Tag Archives: ECM

PR Newswire

Boqii Announces Fiscal 2022 First Quarter Unaudited Financial Results

Leave a comment

First Quarter Revenues of RMB321.8 million, up 35.0% year-over-year

First Quarter GMV of RMB792.1 million, up 42.9% year-over-year

SHANGHAI, Aug. 20, 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 first quarter of fiscal year 2022 (the quarter ended June 30, 2021).

Fiscal Q1 2022 Operational and Financial Highlights

  • Total revenues were RMB321.8 million (US$49.8 million), an increase of 35.0% from RMB238.4 million in the same quarter of fiscal year 2021.
  • Net loss was RMB37.4 million (US$5.8 million), compared to net loss of RMB42.3 million in the same quarter of fiscal year 2021.
  • Adjusted net loss was RMB31.5 million (US$4.9 million), compared to adjusted net loss of RMB44.4 million in the same quarter of fiscal year 2021.
  • EBITDA[1] was a loss of RMB35.6 million (US$5.5 million), compared to a loss of RMB35.4 million in the same quarter of fiscal year 2021.
  • Total GMV[2] was RMB792.1 million (US$122.7 million), an increase of 42.9% from RMB554.5 million in the same quarter of fiscal year 2021.
  • Active buyers were 1.6 million, an increase of 27.9% from 1.3 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 delivered another strong quarter of solid financial and operational results. Our relentless focus to expand and optimize our portfolio offerings powered solid topline growth and user engagement. GMV continued to see strong growth, with 42.9% year over year increase to RMB792.1 million. Total active buyers increased by 27.9% to 1.6 million, with 11.7% year-over-year growth in average spending per user. We are excited to see this continuous momentum of user development and remain committed to bringing in more buyers and retaining existing ones while growing their average spending over time."

Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO commented: "Our strong user growth continued to fuel topline expansion. In this quarter, total revenues grew 35.0% year over year to RMB321.8 million, with an exceptional revenue growth of nearly 20 times year over year from online marketing and information services and other revenue. Meanwhile, in addition to our topline growth, this quarter, our adjusted net loss narrowed down to RMB31.5 million, compared to adjusted net loss of RMB44.4 million in the same period last year, showing improving operational efficiency. Looking ahead, we are committed to execute on our growth strategies with a focus on quality and improved monetization capability, which we believe will bring long-term value to both our users and shareholders."

Fiscal Q1 2022 Financial Results

Total revenues were RMB321.8 million (US$49.8 million), representing an increase of 35.0% from RMB238.4 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 June 30

%

2021

2020

change

RMB

RMB

YoY

Product sales

311.5

237.9

30.9

• Boqii Mall

108.3

89.8

20.5

• Third party e-commerce platforms

203.2

148.1

37.2

Online marketing and information services and other revenue

10.3

0.5

1,944.2

Total

321.8

238.4

35.0

Gross profit was RMB56.4 million (US$8.7 million), an increase of 30.3% from RMB43.3 million in the same quarter of fiscal year 2021.

Gross margin was 17.5%, compared with 18.1% in the same quarter of fiscal year 2021. The decrease was mainly due to the increased e-commerce promotions during the 618 Shopping Festival resulting in lower price points.

Operating expenses were RMB97.9 million, an increase of 14.6% from RMB85.4 million in the same quarter of fiscal year 2021. Operating expenses as a percentage of total revenues was 30.4%, down from 35.8% in the same quarter of fiscal year 2021.

  • Fulfillment Expenses were RMB32.9 million, a decrease of 2.2% from RMB33.6 million in the same quarter of fiscal year 2021. Fulfillment expenses as a percentage of total revenues were 10.2%, down from 14.1% 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 RMB45.5 million, an increase of 30.2% from RMB34.9 million in the same quarter of fiscal year 2021. The increase was primarily due to: (i) the increased personnel expense of RMB3.2 million and increased advertising fee of RMB4.1 million which was in line with our revenue growth, and (ii) the increased share-based compensation expense of RMB1.3 million. Sales and marketing expenses as a percentage of total revenue were 14.1%, down from 14.7% in the same quarter of fiscal year 2021.
  • General and administrative expenses were RMB19.6 million, an increase of 16.0% from RMB16.9 million in the same quarter of fiscal year 2021. The increase was primarily due to the increased share-based compensation expense of RMB4.7 million, partially offset by the reduced professional expense of RMB2.2 million with the Company’s initial public offering in the same quarter of fiscal year 2021. General and administrative expenses as a percentage of total revenue were 6.1%, down from 7.1% in the same quarter of fiscal year 2021.

Operating loss was RMB41.5 million (US$6.4 million), compared to RMB42.1 million in the same quarter of fiscal year 2021.

EBITDA was a loss of RMB35.6 million (US$5.5 million), compared to a loss of RMB35.4 million in the same quarter of fiscal year 2021.

Net loss was RMB37.4 million (US$5.8 million), compared to net loss of RMB42.3 million in the same quarter of fiscal year 2021.

Adjusted net loss was RMB31.5 million (US$4.9 million), compared to adjusted net loss of RMB44.4 million in the same quarter of fiscal year 2021.

Diluted net loss per share was RMB0.52 (US$0.08), compared to diluted net loss per share of RMB4.06 in the same quarter of fiscal year 2021.

Total cash and cash equivalents and short-term investments were RMB415.7 million (US$64.4 million), compared to RMB460.8 million as of March 31, 2021.

Conference Call

Boqii’s management will hold a conference call to discuss the financial results at 8:00 AM on Friday, August 20, 2021, U.S. Eastern Time (8:00 PM on Friday, August 20, 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

7711990

A replay of the conference call may be accessed by phone at the following numbers until August 27, 2021.

Phone Number

International

1-412-317-0088

United States

1-877-344-7529

Replay Access Code

10159611

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 RMB6.4566 to US$1.00, the noon buying rate in effect on June 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

As of

As of

March 31,

June 30,

June 30,

2021

2021

2021

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

292,237

287,060

44,460

Short-term investments

168,546

128,678

19,930

Accounts receivable, net

45,732

74,277

11,504

Inventories, net

91,551

105,809

16,388

Prepayments and other current assets

85,261

74,613

11,556

Amounts due from related parties

11,465

34,294

5,311

Total current assets

694,792

704,731

109,149

Non-current assets:

Property and equipment, net

8,386

8,338

1,291

Intangible assets

29,537

28,540

4,420

Operating lease right-of-use assets

29,234

32,805

5,081

Long-term investments

74,330

79,232

12,271

Goodwill

40,184

40,684

6,301

Other non-current asset

4,111

4,024

624

Total non-current assets

185,782

193,623

29,988

Total assets

880,574

898,354

139,137

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current liabilities

Short-term borrowings

85,566

103,332

16,004

Accounts payable

71,848

114,384

17,716

Salary and welfare payable

6,309

4,860

753

Accrued liabilities and other current liabilities

30,055

30,096

4,661

Amounts due to related parties, current

910

10,178

1,577

Contract liabilities

3,866

3,474

538

Operating lease liabilities, current

8,063

9,639

1,493

Derivative liabilities

9,996

10,125

1,568

Total current liabilities

216,613

286,088

44,310

Non-current liabilities

Deferred tax liabilities

8,958

8,711

1,349

Operating lease liabilities, non-current

19,997

21,891

3,390

Long-term borrowings

68,075

49,674

7,693

Other debts, non-current

433,292

365,256

56,571

Total non-current liabilities

530,322

445,532

69,003

Total liabilities

746,935

731,620

113,313

Mezzanine equity

Redeemable non-controlling interests

5,946

6,086

943

Total mezzanine equity

5,946

6,086

943

Stockholders’ equity:

Class A ordinary shares (US$0.001 par value; 129,500,000 shares authorized,
   54,505,108 and 54,556,503 shares issued and outstanding as of March 31
   and June 30, 2021, respectively)

364

365

56

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 June 30,
   2021, respectively)

82

82

13

Additional paid-in capital

3,272,612

3,279,409

507,916

Statutory reserves

3,047

3,117

483

Accumulated other comprehensive loss

(20,172)

(28,884)

(4,474)

Accumulated deficit

(2,759,882)

(2,794,987)

(432,888)

Receivable for issuance of ordinary shares

(413,377)

(343,068)

(53,135)

Total Boqii Holding Limited shareholders’ equity

82,674

116,034

17,971

Non-controlling interests

45,019

44,614

6,910

Total shareholders’ equity

127,693

160,648

24,881

Total liabilities, mezzanine equity and shareholders’ equity

880,574

898,354

139,137

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=RMB6.4566
on June 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 June 30,

2020

2021

2021

RMB

RMB

US$

Net revenues:

Product sales

237,932

311,493

48,244

Online marketing and information services and other revenue

506

10,353

1,604

Total revenues

238,438

321,846

49,848

Total cost of revenue

(195,168)

(265,465)

(41,115)

Gross profit

43,270

56,381

8,733

Operating expenses:

Fulfillment expenses

(33,632)

(32,887)

(5,094)

Sales and marketing expenses

(34,944)

(45,485)

(7,045)

General and administrative expenses

(16,868)

(19,571)

(3,031)

Other income, net

47

12

2

Loss from operations

(42,127)

(41,550)

(6,435)

Interest income

1,716

5,187

803

Interest expense

(7,143)

(6,062)

(939)

Other gain, net

2,897

3,128

484

Fair value change of derivative liabilities

2,106

162

25

Loss before income tax expenses

(42,551)

(39,135)

(6,062)

Income taxes expenses

309

1,009

156

Share of results of equity investees

(57)

766

119

Net loss

(42,299)

(37,360)

(5,787)

Less: Net income/(loss) attributable to the non-controlling
   interest shareholders

279

(2,467)

(382)

Net loss attributable to Boqii Holding Limited

(42,578)

(34,893)

(5,405)

Less: Accretion on convertible redeemable preferred shares to
   redemption value

(35,137)

–

–

Less: Accretion on redeemable non-controlling interests to
   redemption value

–

(140)

(22)

Less: Deemed dividend to preferred shareholders

(12,547)

–

–

Net loss attributable to Boqii Holding Limited‘s ordinary
   shareholders

(90,262)

(35,033)

(5,427)

Net loss

(42,299)

(37,360)

(5,787)

Other comprehensive loss:

Foreign currency translation adjustment, net of nil tax

(801)

(8,712)

(1,349)

Unrealized securities holding gains

1,195

–

–

Total comprehensive loss

(41,905)

(46,072)

(7,136)

Less: Total comprehensive income/(loss) attributable to non-
   controlling interests shareholders

279

(2,467)

(382)

Total comprehensive loss attributable to Boqii Holding
   Limited

(42,184)

(43,605)

(6,754)

Net loss per share attributable to Boqii Holding Limited’s
   ordinary shareholders

— basic

(4.06)

(0.52)

(0.08)

— diluted

(4.06)

(0.52)

(0.08)

Weighted average number of ordinary shares

— basic

22,238,454

67,640,952

67,640,952

— diluted

22,238,454

67,640,952

67,640,952

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=RMB6.4566 on June 30, 2021 published by the Federal Reserve Board.

 

 

Boqii Holding Limited

Reconciliation of GAAP and Non-GAAP Results

(In thousands)

Three Months Ended June 30,

2020

2021

RMB

RMB

Net loss

(42,299)

(37,360)

Fair value change of derivative liabilities

(2,106)

(162)

Share-based compensation

–

5,986

Adjusted Net Loss

(44,405)

(31,536)

Adjusted Net Loss Margin

(18.6%)

(9.8%)

Three Months Ended June 30,

2020

2021

RMB

RMB

Net loss

(42,299)

(37,360)

Income tax expenses

(309)

(1,009)

Interest expenses

7,143

6,062

Interest income

(1,716)

(5,187)

Depreciation and amortization

1,750

1,928

EBITDA

(35,431)

(35,566)

EBITDA Margin

(14.9%)

(11.1%)

 

PR Newswire

Dada Group and CP Group Retail Division Partner to Provide Omni-channel On-demand Delivery Services for CP Lotus and CP Fresh Mart

Leave a comment

SHANGHAI, Aug. 20, 2021 — Dada Group (Nasdaq: DADA), China’s leading local on-demand delivery and retail platform, and Charoen Pokphand Group (CP Group)’s Retail Business Division, today announced a partnership to provide omni-channel on-demand delivery services for CP Group’s CP Lotus, a leading supermarket chain, and CP Fresh Mart, a community-based supermarket in China. CP Group is one of the world’s most influential multinational company operating by ethnic Chinese.

A Dada Now rider takes online orders for delivery at a CP Lotus store in Beijing
A Dada Now rider takes online orders for delivery at a CP Lotus store in Beijing

Dada Now, Dada’s on-demand delivery platform, launched a customized service program "Dedicated Delivery" for chain merchants. This program provides a "stationed + crowdsourcing" delivery model and services. Through the cooperation, the service will be adopted in CP Lotus and CP Fresh Mart’s stores, covering Beijing, Zhengzhou and Chongqing in the first round.

CP Lotus and CP Fresh Mart stores started to launch on JDDJ (JD Daojia), the on-demand retail platform of Dada Group, in 2016 and 2017 respectively, while Dada Now has provided on-demand delivery and online order fulfillment services. Under the cooperation, besides orders from JDDJ, Dada Now will fulfill online orders from WeChat mini program and third-party grocery platform. The cooperation will further expand to more categories and businesses, and improve order fulfillment efficiency in more regions throughout the country.

According to JDDJ data, in the first half of 2021, CP Lotus’ sales on JDDJ increased by over 1.5 times year-on-year. The average delivery time for CP Lotus and Fresh Mart’s online orders on JDDJ was about 40 minutes from January 1st to July 31st, 2021.

Mr. Liu Liu, President of the Retail Business Department at CP Group Head Office, said that Dada Group has fully demonstrated its powerful strengths in online operations. Through its retail empowerment strategy, Dada Group improves consumers’ online shopping experience by creating better online consumption platform and providing omni-channel order fulfillment. In terms of retail business, CP Group will leverage strengths in the "from the farm to the table" across its full industry chain, community business and services, and partner with Dada Group to offer better online and offline consumption services, facilitate the development of O2O business, put consumer needs first, and provide solutions for diversified shopping scenarios.

Mr. Mingyang Zhu, Head of Key Account Business at Dada Now, said that as a well-known multinational company, CP Group has advanced retail operation strategy, and pioneered in diverse retail ecosystem. Its established community retail experience system is getting stronger, striving to become the closest partner in consumer’s family life.  Dada Now will assist CP Group in establishing the community retail experience system with high delivery efficiency and lower costs, by leveraging innovations in delivery models and technologies. Working together, Dada Group and CP Group will provide consumers with a more convenient and efficient shopping experience.

About Dada Group

Dada Group is a leading platform of local on-demand retail and delivery in China. It operates JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The company’s two platforms are inter-connected and mutually beneficial. The Dada Now platform enables improved delivery experience for participants on the JDDJ platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure. Meanwhile, the vast volume of on-demand delivery orders from the JDDJ platform increases order volume and density for the Dada Now platform. In June 2020, Dada Group began trading on the Nasdaq Global Market, under the ticker symbol "DADA."

About CP Group

Charoen Pokphand Group (CP Group) is one of the largest ethnic Chinese multinational companies in the world. Its vision is to be the kitchen of the world and energy for human beings. Its retail business has hundreds of CP Fresh Mart, more than 100 CP Lotus and nearly 10000 CP Food direct-sale stores in Guangzhou, Beijing, Shanghai, Changsha, Zhengzhou, Chongqing, Qingdao, Lanzhou and other cities in China. CP Group is continuously expanding its geographic scope of online and offline retail business.

Related Links :

http://imdada.cn

PR Newswire

Bambuser’s Nomination Committee proposes that Sonia Gardner and Jørgen Madsen Lindemann be elected as new board members – Alexander Mcintyre has announced his intention to resign from the board

Leave a comment

STOCKHOLM, Aug. 20, 2021 — To further strengthen the board of directors competence the Nomination Committee of Bambuser proposes that Sonia Gardner and Jørgen Madsen Lindemann, respectively, be elected as new board members of Bambuser. At the same time, Alexander Mcintyre has announced that he intends to resign from the board of directors.

In light of the Nomination Committee’s proposal, the board of directors intends to convene an Extraordinary General Meeting whereas the notice will be published separately. Alexander Mcintyre will leave the board of directors in connection to the Extraordinary General Meeting.

"The board of directors thanks Alexander for his efforts and contributions to the Company over recent years. We wish Alexander every success in the future," said Joel Citron, Chairman of Bambuser’s board of directors.

Sonia Gardner (born 1962) is President, Managing Partner and Co-Founder of Avenue Capital Group, a global alternative investment manager with over $11 billion in assets under management. She is the Partner in charge of managing the firm, which she co-founded with her brother in 1995. Sonia previously served as Chair of the Global Board of Directors of 100 Women in Finance, and continues to serve as Chairman Emeritus. She currently serves as a member on the Client Advisory Board of Citi Private Bank. Ms. Gardner is the United Nations Capital Development Fund (UNCDF) Goodwill Ambassador for Gender Equality in Access to Finance. Her focus is advocating for ways to give women access to economic resources to start and grow businesses, lift their families out of poverty, and help achieve the U.N.’s Sustainable Development Goals. Sonia Gardner is independent in relation to the Company and its management as well as to the Company’s major shareholders.

Jørgen Madsen Lindemann (born 1966) has an upper secondary education from Gentofte Gymnasium. Jørgen Madsen Lindemann is currently a board member of Miinto Group and WaterBear Network. He has previously held roles such as the President and Chief Executive Officer of Modern Times Group MTG AB and board member of Zalando. Jørgen Madsen Lindemann is independent in relation to the company and its management and dependent in relation to the company’s major shareholders.

The Nomination Committee assesses that Sonia Gardner and Jørgen Madsen Lindemann have competence and backgrounds that are well suited for the work of the company’s board of directors and that the election of Sonia Gardner and Jørgen Madsen Lindemann is well in line with the discussions held within the Nomination Committee regarding competence development and gender equality.

PR Newswire

Senmiao Technology Reports Fiscal 2022 First Quarter Financial Results

Leave a comment

CHENGDU, China, Aug. 17, 2021 — Senmiao Technology Limited ("Senmiao") (NASDAQ: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced financial results for its fiscal 2022 first quarter ended June 30, 2021.

Fiscal 2022 First Quarter Financial and Operating Highlights

  • Total revenues of $1.9 million, an increase of approximately 61% from $1.1 million in the prior-year period, primarily as a result of increased operating lease revenues from automobile rentals as Senmiao has shifted its focus to this business in direct response to the COVID-19 pandemic.
  • Net loss from continuing operations of $7.4 million, compared with $2.3 million from the prior-year period, primarily due to increased cost of revenue, operating expenses and other expense related to the development and services provided on Senmiao’s new online ride-hailing platform.
  • From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to June 30, 2021, 10.5 million rides were completed through the platform with fares paid by riders totaling $31.4 million.

Management Commentary

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "Our online ride-hailing platform continued to ramp its growth since its launch in last October. We achieved 61% growth on the top line during the fiscal 2022 first quarter, primarily driven by increased operating lease revenues from automobile rentals, which accounted for the majority of our total revenues. During the period, we were pleased to see the public health situation continue to improve in a post-pandemic recovery. We anticipate operating lease revenues from automobile rentals will continue to account for most of our revenues with our online ride-hailing platform services making steady contributions over the next 12 months."

Mr. Wen continued, "We feel there is a natural symmetry where Senmiao can leverage our online ride-hailing platform and improve utilization of automobiles under our operating leases. This year, we launched the platform in Guangzhou, China’s third-largest city, in late March, as well as in the smaller cities of Nanchong and Panzhihua in June. As a result of our expansions into new cities and valued partnerships, approximately 6 million rides have been completed using Senmiao’s platform, generating gross fares of approximately $18 million, during the three months ended June 30, 2021."

"We remain confident in the long-term prospects of the online ride-hailing industry despite some setbacks caused by recent COVID-19 resurgences in Guangzhou and Chengdu, which resulted in local governments implementing travel restrictions and lockdowns. We continue to deepen our relationships with our key industry partners and anticipate further expansion into more cities in China this year. We believe the acceleration of our platform’s growth will benefit the automobile rentals business as more individuals look to transition into ride-hailing as a profession. We look forward to supporting a growing population of ride-hailing drivers as the industry continues to expand across the country."

Financial Review

Revenues

Total revenues were $1.9 million for the fiscal first quarter ended June 30, 2021, an increase of 61% from $1.1 million in the prior-year period. The increase was largely due to increased operating lease revenues from Senmiao’s automobile rental business, which was partially offset by lack of revenue contributions from automobile sales and facilitation of automobile transaction and financing during the period.

Cost of Revenues

Cost of revenues increased to $3.8 million for the fiscal first quarter ended June 30, 2021, compared to $0.8 million in the prior fiscal year, primarily due to a $1.4 million increase in cost of automobiles under operating leases and a $1.9 million increase in direct expense and technical service fees related to Senmiao’s online ride-hailing platform, as a result of the commencement and expansion of those two businesses.

Gross Profit (Loss)

Gross loss was $1.9 million for the fiscal first quarter ended June 30, 2021, compared to gross profit of $0.3 million in the prior-year period, due to the decreased number of automobiles sold and facilitated new automobile purchases. Senmiao has focused on operating leases to mitigate the impact of the return of automobiles by a substantial number of drivers and the intense competition in the online ride-hailing market in Chengdu and Changsha since 2020. As noted above, Senmiao incurred increased cost of revenues related to the launch of its online ride-hailing platform. It also paid additional cash incentives to attract drivers to its platform.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased to $3.7 million for the fiscal first quarter ended June 30, 2021, compared to $2.0 million in the prior-year period. The increase was mainly attributable to a $0.7 million increase in salary and employee benefits as Senmiao’s employee headcount increased from 179 to 347, a $0.8 million increase in advertising and promotion expenses for online ride-hailing platform services, and a $0.4 million increase for office expenses, professional service fees such as financial, legal and market consulting, and other miscellaneous expenses, partially offset by a $0.3 million decrease in amortization of automobiles that were rendered to Senmiao but have not been sub-leased as Senmiao leased more automobiles during this quarter than in the prior-year period.

Net Loss

Net loss from Senmiao’s continuing operations for the fiscal first quarter ended June 30, 2021, was $7.4 million, compared to $2.3 million in the prior-year period, which was primarily the result of the increased cost of revenues and increased selling, general and administrative expenses mentioned above, as well as a $1.1 million decrease in change in fair value of derivative liabilities related to warrants issued in Senmiao’s most recent registered direct offering.

Loss per Share

Loss per share for continuing operations was approximately $0.12 based on a weighted average number of basic and diluted common stock of 52.7 million, compared to approximately $0.07 based on a weighted average number of basic and diluted common stock of 29.0 million.

Financial Position

As of June 30, 2021, Senmiao had cash and cash equivalents of $4.0 million, compared to $4.4 million as of March 31, 2021. The Company’s business is capital intensive, and management is taking steps to alleviate the working capital deficit.

Further information regarding Senmiao’s results of operations for the quarter ended June 30, 2021 can be found in Senmiao’s website, which will be filed with the Securities and Exchange Commission.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao’s areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. The Company routinely provides important information on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including statements concerning the development of Senmiao’s automobile transaction, financing, rental and related services and online ride-hailing platform, the Chinese ride-hailing and automobile financial leasing markets, Senmiao’s plans, objectives, goals, strategies, and performance, and the impact of COVID-19 on Senmiao’s business), as well as the assumptions such statements and other statements that are not statements of historical facts are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao’s filings with the SEC, and represent Senmiao’s views only as of the date they are made and should not be relied upon as representing Senmiao’s views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com 
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc. 
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com 

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com 

© 2021 Senmiao Technology Ltd.  All rights reserved.

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollar, except for the number of shares)

June 30, 2021

March 31, 2021

(Unaudited)

ASSETS

Current assets

Cash, and cash equivalents

$

4,037,518

$

4,448,075

Accounts receivable, net, current portion

1,284,226

1,437,195

Inventories

255,954

127,933

Finance lease receivables, net, current portion

501,482

541,605

Prepayments, other receivables and other assets, net

4,560,491

3,905,278

Due from related parties

38,333

39,572

Current assets – discontinued operations

54,255

393,348

Total current assets

10,732,259

10,893,006

Property and equipment, net

Property and equipment, net

5,574,939

3,700,147

Property and equipment, net – discontinued operations

—

5,592

Total property and equipment, net

5,574,939

3,705,739

Other assets

Operating lease right-of-use assets, net

452,035

499,221

Operating lease right-of-use assets, net, related parties

718,804

580,367

Financing lease right-of-use assets, net

3,889,841

4,778,772

Intangible assets, net

935,122

968,131

Goodwill

—

135,388

Accounts receivable, net, noncurrent

111,591

269,183

Finance lease receivables, net, noncurrent

337,885

473,472

Total other assets

6,445,278

7,704,534

Total assets

$

22,752,476

$

22,303,279

LIABILITIES AND EQUITY （DEFICIENCY）

Current liabilities

Borrowings from financial institutions

$

451,742

$

310,662

Accounts payable

184,113

44,769

Advances from customers

154,779

155,586

Income tax payable

17,666

17,408

Accrued expenses and other liabilities

8,704,888

6,655,592

Due to related parties and affiliates

485,301

352,827

Operating lease liabilities

112,977

209,644

Operating lease liabilities – related parties

410,582

243,726

Financing lease liabilities

5,195,122

5,172,943

Derivative liabilities

6,164,941

1,278,926

Current liabilities – discontinued operations

934,524

2,336,861

Total current liabilities

22,816,635

16,778,944

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(CONTINUED)

(Expressed in U.S. dollar, except for the number of shares)

June 30, 2021

March 31, 2021

(Unaudited)

Other liabilities

Borrowings from financial institutions, noncurrent

40,062

44,962

Operating lease liabilities, non-current

249,017

263,708

Operating lease liabilities, non-current – related parties

407,296

341,549

Financing lease liabilities, non-current

1,734,107

2,256,553

Deferred tax liability

45,659

44,993

Total other liabilities

2,476,141

2,951,765

Total liabilities

25,292,776

19,730,709

Commitments and contingencies

Stockholders’ equity (deficiency)

Common stock (par value $0.0001 per share, 100,000,000
shares authorized; 55,356,670 and 49,780,725 shares issued
and outstanding at June 30, 2021 and March 31, 2021, respectively)

5,536

4,978

Additional paid-in capital

43,031,107

40,755,327

Accumulated deficit

(40,313,536)

(34,064,921)

Accumulated other comprehensive loss

(845,908)

(838,671)

Total Senmiao Technology Limited stockholders’ equity

1,877,199

5,856,713

Non-controlling interests

(4,417,499)

(3,284,143)

Total equity (deficiency)

(2,540,300)

2,572,570

Total liabilities and equity (deficiency)

$

22,752,476

$

22,303,279

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended

June 30, 

2021

2020

(Unaudited)

(Unaudited)

Revenues

$

1,850,075

$

1,146,916

Cost of revenues

(3,779,346)

(800,256)

Gross profit (loss)

(1,929,271)

346,660

Operating expenses

Selling, general and administrative expenses

(3,683,277)

(1,960,425)

Provision for doubtful accounts, net of recovery

(45,553)

(128,612)

Impairments of long-lived assets and goodwill

(164,257)

—

Total operating expenses

(3,893,087)

(2,089,037)

Loss from operations

(5,822,358)

(1,742,377)

Other expense

Other expense, net

(56,659)

(6,076)

Interest expense

(14,696)

(20,648)

Interest expense on finance leases

(107,639)

(226,177)

Change in fair value of derivative liabilities

(1,369,284)

(282,980)

Total other expense, net

(1,548,278)

(535,881)

Loss before income taxes

(7,370,636)

(2,278,258)

Income tax expense

—

(6,272)

Net loss from continuing operations

(7,370,636)

(2,284,530)

Net loss from discontinued operations, net of applicable income taxes

—

(85,654)

Net loss

(7,370,636)

(2,370,184)

Net loss attributable to non-controlling interests from continuing operations

1,122,021

389,699

Net loss attributable to stockholders

$

(6,248,615)

$

(1,980,485)

Net loss

$

(7,370,636)

$

(2,370,184)

Other comprehensive income (loss)

Foreign currency translation adjustment

(18,572)

11,717

Comprehensive loss

(7,389,208)

(2,358,467)

less: Total comprehensive loss attributable to noncontrolling interests

(1,133,356)

(387,386)

Total comprehensive loss attributable to stockholders

$

(6,255,852)

$

(1,971,081)

Weighted average number of common stock

Basic and diluted

52,731,560

29,008,818

Loss per share – basic and diluted

Continuing operations

$

(0.12)

$

(0.07)

Loss per share –

Discontinued operations

$

—

$

(0.00)

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended

June 30, 

2021

2020

(Unaudited)

(Unaudited)

Cash Flows from Operating Activities:

Net loss

$

(7,370,636)

$

(2,370,184)

Net loss from discontinued operations

—

(85,654)

Net loss from continuing operations

(7,370,636)

(2,284,530)

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

Depreciation and amortization of property and equipment

211,588

58,085

Amortization of right-of-use assets

1,182,825

880,785

Amortization of intangible assets

37,340

20,814

Provision for doubtful accounts, net of recovery

45,553

128,612

Impairments of long-lived assets and goodwill

164,257

—

Change in fair value of derivative liabilities

1,369,284

282,980

Change in operating assets and liabilities

Accounts receivable

302,036

(94,912)

Inventories

(126,111)

(10,647)

Prepayments, other receivables and other assets

(1,186,463)

365,804

Finance lease receivables

190,695

(74,350)

Accounts payable

843,054

3,609

Advances from customers

(3,108)

42,437

Income tax payable

—

60

Accrued expenses and other liabilities

1,896,615

564,708

Operating lease liabilities

(118,341)

(81,842)

Operating lease liabilities – related parties

33,877

(18,502)

Net cash used in operating activities from continuing operations

(2,527,535)

(216,889)

Net cash (used in) provided by operating activities from discontinued operations

(1,107,924)

183,832

Net Cash Used in Operating Activities

(3,635,459)

(33,057)

Cash Flows from Investing Activities:

Purchases of property and equipment

(2,072,779)

(4,891)

Net cash used in investing activities from continuing operations

(2,072,779)

(4,891)

Net cash used in investing activities from discontinued operations

(1,395)

(70)

Net Cash Used in Investing Activities

(2,074,174)

(4,961)

Cash Flows from Financing Activities:

Net proceeds from issuance of common stock and warrants in a registered direct
public offering

5,771,053

—

Net proceeds from issuance of common stock upon warrants exercised

22,015

—

Borrowings from financial institution

258,001

122,406

Loan to related party

(8,654)

(19,693)

Borrowings from related parties and affiliates

125,493

—

Repayments to related parties and affiliates

—

(4,155)

Repayments of current borrowings from financial institutions

(127,098)

(23,739)

Principal payments of finance lease liabilities

(718,648)

(376,670)

Net cash provided by (used in) financing activities from continuing operations

5,322,162

(301,851)

Net cash provided by financing activities from discontinued operations

—

7,233

Net Cash Provided by (Used in) Financing Activities

5,322,162

(294,618)

 


SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(CONTINUED)

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended

June 30, 

2021

2020

(Unaudited)

(Unaudited)

Effect of exchange rate changes on cash and cash equivalents

(23,086)

10,239

Net decrease in cash and cash equivalents

(410,557)

(322,397)

Cash and cash equivalents, beginning of period

4,448,075

844,028

Cash and cash equivalents, end of period

4,037,518

521,631

Less: Cash and cash equivalents from discontinued operations

—

(5,033)

Cash and cash equivalents from continuing operations, end of period

$

4,037,518

$

516,598

Supplemental Cash Flow Information

Cash paid for interest expense

$

14,696

$

20,648

Cash paid for income tax

$

—

$

—

Non-cash Transaction in Investing and Financing Activities

Recognition of right-of-use assets and lease liabilities

$

—

$

1,780,027

Recognition of right-of-use assets and lease liabilities, related parties

$

298,628

$

—

Acquisition of equipment through prepayment and financing lease receivables offset

$

—

$

85,455

Allocation of fair value of derivative liabilities for issuance of common stock
proceeds

$

3,562,404

$

—

Allocation of fair value of derivative liabilities to additional paid in capital upon
warrants exercised

$

45,674

$

—

 

Related Links :

http://www.senmiaotech.com

PR Newswire

Guangdong Premium Products International Trade Online Expo – Apparel & Textiles Expo opens

Leave a comment

GUANGZHOU, China, Aug. 16, 2021 — The Guangdong Premium Products International Trade Online Expo – Apparel & Textiles Expo, organized by CCPIT Guangdong Committee and managed by Guangdong Guangzhan International Exhibition Co., Ltd., will open at the International Trade Online Expo (ITOE) (en.itoegd.com) on August 16, 2021 and continue until August 20.

Guangdong Premium Products International Trade Online Expo - Apparel & Textiles Expo opens
Guangdong Premium Products International Trade Online Expo – Apparel & Textiles Expo opens

The expo features eight major exhibition areas, including cross-border exclusive supply, leisure sports, undergarments & pajamas, household supplies & home textiles, infants’ & children’s clothing, wedding dresses & Hanfu (tradional Chinese-style formal wear), shoes & bags as well as raw materials & accessories. With more than 30 online economic and trade events scheduled and nearly 400 high-quality brands slated to exhibit, the expo gives buyers a chance to get an in-depth understanding of an exhibitor’s design and production capabilities through various communications channels including round-the-clock virtual access to the exhibited items, comprehensive "zero-distance" virtual tours of the exhibitor’s production facilities, and the ability to engage in business negotiations via an "in-the-cloud" videoconferencing set-up.

Of the exhibitors at the event, 90% are from Guangdong province, the world’s third largest garment export base. Buyers can find suppliers specializing in cross-border shipping and view their wares in the "cross-border exclusive supply" exhibition area.

The Hanfu & wedding dresses exhibition area will showcase various styles of traditional Chinese classical and modern Hanfu while exhibitors from Chaozhou, Guangdong province, a town known as the world’s wedding and evening dressmaker, will display a vast line-up of boutique wedding dresses as well as other new and stylish matrimonial wear.

On the first day of the expo, many brands, including DETERMINANT, specialized in the production of long-staple cotton men’s shirts, and Dongguan Topgood Handbag Leather, maker of a recently-launched exclusive patented coffee-scented bag, attracted online audiences from many countries and regions by holding live-streamed factory tours.

The expo will bring together a strong lineup of leading apparel and textile brands and manufacturers which can meet the diversified needs of today’s buyers. The organizing committee has also set up a one-on-one online purchasing and marketing matching meeting program to match buyers and suppliers. Buyers can complete all their purchasing needs through the "one-stop" purchasing facility provided by the cloud-based expo. Sign up here for the online purchasing and marketing matching meeting.

To find the right sources for your needs and expand business channels, visit en.itoegd.com.

 

PR Newswire

Insider recognized as a Leader with the highest possible rating in campaign orchestration criterion in Cross-Channel Campaign Management (CCCM) Q3, 2021 analyst report

Leave a comment

LONDON, Aug. 13, 2021 — — Insider, one platform for individualized cross-channel customer experiences, today announced it has been named as a Leader in The Forrester Wave™: Cross-Channel Campaign Management (Independent Platforms) Q3, 2021.

Insider received the highest possible ratings, 5.0/5.0 in numerous criteria including personalization, platform architecture, innovation roadmap, native & 3rd party integration, predictive analytics & machine learning — and the highest score in the report, amongst all vendors, in the campaign orchestration criterion.

The Forrester report notes that "Insider is a solid choice for organizations seeking a customizable CCCM platform, and its mobile-first personalization capabilities can also complement an existing Martech ecosystem."

Access your complimentary copy of the report here >

"We believe our vision of building a mobile-first, messaging-first cross channel marketing platform with industry-first features is strongly validated with our recent positioning on The Forrester Wave. We are honored to be recognized as a Leader by Forrester in  Cross-Channel Campaign Management. With our uncommon personalization and customer journey orchestration capabilities we are disrupting the industry and have bold plans to continue being at the forefront of future-proof technologies and emerging channels. The value that enterprise brands are able to unlock with an AI-led platform like Insider is 4X to 5X higher than what they can achieve with traditional marketing providers." said Hande Cilingir, Co-founder and CEO of Insider.

Highest score in the Campaign Orchestration criterion among all vendors

"Our goal with the platform has been to provide enterprise marketers a flexible data architecture that enables them to fuse customer data across sources including web, app, physical stores, and their own technology stack — to build smart 360 customer profiles. Several enterprise brands like Singapore Airlines, Samsung, and Target leverage these customer profiles to build and activate perfect cross-channel journeys. To make this more effective we have invested significantly in AI-powered features including Predictions, Next Best Channel, Auto A/B Testing, and Send Time Optimization to help marketers drive above industry average return on their investment. And we are seeing some great results — for example with Yves Rocher, a leading global beauty brand we were able to deliver 7x ROI in 5 months." said Srikant Kotapalli, Director of Product Marketing at Insider.

Highest possible rating in Innovation Roadmap criterion

Insider also received the highest possible score in the Innovation Roadmap criterion —

The report states "Insider excels at web and e-commerce personalization, in addition to its extensive mobile personalization for text and push messaging, in-app content, and mobile messengers (Facebook Messenger, WhatsApp, WeChat, and Line)."

Flexible platform architecture

The report also notes that Insider provides "…the most flexible platform architecture in this study based on its localization and integration capabilities”.

The ability to collect offline and online data is increasingly becoming a top priority. This data enables brands to deliver a personalized experience and drive more revenue and lifetime value (LTV). Insider’s flexible data architecture enables brands to easily collect zero-party data in a privacy-compliant way and combine it with first-party and third-party data from their technology stack.

Read the report to see how Insider was named a Leader amongst the top CCCM providers. To learn more about how Insider can help you build your cross-channel marketing program, you can request a personalized demo.

About Insider

Insider—one platform for individualized, cross-channel experiences—enables enterprise marketers to connect customer data across channels and systems, predict their future behavior with an AI intent engine, and orchestrate individualized experiences to customers.

Insider’s platform is trusted by 800+ brands from high-growth startups to enterprise brands like Singapore Airlines, Virgin, Samsung, L’Oreal, MadeiraMadeira, Lazada, Target, Toyota, GAP, IKEA, MAC, Santander, Marks & Spencer, and Estée Lauder, and more to create AI-powered journeys that deliver a consistent, individualized, cross-channel experience to their customers.

Leveraging real-time predictive segmentation powered by deep artificial intelligence and machine-learning capabilities — the platform enables cross-channel interactions and personalization from a unified data layer across channels such as web, app, email, messaging, and advertising. With products like InStory, Predictive Ad Audiences, Smart Recommender, and Messaging App Suite (WhatsApp Business API, and Facebook Messenger), Insider provides future-proof products to create captivating customer experiences that engage and convert. The platform also provides unique AI-led campaign orchestration features like Predictions, Next Best Channel, Auto A/B Testing, and Send Time Optimization to help marketers drive above industry average ROI. 

Follow Insider on Linkedin, Twitter, and Facebook.

Media Contact: Jim Koepke, jim.koepke@useinsider.com, +1-317-413-9960  

PR Newswire

Cross-border Payments Company Currenxie Closes USD 10 Million Series A Fundraising

Leave a comment

Fundraising reinforces the need for cross-border solutions that enable a new era of global commerce.

HONG KONG, Aug. 12, 2021 — Currenxie, the Hong Kong headquartered cross-border payments company, today announced that it has successfully closed a USD 10 million Series A funding round led by family office BF Belmont. 

While global travel has slowed down due to the ongoing COVID-19 pandemic, the demand for cross-border trade and global eCommerce has increased. However, traditional payment solutions remain expensive, restrictive and cumbersome to most businesses, both big and small. Innovation is needed to improve the situation, which Currenxie is well placed to continue providing with the proceeds from the fundraising.

Predominantly self-funded by Goldman Sachs alumni and co-founders, Riccardo and Alison Capelvenere, the latest capital injection will allow Currenxie to accelerate its vision of empowering businesses to access global commerce. The funds will be used to focus on building new products, acquiring new licenses and authorisations, expanding into new markets and accelerating recruitment. The firm sees these goals as intertwined in enabling its clients to achieve global growth. Currenxie will also be welcoming Gordon Kwong, a former Partner of a big four international accounting firm, to its board, as the official investor representative. 

Riccardo Capelvenere, Founder and CEO of Currenxie, said: "From the start, we have focused on building a platform that will give our clients access to a truly borderless economy. Thanks to BF Belmont, we’re now able to accelerate our global growth and expansion plans – creating more value that will be transferable to our clients. The demand for seamless cross-border solutions will only increase, and our high calibre team is ready for this opportunity."

"With their many decades’ worth of experience, the Currenxie team has developed an impressive plan for the future of payments – one that will capture the global growth in eCommerce," said Gordon Kwong, the newly nominated Director of Currenxie. "The combination of their proprietary technology, network and infrastructure demonstrates their readiness to succeed in – and shake up – the cross-border payments ecosystem and set a new standard within the financial industry. We’re excited to be a part of this journey."

ABOUT CURRENXIE

Founded in Hong Kong in 2014, Currenxie’s cross-border payments and business account solutions offer businesses of all sizes a seamless online alternative to traditional banking, breaking down the financial barriers that prevent them from growing their operations on the world stage. Currenxie has built one of the largest virtual account networks in the B2B fintech space, spanning 10 jurisdictions, 30 countries and 18 currencies. The Currenxie Global Account® platform – the company’s cloud-based core banking system – allows funds to flow freely across its banking network, in real-time, without costly cross-border fees. Access global commerce with us: www.currenxie.com

Related Links :

https://www.currenxie.com/

PR Newswire

Fashion e-commerce POPSHOWROOM debuts at MAGIC Las Vegas

Leave a comment

LAS VAGAS, Aug. 11, 2021 — POPSHOWROOM, a fashion brand aiming for a flexible fashion-on-demand supply chain, makes its debut at MAGIC fashion trade, the largest trade show in the United States, from August 8th to 11th, 2021. 

Visitors showing great interest in POPSHOWROOM's low MOQ and short lead time.
Visitors showing great interest in POPSHOWROOM’s low MOQ and short lead time.

Vibrance of life and youthfulness is the message POPSHOWROOM wants to convey. Inspire women to live an à la mode casual and energetic lifestyle, POPSHOWROOM will present a curated collection of active and casual wear. They are designed for those who are meant to bringing forward creativity, self-expression, and passion for life. The offering combines diverse trendy elements to create a relaxed and carefree look, including tie-dye, crochet, irregular cuts, stretchable light-weight fabrics, and many more.

The significance of sticking together has been key for the period where we are in now, after having been through the physical distancing on a global scale. POPSHOWROOM has been staying connected with its community and growing via social platforms. The brand has been interacting with its global audience via Live Q&A, shopping and ordering live streaming, and many other online events. In facing the fact that many merchants are not able to personally be part of the MAGIC community as the result of travel restrictions, POPSHOWROOM will continue its community engagement by going live during the exhibition and broadcasting through its Instagram account @thepopshowroom. Promotions and giveaways will be hosted as well to create a vibrant experience for its customers regardless of their geological locations.

What POPSHOWROOM presents at MAGIC is only part of its aspiration. This brand is developing an all-over print print-on-demand service. All-over printing is a new and exciting trend that recently hits the printing world, which a few print-on-demand platforms have dived into. What is special about POPSHOWROOM is that its all-over printing tool allows anyone, without knowing how to cut and sew patterned materials into ready-to-wears, can still be an all-over print designer.

Holding respect for those individuals who are dreaming of having their fashion lines, POPSHOWROOM aims to build an efficient and agile supply chain. This will benefit these small- and medium-sized entrepreneurs financially and psychologically through lowered inventory risk, minimized design cost and accelerated capital turnover — everything that matters to scale up their businesses.

"I am an independent artist running a small souvenir shop which also sells stuff with designs of my own. For clothing items, I used to buy from domestic wholesalers, yet they only provide the most basic styles. There are few choices when it comes to, for instance, neck shapes. As my business is growing bigger, I need more styles and variations. I found POPSHOWROOM online. Their products are amazing. A large base of various patterns and various customization services are offered at an affordable price. Their pricing is absolutely reasonable for such quality and service."

This is the review of one of their customers, Yolanda, who owns a shop selling local souvenirs and t-shirts with the prints designed by herself.

POPSHOWROOM is excited to be part of this energetic fashion event. The brand is looking forward to acquiring a keen understanding about its global audience, establishing a closer collaboration with influencers, and gaining deeper insights from industry thought leaders.

Visit their website for more information about their services: https://www.popshowroom.com/

Stay connected:

Website: www.popshowroom.com
Instagram: www.instagram.com/thepopshowroom
Linkedin: linkedin.com/company/popshowroom-official
Facebook: www.facebook.com/thepopshowroom.me

Related Links :

https://www.popshowroom.com/

PR Newswire

Sertifi, Inc. and Seccom Global Announce Their Partnership

Leave a comment

Sertifi’s Newest and First Global Partnership With Seccom Global

CHICAGO, Aug. 9, 2021 — Sertifi, an industry leader dedicated to helping companies worldwide finalize business faster by providing electronic Agreements and Authorisation Platforms, and Seccom Global, Australia’s leading provider of managed security services, announces their partnership. The partnership will provide a compliant and secure electronic signature, payment, and authorization service to Seccom Global’s customers. 

With technology playing an increasingly critical role in every business aspect, Sertifi allows companies to finalize business faster by providing convenient, efficient, and secure eSignature and online payment platforms. In addition, the platforms let companies stay compliant and mitigate fraud. Seccom Global will act as an authorized distributor and reseller of Sertifi’s products.

"As a business focused on cybersecurity, we understand the importance of a more efficient and secure way to manage the entire contract process. We investigated numerous solutions for this problem and found Sertifi to be the standout solution.  Seccom required a platform to create, send and collect agreements and payments from one secure platform. Sertifi met these requirements and was also intuitive to use," said Michael Demery, Managing Director at Seccom Global.

"We are excited to partner with Seccom Global because of their extensive customer base across numerous industries and their ability to achieve success by opening new offices during a pandemic. This partnership will no doubt propel Sertifi’s global presence," added Jo Masters, VP of Channel Partnerships and International Sales for Sertifi.

About Sertifi:

Sertifi offers industry-leading Agreement and Authorization Platforms built for businesses that want to finalize business faster and need a more efficient and secure way to manage the entire contract process. The Agreement Platform provides workflow solutions that enable customers to automate processes to send agreements and collect payments faster through a modern customer experience platform. The Authorization Platform improves workflows by digitally sending and receiving payment authorizations, securing the process, enhancing PCI compliance, and reducing fraud risks while providing a consistent customer experience. Thousands of businesses around the world use Sertifi to recognize revenue faster and increase job efficiency.

About Seccom:

Recognized as an industry leader, Seccom Global has been providing managed security services since 2003. Well respected in the industry, Seccom is a partner of choice for many of Australia’s prominent businesses. Their solutions are innovative, highly effective, and always relevant. Seccom’s services provide businesses with cost-effective, comprehensive security solutions without the associated complexity.

Contact: Caroline Steele          

Phone: 321.228.2248

Email: csteele@sertifi.com

Related Files

Sertifi-Seccom press release.pdf

Related Images

sertifi-logo.png
Sertifi logo

seccom-logo.png
Seccom logo

PR Newswire

Made-In-China.Com: Latest technology in China brings Expo experience to life

Leave a comment

NANJING, China, Aug. 7, 2021 — Made-in-China.com, China’s leading comprehensive third-party B2B e-commerce platform, will be holding its largest ever Virtual Sourcing Expo from August 16 to August 27, 2021 via its website and mobile app.

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

New features at the EXPO have been specially designed to allow visitors to quickly build trustful relationships with suppliers, place instant orders as well communicate in their preferred language. 

Visitors will be able to:

  • Discover and interact with over 3,000 suppliers without travelling to China
  • Enter 8 Multilingual Halls complete with product descriptions and functions in various languages
  • Place instant orders via Online Trading on a range of light industrial products
  • Receive a personalized e-business card to quickly build trustful relationships with suppliers and restore the offline exhibition scene
  • Benefit from free samples, coupons, RTS, 3D Virtual sample showrooms, supplier live streaming and supplier product videos
  • Utilize a tailored matchmaking service for face-to-face multi-lingual video meetings.

During the grand online procurement event, buyers of Made-in-China.com can make purchases either on the platform or directly with suppliers. They will attend hundreds of new product launches, visit factories live and watch out-of-box reviews.

Leading three-dimensional space reconstruction technology in China will take attendee experience to a new level with immersive roaming, self- navigation, scenario-based shopping guides as well as direct merchandise links. A big buyer of Made-in-China.com who has already tried is appraised that "We can rotate the 3D model, magnify the parts of it. It is interesting and high efficient as we always could not get the sufficient details about the product." 

For more information about this event, please call +86-25-6667 7777, or email buyerservice@made-in-china.com.

Link: https://docs.qq.com/sheet/DQnFhY3hQVHhJQkZW?tab=cxlrz4

About Made-in-China.com

Founded in 1998, Made-in-China.com specializes in B2B cross-border trade. It is an integrated service platform committed to tapping business opportunities by providing one-stop full-cycle trade services for its global buyers and Chinese suppliers.