Tag Archives: FIN

PR Newswire

China Liberal Education Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

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BEIJING, Feb. 18, 2023 /PRNewswire/ — China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China Liberal,” the “Company,” or “we”), a China-based company that provides smart campus solutions and other educational services, today announced that the Company received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) on February 15, 2023, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from January 3, 2023 to February 14, 2023, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company’s listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until August 14, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by August 14, 2023, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company’s business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

About China Liberal Education Holdings Limited

China Liberal, headquartered in Beijing, is an educational service provider in China. It provides a wide range of services, including those under sino-foreign jointly managed academic programs; overseas study consulting services; technological consulting services for Chinese universities to improve their campus information and data management system and to optimize their teaching, operating and management environment, creating a “smart campus”; and tailored job readiness training to graduating students. For more information, please visit the Company’s website at ir.chinaliberal.com.

Forward-Looking Statements

This document contains forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s expectations and projections about future events, which the Company derives from the information currently available to the Company. Such forward-looking statements relate to future events or our future performance, including: our ability to successfully integrate the newly acquired business; our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

Investor Relations Contact

China Liberal Education Holdings Limited
Email: ir@chinaliberal.com  

Ascent Investor Relations LLC
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com  
Tel: +1 917 609 0333

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PR Newswire

International Share Trading Platform Moomoo Reveals Investors Were More Cautious in Approach to Investing in 2022

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SYDNEY, Feb. 14, 2023 /PRNewswire/ — A new product report by international share trading platform moomoo reveals its 10 most used features in 2022, among which include the app’s Earnings Calendar and Paper Trading tools.

The product report is conducted annually to evaluate changing global investor behaviours and uses data from moomoo’s Australia, US and Singapore users. The latest report suggests that moomoo users were more cautious when selecting which shares to buy than they were in previous years.

New moomoo report reveals some of the most used and favorite moomoo features in 2022.
New moomoo report reveals some of the most used and favorite moomoo features in 2022.

Moomoo Global Product Manager Shine Deng says the 2022 report shows a significant shift in investors’ risk tolerance.

“In 2021, fast growing companies and emerging industries were highly sought after, however in 2022 investors were more interested in seeking out companies with ample cash flow and stable operational performances,” Deng said.

“We also saw investors use tools to assist with decision making more frequently in 2022, suggesting they were more cautious in their approach to investing in 2022’s bear market than previous years.”

Top 10 Platform Features – moomoo users (Australia, US and Singapore)

Sera McKenna, a moomoo Australia user and full-time mum of four, recommends novice investors use the tools available on the app to help them map out their investment strategy.

Using moomoo’s Industrial Chain and Earnings Calendar features, Sera discovered a connection between rising EV companies and the Australian mining industry.

“Don’t forget the big guys behind the finished products,” McKenna said.

“When everyone is driving electric vehicles, hopefully I have learned and invested enough in the right companies, as we all know the industry is going to explode. I want to build something up for my children.”

Being a customer-focused online trading platform, moomoo is devoted to empowering investors of all kinds to trade like a pro. The report summarizes 20 cases studies that demonstrates how various users leverage the key moomoo features, as well as what they have learned from their past investing experience.

You can see the full user report and find more Mooer stories:
https://ussnsfile.moomoo.com/777770041676359560/mooer%20stories%20behind%2010%20star%20product%20features.pdf

About moomoo AU

Based in Sydney, NSW, Australia, Futu Securities (Australia) Ltd is an indirect and wholly-owned subsidiary of Futu Holdings Ltd, an advanced technology company transforming the investing experience by offering a fully digitized brokerage and wealth management platform.

Moomoo’s mission is to provide all investors with an intuitive and powerful investing platform, built with proprietary technology. We leverage our deep technological R&D capabilities and future-focused operating model to constantly improve our clients’ experience and drive industry-wide innovation.

Securities services available on the moomoo App are offered by but not limited to the following brokerage firms: Futu Securities (Australia) Ltd regulated by the Australian Securities and Investments Commission (ASIC); Moomoo Financial Inc. regulated by the U.S. Securities and Exchange Commission (SEC), Moomoo Financial Singapore Pte. Ltd. regulated by the Monetary Authority of Singapore (MAS), and Futu Securities International (Hong Kong) Ltd. regulated by the Securities and Futures Commission of Hong Kong (SFC).

Moomoo Financial Inc. is a member of the U.S. Securities Investor Protection Corporation (SIPC). The SIPC provides limited protection over an investor’s U.S. securities and cash when a member brokerage firm is to be liquidated. SIPC does not protect against losses due to market volatility.

Contact: pr@moomoo.com

Source: Futu Securities (Australia) Ltd.

PR Newswire

Gridex Protocol: Integrating First Fully On-chain Order Book For a New Generation of DEX

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LONDON, Feb. 10, 2023 /PRNewswire/ — Gridex Protocol, a cutting-edge decentralized protocol built on the Ethereum mainnet, is pushing the boundaries of what is possible in the DeFi space. Its advanced technology and innovative features are setting a new standard for decentralized trading and driving the decentralization of the financial industry forward.

The Cutting-Edge Features of Gridex protocol

Gridex Protocol supports the trading of ERC20 tokens using its self-developed, revolutionary Grid Order Maker Book (GMOB) model to deliver safe and effective trading with instantaneous speed. Anyone can expand upon the protocol with no extra permissions or smart contracts needed. Based on this model, the Grid Price Linear Movement (GPLM) algorithm handles transaction execution and settlement. The GPLM is designed to reduce the gas consumption running on Ethereum by achieving the same level of resource consumption as the Constant Function Market Maker (CFMM) algorithm.


The self-developed, revolutionary Grid Maker Order Book (GMOB) model and Grid Price Linear Movement (GPLM) algorithm

Gridex Protocol locates the most suitable price for users’ trades from all DEXs on Ethereum, including Uniswap and Sushiswap. Its self-developed GMOB model implements an algorithm that determines the most suitable path and trading amount in less than a second.

Gridex Protocol provides exclusive features like its Maker Orders protocol, allowing traders to place orders of any size and price without fear of slippage or MEV. It enables access to liquidity from other DEXs as well as liquidity pooled from users, granting users a smoother trading experience. Besides, it intends to roll out its protocol on more public chain such as Arbitrum, Optimism, Polygon and BNB Chain for faster, more affordable transactions.

At its core, Gridex Protocol offers an excellent user experience, driving decentralization and transparency throughout the DeFi market. This will make the exchange a key player in DeFi  and cause waves in the space, bringing immense value to the industry and their users in the near future.

Gridex Airdrop

Gridex will launch an airdrop event on February 13th. For more details about the event, please visit our official website and twitter

To stay informed on the latest developments and campaigns for the Gridex project, we recommend visiting our official website and following our social media channels. 

Website: https://gridex.org/   
Whitepaper: https://gridex.org/gridex-whitepaper.pdf   
Twitter: https://twitter.com/gridexprotocol   
Medium: https://blog.gridex.org/

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PR Newswire

Lichen China Limited Announces Closing of US$16 Million Initial Public Offering

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JINJIANG, China, Feb. 9, 2023 /PRNewswire/ — Lichen China Limited (the “Company” or “Lichen China”), a dedicated financial and taxation service provider in China, today announced the pricing of its initial public offering (the “Offering”) of 4,000,000 Class A ordinary shares at a public offering price of US$4.00 per Class A ordinary share. The Class A ordinary shares began trading on the Nasdaq Capital Market on February 6, 2023 under the ticker symbol “LICN.”

The Company received aggregate gross proceeds of US$16 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 600,000 Class A ordinary shares at the public offering price, less underwriting discounts.

Proceeds from the Offering will be used to expand the Company’s financial and taxation solution services, strengthen research and development (“R&D”) capabilities and expand self-developed software, improve brand recognition through multi-channel marketing, and working capital and general corporate matters.

The Offering was conducted on a firm commitment basis. Univest Securities, LLC was acting as the sole underwriter and book-running manager for the Offering. Ortoli Rosenstadt LLP was acting as U.S. counsel to the Company, and Hunter Fischer Taubman & Li LLC was acting as U.S. counsel to Univest Securities, LLC in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333- 264624) and was declared effective by the SEC on February 3, 2023. The Offering was being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Univest Securities, LLC, by email at info@univest.us, or by standard mail to Univest Securities, LLC, 75 Rockefeller Plaza Suite 18C, New York, NY 10019. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

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

About Lichen China Limited 

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s use of proceeds from the Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

Ascent Investors Relations LLC
Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com 

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PR Newswire

Tencent Music Entertainment Group Introduces TME UNI Chart on Billboard to Promote Chinese Music in Global Markets

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SHENZHEN, China, Feb. 8, 2023 /PRNewswire/ — Tencent Music Entertainment Group (“TME,” or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced the integration of TME UNI Chart on Billboard’s official global website, introducing the most popular Chinese music to a worldwide audience while bringing broader international opportunities to Chinese musicians and high-quality works.

As a global music media brand, Billboard has built a strong reputation among artists, fans, and the industry at large over the past century. Billboard powers the ultimate global music destination and magazine, featuring unrivaled reporting on music news, issues, trends, while providing the industry’s definitive charts, including the most complete and well-respected database of charts across all music genres.

Entering 2023, TME has expanded TME UNI Chart’s data resources, building the most comprehensive and credible dataset through multi-dimensional statistical algorithms. Besides the existing seven platforms, including TME’s QQ Music, Kugou Music, Kuwo Music, and WeSing, the chart now also incorporates the data from JOOX, a music streaming service for Hong Kong and South East Asia, and Weixin Video Accounts, a short video platform within China’s most popular app, WeChat. In addition, it provides data relating to radio stations. TME UNI Chart now covers the most data resources in the Chinese music market.

Launched in 2018, the TME UNI Chart is designed to leverage data technologies to present the authentic popularity of music in China. Through years of upgrades to its dataset and algorithms, and optimization of multi-dimensional evaluation standards, the chart has become an indicator of popularity of new Chinese music releases.  

The TME UNI chart contains data collected from hundreds of millions of music streams, and the TME Wave Chart is a list based on the professional perspectives of over a hundred musicians. Together, the two charts have built a ranking ecosystem for TME, presenting the Chinese music scene with a comprehensive, authentic, impartial and objective view to provide valuable references to music lovers, musicians and the industry.

Through this partnership with Billboard, TME UNI Chart will not only promote the exchange of data between global authoritative music charts but also help Chinese artists receive more attention from overseas audiences, resulting in the promotion of high-quality Chinese music throughout the world. 

TME has long been striving for the construction of global cultural communication channels and platforms for Chinese original music. In 2022, partnering with Billboard, TME announced the “Chinese Music Gravity Project”, a first-of-its-kind initiative dedicated to championing Chinese music across the globe. The two parties have since implemented a number of initiatives to promote Chinese original music on the global stage. TME will continue the deep strategic cooperation with Billboard to bring selected music content to music lovers and to promote the presence of Chinese original music globally.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to use technology to elevate the role of music in people’s lives by enabling them to create, enjoy, share and interact with music. TME’s platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Media Contact

TME.PR@icrinc.com
+1 (646) 992-2986

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PR Newswire

Bramble Welcomes Jeff Immelt As Advisor

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JACS Capital officially invests in future of Bramble

ASHEVILLE, N.C., Feb. 7, 2023 /PRNewswire/ — Bramble, the next-gen continuous improvement software company, is excited to announce Jeff Immelt has been appointed to its advisory board, and JACS Capital, Mr. Immelt’s family office, has joined as an investor. The announcement comes as Bramble has entered a period of rapid growth.

Jeff Immelt
Jeff Immelt

“We are thrilled to partner with Jeff,” said Bramble CEO, Dan Wain. “The depth of Jeff’s experience is unparalleled and we are excited to have the opportunity to work with him so closely on the future of Bramble.”

Mr. Immelt, former chairman and CEO of GE, and former Executive Chairman of athenahealth, has been named to Barron’s “World Best CEO’s” three times. Since then, he has been a lecturer on systems leadership at Stanford Business School and has worked directly with innovative companies in the healthcare, IoT, industrial automation and clean tech industries. Mr. Immelt brings immense experience to the Bramble team.

“Bramble fills a much needed gap in the way managers lead their teams,” said Immelt. “The combination of advanced analytics and habit-formation is an exciting approach to enhancing productivity while also staying focused on engagement within an organization. I look forward to working with Dan and the team at Bramble as they change the way teams are managed around the world.”

To learn more about Bramble, visit brmbl.io.

About Bramble

Bramble is a cloud-based platform designed to simplify management by providing real-time insight into operational performance, process and cost effectiveness, and sizing of improvement opportunities. Through our intuitive solution, Operations, Transformation, HR, IT & Finance departments gain real-time access to all the key metrics required for effective, continuous, and sustainable improvement.

Contact:
Dan Wain, CEO
dan@brmbl.io
(816) 328-3378

Bramble is a cloud-based platform designed to simplify management by providing real-time insight into operational performance, process and cost effectiveness, and sizing of improvement opportunities. Through our intuitive solution, Operations, Transformation, HR, IT & Finance departments gain real-time access to all the key metrics required for effective, continuous, and sustainable improvement.
Bramble is a cloud-based platform designed to simplify management by providing real-time insight into operational performance, process and cost effectiveness, and sizing of improvement opportunities. Through our intuitive solution, Operations, Transformation, HR, IT & Finance departments gain real-time access to all the key metrics required for effective, continuous, and sustainable improvement.

Photo – https://techent.tv/wp-content/uploads/2023/02/bramble-welcomes-jeff-immelt-as-advisor-1.jpg

Logo – https://techent.tv/wp-content/uploads/2023/02/bramble-welcomes-jeff-immelt-as-advisor.jpg

PR Newswire

Lichen China Limited Announces Pricing of US$16 Million Initial Public Offering

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JINJIANG, China, Feb. 6, 2023 /PRNewswire/ — Lichen China Limited (the “Company” or “Lichen China”), a dedicated financial and taxation service provider in China, today announced the pricing of its initial public offering (the “Offering”) of 4,000,000 Class A ordinary shares at a public offering price of US$4.00 per Class A ordinary share. The Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on February 6, 2023 under the ticker symbol “LICN.”

The Company expects to receive aggregate gross proceeds of US$16 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 600,000 Class A ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about February 8, 2023, subject to the satisfaction of customary closing conditions.

Proceeds from the Offering will be used to expand the Company’s financial and taxation solution services, strengthen research and development (“R&D”) capabilities and expand self-developed software, improve brand recognition through multi-channel marketing, and working capital and general corporate matters.

The Offering is being conducted on a firm commitment basis. Univest Securities, LLC is acting as the underwriter and book-running manager for the Offering. Ortoli Rosenstadt LLP is acting as U.S. counsel to the Company, and Hunter Fischer Taubman & Li LLC is acting as U.S. counsel to Univest Securities, LLC in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333- 264624) and was declared effective by the SEC on February 3, 2023. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering, when available, may be obtained from Univest Securities, LLC, by email at info@univest.us, or by standard mail to Univest Securities, LLC, 75 Rockefeller Plaza Suite 18C, New York, NY 10019. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Lichen China Limited 

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

Ascent Investors Relations LLC
Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com 

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PR Newswire

Flatfee Raises $900K

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PALO ALTO, Calif., Feb. 4, 2023 /PRNewswire/ — Flatfee (Flateecorp.com), a managed marketplace connecting global small to mid-sized global sellers with legal and administrative professionals closed a $900K round led by KungHo Fund (https://www.KungHo.com). The financing will provide important funds as Flatfee prepares for its upcoming seed round.

With this investment, Flatfee will solidify its first mover advantage providing a managed marketplace for comprehensive compliance services to small to mid-sized e-commerce sellers and app developers competing in the global market. “We look forward to building on the rapid growth Flatfee experienced in 2022 as it becomes the market leader in global intellectual property planning, remote entity formation and compliance for underserved global entrepreneurs.”

Samsun Yu, an expert on cross-border intellectual property practitioner, will be joining the company as a director to facilitate such efforts.

In a little over one year, Flatfee has expanded into 18 countries, with customer service provided in four languages, and completed close to 2,500 orders after its initial launch. Due to the strong demand in cross-border operation among e-commerce sellers and application developers, Flatfee’s sales grew an average of 20% each month of 2022. They discovered a lucrative market for integrated compliance solutions for small to mid-sized global entrepreneurs. 

KungHo Fund’s CEO and founder George Kung commented that his firm’s investment thesis for Flatfee is the rapid growth of global online sellers. Kung Ho Fund believes that Flatfee’s ability to integrate and manage professional and international service teams will make it an important player to meet the compliance needs of those global sellers.

Overseas Operation Services Inc., the operating entity of flatfeecorp.com, was formed in 2022 and focuses on prepackaged professional services to cross-border enterprises.

KungHo Fund is a venture fund formed in June 2022 as the U.S. arm of Zino Ventures, a New Zealand based venture capital firm. The fund focuses on early investments in artificial intelligence, e-commerce and bio-technology.

Media contact: Alfonso Gutierrez, alfonso@flatfeecorp.com

Source: Overseas Operation Services Inc.

PR Newswire

Prince Retail Transforms Its End-to-end Supplier Collaboration Process with Algonomy’s Vendor Link

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BENGALURU, India, Feb. 2, 2023 /PRNewswire/ — Prince Retail, a chain of retail and wholesale stores based in Cebu City, Philippines, announced that they have successfully transformed data and process collaboration with their suppliers using Vendor Link, Algonomy’s Supplier Collaboration platform.

Algonomy
Algonomy

Prince Retail is leveraging Vendor Link to bring greater visibility into its supply chain processes – from ordering to delivery to payment. Prior to implementing the platform, these were done manually via phone calls, text messages, emails, or fax, often resulting in errors and inefficiencies.

With Vendor Link, the vendors could access their POS data, which helped them gauge demand in the stores based on consumer sentiment, not just purchase orders. This helped them with their own forecasting to improve their assortment planning and stock availability. As a result, Prince Retail gets more efficient and profitable inventory/stock allocation across its stores and more relevant promoted packs and assortment. 

Prince Retail uses Vendor Link to improve collaboration between its vendors and merchandising teams for operational and transactional activities such as order management, scheduling, and payments. Further, the platform enables seamless data sharing to plan faster and more accurately for promotions and programs.

“Our objective was to create greater transparency and improve process efficiency across the supplier ecosystem. Vendor Link has more than met our expectations. The platform has created a data-driven culture among our internal teams and suppliers, helping make better decisions on a day-to-day basis,” said Rina Janine Go, Chief Merchandising, Marketing, and Distribution Officer at Prince Retail.

Using Vendor Link, Prince Retail is able to save a lot of time on the ordering process and no longer faces issues wherein buyers forget to send all the purchase orders of all the stores. Manual and recurring mistakes have been eliminated, and more time is spent on value-adding activities. Payment visibility has been a huge plus for vendors who can track their payments better and improve their delivery schedule. 

Thanks to data sharing, most of the vendors’ programs are now data-driven and more impactful, as they are able to track their performance and their competitors’ performance with ease. 

Further, Prince Retail sees fewer resources wasted on promotions and programs, and less overstocked inventory on products that don’t move as well or promotions that don’t work as well. Improved stock availability is also seen with better visibility on payments.

“Vendor Link is a comprehensive web-based collaboration platform that removes operational silos between vendors and retailers by automating and streamlining end-to-end operations,” said Amit Agarwal, SVP of Business Development at Algonomy. “We’re excited to help Prince Retail drive costs down, reduce wastage, and improve profitability.” 

Prince Retail also solved issues in their order-to-pay cycle, especially with fast-moving consumer goods (FMCG) vendors. Disputes on several aspects like actual quantity received, rebate deduction, and discounts were often reconciliation issues. Payment reconciliation often became the reason why the retailer’s succeeding orders were not served, which resulted in poor stock availability in stores.

Vendor Link served as a solution that enabled a faster and more efficient Accounts Payable (AP) process and provided better visibility of the order-to-pay cycle from when the suppliers delivered goods to the warehouses. As a result, fill rates rose and on-shelf availability improved. Furthermore, this helped Prince Retail significantly improve its relationship with suppliers.

About Algonomy

Algonomy (previously Manthan-RichRelevance) empowers leading brands to become digital-first with the industry’s only real-time Algorithmic Customer Engagement Platform that unifies data, decisioning, and orchestration across marketing, digital commerce, and merchandising for the retail industry. With industry-leading retail AI connecting demand to supply with a real-time customer data platform as the foundation, Algonomy enables 1:1 omnichannel personalization, customer journey orchestration, merchandise analytics, and supplier collaboration. Algonomy is a trusted partner to more than 400 leading retailers and brands, QSRs, convenience stores, and more; with a global presence spanning over 20 countries. More at algonomy.com.

PR Newswire

PINTEC Announces Changes to Management and Board of Directors

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BEIJING, Jan. 28, 2023 /PRNewswire/ — Pintec Technology Holdings Limited (Nasdaq: PT) (“PINTEC” or the “Company”), a leading independent technology platform enabling financial services in China, today announced Mr. Zexiong Huang will be its Chief Executive Officer, acting Chief Financial Officer, and director of the board of directors (the “Board”) of the Company, effective immediately. Mr. Victor Huike Li has resigned from his position as the Company’s Chief Executive Officer, acting Chief Financial Officer, and director for personal reasons on December 27, 2022, with effect from January 27, 2023. In addition, Mr. Zehua Shi, Mr. Jimin Zhuo and Mr. Yong Chen have all resigned from the Board due to personal reasons on December 27, 2022, with effect from January 27, 2023. Their resignations did not result from any disagreement with the Company, its management, the Board, or any committee of the Board, on any matter relating to the Company’s operations, policies or practices. Relevant competent directors and officers have been appointed to fill in their vacancies with effect from January 27, 2023.

Mr. Zexiong Huang has over 10 years of experience in the financial industry as well as the financial services industry, specializing in SME financial services, financing and guarantee, consumer finance, real estate mortgage financing, microfinance, and other financial products. He has held various senior management positions in mainland China and Hong Kong, and has gained comprehensive industry experience in the areas of consulting, business development, financial operations, and management. Mr. Huang was an executive director and the Chief Executive Officer of JIMU GROUP LIMITED (8187.HK) from June 2020 to May 2022. He has been a consultant of the Company’s digital SME business unit since 2021 and has been the executive Vice President of the Group since he joined in 2022. Mr. Huang holds a bachelor’s degree in economics from Yunnan University of Finance and Economics.

The Board of Directors would like to express its sincere gratitude to Mr. Li, Mr. Shi, Mr. Zhuo and Mr. Chen for their contributions, efforts, and dedication over the years. PINTEC has survived and retained its core competencies under both market and regulatory pressures with the outstanding leadership of Mr. Li. The Board and management thank Mr. Li for his contributions to the Company and wish him all the best in the future. Under the leadership of Mr. Huang and a team of experienced industry professionals, PINTEC is well positioned to further optimize its digital MSME eco-enabling products and expand its market leadership position going forward and is confident in the Company’s ability to overcome the current short-term market challenges.

Mr. Zexiong Huang, Chief Executive Officer, acting Chief Financial Officer and director of PINTEC, commented, “We thank Mr. Li for his past contributions to PINTEC as he has worked very hard to help us navigate through a challenging and uncertain market environment and has laid a solid foundation for the future growth of the Company. Currently, we are on track to grow our revenues and reach profitability with our strategic direction as well as our SMB empowerment products. As the business continues to expand, I am confident in the Company’s current management team and its ability to enter new growth cycles down the road.”

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. Among other things, the quotations from management in this announcement, as well as PINTEC’s strategic and operational plans, contain forward-looking statements. PINTEC may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, 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, the Company’s limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’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 the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About PINTEC

PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions.

For further information, please contact:

Pintec Technology Holdings Ltd.
Phone: +86 (10) 8564-3600
E-mail: ir@pintec.com 

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