Tag Archives: FIN

PR Newswire

Sogou Ranks Top in DNS Challenge at Interspeech 2020

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BEIJING, Aug. 14, 2020 — Sogou Inc. (NYSE:SOGO) ("Sogou" or "the Company"), an innovator in search and a leader in China’s internet industry, recently scores big wins partnering with Norhtwestern Polytechnical University, China in the Deep Noise Suppression (DNS) Challenge at Interspeech 2020.

As the world’s largest technical conference focused on speech processing and application, Interspeech 2020 enjoys extensive attention from industry authorities. The DNS Challenge hosted by Microsoft aims to maximize the perceptual quality and intelligibility of the enhanced speech, which has attracted both industry giants such as Amazon, Facebook, Sony as well as top research institutions including Carnegie Mellon University, John Hopkins University, Seoul National University and University of Science and Technology of China.

Sogou’s AI Interaction Division cooperates with Audio, Speech and Language Processing Group at Northwestern Polytechnical University (ASLP@NPU), China in this year’s DNS Challenge and beats Amazon by 0.03 MOS, winning first in Real-time track. The joint research paper DCCRN: Deep Complex Convolution Recurrent Network for Phase-Aware Speech Enhancement has also been accepted by Interspeech 2020 and will be shared at the conference.

Sogou Ranks First in DNS Challenge at Interspeech 2020
Sogou Ranks First in DNS Challenge at Interspeech 2020

The secret behind the winning is the leverage of Deep Complex Convolution Recurrent Network (DCCRN) in speech enhancement process, which performs better than traditional real-valued convolution in noise suppression. Compared to a traditional real-valued neural network, complex convolution network uses complex multiplication which effectively improves the modeling of real and imaginary parts. The recent research on DCCRN network structure will be further adopted in Sogou’s product roadmap.

Speech enhancement technology aims at reducing environmental noise and improving speech quality thus has a wide range of applications. Sogou S1, a premium AI-powered smart recorder features its proprietary PureVoice noise-canceling technology that can eliminate up to 40,000 types of unwanted noises to ensure recording quality. S1 can also convert audio to text at high speed with an accuracy rate of 98%, making it the top-notch AI products on the market. As the COVID-19 pandemic is impacting the globe and more people are working remotely, conference calls with better noise reduction and voice enhancement will also be in high demand.

Sogou has always attached great importance on the development of spoken language processing, with continuous effort on strengthening our investment and exploration in cutting-edge AI technologies. In the future, Sogou will expand its effort in speech recognition frontiers and offer the benefits to its industry partners and users.

Safe Harbor Statement

This announcement may contain forward-looking statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. The Company cautions you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. There can be no assurance that Tencent will make any definitive offer to the Company, that any definitive agreement relating to the Proposal will be entered into between the Company and Tencent, or that the Proposed Transaction or any other similar transaction will be approved or consummated.

About Sogou

Sogou Inc. (NYSE: SOGO) is an innovator in search and a leader in China’s internet industry. With a mission to make it easy to communicate and get information, Sogou has grown to become the second-largest search engine by mobile queries and the fourth largest internet company by MAU in China. Sogou has a wide range of innovative products and services, including the Sogou Input Method, which is the largest Chinese language input software for both mobile and PC. Sogou is also at the forefront of AI development and has made significant breakthroughs in voice and image technologies, machine translation, and Q&A, which have been successfully integrated into our products and services.

For media enquiries, please contact:

Serena Liu
Sogou Public Relations
Tel: +86 10 5689 9999 (61958)
Email: press@sogou-inc.com 

Related Links :

http://www.sogou.com

PR Newswire

AGC Networks completes the Acquisition of Pyrios

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DALLAS, PITTSBURGH, MUMBAI, India and AUCKLAND, New Zealand, Aug. 14, 2020 — AGC Networks Limited, (BSE: 500463) (NSE: AGCNET), a Global Solutions Integrator and an Essar enterprise, today announced that it has completed the acquisition of Pyrios Pty Limited (Australia) and Pyrios Limited (New Zealand) through its indirect subsidiary – Black Box Networks Services Australia Pty Ltd and Black Box Networks Services New Zealand Ltd respectively. Pyrios is an expert in communication technology delivering customer engagement and workplace collaboration solutions.

The acquisition of Pyrios will substantially increase and strengthen AGC | Black Box presence and offerings in the Australia and New Zealand market. This will also enhance the current solution portfolio of AGC and Black Box in the UC and Contact center space and Cloud services. 

"We are excited to welcome Pyrios to the AGC family," said Sanjeev Verma, Executive Director and CEO of AGC Networks and President and CEO of Black Box Corporation. "This acquisition is a logical extension to AGC’s leadership in the Unified Communication & Enterprise Communication space.  Our pursuit is to remain the customer’s trusted partner in providing technology solutions and services and this combination of Pyrios and AGC | Black Box will strengthen our relationship and relevance with our combined customers in the region", Verma continued.

Mark Charlesworth, Managing Director Pyrios, said "This acquisition will see the bringing together of two complementary businesses that will provide a broader range of solutions and expertise to the Australian and New Zealand markets, and grow a rapidly expanding Customer Experience Cloud services business with the backing of a global organization."

Speaking on the occasion, Robyn O’Reilly, CEO – Pyrios said "We – the team and I are excited and look forward to integrating with AGC | Black Box and being a part of a Global leading organization offering an enhanced portfolio of solutions to our customers in the region". 

Rohit Himatsingka, Senior Vice President & Head Corporate Development & Strategy, AGC Networks said "AGC’s two-pronged approach of focusing on bringing the best-of-breed technology solutions to the customers and augmenting the Glocal organization through local expertise continues to be at the center of our strategic initiatives to deliver value to all stakeholders." 

The current employees of Pyrios will continue to diligently serve the customers with business as usual approach and this acquisition will add additional international expertize and offering portfolio with the parentage of AGC | Black Box within the fold. 

About AGC Networks:

AGC Networks (AGC) is a Global Solution Integrator representing the world’s best brands in Unified Communications, Data Center & Edge IT, Cyber Security (CYBER-i), Digital Transformation & Applications including SimpleEdge and Technology Product Solutions (TPS). 

AGC Networks is an Essar Enterprise. www.agcnetworks.com 

About Black Box:

Black Box is a leading digital solutions provider dedicated to helping customers design, build, manage and secure their IT infrastructure.

http://www.blackbox.com 

About Pyrios:

Pyrios is an expert in communications technology for contact centre and unified communications. We work with customer-driven organisations that want to delight and retain customers, and improve service, productivity and ROI. Built on 20-years of customer success, the Pyrios team stand behind some of Australasia’s smartest communications technology deployments.

www.pyrios.com 

Forward-Looking Statement 

 

Media Contacts: Neelam Kapoor, E-mail: neelam.kapoor@agcnetworks.com, Tel: +91 98197 30611. Mike Carney, Email: legal.us@agcnetworks.com, Tel: +1 214 258 1612    

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PR Newswire

iClick Announces Upgrade of Advertising Campaign Management Tool – iActivate

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HONG KONG, Aug. 13, 2020 — iClick Interactive Asia Group Limited ("iClick" or the "Company") (NASDAQ: ICLK), an independent online marketing and enterprise data solutions provider in China launched an upgrade of its ultimate advertising campaign management tool, iActivate.

iActivate is a SEM campaign management platform that consolidates a number of ad platforms into one single platform for efficient campaign monitoring and management. iActivate is a strong addition to iClick’s iSuite products including iAudience, iAccess, iAX and Tracking Solution. iActivate integrates and analyzes the often scattered ad campaign information with insufficient intelligence provided by different ad platforms across various geographic regions. Working in tandem with iClick’s Tracking Solution, iActivate provides marketers with customized comprehensive reports and actionable insights into the effectiveness of their advertising spend thereby enabling them to optimize future ad campaign performance.

"iActivate provides straightforward and intelligent market insights that address the pain points faced by marketers of receiving insufficient and overly-general campaign data from existing ad platforms," said Frankie Ho, President of International Business at iClick. "iActivate helps brands analyze and understand campaign performance in order to target audiences more accurately, empowering them to respond promptly to market changes. Following the upgrade of iAudience and iActivate, we will continue to leverage iClick’s over 930 million consumer profiles and advanced technology in machine learning and artificial intelligence to enhance and improve our product offerings to provide better solution to our clients."

About iClick Interactive Asia Group Limited

iClick Interactive Asia Group Limited (NASDAQ: ICLK) is an independent online marketing and enterprise data solutions provider that connects worldwide marketers with audiences in China. Built on cutting-edge technologies, iClick’s proprietary platform possesses omni-channel marketing capabilities and fulfils various marketing objectives in a data-driven and automated manner, helping both international and domestic marketers to reach their target audiences in China. Headquartered in Hong Kong, iClick was established in 2009 and is currently operating in ten locations worldwide including Asia and Europe.

For more information, please visit ir.i-click.com.

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company’s business strategies, operations and financial performance. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s fluctuations in growth; its success in implementing its mobile and new retail strategies, including extending its solutions beyond its core online marketing business; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favorable contractual terms; market competition, including from independent online marketing technology platforms as well as large and well-established internet companies; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; fluctuations in foreign exchange rates; and general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other 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 the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

In the United States:

iClick Interactive Asia Group Limited

Core IR

Lisa Li

John Marco

Phone: +86-21-3230-3931 #892

Tel: +1-516-222-2560

E-mail: ir@i-click.com

E-mail: johnm@coreir.com

 

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PR Newswire

AirNet Announces Adoption of a Shareholder Rights Plan

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BEIJING, Aug. 13, 2020 — AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that its board of directors (the "Board") has adopted a shareholder rights plan. Pursuant to the plan, the Company will issue one right (a "Right") with respect to each outstanding ordinary share of the Company of a par value of US$0.001 each (the "Ordinary Shares"), held of record at the close of business on August 24, 2020.

The shareholder rights plan, which has a term of one year, is designed to guard against coercive or otherwise unfair takeover tactics to gain control or undue influence of the Company without offering a fair and adequate price and terms to shareholders of the Company. The plan does not prevent the Board from considering or accepting an offer to acquire the Company if the board believes that such action is fair, advisable and in the best interest of shareholders of the Company as a whole.

Each Right will initially entitle the registered holder to purchase one Ordinary Share at an exercise price of US$0.9 per Right, subject to adjustment. However, the Rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events. More specifically, if a person or group acquires 15% or more of the outstanding Ordinary Shares while the shareholder rights plan remains in place, then the Rights will become exercisable by all Rights holders (except the acquiring person or group) for that number of Ordinary Shares having a then-current market value of twice the exercise price of a Right. However, by way of illustration, if a shareholder’s beneficial ownership of Ordinary Shares as of the time of this announcement of the shareholder rights plan is at or above the 15% threshold, that shareholder’s existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after this announcement the shareholder increases its ownership percentage by 1% or more without the prior approval of the Board. In addition, if after a person or group acquires 15% or more of the outstanding Ordinary Shares, the Company consolidates or merges or participates in a scheme of arrangement or statutory share exchange with any other entity or the Company sells or transfers more than 50% of its assets, operating income or cash flow, then each Right will entitle its holder to purchase, for the exercise price, that number of shares of the person engaging in the transaction having a then-current market value of twice the exercise price of a Right. The acquiring person will not be entitled to exercise these rights. The Board may redeem the Rights for US$0.001 per Right at any time before an event that causes the Rights to become exercisable.

Additional details about the shareholder rights plan will be contained in a Form 6-K to be filed by the Company with the U.S. Securities and Exchange Commission.

About AirNet

Incorporated in 2007 and headquartered in Beijing, China, AirNet provides in-flight solutions to connectivity, entertainment and digital multimedia in China. Collaborating with its partners, AirNet empowers Chinese airlines with seamlessly immersive Internet connections through a network of satellites and land-based beacons, provides airline travelers with interactive entertainment and a coverage of breaking news, and furnishes corporate clients with advertisements tailored to the perceptions of the travelers. For more information, please visit http://ir.ihangmei.com.  

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of 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," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, statements regarding the development of the COVID-19 pandemic and its impact on the Company’s business operations. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements are based upon management’s current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but not limited to the following: its ability to achieve and maintain profitability; its ability to continuously improve its solutions and services enabling inflight connectivity; its ability to compete effectively against its competitors; the expected growth in consumer spending, average income levels and advertising spending levels; the growth of the inflight connectivity industry in China; and government policies affecting the inflight connectivity industry in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Related Links :

http://ir.ihangmei.com

PR Newswire

Spotware Celebrates 10 Years of Fintech Innovation

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LIMASSOL, Cyprus, Aug. 13, 2020 — It has now been 10 years since Spotware, and soon after its flagship product – cTrader, have entered the market and became the epitome of Fintech innovation. 10 years of continuous growth, development and updates, a journey that began from a new-born trading platform with its Traders First™ idea at the core, and that has led to one of the most sought-after, trader-chosen products, boasting with features and integrations, appreciated by some of the largest and most well-known brokers worldwide.

How it all began

Andrey Pavlov and Ilya Holeu founded Spotware in 2010, and launched the cTrader platform less than a year later. Fintech experts with years of technology and FX industry experience, they have given their all to create a product free from all the downfalls they have seen first-hand throughout their careers. Transparency, fairness, impeccable execution and a trader-centric approach have become the key to the product and the market loved it.

Where cTrader stands today

With 60+ world-renowned brokers, millions of traders and over 40 integrations with leading liquidity providers, CRMs and data-vendors, cTrader Suite is no doubt the product of choice. cTrader’s STP/ECN customer-centric platform works both ways: granting traders the ultimately transparent all-in-one experience, and benefiting all types of brokers by growing their customer base, and hence increasing their market share.

Believing in innovation to succeed, the Spotware team is working hard on a daily basis to not only accommodate, but to surpass the standards of the competitive FX industry and become the best trading platform provider out there.

"We are already far beyond industry standards in terms of the feature-set, usability and philosophical appeal of our product. And we intend to strengthen that further." Andrey Pavlov – the CEO and Founder of Spotware comments on his company’s 10th birthday.

If you wish to start your own brokerage, or are interested in finding out more about Spotware’s cTrader, please visit: https://startup.spotware.com/

About Spotware

Spotware is an award-winning financial technology provider specializing in complete business solutions and custom development projects. It is best known for its flagship product, cTrader, a premium FX and CFDs trading platform offered by leading brokers and trusted by millions of traders worldwide. Founded on the values of transparency and Traders First™ approach, the company develops products that are responsive to the changing demands of the business and regulatory landscape, and serve the interests of all market participants.

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PR Newswire

HotForex Launches CFDs on ETFs and DMA Stocks on its MT5 Platform

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Traders with the award-winning broker HotForex can now diversify their portfolio by trading Contracts for Differences ("CFDs") on hundreds of DMA Stocks & ETFs on the company’s powerful multi-asset platform MT5

PORT LOUIS, Mauritius, Aug. 13, 2020 — HotForex, the internationally acclaimed multi-asset broker on CFDs, has expanded its product range offering with the launching of exchange-traded funds (ETFs) and direct market access (DMA) stocks. The new asset classes come with excellent trading conditions and are exclusive to the company’s MT5 platform.  

HotForex CEO George Koumantaris said: "Every new product we offer is driven by our constant efforts to secure a better trading experience for our clients. With this addition to our list of 1000+ instruments we provide our clients with the opportunity to expand their trading activities and ensure they can access innovative and low cost investment products at all times."

With CFDs on DMA Stocks traders can benefit from direct market live pricing. Unlike CFDs on Stocks, which are not directly hedged in the underlying physical market, a CFD on DMA Stocks means that HotForex will allow you to view and trade with the live order books of global stocks regulated exchanges.

An ETF is a basket of related assets that can be traded on a stock market exchange, just like stocks. A key benefit of an ETF is that allows for portfolio diversification. ETFs are an ideal way of investing in market sectors as a whole rather than in individual stocks. With CFDs on ETFs, HotForex’s investors gain enhanced exposure to a diverse variety of markets with a single trade!

Notes to Media:

About HotForex 

With its origins dating back to 2010, HotForex is the brand name of HF Markets Group which encompasses global and regulated entities which are operating as multi-asset brokers offering both retail and institutional trading services to clients from around the world. HotForex is continuously establishing its position as a market leader, a fact affirmed by:

  • Over 2,000,000 Live Accounts Opened
  • More than 35 International Awards
  • Client Support in 27+ Languages
  • Top Fund Security Measures

To learn more about HotForex, please visit our website here.

Risk warnings:

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital.

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Media Contact:
HF Markets Ltd
marketing@hotforex.com
+44-2033185978

 

 

PR Newswire

Scienjoy Holding Corporation Signs Agreement to Acquire BeeLive and Expand Its Global Footprint

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BEIJING, Aug. 13, 2020 — Scienjoy Holding Corporation ("Scienjoy", the "Company", or "We") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China today announced that it has entered into an Equity Acquisition Framework Agreement (the "Agreement") on August 10, 2020, to acquire 100% of the equity interest in Beelive from its two controlling companies at a total consideration of RMB300 million, including a cash consideration of RMB50 million and share consideration of RMB250 million in ordinary shares to be issued by Scienjoy. The share consideration payments are subject to certain performance conditions and requirements over the following three years.  

BeeLive is a global live streaming platform that initially launched in China in November 2016. After establishing a strong foothold in China’s live streaming industry, BeeLive began expanding into international markets during the second half of 2019. To date, BeeLive has launched its Arabic language live streaming product in the Middle East and its Thai language live streaming product in Southeast Asia.

Although BeeLive’s global expansion is still at an early stage, the platform’s activity in overseas markets has demonstrated potential for future growth. As of June 2020, the number of total registered users on BeeLive exceeded 20 million and the number of active live streaming hosts on BeeLive reached 62 thousand. Additionally, during the first half of 2020, BeeLive’s ARPU reached RMB2,200, which was higher than the industry average.

"We are pleased to announce our acquisition of BeeLive and remain confident that this arrangement will serve to provide increasing shareholder value over the long term," commented Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy. "As BeeLive has come to establish itself as a leader in the provision of engaging talent show live streaming content and continued to make exceptional progress in its overseas expansion initiatives, we have gained a tremendous amount of respect for both the business and its platform capabilities. Based on the similarities between our business models, we believe that this deal has the potential to generate powerful synergies and thus significantly bolster our competitive advantages in the industry going forward. After thorough analysis, we maintain our belief that this acquisition is a true win-win arrangement for both parties and will help to provide our users with an increasingly vibrant and interactive social environment going forward."

About Scienjoy Holding Corporation

Founded in 2011, Scienjoy is a leading show live streaming video entertainment social platform in China. With more than 200 million registered users, Scienjoy currently operates three primary online live streaming brands with their respective websites and mobile apps: Showself, Lehai, and Haixiu, each using Scienjoy’s own mobile applications. Through this collection of online live streaming brands, Scienjoy has created a vibrant, interactive, and close community. Scienjoy operates a mobile live streaming business through which it provides live streaming entertainment from professional "broadcasters" to end-users, allowing for the operation of live social video communities. Using Scienjoy’s mobile applications, users can select broadcasters and enter real time video rooms to interact with them. In addition to real-time interactions, users can also view photos posted by broadcasters on their personal pages, leave comments, and engage in private chats with broadcasters when they are not streaming. In addition, users can also play fun and simple games by using virtual currencies within the video rooms while watching the live streaming of a broadcaster.

Safe Harbor Statement

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, Company’s expectations with respect to future performance and anticipated financial impacts of the acquisition, the satisfaction of the closing conditions to the acquisition and the timing of the completion of the acquisition. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of the Company and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement relating to the acquisition; (2) the inability to complete the acquisition, including due to failure to satisfy conditions to closing in the Agreement; (3) delays in obtaining or the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Agreement; (4) the risk that the acquisition disrupts current plans and operations as a result of the announcement and consummation of the acquisition; (5) the ability to recognize the anticipated benefits of the acquisition; (6) costs related to the acquisition; (7) changes in applicable laws or regulations; and (8) the possibility that Beelive or the Company may be adversely affected by other economic, business, and/or competitive factors.  These forward -looking statements are subject to the filings with the Securities and Exchange Commission ("SEC") made by the Company.  Company cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made.  Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

Contacts

Ray Chen
VP, Investor relations
Scienjoy Inc.
+86-010-64428188
ray.chen@scienjoy.com

Jack Wang
ICR Inc.
+1 (212) 537-9254
scienjoy.ir@icrinc.com

PR Newswire

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

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

Funding Societies and Singapore Management University collaboration
Funding Societies and Singapore Management University collaboration

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

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

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

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

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

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

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

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

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

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

About Funding Societies

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

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

About Singapore Management University

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

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

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

About SMU Centre for Management Practice

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

Case Writing Initiative

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

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

Media Contacts

Funding Societies

Glennice Yong

Senior PR & Communications Executive

glennice.yong@fundingsocieties.com

+65 9155 4662

SMU

Huang Peiling

Snr Associate Director, Corporate Communications

plhuang@smu.edu.sg

+65 6828 0964 / +65 9845 3361

Photo – https://photos.prnasia.com/prnh/20200811/2882095-1?lang=0  

PR Newswire

Phoenix New Media to Announce Second Quarter 2020 Financial Results on Monday, August 17, 2020

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BEIJING, Aug. 11, 2020 — Phoenix New Media Limited ("Phoenix New Media", "ifeng" or the "Company") (NYSE: FENG), a leading new media company in China, today announced that it will report its second quarter 2020 financial results on Monday, August 17, 2020 after the market closes. The earnings release will be available on ifeng’s investor relations website at http://ir.ifeng.com.

Following the earnings release, ifeng’s management team will hold a conference call on Monday, August 17, 2020 at 9:00 p.m. Eastern Time (or Tuesday, August 18, 2020 at 9:00 a.m. Beijing/Hong Kong time) to discuss the financial results and operating performance.

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in numbers. Preregistration may require a few minutes to complete.

Conference Call Preregistration

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/1199777. Once preregistration has been complete, participants will receive dial-in numbers, Direct Event Passcode, and registrant ID by email.

Please dial in 10 minutes prior to the call, using the participant dial-in numbers, Direct Event Passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process.

A replay of the call will be available through August 25, 2020 by dialing the following numbers:

International:

+61 2 8199 0299

Mainland China:

4006322162

Hong Kong:

+852 30512780

United States:

+1 646 254 3697

Conference ID:  

1199777

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.ifeng.com.

About Phoenix New Media Limited

Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform, including PC and mobile, in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the Company enables consumers to access professional news and other quality information and share user-generated content on the Internet through their PCs and mobile devices. Phoenix New Media’s platform includes its PC channel, consisting of ifeng.com website, which comprises interest-based verticals and interactive services; its mobile channel, consisting of mobile news applications, mobile video application and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.

For investor and media inquiries please contact

Phoenix New Media Limited
Qing Liu
Email: investorrelations@ifeng.com

ICR, Inc.
Jack Wang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com

 

Related Links :

http://ifeng.com

PR Newswire

ChipMOS REPORTS SECOND QUARTER 2020 RESULTS

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  • Revenue Increases 10.7% in 2Q20 Compared to 2Q19
  • Gross Profit Increases 34.1% in 2Q20 Compared to 2Q19
  • Net Debt Reduced by US$49.9 Million to US$144.1 Million in 2Q20, with a US$189.3 Million Balance of Retained Cash and Cash Equivalents
  • Distributed Cash Dividend of NT$1.8 Per Common Share on July 31, 2020 and US$1.227 Per ADS on August 7, 2020

HSINCHU, Aug. 11, 2020 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS), an industry leading provider of outsourced semiconductor assembly and test services ("OSAT"), today reported consolidated financial results for the second quarter ended June 30, 2020. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$29.44 against US$1.00 as of June 30, 2020.

All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("Taiwan-IFRS").

Revenue for the second quarter of 2020 was NT$5,428.1 million or US$184.4 million, a decrease of 2.8% from NT$5,586.8 million or US$189.8 million in the first quarter of 2020 and an increase of 10.7% from NT$4,905.3 million or US$166.6 million for the same period in 2019. The second quarter of 2020 revenue level represents a six-year high for the Company.  

Net profit attributable to equity holders of the Company for the second quarter of 2020 was NT$544.9 million or US$18.5 million, and NT$0.75 or US$0.025 per basic common share, as compared to NT$712.7 million or US$24.2 million, and NT$0.98 or US$0.033 per basic common share in the first quarter of 2020, and NT$1,274.6 million or US$43.3 million, and NT$1.75 or US$0.06 per basic common share in the second quarter of 2019.  Net earnings for the second quarter of 2020 were US$0.51 per basic ADS, compared to US$0.67 per basic ADS for the first quarter of 2020 and US$1.19 per basic ADS in the second quarter of 2019. 

As of June 30, 2020, the Company’s retained balance of cash and cash equivalents was US$189.3 million, after the US$49.9 million reduction in its net debt during the second quarter 2020 to US$144.1 million.  The Company distributed a cash dividend of NT$1.8 per common share on July 31, 2020 and US$1.227 per ADS on August 7, 2020 or approximately US$0.949 per ADS after the Taiwan withholding tax and Citibank, N.A.’s depositary fees.

Second Quarter 2020 Investor Conference Call / Webcast Details

  1. Date: Tuesday, August 11, 2020
    Time: 4:00PM Taiwan (4:00AM New York)
    Dial-In: +886-2-21928016
    Password: 166416 #
    Webcast of Live Call and Replay: http://wms.gridow.com/ir/chipmos/chipmos_2020Q2_ch.html Replay Starting 2 Hours After Live Call Ends
    Language: Mandarin
  2. Date: Tuesday, August 11, 2020
    Time: 8:00PM Taiwan (8:00AM New York)
    Dial-In: +1-201-689-8562
    Password: 13706850
    Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 13706850
    Webcast of Live Call and Replay: http://wms.gridow.com/ir/chipmos/chipmos_2020Q2_en.html  
    Language: English

About ChipMOS TECHNOLOGIES INC.:

ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (https://www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors, including the potential impact of COVID-19. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company’s other filings with the SEC.

Contacts:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

IR@chipmos.com

 

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com