Tag Archives: FIN

PR Newswire

Recon Technology Announces Closing of $8 million Registered Direct Offering

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BEIJING, March 18, 2023 /PRNewswire/ — Recon Technology, Ltd. (NASDAQ: RCON) (“Recon” or the “Company”) announced today the closing of its previously announced registered direct offering with certain accredited investors to purchase approximately $8 million worth of its Class A ordinary shares (or pre-funded warrants to purchase Class A ordinary shares in lieu thereof) in a registered direct offering, and Class A ordinary shares warrants in a concurrent private placement, for proceeds of approximately $8 million. In addition, ordinary share purchase warrants to purchase an aggregate of 7,950,769 ordinary shares previously issued by the Company to certain institutional investors on June 16, 2021 had the exercise price reduced to $0.80 in connection with this offering.

After deducting the placement agent’s commission and other offering expenses payable by the Company, the net proceeds to the Company were approximately $7.1 million. The Company intends to use the net proceeds for general corporate purposes, including for the Company’s research and development needs for current and future products, expansion of marketing efforts, and possible acquisitions of complementary assets or businesses.

Maxim Group LLC (“Maxim”) acted as the sole placement agent in connection with this offering.

The securities described above were offered by the Company pursuant to a shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (SEC) dated December 2, 2022, and declared effective on January 5, 2023. A prospectus supplement related to the offering were filed with the SEC on March 17, 2023 and is available on the SEC’s website at http://www.sec.gov. Copies of the prospectus supplements relating to the offering may be obtained, when available, by contacting: Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, by telephone: at (212) 895-3500.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Recon Technology, Ltd.

Recon Technology, Ltd (NASDAQ: Recon) is China’s first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, Recon has taken leading positions on several segmented markets of the oil and gas filed service industry. Recon also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: www.recon.cn.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, whether we will sign any additional contracts with the North China Branch, the final revenue from providing services to the North China Branch, actual results of our solutions in the field, levels of spending in our industry as well as consumer confidence generally; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

For more information, please contact:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5188
Email: info@recon.cn

PR Newswire

Concordium and Arivu partner to Combat Greenwashing with Blockchain Verification

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ZUG, Switzerland, March 16, 2023 /PRNewswire/ — Concordium announces it is partnering with Arivu, a Blockchain-as-a-Service (BaaS) provider that specializes in ESG (Environmental, Social, and Governance) reporting verification. The partnership aims to tackle the growing issue of greenwashing by providing companies with verified ESG data, evidence, and assurance.

Arivu’s platform leverages blockchain verification to reduce costs and minimize effort when it comes to audit and compliance, representing a more cost-effective and efficient way for companies to report ESG data and do their part in the fight against climate change.

With the latest European research calling out a reported 42% of “green” claims for being “exaggerated, false, or deceptive,” greenwashing is a dangerous practice that negatively impacts both a company’s reputation and bottom line. The partnership with Arivu is a testament to Concordium’s commitment to fighting climate change through the use of groundbreaking blockchain-based solutions, as was the case with previous collaborations with ClimaFi,  Energinet and Carbotanix. 

Through its EasyWriter product, Arivu provides off-chain companies and projects with an easy-to-use interface for different use-case requirements. The platform supports both small and large payloads, with small payload data containing the hash of the binary data, blockchain name, and transaction ID, and large payloads being written to file storage public blockchains.

Arivu is on a mission to provide companies with a trusted way to own, prove and share their sustainability transition by making it easier to identify and manage risk exposure across supply chains. With Concordium’s enterprise-grade blockchain technology, Arivu’s EasyWriter platform can verify ESG data and provide immutable proof of its accuracy. 

“We are delighted to partner with Concordium to help companies solve the challenge of investor and public trust in their sustainability claims. Our combined capabilities are a game-changer for corporates.”  Matthew Nelson, CEO of Arivu.

“Together, Concordium and Arivu are working towards a more transparent and sustainable future, where ESG reporting is verified and accurate, and greenwashing is a thing of the past,” says Torben Kaaber, Head of Commercial at Concordium. 

Media Contact
Marketing team
marketing@concordium.com

PR Newswire

FinVolution Group Increases Dividend Payout Ratio to 18.5% for Fiscal Year 2022, with US$0.215 per American Depositary Share

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Marks the fifth consecutive year of dividend declarations

SHANGHAI, March 15, 2023 /PRNewswire/ — FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform, today announced that its board of directors (the “Board”) has approved a cash dividend of US$0.215 per American Depositary Share for fiscal year 2022, which represents a payout ratio of approximately 18.5% of the Company’s net income for fiscal year 2022. The dividend is expected to be distributed on or around May 5, 2023 to shareholders of record as of the close of business on April 13, 2023.

The decision to distribute dividends as well as the amount of any such dividend payments is made at the Board’s discretion, based on the Company’s operations, earnings, cash flows, financial condition and other relevant factors.

The Company’s average dividend payout ratio for fiscal years 2018 to 2021 was approximately 15% of the Company’s net income in the same period. The Company’s current annual cash dividend policy states that the Company will declare and distribute a recurring cash dividend at an amount of no less than 10% of the Company’s net income after tax in the previous fiscal year.

Mr. Shaofeng Gu, Chairman of the Board and Chief Innovation Officer of the Company, commented, “Despite a very challenging 2022, we remained committed to returning value to our shareholders with a fifth consecutive year of both dividend payouts and share repurchases. Our successful transition to better-quality borrowers and stable, consistent performance in the domestic market have empowered us to pursue high-quality growth and explore international markets while also sharing our profits with our shareholders.” 

About FinVolution Group

FinVolution Group is a leading fintech platform in China and internationally connecting underserved borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December, 31, 2022, the Company had over 159.4 million cumulative registered users.

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

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “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 risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase the volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. 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. All information provided in this press release is as of the date of this press release, and FinVolution 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 investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200 Ext. 8601
Email: ir@xinye.com 

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
Email: finv@tpg-ir.com 

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

PR Newswire

RECENT STUDY SHOWS CLIENT REFERRALS SAVE TIME FOR ENTREPRENEURS

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CHARLOTTE, N.C., March 14, 2023 /PRNewswire/ — BNI® (Business Network International), the world’s largest referral networking organization, recently conducted a study showing that word-of-mouth referrals can be an effective way to grow a business and save time. This study found that BNI referrals convert to revenue 55% of the time1 and that referrals received from BNI Members convert to business 38% quicker than leads from other sources2. Through a structured model, BNI Members around the globe meet each week for approximately ninety minutes to talk about their business, share qualified referrals to one another, and build relationships through the power of visibility and credibility.

To learn more about how BNI works, watch this short video here. If you are interested in learning how you can visit a BNI Chapter for free, please reach out to our Support Team at (800)-825-8286 (USA) or support@bni.com (internationally).

Glad Perez, a Senior Financial Advisor and BNI Member from BNI USA, explains how she benefits from her Membership in ways she was not expecting when she first joined. “When I joined BNI, I knew it was a place to network and pass referrals, but what I never expected was the camaraderie that exists between Members. What Members are asking for may be different, but it doesn’t matter because we all have a common goal: to pass referrals and offer any support and solutions we can. We want to refer Members we know, like and trust…because we truly care about each other succeeding. BNI saves me time and money since it is the only referral marketing program I need to be successful in my business, providing me both national and worldwide exposure.”

Throughout their Membership, BNI Members, like Perez, are given the tools and training to develop long-term, meaningful business relationships with results-driven professionals, dedicated to helping each other generate more sales and more business in a faster amount of time. The data shows that BNI saves time because it is a more effective and efficient way to grow a business. In fact, BNI referrals are twice as likely to convert to business than leads from other non-networking marketing channels3. These numbers demonstrate just how important quality referrals and word-of-mouth marketing can mean to business owners.

“We are on a mission to help BNI Members double the value of their business with personalized support, transformative training, world-class technology, incredible events, and 24×7 access to the most powerful business network on the planet,” says BNI Chairman and CEO Graham Weihmiller. “BNI’s unique model provides a way for business owners to maximize their marketing time each week by providing them with a collaborative cohort of trusted individuals who will share their business on their behalf through the power of referral marketing. It is not only a fun way to grow a business, but also a smart way to grow a business.”

About BNI®
BNI (Business Network International) is the world’s largest and most successful business networking organization. Today, BNI has over 298,000+ Member-businesses participating in over 10,900+ BNI Chapters that meet in-person, online, or in a hybrid format each week in 77+ countries around the globe. Since inception in 1985, BNI has proudly helped 1.9 million businesses garner over $164 billion USD in revenue4. To learn more about BNI and how you can visit a chapter, go to www.bni.com. BNI’s philosophy is centered on Givers Gain® and BNI’s motto is Changing the Way the World Does Business®. To connect with the support team, please reach out to (800)-825-8286 or support@bni.com.

1. This information is based on historical BNI Member self-reported data as of December 2022 and represents collective results from BNI Members worldwide over the last 12 months. Factors influencing results for BNI Members include but are not limited to length of time in BNI, level of participation with their BNI Chapter, industry type, market location, Chapter size, and maturity of the Member business. 2. This information is based on a BNI Member survey conducted in December 2022 (n=10,934). Factors influencing results for BNI Members include but are not limited to length of time in BNI, level of participation with their BNI Chapter, industry type, market location, Chapter size, and maturity of the Member business. 3. This information is based on a BNI Member survey conducted in December 2022 (n=10,934), and on historical BNI Member self-reported data as of December 2022 and represents collective results from BNI Members worldwide over the last 12 months. Factors influencing results for BNI Members include but are not limited to length of time in BNI, level of participation with their BNI Chapter, industry type, market location, Chapter size, and maturity of the Member business.

4. This information is based on historical BNI Member self-reported data and represents collective results from BNI Members worldwide from 1985 to 2023.
PR Newswire

3M named as one of the World’s Most Ethical Companies by Ethisphere Institute for 10th consecutive year

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ST. PAUL, Minn., March 13, 2023 /PRNewswire/ — The Ethisphere Institute today recognized 3M for ethics and integrity in business conduct and compliance for the 10th straight year. 3M is one of only nine industrial companies worldwide to be honored this year.

“At 3M, we are committed to doing things with unwavering integrity,” said Michael Duran, 3M senior vice president and chief ethics and compliance officer. “It is our commitment to unwavering integrity that makes it possible to receive this recognition as one of the World’s Most Ethical Companies for the 10th straight year. I am truly proud of all of our employees who work to protect 3M’s reputation every day.” 

3M’s Code of Conduct is the foundation for its strong reputation with customers across many industries. Company leaders create and promote a workplace environment where compliance and integrity are expected and encouraged.

3M is one of 135 companies around the world designated as one of the World’s Most Ethical Companies in 2023.

“Ethics matters. Organizations that commit to business integrity through robust programs and practices not only elevate standards and expectations for all, but also have better long-term performance,” said Ethisphere CEO, Erica Salmon Byrne. “We continue to be inspired by the World’s Most Ethical Companies honorees and their dedication to making real impact for their stakeholders and displaying exemplary values-based leadership. Congratulations to 3M for being named one of the World’s Most Ethical Companies for the 10th year in a row.”

Methodology & Scoring
Grounded in Ethisphere’s proprietary Ethics Quotient®, the World’s Most Ethical Companies assessment process includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity, and initiatives that support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of organizations across industries and around the globe.

About 3M 

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what’s possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we’re working to improve lives and make what’s next at 3M.com/news or on Twitter at @3M or @3MNews.

PR Newswire

16 Major Banks Gathered at Edianyun – Building Momentum in China’s IT Remanufacturing

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BEIJING, March 10, 2023 /PRNewswire/ — Recently, Edianyun Syndicated Loan Meeting was successfully held. Sixteen major banks in China, including Xiamen International Bank and Bank of East Asia, attended the meeting under the leadership of Fubon Bank. Ji Pengcheng, Founder and CEO of Edianyun, Zhang Bin, Co-founder and COO of Edianyun, and Ma Xiliang, President of Fubon Bank Beijing Branch, were present.

Fubon Bank is a wholly-owned subsidiary of Fubon Financial Holding Co., Ltd. and the second largest financial holding company in Taiwan, with a total asset of RMB 2,418.3 billion.

“I have been looking forward to this event and hope to continue the friendly cooperation with other banks on the project of Edianyun. Edianyun is a pioneer that spurs the development of China’s enterprise office IT industry, something that’s recognized both home and abroad and drives us to lead the syndicated meeting,”said Ma Xiliang.

“Strategically, Edianyun mainly targets SMEs, which are over 1.5 million and continue to grow in China. SMEs face more severe IT challenges than large enterprises as they are short of money and professional IT teams and have a tough time in digital transformation and upgrading.” Ji Pengcheng added, “Edianyun offers stable, high-quality IT services to help SMEs promote efficiency, digital transformation and upgrading, and competitiveness at lowers costs. In return, such SMEs help Edianyun develop a business model featuring growth and profitability. In the future, we are committed to providing enterprises with effortless access to our services.”

As Zhang Bin said, “What distinguishes Edianyun from others is its ability to attract customers with lower costs and retain them with convenient services. I recently met an old customer who told me that his company has been using Edianyun service since 2015 without any change even though the company’s development direction has changed five times.”

Edianyun has more than 40,000 paying customers and 1.1 million devices in service. In 2022, the company maintained over 90% customer retention thanks to its constantly upgrading digital technology.

Edianyun’s manufacturing and service system takes each product and service to the lowest level, thereby standardizing manufacturing and services.

In the case of computer screen damage, instead of being discarded, the computer’s backlight and backlit paper will undergo digital detection separately to identify the exact problem, which is then specifically addressed. For example, if the backlit paper is found to be yellow, it will be replaced. Remanufacturing technology extends computer life from 3 to 5 years up to 7 to 10 years and cuts carbon emissions by 50,000 tons per year while effectively meeting customer needs.

The Xuanji system, independently developed by Edianyun, can flexibly dispatch more than 3,000 engineers nationwide to deliver door-to-door on-site service within two hours. In addition, Edianyun continues to improve its service efficiency and capability and is now promoting the regional grid-based service on a trial basis to reform its original service model and offer exclusive “fully managed” IT services to enterprises.

The closed-loop system Case independently developed by Edianyun supports the whole-process and real-time monitoring, warning and verification of every customer’s demand and hits every tiny problem “to the core.”

Such technologies equip Edianyun with the competitiveness that outperforms exclusive equipment reselling companies, enabling it to provide high-quality products and services at low costs that ultimately benefit customers.

“Edianyun focuses on services and solutions to SMEs and gains insights into the IT industry, SMEs and the business itself in the promising SME office IT market. It’s compellingly attractive for investors,” said Ma Xiliang said.

As we advance, Edianyun will deepen its cooperation with major banks to jointly explore the broad office IT market, truly help SMEs, and boost China’s office IT industry!

PR Newswire

TD Holdings, Inc. Reports Fiscal Year 2022 Financial Results

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SHENZHEN, China, March 11, 2023 /PRNewswire/ — TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a commodities trading service provider in China, today announced its financial results for the year ended December 31, 2022.

Ms. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “The challenging market environment and uncertain macro-economic conditions have significant impact on our business. We continue to deliver high quality services to our customers and our efforts have been greatly recognized by our customers and industry. Our online to offline e-commerce commodities trading platform, tongdow.com, was awarded Top 100 China Industrial Internet Enterprise of 2022. Our subsidiary Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. was awarded the 2022 China (Industry) Leading Enterprise. These awards once again demonstrate the competitiveness of the Company in the industry. Looking ahead to 2023, we expect to take multiple necessary initiatives to strengthen our business resilience and enhance our market position. Leveraging our experience and expertise, we remain focused on improving our services, enhancing our brand awareness and executing the strategic plan to capture the opportunities ahead of us as the market recovers.”

Fiscal Year 2022 Financial Highlights

  • Total revenue was $156.84 million, consisting of $155.44 million from sales of commodity products, and $1.39 million from supply chain management services for the year ended December 31, 2022, a decrease of 22% from $201.13 million for the year ended December 31, 2021.
  • Net income was $4.25 million for the year ended December 31, 2022, compared with net loss of $0.94 million for the year ended December 31, 2021.
  • Basic and diluted earnings per share were $0.08 and $0.07 respectively, for the year ended December 31, 2022, compared with basic and diluted loss per share of $0.04 for the year ended December 31, 2021.

Fiscal Year 2022 Financial Results

Revenues

For the year ended December 31, 2022, the Company sold non-ferrous metals to 29 third-party customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $155.44 million from sales of commodity products for the year ended December 31, 2022, compared with $197.95 million for the year ended December 31, 2021.

For the year ended December 31, 2022, the Company earned commodity distribution commission fees of $1.39 million from third-party vendors, compared with $3.18 million from third-party vendors for the year ended December 31, 2021.

Cost of revenue

Cost of revenue primarily includes cost of revenue associated with commodity product sales and cost of revenue associated with management services of supply chain. Total cost of revenue decreased by $42.33 million, or 21% to $155.80 million for the year ended December 31, 2022, from $198.13 million for the year ended December 31, 2021, primarily due to a decrease of $42.25 million in cost of revenue associated with commodity product sales. The decreased cost of revenue is in line with the decrease in sales.

Selling, general, and administrative expenses

Selling, general and administrative expenses increased by $0.71 million or 9%, to $8.84 million for the year ended December 31, 2022, from $8.14 million for the year ended December 31, 2021. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expenses, amortizations of intangible assets and convertible promissory notes, professional service fees and finance offering related fees. The increase was mainly attributable to (1) amortization of intangible assets of $4.63 million, and (2) amortization of convertible promissory notes of $1.21 million.

Share-based payment for service

On December 16, 2022, the Company issued 300,000 shares of the Company’s common stock as compensation to a settlement and mutual release agreement with White Lion Capital, LLC, a Nevada limited liability company, and recognized $324,000 share-based payment for service to profit and charged back $280,000 share-based payment for service to profit to a PR service provider.

On March 4, 2021, the Company issued 750,000 fully-vested warrants with an exercise price of $0.01, with a five-year life, to an agent who was engaged to complete the warrant waiver and exercise agreements. The Company applied the Black-Scholes model and determined the fair value of the warrants to be $1,695,042. Significant estimates and assumptions used included stock price on March 4, 2021 of $2.27 per share, risk-free interest rate of one year of 0.08%, life of five years, and volatility of 71.57% for the year ended December 31, 2021.

On July 16, 2021, the Company issued 140,000 shares of the Company’s common stock as compensation to a PR service provider for increasing the Company’s visibility in the financial news community, and recognized 141,400 share-based payment for service to profit.

Interest income

Interest income was primarily generated from loans made to third parties and related parties. Interest income increased by $6.96 million or 69%, to $17.04 million for the year ended December 31, 2022, from $10.08 million for the year ended December 31, 2021. The increase was primarily due to the growth of loans made to third-party vendors for the year ended December 31, 2022.

Amortization of beneficial conversion feature and relative fair value of warrants relating to the issuance of convertible promissory notes  

For the year ended December 31, 2022, the item represented the amortization of beneficial conversion feature of $1.21 million of three convertible promissory notes issued on March 4, 2021, October 4, 2021 and May 6, 2022.

For the year ended December 31, 2021, the item represented the amortization of beneficial conversion feature of $1.46 million of three convertible promissory notes issued on January 6, 2021, March 4, 2021 and October 4, 2021.

Net income (loss)

Net income was $4.25 million for the year ended December 31, 2022, compared with net loss of $0.94 million for the year ended December 31, 2021.

Twelve Months Ended December 31, 2022 Cash Flows

As of December 31, 2022, the Company had cash and cash equivalents of $0.89 million, as compared with $4.31 million as of December 31, 2021.

Net cash provided by operating activities was $4.34 million for the year ended December 31, 2022, compared with $8.03 million for the year ended December 31, 2021.

Net cash used in investing activities was $125.54 million for the year ended December 31, 2022, compared with $71.52 million for the year ended December 31, 2021.

Net cash provided by financing activities was $117.39 million for the year ended December 31, 2022, compared with $64.12 million for the year ended December 31, 2021.

About TD Holdings, Inc.

TD Holdings, Inc. is a service provider currently engaging in the commodities trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal products from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information, please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company’s operations, the demand for the Company’s products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Ascent Investor Relations LLC

Ms. Tina Xiao

Email:tina.xiao@ascent-ir.com 

Tel: +1 917 609 0333

TD HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2022 and 2021

December 31,

December 31,

2022

2021

ASSETS

Current Assets

Cash and cash equivalents

$

893,057

$

4,311,068

Loans receivable from third parties

143,174,634

115,301,319

Due from related parties

–

11,358,373

Inventories, net

458,157

–

Other current assets

4,040,477

3,288,003

Total current assets

148,566,325

134,258,763

Non-Current Assets

Plant and equipment, net

6,370

2,872

Goodwill

160,213,550

71,028,283

Intangible assets, net

54,114,727

21,257,337

Right-of-use assets, net

196,826

888,978

Total non-current assets

214,531,473

93,177,470

Total Assets

$

363,097,798

$

227,436,233

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable

$

1,269

$

3,337,758

Bank borrowings

1,005,083

1,129,288

Third party loans payable

460,587

476,779

Advances from customers

437,148

5,221,874

Due to related parties

38,767,481

21,174

Income tax payable

11,634,987

8,441,531

Lease liabilities

116,170

310,665

Other current liabilities

5,348,646

4,297,793

Convertible promissory notes

4,208,141

3,562,158

Total current liabilities

61,979,512

26,799,020

Non-Current Liabilities

Deferred tax liabilities

3,059,953

4,178,238

Lease liabilities

84,164

586,620

Total non-current liabilities

3,144,117

4,764,858

Total liabilities

65,123,629

31,563,878

Commitments and Contingencies (Note 16)

Shareholders’ Equity

Common stock (par value $0.001 per share, 600,000,000 shares authorized;
106,742,117 and 27,634,830 shares issued and outstanding as of December 31,
2022 and 2021, respectively) *

106,742

27,635

Additional paid-in capital

344,295,992

224,900,948

Statutory surplus reserve

2,602,667

1,477,768

Accumulated deficit

(38,800,375)

(42,200,603)

Accumulated other comprehensive (loss) income

(8,984,925)

11,666,607

Total TD Shareholders’ Equity

299,220,101

195,872,355

Non-controlling interest

(1,245,932)

–

Total Shareholders’ Equity

297,974,169

195,872,355

Total Liabilities and Shareholders’ Equity

$

363,097,798

$

227,436,233

*

Retrospectively restated due to five for one reverse stock split, see Note 13 – Reverse stock split of common stock.

TD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Years Ended December 31, 2022 and 2021

(Expressed in U.S. dollars, except for the number of shares)

 

For the Years Ended

December 31,

2022

2021

Revenues

     Sales of commodity products – third parties

$

155,443,398

$

173,904,016

     Sales of commodity products – related parties

–

24,049,999

     Supply chain management services – third parties

1,391,903

3,180,227

Total Revenues

156,835,301

201,134,242

Cost of revenues

     Commodity product sales – third parties

(155,789,519)

(173,996,000)

     Commodity product sales – related parties

–

(24,045,511)

     Supply chain management services – third parties

(7,525)

(84,118)

Total operating costs

(155,797,044)

(198,125,629)

Gross profit

1,038,257

3,008,613

Operating expenses

Selling, general, and administrative expenses

(8,844,739)

(8,137,481)

     Share-based payment for service

(44,000)

(1,836,442)

Total operating expenses

(8,888,739)

(9,973,923)

Other income (expenses), net

     Interest income

17,035,200

10,079,776

     Interest expenses

(523,980)

(313,965)

     Amortization of beneficial conversion feature relating to issuance of convertible
     promissory notes

(1,212,617)

(1,463,883)

     Other income (expense), net

59,088

(285,774)

Total other income, net

15,357,691

8,016,154

Net income from continuing operations before income taxes

7,507,209

1,050,844

Income tax expenses

(3,253,672)

(1,991,201)

Net income (loss)

4,253,537

(940,357)

Less: Net loss attributable to non-controlling interests

(271,590)

–

Net income(loss) attributable to TD Holdings, Inc.’s Stockholders

$

4,525,127

$

(940,357)

Other comprehensive income (loss)

Net income (loss)

$

4,253,537

$

(940,357)

Foreign currency translation adjustment

(20,651,532)

4,781,112

Comprehensive (loss) income

(16,397,995)

3,840,755

Less: Total comprehensive loss attributable to non-controlling interests

(271,590)

–

Comprehensive (loss) income attributable to TD Holdings, Inc.

(16,126,405)

3,840,755

Weighted Average Shares Outstanding-Basic

52,972,727

21,483,527

Weighted Average Shares Outstanding- Diluted

58,590,270

24,219,866

income (loss) per share- basic

$

0.08

$

(0.04)

income (loss) per share- diluted

$

0.07

$

(0.04)

TD HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2022 and 2021

(Expressed in U.S. dollar)

 

For the Years Ended

December 31,

2022

2021

Cash Flows from Operating Activities:

Net income (loss)

$

4,253,537

$

(940,357)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     Depreciation of plant and equipment

2,885

622

      Amortization of right-of-use lease assets

306,546

45,309

     (Gain) loss on disposal of right-of-use lease assets

(20,092)

–

     Amortization of intangible assets

4,630,169

3,927,961

     Amortization of beneficial conversion feature of convertible promissory notes

1,212,617

489,000

     Interest expense for convertible promissory notes

465,201

417,784

     Amortization of discount on convertible promissory notes

434,333

–

     Share-based payment for service

44,000

1,836,442

     Standstill fee relating to convertible promissory notes

–

356,934

     Monitoring fee relating to convertible promissory notes

263,982

–

     Amortization of beneficial conversion feature relating to issuance of convertible
     promissory notes

–

1,463,883

     Inventories impairment

17,540

–

     Deferred tax liabilities

(792,114)

(825,945)

Changes in operating assets and liabilities, (net of assets and liabilities acquired and
   disposed):

     Other current assets

1,830,247

5,558,942

     Inventories

(491,943)

–

     Prepayments

(456,052)

–

     Due from related parties

(15,986)

(496,242)

     Advances from customers

(4,497,189)

(4,170,261)

     Due from third parties

(192,670)

(2,619,091)

     Income tax payable

4,046,672

2,808,268

     Due to related parties

(20,071)

(5,516,085)

     Accounts payable

(3,162,561)

3,299,002

     Other current liabilities

(3,507,517)

1,039,735

     Lease liabilities

(41,152)

886,866

     Due to third party loans payable

24,977

471,243

Net cash provided by operating activities

4,335,359

8,034,010

Cash Flows from Investing Activities:

Purchases of intangible assets

–

(5,115,803)

Purchases of plant and equipment

(6,700)

(3,469)

Purchases of operating lease assets

(250,171)

(923,964)

Investment in subsidiary, net of cash acquired

(96,638,468)

(15,579,946)

Payment made on loans to third parties

(109,106,926)

(108,800,053)

Collection of loans from third parties

70,150,111

13,504,542

Collection of loans from related parties

10,448,662

45,397,738

Investments in other investing activities

(134,254)

–

Net cash used in investing activities

(125,537,746)

(71,520,955)

Cash Flows from Financing Activities:

Repayments made on loans to third parties

(29,735)

(558,088)

Repayment made on loans to related parties

–

(1,901,724)

Proceeds from issuance of common stock under ATM transaction

–

2,192,989

Proceeds from issuance of common stock under private placement transactions

114,420,000

57,877,941

Proceeds from issuance of convertible promissory notes

3,000,000

6,500,000

Proceeds from exercise of warrants

–

7,500

Net cash provided by financing activities

117,390,265

64,118,618

Effect of Exchange Rate Changes on Cash

394,111

979,382

Net (Decrease)/Increase in Cash

(3,418,011)

1,611,055

Cash, Beginning of Year

4,311,068

2,700,013

Cash from continuing operations

$

893,057

$

4,311,068

Cash paid for interest expense

$

83,496

$

92,062

Cash paid for income taxes

$

1,681

$

75,416

Supplemental disclosure of non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease obligations

$

250,171

$

–

Issuance of common stocks in connection with conversion of convertible promissory
   notes

$

4,730,150

$

–

Issuance of common stocks in exchange of investments in one equity investee

$

–

$

1,439,826

Source: TD Holdings, Inc.

PR Newswire

In new expedition, ‘striving in unity’ is China’s main theme: Global Times editorial

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BEIJING, March 11, 2023 /PRNewswire/ — On Friday, the new leadership of the state institutions and the 14th National Committee of the Chinese People’s Political Consultative Conference was elected at the two sessions. Xi Jinping was unanimously elected Chinese president and chairman of the Central Military Commission. This fully reflects the common aspiration of the whole Party, the military and the people of all ethnic groups in the country, and fully embodies the high degree of unity of the will of the Party, the will of the people, and the will of the country. Embarking on a journey full of glory and dreams, the sense of direction and certainty brought about by this achievement has further strengthened the firm confidence of Chinese society in its unity and striving.

From the 20th National Congress of the Communist Party of China (CPC) to the ongoing two sessions, “striving in unity” has always been a key and frequently used word. The development and changes in the internal and external situation has made “striving in unity” more important and urgent, and it has become a rigid demand in China.

In the 10 years of the new era, in the face of risks, challenges and tests from politics, economy, ideology, and nature, the CPC Central Committee with Comrade Xi at the core unites and leads the Party, the military, and the people of all ethnic groups in the country to carry out the great struggle with many new historical characteristics. We have won the battle against poverty as scheduled, built a moderately prosperous society in all respects, achieved the first centenary goal, achieved a major and decisive victory in COVID prevention and control, and created a great achievement of socialism with Chinese characteristics in the new era. The main theme running through this great journey is striving in unity.

The judgment on the current situation at the second plenary session of the 20th Central Committee of the CPC held not long ago is: “The world is undergoing momentous and rapid changes unseen in a century, and it has entered a new phase of turbulence and transformation. China has entered a development period in which strategic opportunities, risks and challenges are concurrent, and uncertainties and unforeseen factors are rising, and it must therefore be ready to withstand high winds, choppy waters and even dangerous storms.” The more this is the case, the more it requires internal unity, and under the leadership of the Party with Comrade Xi at its core, we must be united and as one like tough steel. The spirit that has supported the Chinese people to achieve prosperity and the Chinese nation to realize rejuvenation for a century is more special and precious today than ever before.

The CPC always represents the fundamental interests of the vast majority of the people, and has no special interests of its own. It never represents any interest group, any power group, or any privileged class. This is a prominent manifestation of China’s institutional advantages and the deep-rooted driving force behind Chinese society’s striving in unity. 

Embarking on a new journey, we will rally even more closely around the CPC Central Committee with Comrade Xi at the core, comprehensively promoting the great rejuvenation of the Chinese nation with Chinese modernization. The unity and striving of more than 1.4 billion Chinese people belong not only to China but also to the world. This is worthy of respect and also makes people feel exhilarated.

https://www.globaltimes.cn/page/202303/1287091.shtml

PR Newswire

Zhihu Inc. to Report Fourth Quarter and Full Year 2022 Financial Results on March 22, 2023

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BEIJING, March 10, 2023 /PRNewswire/ — Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), the operator of Zhihu, a leading online content community in China, today announced that it will report its unaudited financial results for the quarter and full year ended December 31, 2022 before the U.S. market opens on March 22, 2023.

The Company’s management will host a conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, March 22, 2023 (7:00 P.M. Beijing/Hong Kong Time on Wednesday, March 22, 2023) to discuss the results.

All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers, a passcode, and a unique registrant ID which can be used to join the conference call. Participants may pre-register at any time, including up to and after the call start time.

Registration Link: https://dpregister.com/sreg/10176364/f620171988

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

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call, until March 29, 2023, by dialing the following telephone numbers:

United States (toll free):

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

9109773

About Zhihu Inc.

Zhihu Inc. (NYSE: ZH; HKEX: 2390), the operator of Zhihu, a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. We have been dedicated to expanding our content and service offerings to enable our users to explore and enjoy “fulfilling content” (有获得感的內容) that broadens horizons, provides solutions, and resonates with minds. Since the initial launch in 2010, we have grown from a Q&A community into one of the top five comprehensive online content communities and the largest Q&A-inspired online content community in China, both in terms of average mobile MAUs and revenue in 2019, 2020, and 2021, according to CIC. For more information, please visit https://ir.zhihu.com. 

For investor and media inquiries, please contact:

In China:
Zhihu Inc.
Email: ir@zhihu.com

The Piacente Group, Inc.
Helen Wu
Tel: +86-10-6508-0677
Email: zhihu@tpg-ir.com

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Phone: +1-212-481-2050
Email: zhihu@tpg-ir.com

Source: Zhihu Inc.

PR Newswire

Lloyds Banking Group invests £10 million in digital identity company Yoti

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  • Investment will be used to develop innovative technology that protects customers’ identities and personal data online
  • Lloyds Banking Group will support Yoti in developing a new, reusable digital identity proposition that will help combat the growing risks of identity fraud

LONDON, March 9, 2023 /PRNewswire/ — Lloyds Banking Group has invested £10 million in digital identity company Yoti, an investment which supports the development of innovative technology to keep people safe online, tackle the ever-growing risks of identity fraud, and give people more control over their personal data.

Lloyds Banking Group invests £10 million in digital identity company Yoti
Lloyds Banking Group invests £10 million in digital identity company Yoti

Yoti offer a range of digital identity solutions that make it simple for people and businesses to protect themselves online. This includes a free Digital ID app, which gives individuals a safe and instant way to prove their identity from their phone, with no need to show ID documents or share an excessive amount of personal data. Digital IDs are a UK government-approved form of identification for right to work, right to rent and criminal records checks. Yoti’s Digital ID is also accepted as proof of age at UK cinemas,and for the sale of lottery tickets, energy drinks and tobacco. Businesses across a range of industries – from financial services and retail to gaming and e-commerce – are already seeing the benefits of Digital ID services.

The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition that will complement Yoti’s existing solutions. Set to launch later this year, this will give users a more private, secure and convenient way to prove their identity.

Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, said: “We are thrilled to be supporting Yoti and their experienced, passionate team with their work to further protect people online, through developing and growing digital identity solutions.

“We know how important fintechs and technology partners are for delivering better outcomes for our customers and this investment represents another step forward in our plans to strengthen the UK’s financial ecosystem and is a crucial part of how we help Britain prosper.”

Robin Tombs, CEO at Yoti said, “I’m delighted to announce Lloyds Banking Group’s significant investment in Yoti. The combination of their expertise in financial services and our digital identity solutions will bring security to even more businesses, people and communities. We will make it easier and safer for individuals to prove who they are and enable businesses to have more trust and confidence in the identity of their customers.”

The investment in Yoti is Lloyds Banking Group’s second investment of 2023, following a successful round of investments in 2022. These investments are headed up by the Group’s recently formed Fintech Investment team, which focuses on identifying and exploring opportunities for investment into fintech at Seed to Series B.

Notes to editors:

With a reusable digital identity, individuals only need to verify their identity once and then share verified details in seconds, without needing to show their ID documents each time. Individuals can just share the details they need and nothing else – giving them greater control over their personal data. With individuals pre-verified, organisations can have greater confidence and trust in who they are dealing with.

About Lloyds Banking Group

Lloyds Banking Group is the largest UK retail and commercial financial services provider with around 26 million customers and a presence in nearly every community. Our main business activities include retail and commercial banking, general insurance, and long-term savings, provided through well recognised brands including Lloyds Bank, Halifax, Bank of Scotland, Scottish Widows.

Our purpose is helping Britain prosper. We have served Britain through our products and services for more than 320 years, across every community and millions of households. Our success is interwoven with the UK’s prosperity, and we aim to help Britain prosper by operating as a responsible, sustainable, and inclusive Group.

About Yoti

Yoti is a digital identity technology company that makes it safer for people to prove who they are, verifying identities and trusted credentials online and in-person. They now provide verification solutions across the globe, spanning identity verification, age verification, document eSigning, access management, and authentication and leading facial age estimation. Over 13 million people have downloaded the free Yoti Digital ID app across the world. It is available in English, Spanish, French, German, Portuguese and Polish. Yoti is certified to ISO/IEC 27001:2013 for ID Verification Services, ISAE 3000 (SOC 2) Type 2 certified for its technical and organisational security processes. For more information, please visit www.yoti.com.

press@yoti.com