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PR Newswire

Chindata Group Files Registration Statement for Proposed Initial Public Offering

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BEIJING, Sept. 9, 2020 — Chindata Group Holdings Limited ("Chindata Group"), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, today announced that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its American depositary Shares (the "ADSs"). The number of ADSs to be offered and the price range for the proposed offering have not yet been determined. Chindata Group intends to list its ADSs on The Nasdaq Global Select Market under the ticker symbol "CD."

Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. are acting as joint bookrunners and the representatives of the underwriters for the proposed offering. UBS Securities LLC and China Renaissance Securities (Hong Kong) Limited are acting as underwriters for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from Morgan Stanley, Attn: Prospectus Dept., 180 Varick Street, 2nd floor, New York, New York 10014, by telephone at (866) 718-1649 or by email at prospectus@morganstanley.com; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone: 1-800-831-9146 or via email at prospectus@citi.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Chindata Group

Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services.

Chindata Group operates two sub-brands: "Chindata" and "Bridge Data Centres". Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.

For media enquiries, please contact:

Ms. Xiaolin Zhao
xiaolin.zhao@chindatagroup.com

Trailrunner International
Chindata@trailrunnerint.com

 

PR Newswire

China Online Education Group Announces Second Quarter 2020 Results

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Second quarter net revenues increased by 40.0% year-over-year
Second quarter GAAP/non-GAAP net margin were 6.6%/8.0% respectively

BEIJING, Sept. 8, 2020 — China Online Education Group ("51Talk" or the "Company") (NYSE:COE), a leading online education platform in China, with core expertise in English education, announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Financial and Operating Highlights

  • Net revenues were RMB493.5 million (US$69.8 million), a 40.0% increase from RMB352.6 million for the second quarter of 2019.
  • Gross margin was 70.9%, compared with 69.5% for the second quarter of 2019.
  • GAAP net income was RMB32.8 million, representing GAAP net margin of 6.6%, compared with GAAP net loss RMB33.2 million and GAAP net margin of negative 9.4% for the second quarter of 2019.
  • Non-GAAP net income was RMB39.6million, representing non-GAAP net margin of 8.0% compared with non-GAAP net loss RMB27.6 million and non-GAAP net margin of negative 7.8% for the second quarter of 2019.
  • Operating cash inflow was RMB172.1 million (US$24.4 million), compared with RMB99.2 million operating cash inflow for the second quarter of 2019.
  • Cash, cash equivalents, time deposits and short-term investments balance reached RMB1,426.7 million (US$201.9 million) as of June 30, 2020.
  • Gross billings[1] were RMB676.4 million (US$95.7 million), a 35.7% increase from RMB498.5 million for the second quarter of 2019, the highest year-over-year growth rate since the first quarter of 2018.

Key Financial and Operating Data

For the three months ended

Jun. 30,

Jun. 30,

Y-o-Y

2019

2020

Change

Net Revenues (in RMB millions)

352.6

493.5

40.0%

K-12 one-on-one mass market offering

259.6

417.9

61.0%

K-12 small class offering

33.1

28.5

(13.8%)

One-on-One others

59.9

47.0

(21.4%)

Gross billings (in RMB millions)

498.5

676.4

35.7%

K-12 one-on-one mass market offering

418.5

612.5

46.4%

        K-12 small class offering

33.0

42.4

28.5%

One-on-One others

47.0

21.5

(54.3%)

Active students[2] (in thousands)

233.4

298.2

27.8%

[1] Gross billings for a specific period, which is one of the Company’s key operating data, is defined as the total amount of cash received for the sale of course packages and services in such period, net of the total amount of refunds in such period.

[2] An "active student" for a specified period refers to a student who booked at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons.

"We extended our outstanding performance by delivering another quarter of robust across-the-board results in the second quarter," said Mr. Jack Jiajia Huang, Founder, Chairman and Chief Executive Officer of 51Talk.  "These results were fueled by the continued optimization of our K-12 one-on-one mass market strategy in non-tier-one cities[3] as well as the overall growing market awareness and acceptance of online education brought about by the effects of the COVID-19 pandemic. Financial highlights of the second quarter include our net revenues increasing 40.0% year-over-year to reach RMB493.5 million, a figure 5.0% above the high end of our guidance. Net revenues from our core K-12 one-on-one mass market offerings increased 61.0% year-over-year to reach RMB417.9 million. Furthermore, our gross billings reached RMB676.4 million, growing 35.7% year-over-year and recording the highest growth rate since the first quarter of 2018. Our K-12 one-on-one mass market gross billings grew 46.4% year-over-year to RMB612.5 million, accounting for 90.6% of our total gross billings.

"Operationally, our teams continued to execute well and capture market opportunities. We grew our number of second quarter active students by 27.8% year-over-year. To augment our K-12 offerings, we recently launched brand new Level-K courses for kindergarten students aged 3 to 5, aiming to broaden our student base and build good study habits from a young age through our platform. We also held tournaments for our flagship China Youth Talk speech contest between April and August. This high-profile event attracted more than 500,000 K-12 aged contestants from across the country and showcased the achievements among some of the most talented youth. In the second quarter we embarked on a brand uplift effort in the Philippines to further burnish our already strong appeal among existing and potential instructors. A highlight of this campaign is the appointment of Ms. Pia Wurtzbach, a former Miss Universe with strong popularity among our target instructor demographic, as our brand ambassador in the Philippines. With her appointment and our continuous promotion efforts, we further strengthened our leadership position in online education and effectively promoted teaching careers at 51Talk for Filipinos with high English proficiency, passion for teaching, and familiarity with the Chinese culture.

"Additionally, I am pleased to announce that on September 2, at the K-12 Online Education Service and Evaluation Standard conference, we presented the first-ever enterprise standards. The standards were also recently published through the Standard Platform of the Standardization Administration of China. During the conference, we signed the K-12 Online Education Industry Self-discipline Convention, together with representatives from six other companies. Through strengthened self-disciplinary actions, these companies strive to lead by example in areas such as curriculum creation, class duration, foreign teacher selection, and tuition prepayment, amongst several others. Furthermore, we, along with other business representatives, experts and scholars kicked off a process to establish an evolving and formal K-12 Online Education Service and Evaluation Standard.  This would be an important step forward in the maturity of our industry and the standardization of the service scope and requirements for K-12 online education enterprises.

"In summary, we are proud of our second quarter achievements both financially and operationally. The firm’s organizational foundation built over the years, coupled with our sharp strategic focus in the K-12 one-on-one mass market in non-tier-one cities, has helped us emerge today in a stronger, better position.  As we move into the second half of 2020, I look forward to continuing to execute on our mission, bringing our strong value proposition to the market and delivering long-term benefit to all our stakeholders," concluded Mr. Huang.  

"I’m pleased to report another strong quarter marked by both continued top-line growth and robust profitability driven by our strategy to pursue healthy growth while keeping a close eye on operational efficiencies," said Mr. Min Xu, Chief Financial Officer of 51Talk. "During the second quarter, we achieved Non-GAAP net income of RMB39.6 million, as our net revenues and gross billings continued to expand. Excluding the RMB17.9 million favorable impact of government-related COVID-19 relief benefits received in the second quarter, our non-GAAP net profit margin would have been 4.4%, compared with a non-GAAP net margin of negative 7.8% for the second quarter of 2019. We are pleased to record operating cash inflow, a key metric of our financial health, of RMB172.1 million. Another highlight of the quarter was our successful follow-on public offering, which further strengthened our balance sheet and stimulated investor interest. I am confident that the Company is on the right track for continued growth and profitability."

[3] Tier-one cities include Beijing, Shanghai, Shenzhen, Guangzhou and Tianjin.

Second Quarter 2020 Financial Results

Net Revenues

Net revenues for the second quarter of 2020 were RMB493.5 million (US$69.8 million), a 40.0% increase from RMB352.6 million for the same quarter last year. The increase was primarily attributed to the increases in the number of active students and the average revenue per active student. The number of active students in the second quarter of 2020 was 298,200, a 27.8% increase from 233,400 for the same quarter last year. The average revenue per active student in the second quarter of 2020 increased by 9.5% year-over-year.

Net revenues from one-on-one offerings for the second quarter of 2020 were RMB464.9 million (US$65.8 million), a 45.5% increase from RMB319.5 million for the same quarter last year. Net revenues from small class offerings for the second quarter of 2020 were RMB28.5 million (US$4.0 million), a 13.8% decrease from RMB33.1 million for the same quarter last year.

Cost of Revenues

Cost of revenues for the second quarter of 2020 was RMB143.6 million (US$20.3 million), a 33.5% increase from RMB107.6 million for the same quarter last year. The increase was primarily driven by an increase in total service fees paid to teachers, mainly due to an increased number of paid lessons.

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus (COVID-19) outbreak, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration temporarily reduced and exempted employer obligation on social security contributions from February 2020. The impact of coronavirus policies on cost of revenues was RMB0.4 million in the second quarter. Excluding the impact, total cost of revenues for the second quarter would have been RMB144.0 million (US$20.4 million), representing a 33.8% year-over-year increase.

Cost of revenues of one-on-one offerings for the second quarter of 2020 was RMB131.8 million (US$18.7 million), a 42.5% increase from RMB92.5 million for the same quarter last year. Cost of revenues of small class offering for the second quarter of 2020 was RMB11.7 million (US$1.7 million), a 22.1% decrease from RMB15.1 million for the same quarter last year.

Gross Profit and Gross Margin

Gross profit for the second quarter of 2020 was RMB349.9 million (US$49.5 million), a 42.8% increase from RMB245.0 million for the same quarter last year. Gross margin for the second quarter of 2020 was 70.9%, compared with 69.5% for the same quarter last year.

Excluding the positive impact of the coronavirus related exemption of employer obligation on social security contributions, gross profit and gross margin for the second quarter would have been RMB349.5 million (US$49.5 million) and 70.8% respectively.

Gross margin for one-on-one offerings in the second quarter of 2020 was 71.6%, compared with 71.1% for the same quarter last year. The increase was mainly attributable to a favorable mix of higher margin products. 51Talk’s small class offering gross margin for the second quarter of 2020 was 58.9%, compared with 54.5% for the second quarter of 2019. The increase was mainly due to a favorable mix of higher margin products.

Operating Expenses

Total operating expenses for the second quarter of 2020 were RMB332.4 million (US$47.1 million), an 18.7% increase from RMB280.1 million for the same quarter last year. The increase was the result of an increase in sales and marketing expenses and general and administrative expenses, partially offset by decreases of product development expenses.

Sales and marketing expenses for the second quarter of 2020 were RMB239.9 million (US$34.0 million), a 27.4% increase from RMB188.4 million for the same quarter last year. The increase was mainly due to higher marketing expenses and higher sales personnel costs related to increases in the number of sales and marketing personnel. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the second quarter of 2020 were RMB237.4 million (US$33.6 million), a 26.8% increase from RMB187.3 million for the same quarter last year. Non-GAAP sales and marketing expenses, excluding branding expenses, were 30.7% of the gross billings for the second quarter of 2020, compared with 32.6 % for the same quarter last year. The impact of coronavirus policy related exemption of employer obligation on social security contributions on sales and marketing expense was RMB6.7 million in the second quarter. Excluding the impact, sales and marketing expenses for the second quarter would have been RMB246.6 million (US$34.9 million), representing a 30.9% year-over-year increase.

Product development expenses for the second quarter of 2020 were RMB38.6 million (US$5.5 million), a 6.6% decrease from RMB41.4 million for the same quarter last year. The decrease was primarily due to favorable COVID-19 policy related impact. Excluding share-based compensation expenses, non-GAAP product development expenses for the second quarter of 2020 were RMB37.0 million (US$5.2 million), a 7.0% decrease from RMB39.7 million for the same quarter last year. The impact of COVID-19 policy related exemption of employer obligation on social security contributions on product development expenses was RMB2.2 million in the second quarter. Excluding the impact, product development expenses for the second quarter would have been RMB40.8 million (US$5.8 million), representing a 1.4% year-over-year decrease.

General and administrative expenses for the second quarter of 2020 were RMB53.9 million (US$7.6 million), a 7.0% increase from RMB50.4 million for the same quarter last year. The increase was primarily due to the higher professional services fees in connection with the follow-on public offering. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the second quarter of 2020 were RMB51.1 million (US$7.2 million), a 7.7% increase from RMB47.5 million for the same quarter last year. The impact of coronavirus policy related exemption of employer obligation on social security contributions on general and administrative expenses was RMB1.6 million in the second quarter. Excluding the impact, general and administrative expenses for the second quarter would have been RMB55.5 million (US$7.9 million), representing a 10.1% year-over-year increase.

Other income

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus (COVID-19) outbreak, the State Taxation Administration exempted a wide range of consumer services from value added tax (VAT) from January 2020. The income obtained by taxpayers from providing essential services shall be exempt from VAT. The favorable impact of coronavirus relief policies was RMB7.0 million in the second quarter.

On September 30, 2019, Ministry of Finance and the State Taxation Administration announced that from October 1, 2019 to December 31, 2021, the taxpayers engaging in the provision of essential services are allowed to deduct an extra 15% of the deductible input tax for the current period from the payable tax. The impact of the policy of additional value-added tax credit for the income generated by the essential services provided by enterprises was RMB2.6 million in the second quarter.

Income/(loss) from Operations

Operating income for the second quarter of 2020 was RMB27.1 million (US$3.8 million), compared with loss from operations of RMB35.1 million for the same quarter last year. Operating income margin for the second quarter was 5.5%, compared with operating margin of negative 9.9% for the same quarter last year.

Non-GAAP operating income for the second quarter of 2020 was RMB34.0 million (US$4.8 million), compared with non-GAAP loss from operations of RMB29.4 million for the same quarter last year. Non-GAAP operating income margin for the second quarter was 6.9%, compared with non-GAAP operating margin of negative 8.3% for the same quarter last year.

The total favorable impact of coronavirus relief policies was RMB17.9 million in the second quarter, including impact of coronavirus policy related exemption of employer obligation on social security contributions on income from operations of RMB10.9 million, in addition to coronavirus policy related VAT exemption of RMB7.0 million. Excluding the favorable impact, operating income and non-GAAP operating income for the second quarter would have been RMB9.2 million (US$1.3 million) and RMB16.1 million (US$2.3 million) respectively, representing 1.9% GAAP operating margin and 3.3% non-GAAP operating margin.

Net income/(loss)

Net income for the second quarter of 2020 was RMB32.8 million (US$4.6 million), compared with net loss of RMB33.2 million for the same quarter last year.  Net margin for the second quarter was 6.6%, compared with net margin of negative 9.4% for the same quarter last year.

Non-GAAP net income for the second quarter of 2020 was RMB39.6 million (US$5.6 million), compared with non-GAAP loss of RMB27.6 million for the same quarter last year. Non-GAAP net margin for the second quarter was 8.0%, compared with non-GAAP net margin of negative 7.8% for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB17.9 million in the second quarter. Excluding the favorable impact, net income and non-GAAP net income for the second quarter would have been RMB14.9 million (US$2.1 million) and RMB21.7 million (US$3.1 million), representing net margin of 3.0% and 4.4% respectively.

Basic net income per American depositary share ("ADS") attributable to ordinary shareholders for the second quarter of 2020 was RMB1.55 (US$0.22), compared with basic net loss per ADS of RMB1.62 for the same quarter last year. Diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2020 was RMB1.44 (US$0.20), compared with diluted net loss per ADS of RMB1.62 for the same quarter last year. Each ADS represents 15 Class A ordinary shares.

Non-GAAP basic net income per ADS attributable to ordinary shareholders for the second quarter of 2020 was RMB1.87 (US$0.26), compared with non-GAAP basic net loss per ADS attributable to ordinary shareholders of RMB1.34 for the same quarter last year. Non-GAAP diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2020 was RMB1.75 (US$0.25), compared with non-GAAP diluted net loss per ADS attributable to ordinary shareholders of RMB1.34 for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB17.9 million in the second quarter. Excluding the favorable impact, basic net income per ADS attributable to ordinary shareholders for the second quarter of 2020 was RMB0.70 (US$0.10) and non-GAAP basic net income per ADS attributable to ordinary shareholders for the second quarter of 2020 was RMB1.03 (US$0.15).

Excluding the favorable impact, diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2020 was RMB0.65 (US$0.09) and non-GAAP diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2020 was RMB0.96 (US$0.14).

Balance Sheet

As of June 30, 2020, the Company had total cash, cash equivalents, time deposits and short-term investments of RMB1,426.7 million (US$201.9 million), compared with RMB1,053.4 million as of December 31, 2019.

The Company had advances from students[4] (current and non-current) of RMB2,411.8 million (US$341.4 million) as of June 30, 2020, compared with RMB2,186.6 million as of December 31, 2019.

[4] "Advances from students", which is defined as the amount of obligation to transfer good or service to students or business partners for which consideration has been received from students in advance. The deposits from students are also presented in the total amount of "advances from students".

Outlook

We cannot predict whether the incremental revenue boost from students spending more time at home amidst the COVID-19 outbreak will continue during the remainder of 2020.  However, based on latest information available at the time of this release, for the third quarter of 2020, the Company currently expects net revenues to be between RMB525 million to RMB532 million, which would represent an increase of approximately 28.5% to 30.2% from RMB408.7 million for the same quarter last year;

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

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on September 8, 2020 (8:00 PM Beijing/Hong Kong time on September 8, 2020).

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

United States (toll free):

1-866-264-5888

International:

1-412-317-5226

Mainland China:

400-120-1203

Hong Kong (toll free):

800-905-945

Hong Kong:

852-3018-4992

Participants should dial-in at least 15 minutes before the scheduled start time and ask to be connected to the call for "China Online Education Group."

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.51talk.com.   

A replay of the conference call will be accessible until September 15, 2020, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10147343

About China Online Education Group

China Online Education Group (NYSE: COE) is a leading online education platform in China, with core expertise in English education. The Company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms enable students across China to take live interactive English lessons with overseas foreign teachers, on demand. The Company connects its students with a large pool of highly qualified foreign teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.

Use of Non-GAAP Financial Measures

In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this press release.

51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to 51Talk’s historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0651 to US$1.00, the rate in effect as of June 30, 2020 as certified for customs purposes by the Federal Reserve Bank of New York.

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. Among other things, 51Talk’s business outlook and quotations from management in this announcement, as well as 51Talk’s strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 51Talk’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 51Talk’s goals and strategies; 51Talk’s expectations regarding demand for and market acceptance of its brand and platform; 51Talk’s ability to retain and increase its student enrollment; 51Talk’s ability to offer new courses; 51Talk’s ability to engage, train and retain new teachers; 51Talk’s future business development, results of operations and financial condition; 51Talk’s ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in China; the expected growth of, and trends in, the markets for 51Talk’s course offerings in China; relevant government policies and regulations relating to 51Talk’s corporate structure, business and industry; general economic and business condition in China, the Philippines and elsewhere and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

China Online Education Group
Investor Relations
+86 (10) 8342-6262
ir@51talk.com

The Piacente Group, Inc.
Brandi Piacente
+86 (10) 6508-0677
+1 (212) 481-2050
51talk@tpg-ir.com

 

 

 

CHINA ONLINE EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 As of

Dec. 31,

Jun. 30,

Jun. 30,

2019

2020

2020

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

342,951

317,385

44,923

Time deposits

144,093

220,334

31,186

Short-term investments

452,936

441,911

62,548

Inventory

308

962

136

Prepaid expenses and other current assets

250,215

268,246

37,968

Total current assets

1,190,503

1,248,838

176,761

Non-current assets

Property and equipment, net

20,336

19,651

2,781

Intangible assets, net

9,918

8,413

1,191

Goodwill

4,223

4,223

598

Right-of-use assets

56,638

62,075

8,786

Time deposits

113,415

447,095

63,282

Other non-current assets

6,784

10,362

1,467

Total non-current assets

211,314

551,819

78,105

Total assets

1,401,817

1,800,657

254,866

LIABILITIES

AND SHAREHOLDERS’ DEFICIT

Current liabilities

Short-term loan

16,578

–

–

Advances from students

2,181,808

2,408,570

340,911

Accrued expenses and other current liabilities

166,955

197,760

27,991

Lease liability

31,550

34,287

4,853

Taxes payable

21,661

23,990

3,396

Total current liabilities

2,418,552

2,664,607

377,151

Non-current liabilities

Advances from students

4,783

3,220

456

Lease liability

23,545

27,059

3,830

Other non-current liabilities

1,595

1,775

251

Total non-current liabilities

29,923

32,054

4,537

Total liabilities

2,448,475

2,696,661

381,688

Total shareholders’ deficit

(1,046,658)

(896,004)

(126,822)

Total liabilities and shareholders’ deficit

1,401,817

1,800,657

254,866

 

 

 


CHINA ONLINE EDUCATION GROUP

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/ INCOME

(In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2019

2020

2020

2020

2019

2020

2020

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues[5]

352,603

487,084

493,471

69,846

672,677

980,555

138,789

Cost of revenues

(107,559)

(144,031)

(143,560)

(20,320)

(213,287)

(287,591)

(40,706)

Gross profit

245,044

343,053

349,911

49,526

459,390

692,964

98,083

Operating expenses

Sales and marketing expenses

(188,369)

(228,387)

(239,894)

(33,955)

(374,656)

(468,281)

(66,281)

Product development expenses

(41,362)

(35,867)

(38,616)

(5,466)

(82,063)

(74,483)

(10,542)

General and administrative expenses

(50,389)

(50,689)

(53,902)

(7,629)

(101,548)

(104,591)

(14,804)

Total operating expenses

(280,120)

(314,943)

(332,412)

(47,050)

(558,267)

(647,355)

(91,627)

Other income

–

16,761

9,628

1,363

–

26,389

3,735

(Loss)/income from operations

(35,076)

44,871

27,127

3,839

(98,877)

71,998

10,191

Interest income

3,556

7,577

8,735

1,236

6,607

16,312

2,309

Interest expenses and other expenses, net

(503)

(209)

(1,337)

(189)

(4,841)

(1,546)

(219)

(Loss)/income before income tax expenses

(32,023)

52,239

34,525

4,886

(97,111)

86,764

12,281

Income tax expenses

(1,182)

(1,447)

(1,759)

(249)

(2,330)

(3,206)

(454)

Net (loss)/income, all attributable to the Company’s
ordinary shareholders

(33,205)

50,792

32,766

4,637

(99,441)

83,558

11,827

Weighted average number of ordinary shares used
in computing basic (loss)/earnings per share

307,458,227

313,197,499

317,793,905

317,793,905

306,754,257

315,495,702

315,495,702

Weighted average number of ordinary shares used
in computing diluted (loss)/earnings per share

307,458,227

336,903,081

340,457,526

340,457,526

306,754,257

338,680,304

338,680,304

 

[5] By performing our last year-end financial closing procedures, we discovered an oversight in our process for evaluating the status of lessons that caused us to overstate net revenues during 2018 and in interim periods of 2019. The amounts were reflecting RMB2.9 million (including RMB 2.5 million out-of-period adjustment attributed to the year of 2018) and RMB0.8 million decreases to net revenues for the three months ended March 31, 2019 and June 30, 2019, respectively.  Based on our quantitative and qualitative analysis, we do not consider the out of period impact to be material to our financial position or results of operations for any prior periods or for the quarter or year ended December 31, 2019.

 

 

 

  CHINA ONLINE EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/ INCOME

(In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2019

2020

2020

2020

2019

2020

2020

RMB

RMB

RMB

US$

RMB

RMB

US$

Net  (loss)/earnings per share attributable to ordinary shareholders

     Basic

(0.11)

0.16

0.10

0.01

(0.32)

0.26

0.04

     diluted

(0.11)

0.15

0.10

0.01

(0.32)

0.25

0.03

Net (loss)/earnings per ADS attributable to ordinary shareholders

     basic

(1.62)

2.43

1.55

0.22

(4.86)

3.97

0.56

     diluted

(1.62)

2.26

1.44

0.20

(4.86)

3.70

0.52

Comprehensive (loss)/income:

Net (loss)/income

(33,205)

50,792

32,766

4,637

(99,441)

83,558

11,827

Other comprehensive
(loss)/income

     Foreign currency translation
     adjustments

6,681

4,544

917

130

965

5,461

773

Total comprehensive
(loss)/income

(26,524)

55,336

33,683

4,767

(98,476)

89,019

12,600

Share-based compensation expenses are included in the operating expenses as follows:

Sales and marketing expenses

(1,119)

(2,302)

(2,447)

(346)

(1,403)

(4,749)

(672)

Product development expenses

(1,617)

101

(1,637)

(232)

(2,191)

(1,536)

(217)

General and administrative
expenses

(2,915)

(4,000)

(2,785)

(394)

(5,927)

(6,785)

(960)

 

 

 

 CHINA ONLINE EDUCATION GROUP 

 Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures 

  (In thousands except for number of shares and per share data) 

For the three months ended

 For the six months ended 

 Jun 30, 

 Mar. 31, 

 Jun 30, 

 Jun 30, 

 Jun 30, 

 Jun 30, 

 Jun 30, 

2019

2020

2020

2020

2019

2020

2020

 RMB 

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

Sales and marketing expenses 

(188,369)

(228,387)

(239,894)

(33,955)

(374,656)

(468,281)

(66,281)

Less: Share-based compensation
expenses 

(1,119)

(2,302)

(2,447)

(346)

(1,403)

(4,749)

(672)

Non-GAAP sales and marketing
expenses 

(187,250)

(226,085)

(237,447)

(33,609)

(373,253)

(463,532)

(65,609)

Product development expenses 

(41,362)

(35,867)

(38,616)

(5,466)

(82,063)

(74,483)

(10,542)

Less: Share-based compensation
expenses 

(1,617)

101

(1,637)

(232)

(2,191)

(1,536)

(217)

Non-GAAP product development
expenses 

(39,745)

(35,968)

(36,979)

(5,234)

(79,872)

(72,947)

(10,325)

General and administrative expenses 

(50,389)

(50,689)

(53,902)

(7,629)

(101,548)

(104,591)

(14,804)

Less: Share-based compensation
expenses 

(2,915)

(4,000)

(2,785)

(394)

(5,927)

(6,785)

(960)

Non-GAAP general and administrative
expenses 

(47,474)

(46,689)

(51,117)

(7,235)

(95,621)

(97,806)

(13,844)

Operating expenses 

(280,120)

(314,943)

(332,412)

(47,050)

(558,267)

(647,355)

(91,627)

Less: Share-based compensation
expenses  

(5,651)

(6,201)

(6,869)

(972)

(9,521)

(13,070)

(1,849)

Non-GAAP operating expenses 

(274,469)

(308,742)

(325,543)

(46,078)

(548,746)

(634,285)

(89,778)

(Loss)/income from operations

(35,076)

44,871

27,127

3,839

(98,877)

71,998

10,191

Less: Share-based compensation
expenses 

(5,651)

(6,201)

(6,869)

(972)

(9,521)

(13,070)

(1,849)

Non-GAAP (loss)/income from
operations

(29,425)

51,072

33,996

4,811

(89,356)

85,068

12,040

–

Income tax expenses 

(1,182)

(1,447)

(1,759)

(249)

(2,330)

(3,206)

(454)

Less: Tax impact of Share-based
compensation expenses 

–

–

–

–

–

–

–

Non-GAAP income tax expenses 

(1,182)

(1,447)

(1,759)

(249)

(2,330)

(3,206)

(454)

–

Net (loss)/income, all attributable to the
Company’s ordinary shareholders

(33,205)

50,792

32,766

4,637

(99,441)

83,558

11,827

Less: Share-based compensation
expenses 

(5,651)

(6,201)

(6,869)

(972)

(9,521)

(13,070)

(1,849)

Non-GAAP net (loss)/income, all
attributable to the Company’s ordinary
shareholders

(27,554)

56,993

39,635

5,609

(89,920)

96,628

13,676

–

–

Weighted average number of ordinary
shares used in computing basic
(loss)/earnings per share

307,458,227

313,197,499

317,793,905

317,793,905

306,754,257

315,495,702

315,495,702

Weighted average number of ordinary
shares used in computing diluted
(loss)/earnings per share

307,458,227

336,903,081

340,457,526

340,457,526

306,754,257

338,680,304

338,680,304

Non-GAAP net (loss)/earnings per share attributable to
ordinary shareholders 

–

  basic 

(0.09)

0.18

0.12

0.02

(0.29)

0.31

0.04

  diluted 

(0.09)

0.17

0.12

0.02

(0.29)

0.29

0.04

Non-GAAP net (loss)/earnings per ADS attributable to
ordinary shareholders

  basic

(1.34)

2.73

1.87

0.26

(4.40)

4.59

0.65

  diluted 

(1.34)

2.54

1.75

0.25

(4.40)

4.28

0.61

 

 

 

  CHINA ONLINE EDUCATION GROUP

UNAUDITED ADDITIONAL INFORMATION

(In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2019

2020

2020

2020

2019

2020

2020

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

     One-on-one offerings

319,489

464,424

464,926

65,806

612,047

929,350

131,541

     Small class offerings

33,114

22,660

28,545

4,040

60,630

51,205

7,248

Total net revenues

352,603

487,084

493,471

69,846

672,677

980,555

138,789

Cost of revenues

     One-on-one offerings

(92,477)

(133,607)

(131,818)

(18,658)

(183,268)

(265,425)

(37,569)

     Small class offerings

(15,082)

(10,424)

(11,742)

(1,662)

(30,019)

(22,166)

(3,137)

Total cost of revenues

(107,559)

(144,031)

(143,560)

(20,320)

(213,287)

(287,591)

(40,706)

Gross profit

     One-on-one offerings

227,012

330,817

333,108

47,148

428,779

663,925

93,972

     Small class offerings

18,032

12,236

16,803

2,378

30,611

29,039

4,111

Total gross profit

245,044

343,053

349,911

49,526

459,390

692,964

98,083

Gross margin

     One-on-one offerings

71.1%

71.2%

71.6%

71.6%

70.1%

71.4%

71.4%

     Small class offerings

54.5%

54.0%

58.9%

58.9%

50.5%

56.7%

56.7%

Total gross margin

69.5%

70.4%

70.9%

70.9%

68.3%

70.7%

70.7%

 

 

 

CHINA ONLINE EDUCATION GROUP
UNAUDITED ADDITIONAL INFORMATION
(In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2019

2020

2020

2020

2019

2020

2020

RMB

RMB

RMB

US$

RMB

RMB

US$

Sales and marketing expenses

     One-on-one offerings

(173,811)

(215,510)

(225,226)

(31,879)

(344,660)

(440,736)

(62,382)

     Small class offerings

(14,558)

(12,877)

(14,668)

(2,076)

(29,996)

(27,545)

(3,899)

Total sales and marketing expenses[6]

(188,369)

(228,387)

(239,894)

(33,955)

(374,656)

(468,281)

(66,281)

Product development expenses

     One-on-one offerings

(36,234)

(31,982)

(35,102)

(4,969)

(71,403)

(67,084)

(9,495)

     Small class offerings

(5,128)

(3,885)

(3,514)

(497)

(10,660)

(7,399)

(1,047)

Total product development expenses[7]

(41,362)

(35,867)

(38,616)

(5,466)

(82,063)

(74,483)

(10,542)

General and administrative expenses

     One-on-one offerings

(45,845)

(47,297)

(50,509)

(7,149)

(90,779)

(97,806)

(13,844)

     Small class offerings

(4,544)

(3,392)

(3,393)

(480)

(10,769)

(6,785)

(960)

Total general and administrative expenses[8]

(50,389)

(50,689)

(53,902)

(7,629)

(101,548)

(104,591)

(14,804)

Operating expenses

     One-on-one offerings

(255,890)

(294,789)

(310,837)

(43,997)

(506,842)

(605,626)

(85,721)

     Small class offerings

(24,230)

(20,154)

(21,575)

(3,053)

(51,425)

(41,729)

(5,906)

Total operating expenses

(280,120)

(314,943)

(332,412)

(47,050)

(558,267)

(647,355)

(91,627)

Other income

     One-on-one offerings

–

15,536

7,884

1,116

–

23,420

3,315

     Small class offerings

–

1,225

1,744

247

–

2,969

420

Total other income

–

16,761

9,628

1,363

–

26,389

3,735

(Loss)/income from operations

     One-on-one offerings

(28,878)

51,564

30,155

4,267

(78,063)

81,719

11,566

     Small class offerings

(6,198)

(6,693)

(3,028)

(428)

(20,814)

(9,721)

(1,375)

Total (loss)/income from operations

(35,076)

44,871

27,127

3,839

(98,877)

71,998

10,191

 

[6]Share-based compensation expenses included in the sales and marketing expenses for one-on-one offerings and small class offerings were RMB2,308 and RMB139 respectively for the second quarter of 2020, and RMB1,075 and RMB44 respectively for the second quarter of 2019.

[7]Share-based compensation expenses, included in the product development expenses for one-on-one offerings and small class offerings were RMB1,056 and RMB581 respectively for the second quarter of 2020, and RMB1,223 and RMB394 respectively for the second quarter of 2019.

[8]Share-based compensation expenses, included in the general and administrative expenses for one-on-one offerings and small class offerings were RMB2,743 and RMB42 respectively for the second quarter of 2020, and RMB2,888 and RMB27 respectively for the second quarter of 2019.

 

 

Related Links :

http://ir.51talk.com

PR Newswire

OKEx Jumpstart to Support OKB Mining on Its Platform

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VALLETTA, Malta, Sept. 8, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced that its cryptocurrency project accelerator, OKEx Jumpstart, will now support mining on its platform. OKB holders can stake their OKB tokens 14 days before each new Jumpstart project is launched to earn high rewards and staking incentives while enjoying the secure and robust infrastructure that the OKEx exchange provides.

OKEx Jumpstart Mining will allow OKB holders to participate for high yields from OKB staking, with an individual limit of between 100 and 5,000 OKB and a total cap of 8 million OKB. Unlike other existing protocols, there is no lock-up period necessary, and users can decide to unstake at any time, as generous yields are calculated by the minute. 

Participation in Jumpstart Mining begins 14 days before the next new project is launched. 48 hours after their initial tokens are staked, trading can begin. Yield is calculated by minute dividing the total staked OKB amount by the individual’s staked total.

Through the Jumpstart Mining initiative, OKEx aims to create even wider interest for its Jumpstart projects as well as continue to drive value for its adopted utility token OKB by offering holders further incentives. OKB holders can also stake their tokens in a safe environment free from lock-up periods or some of the protocol vulnerabilities experienced in the DeFi space. 

OKEx CEO Jay Hao said:

"We are really excited by this latest initiative, as it deepens our commitment to OKB holders to continue to drive value and utility for the token. Now, they can stake their OKB and earn high rewards in a safe way that lets them unstake their tokens at any time, as the yield is calculated every minute. This gives them an alternative to practices like yield-farming in DeFi where they can earn rewards for locking up their tokens without exposure to some of the risks on current protocols."

According to the OKB Ecosystem Report for August, holders can now take advantage of as many as 76 partnerships outside of the OKEx exchange that allow them to use the OKB token for payment for a range of services including loans, mortgages, tourism and travel, entertainment, C2C services, trading services, and social networking.

OKB holders can also enjoy increased privileges on the OKEx exchange from discounted trading fees to early investment access in Jumpstart projects. Last month, OKB registered a record high burn volume of $21 million in its ninth round of Buy-Back & Burn, further restricting supply and proving more value to its users. 

For further details, please stay tuned to OKEx’s Twitter.

About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Logo – https://photos.prnasia.com/prnh/20200526/2813046-1-LOGO?lang=0

Related Links :

http://www.okex.com/

PR Newswire

58.com Announces Shareholders’ Approval of Merger Agreement

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BEIJING, Sept. 7, 2020 — 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China’s largest online market place for classifieds, today announced that at an extraordinary general meeting of shareholders held today, the Company’s shareholders voted in favor of, among other things, the proposal to authorize and approve the execution, delivery and performance of the previously announced agreement and plan of merger, dated as of June 15, 2020 (the "Merger Agreement"), among the Company, Quantum Bloom Group Ltd, an exempted company with limited liability incorporated under the laws of the Cayman Islands ("Parent"), and Quantum Bloom Company Ltd, an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary of Parent ("Merger Sub"), and the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger"), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of the Parent (the "Merger"), and to authorize and approve the consummation of any and all transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger.

Approximately 61% of the Company’s total outstanding Class A ordinary shares and Class B ordinary shares, par value US$0.00001 per share (each, a "Class A Share" and "Class B Share," respectively), including Class A Shares represented by the Company’s American depositary shares (the "ADSs"), attended the extraordinary general meeting by proxy. Each shareholder has one vote for each Class A Share or 10 votes for each Class B Share. These shares represented approximately 65% of the total outstanding votes represented by the Company’s total ordinary shares outstanding at the close of business in the Cayman Islands on the record date of August 14, 2020. The Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the Merger, were approved by over 75% of the total votes cast at the extraordinary general meeting.

Completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. The Company will work with the other parties to the Merger Agreement towards satisfying all other conditions precedent to the Merger set forth in the Merger Agreement and complete the Merger as quickly as possible. If and when completed, the Merger would result in the Company becoming a private company and its ADS would no longer be listed or traded on any stock exchange, including the New York Stock Exchange, and the Company’s ADS program would be terminated.

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China’s largest online market place for classifieds, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local business users and consumer users to connect, share information and conduct business. 58.com’s broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.

Safe Harbor Statement

This press release contains forward-looking statements 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," "confident" and similar statements. Any statements that are not historical facts, including statements about 58.com’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company, as well as the Schedule 13E-3 transaction statement and the proxy statement filed by the Company. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

58.com Inc.
ir@58.com

Christensen

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

In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.58.com

PR Newswire

Daya Dimensi Global (DDG) officially rebrands to HR Path

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JAKARTA, Indonesia, SINGAPORE and HO CHI MINH CITY, Vietnam, Sept. 7, 2020 — Daya Dimensi Global (DDG) is excited to officially announce their rebranding to HR Path, which will encompass the entire Asia Pacific region that includes HR Path offices in Indonesia, Singapore, Vietnam, Philippines, India and New Caledonia.

"The launching of HR Path rebranding is a great achievement for our business. Our three business lines are to advise, implement, and run – combined to create and support the best end-to-end HR performance solutions for our clients. Expanding through Asia Pacific, with more professional expertise and transferring worldwide knowledge, HR Path joins forces in fulfilling what customers need." said Francois Boulet, Co-Chief Executive Officer of HR Path.

 "We are excited to be officially branded as HR Path and will continue to deliver world class Human Resource transformation projects, staying true to our core values of customer first, quality solutions and end user adoption. We are looking forward to the new chapter in HR Path and further expansion in the region. We’re only just getting started."  said Casper Nel, Managing Director South East Asia, DDG

Indonesia’s Managing Director, Andi Wibisono also said, "We have acknowledged that the launching of HR Path brand is an evolution in our business and have established a stronger team, wider connections to opportunities. We have earned trust from customers around Asia Pacific as an SAP SuccessFactors partner and will continue to grow this trust now as a global leader in Human Resources and we are here to face the transformation challenge.

With the HR Path Asia Pacific rebranding, we gain more leadership, wider development, and deeper experiences that meet the best expectation and better solutions for both the HR Path team and clients.

About HR Path

HR Path, an expert and a major player in Human Resources, helps companies for whom human capital is essential in their digital transformation. Advise, Implement & Run are the 3 business lines of HR Path which contribute to the corporate HR performance. Founded in Paris (France) in 2001, its 1000 talents support more than 1,300 clients in 18 countries. To this date, its turnover is of $125 million.

More information: www.hr-path.com

Follow HR Path on LinkedIn: https://www.linkedin.com/company/hr-path

Press contact:
Fabienne Latour
Vice President, Marketing and Communication
HR Path 
Fabienne.LATOUR@hr-path.com

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PR Newswire

ESCP study reveals: New Digital Risers challenge incumbents

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France top Digital Riser, China gains significantly, USA loses

BERLIN, Sept. 7, 2020 — Digital incumbents increasingly face new and dynamic competitors from around the world. While countries such as USA, Sweden and Singapore are often perceived as digital champions, a new study indicates that they are not necessarily dynamic Digital Risers. Only Singapore has managed to improve its relative position slightly over the last three years. In contrast, the USA and Sweden have actually lost ground over the same period. "We are in the middle of a digital revolution that is very likely being accelerated by the Covid-19 pandemic," says Professor Philip Meissner of the European Center for Digital Competitiveness by ESCP Business School Berlin campus.

ESCP Graph 1: Digital Riser Ranking: Group of 7 (G7)
ESCP Graph 1: Digital Riser Ranking: Group of 7 (G7)

Within the G7, France was able to advance most in its relative digital competitiveness between 2017 and 2019, which makes the country the top "Digital Riser" in this group; conversely, Italy and Germany decreased most within the G7. This is the result of the Digital Riser Report 2020, devised by the European Center for Digital Competitiveness by ESCP Business School in Berlin. The report analyses and ranks the changes that countries around the globe have seen in their digital competitiveness over the last three years based on data from the Global Competitiveness Report issued by the World Economic Forum (WEF).

The ranking also reveals clear dynamics regarding the two global digital superpowers. It shows that China has gained significantly in digital competitiveness, while the USA has lost out over the same time period.  

The top Digital Risers all had one thing in common: they have followed comprehensive, swiftly implemented plans along a long-term vision around digitisation and entrepreneurship. France’s example shows that governments that invest heavily in start-ups and employ lighthouse projects such as La French Tech can greatly increase their country’s digital competitiveness in a short timeframe.

More information: www.digital-competitiveness.eu/digitalriser

ESCP Business School

ESCP Business School was founded in 1819. The School has chosen to teach responsible leadership, open to the world and based on European multiculturalism. The School has campuses in Berlin, London, Madrid, Paris, Turin and Warsaw. 

Photo – https://techent.tv/wp-content/uploads/2020/09/escp-study-reveals-new-digital-risers-challenge-incumbents-2.jpg  
Photo – https://techent.tv/wp-content/uploads/2020/09/escp-study-reveals-new-digital-risers-challenge-incumbents.jpg

Press Contact
Markus Foederl 
Markus.Foederl@glh-online.com 
+49 (0)172 9051869

(c) ESCP. Graph 2: Digital Riser Ranking: Group of 20 (G20). 1) Turkey is not included due to a lack of data in three out of the five mindset dimensions. 2) EU is not included since it is a collection of countries.
(c) ESCP. Graph 2: Digital Riser Ranking: Group of 20 (G20). 1) Turkey is not included due to a lack of data in three out of the five mindset dimensions. 2) EU is not included since it is a collection of countries.

 

PR Newswire

Hexindai Regains Compliance with Nasdaq Minimum Bid Price Requirement

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BEIJING, Sept. 5, 2020 — Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company"), a mobile e-commerce and consumer lending platform in China, today announced that it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq"), informing the Company that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).

As previously announced, the Company was notified by Nasdaq on December 16, 2019 that it was not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the Company’s American Depositary Shares (the "ADSs") had been below US$1.00 for more than 30 consecutive business days.  In order to regain compliance with the minimum bid price requirement, the Company changed the ratio of the ADSs representing its ordinary shares from one (1) ADS representing one (1) ordinary share to one (1) ADS representing three (3) ordinary shares. The change of the ADS ratio became effective on August 24, 2020.

On August 31, 2020, the Company received a staff determination letter, which notified the Company that it had not regained compliance with Rule 5550(a)(2) by August 27, 2020, the end of the compliance period provided by Nasdaq. However, the closing bid price of the Company’s ADSs has been above US$1.00 since August 24, 2020.

On September 4, 2020, Nasdaq provided confirmation to the Company that for the last 10 consecutive business days from August 24, 2020 to September 4, 2020, the closing bid price of the Company’s ADSs has been at or above US$1.00. Accordingly, the Company has regained compliance with the minimum bid price requirement and this matter is now closed.

About Hexindai Inc.

Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company") is a mobile e-commerce and consumer lending platform based in Beijing, China. The Company collaborates with brands both online and offline to offer high-quality and affordable branded products through its new form of social e-commerce mobile platform and facilitates loans to meet the increasing consumption needs of underserved prime borrowers through its online consumer lending marketplace. Hexindai’s strong user acquisition capabilities, cutting-edge risk management system, and strategic relationships with respected financial institutions allow the Company to generate higher customer satisfaction, reliance, and realize fast growth.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the social e-commerce industry, the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace’s products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please visit ir.hexindai.com.

For investor inquiries, please contact:

Hexindai

Investor Relations
Ms. Zenabo Ma
Email: ir@hexindai.com

Christensen

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

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com

 

Related Links :

http://www.hexindai.com

PR Newswire

Hebron Announces Results of Annual General Meeting

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SHANGHAI and WENZHOU, China, September 5, 2020 — Hebron Technology Co., Ltd. ("Hebron" or the "Company") (Nasdaq: HEBT), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced the results of its 2020 Annual General Meeting of Shareholders ("AGM" or the "Meeting") held on September 4, 2020. All of the proposals brought forward to shareholders for consideration and approval at the 2020 AGM were approved.

Shareholders representing 44.48% of the outstanding shares voted in favor of all the proposals submitted before the AGM, including:

(i) 

to elect six members of the Board of Directors, each to serve a term expiring at the Annual  Meeting of Shareholders for their respective terms or until their successors are duly elected and qualified;

(ii)  

to ratify the appointment of Wei, Wei & Co., LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2020;

(iii)   

to approve and adopt an amendment to the Company’s Memorandum of Association, as amended to change the Company’s corporate name to "Nisun International Enterprise Development Group Co. Ltd."; and

(iv)    

to transact any other business properly coming before the meeting.

The Company mailed a proxy statement that describes the proposals to be considered at the Meeting and a proxy card on or about August 14, 2020. For more information, please see the Company’s Proxy Statement relating to the Meeting, which was filed to the Securities and Exchange Commission (the "SEC") on Form 6-K on August 14, 2020. A detailed notice of the AGM is available on Hebron’s website at http://www.fintaike.com.

About Hebron Technology Co., Ltd.

Hebron Technology Co., Ltd. (NASDAQ: HEBT) provides innovative comprehensive solutions for governments, financial institutions, small and micro businesses, and individuals in China by integrating technology, industry, and finance. Through its subsidiaries, the Company provides fintech services, consulting services, business services, and intermediary services to clients in a variety of industries. Its innovations include an open fintech ecosystem for financial institutions, a government credit system, an efficient capital liquidity system for the agriculture sector, and financial advisory intermediary services. Hebron’s technology-driven model deepens the link between industry and finance, serving the real economy and capturing opportunities in the new technology era. For more information, please visit http://www.fintaike.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains information about Hebron’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business both in legacy and new segments, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Hebron encourages you to review other factors that may affect its future results in Hebron’s registration statement and in its other filings with the Securities and Exchange Commission. Hebron assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise.

Contacts:

Hebron Technology Co., Ltd.
Investor Relations
Shaokang (Ken) Lu
Tel: +86 (21) 2357-0055
Email: lushaokang@cnisun.com

ICR, LLC
Tel: +1 203 682 8233
Email: hebron@icrinc.com 

 

PR Newswire

Hebron Announces Appointment of Chief Executive Officer

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SHANGHAI and WENZHOU, China, Sept. 4, 2020 — Hebron Technology Co., Ltd. ("Hebron" or the "Company") (Nasdaq: HEBT), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced the appointment of Mr. Xiaoyun Huang as Chairman and Chief Executive Officer ("CEO"), effective immediately.

Mr. Huang has over 10 years of experience in the fintech industry. Prior to joining Hebron, Mr. Huang served as President and CEO of Huizhong Business Consulting, where he played an instrumental role in the formation of development plans and as a major driver of growth for the overall business. Previously, he served as Chairman and General Manager of Beijing Hengtai Puhui Information Services and as President and CEO of Hangzhou Rongdu Technology. He has participated many high-profiled projects including CSRC, NEEQ, E-Capital Transfer, Shanghai Clearing House, Beijing Financial Assets Exchange, Hundsun Technologies, etc. Mr. Huang holds a B.S. degree in Computer Science and Technology from Shanghai University of Electric Power.

"I am honored to lead the company as Hebron’s Chairman and Chief Executive Officer," Mr. Huang said. "I look forward to working closely with our exceptional senior leadership team and our entire board of directors. Together, we plan to take Hebron to the next phase of growth by remaining focused on serving our clients and creating value for our stakeholders."

About Hebron Technology Co., Ltd.

Hebron Technology Co., Ltd. (NASDAQ: HEBT) provides innovative comprehensive solutions for financial institutions, small and micro businesses, and individuals in China by integrating technology, industry, and finance. Through its subsidiaries, the Company provides fintech services, consulting services, business services, and intermediary services to clients in a variety of industries. Its innovations include an open fintech ecosystem for financial institutions, a credit system, an efficient liquidity system for the agriculture sector, and financial advisory intermediary services. Hebron’s technology-driven model deepens the link between industry and finance, serving and enabling the real economy and capturing opportunities in the new technology era. For more information, please visit http://www.fintaike.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains information about Hebron’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business both in legacy and new segments, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Hebron encourages you to review other factors that may affect its future results in Hebron’s registration statement and in its other filings with the Securities and Exchange Commission. Hebron assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise.

Contacts:
Hebron Technology Co., Ltd.
Investor Relations
Shaokang (Ken) Lu
Tel: +86 (21) 2357-0055
Email: lushaokang@cnisun.com

ICR, LLC
Tel: +1 203 682 8233
Email: hebron@icrinc.com

  

Related Links :

http://www.fintaike.com

PR Newswire

Coca-Cola Amatil Invests in Centrapay

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Investment vehicle, Amatil X takes a stake in Centrapay.

AUCKLAND, New Zealand, Sept. 3, 2020 — Coca-Cola Amatil’s corporate venturing platform, Amatil X, has completed a minority investment in Centrapay, as part of the payment platform’s seed funding round.

Centrapay specialises in the adoption of digital assets and merchant payments. Its platform is designed to help brands connect directly with consumers and increase revenue and operational efficiency for merchants.

In addition to digital assets, Centrapay is expanding its focus to provide merchants with the ability to accept contactless fiat, Epay giftcards and vouchers without being charged a ‘per transaction fee’ using their existing EFTPOS terminal. 

Consumers will also be able to send fiat or other supported payments as easily as sending a text message, using the Centrapay Wallet.

The investment will accelerate integration with point of sale and payment terminals, enable brands to connect more directly with their consumers and drive more innovation in payments and value exchange.

Centrapay CEO, Jerome Faury, says the two companies have a strong strategic alignment.

"Both Centrapay and Coca-Cola Amatil are committed to preserving consumers’ privacy and data ownership rights, whilst increasing business value.

"The fact that Coca-Cola Amatil has invested in Centrapay through Amatil X, shows that there is a real appetite to provide customers with new ways to engage or to exchange value," he says.

"The global money supply is evolving rapidly with new economic models and the advent of smart, programmable money. The way we exchange value is set to change dramatically. There’s more change likely in the next 10 years than we’ve seen in the past 100 years.

"Centrapay is in an ideal position to play a pioneering role in driving acceptance of digital assets with merchants," adds Jerome.

Coca-Cola Amatil’s Head of Amatil X, Alix Rimington, says Coca-Cola Amatil was working with Centrapay to give consumers the option to use their Sylo Smart Wallet to pay for items across Amatil’s vending network using cryptocurrency.

"We already have a commercial relationship with Centrapay and our investment further supports our partnership with the team.

"Amatil’s customers can use their Sylo Smart Wallet at any one of our 2000+ vending machines with a QR code payment sticker. These are located across New Zealand and Australia and will accept payments in cryptocurrency or other digital assets with a scan of your phone’s camera when Sylo Smart Wallet is installed," she says.

Media contact:
Rachael Joel at Botica Butler Raudon for Centrapay, +64 21 403 504 or rachaelj@botica.co.nz.  

About Centrapay

Centrapay is a digital asset payment platform. It is changing the way consumers engage with brands and exchange value with merchants. Centrapay is a leader in leveraging blockchain for digital product creation, distribution and alternative payments. It provides the technology to integrate with both consumer and merchant systems to enable everyday usage of digital assets.

About Amatil X

Amatil X is Coca-Cola Amatil’s corporate venturing platform. Established in 2018, Amatil X helps us identify, work with, and invest in start-ups and build entrepreneurial capability across Coca-Cola Amatil.

Our multimillion-dollar corporate venturing fund sits at the heart of Amatil X. As a strategic investor, Amatil X seeks to identify new technology solutions and business models that create synergies with our business and present future growth opportunities.

About Coca-Cola Amatil

Coca-Cola Amatil is one of Asia-Pacific’s largest bottlers and distributors of alcoholic and non-alcoholic ready-to-drink beverages, and one of the world’s largest bottlers of The Coca-Cola Company range. With around 12,000 employees working in Australia, Indonesia, New Zealand, Fiji, Papua New Guinea, and Samoa, the company delights millions of consumers everywhere and every day with their leading range of ready-to-drink non-alcoholic and alcoholic beverages and coffee.

Related Links :

https://centrapay.com/