Tag Archives: ECM

Online influencers conference held to boost China-ASEAN ties

January 13, 2022 TechENT Syndication Leave a comment

FUZHOU, China, Jan. 13, 2022 — News from Global Times Online (www.huanqiu.com): The first ASEAN-China Online Influencers Conference and Fujian Brands Promotion Tour along Maritime Silk Road concluded in Fuzhou, southeast China’s Fujian Province on Jan. 13, a year after China and ASEAN celebrated the 30th anniversary of their dialogue relations and elevated their ties to a comprehensive strategic partnership.

“Set Sail from Blessed Land when the Wind is Positive”: the First ASEAN-China Online Influencers Conference

Themed "Set Sail from Blessed Land when the Wind is Positive," the event also followed the implementation of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade deal that will bring new development opportunities to China-ASEAN ties.

During the three-day event, ASEAN diplomats to China and representatives from media organizations, as well as Chinese and ASEAN online influencers learned about Fuzhou’s experience in developing digital industry and experienced the culture of Fujian province through field visits and online activities. They also shared what they saw and felt in the city on social media platforms.

The event focused on economic and trade cooperation and cultural exchanges between China and ASEAN, and held three dialogues on digital economy, influencer economy and cross-border e-commerce.

It also acted as a matchmaker between Chinese and ASEAN enterprises. Fujian Asia-Pacific Economic and Trade Cooperation Promotion Association, China’s first provincial-level business association responding to the RCEP agreement, set the stage for a series of agreements between Chinese and ASEAN industries, including a $5.6 billion intended deal inked by Fujian’s Eversun Holdings Group to invest in an ASEAN refinery.

The conference, joined by online influencers, expanded new space for telling stories about China-ASEAN cooperation under the RCEP framework. It mirrored the broad cooperation between China and ASEAN countries on people-to-people exchanges and witnessed the deepening regional economic integration between the two sides.

The event will be made regular in the years to come, so as to guide and promote the practical cooperation between China and ASEAN countries, as well as the people-to-people bond among them.

As China’s first large forum joined by senior government officials, scholars and online influencers, the event was co-sponsored by the ASEAN-China Centre, Global Times Online, Department of Commerce of Fujian Province, Foreign Affairs Office of the People’s Government of Fujian Province, and Fuzhou Municipal People’s Government. It was supported by China Public Diplomacy Association and Mission of the People’s Republic of China to ASEAN, and co-organized by Fujian Asia-Pacific Economic and Trade Cooperation Promotion Association.

PR Newswire

Yadea Brings Festive Spirit and Holiday Cheer to Riders with New Christmas Social Media Campaign

December 25, 2021 TechENT Syndication Leave a comment

MUNICH, Dec. 25, 2021 — As households around the globe celebrate the holiday season, Yadea (01585:HK), the world’s leading electric two-wheeler brand, has joined the festivities with its very own Christmas-themed short film. Released via Yadea’s social media channels on the day of Christmas, the whimsical video brings season’s greetings to Yadea’s global network of riders bringing the holiday spirit into the era of green.

Yadea released its very own Christmas-themed short film via its social media channels on the day of Christmas.

In the Christmassy video, Santa can be seen around the streets and landmarks of Paris on Christmas Eve delivering gifts. Of course, for Santa, it is absolutely key not to get noticed by children, particularly in Europe where cities are trying to tackle noise pollution. Good old-fashioned reindeer just don’t cut it anymore – which is why Santa has discreetly chosen the Yadea C1S electric motorcycle his transportation of choice in the festive film, allowing him to quickly and quietly go about his business unnoticed by a single soul on the streets of the French capital on Christmas Eve.

A sporty and refined ride, Yadea’s noise-free C1S is ideal for anyone who wants to take after Santa and zip around urban settings. With a Red Dot Award-winning KISKA design and a generous 25L of storage space, Yadea C1S looks great on the roads and offers ample room for storing gifts or other cargo. And, while Santa chose the grey model to avoid detection on the streets, the electric motorcycle is also available with a coat of Beckers paint in candy cane Red, Blue, White, and Black – allowing riders to express their personality on the road.

Delivering billions of presents in a single night is daunting, which is why Santa needs the best performance and battery life possible. With a GTR 3.0 high-performance motor, the C1S packs plenty of power, while also being whisper-quiet. It features a Panasonic 18650 lithium battery with expandable dual battery support – enabling drivers to go further on a single charge. No matter the conditions, families are counting on Santa to deliver gifts on time. Again, the Yadea C1S excels: with IP57 waterproofing, a C-level brightness Yadea Gene Headlamp that shines brighter than Rudolph’s nose, and motorcycle-level hydraulic shock absorption. What’s more, the C1S is as dependable as a fleet of reindeer: with Yadea’s intelligent power management system, the battery offers nine levels of safety protection against overcurrent, overcharge, short-circuit and more.

Since its release, Yadea’s Christmas-themed film has been shared by netizens and garnered newfound attention for the C1S electric motorcycle. Additionally, Yadea also shared a series of festive posts across social media as the holidays neared, including an Instagram post-a vinyl record-player-shaped music box playing Christmas-themed music inviting followers to share their most cherished Christmas memories.

"We want to wish all members of the Yadea community a Merry Christmas, no matter where they’re celebrating around the world. We hope that Yadea can accompany you on a holiday season filled with joy and happiness as electrifying as your Christmas," said Aska Zeng, General Manager of Yadea.

About Yadea
Yadea is a global leader in developing and manufacturing electric two-wheel vehicles including electric motorcycles, electric mopeds, electric bicycles and electric kick scooters. To date, Yadea has sold products to 50 million users in over 80 countries, and has a network of 35,000+ retailers worldwide. With a mission to help people "Electrify Your Life", Yadea continues to invest in R&D, production and global expansion to build a shared and sustainable future for mankind.

For more information, visit our:
Official Website: https://www.yadea.com/
Facebook: https://www.facebook.com/Yadea.Official
Instagram: https://www.instagram.com/YADEA.GLOBAL/
Twitter: https://twitter.com/YadeaGlobal

PR Newswire

JD.com Plans to Double Imports of Sunkist Citrus Over the Next Three Years

December 20, 2021 TechENT Syndication Leave a comment

BEIJING, Dec. 20, 2021 — JD Fresh, the fresh produce business of JD.com announced a plan to double the imports of Sunkist’s citrus fruits in the next three years as the American citrus grower cooperative’s first export ship of newly harvested navel oranges arrived in Shanghai from Long Beach, California in mid-December.

The rising demand for high-quality fresh produce is a prominent trend amid China’s consumption upgrade. JD.com became an authorized e-commerce direct-sourcing partner of Sunkist’s citrus fruits in China since 2018, the company has seen a compound annual growth rate (CAGR) of 60% in Sunkist’s fresh citrus sales in the past years, and it plans to import no less than 10,000 tons of the premium citrus within the next three years.

Sunkist’s farmers in California sent off the first ship of seasonal navel oranges to JD Fresh in China

"Thanks to our close collaboration with Sunkist and JD’s cold-chain logistic strength, we have created a highly efficient way to supply the in-season citrus directly from farm trees around the world to the dining tables of Chinese customers throughout the year at a better price and faster speed," said Wei Ye, general manager of JD Fresh.

"As people have greater need for healthy fresh food and are becoming more and more customized to shop for them online after the pandemic, we are confident to support Sunkist to further grow in the China market," he added.

"We are grateful for the opportunity to deliver fresh California-grown Sunkist citrus to consumers in China," said Christina Ward, Sr. Director of Global Marketing at Sunkist Growers, Inc. "Through JD.com, we can educate millennial consumers on the in-season availability, flavor attributes, and nutritional benefits of our fruit."

Sunkist Growers is a citrus marketing cooperative, founded in 1893, which is owned by and operated for thousands of family farmers growing citrus in California and Arizona. The variety of its fresh citrus products include oranges, lemons, limes, mandarins and more. The seasonal navel oranges from the sunny California groves feature a refreshingly sweet and juicy taste, pleasant floral aroma and a bright orange, seedless interior.

Upon the ship’s arrival in China, following the custom quality inspection, the navel oranges will be sent directly to JD’s self-operated cold chain warehouses. The fruits will be put in JD customized packages and go straight to customers’ door steps through JD’s nationwide logistics network. JD’s cold-chain logistics for fresh produce, which range from same-day delivery to two-hour flash delivery, are the standard services available in more than 300 cities across China, allowing consumers in both coastal and inland regions to enjoy the freshest Sunkist products.

China is the largest importer for Sunkist citrus, accounting for about 30% of its global exports. Despite the headwinds in trade and supply chain in the past year, JD.com and Sunkist have continued to work together to ensure stable and smooth supplies to China and made the brand achieve first in sales among all the imported American citrus brands during the 2020-2021 season.

According to statistics from the United States Department of Agriculture (USDA) in September, U.S. citrus exports have dropped by 6% between 2020-2021 as compared to the previous season, primarily due to a smaller fresh-market crop. Under such circumstances, it is even more critical for the two sides to strengthen their partnership as a good indicator for the support of Sunkist’s farmers and the brand’s fans in China.

PR Newswire

BOOHOO EXPANDS BUSINESS TO 5 MARKETS IN THE ASIA REGION

December 16, 2021 TechENT Syndication Leave a comment

Bringing Affordable Aspirational Fashion to Gen-Z and Millennials in a Localised Way

TAIPEI, Dec. 16, 2021 — Leading global fashion e-tailer, boohoo, today announced the expansion of operations within the Asian region including Japan, Korea, Singapore, Hong Kong and Taiwan, bringing its market leading fashion, choice and promotions to local customers.

Bringing Affordable Aspirational Fashion to Gen-Z and Millennials in a Localised Way

boohoo’s up-to-date and inspirational styles are now available in Asia with localised website languages and user-friendly layout. Customer service and delivery logistics are tailored for each market to provide timely support and to serve the needs of local customers.

Originating in Manchester UK, boohoo Group is an established multi-brand fashion, home and beauty platform with a vision to lead the fashion e-commerce market globally. Strategically positioned for gen-Z’s and millennials, the boohoo womenswear brand offers a wide selection of on-trend and affordable fashion for every occasion to celebrate women of all backgrounds, shapes and sizes. boohoo updates 500 new items a week across its range to deliver inspirational yet accessible fashion choices to its customers.

To celebrate the launch in Asia, boohoo is now offering a site-wide discount up to 80% off from today until the end of December. Visit the e-store now to explore your perfect style, and enjoy the refreshing online shopping experience offered by boohoo this holiday season.

Shop at boohoo here

https://www.boohoo.tw

About boohoo

Leading the fashion e-commerce market and founded in Manchester in 2006, the group started life as boohoo.com, an inclusive and innovative brand targeting young, value-oriented customers. For over 15 years, boohoo has been pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7. boohoo has grown rapidly in the UK and internationally, expanding its offering with range extensions into beauty, curve and menswear, through boohooMAN.

boohoo is one of the fastest growing international retailers. The product is trend-led, accessible, and wearable; the business is agile and fast paced. With 100 new items dropping onsite daily – boohoo.com has quickly evolved into a global fashion leader of its generation.

www.boohoo.com

PR Newswire

Australia first to adopt new ecommerce security requirement to combat cybercrime, says Visa

December 14, 2021 TechENT Syndication Leave a comment

SYDNEY, Dec. 14, 2021 — Visa, the world’s leader in digital payments, has today announced a new ecommerce security requirement to help Australian businesses combat a growing form of cybercrime and gain over 13,000 hours a year in otherwise lost time trading.^[1]

As commerce rapidly moves online, more businesses are being targeted with enumeration attacks, the criminal practice where fraudsters use automation to test and guess payment credentials such as Primary Account Number (PAN), card verification value (CVV2), expiration date and post code, which can then be used in fraudulent transactions. It is the rising use of botnets – which are networks of hijacked computer devices – that are being used to carry out and scale these attacks.

In response to the size of the threat, and as part of its new Australian Security Roadmap 2021-2023 launched today, Visa has introduced a new requirement for ecommerce payment providers in Australia to ensure they invest in botnet detection capabilities to identify and prevent enumeration attacks, by October 2022.

"Australia is the first country in which we are making botnet detection capabilities a requirement, owing to the growth in attacks we’ve seen in the past 12-18 months," said Joe Cunningham, Visa’s Head of Risk for Asia Pacific.

"Botnet detection is now critical in protecting sellers from malicious cyber-attacks and we will work together with a seller’s acquiring bank or payments gateway to ensure that whichever entity is closest to their online checkout page has the right controls in place. It’s a whole-of-ecosystem effort," he said.

Controls for botnet detection include restricting the number of transactions that can be processed by the merchant from a single card per minute, scanning for anomalies in shopping cart data, blocking accounts after a certain number of login attempts and CAPTCHAs^[2] , which are tasks that are designed to be easy for humans and difficult for bots.

According to new research commissioned by Visa and conducted by YouGov, while nearly half (45%) of Australian consumers find CAPTCHA-style tools annoying when they shop online, over three quarters (76%) are supportive of merchants using the technology if it means keeping their online payments secure. In fact, more than half (53%) of Australian consumers have abandoned their shopping cart due to concerns their payments were not secure.

"The way Australians choose to shop is changing, and so is the nature of fraud, which means it’s vital sellers are ready. Investing in online security capabilities is the best way for businesses to protect against attacks that could damage their brand and customer experience, or even take them offline," added Julian Potter, Visa’s Group Country Manager, Australia, New Zealand and South Pacific.

With a team of over 850 cybersecurity specialists, Visa provides 24/7, real-time fraud detection and mitigation, analysing millions of transactions everyday for known and emerging threats. Visa’s artificial Intelligence (AI) powered technology is able to spot patterns in data otherwise undetectable by humans to identify enumeration patterns and alert affected financial institutions and merchants before fraudulent transactions begin.

Visa’s new Security Roadmap highlights the steps Visa will be taking across six key areas to continue to secure digital payments in Australia, including:

Preventing enumeration attacks through new ecommerce requirements
Driving adoption of secure technologies
Securing digital first payment experiences, including contactless ATM access
Enhancing the cybersecurity posture of ecosystem participants
Preventing Australian consumers and businesses from becoming victims of scams
Ensuring ecosystem resilience through real-time artificial intelligence solutions

Visa continues to publish up to date best practices for merchants on what they can do to guard against cybercrime, as well as some guidance on what issuers of Visa credentials can do to reduce the impact of enumeration.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews

[1] The number of hours online sellers in Australia could have lost based on total merchants impacted by enumeration attacks in twelve months from July 2020 to June 2021, Visa Risk Operations Centre

[2] CAPTCHA (Completely Automated Public Turing test to tell Computers and Humans Apart)

PR Newswire

Artmarket.com: Pak allows thousands of collectors to buy part of a work whose total price reaches $91.8 million

December 11, 2021 TechENT Syndication Leave a comment

PARIS, Dec. 11, 2021 — The idea of buying an artwork collectively goes back a long way and has been entertained in various schemes and formats. But the problem of how to resell your ‘shares’ was always a complicated obstacle.

However, according to Artprice, this problem has finally found a solution with NFTs. Anonymous artist Pak put "mass units" up for sale on Nifty Gateway for 48 hours. The final work, titled The Merge, is made up of 266,445 "units" that can be sold separately and instantly on the blockchain.

Invader – Rubik Mona Lisa (2005), sold for $520,000 by Artcurial on February 23, 2020

thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice department: "

Blockchain and NFTs have at last made it possible to design properly effective forms of securitization on the art market. Non-fungible tokens open up endless possibilities for the acquisition of shares in a work, as Pak has demonstrated with this extraordinary sale. This represents a veritable paradigm shift for the art market".

28,000 collectors

From now on, the unknown factor is no longer the sale price (fixed in advance) but rather the number of units purchased. Moreover, Pak and Nifty Gateway developed a whole strategy to boost demand during the 48 hours that the sale lasted:

initial price of $299 for loyal collectors of Pak and $400 for new entrants
increasing price by $25 every six hours
for 10 units purchased an eleventh is free; for 1,000 units purchased 300 more are free
a continuous real-time ranking of the best buyers (under pseudonyms)
the work Alpha Mass offered to the largest buyer

In total, 266,445 "mass units" were purchased for $91.8 million by 29,000 different buyers. This makes an average price of $316 per unit and an average of 9 units acquired per buyer. According to Artprice by Artmarket, the result is a genuine ‘community’ that the artist has brought together to create a gigantic and dematerialized work, in which everyone is free to resell their shares at any time.

Typically, works of art are auctioned off as one-offs rather than as a series. Jeff Koons’ Rabbit sculpture (1986) made Koons the most expensive living artist in 2019 when it sold for $91.12 million.

One or more works?

In April 2021, Pak organized a sale with Sotheby’s called The Fungible Collection. For three days, for only 15 minutes each day, anyone could acquire "cubes" at a fixed price:

1st day: 19,737 cubes sold at $500 = $9,868,500
2nd day: 3,268 cubes sold at $1,000 = $3,268,000
3rd day: 593 cubes sold at $1,500 = $718,500

While the cubes in each buyer’s wallet were linked, the 23,598 cubes did not make a total work per se: each purchaser acquired his own set of cubes with an average purchase price of $587. Similarly, Beeple’s The first 5,000 days (sold at Christie’s in March 2021 for $ 69.4 million), is theoretically made up of 5,000 full works, the average price of which is therefore around $14,000.

By way of comparison, the sale of the Macklowe Collection on 15 November 2021 at Sotheby’s New York raised $676 million from 35 works; that’s an average value of $19.3 million per lot. The comparison doesn’t make a lot of sense except from the point of view of the homogeneity of the works and their securitization. Imagine you’d been given the opportunity of acquiring a share in Mark Rothko’s No. 7 (which entered the Macklowe Collection in 1987) for $500. After its sale for $82.5 million, you would own a 165,000th part of the painting.

However, Pak’s approach is the opposite since the work, The Merge, did not yet exist at the time of the sale. No-one knew what it was going to look like. By buying a part of this unknown work, each collector contributes to it. Encouraged by a low starting price but also encouraged to acquire the largest number of units in order to receive a reward, The Merge is a game that brings together technology buffs, cryptocurrency and NFT devotees and art enthusiasts increasingly fascinated by this universe.

Artists have now moved into the primary position around which the art market revolves.

According to Artmarket.com, NFTs represent a genuine grassroots movement that has created its own ecosystem, with a virtuous economy and exponential growth potential.

Indeed, the turnover generated by NFTs so far this year (to 9 December 2021) – as measured by ERC 721 and ERC 1155 Ethereum smart contracts relating to the art market and collections – is 26.9 billion dollars (source Chainalysis).

Don’t hesitate to contact our Econometrics Department for your requirements regarding statistics and personalized studies: econometrics@artprice.com
Try our services (free demo): https://www.artprice.com/demo
Subscribe to our services: https://www.artprice.com/subscription

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: www.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©:
Biographie_thierry_Ehrmann_2022_WhosWhoInFrance.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 770,000 artists.

Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 5.4 million (‘members log in’+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket with its Artprice department, has been awarded the State label "Innovative Company" by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.

Artprice’s 2020/21 Contemporary Art Market Report by Artmarket.com:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021

Artprice by Artmarket’s 2020 Global Art Market Report published in March 2021:
https://www.artprice.com/artprice-reports/the-art-market-in-2020

Index of press releases posted by Artmarket with its Artprice department:
serveur.serveur.com/Press_Release/pressreleaseEN.htm

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 5,4 million followers)
twitter.com/artmarketdotcom
twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum "The Abode of Chaos" (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o

www.facebook.com/la.demeure.du.chaos.theabodeofchaos999
(4.4 million followers)

https://vimeo.com/124643720

Contact Artmarket.com and its Artprice department – Contact: ir@artmarket.com

PR Newswire

Xiaobai Maimai Announces the Results of Annual General Meeting and Name Change

December 4, 2021 TechENT Syndication Leave a comment

BEIJING, Dec. 4, 2021 — Xiaobai Maimai Inc. (NASDAQ: HX) ("Xiaobai Maimai" or the "Company"), today announced that it held the 2021 annual general meeting of shareholders (the "AGM") at the Meeting Room, Futian Shangri-La, 4088 Yi Tian Road, Futian District, Shenzhen 518408, People’s Republic of China, at 10:00 a.m. (Beijing Time) on December 3, 2021. At the AGM, holders of 71,057,650 ordinary shares (including ordinary shares represented by the Company’s American Depositary Shares), out of the 71,478,550 ordinary shares issued and outstanding, were present in person or by proxy, and therefore constituted a quorum of more than one-third of the ordinary shares outstanding and entitled to vote at the AGM as of October 29, 2021, the record date of the AGM.

At the AGM, the shareholders of the Company approved the name change of the Company from "Xiaobai Maimai Inc." to "Akso Health Group," as a special resolution of the Company. As an ordinary resolution of the Company, the shareholders ratified the appointment of Wei, Wei & Co., LLP as the Company’s independent registered public accounting firm.

About Xiaobai Maimai Inc.

Xiaobai Maimai Inc. (NASDAQ: HX), formerly known as Hexindai Inc., ("Xiaobai Maimai" or the "Company"), is currently engaged in two lines of business, i.e. a social e-commerce platform based in Beijing, China and the planned cancer therapy and radiation oncology 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
Ms. Zenabo Ma
Email: ir@xiaobaimaimai.com

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

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com

Artmarket.com: Ahead of Art Basel Miami 2021, Art Market Gender Parity is Still Wanting; But Could NFTs Change That?

December 1, 2021 TechENT Syndication Leave a comment

PARIS, Dec. 1, 2021 — Despite the big result for an exceptional (and relatively small) painting by Frida Kahlo, the Mexican artist was still only 18th in Artprice’s ranking of artists by auction turnover for the month of November 2021, behind 17 male artists. And while this trend was completely reversed for the generation of artists born after 1985 (the 8 top-selling signatures were all young women!), we ask: what is the gender parity situation on the NFT market?

Frida Khalo – Courtesy of Organ Museum / Abode of Chaos

thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice department: "The creation of the NFTs market should be an opportunity to achieve some sort of gender parity on the art market. The technology is revolutionizing an entire industry, as shown by Art Basel Miami Beach which opens its doors this year to Tezos ("home to one of the fastest growing NFT artist communities") and Scope Miami which has decided to issue its VIP invitations in the form of non-fungible tokens".

"World of Women"

It’s only a few years since NFTs first appeared on the web, and only a few months since the general public discovered non-fungible digital tokens; but some have already commented the lack of a female presence in this new world. Several projects have nevertheless been developed to try to correct this imbalance, starting with a collection of exclusively female PFPs (profile pictures) by World of Women: https://opensea.io/collection/world-of-women-nft

"World of Women was created to bring more diversity and inclusiveness to the NFT space while bridging the gap between collectibles and single edition art worlds".

Considering the traditional art market’s long-standing gender disparity, fears of a male-dominated digital world seem perfectly rational. New York’s prestige sales in November – driven by the Macklowe Collection at Sotheby’s and the Cox Collection at Christie’s – were once again dominated by the likes of Warhol, Van Gogh, Picasso, Monet, Twombly, Rothko, Giacometti, Richter, etc.

But things are changing…

Frida Kahlo was the top-selling female artist at the November auctions this year, but she was behind eighteen men. A study published by Ken Bromley Art Supplies in 2020 revealed that the Mexican painter ranked second among the world’s most searched artists on Google (first in 29 countries) behind Leonardo Da Vinci.

Diego y yo (1949) is one of the most important paintings by Frida Kahlo that doesn’t belong to a museum. On 16 November 2021 it fetched $34 million at Sotheby’s, 22 times its previous value in 1990. Although it was a very impressive result for the Mexican artist, Frida Kahlo is still not competing with Andy Warhol, whose signature generated $165 million at the November 2021 prestige auctions.

Top 10 female artists at auction in November 2021

Global ranking – Artist – Auction Turnover

18th – Frida KAHLO (1907-1954):	$34,883,000
28th – Agnes MARTIN (1912-2004):	$21,765,500
30th – Cecily BROWN (1969- ):	$20,706,150
32nd – Joan MITCHELL (1926-1992):	$20,053,500
41st – Georgia O’KEEFFE (1887-1986):	$14,561,300
52nd – Yayoi KUSAMA (1929-):	$9,198,600
53rd – Lee BONTECOU (1931-):	$9,176,500
58th – Helen FRANKENTHALER (1928-2011):	$8,177,100
59th – Cindy SHERMAN (1954-):	$8,162,100
62nd – Tamara DE LEMPICKA (1898-1980):	$7,896,300

Over the past decade, female artists under 40 have nevertheless established themselves as the most successful artists of their generation on the auction market. In 2013 – 2014, collectors became enamoured with the work of Tauba Auerbach (1981) represented by the Paula Cooper gallery. This trend has gradually intensified to the point where the turnover ranking of artists born after 1985 (for November 2021) is heavily dominated by female painters.

Top 10 artists born after 1985 at auction in November 2021

Global ranking – Artist – Auction turnover

1st – Avery SINGER (1987-):	$4,638,900
2nd – Toyin Ojih ODUTOLA (1985-):	$2,235,900
3rd – Flora YUKHNOVICH (1990 -):	$1,951,100
4th – Jadé FADOJUTIMI (1993-):	$1,053,400
5th – Christina QUARLES (1985-):	$948,000
6th – Jordan CASTEEL (1989-):	$806,500
7th – Issy WOOD (1993-):	$768,750
8th – Allison ZUCKERMAN (1990-):	$636,600
9th – Ismail ISSHAQ (1989-):	$589,300
10th – Oscar MURILLO (1986-):	$432,900

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PR Newswire

Boqii Announces Fiscal 2022 Second Quarter Unaudited Financial Results

November 30, 2021 TechENT Syndication Leave a comment

Second Quarter Revenues of RMB282.1 million, up 23.1% year-over-year

Second Quarter GMV of RMB692.6 million, up 23.0% year-over-year

SHANGHAI, Nov. 30, 2021 — Boqii Holding Limited ("Boqii" or the "Company") (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the second quarter of fiscal year 2022 (the quarter ended September 30, 2021).

Fiscal Q2 2022 Operational and Financial Highlights

Total revenues were RMB282.1 million (US$43.8 million), representing an increase of 23.1% from RMB229.2 million in the same quarter of fiscal year 2021.
Net loss was RMB44.5million (US$6.9 million), compared to net loss of RMB27.5 million in the same quarter of fiscal year 2021.
Adjusted net loss was RMB40.9 million (US$6.3 million), compared to adjusted net loss of RMB35.8 million in the same quarter of fiscal year 2021.
EBITDA^[1] was a loss of RMB41.5 million (US$6.4 million), compared to a loss of RMB23.4 million in the same quarter of fiscal year 2021.
Total GMV^[2] was RMB692.6 million (US$107.5 million), representing an increase of 23.0% from RMB563.3 million in the same quarter of fiscal year 2021.
Active buyers were 1.6 million, representing an increase of 23.5% from RMB1.3 million in the same quarter of fiscal year 2021.

^[1]EBITDA refers to net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, but including all the professional expenses in relation to initial public offering in the fiscal year of 2021. EBITDA is a Non-GAAP financial measurement. Please refer to "Non-GAAP financial measurement".

^[2]GMV refers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or drop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts. The total GMV amount (i) includes GMV of products sold by Xingmu, (ii) excludes products sold through consignment model and (iii) excludes the value of services offered by us. GMV is subject to future adjustments (such as refunds) and represents only one measure of the Company’s performance and should not be relied on as an indicator of our financial results, which depend on a variety of factors.

CEO & CFO Quote

Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer commented, "We maintained strong topline growth in the second quarter of Fiscal 2022. As the company continues to expand its offering and drive customer engagement, number of active buyers grew by 23.5% year over year.In addition to our organic business growth, we announced a strategic partnership with Yongle Huazhu in October, to provide pet-friendly stays in its Blossom House hotels. This partnership further demonstrates our dedication to providing all-round user care. We look forward to working with more partners to enhance our service portfolio, better address growing needs in our user communities, and lead accelerated growth for all."

Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO, stated, "We generated healthy revenue growth of 23.1% year over year this quarter. Continuous growth momentum from online marketing, information services, and other revenue once again exhibited the strength of our vertical platform and unqique value propositions to other players in the industry chain. Our improved gross margin also demonstrated our ability to achieve high-quality topline growth. Looking ahead, we will remain committed to serving both our growing customer base and industry partners with seamless experience and elevated efficiency, and look forward to further strengthening our core capabilities to better capture the immense opportunities in the pet industry."

Fiscal Q2 2022 Financial Results

Total revenues were RMB282.1 million (US$43.8 million), representing an increase of 23.1% from RMB229.2 million in the same quarter of fiscal year 2021. The increase was primarily due to the continued organic growth of our business.

Revenues (in million)	Three Months Ended September 30		%
	2021	2020	change
	RMB	RMB	YoY
Product sales	266.1	227.9	16.8%
· Boqii Mall	107.6	94.4	14.0%
· Third party e-commerce platforms	158.5	133.5	18.7%
Online marketing and information services and other revenue	16.0	1.3	1123.8%
Total	282.1	229.2	23.1%

Gross profit was RMB55.7 million (US$8.6 million), representing an increase of 30.7% from RMB42.6 million in the same quarter of fiscal year 2021.

Gross margin was 19.7%, compared to 18.6% in the same quarter of fiscal year 2021.

Operating expenses were RMB96.8 million, representing an increase of 25.6 % from RMB77.1 million in the same quarter of fiscal year 2021. Operating expenses as a percentage of total revenues was 34.3%, compared to 33.6% in the same quarter of fiscal year 2021.

Fulfillment Expenses were RMB29.6 million, representing an increase of 2.0% from RMB29.0 million in the same quarter of fiscal year 2021. Fulfillment expenses as a percentage of total revenues was 10.5%, down from 12.7% in the same quarter of fiscal year 2021. The decrease was mainly due to: (i) the improved utilization of warehouses by adjusting inventory mix; (ii) more cost-efficient China warehouse relocations; and (iii) lower delivery service prices through renegotiation with third-party delivery service providers.
Sales and marketing expenses were RMB44.0 million, representing an increase of 40.3% from RMB31.3 million in the same quarter of fiscal year 2021. Sales and marketing expenses as a percentage of total revenue was 15.6%, compared to 13.7% in the same quarter of fiscal year 2021. The increase was primarily due to: (i) the increased personnel expense of RMB4.6 million related to the discontinued Covid government subdisies; (ii) the increased advertising expenses of RMB6.8 million for business expansion.
General and administrative expenses were RMB23.2 million, representing an increase of 39.0% from RMB16.7 million in the same quarter of fiscal year 2021. General and administrative expenses as a percentage of total revenue was 8.2%, compared to 7.3% in the same quarter of fiscal year 2021. The increase was primarily due to: (i) share-based compensation expense of RMB3.3 million; and (ii) the increased professional fees of RMB3.4 million incurred after we became a publicly traded company.

Operating loss was RMB41.0 million (US$6.4 million), compared to RMB34.2 million in the same quarter of fiscal year 2021.

EBITDA was a loss of RMB41.5 million (US$6.4 million), compared to a loss of RMB23.4 million in the same quarter of fiscal year 2021.

Net loss was RMB44.5 million (US$6.9 million), compared to net loss of RMB27.5 million in the same quarter of fiscal year 2021.

Adjusted net loss was RMB40.9 million (US$6.3 million), compared to adjusted net loss of RMB35.8 million in the same quarter of fiscal year 2021.

Diluted net loss per share was RMB0.64 (US$0.10), compared to diluted net loss per share of RMB3.06 in the same quarter of fiscal year 2021.

Total cash and cash equivalents and short-term investments were RMB339.4 million (US$52.7 million), compared to RMB415.7 million as of June 30, 2021.

Conference Call

Boqii’s management will hold a conference call to discuss the financial results at 8:00 AM on Tuesday, November 30, 2021, U.S. Eastern Time (9:00 PM on Tuesday, November 30, 2021, Beijing/Hong Kong Time).

To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers.

	Phone Number
International	1-412-317-6061
United States	1-888-317-6003
Hong Kong	852 800 963-976
Mainland China	86 4001-206115
Passcode	6835046

A replay of the conference call may be accessed by phone at the following numbers until December 7, 2021.

	Phone Number
International	1-412-317-0088
United States	1-877-344-7529
Replay Access Code	10161957

A live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.boqii.com/.

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is a leading pet-focused platform in China. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, namely adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) adjusted net loss as net loss excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) adjusted net loss margin as adjusted net loss as a percentage of total revenues, (iii) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, (iv) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin enhance investors’ overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliation of GAAP and Non-GAAP Results." The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4434 to US$1.00, the noon buying rate in effect on September 30, 2021 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

The Blueshirt Group
Ms. Susie Wang
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: julia@blueshirtgroup.com

BOQII HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data, unless otherwise noted)

	As of March 31, 2021	As of September 30, 2021	As of September 30, 2021
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	292,237	210,199	32,622
Short-term investments	168,546	129,195	20,051
Accounts receivable, net	45,732	62,341	9,675
Inventories, net	91,551	97,294	15,100
Prepayments and other current assets	85,261	81,536	12,655
Amounts due from related parties	11,465	36,081	5,600
Total current assets	694,792	616,646	95,703
Non-current assets:
Property and equipment, net	8,386	7,731	1,200
Intangible assets	29,537	27,543	4,275
Operating lease right-of-use assets	29,234	44,405	6,892
Long-term investments	74,330	85,211	13,225
Goodwill	40,184	40,684	6,314
Other non-current asset	4,111	4,363	677
Total non-current assets	185,782	209,937	32,583
Total assets	880,574	826,583	128,286
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT
Current liabilities
Short-term borrowings	85,566	124,995	19,399
Accounts payable	71,848	82,838	12,856
Salary and welfare payable	6,309	5,307	824
Accrued liabilities and other current liabilities	30,055	26,732	4,149
Amounts due to related parties, current	910	9,495	1,474
Contract liabilities	3,866	3,893	604
Operating lease liabilities, current	8,063	9,945	1,543
Derivative liabilities	9,996	9,877	1,533
Total current liabilities	216,613	273,082	42,382
Non-current liabilities
Deferred tax liabilities	8,958	8,464	1,314
Operating lease liabilities, non-current	19,997	32,802	5,091
Long-term borrowings	68,075	24,837	3,855
Other debts, non-current	433,292	337,251	52,341
Total non-current liabilities	530,322	403,354	62,601
Total liabilities	746,935	676,436	104,983

Mezzanine equity
Redeemable non-controlling interests	5,946	6,229	967
Total mezzanine equity	5,946	6,229	967
Stockholders’ equity:
Class A ordinary shares (US$0.001 par value; 129,500,000 shares authorized, 54,505,108 and 54,619,541 shares issued and outstanding as of March 31 and September 30, 2021, respectively)	364	366	57
Class B ordinary shares (US$0.001 par value; 15,000,000 shares authorized, 13,037,729 shares issued and outstanding as of March 31 and September, 30, 2021, respectively)	82	82	13
Additional paid-in capital	3,272,612	3,283,708	509,623
Statutory reserves	3,047	3,163	491
Accumulated other comprehensive loss	(20,172)	(25,937)	(4,025)
Accumulated deficit	(2,759,882)	(2,838,493)	(440,527)
Receivable for issuance of ordinary shares	(413,377)	(322,369)	(50,031)
Total Boqii Holding Limited shareholders’ equity	82,674	100,520	15,601
Non-controlling interests	45,019	43,398	6,735
Total shareholders’ equity	127,693	143,918	22,336
Total liabilities, mezzanine equity and shareholders’ equity	880,574	826,583	128,286

Notes for all the condensed consolidated financial schedules presented:
Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.4434 on September 30, 2021 published by the Federal Reserve Board.

BOQII HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for share and per share data, unless otherwise noted)

	Three Months Ended September 30,			Six Months Ended September 30,
	2020	2021	2021	2020	2021	2021
	RMB	RMB	US$	RMB	RMB	US$
Net revenues:
Product sales	227,883	266,090	41,297	465,815	577,583	89,639
Online marketing and information services and other revenue	1,307	16,031	2,488	1,813	26,384	4,095
Total revenues	229,190	282,121	43,785	467,628	603,967	93,734
Total cost of revenue	(186,555)	(226,415)	(35,139)	(381,723)	(491,880)	(76,339)
Gross profit	42,635	55,706	8,646	85,905	112,087	17,395
Operating expenses:
Fulfillment expenses	(29,037)	(29,632)	(4,599)	(62,669)	(62,519)	(9,703)
Sales and marketing expenses	(31,342)	(43,969)	(6,824)	(66,286)	(89,454)	(13,883)
General and administrative expenses	(16,697)	(23,203)	(3,601)	(33,565)	(42,774)	(6,638)
Other income, net	258	55	9	305	67	10
Loss from operations	(34,183)	(41,043)	(6,369)	(76,310)	(82,593)	(12,819)
Interest income	4,487	4,677	726	6,203	9,864	1,531
Interest expense	(6,416)	(5,997)	(931)	(13,559)	(12,059)	(1,872)
Other (losses)/gain, net	879	(2,723)	(423)	3,776	405	63
Fair value change of derivative liabilities	8,303	249	39	10,409	411	64
Loss before income tax expenses	(26,930)	(44,837)	(6,958)	(69,481)	(83,972)	(13,033)
Income taxes expenses	(500)	238	37	(191)	1,247	194
Share of results of equity investees	(20)	68	11	(77)	834	129
Net loss	(27,450)	(44,531)	(6,910)	(69,749)	(81,891)	(12,710)
Less: Net (loss)/income attributable to non- controlling interest shareholders	617	(1,216)	(189)	896	(3,683)	(572)
Net loss attributable to Boqii Holding Limited	(28,067)	(43,315)	(6,721)	(70,645)	(78,208)	(12,138)
Less: Accretion on convertible redeemable preferred shares to redemption value	(39,925)	–	–	(75,062)	–	–
Less: Accretion on redeemable non-controlling interests to redemption value	–	(143)	(22)	–	(283)	(44)
Less: Deemed dividend to preferred shareholders	–	–	–	(12,547)	–	–
Net loss attributable to Boqii Holding Limited‘s ordinary shareholders	(67,992)	(43,458)	(6,743)	(158,254)	(78,491)	(12,182)

Net loss	(27,450)	(44,531)	(6,910)	(69,749)	(81,891)	(12,710)
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of nil tax	(10,716)	2,947	457	(11,517)	(5,765)	(895)
Unrealized securities holding gains	–	–	–	1,195	–	–
Total comprehensive loss	(38,166)	(41,584)	(6,453)	(80,071)	(87,656)	(13,605)
Less: Net comprehesive (loss)/income attributable to non- controlling interests s hareholders	617	(1,216)	(189)	896	(3,683)	(572)
Total comprehensive loss attributable to Boqii Holding Limited	(38,783)	(40,368)	(6,264)	(80,967)	(83,973)	(13,033)

Net loss per share attributable to Boqii Holding Limited’s ordinary shareholders
— basic	(3.06)	(0.64)	(0.10)	(7.12)	(1.16)	(0.18)
— diluted	(3.06)	(0.64)	(0.10)	(7.12)	(1.16)	(0.18)
Weighted average number of ordinary shares
— basic	22,238,454	67,703,830	67,703,830	22,238,454	67,703,830	67,703,830
— diluted	22,238,454	67,703,830	67,703,830	22,238,454	67,703,830	67,703,830

Boqii Holding Limited
Reconciliation of GAAP and Non-GAAP Results
(In thousands)

	Three Months Ended September 30		Six Months Ended September 30,
	2020	2021	2020	2021
	RMB	RMB	RMB	RMB

Net loss	(27,450)	(44,531)	(69,749)	(81,891)
Fair value change of derivative liabilities	(8,303)	(249)	(10,409)	(411)
Share-based compensation	–	3,917	–	9,903
Adjusted Net loss	(35,753)	(40,863)	(80,158)	(72,399)
Adjusted Net Loss Margin	(15.6%)	(14.5%)	(17.1%)	(12.0%)


	Three Months Ended September 30,		Six Months Ended September 30,
	2020	2021	2020	2021
	RMB	RMB	RMB	RMB

Net loss	(27,450)	(44,531)	(69,749)	(81,891)
Income tax expenses	500	(238)	191	(1,247)
Interest expenses	6,416	5,997	13,559	12,059
Interest income	(4,487)	(4,677)	(6,203)	(9,864)
Depreciation and amortization	1,601	1,957	3,351	3,885
EBITDA	(23,420)	(41,492)	(58,851)	(77,058)
EBITDA Margin	(10.2%)	(14.7%)	(12.6%)	(12.8%)

PR Newswire

ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2021 Q3 Financial Results

November 20, 2021 TechENT Syndication Leave a comment

XI’AN, China, Nov. 20, 2021 — 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, 2021.

Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group commented, "During the third quarter, our business and operation continued suffering material negative impact by the outbreak of COVID-19 in China. We expect that our business operation will return to normal as COVID-19 pandemic has mostly been under control in China."

"Both the new retail industry and the e-comm’s live streaming industries have experienced explosive growth, fueled by the development of the "key opinion leader" (KOL) economy. Facing the increasing demand for high-quality KOLs, we have hired more staff to handle our KOL Training Coordination business. Additional resources being deployed toward the platform continued out of our growth strategy. Entrepreneur Universe Bright Group rides on the right industry cycle and is confident that the Company’s long-term performance will benefit from the number of clients growth. We look forward to creating increasing value for shareholders and share its development with the wider capital market," Mr. Tao added.

Third Quarter 2021 Unaudited Financial Results

	For the three months ended September 30,
	2021		2020
Revenue		1,622,471		3,249,303
Cost of revenue		(870,967)		(168,640)
Gross profit		751,504		3,080,663
Selling expenses		(54,921)		(58,988)
General and administrative expenses		(326,090)		(169,535)
Other income (expense), net		38,847		18,514
Income before income tax		409,340		2,870,654
Income tax expense		(201,789)		(941,026)
Net income	$	207,551		1,929,628

Revenue decreased by 50.1% to $1.62 million, primarily due to the realignment of resources to focus on the KOL Training Coordination business and KOL training services.
Gross profit decreased by 75.6% to $751,504 and total gross margin was 46.3%.
Net income decreased by 89.2% to $207,551, mainly due to decline of revenue, combined with increase of general and administrative expenses.

Revenue and cost of revenue: During the three months ended September 30, 2021, we generated revenue of $1.62 million compared to $3.25 million for the three months ended September 30, 2020, representing a decrease of $1.63 million or 50.1% as compared with the last period. This decrease in revenue was due to the realignment of our resources to focus on our KOL Training Coordination business and KOL training services. In addition, due to preventive measures taken against COVID-19, certain consulting services were suspended from April 2021 to August 2021. We resumed these consulting businesses from August 2021 in order to maintain diversified services for our customers.

Cost of revenue was $870,967 for the three months ended September 30, 2021 compared to $168,640 for three months ended September 30, 2020. The increase of cost of revenue for the three months ended September 30, 2021 was mainly due to the increase of agency fees and IT expenses for our fixed-fee training services. For the three months ended September 30, 2020, the cost of revenue mainly represented staff costs for our consulting services.

Gross profit: We generated a gross profit of $751,504 and $3.08 million for the three months ended September 30, 2021 and 2020, respectively.

Selling expenses: During the three months ended September 30, 2021, we incurred $54,921 selling expenses compared to $58,988 for the three months ended September 30, 2020, representing a decrease of $4,067 or 6.9% as compared with the last period.

General and administrative expenses: During the three months ended September 30, 2021, we incurred $326,090 general and administrative expenses compared to $169,535 for the three months ended September 30, 2020, representing an increase of $156,555 or 92.3% as compared with the last period. Our general and administrative expenses consisted mainly of professional fees, consultancy fees, and payroll expenses.

Other income (expense), net: During the three months ended September 30, 2021, we generated net total other income of $38,847 compared to $18,514 for the three months ended September 30, 2020, representing an increase of $20,333 or 109.8% as compared with the last period.

Income tax expense: During the three months ended September 30, 2021, we incurred income tax expense of $201,789 compared to $941,026 for the three months ended September 30, 2020, representing a decrease of $739,237 or 78.6% as compared with the last period. The income tax expense consisted of income taxes charged in China and Hong Kong.

Net income. We generated a net income of $207,551 and $1.93 million for the three months ended September 30, 2021 and 2020, respectively.

Cash and cash equivalents. As of September 30, 2021 and December 31, 2020, $7.72 million and $3.85 million 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, 2021 Financial Results

	For the nine months ended September 30,
	2021		2020
Revenue		4,479,415		6,647,755
Cost of revenue		(1,289,739)		(406,397)
Gross profit		3,189,676		6,241,358
Selling expenses		(224,935)		(119,635)
General and administrative expenses		(905,391)		(554,674)
Other income (expense), net		108,941		47,328
Income before income tax		2,168,291		5,614,377
Income tax expense		(872,063)		(1,834,615)
Net income	$	1,296,228		3,779,762

Revenue and cost of revenue: During the nine months ended September 30, 2021, we generated revenue of $4.48 million compared to $6.65 million for the nine months ended September 30, 2020, representing a decrease of $2.17 million or 32.6% as compared with the last period. This decrease in revenue was due to the realignment of our resources to focus on our KOL Training Coordination business and KOL training services. In addition, due to preventive measures taken against COVID-19, certain consulting services were suspended from April 2021 to August 2021. We resumed these consulting businesses from August 2021 in order to maintain diversified services for our customers.

Cost of revenue was $1.29 million for the nine months ended September 30, 2021 compared to $406,397 for nine months ended September 30, 2020. The increase of cost of revenue for the nine months ended September 30, 2021 was mainly due to the increase of agency fees and IT expenses for our fixed-fee training services. For the nine months ended September 30, 2020, the cost of revenue mainly represented the staff costs for our consulting services.

Gross profit: We generated a gross profit of $3.19 million and $6.24 million for the nine months ended September 30, 2021 and 2020, respectively.

Selling expenses: During the nine months ended September 30, 2021, we incurred $224,935 selling expenses compared to $119,635 for the nine months ended September 30, 2020, representing an increase of $105,300 or 88% as compared with the last period. The increase of selling expenses was mainly due to more staff costs incurred in marketing our KOL training coordination services for the nine months ended September 30, 2021.

General and administrative expenses: During the nine months ended September 30, 2021, we incurred $905,391 general and administrative expenses compared to $554,674 for the nine months ended September 30, 2020, representing an increase of $350,717, or 63.2%, as compared with the last period. Our general and administrative expenses consisted mainly of professional fees, payroll expenses and consultancy fees.

Other income (expense), net: During the nine months ended September 30, 2021, we generated net other income of $108,941 compared to $47,328 for the nine months ended September 30, 2020, representing an increase of $61,613 or 130.2% as compared with the last period.

Income tax expense: During the nine months ended September 30, 2021, we incurred income tax expense of $872,063 compared to $1,834,615 for the nine months ended September 30, 2020, representing a decrease of $962,552 or 52.5% as compared with the last period. The income tax expense consisted of income taxes charged in China and Hong Kong.

Net income: As a result of the above, we generated a net income of $1.30 million and $3.78 million for the nine months ended September 30, 2021 and 2020, 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, KOL training coordination business and KOL training 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 OTC Pink 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:

Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1-908-510-2351 (from U.S.)
+86 13811768559 (from China)

ENTREPRENEUR UNIVERSE BRIGHT GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
(In U.S. dollars)

	SEPTEMBER 30, 2021		DECEMBER 31, 2020
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	7,723,941	$	3,846,470
Debt products		–		3,058,041
Accounts receivable		108,596		202,183
Other receivables and prepayments		230,680		50,306
Loan to a related company		–		186,796
Total current assets		8,063,217		7,343,796

NON-CURRENT ASSETS
Plant and equipment, net		298,309		355,609
Operating lease right-of-use assets, net		158,149		25,615
Total non-current assets		456,458		381,224

TOTAL ASSETS	$	8,519,675	$	7,725,020

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable	$	431,946	$	–
Other payables and accrued liabilities		337,356		618,508
Contract liabilities		4,160		–
Receipt in advance		16,596		50,369
Operating lease liabilities, current		59,254		29,933
Tax payables		156,005		595,338
Amount due to a shareholder		53,000		53,000
Amount due to a director		118,449		51,309
Borrowings		–		128,996
Total current liabilities		1,176,766		1,527,453

NON-CURRENT LIABILITY
Deferred tax liabilities		313,730		626,546
Operating lease liabilities, non-current		98,894		–
Total non-current liabilities		412,624		626,546

TOTAL LIABILITIES		1,589,390		2,153,999

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.0001 per share, 1,100,000 shares authorized, Nil (December 31, 2020: Nil) shares issued and outstanding as of September 30, 2021		–		–
Common stock, par value $0.0001 per share; 1,800,000,000 shares authorized, 1,701,181,423 (December 31, 2020: 1,701,181,423) shares issued and outstanding as of September 30, 2021		170,118		170,118
Additional paid-in capital		6,453,048		6,453,048
Statutory reserves		65,911		65,911
Accumulated deficit		(147,575)		(1,443,803)
Accumulated other comprehensive income losses		388,783		325,747
Total stockholders’ equity		6,930,285		5,571,021
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	8,519,675	$	7,725,020

ENTREPRENEUR UNIVERSE BRIGHT GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)
(In U.S. dollars, except for number of shares)

	For the three months ended September 30,						For the nine months ended September 30,
	2021			2020			2021			2020
Revenue		1,622,471			3,249,303		$	4,479,415		$	6,647,755
Cost of revenue		(870,967)			(168,640)			(1,289,739)			(406,397)
Gross profit		751,504			3,080,663			3,189,676			6,241,358
Selling expenses		(54,921)			(58,988)			(224,935)			(119,635)
General and administrative expenses		(326,090)			(169,535)			(905,391)			(554,674)
Profit from operations		370,493			2,852,140			2,059,350			5,567,049
Other income (expenses):
Interest income		15,934			12,512			66,213			19,858
Exchange gain (loss)		8,957			(159)			(3,088)			(321)
Sundry income		13,956			6,161			45,816			27,791
Total other income, net		38,847			18,514			108,941			47,328
Income before income tax		409,340			2,870,654			2,168,291			5,614,377
Income tax expense		(201,789)			(941,026)			(872,063)			(1,834,615)
Net income	$	207,551			1,929,628		$	1,296,228		$	3,779,762
Other comprehensive income (loss)
Foreign currency translation adjustment		(2,946)			106,621			63,036			93,201
Total comprehensive income	$	204,605			2,036,249		$	1,359,264		$	3,872,963

Net 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

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