Tag Archives: FIN

PR Newswire

ATRenew Joins the United Nations Global Compact

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SHANGHAI, Sept. 20, 2023 /PRNewswire/ — ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced that it has joined the United Nations Global Compact (the “UNGC”) initiative, a voluntary leadership platform for the development, implementation, and disclosure of responsible business practices. 

Launched in 2000, the UNGC is the largest corporate sustainability initiative in the world, with more than 15,000 companies and 4,000 non-business signatories based in over 160 countries. The UNGC is a call to companies everywhere to align their operations and strategies with ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption, and to take action in support of United Nations goals and issues embodied in the Sustainable Development Goals.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are proud to join the United Nations Global Compact initiative, reaffirming our steadfast commitment to ethical practices, sustainability, and social responsibility as a core component of our corporate strategy. We recognize and integrate the UNGC’s Ten Principles into our day-to-day operations, and we are eager to make a meaningful contribution to the United Nations’ Sustainable Development Goals. We see our membership as a supplement to our existing mission of creating positive change and building a more prosperous and sustainable world.”

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Investor Relations Contact
In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com

In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

Media Contact
ATRenew Inc.
Email: pr@atrenew.com

Source: ATRenew Inc.

PR Newswire

NaaS Technology Inc. Joins NASDAQ Golden Dragon China Index

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BEIJING, Sept. 18, 2023 /PRNewswire/ — NaaS Technology Inc. (Nasdaq: NAAS) (“NaaS” or the “Company”), the first U.S. listed EV charging service company in China, today announced its inclusion in the NASDAQ Golden Dragon China Index, making it one of nine new energy companies and the only EV charging service company to be part of this index.

The NASDAQ Golden Dragon China Index is widely recognized as a critical gauge for evaluating the performance of Chinese enterprises in the U.S. stock market. The index is designed to provide investors with insight and access to the unique opportunities taking place in China while still providing the transparency offered by U.S. listings. It covers a diverse range of sectors, encompassing digital, technology, new forms of consumption, and clean energy, featuring renowned companies in the internet space and the new energy sector, among others. NaaS’ inclusion enriches the NASDAQ Golden Dragon China Index and brings fresh vigor to the new energy sector with its charging services.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop EV charging solutions to charging stations comprising online EV charging, offline EV charging and innovative and other solutions, supporting every stage of the station lifecycle. As of June 30, 2023, NaaS had connected over 652,000 chargers covering 62,000 charging stations, representing 41.5% and 49.2% of China’s public charging market share respectively. On June 13, 2022, the American depositary shares of the Company started trading on Nasdaq under the stock code NAAS.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com 

Media inquiries:
E-mail: pr@enaas.com 

Source: NaaS Technology Inc.

PR Newswire

LightInTheBox Reports Second Quarter 2023 Financial Results

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SINGAPORE, Sept. 15, 2023 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), an apparel e-commerce retailer that ships products to consumers worldwide, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter and First Half 2023 Financial Highlights

Three Months Ended

Year-over-

Six Months Ended

Year-over-

In millions,

June 30,

June 30,

Year %

June 30,

June 30,

Year %

except percentages

2022

2023

Change

2022

2023

Change

Total revenues

$

132.4

$

191.8

44.9

%

$

226.1

$

339.5

50.2

%

– Apparel sales

$

108.7

$

163.2

50.1

%

$

175.9

$

282.5

60.5

%

 Apparel sales/total 
    revenues

82.1

%

85.1

%

3.0

%

77.8

%

83.2

%

5.4

%

Gross margin

55.3

%

57.5

%

2.2

%

53.4

%

56.7

%

3.3

%

Net loss

$

(2.4)

$

(1.5)

$

(7.9)

$

(5.4)

Adjusted EBITDA

$

(1.5)

$

(0.7)

$

(6.1)

$

(3.8)

As of June 30,

As of June 30,

In millions

2022

2023

Cash, cash equivalents and restricted cash

$

65.7

$

94.6

Mr. Jian He, Chairman and CEO of LightInTheBox, commented, “We’re pleased to deliver a strong operational and financial performance in the second quarter of 2023. Amid a complex macro environment, we achieved the highest quarterly revenue in our history, primarily driven by apparel sales growth of 50% over one year ago. Meanwhile, our efforts to enhance operating efficiency paid off, evidenced by improved profitability with fulfillment and G&A expenses as a percentage of revenue at an all-time low. Furthermore, our cash balance was $95 million as of the end of this quarter, illustrating our robust free cash flow generation ability.

“These solid results once again demonstrate our effective business strategy, as well as our core competitive advantages across our value-for-money offerings, quality customer cohorts, and innovative technologies. As we move into the third quarter 2023, we are seeing that macroeconomic turbulence, together with normal seasonality in the apparel sector, is impacting on our top-line performance. Nevertheless, we will continue to execute our proven business strategy and refine our operations to navigate the evolving market dynamics as we strive to deliver sustainable value to all of our stakeholders in the long run,” Mr. He concluded.

Second Quarter 2023 Financial Results

Total revenues increased by 44.9% year-over-year to $191.8 million from $132.4 million in the same quarter of 2022. Sales from apparel increased by 50.1% to $163.2 million in the second quarter of 2023, compared with $108.7 million in the same quarter of 2022. Revenues from apparel represented 85.1% of total revenues in the second quarter of 2023 and 82.1% in the same quarter of 2022.

Total cost of revenues was $81.6 million in the second quarter of 2023, compared with $59.2 million in the same quarter of 2022.

Gross profit in the second quarter of 2023 was $110.2 million, compared with $73.2 million in the same quarter of 2022. Gross margin was 57.5% in the second quarter of 2023, compared with 55.3% in the same quarter of 2022. The increase in gross margin was a result of the increase in the percentage of sales represented by apparel, which grew from 82.1% to 85.1%. Apparel typically has higher margins than other product types.

Total operating expenses in the second quarter of 2023 were $111.8 million, compared with $75.6 million in the same quarter of 2022.

  • Fulfillment expenses in the second quarter of 2023 were $9.9 million, compared with $7.8 million in the same quarter of 2022. As a percentage of total revenues, fulfillment expenses were 5.2% in the second quarter of 2023, compared with 5.9% in the same quarter of 2022 and 5.8% in the first quarter of 2023.
  • Selling and marketing expenses in the second quarter of 2023 were $94.0 million, compared with $58.2 million in the same quarter of 2022. As a percentage of total revenues, selling and marketing expenses were 49.0% in the second quarter of 2023, compared with 44.0% in the same quarter of 2022 and 46.8% in the first quarter of 2023.
  • G&A expenses in the second quarter of 2023 were $8.2 million, compared with $9.7 million in the same quarter of 2022. As a percentage of total revenues, G&A expenses were 4.3% in the second quarter of 2023, compared with 7.3% in the same quarter of 2022 and 6.1% in the first quarter of 2023. As part of G&A expenses, R&D expenses in the second quarter of 2023 were $5.1 million, compared with $4.7 million in the same quarter of 2022 and $5.2 million in the first quarter of 2023.

Loss from operations was $1.6 million in the second quarter of 2023, compared with $2.5 million in the same quarter of 2022.

Net loss was $1.5 million in the second quarter of 2023, compared with $2.4 million in the same quarter of 2022.

Net loss per American Depository Share (“ADS”) was $0.01 in the second quarter of 2023, compared with $0.02 in the same quarter of 2022. Each ADS represents two ordinary shares. The diluted net loss per ADS in the second quarter of 2023 was $0.01, compared with $0.02 in the same quarter of 2022.

In the second quarter of 2023, the Company’s basic weighted average number of ADSs used in computing the net loss per ADS was 113,369,462.

Adjusted EBITDA was negative $0.7 million in the second quarter of 2023, compared with negative $1.5 million in the same quarter of 2022.

As of June 30, 2023, the Company had cash and cash equivalents and restricted cash of $94.6 million, compared with $65.7 million as of June 30, 2022.

First Half 2023 Financial Results

Total revenues increased by 50.2% year-over-year to $339.5 million from $226.1 million in the same period of 2022. Sales from apparel increased by 60.5% to $282.5 million in the first half of 2023, compared with $175.9 million in the same period of 2022. Revenues from apparel represented 83.2% of total revenues in the first half of 2023 and 77.8% in the same period of 2022.

Total cost of revenues was $146.9 million in the first half of 2023, compared with $105.5 million in the same period of 2022.

Gross profit in the first half of 2023 was $192.7 million, compared with $120.7 million in the same period of 2022. Gross margin was 56.7% in the first half of 2023, compared with 53.4% in the same period of 2022. The increase in gross margin was a result of the increase in the percentage of sales represented by apparel, which grew from 77.8% to 83.2%. Apparel typically has higher margins than other product types.

Total operating expenses in the first half of 2023 were $198.2 million, compared with $129.5 million in the same period of 2022.

  • Fulfillment expenses in the first half of 2023 were $18.5 million, compared with $14.6 million in the same period of 2022. As a percentage of total revenues, fulfillment expenses were 5.5% in the first half of 2023, compared with 6.5% in the same period of 2022.
  • Selling and marketing expenses in the first half of 2023 were $163.2 million, compared with $97.3 million in the same period of 2022. As a percentage of total revenues, selling and marketing expenses were 48.0% for the first half of 2023, compared with 43.0% in the same period of 2022.
  • G&A expenses in the first half of 2023 were $17.2 million, compared with $17.7 million in the same period of 2022. As a percentage of total revenues, G&A expenses were 5.1% for the first half of 2023, compared with 7.8% in the same period of 2022. Included in G&A expenses, R&D expenses in the first half of 2023 were $10.3 million, compared with $9.3 million in the same period of 2022.

Loss from operations was $5.6 million in the first half of 2023, compared with $8.9 million in the same period of 2022.

Net loss was $5.4 million in the first half of 2023, compared with $7.9 million in the same period of 2022.

Net loss per American Depository Share (“ADS”) was $0.05 in the first half of 2023, compared with $0.07 in the same period of 2022. Each ADS represents two ordinary shares. The diluted net loss per ADS for the first half of 2023 was $0.05, compared with $0.07 in the same period of 2022.

In the first half of 2023, the Company’s basic weighted average number of ADSs used in computing the net loss per ADS was 113,349,914.

Adjusted EBITDA was negative $3.8 million in the first half of 2023, compared with negative $6.1 million in the same period of 2022.

Share Repurchase Program

On June 27, 2023, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to $10 million of its ordinary shares in the form of ADSs no later than December 31, 2023. As of September 12, 2023, the Company has repurchased 517,240 ADSs with a total aggregate value of approximately $0.7 million.

Business Outlook

For the third quarter of 2023, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $145 million and $160 million.

Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses a non-GAAP measure, Adjusted EBITDA, as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measure excludes share-based compensation expenses, depreciation and amortization expenses, interest income, interest expenses and income tax expense.

The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measure helps identify underlying trends in its business. The Company also believes that the non-GAAP financial measure could provide further information about the Company’s results of operations and enhance the overall understanding of the Company’s past performance and future prospects.

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 an analytical tool. The Company’s non-GAAP financial measure does not reflect all items of income and expenses that affect the Company’s operations and does not represent the residual cash flow available for discretionary expenditures. Further, the non-GAAP 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 the limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Result” set forth at the end of this press release.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 a.m. Eastern Time on September 15, 2023 (8:00 p.m. Hong Kong/Singapore Time on the same day).

Preregistration Information

Participants can register for the conference call by going to https://s1.c-conf.com/diamondpass/10033153-fue64r.html. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique registrant ID, and you will be connected to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through September 22, 2023. The dial-in details are:

US/Canada:

+1-855-883-1031

Singapore:

800-101-3223

Hong Kong, China:

800-930-639

Replay PIN:

10033153

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

About LightInTheBox Holding Co., Ltd.

LightInTheBox is an apparel e-commerce retailer that ships products to consumers worldwide. With a focus on serving its middle-aged and senior customers, LightInTheBox leverages its global supply chain and logistics networks, along with its in-house R&D and design capabilities to offer a wide selection of comfortable, aesthetically pleasing and visually interesting apparels that bring fresh joy to customers. LightInTheBox operates its business through www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.sg and other websites as well as mobile applications, which are available in over 20 major languages and over 140 countries and regions. The Company is headquartered in Singapore, with additional offices in California, Shanghai and Beijing.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Investor Relations
LightInTheBox Holding Co., Ltd. 
Email: ir@lightinthebox.com

Jenny Cai
Piacente Financial Communications
Email: lightinthebox@tpg-ir.com

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

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements.

LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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. 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: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Balance Sheets

(U.S. dollars in thousands, or otherwise noted)

As of December 31,

As of Jun 30,

2022

2023

ASSETS

Current Assets

Cash and cash equivalents

88,575

88,157

Restricted cash

5,993

6,451

Accounts receivable, net of allowance for credit losses

695

1,424

Inventories

14,260

9,427

Prepaid expenses and other current assets

6,452

18,120

Total current assets

115,975

123,579

Property and equipment, net

2,946

2,794

Intangible assets, net

5,630

4,404

Goodwill

28,177

26,835

Operating lease right-of-use assets

10,874

8,728

Long-term rental deposits

1,211

1,259

TOTAL ASSETS

164,813

167,599

LIABILITIES AND EQUITY / (DEFICIT)

Current Liabilities

Accounts payable

26,518

38,981

Advance from customers

32,241

27,559

Operating lease liabilities

4,993

5,184

Accrued expenses and other current liabilities

90,357

94,671

Total current liabilities

154,109

166,395

Operating lease liabilities

6,576

4,103

Long-term payable

34

10

Deferred tax liabilities

111

150

Unrecognized tax benefits

107

107

TOTAL LIABILITIES

160,937

170,765

EQUITY / (DEFICIT)

Ordinary shares

17

17

Additional paid-in capital

282,722

282,805

Treasury shares

(28,615)

(28,105)

Accumulated other comprehensive loss

(1,024)

(2,754)

Accumulated deficit

(249,224)

(255,129)

TOTAL EQUITY / (DEFICIT)

3,876

(3,166)

TOTAL LIABILITIES AND EQUITY / (DEFICIT)

164,813

167,599

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations

(U.S. dollars in thousands, except per share data, or otherwise noted)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2023

2022

2023

Revenues

Product sales

129,828

189,730

221,171

334,331

Services and others

2,527

2,037

4,952

5,217

Total revenues

132,355

191,767

226,123

339,548

Cost of revenues

Product sales

(58,214)

(81,142)

(103,284)

(145,318)

Services and others

(983)

(435)

(2,167)

(1,538)

Total Cost of revenues

(59,197)

(81,577)

(105,451)

(146,856)

Gross profit

73,158

110,190

120,672

192,692

Operating expenses

Fulfillment

(7,774)

(9,906)

(14,638)

(18,542)

Selling and marketing

(58,225)

(94,038)

(97,257)

(163,150)

General and administrative

(9,661)

(8,176)

(17,727)

(17,233)

Other operating income

26

332

92

677

Total operating expenses

(75,634)

(111,788)

(129,530)

(198,248)

Loss from operations

(2,476)

(1,598)

(8,858)

(5,556)

Interest income

7

143

17

173

Interest expense

(1)

(1)

(3)

(2)

Other income, net

83

(1)

945

20

Total other income

89

141

959

191

Loss before income taxes

(2,387)

(1,457)

(7,899)

(5,365)

Income tax expense

(9)

–

(9)

(48)

Net loss

(2,396)

(1,457)

(7,908)

(5,413)

Net loss attributable to LightInTheBox Holding
Co., Ltd.

(2,396)

(1,457)

(7,908)

(5,413)

Weighted average numbers of shares used in
calculating loss per ordinary share

—Basic

226,140,929

226,738,924

226,124,192

226,699,828

—Diluted

226,140,929

226,738,924

226,124,192

226,699,828

Net loss per ordinary share

—Basic

(0.01)

(0.01)

(0.03)

(0.02)

—Diluted

(0.01)

(0.01)

(0.03)

(0.02)

Net loss per ADS ( 2 ordinary shares equal to 1 ADS )

—Basic

(0.02)

(0.01)

(0.07)

(0.05)

—Diluted

(0.02)

(0.01)

(0.07)

(0.05)

LightInTheBox Holding Co., Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(U.S. dollars in thousands, or otherwise noted)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2023

2022

2023

Net loss

(2,396)

(1,457)

(7,908)

(5,413)

Less: Interest income

7

143

17

173

Interest expense

(1)

(1)

(3)

(2)

Income tax expense

(9)

–

(9)

(48)

Depreciation and amortization

(861)

(826)

(1,719)

(1,655)

EBITDA

(1,532)

(773)

(6,194)

(3,881)

Less: Share-based compensation

(30)

(78)

(66)

(83)

Adjusted EBITDA*

(1,502)

(695)

(6,128)

(3,798)

* Adjusted EBITDA represents loss from operations before impairment loss on investment, share-based
compensation expense, interest income, interest expense, income tax expense and depreciation and amortization
expenses.

Source: LightInTheBox Holding Co., Ltd.

PR Newswire

CGTN: Regional economic integration promotes China-ASEAN common prosperity

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BEIJING, Sept. 8, 2023 /PRNewswire/ — Themed “ASEAN Matters: Epicentrum of Growth,” the 43rd Association of Southeast Asian Nations (ASEAN) Summit concluded on Friday in Jakarta, Indonesia, with a series of positive outcomes.

Deepening ASEAN-China cooperation would benefit people on both sides, said Secretary-General of ASEAN Kao Kim Hourn on Thursday.

Regional economic integration

Addressing the 26th China-ASEAN Summit on Wednesday, Chinese Premier Li Qiang urged China and the ASEAN countries to enhance connectivity, deepen cooperation on industrial and supply chains, strive to complete in 2024 the negotiations on the China-ASEAN Free Trade Agreement (ACFTA) 3.0 and steadily advance regional economic integration.

During the 26th ASEAN Plus Three Summit, Li noted that in June this year, the Regional Comprehensive Economic Partnership (RCEP) entered into full effect, which brought new opportunities for regional economic integration.

“We need to further bring out the potential of the agreement, boost the free flow of factors, and expand and upgrade our trade and investment. We need to advance our comprehensive, mutually beneficial and high-quality economic partnership, and move toward an integrated regional market that is more open and vibrant,” he said.

China has proposed to accelerate ASEAN-China Free Trade Area 3.0 Upgrade Negotiations and strives to conclude negotiations in 2024, according to a list of China’s cooperation initiatives for the ASEAN-related summits.

The Version-3.0 China-ASEAN FTA will bring tangible benefits to local residents, said Shi Zhongjun, secretary-general of the ASEAN-China Center, adding that the unilateralist, protectionist policies pursued by some countries outside the region have had certain impact on cooperation in the Asia-Pacific region, including that between China and ASEAN.

Belt and Road cooperation

During the 26th China-ASEAN Summit, a joint statement was issued on mutually beneficial cooperation between the Belt and Road Initiative (BRI) and the ASEAN Outlook on the Indo-Pacific.

China welcomes the active participation of ASEAN countries in the third Belt and Road Forum for International Cooperation, Li said on Wednesday.

Under the BRI cooperation framework, China and ASEAN have enhanced cooperation on infrastructure and regional cooperation.

The China–Laos railway had made a total of 20.09 million passenger trips as of April 16, with the section of the railway within China handling 17.09 million passenger trips and that outside China handling three million passenger trips since it went into operation in December 2021, according to data from China Railway.

The Sihanoukville Special Economic Zone, a BRI flagship project in Cambodia, has become the Southeast Asian country’s largest industrial zone, accommodating up to 175 factories so far.

Fruitful cooperation results

During the China-ASEAN Summit, a series of outcome documents were adopted, including a joint statement on deepening agricultural cooperation between China and ASEAN, an action plan on China-ASEAN green agricultural development (2023-2027), an initiative on enhancing bilateral e-commerce cooperation and an initiative on jointly implementing a China-ASEAN science and technology innovation enhancement program.

Data from China’s Ministry of Commerce showed that the trade volume between China and ASEAN reached $975.3 billion in 2022, up 11.2 percent year on year and surging by 120 percent from the level of 2013.

As of the end of July, the cumulative two-way investment exceeded $380 billion, and China had set up more than 6,500 enterprises with direct investment in ASEAN.

The past decade also saw ASEAN become China’s top trading partner in 2020, surpassing the European Union and the U.S.

“Looking ahead, I think ASEAN-China bilateral trade will increase three fold in the next 20 years, and the investment will increase accordingly,” said Djauhari Oratmangun, Indonesian ambassador to China.

https://news.cgtn.com/news/2023-09-08/Regional-economic-integration-promotes-China-ASEAN-common-prosperity–1mW7i3aFKlW/index.html

PR Newswire

Dow Jones and Cision Unveil Exclusive Global Content Partnership for the PR and Corporate Communications Market

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 New Agreement Empowers Reputation Management and Strategic Communication Agendas Worldwide

CHICAGO and NEW YORK, Sept. 7, 2023 /PRNewswire/ — Cision, the leading provider of consumer and media intelligence and communications solutions, has entered into a long-term agreement to distribute Dow Jones content to Public Relations and Corporate Communications (PRCC) professionals. This new partnership, which is structured to become an exclusive agreement between Dow Jones and Cision, brings together the most trusted news and cutting-edge technology to help PRCC customers manage brand reputation, monitor business-critical topics and advance global communication strategies.

Dow Jones’s authoritative journalism, including The Wall Street Journal, Barron’s, MarketWatch, Investor’s Business Daily and Dow Jones Newswires, is now fully integrated into Cision’s media intelligence platforms, with rollouts to broader Cision and Brandwatch portfolios expected soon. Users of Cision’s premium platforms will also receive digital subscriptions to Dow Jones’s world-class publications.

Additionally, Cision will integrate select content from the Factiva business intelligence solution into its platforms, offering customers the ability to monitor and analyze content from thousands of licensed sources globally.

“Together with Dow Jones, we’re excited about the unlimited potential we have to innovate and support industry leaders in the fast-moving world of news and information,” said Cali Tran, Cision CEO. “The heart of our mission is to empower our customers with a better understanding of their position within the market and to give them the insight they need to shape effective strategies with confidence, ensuring relevance and visibility.”

“This partnership reinforces Dow Jones’s commitment to provide the most trusted news, data and analysis to help people make decisions,” said Almar Latour, CEO of Dow Jones and publisher of The Wall Street Journal. “By joining forces with Cision, we’re expanding the reach of our business news and information that meets our audiences where they are while also furthering our investment in unique, high-quality journalism.”

Cision’s commitment to data partnerships extends to the world’s largest and smallest publishers and social platforms, ensuring industry leaders get a full and accurate view of the news, trends and conversations impacting the valuations of the brands and organizations they lead. The addition of Dow Jones’s premium publications to its global content collection will provide customers with access to quality, trustworthy news to streamline media monitoring and inform decision making.

Under the agreement, Cision will also have the unique ability to partner directly with and sublicense Dow Jones content to other software providers and approved resellers in the PRCC market. Additionally, the two companies will work to align their complementary assets and capabilities to provide unique value for PRCC customers through a joint roadmap of product innovation and co-creation.

To learn more visit cision.com/dowjones.

About Cision
Cision is the leading provider of consumer and media intelligence and communications solutions, enabling public relations, marketing, social media, and communications professionals around the world to understand their consumers, influence outcomes and amplify their stories. As the market leader, Cision’s award-winning brands and technology enable Marketing and Communications leaders to manage and shape their brands in today’s rapidly evolving world. Cision has offices in 24 countries through the Americas, EMEA and APAC, and offers a suite of best-in-class solutions, including PR Newswire, Brandwatch Consumer Research, and CisionOne. To learn more visit www.cision.com, www.brandwatch.com and www.prnewswire.com.

About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).

Contact Information:
For media inquiries, please contact:
Cision Public Relations
cision@kcsa.com

Louise Goodenday
louise.goodenday@dowjones.com 

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Source: Cision Ltd.

PR Newswire

BRI’s Ultra-Micro Holding Continues Sustainable Financing for 36 Million Customers

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JAKARTA, Indonesia, Sept. 7, 2023 /PRNewswire/ — PT Bank Rakyat Indonesia (BRI) Persero Tbk. (IDX: BBRI), PT Pegadaian and PT Permodalan Nasional Madani (PNM) have been jointly advancing sustainable financing practices in Indonesia’s ultra-micro segment through the Ultra-Micro (UMi) Holding. This initiative aligns with the core themes of the ASEAN Indo-Pacific Forum (AIPF) on 5-6 September 2023, in Jakarta, Indonesia, with a focus on ESG (Environmental, Social and Governance) principles.

BRI's Ultra-Micro Holding Continues Sustainable Financing for 36 Million Customers
BRI’s Ultra-Micro Holding Continues Sustainable Financing for 36 Million Customers

Sunarso, BRI’s President Director, highlighted that Ultra Micro Holding (UMi) integrated over 36 million loan customers and 162 million micro-savings customers into its network, supported by 1,013 SENYUM (Ultra-Micro Service Centers) in Q2 2023. “BRI’s focus is to uplift business actors, embarking on a structured and systematic journey in a unified ecosystem.”

BRI’s approach to integrating the ultra-micro ecosystem involves three phases. First, they implement the “Empowering People” strategy led by PNM to educate ‘unbankable’ businesses. The “Integration” phase provides loan options to ultra-micro entrepreneurs through BRI and Pegadaian. Lastly, BRI concentrates on “Scaling-up Businesses,” enabling ultra-micro segments to transition to micro, micro to small, and small enterprises to medium size.

The UMi Holding has empowered 76 thousand financial advisors, comprising of agents from BRI and PNM Mekaar, and Pegadaian’s marketing personnel. BRI’s micro and ultra-micro credit have grown by 11.4%, reaching IDR 578 trillion. “We are employing a “Go Smaller” strategy to target even smaller segments with shorter and more digitally streamlined processes to meet their needs for a faster and cost-efficient approach,” added Sunarso.

To enhance financial inclusion, the UMi Holding introduces the SenyuM Mobile application to accelerate customer acquisition and serve as a unified digital hub for BRI, Pegadaian, and PNM.  The app has been adopted by over 69,000 individuals from the three entities and utilized by more than 300,000 BRILink and Pegadaian agents. To simplify operations and ensure security, the UMi Holding is spearheading a cashless ecosystem.

BRI also offers a digital banking super app, BRImo, enriched with over 100 features. BRImo’s user growth has exceeded 1 million users monthly. As of June 2023, the user base reached more than 27.8 million, marking a 50.6% Year-on-Year (YoY) increase. Additionally, the transaction value soared to IDR 1,377.6 trillion, reflecting an 89.6% YoY surge.

More information about BRI at www.bri.co.id.

PR Newswire

Trip.com Group Limited Reports Unaudited Second Quarter and First Half of 2023 Financial Results

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SHANGHAI, Sept. 5, 2023 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the second quarter and first half of 2023.

Key Highlights for the Second Quarter of 2023

  • Domestic and international business continued to show robust recovery in the second quarter of 2023

– Domestic hotel bookings grew by 170% year over year and by over 60% compared to the pre-COVID level for the same period in 2019.
– Outbound hotel and air reservations recovered to over 60% of the pre-COVID level for the same period in 2019, surpassing the industry-wide recovery rate of 37% in terms of international air passenger volume for the same period.
– Air ticket bookings on the Company’s global OTA platform grew by over 120% year over year and nearly doubled compared to the pre-COVID level for the same period in 2019.

  • The Company delivered strong results in the second quarter of 2023 

– Total net revenue increased by 180% year over year and exceeded the pre-COVID level for the same period in 2019 by 29%.
– Net income for the second quarter was RMB648 million (US$91 million), which improved from RMB43 million for the same period in 2022.
– Adjusted EBITDA for the second quarter was RMB3.7 billion (US$507 million). Adjusted EBITDA margin was 33%, compared to 9% for the same period in 2022 and 31% for the previous quarter.

“During the second quarter of 2023, the demand for both domestic and international travel remained resilient.” said James Liang, Executive Chairman. “Despite limited air capacity recovery, the robust rebound of travel activities reflects travelers’ strong desire to explore the world. We remain optimistic about the enduring demand for travel and the long-term market outlook.”

“We are encouraged by our solid results in the second quarter,” said Jane Sun, Chief Executive Officer. “With the thriving market demand and our outstanding performance, we are poised to take the lead in driving the industry’s recovery and actively creating an abundance of job opportunities alongside our esteemed business partners.”

Second Quarter of 2023 Financial Results and Business Updates

The Company’s business continued to recover significantly since the pent-up demand for travel remains strong, which led to an increasing volume of travel bookings.

For the second quarter of 2023, Trip.com Group reported net revenue of RMB11.2 billion (US$1.6 billion), representing a 180% increase from the same period in 2022 and a 22% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Accommodation reservation revenue for the second quarter of 2023 was RMB4.3 billion (US$591 million), representing a 216% increase from the same period in 2022 and a 23% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Transportation ticketing revenue for the second quarter of 2023 was RMB4.8 billion (US$664 million), representing a 173% increase from the same period in 2022 and a 16% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Packaged-tour revenue for the second quarter of 2023 was RMB722 million (US$100 million), representing a 492% increase from the same period in 2022 and an 87% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Corporate travel revenue for the second quarter of 2023 was RMB584 million (US$81 million), representing a 178% increase from the same period in 2022 and a 31% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Cost of revenue for the second quarter of 2023 increased by 106% to RMB2.0 billion (US$277 million) from the same period in 2022 and increased by 23% from the previous quarter, primarily due to the substantial recovery of travel market. Cost of revenue as a percentage of net revenue was 18% for the second quarter of 2023.

Product development expenses for the second quarter of 2023 increased by 67% to RMB3.0 billion (US$407 million) from the same period in 2022 and increased by 10% from the previous quarter, primarily due to an increase in product development personnel related expenses. Product development expenses as a percentage of net revenue was 26% for the second quarter of 2023.

Sales and marketing expenses for the second quarter of 2023 increased by 185% to RMB2.4 billion (US$325 million) from the same period in 2022 and increased by 34% from the previous quarter, primarily due to an increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 21% for the second quarter of 2023.

General and administrative expenses for the second quarter of 2023 increased by 58% to RMB955 million (US$132 million) from the same period in 2022 primarily due to an increase in general and administrative personnel related expenses and increased by 7% from the previous quarter. General and administrative expenses as a percentage of net revenue was 8% for the second quarter of 2023.

Income tax expense for the second quarter of 2023 was RMB562 million (US$77 million), compared to RMB173 million for the same period in 2022 and RMB341 million for the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes, and changes in valuation allowance provided for deferred tax assets.

Net income for the second quarter of 2023 was RMB648 million (US$91 million), compared to RMB43 million for the same period in 2022 and RMB3.4 billion for the previous quarter. Adjusted EBITDA for the second quarter of 2023 was RMB3.7 billion (US$507 million), compared to RMB355 million for the same period in 2022 and RMB2.8 billion for the previous quarter. Adjusted EBITDA margin was 33% for the second quarter of 2023, compared to 9% for the same period in 2022 and 31% for the previous quarter.

Net income attributable to Trip.com Group’s shareholders for the second quarter of 2023 was RMB631 million (US$89 million), compared to RMB69 million for the same period in 2022 and RMB3.4 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense) and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the second quarter of 2023 was RMB3.4 billion (US$475 million), compared to non-GAAP net loss attributable to Trip.com Group’s shareholders of RMB203 million for the same period in 2022 and non-GAAP net income attributable to Trip.com Group’s shareholders of RMB2.1 billion for the previous quarter.

Diluted earnings per ordinary share and per ADS was RMB0.94 (US$0.13) for the second quarter of 2023. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB5.11 (US$0.70) for the second quarter of 2023. Each ADS currently represents one ordinary share of the Company.

As of June 30, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB75.0 billion (US$10.3 billion).

Conference Call

Trip.com Group’s management team will host a conference call at 8:00 PM EST on September 4, 2023 (or 8:00 AM CST on September 5, 2023) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:
https://register.vevent.com/register/BI90bc7b46919e4b55a896bf30b59d4a4a 

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

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 “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, the impact of COVID-19 to Trip.com Group’s business operations, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of the variable interest entities and the contractual arrangements among Trip.com Group, the variable interest entities and their shareholders, and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes, net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”

For further information, please contact:

Investor Relations

Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com

Trip.com Group Limited

Unaudited Consolidated Balance Sheets

(In millions, except share and per share data)

December 31, 2022

June 30, 2023

June 30, 2023

RMB (million)

RMB (million)

USD (million)

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

18,487

36,843

5,080

Short-term investments

25,545

18,532

2,556

Accounts receivable, net 

5,486

10,689

1,474

Prepayments and other current assets 

11,917

17,028

2,348

Total current assets

61,435

83,092

11,458

Property, equipment and software

5,204

5,192

716

Intangible assets and land use rights

12,825

12,738

1,757

Right-of-use asset

819

715

99

Investments (Includes held to maturity time deposit and
financial products of RMB15,527 million and RMB19,581
million as of December 31,2022 and June 30, 2023,
respectively)

50,177

54,757

7,551

Goodwill

59,337

59,382

8,189

Other long-term assets

570

624

86

Deferred tax asset

1,324

1,716

237

Total assets

191,691

218,216

30,093

LIABILITIES

Current liabilities:

Short-term debt and current portion of long-term debt

32,674

32,414

4,470

Accounts payable

7,569

14,729

2,031

Advances from customers

8,278

13,505

1,862

Other current liabilities

12,718

15,029

2,073

Total current liabilities

61,239

75,677

10,436

Deferred tax liability

3,487

3,647

503

Long-term debt

13,177

19,697

2,716

Long-term lease liability

534

484

67

Other long-term liabilities

235

310

43

Total liabilities

78,672

99,815

13,765

SHAREHOLDERS’ EQUITY

Total Trip.com Group Limited shareholders’ equity

112,283

117,649

16,224

Non-controlling interests

736

752

104

Total shareholders’ equity

113,019

118,401

16,328

Total liabilities and shareholders’ equity

191,691

218,216

30,093

Trip.com Group Limited

Unaudited Consolidated Statements of Income/(Loss)

(In millions, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2023

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Revenue:

Accommodation reservation 

1,357

3,480

4,285

591

2,807

7,765

1,071

Transportation ticketing 

1,763

4,156

4,814

664

3,426

8,970

1,237

Packaged-tour 

122

386

722

100

246

1,108

153

Corporate travel

210

445

584

81

432

1,029

142

Others

564

744

857

118

1,216

1,601

221

Total revenue

4,016

9,211

11,262

1,554

8,127

20,473

2,824

Less: Sales tax and surcharges

(5)

(13)

(15)

(2)

(7)

(28)

(4)

Net revenue

4,011

9,198

11,247

1,552

8,120

20,445

2,820

Cost of revenue

(976)

(1,637)

(2,007)

(277)

(2,043)

(3,644)

(502)

Gross profit

3,035

7,561

9,240

1,275

6,077

16,801

2,318

Operating expenses:

Product development *

(1,772)

(2,674)

(2,953)

(407)

(3,746)

(5,627)

(776)

Sales and marketing *

(826)

(1,755)

(2,355)

(325)

(1,669)

(4,110)

(567)

General and administrative *

(604)

(891)

(955)

(132)

(1,188)

(1,846)

(255)

Total operating expenses

(3,202)

(5,320)

(6,263)

(864)

(6,603)

(11,583)

(1,598)

(Loss)/income from operations

(167)

2,241

2,977

411

(526)

5,218

720

Interest income 

544

441

513

71

1,135

954

132

Interest expense

(351)

(486)

(555)

(77)

(692)

(1,041)

(144)

Other income/(expense)

469

1,652

(1,961)

(270)

(238)

(309)

(43)

Income/(loss) before income
tax expense and equity in
income of affiliates

495

3,848

974

135

(321)

4,822

665

Income tax expense

(173)

(341)

(562)

(77)

(159)

(903)

(124)

Equity in (loss)/gain of affiliates

(279)

(133)

236

33

(478)

103

14

Net income/(loss)

43

3,374

648

91

(958)

4,022

555

Net loss/(income) attributable to non-
controlling interests

26

1

(17)

(2)

38

(16)

(2)

Net income/(loss) attributable
to Trip.com Group Limited

69

3,375

631

89

(920)

4,006

553

Earnings/(losses) per ordinary share 

– Basic

0.10

5.18

0.97

0.13

(1.42)

6.14

0.85

– Diluted

0.10

5.02

0.94

0.13

(1.42)

5.98

0.82

Earnings/(losses) per ADS 

– Basic

0.10

5.18

0.97

0.13

(1.42)

6.14

0.85

– Diluted

0.10

5.02

0.94

0.13

(1.42)

5.98

0.82

Weighted average ordinary shares outstanding 

– Basic

647,866,001

651,849,468

653,392,956

653,392,956

647,843,829

652,625,256

652,625,256

– Diluted

650,906,465

672,743,729

671,942,381

671,942,381

647,843,829

670,838,392

670,838,392

* Share-based compensation included in Operating expenses above is as follows:

  Product development 

146

179

234

32

253

413

57

  Sales and marketing 

28

31

44

6

46

75

10

  General and administrative 

130

168

219

30

228

387

53

Trip.com Group Limited

Unaudited Reconciliation of  GAAP and Non-GAAP Results

(In millions, except %, share and per share data)

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2023

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Net income/(loss)

43

3,374

648

91

(958)

4,022

555

Less: Interest income

(544)

(441)

(513)

(71)

(1,135)

(954)

(132)

Add: Interest expense

351

486

555

77

692

1,041

144

Add: Other (income)/expense

(469)

(1,652)

1,961

270

238

309

43

Add: Income tax expense

173

341

562

77

159

903

124

Add: Equity in loss/(income) of affiliates

279

133

(236)

(33)

478

(103)

(14)

(Loss)/income from operations

(167)

2,241

2,977

411

(526)

5,218

720

Add: Share-based compensation

304

378

497

68

527

875

120

Add: Depreciation and amortization

218

201

204

28

445

405

56

Adjusted EBITDA

355

2,820

3,678

507

446

6,498

896

Adjusted EBITDA margin

9 %

31 %

33 %

33 %

5 %

32 %

32 %

Net income/(loss) attributable to Trip.com Group Limited

69

3,375

631

89

(920)

4,006

553

Add: Share-based compensation

304

378

497

68

527

875

120

Add: (Gain)/loss from fair value changes of equity securities
investments and exchangeable senior notes

(668)

(1,648)

2,351

324

117

703

97

Add: Tax effects on fair value changes of equity securities
investments and exchangeable senior notes

92

(40)

(45)

(6)

37

(85)

(12)

Non-GAAP net (loss)/income attributable to Trip.com Group
Limited

(203)

2,065

3,434

475

(239)

5,499

758

Weighted average ordinary shares outstanding-
 Diluted-non GAAP 

647,866,001

672,743,729

672,031,445

672,031,445

647,843,829

670,838,392

670,838,392

Non-GAAP Diluted (losses)/income per share 

(0.31)

3.07

5.11

0.70

(0.37)

8.20

1.13

Non-GAAP Diluted (losses)/income per ADS 

(0.31)

3.07

5.11

0.70

(0.37)

8.20

1.13

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.2513 on June 30, 2023 published by the Federal Reserve Board.
PR Newswire

Starbox Group Holdings Ltd. Announces First Half of Fiscal Year 2023 Financial Results

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Revenue and Net Profit Increased to $4.0 Million and $1.4 Million Respectively (Basic Earnings of $0.03 Per Share) with Technology-Driven Services Revenue Accounting for Approximately 43.8% of its Revenue

KUALA LUMPUR, Malaysia, Aug. 29, 2023 /PRNewswire/ — Starbox Group Holdings Ltd. (Nasdaq: STBX) (“Starbox” or the “Company”), a service provider of cash rebates, digital advertising, and payment solutions with a goal of becoming a comprehensive AI solutions provider within Southeast Asia, today announced its unaudited financial results for the six months ended March 31, 2023.

Mr. Lee Choon Wooi, Chairman and Chief Executive Officer of Starbox, commented, “We are excited about the results we have accomplished for the first half of fiscal year 2023, where we saw robust growth across almost every key financial metric. Our revenue and net income grew for the first half of fiscal year 2023, demonstrating the fruition of our earlier investments in technology and successful execution of our strategic initiatives, namely new technology-driven services revenue via licensing and/or sale of our technologies. Moving forward, we expect to channel our efforts into continuous technological innovation as we believe technology such as artificial intelligence will be one of our key drivers for revenue growth for the foreseeable future. We plan to keep investing in our artificial intelligence-generated content (AIGC) engine, which we believe will revolutionize how people visualize ideas and provide invaluable tools for businesses across industries. We aim to disrupt the industry with our applications of AI technologies, thereby solidifying our market position, and generating long-term value for our shareholders.”

First Half of Fiscal Year 2023 Financial Highlights

  • Total revenue was $4.0 million for the six months ended March 31, 2023, an increase of 36.1% from $2.9 million for the same period of last year.
  • Income from operations was $2.0 million for the six months ended March 31, 2023, an increase of 3.1% from $1.9 million for the same period of last year.
  • Net income was $1.4 million for the six months ended March 31, 2023, an increase of 8.6% from $1.3 million for the same period of last year.

First Half of Fiscal Year 2023 Operational Highlights

  • Number of advertisers was 22 during the six months ended March 31, 2023, compared to 42 during the six months ended March 31, 2022.
  • Number of members on the GETBATS website and mobile app was 2,518,023 as of March 31, 2023, compared to 2,513,658 as of September 30, 2022.
  • Number of merchants on the GETBATS website and mobile app was 832 as of March 31, 2023, compared to 820 as of September 30, 2022.
  • Number of transactions facilitated through GETBATS website and mobile app was 161,306 during the six months ended March 31, 2023, compared to 188,718 during the six months ended March 31, 2022.

First Half 2023 Financial Results

Revenue

Total revenue was $4.0 million for the six months ended March 31, 2023, an increase of 36.1% from $2.9 million for the same period of last year. The increase in revenue was primarily due to increases in the revenue from our newly established software licensing service segment.

  • Revenue from digital advertising service was $2.2 million for the six months ended March 31, 2023, which decreased by 23.7% from $2.9 million for the same period of last year. The decrease was due to decreases in the number of advertisers for our services in the six months ended March 31, 2023.
  • Revenue from software licensing was $1.7 million for the six months ended March 31, 2023. The Company did not have revenue from software licensing for the same period of last year. On March 24, 2023, the Company’s wholly owned subsidiary, Starbox Technologies Sdn. Bhd., entered into a software licensing agreement with Brandavision Sdn Bhd, a Malaysia company (“Brandavision”). The Company will develop a comprehensive data management system for Brandavision, grant them the access to its vast database, help train the staff of Brandavision with respect to its use and provide continuous technical support.
  • Revenue from cash rebate services was $10,621 for the six months ended March 31, 2023, which increased by 91.3% from $5,552 for the same period of last year. The increase was primarily due to an increase in the average cash rebate commission rate earned by the Company for the six months ended March 31, 2023 as compared to the six months ended March 31, 2022.
  • Revenue from payment solution services was $4,303 for the six months ended March 31, 2023, which decreased by 20.0% from $5,379 for the same period of last year.

Operating Cost

Operating costs were $2.0 million for the six months ended March 31, 2023, which increased by 99.0% from $1.0 million for the same period of last year. The increase was primarily due to the following reasons:

  • Salary and employee benefit expenses were $318,750 for the six months ended March 31, 2023, which increased by $122,846 from $195,904 for the same period of last year, primarily due to an increase in the number of employees from 17 for the six months ended March 31, 2022 to 25 for the six months ended March 31, 2023, in order to handle the increase in business activities associated with the Company’s digital advertising services, cash rebate services, and the newly expanded business in software licensing services.
  • Marketing and promotional expenses were $209,564 for the six months ended March 31, 2023, which increased by $104,756 from $104,808 for the same period of last year, as a result of our increased marketing efforts to develop new merchants and advertisers for our services.
  • License costs were $30,000 for the six months ended March 31, 2023, which increased by $4,941 from $25,059 for the same period of last year.
  • Website and facility maintenance expenses were $147,345 for the six months ended March 31, 2023, which increased by $97,620 from $49,725 for the same period of last year, primarily because the Company incurred more costs to optimize and upgrade its IT system related to rebate calculation and AI calculation engine.
  • Utility and office expenses were $251,563 million for the six months ended March 31, 2023, which increased by $194,784 from $56,779 for the same period of last year, primarily due to increased office insurance expenses and increased office supply expenses resulting from an increased number of staff.
  • Depreciation and amortization expenses were $193,662 for the six months ended March 31, 2023, which increased by $149,515, from $44,147 for the same period of last year, mainly due to increased amortization of intangible assets.
  • Business travel and entertainment expenses were $71,479 for the six months ended March 31, 2023, which increased by $53,957 from $17,522 for the same period of last year, due to the Company’s increased efforts to expand its business operations into local and neighboring countries.
  • Others were $344,633 for the six months ended March 31, 2023, which increased by $304,175 from $40,458 for the same period of last year, primally due to (i) increased trademark expenses by $69,990 and (ii) increased bonus by $176,635.

Provision for Income Taxes

Provision for income taxes was $0.6 million for the six months ended March 31, 2023, which decreased by 5.4% from $0.7 million for the same period of last year.

Net Income

Net income was $1.4 million for the six months ended March 31, 2023, which increased by $0.1 million from $1.3 million for the same period of last year.

Basic Earnings per Share

Basic earnings per share was $0.03 for the six months ended March 31, 2023, compared to basic and diluted earnings per share of $0.03 for the same period of last year.

Balance Sheet

As of March 31, 2023, the Company had cash of $0.9 million, compared to $17.8 million as of September 30, 2022.

Cash Flow

Net cash used in operating activities was $12.1 million for the six months ended March 31, 2023, compared to net cash provided by operating activities of $1.5 million for the same period of last year.

Net cash used in investing activities was $17.9 million for the six months ended March 31, 2023, compared to $0.6 million for the same period of last year.

Net cash provided by financing activities was $11.8 million for the six months ended March 31, 2023, compared to net cash used in financing activities of $0.8 million for the same period of last year.

About Starbox Group Holdings Ltd.

Headquartered in Malaysia, Starbox Group Holdings Ltd. is a technology-driven, rapidly growing company with innovation as its focus. Starbox is aiming to be a comprehensive AI solutions provider within Southeast Asia and also engages in building a cash rebate, digital advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing. The Company connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The Company provides digital advertising services to advertisers through its SEEBATS website and mobile app, GETBATS website and mobile app and social media. The Company also provides payment solution services to merchants. For more information, please visit the Company’s website: https://ir.starboxholdings.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Starbox Group Holdings Ltd.

Investor Relations
Department Email:
ir@starboxholdings.com

Ascent Investors Relations LLC

Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com

STARBOX GROUP HOLDINGS LTD AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of

March 31, 2023

As of

September 30,
2022

(Unaudited)

ASSETS

CURRENT ASSETS

Cash and equivalents

$

864,392

$

17,778,895

Accounts receivable, net

4,986,688

2,032,717

Prepaid income tax

552,094

–

Prepayments

14,448,012

4,269,611

Due from related parties

1,682

1,473

Total current assets

20,852,868

24,082,696

NON-CURRENT ASSETS

Property and equipment, net

21,941

13,380

Intangible assets, net

18,824,416

903,768

Right-of-use assets, net

36,511

42,574

Total non-current assets

18,882,868

959,722

TOTAL ASSETS

$

39,735,736

$

25,042,418

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Taxes payable

$

395,772

$

1,404,128

Deferred revenue

368,066

–

Accrued liabilities and other current liabilities

348,627

541,050

Operating lease liabilities, current

17,052

15,833

Due to related parties

1,409

7,361

Total current liabilities

1,130,926

1,968,372

NON-CURRENT LIABILITIES

Deferred tax liabilities, net

318,603

–

Operating lease liabilities, non-current

19,459

26,741

Total non-current liabilities

338,062

26,741

TOTAL LIABILITIES

1,468,988

1,995,113

COMMITMENT AND CONTINGENCY

SHAREHOLDERS’ EQUITY

Preferred shares, par value $0.001125, 5,000,000 shares
authorized, no shares issued and outstanding

–

–

Ordinary shares, par value $0.001125, 883,000,000 shares
authorized, 54,375,000 shares and 45,375,000 shares issued and
outstanding as of March 31, 2023 and September 30, 2022,
respectively

61,172

51,047

Additional paid in capital

30,674,988

18,918,303

Accumulated other comprehensive income (loss)

1,481,084

(607,052)

Retained earnings

6,049,504

4,685,007

Total shareholders’ equity

38,266,748

23,047,305

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

39,735,736

$

25,042,418

STARBOX GROUP HOLDINGS LTD AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

SIX MONTHS ENDED MARCH 31,

2023

2022

Operating revenue

Revenue from cash rebate services

$

10,621

$

5,552

Revenue from digital advertising services

2,220,794

2,911,482

Revenue from payment solution services

4,303

5,379

Revenue from software licensing

1,740,472

–

Total operating revenue

3,976,190

2,922,413

Operating expenses

Selling, general, and administrative expenses

1,996,892

1,003,373

Total operating expenses

1,996,892

1,003,373

Income from operations

1,979,298

1,919,040

Other income, net

Interest income

7,757

–

Other income, net

5,163

203

Total other income, net

12,920

203

Income before income tax

1,992,218

1,919,243

Income tax expenses

627,721

663,224

Net income

$

1,364,497

$

1,256,019

Other Comprehensive income

Foreign currency translation gain (loss)

2,088,136

(9,188)

Total Comprehensive income

$

3,452,633

$

1,246,831

Net income per share – basic

$

0.03

$

0.03

Weighted average number of common shares outstanding – basic

53,089,286

40,000,000

STARBOX GROUP HOLDINGS LTD AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR SIX MONTHS ENDED MARCH
31,

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

1,364,497

$

1,256,019

Adjustments to reconcile net income to cash provided by (used in)
operating activities:

Disposal of fixed assets

2,928

–

Depreciation and amortization

253,662

69,147

Amortization of right-of-use operating lease assets

9,111

42,974

Change in deferred tax

313,963

–

Changes in operating assets / liabilities:

Accounts receivable

(2,809,804)

(1,326,333)

Prepaid income tax

(544,054)

–

Prepaid expenses and other current assets

(9,621,687)

(63,935)

Deferred revenue

362,706

579,355

Taxes payable

(1,063,540)

834,895

Operating lease liabilities

(9,111)

(42,974)

Accrued expenses and other current liabilities

(407,590)

177,101

Net cash provided by (used in) operating activities

(12,148,919)

1,526,249

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of fixed assets

(13,183)

(5,011)

Purchase of intangible assets

(17,864,000)

(626,420)

Net cash used in investing activities

(17,877,183)

(631,431)

CASH FLOWS FROM FINANCING ACTIVITIES:

Deferred initial public offering costs

–

(423,994)

Proceeds from equity financing

11,766,810

–

Increase in due from related party

(134)

–

Repayment of related party borrowings

(6,232)

(398,422)

Net cash provided by (used in) financing activities

11,760,444

(822,416)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

1,351,155

(8,955)

NET INCREASE (DECREASE) IN CASH & EQUIVALENTS

(16,914,503)

63,447

CASH & EQUIVALENTS, BEGINNING OF PERIOD

17,778,895

2,295,277

CASH & EQUIVALENTS, END OF PERIOD

864,392

2,358,724

Supplemental Cash Flow Data:

Income tax paid

$

2,011,188

$

–

Interest paid

$

–

$

–

Source: Starbox Group Holdings Ltd.

PR Newswire

Eddid Financial Forges Strategic Alliance with Finnet and MPay (0156.MY) to Explore Fintech Opportunities in Indonesia

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HONG KONG, Aug. 29, 2023 /PRNewswire/ — Eddid Financial (“Eddid” or the “Group”), an all-encompassing financial group centered around fintech, is pleased to announce a strategic partnership with PT Finnet Indonesia (“Finnet”) and ManagePay Systems Berhad (“MPay”, 0156.MY), two prominent fintech companies in Indonesia and Malaysia, respectively. The three parties signed a Memorandum of Understanding (MOU) to form a tripartite collaboration to explore financial innovations in Indonesia.

As part of this partnership, the three parties will collaborate on various initiatives, combining their expertise and resources to develop innovative fintech solutions and expand their presence in the Indonesian market. The collaboration aims to establish a joint venture in Indonesia as a vehicle to implement the partnership’s goals and further commercial arrangements.

Finnet is a subsidiary of PT Telkom Indonesia (TLK.NYSE), a state-owned information and communications technology enterprise and the largest telecommunications network in Indonesia. As a renowned fintech services provider, Finnet offers a wide array of services in Indonesia, such as remittance, digital payments, electronic money, QRIS payments.

MPay, a listed company in Malaysia, is a provider of end-to-end electronic payment solutions for banks and financial institutions, with over two decades of experience. Over the years, it has expanded its offerings to include P2P lending, micro lending, project financing, P2P Remittance, cross-border remittance, merchant acquiring, and e-Wallet & Mastercard prepaid card issuer in Malaysia.

The MOU reflects a shared commitment to enhancing fintech solutions and expanding reach in the rapidly growing Indonesian market. Significant prospects in Indonesia’s fintech landscape can be tapped by utilizing the combined strengths of each of the parties.

This latest alliance is a milestone addition to the Group’s diversified portfolio of strategic partnerships in the Southeast Asian region. With a proven track record of successful collaborations, including associations with MPay in Malaysia, the online trading platform Anfin in Vietnam, and OCBC Sekuritas, a subsidiary of OCBC Bank in Indonesia, Eddid Financial reaffirms its dedication to augmenting its presence in this fast-paced, evolving market. This persistent effort positions the Group at the vanguard of this dynamic progression, paving the way for future growth opportunities.

About Eddid Financial
Anchored in Hong Kong, Eddid Financial is an all-encompassing financial group centered around fintech and dedicated to integrating cutting-edge artificial intelligence technologies and other latest technologies into its enterprise DNA.  The diversified businesses of Eddid Financial range from retail to institutional and include but are not limited to fintech, internet finance, wealth management, asset management, investment banking, and virtual assets. Eddid Financial is committed to providing one-stop financial services and products to customers through high-quality investment solutions. Members of the Group hold a variety of licenses and memberships across key financial markets, including Hong Kong and the United States. These include Hong Kong Securities and Futures Commission (SFC) regulated activities (“RA”) licenses for types 1, 2, 3, 4, 5, 6, and 9; SEHK and HKCC participant (OTP-C broker number: 0974 and 0977), Insurance Broker Company license; Trust or Company Service Provider License in Hong Kong; as well as approved membership with the National Futures Association (NFA) in the United States and registered broker dealer of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

For further information on Eddid Financial, please visit www.eddid.com.hk.

PR Newswire

Quhuo to Report Unaudited Financial Results for First Half of 2023 on August 31, 2023

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BEIJING, Aug. 28, 2023 /PRNewswire/ — Quhuo Limited (NASDAQ: QH) (“Quhuo,” the “Company,” “we” or “our”), a leading gig economy platform focusing on life services in China, today announced that it will report unaudited financial results for the first half of 2023 before the open of the U.S. markets on Thursday, August 31, 2023.

The Company’s management will hold a conference call on Thursday, August 31, 2023, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong time on the same day) to discuss the unaudited financial results.

For participants who wish to join the call using dial-in numbers, please preregister online prior to the call to receive the dial-in details.

Conference Call Preregistration

Participants can register for the conference call by navigating to https://s1.c-conf.com/diamondpass/10033320-jh3e5r.html. Once preregistration has been completed, participants will receive the dial-in numbers, a Passcode, and a unique access PIN. The conference ID is 10033320. To join the conference, please dial the number you receive, enter the passcode followed by your PIN, and you will be joined to the conference instantly.

Once preregistration has been completed, participants will receive 
A live and archived conference call webcast will also be available at the Company’s investor relations website at https://ir.quhuo.cn/.

A replay will be accessible after the conclusion of the conference call through September 6, 2023 by dialing the following numbers:

United States:

1855 883 1031

China Domestic:

400 1209 216

Hong Kong:

800 930 639

Replay PIN: :

10033320

ABOUT QUHUO LIMITED

Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”) is a leading gig economy platform focusing on local life services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.

With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.