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PR Newswire

GigaMedia Announces First-Quarter 2020 Financial Results

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TAIPEI, April 30, 2020 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results.

Comments from Management

For the first quarter of 2020, GigaMedia reported revenues of $1.60 million, with a gross profit of $0.93 million, an operating loss of $0.64 million and the net loss of $0.29 million. Total revenues increased by 6.6% if compared to the previous quarter, and net loss was similar.

“The pandemic of COVID-19 only mildly affected our operations in Taiwan and Hong Kong,” said GigaMedia CEO James Huang. “While it has indeed caused disruptions to our offline marketing and operating activities, we managed to mitigate its impact, and continued improving the productivity in our existing products and making progress in developing new offerings.”

First Quarter Overview

  • Operating revenue increased by $0.10 million or 6.6% in quarter-on-quarter comparison, and increased by 8.2% in year-over-year comparison.
  • Loss from operations amounted to approximately $0.64 million and net loss approximately $0.29 million, comparable to the fourth quarter of 2019 and slightly improved when compared with the same quarter last year.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the First Quarter

GIGAMEDIA 1Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, in US$ thousands, except for percentages and per
share amounts)

1Q20

4Q19

Change

(%)

1Q20

1Q19

Change

(%)

Revenues

$

1,604

$

1,504

6.6

%

$

1,604

$

1,483

8.2

%

Gross Profit

927

1,025

(9.6)

%

927

738

25.6

%

Loss from Operations

(640)

(399)

NM

(640)

(949)

NM

Net Loss Attributable to GigaMedia

(286)

(271)

NM

(286)

(532)

NM

Loss Per Share Attributable to GigaMedia,
Diluted

(0.03)

(0.02)

NM

(0.03)

(0.05)

NM

EBITDA(A)

(536)

(574)

NM

(536)

(876)

NM

Cash, Cash Equivalents and Restricted Cash

57,311

58,274

(1.7)

%

57,311

58,494

(2.0)

%

NM= Not Meaningful

(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.)

First-Quarter Financial Results

  • Consolidated revenues for the first quarter of 2020 increased by 6.6% quarter-on-quarter to $1.60 million, from $1.50 million in the fourth quarter of 2019, or by 8.2% year-over-year from $1.48 million in the first quarter of 2019.
  • Consolidated gross profit decreased to $0.93 million from $1.03 million in last quarter but increased by 25.6% from $0.74 million in the same quarter last year.
  • Consolidated operating expenses were $1.57 million in the first quarter of 2020, representing an increase by $0.14 million quarter-on-quarter, or a decrease by $0.12 million from $1.69 million year-over-year.
  • Loss from operation for the first quarter of 2020 was approximately $0.64 million, comparable to a loss of $0.40 million last quarter and approximately a loss of $0.95 million in the first quarter of 2019.
  • Net loss for the first quarter of 2020 was $0.29 million, approximately comparable to such amount in the fourth quarter of 2019, and improved by $0.25 million when compared with the net loss of $0.53 million in the same quarter last year.
  • Cash, cash equivalents and restricted cash at the first quarter-end of 2020 accounted for $57.31 million, which decreased by $0.96 million from the end of 2019.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounting to $57.31 million, or approximately $5.19 per share as of March 31, 2020.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of April 30, 2020. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In following quarters, we will continue developing new offerings to enhance the variety of our product lines, while our marketing strategies will adjust swiftly, as in the current coronavirus situation, stay-home requirement may boost sales of online business on the one hand, but prevailing economic uncertainties and weakened consumer confidence may discourage spending on entertainment on the other hand.

“In this time of uncertainty, we don’t just wait out the storm. We practice frugality and adapt proactively while focusing on sharpening our core competence,” stated CEO James Huang, “so that we will get well prepared when the storm is over.”

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will also continue reviewing potential targets that have strategic capacity to accelerate our growth and enhance shareholders’ value,” said CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the first quarter 2020 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2020 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Operating revenues

Digital entertainment service revenues

$

1,603,904

$

1,503,848

$

1,483,233

Operating costs

Cost of digital entertainment service revenues

677,194

479,341

744,901

Gross profit

926,710

1,024,507

738,332

Operating expenses

Product development and engineering expenses

328,815

213,241

320,494

Selling and marketing expenses

410,475

427,090

526,003

General and administrative expenses

824,442

571,562

835,987

Impairment losses

—

208,921

—

Other

2,984

2,957

5,214

1,566,716

1,423,771

1,687,698

Loss from operations

(640,006)

(399,264)

(949,366)

Non-operating income (expense)

Interest income

255,719

322,587

381,799

Foreign exchange (loss) gain – net

98,887

(84,774)

(11,402)

Other – net

(298)

(110,020)

46,912

354,308

127,793

417,309

Loss before income taxes

(285,698)

(271,471)

(532,057)

Income tax benefit (expense)

—

—

—

Net loss attributable to shareholders of GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Loss per share attributable to GigaMedia

Basic and Diluted:

$

(0.03)

$

(0.02)

$

(0.05)

Weighted average shares outstanding:

Basic

11,052,235

11,052,235

11,052,235

Diluted

11,052,235

11,052,235

11,052,235

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

3/31/2020

12/31/2019

3/31/2019

unaudited

audited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

$

56,777,472

$

57,742,696

$

57,976,503

Accounts receivable – net

355,225

368,445

589,520

Prepaid expenses

276,010

112,243

208,919

Restricted cash

533,436

530,984

517,815

Other receivables

238,396

261

375,192

Other current assets

148,757

138,601

127,377

Total current assets

58,329,296

58,893,230

59,795,326

Property, plant & equipment – net

8,117

—

100,148

Intangible assets – net

17,965

—

32,492

Prepaid licensing and royalty fees

210,530

43,915

383,681

Other assets

285,319

285,071

1,034,278

Total assets

$

58,851,227

$

59,222,216

$

61,345,925

Liabilities and equity

Short-term borrowings

$

—

$

—

$

—

Accounts payable

60,405

64,337

98,921

Accrued compensation

156,948

200,455

134,243

Accrued expenses

1,449,553

1,079,234

1,228,483

Unearned revenue

1,285,399

1,364,749

1,290,792

Other current liabilities

715,877

874,434

177,073

Total current liabilities

3,668,182

3,583,209

2,929,512

Other liabilities

7,337

94,385

779,919

Total liabilities

3,675,519

3,677,594

3,709,431

Total equity

55,175,708

55,544,622

57,636,494

Total liabilities and equity

$

58,851,227

$

59,222,216

$

61,345,925

GIGAMEDIA LIMITED

Reconciliations of Non-GAAP Results of Operations

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Depreciation

354

10,888

25,388

Amortization

4,657

9,669

12,899

Interest income

(255,719)

(322,587)

(381,799)

Interest expense

—

—

—

Income tax (benefit) expense

—

—

—

EBITDA

$

(536,406)

$

(573,501)

$

(875,569)

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PR Newswire

Planful Welcomes Shane Hansen as Chief Financial Officer

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Hansen Brings Significant Go-to-Market, Analytics, and Business Performance Expertise to New Role

REDWOOD CITY, California, April 30, 2020 /PRNewswire/ — Planful, Inc. (formerly Host Analytics), a leading financial planning and analysis (FP&A) cloud platform provider, today announced that Shane Hansen has joined the company as Chief Financial Officer (CFO). 

With 15+ years of finance and technology experience, Hansen has seen firsthand why legacy approaches to planning, forecasting, reporting, and analytics are difficult to optimize and scale in a world rapidly moving to cloud technologies. Hansen will focus on long-term growth for the company to meet the needs of the underserved mid-to-enterprise-sized companies looking to modernize their back-office technologies.

“We’re excited to welcome a brilliant, experienced executive like Shane to the Planful team,” said Grant Halloran, Chief Executive Officer, Planful. “Shane is an excellent fit from a team culture perspective. His approach embodies the savvy financial planning professionals we serve, and he thoroughly understands the software market’s growth levers and how companies can capitalize on opportunities and achieve success.”

Prior to joining Planful, Hansen served as Divisional CFO for Vivint Smart Home, where he had previously served as Vice President (VP) of Finance, Strategy, Innovation & Business Development. Before that role, Hansen held several key financial analytics, go-to-market, and value creation leadership positions with security software leader Symantec, steadily rising through the ranks to become the VP of Finance, Enterprise Security.

Earlier in his career, Hansen served as a financial analyst, law clerk, and consultant/developer for various organizations after completing a Fulbright fellowship. Hansen’s impressive academic credentials include an MBA from the Wharton School, a JD from the University of Pennsylvania, and a BA in Russian and international development from Brigham Young University. 

“I’m thrilled to be joining the team at Planful because of the strong growth trajectory of the FP&A cloud software market, the power of Planful’s world-class product offering, and experienced industry leadership,” Hansen said. “As we help customers weather uncertain business conditions with a Continuous Planning approach, we’re also positioning Planful for phenomenal success within the cloud FP&A solutions market with our unique platform.”

About Planful
 Planful is a leading financial planning and analysis (FP&A) cloud platform. Planful delivers a vision of Continuous Planning by accelerating the end-to-end FP&A process and fostering business-wide participation in agile planning and decision-making. More than 800 customers including Bose, Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe rely on Planful for financial planning and budgeting, dynamic operational planning, financial consolidations, reporting, and visual analytics. Planful is a private company backed by Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses. Learn more at www.planful.com.

Additional Resources
 Join the FP&A Community on Slack
Join the FP&A Live Roundtable on Zoom
View FP&A Resources to Navigate an Uncertain World
Join the conversation on social media: LinkedIn, Twitter, or Facebook.

Contact
 press@planful.com

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PR Newswire

Shenzhen Daily: Innovation-driven growth marks 5th anniversary of Qianhai

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SHENZHEN, China, April 30, 2020 /PRNewswire/ — A news report by Shenzhen Daily on the 5th anniversary of the inauguration of the Qianhai & Shekou Free Trade Area.

Qianhai-headquartered WeBank has grown into a top private bank in China over the past five years since its establishment, servicing over 200 million individual clients with its inclusive financial system.

Set up in December 2014 as one of the country’s first private banks and the first Internet-only bank, WeBank has become the world’s leading digital bank, as claimed by the Massachusetts-based Forrester Research, one of the most influential research and advisory firms.

An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).
An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).

Figures show that the digital-only bank had 220 billion yuan (US$31.03 billion) in assets by the end of 2018. Its net profit reached 2.47 billion yuan in 2018, surpassing the total profit of 1.98 billion yuan by the 16 other private banks set up at the same time as WeBank.

The digital bank would not have made it without the innovation-oriented business environment in Qianhai, part of the China (Guangdong) Pilot Free Trade Zone inaugurated April 27, 2015, said Wan Jun, chairman of the board of supervisors of WeBank.

WeBank is one of the enterprises that have gone through rapid development in Qianhai, which Shenzhen Special Zone Daily said has become the core engine for high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area, in the past five years.

Official statistics show that the added value of Qianhai-registered enterprises has grown 150 percent over the past several years, while its tax revenue has doubled. The fixed asset investment in Qianhai has gone up 90 percent, and it contributed 2.4 percent of the 2019 GDP of Guangdong Province. The 2019 Guangdong GDP topped the nation at 10.77 trillion yuan.

Qianhai has reported a 152 percent growth in foreign trade over the past five years. The total volume of imports and exports in its Qianhaiwan Bonded Free Trade Port Area reached 128.55 billion yuan last year, up 233 percent from 55.2 billion yuan in its inaugural year.

Liu Yuli, deputy general manager of YHGlobal based in Qianhaiwan port, said her company recorded over 200% year-on-year growth in the first quarter of the year despite the economic uncertainty caused by the COVID-19 pandemic.

The total volume of imports and exports of YHGlobal, a Hurun-listed unicorn engaged in the global supply chain, reached 59.4 billion yuan last year, topping Shenzhen’s supply-chain enterprises and ranked No. 13 nationally, according to Liu.

She attributed the eye-catching growth of YHGlobal to a series of innovative customs policies adopted to facilitate cross-border trade.

“Take the global central warehouse initiation as an example,” Liu said. “The global central warehouse allows the storage of different kinds of goods — including bonded and nonbonded goods, and imported and exported goods — in the same warehouse in the Qianhaiwan port, greatly reducing the operational costs and facilitating the flow of cross-border goods.”

Liu said Shekou Customs has created many other favorable policies to address the actual needs of importers and exporters within their business operations, which also helps them lure more new clients.

The high-quality economic development in Qianhai is due in large part to institutional innovations that the Qianhai authority has committed to since its establishment.

According to official statistics, Qianhai has rolled out 106 institutional innovations last year, bringing the total number to 520 in five years’ time. Of them, 50 have been promoted nationwide, five in the Greater Bay Area, 69 in Guangdong Province and 166 have been duplicated for use in Shenzhen.

Qianhai has topped the country for the past two consecutive years in the national innovation index compiled by the Guangzhou-based Sun Yat-sen University.

Efforts by the Qianhai authority to create a fair, transparent business environment has paid off. The actual use of foreign investment in the free trade area has grown 187 percent in five years, accounting for 21 percent of the total foreign investments made in Guangdong last year, up from the 8.3 percentage points in the first year of its establishment.

Nearly 1,400 new Hong Kong-funded enterprises were registered in Qianhai last year, bringing in 88 billion yuan in registered capital. By the end of 2019, Qianhai had become home to 12,102 Hong Kong-funded companies, up 420% from 2,313 at the end of 2015. The Hong Kong-funded companies have brought in a total of 1.3 trillion yuan in registered capital.

Qianhai was ranked 51st in the world business environment list by PricewaterhouseCoopers in 2017, then jumped to 31st in 2018 and 23rd last year.

Over the past five years, a total of 59 new roads, 36 kilometers in length, have been opened to traffic and 179 new office buildings have been put into use, offering companies 3.13 million square meters of office floor space in Qianhai.

http://szdaily.sznews.com/PC/layout/202004/27/node_02.html#content_851012

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PR Newswire

JMU Limited Announces Results of 2020 Annual General Meeting

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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.

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PR Newswire

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

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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 31st, 2020, decreased by 55.4% to NT$ 16.59 billion as compared to that as of March 31st, 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 31st, 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 31st, 2020.

Mobile

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

Fixed line

As of March 31st, 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

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Source: Chunghwa Telecom Co., Ltd.

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

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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

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PR Newswire

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

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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).

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PR Newswire

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

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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

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PR Newswire

Airwallex Bolsters Leadership Team with Global Brand Veteran

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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

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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

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Source: China Finance Online Co., Ltd.