SANTA CLARA, California, June 10, 2020 /PRNewswire/ — This press release corrects a prior version issued under the same heading on June 5, 2020. Set forth below is the corrected release in its entirety.
Agora, Inc. today announced that it has filed a registration statement on Form F-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A ordinary shares represented by American depositary shares.
Per the F-1 filing, Agora maintains dual headquarters in Shanghai, China and Santa Clara, California, as well as presence in other countries.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. Agora has applied to list its American depositary shares on the Nasdaq Global Select Market under the ticker symbol "API". Morgan Stanley and BofA Securities will act as the lead bookrunning managers for the proposed offering.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, via telephone: 1-917-606-8487, or via email: [email protected]; or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, via email at [email protected] .
A registration statement on Form F-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Other than correcting the name of the securities to be offered in the proposed initial public offering, providing the addresses of the lead bookrunning managers from which the preliminary prospectus can be obtained when available and removing the description about Agora, this corrected press release is substantially the same as the original release issued on June 5, 2020. This press release should replace the original release in its entirety. You should not rely on any information contained in the original release.
BEIJING, June 9, 2020 /PRNewswire/ — Mercurity Fintech Holding Inc. (the "Company" or "MFH") (Nasdaq: MFH) today announced that Mr. Paul L. Gillis has been appointed as independent director to the Company’s board of directors (the "Board"), effective June 8, 2020. Mr. Paul L. Gillis will serve as the chairperson of the Board’s audit committee and audit committee financial expert.
Mr. Paul L. Gillis has served as a professor of accounting at Peking University Guanghua School of Management since 2007 and served as a co-director of International MBA program from 2011 to 2019. Since 2012, he has also served as a current affairs commentator at China Global Television Network, an international English-language news channel, and China Radio International, an international radio broadcaster. Mr. Paul L. Gillis is widely recognized by magazines such as The Accountant and International Financial Law Review as a leading expert in financial accounting, and has amassed substantial experience in the accounting industry. In 2004, he retired as a partner of PricewaterhouseCoopers following a 28-year career in the United States, Singapore and China. From 2011 to 2013, Mr. Paul L. Gillis served as member of Standing Advisory Group of the Public Company Accounting Oversight Board. From 2009 to 2012, he also served as an independent director and chairman of audit committee at Pansoft Company Limited (Nasdaq: PSOF). Mr. Paul L. Gillis received his bachelor’s degree in accounting from Western Colorado University in 1975, his master’s degree in accounting from Colorado State University in 1976, his master’s degree in intercultural studies from Fuller Theological Seminary in 2007 and his Ph.D. degree in accounting from Macquarie Graduate School of Management in 2011.
Ms. Hua Zhou, Chairperson of the Board and Chief Executive Officer, commented, "We are pleased to welcome Mr. Gillis to join the Board. His senior management and board level background, coupled with his extensive experience in accounting and finance, will be invaluable to us as we continue with our efforts to increase our customer base in the fintech sector as well as to further enhance our board independence, internal control and the quality of our financial reporting. We are fortunate to be able to call on the talent and experience of Mr. Gillis."
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend, " "ought to, " "plan, " "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
HONG KONG, June 6, 2020 /PRNewswire/ — Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2019 ("Fiscal 2019").
The Company’s revenues for Fiscal 2019 were approximately US$17,399,000, an approximate 13.5% decrease compared to approximately US$20,104,000 in the Company’s fiscal year ended December 31, 2018 ("Fiscal 2018"). Revenues from trading and manufacturing activities, and engineering activities decreased by US$1,893,000 and US$812,000, respectively.
Gross profits increased by 19.4% to approximately US$4,417,000 for Fiscal 2019 as compared to approximately US$3,699,000 for Fiscal 2018. The increase was primarily due to the drop in contracts of low profit margin.
Selling and administrative expenses increased by 2.1% to approximately US$4,853,000 for Fiscal 2019 as compared to approximately US$4,751,000 for Fiscal 2018 as a result of general inflation.
Operating loss decreased by 41.5% to approximately US$440,000 for Fiscal 2019 as compared to approximately US$1,059,000 for Fiscal 2018. This was primarily due to the increase in gross profits.
The profit contribution from the affiliates was approximately US$137,000 for Fiscal 2019, as compared to negative contribution of approximately (US$932,000) for Fiscal 2018. The result for Fiscal 2018 included a loss contribution from Zhejiang Tianlan Environmental Protection Technology Co. Ltd. ("Blue Sky") of approximately (US$786,000) principally caused by a decrease in sales revenue as a result of the filing for bankruptcy liquidation of one of Blue Sky’s major customers.
The Company had net loss of approximately US$146,000 in Fiscal 2019, as compared to net income of approximately US$88,000 in Fiscal 2018. This was primarily due to there was a non-recurrent net gain on disposal of an affiliate of approximately US$1,522,000 in Fiscal 2018.
The Company’s operating results in Fiscal 2019 was adversely affected by the economic slowdown in China and Hong Kong resulting from the China-US escalating trade war and technology tensions, and the ongoing social unrest in Hong Kong. The outbreak of coronavirus since December 2019 also has further material adverse impact on the Company’s business, operating results and financial condition in year 2020.
The Company is still positive about the future Ballast Water Treatment Systems ("BWTS") business from port services and commercial ships. The development of the ballast water port solution prototype is now completed and under system and operation tests in various ports. The port solution system is a system installed in port to offer ballast water treatment services for ocean going ships without their own BWTS and for those with damaged BWTS. The Company is now embarking on promotion activities for port solution systems in China and South East Asia. The International Maritime Organization ("IMO") convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after October 28, 2020. To comply with these requirements, the Company is going to start the land based test for our BWTS to obtain such type approval certification in China.
About Blue Sky
Zhejiang Tianlan Environmental Protection Technology Co. Ltd., ("Blue Sky"), found in 2000, is a fast growing company which provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants. It has listed its shares on the New Third Board in the People’s Republic of China ("PRC") since November 17, 2015. The New Third Board is a national over-the-counter market in the PRC regulated by China Securities Regulatory Commission, and managed by the National Equities Exchange and Quotations, which serves as a platform for the sale of existing shares or directed share placements for small and medium-sized enterprises.
About BWTS
BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO’s Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. In July 2017, IMO decided that the phase-in period for ballast water system retrofits started on 8 September 2019.
The company obtained type approval certificate from China’s Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS and Alternate Management Systems (‘AMS") acceptance for its full range BWTS in 2016.
About AMS
AMS acceptance by the U.S. Coast Guard is a temporary designation given to BWTS approved by a foreign administration. It enables BWTS to be used on vessels for a period of up to 5 years, while the treatment system undergoes approval testing to U.S. Coast Guard standards.
Forward Looking Statements
Certain statements in this news release regarding the Company’s expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company’s offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company’s own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2019.
CONDENSED STATEMENTS OF OPERATIONS
(Dollar amounts in US$ thousands, except share and per share data)
NEW YORK, June 5, 2020 /PRNewswire/ — Zero-commission investing platform TradeUP announced today that it is offering Level 2 market data powered by NYSE ArcaBook for free. Users who open an account with TradeUP will receive free access to NYSE ArcaBook for 3 months. Users can get free access to NYSE ArcaBook for an additional 9 months if they can get 5 likes on their social media post.
Unlike Level 1 data, which shows the best bid and ask, Level 2 data provides a broader range of buy and sell orders for a given security on a real-time basis. NYSE ArcaBook provides the 40 best bid and ask prices as well as their order sizes for more than 8,000 U.S.-listed securities. The continuous feed of quotes gives users detailed insights into the price action, which can help them better determine the current buying and selling interest for a particular stock, as well as the likely future direction of the stock’s price. For easier comprehension, TradeUP also includes a depth chart to visualize the order book so that users can identify supply and demand at a glance.
"With NYSE ArcaBook, TradeUP’s users are able to gain a clearer view of market activity," said Ryan Song, director of TradeUP. "By displaying multiple bids and asks in real-time, Level 2 screens allow investors, especially active traders, to gauge trade signals with intraday pricing and volume. For instance, investors can have a better sense of market liquidity by looking at how quickly buy and sell orders replenish. "
Song added, "Level 2 market data is often offered as a premium subscription service by other ‘zero-commission’ trading platforms, which means users still have to pay for access. TradeUP, on the other hand, makes this free to average U.S. retail investors. At TradeUP, zero-commission does not mean fewer product or service offerings. Instead, our goal is to utterly remove the last remaining barriers to investing for everyone."
Launched in January 2020, TradeUP is a fintech-powered investing platform that quickly drew the attention of young investors due to its intuitive and sleek design. According to Song, TradeUP also plans to upgrade its data provision to provide extra depth to users. Users may access additional, in-depth information and features available on TradeUP from the Discover module such as the economic calendar, most active stocks, and customizable alerts.
Commissions Disclosure
Zero-fee or commission-free trading means $0 commission trading on self-directed individual cash or margin brokerage accounts that trade U.S. exchange-listed stocks and ETFs online. A $0.65 per contract fee applies to options trades. TradeUP also charges commission on Hong Kong stock trading. For more information, see our full pricing details: https://www.itradeup.com/pricing/commissions-us
Brokerage services in TradeUP are offered by Marsco Investment Corporation. Download TradeUP in the Apple App Store or Google Play for free. For more information, please visit TradeUP’s website: https://www.itradeup.com/
About Marsco Investment Corporation
Marsco Investment Corporation is a registered brokerage firm at SEC (CRD:18483; SEC: 8-36754), a member of FINRA/SIPC and a member of DTC/NSCC, regulated by the US Securities and Exchange Commission and Financial Industry Regulatory Authority.
Risk Disclosure:
All investments involve risk, including possible loss of principal. Past performance of a security, market, or financial product does not guarantee future results. Electronic trading poses unique risks to investors. System response and access times may vary due to market conditions, system performance, and other factors. Market volatility, volume, and system availability may delay account access and trade executions. The contents of this article shall not be considered a recommendation or solicitation for the purchase or sale of securities, futures or other investment products.
– An online conference is held, and more actions will be taken to provide favorable conditions for international exhibitors to win more orders.
GUANGZHOU, China, June 5, 2020 /PRNewswire/ — The Canton Fair International Pavilion held an online promotion and communication conference on June 3 to help buyers and business associations in China get prepared for the first-ever online session of Canton Fair held from June 15 to 24.
The Canton Fair International Pavilion held an online promotion and communication conference to help buyers and business associations in China get prepared for the first-ever online session. In addition to the online promotion and communication conference, it will also organize a series of sourcing briefings during the event to equip exhibitors with the knowledge and tools to successfully enter the Chinese consumer market.
Provide Favorable Conditions for Exhibitors to Win More Orders.
To build up a bridge for Chinese buyers to exhibitors of both domestic and abroad, Canton Fair International Pavilion held this conference and will expand the scope of buyer invitation through the domestic trade associations, promote highlights of the event online, and spread the guidelines for visitors, aiming to provide favorable conditions for exhibitors to win more orders.
In addition to the online promotion and communication conference, it will also organize a series of sourcing briefings during the event. To equip exhibitors with the knowledge and tools to successfully enter the Chinese consumer market, it will invite China’s largest e-Commerce platforms — such as JD.com, Lifease, and Suning.com to shed light on the latest industry trends and areas of demand.
The First-ever Online Session with More Possibilities and Opportunities
This session Canton Fair will welcome 25,000 exhibitors from local and abroad including international companies from 28 countries and regions, which will open up more opportunities for highly personalized, real-time marketing and negotiations, promoting barrier-free global selling and buying online. Instead of exhibiting in different phases sequentially, all the international products will be categorized according to the 50 product categories, the same as Chinese mainland exhibitors, which will be displayed online simultaneously.
The power of IT brings new vigor and vitality into this Chinese traditional exhibition with over 63-year history. The new-developed digital platform will be ready for a one-stop trading experience covering online promotion, business matchmaking and negotiation to buyers and exhibitors. Online Exhibitor Center enables exhibitors of the International Pavilion to upload their videos to their own live broadcast rooms, and promote their products to a large number of buyers in different regions and time zones. It also allows exhibitors to arrange a virtual booth for facilitating communication with buyers through a range of instant messaging tools and video presentation solutions.
The Project Leader of Canton Fair International Pavilion noted that they hope to empower more international high-quality brands, products, and services, and support their entry into the Chinese market through the launch of this first-ever online session.
About Canton Fair International Pavilion
Established by Canton Fair in 2007, the International Pavilion has consistently attracted trade promotion agencies and professional associations to participate in the exhibition. After years of development, the International Pavilion has worked as a leading platform for growing international trade.
SHENZHEN, China, June 5, 2020 /PRNewswire/ — The COVID-19 pandemic has unexpectedly raised the sense of urgency in insurance purchase in China, paving the way for industry players to embrace notably ‘half-ready’ users through curated portfolio and user cultivation backed by technology, according to Alan Lau, CEO of Tencent WeSure.
Alan Lau, CEO of Tencent WeSure
Educating the largely under-insured population, building trust among users, and employing technology for accurate pricing are thus the three thrusts to gain an edge in China’s vast yet less penetrated insurance market, Lau addressed a high-profile webinar on innovative insurance practices in China on Tuesday.
The event held online this year due to the novel coronavirus was organized by The Digital Insurer, a trade group focused on accelerating the digital transformation of insurance. Lau was joined by industry peers from ZA Tech Global, Ping An Cloud Accelerator, as well as consultancy Oliver Wyman via a virtual panel discussion, where panelists elaborated on a wide range of topics from China’s ecosystem-driven insurance landscape to the role of technology.
"People often say that insurance is important but not urgent. But the pandemic did create quite a large group of what I would call ‘half-ready’ users, whose risk appetite or sensitivity to risk have grown but aren’t quite ready to buy," Lau said, citing the doubling of WeSure’s quarter-on-quarter revenue during the height of the outbreak in China.
The outbreak confirms the notion that a major public health event could, to some extent, stimulate demand for insurance. With the lockdown of Wuhan on Jan 23 at the height of the outbreak, demand for insurance saw rapid explosion as newly confirmed COVID-19 cases skyrocketed. With the development of the contagion, the number of total newly-added policy holders, the number of visits to WeSure’s mini program site-a critical indicator gauging prospective insurance needs, as well as annualized health insurance premium have all expanded, meanwhile registering substantial jump compared with same period in 2019.
He referred to a latest research Tencent WeSure conducted in tandem with Shanghai-based Fudan University, which unveiled a string of demographic changes among insurance buyers as a result of the pandemic. For instance, women have become more risk conscious, with the ratio of the number of men and women purchasing insurance on WeSure slashing from 2:1 to 1:1.
The highest jump in user numbers was witnessed among those in their 30s, a population segment perceived to bear the most family responsibilities. Also, by geographical breakdown, residents from the likes of Beijing and Guangdong, who have relatively stronger memories of SARS in 2003, experienced a noticeable pickup in insurance demand.
"So there’s a lot of work for us to do to cultivate and educate these users that have suddenly arrived in very big numbers," he noted, adding it’s by no means an easy feat given the complicatedness of insurance products even for the most educated population.
To make insurance buying less of a headache, Tencent WeSure has landed on two approaches: First is the adoption of a pre-selection pattern, wherein the platform hand-picks insurance products and tailors offerings based on individual needs. This ‘curated portfolio’ helps streamline the decision-making process, as opposed to the more common insurance marketplace model filled with a dazzling array of offerings that could easily deter prospective buyers.
The other more important gameplay is to employ the power of social "Word of Mouth" to both attract and retain customers. This is best exemplified by the fact that one-third of WeSure’s sales are generated from social referral, three times higher than industry average.
Lau said WeSure has always upheld viral marketing as a ‘very core aspect’ of the business, touting its indispensable role in this trust-based industry. "There’s no better connection and social relationship than what already exists…and no better way to sell when you hear it from your friend’s recommendations."
Apart from driving sales, the social aspect also weighs in on the post-purchase end, when making insurance claims could be a lengthy and troublesome process. Using a combination of artificial intelligence and human intervention, WeSure assigns each customer with a virtual ‘claim concierge’ that would follow through the entire process.
Such investment is paying off: Lau said 79% of claims handled via WeSure are processed within one day, whereas loss ratio is 30 to 80 percent lower than industry average.
The company has also embarked on new ways of customer engagement and education, riding on the knowledge-sharing and livestreaming boom for new sources of revenue. For instance, livestreaming has managed to turn clicks into revenue, with some 36,000 policies being snapped up from one online broadcast session on May 20. Lau said WeSure will expand the livestreaming footprint across major Chinese social media sites, imparting knowledge on real estate, fund and insurance through vivid, interactive story-telling.
Bill Song, CEO of ZA Tech Global, echoed Lau’s view, saying the comprehensive internet ecosystem, the technology to scale, and the regulatory leeway offered by the authorities hold key to success in China’s booming insurance market.
According to Leonard Li, a partner at Oliver Wyman, the four major growth drivers in Asia’s insurance market are the large protection gap, technological readiness, favorable ecosystems that provide one-stop shop to lifestyle needs, and thriving fintech investment activities.
Launched in 2017, WeSure currently boasts over 80 million active users. Four in ten customers would choose to repurchase from the company, a remarkable achievement fueled by algorithm and data-backed recommendations that serve to enhance product relevance for users.
About Tencent WeSure
Tencent WeSure Insurance Ltd. is Tencent’s insurance platform. Leveraging Tencent’s strengths of data-driven and social connection, Tencent WeSure works with well-known insurance companies to provide users with high-quality insurance services. Users can make insurance purchases, inquiries and claims directly on the firm’s vastly popular instant messaging and lifestyle platform, Tencent WeChat and QQ. For more information, please visit Tencent WeSure’s LinkedIn page.
HAIKOU, China, June 5, 2020 /PRNewswire/ — A batch of key industrial parks were unveiled on June 3 in China’s island province of Hainan, in an effort to promote the construction of the Hainan free-trade port.
The 11 key parks around the island cover three major fields, including tourism, modern services and advanced technologies.
"The industrial parks are important areas to illustrate trade and investment policies, pilot fields for bold trials, innovations and reforms and a new highland for reform and opening up," said Liu Cigui, secretary of the CPC Hainan Provincial Committee.
Liu said the key industrial parks are expected to play a leading role in the construction of the free-trade port.
On the same day, the first batch of service stations for Hong Kong, Macao and Taiwan compatriots as well as overseas Chinese were established in five key industrial parks of Hainan Free Trade Port, including Haikou Jiangdong New District, Yangpu Economic Development Zone, Boao Lecheng International Medical Tourism Pilot Zone, Sanya Yazhou Bay Science and Technology City, and Hainan Ecological Software Park.
The service stations are under the unified guidance of the United Front Work Department of Hainan Provincial Committee of the Communist Party of China, with the aim to provide business consultation and coordination guidance for Hong Kong, Macao and Taiwan compatriots as well as overseas Chinese who come to Hainan to invest and start up business, so as to boost the implementation of relevant policies of the Hainan Free Trade Port.
At present, there are 3.9 million overseas Hainanese in more than 60 countries and regions. About 400 thousand Hong Kong and Macao compatriots are from the hometown of Hainan, There are more than 3,000 Taiwanese compatriots and over 1,500 Taiwan-funded enterprises in Hainan.
China on Monday released the development plan for the Hainan free-trade port, aiming to build Hainan into a globally influential, high-level, free-trade port by the middle of the century.
SHANGHAI, June 5, 2020 /PRNewswire/ — Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company") today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2019 with the Securities and Exchange Commission on June 3, 2020. The annual report can be accessed on the Company’s investor relations website at http://www.acorninternationalgroup.com.
Acorn will provide a hard copy of its annual report for the fiscal year ended December 31, 2019, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company’s IR representatives, or in writing to Acorn International, Inc., 5/F, YueShang Plaza, 1 South Wuning Road, Shanghai 200042, People’s Republic of China.
About Acorn International, Inc.
Acorn International is a leading marketing and branding company in China, leveraging a twenty-year direct marketing history to monetize brand IP, content creation and distribution, and product sales, through digital media in China. For more information visit www.acorninternationalgroup.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements. 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 "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," "potential," and similar statements. Such statements are based on 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 Acorn’s control, including the extent and duration of the adverse impact of COVID-19, which may cause actual results, performance, actions, or achievements to differ materially from those in the forward-looking statements. 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 by law.
BEIJING, June 4, 2020 /PRNewswire/ — The speed and range of epidemic spreading strongly influence user behavior. CouponBirds latest data analysis shows that online users’ behavior has changed a lot in the past few months as COVID-19 became a pandemic, including devices, purchasing power, and country distribution.
Due to the impact of the epidemic, daily internet usage time increases, and outdoor activities drop a lot. Mobile devices are more dominating when people spend more time at home. CouponBirds May 2020 data shows that mobile device coverage increased to 62.79% from 53.38%.
As to consumers’ performance during the outbreak, it can be seen that the purchasing power and transaction volume show different trends when it comes to different kinds of products. CouponBirds data analysis team noticed that the demand for games, bicycles, and online education had been particularly increased. As stay-at-home time becomes longer and the shipping services are restricted during the epidemic, people are more likely to shell out money for easy entertainment like board games, puzzles, and video games. Furthermore, people tend to snap up new bicycles or dust off decades-old bikes to stay fit, keep their sanity, or have a safe alternative to public transportation. The third thriving business is online learning resources, which is a great choice for people who are studying, teaching, or working remotely in this uncertain environment.
CouponBirds data also shows the percentage of users by country was different during the epidemic. Users from the US, UK, Canada, and Australia increased by 15.07%, 14.02%, 27.49%, and 16.91% respectively.
The pandemic has big impacts on both customers and merchants. It is even harder to make the transaction happen when people’s income is shrinking. CouponBirds invests a lot to discover as many valid coupons as possible, which is the best way to help customers save and at the same time help merchants sell their products.
Like some charities are helping feed families during the coronavirus outbreak, CouponBirds is doing what we can to give back to the community. "CouponBirds Seedling Project was born during the outbreaks to help people in another way, and it is a great fundraising platform for non-profit organizations", said Sherry Zhao, marketing director of CouponBirds, "We are working hard to make CouponBirds one of the best communities to help more people".
About CouponBirds
CouponBirds is a leading coupon platform in terms of brand coverage, coupon accuracy, and coupon richness. It has been providing free and fresh coupon codes since 2012. With the biggest coupon operation team in the world and continuous engineering efforts input, CouponBirds is the top choice for customers looking for coupons and deals.
SEOUL, South Korea, June 4, 2020 /PRNewswire/ — Ranging from K-pop sensation BTS and Oscar-winning "Parasite", Korean pop culture appears to be having its moment. Combined with ultrafast internet and 5G-powered smartphones, the growing popularity of Korean movie and music has led to an expansion in the country’s digital content consumption.
Korea’s major credit card company Hyundai Card has introduced 5 key trends shaping Koreans’ spending habits on digital content. The result is based on the company’s 2017-2019 analysis of its consumer transaction data at 10 digital subscription service providers such as Netflix and YouTube Premium.
The three-year analysis was a part of the efforts to better understand Korean digital content subscribers by Hyundai Card, which has been leading the country’s credit card trends with products tailored to customers’ lifestyle and extensive digital transformation initiatives. It has developed an artificial intelligence-based chatbot, adopted blockchain for its system and built an advanced algorithm to offer more personalized customer services and benefits.
Infographic by Hyundai Card – Hyundai Capital Newsroom
1. Korea’s digital content market grows much faster than global trends
According to Hyundai Card’s analysis, its consumers spent some $30.83 million on music, video and e-book subscription services in 2019. It was about 2.6 times more than what was spent in 2017. The number of transactions has tripled over the same period from 2.36 million to 7.11 million.
While Korea is not the only country to witness the expansion of the digital content market, its growth pace has been much faster than global trends. According to Statista, digital content market (excluding games) edged up 1.13 times from $65.46 billion to $73.99 billion between 2017 and 2019, relatively slower than in Korea.
2. Video streaming services prompt explosive consumption in digital content
Among digital content subscription services, video streaming displayed the steepest growth in content consumption. Payments on video streaming services skyrocketed nine times from $2.05 million in 2017 to $17.92 million in 2019, while spending on music steaming services increased merely 1.3 times between 2017 and 2019.
The explosive growth of video streaming consumption was reflected in the transaction amount. Among the five most paid-for services in 2017, three were home-grown music streaming services such as Melon, Genie Music and Bugs Music. But in 2019, Netflix and local video streaming services like Wavve and TVING took up three spots.
3. No more piracy: Koreans more willing to pay for digital content than ever before
Psychological barriers had been high in Korea for consumption of paid content. People were mostly reluctant to pay for video-on-demand services and were used to downloading pirated films over the internet. Consuming paid digital content was deemed to belong only to tech-savvy young generation.
But this perception has changed. According to Hyundai Card’s joint survey with research agency OPENSURVEY, 92.7 percent of the respondents said they have a positive view about spending money on digital content. Of those surveyed, 37.4 percent said their perception has shifted from negative to positive.
4. In a rapidly aging society, the Korean elderly emerge as key consumer group
As Korea becomes a more aged society, the elderly have also increased their spending on digital content. Spending on digital content by those in their 50s and those aged 60 or more tripled from $1.2 million in 2017 to $3.5 million won in 2019, while spending by those in their 20s saw a two-fold increase between 2017 and 2019.
Noteworthy is the fact that people in their 60s were the most active users of e-book subscriptions. They spent 21 times more on e-books in 2019 than in 2017. Fifty-somethings spent 10 times more on video services over the same period.
5. Credit cards for streaming subscription gain popularity among Koreans
With digital entertainment options becoming more diversified, Korea has seen a series of credit cards targeting digital content subscribers. Hyundai Card also rolled out a new credit card "DIGITAL LOVER," offering an approximately $8 discount monthly from expenditure on digital streaming services such as Netflix and YouTube Premium.
"Against the backdrop of recent surge in digital content subscriptions propelled by the popularity of video streaming services," said a Hyundai Card spokesperson. "We took into account changes in consumer spending trend and life style when designing the card, not conventional elements such as their occupation or income. That led to upbeat response from customers."
