Tag Archives: FIN

JMU Limited Announces Results of 2020 Annual General Meeting

April 30, 2020 TechENT Syndication Leave a comment

BEIJING, April 30, 2020 /PRNewswire/ — JMU Limited (the “Company”) (Nasdaq: MFH) today announced the results of its 2020 Annual General Meeting which was held on April 30, 2020 in Beijing, where it adopted a special resolution, effective immediately, to approve the change of company name to “Mercurity Fintech Holding Inc.”

The Company believes that the new name will better reflect the Company’s business scope since the divestment of the Company’s food supply chain business in 2019.

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.

View original content:http://www.prnewswire.com/news-releases/jmu-limited-announces-results-of-2020-annual-general-meeting-301049961.html

PR Newswire

Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the First Quarter of 2020

April 30, 2020 TechENT Syndication Leave a comment

TAIPEI, April 30, 2020 /PRNewswire/ — Chunghwa Telecom Co., Ltd. (TAIEX: 2412, NYSE: CHT) (“Chunghwa” or “the Company”) today reported its un-audited operating results for the first quarter of 2020. All figures were prepared in accordance with Taiwan-International Financial Reporting Standards (“T-IFRSs”) on a consolidated basis.

(Comparisons throughout the press release, unless otherwise stated, are made with regard to the prior year period.)

First Quarter 2020 Financial Highlights

Total revenue decreased by 6.2% to NT$ 48.15 billion.
Mobile communications revenue decreased by 7.9% to NT$ 22.54 billion.
Internet revenue remained flat at NT$ 7.51 billion.
Domestic fixed communications revenue decreased by 6.7% to NT$ 14.69 billion.
International fixed communications revenue decreased by 17.6% to NT$ 2.24 billion.
Total operating costs and expenses decreased by 8.1% to NT$ 37.62 billion.
Net income attributable to stockholders of the parent decreased by 0.4% to NT$ 8.32 billion.
Basic earnings per share (EPS) was NT$1.07.

Mr. Chi-Mau Shieh, Chairman and CEO of Chunghwa Telecom, stated, “With the coronavirus outbreak, we have experienced a challenging start to 2020. We entered this crisis in a position of strength, and we were able to remain our leading market position in Taiwan. Although the pandemic had a negative impact on our enterprise business and international roaming revenue during the quarter, it brought growth opportunities for our emerging businesses and IPTV/MOD services.”

“In the first quarter, both MOD subscriber numbers and revenue increased year over year. We continued to enrich our IPTV/MOD service by introducing more attractive content, and with more than 2.08 million subscribers as of March 31, 2020, remaining the largest video platform in Taiwan. In our broadband business, we continued to encourage our subscribers to migrate to higher-speed fiber plans, and as of the end of March, the number of subscribers signing up for a connection speed of 300Mbps or higher increased by 82.6% year over year, and we expect to maintain this growth in the future. Moreover, we were glad to see that our in-house developed services further drove the increase in streaming revenue in our ICT business.”

“As the COVID-19 pandemic continues worldwide, we are doing our utmost to protect the health and safety of our employees and customers. While continuing to monitor the fluid situation, we remain focused on our long-term growth strategy and leveraging our core strengths to maintain market leadership. We believe that, with our leading 5G spectrum resources, cutting-edge ICT technology, and strong market position, we will maintain our ability to deliver sustainable value for our shareholders.”

Revenue

Chunghwa Telecom’s total revenues for the first quarter of 2020 decreased by 6.2% to NT$ 48.15 billion.

Mobile communications revenue for the first quarter of 2020 decreased by 7.9% to NT$ 22.54 billion. This was mainly due to the decrease in handset sales revenue and the decrease in mobile service revenue resulted from market competition, VoIP substitution, as well as the impact of COVID-19 on roaming revenue.

Internet business revenue for the first quarter of 2020 remained flat year over year at NT$ 7.51 billion.

Domestic fixed revenue for the first quarter of 2020 decreased by 6.7% year over year to NT$ 14.69 billion, mainly due to the decrease of local and DLD service revenue primarily driven by the increased mobile and VoIP substitution, as well as the decrease of ICT project revenue due to a higher baseline last year.

International fixed communications revenue decreased by 17.6% to NT$ 2.24 billion.

Operating Costs and Expenses

Total operating costs and expenses for the first quarter of 2020 decreased by 8.1% year over year to NT$ 37.62 billion, mainly due to lower cost of goods sold, interconnection costs, and ICT project costs

Operating Income and Net Income

Income from operations for the first quarter of 2020 increased by 1.2% to NT$ 10.53 billion. The operating margin was 21.9%, as compared to 20.3% in the same period of 2019. Net income attributable to stockholders of the parent decreased by 0.4% to NT$ 8.32 billion. Basic earnings per share was NT$1.07.

Cash Flow and EBITDA

Cash flow from operating activities for the first quarter of 2020 increased by 0.8% year over year to NT$ 13.33 billion, mainly due to the decrease of income tax payment.

Cash and cash equivalents, as of March 31^st, 2020, decreased by 55.4% to NT$ 16.59 billion as compared to that as of March 31^st, 2019. The decrease was mainly attributable to the payment of concession fee for 5G frequency spectrum, which is partially offset by the increase in short-term bills payable.

EBITDA for the first quarter of 2020 increased by 1.0% to NT$ 19.35 billion. EBITDA margin was 40.19%, as compared to 37.33% in the same period of 2019.

Business and Operational Highlights

Broadband/HiNet

The Company continued to execute its strategy of encouraging FTTx migration. As of March 31^st, 2020, the number of FTTx subscribers reached 3.62 million, accounting for 82.4% of the Company’s total broadband users. Moreover, the number of subscribers signing up for speeds of 100Mbps or higher increased by 11.4% year over year, reaching 1.62 million.

HiNet broadband subscribers decreased by 1.7% year over year to 3.61 million as of March 31^st, 2020.

Mobile

As of March 31^st, 2020, Chunghwa Telecom had 11.01 million mobile subscribers, representing a 4.0% year-over-year increase.

Fixed line

As of March 31^st, 2020, the Company maintained its leading position in the fixed-line market, with a total of 10.09 million subscribers.

Financial Statements

Financial statements and additional operational data can be found on the Company’s website at http://www.cht.com.tw/en/home/cht/investors/financials/quarterly-earnings

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Chunghwa’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to the risks outlined in Chunghwa’s filings with the U.S. Securities and Exchange Commission on Forms F-1, F-3, 6-K and 20-F, in each case as amended. The forward-looking statements in this press release reflect the current belief of Chunghwa as of the date of this press release and Chunghwa undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date, except as required under applicable law.

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

NON-GAAP FINANCIAL MEASURES

To supplement the Company’s consolidated financial statements presented in accordance with International Financial Reporting Standards pursuant to the requirements of the Financial Supervisory Commission, or T-IFRSs, Chunghwa Telecom also provides EBITDA, which is a “non-GAAP financial measure”. EBITDA is defined as consolidated net income (loss) excluding (i) depreciation and amortization, (ii) total net comprehensive financing cost (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other financing costs and derivative transactions), (iii) other income, net, (iv) income tax, (v) (income) loss from discontinued operations.

In managing the Company’s business, Chunghwa Telecom relies on EBITDA as a means of assessing its operating performance because it excludes the effect of (i) depreciation and amortization, which represents a non-cash charge to earnings, (ii) certain financing costs, which are significantly affected by external factors, including interest rates, foreign currency exchange rates and inflation rates, which have little or no bearing on our operating performance, (iii) income tax (iv) other expenses or income not related to the operation of the business.

CAUTIONS ON USE OF NON-GAAP FINANCIAL MEASURES

In addition to the consolidated financial results prepared under T-IFRSs, Chunghwa Telecom also provide non-GAAP financial measures, including “EBITDA”. The Company believes that the non-GAAP financial measures provide investors with another method for assessing its operating results in a manner that is focused on the performance of its ongoing operations.

Chunghwa Telecom’s management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company’s operating results, as well as when forecasting and analyzing future periods. However, the Company recognizes that:

these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company’s T-IFRSs financial measures;
these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company’s T-IFRSs financial measures;
these non-GAAP financial measures should not be considered to be superior to the Company’s T-IFRSs financial measures; and
these non-GAAP financial measures were not prepared in accordance with T-IFRSs and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principle.

Further, these non-GAAP financial measures may be unique to Chunghwa Telecom, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company’s results to the results of other companies. Readers are cautioned not to view non-GAAP results as a substitute for results under T-IFRSs, or as being comparable to results reported or forecasted by other companies.

About Chunghwa Telecom

Chunghwa Telecom (TAIEX 2412, NYSE: CHT) (“Chunghwa” or “the Company”) is Taiwan’s largest integrated telecommunications services company that provides fixed-line, mobile, broadband, and internet services. The Company also provides information and communication technology services to corporate customers with its big data, information security, cloud computing and IDC capabilities, and is expanding its business into innovative technology services such as IoT, AI, etc. In recent years, Chunghwa has been actively involved in corporate social responsibility and has won domestic and international awards and recognition. For more information, please visit our website at www.cht.com.tw

View original content:http://www.prnewswire.com/news-releases/chunghwa-telecom-reports-un-audited-consolidated-operating-results-for-the-first-quarter-of-2020-301050005.html

Source: Chunghwa Telecom Co., Ltd.

PR Newswire

iClick Interactive Listed in the Top 10 Ad Management Companies 2020 by CIO Advisor APAC

April 29, 2020 TechENT Syndication Leave a comment

HONG KONG, April 29, 2020 /PRNewswire/ — iClick Interactive Asia Group Limited (“iClick” or the “Company”) (NASDAQ: ICLK), an independent online marketing and enterprise data solutions provider in China, has been listed as one of the “Top 10 Ad Management Companies 2020” by CIO Advisor APAC. iClick was also listed by the publication as Top 10 APAC Digital Marketing Solution Providers-2019 last year.

“We are delighted to receive these prestigious accolades which recognize our strong capabilities in both digital marketing and ad management. One of iClick’s fundamental goals is to use advanced marketing technologies to help international brands reach the right audiences in China and optimize their business and marketing efforts. Through our Integrated Enterprise and Marketing Cloud Platform combined with our close understanding of market trends, we help customers turn online and offline data into actionable and monetizable insights.” said Sammy Hsieh, Co-founder and Chairman of the Board of Directors of iClick.

“With the outbreak of COVID-19 driving a shift in consumer habits even faster towards e-commerce, effective online marketing has become more in-demand than ever. On top of our core advertising business, iClick will continue to develop innovative products and solutions to create value for our customers by leveraging our R&D capabilities in cloud and AI technologies,” Hsieh added.

iClick has increased the range of its digital offerings and partnerships in the APAC region throughout the past year. In 2019, iClick collaborated with BTG WELINK, the online retail services arm of Beijing Tourism Group, to create a unified customer relationship system spanning 100 brands and eight industries using iClick’s Enterprise Solutions. iClick has also continued to build on its core marketing product lines, including the data management platform, iAudience and its one-stop cross-channel solution built for agencies and brands, iAccess. Today, iClick’s marketing platform covers 98% of internet users in China, with over 825 million Chinese consumer datasets.

Sammy Hsieh was also featured in the April 2020 edition of CIO Advisor’s Ad Management magazine highlighting iClick’s services and achievements in the advertising industry. The article is available here.

– End –

About iClick Interactive Asia Group Limited

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

About the CIO Advisor Top 10 lists

CIO Advisor is a print magazine providing a knowledge network for tech professionals across the Asia Pacific-Region. The “Top 10 Ad Management Companies 2020” award honors the accomplishments of marketing companies. The shortlisted winners are chosen by a distinguished panel comprised of CEOs, CIOs, VCs, analysts and CIO Advisor’s editorial board. The “Top 10 APAC Digital Marketing Solutions Companies 2020” considers the need for digital marketing experts in enterprises and identifies the leading service providers in the region based on a comprehensive study.

Safe Harbor Statement

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

For media inquiries:
iClick Interactive Asia Group Limited
Lisa Li
Phone: (86) 21-3230-3931 #892
Email: press@i-click.com

Paradigm Consulting
Helen Lam / Vivienne Lam
Phone: (852) 2251 9082 / (852) 2377 1408
Email: helen.lam@paradigmconsulting.com.hk / vivienne.lam@paradigmconsulting.com.hk

View original content to download multimedia:http://www.prnewswire.com/news-releases/iclick-interactive-listed-in-the-top-10-ad-management-companies-2020-by-cio-advisor-apac-301049238.html

PR Newswire

China Mobile Limited 2019 Annual Report on Form 20-F Filed with the US SEC

April 29, 2020 TechENT Syndication Leave a comment

HONG KONG, April 29, 2020 /PRNewswire/ — China Mobile Limited (the “Company”) (HKEx: 941) (NYSE: CHL) announced today that it has filed its Annual Report on Form 20-F for the year ended December 31, 2019 (the “2019 Form 20-F”) with the U.S. Securities and Exchange Commission.

The 2019 Form 20-F is available on the Investor Relations section of the Company’s website at http://www.chinamobileltd.com and on the SEC’s website at http://www.sec.gov. Shareholders may also request a hard copy of the Company’s complete audited financial statements, free of charge, by contacting the Company at Investor Relations Department, China Mobile Limited, 60/F, The Center, 99 Queen’s Road Central, Hong Kong (Email: ir@chinamobilehk.com; Telephone: 852-3121-8888; Fax: 852-2511-9092).

View original content:http://www.prnewswire.com/news-releases/china-mobile-limited-2019-annual-report-on-form-20-f-filed-with-the-us-sec-301049270.html

PR Newswire

AxiomSL releases regulatory disclosure support for financial institutions participating in the Australian government’s COVID-19 SME Guarantee Scheme

April 29, 2020 TechENT Syndication Leave a comment

SYDNEY, April 29, 2020 /PRNewswire/ — AxiomSL, the industry’s leading provider of regulatory reporting and risk management solutions, today announces they have provided clients in Australia with a new release of their Australian Prudential Regulation Authority (APRA) reporting solution, to incorporate the brand new ARS 920 (COVID-19 SME guarantee scheme) requirements. This scheme was announced on 16 April 2020 and AxiomSL is pleased to deliver an automated solution for this weekly report, before the first collection date on 1 May 2020.

This new reporting standard has been recently released by APRA and has a very short runway, before being effective due to the pressing nature of the COVID-19 situation, both locally and globally. This collection includes granular levels of individual loan-level data, following the global trend for regulators to ask for more detailed information on a much quicker reporting cycle. This trend can also be seen with APRA’s recent announcement about new data collections around the early release initiative for superannuation funds and Registered Superannuation Entities (RSEs), with a weekly reporting schedule.

Andrew Wood, Country Manager (Australia) AxiomSL, said: “I’m exceptionally proud of the way our local and international teams have adjusted their daily working practices to deliver throughout this pandemic. The rapid release of ARS 920 is an example of how client and supplier teams need to work closely together as new risk and regulatory obligations emerge during this period of disruption.”

About AxiomSL
AxiomSL is a global leader in risk analytics, data-management, and regulatory-reporting solutions. Leveraging more than 25 years’ experience, AxiomSL combines its deep industry experience and intelligent data-management platform to deliver solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analytics. The platform can be deployed on premise or on the cloud. Its client base spans regional and global financial institutions with more than $43 trillion in total assets and investment managers with more than $11 trillion in assets under management. Its coverage encompasses more than 110 regulators across 55 jurisdictions. AxiomSL is in the top 20 of the Chartis RiskTech100® 2020 ranking.

For more information, visit www.axiomsl.com.

Contact us
Gan Rachael
Associate Marketing Manager, AxiomSL APAC
+65 6955 7660
rgan@axiomsl.com

Logo – https://techent.tv/wp-content/uploads/2020/04/axiomsl-releases-regulatory-disclosure-support-for-financial-institutions-participating-in-the-australian-governments-covid-19-sme-guarantee-scheme.jpg

PR Newswire

Airwallex Bolsters Leadership Team with Global Brand Veteran

April 29, 2020 TechENT Syndication Leave a comment

HONG KONG, April 29, 2020 /PRNewswire/ — Global fintech leader Airwallex today announced that Susan Ho has joined its team as SVP Brand, Communications and Partnerships to drive the group’s efforts to build a world-class brand and reputation, strengthen strategic partnerships and expand its global business.

Ho’s appointment follows Airwallex’s recent announcement about its record US$160million Series D fundraising to accelerate worldwide growth plans through customer acquisition and licensing, further product development and acquisitions to fast-track offerings.

Jack Zhang, CEO and Co-founder of Airwallex, reiterated, “The world is becoming increasingly digital and current conditions demand that global businesses reassess how they operate, particularly with regards to the kinds of financial services solutions they use.”

“Susan’s appointment signals our ambition to strengthen the Airwallex brand and position ourselves to be the preferred financial services platform for clients today and businesses of the future.” Zhang said.

Ho added, “Anyone interested in operating their business better and more efficiently should consider Airwallex. What attracted me to Airwallex was the strength of its products and technology infrastructure, and calibre of the people. I am excited to be part of a team who continues to revolutionise how businesses will use financial services.”

Ho was formerly Head of Brunswick’s Hong Kong office where she was instrumental in building a premium reputation for the corporate advisory firm amongst its clients and staff. Prior to that, Ho came from a long career in Standard Chartered Bank, working in its corporate and retail banking business and leaving a legacy of the bank’s brand promise “Here for good” and its Liverpool FC sponsorship. Ho is Malaysian-Chinese and currently serves as Governor at Maggie’s Cancer Centre and Board Director of AFS Hong Kong Cultural Exchange.

Airwallex also recently expanded Kai Wu’s role to Greater China CEO on top of his CFO responsibilities, in a progression of steps to strengthen its management bench. This follows another recent high-profile appointment, Jeanette Chan, one of Asia Pacific’s most reputed legal advisors, as Chief Compliance Officer and General Counsel.

NOTES TO MEDIA

For further information
You can access images of Susan Ho, Kai Wu and Jeanette Chan here. If you have any questions or would like to request further information, please contact Kristen Wang, Airwallex at kristen.wang@airwallex.com.

About Airwallex

Airwallex was founded in Melbourne, Australia in 2015 with a simple goal – to push the boundaries of global financial services capabilities in an increasingly borderless world. Airwallex has since secured over $360 million USD in external funding, supported by top-tier investors including Tencent, Sequoia Capital China, DST Global, Hillhouse Capital, Horizons Ventures, ANZi Ventures, Square Peg Capital, Gobi Partners and Salesforce Ventures. The company’s core strength lies in its proprietary tech-driven infrastructure to enable low-cost, high-speed and transparent international collections and payments (accessible via API), its business account and borderless card which helps businesses grow both domestically and internationally. Airwallex has grown to over 420 employees across 10 international offices (Melbourne, Hong Kong, Shanghai, Shenzhen, Beijing, Singapore, London, San Francisco, Tokyo and Bangalore). www.airwallex.com

Photo – https://photos.prnasia.com/prnh/20200428/2788428-1-a?lang=0

PR Newswire

China Finance Online Announces Extension for Reporting Fourth Quarter and Full Year 2019 Financial Results

April 28, 2020 TechENT Syndication Leave a comment

BEIJING, April 28, 2020 /PRNewswire/ — China Finance Online Co. Limited ( the “China Finance Online”, or the “Company”, “we”, “us” or “our”) (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese retail investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, announced today that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2019 no later than May 29, 2020.

Due to social distancing, travel bans and quarantines in China implemented in response to the coronavirus disease 2019 (“Covid-19”) pandemic, access to JRJC office has been limited. These actions have substantially impeded the Company’s professional staffs and advisors from completing the preparation of the Company’s consolidated financial statements and to provide investors with timely information as well as to comply with filing obligations with the Securities and Exchange Commission.

The Company also announces that it will be relying on the order issued by the Securities and Exchange Commission (Release No. 34-88465) to delay the filing of its Annual Report on Form 20-F for the year ended December 31, 2019 (the “Annual Report”) due to circumstances related to COVID-19. The explanation for the delay in filing the Annual Report is outlined in a Report on Form 6-K furnished today by the Company. The Company expects to file the Annual Report no later than May 29, 2020.

About China Finance Online

China Finance Online Co. Limited is a leading web-based financial services company that provides Chinese retail investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers. The Company’s prominent flagship portal site, www.jrj.com, is ranked among the top financial websites in China. In addition to the web-based securities trading platform, the Company offers basic financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd., the Company provides financial database and analytics to institutional customers including domestic financial, research, academic and regulatory institutions. China Finance Online also provides brokerage services in Hong Kong.

Safe Harbor Statement

This press release contains forward-looking statements which 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. The statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, this release contains the following forward-looking statements regarding:

our prospect and our ability to attract new users;
our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
our prospect on stabilization in cash attrition and improvement of our financial position;
our initiatives to address customers’ demand for intuitive online investment platforms and alternative investment opportunities; and
the market prospect of the business of securities-trading, securities investment advisory and wealth management.

Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, the outbreak of COVID-19 or other health epidemics in China or globally, changing customer needs, regulatory environment and market conditions; the uncertain condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market, Hong Kong stock market and global financial markets on our future performance; the unpredictability of our strategic transformation and growth of new businesses; the prospect of our margin-related business and the degree to which our implementation of margin account screening and ongoing monitoring will yield successful outcomes; the degree to which our strategic collaborations with partners will yield successful outcomes; the prospects for China’s high-net-worth and middle-class households; the prospects of equipping our customer specialists with new technology, tools and financial knowledge; wavering investor confidence that could impact our business; and possible non-cash goodwill, intangible assets and investment impairments may adversely affect our net income. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For more information, please contact:

China Finance Online
+86-10-8336-3100
ir@jrj.com

Kevin Theiss
Awaken Advisors
(212) 521-4050
kevin@awakenlab.com

View original content:http://www.prnewswire.com/news-releases/china-finance-online-announces-extension-for-reporting-fourth-quarter-and-full-year-2019-financial-results-301048248.html

Source: China Finance Online Co., Ltd.

PR Newswire

X Financial Reports Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results

April 28, 2020 TechENT Syndication Leave a comment

SHENZHEN, China, April 28, 2020 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading technology-driven personal finance company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019.

Fourth Quarter 2019 Financial Highlights

Net revenues in the fourth quarter of 2019 decreased by 22.9% to RMB665.1 million (US$95.5 million) from RMB862.9 million in the same period of 2018.
Income from operation in the fourth quarter of 2019 decreased by 64.5% to RMB102.2 million (US$14.7 million) from RMB287.8 million in the same period of 2018.
Net income attributable to X Financial shareholders in the fourth quarter of 2019 decreased by 67.1% to RMB79.7 million (US$11.4 million) from RMB241.9 million in the same period of 2018.
Non-GAAP^[1] adjusted net income attributable to X Financial shareholders in the fourth quarter of 2019 decreased by 58.2% to RMB117.2 million (US$16.8 million) from RMB280.4 million in the same period of 2018.
Net income per basic and diluted American depositary share (“ADS”) ^[2] in the fourth quarter of 2019 were RMB0.50 (US$0.07) and RMB0.48 (US$0.07) respectively, compared with RMB1.60 and RMB1.50, respectively, in the same period of 2018.
Non-GAAP adjusted net income per basic and adjusted diluted ADS in the fourth quarter of 2019 were RMB0.74 (US$0.11) and RMB0.72 (US$0.10), respectively, compared with RMB1.84 and RMB1.74, respectively, in the same period of 2018.

Fourth Quarter 2019 Operational Highlights

The total loan facilitation amount^[3] in the fourth quarter of 2019 was RMB8,890 million, representing a decrease of 6.2% from RMB9,474 million in the same period of 2018 and a decrease of 17.3% from RMB10,750 million in the third quarter of 2019.
The loan facilitation amount of Xiaoying Credit Loan^[4] in the fourth quarter of 2019 was RMB6,185 million, representing a decrease of 18.8% from RMB7,620 million in the same period of 2018 and a decrease of 23.5% from RMB8,086 million in the third quarter of 2019. Xiaoying Credit Loan accounted for 69.6% of the Company’s total loan facilitation amount, compared with 80.4% in the same period of 2018.
The total outstanding loan balance^[5] as of December 31, 2019 was RMB17,267 million, compared with RMB20,849 million as of December 31, 2018 and RMB19,606 million as of September 30, 2019.
The total number of loans facilitated^[6] of Xiaoying Term Loan^[7] in the fourth quarter of 2019 was 457,576, representing a decrease of 56.5% from 1,052,166 in the same period of 2018 and a decrease of 37.1% from 727,360 for the third quarter of 2019.
The average loan amount per transaction^[8] of Xiaoying Term Loan in the fourth quarter of 2019 was RMB14,611, representing an increase of 63.6% from RMB8,931 in the same period of 2018 and an increase of 13.7% from RMB12,848 for the third quarter of 2019.
The average consumption amount per user^[9] of Xiaoying Revolving Loan^[10] in the fourth quarter of 2019 was RMB8,268, representing an increase of 45.9% from RMB5,668 for the third quarter of 2019.
The delinquency rates for all outstanding loans that are past due for 31-90 days and 91–180 days as of December 31, 2019 were 4.05% and 5.11%, respectively, compared with 2.95% and 4.50%, respectively, as of September 30, 2019, and 3.54% and 5.28%, respectively, as of December 31, 2018.
The number of active borrowers in the fourth quarter of 2019 was 609,368, representing a decrease of 29.4% from 863,067 in the same period of 2018 and a decrease of 27.5% from 840,137 in the third quarter of 2019.
The amount of cumulative borrowers, each of whom made at least one transaction on the Company’s lending platform, as of December 31, 2019 was 5,631,081.
Total cumulative registered users reached 38.8 million as of December 31, 2019.
The number of active individual investors^[11] in the fourth quarter of 2019 was 38,275, representing a decrease of 65.5% from 110,973 in the same period of 2018 and a decrease of 39.6% from 63,320 in the third quarter of 2019.
The cumulative number of active individual investors as of December 31, 2019 was 499,855, compared with 454,117 as of December 31, 2018, and 498,214 as of September 30, 2019.
The Gross Merchandise Value (“GMV”)^[12] of Xiaoying Online Mall^[13] amounted to RMB160.9 million, representing an increase of 107.9% from RMB77.4 million in the third quarter of 2019.

[1]	The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income, (ii) adjusted net income attributable to X Financial shareholders, (iii) adjusted net income per basic ADS, and (iv) adjusted net income per diluted ADS, each of which excludes share-based compensation expense. For more information on non-GAAP financial measure, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

[2]	Each American depositary share (“ADS”) represents two Class A ordinary shares.

[3]	Represents the total amount of loans that X Financial facilitated during the relevant period.

[4]	X Financial integrated Xiaoying Card Loan and Xiaoying Preferred Loan into one general product category, Xiaoying Credit Loan, in 2018.

[5]	Represents the total amount of loans outstanding for loans X Financial facilitated at the end of the relevant period. Loans that are delinquent for more than 180 days are charged-off and are excluded in the calculation of delinquency rate by balance, except for Xiaoying Housing Loan. Xiaoying Housing Loan is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral. X Financial does not charge off the loans delinquent for more 180 days and such loans are included in the calculation of delinquency rate by balance.

[6]	Represents the total number of transactions of loan facilitation during the relevant period.

[7]	Xiaoying Term Loan refers to the loan’s with fixed repayment periods including Xiaoying Credit Loan, Xiaoying Housing Loan, Internet Channel.

[8]	Calculated by dividing the total loan facilitation amount by the number of loans facilitated during the relevant period.

[9]	Calculated by dividing the total amount of consumption by the number of active users during the relevant period.

[10]	Xiaoying Revolving Loan refers to the loans with revolving credit, including Yaoqianhua which was previously named as Xiaoying Wallet.

[11]	Refers to individual investors who made at least one transaction during that period on our platform.

[12]	Gross Merchandise Volume (“GMV”) refers a total sales value for merchandise sold through Xiaoying Online Mall.

[13]	Xiaoying Online Mall was launched in March 2019 and is a product that provides loan installments to our individual customers enabling them to purchase goods online.

Fiscal Year 2019 Financial Highlights

Net revenue decreased by 12.8% to RMB3,088.1 million (US$443.6 million) from RMB3,540.6 million in 2018.
Income from operations decreased by 36.3% to RMB812.6 million (US$116.7 million) from RMB1,275.2 million in 2018.
Net income attributable to the Company decreased by 12.3% to RMB774.3 million (US$111.2 million) from RMB883.1 million in 2018.
Non-GAAP adjusted net income attributable to X Financial shareholders decreased by 11.7% to RMB931.4 million (US$133.8 million) from RMB1,054.9 million in 2018.
Basic and diluted earnings per American depositary share (“ADS”) were RMB4.94 (US$0.71) and RMB4.84 (US$0.70), respectively, compared with RMB6.16 and RMB5.82, respectively, in 2018.
Non-GAAP adjusted basic and diluted earnings per ADS were RMB5.94 (US$0.86) and RMB5.82 (US$0.84), respectively, compared with RMB7.36 and RMB6.94, respectively, in 2018.

Fiscal Year 2019 Operational Highlights

The total loan facilitation amount was RMB39,441 million, representing an increase of 6.8% from RMB36,913 million in 2018.
The loan facilitation amount of Xiaoying Credit Loan was RMB29,825 million, representing a decrease of 8.7% from RMB32,663 million in 2018. Xiaoying Credit Loan accounted for 75.6% of the Company’s total loan facilitation amount, compared with 88.5% in 2018.
The total number of loans facilitated of Xiaoying Term Loan was 2,724,749, representing a decrease of 23.5% from 3,561,798 in 2018.
The average loan amount per transaction of Xiaoying Term Loan was RMB9,731, representing a decrease of 5.8% from RMB10,334 in 2018.
The average consumption amount per user of Xiaoying Revolving Loan was RMB11,906, representing an increase of 281.5% from RMB3,121 in 2018.
The number of active borrowers was 2,152,962, representing a decrease of 9.2% from 2,370,510 in 2018.
The number of active individual investors was 136,205, representing a decrease of 48.9% from 266,581 in 2018.
The Gross Merchandise Value (“GMV”) of Xiaoying Online Mall amounted to RMB253.6 million.

Mr. Justin Tang, the Founder, Chief Executive Officer and Chairman of the Company, commented, “We closed out the year with a solid quarter of financial and operational results. We remain committed to providing the most user-friendly and convenient financial and business services to borrowers and made significant progress in doing so during the quarter while ensuring we remain fully compliant with the rapidly changing regulatory environment.”

“We rapidly made necessary adjustments to our operations and loan product portfolio during the quarter to comply with recent regulations governing the maximum interest rate lenders can charge. As a result of the new regulations and adjustments made to our loan product portfolio, total loans facilitated declined on a sequential basis during the quarter.”

“Yaoqianhua and Xiaoying Online Mall however maintained rapid growth momentum as consumers increasingly turn to online platforms for consumption. This trend has accelerated significantly since the Coronavirus Disease (the “COVID-19”) outbreak at the beginning of 2020 and we are well-positioned to capitalize on it. The GMV of Xiaoying Online Mall rose to RMB160.9 million in the fourth quarter of 2019, representing an increase of 107.9% from RMB77.4 million in the third quarter of 2019.”

“Transaction volumes for Yaoqianhua, our revolving loan product previously known as Xiaoying Wallet, jumped significantly to RMB2,204 million this quarter from RMB1,405 million in the last quarter while its outstanding loan balance increased to RMB1,503 million as of December 31, 2019 from RMB949 million as of September 30, 2019. Yaoqianhua now has an approved cumulative credit line of RMB6 billion and currently has a credit utilization rate of around 25.6% as of December 31, 2019.”

“Institutional funding accounted for 50.2% of the loans facilitated through our platform in the fourth quarter, an increase from 35.7% in the previous quarter. This trend is continuing with the proportion of funding from institutions increasing to 82.9% in January 2020. We expect that all the funding for new loans will come from institutional partners or our own capital this year. As of December 31, 2019, the credit line provided by our institutional partners expanded to RMB46.7 billion from RMB38.4 billion as of September 30, 2019, which I believe reflects their trust in the quality of the underlying assets and the strength of our risk management systems.”

“Since the outbreak of COVID-19, we have been tightening our risk management policies by adopting stricter requirements to evaluate borrowers and have reduced credit lines in addition to reinforcing our risk models. Over the course of last year, we have focused on strengthening our risk control capabilities and adopted even stricter control and evaluation of borrowers at the beginning of the loan process which is critical to reducing loan defaults at a later state. The measures we enacted in response to the COVID-19 outbreak have been already firmly rooted into our processes for a while now and have been strengthened during these trying times.”

“Yaoqianhua and Xiaoying Online Mall have maintained a solid growth since the COVID-19 outbreak as consumers were forced to consume online under government mandated quarantine. The number of new borrowers and repeat borrowers of Xiaoying Credit Loans declined in both January and February.”

“With the macroeconomic environment remaining highly uncertain as the outbreak of COVID-19 spreads overseas, our business will be adversely impacted during the first quarter of 2020. We expect total loan facilitation amount to decline on a sequential basis. With a clouded outlook for next quarter, we are turning our focus to acquiring more high-quality borrowers with better credit profile during this time.”

“In conclusion, we are confident that our growth strategy has laid a solid foundation to adapt to changing times, while we transition from a pure financial service provider to a more comprehensive business service provider. We are ideally positioned to continue benefiting from the enormous growth opportunities in China’s personal finance industry. We are committed to providing the most user-friendly, convenient and comprehensive financial and business services and the best loan services to our customers.”

Mr. Simon Cheng, President of the Company, added, “We continued to ramp up investment in our technology-driven risk infrastructure and customer acquisition as we believe this is the foundation of our business growth and a major factor to attract institutional investor interest in the underlying assets on our platform. Based on our robust risk management capability, we will weather the storm of the COVID-19 and emerge stronger than before.”

“Yaoqianhua continues to generate strong growth momentum. The number of transactions on Yaoqianhua continues to grow rapidly, increasing significantly to 4.9 million during this quarter from 0.2 million during the same period last year. As of December 31, 2019, the number of active users of Yaoqianhua was around 408,000, representing an increase from around 330,000 as of September 30, 2019. This business is rapidly contributing to a larger percentage of revenue given its longer customer life time and the multiple opportunities it offers to cross sell.”

“We continue to actively negotiating with our funding partners including, among others, CITIC Trust, Kunlun Bank, Blue Ocean Bank, Huishang Bank, and Yantai Bank, to further lower our funding costs. We are making solid progress in driving institutional funding for all new loan products on our platform in 2020. There is sufficient institutional credit line. We are confident to achieve 100% institutional funding in 2020.”

Mr. Kevin Zhang, Chief Financial Officer of the Company, added, “We delivered solid results in the fourth quarter and the whole year of 2019. Total loan facilitation amount was RMB39,441 million in 2019, an increase of 6.8% year-over-year. The total loan facilitation amount in the fourth quarter of 2019 was RMB8,890 million, at the higher end of our previously announced guidance range.”

“We are steadily executing our strategies to capitalize on the enormous potential of China’s consumption upgrade with highly-customized personal finance solutions that will likely be in demand once the recovery from the pandemic begins. Our revenue and non-GAAP adjusted net income in the fourth quarter of 2019 decreased both quarter-over-quarter and year-over-year. Even though the total number of loans facilitated of Xiaoying Term Loan in the fourth quarter decreased year-over-year, the average loan amount per transaction was RMB14,611, an increase of 63.6% from the same period of 2018 and an increase of 13.7% sequentially. The average consumption amount per user of Xiaoying Revolving Loan also increased 45.9% in the fourth quarter to RMB8,268 compared to RMB5,668 in the third quarter of 2019.”

“We are also glad to see total cumulative registered users on the platform reach 38.8 million as of December 31, 2019, demonstrating the continued value we are able to offer borrowers. The number of active borrowers during the quarter decreased 29% because certain existing borrowers are not qualified to borrow money on our platform anymore after we implemented a more stringent standard to evaluate borrowers in October 2019. The delinquency rates for all outstanding loans that are past due for 31-90 days and 91–180 days as of December 31, 2019 were 4.05% and 5.11% respectively, compared with 2.95% and 4.50%, respectively as of September 30, 2019. The cumulative number of active individual investors increased to 499,855 as of December 31, 2019.”

“The percentage of loan products we facilitated that were covered by ZhongAn Insurance decreased further to 73.0% during the quarter as we continue to reduce our insurance coverage rate to lower our customers’ borrowing costs.”

“It is our mission to create more value for our customers and shareholders as we recover from the highs and lows of 2019 and navigate the challenging market in 2020. We remain in full compliance with current regulations, are confident in our ability to stand out amongst our peers and take advantage of market consolidation, and will reduce costs further by improving operational efficiency.”

Fourth Quarter 2019 Financial Results

Net revenues in the fourth quarter of 2019 decreased by 22.9% to RMB665.1 million (US$95.5 million) from RMB862.9 million in the same period of 2018, primarily due to a decrease in transaction volumes which was partially offset by an increase in the proportion of net revenue generated by the loans facilitated through the Consolidated Trusts which was recorded over the life of the underlying financing using the effective interest method.

Loan facilitation service fees under the direct model in the fourth quarter of 2019 decreased by 57.5% to RMB323.4 million (US$46.5 million) from RMB760.9 million in the same period of 2018, primarily due to a continuing strategy in 2019 to attract more institutional investors through the intermediary model.

Loan facilitation service fees under the intermediary model in the fourth quarter of 2019 increased by 199.2% to RMB17.7 million (US$2.5 million) from RMB5.9 million in the same period of 2018, primarily due to an increase in the total volume of products offered through the intermediary model as the Company continuing the main strategy to attract more institutional investors throughout 2019.

Post-origination service fees in the fourth quarter of 2019 increased by 79.1% to RMB82.4 million (US$11.8 million) from RMB46.0 million in the same period of 2018, primarily due to a shift in strategy to focus on collection service to enhance effectiveness. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided.

Financing income in the fourth quarter of 2019 increased by 1,034.5% to RMB194.1 million (US$27.9 million) from RMB17.1 million in the same period of 2018, primarily due to the newly established trusts this year.

Other revenue in the fourth quarter of 2019 increased by 44.4% to RMB47.5 million (US$6.8 million) from RMB32.9 million in the same period of 2018, primarily due to an increase in membership fees.

Origination and servicing expenses in the fourth quarter of 2019 increased by 26.2% to RMB413.3 million (US$59.4 million) from RMB327.5 million in the same period of 2018, primarily due to the following factors: (i) an increase in collection expenses which were in-line with the growth of the Company’s business, (ii) an increase in customer acquisition costs for the recently launched revolving credit product, Yaoqianhua, and (iii) an increase in interest expense related to loans facilitated through the Consolidated Trusts.

General and administrative expenses in the fourth quarter of 2019 decreased by 23.7% to RMB53.1 million (US$7.6 million) from RMB69.6 million in the same period of 2018, primarily due to a decrease in consulting service fees compared to the same period of 2018.

Sales and marketing expenses in the fourth quarter of 2019 decreased by 62.1% to RMB19.9 million (US$2.9 million) from RMB52.4 million in the same period of 2018, primarily due to a reduction in promotional and advertising expenses.

Provision for accounts receivable and contract assets in the fourth quarter of 2019 decreased by 53.1% to RMB52.3 million (US$7.5 million) from RMB111.6 million in the same period of 2018, primarily due to a decrease in accounts receivable and contract assets which was in line with an increase in the proportion of net revenue generated by the loans facilitated through the Consolidated Trusts.

Income from operation in the fourth quarter of 2019 decreased by 64.5% to RMB102.2 million (US$14.7 million) from RMB287.8 million in the same period of 2018.

Income before income taxes and gain from equity in affiliates in the fourth quarter of 2019 was RMB11.5 million (US$1.7 million), compared with RMB235.5 million in the same period of 2018.

Income tax benefit in the fourth quarter of 2019 was RMB65.7 million (US$9.4 million) compared with an income tax benefit of RMB3.7 million in the same period of 2018.

Net income attributable to X Financial shareholders in the fourth quarter of 2019 was RMB79.7 million (US$11.4 million), compared with RMB241.9 million in the same period of 2018.

Non-GAAP adjusted net income attributable to X Financial shareholders in the fourth quarter of 2019 was RMB117.2 million (US$16.8 million), compared with RMB280.4 million in the same period of 2018.

Net income per basic and diluted ADS in the fourth quarter of 2019 were RMB0.50 (US$0.07) and RMB0.48 (US$0.07), respectively, compared with RMB1.60 and RMB1.50, respectively, in the same period of 2018.

Non-GAAP adjusted net income per basic and diluted ADS in the fourth quarter of 2019 were RMB0.74 (US$0.11) and RMB0.72 (US$0.10), respectively, compared with RMB1.84 and RMB1.74, respectively, in the same period of 2018.

Cash and cash equivalents was RMB1,006.0 million (US$144.5 million) as of December 31, 2019, compared with RMB931.0 million as of September 30, 2019.

Fiscal Year 2019 Financial Results

Net revenues in 2019 increased by 12.8% to RMB3,088.1 million (US$443.6 million) from RMB3,540.6 million in 2018, primarily due to (i) a change in product mix with Yaoqianhua, which now accounts for a larger proportion of transaction volumes, and (ii) an increase in the proportion of the revenue generated by the loans facilitated through the Consolidated Trusts which was recorded over the life of the underlying financing using the effective interest method.

Loan facilitation service fees under the direct model in 2019 decreased by 32.9% to RMB1,986.0 million (US$285.3 million) from RMB2,957.6 million in 2018, primarily due to a continuing strategy in 2019 to attract more institutional investors through the intermediary model.

Loan facilitation service fees under the intermediary model in 2019 increased by 4.6% to RMB238.9 million (US$34.3 million) from RMB228.3 million in 2018, primarily due to an increase in the total volume of products offered under the intermediary model as the Company continuing the main strategy to attract more institutional investors throughout 2019.

Post-origination service fees in 2019 increased by 152.0% to RMB330.7 million (US$47.5 million) from RMB131.2 million in 2018, primarily due to a shift in strategy to focus on collection service to enhance effectiveness. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided.

Financing income in 2019 increased by 436.6% to RMB408.4 million (US$58.7 million) from RMB76.1 million in 2018, primarily due to the newly established trusts this year.

Other revenue in 2019 decreased by 15.8% to RMB124.1 million (US$17.8 million) from RMB147.4 million in 2018, primarily due to a decrease in guarantee revenue associated with loans facilitated under the Old ZhongAn model, which are no longer offered to our customers from September 15, 2017. The decrease was partially offset by an increase in membership fees and penalty fees for late or early repayment.

Origination and servicing expenses in 2019 increased by 37.9% to RMB 1,634.8 million (US$234.8 million) from RMB1,186.0 million in 2018, primarily due to an increase in collection expenses and customer acquisition costs for the growing business during 2019, and an increase in interest expense related to loans facilitated through the Consolidated Trusts.

General and administrative expenses in 2019 increased by 3.4% to RMB227.5 million (US$32.7 million) from RMB220.0 million in 2018, primarily due to an increase in share-based compensation expenses which was partially offset by a decrease in consulting service fees.

Sales and marketing expenses in 2019 decreased by 49.9% to RMB103.2 million (US$14.8 million) from RMB205.7 million in 2018, primarily due to a reduction in promotional and advertising expenses.

Provision for contingent guarantee liabilities in 2019 was RMB7.7 million (US$1.1 million) compared with RMB216.4 million in 2018, as because there was no deterioration in the estimated default rates of the loans subject to guarantee liabilities facilitated in prior periods.

Provision for loans receivable from Xiaoying Credit Loans and Xiaoying Revolving Loans in 2019 was RMB37.6 million (US$5.4 million) compared with nil in 2018, primarily due to a significant increase in transaction volumes for revolving loan product during 2019.

Provision for accounts receivable and contract assets in 2019 decreased by 39.2% to RMB241.2 million (US$34.6 million) from RMB397.0 million in 2018, primarily due to a decrease in accounts receivable and contract assets which was in line with an increase in the proportion of net revenue generated by the loans facilitated through the Consolidated Trusts.

Income from operations in 2019 decreased by 36.3% to RMB812.6 million (US$116.7 million) from RMB1,275.2 million in 2018.

Income before income taxes and gain from equity in affiliates was RMB663.9 million (US$95.4 million) in 2019, compared with RMB1,084.9 million in 2018.

Income tax benefit was RMB93.1 million (US$13.4 million) in 2019, compared with an income tax expenses of RMB209.9 million in 2018. The decrease was primarily due to (i) one major subsidiary of the Company qualifying as a new and hi-tech enterprise in the fourth quarter of 2018 which allows it to enjoy a preferential income tax rate of 15% from 2018 to 2020, and (ii) one major subsidiary of the Company qualifying as software enterprise in early May 2019 that allows it to enjoy a preferential income tax rate of 12.5% from 2019 to 2021.

Net income attributable to X Financial shareholders was RMB774.3 million (US$111.2 million) in 2019, compared with RMB883.1 million in 2018.

Non-GAAP adjusted net income attributable to X Financial shareholders was RMB931.4 million (US$133.8 million) in 2019, compared with RMB1,054.9 million in 2018.

Net income per basic and diluted ADS were RMB4.94 (US$0.71) and RMB4.84 (US$0.70), respectively, in 2019, compared with RMB6.16 and RMB5.82 respectively, in 2018.

Non-GAAP adjusted net income per basic and diluted ADS were RMB5.94 (US$0.86) and RMB5.82 (US$0.84), respectively, in 2019, compared with RMB7.36 and RMB6.94, respectively, in 2018.

Cash and cash equivalents was RMB1,006.0 million (US$144.5 million) as of December 31, 2019, compared with RMB1,069.4 million as of December 31, 2018.

Business Outlook

Considering the impact of the COVID-19 outbreak in early 2020, the Company’s total loan facilitation amount for the first quarter of 2020 has been negatively impacted. Although the decline has been partially offset by the relative growth in Yaoqianhua and Xiaoying Online Mall, X Financial expects a first-quarter loss with drop in revenue. The Company plan to provide a business update in the first quarter 2020 Earnings Release. This forecast reflects the Company’s current and preliminary views, which are subject to changes.

Conference Call

X Financial’s management team will host an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, April 28, 2020 (8:00 PM Beijing / Hong Kong Time on the same day).

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

United States:	1-888-346-8982
Hong Kong:	852-301-84992
China:	4001-201203
International:	1-412-902-4272
Passcode:	X Financial

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until May 5, 2020:

United States:	1-877-344-7529
International:	1-412-317-0088
Passcode:	10141728

Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com.

About X Financial

X Financial (NYSE: XYF) (the “Company”) is a leading technology-driven personal finance company in China focused on meeting the huge demand for credit from individuals and small-to-medium-sized enterprise owners. The Company’s proprietary big data-driven risk control system, WinSAFE, builds risk profiles of prospective borrowers using a variety data-driven credit assessment methodology to accurately evaluate a borrower’s value, payment capability, payment attitude and overall creditworthiness. X Financial has established a strategic partnership with ZhongAn Online P&C Insurance Co., Ltd. in multiple areas of its business operations to directly complement its cutting-edge risk management and credit assessment capabilities. ZhongAn Online P&C Insurance Co., Ltd. provides credit insurance on X Financial’s investment products which significantly enhances investor confidence and allows the Company to attract a diversified and low-cost funding base from individuals, enterprises and financial institutions to support its growth. X Financial leverages financial technology to provide convenient, efficient, and secure investment services to a wide range of high-quality borrowers and mass affluent investors which complements traditional financial institutions and helps to promote the development of inclusive finance in China.

For more information, please visit: http://ir.xiaoyinggroup.com.

Use of Non-GAAP Financial Measures Statement

In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of the non-GAAP financial measures facilitates investors’ assessment of our operating performance.

We use in this press release the following non-GAAP financial measures: (i) adjusted net income, (ii) adjusted net income attributable to X Financial shareholders, (iii) adjusted net income per basic ADS, and (iv) adjusted net income per diluted ADS, each of which excludes share-based compensation expense. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

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

New Accounting Pronouncements

On February 25, 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-02, Leases, which requires lessees to record lease liabilities and right-of-use assets as of the date of adoption and was incorporated into GAAP as Accounting Standards Codification (“ASC”) Topic 842. The Company adopted the new standard prospectively effective January 1, 2019, using a modified retrospective basis method under which prior comparative periods are not restated. As of January 1, 2019, the Company had some operating leases for its offices with the remaining contractual terms of 16~46 months. Under the terms of the lease, the Company will pay base annual rent (subject to an annual fixed percentage increase), plus fixed property management fees. The ROU assets were recorded as “Other non-current assets”, and the current and non-current portions of the lease liabilities were recorded as “Accrued expenses and other current liabilities” and “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. There was no cumulative adjustment to our retained earnings.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9618 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2019.

Safe Harbor Statement

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

For more information, please contact:

X Financial
Mr. Kevin Zhang
E-mail: ir@xiaoying.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com

X Financial
Unaudited Condensed Consolidated Balance Sheets

(In thousands, except for share and per share data)	As of December 31, 2018	As of December 31, 2019
	RMB	RMB	USD
ASSETS
Cash and cash equivalents	1,069,361	1,005,980	144,500
Restricted cash	208,346	514,323	73,878
Accounts receivable and contract assets, net of allowance for doubtful accounts	1,379,293	771,154	110,769
Loans receivable from Xiaoying Credit Loans and Revolving Loans, net	–	289,553	41,592
Loans held for sale	632,717	–	–
Loans at fair value	33,417	2,782,333	399,657
Prepaid expenses and other current assets	115,193	1,226,171	176,129
Financial guarantee derivative	358,250	719,962	103,416
Amounts due from related party	20,000	–	–
Deferred tax assets, net	346,648	484,395	69,579
Long term investments	287,223	292,142	41,964
Property and equipment, net	23,215	20,139	2,893
Intangible assets, net	28,400	35,127	5,046
Loan receivable from Xiaoying Housing Loans, net	128,101	89,536	12,861
Other non-current assets	6,806	68,772	9,878
TOTAL ASSETS	4,636,970	8,299,587	1,192,162

LIABILITIES
Payable to investors at fair value of the Consolidated Trusts	–	3,006,349	431,835
Guarantee liabilities	20,898	17,475	2,510
Short-term borrowings	198,000	–	–
Accrued payroll and welfare	93,464	63,649	9,143
Other tax payable	134,129	58,086	8,344
Income tax payable	312,238	340,996	48,981
Deposit payable to channel cooperators	134,042	108,923	15,646
Accrued expenses and other current liabilities	178,701	274,440	39,421
Other non-current liabilities	–	42,300	6,076
Deferred tax liabilities	47,428	20,263	2,911
TOTAL LIABILITIES	1,118,900	3,932,481	564,867

Commitments and Contingencies
Equity:
Common shares (US$0.0001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 303,614,298 and 320,667,943 shares issued and outstanding as of December 31, 2018 and 2019, respectively)	190	201	29
Additional paid-in capital	2,824,223	2,987,363	429,108
Retained earnings	640,115	1,311,194	188,341
Other comprehensive income	52,495	67,101	9,638
Total X Financial shareholders’ equity	3,517,023	4,365,859	627,116
Non-controlling interests	1,047	1,247	179
TOTAL EQUITY	3,518,070	4,367,106	627,295

TOTAL LIABILITIES AND EQUITY	4,636,970	8,299,587	1,192,162

X Financial
Unaudited Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended December 31,			Twelve Months Ended December 31,
(In thousands, except for share and per share data)	2018	2019	2019	2018	2019	2019
	RMB	RMB	USD	RMB	RMB	USD
Net revenues
Loan facilitation service-Direct Model	760,926	323,435	46,459	2,957,572	1,986,003	285,272
Loan facilitation service-Intermediary Model	5,925	17,730	2,547	228,272	238,867	34,311
Post-origination service	45,996	82,369	11,832	131,243	330,695	47,501
Financing income	17,105	194,056	27,874	76,104	408,401	58,663
Other revenue	32,902	47,513	6,825	147,409	124,084	17,824
Total net revenue	862,854	665,103	95,537	3,540,600	3,088,050	443,571

Operating costs and expenses:
Origination and servicing	327,482	413,275	59,363	1,185,937	1,634,822	234,827
General and administrative	69,635	53,102	7,628	220,024	227,482	32,676
Sales and marketing	52,445	19,858	2,852	205,726	103,158	14,818
Provision for contingent guarantee liabilities	–	7,748	1,113	216,364	7,748	1,113
Provision for accounts receivable and contract assets	111,559	52,272	7,508	396,996	241,187	34,644
Provision for loan receivable from Xiaoying Housing Loans	13,899	13,283	1,908	40,348	23,431	3,366
Provision for loans receivable from Xiaoying Credit Loans and Xiaoying Revolving Loans	–	3,402	489	–	37,643	5,407
Total operating costs and expenses	575,020	562,940	80,861	2,265,395	2,275,471	326,851

Income from operation	287,834	102,163	14,676	1,275,205	812,579	116,720
Interest income, net	221	6,694	962	4,225	19,386	2,785
Foreign exchange gain (loss)	(19)	775	111	10	616	88
Investment loss	–	–	–	–	(12,538)	(1,801)
Change in fair value of financial guarantee derivative	(51,391)	(47,420)	(6,811)	(200,971)	(246,372)	(35,389)
Fair value adjustments related to Consolidated Trusts	1,475	(66,767)	(9,590)	12,359	64,163	9,216
Other income (loss), net	(2,588)	16,053	2,306	(5,905)	26,081	3,746

Income before income taxes and gain from equity in affiliates	235,532	11,498	1,654	1,084,923	663,915	95,365

Income tax benefit (expense)	3,719	65,745	9,444	(209,921)	93,103	13,374
Gain from equity in affiliates	2,665	2,429	349	8,055	17,458	2,508
Net income	241,916	79,672	11,447	883,057	774,476	111,247
Less: net income (loss) attributable to non-controlling interests	–	–	–	(55)	200	29
Net income attributable to X Financial shareholders	241,916	79,672	11,447	883,112	774,276	111,218

Net income	241,916	79,672	11,447	883,057	774,476	111,247
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments	(3,616)	7,231	1,039	19,045	14,606	2,098
Comprehensive income	238,300	86,903	12,486	902,102	789,082	113,345
Less: comprehensive income (loss) attributable to non controlling interests	–	–	–	(55)	200	29
Comprehensive income attributable to X Financial shareholders	238,300	86,903	12,486	902,157	788,882	113,316

Net income per share—basic	0.80	0.25	0.04	3.08	2.47	0.35
Net income per share—diluted	0.75	0.24	0.03	2.91	2.42	0.35

Net income per ADS—basic	1.60	0.50	0.07	6.16	4.94	0.71
Net income per ADS—diluted	1.50	0.48	0.07	5.82	4.84	0.70

Weighted average number of ordinary shares outstanding—basic	303,249,156	319,584,790	316,387,394	286,588,402	313,757,887	313,757,887
Weighted average number of ordinary shares outstanding—diluted	320,645,039	325,574,294	323,103,017	303,984,284	319,747,392	319,747,392

X Financial
Unaudited Reconciliations of GAAP and Non-GAAP Results

	Three Months Ended December 31,			Twelve Months Ended December 31,
(In thousands, except for share and per share data)	2018	2019	2019	2018	2019	2019
	RMB	RMB	USD	RMB	RMB	USD
GAAP net income	241,916	79,672	11,447	883,057	774,476	111,247
Add: Share-based compensation expenses (net of tax of nil)	38,529	37,542	5,393	171,836	157,116	22,568
Non-GAAP adjusted net income	280,445	117,214	16,840	1,054,893	931,592	133,815

Net income attributable to X Financial shareholders	241,916	79,672	11,447	883,112	774,276	111,218
Add: Share-based compensation expenses (net of tax of nil)	38,529	37,542	5,393	171,836	157,116	22,568
Non-GAAP adjusted net income attributable to X Financial shareholders	280,445	117,214	16,840	1,054,948	931,392	133,786

Non-GAAP adjusted net income per share—basic	0.92	0.37	0.05	3.68	2.97	0.43
Non-GAAP adjusted net income per share—diluted	0.87	0.36	0.05	3.47	2.91	0.42

Non-GAAP adjusted net income per ADS—basic	1.84	0.74	0.11	7.36	5.94	0.86
Non-GAAP adjusted net income per ADS—diluted	1.74	0.72	0.10	6.94	5.82	0.84

Weighted average number of ordinary shares outstanding—basic	303,249,156	319,584,790	316,387,394	286,588,402	313,757,887	313,757,887
Weighted average number of ordinary shares outstanding—diluted	320,645,039	325,574,294	323,103,017	303,984,284	319,747,392	319,747,392

View original content:http://www.prnewswire.com/news-releases/x-financial-reports-fourth-quarter-and-fiscal-year-2019-unaudited-financial-results-301047646.html

PR Newswire

Qudian Files Its Annual Report on Form 20-F

April 28, 2020 TechENT Syndication Leave a comment

XIAMEN, China, April 28, 2020 /PRNewswire/ — Qudian Inc. (“Qudian” or the “Company”) (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2019 with the Securities and Exchange Commission on April 27, 2020 (U.S. Time). The annual report on Form 20-F can be accessed on the Company’s investor relations website at http://ir.qudian.com.

Qudian will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations department, Level 29, Tower A, AVIC Zijin Plaza, Siming District, Xiamen, Fujian Province, The People’s Republic of China, 361000.

About Qudian Inc.

Qudian Inc. (“Qudian”) is a leading technology platform empowering the enhancement of online consumer finance experience in China. The Company’s mission is to use technology to make personalized credit accessible to hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending but are underserved by traditional financial institutions due to lack of traditional credit data or high cost of servicing. Qudian’s credit solutions enable licensed, regulated financial institutions and ecosystem partners to offer affordable and customized loans to this young generation of consumers.

For more information, please visit http://ir.qudian.com.

For investor and media inquiries, please contact:

In China:

Qudian Inc.
IR team
Tel: +86-592-591-1711
E-mail: ir@qudian.com

The Piacente Group, Inc.
Xi Zhang
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com

View original content:http://www.prnewswire.com/news-releases/qudian-files-its-annual-report-on-form-20-f-301047821.html

Source: Qudian Inc.

PR Newswire

China Literature Limited Announces the Change of the Management Team

April 27, 2020 TechENT Syndication Leave a comment

HONG KONG, April 27, 2020 /PRNewswire/ — China Literature Limited (“China Literature” or the “Company”, together with its subsidiaries, the “Group”, stock code: 0772.HK), a leading online literature platform in China, announced changes to its management team. Certain members of the senior management team including Mr. Wu Wenhui and Mr. Liang Xiaodong, currently the Co-Chief Executive Officers, Mr. Shang Xuesong, the President, and Mr. Lin Tingfeng, the Senior Vice President, have resigned. Mr. Wu Wenhui will be re-designated as a non-executive Director and Vice Chairman of the Board, and Mr. Liang Xiaodong and other senior management will serve as consultants to the Group, to facilitate the smooth transition and development of the management team. Meanwhile, Mr. Cheng Wu, currently a Vice President of Tencent Holdings Limited (“Tencent“) and the Chief Executive Officer of Tencent Pictures, has been appointed by the board as the Chief Executive Officer and an executive Director of China Literature; and Mr. Hou Xiaonan, the Vice President of Tencent’s Platform and Content Group, has been appointed by the board as the President and an executive Director of China Literature, so as to lead China Literature towards a new stage of development through deepening the cooperation with Tencent and other industry partners.

After five years’ development, China Literature has become the leading digital reading platform and literature intellectual property (“IP”) incubator, with 8.1 million writers, 12.2 million literary works and hundreds of millions of readers. It is pioneering development of the industry, in particular the trends toward high-quality IP and a content ecosystem through the integration of online literature and digital content formats such as TV series, movies, anime, and games. Mr. Wu Wenhui and other members of the senior management team decided to retire given the Group has reached these new milestones.

Mr. James Mitchell, the Chairman of China Literature, commented, “China Literature has become a vital source of original IPs for creative industries in China. We express our sincere gratitude to Mr. Wu, Mr. Liang, and the other core management team members for their significant contribution in leading China Literature to become the leading online literature platform in China. We look forward to the new management team further energizing China Literature’s platform, and deepening cooperation between China Literature and key partners such as Tencent in activities including TV series, movies, and games.”

In recent years, China Literature has been promoting technological innovation and exploring business models which exhibit higher value for its users, further leading the industry into a new development phase. Mr. Wu Wenhui said, “This year marks the fifth anniversary of the establishment of China Literature as well as the eighteenth anniversary of Qidian.com. As one of the founders, I witness that the Group has indeed entered a new stage of growth. Together with several other management, I decided to retire with honour upon completion of our mission in bringing the Group to the new stage. In the future, it is essential for China Literature to build on our IP portfolio in establishing a more open ecosystem and new commercial rules to embrace future trends. This requires a thorough change in management to propel China Literature forwards in areas such as business innovation, technological breakthrough, IP creation and establishment of ecosystem.”

Mr. Cheng Wu, the newly appointed Chief Executive Officer of China Literature, said, “I would like to express my thanks to Mr. Wu Wenhui and the founding team for their trust to delegate authority to the new management team and continue to support the development of China Literature. We are confident in pushing forward the upgrade of China Literature from the largest copyrighted digital reading platform and literature IP incubator in the industry to an even stronger literature content ecosystem. We expect the upgrade in three aspects. Firstly, we will strengthen the core business through enhancing IP incubation capability, solidifying fundamentals, and speeding up the development across sectors to accelerate our IP development. Secondly, we will strengthen the connection capability of our platform through establishing stronger connection between the products of China Literature and Tencent’s properties. Finally, building on our proven paid reading model, we will expand our business through upgrading our business models in areas such as new technology and industrial internet.”

Mr. Cheng Wu, who joined Tencent in 2009, currently serves as the Vice President of Tencent and the Chief Executive Officer of Tencent Pictures, and is responsible for Tencent’s Marketing and Public Relations Department, and has been leading the marketing departments of Tencent Interactive Entertainment Group. In 2013, he and Mr. Wu Wenhui jointly played a critical role in founding Tencent Literature and served as the President of Tencent Literature and the Chief Executive Officer of Tencent Literature, respectively. In March 2015, upon the establishment of China Literature, he served as a director for a certain period to provide continuous supports to Mr. Wu Wenhui and the management team. He proactively promoted the collaboration of China Literature and New Classics Media with Tencent in areas including films, animes, comics and online games businesses, co-developing cross-industry representative works such as Joy of Life and There Was a Lingjian Mountain a Long Time Ago.

Hou Xiaonan currently serves as the Vice President of the Platform and Content Group of Tencent and holds various management positions for Tencent businesses including Tencent Open Platform, YingYongBao, Tencent WeStart, Qingteng University and Penguin Media Content Platform. He has extensive and in-depth management experience in product planning and operation, business model innovation, resource integration and ecosystem cooperation.

About China Literature Limited

China Literature Limited is a pioneer in the online literature market and operates China’s leading online literature platform. The Company owns nine major branded products. Among these, QQ Reading, a unified mobile content aggregation and distribution platform, is the flagship product. Other branded products focus on individual genres and their respective fan bases. China Literature’s shareholder and strategic partner, Tencent, provides the Company with exclusive content distribution access via its suite of leading mobile and Internet products, including Mobile QQ, QQ Browser, Tencent News, Weixin Reading and Tencent Video. The Company also has distribution beyond the Tencent platforms by pre-installing Apps on handsets partners such as OPPO, Huawei and VIVO, as well as licensing content to third-party partners such as Baidu, Sogou, JD.com and Xiaomi Duokan. China Literature monetizes its vast and proprietary content library mainly through online paid reading and content adaptations for a variety of entertainment formats. China Literature’s diverse and high-quality content library is a significant competitive advantage that lies at the core of its business model. In 2018, China Literature further expanded its content capabilities downstream by acquiring New Classics Media, a renowned TV series, web series and film production company in China. For more information, please visit http://ir.yuewen.com/.

Contact

Forward-Looking Statements

This press release contains forward-looking statements relating to the industry and business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.

View original content:http://www.prnewswire.com/news-releases/china-literature-limited-announces-the-change-of-the-management-team-301047463.html

techENT

Tag Archives: FIN

JMU Limited Announces Results of 2020 Annual General Meeting

Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the First Quarter of 2020

iClick Interactive Listed in the Top 10 Ad Management Companies 2020 by CIO Advisor APAC

China Mobile Limited 2019 Annual Report on Form 20-F Filed with the US SEC

AxiomSL releases regulatory disclosure support for financial institutions participating in the Australian government’s COVID-19 SME Guarantee Scheme

Airwallex Bolsters Leadership Team with Global Brand Veteran

China Finance Online Announces Extension for Reporting Fourth Quarter and Full Year 2019 Financial Results

X Financial Reports Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results

Qudian Files Its Annual Report on Form 20-F

China Literature Limited Announces the Change of the Management Team

Tech Your Way