Tag Archives: ENT

VNG Files Registration Statement for Potential Initial Public Offering


NOT FOR DISTRIBUTION IN OR INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

HO CHI MINH CITY, Vietnam, Aug. 24, 2023 /PRNewswire/ — VNG Corporation (“VNG” or the “Company”), a leading technology company in Vietnam, today announced that VNG Limited has filed a Form F-1 registration statement with the United States Securities and Exchange Commission (the “SEC”). VNG Limited, a shareholder of VNG, intends to list its Class A ordinary shares on the NASDAQ Global Select Market through an initial public offering (“IPO”) under the symbol “VNG”.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and BofA Securities, Inc. will act as underwriters of the IPO. The size and price range for the potential offering have yet to be determined.

Founded in 2004, VNG has evolved from a five-person start-up into the largest homegrown digital ecosystem in Vietnam with products and services ingrained in users’ daily lives. VNG is, according to Newzoo, the number one mobile games publisher in Vietnam looking to expand globally and, according to F&S, operates the number one messaging application, Zalo, in Vietnam, with 75 million monthly active users. The Company’s other flagship products include Zing MP3 (the number one music streaming platform in Vietnam, according to F&S, with more than 28 million monthly active users), and ZaloPay (the fastest growing mobile payment application in Vietnam, according to F&S).

The Form F-1 registration statement is subject to completion and has not yet been declared effective by the SEC.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or in any other jurisdiction. The Class A ordinary shares may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 (“Securities Act”) unless they are offered or sold in transactions exempt from, or not subject to, such registration requirements. Any public offering of such securities to be made in the United States will be made by means of an effective registration statement that may be obtained from VNG Limited which will contain detailed information about the company and management, as well as financial statements. This press release is being issued pursuant to and in accordance with Rule 135e under the Securities Act.

About VNG

Founded in 2004, VNG is a leading homegrown digital ecosystem in Vietnam, with diverse products and services through four key business segments: Games, Communications and Media, Fintech and Long-term Opportunities. Its mission is to “Build technologies and grow people. From Vietnam to the world.” Its flagship products have transformed the way millions of users experience and interact with the online world, in Vietnam and globally. Today, VNG has approximately 4,000 employees across 10 cities around the world. For more information, please visit: https://vng.com.vn/.

Media Contacts:

VNG
Thao Tran
media@vng.com.vn

FGS Global
Asia – Harry Florry and Lucy Dao
US – Ginny Wilmerding
VNG@fgsglobal.com

ViewSonic Presents the 4th ColorPro Awards: “RISE” to New Heights in Photography and Videography

BREA, Calif., Aug. 16, 2023 /PRNewswire/ — ViewSonic Corp[i], a leading global provider of visual solutions, is thrilled to announce the launch of the 4th ColorPro Awards. A celebration of artistic expression and innovation, this year’s global visual arts competition takes the theme of “RISE,” inviting participants to soar to new creative heights as they capture their moments of transformation. This year’s edition widens its creative scope beyond photographs to embrace videos as well, offering new possibilities for creatives to express their vision. From August 15th to September 24th, 2023, participants can submit their entries to compete for prizes exceeding US$20,000 in value. Additionally, participants can take part in the Social Media Lucky Draw for a chance to win the ColorPro VP2756-2k monitor.

The theme “RISE” symbolizes transformative power, inviting participants to explore narratives of growth, achievement, empowerment, and resilience within. Whether conveyed through striking photographs or compelling videos, the theme offers artists a platform to captivate and inspire their audience with their visual storytelling. Notably, industry leaders SHOOTERS, PANTONE®, Capture One, Calibrite, and Shoot The Frame will collaborate, not only to host workshops and promotional activities during the Awards, but also as esteemed members of the judging panel.

“Last year, we achieved a remarkable breakthrough by transforming the ColorPro Awards into a global visual arts competition, welcoming more partners and creators into our vibrant global community,” stated Oscar Lin, General Manager of the Monitor Business Unit at ViewSonic. “As we venture into the 4th ColorPro Awards with the new theme ‘RISE’ and the introduction of the Videography category, we aim to inspire and empower creators worldwide to pursue their moments of transformation, urging them to explore uncharted territories and achieve their artistic ‘RISE.'”

Alongside the cash prize, winners will receive top-of-the-line ViewSonic ColorPro monitors, specially designed for creative professionals seeking true color accuracy and remarkable performance. Winners will also receive a suite of products and memberships designed to optimize their creative workflows. These include Capture One perpetual licenses, color management products courtesy of PANTONE® and Calibrite, and exclusive memberships from Shoot The Frame.

A distinguished panel of internationally acclaimed photographers and videographers will meticulously review the submissions, ensuring impartiality and acknowledging excellence in artistic expression.  The submitted artwork will be evaluated by the panel considering its storytelling, aesthetics, creativity, relevance to the awards theme, and technical execution.

Amongst the panel are four ColorPro ambassadors and creators, invited to share their narratives of “RISE.” Luke Stackpoole captures the theme through awe-inspiring photography of natural wonders, as seen from his drone during his global explorations. Photographer Jack Harding associates the concept of “RISE” with a shoot in Madeira, Portugal. Following a four-day wait for clear weather, the sunshine ignited the clouds, painting the sky with stunning colors and casting a beautiful light over the landscape. Requiring patience, this precise moment marked the culmination of the shoot.

Filmmaker JustKay presents his unique perspective on rising against the odds and confronting the unknown. His compelling short film “Take a Leap of Faith” vividly captures the turning point of his life when he chose not to attend college, bravely abandoning the conventional path to pursue his dream wholeheartedly. Echoing the theme of “RISE,” filmmaker Alice Greenfield beautifully intertwines her love for swimming with her narrative. She conveys the solace she finds in the ocean – a rejuvenating space that clears her mind and empowers her to rise and face each day with renewed vigor.

ViewSonic ColorPro aims to inspire and encourage artistic growth worldwide. Through offering a platform for creators to share their unique visions, ColorPro provides a space for artistic expression to flourish. The ColorPro Awards stand as a testament to ViewSonic’s commitment to empowering creators and nurturing emerging talents in photography and videography.

For more details about the ColorPro Awards 2023, please visit: https://www.viewsonic.com/colorpro/event/colorproawards2023/

To participate in the Social Media Lucky Draw, follow the steps outlined in the official ColorPro Instagram (@colorpro).

[i] ViewSonic International Corp., located in New Taipei City, Taiwan, is the host and sponsor of the contest. ViewSonic International Corp. is a subsidiary of ViewSonic Corp., located in California, USA.

About ViewSonic 
Founded in California, ViewSonic is a leading global provider of visual solutions and conducts business in over 100 countries worldwide. As an innovator and visionary, ViewSonic is committed to providing comprehensive hardware and software solutions that include monitors, projectors, pen displays, commercial displays, All-in-One LED displays, ViewBoard interactive displays, and myViewBoard software ecosystem. With over 35 years of expertise in visual displays, ViewSonic has established a strong position for delivering innovative and reliable solutions for education, enterprise, consumer, and professional markets and helping customers “See the Difference.” To find out more about ViewSonic, please visit www.viewsonic.com

ViewSonic Presents the 4th ColorPro Awards: "RISE" to New Heights in Photography and Videography. Submission is open from August 15 to September 24.
ViewSonic Presents the 4th ColorPro Awards: “RISE” to New Heights in Photography and Videography. Submission is open from August 15 to September 24.

Source: ViewSonic Corp.

Yalla Group Limited Announces Unaudited Second Quarter 2023 Financial Results

DUBAI, UAE, Aug. 15, 2023 /PRNewswire/ — Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial and Operating Highlights

  • Revenues were US$79.2 million in the second quarter of 2023, representing an increase of 4.1% from the second quarter of 2022.

– Revenues generated from chatting services in the second quarter of 2023 were US$55.2 million.

– Revenues generated from games services in the second quarter of 2023 were US$24.0 million.

  • Net income was US$28.3 million in the second quarter of 2023, compared with US$20.4 million in the second quarter of 2022. Net margin[1] was 35.7% in the second quarter of 2023.
  • Non-GAAP net income[2]  was US$33.8 million in the second quarter of 2023, compared with US$28.6 million in the second quarter of 2022. Non-GAAP net margin[3] was 42.6% in the second quarter of 2023.
  • Average MAUs[4] increased by 14.3% to 34.2 million in the second quarter of 2023 from 29.9 million in the second quarter of 2022.
  • The number of paying users[5]  on our platform increased by 26.6% to 13.4 million in the second quarter of 2023 from 10.6 million in the second quarter of 2022.

Key Operating Data

For the three months ended

June 30, 2022

June 30, 2023

Average MAUs (in thousands)

29,920

34,192

Paying users (in thousands)

10,585

13,402

[1] Net margin is net income as a percentage of revenues.

[2] Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

[3] Non-GAAP net margin is non-GAAP net income as a percentage of revenues.

[4] “Average MAUs” refers to the average monthly active users in a given period calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. “Active users” refers to registered users who accessed any of our main mobile applications at least once during a given period. Yalla, Yalla Ludo and Yalla Parchis have been our main mobile applications for the periods presented herein; YallaChat and 101 Okey Yalla have been our main mobile applications since the fourth quarter of 2022; and WeMuslim has been our main mobile application since the second quarter of 2023.

[5] “Paying users” refers to registered users who played a game or purchased our virtual items or upgrade services using virtual currencies on our main mobile applications at least once in a given period, except for users who receive all of their virtual currencies directly or indirectly from us for free. “Registered users” refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications.

“Our robust second quarter performance delivered total revenues that increased by 4.1% year-over-year to US$79.2 million, exceeding the top end of our guidance despite the period’s seasonality prompted by the Ramadan holiday,” said Mr. Yang Tao, Founder, Chairman and CEO of Yalla. “These exceptional results showcase our ongoing dedication and ability to successfully refine our operating processes, enhance the gamification of our flagship applications and optimize our user acquisition strategy. As a result, we have holistically elevated users’ experience across our suite of products, driving increased user engagement. Our Group’s average MAUs increased to 34.2 million for the second quarter, up 14.3% year-over-year. Users are also showing increasing willingness to pay for our products and the number of total paying users increased to 13.4 million in the second quarter of 2023.

“The launch of our second hard-core mobile game Merge Kingdoms drove exciting progress in our mid-core and hard-core gaming business during the second quarter. Meanwhile, we continue to refine and upgrade our first self-developed hard-core game, Age of Legends, which was launched across Gulf countries at the beginning of August 2023,” Mr. Yang added. “Digital transformation is sweeping through the MENA region. To make the most of the growing opportunities within the expanding market, we are strategically investing in R&D and exploring new business prospects that complement our existing offerings. Moving forward, we will continue to leverage our local know-how and core capabilities, as well as work to forge collaborations with international partners that strengthen our offerings and overall value proposition.”

“In the second quarter, we achieved solid top-line and bottom-line growth as we continued to pursue high-quality development of our business,” said Ms. Karen Hu, CFO of Yalla. “Our commitment to disciplined cost management and an ROI-focused sales and marketing strategy has elevated our overall operational efficiency. We have also strategically leveraged the high-interest rates to achieve a higher return for our strong cash position. Consequently, we maintained a healthy level of profitability throughout the quarter, registering a net margin of 35.7% and excluding share-based compensation, a non-GAAP net margin of 42.6%. Our solid cash position and effective overall execution equip us to seize future opportunities that foster our sustainable growth and generate value for all of our stakeholders.”

Second Quarter 2023 Financial Results

Revenues

Our revenues were US$79.2 million in the second quarter of 2023, a 4.1% increase from US$76.1 million in the second quarter of 2022. The increase was primarily driven by the broadening of our user base and our enhanced monetization capability. Our average MAUs increased by 14.3% from 29.9 million in the second quarter of 2022 to 34.2 million in the second quarter of 2023. Our solid revenue growth was also partially attributable to the significant increase in the number of paying users, which grew from 10.6 million in the second quarter of 2022 to 13.4 million in the second quarter of 2023.

In the second quarter of 2023, our revenues generated from chatting services were US$55.2 million, and revenues from games services were US$24.0 million.

Costs and expenses

Our total costs and expenses remained relatively stable at US$55.3 million in the second quarter of 2023, compared with US$55.2 million in the second quarter of 2022.

Our cost of revenues was US$28.3 million in the second quarter of 2023, a 3.2% decrease from US$29.3 million in the same period last year, primarily due to lower commission fees paid to third-party payment platforms as a result of diversified payment channels, and lower technical service fees resulting from more disciplined management.

Cost of revenues as a percentage of our total revenues decreased to 35.8% in the second quarter of 2023, compared with 38.5% in the second quarter of 2022.

Our selling and marketing expenses were US$12.4 million in the second quarter of 2023, a 10.4% increase from US$11.2 million in the same period last year, primarily due to higher advertising and market promotion expenses driven by our continued user acquisition efforts and expanding product portfolio. Selling and marketing expenses as a percentage of our total revenues remained relatively stable at 15.6%, compared with 14.7% in the second quarter of 2022.

Our general and administrative expenses were US$8.0 million in the second quarter of 2023, a 15.4% increase from US$6.9 million in the same period last year, primarily due to an increase in incentive compensation and an increase in professional service fees. General and administrative expenses as a percentage of our total revenues remained relatively stable at 10.1%, compared with 9.1% in the second quarter of 2022.

Our technology and product development expenses were US$6.6 million in the second quarter of 2023, a 14.8% decrease from US$7.7 million in the same period last year, primarily due to the appreciation of the U.S. dollars, which resulted in a decrease in the reporting currency amount of salaries and benefits for our technology and product development team, demonstrating benefits of the Company’s globalized talent acquisition strategy. Technology and product development expenses as a percentage of our total revenues decreased from 10.2% in the second quarter of 2022 to 8.3% in the second quarter of 2023.

Operating income

Operating income was US$23.9 million in the second quarter of 2023, compared with US$20.9 million in the second quarter of 2022.

Non-GAAP operating income[6]

Non-GAAP operating income in the second quarter of 2023 was US$29.4 million, compared with US$29.2 million in the same period last year.

Interest income

Our interest income was US$4.6 million in the second quarter of 2023, compared with US$0.2 million in the second quarter of 2022, primarily due to a significant increase in interest rates applicable to the Company’s bank deposits and a continued increase in the Company’s cash position.

Income tax expense

Our income tax expense was US$0.82 million in the second quarter of 2023, compared with US$0.78 million in the second quarter of 2022.

Net income

As a result of the foregoing, our net income was US$28.3 million in the second quarter of 2023, compared with US$20.4 million in the second quarter of 2022.

Non-GAAP net income

Non-GAAP net income in the second quarter of 2023 was US$33.8 million, compared with US$28.6 million in the same period last year.

Earnings per ordinary share

Basic and diluted earnings per ordinary share were US$0.19 and US$0.16, respectively, in the second quarter of 2023, while basic and diluted earnings per ordinary share were US$0.14 and US$0.12, respectively, in the same period of 2022.

Non-GAAP earnings per ordinary share[7]

Non-GAAP basic and diluted earnings per ordinary share were US$0.22 and US$0.19, respectively, in the second quarter of 2023, compared with US$0.19 and US$0.16, respectively, in the same period of 2022.

Cash and cash equivalents, term deposits and short-term investments 

As of June 30, 2023, we had cash and cash equivalents, term deposits and short-term investments of US$510.5 million, compared with US$453.0 million as of December 31, 2022.

Share repurchase program

Pursuant to the Company’s share repurchase program beginning on May 21, 2021 with an extended expiration date of May 21, 2024, the Company completed cash repurchases in the open market of 2,302,141 American depositary shares (“ADSs”), representing 2,302,141 Class A ordinary shares, for an aggregate amount of approximately US$27.0 million, as of June 30, 2023. The aggregate value of ADSs and/or Class A ordinary shares that remain available for purchase under the current share repurchase program was US$123.0 million as of June 30, 2023.

Outlook

For the third quarter of 2023, Yalla currently expects revenues to be between US$73.0 million and US$80.0million.

The above outlook is based on current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

[6] Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

[7] Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited’s shareholders represents net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited’s shareholders are non-GAAP financial measures. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

Conference Call

The Company’s management will host an earnings conference call on Monday, August 14, 2023, at 8:00 PM U.S. Eastern Time, Tuesday, August 15, 2023, at 4:00 AM Dubai Time, or Tuesday, August 15, 2023, at 8:00 AM Beijing/Hong Kong time.

Dial-in details for the earnings conference call are as follows:

United States Toll Free:

+1-888-317-6003

International:

+1-412-317-6061

United Arab Emirates Toll Free:

80-003-570-3589

Mainland China Toll Free:

400-120-6115

Hong Kong Toll Free:

800-963-976

Access Code:

8369149

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

A replay of the conference call will be accessible until August 21, 2023, by dialing the following telephone numbers:

United States Toll Free:

+1-877-344-7529

International:

+1-412-317-0088

Access Code:

1131608

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company’s operating performance. The presentation of the 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 U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited’s shareholders as net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by the weighted average number of basic and diluted shares outstanding.

By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. Investors can better understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures 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 measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release.

About Yalla Group Limited

Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenue in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users’ evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users; Waha, a social networking product featuring 3-D avatars; casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla’s mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users.

For more information, please visit: https://ir.yalla.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to 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,” “likely to” and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact: 

Yalla Group Limited
Investor Relations
Kerry Gao – IR Director
Tel: +86-571-8980-7962
Email: ir@yalla.com 

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com 

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com 

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31, 2022

June 30, 2023

US$

US$

ASSETS

Current assets

Cash and cash equivalents

407,256,837

305,819,389

Term deposits

20,000,000

191,761,209

Short-term investments

25,788,304

12,952,035

Amounts due from a related party

136,608

Prepayments and other current assets

28,652,840

35,435,305

Total current assets

481,697,981

546,104,546

Non-current assets

Property and equipment, net

2,121,613

2,101,182

Intangible asset, net

1,328,470

1,240,710

Operating lease right-of-use assets

1,950,364

3,202,752

Long-term investments

3,833,750

3,819,565

Other assets

15,406,078

15,080,631

Total non-current assets

24,640,275

25,444,840

Total assets

506,338,256

571,549,386

LIABILITIES

Current liabilities

Accounts payable

5,382,276

1,268,107

Deferred revenue

35,957,485

43,998,842

Operating lease liabilities, current

858,452

1,293,977

Accrued expenses and other current liabilities

22,821,168

24,251,003

Total current liabilities

65,019,381

70,811,929

Non-current liabilities

Operating lease liabilities, non-current

744,612

1,678,544

Amounts due to a related party

709,789

647,575

Total non-current liabilities

1,454,401

2,326,119

Total liabilities

66,473,782

73,138,048

EQUITY

Shareholders’ equity of Yalla Group Limited

Class A Ordinary Shares

13,356

13,670

Class B Ordinary Shares

2,473

2,473

Additional paid-in capital

294,406,395

306,177,968

Treasury stock

(27,014,697)

(27,014,697)

Accumulated other comprehensive loss

(1,701,111)

(3,097,167)

Retained earnings

174,880,748

224,812,958

Total shareholders’ equity of Yalla Group Limited

440,587,164

500,895,205

Non-controlling interests

(722,690)

(2,483,867)

Total equity

439,864,474

498,411,338

Total liabilities and equity

506,338,256

571,549,386

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2022

June 30, 2023

US$

US$

US$

US$

US$

Revenues

76,090,799

73,518,613

79,246,363

148,428,081

152,764,976

Costs and expenses

Cost of revenues

(29,272,347)

(27,852,477)

(28,330,815)

(56,800,337)

(56,183,292)

Selling and marketing expenses

(11,208,074)

(11,354,975)

(12,378,490)

(23,734,535)

(23,733,465)

General and administrative expenses

(6,945,989)

(10,164,394)

(8,018,573)

(14,973,859)

(18,182,967)

Technology and product development expenses

(7,726,715)

(7,411,188)

(6,586,078)

(13,711,283)

(13,997,266)

Total costs and expenses

(55,153,125)

(56,783,034)

(55,313,956)

(109,220,014)

(112,096,990)

Operating income

20,937,674

16,735,579

23,932,407

39,208,067

40,667,986

Interest income

176,432

3,118,289

4,623,275

227,551

7,741,564

Government grants

1,847

177,659

4,560

160,532

182,219

Investment income (loss)

17,674

491,889

529,308

(150,771)

1,021,197

Income before income taxes

21,133,627

20,523,416

29,089,550

39,445,379

49,612,966

Income tax expense

(780,211)

(616,358)

(821,149)

(1,393,656)

(1,437,507)

Net income

20,353,416

19,907,058

28,268,401

38,051,723

48,175,459

Net loss attributable to non-controlling interests

236,433

554,591

1,202,160

314,597

1,756,751

Net income attributable to Yalla Group
   Limited’s shareholders

20,589,849

20,461,649

29,470,561

38,366,320

49,932,210

Earnings per ordinary share

——Basic

0.14

0.13

0.19

0.25

0.32

——Diluted

0.12

0.11

0.16

0.22

0.28

Weighted average number of shares

   outstanding used in computing earnings

   per ordinary share

——Basic

151,384,789

157,976,350

158,871,859

150,771,175

158,424,104

——Diluted

175,146,529

180,517,715

180,752,549

175,847,551

180,635,132

Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses and
technology and product development expenses as follows:

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2022

June 30, 2023

US$

US$

US$

US$

US$

Cost of revenues

1,404,341

1,030,249

923,513

2,848,661

1,953,762

Selling and marketing expenses

1,850,318

971,335

1,014,371

3,696,912

1,985,706

General and administrative expenses

4,663,550

3,245,278

3,242,981

9,326,219

6,488,259

Technology and product development expenses

357,487

349,277

315,173

668,929

664,450

Total share-based compensation expenses

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

YALLA GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS 

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2022

June 30, 2023

US$

US$

US$

US$

US$

Operating income

20,937,674

16,735,579

23,932,407

39,208,067

40,667,986

Share-based compensation expenses

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

Non-GAAP operating income

29,213,370

22,331,718

29,428,445

55,748,788

51,760,163

Net income

20,353,416

19,907,058

28,268,401

38,051,723

48,175,459

Share-based compensation expenses,
   net of tax effect of nil

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

Non-GAAP net income

28,629,112

25,503,197

33,764,439

54,592,444

59,267,636

Net income attributable to Yalla
   Group Limited’s shareholders

20,589,849

20,461,649

29,470,561

38,366,320

49,932,210

Share-based compensation expenses,
   net of tax effect of nil

8,275,696

5,596,139

5,496,038

16,540,721

11,092,177

Non-GAAP net income attributable to
   Yalla Group Limited’s shareholders

28,865,545

26,057,788

34,966,599

54,907,041

61,024,387

Non-GAAP earnings per ordinary share

——Basic

0.19

0.16

0.22

0.36

0.39

——Diluted

0.16

0.14

0.19

0.31

0.34

Weighted average number of shares
   outstanding used in computing earnings
   per ordinary share

——Basic

151,384,789

157,976,350

158,871,859

150,771,175

158,424,104

——Diluted

175,146,529

180,517,715

180,752,549

175,847,551

180,635,132

PARAGON: THE OVERPRIME IS COMING TO PLAYSTATION®5, STARTING WITH SEPTEMBER CLOSED BETA TEST

LOS ANGELES, Aug. 2, 2023 /PRNewswire/ — Netmarble, a leading developer and publisher of high-quality video games, announces the arrival of the team based TPS Action MOBA PARAGON: THE OVERPRIME on PlayStation®5 (PS5®). Things will kick off with a Closed Beta Test period between September 13 and September 25 – players will be able to register for the Closed Beta Test through September 11.


PARAGON THE OVERPRIME is one of the hottest new team based MOBAs on PC based on Epic Games’ Paragon, with 36 playable heroes at the time of the CBT, including the newest hero Riktor. Two maps will be available to play – Agnis of Light, and Red Moon. The development team is focused on increasing the number of features specifically for PS5 players, including: Aim Assist, Adaptive Triggers, Haptic Feedback, and more – including the speaker capabilities of the DualSense™ wireless controller and 3D Audio. Players will even be able to launch directly from activity cards, taking full advantage of the feature set of PS5. The detailed information can be found here.

The game will ultimately feature full crossplay with the PC version upon the official launch, ensuring there will always be players to matchmake with, and that users will be able to jump into matches with their friends, no matter what platform they are on.

Players can wishlist PARAGON: THE OVERPRIME on the PlayStation®Store in North America and Europe starting today. Players wishing to hop in the action early for the closed beta test can do so on the Paragon website – note that only North American IPs can register for the test at this time. Other regions and follow the game on the PlayStation store by adding it to their wishlist. In order to join the Closed Beta Test, users will need a Sony account based in either the US or Canada.

PARAGON: THE OVERPRIME is a team-based TPS Action MOBA that anyone can play for free on PC and now PlayStation 5! Players are engaged in 5v5 play while working with teammates to conquer the Prime battlefield. The game celebrates strategic actions and fast-paced battles by two teams aiming to eliminate the opponents’ territories. Players can choose from one of the many powerful heroes utilizing their unique skills – Warrior, Support, Ranger, Caster, Tank, and Assassin.

To stay up to date with all PARAGON: THE OVERPRIME  news and updates follow the official brand website, Discord, and Twitter

About Netmarble Corporation

Established in Korea in 2000, Netmarble Corporation is a leading developer and publisher of top-grossing mobile games worldwide.  Through powerful franchises and collaborations with acclaimed IP holders, Netmarble strives to elevate the gaming experience and entertain audiences globally. As a parent company of Kabam and SpinX Games, and a major shareholder of Jam City and HYBE (formerly Big Hit Entertainment), Netmarble’s diverse portfolio includes Lineage 2: Revolution, MARVEL Future Fight, Ni no Kuni: Cross Worlds, The King of Fighters ALLSTAR, The Seven Deadly Sins: Grand Cross, and forthcoming PC games like Paragon: The Overprime. More information can be found at http://company.netmarble.com.

WiMi Developed an HMD-based Control System for Humanoid Robots Controlled by BCI

BEIJING, July 21, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced its development of a humanoid robot control system based on a head-mounted display (HMD) controlled by a brain-computer interface (BCI). This system via steady-state visual evoked potentials (SSVEP) and allows interaction with the environment and humans. The technology provides real-time feedback through the robot’s embedded camera, which integrates stimulus feedback into the HMD display.

WiMi’s researchers took control of the robot and tested its performance by using this new interaction in an experiment. Testers were asked to navigate the robot to a specific location to perform a task. This test was based on visual SLAM feedback, which provides navigation instructions through images of the environment captured by a camera.

Steady-state visual evoked potentials (SSVEP) are used as control signals, and the user’s EEG signals are captured by an EEG signal acquisition device, and real-time feedback from the robot is displayed using a head-mounted display. For navigation instructions, the researchers embedded an embedded camera in the robot and combined its real-time feedback with the SSVEP signals on the head-mounted display to form a form of interaction. The researchers used a visual SLAM (Simultaneous Localization and Mapping) algorithm to implement the navigation instructions.

The control system of the head-mounted display BCI consists of several components: signal acquisition device, head-mounted display, humanoid robot, embedded camera, control algorithm, etc. The steps and results of WiMi’s BCI control system implementation are as follows:

EEG signal acquisition and processing:

The WiMi researchers first used a set of EEG signal interaction platforms for capturing the user’s EEG signals and processing those signals. The platform consists of a multi-channel amplifier, electrode caps, and data acquisition software to capture and store the user’s EEG signals in real-time. In processing the EEG signals, an efficient method is used, which is the extraction of SSVEP by frequency analysis of the signals. This method presents light flashes of a specific frequency to the user, and the user’s EEG signal will resonate at this frequency, thus enabling the extraction of control signals.

The researchers used an EEG signal acquisition device to capture the user’s EEG signals, a head-mounted display to show real-time feedback from the robot, and an embedded camera to provide navigation instructions. The control algorithm uses a visual SLAM algorithm to implement the navigation instructions, which models the environment and implements the navigation instructions from images of the environment captured by the robot’s camera.

Head-mounted display applications:

To provide feedback on the control signals, the researchers used a head-mounted display, which shows real-time images and states displayed through a built-in monitor. The head-mounted display utilizes high-resolution display technology to provide a more realistic experience of the virtual environment.

In addition, to better provide feedback on control signals, the researchers combined the display with the robot’s built-in camera. With the robot’s camera capturing images of the environment and displaying them on the head-mounted display, users can visualize the robot’s state and environmental information more intuitively. Specifically, the user is required to gaze at a specific frequency of light stimuli on the head-mounted display, which causes the user’s brain to emit a specific SSVEP signal. Once the signal is captured and processed, a control algorithm can determine the user’s intent based on the frequency and amplitude of the signal, such as moving the robot to turn left or right. The embedded camera captures the viewpoint of the robot in real-time, providing an image of the environment as well as feedback on the current position of the robot.

Navigation implementation:

Using the SLAM algorithm, an image of the robot’s environment is captured by the robot’s built-in camera and converted into a model of the robot’s environment. The algorithm is also able to estimate the robot’s position and provide navigation instructions to the user. The user can control the direction of the robot’s movement through SSVEP signals, while the head-mounted display shows the robot’s status and environmental information to provide more intuitive feedback to the user.

In addition, the researchers conducted an experimental evaluation of the control system to assess its performance in terms of control accuracy and interaction experience. The experimental results show that the control system can provide precise control signals as well as an immersive interactive experience, providing users with a novel way to control their robots.

Experimental evaluation:

To evaluate the performance of the system, the researchers conducted a series of experiments. The experiments included a user using the system for a robot navigation task and a control experiment using a traditional remote control for the task. The results of the experiments showed that users were able to perform navigation tasks more accurately and get better interaction when using the system.

The researchers conducted experiments to evaluate the control system, including performance in terms of control accuracy and interaction experience. In the experiment, participants were required to control the robot to walk to a specific location to complete a task in a simulated environment. The experimental results show that the control system can provide precise control signals with an average control accuracy of 98.1%. Meanwhile, users evaluated the system as a very good interaction experience, and considered it a very natural and intuitive way of interaction.

WiMi’s head-mounted display (HMD) for robot control via a brain-computer interface (BCI) demonstrates a new way of interaction, providing a more natural and intuitive way of control. Experimental results show that the control system can provide precise control signals. This control method has the potential to be used in many scenarios that require precise control, such as medical, educational, and entertainment fields. Subsequently, the control system can be combined with other sensor technologies, such as voice and gesture, to provide more diverse control. This navigation-assisted scheme provides users with a novel interaction method, which can improve the robot’s operation efficiency and interaction experience.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains “forward-looking statements” within the 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. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, 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. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed 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 laws.

Source: WiMi Hologram Cloud Inc.

NetEase Cloud Music and RYCE Entertainment Form Strategic Partnership

HANGZHOU, China, July 14, 2023 /PRNewswire/ — Cloud Music Inc. (HKEX: 9899, “NetEase Cloud Music” or the “Company”), a well-known online music platform featuring a vibrant content community, today announced that it has entered into a strategic partnership agreement (the “Agreement”) with RYCE Entertainment, one of China’s leading music and entertainment companies, to further expand the Company’s sweeping music content library.

Beyond the extension of previous cooperation, NetEase Cloud Music is now able to access an expanding portfolio of RYCE Entertainment’s music catalog in China with 30-day initial launch rights to distribute new additions to the catalog under the latest terms of the Agreement. The two companies will collaborate to promote RYCE Entertainment’s prominent artists and music catalog in China through the synergies of extensive music production and distribution prowess. 

Since its founding in 2021, RYCE Entertainment has been devoted to creating and distributing critically acclaimed music to a global audience, and its music catalogue boasts works from a diverse roaster of talented artists, including Jackson Wang, Amber Liu, Tablo, PSY.P, Caelan Moriaty, Oscar Wang, AnsrJ and Renyu Zheng, among others.

As one of China’s leading online music platforms, NetEase Cloud Music is a preferred online destination for younger generations to enjoy music across a wide variety of genres from artists both at home and abroad. The platform boasts a unique music community atmosphere, highly interactive user base and impressive user stickiness. In 2022, NetEase Cloud Music hosted 189 million monthly active users who showcased vigorous average daily music listening trends and interactions with other users in the community. Together, these features underpin NetEase Cloud Music’s robust capabilities in efficiently promoting music content and enhancing the interactions between artists and their fan base.

As a forerunner in China’s online music industry, NetEase Cloud Music continues to partner with leading entertainment companies around the globe. Earlier in 2023, the Company further extended its portfolio of C-pop music and other popular genres through partnerships with other iconic production companies including Rock Records and B’in Music. With a powerful and growing portfolio of music from major labels that span a wide range of genres and geographies, NetEase Cloud Music is known for incubating independent musicians and fostering emerging musicians as it continues to grow its production capabilities and loyal Gen Z community of dedicated music fans.

About RYCE ENTERTAINMENT

RYCE is an innovative global music and entertainment company which operates in three main business sectors: music, artist management, and IP development.

Having integrated top management and production teams from across the industry, RYCE presents a strong lineup of talent, backed with vast copyright and media resources, industry access and networks. The company continues to develop creative business models to produce entertainment content that adapts to new media trends and is committed to creating a diversified and contemporary entertainment company.

About Cloud Music Inc.

Launched in 2013 by NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), Cloud Music Inc. (HKEX: 9899) is a well-known online music platform featuring a vibrant content community. Dedicated to providing an elevated user experience, Cloud Music Inc. provides precise, personalised recommendations, promotes user interaction and creates a strong social community. Its focus on discovering and promoting emerging musicians has made Cloud Music Inc. a destination of choice for exploring new and independent music among music enthusiasts in China. The platform has been recognised as the most popular entertainment app among China’s vibrant Generation Z community.

Please see http://ir.music.163.com/ for more information.

Forward Looking Statements

This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.

Investor Enquiries:

Angela Xu
Cloud Music Inc.
music.ir@service.netease.com

Media Enquiries:

Zhang Mengqi
NetEase, Inc.
globalpr@service.netease.com

Source: NetEase, Inc.

WiMi Proposes A Vehicular Networks-based Consensus Algorithm to Improve Data Security And Response Speed

BEIJING, July 14, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced the proposal of a custom vehicular networks-based consensus algorithm (VBCA) to secure data across the network. The algorithm uses a blockchain to maintain a secure pool of confirmed information exchanged in the network. Based on a consortium chain, the solution optimizes transmission efficiency, reduces average data exchange latency, and increases the magnitude of confirmed data exchanges decentralized without compromising data integrity and security.

In recent years, autonomous vehicles (AVs) have attracted significant attention as an evolving technology for intelligent transportation systems (ITS). These vehicles usually have various onboard resources, such as sensors, radar, cameras, storage devices, event recorders, etc. These devices perform different operations, such as object detection, congestion monitoring, pathfinding, etc. Self-driving vehicles will capture large amounts of data for analysis and make real-time intelligent decisions based on surrounding events. AVs equipped with sensors can capture gigabytes of data, which needs to be processed using complex machine-learning algorithms to infer logical outcomes. For communication efficiency, storage, and high-end processing, 5G and 6G technologies and roadside units (RSUs) connected to a Mobile Edge Computing (MEC) server can be used to receive all the data sent by the vehicle, where the MEC server runs machine learning techniques to generate useful predictions.

WiMi’s VBCA solution, a lightweight decentralized ledger system, allows easy integration of recent blocks with existing P2P networks. It aims to provide a network for physical layer vehicles and devices that can share information efficiently and reliably. The solution reduces communication latency by combining blockchain with P2P networks, enabling the network to combine all active blocks into a lightweight blockchain. The scheme uses a hierarchical architecture to achieve an efficient consensus mechanism. Fixed nodes are responsible for attaching blocks to the blockchain, and all fixed nodes store copies of the blockchain. The scheme design estimates the number of active and inactive blocks in the network and maintains only active blocks instead of full blocks to improve the lightweight property.

In WiMi’s VBCA scheme, the system architecture nodes are divided into two node types: fixed nodes and mobile nodes. Fixed nodes are RSUs that provide geographic coverage for specific areas on the map by connecting to high-power edge servers and are interconnected via backhaul links. Mobile nodes use their sensors to capture event data and send it to the nearest fixed node. Through P2P networks, vehicles can use DSRC to connect more reliably to nearby RSUs, thereby reducing communication latency.

The consensus algorithm runs on the edge server and appends the verified protocol information to the blockchain stored on the edge server. Since vehicles are equipped with different types of sensors, e.g., self-driving cars can be equipped with cameras, radar, etc., the edge server will receive a large amount of data. Based on the collected data, various statistical and machine-learning tools can be applied to train models that generate multiple predictions for different applications. For example, a predictive learning-based approach can predict the expected load on numerous parts of the traffic network during a specific time window. The prediction information can be stored in a separate blockchain and shared among all fixed nodes through which vehicles can query the information. The system is built based on a network of vehicles and edge servers for managing traffic data and predicting traffic flow. The system works in five layers: application layer, contract layer, consensus layer, network layer, and data layer. The application layer provides the user interface that allows end users (vehicles) to perform general input/output operations. The contract layer verifies the authentication of vehicles and fixed nodes and deploys intelligent contracts. The consensus layer uses custom consensus algorithms to establish trust between nodes in the network. The network layer connects all nodes in a hybrid P2P fashion, with each node using a discovery protocol to find nearest neighbor RSUs to establish links and exchange messages. The data layer manages the protocols and blocks in the ledger, using tools such as hash functions, timestamps, and Merkle trees to ensure data integrity and security.

Furthermore, intelligent contracts ensure decentralization in the framework by allowing multiple fixed nodes to attach a block to the ledger. This algorithm technology significantly increases throughput and the number of blocks created by each node while ensuring decentralization. In addition, transaction latency is reduced by separating the protocol confirmation and block creation processes.

WiMi has several technologies used in autonomous driving, intelligent transportation systems, and smart cars. With the development of autonomous driving and intelligent transportation systems, vehicular networks are becoming increasingly important. The global market size for autonomous driving and intelligent transportation systems is expanding and is expected to grow in the coming years. This provides a broad market space for WiMi’s VBCA technology. In addition, with the development and popularization of 5G and 6G technologies, vehicular network data transmission speed and stability will be further improved, further promoting the application and development of consensus algorithm technology based on vehicular networks.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains “forward-looking statements” within the 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. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, 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. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed 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 laws.

Source: WiMi Hologram Cloud Inc.

Representative K-kid brand Goongbe wins at iF Design Award 2023

Aesthetic design with a motif of placenta jar and lotus, reflecting the brand’s origin as a secret method of royal family

SEOUL, South Korea, July 14, 2023 /PRNewswire/ — Goongbe, Korea’s representative kid brand, has won in the beauty and healthcare category for packaging at iF Design Award 2023, a global design award.

Representative K-kid brand Goongbe wins at iF Design Award 2023
Representative K-kid brand Goongbe wins at iF Design Award 2023

The award-winning product, Pri-mmune, which belongs to Goongbe’s baby line, was designed with a motif of placental jar (a jar used to store umbilical cords) and lotus. In the Joseon dynasty, the placental jar symbolized the health and longevity of prince, while the lotus represented the strength of life that blooms immaculately even in muddy conditions. The design received high acclaim for effectively conveying the aspiration for the health of babies.

Goongbe began from a secret method employed by the royal family in the Joseon dynasty, where babies were bathed on the third day of birth in water brewed with peach tree, apricot tree, and mulberry. Patented ingredient Royal Oji Complex™[1], a blend of ceramide, amino acid and polyphenol, provides hydration, enhances the skin’s barrier function, and offers soothing benefits.

The product is made without any allergens designated by the FDA and the EU. It features a fragrance that is registered with the FEMA of the US and has passed a stringent skin irritation test.

Goongbe officials said, “With Pri-mmune, we intended to deliver the brand philosophy of cherishing all babies as those in the royal family.”

Goongbe has won at Korea’s National Brand Award for five consecutive years and at Korea’s no.1 beauty app award in 2022 for three times, speaking volumes about its market position in the K-kid skincare market.

Its premium image and remarkable product capability are gaining popularity in international markets, as well. It won the “new brand award’[2] at Tmall Global, China’s largest e-commerce platform, and ranks first[3] in the kid sunscreen category at Tmall Brand Zone, leading the kid sunscreen category. At SASA Hongkong, the largest H&B store in Asia, it ranked first[4] in the entire baby sunscreen category. The eight items of Pri-mmune Baby are registered with National Medical Products Administration of China (NMPA) as kid skincare cosmetics, with proven expertise and safety as kid skincare products.

[1] 2020. 04~2021. 03

[2] 2020. 04~2021. 03

[3] 2020.02~06, 2020.08~09, 2020.11, 2021.03~04, 2021.06, 2021.08, 2021.09~11

[4] 2020.02~06, 2020.08~09, 2020.11, 2021.03~04, 2021.06, 2021.08, 2021.09~11

WiMi Hologram Cloud Proposes A New Lightweight Decentralized Application Technical Solution Based on IPFS

BEIJING, July 12, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced a blockchain distributed storage framework that presents a pooling algorithm and inverse process for IPFS-based DAPP schemes. The combination of DAPP with IPFS allows for a lightweight layout. By putting the static resources, data storage layer, distributed database, communication layer, and other parts of DAPP into the IPFS network, the data storage pressure on the chain can be effectively reduced, and the performance and availability of DAPP can be improved. In the implementation process, the IPFS network can be operated through the IPFS API to realize the interaction and communication between DAPP and IPFS.

The IPFS-based DAPP solution proposes a solution for data storage on the blockchain. It can store files and put unique and permanently available IPFS addresses into blockchain transactions. In this way, there is no need to put the space-hogging data on the blockchain. On the other hand, IPFS can also assist various blockchain networks in transferring information and files, thus increasing the scalability of the blockchain. Based on these advantages of IPFS, WiMi designed the main elements of the distributed pool, including the distributed storage phase and the invocation evidence phase.

The evidence phase is called to recover the original image by reversing the distributed pooling operation. After completing the distributed storage phase, it becomes easier to query the corresponding data hash address from the database. The distributed nature of IPFS makes the hash of the address uniquely trusted. Therefore, in the case of trusted nodes, the original data can be recovered using the inverse distributed pooling operation after confirming the correction of node addresses.

WiMi’s DAPP solution effectively solves the problem of insufficient storage space and reduces the cost of storage on the blockchain with the help of IPFS. By accessing the IPFS network, the data on the blockchain will become smaller, and therefore the storage space required by individual nodes will be reduced. Secondly, it greatly improves fault tolerance and can identify data stored in any node. In addition, the scheme can be recovered entirely losslessly, with no data lost from each node. Even if some information is lost, it can be retrieved proportionately to the information retained, which is helpful for excellent application capabilities.

With the rapid development of blockchain technology in these years, DAPP is also developing rapidly and will be the leading force in the application market. WiMi’s solution has significant market advantages and opportunities:

1. Reduced data storage cost: IPFS can be used as the distributed storage layer of DAPP, and the data will be stored in the IPFS network in a decentralized manner, which can reduce data storage costs and improve the availability and stability of DAPP.

2. Improved data access speed: Static resources in DAPP can be stored in the IPFS network, and you can locate these resources through IPFS Hash. This can improve the data access speed and reduce the data storage pressure of DAPP on the chain.

3. Improved data privacy: IPFS uses distributed storage, which allows data to be stored on multiple nodes, enhancing data privacy and reducing the risk of data leakage.

4. Better development experience: Using IPFS allows developers to focus more on developing business logic during the development of DAPP without paying too much attention to the implementation and maintenance of infrastructure, thus improving development efficiency and development experience.

With the popularity of decentralized applications and the development of blockchain technology, WiMi’s technical solution can bring a better experience and services to various participants in the blockchain ecosystem (such as users, developers, enterprises, etc.). At the same time, it also provides a better technical basis for developing new types of decentralized applications. WiMi’s lightweight advantage can bring many benefits and market opportunities, including reducing data storage costs, increasing data access speed, improving data privacy, providing a better development experience, and opening up new market opportunities.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains “forward-looking statements” within the 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. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, 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. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed 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 laws.

Source: WiMi Hologram Cloud Inc.

LIGHTSPEED STUDIOS Partners with AI Singapore to Offer Advanced Text-to-Speech Service for Gamers in Southeast Asia

LIGHTSPEED Singapore will be the key driver of the project and the broader AI-generated content (AIGC) capabilities building for LIGHTSPEED STUDIOS moving forward.

SINGAPORE, July 6, 2023 /PRNewswire/ — Today, LIGHTSPEED STUDIOS, a leading global game developer, has announced a collaboration with AI Singapore (AISG) under its flagship 100 Experiments (100E) programme. Being the key driver of the regional initiative, LIGHTSPEED Singapore is officially introduced as the Asia-Pacific Regional Hub of LIGHTSPEED STUDIOS, marking a significant milestone in the studios’ ongoing endeavors to broaden its global presence. In a stride towards pioneering innovative game science, this collaboration aims to develop an artificial intelligence (AI) service that will enhance and optimize the gaming experience for players in Southeast Asia.    

Loyo Lu, Head of Tech Center, LIGHTSPEED STUDIOS (right) sealing the 100 Experiments partnership with Laurence Liew, Director, AI Innovation, AI Singapore (left)
Loyo Lu, Head of Tech Center, LIGHTSPEED STUDIOS (right) sealing the 100 Experiments partnership with Laurence Liew, Director, AI Innovation, AI Singapore (left)

As part of LIGHTSPEED STUDIOS’ greater prospect in developing AI-generated content (AIGC) capabilities for global gaming communities, this collaboration specifically features a Text-to-Speech (TTS) system building project, enabling Bahasa Melayu-speaking gamers to immerse themselves in the captivating world of LIGHTSPEED STUDIOS’ games using their native language. For this project, LIGHTSPEED Singapore is set to leverage its team of AI experts, data scientists, IT specialists, and site reliability engineers who will work in close collaboration with AISG’s engineering team to develop and deploy an AI minimum viable model. The AISG team is staffed by full-time AI, data and platform engineers as well as apprentices from the AI Apprenticeship Programme (AIAP).

This project also serves as a crucial element in LIGHTSPEED STUDIOS’ drive to strengthen the research and development capabilities of its regional hub based in Singapore. It reinforces the company’s commitment to fortifying its gaming content ecosystem through the continuous deployment of cutting-edge technologies. By leveraging these advancements, LIGHTSPEED STUDIOS aims to boost its operation capabilities in regional and local markets as well as fostering synergy across the globe.

“With the announcement of the partnership with AISG as a start, we are excited to unfold more possibilities as we grow our R&D team here in Singapore, ” stated Loyo Lu, Head of Tech Center, LIGHTSPEED STUDIOS. ” Looking ahead, we are determined to maintain this positive momentum and gradually building up our multi-faceted capabilities to unveil next generation experiences for gamers in Asia-Pacific and beyond.” 

LIGHTSPEED Singapore is currently establishing a team of outstanding local and global talents in game development, technical art, project operations, marketing, compliance, and more, aiming to fulfill both operational needs, such as coordinating global R&D pipeline as well as exploring emerging technologies like AI, augmented reality (AR), virtual reality (VR), and cloud gaming.

“AISG’s 100E collaboration with LIGHTSPEED STUDIOS will utilize state-of-the-art Generative AI methods to enhance TTS service for local and regional Melayu speakers. In addition, up to 6 Singaporean AI engineers may be trained via the AI Apprenticeship Programme (AIAP) through this project,” said Laurence Liew, Director, AI Innovation, AI Singapore.

About LIGHTSPEED STUDIOS

LIGHTSPEED STUDIOS is a leading global game developer with teams across China, United States, Singapore, Canada, United Kingdom, France, Japan, South Korea, New Zealand, and United Arab Emirates. LIGHTSPEED STUDIOS has created over 50 games across multiple platforms and genres for over 4 billion registered users. It is the co-developer of worldwide hit PUBG MOBILE (co-developed with KRAFTON, Inc.) LIGHTSPEED STUDIOS is made up of passionate players who advance the art & science of game development through great stories, great gameplay, and advanced technology. We are focused on bringing next generation experiences to gamers who want to enjoy them anywhere, anytime, across multiple genres and devices. More information about LIGHTSPEED STUDIOS please visit www.lightspeed-studios.com, and follow us on Twitter, Facebook and YouTube.

About AI Singapore (AISG)

AI Singapore (AISG) is a national programme launched by the National Research Foundation (NRF) to catalyse, synergise and boost Singapore’s artificial intelligence (AI) capabilities to power our future, digital economy.

AISG will bring together all Singapore-based research institutions and the vibrant ecosystem of AI start-ups and companies developing AI products, to perform use-inspired research, grow the knowledge, create the tools, and develop the talent to power Singapore’s AI efforts.

AISG is driven by a government-wide partnership comprising NRF, Smart Nation and Digital Government Office (SNDGO), Infocomm Media Development Authority (IMDA), Economic Development Board (EDB), Enterprise Singapore (ESG), amongst others.

For more information on AISG and its programmes, please visit:  www.aisingapore.org