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PR Newswire

Vestiaire Collective Raises €59 Million to Support Its Community in Changing the Fashion Industry for a Better Tomorrow

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PARIS, April 21, 2020 /PRNewswire/ —

  • The new round brings on board Korelya Capital, funds managed by Fidelity International, Vaultier7 and Cuir Invest
  • Existing shareholders Eurazeo (Eurazeo Growth & Idinvest Venture funds), Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s CEO, Max Bittner also reinvest
  •  The round will be used to:
    –     Continue transforming the fashion system while offering a smart, circular and responsible alternative to throw-away fashion
    –     Jointly explore the expansion of the global business into Japan and Korea through Korelya Capital, backed by Naver
    –     Expand the launch of Direct Shipping service in the US

Ahead of Earth Day’s 50th anniversary and in this unprecedented period of uncertainty, Vestiaire Collective, the leading global platform for desirable pre-owned fashion today announces the completion of a €59 million round of financing, existing shareholders reinvest alongside new investors Korelya Capital, which is backed by Korean technology conglomerate Naver, funds managed by Fidelity International,  Vaultier7, a specialist female-led consumer fund, and Cuir Invest, which is backed by the French Leather industry.

The current economic and ecological crisis are accelerating an existing shift in consumer mindset, driven by growing criticism of waste-producing business models, and increased desire for purpose-driven brand action. As a company, Vestiaire Collective is committed to limiting the waste produced by the fashion industry, by keeping clothes out of landfill and increasing the number of times they are worn today, for a better tomorrow.

As the leading global resale platform, this round demonstrates that the Vestiaire Collective model embodies the future of the fashion industry and unifies growing consumer sentiments. Following the COVID-19 crisis, we expect:

  • Further adoption of online shopping, but more importantly an increased focus on social values and communities, with more people supporting each other.
  • Consumers are set to become increasingly resourceful as they look to resale as an additional way to raise funds and find unexpected value in their wardrobe.
  • Environmental concerns will further drive a more conscious approach to consumption, as 20% of consumers expect to reduce their clothing consumption following the crisis*.

Vestiaire Collective has seen deposits and orders quickly rebound to the pre-COVID 19 baseline or above. During this challenging period this clearly demonstrates customer demand for circular business models, both now and looking ahead to the future of the rapidly evolving retail landscape.  

Vestiaire Collective encourages a move away from throwaway fashion towards quality that lasts and holds value. We believe that today, our community of over 9 million fashion activists will be proud to lead by example and spread the word converting more consumers to the cause. Because in the end, it’s not the big, impressive statements that will make the most impact, but the meaningful change taken every day by individuals, no matter how small or large. We trust Vaultier7 as members and ambassadors of the Vestiaire Collective community to help us build on this momentum by expanding in the most thoughtful way. We are also excited by their extraordinary network which will  support us in further unlocking underutilized personal luxury goods to meet the demand of buyers globally.

This new round of funding will also allow for further acceleration of Vestiaire Collective international business beyond the countries where the company’s community is already well established. Currently, over 80% of the French headquartered company’s transactions are already generated cross-border.

Thanks to Korelya Capital, which is backed by Korean technology conglomerate Naver, Vestiaire Collective will jointly explore the expansion towards Japan, the biggest resale market in the world, and Korea in 2020 and beyond.

Finally, this round will help us continue to drive ambitious growth in the US market and further develop our successful Direct Shipping model. Launched in Europe in September 2019 the service is increasingly popular with a growing number of customers. Currently already over 50% of orders in the EU are fulfilled through the new service, which is also growing at a rate of +60% MoM. The model will be launched in the United States in early summer followed by Asia before the end of 2020.

Max Bittner, CEO of Vestiaire Collective - Investment Announcement
Max Bittner, CEO of Vestiaire Collective – Investment Announcement

Max Bittner, Vestiaire Collective’s CEO comments:

“I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop. Vestiaire Collective was built during the 2008 crisis, and proves today how it can help people in their daily life to make the most out of their belongings, but also to access fashion in a sustainable and conscious way. Everyday, I feel proud and amazed by our global community of fashion activists who are leading the way towards a brighter future.”

Paul Degueuse, General Partner of Korelya Capital says,

“As we all take a step back and contemplate the way we live, we believe consumption patterns are on the verge of a deep structural evolution, and C2C platforms have a strong role to play here. We see in Vestiaire Collective an emerging leader and catalyst of this upcoming disruption. We are extremely enthusiastic to support Vestiaire Collective and its founders in its expansion. There are tremendous opportunities for growth in Asia, and we look forward to helping the company accelerate its expansion in this part of the globe.”

Vaultier7 comments:

“Vestiaire Collective has transformed the way people consume desirable and luxury fashion with its trusted and inspirational resale model and we are truly proud to be there at this time to support them in their mission, and support buyers and sellers across the globe on their path to cautious, minded consumption, values which are more important than ever and which are at the core of Vaultier7.”

Frank Boehly, Président of SIC SA investor Cuir Invest, says,

“Cuir Invest is happy to support Vestiaire Collective, as it is a company with an impressive management team, and huge growth potential. We have been impressed by the technological quality of the solution, by the quality and the dynamism of the management team, and by their intelligent and sustainable approach to fashion. We truly believe that Vestiaire Collective can become the world leader in their sector.”

NOTES TO EDITORS:
*McKinsey Covid-19 response in Apparel and fashion study 

About

About Vestiairecollective.com Vestiaire Collective is the leading global platform for desirable pre-owned fashion. Curated by its trusted community of fashion lovers, members inspire one another whilst selling and buying unique pieces from each other’s wardrobes. Encouraging consumers to join the circular economy as a sustainable alternative to throw-away fashion, the platform is unique due to its highly engaged community, its rare desirable inventory and its authenticity and quality control process. Launched in Paris in October 2009, Vestiairecollective.com has over 9 million members across 90 countries worldwide with offices in Paris, London, New York, Milan, Berlin and Hong Kong. Over 60,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces whilst participating in the circular fashion movement. @vestiaireco

ABOUT VAULTIER7

Founded by experienced dealmakers Montse Suarez and Anna Sweeting, and backed by elite investors, Vaultier7 is the UK’s first specialist investment fund dedicated to partnering high growth category creators and disrupters in the converging sectors of Beauty & Personal Care, Health & Wellness and Lifestyle.

Vestiaire Collective - Investment Announcement
Vestiaire Collective – Investment Announcement

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PR Newswire

Italian Chamber of Commerce Rolls out New Initiatives to Battle COVID-19

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SINGAPORE, April 21, 2020 /PRNewswire/ — In light of the COVID-19 pandemic bringing about an unprecedented impact on businesses and workers around the world, companies need to adapt faster than ever before by showing how business can be done differently.

With a mission to foster and strengthen bilateral business, economic, commercial and industrial relations between Italy and Singapore, the Italian Chamber of Commerce (ICCS), a non-profit association, has unveiled the necessary measures implemented in accordance with guidance on social distancing during these trying times.

The series of initiatives for its Italian members kicks off with an e-commerce strategy, with ICCS engaging the help of online stores such as Shopee, Lazada and RedMart. Through these partnerships, Italian companies protected under the ICCS umbrella are able to sustain brand presence in the respective markets, with the ability to reach out to consumers through virtual experiences.

Amplifying on the efforts to transform to a digital workspace, ICCS has increased its digitised offerings, with Webinars in place of events. The Webinars is scheduled to take place in the Asian afternoon time, in order to allow participation from a European audience.

“As a result of the lockdown measures, we have seen a clear increase in interest and demand for information and training from Italy,” comments Alberto Maria Martinelli, President of ICCS.

With determination to make a difference on ground, ICCS takes a step further to support the Italian Civil Protection Agency by granting further economic assistance to battle the crisis in Italy. Through this meaningful initiative, the ICCS Management and their Board Members have collectively contributed on behalf of the Chambers.

Building on these humanitarian efforts, ICCS announced that they have engaged a reliable and efficient channel to purchase sanitary products, to be sent to Italy to provide urgent help for emergency services and caregivers, to strengthen healthcare systems.

“We will continue to show ongoing support of the Italian business community in Singapore and in Italy with the launch of our e-commerce and business-to-consumer projects, focused on expansion in the Asian region,” Mr. Martinelli signs off with these words to reassure the community.

To find out more about Italian Chamber of Commerce, please visit: http://www.italchamber.org.sg

About Italian Chamber of Commerce (ICCS)

The Italian Chamber of Commerce is a non-profit association recognized by the Italian Government and member of Assocamerestero, apex body of over 70 Italian Chambers abroad. The Chamber aims to strengthen bilateral relations between Italy and Singapore in collaboration with strategic partners from the two Countries.

The Italian Chamber of Commerce in Singapore is geared to provide a wide range of business services tailored to the requirements of its members, as well as Italian and Singaporean companies. Thanks to strategic partnerships with Institutions, Chambers of Commerce and Agencies in the ASEAN region, the Chamber is a springboard for business in South-East Asia beyond Singapore.

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PR Newswire

CPA Australia: A stronger focus on customers and technology essential for small business recovery

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SINGAPORE, April 21, 2020 /PRNewswire/ — With COVID-19 reshaping the way people live, work and consume, small enterprises in Singapore could boost their business recovery prospects by building technology capabilities to better reach their customers, according to a new survey of Asia-Pacific small businesses by global professional accounting body CPA Australia.

Small businesses will also do well to invest in good staff who can help to improve customer loyalty and satisfaction as companies rebuild their operations when the current circuit breaker measures in Singapore are lifted.

CPA Australia’s Asia-Pacific Small Business Survey 2019-20 found that there is much opportunity for Singapore’s small businesses to improve their online sales presence.

Safe distancing measures implemented to battle COVID-19 have shifted consumer behaviour towards buying goods and services online, and this trend is likely to become even more entrenched going forward.

Only 35.7 per cent of the Singapore businesses surveyed said they generated more than 10 per cent of their revenue from online sales compared with the survey average of 51.0 per cent. The survey also showed a slightly declining trend over the last three years for Singapore small businesses booking revenue through online sales.

“With the current COVID-19 crisis, small businesses have little margin for error. Prudent financial management, focusing on the changing needs of customers and even greater adoption of technology, rather than good fortune, will be essential to business recovery and ongoing future success,” said Paul Drum, CPA Australia’s General Manager of External Affairs.

“The Singapore government’s excellent E-Commerce Booster package for small retailers and changing consumer behaviours accelerated by the circuit breaker should lead to a seismic increase in the online presence of many small businesses, which will not only assist them to survive this challenging period but also to thrive in the post-pandemic environment,” said Mr Drum.

Looking over 2019, the survey found that only 50.2 per cent of small businesses in Singapore reported growth last year amid slowing economic growth from tensions brought about by the US-China trade situation. This compares with 58.7 per cent in 2018, and below the survey average of 65.8 per cent.

However, most small businesses typically entered the COVID-19 crisis in relatively sound financial health, with only a small proportion (15.7 per cent) reporting problems paying their debts in 2019.

According to the survey, the top four factors that had a positive influence on strongly growing small businesses in 2019 were:

  • Improved customer satisfaction
  • Customer loyalty
  • Good staff
  • Improved business strategy

The survey, now in its 11th year, has shown that year after year, through both good times and bad, businesses with a focus on their customer, technology and strategy are much more likely to grow strongly compared to other businesses.

Mr Chng Lay Chew, CPA Australia’s Divisional President for Singapore, said, “Small businesses face the challenge of adapting their businesses to ‘a new normal’ at a time when their finances are tight. While it is wise to focus on cash flow and financial health at this time, businesses should also look at how they can meet the evolving needs of customers, especially through increasing their digital presence, and online engagement and sales.”

“Though the COVID-19 outbreak has taken centre stage for much of 2020 so far, businesses still need to consider other potential disruptors to the economy, such as an anticipated global recession, as they map out their recovery plan,” said Mr Chng.

To help small businesses navigate the challenges of COVID-19, and support them through the recovery process, CPA Australia has released a set of checklists targeted at small enterprises.

CPA Australia’s Suggestions for Small Businesses

  • Focus on improving cash flow and your financial health
  • Utilise technology and online sales to meet changing consumer behaviour
  • Capitalise on the existing pool of loyal customers
  • Investigate the generous SME relief measures made available by the government
  • Dedicate any spare time to developing and implementing a recovery plan, and learning about industry trends and emerging technologies and how they can be applied to the business
  • Ask staff with any downtime to undertake training so they are better skilled to meet the recovery needs of the business
  • If companies are in a relatively strong financial position, keep an open eye to any opportunities that may emerge in the recovery
  • Seek professional advice.

Key statistics for Singapore from the Small Business Survey

https://www.cpaaustralia.com.au/-/media/corporate/allfiles/document/professional-resources/business-management/small-business-survey/small-business-survey-singapore-2019-20.pdf?la=en&rev=135dfc02595149578c5dbeb4e4f21e66

CPA Australia resources to assist Singapore small businesses to manage through COVID-19

About the CPA Australia Asia-Pacific Small Business Survey

The CPA Australia Asia-Pacific Small Business Survey provides annual insights into the views of small businesses across the region and forms part of a longitudinal study that began in 2009. The 11th CPA Australia annual survey comprised extensive surveying of 4,193 small business operators in eleven markets, including Singapore, Malaysia, Australia, Hong Kong, India, Indonesia, Mainland China, New Zealand, Philippines, Taiwan and Vietnam. The survey was conducted between 18 November and 12 December 2019.

About CPA Australia

CPA Australia is one of the world’s largest accounting bodies with more than 166,000 members working in 100 countries and regions around the world, and with more than 25,000 members working in senior leadership positions. It has established a strong membership base of more than 8300 in Singapore.

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PR Newswire

CreditEase Fund of Funds Profiled in London Business School Case Study

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LONDON, April 20, 2020 /PRNewswire/ — CreditEase’s support on investors’ asset allocation with a Fund of Funds (FoF) has been officially introduced to the masterclass in private equity at the London Business School (LBS), making it the first Chinese FinTech company selected as an LBS case study.

“We picked CreditEase FoF not only because it represents Chinese exploration on FinTech, but also because it is worth attention and research of private equity professionals around the world,” said Professor Florin Vasvari, the program leader and instructor, who spent nearly one year on developing the course and interviewing the core team of CreditEase Private Equity FoF. Prof. Vasvari is the co-author of Private Capital, a highly acclaimed book endorsed by leading figures in the private equity industry.

Since its establishment in 2013, CreditEase FoF’s globalized team has managed assets over 25 billion yuan, a leading player among domestic market-oriented FoFs. It has invested in more than 200 funds and indirectly invested in more than 4,000 high-growth enterprises covering TMT, health care, consumption upgrading, energy and environmental protection and other emerging industries. By far among the companies CreditEase FoF has invested, more than 100 went public or listed on National Equities Exchange and Quotations.

The outperformance of CreditEase FoF is not only owing to the investment strategy that evaluates both sustainability and stability of funds, but also based on real-time analysis generated by an AI platform with processing capacity of 10 million data items per second, enabled by cloud computing, big data and self-developed AI algorithm. The AI system tracks 20,000 investment firms, 30,000 funds and over one million financing enterprises, screens target funds with the highest investment value and makes dynamic adjustments.

“CreditEase FoF is a pioneer and practitioner of financial and technology innovation in China. It is of great research value to the global wealth management industry,” said Dickie Liang-Hong Ke, Sloan Fellow at London Business School and a well-known innovation and entrepreneurship expert. Mr. Ke has been paying a lot of attention to the development of Fintech innovation in China for many years. He began to communicate with CreditEase two years ago, and initiated the interviews and kicked off the case study with Professor Florin Vasvari.

Tang Ning, CreditEase Founder and CEO, highlights the rising role of FoF in wealth management and asset allocation that drives capital market positively and serves real economy, particularly new economy. “Market-oriented FoFs effectively connect social capital with the needs for scientific and technological innovation, providing long-term, patient and humane funding support,” said Tang.

“A key contribution of FoF to the Chinese financial industry and the society is to perfectly match the enormous wealth created by traditional economy over the past 40 years, thanks to the reform and opening up, with the capital required by new economy to boost scientific and technological innovation for the next 40 years,” said Tang.

“This is what a wealth management company can serve the society, and also what a FoF can do for the future of China. I think it’s revolutionary,” added Tang.

About CreditEase

Founded in 2006, CreditEase is a world-leading FinTech conglomerate in China. It specializes in inclusive finance and wealth management with a dominant position in credit technology, wealth management technology, insurance technology, etc. The main business sectors of CreditEase include Yiren Digital, CreditEase Wealth Management and CreditEase Insurance. Better tech, better finance, better world.

About London Business School

London Business School’s vision is to have a profound impact on the way the world does business. The School is consistently ranked in the global top 10 for its programmes and is widely acknowledged as a centre for outstanding research. As well as its top-ranked full-time MBA, the School offers degree and award-winning executive education programmes to executives from around the world. With a presence in four international cities – London, New York, Hong Kong and Dubai – the School is well-positioned to equip students from more than 130 countries with the tools needed to operate in today’s business environment. The School has more than 44,000 alumni, from over 150 countries, which provide a wealth of knowledge, business experience, and worldwide networking opportunities. London Business School’s 157 academics come from more than 30 countries and cover seven subject areas: accounting; economics; finance; management science and operations; marketing; organisational behaviour; and strategy and entrepreneurship.

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PR Newswire

Linkage Pay Brings Disruption Changes to the Payment Status Quo

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SINGAPORE, April 18, 2020 /PRNewswire/ — With the development of fintech breakthroughs such as blockchain, big data, cloud computing, and artificial intelligence, the financial sector has witnessed unprecedented paradigm shifts in the past decade. The ever-shifting digital landscape opens possibilities of new business models and consumer behaviours. The acceptive attitude towards novel concepts accelerates the gradual implementation of nascent technologies in traditional sectors. Linkage Pay emerges as a timely response to the shifting landscape of the payment industry and sets out to bring about disruptive changes to the payment industry.

Linkage Pay
Linkage Pay

What is Linkage Pay?

Linkage Pay is committed to the improvement of global payment solutions. By moving the bulk of offline trading services online, Linkage Pay will revolutionize the payment process and empower users to manage their assets more efficiently. These services include transactions, exchange, trading, clearing and settlement, and payment services. The integration of transaction channels and customer-oriented services will afford clients a one-stop experience that is not only convenient but also highly secure. Linkage Pay boasts four key competitive advantages that set it apart from mainstream online payment platforms. These competitive advantages are innovative payment, rapid settlement, integrated payment, and smart business.    

Linkage Pay’s Business Model

1. Integrated Payment

The traditional payment system is cumbered with layers of red tape, resulting in low efficiency and high processing fee. On top of that, the traditional system relies heavily on third or even fourth-party platforms. The dependence on external factors renders the system more vulnerable to inconsistency, unexpected account closure, among other potential risks. Leveraging blockchain technology, Linkage Pay makes rapid peer-to-peer payment a reality, by offering the most straightforward solution to issues such as complex processes and high exchange rates.    

2. Financial Settlement

Linkage Pay’s payment system mobilizes innovative payment technology to circumvent information monitoring and high gas fees incurred from the over reliance on third-party platforms. Linkage Pay, in collaboration with Alipay and WeChat Pay, aims to minimize redundancy during the payment processes and cut operating costs by 30 to 50 percent.   

3. Investment and Asset Management  

Linkage Pay utilizes a portion of the savings to maintain liquidity. The fund will be used to invest in sound and low-risk financial products during the capital accumulation phase to generate multiple returns for the clients. 

4. Technical Competitiveness

Linkage Pay incorporates automatic confirmation of Alipay and WeChat Pay barcode in the payment system. A single transaction of US$100 – $50,000 typically generate a return rate of 0.5% to 1%. These transactions can be repeated multiple times in a same day until the platform quota is met.   

About the Team

Linkage Pay boasts a team of sophisticated industry professionals from diverse backgrounds. Its co-founder, Jimmy Li, takes on multiple managerial roles in tech startups, including AVG Group and Influence Chain. Graduated with a master’s degree in Supply Chain Management from a prestigious university, Jimmy has established himself as a top-tier supply chain analyst, before venturing into the world of entrepreneurship. In 2013, he founded Ads Venture Group (AVG), which has since become the largest Chinese digital media company in Southeast Asia, with branch offices operating in 7 countries and providing services to industry giants, including Baidu, Alibaba, and Tencent. In 2016, Jimmy challenged the status quo of the payment industry by establishing AIC Fintech, a firm committed to providing digital payment solutions powered by blockchain technology. In a short span of five years, Jimmy has attained several prominent awards under his belt, including being accorded the honour of Young Eminent Overseas Chinese. He has been named as an adjunct professor at the MBA centre of Shanghai University in recognition of his extensive contributions to the university and the industry.

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PR Newswire

TAL’s AI Mandarin Teaching App Receives Recognition by UNESCO

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BEIJING, April 18, 2020 /PRNewswire/ — TAL’s Improving literacy, preserving language, and providing inclusion using AI and big data has been selects by UNESCO as one of the innovative projects of Mobile Learning Week 2020, under the theme “Artificial Intelligence and Inclusion”. 

UNESCO certificate presented to TAL Education Group
UNESCO certificate presented to TAL Education Group

TAL’s AI “Putonghua” Teacher is an app that allows Yi children, as well as other students from all backgrounds, access to Mandarin language learning resources and tools. The system requirements are minimal and mobile-friendly, available across all platforms and devices. One device or PC with audio capabilities are sufficient to run the system, making it easier for users to learn both on the go and in the classroom. The interface is easy to learn and navigate, even for self-learning students, without the need of teacher assistants.

The project focuses on helping improve the overall literacy rate, using AI speech recognition and big data, to increase opportunities for further inclusivity and social mobility within these rural communities. In 2018, Xueersi Online School under TAL, developed the AI Mandarin Teaching System specifically for Zhaojue County (Yi Autonomous Prefecture in Liangshan), Sichuan. The customized Mandarin-Yi bilingual learning module was developed for pre-school children there. Its system deeply integrates technologies, such as voice recognition and voice assessment, conducts intelligent real-time assessment and correction. Therefore, the program can help kids improve their mandarin proficiency. By November 2019, nearly 80,000 students and over 2,000 middle and primary school teachers have benefited from this program, which has laid the foundation for future education equity and poverty elimination in remote regions inhabited by rural communities. The idea is to help preserve the Yi language while connecting learners to the outside world.

Having been exhibited at multiple events, including China-CEEC Education Cooperation Exhibition and the 1st International Conference on Artificial Intelligence and Education, the program has won worldwide recognition.

Mobile Learning Week (MLW) is the United Nations’ flagship event on Information and Communication Technology (ICT) in education, and has been organized by UNESCO and its partners for eight consecutive years. The 2020 edition of MLW, under the theme Artificial Intelligence and Inclusion, was postponed due to the outbreak. However, its design to steer the use of Artificial Intelligence (AI) towards the inclusion and equity in education has succeeded, standing behind its core values of the Sustainable Development Goals (SDGs) and propeller of digital opportunities for all. It is noted that programs from Google and University College London are also among the recipients awarded Mobile Learning Week 2020 Innovation Certificate for their contributions.

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PR Newswire

Sohu.com Announces Completion of Changyou Going-Private Transaction

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BEIJING, April 18, 2020 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu”), China’s leading online media, video, search and gaming business group, today announced that it has completed the acquisition of all of the outstanding shares of Changyou.com Limited (“Changyou”) that it did not already beneficially own, through the merger (the “Changyou Merger”) of an indirect wholly-owned subsidiary (“Changyou Merger Co.”) of Sohu with and into Changyou, with Changyou being the company surviving the Changyou Merger. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “Changyou ADSs”), each of which represented two Changyou Class A ordinary shares (“Changyou Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, each Changyou Class A Ordinary Share issued and outstanding immediately prior to the effectiveness of the Changyou Merger, other than Changyou Class A ordinary shares owned beneficially by Sohu, was cancelled in exchange for the right to receive $5.40 in cash without interest, and each outstanding Changyou ADS was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

In connection with the Changyou Merger, each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y) the number of Changyou Class A Ordinary Shares underlying such Vested Option; and each outstanding but unvested option (each, an “Unvested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the effectiveness of the Changyou Merger in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the effectiveness of the Changyou Merger.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Changyou Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of Changyou Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of Changyou Class A Ordinary Shares becomes effective.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Sohu

Sohu is China’s premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products which offer the vast Sohu user community a broad array of choices regarding information, entertainment and communication. Sohu has built one of the most comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and leading online media destination www.sohu.com; interactive search engine www.sogou.com; developer and operator of online games www.changyou.com and the online video website tv.sohu.com.

Sohu’s corporate services consist of online brand advertising on Sohu’s matrix of websites as well as bid listing and home page on its in-house developed search directory and engine. Sohu also provides multiple news and information services on mobile platforms, including Sohu News App and the mobile news portal m.sohu.com. Sohu’s online game subsidiary Changyou develops and operates a diverse portfolio of PC and mobile games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China. Changyou also owns and operates the 17173.com Website, a game information portal in China. Sohu’s online search subsidiary Sogou (NYSE: SOGO) has grown to become the second largest search engine by mobile queries in China. It also owns and operates Sogou Input Method, the largest Chinese language input software. Sohu, established by Dr. Charles Zhang, one of China’s internet pioneers, is in its twenty-fourth year of operation.

For investor and media inquiries, please contact:

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Source: Sohu.com Ltd.

PR Newswire

Changyou.com Announces Completion of Going-Private Transaction

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BEIJING, April 18, 2020 /PRNewswire/ — Changyou.com Limited (“Changyou”) (NASDAQ: CYOU), a leading online game developer and operator in China, today announced the completion of the merger (the “Changyou Merger”) contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated January 24, 2020, by and among Changyou; Sohu.com (Game) Limited (“Sohu Game”), an indirectly wholly-owned subsidiary of Sohu.com Limited (“Sohu”) (NASDAQ: SOHU); and Changyou Merger Co. Limited (“Changyou Merger Co.”), a direct wholly-owned subsidiary of Sohu Game, in which Changyou Merger Co. merged with and into Changyou effective April 17, 2020 (the “Effective Time”), with Changyou being the surviving company. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “ADSs”), each of which represented two Changyou Class A ordinary shares (“Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, (i) each Class A Ordinary Share issued and outstanding immediately prior to the Effective Time, other than shares held beneficially by Sohu (the “Excluded Shares”), was cancelled in exchange for the right to receive $5.40 in cash without interest, and (ii) each outstanding ADS, other than the ADSs representing the Excluded Shares, was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Pursuant to the Merger Agreement, at the Effective Time, (i) each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y)  the number of Class A Ordinary Shares underlying such Vested Option, and (ii) each outstanding but unvested option (each, an “Unvested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the Effective Time in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the Effective Time.

Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of the Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of the Class A Ordinary Shares becomes effective.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Changyou

Changyou is a leading developer and operator of online games in China with a diverse portfolio of popular online games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China, as well as a number of mobile games. Changyou also owns and operates the 17173.com Website, a leading game information portal in China. Changyou began operations as a business unit within Sohu in 2003, and was carved out as a separate, stand-alone company in December 2007. Changyou has an advanced technology platform that includes advanced 2.5D and 3D graphics engines, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology. For more information, please visit http://ir.changyou.com/.

For investor and media inquiries, please contact:

In China:
Mr. Yujia Zhao
Investor Relations
Tel: +86 (10) 6192-0800
E-mail: ir@cyou-inc.com

In the United States:
Ms. Linda Bergkamp
Christensen
Phone: +1 (480) 614-3004
E-mail: lbergkamp@ChristensenIR.com

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Luokung Received NASDAQ Notification Letter

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BEIJING, April 18, 2020 /PRNewswire/ — Luokung Technology Corp. (NASDAQ: LKCO) (“Luokung” or the “Company”), On April 13, 2020, Luokung Technology Corp.  (the “Company”) received a notification letter from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the bid price for the Company’s common stock for the last 30 consecutive business days had closed below the minimum $1.00 per share required for continued listing under Nasdaq Listing Rule 5550(a)(2).

The notification received has no immediate effect on the listing of the Company’s common stock on Nasdaq. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180 calendar day grace period, or until October 12, 2020, to regain compliance with the minimum bid price requirement. The continued listing standard will be met if the Company evidences a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the 180 calendar day grace period. In order for Nasdaq to consider granting the Company additional time beyond October 12, 2020, the Company would be required, among other things, to meet the continued listing requirement for market value of publicly held shares as well as all other standards for initial listing on Nasdaq, with the exception of the minimum bid price requirement. If measured today, the Company would qualify for Nasdaq’s consideration of an extension because the Company currently has stockholders’ equity of at least $5 million. In the event the Company does not regain compliance with the $1.00 bid price requirement by October 12, 2020, eligibility for Nasdaq’s consideration of a second 180 day grace period would be determined on the Company’s compliance with the above referenced criteria on October 12, 2020.

The Company is diligently working to evidence compliance with the minimum bid price requirement for continued listing on Nasdaq; however, there can be no assurance that the Company will be able to regain compliance or that Nasdaq will grant the Company a further extension of time to regain compliance, if necessary.

About Luokung Technology Corp.

Luokung Technology Corp. is one of the global leading spatial-temporal big-data processing technology companies and a leading interactive location-based services company in China. The core business brands of the Company are “Luokuang” and “Superengine”. The Company mainly provides spatial temporal big data PaaS, SaaS and DaaS intelligent services based on its self-developed patented technology which can be applied in Mobile Internet LBS, Internet Travelling, Intelligent Transportation, Automatic Drive, Smart City, Intelligent IoT, Natural Resources Exploration and Monitoring and so on. These services are integrated intelligent computing and application services for spatial temporal data which including but not limited to Satellite and UAV Remote Sensing Image Data, HD Map, 2D and 3D Internet Map, Real-time Trajectory, IoT Industrial Stream Data. For more information please go to http://www.luokung.com.

Business Risks and Forward-Looking Statements

This news release contains 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”, “target”, “going forward”, “outlook” 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, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

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Source: Luokung Technology Corp.

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Bluevisor chosen for NatWest FinTech Accelerator Programme

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SEOUL, South Korea, April 17, 2020 /PRNewswire/ — Bluevisor, a member company of the Born2Global Centre, was selected for the second consecutive year to participate in the NatWest FinTech Accelerator Programme, which is sponsored by the Royal Bank of Scotland (RBS).

Bluevisor will be participating in the accelerating program from April through August. NatWest is a subsidiary of RBS, a key British financial institution.

Bluevisor picked for NatWest FinTech Accelerator Programme (Hwang Yong-guk, CEO of Bluevisor)
Bluevisor picked for NatWest FinTech Accelerator Programme (Hwang Yong-guk, CEO of Bluevisor)

For the annual program, NatWest assesses promising startups from all over the world that have demonstrated significant growth potential and selects companies to receive support. The selected companies are provided with assistance to obtain technology investments locally in the UK (with a focus on FinTech) as well as global networking support. After initially being selected for the NatWest Accelerator Programme in September 2019, Bluevisor was recognized again this year for its global marketability and localization potential and was selected for program support.

NatWest originally planned to conduct its accelerating program (offline) in the UK. However, due to the spread of COVID-19, the program is temporarily following an online itinerary. Bluevisor has been participating in the online program since April 1.

AI startup Bluevisor is the creator of HIGHBUFF, an AI software solution for investing and wealth enhancement. HIGHBUFF completes all steps in the investment process from portfolio setup, investment asset allocation to re-balancing portfolio. The service is available on PC or smartphones.

Hwang Yong-guk, CEO of Bluevisor, said, “We were selected again this year from among 125 companies and given a high score not only because of our diligent and proactive participation in NatWest’s 2019 program, but also because we network with diverse companies in the London area and show consistent sales increases.” Hwang added, “Now that HIGHBUFF’s technologies, credibility, and marketability are being recognized in the UK, Bluevisor will continue to work to promote the excellence of Korean technology in the global market as well as increase our corporate value through consistent sales increases.”

Bluevisor was also selected to receive support through KIC Silicon Valley‘s KIC-Express Soaring, a program that provides support according to localization phase. The company successfully passed the program’s first level of participant screening and was recently selected to participate in the second level of screening. In 2019, Bluevisor was also named a winner of the New York Family Office Challenge. The company continues to be recognized worldwide for the high quality and marketability of its products and had a media interview at NASDAQ, selected as a top 10 company of Startup World Cup 2019 (New York), and named as a finalist of the startup pitching contest “Take Off Istanbul International Startup Summit 2019” held in Turkey.

For more detailed information on Bluevisor, visit https://bluevisor.kr/#anchor1.

Media contact

Jun Young Kwon
Chief Operations Officer, Bluevisor
coo@bluevisor.kr

Jina Lee
PR Manager, Born2Global Centre
jlee@born2global.com

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