Tag Archives: FIN

PR Newswire

Pop Culture Group Co., Ltd Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Leave a comment

XIAMEN, China, Nov. 22, 2022 /PRNewswire/ — Pop Culture Group Co., Ltd (“Pop Culture” or the “Company”) (Nasdaq: CPOP), a hip-hop culture company headquartered in China, received notification (the “Notification Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”), dated November 17, 2022, that the Company is not in compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on The Nasdaq Global Market (the “Nasdaq Global Market”). The Notification Letter is only a notification of deficiency and not a notice of delisting.

Nasdaq Listing Rule 5450(a)(1) 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 Class A ordinary shares for the 30 consecutive business days from October 6, 2022 to November 16, 2022, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company’s listing on the Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until May 16, 2023, to regain compliance with Nasdaq Listing Rule 5450(a)(1). To regain compliance, the Company’s Class A ordinary shares must have a closing bid price of at least US$1.00 for a minimum for 10 consecutive business days. In the event the Company does not regain compliance by May 16, 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 Class A ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding Class A ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

About Pop Culture Group Co., Ltd

Headquartered in Xiamen, China, Pop Culture Group Co., Ltd is a hip-hop culture company. The Company aims to promote hip-hop culture and its values, and to promote cultural exchanges with respect to hip-hop between the United States and China. With the values of hip-hop culture at its core and the younger generation as its primary target audience, the Company hosts entertainment events, operates hip-hop related online programs, and provides event planning and execution services and brand promotion services to corporate clients. The Company has in recent years focused on developing and hosting its own hip-hop events. For more information, visit the Company’s website at http://ir.cpop.cn/.

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including the further spread of the COVID-19 virus or new variants thereof, or the occurrence of another wave of cases and the impact that may have on the Company’s operations and the demand for the Company’s services, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. 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 other factors that may affect its future results in the Company’s registration statement and its other filings with the SEC. 

For more information, please contact:

Pop Culture Group Co., Ltd
Investor Relations Department
Email: ir@cpop.cn

Ascent Investors Relations LLC

Tina Xiao 
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com   

Cision View original content:https://www.prnewswire.com/news-releases/pop-culture-group-co-ltd-receives-nasdaq-notification-regarding-minimum-bid-price-deficiency-301683846.html

PR Newswire

Global Times: China’s leading role highlighted at APEC

Leave a comment

BEIJING, Nov. 19, 2022 /PRNewswire/ — Chinese President Xi Jinping on Thursday delivered a written speech to the Asia-Pacific Economic Cooperation (APEC) CEO Summit held in Bangkok, capital of Thailand, calling for steadfastly advancing the Asia-Pacific regional economic integration and building a Asia-Pacific community of shared future, while rejecting any attempt to wage a cold war in the Asia-Pacific.

In his speech, delivered as he arrived in Bangkok on Thursday afternoon for a visit to Thailand and attendance at the APEC Leaders’ informal meeting on Friday and Saturday, Xi also stressed that as China pursues Chinese modernization, it will remain committed to peace, development and cooperation, and delivering mutual benefit.

Xi’s remarks offered the much-needed encouragement for regional businesses, which are facing great potential for cooperation but are also concerned about rising geopolitical tensions in the region, several local businesses said on Thursday. Many are also hoping for China’s leading role in advancing peace and development in the region.

‘No one’s backyard’

In the closely watched speech, Xi said that while the Asia-Pacific enjoys overall stability and win-win cooperation remains the underlying trend, the Cold War mentality, hegemony, unilateralism and protectionism are mounting, and acts that distort international norms, disrupt economic linkages, inflate conflicts in the region, and impede development cooperation are all too common.

“All these pose a challenge to peace and development in the Asia-Pacific,” Xi said in the written speech, stressing that “The Asia-Pacific is no one’s backyard and should not become an arena for big power contests. No attempt to wage a new cold war will ever be allowed by the people and by our times!”

The Chinese president called on regional economies to strengthen cooperation, support and help each other, and make the Asia-Pacific a leader in boosting global economy. “Unilateralism and protectionism should be rejected by all; any attempt to politicize and weaponize economic and trade relations should also be rejected by all,” Xi said.

Xi’s call for regional cooperation and rejection of Cold War mentality and protectionism offer great encouragement for regional businesses, including those in Thailand, which are becoming increasingly worried about geopolitical tensions and economic disruptions.

At the main venue for the APEC leaders’ informal meeting in Bangkok on Thursday, some business representatives shared with the Global Times their concerns over geopolitical tensions and their hope for China to play a leading role in driving regional economic integration, especially in the post COVID-19 pandemic recovery.

“For every company, it’s very important to reconnect after three years. So this APEC is an opportunity to connect with other economies after every one has closed for a long time. This is a good opportunity and a good time,” Thanawit Chatrittichaikul, assistant manager of the public relations department at Energy Absolute, a major renewable power producer in Thailand, told the Global Times on Thursday, noting that the company is increasingly looking to expand cooperation with China.

In his written speech on Thursday, Xi said that the Chinese economy and the Asia-Pacific economy are interdependent and deeply integrated with one another.

The Chinese president also expounded on China’s pursuit of Chinese modernization on all fronts, a call made at the recently concluded 20th National Congress of the Communist Party of China (CPC), stressing that “we will make greater contribution to world peace and development.

This is the first overseas trip for the Chinese president after the conclusion of the 20th CPC National Congress, which includes attendance at the just concluded G20 leaders’ summit in Bali, Indonesia. This is also the first visit to Thailand by Xi as the Chinese president. This will also be the first time for Xi to attend the APEC leaders’ meeting in person since 2018.  The 2019 meeting was canceled due to the domestic situation in the host country Chile, and the meetings in 2020 and 2021 were held virtually.

China’s leading role

Given the high stakes of this year’s meeting, the high expectations of the Chinese president’s attendance at the APEC leaders’ meeting and China’s role in regional economic cooperation are evident beyond the venues at APEC and on the streets of Bangkok.

Amid high temperatures in the Thai capital on Thursday afternoon, many local residents gathered on a street waving Chinese and Thai national flags to welcome Xi to the country and attend the APEC leaders’ meeting.

“Thai society has already been very much looking forward to this visit. Especially after three years of the COVID-19 pandemic, everyone is expecting President Xi’s visit to promote closer Thailand–China ties in political, economic and other areas,” a Thai citizen of Chinese descent named Ma Yan told the Global Times on Thursday, as she joined others to welcome Xi.

“The economic ties between ASEAN and China far exceed those with other economies. I hope this APEC meeting and President Xi’s visit can become an opportunity to restart exchanges between economies that have been stagnant due to the epidemic in recent years,” said Ma.

China, which is a major trading partner for many Asia-Pacific economies and a very important part of the regional industrial and supply chains, is widely expected to take a greater leading role in regional economic cooperation, as many regional economies are focused on development instead of geopolitical tensions, business leaders and analysts said.

“China is an important member of APEC. Since joining [APEC] 31 years ago, China has always advocated regional openness, and has always been committed to promoting trade and investment liberalization, facilitation, and economic and technological cooperation. It has played an increasingly important role in multilateral cooperation mechanisms such as APEC,” Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing, told the Global Times on Thursday.

However, at the venue of APEC leaders’ meeting, some business representatives made it clear that they do not want to see confrontation. “We are most concerned about tensions in the Taiwan Straits, which impacts not just businesses in the region but also around the world,” one business representative who spoke on condition of anonymity told the Global Times on Thursday.

During a high-profile meeting in Bali on Monday, Xi told Biden that the Taiwan question is at the very core of China’s core interests, the bedrock of the political foundation of China-US relations, and the first red line that must not be crossed in China-US relations.

Chinese Taipei is one of the 21 economies of APEC, as is China’s Hong Kong Special Administrative Region.

In his speech to the APEC CEO summit on Thursday, Xi also warned against bloc confrontation and vowed that China will continue to contribute more to regional and global development.

“History tells us that bloc confrontation cannot solve any problem and that bias will only lead to disaster,” Xi said.

“President Xi’s attendance at the APEC leaders’ informal meeting in person and the focus on economic issues fully reflects China’s solid actions to promote the construction of an Asia-Pacific community with a shared future,” Gao said.

Cision View original content:https://www.prnewswire.com/news-releases/global-times-chinas-leading-role-highlighted-at-apec-301683263.html

PR Newswire

Waterdrop Co-founder Yao Hu Shares Progress in Pharmaceutical Innovation

Leave a comment

BEIJING, Nov. 18, 2022 /PRNewswire/ — On November 16, Mr. Yao Hu, co-founder of Waterdrop and General Manager of the Pharmaceutical Innovation Business Unit, attended the Jiemian(Jiemian.com) Big Health Forum 2022 sponsored by Shanghai United Media Group, at which he shared the exploration and headway Waterdrop has made in pharmaceutical innovation over the last two years.

Hu said, Waterdrop has made “bringing insurance and healthcare service to billions through technology” its mission since it was established in 2016. Over the last six years, it has worked to make medical treatment affordable to patients and served over 110 million customers through a wide range of health insurance products. It also launched Waterdrop Medical Crowdfunding, which helped 2.58 million patients with severe critical illness raise RMB53.3 billion of funds and eased the financial pressure on those in difficulties.  

While serving patients, Waterdrop has developed a chain of healthcare-related services and launched the pharmaceutical innovation service to offer platforms for the pharmaceutical industry.

Currently, Waterdrop’s pharmaceutical innovation service centers on three platforms, i.e. Waterdrop Patient Platform, Digital Marketing Platform, and E-find (E-find Recruitment and E-find CRO).

Hu gave a detailed introduction to E-find, which features a professional team, fast patient enrollment into clinical trial groups, a competitive platform, and digital operation. Relying on the strengths, E-find Patient Recruitment has grown into a leading third-party patient recruitment platform at home in just two years, with a highly competitive edge in the tumor field. As an Internet tech enterprise, Waterdrop boasts strong capabilities in digitalizing patient screening for research centers, subject compensation, the match between patients and projects, and follow-up visits to subjects.

Waterdrop Patient Platform commits to building a full-lifecycle service system for patients with critical illnesses. The digital marketing platform provides pharmaceutical enterprises with services like market potential evaluation and precise and comprehensive market surveys, to help partners develop targeted marketing strategies and complete digital marketing efficiently and precisely.

Hu said, “Focusing on millions of patients with severe illness, Waterdrop’s pharmaceutical innovation service aims to speed up the R&D of innovative drugs and promote digital marketing for pharmaceutical enterprises. Over the past two years, we’ve carried out remarkable strategic cooperations with countless pharmaceutical enterprises and research institutes. Going forward, we expect to engage with more partners to deliver more fruitful results.”

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Waterdrop’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Waterdrop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Cision View original content:https://www.prnewswire.com/news-releases/waterdrop-co-founder-yao-hu-shares-progress-in-pharmaceutical-innovation-301682542.html

Source: Waterdrop Inc.

PR Newswire

Capitalise.ai and AvaTrade announce a strategic partnership, providing AvaTrade’s CFD & FX clients with the next generation of automated trading

Leave a comment

DUBLIN, Nov. 18, 2022 /PRNewswire/ — Capitalise.ai, a leading global provider of a groundbreaking trading automation and analysis platform, and AvaTrade, the renowned and established CFDs & Forex broker, today announced a strategic partnership to offer AvaTrade’s clients free and easy-to-use automated trading.

AvaTrade’s traders will get free access to Capitalise.ai’s full suite of automated trading capabilities including a no-code freestyle text interface, automated trading execution, analysis tools such as backtesting and simulations, a library of strategy examples, Smart Notifications, and a mobile app.

AvaTrade’s clients will be able to automate an endless variety of trading strategies, using advanced customization features, such as Dollar Cost Averaging strategies, timing-based conditions, news events and tech indicators. Moreover, with Capitalise.ai’s TradingView Alerts feature, traders can now automate their trading based on over 100 indicators available in the TradingView charts.

Commenting on the announcement, 

“For over 16 years, AvaTrade has prided itself on being at the forefront of trading technology. Our partnership with Capitalise.ai is just further proof of our ongoing commitment to our traders, as we continue to provide them with innovative ways to trade, apply strategies and make every trade easier to accomplish, ensuring that everyone can become a trader” said Daire Ferguson, AvaTrade CEO.

Amir Shiovich, Capitalise.ai CEO & Co-Founder: “In 2022, Capitalise.ai continues to show impressive growth as our increases in trading activity and new traders dramatically outperform our quarterly expectations. Our new partnership with AvaTrade is a vote of confidence from an established and trusted broker for our easy-to-use online trading automation capabilities. Our team is excited to have AvaTrade on board, and we look forward to adding value to their traders’ day-to-day trading experience.”

About AvaTrade

AvaTrade is a leading global forex and CFD broker that supports investors of all kinds through a range of platforms, including MT4/5, AvaTradeGO mobile app, WebTrader, AvaOptions, DupliTrade and others. Traders benefit from tight spreads, a personal account manager, multilingual support, 1000+ instruments, and market-leading risk management tools such as AvaProtect, alongside real-time market access and immediate execution. Accounts are totally segregated and transactions fully encrypted. AvaTrade is regulated in the EU, Japan, Australia, Abu Dhabi and BVI, while holding a strong presence in Canada through a partnership with Friedberg Direct, a member of Canada’s Investment Industry Regulatory Organization.

About Capitalise.ai

Capitalise.ai is a world-leading trading automation platform that amplifies top-tier brokerage firms’ performance by offering a game-changing trading experience for traders worldwide. In the last year, Capitalise.ai more than tripled its partnerships, number of active traders, usage scale, and trading activity.

With Capitalise.ai, partnered brokers such as AvaTrade, offer their traders analytical instruments and a seamless automated trading experience previously reserved only for highly technical traders with the know-how to code their own trading scripts. For the first time, traders with no previous technical know-how can automate their trading, using simple freestyle text

Capitalise.ai’s evolving automated platform is extensive and rich in capabilities and features and is being utilized by leading brokers worldwide. Among its partners are leading brokerage firms such as Interactive Brokers, FXCM, Binance, Eightcap, ACY Securities, and more.

PR Newswire

ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2022 Q3 Financial Results

Leave a comment

XI’AN, China, Nov. 15, 2022 /PRNewswire/ — ENTREPRENEUR UNIVERSE BRIGHT GROUP (“EUBG” or the “Company”) (OTCBB: EUBG), a digital marketing consulting company, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group commented, “During the third quarter, our business and operations continued to be materially and negatively impacted by the COVID-19 situation in China. The decrease of our business was mainly due to the drop of our consultancy services income, generated from clients who engaged in online courses business. These end customers became more patient and cautious in choosing online courses. We are continuing to seek out different business opportunities to stabilize our income streams.”

“As of September 30, 2022, the COVID-19 pandemic situation in China continues to be dynamic, and near-term challenges across the economy remain. Substantially all of our revenues and operations are concentrated in China and demand for our consulting services by small and medium-sized enterprises were adversely affected due to widespread economic disruptions during the COVID-19 outbreak. Specifically, as a result of government mandated closures of non-essential business in China, many of our customers’ business were suspended while others permanently closed their businesses,” Mr. Tao added.

Third Quarter 2022 Unaudited Financial Results

Three months ended
September 30,

2022

2021

Revenue

$

801,784

$

1,622,471

Cost of revenue

(140,009)

(870,967)

Gross profit

661,775

751,504

Selling expenses

(10,043)

(54,921)

General and administrative expenses

(423,931)

(326,090)

Total other (expenses) income, net

(124,016)

38,847

Income before income tax

103,785

409,340

Income tax expense

(135,784)

(201,789)

Net (loss) income

$

(31,999)

$

207,551
  • Revenue decreased by 50.6% to $801,784 due to the decrease our consultancy services and sourcing and marketing services income
  • Gross profit decreased by 11.9% to $661,775
  • Net income decreased by $239,550 to a net loss of $31,999

Revenue and cost of revenue: During the three months ended September 30, 2022, we generated revenue of $801,784 compared to $1,622,471 for the three months ended September 30, 2021, representing a decrease of $820,687 or 50.6% as compared with the prior period.

Cost of revenue was $140,009 for the three months ended September 30, 2022 compared to $870,967 for the three months ended September 30, 2021. The decrease of cost of revenue for the three months ended September 30, 2022 was mainly due to our senior management no longer directly involved in performing the services but focused on management work. Therefore, less direct senior management costs were incurred in the consultancy services and souring and marketing service.

Gross profit: We generated a gross profit of $661,775 and $751,504 for the three months ended September 30, 2022 and 2021, respectively.

Net (loss) income: As a result of the above, we resulted a net loss of $31,999 and generated a net income of $207,551 for the three months ended September 30, 2022 and 2021, respectively.

Cash and cash equivalents. As of September 30, 2022 and December 31, 2021, $6,330,431 and $7,649,129 of the Company’s cash and cash equivalents, respectively were held at financial institutions and online payment platforms located in the PRC and Hong Kong that management believes to be of high credit quality.

Nine months ended September 30, 2022 Financial Results

Nine months ended
September 30,

2022

2021

Revenue

$

2,851,656

$

4,479,415

Cost of revenue

(565,820)

(1,289,739)

Gross profit

2,285,836

3,189,676

Selling expenses

(34,957)

(224,935)

General and administrative expenses

(1,066,604)

(905,391)

Total other income, net

35,905

108,941

Income before income tax

1,220,180

2,168,291

Income tax expense

(595,156)

(872,063)

Net income

$

625,024

$

1,296,228
  • Revenue decreased by 36.3% to $2,851,656 due to the decrease in our consultancy services income
  • Gross profit decreased by 28.3% to $2,285,836
  • Net income decreased by $671,204 to $625,024

Revenue and cost of revenue: During the nine months ended September 30, 2022, we generated revenue of $2,851,656 compared to $4,479,415 for the nine months ended September 30, 2021, representing a decrease of $1,627,759 or 36.3% as compared with the prior period. The decrease was mainly due to our consultancy services income, generated from clients who engaged in online courses business, dropped by $2,405,874 as compared with last period.

During the nine months ended September 30, 2022, we generated $267,874 from our new digital training related services and $911,733 from our consultancy services to a customer who engaged in live streaming business. However, these new income streams only compensated a part of the revenue reduction in current period. The digital training related services with Jade Bird remain suspended as of today. Therefore, we expected the new revenue will not be available to compensate the revenue reduction until further notice.

Cost of revenue was $565,820 for the nine months ended September 30, 2022 compared to $1,289,739 for the nine months ended September 30, 2021. For the nine months ended September 30, 2022, the cost of revenue mainly represented the staff costs for our consulting services and the agency fees for our digital training related services.

Gross profit: We generated a gross profit of $2,285,836 and $3,189,676 for the nine months ended September 30, 2022 and 2021, respectively. 

Net income: As a result of the above, we generated a net income of $625,024 and $1,296,228 for the nine months ended September 30, 2022 and 2021, respectively.

About ENTREPRENEUR UNIVERSE BRIGHT GROUP

ENTREPRENEUR UNIVERSE BRIGHT GROUP is a digital marketing consultation company with its main operation in China, providing marketing consulting services to Chinese start-up companies. The company provides consulting services, sourcing and marketing services in China through its PRC subsidiary with support from its HK subsidiary. Its PRC subsidiary provides services aimed at connecting businesses with e-commerce platforms.  The integrated service platform focuses on strategic marketing and consulting. The company’s mission is to help start-up companies and small-size companies and guide these companies’ founders in utilizing the company’s digital marketing consulting plan to reach their business goals. For more information about the Company, please visit: http://www.eubggroup.com/ . 

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Specifically, the Company’s statements regarding trading on the OTCBB market and closing the initial public offering are forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

The Company:

Jianyong Li
Email: lijianyong@eubggroup.com
Phone: +86-(029) 86100263

Investor Relations:

Hana Yin
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1-949-416-8888 (from U.S.)
+86 185-0119-2929 (from China)

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In U.S. dollars except for number of shares)

September 30,
2022

December 31,
2021

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

6,330,431

$

7,649,129

Accounts receivable

287,436

67,940

Loan and interest receivables

983,699

–

Other receivables and prepayments

41,068

55,925

Total current assets

7,642,634

7,772,994

NON-CURRENT ASSETS

Plant and equipment, net

202,431

281,448

Operating lease right-of-use assets, net

93,387

146,698

Total non-current assets

295,818

428,146

TOTAL ASSETS

$

7,938,452

$

8,201,140

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

–

$

115,833

Other payables and accrued liabilities

225,119

402,158

Contract liabilities

–

216,142

Receipt in advance

–

5,161

Operating lease liabilities, current

51,119

59,370

Tax payables

133,931

39,545

Amount due to a director

167,935

171,443

Total current liabilities

578,104

1,009,652

NON-CURRENT LIABILITY

Deferred tax liabilities

297,200

342,546

Operating lease liabilities, non-current

42,269

87,328

Total non-current liabilities

339,469

429,874

TOTAL LIABILITIES

917,573

1,439,526

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.0001 per share, 1,100,000 shares authorized, Nil (December 31, 2021: Nil)
shares issued and outstanding as of September 30, 2022 

–

–

Common stock, par value $0.0001 per share; 1,800,000,000 shares authorized, 1,701,181,423
(December 31, 2021: 1,701,181,423) shares issued and outstanding as of September 30, 2022

170,118

170,118

Additional paid-in capital

6,453,048

6,453,048

Statutory reserves

65,911

65,911

Retained earnings (accumulated deficit)

267,621

(357,403)

Accumulated other comprehensive income

64,181

429,940

Total stockholders’ equity

7,020,879

6,761,614

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

7,938,452

$

8,201,140

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

(In U.S. dollars except for number of shares)

For the three months ended
September 30,

For the nine months ended
September 30,

2022

2021

2022

2021

Revenue

801,784

1,622,471

$

2,851,656

$

4,479,415

Cost of revenue

(140,009

)

(870,967

)

(565,820

)

(1,289,739

)

Gross profit

661,775

751,504

2,285,836

3,189,676

Selling expenses

(10,043

)

(54,921

)

(34,957

)

(224,935

)

General and administrative expenses

(423,931

)

(326,090

)

(1,066,604

)

(905,391

)

Profit from operations

227,801

370,493

1,184,275

2,059,350

Other income (expenses):

Interest income

10,522

15,934

33,489

66,213

Exchange gain (loss)

(135,842

)

8,957

(107,920

)

(3,088

)

Sundry income

1,304

13,956

110,336

45,816

Total other income (expenses), net

(124,016

)

38,847

35,905

108,941

Income before income tax

103,785

409,340

1,220,180

2,168,291

Income tax expense

(135,784

)

(201,789

)

(595,156

)

(872,063

)

Net (loss) income

$

(31,999

)

207,551

$

625,024

$

1,296,228

Other comprehensive (loss) income

–

Foreign currency translation adjustment

(128,843

)

(2,946

)

(365,759

)

63,036

Total comprehensive (loss) income

$

(160,842

)

204,605

$

259,265

$

1,359,264

Net (loss) income per share – Basic and diluted

$

0.00

*

0.00

*

$

0.00

*

$

0.00

*

Weighted average number of common shares outstanding

– Basic and Diluted

1,701,181,423

1,701,181,423

1,701,181,423

1,701,181,423

*

Less than $0.01 per share

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

(In U.S. dollars)

Nine months ended
September 30,

2022

2021

Cash flows from operating activities

Net income

$

625,024

$

1,296,228

Adjustments to reconcile net income to cash used in operating activities:

Depreciation

62,516

62,222

Amortization of operating lease right-of-use assets

40,575

39,248

Deferred tax

(33,117)

(319,660)

Changes in operating assets and liabilities:

Other receivables and prepayments

11,128

(179,961)

Accounts receivable

(244,432)

95,800

Accounts payable

(111,527)

431,690

Other payables and accrued liabilities

(159,123)

(284,226)

Tax payables

106,699

(445,713)

Contract liabilities

(208,106)

4,158

Receipt in advance

(4,969)

(34,318)

Operating lease liabilities

(40,574)

(43,614)

Net cash generated from operating activities

44,094

621,854

Cash flows from investing activities

Purchase of property, plant and equipment

(9,746)

–

Acquisition of debt products

–

(2,781,482)

Redemption of debt products

–

5,872,017

Loan receivables to unrelated third parties

(1,060,394)

(499,554)

Loan to a related company

–

(123,621)

Repayment from a related company

–

312,401

Repayment from a unrelated third party

–

499,554

Net cash (used in) generated from investing activities

(1,070,140)

3,279,315

Cash flows from financing activities

Repayment of borrowings from a director

(3,490)

(128,751)

Advance from a director

–

67,882

Net cash used in financing activities

(3,490)

(60,869)

Effect of exchange rates on cash

(289,162)

37,171

Net (decrease) increase in cash and cash equivalents

(1,318,698)

3,877,471

Cash and cash equivalents at beginning of period

7,649,129

3,846,470

Cash and cash equivalents at end of period

$

6,330,431

$

7,723,941

Supplemental cash flow information

Cash paid during the period for:

Income taxes

$

369,878

$

1,115,659

Withholding tax paid

$

151,485

$

517,145

Cision View original content:https://www.prnewswire.com/news-releases/entrepreneur-universe-bright-group-announces-2022-q3-financial-results-301677368.html

PR Newswire

TPIsoftware Wins Big at Taiwan Excellence Awards 2023 with Its Three Proprietary Software Products

Leave a comment

TAIPEI, Nov. 14, 2022 /PRNewswire/ — Recognized as one of the best ICT software solutions providers in Taiwan, TPIsoftware has won big at the 31st Taiwan Excellence Awards with its three proprietary software products: the enterprise-level API management platform digiRunner, the conversational AI chatbot SysTalk.Chat, and the one-stop log management platform digiLogs. The awards celebrate the innovation and potential of Taiwanese products, which exemplifies TPIsoftware’s R&D commitment and capability to compete against global tech giants. Thousands of products entered the awards, with a total of 186 companies and 348 products standing out from the competition.

The award-winning product digiRunner helps businesses stay on top of the global Open Data trend by creating diverse business scenarios and enabling an innovative ecosystem with third-party service providers. Featuring full life cycle API management, digiRunner significantly reduces up to 90% of API development and deployment time for enterprises to capture business opportunities.

digiLogs is awarded for its holistic features to optimize IT operational efficiency. Supporting more than 55 data formats, it provides centralized log integration, management and analysis for a high volume of logs across heterogeneous systems with troubleshooting time reduced to ⅙ when issues occur. Granted 7 utility model patents and 3 invention patents, digiLogs and digiRunner belong to the product lineup DigiFusion, a comprehensive enterprise service middleware featuring FIDO authentication, SIEM, CI/CD and more.

Harnessing the exclusive dual algorithm technology, SysTalk.Chat delivers human-like dialog services with over 90% accuracy rate complemented with professional training and consultation. TPIsoftware has further rolled out an AI textual analysis solution built with OCR technology to empower smart claims management, underwriting and document administration in the BFSI and government sector.

“This prestigious recognition has proved us reaching new heights,” said Ben Yao, CEO of TPIsoftware, “Our partner network building across the APAC market is in full swing; aside from our branch offices in Singapore and Vietnam, we have strategic partnerships and local business development managers in Japan, Cambodia and Indonesia. Our local teams are growing, and we’re on a mission to facilitate digital transformation in the APAC region.”

About TPIsoftware

TPIsoftware is a Taiwanese software provider with a focus in APIM, AI chatbots, FinTech and more, delivering services and solutions domestically and overseas.

Media Contact:

Peggy Tsai
+886-2-2658-0508 #1606
peggy.tsai@tpisoftware.com
10F-2, No. 335, Ruiguang Road, Neihu District, Taipei, Taiwan
Subscribe to Newsletter |Website | Facebook | LinkedIn

PR Newswire

PBTS Announces Receipt of NASDAQ Notification Letter Regarding Minimum Bid Price Deficiency

Leave a comment

ZHUHAI, China, Nov. 12, 2022 /PRNewswire/ — Powerbridge Technologies Co., Ltd. (“Powerbridge” or “the “Company“) (NASDAQ: PBTS), a provider of multi-industry technology solutions,  announced that it has received a notification letter (the “Notification Letter“) from the Nasdaq Stock Market LLC (the “NASDAQ“) dated November 7, 2022, notifying the Company that it is not in compliance with the minimum bid price requirement as set forth under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ. This press release is issued pursuant to NASDAQ Listing Rule 5810(b), which requires prompt disclosure upon the receipt of a deficiency notification.

NASDAQ Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and 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 September 26, 2022 to November 4, 2022, the Company no longer meets the minimum bid price requirement.

In accordance with the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until May 8, 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 trading days. In the event that the Company does not regain compliance by May 8, 2023, the Company may be eligible for additional time to regain compliance or may face delisting.

The receipt of the Notification Letter has no immediate effect on the listing of the Company’s common shares, which will continue to trade uninterrupted on NASDAQ under the ticker “PBTS”. To address this issue, the Company intends to continuously monitor its closing bid price and is in the process of considering various measures to improve its financial position and results of operations, which the Company expects to countervail the short-term adverse effects on its trading price and cure the deficiency in due time.

About Powerbridge

Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a provider of multi-industry technology solutions: software applications and services for the global trade industry, IoT platform services as well as intelligent fixtures and devices for smart city operations, supply chain platforms and social livestreaming services for the retail industry, metaverse and smart solutions for the travel and leisure industry, as well as cryptomining and digital asset operations. For more information, visit www.powerbridge.com/ir/.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, uncertainty due to the COVID-19 pandemic and the impact it has had and will continue to have on its operations, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities Exchange Commission (“SEC“). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Cision View original content:https://www.prnewswire.com/news-releases/pbts-announces-receipt-of-nasdaq-notification-letter-regarding-minimum-bid-price-deficiency-301676114.html

Source: Powerbridge Technologies Co., Ltd.

PR Newswire

Qingdao has Built Itself into a Pioneer City with Modern Industries and Continuously Enhanced its Economy, Innovation and Competitiveness

Leave a comment

QINGDAO, China, Nov. 12, 2022 /PRNewswire/ — According to Qingdao’s “Five-Year Plan for Building a Pioneer City with Modern Industries (2022-2026)”, Qingdao will focus on accelerating the construction of modern industrial system, integrating development of digital transformation, industrial ecological cultivation and construction, and cleanness, safety, energy-saving and efficiency “Four at the Forefront” by building “industrial cultivation highland, digital empowerment model, collaborative development benchmark, and green and low-carbon pioneer”. Qingdao strives to increase the proportion of manufacturing added value in regional GDP to more than 30%, and the added value of productive services to 62% of the added value of service industry by 2026; The added value of the core industries of the digital economy shall account for 12% of the regional GDP, and the penetration rate of industrial Internet platforms shall reach 50%.

Fuxing trains
Fuxing trains

At present, focusing on the goal of building a pioneer city with modern industries, Qingdao is making all-round efforts. Both in terms of industrial structure and the underlying logic of industrial development are undergoing earth-shaking changes. On September 22, the “Several Policies on Qingdao Virtual Reality Industrial Park Development” were officially released at the 2022 International Virtual Reality Innovation Conference. According to the policies, Qingdao municipal and district finances will allocate more than 1.2 billion yuan in the next three years to support the construction of Qingdao virtual reality industrial park and enterprise cultivation, so as to accelerate the pooling of industrial resources and help Qingdao build a domestic first-class, globally competitive R&D and manufacturing highland of the virtual reality industry.

Data-driven manufacturing is changing the development logic of the manufacturing industry and becoming a new driving force leading the future development of the manufacturing industry. At the end of September, the first functional module of the first phase of the Project National Industrial Internet Big Data Shandong Branch – the digital transformation service platform for small and medium-sized enterprises, was launched for trial operation. The platform provides policy services, digital factories, small enterprises on the cloud, industrial services and other functions, whereby more than 90% of the services will be provided to enterprises without any charges, helping small and medium-sized industrial enterprises in Qingdao and Shandong Province to accelerate its pace of digital transformation.

Qingdao vigorously promotes the transformation of enterprise industrial Internet, implements special actions for digital empowerment in key areas, accelerates the construction of new information and communication infrastructures such as 5G networks, gigabit optical fiber networks, and data centers, and supports the development of “double-crossed” platforms represented by COSMOPlat, as well as platforms in specific industries and industrial Internet demonstration parks, to create a good environment for the digital transformation of enterprises.

Contact: Ms Zhu Yiling
Tel: 0086-532-85911619
Official website: http://www.qingdaochina.org
Facebook page: https://www.facebook.com/qingdaocity
Twitter page: https://twitter.com/loveqingdao

Hisense (Shandong) Home Appliance Industrial Park
Hisense (Shandong) Home Appliance Industrial Park
PR Newswire

Edianyun updates its prospectus with its subscribing customers increased to 40,000

Leave a comment

BEIJING, Nov. 11, 2022 /PRNewswire/ — As disclosed by Hong Kong Stock Exchange on September 9, Edianyun submitted its listing application to the Main Board of the Hong Kong Stock Exchange again, with CICC as its sole sponsor. According to the updated prospectus, as of June 30, 2022, Edianyun had approximately 40,000 subscribing enterprise customers and approximately 1.1 million devices under subscription.

Now, the subscription of office IT devices and managed IT services are overwhelmingly affecting the traditional IT purchasing and operation & maintenance mode of enterprises along with the Internet development and urgent digital transformation need.

In short, through subscription of office IT services, enterprises don’t need to purchase IT devices themselves, instead, suppliers provide them with devices as required; and under the managed IT service mode, service providers offer one-stop IT service for customers, solve the IT-related issues for enterprises, which relieves enterprises from the burden of hiring webmaster and IT operation & maintenance personnel. Is the one-stop IT service reliable?

Edianyun’s data is best answer: The company has 40,000 SMEs customers, with its customer increase rate of about 30% for three consecutive years. In the first half of 2022, its customer retention reached 120%.

In just 8 years since its establishment, how did Edianyun accumulate 40,000 customers?

Compared with some “fast food” brands who prefer the fancy marketing approaches, Edianyun is more like a simple or even “dull” science geek who is doing deep-dive research and growing steadily.

Instead of chasing after scale expansion and rapid growth, it pays more attention to self-development.

Edianyun takes the lead in providing office IT integrated solution which composing IT devices pre-installed with operating systems, selected software including, but not limited to, office suite, drivers and anti-virus programs, and its self-developed office IT management tools such as printer auto-configuration programs.

Its integrated solution is just like the “auto focus camera”, with higher tech level and simpler operation. Customers can directly use the computers provided by Edianyun, releasing them from installation and operation troubles. After customers place orders, Edianyun’s one-stop IT service starts immediately, covering delivery and installation of all devices, regular inspections and maintenance throughout life cycle, and even data transfer, backup and wiping out.

Edianyun provides customers with two-hour door-to-door on-site service, and 24/7 remote support by its expert engineers. Its response speed is ten times the market average, and its problem solving rate even exceeds that of enterprises allocated with IT operation and maintenance personnel. The more complex the enterprise customers’ needs become, the more obvious the Edianyun’s advantages are. Therefore, Edianyun continuously increases its customers’ stickiness.

As of December 31, 2019, 2020 and 2021, and June 30, 2022, we had approximately 21,000, 28,000, 38,000 and 40,000 subscribing enterprise customers, respectively.

After 8 years of development, Edianyun has become the first and largest office IT integrated solution provider in China in terms of revenue, number of devices under service, and remanufacturing capacity. In 2021, it had a market share of 0.6% in the enterprise office IT service industry, and a market share of 19.6% in the office IT integrated solution market.

“Along with the sound momentum of China’s economy and the fiercer competition among enterprises, enterprises should attach greater importance to its main business and follow the trend of outsourcing all their non-core business.” And Edianyun firmly follows this logic in determining its business model.

Cision View original content:https://www.prnewswire.com/news-releases/edianyun-updates-its-prospectus-with-its-subscribing-customers-increased-to-40-000–301675563.html

PR Newswire

X Financial to Report Third Quarter 2022 Financial Results on November 17, 2022

Leave a comment

SHENZHEN, China, Nov. 10, 2022 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company”), a leading online personal finance company in China, today announced that it will release its unaudited financial results for the third quarter ended September 30, 2022, before the open of U.S. markets on Thursday, November 17, 2022.

X Financial’s management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Thursday, November 17, 2022 (8:00 PM Beijing / Hong Kong Time on the same day).

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

United States:

1-888-346-8982

Hong Kong:

852-301-84992

Mainland China:

4001-201203

International:

1-412-902-4272

Passcode:

X Financial

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

A replay of the conference call may be accessed by phone at the following numbers until November 24, 2022:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

3350951

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

About X Financial

X Financial is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate loans to prime borrowers under a robust risk assessment and control system.

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

For more information, please contact:

X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eric.yuan@christensencomms.com

In US 
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

Cision View original content:https://www.prnewswire.com/news-releases/x-financial-to-report-third-quarter-2022-financial-results-on-november-17-2022-301674063.html