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PR Newswire

Dingdong (Cayman) Limited Announces First Quarter 2023 Financial Results

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SHANGHAI, May 12, 2023 /PRNewswire/ — Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended March 31, 2023.

First Quarter 2023 Highlights:

  • GMV for the first quarter of 2023 decreased by 6.8% year over year to RMB5,451.2 million (US$793.8 million) from RMB5,851.3 million in the same quarter of 2022, primarily due to decreased consumer demand in the first quarter of 2023, as most of the pandemic restrictive measures were lifted. In contrast, consumer demand in the first quarter of 2022 was excessively high due to a series of restrictive measures implemented by local governments to contain the spread of the Omicron variant, in particular, during the city-wide lockdown in Shanghai last March. GMV in the first quarter of 2023 was also adversely affected by the Company’s withdrawal from several cities in 2022, due to difficulties in attaining profitability in these markets in the short term. Furthermore, the company reduced using subsidies and discounted pricing to attract and retain customers, which caused a temporary decrease in GMV.  Excluding March, GMV generated in January and February 2023 increased by 5.3% year over year to RMB3,600.9 million (US$524.3 million) from RMB3,420.7 million in the same period of 2022.
  • Fulfillment expenses for the first quarter of 2023 were RMB1,196.1 million (US$174.2 million), a decrease of 19.4% from RMB1,484.1 million in the same quarter of 2022. Fulfillment expenses as a percentage of total revenues decreased to 23.9% from 27.3% in the same quarter of 2022.
  • Non-GAAP net income for the first quarter of 2023 was RMB6.1 million (US$0.9 million), compared with non-GAAP net loss of RMB422.2 million in the same quarter of 2022.

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated,

“During the first quarter of 2023, there was reduced consumer demand for our products as China lifted its dynamic zero-COVID policy and people were traveling during the Chinese New Year and engaging in spring outings. We also incurred additional expenses and labor costs to ensure timely order fulfillment during the holiday. Despite these setbacks, we are proud that we were still able to achieve our expected non-GAAP breakeven this quarter.

Dingdong is a start-up dedicated to providing safe, healthy, and delicious food to users. Our mission is to innovate relentlessly for the betterment of people’s lives. We will leave no stone unturned to create value for consumers and society, while adhering to our roots and maintaining strict discipline. Our beliefs extend far beyond mere profitability, fueling our passion and drive to achieve success both now and in the future.”

Ms. Le Yu, Chief Strategy Officer of Dingdong, stated,

“In the first quarter of 2023, we recorded RMB5.45 billion GMV, with a year-over-year decrease of 6.8%, meanwhile our revenue was RMB5.0 billion, with a year-over-year decrease of 8.2%. To break it down, our GMV in January and February increased by 5.3% as compared to the same period of last year, and the decline in March was a comparison with the high base resulting from the lockdown in Shanghai last March. On a year-over-year basis, gross margin, fulfillment expense ratio, sales and marketing expense ratio, G&A expense ratio and product development expense ratio all were optimized. Our success in the first quarter adds confidence in our ability to achieve a full-year non-GAAP breakeven for 2023.”

First Quarter 2023 Financial Results

Total revenues were RMB4,997.5 million (US$727.7 million), representing a decrease of 8.2% from RMB5,443.7 million in the same quarter of 2022, which was primarily due to decreased consumer demand in the first quarter of 2023. In contrast, consumer demand in the first quarter of 2022 was excessively high due to a series of restrictive measures implemented by local governments to contain the spread of the Omicron variant, in particular, during the city-wide lockdown in Shanghai last March. Total revenues for the first quarter of 2023 was also adversely affected by the Company’s withdrawal from several cities in 2022, due to difficulties in attaining profitability in these markets in the short term. Total revenues for the first two months of 2023 increased by 5.2% year over year to RMB3,302.8 million (US$480.9 million) from RMB3,140.3 million in the same period of 2022.

  • Product Revenues were RMB4,937.8 million (US$719.0 million), a decrease of 8.1% from RMB5,375.1 million in the same quarter of 2022. Excluding March, total product revenues for the first two months of 2023 increased by 5.3% year over year to RMB3,261.8 million (US$475.0 million) from RMB3,096.2 million in the same period of 2022.
  • Service Revenues were RMB59.7 million (US$8.7 million), a decrease of 12.9% from RMB68.6 million in the same quarter of 2022, primarily because the Company was proactively optimizing its membership structure.

Total operating costs and expenses were RMB5,043.3 million (US$734.4 million), a decrease of 14.4% from RMB5,892.3 million in the same quarter of 2022, with a detailed breakdown as below.  

  • Cost of goods sold was RMB3,462.3 million (US$504.2 million), a decrease of 10.7% from RMB3,879.3 million in the same quarter of 2022. Cost of goods sold as a percentage of revenues decreased to 69.3% from 71.3% in the same quarter of 2022, primarily due to improvements in product development capabilities. Gross margin was 30.7%, a significant improvement from 28.7% in the same quarter of 2022.
  • Fulfillment expenses were RMB1,196.1 million (US$174.2 million), a decrease of 19.4% from RMB1,484.1 million in the same quarter of 2022. Fulfillment expenses as a percentage of total revenues decreased to 23.9% from 27.3% in the same quarter of 2022, mainly driven by the increase in average order value and improved frontline fulfillment labor efficiency.
  • Sales and marketing expenses were RMB87.5 million (US$12.7 million), a decrease of 50.3% from RMB176.1 million in the same quarter of 2022, as user acquisition cost per new transacting user decreased due to the Company’s improved product development capabilities and increasingly established brand image.
  • General and administrative expenses were RMB86.8 million (US$12.6 million), a decrease of 26.9% from RMB118.7 million in the same quarter of 2022, mainly due to the improved efficiency of our staff.
  • Product development expenses were RMB210.6 million (US$30.7 million), a decrease of 10.0% from RMB233.9 million in the same quarter of 2022, primarily due to the Company’s improved R&D efficiency. While advocating on energy and resource saving, the Company will continue its investments in product development capabilities, agricultural technology, data algorithms, and other technology infrastructure, to further enhance its competitiveness.

Loss from operations was narrowed to RMB50.1 million (US$7.3 million), compared with operating loss of RMB461.7 million in the same quarter of 2022.

Net loss was narrowed to RMB52.4 million (US$7.6 million), compared with net loss of RMB477.4 million in the same quarter of 2022.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB6.1 million (US$0.9 million), a significant improvement from non-GAAP net loss of RMB422.2 million in the same quarter of 2022. In addition, non-GAAP net margin, which is the Company’s non-GAAP net income / (loss) as a percentage of revenues, improved to 0.1% from negative 7.8% in the same quarter of 2022.

Basic and diluted net loss per share were RMB0.17 (US$0.02), compared with net loss per share of RMB1.48 in the same quarter of 2022. Non-GAAP net income per share, basic and diluted, was RMB0.01 (US$0.00), compared with non-GAAP net loss per share of RMB1.31 in the same quarter of 2022.

Cash and cash equivalents and short-term investments were RMB5,700.2 million (US$830.0 million) as of March 31, 2023, compared with RMB6,493.0 million as of December 31, 2022.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Friday, May 12, 2023 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Conference ID:

7302404

The replay will be accessible through May 19, 2023 by dialing the following numbers:

International:

1-412-317-0088

United States:

1-877-344-7529

Access Code:

5972888

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.100.me.

About Dingdong (Cayman) Limited

We are a leading fresh grocery e-commerce company in China, with sustainable long-term growth. We directly provide users and households with fresh produce, prepared food, and other food products through a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers’ evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be Chinese families’ first choice for food shopping.

For more information, please visit: https://ir.100.me.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP net (loss)/income, non-GAAP net margin, non-GAAP net (loss)/income attributable to ordinary shareholders and non-GAAP net (loss)/income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8676 to US$1.00, the exchange rate on March 31, 2023 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong’s strategic and operational plans, contain forward-looking statements. Dingdong 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 interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong’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: Dingdong’s goals and strategies; Dingdong’s future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong’s expectations regarding demand for and market acceptance of its products and services; Dingdong’s expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong’s industry; and relevant government policies and regulations relating to Dingdong’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

For investor inquiries, please contact:

Dingdong Fresh
ir@100.me

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of RMB and US$)

As of

December 31,

2022

March 31,

2023

March 31,

2023

RMB

RMB

US$

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

1,856,187

1,778,127

258,915

Restricted cash

2,763

7,714

1,123

Short-term investments

4,636,774

3,922,041

571,093

Accounts receivable, net

141,468

103,933

15,134

Inventories

604,884

478,763

69,713

Advance to suppliers

83,835

72,262

10,522

Prepayments and other current assets

170,336

181,256

26,394

Total current assets

7,496,247

6,544,096

952,894

Non-current assets:

Property and equipment, net

314,980

277,907

40,466

Operating lease right-of-use assets

1,425,117

1,362,000

198,323

Other non-current assets

145,563

145,815

21,232

Total non-current assets

1,885,660

1,785,722

260,021

TOTAL ASSETS

9,381,907

8,329,818

1,212,915

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

1,886,689

1,464,798

213,291

Customer advances and deferred revenue

253,010

241,289

35,134

Accrued expenses and other current
     liabilities

810,963

653,309

95,129

Salary and welfare payable

329,104

334,438

48,698

Operating lease liabilities, current

693,496

704,286

102,552

Short-term borrowings

4,237,978

3,803,576

553,844

Total current liabilities

8,211,240

7,201,696

1,048,648

Non-current liabilities:

Operating lease liabilities, non-current

678,000

615,025

89,555

Other non-current liabilities

75,000

115,067

16,755

Total non-current liabilities

753,000

730,092

106,310

TOTAL LIABILITIES

8,964,240

7,931,788

1,154,958

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Amounts in thousands of RMB and US$)

As of

December 31,

2022

March 31,

2023

March 31,

2023

RMB

RMB

US$

(Unaudited)

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY (CONTINUED)

Mezzanine Equity:

Redeemable noncontrolling interests

107,490

109,550

15,952

TOTAL MEZZANINE EQUITY

107,490

109,550

15,952

Shareholders’ equity

Ordinary shares

4

4

1

Additional paid-in capital

13,922,811

13,982,043

2,035,943

Treasury stock

(20,666)

(20,666)

(3,010)

Accumulated deficit

(13,580,086)

(13,634,537)

(1,985,343)

Accumulated other comprehensive loss

(11,886)

(38,364)

(5,586)

TOTAL SHAREHOLDERS’ EQUITY

310,177

288,480

42,005

TOTAL LIABILITIES, MEZZANINE EQUITY
    AND SHAREHOLDERS’ EQUITY

9,381,907

8,329,818

1,212,915

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Revenues:

Product revenues

5,375,090

4,937,763

718,994

Service revenues

68,582

59,715

8,695

Total revenues

5,443,672

4,997,478

727,689

Operating costs and expenses:

Cost of goods sold

(3,879,328)

(3,462,337)

(504,155)

Fulfillment expenses

(1,484,142)

(1,196,059)

(174,160)

Sales and marketing expenses

(176,116)

(87,464)

(12,736)

Product development expenses

(233,915)

(210,635)

(30,671)

General and administrative expenses

(118,771)

(86,842)

(12,645)

Total operating costs and expenses

(5,892,272)

(5,043,337)

(734,367)

Other operating expenses, net

(13,066)

(4,197)

(611)

Loss from operations

(461,666)

(50,056)

(7,289)

Interest income

13,234

33,751

4,915

Interest expenses

(30,708)

(28,876)

(4,205)

Other income, net

1,757

2,866

417

Loss before income tax

(477,383)

(42,315)

(6,162)

Income tax expenses

–

(10,076)

(1,467)

Net loss

(477,383)

(52,391)

(7,629)

Accretion of redeemable noncontrolling interests

(1,435)

(2,060)

(300)

Net loss attributable to ordinary shareholders

(478,818)

(54,451)

(7,929)

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(CONTINUED)
(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Net loss per Class A and Class B ordinary share:

Basic and diluted

(1.48)

(0.17)

(0.02)

Shares used in net loss per Class A and Class B
    ordinary share computation:

Basic and diluted

324,443,234

324,539,178

324,539,178

Other comprehensive loss, net of tax of nil:

Foreign currency translation adjustments

(24,959)

(26,478)

(3,855)

Comprehensive loss

(502,342)

(78,869)

(11,484)

Accretion of redeemable noncontrolling interests

(1,435)

(2,060)

(300)

Comprehensive loss attributable to ordinary
    shareholders

(503,777)

(80,929)

(11,784)

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Net cash used in operating activities

(385,203)

(306,839)

(44,679)

Net cash generated from investing activities

885,907

669,811

97,532

Net cash generated from / (used in) financing activities

98,991

(432,873)

(63,031)

Effect of exchange rate changes on cash and cash
   equivalents and restricted cash

(3,560)

(3,209)

(468)

Net increase / (decrease) in cash and cash equivalents
and restricted cash

596,135

(73,110)

(10,646)

Cash and cash equivalents and restricted cash at the
    beginning of the period

670,432

1,858,951

270,684

Cash and cash equivalents and restricted cash at the
    end of the period

1,266,567

1,785,841

260,038

DINGDONG (CAYMAN) LIMITED 
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS 
(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Net loss

(477,383)

(52,391)

(7,629)

Add: share-based compensation expenses (1)

55,174

58,462

8,513

Non-GAAP net (loss) / income

(422,209)

6,071

884

Net loss margin

(8.8 %)

(1.1 %)

(1.1 %)

Add: share-based compensation expenses

1.0 %

1.2 %

1.2 %

Non-GAAP net (loss) / income margin

(7.8 %)

0.1 %

0.1 %

Net loss attributable to ordinary shareholders

(478,818)

(54,451)

(7,929)

Add: share-based compensation expenses (1)

55,174

58,462

8,513

Non-GAAP net (loss) / income attributable to ordinary
    shareholders

(423,644)

4,011

584

Net loss per Class A and Class B ordinary share:

Basic and diluted

(1.48)

(0.17)

(0.02)

Add: share-based compensation expenses

0.17

0.18

0.02

Non-GAAP net (loss) / income per Class A and Class B
    ordinary share:

       Basic and diluted

(1.31)

0.01

0.00

(1) Share-based compensation expenses are recognized as follows:

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Fulfillment expenses

12,116

11,970

1,743

Sales and marketing expenses

(255)

789

115

Product development expenses

26,037

28,424

4,139

General and administrative expenses

17,276

17,279

2,516

Total

55,174

58,462

8,513
PR Newswire

Boqii Announces Board Changes

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SHANGHAI, May 9, 2023 /PRNewswire/ — Boqii Holding Limited (“Boqii” or the “Company”) (NYSE: BQ), a leading pet-focused platform in China, today announced that each of Ms. Noorsurainah (Su) Tengah and Mr. Leaf Hua Li has resigned from their positions as the Company’s directors due to personal reasons, effectively immediately. The Company further announced that Mr. Su Zhang has been appointed as an independent director of the Company and a member of the Audit and Nominating committees of the board, effective immediately.

Mr. Su Zhang, with over 28 years of experience in the technology and internet industry, has worked at Microsoft and other international well-known technology enterprises for more than 20 years. He has served as the general manager of Microsoft (China) General Enterprise Business Division in South China.  The board of directors welcomes Mr. Su Zhang to the Company and wishes to extend its deep gratitude to Ms. Tengah and Mr. Li for their contributions to the continued growth of Boqii throughout the years. Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer, said: “We are pleased to have Mr. Su Zhang join our board. His deep expertise in technology, internet and management makes him a perfect fit for our board and our business. As we welcome the new addition to our board, we would also like to thank Ms. Tengah and Mr. Li for their support and services to us over the years. We wish them the very best in their future endeavors.”

About Boqii Holding Limited

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

For investor and media inquiries, please contact:

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

DLK Advisory Limited
Tel: +852-2857-7101
Email: ir@dlkadvisory.com

PR Newswire

Spinify Achieves SOC 2 Type 2 + GDPR Compliance in Accordance with AICPA

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TORONTO, May 5, 2023 /PRNewswire/ — Spinify Pty Ltd, a leading sales gamification platform designed to boost sales motivation, productivity, and engagement announced today that it has achieved SOC 2 Type 2 + GDPR compliance in accordance with American Institute of Certified Public Accountants (AICPA) standards for SOC for Service Organizations also known as SSAE 18.

Spinify Pty Ltd has also achieved GDPR compliance in accordance with AT-C 315, with criteria established by the American Institute of Certified Public Accountants. Achieving both standards with an unqualified opinion serves as third-party industry validation that Spinify Pty Ltd provides enterprise-level security for customer’s data secured in the Spinify Pty Ltd System.

Spinify Pty Ltd provides a cloud-based sales gamification platform designed to boost sales motivation, productivity, and engagement to customers globally.

Spinify Pty Ltd was audited by Prescient Assurance, a leader in security and compliance attestation for B2B, SAAS companies worldwide. Prescient Assurance is a registered public accounting in the US and Canada and provides risk management and assurance services which includes but is not limited to SOC 2, PCI, ISO, NIST, GDPR, CCPA, HIPAA, and CSA STAR. For more information about Prescient Assurance, you may reach out to them at info@prescientassurance.com.

An unqualified opinion on a SOC 2 Type 2 + GDPR audit report demonstrates to Spinify Pty Ltd’s current and future customers that they manage their data with the highest standard of security and compliance. 

About Spinify

Spinify is a leading gamification platform designed to boost employee motivation, productivity, and engagement. With its wide range of customizable features, Spinify offers businesses an effective, fun, and innovative solution to improve team performance and cultivate a positive work environment.

For media enquiries, please contact：Brandi Smith, brandi@spinify.com

PR Newswire

Self Storage Asia Awards Winners announced at Awards Ceremony on April 12, 2023

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MANILA, Philippines, May 4, 2023 /PRNewswire/ — Self Storage Association Asia announces the winners of the Self Storage Awards Asia.

The full list of finalists and entry details are at the Awards website at https://selfstorageasia.org/award-winners-2023

The Awards, recognise excellence in the self storage industry across Asia, including the Philippines. They celebrate outstanding achievements in customer service, safety and governance, and highlight the vital role that the self storage sector plays in supporting families and small businesses during challenging times.

In the Philippines, Loc&Stor 24/7‘s Makati Urban site was the regional winner of the Multi-Site Operator Store of the Year, sponsored by FCX Industry Trading, recognising it as the best self storage site operated by a large company.

InStorage, a smaller self storage company has demonstrated exceptional performance and service to its customers. It won the Independent Store of the Year award in the Philippines.

The self storage industry in the Philippines has been growing steadily over the past few years, driven by the increasing demand for storage space from both residential and commercial customers. The industry has also been quick to adapt to new technologies, with many operators offering online reservation systems and other digital services to make it easier for customers to book and manage their storage units.

Despite the challenges posed by the COVID-19 pandemic, the self storage industry in the Philippines has remained resilient, with operators implementing strict safety protocols to ensure the health and wellbeing of their staff and customers. As the country continues to recover and rebuild, the self storage sector is expected to play an increasingly important role in supporting businesses and individuals.

About the Self Storage Association Asia

The SSAA is the industry body representing and serving the self storage industry in Asia from Japan to Jordan. Its members comprise the best of class self storage operators, their suppliers and investors. The SSAA provides training, advocacy, intelligence, market reports and a networking platform to help operators to continue to improve and grow.

CONTACT:

Heily Lai
Director of Community Events, Sponsorship and Marketing
Self Storage Association Asia
Tel: +852 5403 2154
Email: heilylai@selfstorageasia.org

PR Newswire

Pando raises $30 million amidst funding winter, to future-proof enterprise supply chains

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Led by Iron Pillar, the round saw participation from Uncorrelated Ventures, Nexus Venture Partners, Chiratae Ventures, Next47 and prominent angel investors.

SAN JOSE, Calif. and CHENNAI, India, May 4, 2023 /PRNewswire/ — Supply chain software leader, Pando, today announced its Series B funding of $30 million, bringing total capital raised so far, to $45 million. The round was led by marquee Silicon Valley investors Iron Pillar and Uncorrelated Ventures, with participation from existing investors Nexus Venture Partners, Chiratae Ventures and Next47. Several prominent American CEOs and angel investors also participated in this round including David Dorman, Chairman of CVS Health and Director on the Boards of Dell and Paypal, Tom Noonan, Director on the Boards of New York Stock Exchange and SalesLoft, Scott Kirk of Bain Capital, Paul Brown of Dunkin’, Baskin-Robbins and Neiman Marcus, Nick Mehta of Gainsight, and Amar Goel of Pubmatic. The fresh funds will be used to drive Pando’s growth across geographies and industries.

Abhijeet Manohar (left) & Nitin Jayakrishnan (right), co-founders of Pando at the company’s APAC HQ
Abhijeet Manohar (left) & Nitin Jayakrishnan (right), co-founders of Pando at the company’s APAC HQ

In the last few years, supply chain disruptions have peaked, hindering business growth and consumers’ access to quality products. According to a recent Deloitte survey, over 70% of manufacturing executives reported that their companies have been impacted by supply chain disruptions in the past year, with 90% of those companies experiencing increased costs and declining productivity. With global enterprises investing in supply chain technology to improve agility, efficiency and resilience, the logistics tech market is estimated to grow to $25 billion by 2025. Pando is well-positioned to ride this growth wave, and drive supply chain agility for the 2030 economy.

Investors see Pando’s platform as critical in the modern supply chain toolkit to bring innovation and resilience to the industry. Mohanjit Jolly, Partner at Iron Pillar who led the Series B, believes that Pando is uniquely positioned to be a global leader in this growing category. “The Logistics Tech market is ripe for disruption – there is high demand caused by volatility, legacy competition that is trying to catch up and a trend towards bundling point solutions. Pando addresses the problem holistically and, with its world-class talent in India and the US, takes a global view to IP-led product development. Their growth with multiple Fortune 500 companies is testimony to the quality of the product and management team, but their focus on building a large long-term business is what got us excited to partner with Abhijeet and Nitin. Iron Pillar is eager to leverage its global network of customers, partners, strategic capital and more to help accelerate Pando’s journey.”

Pando’s recently launched Fulfillment Cloud is a ‘single pane of glass’ to streamline the end-to-end order-to-fulfillment process of manufacturers, distributors, retailers, and 3PLs. This AI-powered, no-code platform for collaborative fulfillment has proven itself globally, improving service levels, and reducing carbon footprint and costs for several Fortune 500 enterprises such as Johnson & Johnson, Procter & Gamble, Nestle, Nivea, Accuride, Danaher, Perfetti Van Melle, and BP Castrol.

“Pando’s Fulfillment Cloud has been proven across several industries in the last few years, with strong revenue growth, marquee customer logos, high CSATs, and a fully built-out enterprise-grade platform. Pando is now expanding into new industries and geographies, especially the US.” said Abhishek Sharma, Managing Director at Nexus Venture Partners who seeded the company in 2018.

Parvesh Ghai, CRO – Asia Pacific, agrees, “Since Pando’s Series A in 2020, our revenue has grown 8x, and our customer base, 5x. We’re scaling our North America and Global business with marquee customer wins and a network of strong partners.” John Zimmerman, CRO – North America & Europe, adds, “Many large companies in North America and Europe are consolidating their supply chain technology from siloed point solutions to unified platforms, and in-sourcing their logistics from 3PLs. Pando’s solution is timely – its end-to-end capabilities and quantifiable value-driven success stories with marquee global brands is driving significant traction in the US market, where supply chain leaders are clamouring for change.”

“Most of the brands we love and live with are weighed down by legacy logistics tools that make their products less affordable, accessible and eco-friendly. Pando’s platform allows these brands to automate manual processes, modernize legacy systems and plug the gaps between tools without multi-year transformations, delivering change here and now,” said Nitin Jayakrishnan, Pando’s CEO.

Pando’s CTO, Abhijeet Manohar, said, “Whether we take HRMS, CRM, ITSM or SCM – ultimately, enterprise processes are data problems. Enterprises are struggling to piece together a comprehensive view of their supply chain. Just like how the world evolved from legacy applications to new-age cloud technology in these categories, supply chain software is evolving towards Pando.”

About Pando: 

Pando is a global leader in supply chain technology with its AI-powered, no-code Fulfillment Cloud platform. Pando’s Fulfillment Cloud provides manufacturers, retailers, and 3PLs with a single pane of glass to streamline the end-to-end order-to-fulfillment process to improve service levels and reduce carbon footprint and costs. As a partner of choice for Fortune 500 enterprises globally, with a presence across APAC and the US, Pando is recognized by Technology Pioneer by the World Economic Forum (WEF), and as one of the fastest-growing technology companies by Deloitte.

If you are embarking on digital transformation for your logistics operations, reach out to Pando at https://www.pando.ai.

PR Newswire

Global Sources and MU Group Enter RMB 100 million Strategic Cooperation Agreement

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HONG KONG, April 19, 2023 /PRNewswire/ — Global Sources and MU Group have signed a strategic cooperation framework agreement with a total value of RMB 100 million onsite at Global Sources’ Hong Kong trade shows on April 18, 2023. The agreement was witnessed by Mr. Hu Wei, Chief Executive Officer of Global Sources, and Mr. Tang Yihu, Chairman and President of MU Group. Ms. Carol Lau, Senior Vice President of Customer Service, Marketing & Business Analytics at Global Sources, and Mr. Fan Yunchang, General Manager of Yiwu Kesai Import & Export Co., Ltd., a representative of MU Group, signed the agreement.

Under the terms of the agreement, Global Sources and MU Group will establish a deep partnership, with MU Group investing RMB 100 million over the next three years to provide exclusive, tailor-made services for Global Sources’ B2B online trading platform and offline exhibitions, for itself and its subsidiaries, with the aim of expanding its B2B market and overseas presence.

Ms. Carol Lau (right) and Mr. Fan Yunchang(left) signed the agreement
Ms. Carol Lau (right) and Mr. Fan Yunchang(left) signed the agreement

Carol Lau stated that as a leading international B2B multi-channel trading platform, Global Sources serves as a bridge connecting verified suppliers and buyers worldwide. She highlighted that the successful conclusion of this extensive three-year agreement with MU Group signifies the recognition of Global Sources’ strength by its customers. Under the cooperation framework, Global Sources will provide MU Group with exclusive customized services by integrating and leveraging its online and offline resources, particularly the new iteration and upgrade of online functions on Global Sources Online (GSOL), its online trading platform. This will enable MU Group to navigate the complex global market and promote the growth of international trade.

Tang Yihu expressed high expectations for the cooperation. He noted that previous work with Global Sources has yielded remarkable results, which is why MU Group has chosen Global Sources as its strategic partner for future development. With this strengthened cooperation in place, MU Group aims to utilize the digital and offline exhibition solutions provided by Global Sources to expand into European and American markets and aggressively develop the cross-border B2B market. Mr. Tang also believes that online buyers will increasingly seek suppliers through online platforms like Global Sources, and strategic cooperation between the two parties will benefit MU Group in further developing overseas e-commerce customers. The Group aspires to become the largest cross-border B2B purchasing company and overseas e-commerce supply chain management company in Asia within the next three years.

About Global Sources

Global Sources is an internationally recognized B2B sourcing platform that has been driving global trade for over 50 years. The Company connects authentic buyers and verified suppliers worldwide with tailored solutions and trusted market intelligence through trade shows, digital platforms, and magazines. Global Sources pioneered the world’s first cross-border B2B E-commerce web site GlobalSources.com in 1995. The Company has over 10 million registered international buyers and users.

About MU Group

MU Group in founded by the end of year 2003 and was formerly well known as MARKET UNION CO., LTD. Currently, MU Group is covering more than 50 trade subsidiaries and divisions in the export trade industry. MU Group launches operating centers in Ningbo, Yiwu, and Shanghai; and branches in Guangzhou, Shantou, Shenzhen, Qingdao, and overseas.

PR Newswire

Alibaba Entrepreneurs Fund/HSBC JUMPSTARTER 2023 Open for Application

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In-person information sessions hosted in GBA and SEA

HONG KONG, April 6, 2023 /PRNewswire/ — Alibaba Entrepreneurs Fund/HSBC JUMPSTARTER 2023 Global Pitch Competition (“JUMPSTARTER 2023”) is now open for application, inviting entries from start-ups worldwide to bring more like-minded organizations together to bolster the growth of innovation and technology globally.



Due to the easing of COVID-19 restrictions, JUMPSTARTER 2023 will again host a series of in-person information sessions, including cities in the Greater Bay Area including Hong Kong, Shenzhen, Guangzhou and Zhuhai, as well as Southeast Asia including Singapore and Vietnam. To encourage more talents and drive the development of innovation in the region, successful entrepreneurs and industry experts will be invited to share their entrepreneurial journeys and challenges as well as to examine the current business climate and growth prospects in the market. So far, the information sessions attracted nearly 1,000 start-ups or those interested in JUMPSTARTER.


Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund (left), said,   

“During the height of COVID-19, we were incredibly inspired to see many start-ups unlock innovative ways to address societal pain points. We want to encourage start-ups in the sixth JUMPSTARTER to address the Sustainable Development Goals of the United Nations. We have added biotech, industry 4.0 and web 3.0 to capture the emerging market trends. JUMPSTARTER aspires to be a platform that supports individuals with entrepreneurial aspirations to accelerate the innovation and technology industry with our partners.”

Frank Fang, General Manager, Head of Commercial Banking, Hong Kong and Macau, HSBC (right), said,

“We are pleased to partner with Alibaba Entrepreneurs Fund for the fifth consecutive year in the JUMPSTARTER Global Pitch Competition, unlocking the potential of promising start-ups around the world. Innovation has emerged as an engine for high-quality and sustainable growth globally. In Hong Kong, our rapid transformation into an international innovation hub and increasing integration with other cities in the Greater Bay Area offer a fertile breeding ground to international start-ups. As a long-term partner of the business community, HSBC will continue to leverage our international network and financing expertise to support high-growth companies and play to our strengths as a super-connector in the start-up ecosystem.”

JUMPSTARTER 2023 Information session held in Hong Kong


During the information session in Hong Kong on March 31, 2023, a panel discussion was hosted by Jason Chen, Chief Operating Officer and Managing Director of Gobi Partners, to explore “Riding the AI wave: How start-ups and Venture Capitalists are navigating the Future of AI”, attended by Patrick Tu, Co-Founder & CEO of Dayta AI; Ivan Lau, Co-Founder & CEO of Pantheon Lab Limited; Miles Wen, Co-Founder & CEO of Fano Labs Limited; and Tim Lee, Partner of Creo Capital.

JUMPSTARTER 2023 Information Session in Singapore


During the information session in Singapore on April 3, 2023, a panel discussion was hosted by Olive Tai, Co-founder & Managing Director of Synagie, to explore “Breaking Borders: How Hong Kong and the Greater Bay Area are unlocking opportunities for Southeast Asia starts”, attended by Atul Babu, Founder & CEO of Dhata Tech; Vincent Chow, Founder & CEO of En-trak (JUMPSTARTER 2017 Winner); and Ivan Goh, CEO of QuantumTX (JUMPSTARTER 2022 Top 10).

Ivan Goh, CEO of QuantumTX said,

“Participating in start-up competitions can offer numerous benefits and opportunities beyond winning a prize. JUMPSTARTER has given QuantumTX a good chance to grow engagement with the Hong Kong and Mainland China market. As a finalist, we were given the exhibition space to present our technology in Hong Kong. With that, QuantumTX gained more credibility that aroused interest in Hong Kong and the GBA. Last year, QuantumTX’s business in Hong Kong and the Greater Bay Area (GBA) grew considerably, making up about 20% to 30% of their top-line.”

Vincent Chow, Founder & CEO of En-trak said,

“Starting a start-up can be a daunting challenge, especially when you do not have an established brand, network or financial backing. Therefore, participating in respected start-up competitions like JUMPSTARTER can be a good starting point to gain credibility and recognition from potential customers. Winning over your first corporate client can ignite a ripple effect, rapidly accelerating the growth of your customer base.”

JUMPSTARTER 2023 information session held in Shenzhen


During the information session in Shenzhen on March 28, 2023, a panel discussion was hosted by Bohan Zheng, Senior Investment Manager of Gobi Partners, to explore “How to Leverage Hong Kong to Seize the Opportunities of Globalization”, attended by Johnny Tang, Chief Operation Officer of Qupital; Yu Tian, Founder and CEO of Shenzhen Smart Supply Chain; and Zhang Shuai, Founder of HALOBLK.

Johnny Tang, COO of Qupital said,

“Hong Kong’s advanced financial system offers extensive support and collaboration opportunities for startups, while also providing reliable measures for corporate financing. As a fintech startup, Qupital’s success greatly depends on the exceptional support of our Hong Kong team in finance and risk management, empowering businesses to achieve a stable and sustainable growth.”

Zhang Shuai, Founder of HALOBLK said,

“Hong Kong offers an expansive platform for global capital, providing startups with abundant prospects for growth and resources. With Hong Kong’s rich background in foreign trade, startups can capitalize on this advantage to export their products to international markets, reach new heights in overseas expansion, attract diverse talent from round the world, customize their products to local markets, and achieve accelerated development.”

JUMPSTARTER 2023 is now open for application. Please visit https://www.jumpstarter.hk/en/  for more details.

About Alibaba Hong Kong Entrepreneurs Fund

Alibaba Hong Kong Entrepreneurs Fund (“AEF”) is a not-for-profit initiative launched by Alibaba Group in 2015. To vitalize the development of innovation and technology, AEF’s mission is to help Hong Kong entrepreneurs and young people realize their dreams and visions for a Hong Kong that is vibrant and engaged regionally and globally. As part of its investment program, AEF provides Hong Kong-based entrepreneurs with investment capital and strategic guidance to help them grow their businesses and penetrate the mainland Chinese and global markets, by utilizing Alibaba’s Ecosystem. For more information, please visit the website: https://www.ent-fund.org/en/

About JUMPSTARTER

JUMPSTARTER is a not-for-profit initiative created by Alibaba Hong Kong Entrepreneurs Fund that provides a platform for all entrepreneurs and young people to jump start their dreams in Hong Kong. It is a first-of-its-kind start-up event focused exclusively on showcasing quality start-ups and providing high-impact networking opportunities. Its goal is to build, empower and boost Hong Kong’s start-up ecosystem and entrepreneurship by bringing entrepreneurs, corporations, investors and the public together, helping to transform Hong Kong into a leading hub for global innovation and technology. For more information, please visit the website: https://www.jumpstarter.hk/en/

PR Newswire

Vipshop Announces US$500 Million Share Repurchase Program

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GUANGZHOU, China, March 31, 2023 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced that its board of directors has authorized a new share repurchase program under which the Company may repurchase up to US$500 million of its American depositary shares or Class A ordinary shares until the close of business on March 31, 2025, U.S. Eastern Time. The Company plans to adopt and implement this share repurchase program in accordance with applicable rules and requirements under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy.

The Company’s proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases out of its existing cash balance.

About Vipshop Holdings Limited

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

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 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 needs 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.

Investor Relations Contact

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

PR Newswire

Annual Sales of Home Appliances on Shop Now Platform Increases 9-Fold Year-on-Year

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SHANGHAI, March 27, 2023 /PRNewswire/ — JDDJ and Shop Now, the on-demand retail business jointly launched by JD.com, and Dada Group (Nasdaq: Dada), has reported great growth amidst significant expansion over the last 12 months in recent annual results.

In particular, the home alliance category has seen large growth. In March, JD.com published the “JD.com Helps the High-Quality Development of the Home Appliance Industry White Paper”. The white paper revealed that the home appliance industry is embracing the innovative on-demand retail, to achieve growth.

In 2022, sales in this category on JD Shop Now increased by more than 9 times year-over-year, making it of the most important channels for top home appliance brands.

As the key players in JD.com’s omni-channel service, JD Shop Now and JDDJ has connections to 11,000 brick-and-mortar home appliance stores, which accounts for about 60% of the top home appliance manufacturers and covered 300 cities in China.

As the on-demand retail business in JD.com’s ecosystem, JDDJ provides consumers with a service of “order online, deliver from nearby stores within one hour”. Based on analysis of home appliance trends, JDDJ identified the pain points of physical stores and provided integrated solutions in connecting off- and on-line inventories, user and service digitalization, to optimize cost, efficiency and experience.

As for large and heavy appliances, together with well-known merchants, JDDJ has established a “deliver and install” service, which can be fulfilled as quickly as the next day. The innovative service has greatly improved consumers’ experiences in home appliance consumption.

Since last year, home appliance’s on-demand retail business has been growing rapidly, and the online sales of offline stores are expected to exceed RMB 10 billion yuan in the next two years.

The key of on-demand retail is the digitalization of traditional stores. As the representative of open platform model, JDDJ does not touch the inventory, and brings high quality products and services to consumers together with all-category retailers and brand owners on-board.

By merging the borders of online and offline shopping, the omni-channel retailing model extensively integrates physical and digital channels, resources and capabilities to bring the ultimate experience to consumers while stimulating greater consumer potential.

At present, there is a surging need from retailers and brand owners for access to online traffic and efficient on-demand fulfillment solutions. More retailers are now starting to build their own O2O team and by leveraging JDDJ, they can expand their on-demand retail business rapidly.

About cooperation between Dada Group and JD.com

In October 2021, Dada Group and JD.com jointly launched the Shop Now service, and “Nearby”, a new tab on the homepage of JD.com’s app, which were designed to connect customers to nearby offline stores. The new business was overall undertaken by Dada Group. Shop Now service enhances on-demand location-based retail capabilities of both Dada and JD to provide one-hour retail and delivery services for consumers and partners. By clicking into the new Nearby tab, JD’s roughly 588 million users will have the opportunity to discover offline stores within a 3-5 kilometer radius of their shipping address with a wide array of product offerings.

PR Newswire

PINTEC Announces US$4 million Private Placement of Class A Ordinary Shares

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BEIJING, March 18, 2023 /PRNewswire/ — Pintec Technology Holdings Limited (Nasdaq: PT) (“PINTEC” or the “Company”), a leading independent technology platform enabling financial services in China, today announced that it has entered into share purchase agreements with certain investors on March 16, 2023. Under the share purchase agreements, the Company agrees to sell and issue an aggregate of 254,450,000 Class A ordinary shares of the Company for a total purchase price of US$4,000,000. The per share purchase price is approximately US$0.0157, which is calculated as 92% of the average closing sale price of the Company’s American depositary shares (“ADSs”) during the five trading days immediately prior to March 16, 2023. Each ADS currently represents 35 of the Company’s Class A ordinary shares.

Mr. Zexiong Huang, Chief Executive Officer, acting Chief Financial Officer and director of PINTEC, commented, “The financing proceeds will support our continued investment in the development of digitization technology for micro, small and medium enterprises (“MSMEs”), and enable us in building a better and larger MSME credit team. We are pleased that investors have confidence in our strategic initiatives and expansion plans. Looking forward, we will continue to execute our strategic plans and strive to create long-term value for our investors.” 

The closings of the transactions are subject to the satisfaction of customary closing conditions and are expected to take place in March 2023. The investors have each agreed not to sell, transfer or dispose of any securities acquired in the transactions for 180 days after their respective closing dates.

The foregoing description of the private placement and the share purchase agreement does not purport to be complete and is qualified in its entirety by the full text of the form of share purchase agreement attached as an exhibit to a Current Report on Form 6-K to be filed with the U.S. Securities and Exchange Commission.

The sale and issuance of the Class A ordinary shares are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and is made in reliance on, and in compliance with, Regulation D and/or Regulation S under the Securities Act, as applicable.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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,” “target,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as PINTEC’s strategic and operational plans, contain forward-looking statements. PINTEC may also make written or oral forward-looking statements in its periodic reports 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. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. 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 as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About PINTEC

PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions.