a decrease of $1,627,759 or 36.3% as compared with the prior period. The decrease was mainly due to our consultancy services income, generated from clients who engaged in online courses business, dropped by $2,405,874 as compared with last period.

During the nine months ended September 30, 2022, we generated $267,874 from our new digital training related services and $911,733 from our consultancy services to a customer who engaged in live streaming business. However, these new income streams only compensated a part of the revenue reduction in current period. The digital training related services with Jade Bird remain suspended as of today. Therefore, we expected the new revenue will not be available to compensate the revenue reduction until further notice.

Cost of revenue was $565,820 for the nine months ended September 30, 2022 compared to $1,289,739 for the nine months ended September 30, 2021. For the nine months ended September 30, 2022, the cost of revenue mainly represented the staff costs for our consulting services and the agency fees for our digital training related services.

Gross profit: We generated a gross profit of $2,285,836 and $3,189,676 for the nine months ended September 30, 2022 and 2021, respectively. 

Net income: As a result of the above, we generated a net income of $625,024 and $1,296,228 for the nine months ended September 30, 2022 and 2021, respectively.

About ENTREPRENEUR UNIVERSE BRIGHT GROUP

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

Safe Harbor Statement

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

For more information, please contact:

The Company:

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

Investor Relations:

Hana Yin
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1-949-416-8888 (from U.S.)
+86 185-0119-2929 (from China)

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

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

September 30,
2022

December 31,
2021

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

6,330,431

$

7,649,129

Accounts receivable

287,436

67,940

Loan and interest receivables

983,699

–

Other receivables and prepayments

41,068

55,925

Total current assets

7,642,634

7,772,994

NON-CURRENT ASSETS

Plant and equipment, net

202,431

281,448

Operating lease right-of-use assets, net

93,387

146,698

Total non-current assets

295,818

428,146

TOTAL ASSETS

$

7,938,452

$

8,201,140

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

–

$

115,833

Other payables and accrued liabilities

225,119

402,158

Contract liabilities

–

216,142

Receipt in advance

–

5,161

Operating lease liabilities, current

51,119

59,370

Tax payables

133,931

39,545

Amount due to a director

167,935

171,443

Total current liabilities

578,104

1,009,652

NON-CURRENT LIABILITY

Deferred tax liabilities

297,200

342,546

Operating lease liabilities, non-current

42,269

87,328

Total non-current liabilities

339,469

429,874

TOTAL LIABILITIES

917,573

1,439,526

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.0001 per share, 1,100,000 shares authorized, Nil (December 31, 2021: Nil)
shares issued and outstanding as of September 30, 2022 

–

–

Common stock, par value $0.0001 per share; 1,800,000,000 shares authorized, 1,701,181,423
(December 31, 2021: 1,701,181,423) shares issued and outstanding as of September 30, 2022

170,118

170,118

Additional paid-in capital

6,453,048

6,453,048

Statutory reserves

65,911

65,911

Retained earnings (accumulated deficit)

267,621

(357,403)

Accumulated other comprehensive income

64,181

429,940

Total stockholders’ equity

7,020,879

6,761,614

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

7,938,452

$

8,201,140

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

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

For the three months ended
September 30,

For the nine months ended
September 30,

2022

2021

2022

2021

Revenue

801,784

1,622,471

$

2,851,656

$

4,479,415

Cost of revenue

(140,009

)

(870,967

)

(565,820

)

(1,289,739

)

Gross profit

661,775

751,504

2,285,836

3,189,676

Selling expenses

(10,043

)

(54,921

)

(34,957

)

(224,935

)

General and administrative expenses

(423,931

)

(326,090

)

(1,066,604

)

(905,391

)

Profit from operations

227,801

370,493

1,184,275

2,059,350

Other income (expenses):

Interest income

10,522

15,934

33,489

66,213

Exchange gain (loss)

(135,842

)

8,957

(107,920

)

(3,088

)

Sundry income

1,304

13,956

110,336

45,816

Total other income (expenses), net

(124,016

)

38,847

35,905

108,941

Income before income tax

103,785

409,340

1,220,180

2,168,291

Income tax expense

(135,784

)

(201,789

)

(595,156

)

(872,063

)

Net (loss) income

$

(31,999

)

207,551

$

625,024

$

1,296,228

Other comprehensive (loss) income

–

Foreign currency translation adjustment

(128,843

)

(2,946

)

(365,759

)

63,036

Total comprehensive (loss) income

$

(160,842

)

204,605

$

259,265

$

1,359,264

Net (loss) income per share – Basic and diluted

$

0.00

*

0.00

*

$

0.00

*

$

0.00

*

Weighted average number of common shares outstanding

– Basic and Diluted

1,701,181,423

1,701,181,423

1,701,181,423

1,701,181,423

*

Less than $0.01 per share

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

(In U.S. dollars)

Nine months ended
September 30,

2022

2021

Cash flows from operating activities

Net income

$

625,024

$

1,296,228

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

Depreciation

62,516

62,222

Amortization of operating lease right-of-use assets

40,575

39,248

Deferred tax

(33,117)

(319,660)

Changes in operating assets and liabilities:

Other receivables and prepayments

11,128

(179,961)

Accounts receivable

(244,432)

95,800

Accounts payable

(111,527)

431,690

Other payables and accrued liabilities

(159,123)

(284,226)

Tax payables

106,699

(445,713)

Contract liabilities

(208,106)

4,158

Receipt in advance

(4,969)

(34,318)

Operating lease liabilities

(40,574)

(43,614)

Net cash generated from operating activities

44,094

621,854

Cash flows from investing activities

Purchase of property, plant and equipment

(9,746)

–

Acquisition of debt products

–

(2,781,482)

Redemption of debt products

–

5,872,017

Loan receivables to unrelated third parties

(1,060,394)

(499,554)

Loan to a related company

–

(123,621)

Repayment from a related company

–

312,401

Repayment from a unrelated third party

–

499,554

Net cash (used in) generated from investing activities

(1,070,140)

3,279,315

Cash flows from financing activities

Repayment of borrowings from a director

(3,490)

(128,751)

Advance from a director

–

67,882

Net cash used in financing activities

(3,490)

(60,869)

Effect of exchange rates on cash

(289,162)

37,171

Net (decrease) increase in cash and cash equivalents

(1,318,698)

3,877,471

Cash and cash equivalents at beginning of period

7,649,129

3,846,470

Cash and cash equivalents at end of period

$

6,330,431

$

7,723,941

Supplemental cash flow information

Cash paid during the period for:

Income taxes

$

369,878

$

1,115,659

Withholding tax paid

$

151,485

$

517,145

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PR Newswire

Bedsure Starts Its Annual Black Friday Sales Early with Deals on Over 100 Products

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DIAMOND BAR, Calif., Nov. 14, 2022 /PRNewswire/ — Many regions in the world are already seeing a colder-than-usual drop in temperature. As many experts predicted that this coming winter would last longer than usual, preparing enough layers for the coming season is more important than ever. Bedsure, a global leading home textile brand with over 25 million customers cozily served, launched its Black Friday promotion earlier this year to help customers better prepare.

During this year’s Bedsure Early Black Friday Sale, over 100 products across several categories are being offered with an unprecedented discount. The offers apply to Bedsure’s wide range of product lineup, including the latest and greatest Bedsure TENCEL™ Sheet Set and the all-time classic Bedsure 100% Cotton Waffle Weave Blanket. The early access to deals helps customers to prepare for the winter at a much-reduced cost, a helpful touch in the midst of global financial uncertainty.

Some of Bedsure’s featured and most popular offers include:

42% OFF on the Sustainable and Eco-Friendly Bedsure TENCEL™ Sheet Set with Silky Texture for Hot Sleepers.

The Bedsure TENCEL™ Sheet Set is an eco-friendly and sustainable sheet set extracted from eucalyptus wood pulp to provide sleepers with the utmost natural sleeping space. Its natural eucalyptus wood pulp brings exceptional breathability and moisture-wicking ability to the sheet set, making it ideal for hot sleepers who tend to run out at night. Eucalyptus sheets are also 50% more efficient in moisture absorption than cotton, which is the perfect sleep companion for a dry night’s sleep without overheating.

The Bedsure TENCEL™ Sheet Set offers a luxurious sheen with a silky texture that provides sleepers with a lovely buttery smooth hand-feel. It is one luxury, comfortable, skin-friendly, and sustainable sleep companion for those looking to add a cozy and elegant touch to their existing sleeping space.

In addition, the Bedsure TENCEL™ Sheet Set is Standard 100 by OEKO-TEX certified for meeting the highest testing criteria for harmful chemicals and is free of harmful materials from the source to the hands of customers.

The Bedsure TENCEL™ Sheet Set is available in Full, Queen, King, and Cal King sizes. Starting at just $69.99 before discounts, this natural and eco-friendly sheet set is available for up to 42% off during Bedsure’s Early Black Friday promotion.

Extra Warm Bedsure Fuzzy Sherpa Blanket Hoodie for Coziness At Home or On The Go.

This year, Bedsure has released a series of blanket hoodie products to help customers get cozy with a vibrant fashion statement indoors and outdoors. For example, the all-new Bedsure Fuzzy Sherpa Blanket Hoodie is made available in six elegant shades of colors, including Blue, Brown, Charcoal, Gray, Navy, and Pink, and two sizes to fit the preference and style of its wearers.

With the drawstring and zipper design, the Bedsure Fuzzy Sherpa Blanket Hoodie can deliver the right amount of coziness and warmth. The drawstring lets its wearer adjust the seal for improved protection against wind, and the front quarter zipper enables a personalized level of airflow, making the blanket hoodie the perfect coziness provider at home or on the go.

In addition, the all-new Bedsure Fuzzy Sherpa Blanket Hoodie comes with a convenient front pocket that is large enough to store gadgets, devices, remotes, dog treats, snacks, or anything one might want to need to carry on the go.

With the holiday season approaching fast, the highly giftable Bedsure Fuzzy Sherpa Blanket Hoodie is made available for up to 25% off, and customers wishing to gift their loved ones portable and comfortable coziness may do so on Amazon.com and Bedsure’s homepage at www.bedsurehome.com.

Versatile and Breathable Bedsure 100% Cotton Waffle Weave Blanket for Extra Layer of Coziness.

The Bedsure 100% Cotton Waffle Weave Blanket is one of Bedsure’s all-time best-selling products. The Amazon’s Choice Bedsure 100% Cotton Waffle Weave Blanket is woven with the classic waffle weave pattern that adds an exquisite touch and a tailored look to any existing interior and exterior space.

The versatile Bedsure 100% Cotton Waffle Weave Blanket comes with a springy texture and rich hand feel. The premium 405 GSM cotton utilized in creating the blanket offers a superb softness that is ideal as an extra layer of warmth for hot sleepers.

Customers have loved this breathable 100% cotton blanket with various uses, such as a sleeping blanket during summer, an extra layer of warmth during winter, a household decoration item, a spare at home, or just about anywhere else in between.

This year, the Bedsure 100% Cotton Waffle Weave Blanket has seen a vibrant refresh with new colors such as Pink, Mustard Yellow, Teal, and more.

The blanket has currently rated 4.6/5 stars on Amazon by over 15,000 customers, and several of the available specs are rated as Amazon’s Choice Items. Starting at $39.99 before applicable discounts, this blanket can be had for up to 20% off during Bedsure’s Early Black Friday.

With over 100 products made available at an unprecedented discount of up to 42% off, Bedsure’s cozy products make a great option for those looking to get extra layer of coziness during this long and cold winter and is an ideal option for those looking to gift their loved ones with care and love that can be enjoyed every day.

For Bedsure’s full lineup, please visit: https://www.amazon.com/stores/page/894B0778-1166-4EE6-89EE-138DD2B51223?ingress=0&visitId=96badb4d-97a8-404e-9ccc-001d690aa669&ref_=ast_bln 

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PR Newswire

China’s Double 11 Shopping Festival Total Transaction Value Exceeds Trillions of RMB for the First Time

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Syntun Release: China’s Double 11 Shopping Festival GMV of 1115.4 billion RMB

BEIJING, Nov. 12, 2022 /PRNewswire/ — After 14 years of development, the Double Eleven shopping festival has matured. This year, instead of announcing sales results, the platforms are focusing more on achievements in areas such as helping farmers, green and environmental protection. Beyond commercial value, the platforms continue to enhance their ability to create social value. All platforms and brands have shifted their focus to how to retain users and how to bring them a better shopping experience.

Syntun Release: China's Double 11 Shopping Festival GMV of 1115.4 billion RMB
Syntun Release: China’s Double 11 Shopping Festival GMV of 1115.4 billion RMB

For the ninth year, Syntun is monitoring and releasing Double 11 sales data as a third-party platform in order to bring a more impartial and objective perspective to the public. According to Syntun, during 2022 China “double 11” (from 20:00 on October 31st to 23:59 on November 11th), the GMV of the major e-commerce platforms (only including traditional e-commerce platforms and livestreaming e-commerce platforms) was 1115.4 billion RMB. The GMV of traditional e-commerce platforms was 934 billion, with Tmall platform ranking first. Livestreaming e-commerce platforms performed brilliantly, with the GMV of 181 billion, total increase of 146.1%. The GMV of New retail platform and community group buying platforms were 21.8 billion and 13.5 billion respectively. In terms of sales categories, household appliances remained one of the popular categories with the GMV of 156.6 billion RMB.

For more details about the “double 11”, please click the link: (PDF)

As a professional digital retail data service provider, Syntun has developed a variety of products in line with the needs of the retail industry, which can solve the problems encountered in the process of production, operation, marketing and management, and help brands make accurate decisions.

CONTACT:

FB: Syntun China
TW: @Syntunchina

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

Related Links: www.syntun.com

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Source: Syntun Ltd.

PR Newswire

Temu Further Increases Transparency to Help Consumers Make Better Decisions

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BOSTON, Nov. 5, 2022 /PRNewswire/ — Temu, the online marketplace offering year-round wholesale prices, is raising the bar on customer care by giving consumers unprecedented transparency on sellers and delivery schedules to help them make smarter purchase decisions.

As a third-party online marketplace, Temu connects small businesses to consumers directly through its website at www.temu.com and mobile apps (Android and iOS). But consumers can become overwhelmed by choices, especially if there is little to distinguish one small business from another.

Product listings on Temu include detailed information about the merchandise and the small business, including:

  • Number of consumers who have bookmarked or “followed” a store
  • Overall sales performance for the store
  • Number of consumers who have saved an item to their shopping cart
  • The number of products a store has listed for sale
  • Star ratings and customer reviews of the store

This information can help consumers make better decisions that suit their needs. For example, an item in many consumers’ shopping carts is more likely to go out of stock. Similarly, a store with poor sales performance and a limited product range can be a warning flag for prospective customers. The transparency that helps consumers make better purchase decisions also incentivizes sellers to improve their product quality and service.

In terms of shipment information, Temu has gone further than the standard practice of stating an estimated delivery date by giving the day-by-day breakdown of historical delivery completion. Customers are given a $5 credit if deliveries are late, another first in the e-commerce industry.

“By being transparent about our shipping times and small business partners, we give consumers the information they need to make the best choices.” said a Temu spokesman. “These measures are driven by Temu’s values of putting customers first and integrity.”

Since its launch in September 2022, Temu has gained a following among consumers who value quality and affordability. Temu is a US online marketplace held by Nasdaq-listed PDD Group (Nasdaq: PDD), which owns and operates a portfolio of businesses, including Pinduoduo, one of the largest commerce platforms in the world.

About Temu:

Temu is an online marketplace offering quality merchandise from the world’s top suppliers and brands to consumers at wholesale prices anytime, anywhere, and in any quantity. As a member of the Nasdaq-listed PDD Group, Temu works closely with its global network of suppliers and logistics partners to create and curate quality products for consumers to enjoy the conveniences and comforts of life.

About PDD Group:

PDD Group (Nasdaq: PDD) is a multinational conglomerate that owns and operates a portfolio of businesses, including US-based marketplace Temu and Pinduoduo in China. PDD Group has been listed on the Nasdaq since 2018.  The PDD Group shares with its subsidiaries the sophisticated network of sourcing, logistics, and fulfillment capabilities built up from serving approximately 900 million consumers and working with more than 11 million suppliers and brands.

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Akso Health Group Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

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BEIJING, Oct. 29, 2022 /PRNewswire/ — Akso Health Group (NASDAQ: AHG) (“Akso Health” the “Company” or “we”), today announced that the Company has received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) on October 26, 2022, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on the Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s ADSs for the 30 consecutive business days from September 12, 2022 to October 25, 2022, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company’s listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until April 24, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s ADSs must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by April 24, 2023, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company’s business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ADSs and may, if appropriate, consider implementing available options, including, but not limited to, implementing a consolidation reverse share split of its outstanding ADSs, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

As previously disclosed, Nasdaq had notified the Company that it was delinquent in the filing of its Annual Report on Form 20-F for the fiscal year ended March 31, 2022 (the “20-F”). On October 27, 2022, Nasdaq notified the Company that it has accepted the Company’s plan of compliance and granted the Company an extension through January 3, 2023 to file the 20-F.

About Akso Health Group

Akso Health Group (NASDAQ: AHG), formerly known as Xiaobai Maimai Inc., operates a social e-commerce platform in China that collaborates with other domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products. Since the end of 2021, the Company also started exploring the healthcare equipment and product trading and related healthcare services business. 

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: risks related to our ability to obtain equipment, technology, license and talents at satisfactory terms to start the planned business, if at all; risks regarding the effect of the COVID-19 pandemic on the Company and the Company’s position in a post-COVID-19 environment; risks related to the Company’s ability to adapt and make the necessary adjustments to compete and operate effectively; risks related to decisions or changes in governmental or private insurers’ reimbursement levels for our radiotherapy services or our ability to obtain reimbursement for our radiotherapy services; risks related to increased competition and the development of new competing services; the risk that we may be unable to develop or achieve commercial success for radiotherapy services in a timely manner, or at all; risks related to regulatory requirements or enforcement in the United States and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to successfully integrate and derive benefits from any technologies that we license or acquire; risks related to our projections about our business, results of operations and financial condition; and risks related to the potential market opportunity for our products and services. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please visit ir.xiaobaimaimai.com 

For investor inquiries, please contact:

The Company
Investor Relations
Mr. Simon He
Email: ir@ahgtop.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com

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

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Australian parcel theft rockets to an all-time high with the second largest rise than any other country globally

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  • First global report on parcel theft
  • Over a third of Australians affected by parcel theft or loss in lifetime
  • One in ten people globally are now reluctant to shop online because of fear of theft
  • Australia second highest on global list of increasing parcel problems
  • Sharpest rise and greatest rate of parcel theft and loss in Greater Adelaide

LONDON, Oct. 17, 2022 /PRNewswire/ — Doorstep parcel theft is sweeping Australia, according to the first global report on parcel theft. More than 3.6 million parcels were lost or stolen in a 12-month period, with nearly a third of residents having a parcel stolen or lost. This has cost Australian consumers a total of AU$224.3 million in missing goods.1

The results are part of the world’s first global parcel theft survey which found that close to one in ten people had at least one parcel lost or stolen from May 2021 to April 2022. This amounts to a staggering 1.009 billion packages2 globally, at a total cost of AU$57.04 billion.1

Worldwide, there was an all-time high of stolen or lost parcels with an estimated rise of 155 million2 compared to the previous 12 months, despite initiatives to tackle the surge post-covid. This is more than a 2% increase.

The Penn Elcom Global Parcel Theft Report was commissioned by Penn Elcom, a globally recognised British steel manufacturer and producer of the Penn Parcel Box, and sponsored exclusively by Scurri, the world’s leading courier management platform for eCommerce and shipping, and produced by YouGov. It revealed that Australia suffered the second greatest increase (+3%) after the UK (+5%), followed by Canada (+2%), the US and UAE (+1% respectively).

Australian regional hot spots include:

  • Sharpest rise in missing parcels: Greater Adelaide, up 15% to 28% – nearly a third of residents had a parcel stolen or lost in the last 12 months
  • Parcel problems hotspots – proportion of residents who had a parcel lost or stolen between May 2021 and April 2022:
    • Greater Sydney: 17%
    • Greater Brisbane: 15%
    • Greater Melbourne: 13%
  • Highest levels of anxiety around parcel theft: Greater Sydney (23%)

A staggering 36% of people surveyed in Australia have had a package lost or stolen in their lifetime, amounting to over 9.2 million parcels2 and expected to rise without preventive measures.

The psychological impact

Almost a quarter of Aussies (23%) feel anxious about parcel theft, with one in five (20%) also in fear of parcels being stolen. These concerns are highest in Greater Sydney, where a quarter of respondents are anxious about posted goods (25%) and a fifth (20%) proactively looking for parcel-theft prevention products.

In Greater Adelaide, only 15% of respondents have looked into preventatives, despite having the sharpest increase in the rate of missing parcels and the highest level of parcels stolen or lost.

Greater Sydney and Greater Melbourne topped the table for people reluctant about making new online orders due to theft (20% respectively).

More Australian women felt anxious about parcel loss or theft (55% women, to 45% men), but 58% of parcel security product searches were by men, compared to 42% women.

Penn Elcom’s chairman, Roger Willems, said: “A surge in online shopping accelerated by Covid, along with seasonal rushes, means couriers are under intense pressure. Professional thieves are known to follow delivery vans, stealing packages minutes after they are dropped off, while opportunistic thieves take advantage of parcels left on doorsteps.”

“We expect parcel piracy to continue to rise as global parcel deliveries increase3 if measures are not taken. We are doing our best to support delivery companies and save online shoppers the headache of missed deliveries – as well as the heartache of lost and stolen parcels,” added Roger.

According to Google Trends, global searches for ‘parcel theft’ have rocketed as shoppers continue to order online, especially for seasonal holidays. The study found that one in ten people worldwide are also now reluctant to shop due to fear of theft, impacting retailers.

Gavin Murphy, CMO of Scurri, said “When parcel delivery fails at the final hurdle, the customer experience fails expectations and customers may be discouraged from buying online again from that retailer. Real-time data is critical. Simply stating that a package has been dispatched or is on board a last mile delivery vehicle is totally inadequate.”

Penn Elcom is campaigning to restore confidence in online shopping and has a solution. The Penn Parcel Box, made from quality British steel and designed using Penn Elcom’s decades of steel engineering expertise, is a secure, stylish, weatherproof solution for parcel deliveries for homes and businesses.

The Penn Parcel Box was developed in response to enquiries from customers who had problems with parcels going missing.

YouGov, the leading British research group, surveyed 2,000 random consumers in the UK, US, the UAE, Canada and Australia in May 2022. 50% were male and 50% female, ranging in age from 18-55 and above.

Images are available at: https://bit.ly/3fOYly2

FOR MORE INFORMATION: including interviews and a copy of the Penn Elcom Global Parcel Theft Report:

Mark Foxwell, mark@sharpminds.agency, +44 (0) 7796 473020
Charlie Jones, charlie@sharpminds.agency, +44 (0) 7710 695794
Siobhan Stirling, siobhan@sharpminds.agency, +44 (0) 7990 543829

NOTES TO EDITORS

Penn Elcom is a UK manufacturing success story, with 50% of sales being overseas.  Established in 1974, the company is a world leader in flight case and speaker cabinet hardware as well as 19-inch racking solutions.

Scurri is a leading software provider that connects and optimises the eCommerce ordering, shipping and delivery process for online retailers. Scurri is an Irish company, which last year announced a €9 million investment to accelerate growth in the European markets. This brings the Wexford-based company’s total funding to €15.3 million to date. Scurri currently derives over 61% of its revenue from the UK, and will power over 100 million parcel deliveries this year by enabling merchants to present the most efficient delivery option via more than 700 carrier services. Scurri’s platform allows retailers to create accurate labels, track shipments from dispatch to delivery and provide analytics and it helps businesses ship their products anywhere in the world through its network of carrier integrations. Customers include eBay, Bulk Powders, Vision Direct, Gousto and many others.

NOTES AND SOURCES

1 Total price value has been estimated by average parcel cost, based on annual online retail spend versus annual volume of packages shipped
2 Survey results extrapolated to global and national populations
3 Pitney Bowes, 28.09.21: Global parcel volumes rose to 131 billion in 2020, a 27% year-on-year increase, and are predicted to double again by 2026 to 266 billion.  

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Made-in-China.com: Brings Latest Sourcing Experience for Global Buyers

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NANJING, China, Oct. 16, 2022 /PRNewswire/ — Made-in-China.com, China’s leading comprehensive third-party B2B e-commerce platform, will be holding its annual largest ever virtual sourcing expo from October 15 to October 31, 2022 via its website and mobile app. With over 5,000 suppliers registered as participants for the online event, the Sourcing Expo will bring global buyers a fantastic online sourcing experience and help seek new business opportunities.

With travel to China still remaining largely impractical, Made-in-China.com is working hard to ensure business continuity for global buyers.

This year’s Sourcing Expo can be seen as an online carnival for the buyers, as four distinctive halls are arranged, “New Product Launch”, “Select Factories”, “Online Trading Center”, and “One-Stop Shopping”, which can bring fabulous sourcing experience to the buyers.

In the “New Product Launch” hall, the brand new products with latest design, technology and trend will be gathered there and showed in the live streaming. Selected great suppliers from 16 categories will gather in the live show rooms, do their new products launch, factories guide tour, and chat lively with buyers about purchasing demands.

If you would like to know about some superior Chinese suppliers in advance, you can visit Made-in-China.com Facebook official account to get their introduction and sharing videos.

While in the “One-Stop Shopping” hall, a tremendous sourcing experience can be expected. Made-in-China.com creates hotel, gym, home decoration material, auto parts and office these 5 common sourcing scenarios with advanced technology. Buyers can source in these scenarios with the smart guidance, enjoy the one-stop superior service of Made-in-China.com, shorten the sourcing period and raise the efficiency.

In the online trading center, buyers are able to place instant orders on a range of light industrial products. Great coupons are offered by Made-in-China.com and buyers can use once meets the demands. The whole trade process is under secured as Made-in-China.com offers STS guarantee service to protect money and products quality. The logistics process can be fully visualized if the products are shipped via Made-in-China.com’s logistics services.

The Sourcing Expo starts from today to October 31. If you would like more information about this event, please call +86-25-6667 7777, or email buyerservice@made-in-china.com, or click https://expo.made-in-china.com/expo/register/2022-Sourcing-Expo?uim_source=mic&uim_medium=open_s&uim_campaign=2022SourcingExpoRegister

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Chinese Hot-Water Bags Sweep Europe Merchants from Yiwugo Get Busy with Orders

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YIWU, China, Oct. 1, 2022 /PRNewswire/ — Yiwu is the world’s capital of commodities, Yiwugo.com is the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world. Yiwugo hosts 50,000 merchants and 10 million registered buyers, 10% of whom are overseas buyers. It has 800,000 daily average visits and a daily average PV of 15 million. According to the latest statistics from Yiwugo and the feedback from merchants, the number of European buyers purchasing hot-water bags has grown significantly, with the regular water injection type is the mainly-purchased product.

Sales doubled from the previous year at the beginning of the peak season.

Jingyang Daily Necessities is an established international trade enterprise with a history of more than 30 years. 12 years ago, Chen Jianping took the business over from her parents. For enterprises in Yiwugo, there are usually two peak seasons every year. The first begins from July and lasts till October as boosted by buyers from the northern hemisphere, and the second from the end of the year till next spring, as boosted by buyers from South America. This year is unusual. Although the first peak season has just been halfway through, enterprises’ sales volume has already doubled from last year.

Chen explained that, due to the impact of repeated Covid-19 outbreaks at home and abroad, most orders were placed by long-time buyers instead of new ones in the past two years. This year, however, the number of new customers, particularly end customers, has suddenly surged. Most of them are from Europe, looking for water injection hot-water bags. As electric heating hot-water bags were previously popular exports to countries such as India, it is unusual to see water injection type gaining popularity in Europe.

In fact, this is closely attributed to the rising energy price in Europe. The natural gas price in Europe has reportedly reached more than 10 times that of the same period last year; the anthracite price has been three times that of the same period last year; the electricity price has increased by 12 folds from the previous year. The German government announced that it would levy a “natural gas surcharge” from October, and Italy has shortened the heating period by 15 days for this winter.

The surging energy price this year has driven up the heating cost, especially for European people living in frigid high-latitude regions. As such, the traditional affordable water injection hot-water bags have suddenly become their favourite choice. Even though European people have also started to use water injection hot-water bags, they have never lost their aesthetic sense and pride. According to Chen, European consumers favour fashionable, high-quality hot-water bags with high rubber content and European architectural style of decorative imprints.

The popularity of hot-water bags in Italy and other European countries aroused Chen’s curiosity. She later figured that a significant number of buyers had come around by searching the English site of Yiwugo. Although many orders placed were small or medium ones, they were still “fresh blood”, and all the buyers were overseas wholesalers. This encouraged Chen and made her confident about her decision last year to launch new products continuously and establish an international site on Yiwugo.

Some of the new customers were referred to Chen by merchants of home textiles, quilts and other warm-keeping products in Yiwu market. There are also merchants in other lines of business who are entrusted by customers to make purchases, or those who recommend Jingyang Daily Necessities to buyers after they found the company on Yiwugo. The buyers will then have intermediaries such as international trade companies to make purchases directly from Jingyang.

Chen explained that there had been signs of this purchase frenzy since the first half of the year. From April to May, some well-established buyers, including those from European countries such as Italy, already stocked a large quantity of water injection hot-water bags. But this was not common practice at the time, so it did not attract much attention of merchants.

Domestic-oriented enterprises generated more export sales than domestic sales this year.

Yu Fengchao, owner of Yiwu Junma Hot Water Bottle Factory, is running an established international trade factory of water injection hot-water bags. The factory was established over 30 years ago, receiving orders mainly from Spain.

As a second-generation business executive, Yu took the business over exactly ten years ago. To date, his factory has been a member store on Yiwugo for five years. A Spanish new customer contacted Yu on Yiwugo this July. After they communicated with each other for a while, the customer, without meeting Yu in person, placed an order of more than RMB 100,000 for high-quality hot-water bags, mostly in the shape of cartoon characters and covered with insulating cloth.

Yu explained that the water injection hot-water bag, which is a home-grown product, used to be sold domestically. Since July, however, many new buyers have emerged from European countries such as Spain and Italy. Driven by the recent trend towards original design, new models are launched in the second half of each year. In this peak season, export sales have surpassed domestic sales.

It is mutual trust that has led an overseas new customer to place his very first order for more than RMB 100,000. Besides faithful communication between the two sides, Yiwugo, a third-party platform, has also played a vital role as a guarantor for them to build trust. As enterprises divert more resources into Yiwugo in recent years, the platform has also yielded better results for them, thus forming a virtuous circle of win-win cooperation.

2022 marks the 40th anniversary of Yiwu market, as well as the 10th anniversary of Yiwugo as the largest e-commerce platform in China. As the market enters the second generation in the past decade, more and more young merchants are choosing Yiwugo as their partner. Likewise, Yiwugo will join hands with them to embrace a brighter future.

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Cross-border E-commerce Finance in the Fast Track: Dowsure reached 1.5 Billion RMB Transactions Milestone

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Dowsure, a cross-border e-commerce digital API platform, has reached the 1.5 billion RMB transaction milestone, just over two months after the 1 billion RMB milestone.

SHENZHEN, China, Sept. 28, 2022 /PRNewswire/ — The cross-border e-commerce market has developed rapidly in the past few years, but cross-border e-commerce merchants have always had a major pain point — lack of capital. From goods procurement, logistics, transportation, and customs clearance until received payment, there are at least three months of delay in terms of cash flow. For instance, Chinese cross-border export B2C market is estimated at 2 trillion, which means that 500 billion worth of capital is stuck in transit for three months. This will cause a large number of funds are not available for the merchants promptly. Thus, Dowsure decided to solve these pain points. The company integrated the cross-border transaction chain through API technology capability, and realized the low-cost capital irrigation of banks, to cover millions of cross-border merchants in China with universal benefits.

1. Understanding ToB Cross-border Merchants

Dowsure has been in the “cross-border” sector since it is founded. In 2016, Dowsure joined hands with its partners to create the first product covering the cross-border insurance business. After years of cultivating cross-border, Dowsure clearly understands the needs and pain points of cross-border e-commerce merchants.

Based on sellers’ demand for high credit limits and a fully online application process, in June 2021, Dowsure empowered Pudong Development Bank to launch the “cross-border business loan” product through the cross-border financial cloud. The benchmark “520” for cross-border e-commerce financing products stands for “5 minutes to apply, 2 minutes to approve, 0 seconds to disburse funds”. This product has benefited a large number of cross-border e-commerce merchants.

Meanwhile, based on Dowsure’s reputation and prospect in the cross-border industry, it has attracted a large number of outstanding talents to join, with executive team members coming from IBM, Ping An Insurance, Bank of China, Ant Group, Ernst & Young, DJI, and other fields.

2. Precise Positioning

The information of the cross-border industry is very fragmented, which it creates an information gap between countries.

Cross-border e-commerce platforms believe that localization is the key to support the development of the merchants, and local banking institutions need to form a relatively closed loop of information flow, capital flow, logistics, etc. so that they can better serve the merchants. This is the area where Dowsure is professionalized, connecting digital information and financing, bridging them very strongly, linking the cross-border industry, and unleashing the digital value of each cross-border business through API technology capabilities.

3. Deep Understanding of Industry

In this industry, with continuous in-depth exploration, Dowsure realizes that the industry lacks capital support for not just merchants, but also the entire supply chain, including service providers.

On this basis, Dowsure partners with financial institutions to provide cross-border merchants with credit loans, invoice installments, cash advance, and other financing solutions. Dowsure also provides a full range of financing support from procurement, logistics, advertising, sales, and other cross-border scenarios to help merchants gain an advantage in the competitive market.

4. Trust from Partners

Along the way through continuous refinement, trust, understanding of Dowsure’s partner, such as leading cross-border e-commerce marketplaces: Amazon, eBay, and Shopee, as well as the top 10 banks in China and around the world. Dowsure is excited about the bright future for cross-border e-commerce industry.

Huang Ke, the co-founder of Dowsure, said, “All along, we have been doing the difficult but right thing. Our partnered institutions have mature systems globally, and it is a very difficult thing to link their systems and data together in a compliant and efficient way through technical means. We appreciate the trust of our partners and would like to penetrate every area of the cross-border ecology with our partners so that we can enjoy growth with partners together.

(Future – Digital finance along with cross-border e-commerce is the norm)

Unlike traditional finance, the amount of funds that can be raised mainly depends on collateral, guarantee, property, asset, and liability ratio. In the cross-border e-commerce scenarios, all assets circulate in digital forms, such as the inventory of overseas warehouses, unsettled funds of platforms, and sales returns of merchandise.

Once the closed loop is formed, merchants can achieve realizable digital assets, and create value for these digital assets. At the same time, technology is iterating. What we want to do is to unlock the value of sellers’ digital assets. The existence of digital finance will become a new norm that cross-border e-commerce cannot live without and a huge boost to fuel the development of the industry.

Dowsure Reached 1.5 Billion RMB Transactions Milestone
Dowsure Reached 1.5 Billion RMB Transactions Milestone