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China Distance Education Holdings Limited Reports Financial Results for Third Quarter Fiscal Year 2020

August 27, 2020 TechENT Syndication Leave a comment

– Third Quarter 2020 Net Revenue was $50.7 Million, within Guidance Range –

– Third Quarter 2020 Gross Profit was $24.1 Million, with Gross Margin of 47.5% –

– Third Quarter 2020 Operating Income was $2.5 Million, with Operating Margin of 4.9% –

– Third Quarter 2020 Net Income Attributable to CDEL was $3.0 Million, with Net Income Margin of 5.9% –

BEIJING, Aug. 27, 2020 — China Distance Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a leading provider of online education and value-added services for professionals and corporate clients in China, today announced unaudited financial results for the third quarter of fiscal year 2020 ended June 30, 2020.

Third Quarter Fiscal 2020 Financial and Operational Highlights

Net revenue decreased by 17.9% to $50.7 million from $61.7 million in the prior year period.
Total course enrollments were 738,300, an increase of 0.5% from the third quarter of fiscal 2019.
Cash receipts from online course registration were $34.6 million, a 31.3% decrease from the third quarter of fiscal 2019.
Gross profit decreased by 22.8% to $24.1 million from $31.2 million in the prior year period.
Non-GAAP^[1] gross profit decreased by 22.7% to $24.1 million from $31.2 million in the prior year period.
Gross margin was 47.5%, compared with 50.5% in the prior year period. Non-GAAP^[1] gross margin was 47.5%, compared with 50.5% in the prior year period.
Operating income decreased by 75.0% to $2.5 million from $9.9 million in the prior year period.
Non-GAAP^[1] operating income decreased by 69.6% to $3.2 million from $10.4 million in the prior year period.
Net income attributable to CDEL was $3.0 million, compared with net income attributable to CDEL of $9.4 million in the prior year period.
Non-GAAP^[1] net income attributable to CDEL was $3.7 million, compared with non- GAAP^[1]net income attributable to CDEL of $10.0 million in the prior year period.
Basic and diluted net income per American Depositary Share ("ADS") attributable to CDEL were $0.089 and $0.088, respectively, compared with basic and diluted net income per ADS attributable to CDEL of $0.282 and $0.281, respectively, for the third quarter of fiscal 2019. Each ADS represents four ordinary shares.
Basic and diluted non-GAAP^[1] net income per ADS attributable to CDEL were $0.111 and $0.109, respectively, compared with basic and diluted non-GAAP^[1]net income per ADS attributable to CDEL of $0.299 and $0.296, respectively, for the third quarter of fiscal 2019.
Cash flow from operations decreased by 59.2% to $7.2 million from $17.6 million in the third quarter of fiscal 2019.

^[1] For more information about the non-GAAP financial measures contained in this press release, please see "Use of Non-GAAP Financial Measures" below.

Mr. Zhengdong Zhu, Chairman and CEO of CDEL, said, "In the third quarter of fiscal 2020, we reported net revenue of $50.7 million, within our guidance range. During the onset of the COVID-19 pandemic, in order to support our students across China with high-quality online professional education at a time when offline classes were suspended, we provided free online courses to students in Hubei province and significant discounts for certain online exam preparation courses to students outside Hubei. Our socially responsive actions resulted in a surge in enrollment in our second fiscal quarter as previously disclosed, effectively pulling forward the demand for our courses and thus dampening enrollment and cash receipts growth in our third fiscal quarter."

"We believe in the long-term growth prospects of online professional education in China, and expect online education will continue to transform how knowledge is delivered and how students learn. We remain committed to serving students with our high-quality courseware and compelling online educational solutions during this challenging time. We are confident that our comprehensive lifelong learning ecosystem will enable us to reach a broad and growing student audience, and extend convenience, flexibility and engagement to their learning experience," Mr. Zhu concluded.

Mr. Mark Marostica, Co-Chief Financial Officer of CDEL, added, "As anticipated, the decrease in cash receipts for our courses due to our socially responsive actions, together with the postponement of certain professional certification examinations, negatively impacted our revenue growth for the third fiscal quarter. In addition, a delay in the publication of certain legal exam preparation books further weakened our third quarter revenue growth. Despite these headwinds, we maintained a disciplined cost structure and achieved a non-GAAP operating margin of 6.2% for the quarter. With our fourth fiscal quarter well underway, we are further impacted by the postponement of a number of core professional certification examinations held in Beijing and several other cities. We remain focused on balancing growth with a keen focus on profitability."

Third Quarter Fiscal 2020 Financial Results

Net Revenue. Total net revenue decreased by 17.9% to $50.7 million in the third quarter of fiscal 2020 from $61.7 million in the third quarter of fiscal 2019. Net revenue from online education services, books and reference materials, and other sources contributed 78.9%, 12.8% and 8.3%, respectively, of total net revenues for the third quarter of fiscal 2020.

Online education services. Net revenue from online education services decreased by 8.1% to $40.0 million in the third quarter of fiscal 2020 from $43.5 million in the third quarter of fiscal 2019, primarily attributable to the decrease in revenue from the Company’s healthcare and accounting verticals due to the impact of COVID-19, stemming from the postponement of certain professional certification examinations across China and the aforementioned socially responsive actions the Company adopted, which resulted in a significant decline in cash receipts from online course registration in both the second and third fiscal quarters of 2020.

Books and reference materials. Net revenue from books and reference materials decreased by 33.8% to $6.5 million in the third quarter of fiscal 2020 from $9.8 million in the third quarter of fiscal 2019, primarily attributable to the delay in the publication of certain Legal Professional Qualification Examination books, due to the promulgation of new laws.

Others. Net revenue from other sources decreased by 49.8% to $4.2 million in the third quarter of fiscal 2020 from $8.4 million in the third quarter of fiscal 2019, primarily due to a significant decrease in revenue from the sale of college-related learning simulation software, and a significant decrease in the provision of offline training courses, resulting from the impact of COVID-19.

Cost of Sales. Cost of sales decreased by 12.8% to $26.6 million in the third quarter of fiscal 2020, from $30.6 million in the third quarter of fiscal 2019. Non-GAAP^[1]cost of sales decreased by 13.0% to $26.6 million in the third quarter of fiscal 2020, from $30.6 million in the third quarter of fiscal 2019. The decrease in cost of sales was primarily attributable to a decrease in cost of books and reference materials and lecture fees.

Gross Profit and Gross Margin. Gross profit was $24.1 million in the third quarter of fiscal 2020, down 22.8% from $31.2 million in the prior year period. Non-GAAP^[1]gross profit was $24.1 million, decreasing by 22.7% from $31.2 million in the prior year period. Gross margin was 47.5% in the third quarter of fiscal 2020, compared with 50.5% in the third quarter of fiscal 2019. Non-GAAP^[1]gross margin was 47.5% in the third quarter of fiscal 2020, compared with 50.5% in the third quarter of fiscal 2019.

Operating Expenses. Total operating expenses increased by 5.6% to $23.2 million in the third quarter of fiscal 2020, from $22.0 million in the prior year period. Non-GAAP^[1] total operating expenses increased by 5.0% to $22.6 million in the third quarter of fiscal 2020, from $21.5 million in the prior year period.

Selling expenses. Selling expenses increased by 4.6% to $17.8 million in the third quarter of fiscal 2020 from $17.0 million in the prior year period. Non-GAAP^[1] selling expenses increased by 4.5% to $17.8 million in the third quarter of fiscal 2020, from $17.0 million in the prior year period. The increase was primarily driven by higher advertising and promotional expenses, and the increase in commission to agents.

General and administrative expenses. General and administrative expenses increased by 8.8% to $5.4 million in the third quarter of fiscal 2020 from $4.9 million in the prior year period. Non-GAAP^[1] general and administrative expenses increased by 7.0% to $4.8 million in the third quarter of fiscal 2020, from $4.4 million in the prior year period. The increase was mainly due to the increase in share-based compensation expenses.

Income Tax Expenses. Income tax expense decreased by 77.1% to $0.6 million in the third quarter of fiscal 2020 from $2.5 million in the prior year period, primarily due to the decrease in taxable income in the third quarter of fiscal 2020.

Net Income Attributable to CDEL. As a result of the foregoing, net income attributable to CDEL was $3.0 million in the third quarter of fiscal 2020, compared with net income attributable to CDEL of $9.4 million in the prior year period. Non-GAAP^[1] net income attributable to CDEL was $3.7 million in the third quarter of fiscal 2020, compared with non-GAAP^[1] net income attributable to CDEL of $10.0 million in the prior year period.

Operating Cash Flow. Net operating cash inflow decreased by 59.2% to $7.2 million in the third quarter of fiscal 2020 from $17.6 million in the prior year period. The operating cash inflow was mainly attributable to net income before non-cash items generated in the third quarter of fiscal 2020. The increase in accrued expenses and other liabilities also contributed to the operating cash inflow. The operating cash inflow was partially offset by the decrease in deferred revenue and the decrease/increase in amount due to/from related parties.

Cash and Cash Equivalents, Term Deposits, Restricted Cash and Short-term Investments. Cash and cash equivalents, term deposits, restricted cash and short-term investments as of June 30, 2020 increased by 2.7% to $133.7 million from $130.2 million as of March 31, 2020, mainly due to the operating cash inflow generated in the third quarter of fiscal 2020 and the drawdown of an offshore loan of $20.0 million. The increase was partially offset by (i) the dividend distribution of $19.6 million, (ii) the repayment of an onshore loan of $2.8 million, (iii) the payment of an investment of $0.7 million and (iv) the capital expenditure of $0.6 million.

First Nine Months of Fiscal 2020 Financial Results

Net Revenue. Total net revenue increased by 0.6% to $144.0 million in the first nine months of fiscal 2020 from $143.1 million in the first nine months of fiscal 2019. Net revenue from online education services, books and reference materials, and other sources contributed 75.0%, 10.9% and 14.1%, respectively, of total net revenues for the first nine months of fiscal 2020.

Online education services. Net revenue from online education services increased by 11.9% to $107.9 million in the first nine months of fiscal 2020 from $96.5 million in the first nine months of fiscal 2019.

Books and reference materials. Net revenue from books and reference materials decreased by 27.2% to $15.8 million in the first nine months of fiscal 2020 from $21.6 million in the first nine months of fiscal 2019.

Others. Net revenue from other sources decreased by 18.9% to $20.3 million in the first nine months of fiscal 2020 from $25.0 million in the first nine months of fiscal 2019.

Cost of Sales. Cost of sales decreased by 8.4% to $72.8 million in the first nine months of fiscal 2020 from $79.5 million in the first nine months of fiscal 2019. Non-GAAP^[1]cost of sales decreased by 8.5% to $72.7 million in the first nine months of fiscal 2020, from $79.4 million in the first nine months of fiscal 2019.

Gross Profit and Gross Margin. Gross profit was $71.2 million in the first nine months of fiscal 2020, up 11.9% from $63.7 million in the prior year period. Non-GAAP^[1]gross profit was $71.3 million, increasing by 12.0% from $63.7 million in the prior year period. Gross margin was 49.5% in the first nine months of fiscal 2020, compared with 44.5% in the first nine months of fiscal 2019. Non-GAAP^[1]gross margin was 49.5% in the first nine months of fiscal 2020, compared with 44.5% in the first nine months of fiscal 2019.

Operating Expenses. Total operating expenses increased by 9.7% to $69.3 million in the first nine months of fiscal 2020, from $63.2 million in the prior year period. Non-GAAP^[1] total operating expenses increased by 9.4% to $67.5 million in the first nine months of fiscal 2020, from $61.7 million in the prior year period.

Selling expenses. Selling expenses increased by 15.3% to $52.3 million in the first nine months of fiscal 2020 from $45.3 million in the prior year period. Non-GAAP^[1] selling expenses increased by 15.3% to $52.2 million in the first nine months of fiscal 2020, from $45.3 million in the prior year period.

General and administrative expenses. General and administrative expenses decreased by 4.7% to $17.0 million in the first nine months of fiscal 2020 from $17.9 million in the prior year period. Non-GAAP^[1] general and administrative expenses decreased by 7.0% to $15.2 million in the first nine months of fiscal 2020, from $16.4 million in the prior year period.

Income Tax Expenses. Income tax expense was $1.3 million in the first nine months of fiscal 2020, compared with income tax expense of $2.1 million in the prior year period.

Net Income Attributable to CDEL. As a result of the foregoing, net income attributable to CDEL was $5.6 million in the first nine months of fiscal 2020, compared with net income attributable to CDEL of $7.5 million in the prior year period. Non-GAAP^[1] net income attributable to CDEL was $7.5 million in the first nine months of fiscal 2020, compared with non-GAAP^[1] net income attributable to CDEL of $9.0 million in the prior year period.

Operating Cash Flow. Net operating cash inflow decreased by 33.8% to $41.0 million in the first nine months of fiscal 2020 from $61.9 million in the prior year period.

Recent Developments Regarding the Non-binding "Going Private" Proposal

On June 8, 2020, the board of directors of the Company (the "Board") received a preliminary non-binding proposal letter (the "Proposal Letter") from Mr. Zhengdong Zhu, co-founder, chairman of the Board and chief executive officer of the Company ("Mr. Zhu"), Ms. Baohong Yin, co-founder of the Company, deputy chairman of the Board and the spouse of Mr. Zhu and their affiliated entity (collectively, the "Buyer Group") to acquire all of the outstanding ordinary shares of the Company, including ordinary shares represented by American depositary shares (the "ADSs", each representing four ordinary shares), for $2.27 in cash per ordinary share, or $9.08 in cash per ADS (the "Proposal"). On June 22, 2020, the Company announced that the Board had formed a special committee of independent directors (the "Special Committee") consisting of Ms. Carol Yu and Ms. Annabelle Yu Long to review and evaluate the Proposal, and the Special Committee had retained Goulston & Storrs PC as its United States legal counsel in connection with its review and evaluation of the Proposal. On July 29, 2020, the Company announced that the Special Committee had retained Duff & Phelps, LLC as its financial advisor in connection with its review and evaluation of the Proposal.

The Company cautions its shareholders and others considering trading in its securities that neither the Board nor the Special Committee has made any decision with respect to the Company’s response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

Outlook

For the fourth quarter of fiscal 2020, the Company expects to generate total net revenue in the range of $58.4 million to $61.8 million, representing year-over-year decline of approximately 15% to 10%, respectively.

For fiscal year 2020, the Company expects to generate total net revenue in the range of $202.4 million to $205.8 million, representing year-over-year decline of approximately 4.4% to 2.8%, respectively.

The above guidance reflects the Company’s current and preliminary view, which is subject to change, particularly in consideration of uncertainties related to the impact of COVID-19, including the postponement of certain professional examinations, the schedule of reopening of schools, and the schedule of resumption of provision of offline training courses, among others.

Conference Call

Management will hold a conference call at 8:00 a.m. Eastern Time on Thursday, August 27, 2020 (8:00 p.m. Beijing Time on Thursday, August 27, 2020) to discuss financial results and answer questions from investors and analysts. Details for the conference call are as follows:

Event Title:	China Distance Education Holdings Limited Third Quarter of Fiscal Year 2020 Earnings Conference Call
Conference ID:	9952634
Registration Link:	http://apac.directeventreg.com/registration/event/9952634

All participants must use the link provided above to complete the online registration process at least 20 minutes in advance of the conference call. Upon registering, each participant will receive a participant dial-in number, Direct Event passcode, and a unique registrant ID, which will be used to join the conference call.

A telephone replay will be available two hours after the call until September 3, 2020 by dialing:

US Toll Free:	+1-855-452-5696
International:	+61-2-8199-0299
Mainland China:	400-632-2162
Hong Kong, China:	800-963-117
United Kingdom:	0808-234-0072
Replay Passcode:	9952634

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

About China Distance Education Holdings Limited

China Distance Education Holdings Limited is a leading provider of online education and value-added services for professionals and corporate clients in China. The courses offered by the Company through its websites are designed to help professionals seeking to obtain and maintain professional licenses and to enhance their job skills through our professional development courses in China in the areas of accounting, healthcare, engineering & construction, legal and other industries. The Company also offers online test preparation courses for self-taught learners pursuing higher education diplomas or degrees, and practical accounting training courses for college students and working professionals. In addition, the Company provides business services to corporate clients, including but not limited to tax advisory and accounting outsourcing services. For further information, please visit http://ir.cdeledu.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," "may," "should," "potential," "continue," "expect," "predict," "anticipate," "future," "intend," "plan," "believe," "is/are likely to," "estimate" and similar statements. Among other things, the outlook for the fourth quarter and full fiscal year 2020 and quotations from management in this announcement, as well as the Company’s strategic and operational plans (in particular, the impact of COVID-19 on our businesses; the solutions we adopt to address such impact of COVID-19; balancing growth and profitability; the growth prospects of online professional education in China; as well as the anticipated benefits of our strategic growth initiatives, including the promotion of the Company’s life-long learning ecosystem) contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic and annual reports to the SEC, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. 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: the impact of the COVID-19 outbreak, the potential impact of the Proposal and any transaction in connection with the Proposal, our goals and growth strategies; future prospects and market acceptance of our courses and other products and services; our future business development and results of operations; projected revenues, profits, earnings and other estimated financial information; projected enrollment numbers; our plans to expand and enhance our courses and other products and services; anticipated benefits of acquisition or disposal of businesses, competition in the education and test preparation markets; and Chinese laws, regulations and policies, including those applicable to the Internet, Internet content providers, the education and telecommunications industries, mergers and acquisitions, taxation and foreign exchange. In addition, with respect to the "going private" Proposal, there can be no assurance that the Buyer Group will make any definitive offer to the Company, that any definitive agreement relating to the Proposal will be entered into between the Company and the Buyer Group or that a transaction based on the Proposal or any other similar transaction will be approved or consummated.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed or furnished with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth in this press release is preliminary and subject to adjustments. Adjustments to the financial statements may be identified when audit work is performed for the year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial results presented in accordance with U.S. generally accepted accounting principles, or GAAP, the Company uses the following measures defined as non-GAAP financial measures: non-GAAP net income attributable to CDEL, operating income, gross profit, cost of sales, selling expenses, general and administrative expenses, net income margin attributable to CDEL, operating margin, gross profit margin, and basic and diluted earnings per ADS and per share attributable to CDEL. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to comparable GAAP measures" set forth at the end of this release.

The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses. However, non-GAAP financial measures may not be indicative of the Company’s operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance and liquidity. The Company computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of excluding share-based compensation expenses from the above-mentioned line items and presenting these non-GAAP measures is that such items may continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for this limitation by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this release provides more detail on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Contacts:

In China:

China Distance Education Holdings Limited
Jiao Jiao
Tel: +86-10-8231-9999 ext. 1826
Email: IR@cdeledu.com

The Piacente Group, Inc.
Xi Zhang
Tel: +86-10-6508-0677
E-mail: dl@tpg-ir.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 212-481-2050
Email: dl@tpg-ir.com

(Financial Tables on Following Pages)

China Distance Education Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(in thousands of US Dollars, except number of shares and per share data)

		September 30, 2019	June 30, 2020
Assets:
Current assets:
	Cash and cash equivalents	67,977	83,927
	Term deposits	–	4,954
	Restricted cash	38,358	20,241
	Short-term investments	22,118	24,550
	Accounts receivable, net of allowance for doubtful accounts of US$1,648 and US$1,282 as of June 30, 2020 and September 30, 2019, respectively	7,330	6,182
	Inventories	4,232	5,713
	Prepayment and other current assets	26,732	30,143
	Amounts due from related parties	515	908
	Deferred cost	1,427	2,104
	Total current assets	168,689	178,722

Non-current assets:
	Property, plant and equipment, net	37,935	40,732
	Operating lease right of use asset	–	30,074
	Goodwill, net	74,829	75,704
	Long term investments	25,379	25,572
	Other intangible assets, net	30,113	24,318
	Deposit for purchase of non-current assets	4,448	1,552
	Deferred tax assets	3,865	3,713
	Other non-current assets	10,092	7,579
	Total non-current assets	186,661	209,244

	Total assets	355,350	387,966

Liabilities and equity:
Current liabilities:
	Bank borrowings	38,502	7,199
	Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$47,280 and US$35,491 as of June 30, 2020 and September 30, 2019, respectively)	38,267	49,950
	Amount due to related parties	600	687
	Income tax payable (including income tax payable of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$6,942 and US$8,188 as of June 30, 2020 and September 30, 2019, respectively)	10,899	8,579
	Deferred revenue, current portion (including deferred revenue of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$71,477 and US$93,364 as of June 30, 2020 and September 30, 2019, respectively)	94,202	72,253
	Refundable fees – current portion (including refundable fees of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$24 and US$435 as of June 30, 2020 and September 30, 2019, respectively)	435	24
	Operating lease liability – current portion (including operating lease liability of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$3,614 and nil as of June 30, 2020 and September 30, 2019, respectively)	–	3,967
	Total current liabilities	182,905	142,659

Non-current liabilities:
	Deferred revenue, non-current portion (including deferred revenue of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$80,430 and US$33,564 as of June 30, 2020 and September 30, 2019, respectively)	33,564	80,430
	Refundable fees – non-current portion (including refundable fees of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$3,944 and US$2,440 as of June 30, 2020 and September 30, 2019, respectively)	2,440	3,944
	Long-term bank borrowing	–	16,000
	Deferred tax liabilities	12,695	6,410
	Operating lease liability – non-current portion (including operating lease liability of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$24,536 and nil as of June 30, 2020 and September 30, 2019, respectively)	–	24,927
	Total non-current liabilities	48,699	131,711
	Total liabilities	231,604	274,370

Equity:
	Ordinary shares (par value of US$0.0001 per share; 500,000,000 shares authorized; 135,320,433 and 134,210,745 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively)	13	14
	Additional paid-in capital	24,507	26,629
	Accumulated other comprehensive loss	(12,357)	(8,805)
	Retained earnings	60,668	46,612
	Total China Distance Education Holdings Limited shareholder’s equity	72,831	64,450
	Noncontrolling interests	50,915	49,146
	Total equity	123,746	113,596
	Total liabilities and equity	355,350	387,966

China Distance Education Holdings Limited
Unaudited Condensed Consolidated Statements Of Operations
(in thousands of US dollars, except number of shares, per share and per ADS data)

		Three Months Ended June 30,
		2019	2020

Sales, net of business tax, value-added tax and related surcharges:
	Online education services	43,529	39,996
	Books and reference materials	9,826	6,507
	Others	8,392	4,211
	– Sale of learning simulation software	2,665	833
	– Business start-up training services	886	175
	– Others	4,841	3,203
	Total net revenues	61,747	50,714

Cost of sales
	Cost of services and others	(20,836)	(19,767)
	Cost of tangible goods sold	(9,735)	(6,882)
	Total cost of sales	(30,571)	(26,649)

Gross profit		31,176	24,065

Operating expenses
	Selling expenses	(17,043)	(17,828)
	General and administrative expenses	(4,947)	(5,383)
	Total operating expenses	(21,990)	(23,211)
Other operating income		665	1,607

Operating income		9,851	2,461

Interest income		526	582
Interest expense		(703)	(216)
Gain from disposal of an investment		318	–
Exchange gain/(loss)		1,996	(243)

Income before income taxes		11,988	2,584
Income tax expense		(2,460)	(564)
Loss from equity method investments		(656)	(570)

Net income		8,872	1,450
Net loss attributable to noncontrolling interest		575	1,566
Net income attributable to China Distance Education Holdings Limited		9,447	3,016
Net income per share attributable to China Distance Education Holdings Limited:
Net income attributable to China Distance Education Holdings Limited shareholders
	Basic	0.070	0.022
	Diluted	0.070	0.022
Net income per ADS attributable to China Distance Education Holdings Limited:
Net income attributable to China Distance Education Holdings Limited shareholders
	Basic	0.282	0.089
	Diluted	0.281	0.088

Weighted average shares used in calculating net income per share attributable to China Distance Education Holdings Limited:
	Basic	133,037,866	134,005,063
	Diluted	134,342,150	135,441,737

China Distance Education Holdings Limited
Unaudited Condensed Consolidated Statements Of Operations
(in thousands of US dollars, except number of shares, per share and per ADS data)

		Nine Months Ended June 30,
		2019	2020

Sales, net of business tax, value-added tax and related surcharges:
	Online education services	96,450	107,939
	Books and reference materials	21,632	15,751
	Others	25,049	20,322
	– Sale of learning simulation software	9,630	7,295
	– Business start-up training services	2,258	1,826
	– Others	13,161	11,201
	Total net revenues	143,131	144,012

Cost of sales
	Cost of services and others	(62,461)	(57,938)
	Cost of tangible goods sold	(16,997)	(14,840)
	Total cost of sales	(79,458)	(72,778)

Gross profit		63,673	71,234

Operating expenses
	Selling expenses	(45,327)	(52,273)
	General and administrative expenses	(17,855)	(17,016)
	Total operating expenses	(63,182)	(69,289)
Change in fair value of contingent consideration payable		695	–
Other operating income		2,434	3,932

Operating income		3,620	5,877

Interest income		1,714	1,952
Interest expense		(2,294)	(901)
Gain from disposal of an investment		318	–
Gain from deconsolidation of a subsidiary		6,869	–
Exchange loss		(104)	(1,154)

Income before income taxes		10,123	5,774
Income tax expense		(2,077)	(1,259)
Loss from equity method investments		(1,019)	(847)

Net income		7,027	3,668
Net loss attributable to noncontrolling interest		457	1,897
Net income attributable to China Distance Education Holdings Limited		7,484	5,565
Net income per share attributable to China Distance Education Holdings Limited:
Net income attributable to China Distance Education Holdings Limited shareholders
	Basic	0.056	0.041
	Diluted	0.056	0.041
Net income per ADS attributable to China Distance Education Holdings Limited:
Net income attributable to China Distance Education Holdings Limited shareholders
	Basic	0.224	0.165
	Diluted	0.223	0.165

Weighted average shares used in calculating net income per share attributable to China Distance Education Holdings Limited:
	Basic	132,946,829	133,808,589
	Diluted	134,072,148	135,124,141

China Distance Education Holdings Limited
Reconciliations of non-GAAP measures to comparable GAAP measures
(In thousands of US Dollars, except number of shares, per share and per ADS data)

	Three Months Ended June 30,
	2019	2020
	(Unaudited)	(Unaudited)

Cost of sales	30,571	26,649
Share-based compensation expense in cost of sales	–	45
Non-GAAP cost of sales	30,571	26,604

Selling expenses	17,043	17,828
Share-based compensation expense in selling expenses	–	19
Non-GAAP selling expenses	17,043	17,809

General and administrative expenses	4,947	5,383
Share-based compensation expense in general and administrative expenses	503	626
Non-GAAP general and administrative expenses	4,444	4,757

Gross profit	31,176	24,065
Share-based compensation expenses	–	45
Non-GAAP gross profit	31,176	24,110

Gross profit margin	50.5%	47.5%
Non-GAAP gross profit margin	50.5%	47.5%

Operating income	9,851	2,461
Share-based compensation expenses	503	690
Non-GAAP operating income	10,354	3,151

Operating margin	16.0%	4.9%
Non-GAAP operating margin	16.8%	6.2%

Net income attributable to CDEL	9,447	3,016
Share-based compensation expense	503	690
Non-GAAP net income attributable to CDEL	9,950	3,706

Net income margin attributable to CDEL	15.3%	5.9%
Non-GAAP net income margin attributable to CDEL	16.1%	7.3%

Net income per share attributable to CDEL—basic	0.070	0.022
Net income per share attributable to CDEL—diluted	0.070	0.022
Non-GAAP net income per share attributable to CDEL—basic	0.075	0.028
Non-GAAP net income per share attributable to CDEL—diluted	0.074	0.027

Net income per ADS attributable to China Distance Education Holdings Limited shareholders—basic (note 1)	0.282	0.089
Net income per ADS attributable to China Distance Education Holdings Limited shareholders—diluted (note 1)	0.281	0.088
Non-GAAP net income per ADS attributable to China Distance Education Holdings Limited shareholders—basic (note 1)	0.299	0.111
Non-GAAP net income per ADS attributable to China Distance Education Holdings Limited shareholders—diluted (note 1)	0.296	0.109

Weighted average shares used in calculating basic net income per share attributable to China Distance Education Holdings Limited	133,037,866	134,005,063
Weighted average shares used in calculating diluted net income per share attributable to China Distance Education Holdings Limited	134,342,150	135,441,737
Weighted average shares used in calculating basic non-GAAP net income per share attributable to China Distance Education Holdings Limited	133,037,866	134,005,063
Weighted average shares used in calculating diluted non-GAAP net income per share attributable to China Distance Education Holdings Limited	134,342,150	135,441,737

Note 1: Each ADS represents four ordinary shares

China Distance Education Holdings Limited
Reconciliations of non-GAAP measures to comparable GAAP measures
(In thousands of US Dollars, except number of shares, per share and per ADS data)

	Nine Months Ended June 30,
	2019	2020
	(Unaudited)	(Unaudited)

Cost of sales	79,458	72,778
Share-based compensation expense in cost of sales	23	95
Non-GAAP cost of sales	79,435	72,683

Selling expenses	45,327	52,273
Share-based compensation expense in selling expenses	10	39
Non-GAAP selling expenses	45,317	52,234

General and administrative expenses	17,855	17,016
Share-based compensation expense in general and administrative expenses	1,482	1,795
Non-GAAP general and administrative expenses	16,373	15,221

Gross profit	63,673	71,234
Share-based compensation expenses	23	95
Non-GAAP gross profit	63,696	71,329

Gross profit margin	44.5%	49.5%
Non-GAAP gross profit margin	44.5%	49.5%

Operating income	3,620	5,877
Share-based compensation expenses	1,515	1,929
Non-GAAP operating income	5,135	7,806

Operating margin	2.5%	4.1%
Non-GAAP operating margin	3.6%	5.4%

Net income attributable to CDEL	7,484	5,565
Share-based compensation expense	1,515	1,929
Non-GAAP net income attributable to CDEL	8,999	7,494

Net income margin attributable to CDEL	5.2%	3.9%
Non-GAAP net income margin attributable to CDEL	6.3%	5.2%

Net income per share attributable to CDEL—basic	0.056	0.041
Net income per share attributable to CDEL—diluted	0.056	0.041
Non-GAAP net income per share attributable to CDEL—basic	0.068	0.056
Non-GAAP net income per share attributable to CDEL—diluted	0.067	0.055

Net income per ADS attributable to China Distance Education Holdings Limited shareholders—basic (note 1)	0.224	0.165
Net income per ADS attributable to China Distance Education Holdings Limited shareholders—diluted (note 1)	0.223	0.165
Non-GAAP net income per ADS attributable to China Distance Education Holdings Limited shareholders—basic (note 1)	0.271	0.224
Non-GAAP net income per ADS attributable to China Distance Education Holdings Limited shareholders—diluted (note 1)	0.269	0.222

Weighted average shares used in calculating basic net income per share attributable to China Distance Education Holdings Limited	132,946,829	133,808,589
Weighted average shares used in calculating diluted net income per share attributable to China Distance Education Holdings Limited	134,072,148	135,124,141
Weighted average shares used in calculating basic non-GAAP net income per share attributable to China Distance Education Holdings Limited	132,946,829	133,808,589
Weighted average shares used in calculating diluted non-GAAP net income per share attributable to China Distance Education Holdings Limited	134,072,148	135,124,141

Note 1: Each ADS represents four ordinary shares

PR Newswire

ASTRI sets smart water data challenge to promote STEM education in Greater China

August 24, 2020 TechENT Syndication Leave a comment

HONG KONG, Aug. 24, 2020 — The Hong Kong Applied Science and Technology Research Institute (ASTRI) has supported the International Mathematical Modelling Challenge (IM²C) to nurture STEM talent and innovative entrepreneurship for secondary school students in Hong Kong SAR and the rest of the Greater China region through problem setting, field studies, summer internships and presentation competitions.

ASTRI CEO Hugh Chow welcomes IMMC students and teachers visiting ASTRI2019

ASTRI explains how mathematical modelling is applied in our technological innovations solving problems in 2018

Established by Consortium for Mathematics and its Applications (COMAP, USA) and NeoUnion ESC Organization (NeoUnion, Hong Kong) in 2015, the IM²C is a global innovation contest for secondary school students to explore the application of mathematical modelling in real-life situations to solve problems of importance today. Water is an essential resource in our daily life. A smart water supply system which can monitor flaws in pipes and valves is key to sustainable and efficient water use in Hong Kong. Using ASTRI’s simulated scenarios from the real-life project on Smart Water Data Analysis, the Hong Kong team from Diocesan Girl’s School won the Outstanding Award for the 2020 IM²C Greater China Contest, which was featured in the July issue of the Newsletter of Hong Kong Laureate Forum. The problems set for the IM²C 2020 in Greater China covered a wide spectrum of issues including Smart Water Data Analysis, Credibility in Online News, Grid Frequency Response and Cyber Insurance Incentive Strategy; Flash Sale is used for the international challenge.

"Mathematical modelling provides the effective tool in applying logical thinking to solving the complex problems we face today," said Dr James Lei, ASTRI Senior Director of Artificial Intelligence and Big Data Analytics. "Through our support to the IM²C competition, field studies and the Advanced Innovation Program platform, ASTRI hopes to stimulate young people’s interest in STEM education and careers, and encourage them to take on the difficult challenges – an essential trait for technological innovation."

ASTRI Chief Executive Officer, Mr Hugh Chow said, "STEM education is becoming increasingly recognised as a key driver of opportunity. IM²C facilitates students to learn about the relevance of mathematical modelling to their studies as well as to their career including entrepreneurship – an important skill for the technology-driven economy of the future. ASTRI will continue to promote STEM education and applied research to prepare our young people to work in a world that is progressively competitive yet collaborative."

Mr Alfred Cheung, Director of IM²C Committee (Zhonghua) said: "We value ASTRI’s continuous support to the IM²C in promoting STEM education in Hong Kong and the Greater China region. With the implementation of the Outline Development Plan for the Guangdong-Hong Kong-Macau Greater Bay Area, Hong Kong will play an increasingly active role as the international hub of science and innovation. We thank ASTRI for the robust support and partnership to inspire more students to be engaged in international exchange in science and innovation."

The 2020 contest, the sixth IM²C, saw 650 teams from the Mainland, Hong Kong SAR, Macau SAR and Taiwan compete – a tenfold increase since its establishment.

Notes to editors

Photo 1: ASTRI CEO Hugh Chow welcomes students and teachers of International Mathematical Modelling Challenge visiting ASTRI to learn about our latest technologies.
Photo 2: ASTRI explains how mathematical modelling is applied in our technological innovations solving problems of today.

About ASTRI

The Hong Kong Applied Science and Technology Research Institute (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness in technology-based industries through applied research.

ASTRI’s research and development strategic focus covers five areas of applications: Smart City; Financial Technologies; Intelligent Manufacturing; Health Technologies; and Application Specific Integrated Circuits through its mandate as the Hong Kong branch of the Chinese National Engineering Research Centre. Our core competence in various areas is grouped under five technology divisions, namely Artificial Intelligence and Big Data Analytics; Communications Technologies; Cybersecurity, Cryptography and Trusted Technologies; Integrated Circuits and Systems, and IoT and Sensors.

ASTRI seeks to develop technologies that address the needs of industries, institutions and communities in Hong Kong; as well as nurture talents to create economic value and societal impact. To date, ASTRI has transferred more than 750 technologies to the industry and owns more than 850 patents in the Mainland, the US and other countries. For further information, please visit www.astri.org.

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GSX Techedu to Report Second Quarter 2020 Financial Results on September 2, 2020

August 17, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 17, 2020 — GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today announced that it will report its financial results for the second quarter ended June 30, 2020, before U.S. markets open on September 2, 2020.

GSX’s management will hold an earnings conference call on Wednesday, September 2, 2020, at 8:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International:	1-412-317-6061
US:	1-888-317-6003
Hong Kong:	800-963976
Mainland China:	4001-206115
Passcode:	4536408

A telephone replay will be available two hours after the conclusion of the conference call through September 9, 2020. The dial-in details are:

International:	1-412-317-0088
US:	1-877-344-7529
Passcode:	10146943

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

About GSX Techedu Inc.

GSX is a technology-driven education company and leading online K-12 large-class after-school tutoring service provider in China. GSX offers K-12 courses covering all primary and secondary grades as well as foreign language, professional and interest courses. GSX adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates each aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

For more information, please contact:

GSX Techedu Inc.
Ms. Sandy Qin, CFA
E-mail: ir@genshuixue.com

Christensen

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

In US

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

Related Links :

http://www.genshuixue.com

PR Newswire

CareMonkey becomes ‘Operoo’, launches digital school operations platform

August 14, 2020 TechENT Syndication Leave a comment

Education technology provider repositions to meet surging demand to streamline and automate operational school tasks and processes in K – 12 sector

NEW YORK, Aug. 14, 2020 — CareMonkey – the world’s fastest growing cloud-based solution for online school forms, medical data and trip management – has relaunched as ‘Operoo’. The relaunch will see the company trade as Operoo, with its software – rebranded under the same name, emphasizing its power as a School Operations and Productivity Platform.

The brand’s new logo and website were unveiled at www.operoo.com, along with a simple mission statement: To help schools eliminate operational inefficiencies, so that every dollar and every minute possible is focused on student education.

Operoo CEO and CoFounder, Troy Westley, said the new name reflected how the company had evolved to meet growing demand throughout the global K – 12 education sector for solutions that could streamline a broad range of day-to-day school operations.

"The ‘Oper’ part of Operoo is short for ‘operations’, while the ‘roo’ is a reminder of our Australian origins – even though we’re now truly an international company with offices in the USA, UK and Australia," said Westley. "When we began CareMonkey in 2013, the product was all about care – hence the name. The focus was on collecting child medical and emergency information from parents, then making that data securely available to schools and supervisors at other organizations with a duty-of-care.

"Since then, our product has grown and matured. We’ve listened to what our customers want and how they use the product. The feedback was clear: The daily operational and administrative demand placed on schools and their staff is growing fast. As a result, schools are looking for solutions to reduce the resources required to complete those recurring tasks so that they can focus on what really matters; educating young people. Operoo empowers schools to achieve that goal."

The renewed focus has seen the company grow rapidly, expanding its US and UK client bases by more than 1100% and 260% respectively since early 2019.

Operoo President, Peter Bencivenga, said: "For a long time, there’s been a huge gap in the education technology market, which sat between school administration systems and single use case products; like parent communication or payment apps.

"While we had already been working to address this need leading up to the launch of Operoo, that gap became glaringly obvious when COVID-19 started impacting the global education sector. Not only did the number of operational tasks schools had to manage soar, they simply had to be managed digitally in order to adhere to social distancing requirements and government health guidelines. Paper-based and human-reliant ways of working just weren’t an option. Operoo’s School Operations and Productivity Platform bridges that gap."

Operoo enables schools to automate, manage and track operational tasks in one cloud-based platform. Operoo offers digital workflows for a range of routine school processes – which are often manual, disconnected and paper-based – including distributing and collecting school forms, mobile communications, parental consent, payments, medical and emergency information, staff approvals, incident reporting, activity and group management, paperless school trips and more.

Operoo client and Principal at New York City’s Staten Island Technical High School, Mark Erlenwein, commented: "We started working with CareMonkey, now Operoo, because we were spending too much time and money manually managing routine paper processes. We’ve now digitized and automated over 30 different workflows – from emergency contact cards and consent forms, to reimbursement and leave requests – reducing the manpower required to perform them by 75 percent."

The latest iteration of the OECD’s global Teaching and Learning International Survey found that educators in the developed world are working longer hours than ever before. An increasing amount of time spent on non-teaching tasks was cited as a key contributor to that trend, with ‘skyrocketing administrative requirements’ a primary culprit. In fact, 91 percent of the 18,000 educators who contributed to the University of Sydney’s 2018 study, Understanding Work in Schools, reported experiencing a level of administrative demand so high it was a ‘hindrance’ to their job.

Founded in 2013 from Melbourne, Australia, CareMonkey won numerous awards, including two global start-up competitions in 2015: Talent Unleashed, presented by Sir Richard Branson, and Slush, where the company won a €650,000 investment. Company CoFounders, Troy Westley (CEO) and Martin Howell (CTO), declined the offer in favor of growing the business organically.

In 2019, a consortium led by Peter Bencivenga, New Ground Ventures and ReThink Education, approached and invested in CareMonkey, with Bencivenga becoming CareMonkey’s President.

Today, Operoo has offices in the US, UK and Australia serving thousands of customers from every major continent around the world. The company’s School Productivity and Operations Platform will be generally available under the Operoo name from Friday 14th August 2020.

– END –

About Operoo

Operoo is a School Operations and Productivity Platform. Operoo is helping thousands of schools and other organizations around the world to eliminate slow, expensive and repetitive paper-based tasks. Operoo empowers schools to save time and resources by automating operational tasks and workflows, increasing staff productivity, parental engagement and student participation.

Streamline and digitize any school process, drastically reducing the associated costs: From permission forms, payments, and school trips; to medical information and emergency contacts, incident reporting, staff agreements, student onboarding and more. And, effectively communicate with staff, parents and your whole school community in over 100 languages with Operoo’s multi-language capability.

With Operoo, ensure every dollar and every minute possible is focused on students, rather than wasting resources on operational inefficiencies. For more information, visit www.operoo.com

For further media information, interviews, images or product demonstration, please contact:

Operoo CMO, Lachlan James, on +61 (0)431 835 658 or ljames@operoo.com

Related Links :

http://www.operoo.com

PR Newswire

Funding Societies and SMU collaborate to develop a case on P2P Lending for Small Businesses

August 12, 2020 TechENT Syndication Leave a comment

SINGAPORE, Aug. 12, 2020 — Funding Societies, Southeast Asia’s largest digital financing platform, and Singapore Management University (SMU) have come together to develop and publish a case study explaining the role of FinTech and Peer-to-Peer (P2P) lending for small businesses. This is the first such case covering a P2P lender that SMU has developed, and involved in-depth research into the industry and the workings of the homegrown FinTech.

Funding Societies and Singapore Management University collaboration

The case is authored by faculty members of SMU’s Lee Kong Chian School of Business (LKCSB), which has been enhancing its course offerings and teaching material in Digital Business, as part of its aim to better equip students for the digital transformations that are occurring in the business world. It comes at a timely juncture as the P2P industry is expanding steadily, making competition fiercer than ever before. In recent years, several platforms similar to Funding Societies have entered the market while others are now being acquired by larger companies.

Authored by Associate Professors of Marketing Hannah Chang and Michelle Lee, and produced by the University’s Centre for Management Practice, the published case titled Using Fintech to Support Small Businesses in Singapore examines how FinTech companies can stand out in the trade with an innovative service, and how they can, through careful market segmentation and targeting, gain a competitive edge in acquiring and retaining customers. It focuses on Funding Societies’ innovative use of technology to reduce customer pain points, and also analyses the FinTech’s outreach efforts employed to educate the Micro Small and Medium Enterprise (MSME) segment on how its products can close financing gaps unserved by traditional financial institutions.

An excerpt from the case hints at the added value that FinTech platforms like Funding Societies bring to this overlooked segment through the use of technology:

Debt crowdfunding, also referred to as peer-to-peer (P2P) lending, represents an alternative source of loans for businesses to borrow money. P2P companies are different from banks in that they operate through online platforms, utilise data analytics and algorithms for credit risk assessment, and have much shorter turnaround times for loan approvals than the banks. Moreover, while banks lend money to companies using customer deposits, P2P companies play the part of a matchmaker by enabling individual investors to put money directly towards funding a particular loan.

In just five years, Funding Societies has disbursed over S$1.5 billion in funding across more than 2.6 million business loans across Southeast Asia. Back in the day as one of the industry’s pioneers and offering only one product out of Singapore, Funding Societies has today flourished into the only homegrown P2P lender with multiple SME financing products and licensed in three countries – Singapore, Malaysia, and Indonesia. The company has also been shortlisted for the Singapore digital wholesale banking license in a consortium with AMTD, Xiaomi, and SP Group.

"While relatively young in Singapore, P2P lending has become a major form of alternative financing for SMEs and alternative investment for the public, because of its accessibility and convenience. As it continuously evolves, we believe it will become mainstream finance, attracting and nurturing more local talent, and further contributing to the local FinTech space as a whole," said Kelvin Teo, Co-founder and Group CEO of Funding Societies.

Associate Professor Michelle Lee, who is also Associate Dean (Undergraduate Matters) at SMU LKCSB, said, "P2P lending is a burgeoning area within FinTech and every business student ought to have some understanding of the industry. This case provides them with that understanding and prompts them to think deeply about how a company in that space can compete effectively. It sharpens their thinking about a firm’s value proposition vis-à-vis direct and indirect competition, as well as how a competitive advantage can be sustained."

"Since its inception, SMU has held to the principle of preparing students well for industry and this has meant ensuring the currency of its curriculum and teaching material. This case is one example of how that is brought about," she added.

The case is available here: https://cmp.smu.edu.sg/case/4406*. Other financial institutions which SMU has published cases on include Ant Financial, Nium, and DBS.

*Note: A complimentary copy of the published case is available to the press upon request. Kindly note that the copy is strictly for internal use only and not for further dissemination.

About Funding Societies

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia and Malaysia, and backed by Sequoia India and Softbank Ventures Asia Corp amongst many others. It provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. In 5 years, it has helped finance over 2.6 million business loans with over S$1.5 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, Brands for Good in 2019, recognised by IDC as amongst the 5 fastest growing FinTechs in Singapore, and the Stevie® Award in 2020.

Read our company story here: https://blog.fundingsocieties.com/our-story/

About Singapore Management University

A premier university in Asia, the Singapore Management University (SMU) is internationally recognised for its world-class research and distinguished teaching. Established in 2000, SMU’s mission is to generate leading-edge research with global impact and to produce broad-based, creative and entrepreneurial leaders for the knowledge-based economy. SMU’s education is known for its highly interactive, collaborative and project-based approach to learning.

Home to over 10,000 students across undergraduate, postgraduate professional and postgraduate research programmes, SMU is comprised of six schools: School of Accountancy, Lee Kong Chian School of Business, School of Economics, School of Information Systems, School of Law, and School of Social Sciences. SMU offers a wide range of bachelors’, masters’ and PhD degree programmes in the disciplinary areas associated with the six schools, as well as in multi-disciplinary combinations of these areas.

SMU emphasises rigorous, high-impact, multi- and inter-disciplinary research that addresses Asian issues of global relevance. SMU faculty members collaborate with leading international researchers and universities around the world, as well as with partners in the business community and public sector. SMU’s city campus is a modern facility located in the heart of downtown Singapore, fostering strategic linkages with business, government and the wider community. www.smu.edu.sg

About SMU Centre for Management Practice

The Centre for Management Practice (CMP) was established to position SMU as a university that collaborates closely with industry, to inform and learn from the world of management and practice. This is accomplished by furthering the case methodology to enrich education at SMU and other organisations across the globe, and translating selected academic outputs to practice-oriented knowledge that can be consumed by a non-academic audience.

Case Writing Initiative

The Case Writing Initiative (CWI) was set up in August 2011 with the ambitious goal of filling a critical need to develop business case studies based on an Asian setting for use in international curriculums. Business cases provide both research and learning opportunities to faculty members, students and those in industry. The process of working collaboratively with businesses on case studies enables faculty members to be grounded in both theory and practice. They develop a richer understanding of the business context in their subject matter and its application to real world situations. The cases developed by faculty members are used in class to illustrate key theoretical concepts and frameworks. From the students’ perspective, they provide an opportunity to make decisions that require critical thinking and debate. From the corporate perspective, they present a contribution to management education and allow for a different perspective on existing business issues.

To date, CWI has published over 285 cases, with another 50 in the pipeline. These cases have won several prestigious international awards, and been adopted by leading universities and corporates schools worldwide. The cases are distributed by the Case Centre and Harvard Business Publishing.

Media Contacts

Funding Societies

Glennice Yong

Senior PR & Communications Executive

glennice.yong@fundingsocieties.com

+65 9155 4662

SMU

Huang Peiling

Snr Associate Director, Corporate Communications

plhuang@smu.edu.sg

+65 6828 0964 / +65 9845 3361

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PR Newswire

Color Star Technology Announces Machine Gun Kelly will join its “Fearless, Color World” Online Concert

August 7, 2020 TechENT Syndication Leave a comment

NEW YORK, Aug. 7, 2020 — Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company"," we", or "HHT") is pleased to announce that American rapper, singer, songwriter and actor Machine Gun Kelly will join the Color World app owned by the company for its online concert "Fearless, Color World" on September 9th. As one of the leading talents in global pop music, alternative, and hip hop, he is sure to bring fans of all background a moment to be remembered.

"Fearless, Color World" online concert is a new type of concert launched by Color Star Technology which provides innovative art Training Service. The concert has invited many world-class artists to perform, hoping to make the audience feel the peace of the world, and the eternal love.

Machine Gun Kelly is an American well-known rapper, he embarked on a musical career as a teenager, releasing a mixtape in 2006. After he joined Interscope Records which is owned by Universal Music Group, his first major label debut album "Lace Up" reached number 4 on the Billboard 200 chart and sold more than 178,000 copies. In addition, his singles "Till I die" and "A little More" for his second studio album debuted at number four in the US, and "Bad Things" in his third studio album "Bloom" peaked number 4 on the Billboard Hot 100. In addition to his music career, he has acted in a number of American films.

Biao (Luke) Lu, CEO says "We are thrilled to partner with Machine Gun Kelly in the planned concert, a live event featuring colorful music, colorful life, and a colorful world. With warmth and hope, we celebrate our own lives and the hopes of the world. The performance brought by Machine Gun Kelly will channel through the Color World platform to reach hundreds of millions of potential audiences around the world. With dazzling stage design and top audio equipment, we believe that this online concert will definitely bring our platform users a brand-new online concert experience."

About Color Star Technology Co., Ltd.

Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative education services for music and entertainment industries globally. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC.

Machine Gun Kelly Biography

Colson Baker, also known as "Machine Gun Kelly," is a multi-hyphenate talent with an impressive career that started in Cleveland and has made him a globally known star in both music and film.

As Machine Gun Kelly, he burst onto the music scene with the release of his first album Lace Up via EST 19XX/Bad Boy/Interscope Records. The album debuted at number two on Billboard’s R&B/Hip-Hop Albums chart. He won "US Artist About to Go Global" at the 2012 MTV EMA’s and MTV’s 2012 "Breaking Woodie" Award. The following year he was awarded "Woodie of the Year" beating out A$AP Rocky, Fun, Grimes and Kendrick Lamar. His 2015 sophomore album, General Admission clinched a #1 spot on Billboard’s R&B/Hip-Hop Album charts. He’s performed on THE VOICE, THE TONIGHT SHOW WITH JIMMY FALLON, THE LATE LATE SHOW WITH JAMES CORDEN, ELLEN, BET’s 106 AND PARK, THE NICKELODEON KIDS CHOICE AWARDS and several other programs and award shows. His songs have appeared in soundtracks for the feature films BRIGHT and WHY HIM?.

Spotify recently released that his songs were streamed 571,200,000 times in 79 countries in 2019. His most recent album Hotel Diablo was released July 5, 2019 and was supported by three singles: "Hollywood Whore", "El Diablo", and "I Think I’m Okay" (featuring Travis Barker and Yungblud). "I Think I’m Okay" became a certified Gold Single in December of 2019. In 2017, his albumbloom went gold. The album track "Bad Things" featuring Camila Cabello, sold 8+ million worldwide, was nominated for a 2017 Billboard Music Award and owned the Billboard 100 list for 16+ weeks in 2017. The song has had more than 245m+ streams with a radio audience of 145m, becoming RIAA certified 3x platinum (domestic) and 8x worldwide. "Machine Gun Kelly" was one of the top ten most searched artists of 2018 according to Google. In April 2020, he released "Bloody Valentine," the first single off his forthcoming Tickets to My Downfall album, executive produced by Travis Barker. The two appeared on THE LATE LATE SHOW WITH JAMES CORDEN to perform the song, and the official video starring Megan Fox garnered over 4,000,000 views in under 24 hours.

On the acting side, he received critical acclaim as the lead role as Tommy Lee in the Netflix’s THE DIRT, a biopic based on the rise of the band Motley Crue directed by Jeff Tremaine. He also starred opposite Sandra Bullock, John Malkovich and Trevante Rhodes in Netflix’s thriller film BIRD BOX. In its first week of streaming, 45,037,125 Netflix accounts watched the film, making it Netflix’s most streamed film at the time. He appeared in BIG TIME ADOLESCENCE from writer/director Jason Orley, also starring Pete Davidson, Griffin Gluck and Jon Cryer, which premiered in competition at the 2019 Sundance Film Festival and was released by NEON on Hulu in March 2020. He will next be seen in Netflix’s PROJECT POWER from Henry Joost and Ariel Shulman also starring Jamie Foxx and Joseph Gordon-Levitt which will premiere globally in August 14, 2020.

Previously, Baker starred on Cameron Crowe’s Showtime series ROADIES, playing Wes, a recently fired Pearl Jam roadie who joins his twin sister Kelly Ann (Imogen Poots) on tour for the fictitious Staton-House Band. The series also starred Luke Wilson and Carla Gugino and was executive produced by Cameron Crowe, JJ Abrams, Winnie Holzman and Bryan Burk.

He appeared alongside Dave Franco and Emma Roberts in the Henry Joost/Ariel Shulman Lionsgate film NERVE, opposite Gugu Mbatha-Raw in Gina Prince-Bythewood’s BEYOND THE LIGHTS, and in James Merendino’s PUNKS DEAD: SLC PUNK 2. Additional films include the Rupert Wyatt directed film CAPTIVE STATE with Ashton Sanders, Vera Farmiga and John Goodman.

At 6’4′, the musician/actor has walked in New York Fashion Week, and his distinct look and love for fashion landed him a campaign as the face of John Varvatos for Fall/Winter 2017-2018. Combining his musical talents with the campaign, he played the opening of Varvatos’ first ever store in Dubai in November 2018. He also collaborated with Reebok on their Club C sneaker campaign.

When not touring or filming, he resides in Los Angeles.

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include the business plans, objectives, expectations and intentions of the parties following the completion of the acquisition, and HHT’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty due to the COVID-19 pandemic and the impact it will have on HHT’s operations, the demand for the HHT’s products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT. Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT’s SEC filings are available publicly on the SEC’s website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Color Star Technology Co., Ltd.
Contact: Investor Relations
FinancialBuzzIR™
info@FinancialBuzzIR.com
Tele: +1-877-601-1879

PR Newswire

Color Star Technology Announces Wiz Khalifa to Perform at “Color World” Online Concert September 9th

August 5, 2020 TechENT Syndication Leave a comment

NEW YORK, Aug. 5, 2020 — Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company"," we", or "HHT") is pleased to announce that multi-platinum selling, Grammy and Golden Globe nominated recording artist Wiz Khalifa will perform at "Fearless, Color World," an online concert presented by Color China Entertainment and Color Star Technology. The special online event will take place September 9th.

The "Fearless, Color World" online concert featured on the Color World app is a new type of concert launched by Color Star Technology which provides innovative training and educational services in the arts. The concert has invited many world-class artists to perform, hoping to make the audience feel the peace of the world and eternal love.

Biao (Luke) Lu, CEO says it’s all about "Colorful music, colorful life, and a colorful world. With warmth and hope, we celebrate our own lives and the hopes of the world. Let music run through our hearts and let us become a family. The world is unified, only love is eternal. The ‘Fearless, Color World’ online concert will bring to hundreds of millions of audiences around the world not only to the wonderful performances from the world’s top artists, but also the dazzling technology and sound. All of our content will use the SQ lossless quality versions. It will be broadcast, so that the audience can feel the shock like a live concert. We believe that this online concert will definitely bring billions of people around the world a brand-new online concert experience, this September we will go through the world together."

About Color Star Technology Co., Ltd.

Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative education services for the music and entertainment industries globally. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC.

Wiz Khalifa Biography

Multi-platinum selling, Grammy and Golden Globe nominated recording artist Wiz Khalifa burst onto the scene with mainstream success with the release of his first major label debut album, ROLLING PAPERS in 2011. ROLLING PAPERS spawned the hugely successful hits "Black and Yellow," "Roll Up," and "No Sleep" and gave Wiz the platform to win the award for "Best New Artist" at the 2011 BET Awards and "Top New Artist" at the 2012 Billboard Music Awards. As a follow up to ROLLING PAPERS, Wiz Released O.N.I.F.C. in 2012. This album featured tracks "Work Hard, Play Hard" and "Remember You" featuring The Weeknd. His third studio album released in 2014, BLACC HOLLYWOOD, debuted at #1 on Billboard’s Top 200 album chart and included hit single "We DemBoyz." Soon after, Wiz’s track, "See You Again," off the FURIOUS 7 soundtrack, catapulted to the top of the charts across 95 countries. Holding the #1 spot for 12 consecutive weeks, "See You Again" broke records by being Spotify’s most-streamed track in a single day in the United States and in a single week in 26 countries. In addition to winning 3 Teen Choice Awards in 2015, "See You Again" continued its success by winning a Critics’ Choice Award in the "Best Song" category, winning two Billboard Music Awards in the categories "Top Hot 100 Song" and "Top Rap Song," earning three Grammy Award nominations in the categories "Song of the Year," "Best Pop Duo/Group Performance," and "Best Song Written for Visual Media," and a Golden Globe nomination in the category "Best Original Song – Motion Picture." Wiz released his album, KHALIFA, in February 2016 as a thank you to fans which included the tracks "Bake Sale" featuring Travis Scott and "Elevated." In June of the same year, Wiz collaborated with Juicy J and TM88 to debut TGOD MAFIA PRESENTS: RUDE AWAKENING and embarked on his co-headlining "The High Road Summer Tour" with Snoop Dogg. On April 20th, 2017, Wiz launched his mobile app, Wiz Khalifa’s Weed Farm, which has garnered over 10.1 million downloads and is currently being played in over eight countries and six languages. Later that year, Wiz’s mixtape, LAUGH NOW, FLY LATER, was released in November and featured the chart topping hit, "Letterman." His latest studio album, ROLLING PAPERS 2, which is certified gold, was released in July 2018. Following the release, Wiz and rap duo Rae Sremmurd hit the road for their "Dazed and Blazed Tour" throughout summer 2018. In February 2018, Wiz partnered with Sovereign Brands to create McQueen and the Violet Fog, an Award winning gin and rated by the NY Times as the "Best Gin". In April of 2019, Wiz released his 5-part docuseries with Apple Music, "Wiz Khalifa: Behind the Cam," which gives viewers an exclusive look into his life and career. In the summer of 2019, Wiz went on his "Decent Exposure Summer Tour" with French Montana, Moneybagg Yo, Chevy Woods, and DJ Drama. In November 2019, Wiz starred in Apple TV+’s "Dickinson," as the character of Death alongside Hailee Steinfeld. Wiz is also a series regular in Fox’s animated sitcom, "Duncanville" which premiered February 2020 with a second season coming soon. Most recently, Wiz released his latest project, The Saga of Wiz Khalifa, which features his track, "Contact".

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include the business plans, objectives, expectations and intentions of the parties following the completion of the acquisition, and HHT’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on HHT’s operations, the demand for the HHT’s products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT. Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT’s SEC filings are available publicly on the SEC’s website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Color Star Technology Co., Ltd.
Contact: Investor Relations
FinancialBuzzIR™
info@FinancialBuzzIR.com
Tele: +1-877-601-1879

PR Newswire

Wix Helps Bring First-of-its-kind Remote Learning Initiative to Philippines Department of Education

July 30, 2020 TechENT Syndication Leave a comment

Over 43,000 e-learning sites built and launched in two days on Wix

NEW YORK, July 30, 2020 — Wix.com, Ltd. (NASDAQ: WIX), the global leader in website creation, announced today the results of a first-of-its-kind project independently initiated by the Philippines Department of Education under Philippine’s "Digital Rise Program" that will bring e-learning curriculums to back-to-school programs starting in August.

"With COVID-19 restrictions in place, small businesses, entrepreneurs, and schools across the world experienced unprecedented transitions to operating exclusively online. This disruption was particularly devastating for schools, which had to pivot to full-time remote learning with little time to prepare," said Dror Shaked, Senior Vice President at Wix. "In May 2020, amid the pandemic, tens of thousands of teachers and schools came together with a joint mission — to bring the Philippines education system online — and in only two days, 43,000 e-learning sites were created for schools to make available digital curricula online," said Shaked.

As part of the growing movement to digitize schools, the Digital Rise Program will facilitate the transition to e-learning for the local schools and provide them with step-by-step support. This coordination will exclusively be handled by teachers and schools. Students will be able to access all of the e-learning content without having to log in and will only be able to consult the e-learning content available on the Wix websites.

To make this vision possible, all volunteers have been trained on their own platform by the education department and have created 43,000 sites for schools in the Philippines. These volunteers have set a standard for success, not only for the Philippines Department of Education, but also for other developing countries who are looking to improve their e-learning education curricula in the years to come.

"We are excited about this first-of-its kind digital education initiative for the Philippines Education Department because it sparks empowerment for all learners," said Abram Abanil, ICTS Director. "A regular teacher has been able to create their site on Wix with zero coding experience in order to make their digital curriculum accessible. This is the future of education, and we are thrilled to provide access to educational content through Wix’s generous resources," said Abanil.

About Wix
Learn more: Wix.com, in our Press Room and on our Investor Relations site

Visit us: on our blog, Facebook, Twitter, Instagram, LinkedIn and Pinterest

Download: Wix App is available for free on Google Play and in the App Store

Media Relations Contact:
PR@wix.com

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Related Links :

http://www.wix.com

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KIIT Deemed to be University Announces Free Education for Children of COVID Deceased in Odisha

July 27, 2020 TechENT Syndication Leave a comment

BHUBANESWAR, India, July 27, 2020 — The COVID-19 pandemic has infected millions and caused much panic across the globe, including India and Odisha. The number of new coronavirus infections is increasing by day in Odisha. Many have also lost their lives. KIIT has always reached out to the distressed people at the time of natural calamities in the state. It has become the pride of Odisha as it has always stood by the people of the state at the time of their need.

Kalinga Institute of Industrial Technology (KIIT) Deemed to be University

The COVID-19 pandemic has disrupted and devastated normal life and livelihoods of the people of Odisha. Now, KIIT Deemed to be University has extended a helping hand to the families of the COVID deceased. Acting on a proposal by the Founder of KIIT & KISS, Dr. Achyuta Samanta, KIIT-DU has decided to provide technical and professional education absolutely free of cost to the children of the COVID deceased in Odisha.

Sons and daughters of the COVID deceased in Odisha, who are interested, can apply to different technical and professional courses of KIIT-DU, including ITI and Diploma Engineering, as per their eligibility for admission. This facility will be available for two academic years, 2020-21 and 2021-22 only, informed KIIT authorities. Preference will be given to the children of COVID deceased from BPL, SC, ST and SEBC categories. The move will provide relief to the people of Odisha who have been made helpless by the pandemic.

KIIT is the only university in India and abroad to extend such humanitarian gesture to the families of the COVID deceased.

Besides this benign initiative, KIIT Deemed to be University has been running four standalone COVID Hospitals in Odisha with 1200 bed capacity and over 200 critical care units for the last five months. KIIT is also at the frontline of the state’s war against coronavirus by contributing in the fields of food and medical supplies provision to the needy, reaching the unreached, creating awareness and animal care since the beginning of the lockdown.

Media Contact:
Dr. Shradhanjali Nayak
shradhanjali@kiit.ac.in
+91-674-2725636
Director, PR
KIIT Deemed to be University

Photo: https://techent.tv/wp-content/uploads/2020/07/kiit-deemed-to-be-university-announces-free-education-for-children-of-covid-deceased-in-odisha.jpg

PR Newswire

Bright Scholar Announces Declaration of a Dividend

July 24, 2020 TechENT Syndication Leave a comment

FOSHAN, China, July 24, 2020 — Bright Scholar Education Holdings Limited (“Bright Scholar” or the “Company”) (NYSE: BEDU), a global premier education service company, today announced that its board of directors (the “Board”) has approved and declared a cash dividend of US$0.12 per ordinary share (US$0.12 per American depositary share).

The amount of cash dividends to be distributed is approximately US$14 million in total. The dividends are expected to be paid on August 24, 2020 to the holders of the Company’s ordinary shares of record as of the close of business on August 10, 2020. The determination to declare and pay the dividend and the amount of dividend in any year will be made at the discretion of the Board and will be based upon the Company’s operations and earnings, cash flow, financial condition and other relevant factors that the Board may deem appropriate.

About Bright Scholar Education Holdings Limited

Bright Scholar is a global premier education service company, dedicated to providing quality international education to global students and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China. As of May 31, 2020, Bright Scholar operated 80 schools across ten provinces in China and eight schools overseas, covering the breadth of K-12 academic needs of its students. In the nine months ended May 31, 2020, Bright Scholar had an average of 51,970 students enrolled at its schools.

Safe Harbor Statement

This announcement contains 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 include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. 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, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. 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. 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 law.

IR Contact:
GCM Strategic Communications
Email: BEDU.IR@gcm.international

Media Contact:
Email: media@brightscholar.com
Phone: +86-757-6683-2507

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Color Star Technology Announces Machine Gun Kelly will join its “Fearless, Color World” Online Concert

Color Star Technology Announces Wiz Khalifa to Perform at “Color World” Online Concert September 9th

Wix Helps Bring First-of-its-kind Remote Learning Initiative to Philippines Department of Education

KIIT Deemed to be University Announces Free Education for Children of COVID Deceased in Odisha

Bright Scholar Announces Declaration of a Dividend

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