Tag Archives: FIN

Yeahka Approved an Amount of US$100 Million Share Repurchase Plan

August 27, 2023 TechENT Syndication Leave a comment

Demonstrating Long-term Confidence of Yeahka’s Business Prospects

HONG KONG, Aug. 27, 2023 /PRNewswire/ — The Board of Yeahka Limited (“Yeahka” or the “Company,” Stock Code: 9923.HK) is pleased to approve an additional amount of US$100 million for on-market share repurchase and RSU share purchase (the “Share Repurchase Plan“), illustrating strong confidence of the company’s business long-term prospects.

As disclosed in the Company’s results announcement dated August 24, 2023, the Company has achieved solid growth as its businesses benefited from the recovery in domestic consumption. In particular:

Total gross payment volume (GPV) of one-stop payment services reached RMB1,419.2 billion, increased 33.5% year-on-year;
Total gross merchandise value (GMV) of in-store e-commerce services exceeded RMB2.4 billion, increased 78.9% year-on-year;
Total revenue reached RMB2,062.2 million, increased 25.6% year-on-year. Revenue from one-stop payment services increased by 44.3% to RMB1,835.3 million；
Adjusted EBITDA reached RMB290.9 million, increased 317.4% year-on-year.

With a solid growth of all business lines, the Company maintains a strong cash flow and finance the Share Repurchase Plan, demonstrating the confidence in the company’s long-term value and commitment to creating value for shareholders.

About YEAHKA LIMITED (Stock Code: 9923.HK)
Yeahka is a leading payment-based technology platform dedicated to creating value for merchants and consumers. Our goal is to build an independent and scalable commercial digitalized ecosystem to enable seamless, convenient, and reliable payment services to merchants and consumers, and to further expand into serving merchants and consumers with our diversified product portfolio, which now includes (i) in-store e-commerce services, providing consumers with local lifestyle services of great value, and (ii) merchant solutions, enabling merchants to better manage and drive business growth.

For more information, please visit https://www.yeahka.com/

PR Newswire

Focusing on High-performance Advanced Packaging and Global Layout, JCET Achieved Quarter-on-Quarter Growth in Q2 2023

August 25, 2023 TechENT Syndication Leave a comment

Q2 2023 Financial Highlights:

Revenue was RMB 6.31 billion, an increase of 7.7% quarter-on-quarter.
Generated RMB 1.19 billion cash from operations. With net capex investments of RMB 0.75 billion, free cash flow for the quarter was RMB 0.44 billion.
Net profit was RMB 0.39 billion, an increase of 250.8% quarter-on-quarter.
Earnings per share was RMB 0.22, as compared to RMB 0.39 in Q2 2022.

1H 2023 Financial Highlights:

Revenue was RMB 12.17 billion.
Generated RMB 2.42 billion cash from operations. With net capex investments of RMB 1.56 billion, free cash flow for the first half of 2023 was RMB 0.86 billion.
Net profit was RMB 0.5 billion.
Earnings per share was RMB 0.28, as compared to RMB 0.87 in 1H 2022.

SHANGHAI, Aug. 25, 2023 /PRNewswire/ — Today, JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, announced its financial results for the first half year of 2023. The financial report shows that in the first half of 2023, JCET achieved revenue of RMB 12.17 billion, and net profit of RMB 0.5 billion. In Q2 2023 JCET achieved revenue of RMB 6.31 billion, an increase of 7.7% quarter-on-quarter, and net profit of RMB 0.39 billion, an increase of 250.8% quarter-on-quarter.

In the first half of 2023, the global semiconductor industry was in the fluctuating stage of bottoming out and rebounding. JCET adhered to high-performance advanced packaging technologies and product development mechanism, focusing on solutions for emerging applications such as high performance computing and storage, enhanced strategic layout of production capacity, and further strengthened its market position in the global IC industry.

JCET continues to enhance its technological innovation, with R&D investment of RMB 0.67 billion in the first half of this year, a year-on-year increase of 5.0%. The company’s multi-dimensional fan-out heterogeneous integration solution XDFOI™ for 2.5D/3D packaging achieved HVM, providing high-performance chiplet package solutions and production capacity for global customers. In collaboration with multiple customers in the field of high-density SiP technology, JCET has achieved the development and mass production of multiple RFFE modules and AiP modules in the 5G millimeter-wave market. The company is intensifying its market exploration in sectors such as automotive electronics, industrial electronics, and high-performance computing. During the reporting period, revenue from automotive electronics achieved a year-on-year growth of 130%. The company has established a subsidiary with controlling stake in the Lingang New Area of Shanghai, reinforcing its strategic capacity layout in the field of automotive electronics.

In addition, the company has optimized various operational expenses and asset structures, maintaining a stable cash flow capability. It has achieved positive free cash flow for 15 consecutive quarters.

While pursuing its own development, JCET actively engages in philanthropic efforts, contributing to society in areas such as health and environmental protection, disaster relief during floods, and science popularization initiatives.

Mr. Li Zheng, CEO of JCET, said, “JCET has always centered its focus on customers, and achieved quarter-on-quarter growth in performance for the second quarter of this year. Looking ahead, the direction of high-performance advanced packaging technology driving the innovation of the IC industry has become increasingly clear. JCET remains committed to achieving high-quality development through professional and international management, and will continue to create value for investors and the IC industry.”

For more information, please refer to the JCET 1H FY2023 Report.

About JCET Group

JCET Group is the world’s leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.

Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.

CONSOLIDATED BALANCE SHEET (Unaudited)		RMB in millions

	Jun 30, 2023		Dec 31, 2022
ASSETS
Current assets
Currency funds	5,352		2,459
Trading financial assets	2,006		4,316
Derivative financial assets	0		18
Accounts receivable	3,545		3,689
Receivables financing	105		59
Prepayments	127		110
Other receivables	63		61
Inventories	3,003		3,152
Other current assets	251		279
Total current assets	14,452		14,143
Non-current assets
Long-term receivables	41		40
Long-term equity investments	744		765
Other equity investments	456		440
Investment properties	87		89
Fixed assets	19,574		19,517
Construction in progress	710		807
Right-of-use assets	567		578
Intangible assets	483		483
Goodwill	2,293		2,210
Long-term prepaid expenses	22		28
Deferred tax assets	274		247
Other non-current assets	106		61
Total non-current assets	25,357		25,265
Total assets	39,809		39,408

LIABILITIES AND EQUITY	Jun 30, 2023		Dec 31, 2022
Current liabilities
Short-term borrowings	1,211		1,174
Derivative financial liabilities	2		0
Notes payable	215		339
Accounts payable	4,603		4,634
Contract liabilities	273		214
Employee benefits payable	689		984
Taxes and surcharges payable	158		210
Other payables	396		378
Current portion of long-term liabilities	2,857		3,096
Other current liabilities	4		4
Total current liabilities	10,408		11,033
Non-current liabilities
Long-term borrowings	3,013		2,721
Lease liabilities	549		562
Long-term employee benefits payable	11		14
Deferred income	362		340
Deferred tax liabilities	14		40
Other non-current liabilities	41		55
Total non-current liabilities	3,990		3,732
Total liabilities	14,398		14,765
Equity
Paid-in capital	1,787		1,780
Capital reserves	15,265		15,080
Accumulated other comprehensive income	750		400
Specialized reserves	2		0
Surplus reserves	229		229
Unappropriated profit	7,292		7,154
Total equity attributable to owners of the parent	25,325		24,643
Minority shareholders	86		0
Total equity	25,411		24,643
Total liabilities and equity	39,809		39,408

CONSOLIDATED INCOME STATEMENT (Unaudited)			RMB in millions, except share data

	Three months ended		Six months ended
	Jun 30, 2023	Jun 30, 2022	Jun 30, 2023	Jun 30, 2022
Revenue	6,313	7,455	12,173	15,594
Less: Cost of sales	5,359	6,107	10,525	12,706
Taxes and surcharges	27	27	47	43
Selling expenses	51	48	100	97
Administrative expenses	175	236	347	494
Research and development expenses	360	315	669	638
Finance expenses	(7)	(8)	51	15
Including: Interest expenses	68	49	131	92
Interest income	27	9	35	16
Add: Other income	40	26	73	83
Investment income / (loss)	(24)	28	(21)	40
Including: Income / (loss) from investments in associates and joint ventures	(10)	(2)	(21)	(7)
Gain / (loss) on changes in fair value of financial assets/liabilities	37	(17)	46	(14)
Credit impairment (loss is expressed by “-“)	(6)	2	(1)	(5)
Asset impairment (loss is expressed by “-“)	(5)	(65)	0	(64)
Gain / (loss) on disposal of assets	13	9	16	23
Operating profit / (loss)	403	713	547	1,664
Add: Non-operating income	2	1	3	6
Less: Non-operating expenses	0	1	4	1
Profit / (loss) before income taxes	405	713	546	1,669
Less: Income tax expenses	19	31	50	126
Net profit / (loss)	386	682	496	1,543
Classified by continuity of operations
Profit / (loss) from continuing operations	386	682	496	1,543
Classified by ownership
Net profit / (loss) attributable to owners of the parent	386	682	496	1,543
Net profit / (loss) attributable to minority shareholders	0	0	0	0
Add: Unappropriated profit at beginning of period	7,264	5,196	7,154	4,335
Less: Cash dividends declared	358	356	358	356
Unappropriated profit at end of period (attributable to owners of the parent）	7,292	5,522	7,292	5,522
Other comprehensive income, net of tax	481	419	350	386
Comprehensive income attributable to owners of the parent	481	419	350	386
Comprehensive income not be reclassified to profit or loss	6	0	17	0
Remeasurement gains or losses of a defined benefit plan	0	0	1	0
Change in the fair value of other equity investments	6	0	16	0
Comprehensive income to be reclassified to profit or loss	475	419	333	386
Comprehensive income using the equity method that may be reclassified to profit or loss	0	(7)	0	(7)
Cash flow hedge reserve	0	(13)	0	(18)
Exchange differences of foreign currency financial statements	475	439	333	411
Total comprehensive income	867	1,101	846	1,929
Including:
Total comprehensive income attributable to owners of the parent	867	1,101	846	1,929
Total comprehensive income attributable to minority shareholders	0	0	0	0
Earnings per share
Basic earnings per share	0.22	0.39	0.28	0.87
Diluted earnings per share	0.22	0.39	0.28	0.87

CONSOLIDATED CASH FLOW STATEMENT (Unaudited)				RMB in millions

	Three months ended		Six months ended
	Jun 30, 2023	Jun 30, 2022	Jun 30, 2023	Jun 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services	6,178	8,184	13,162	16,999
Receipts of taxes and surcharges refunds	122	32	216	147
Other cash receipts relating to operating activities	110	62	163	132
Total cash inflows from operating activities	6,410	8,278	13,541	17,278
Cash payments for goods and services	4,069	5,766	8,454	11,612
Cash payments to and on behalf of employees	878	1,060	2,072	2,309
Payments of all types of taxes and surcharges	254	314	466	501
Other cash payments relating to operating activities	22	93	128	171
Total cash outflows from operating activities	5,223	7,233	11,120	14,593
Net cash flows from operating activities	1,187	1,045	2,421	2,685
CASH FLOWS FROM INVESTING ACTIVITIES
Cash receipts from returns of investments	4,350	4,160	8,280	5,160
Cash receipts from investment income	38	32	52	38
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets	7	8	32	34
Net cash receipts from disposal of subsidiaries and other business units	0	(1)	0	27
Total cash inflows from investing activities	4,395	4,199	8,364	5,259
Cash payments to acquire fixed assets, intangible assets and other long-term assets	749	651	1,588	1,550
Cash payments for investments	3,200	4,310	5,980	5,960
Total cash outflows from investing activities	3,949	4,961	7,568	7,510
Net cash flows from investing activities	446	(762)	796	(2,251)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from investments by others	230	0	230	0
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries	86	0	86	0
Cash receipts from borrowings	1,317	985	1,664	1,515
Total cash inflows from financing activities	1,547	985	1,894	1,515
Cash repayments for debts	755	988	1,740	1,734
Cash payments for distribution of dividends or profit and interest expenses	414	49	467	90
Other cash payments relating to financing activities	16	446	48	589
Total cash outflows from financing activities	1,185	1,483	2,255	2,413
Net cash flows from financing activities	362	(498)	(361)	(898)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	45	59	37	57
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,040	(156)	2,893	(407)
Add: Cash and cash equivalents at beginning of period	3,306	2,512	2,453	2,763
CASH AND CASH EQUIVALENTS AT END OF PERIOD	5,346	2,356	5,346	2,356

PR Newswire

Antelope Enterprise Pre-Announces 1H 2023 Revenue of $42.8 Million, a Projected 168% Year-Over-Year Increase

August 25, 2023 TechENT Syndication Leave a comment

AEHL On Track to Surpass Full-Year Revenue Guidance & Achieve Profitability

CHENGDU, China, Aug. 25, 2023 /PRNewswire/ — Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (“Antelope Enterprise”, “AEHL” or the “Company”), the operator of KylinCloud, a premier livestreaming e-commerce platform that leverages a network of over 400,000 hosts and influencers across China, today pre-announced its revenue for the first six months of its fiscal year ended June 30, 2023. The Company estimates that it will achieve approximately $42.0 million in revenue for the first half of 2023; this represents growth of 167.5% compared to $15.7 million in revenue that it recorded for the same period of 2022.

Antelope Enterprise’s projected first half revenue represents 65.6% of the Company’s full-year guidance of $64 million issued on May 25, 2023. Given the Company’s expected strong performance in the first half of the year, Antelope Enterprise believes that it will exceed its full year revenue guidance.

In addition, Antelope Enterprise affirms its forecast to achieve profitability for the full fiscal year 2023. The Company’s believes that its strong financial growth highlights the power of its innovative business model that optimizes the use of social media and livestreaming to uniquely engage China’s vast online consumer marketplace.

Antelope Enterprise CEO Will Zhang commented, “Our first half 2023 financial results clearly validates the strength of our business model and the value that we provide to both our consumer brand partners and influencers. The projected 168% revenue growth over the first half of fiscal 2022 serves as a powerful indicator of the effectiveness of our livestreaming ecommerce platform, KylinCloud, in this rapidly growing market.”

CEO Will Zhang continued, “We not only facilitate meaningful connections between consumer brands and influencers, but also enhance profitability for our partners and provide immense value to our consumers. Given our expected impressive performance in the first half of the year, we are confident that we will not only meet but exceed our annual revenue guidance while achieving profitability for the full year 2023.”

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd (“KylinCloud”), which operates a livestreaming ecommerce platform in China with access 400,000+ hosts and influencers.

For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the Company’s public announcements, please email investor@aehltd.com.

Safe Harbor Statement

Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC technology sectors continuing to exhibit sound long-term fundamentals, and our ability to continue to grow our business management, information system consulting, and livestreaming ecommerce business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Source: Antelope Enterprise Holdings Ltd.

PR Newswire

Dowsure Signs multi-million-dollar Asset-Backed Loan with HSBC

August 25, 2023 TechENT Syndication Leave a comment

SHENZHEN, China, Aug. 25, 2023 /PRNewswire/ — Dowsure as a pioneer of digital API platforms for cross-border e-commerce, today announced that it has received a multi-million-dollar Asset-Backed Loan from HSBC. The transaction follows the strategic investment made by HSBC Ventures in July 2023.

HSBC acted as the sole Arranger, Original Lender, Facility Agent, Security Agent & Account Bank for Dowsure’s debut revolving asset-backed loan facility (“ABL”). The facility was provided to Hong Kong Credit Services Limited (“HKCSL”), a wholly owned subsidiary of Dowsure in Hong Kong. This is the inaugural ABL facility in the cross-border e-commerce sector under HSBC’s New Economy Fund and will support Dowsure’s offshore business growth aspirations.

HSBC customised an asset-backed structure for Dowsure, backed by loan receivables originated by HKCSL to cross-border sellers on the designated e-commerce platform. The facility is fully committed at closing, but also allows for flexible drawdowns to align with the company’s portfolio growth strategy, as well as maximising the cash utilisation efficiency.

Byron Pei, Founder and CEO of Dowsure Technologies, said, “The innovatively structured ABL from HSBC will enable Dowsure to provide support for more SMEs engaged in cross-border e-commerce exports. This will be beneficial to participants in the cross-border e-commerce industry, regardless of sellers, service providers, or cross-border e-commerce platforms, who will benefit from the development capital provided under this program. Through the abundant funds provided by large international banks, combined with Dowsure’s insights and innovation capabilities, it will help the industry to achieve faster and better development. This collaboration further enhances and reinforces the partnership between HSBC and Dowsure. Meanwhile, it means a new breakthrough in Dowsure’s financing model, and we appreciate HSBC’s support sincerely.”

Thomas Elliott, Managing Director, Head of Client Coverage, Commercial Banking, Hong Kong, HSBC, said, “HSBC has helped Dowsure raise debt financing through a bespoke, structured solution, focusing on high-quality financial assets originated by HKCSL, to provide flexibility and enable the high-speed development of Dowsure’s business offshore. Alongside a strategic investment recently concluded by HSBC Ventures, the ABL facility provides Dowsure with additional capital to grow its loan portfolio and further its support for e-commerce merchants across Greater China.”

Dowsure, as the leading global API platform for cross-border e-commerce, has cooperated with banks to launch digital financial products through advanced models and algorithms to provide cross-border e-commerce sellers with faster, more convenient, and safer funding solutions. Over the years of delving into the cross-border industry, Dowsure has accumulated multi-dimensional capabilities in cross-border scenarios, system fulfillment, and risk control technology. Dowsure has invested millions of funds in supply chain finance platform research and development. Currently, it has reached cooperation with Amazon, eBay, Meta, Shopee and other platforms.

Dowsure has realized the whole path tracking of sellers’ capital chain with its exclusive technology, effectively reduced the default rate, and has helped many banks and financial institutions to expand new business scenarios. Dowsure has provided new lending business scenarios for more than ten banks and other financial institutions, successfully served more than 20,000 cross-border sellers, helped sellers finance more than RMB 3 billion, and boosted sellers’ sales to more than 45 billion.

About Dowsure Technologies

Dowsure Technologies, as a leading global digital API platform for cross-border e-commerce, was established in 2016. Through API technology and advanced models and algorithms, it collaborates with banks to launch digital financial products, providing faster, more convenient, and secure funding solutions for cross-border e-commerce sellers. With years of experience in the cross-border industry, Dowsure has accumulated multidimensional capabilities in understanding cross-border scenarios, system implementation, and product innovation. Dowsure has established partnerships with platforms such as Amazon, eBay, Meta, and Shopee and has helped banks and financial institutions expand into new business scenarios. Currently, Dowsure has provided new loan business scenarios for over ten banks and financial institutions, serving over 20,000 cross-border e-commerce sellers, helping sellers receive financing exceeding 3.5 billion RMB, and achieving sales exceeding 45 billion RMB.

Source: Dowsure Technology Ltd.

PR Newswire

VNG Files Registration Statement for Potential Initial Public Offering

August 24, 2023 TechENT Syndication Leave a comment

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

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

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

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

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

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

About VNG

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

Media Contacts:

VNG
Thao Tran
media@vng.com.vn

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

PR Newswire

Indonesia’s E-commerce Solution Platform, Plugo, Announces Expansion to Thailand Reflecting on Its 2023 Milestones

August 23, 2023 TechENT Syndication Leave a comment

JAKARTA, Indonesia, Aug. 23, 2023 /PRNewswire/ — In a rapidly evolving digital era, Plugo, an e-commerce trailblazer from Indonesia, has carved a significant niche within the direct-to-consumer (D2C) market space.

Kyungmin Bang, CEO of Plugo, expressed gratitude to attendees at Plugo Brand Appreciation Day 2023 and announced the platform’s strategic expansion to Thailand.

During the Plugo Brand Appreciation Day 2023 held on August 22 at The Langham Jakarta, attended by industry leaders, brand representatives, and various stakeholders, Plugo announced its ambitious move into the Southeast Asian market.

Plugo’s remarkable achievements in 2023 speak to its rising prominence in the e-commerce sector:

Plugo’s highest GMV in a month reached 99.6 billion rupiah.
The total number of visitors to brands’ websites was a staggering 26 million.
The most products sold in a single day stood at 47,000.
The avg. conversion rate from a buyer’s visit to a purchase was an impressive 9%.

At the event, Izki Aldrin Iswarna, Plugo’s Country Director, shared, “Our 2023 milestones underscore Plugo’s commitment to serving brands and facilitating their growth. Our adaptability and innovative approach are key pillars in navigating this fast-paced digital market.”

But it’s not just about numbers and milestones. Understanding and addressing the needs of both brands and consumers lies at the heart of Plugo’s strategy. Plugo’s success was underpinned by the interplay between marketplaces and D2C platforms.

Thailand, with its vibrant e-commerce landscape, is the next destination on Plugo’s expansion map. Aiming for an official launch by the end of 2023, the move is set further to consolidate Plugo’s leadership in the D2C e-commerce sector.

Reflecting on this venture, Plugo’s CEO, Kyungmin Bang, commented, “Our expansion into Thailand isn’t just a business decision; it’s a commitment. We see Thailand as a land of immense growth opportunities and are eager to bring our D2C expertise to its dynamic brands.”

About Plugo

Founded in 2022 in Singapore, Plugo is an all-in-one e-commerce platform targeting direct-to-consumer (D2C) brands. The platform offers services ranging from customizable e-commerce websites to integrated payment systems, omnichannel, and advanced marketing tools.

The company secured $9 million in its Series A funding round in late 2022, with investments from firms like Altos Ventures and Access Ventures.

Plugo is entirely cloud-based and hosted, allowing users to access and manage their businesses from anywhere at any time while on the go.

In addition to its Singapore headquarters, the company has expanded its presence with offices in Jakarta and Seoul, with the latter housing a team of seasoned tech specialists.

PR Newswire

Wahed Appoints Mohsin Siddiqui as COO to Lead Regional Expansion

August 21, 2023 TechENT Syndication Leave a comment

NEW YORK, Aug. 21, 2023 /PRNewswire/ — Wahed Inc. (Wahed), a global Islamic fintech company, announced today the appointment of Mohsin Siddiqui as Chief Operating Officer. Prior to his appointment at Wahed, Mohsin was with the UK–based RegTech company ComplyAdvantage serving as its Chief Revenue Officer, tasked with leading its revenue growth objectives after its Series-C round of funding. Mohsin started his career at OANDA, a New York–based online trading fintech, where he served as the Chief Customer Officer and Managing Director. At OANDA, Mohsin grew OANDA’s core presence in the U.S and Canadian markets and spearheaded its expansion into several APAC markets.

Mohsin Siddiqui, Chief Operating Officer, Wahed

Mohsin has been brought onboard to lead the company’s global business operations and regional expansion. He will oversee the growth objectives of the company, facilitate the expansion of its product suite and focus on building a world-class technology platform in order to power Wahed’s mission of developing financial inclusion for members seeking Shari’ah compliant products.

The move aims to help Wahed reach a 2+ billion Muslim population worldwide. “I am delighted to welcome Mohsin to the Wahed executive team,” said Junaid Wahedna, the Founder and CEO of Wahed. “His expertise and leadership in scaling fintechs with similar growth ambitions to Wahed’s will be instrumental as we continue to advance our global growth strategy.”

In response to his appointment, Mohsin said, “I am confident in Wahed’s unique value proposition and its product offering. I look forward to introducing Wahed’s technology platform to several key markets where there is a substantial need for riba-free financial solutions for retail investors.”

About Wahed

Wahed is a global Islamic fintech company that aims to reduce financial exclusion by encouraging ethically-focused, shari’ah compliant investing.

New York-headquartered, Wahed has built an award-winning digital platform, making it easy for everyone to benefit from investing without compromising their values.

Wahed is licensed in 10 jurisdictions through its subsidiaries around the globe, with 11 offices serving over 300,000 customers.

For more information on how Wahed is trying to change the world of finance for the better, visit: https://www.wahed.com/

PR Newswire

FLY ASIA 2023 to be Held in Busan from October 5-8

August 18, 2023 TechENT Syndication Leave a comment

10.5.~8. 10,000+ startups, investors, etc. from major Asian cities expected to attend
Expected to develop the Asian startup ecosystem, network, and create a co-investment platform
Recruitment of companies to apply for ‘FLY ASIA Awards’ with a total prize fund of $180,000, 7.26.~8.22.

SEOUL, South Korea, Aug. 17, 2023 /PRNewswire/ — The city of Busan (Mayor PARK Hyung Joon), together with Busan Technopark and the FLY ASIA 2023 Committee, announced that the Asian startup expo ‘FLY ASIA 2023′ will be held from October 5-8 at Busan BEXCO Exhibition Center 2.

FLY ASIA 2023 TO BE HELD IN BUSAN FROM OCT.5~8

FLY ASIA, held for the first time last year, is an event aiming to attract investment and support for promising Asian startups to expand overseas and exchanges between domestic and overseas startup ecosystems.

This year, with the slogan “Connect Asia, Fly to the World,” the theme is “From Cities to Startups,” which reflects the determination that every city’s problems can be solved by startups.

The event will feature a variety of programs including opening and closing ceremonies, LP Summit and VC Forum, Open Innovation with large corporations, Scaleup Showcase, an IR pitching event, FLY ASIA Awards (a startup competition), conferences with keynote speeches and sessions on major trends in the startup ecosystem, and 1:1 meetups..

One of the main events, the FLY ASIA Awards, an innovative startup competition with the purpose of networking in the entrepreneurship ecosystem, is a program to discover promising Asian startups and support their global expansion through cross-regional business cooperation network opportunities and mutual cooperation. Applications will be accepted from participating companies until August 22 at 18:00.

*Application: Click the AWARDS tab on the top of the FLY ASIA 2023 official website (WWW.FLY-ASIA.ORG)

There are three categories, Fly Awards, Busan Initiative Awards, and CINE Fly Awards, and only participants can only apply for one category. CINE Fly Awards is a new category this year and is related to the movie and video content industry.

50 startups will be selected for the final round during the event. 10 finalists will receive a total of $180,000 in cash prizes and be matched with local and international investors to support their further growth.

More information about FLY ASIA Awards, please visit the official websites of Busan Technopark and FLY ASIA 2023.

FLY ASIA 2023, the second edition of the Asian startup expo, will be an opportunity to take a step closer to Busan, Asia’s startup center.

PR Newswire

Yalla Group Limited Announces Unaudited Second Quarter 2023 Financial Results

August 15, 2023 TechENT Syndication Leave a comment

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

Second Quarter 2023 Financial and Operating Highlights

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

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

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

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

Key Operating Data	For the three months ended
	June 30, 2022		June 30, 2023

Average MAUs (in thousands)		29,920		34,192

Paying users (in thousands)		10,585		13,402

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

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

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

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

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

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

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

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

Second Quarter 2023 Financial Results

Revenues

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

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

Costs and expenses

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

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

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

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

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

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

Operating income

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

Non-GAAP operating income^[^6]

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

Interest income

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

Income tax expense

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

Net income

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

Non-GAAP net income

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

Earnings per ordinary share

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

Non-GAAP earnings per ordinary share^[^7]

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

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

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

Share repurchase program

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

Outlook

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

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

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

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

Conference Call

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

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

United States Toll Free:	+1-888-317-6003
International:	+1-412-317-6061
United Arab Emirates Toll Free:	80-003-570-3589
Mainland China Toll Free:	400-120-6115
Hong Kong Toll Free:	800-963-976
Access Code:	8369149

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

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

United States Toll Free:	+1-877-344-7529
International:	+1-412-317-0088
Access Code:	1131608

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company’s operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited’s shareholders as net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by the weighted average number of basic and diluted shares outstanding.

By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. Investors can better understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

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

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

About Yalla Group Limited

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

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

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

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

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

In the United States:

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

YALLA GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	As of
	December 31, 2022		June 30, 2023
	US$		US$
ASSETS
Current assets
Cash and cash equivalents		407,256,837		305,819,389
Term deposits		20,000,000		191,761,209
Short-term investments		25,788,304		12,952,035
Amounts due from a related party		—		136,608
Prepayments and other current assets		28,652,840		35,435,305
Total current assets		481,697,981		546,104,546
Non-current assets
Property and equipment, net		2,121,613		2,101,182
Intangible asset, net		1,328,470		1,240,710
Operating lease right-of-use assets		1,950,364		3,202,752
Long-term investments		3,833,750		3,819,565
Other assets		15,406,078		15,080,631
Total non-current assets		24,640,275		25,444,840
Total assets		506,338,256		571,549,386

LIABILITIES
Current liabilities
Accounts payable		5,382,276		1,268,107
Deferred revenue		35,957,485		43,998,842
Operating lease liabilities, current		858,452		1,293,977
Accrued expenses and other current liabilities		22,821,168		24,251,003
Total current liabilities		65,019,381		70,811,929
Non-current liabilities
Operating lease liabilities, non-current		744,612		1,678,544
Amounts due to a related party		709,789		647,575
Total non-current liabilities		1,454,401		2,326,119
Total liabilities		66,473,782		73,138,048

EQUITY
Shareholders’ equity of Yalla Group Limited
Class A Ordinary Shares		13,356		13,670
Class B Ordinary Shares		2,473		2,473
Additional paid-in capital		294,406,395		306,177,968
Treasury stock		(27,014,697)		(27,014,697)
Accumulated other comprehensive loss		(1,701,111)		(3,097,167)
Retained earnings		174,880,748		224,812,958
Total shareholders’ equity of Yalla Group Limited		440,587,164		500,895,205
Non-controlling interests		(722,690)		(2,483,867)
Total equity		439,864,474		498,411,338
Total liabilities and equity		506,338,256		571,549,386

YALLA GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS

	Three Months Ended			Six Months Ended
	June 30, 2022	March 31, 2023	June 30, 2023	June 30, 2022	June 30, 2023
	US$	US$	US$	US$	US$
Revenues	76,090,799	73,518,613	79,246,363	148,428,081	152,764,976
Costs and expenses
Cost of revenues	(29,272,347)	(27,852,477)	(28,330,815)	(56,800,337)	(56,183,292)
Selling and marketing expenses	(11,208,074)	(11,354,975)	(12,378,490)	(23,734,535)	(23,733,465)
General and administrative expenses	(6,945,989)	(10,164,394)	(8,018,573)	(14,973,859)	(18,182,967)
Technology and product development expenses	(7,726,715)	(7,411,188)	(6,586,078)	(13,711,283)	(13,997,266)
Total costs and expenses	(55,153,125)	(56,783,034)	(55,313,956)	(109,220,014)	(112,096,990)
Operating income	20,937,674	16,735,579	23,932,407	39,208,067	40,667,986
Interest income	176,432	3,118,289	4,623,275	227,551	7,741,564
Government grants	1,847	177,659	4,560	160,532	182,219
Investment income (loss)	17,674	491,889	529,308	(150,771)	1,021,197
Income before income taxes	21,133,627	20,523,416	29,089,550	39,445,379	49,612,966
Income tax expense	(780,211)	(616,358)	(821,149)	(1,393,656)	(1,437,507)
Net income	20,353,416	19,907,058	28,268,401	38,051,723	48,175,459
Net loss attributable to non-controlling interests	236,433	554,591	1,202,160	314,597	1,756,751
Net income attributable to Yalla Group Limited’s shareholders	20,589,849	20,461,649	29,470,561	38,366,320	49,932,210
Earnings per ordinary share
——Basic	0.14	0.13	0.19	0.25	0.32
——Diluted	0.12	0.11	0.16	0.22	0.28
Weighted average number of shares
outstanding used in computing earnings
per ordinary share
——Basic	151,384,789	157,976,350	158,871,859	150,771,175	158,424,104
——Diluted	175,146,529	180,517,715	180,752,549	175,847,551	180,635,132


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

	Three Months Ended			Six Months Ended
	June 30, 2022	March 31, 2023	June 30, 2023	June 30, 2022	June 30, 2023
	US$	US$	US$	US$	US$
Cost of revenues	1,404,341	1,030,249	923,513	2,848,661	1,953,762
Selling and marketing expenses	1,850,318	971,335	1,014,371	3,696,912	1,985,706
General and administrative expenses	4,663,550	3,245,278	3,242,981	9,326,219	6,488,259
Technology and product development expenses	357,487	349,277	315,173	668,929	664,450
Total share-based compensation expenses	8,275,696	5,596,139	5,496,038	16,540,721	11,092,177

YALLA GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

	Three Months Ended						Six Months Ended
	June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022		June 30, 2023
	US$		US$		US$		US$		US$
Operating income		20,937,674		16,735,579		23,932,407		39,208,067		40,667,986
Share-based compensation expenses		8,275,696		5,596,139		5,496,038		16,540,721		11,092,177
Non-GAAP operating income		29,213,370		22,331,718		29,428,445		55,748,788		51,760,163

Net income		20,353,416		19,907,058		28,268,401		38,051,723		48,175,459
Share-based compensation expenses, net of tax effect of nil		8,275,696		5,596,139		5,496,038		16,540,721		11,092,177
Non-GAAP net income		28,629,112		25,503,197		33,764,439		54,592,444		59,267,636

Net income attributable to Yalla Group Limited’s shareholders		20,589,849		20,461,649		29,470,561		38,366,320		49,932,210
Share-based compensation expenses, net of tax effect of nil		8,275,696		5,596,139		5,496,038		16,540,721		11,092,177
Non-GAAP net income attributable to Yalla Group Limited’s shareholders		28,865,545		26,057,788		34,966,599		54,907,041		61,024,387

Non-GAAP earnings per ordinary share
——Basic		0.19		0.16		0.22		0.36		0.39
——Diluted		0.16		0.14		0.19		0.31		0.34
Weighted average number of shares outstanding used in computing earnings per ordinary share
——Basic		151,384,789		157,976,350		158,871,859		150,771,175		158,424,104
——Diluted		175,146,529		180,517,715		180,752,549		175,847,551		180,635,132

PR Newswire

Announcing new leadership appointments at HH Global

August 14, 2023 TechENT Syndication Leave a comment

HH Global is excited to announce three significant, new leadership appointments

LONDON, Aug. 14, 2023 /PRNewswire/ — As we continue to grow and succeed as a business it is essential that our strategy and organizational design evolve to keep ahead of ever-changing and increasingly demanding client and commercial market needs.

Group President

Kristian Elgey has moved into the position of Group President. Kristian has been part of the HH Global leadership team since 2016 and has been integral in shaping and developing business advancements in his role as Group CFO. As someone with a wealth of experience, Kristian’s impact on the finance function, business growth and culture is undeniable.

Chief Operating Officer

Helen Babbe, as a valued member of the Group Management Board, has been promoted to the position of Chief Operating Officer (COO). Helen will focus on developing client-centric operations that have a consistent global approach, allowing for the biggest impact for all our partners, colleagues and clients.

Chief Financial Officer

Ben Goodband joins the business in the role of Chief Financial Officer (CFO). With an impressive history of global senior financial roles, paired with a strong background in strategic corporate leadership and investor relations— Ben will be key to driving the delivery of our shared strategic priorities as we work towards our future goals.

About HH Global

HH Global is a tech-enabled, creative production and procurement partner that delivers big impact for big ideas across the globe. With +4,500 experts in every market and a thirty-year track record of success, we help the biggest brands on the planet achieve stronger, more sustainable growth. Across every channel. At the speed of modern business. With an unmatched supply chain, a growing suite of tech tools and data insights—we make our clients’ brilliant ideas unmissable everywhere.

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Announcing new leadership appointments at HH Global

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