Tag Archives: ECM

New Research Shows How Sales Processes Are Adapting to COVID-19

September 2, 2020 TechENT Syndication Leave a comment

New research highlights rapid change to the traditional sales environment and how sales professionals are adapting

PETERSFIELD, England, Sept. 2, 2020 — Leading cloud CRM vendor, Really Simple Systems, has published a new report detailing the findings of recent international research into the roles, practices and processes of sales professionals.

In July 2020, the cloud-CRM developer and vendor, Really Simple Systems, conducted a research project, surveying sales professionals globally to generate data on their practices and the changing environment for the sales sector.

The research highlights the rapid change experienced over recent years, and more acutely in the last few months, identifying that traditional sales methods are largely outdated and ineffective. The report includes findings on how technology is influencing change and how sales professionals have adapted to the global pandemic.

Evidence of increased use of technology in sales including the emergence of LinkedIn as a primary tool
Impact of COVID-19 is demonstrated with a dramatic increase in use of video calling
Concerns that high numbers of small businesses are still using manual methods to manage their sales
Verification that sales value is the strongest determining factor in the sales process
Suggestion that use of cold sales approaches continue despite the introduction of data protection legislation
Move to the SaaS environment sees email and automation surge ahead of the telephone calls for sales

Really Simple Systems marketing manager, Helen Armour, commented: "Conducting this this sales research has been truly eye-opening. The sales sector has certainly seen some dramatic changes and although many are adapting well, it suggests more work is needed to prepare for an uncertain future."

The full Sales Professionals Research Report can be found here https://www.reallysimplesystems.com/blog/sales-statistics-2020/.

Notes for Editors

About Really Simple Systems

Established in 2006, Really Simple Systems is one of the world’s largest providers of cloud-based CRM software. Designed for small and mid-sized businesses operating B2B, its customers range from single user start-ups to 200 user systems, including the Red Cross, the Royal Academy of Arts, the British Museum and NHS. Featuring integrated modules for email marketing and customer service, Really Simple Systems CRM is credited as being super-easy to use with excellent customer support.

Logo – https://mma.prnasia.com/media2/542735/RSS_Logo.jpg?p=medium600

Related Links :

https://www.reallysimplesystems.com

PR Newswire

WeTrade Group Announces Stock Split

August 31, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 31, 2020 — WeTrade Group Inc. (US: WETG), a SaaS company providing technical services and solutions to membership-based social e-commerce, announced its first stock split on August 28^th. The company’s three-for-one stock split will officially take place on August 31^st.

For companies, it’s important to note that a stock split will not make any changes for strategies or organizational structures. But it will make the company’s stock more attractive and also make its shares more accessible to a broader base of investors. As a result, new investments will be helpful for the stock price raising and bring business confidence for its shareholders.

After the splitting, the number of WeTrade Group shareholders will increase by 3 times. Lowering the company’s share price can put WeTrade stock within the reach of smaller, individual investors, which will attract more attention from the market and generate more industry-investor ownership. In the same time, stock splits are generally seen as a positive by the market.

WeTrade Group was officially listed on the NASDAQ OTC Market on July 23, 2020, under the ticker symbol "WETG". The stock soared from $2.9 a share to a peak of $20.19 a share, demonstrating the market expectation and WeTrade’s technology-based business model.

In recently years, micro-business in China has boomed from 30 million in 2018 to 50 million in 2019, and it is expected to attain to 100 million in 2020. With the development of this potential market, WeTrade Group provides technical services and solutions as a listed SaaS business to support micro-business online stores and social e-commerce platforms. The company developed a social e-commerce revenue management system in 2019. The main functions of the system are user marketing relationship implementation, CPS commission profit management, multi-channel app data statistics, etc. Moreover, WeTrade fully takes advantages of its social e-commerce and micro-business technology to explore supply chain directing purchase and community dispersion, dedicating to establish a more suitable service system for Chinese market.

In the future, with the rapid development of WeTrade business and the application of SaaS in global market, WeTrade Group will become a new leader in the SaaS revolutionized field.

About WeTrade Group Inc.

WeTrade Group Inc. provides technical services and solutions based on membership-based social e-commerce. Through big-data, social recommendation relationships, multi-channel App data statistics, etc., the Company developed a social e-commerce revenue management system, The main functions of the system are user marketing relationship implementation, CPS commission profit management, multi-channel app data statistics, etc. the system has been applied in the retail, tourism, hospitality and beauty industries, focusing on 100 million micro-business users in China. WeTrade conducts its business operations in mainland China and trial-operations in Hong Kong SAR, and Singapore etc.

For more information and product demos:

http://www.wetradegroup.net

Media Contact:
+86-186-1124-1126
lori@yueshang.co

IR Contact:
ir@wetradegroup.net

PR Newswire

Tuniu Announces Unaudited Second Quarter 2020 Financial Results

August 28, 2020 TechENT Syndication Leave a comment

NANJING, China, Aug. 28, 2020 — Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

"After nearly six months of downturn caused by the COVID-19 outbreak, we are encouraged to see that China’s domestic travel market is finally showing signs of recovery. We will continue to uphold our ‘Customer First’ principle in order to provide the best possible products and services to satisfy pent-up customer demand. Furthermore, we have adjusted our product strategy to focus on innovative and premium products in order to meet customers’ more exacting standards in the post COVID-19 era. In cooperation with our industry partners, we are committed to providing our customers with superior travel experiences." Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer, said, "In the second quarter our operating expenses continued to decline on a sequential basis. In the second half of the year, we expect to see the gradual recovery of revenues alongside the increasingly positive impact of our cost control measures."

Second Quarter 2020 Results

Net revenues were RMB34.0 million (US$4.8 million^[1]) in the second quarter of 2020, representing a year-over-year decrease of 93.5% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

Revenues from packaged tours were RMB12.6 million (US$1.8 million) in the second quarter of 2020, representing a year-over-year decrease of 97.1% from the corresponding period in 2019. The decrease was primarily due to the suspension of sale of packaged tours impacted by the outbreak and spread of COVID-19^[2].
Other revenues were RMB21.5 million (US$3.0 million) in the second quarter of 2020, representing a year-over-year decrease of 76.4% from the corresponding period in 2019. The decrease was primarily due to the declines in service fees received from insurance companies and commissions received from other travel-related products impacted by the outbreak and spread of COVID-19.

^[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.0651 on June 30, 2020 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.

^[2] On January 24, 2020, the Ministry of Culture and Tourism of the People’s Republic of China issued a notice requiring travel agencies, including online travel agencies throughout the country to suspend the operation of organized tours and the provision of a combination of flight and hotel bookings.

Cost of revenues was RMB26.3 million (US$3.7 million) in the second quarter of 2020, representing a year-over-year decrease of 90.8% from the corresponding period in 2019. As a percentage of net revenues, cost of revenues was 77.3% in the second quarter of 2020, compared to 55.2% in the corresponding period in 2019.

Gross margin was 22.7% in the second quarter of 2020, compared to a gross margin of 44.8% in the second quarter of 2019. The decrease was primarily due to the decline in net revenues impacted by the outbreak and spread of COVID-19.

Operating expenses were RMB158.1 million (US$22.4 million) in the second quarter of 2020, representing a year-over-year decrease of 63.4% from the corresponding period in 2019. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB19.1 million (US$2.7 million) in the second quarter of 2020. Non-GAAP^[3] operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB138.9 million (US$19.7 million) in the second quarter of 2020, representing a year-over-year decrease of 63.7%.

Research and product development expenses were RMB20.6 million (US$2.9 million) in the second quarter of 2020, representing a year-over-year decrease of 74.3%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.6 million (US$0.2 million), were RMB19.0 million (US$2.7 million) in the second quarter of 2020, representing a year-over-year decrease of 74.8% from the corresponding period in 2019. The decrease was primarily due to the decrease in research and product development personnel related expenses.
Sales and marketing expenses were RMB84.3 million (US$11.9 million) in the second quarter of 2020, representing a year-over-year decrease of 62.5%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB15.1 million (US$2.1 million), were RMB69.2 million (US$9.8 million) in the second quarter of 2020, representing a year-over-year decrease of 63.4% from the corresponding period in 2019. The decrease was primarily due to the decrease in promotion expenses and sales and marketing personnel related expenses.
General and administrative expenses were RMB61.0 million (US$8.6 million) in the second quarter of 2020, representing a year-over-year decrease of 54.6%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB2.5 million (US$0.3 million), were RMB58.5 million (US$8.3 million) in the second quarter of 2020, representing a year-over-year decrease of 53.2% from the corresponding period in 2019. The decrease was primarily due to the decrease in general and administrative personnel related expenses.

^[3] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company’s financial results under GAAP.

Loss from operations was RMB150.3 million (US$21.3 million) in the second quarter of 2020, compared to a loss from operations of RMB199.2 million in the second quarter of 2019. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB131.0 million (US$18.5 million) in the second quarter of 2020.

Net loss was RMB154.6 million (US$21.9 million) in the second quarter of 2020, compared to a net loss of RMB167.2 million in the second quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB135.3 million (US$19.1 million) in the second quarter of 2020.

Net loss attributable to ordinary shareholders was RMB147.6 million (US$20.9 million) in the second quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB168.0 million in the second quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB128.3 million (US$18.2 million) in the second quarter of 2020.

As of June 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$225.2 million). The COVID-19 pandemic has negatively impacted our business operation and cash flows for the second quarter of 2020, which could continue to impact on subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.

Business Outlook

Tuniu’s business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the third quarter of 2020, the Company expects to generate RMB85.3 million to RMB170.5 million of net revenues, which represents 80% to 90% decrease year-over-year, and 151% to 401% increase quarter-over-quarter. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.

Conference Call Information

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on August 28, 2020, (8:00 pm, Beijing/Hong Kong Time, on August 28, 2020) to discuss the second quarter 2020 financial results.

To participate in the conference call, please dial the following numbers:

US:	+1-888-346-8982
Hong Kong:	+852-301-84992
Mainland China:	4001-201203
International:	+1-412-902-4272
Conference ID:	Tuniu 2Q 2020 Earnings Call

A telephone replay will be available one hour after the end of the conference through September 3, 2020. The dial-in details are as follows:

US:	+1-877-344-7529
International:	+1-412-317-0088
Replay Access Code:	10147497

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu 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 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 Tuniu’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 are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; the Company’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company’s structure, business and industry; the impact of the COVID-19 on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company’s business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

(Financial Tables Follow)

Tuniu Corporation
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except per share information)

	December 31, 2019	June 30, 2020	June 30, 2020
	RMB	RMB	US$

ASSETS
Current assets
Cash and cash equivalents	295,463	527,934	74,724
Restricted cash	327,052	85,904	12,159
Short-term investments	1,305,386	976,996	138,285
Accounts receivable, net	529,983	364,146	51,542
Amounts due from related parties	65,108	50,998	7,218
Prepayments and other current assets	1,300,284	899,562	127,324
Total current assets	3,823,276	2,905,540	411,252

Non-current assets
Long-term investments	1,305,612	557,446	78,901
Property and equipment, net	223,340	197,230	27,916
Intangible assets, net	166,267	112,602	15,938
Land use right, net	98,774	97,744	13,835
Operating lease right-of-use assets, net	105,839	54,945	7,777
Goodwill	232,007	232,007	32,838
Other non-current assets	83,923	60,147	8,514
Long-term amounts due from related parties	557,582	552,328	78,177
Total non-current assets	2,773,344	1,864,449	263,896
Total assets	6,596,620	4,769,989	675,148

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	203,845	50,602	7,162
Accounts and notes payable	1,311,963	998,689	141,355
Amounts due to related parties	29,755	27,913	3,951
Salary and welfare payable	112,511	52,836	7,478
Taxes payable	12,207	2,255	319
Advances from customers	1,113,879	229,856	32,534
Operating lease liabilities, current	57,490	35,451	5,018
Accrued expenses and other current liabilities	907,119	897,505	127,034
Total current liabilities	3,748,769	2,295,107	324,851

Non-current liabilities
Operating lease liabilities, non-current	54,718	37,551	5,315
Deferred tax liabilities	23,658	22,029	3,118
Long-term borrowings	9,689	19,403	2,746
Other non-current liabilities	10,947	10,947	1,550
Total non-current liabilities	99,012	89,930	12,729
Total liabilities	3,847,781	2,385,037	337,580

Mezzanine equity
Redeemable noncontrolling interests	37,200	37,261	5,274

Shareholders’ equity
Ordinary shares	249	249	35
Less: Treasury stock	(310,942)	(308,146)	(43,615)
Additional paid-in capital	9,113,512	9,118,231	1,290,602
Accumulated other comprehensive income	293,784	301,604	42,689
Accumulated deficit*	(6,385,974)	(6,754,555)	(956,045)
Total Tuniu’s shareholders’ equity	2,710,629	2,357,383	333,666
Noncontrolling interests	1,010	(9,692)	(1,372)
Total Shareholders’ equity	2,711,639	2,347,691	332,294
Total liabilities and shareholders’ equity	6,596,620	4,769,989	675,148


On 1 January 2020, the Company adopted ASU No. 2016-13 (ASU 2016-13), "Financial Instruments – Credit Losses"*, and recognized a cumulative-effect adjustment to the opening retained earnings at the adoption date.

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)

	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020
	RMB	RMB	RMB	US$

Revenues
Packaged tours	429,482	120,240	12,563	1,778
Others	90,848	53,741	21,461	3,038
Net revenues	520,330	173,981	34,024	4,816
Cost of revenues	(287,330)	(81,460)	(26,292)	(3,721)
Gross profit	233,000	92,521	7,732	1,095

Operating expenses
Research and product development	(80,197)	(51,026)	(20,647)	(2,922)
Sales and marketing	(224,582)	(124,698)	(84,255)	(11,926)
General and administrative	(134,389)	(133,860)	(60,952)	(8,627)
Other operating income	6,925	1,574	7,774	1,100
Total operating expenses	(432,243)	(308,010)	(158,080)	(22,375)
Loss from operations	(199,243)	(215,489)	(150,348)	(21,280)
Other income/(expenses)
Interest and investment income, net	36,645	21,852	7,061	999
Interest expense	(6,970)	(10,499)	(9,627)	(1,363)
Foreign exchange gains/(losses), net	1,090	(877)	(4,184)	(592)
Other income/(loss), net	586	(1,718)	1,323	187
Loss before income tax expense	(167,892)	(206,731)	(155,775)	(22,049)
Income tax benefit	738	817	934	132
Equity in income of affiliates	–	744	215	30
Net loss	(167,154)	(205,170)	(154,626)	(21,887)
Net loss attributable to noncontrolling interests	(444)	(3,629)	(7,073)	(1,001)
Net income/(loss) attributable to redeemable noncontrolling interests	245	(81)	142	20
Net loss attributable to Tuniu Corporation	(166,955)	(201,460)	(147,695)	(20,906)
(Accretion on)/Reversal of redeemable noncontrolling interests	(1,033)	(81)	81	11
Net loss attributable to ordinary shareholders	(167,988)	(201,541)	(147,614)	(20,895)

Net loss	(167,154)	(205,170)	(154,626)	(21,887)
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of nil tax	7,110	8,091	(271)	(38)
Comprehensive loss	(160,044)	(197,079)	(154,897)	(21,925)

Loss per share
Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.45)	(0.54)	(0.40)	(0.06)
Net loss per ADS – basic and diluted*	(1.35)	(1.62)	(1.20)	(0.18)
Weighted average number of ordinary shares used in computing basic and diluted loss per share	369,343,738	370,055,731	370,145,186	370,145,186

Share-based compensation expenses included are as follows:
Cost of revenues	1,827	207	189	27
Research and product development	4,112	2,136	832	118
Sales and marketing	1,519	205	147	21
General and administrative	8,723	2,025	1,759	249
Total	16,181	4,573	2,927	415

*Each ADS represents three of the Company’s ordinary shares.

Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)

	Quarter Ended June 30, 2020
	GAAP	Share-based	Amortization of acquired	Impairment of acquired	Non-GAAP
	Result	Compensation	intangible assets	intangible assets	Result

Cost of revenues	(26,292)	189	–	–	(26,103)

Research and product development	(20,647)	832	782		(19,033)
Sales and marketing	(84,255)	147	14,915	–	(69,193)
General and administrative	(60,952)	1,759	709		(58,484)
Other operating income	7,774	–	–		7,774
Total operating expenses	(158,080)	2,738	16,406	–	(138,936)

Loss from operations	(150,348)	2,927	16,406	–	(131,015)

Net loss	(154,626)	2,927	16,406	–	(135,293)

Net loss attributable to ordinary shareholders	(147,614)	2,927	16,406	–	(128,281)

Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.40)				(0.35)
Net loss per ADS – basic and diluted	(1.20)				(1.05)

Weighted average number of ordinary shares used in computing basic and diluted loss per share	370,145,186				370,145,186


	Quarter Ended March 31, 2020
	GAAP	Share-based	Amortization of acquired	Impairment of acquired	Non-GAAP
	Result	Compensation	intangible assets	intangible assets	Result

Cost of revenues	(81,460)	207	–	–	(81,253)

Research and product development	(51,026)	2,136	933		(47,957)
Sales and marketing	(124,698)	205	22,050	9,554	(92,889)
General and administrative	(133,860)	2,025	709		(131,126)
Other operating income	1,574	–	–		1,574
Total operating expenses	(308,010)	4,366	23,692	9,554	(270,398)

Loss from operations	(215,489)	4,573	23,692	9,554	(177,670)

Net Loss	(205,170)	4,573	23,692	9,554	(167,351)

Net loss attributable to ordinary shareholders	(201,541)	4,573	23,692	9,554	(163,722)

Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.54)				(0.44)
Net loss per ADS – basic and diluted	(1.62)				(1.32)

Weighted average number of ordinary shares used in computing basic and diluted loss per share	370,055,731				370,055,731


	Quarter Ended June 30, 2019
	GAAP	Share-based	Amortization of acquired	Impairment of acquired	Non-GAAP
	Result	Compensation	intangible assets	intangible assets	Result

Cost of revenues	(287,330)	1,827	–	–	(285,503)

Research and product development	(80,197)	4,112	513	–	(75,572)
Sales and marketing	(224,582)	1,519	34,163	–	(188,900)
General and administrative	(134,389)	8,723	704	–	(124,962)
Other operating income	6,925	–	–	–	6,925
Total operating expenses	(432,243)	14,354	35,380	–	(382,509)

Loss from operations	(199,243)	16,181	35,380	–	(147,682)

Net loss	(167,154)	16,181	35,380	–	(115,593)

Net loss attributable to ordinary shareholders	(167,988)	16,181	35,380	–	(116,427)

Net loss per ordinary share attributable to ordinary shareholders – basic and diluted	(0.45)				(0.32)
Net loss per ADS – basic and diluted	(1.35)				(0.96)

Weighted average number of ordinary shares used in computing basic and diluted loss per share	369,343,738				369,343,738


*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method.

Related Links :

https://www.tuniu.com/

PR Newswire

L-com Introduces New USB 3.0 Right-Angle Type-C Assemblies Ideal for High Speed Data Transfer in Tight Spaces

August 28, 2020 TechENT Syndication Leave a comment

IRVINE, Calif., Aug. 28, 2020 — L-com, a preferred manufacturer of wired and wireless connectivity products, announced today that it has launched a new line of USB 3.0 right-angle type-C assemblies that are ideal for data storage and acquisition, test and measurement, video transfer or cameras, portable data storage, and gaming hardware and interfaces.

L-com’s newest USB 3.0 assemblies feature an angled, 90°, type-C male connector on one end, and either a straight, type-A male or 90°, right-angle, type-A male plug on the other end. Since USB type-C has no set orientation, these new angled C cables can serve as both left and right or up and down angles. This eliminates the need for separate cables for each version angle as you can simply flip the cable from left to right or up to down. These assemblies are USB 3.0-compliant and feature 30-micro-inch gold-plated contacts that provide a reliable connection with repeated mating cycles. These cable assemblies are constructed with molded back shells for durability and increased strength at cable entry point for solving difficult connection problems in tight spaces. Plus, UL-style 2725 PVC jackets with 26 AWG power conductors deliver excellent power transfer capability.

"These new cable assemblies are perfect for high speed data transfer in tight spaces, while creating neat and organized cable runs. They have durable, molded, angled ends that save space and reduce stress on connector heads, strain reliefs and connecting ports," said Dustin Guttadauro, Product Line Manager.

L-com’s new USB 3.0 right-angle type-C cable assemblies are in stock and available for immediate shipment.

About L-com:
L-com, a leading manufacturer of wired and wireless connectivity products, offers a wide range of solutions and unrivaled customer service for the electronics and data communications industries. The company’s product portfolio includes cable assemblies, connectors, adapters, antennas, enclosures, surge protectors and more. L-com is headquartered in North Andover, Mass., is ISO 9001: 2015 certified and many of its products are UL® recognized. L-com is an Infinite Electronics brand.

About Infinite Electronics:
Based in Irvine, Calif., Infinite Electronics offers a broad range of components, assemblies and wired/wireless connectivity solutions, serving the aerospace/defense, industrial, government, consumer electronics, instrumentation, medical and telecommunications markets. Infinite’s brands include Pasternack, Fairview Microwave, L-com, MilesTek, Aiconics, KP Performance Antennas, PolyPhaser, Transtector, RadioWaves, ShowMeCables, INC-Installs and Integra Optics. Infinite Electronics serves a global engineering customer base with deep technical expertise and support, with one of the broadest inventories of products available for immediate shipment.

Press Contact:
Peter McNeil
L-com
17792 Fitch
Irvine, Calif.
978-682-6936

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PR Newswire

Yiwugo Signed a Digital Strategic Cooperation with AfriChina Projects Limited

August 27, 2020 TechENT Syndication Leave a comment

YIWU, China, Aug. 27, 2020 — Yiwugo.com, the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world, and AfriChina Projects Limited have signed a digital cooperation agreement. Yiwugo hopes to provide better localized and quality services to overseas buyers through the cooperation, while AfriChina Projects aims to enable local buyers access to quality merchants and products from Yiwu.

AfriChina Projects is currently owner of a digital trading platform for Nigerian buyers. During the cooperation, Yiwugo will provide information about its products and shops to this online platform to help Nigerian buyers purchase commodities from Yiwu’s suppliers. In this way, most of the challenges of doing business between Nigeria and China (e.g. providing more convenient and localized services, building trust between Nigerian buyers and Chinese suppliers on the digital platform, etc.) can be addressed in order to facilitate the seamless free flow of goods.

In recent years, the economic and trade cooperation between China and Nigeria has been on a fast track, with bilateral trade between China and Nigeria reaching $19.27 billion in 2019, up 26.3 percent from the previous year, making Nigeria No. 1 among China’s top 40 trading partners in terms of growth rate. Nigeria has been paying close attention to China’s "Belt and Road Initiative" and has been strengthening its cooperation with China through it. Yiwu is one of the major cities of international trade along the "Belt and Road" and one of the largest export bases in China, with its small commodities are exported to 219 countries and regions around the world. In the context of the current global COVID-19 outbreak, digital international trade is undoubtedly the best choice.

Currently, Yiwugo has signed agreements on digital strategic cooperation with partners from more than ten countries and regions including Russia, Iran, Lebanon, Syria, Canada, Brazil, Egypt, Chile, Malaysia, Indonesia, to achieve win-win cooperation. Overseas partners provide local buyers with convenient and localized services by accessing the information of shops and products on the Yiwugo platform. By this way, Yiwugo strives to open up global digital trade channels for small commodities of Yiwu.

PR Newswire

MoneyGram Expands Digital Network and Mobile Wallet Capability by Integrating with Global Payment Network, Thunes

August 26, 2020 TechENT Syndication Leave a comment

JOHANNESBURG and SINGAPORE, Aug. 26, 2020 — MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced a partnership with leading fintech payment network, Thunes, which will enable MoneyGram’s customers to seamlessly send money directly to mobile wallets and bank accounts globally through the MoneyGram platform.

MoneyGram Expands Digital Network and Mobile Wallet Capability by Integrating with Global Payment Network, Thunes

The global partnership will see additional payment services progressively rolled out in two phases. The first will be in Africa where countries such as Kenya, Tanzania and Uganda lead the continent in mobile wallet usage, while the second will focus on the Asia Pacific region and Latin America.

"This partnership marks an important milestone for us. Through this tie-up, Thunes can connect MoneyGram to over 30 markets in Africa, enabling us to significantly expand our reach into the region," said John Gely, Head of MoneyGram Africa. "We are continuously investing in key markets and accelerating digital growth through the integration of mobile wallets and banks, and we believe our partnership with Thunes will further support our strong expansion."

MoneyGram recently reported that account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the company reported 148% year-over-year transaction growth. This partnership is expected to further support this strong growth globally and further strengthen MoneyGram’s leading position in Africa.

"Thunes aspires to bridge the last mile in terms of access to financial services, particularly in emerging markets, and as such, this partnership is a strong fit," said Peter De Caluwe, CEO of Thunes. "Our robust technological capabilities will enable MoneyGram to achieve greater efficiencies which will bring about significant benefits for MoneyGram customers. In working together with MoneyGram, we strive to help them extend their reach worldwide. Beyond Africa, our next step is to facilitate MoneyGram’s expansion into Asia and Latin America."

According to the GSMA’s 2019 State of the Industry Report on Mobile Money, the mobile money industry is recording astonishing growth with roughly $730 billion global transactions in 2019. The organization reports Africa as one of the fastest growing mobile money transaction continents in the world with an estimated 190 million active wallets.

The COVID-19 outbreak had served to accelerate the trend towards digital payments as people shift away from cash and towards card and contactless payments for health and safety reasons.

"Like MoneyGram, it is important to us that we continue to make essential financial services more inclusive worldwide," said Serigne Dioum, Head of Mobile Money at MTN Group. "MoneyGram’s partnership with Thunes is already enabling our customers located across the African continent to receive payments quickly from MoneyGram straight to their mobile phones. This is significant, especially in times where the use of cash has been adversely impacted."

About MoneyGram International, Inc.

MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.

MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.

With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience, MoneyGram is leading the evolution of digital P2P payments.

For more information, please visit MoneyGram.com and follow @MoneyGram

About Thunes

Thunes is a B2B cross-border payments network that enables corporates and financial institutions to move funds and provide financial services in emerging markets. Our global platform connects mobile wallet providers, banks, technology companies and money transfer operators in more than 100 countries and 60 currencies. Thunes is headquartered in Singapore with regional offices in London, Shanghai and New York.

For more information, visit www.thunes.com

About MTN Group

Launched in 1994, the MTN Group is a leading emerging markets operator with a clear vision to lead the delivery of a bold new digital world to our 240 million customers in 21 countries in Africa and the Middle East. We are inspired by our belief that everyone deserves the benefits of a modern connected life. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code "MTN". We are pursuing our BRIGHT strategy with a major focus on growth in data, fintech and digital businesses.

For more information, visit www.mtn.com or www.mtn.co.za

Photo – https://photos.prnasia.com/prnh/20200826/2899894-1?lang=0

Related Links :

http://www.thunes.com

PR Newswire

AirPay FinTech integrate with AsiaPay, facilitate eCommerce merchant to accept and drive sales via Alipay, WeChat Pay & UnionPay digital marketing

August 25, 2020 TechENT Syndication Leave a comment

eCommerce merchant can now accept and drive sales via Alipay, WeChat Pay & UnionPay through AirPay – AsiaPay payment gateway integration.
AirPay FinTech provides digital marketing support to drive 1M+ Chinese consumers to merchants’ website.
Support popular shopping cart like Shopify, Magento, Opencart & WooCommerce, etc.

MELBOURNE, Australia, Aug. 25, 2020 — Australia fintech company AirPay Financial Technologies "AirPay FinTech" announced its collaboration with AsiaPay, a leading payment gateway in Asia Pacific region, to enable Australia and New Zealand merchants to accept Alipay, WeChat Pay & UnionPay via its extensive network of payment plugins such as Magento, Opencart & WooCommerce, etc.

Merchants can enjoy various value-added gateway features like MCP, Pay Booth, Payment Link, Recurring Payment & built in Anti-Fraud solutions, etc.

According to report by Statista, global eCommerce sales reached USD 4 Trillion in 2019 and expected to reach USD 6.54 Trillion in 2022. Growth also includes mCommerce, more consumers are turning their habit to pay via Smartphone. Alipay & WeChat Pay are two most popular Smartphone payment.

AsiaPay Senior Manager, AirPay FinTech Co-Founder Simon Tse said, "We are thrilled to offer omni-channel payment & marketing to Sneakerboy, Primus Hotel, Canvas Beauty, Urban Pharmacy, HarkHark, Daojia via AsiaPay’s integration. We aim to drive one million Chinese consumers to merchants via everyday usage of our new features "ToPay" which is embedded within Chinese media platform ‘Today Australia‘ app."

"Along with our technology and partnership development, AirPay FinTech also integrated with Shopify, client reference: Koko Black, Thermomix, Pixie’s Bows and Alice McCall."

Alipay, WeChat Pay & UnionPay is now available within AsiaPay payment gateway. Digital marketing support to merchant is provided by AirPay FinTech to drive massive traffic to merchants’ website.

About AirPay FinTech

AirPay FinTech helps merchants to better communicate with Chinese consumers via Alipay, WeChat Pay & UnionPay. AirPay is invested by SwiftPass Technologies, a wholly owned subsidiary of a China listed company.

www.airpayfintech.com

Retail clients include Gucci, MaxMara, Valentino, Moncler, Sneakerboy, Victoria’s Secret, Champion, Glue Store, etc., has adopted its payment and marketing services for better customer experience.

About AsiaPay

AsiaPay enables merchants to accept Visa/MasterCard, Amex, PayPal, ZipPay, POLi, Alipay, WeChat Pay, UnionPay & other alternative payment methods via extensive payment plugins & advanced API.

www.asiapay.com.au

Contact: Simon Tse, +61-413-888-280, info@airpayfintech.com

Related Links :

http://www.airpayfintech.com/

PR Newswire

Meituan Dianping Announces Financial Results for the Three and Six Months Ended June 30, 2020

August 21, 2020 TechENT Syndication Leave a comment

HONG KONG, Aug. 21, 2020 — Meituan Dianping (HKG: 3690) (the "Company" or "Meituan"), China’s leading e-commerce platform for services, today announced the unaudited consolidated results of the Company for the three and six months ended June 30, 2020.

Company Financial Highlights

Although the COVID-19 pandemic continued to impact the daily operations of our merchants, including restaurants, hotels and other local services merchants, our businesses demonstrated resilience and recovered at a gradual pace. Total revenues for the second quarter of 2020 increased by 8.9% year-over-year to RMB 24.7 billion from RMB 22.7 billion for the same period of 2019. Operating profit improved to RMB 2.2 billion in the second quarter of 2020, increasing by 95.5% year-over-year, while operating margin increased from 4.9% to 8.8%. Both adjusted EBITDA and adjusted net profit experienced positive year-over-year growth and improved to RMB 2.6 billion and RMB 2.7 billion, respectively. Our operating cash flow also turned to positive RMB 5.6 billion for the second quarter of 2020 from negative RMB5 .0 billion for the first quarter of 2020. We had cash and cash equivalents of RMB 13.9 billion and short-term investments of RMB44.5 billion as of June 30, 2020, compared to the balances of RMB 14.1 billion and RMB 42.4 billion, respectively, as of March 31, 2020.

"Although we continued to see impacts from the outbreak of COVID-19 in the second quarter, our business demonstrated resilience and recovered at a good pace," said Xing Wang, Chairman and CEO of Meituan. "During the quarter, we helped our merchants to weather the storm, which created value for our vast community of consumers and merchants, and, as a result, stimulated the progressive recovery of the local services industry from the pandemic. We further boosted the competitive advantages of our core businesses while enhancing our ecosystem during our business recovery process. In the second quarter, we utilized advanced digital operations tools to enable more merchants, enhanced our on-demand delivery infrastructure to better facilitate the digital lifestyle of consumers, and accelerated the online penetration and digitization of essential local services on both the demand and supply side."

"As the leading e-commerce platform for services, Meituan will continue to fulfill our social responsibilities," Wang said. "We will help to further boost consumption growth and to recover local economies to the best of our abilities despite the uncertainties and challenges in the next few quarters. We believe that our philosophy of focusing on the long-term growth and rewards will continue to yield positive results for all participants in the Meituan ecosystem."

Company Business Highlights

Food delivery

For the second quarter of 2020, GTV of our food delivery business increased by 16.9% year-over-year to RMB108.8 billion. The daily average number of food delivery transactions increased by 6.9% year-over-year to 24.5 million. The average value per order of our food delivery business increased by 9.4% year-over-year. Monetization Rate^[i] of our food delivery business decreased to 13.4% for the second quarter of 2020 from 13.8% for the same period of 2019. As a result, revenues of food delivery business increased by 13.2% year-over-year to RMB 14.5 billion for the second quarter of 2020. Operating profit from our food delivery business turned to positive RMB 1.3 billion for the second quarter of 2020, compared to operating loss of RMB70.9 million for the first quarter of 2020, while operating margin turned to positive 8.6% from negative 0.7%. Moreover, operating profit from the food delivery business increased by 65.7% year-over-year, while operating margin improved by 2.7 percentage points year-over-year.

Despite the pandemic’s continuous impact, we further demonstrated the unique competitiveness of our business model and validated the essential needs for food delivery services from both consumers and merchants. Especially, our immediate response to the COVID-19 new cases that occurred in Beijing showcased our increasing experience in managing the recurring outbreaks of COVID-19. To ensure the safety of our delivery riders and consumers, among other measures, we immediately organized nucleic acid testing for all of our delivery riders in Beijing, expanded the use of "intelligent lockers" in the city, and further upgraded our contactless delivery process. For merchants, we rolled out targeted support and commission rebate programs to help them better survive the COVID-19 new cases that occurred in Beijing. We also created a portal for merchants to upload their green COVID-19 testing results so as to provide consumers with extra food safety assurance.

In the second quarter of 2020, we continued to launch various promotional campaigns to stimulate the recovery of our food delivery business. For example, we rolled out the "June 18 Food Delivery Festival" and engaged around 4,000 reputable restaurants and brands to provide consumers with a wide variety of attractive promotions in the period. We were also spot-on in identifying consumers’ behavioral changes and used targeted promotions to actively increase the consumption of afternoon tea and late-night snacks. Moreover, we have further stepped up the portion of subsidies allocated to targeted repeat consumers through our effective food delivery membership program. As a result, the order volume of our food delivery business experienced positive year-over-year growth in the second quarter of 2020, with the daily average number of food delivery transactions increasing by 6.9% year-over-year to 24.5 million.

On the merchant side, a further recovery in merchant operation and consumer consumption led to the strong marketing demand from merchants in the second quarter of 2020. Meanwhile, the pandemic has accelerated the restaurants’ online migration, increasing the mix of high-quality merchants on our platform during the period. Notably, the number of newly-onboard branded merchants increased by more than 110% in the second quarter as compared to the prior year period. Their increased demand for online traffic has accelerated their adoption of our online marketing services. As a result, online marketing services revenues experienced rapid growth in the second quarter of 2020, increased by 62.2% year-over-year.

On the delivery front, we further improved our delivery efficiency in the second quarter of 2020, attributable to the refinement of our proprietary dispatching system algorithms and the continuous improvement of the operation of our delivery network. In addition, the sufficient delivery capacity and the favorable weather condition across the country enabled us to reduce the amount of seasonal incentives paid to delivery riders on a quarter-over-quarter basis. These factors together have allowed us to better control delivery cost per order on both a quarter-over-quarter and a year-over-year basis. Meantime, the importance of our on-demand delivery network as a critical component of society’s broader logistical infrastructure has been substantially elevated post the outbreak of COVID-19. Our delivery network helped to ensure continuity in people’s daily lives during the pandemic and served as a stabilizing force for society by creating abundant employment opportunities. We will continue to explore diversified delivery models and invest in the cutting-edge technology for autonomous delivery to further improve our operating efficiency and enlarge our capacity while striving to serve the needs of our merchants and consumers in more service categories.

In-store, hotel & travel

Revenues from our in-store, hotel & travel businesses decreased by 13.4% year-over-year to RMB4.5 billion in the second quarter of 2020. Operating profit of our in-store, hotel & travel businesses decreased by 11.9% year-over-year, but increased by 178.1% quarter-over-quarter to RMB 1.9 billion in the second quarter of 2020, while operating margin increased by 0.7 percentage points year-over-year and by 19.6 percentage points quarter-over-quarter to 41.6%.

During the second quarter of 2020, the in-store segment continued to recover at a slower pace than the food delivery business as consumers needed more time to rebuild confidence in certain discretionary in-store consumptions. In order to stimulate local services consumption and restore local economies, we cooperated with local governments to launch the "Safe Consumption Festival" in more than 60 cities and issued e-Vouchers during this quarter. These e-Vouchers were mainly for in-store dining initially, but we have since expanded them to cover hotels, shopping, and other local services. We also launched a series of promotional campaigns in the second quarter of 2020, including Labour Day promotions, Dragon Boat Festival promotions, and June 18 Marketing Festival promotions. These events covered all the aspects of our in-store services and helped to accelerate our collaborations with popular merchant brands to further improve our merchant base and offer consumers a wider variety of choices in turn. As a result, the recovery of transaction volume and merchants’ marketing demand of our in-store segment was on the right track. The year-over-year decline in commission revenues and online marketing services revenues were significantly narrowed from the first quarter of 2020. Moreover, we published a new 2020 version of our reputable "Must List Series." This series has evolved into a comprehensive and professional local services guide over the years. During the COVID-19 pandemic, we noticed that consumers became more price-sensitive and conscious of hygiene factors, which further compounded the ability of our trusted Must List Series to attract user traffic and guide consumers to quality merchants. It also created a positive feedback loop for merchants to upgrade their services and better meet the emerging needs of consumers.

Our hotel business continued to be significantly affected by the pandemic, with the number of domestic room nights consumed on our platform in the second quarter of 2020 decreasing by 17% year-over-year. Nevertheless, we kept increasing our partnership with more hotels via our "Safe Stay" program to provide travelers with accommodation options that are more conducive to their desires and the quarantine environment. Meantime, in light of the increasing demand for intra-city and short-distance local travel, we also launched the "Safe Travel" program to help expedite the recovery of the industry. More notably, the pace of development for our high-star hotel partnerships also picked up, and we established a significant increase in relationships with these types of hotels in the second quarter of 2020 by increasing their non-lodging revenues through our "hotel + x" program. As a result, the contribution from high-end hotels further increased year-over-year.

New initiatives and others

Revenues from the new initiatives and others segment increased by 22.1% year-over-year to RMB5.6 billion in the second quarter of 2020. On a sequential basis, operating loss from the new initiatives and others segment expanded by 7.0% to RMB1.5 billion for the second quarter of 2020 from RMB 1.4 billion for the first quarter of 2020, while operating margin improved by 6.8 percentage points to negative 25.9% for the second quarter of 2020 from negative 32.7% for the first quarter of 2020. Operating loss from the new initiatives and others segment narrowed by 11.3% on a year-over-year basis, while operating margin improved by 9.8 percentage points year-over-year.

The COVID-19 pandemic was a catalyst for several of our new initiatives, and we saw a noticeable shift in the online shopping behavior on the consumer side and accelerated online penetration of traditional offline service businesses during the pandemic. During the second quarter of 2020, we maintained the rapid expansion of our key businesses, especially grocery retail business. Our marketplace model "Meituan Instashopping" achieved stellar revenue growth during the second quarter of 2020 on a year-over-year basis as we expanded our product variety and SKU categories to significantly grow our merchant base. "Caidaquan," our relatively nascent fresh produce-focused brand under "Meituan Instashopping," enabled more than 300 traditional wet markets to sell online and operate digitally. Our self-operated model, "Meituan Grocery," not only significantly expanded its coverage in key cities, such as Beijing and Shenzhen, but also began operations in new cities, such as Guangzhou, in July 2020. During the second quarter of 2020, we also established a new business division for community group purchase services, rolling out the "Meituan Selected" service brand accordingly in Jinan, Shandong in July 2020, which offers carefully selected fresh produce and daily necessities at attractive prices for local consumers living in different communities. Group leaders are appointed by us in each community to promote our discounted grocery products via WeChat groups. Group members can place orders through our WeChat Mini Program and pick up their products the next day at self-pickup points located in nearby convenience stores.

For bike-sharing services, we replaced around 1.5 million old bikes with new "Meituan Bikes" during the second quarter of 2020. The average turnover rate per bike improved incrementally and the unit economics also improved. Additionally, we launched more than 290,000 electric bikes. During this period, the average turnover rate per electric bike achieved better unit economics as compared to traditional bikes and demonstrated a clear path to independent profitability.

For the full announcement of Meituan 2020 interim results, please visit:
http://meituan.todayir.com/attachment/202008211704561761848748_en.pdf

About Meituan Dianping

Meituan Dianping (HKG: 3690) (the "Company" or "Meituan") is China’s leading e-commerce platform for services. With the mission of "We help people eat better, live better," the Company’s platform uses technology to connect consumers and merchants. Service offerings on the platform address people’s daily needs for food, and extend further to broad lifestyle and travel services. Meituan is the world’s leading on-demand food delivery service provider and China’s leading e-commerce platform for in-store dining services. Meituan helps consumers discover merchant information, make informed decisions, complete online and offline transactions and enjoy on-demand delivery. The Company currently owns several household brands in China, including Meituan, China’s leading online marketplace for services, Dianping, China’s leading online destination for discovering local services, Meituan Waimai for on-demand delivery services, and Meituan Bikes for bike-sharing services. Meituan has 457.3 million Annual Transacting Users and 6.3 million Annual Active Merchants as of June 30, 2020. The Company operates in over 2,800 cities and counties in China.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.

For media inquiries, please contact:
Meituan Dianping
pr.global@meituan.com
ir@meituan.com

Edmond Lococo
ICR Inc.
Email: Edmond.Lococo@icrinc.com
Tel: +86 138-1079-1408

[i] Monetization rate equals the revenues for the period divided by the Gross Transaction Volume for the period.

Related Links :

https://www.meituan.com/

PR Newswire

Tuniu to Report Second Quarter 2020 Financial Results on August 28, 2020

August 21, 2020 TechENT Syndication Leave a comment

NANJING, China, Aug. 21, 2020 — Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2020, before the market opens on August 28, 2020.

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time on August 28, 2020 (8:00 pm Beijing/Hong Kong Time on August 28, 2020).

Listeners may access the call by dialing the following numbers:

US	+1-888-346-8982
Hong Kong	+852-301-84992
Mainland China	4001-201203
International	+1-412-902-4272

Conference ID:	Tuniu 2Q 2020 Earnings Call

A telephone replay will be available one hour after the end of the conference call through September 3, 2020. The dial-in details are as follows:

US	+1-877-344-7529
International	+1-412-317-0088

Replay Access Code:	10147497

Additionally, a live and archived webcast of this conference call will be available at http://ir.tuniu.com/.

About Tuniu Corporation

Related Links :

https://www.tuniu.com/

PR Newswire

Vipshop Reports Unaudited Second Quarter 2020 Financial Results

August 19, 2020 TechENT Syndication Leave a comment

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 19, 2020

GUANGZHOU, China, Aug. 19, 2020 — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

Total net revenue for the second quarter of 2020 increased by 6.0% year over year to RMB24.1 billion (US$3.4 billion) from RMB22.7 billion in the prior year period.
GMV^[1] for the second quarter of 2020 increased by 9% year over year to RMB38.4 billion from RMB35.1 billion in the prior year period.
Gross profit for the second quarter of 2020 was RMB4.9 billion (US$699.2 million), as compared with RMB5.1 billion in the prior year period.
Net income attributable to Vipshop’s shareholders for the second quarter of 2020 increased by 88.9% year over year to RMB1.5 billion (US$217.5 million) from RMB813.5 million in the prior year period.
Non-GAAP net income attributable to Vipshop’s shareholders^[2] for the second quarter of 2020 increased by 24.3% year over year to RMB1.3 billion (US$186.9 million) from RMB1.1 billion in the prior year period.
The number of active customers^[3] for the second quarter of 2020 increased by 17% year over year to 38.8 million from 33.1 million in the prior year period.
Total orders^[4] for the second quarter of 2020 increased by 15% year over year to 170.5 million from 147.8 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We are delighted to have delivered solid financial and operational results in the second quarter of 2020, driven by our strong merchandising capability. In particular, our number of active customers during the quarter increased by 17% year over year to 38.8 million from 33.1 million in the same period last year. We have seen strong recovery in demand for apparel since early May and ran a successful promotional campaign in June after daily life in China has returned to normal. Looking ahead, we will continue to focus on enhancing our product offerings, working more effectively with our suppliers to provide our customers with top-notch apparel assortments. We believe that we are well positioned to continue to gain market share in China’s discount retail segment."

Mr. Donghao Yang, Chief Financial Officer of Vipshop, further commented, "We finished the second quarter of 2020 with healthy topline growth and improved year-over-year net margin attributable to Vipshop’s shareholders. During the quarter, repeat customers as a percentage of total active customers increased to 90% from 87% in the prior year period, representing a meaningful enhancement in our customer stickiness. These successes were made possible by our team’s solid execution in optimizing our product assortment to meet our customers’ needs. Looking ahead, we will continue to execute on our merchandising strategy, aiming to deliver strong topline growth balanced with solid profitability."

Second Quarter 2020 Financial Results

REVENUE

Total net revenue for the second quarter of 2020 increased by 6.0% year over year to RMB24.1 billion (US$3.4 billion) from RMB22.7 billion in the prior year period, primarily driven by the growth in the number of total active customers.

GROSS PROFIT

Gross profit for the second quarter of 2020 was RMB4.9 billion (US$699.2 million), as compared with 5.1 billion in the prior year period. Gross margin for the second quarter of 2020 was 20.5%, as compared with 22.4% in the prior year period, primarily attributable to the Company’s strategy to reinvest into discounts and coupons during this year’s June promotional event.

OPERATING EXPENSES

Total operating expenses for the second quarter of 2020 decreased to RMB3.8 billion (US$540.0 million) from RMB4.2 billion in the prior year period. As a percentage of total net revenue, total operating expenses for the second quarter of 2020 decreased to 15.8% from 18.5% in the prior year period.

Fulfillment expenses for the second quarter of 2020 decreased to RMB1.7 billion (US$237.3 million) from RMB2.2 billion in the prior year period. As a percentage of total net revenue, fulfillment expenses for the second quarter of 2020 decreased to 7.0% from 9.7% in the prior year period, primarily attributable to the change in fulfillment logistic arrangement.
Marketing expenses for the second quarter of 2020 were RMB1.0 billion (US$145.6 million), as compared with RMB877.6 million in the prior year period. As a percentage of total net revenue, marketing expenses for the second quarter of 2020 were 4.3%, as compared with 3.9% in the prior year period.
Technology and content expenses for the second quarter of 2020 decreased to RMB305.4 million (US$43.2 million) from RMB422.3 million in the prior year period. As a percentage of total net revenue, technology and content expenses for the second quarter of 2020 decreased to 1.3% from 1.9% in the prior year period.
General and administrative expenses for the second quarter of 2020 were RMB804.6 million (US$113.9 million), as compared with RMB706.3 million in the prior year period. As a percentage of total net revenue, general and administrative expenses for the second quarter of 2020 were 3.3%, as compared with 3.1% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the second quarter of 2020 increased by 28.4% year over year to RMB1.2 billion (US$175.5 million) from RMB965.4 million in the prior year period. Operating margin for the second quarter of 2020 increased to 5.1% from 4.2% in the prior year period.

Non-GAAP income from operations^[5] for the second quarter of 2020, which excluded share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, increased by 27.1% year over year to RMB1.5 billion (US$211.4 million) from RMB1.2 billion in the prior year period. Non-GAAP operating income margin^[6] for the second quarter of 2020 increased to 6.2% from 5.2% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the second quarter of 2020 increased by 88.9% year over year to RMB1.5 billion (US$217.5 million) from RMB813.5 million in the prior year period. Net margin attributable to Vipshop’s shareholders for the second quarter of 2020 increased to 6.4% from 3.6% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS^[7] for the second quarter of 2020 increased to RMB2.24 (US$0.32) from RMB1.21 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the second quarter of 2020, which excluded (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee, increased by 24.3% year over year to RMB1.3 billion (US$186.9 million) from RMB1.1 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders^[8] for the second quarter of 2020 increased to 5.5% from 4.7% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS^[9] for the second quarter of 2020 increased to RMB1.92 (US$0.27) from RMB1.58 in the prior year period.

For the quarter ended June 30, 2020, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 686,613,335.

BALANCE SHEET AND CASH FLOW

As of June 30, 2020, the Company had cash and cash equivalents and restricted cash of RMB8.1 billion (US$1.1 billion) and short term investments of RMB5.9 billion (US$840.7 million).

For the quarter ended June 30, 2020, net cash from operating activities was RMB5.1 billion (US$720.3 million), and free cash flow[^10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended
	Jun 30, 2019 RMB’000	Jun 30, 2020 RMB’000	Jun 30, 2020 US$’000
Net cash from operating activities	3,438,809	5,088,869	720,283
Add: Net impact from Internet financing activities^[11]	(1,254,977)	(311,652)	(44,111)
Less: Capital expenditures	(936,124)	(452,630)	(64,066)
Free cash inflow	1,247,708	4,324,587	612,106


For the trailing twelve months ended
	Jun 30, 2019 RMB’000	Jun 30, 2020 RMB’000	Jun 30, 2020 US$’000
Net cash from operating activities	10,207,552	11,549,627	1,634,744
Add: Net impact from Internet financing activities^[11]	(1,829,324)	(4,027,419)	(570,044)
Less: Capital expenditures	(3,954,839)	(3,375,199)	(477,728)
Free cash inflow	4,423,389	4,147,009	586,972

Recent Development

Mr. Donghao Yang will step down from the Company’s Chief Financial Officer position for personal reasons in November 2020, and the Company’s Board of Directors has appointed Mr. Yang as a new Non-Executive Director, effective simultaneously with the change of his position. Mr. Yang has served as the Company’s Chief Financial Officer since 2011 and made significant contributions to the Company’s growth and transformation from a privately held company into a publicly listed company with effective internal control and compliance systems in the past nine years. The Company has already commenced a search process for a new Chief Financial Officer.

Business Outlook

For the third quarter of 2020, the Company expects its total net revenue to be between RMB20.6 billion and RMB21.6 billion, representing a year-over-year growth rate of approximately 5% to 10%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency conversions of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.0651 to US$1.00, the effective noon buying rate on June 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2020, or at any other rate.

Conference Call Information

The Company will hold a conference call on Wednesday, August 19, 2020 at 7:30 am Eastern Time or 7:30 pm Beijing Time to discuss its financial results and operating performance for the second quarter of 2020.

All participants wishing to join the conference call must pre-register online using the link provided below. Once pre-registration has been complete, participants will receive dial-in numbers, a passcode, and a unique registrant ID. To join the conference, simply dial the number in the calendar invite you receive after pre-registration, enter the passcode followed by your PIN, and you will join the conference instantly.

Conference ID	#2094639
Registration Link	http://apac.directeventreg.com/registration/event/2094639

The replay will be accessible through August 27, 2020 by dialing the following numbers:

United States Toll Free:	+1-855-452-5696
International:	+61-2-8199-0299
Conference ID:	#2094639

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

About Vipshop Holdings Limited

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

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop 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. Statements that are not historical facts, including statements about Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding demand for and market acceptance of flash sales products and services; competition in the discount retail industry; the potential impact of the COVID-19 to Vipshop’s business operations and the economy in China and elsewhere generally; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that comparative consolidated statements of income and cash flows for the period presented and detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270"), have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating income margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. Non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions. Non-GAAP operating income margin is non-GAAP income from operations as a percentage of total net revenue. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenue. Free cash flow is net cash from operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets. Impact from Internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (a) share-based compensation, (b) amortization of intangible assets resulting from business acquisitions, (c) investment gain and revaluation of investments excluding dividends, and (d) share of loss in investment of limited partnership that is accounted for as an equity method investee adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (1) non-cash share-based compensation expenses, (2) amortization of intangible assets resulting from business acquisitions, (3) investment gain and revaluation of investments excluding dividends, and (4) share of loss in investment of limited partnership that is accounted for as an equity method investee. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from Internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure and technology platform. Share-based compensation expenses and amortization of intangible assets have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.

^[1] "Gross merchandise value (GMV)" is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, offline stores, and Shan Shan Outlets during the relevant period, including through the Company’s websites and mobile apps, third-party websites and mobile apps, Vipshop offline stores and Vipmaxx offline stores, as well as Shan Shan Outlets that were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the relevant orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

^[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee.

^[3] "Active customers" is defined as registered members who have purchased from the Company’s online sales business or the Company’s online marketplace platforms at least once during the relevant period.

^[4] "Total orders" is defined as the total number of orders placed during the relevant period, including the orders for products and services sold through the Company’s online sales business and the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

^[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.

^[6] Non-GAAP operating income margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

^[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share.

^[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

^[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

^[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from (used in) operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets.

^[11] Net impact from Internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

Vipshop Holdings Limited
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands, except for share and per share data)

	Three Months Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020
	RMB’000	RMB’000	RMB’000	USD’000

Product revenues	21,721,951	17,964,195	23,213,007	3,285,588
Other revenues⁽¹⁾	1,021,767	828,660	897,660	127,055
Total net revenues	22,743,718	18,792,855	24,110,667	3,412,643
Cost of revenues	(17,654,577)	(15,175,739)	(19,170,864)	(2,713,460)
Gross profit	5,089,141	3,617,116	4,939,803	699,183
Operating expenses:
Fulfillment expenses⁽²⁾	(2,198,543)	(1,393,690)	(1,676,229)	(237,255)
Marketing expenses	(877,573)	(412,305)	(1,028,903)	(145,632)
Technology and content expenses	(422,314)	(338,398)	(305,381)	(43,224)
General and administrative expenses	(706,252)	(839,220)	(804,619)	(113,886)
Total operating expenses	(4,204,682)	(2,983,613)	(3,815,132)	(539,997)
Other operating income	80,904	148,688	115,336	16,325
Income from operations	965,363	782,191	1,240,007	175,511
Investment gain and revaluation of investments	15,012	42,553	551,443	78,052
Impairment loss of investments	0	(5,046)	0	0
Interest expense	(12,194)	(35,395)	(21,070)	(2,982)
Interest income	41,732	81,190	100,286	14,195
Foreign exchange gain (loss)	30,920	48,754	(14,272)	(2,020)
Income before income tax expense and share of (loss) gain of equity method investees	1,040,833	914,247	1,856,394	262,756
Income tax expenses	(213,392)	(172,716)	(324,883)	(45,984)
Share of (loss) gain of equity method investees	(9,572)	(60,639)	7,588	1,074
Net income	817,869	680,892	1,539,099	217,846
Net (gain) loss attributable to non-controlling interests	(4,351)	3,933	(2,179)	(308)
Net income attributable to Vipshop’s shareholders	813,518	684,825	1,536,920	217,538

Shares used in calculating earnings per share⁽³⁾:
Weighted average number of Class A and Class B ordinary shares:
—Basic	133,403,777	134,326,928	134,956,142	134,956,142
—Diluted	134,648,293	136,909,242	137,322,667	137,322,667

Net earnings per Class A and Class B ordinary share
Net income attributable to Vipshop’s shareholders–Basic	6.10	5.10	11.39	1.61
Net income attributable to Vipshop’s shareholders–Diluted	6.04	5.00	11.19	1.58

Net earnings per ADS (1 ordinary share equals to 5 ADSs)
Net income attributable to Vipshop’s shareholders–Basic	1.22	1.02	2.28	0.32
Net income attributable to Vipshop’s shareholders–Diluted	1.21	1.00	2.24	0.32
⁽¹⁾ Other revenues primarily consist of revenues from third-party logistics services, product promotion and online advertising, fees charged to third-party merchants which the Company provides platform access for sales of their products, interest income from microcredit and consumer financing services, and inventory and warehouse management services to certain suppliers.
⁽²⁾ Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.21 billion, RMB 0.8 billion, and RMB 1.1 billion in the three month periods ended June 30,2019, March 31,2020 and June 30,2020, respectively.
⁽³⁾ Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote.

	Three Months Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020
	RMB’000	RMB’000	RMB’000	USD’000
Share-based compensation expenses included are as follows
Fulfillment expenses	37,497	27,215	25,905	3,667
Marketing expenses	10,970	3,939	4,661	660
Technology and content expenses	58,010	44,402	45,201	6,398
General and administrative expenses	103,048	171,455	172,136	24,364
Total	209,525	247,011	247,903	35,089


Vipshop Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)

		December 31, 2019	June 30, 2020	June 30, 2020
		RMB’000	RMB’000	USD’000
ASSETS
CURRENT ASSETS
Cash and cash equivalents		6,573,808	7,395,029	1,046,698
Restricted cash		1,145,477	704,630	99,734
Short term investments		3,052,726	5,939,873	840,734
Accounts receivable, net		1,295,766	537,530	76,082
Amounts due from related parties		47,964	359,327	50,859
Other receivables and prepayments,net		2,897,893	2,480,658	351,114
Loan receivables,net		306,115	90,401	12,795
Inventories		7,708,292	5,764,895	815,968
Total current assets		23,028,041	23,272,343	3,293,984
NON-CURRENT ASSETS
Property and equipment, net		11,256,810	12,391,200	1,753,860
Deposits for property and equipment		101,800	62,283	8,816
Land use rights, net		5,541,108	5,874,963	831,547
Intangible assets, net		337,310	360,309	50,998
Investment in equity method investees		3,112,952	2,119,858	300,046
Other investments		2,002,756	2,502,921	354,265
Other long-term assets		608,073	488,708	69,172
Amounts due from related party-non current		102,000	59,446	8,414
Goodwill		236,711	369,902	52,356
Deferred tax assets, net		539,561	612,344	86,672
Operating lease right-of-use assets		1,715,556	1,988,535	281,459
Total non-current assets		25,554,637	26,830,469	3,797,605
TOTAL ASSETS		48,582,678	50,102,812	7,091,589

LIABILTIES AND EQUITY
CURRENT LIABILITIES
Short term loans		1,093,645	1,850,828	261,968
Accounts payable		13,792,200	11,901,904	1,684,605
Advance from customers		1,233,165	1,053,406	149,100
Accrued expenses and other current liabilities		6,534,575	5,872,404	831,185
Amounts due to related parties		532,788	337,595	47,784
Deferred income		405,994	324,510	45,931
Operating lease liabilities		333,268	291,701	41,288
Total current liabilities		23,925,635	21,632,348	3,061,861
NON-CURRENT LIABILITIES
Long term loans		64,515	197,858	28,005
Deferred tax liability		165,098	388,251	54,953
Deferred income-non current		782,068	926,827	131,184
Operating lease liabilities		1,395,665	1,737,726	245,959
Other long term liabilities		0	40,085	5,674
Total non-current liabilities		2,407,346	3,290,747	465,775
TOTAL LIABILITIES		26,332,981	24,923,095	3,527,636

EQUITY:
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 117,584,362 and 118,686,997 shares issued and outstanding as of December 31, 2019 and June 30,2020, respectively)		76	77	11
Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and 16,510,358 and 16,510,358 shares issued and outstanding as of December 31, 2019 and June 30,2020, respectively)		11	11	2
Additional paid-in capital		9,959,497	10,443,055	1,478,119
Retained earnings		11,924,228	14,055,203	1,989,385
Accumulated other comprehensive loss		(56,656)	(34,342)	(4,867)
Non-controlling interests		422,541	715,713	101,303
Total shareholders’ equity		22,249,697	25,179,717	3,563,953
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		48,582,678	50,102,812	7,091,589


Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results

		Three Months Ended
		June 30, 2019	June 30, 2020	June 30, 2020
		RMB’000	RMB’000	USD’000
Income from operations		965,363	1,240,007	175,511
Share-based compensation expenses		209,525	247,903	35,089
Amortization of intangible assets resulting from business acquisitions		511	5,896	835
Non-GAAP income from operations		1,175,399	1,493,806	211,435


Net income		817,869	1,539,099	217,846
Share-based compensation expenses		209,525	247,903	35,089
Investment gain and revaluation of investments excluding dividends		(2,198)	(551,443)	(78,052)
Share of loss in investment of limited partnership that is accounted for as an equity method investee		24,218	27,739	3,926
Tax effect of investment gain and revaluation of investments excluding dividends		17,150	55,044	7,791
Amortization of intangible assets resulting from business acquisitions		511	5,896	835
Tax effect of amortization of intangible assets resulting from business acquisitions		(128)	(1,474)	(209)
Non-GAAP net income		1,066,947	1,322,764	187,226

Net income attributable to Vipshop’s shareholders		813,518	1,536,920	217,538
Share-based compensation expenses		209,525	247,903	35,089
Investment gain and revaluation of investments excluding dividends		(2,198)	(551,443)	(78,052)
Share of loss in investment of limited partnership that is accounted for as an equity method investee		24,218	27,739	3,926
Tax effect of investment gain and revaluation of investments excluding dividends		17,150	55,044	7,791
Amortization of intangible assets resulting from business acquisitions		501	5,896	835
Tax effect of amortization of intangible assets resulting from business acquisitions		(125)	(1,474)	(209)
Non-GAAP net income attributable to Vipshop’s shareholders		1,062,589	1,320,585	186,918

Shares used in calculating earnings per share:
Weighted average number of Class A and Class B ordinary shares:
–Basic		133,403,777	134,956,142	134,956,142
–Diluted		134,648,293	137,322,667	137,322,667

Non-GAAP net income per Class A and Class B ordinary share
Non-GAAP net income attributable to Vipshop’s shareholders–Basic		7.97	9.79	1.39
Non-GAAP net income attributable to Vipshop’s shareholders–Diluted		7.89	9.62	1.36

Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs)
Non-GAAP net income attributable to Vipshop’s shareholders–Basic		1.59	1.96	0.28
Non-GAAP net income attributable to Vipshop’s shareholders–Diluted		1.58	1.92	0.27

Related Links :

http://www.vip.com

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