Tag Archives: FIN

PR Newswire

Behavioural research by Xero uncovers barriers to small business technology adoption

Leave a comment

Anxiety over short-term risks of change, overconfidence in the safety of the status quo, and choice paralysis are the most common behavioural barriers to small businesses taking up new business technologies

WELLINGTON, New Zealand, Nov. 16, 2021 — Simple changes in habits and process could prove more effective than costly educational campaigns in helping small businesses take advantage of digital technology’s benefits, according to behavioural science research conducted by Xero, the global small business platform.

The One step study surveyed more than 4,200 small business owners in six countries (Australia, New Zealand, the UK, the United States, Canada, and Singapore). Carried out in partnership with behavioural science consultancy, Decision Design, the report found that small businesses which readily adopt new technology enjoy on average 120 percent higher revenue. They also reported 106 percent higher productivity than those which repeatedly fail to do so and were 27 percent more likely to wake up excited about their work.

Yet despite technology adoption’s substantial and well-documented benefits, and even after the pandemic drove firms to deploy digital solutions en masse, only one in five small businesses consider themselves as technology adopters – compared to nearly one in three who admit they continually delay investing in new technology.

The research revealed that this ‘adoption gap’ stems from several behavioural barriers – mindsets and perceptions about technology and change – that frequently recurred amongst small businesses all over the world. Small business owners tended to believe that;

  1. their current solutions were good enough even if new technology might help them do better;
  2. they focus on risks and short-term losses when considering change; and
  3. they find themselves freezing up when forced to compare, understand, and choose between numerous technology options

"Our research suggests that for small businesses, the greatest hurdles to harnessing technology’s benefits aren’t a lack of information or choice, but deeper anxiety and concern about how complex and costly the change process might be," said Rachael Powell, Chief Customer Officer, Xero. "Small businesses may know the benefits, but they’re not adopting technology because the idea of doing so feels deeply uncomfortable and even threatening."

The study also found that sole traders – who made up eight in ten respondents – were more likely to struggle with these behavioural barriers to technology adoption than small businesses with larger teams. Compared to businesses with 20-49 people, sole traders were:

  • 29 percent less likely to agree they needed to change their technology in order to grow;
  • 39 percent more likely to feel confused when comparing technology options; and
  • 27 percent less confident in taking a ‘leap of faith’ with new technology due to feelings of uncertainty.

"Sole traders make up the majority of small businesses but also feel pressures and challenges more keenly than firms with more people to share the load," said Powell. "What we’ve found is that giving sole traders too many options, or failing to communicate in a way that’s directly relevant to them, can hinder rather than help them in adopting new technology. The resulting inertia comes at significant cost to their growth and, given their economic significance, to our society as a whole," Powell added.

Based on its results, One step offers several recommendations for how policymakers, advisors, and technology vendors can help small businesses by presenting technology adoption in a more straightforward, less daunting way. These include:

  • Encouraging smaller incremental changes to technology, rather than high-cost, high-risk investments;
  • Celebrating small businesses who’ve benefited from technology adoption as examples that normalise digital change;
  • Quantifying the true gap between current operations and those enhanced by technology; while also
  • Measuring technology’s benefits in a way that’s more relatable to small businesses’ experiences; and
  • Narrowing and simplifying technology choices to minimise decision paralysis.

The report also includes simple handles that small businesses can grasp to help overcome their behavioural barriers including decision matrices, ‘pre-mortem’ evaluations, cost-benefit analyses, and setting aside time for peer learnings. Each activity helps to clarify the true risks and rewards of technology adoption, allowing small business leaders to overcome confusion and uncertainty to make more rational decisions about the different options they may face.

"When we go beyond the surface-level reasons and understand what motivates our decisions, we can then make the right changes to our mindsets and habits for meaningful results," said Powell. "The research we’ve done suggests that we all – policymakers, vendors, and small business leaders – need to rethink how we approach technology adoption in the small business community. It’s also a cause for hope that with a few small, simple adjustments to our practices, we can help our small businesses achieve the full potential that digital technology offers them."

About Xero
Xero is a cloud-based accounting software platform for small businesses with over 3 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device. Xero offers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised by IDC MarketScape as a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment.

Methodology
Xero partnered with behavioural science firm Decision Design to complete an anonymous and unbranded, nationally representative market study among n=4,211 small businesses across Australia (n=1,212), New Zealand (n=170), the United Kingdom (n=1,162), the United States (n=1,165), Canada (n=341) and Singapore (n=161).  This behavioural science-led study measured perceptions, beliefs, behaviours and behavioural barriers related to technology and technology adoption.  Data collection by Decision Design was conducted between 12 – 26 July 2021 and study respondents are all small business decision makers for businesses with less than 50 employees (less than 100 employees in the United States).

Logo – https://techent.tv/wp-content/uploads/2021/11/behavioural-research-by-xero-uncovers-barriers-to-small-business-technology-adoption.jpg

PR Newswire

Crypto ELONGATE Officially Reveals Its Tech Roadmap, Wins Award For Best Social Impact Project 2021

Leave a comment

ZUG, Switzerland, Nov. 13, 2021 — Social impact frontrunner in the blockchain space Elongate recently participated in the 2021 Crypto Expo Dubai held this October 14-15 at the Festival Arena, Dubai Festival City. During the conference, Elongate – led by its Chief Operations Officer Hasan Aziz and Chief Brand Officer Alexander Gambon – revealed its blockchain tech roadmap and ecosystem for the first time.

The ELONGATE Earn+Give Ecosystem.
The ELONGATE Earn+Give Ecosystem.

In their keynote speech titled The Future of Philanthropy, Hasan and Alex revealed Elongate’s tech roadmap that is composed of innovative solutions that make up Elongate’s Earn+Give Ecosystem. The speech signaled the upcoming launch of 5 interrelated tech products centered around the Elongate token – the Crypto Lightning Exchange, Elongate Spark, Elongate Stretch, Social Impact Management Platform, and Elongate Games and Collectibles. Various pieces of information about Elongate’s tech plans were spread across social media leading to the conference, and a preview of their conference talk can be found in Elongate’s official YouTube channel.

According to new details on the elongate.cc hub, the Crypto Lightning Exchange is an enterprise wallet management system directly integrated with Salesforce that allows its native clients to leverage cryptocurrency transfers in their current sales processes. Elongate Stretch is a streaming service with compelling on-demand original series, podcasts, and documentaries. Content creators large and small will collaborate in this platform to create viral media that makes the world a better place. The Social Impact Management Platform is a radically transparent platform that is open to all charities around the world for showcasing and documenting social impact. Charities and NGOs that receive donations will provide direct updates, funds tracking, and create new opportunities for fundraising directly with their patrons.

The Elongate Spark is a social media platform where users can like and share social impact causes, accelerate fundraising campaigns, and communicate with passionate supporters around the world. Finally, Elongate Global is also in the works of developing mobile games integrated with its Elongate token and gamification mechanics that bridge its mission of earning and giving. Exclusive collectible NFTs are also in development that integrate with the gaming products and provide various exclusive access points.

Elongate’s CTO, Hasan Aziz, said: "We are extremely proud to finally announce the Elongate ecosystem. This is the start of a new chapter where we bring social impact to the next level." "In just 6 months, we have been able to disrupt and redefine what it means to bring social impact on the blockchain. The launch of the Elongate ecosystem shall further our initiatives to make a difference in the world, with financial incentives for the investor" Elongate CBO, Alexander Gambon, added.

During the expo’s awarding ceremonies, Elongate was awarded Best Social Impact Project on the Blockchain, a culmination of Elongate’s socially impactful initiatives. The conference was attended by various tech and blockchain luminaries and leaders of other token projects.

Media Contact:
Gene Rhode
Head of Public Relations

Related Links :

https://www.elongate.cc/

PR Newswire

Meten Holding Group Ltd. Closes $20 Million Registered Direct Offering of Ordinary Shares Priced At-the-Market Under Nasdaq Rules

Leave a comment

SHENZHEN, China, Nov. 12, 2021 — Meten Holding Group Ltd. ("Meten Holding" or the "Company") (NASDAQ: METX), one of the leading omnichannel English language training ("ELT") service providers in China, today announced it closed its previously announced registered direct offering. The purchase price of the ordinary shares was $0.60 per ordinary share. The gross proceeds of the offering will be approximately $20 million, before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds from this Offering for capital expenditures and general corporate and working capital needs.

Aegis Capital Corp. acted as the exclusive placement agent for the Offering.

The Offering was made pursuant to an effective shelf registration statement on Form F-3 (No. 333-256087) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on May 21, 2021. A final prospectus supplement and accompanying prospectus describing the terms of the Offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.

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

About Meten Holding Group Ltd.

Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is an English Language Training (ELT) service provider in China, delivering English language and skills training for Chinese students and professionals. Through a sophisticated digital platform and a nationwide network of learning centers, the Company provides its services under three industry-leading brands: Meten (adult and junior ELT services), ABC (primarily junior ELT services) and Likeshuo (online ELT). The Company offers superior teaching quality and student satisfaction, served by cutting edge technology deployed across its business, including AI-driven centralized teaching and management systems that record and analyze learning processes in real time. The Company is committed to improving the overall English language competence of the Chinese population to keep abreast of the rapid development of globalization. Its experienced management is focused on further developing its digital platform and expanding its network of learning centers to deliver a continually evolving service offerings to a growing number of students across China.

For more information, please visit: https://investor.metenedu-edtechx.com.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties 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. 

For more information, please contact Investor Relations:

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

PR Newswire

Arabesque Asset Management Singapore Pte. Ltd. to establish an engineering and research unit to embark on AI project

Leave a comment

– Commencing in January 2022, Arabesque Asset Management Singapore Pte. Ltd. (Arabesque) will be embarking on an AI project that focuses on financial knowledge graphs, understanding data bias with application to transfer learning, and general machine learning approaches for financial analysis and modelling.

– The project will be used to enhance Arabesque’s existing AI business activities such as identifying alpha opportunities.

– An engineering and research unit dedicated to the advancement of AI and automation in asset management will be established as part of the project.

– Arabesque is hiring AI engineers and researchers in Singapore that will help establish Singapore as a leading centre for AI in finance.

SINGAPORE, Nov. 12, 2021 — Arabesque today announced that it will embark on an AI project which focuses on financial knowledge graphs, understanding data bias with application to transfer learning, and general machine learning approaches for financial analysis and modelling. This will enhance Arabesque’s existing AI business activities such as identifying alpha opportunities.

View of downtown district and Marina bay skyline with purple sunrise in Singapore
View of downtown district and Marina bay skyline with purple sunrise in Singapore

Commencing in January 2022, the project will run for two years and support Arabesque in developing capabilities in cutting-edge areas of AI. The work undertaken by the AI research unit is expected to enhance Arabesque’s existing business activities such as developing data engineering capabilities, improving the accuracy at which alpha opportunities are identified for its investment strategies, and utilising new unstructured sources of data as inputs into its financial models.

The project is supported under the Financial Sector Technology & Innovation – Artificial Intelligence & Data Analytics (FSTI – AIDA) scheme, which aims to strengthen the AIDA ecosystem in the Singapore financial sector. The FSTI – AIDA scheme is funded by the Financial Sector Development Fund, administered by the Monetary Authority of Singapore.

The project will involve the establishment of an AI engineering and research unit based in Singapore, which will be dedicated to the advancement of AI and automation in asset management. Arabesque will be hiring a team of AI engineers and researchers in Singapore as part of the new unit.

The team will be led by Arabesque’s Dr Qasim Nasar-Ullah, a co-founder of Arabesque’s AI business, who will take on a new role at the firm’s Singapore office. All work undertaken by the AI unit will be used to enhance Arabesque’s existing AI capabilities, and will be utilised to help establish Singapore as a world-leading centre for AI in asset management. 

Dr Yasin Rosowsky, CEO of Arabesque AI, said:

"Artificial intelligence will play a vital role in financial services over the next decade and will help accelerate the shift towards more sustainable capital markets. We are honoured to have been awarded the FSTI – AIDA grant and look forward to working on developments that will advance the innovative application of AI in asset management.

We are excited at the prospect of building an AI engineering and research team in Singapore to deliver cutting-edge AI solutions for the fintech ecosystem of Singapore and beyond."

Headquartered in London, Arabesque Asset Management is part of the Arabesque Group, which aims to advance sustainable finance through investment solutions, market-leading data assets, AI, and financial technology expertise.

About the Arabesque Group

The Arabesque Group is comprised of three businesses, Arabesque Asset Management, Arabesque S-Ray, and Arabesque AI, that work together to advance sustainable finance through investment solutions, AI and financial technology expertise. Established independently in 2013, Arabesque’s mission is to enable clients and other stakeholders to implement sustainability in their investments and financial decision-making. Arabesque counts many of the world’s leading banks, asset managers, asset owners and custodians as clients. arabesque.com

Photo – https://techent.tv/wp-content/uploads/2021/11/arabesque-asset-management-singapore-pte-ltd-to-establish-an-engineering-and-research-unit-to-embark-on-ai-project.jpg

Related Links :

http://www.

PR Newswire

PrimeCredit Takes Operational Efficiency to Next Level with SAP Concur Automated Spend Management Solution

Leave a comment

Enhanced data visibility, scalability and transparency empowers PrimeCredit to fulfill its fast-growing business needs while maintaining stringent governance

HONG KONG, Nov. 11, 2021  — PrimeCredit, one of the leading non-bank consumer finance groups in Hong Kong, has selected and deployed SAP Concur Expense and Concur Invoice to accommodate its thriving business needs with digitalized and automated spend management. Leveraging on artificial intelligence (AI) and machine learning, the cloud-based SAP Concur solution enables PrimeCredit to customize its expense limit approval matrix for different types of expenses in order to meet its unique and stringent internal compliance needs.

This advanced solution also provides an integrated and comprehensive overview on spend categories, reimbursement and invoice status, delivering real-time data visibility to serve PrimeCredit’s business expansion needs while improving its transparency and credibility. With digitalization, the SAP Concur solution enables PrimeCredit to reroute manpower to valuable tasks, creating a highly productive and efficient workplace.

"In view of an ever-changing market and evolving regulatory environment, financial institutions have a pressing need to harness the power of technology for improving efficiency, optimizing cost and fulfilling their growing business needs. However, digital transformation entails a large degree of change to business processes and operating models, consequently creating immense barriers for financial institutions as they navigate the digitalization journey," said William Ng, Chief Financial Officer of PrimeCredit Limited. "The SAP Concur solution has been a key step in our digitalization strategy. It has helped us optimize our workload, which is instrumental in resource planning. We also have better data visibility and a deeper understanding of our various businesses and financial health for better-informed budgeting decisions."

Powered by AI and machine learning, the SAP Concur solution automatically triggers a specific approval matrix according to different expense types with embedded rules for expense limits. In case of any discrepancy between the input data and the assigned expense limit, the solution will generate alert messages spontaneously to the approvers and reviewers. This enables managers and supporting teams to review expenses more efficiently, as they no longer need to review individual amounts and related data on a recurring basis to search for errors. Given the intricate compliance needs of PrimeCredit, the SAP Concur solution simplifies the overall workflow of the finance team in terms of expense approval and budget prediction by virtue of its streamlined and optimized finance procedures, while demonstrably reducing errors and risk of fraud.

The cloud-based SAP Concur solution also offers data accuracy coupled with real-time visibility of daily expenses and invoices from a centralized system dashboard, allowing PrimeCredit to trace, retrieve and analyze data for expense control, profit and loss management and cash flow projection on a year-on-year trajectory without the need for manual forms. By streamlining the process from input through to review and approval, Concur Expense and Concur Invoice provide better data visibility over daily expenses and invoices and have proved instrumental for the company’s finance team to evaluate expense control strategically and plan for the coming year’s budget.

"Building a prospective and resilient business amid the pandemic is challenging, and technology has become a critical component in how well businesses adapt to emerging needs and stay ahead of the competition. It is encouraging to see how the SAP Concur solution has supported PrimeCredit, a key player in Hong Kong’s non-bank consumer finance groups, to unleash business potential with data and digitalization. At SAP Concur, we are committed to being the credible companion of local enterprises and financial institutions of all sizes, enabling them to thrive amid the pandemic and beyond, and supporting them along their digital transformation journey with our industry-leading automated spend management solutions," said Jeff Lam, General Manager, Greater China, SAP Concur.

About SAP Concur

SAP® Concur® is the world’s leading brand for integrated travel, expense, and invoice management solutions, driven by a relentless pursuit to simplify and automate these everyday processes. The highly-rated SAP Concur mobile app guides employees through business trips, charges are directly populated into expense reports, and invoice approvals are automated. By integrating near real-time data and using AI to analyze transactions, businesses can see what they’re spending, improve compliance, and avoid possible blind spots in the budget. SAP Concur solutions help eliminate yesterday’s tedious tasks, make today’s work easier, and support businesses to run at their best. Learn more at concur.com.hk. 

About SAP

SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com/hk.

About PrimeCredit Limited

PrimeCredit, founded in 1977, is the biggest non-bank consumer finance group in Hong Kong. Its 26 branches widely distributed in Hong Kong mainly offer personal loans and credit cards. Rooted in Hong Kong for more than 40 years, its user base is over 300,000.

Money Lender’s Licence No.: 754/2021
Warning: You have to repay your loans. Don’t pay any intermediaries.
Complaint Hotline: 2111 2999

PR Newswire

Nisun International Reports Unaudited Operational Results for the Nine Months Ended September 30, 2021

Leave a comment

SHANGHAI, Nov. 10, 2021 — Nisun International Enterprise Development Group Co., Ltd ("Nisun International" or the "Company") (Nasdaq: NISN), a provider of innovative comprehensive solutions through the integration of technology, industry, and finance, today announced its unaudited operational results for the nine months ended September 30, 2021.

Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International, commented, "We are pleased to announce a robust earnings quarter, with net income of approximately $20 million for the nine months ended September 30, 2021. As we continue to strengthen our core business, we will expand our overall capabilities to better serve our existing customers. At the same time, we will continue to actively expand our customer base and create long-term value for our shareholders."

Operational Results for the Nine Months Ended September 30, 2021

The following table presents an overview of the Company’s unaudited results of operations for the nine months ended September 30, 2021:

For the
Nine Months
Ended
September 30,
2021

(Unaudited)

Revenue

$

106,784,001

Cost of revenue

73,703,349

Gross profit

33,080,652

Operating expenses

9,382,713

Income from operations

23,697,939

Other income, net

1,826,465

Income before income taxes

25,524,404

Income taxes

5,570,324

Net income

$

19,954,080

Net income per common share

$

0.97

Weighted average number of shares outstanding

20,555,768

 

Revenues

Total revenue was approximately $106.8 million for the nine months ended September 30, 2021.

  • Revenue generated from Small and Medium Enterprise (SME) financing solutions services was approximately $58.4 million, as the Company provided comprehensive financing solutions to SMEs in China seeking alternative financing solutions to bank financing.
  • Total supply chain transaction volume was approximately $329.7 million for the nine months ended September 30, 2021.
  • Revenue generated from sales of merchandise was approximately $44.2 million, attributable to the launch of the Company’s supply chain trading business after generating high-quality customers and resources through its supply chain solution business.

For the Nine Months Ended
September 30,
2021

(Unaudited)

%

Revenue generated from service

Small and Medium Enterprise financing solutions

$

58,438,245

55

%

Supply chain financing solutions

4,184,441

4

%

Other financing solutions

582

0

%

Total revenue generated from service

62,623,268

59

%

Revenue generated from sales

Merchandise sales

44,160,733

41

%

Total revenue

$

106,784,001

100

%

 

Cost of Revenue

The cost of revenue was approximately $73.7 million for the nine months ended September 30, 2021, which primarily comprised of approximately $43.9 million in cost of sales of merchandise sold, approximately $19.1 million in direct operational costs from SME financing solutions, and approximately $10.0 million in direct costs associated with staff who designed and managed SME financing solutions, supply chain solutions, and other financing solutions businesses.

Operating Expenses

For the Nine Months Ended
September 30,
2021

(Unaudited)

%

Selling expenses

$

2,294,598

24

%

General and administrative expenses

6,195,402

66

%

Research and development expenses

892,713

10

%

Total cost of revenue

$

9,382,713

100

%

 

Selling, general and administrative expenses are comprised of indirect advertising and marketing costs, office rent and expenses, costs associated with staff and support personnel who manage the Company’s business activities, and professional fees paid to third parties. 

Net income and net income per share

For the nine months ended September 30, 2021, the Company had net income of approximately $20.0 million and net income per share of $0.97.

The Company did not compile quarterly information for the nine months ended September 30, 2020. As such, comparative data is not available at this time.

About Nisun International Enterprise Development Group Co., Ltd

Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun continues to deepen the field of industry segmentation through industrial and financial integration, by cultivating/creating an ecosystem of openness and empowerment. Nisun has built a linked platform that incorporates supply chain, banking, securities, trust, insurance, funds, state-owned enterprises, among other businesses. Focusing on industry-finance linkages, Nisun aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains information about Nisun’s view of its future expectations, plans and prospects that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun encourages you to review other factors that may affect its future results in Nisun’s registration statements and in its other filings with the Securities and Exchange Commission. Nisun assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.

Contacts:

Nisun International Enterprise Development Group Co., Ltd
Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com

ICR, LLC
Tel: +1 203 682 8233
Email: nisun@icrinc.com

Related Links :

http://ir.nisun-international.com

PR Newswire

Webull Financial Donates Brooklyn Nets Tickets to DozenS of New York-Based Community Organizations

Leave a comment

Donation of 8,000 Tickets Follows Announcement of Multi-Year Partnership Between Webull and the Nets

NEW YORK, Nov. 10, 2021 — Webull Financial LLC, an independent, self-directed broker-dealer focused on zero-commission trading and in-depth market data, donated more than 8,000 tickets to the first eight Brooklyn Nets home games this season to dozens of New York-based community organizations, including Sheltering Arms and Lutheran Social Services of New York. The tickets were distributed to children and their families, as well as non-profit employees.

"Giving back to the New York community is a very important aspect of our company’s mission," said Anthony Denier, CEO of Webull. "Seeing the joy and appreciation of these individuals is a good reminder of what really matters. We’re extremely grateful for the ability to provide these tickets."

Logan, a member of Sheltering Arms who received tickets, said, "This was a great opportunity to introduce the game of basketball to our nephew, Milan. We always play ball in the park but now Milan had a chance to see what hard work and determination can help him achieve if he takes basketball seriously."

"The majority of our staff are essential workers and going to the game is an opportunity many of our participants might not have otherwise experienced," said Rachel Bleecker, Executive Director at the Lutheran Social Services of New York. "Together, we got to put smiles on the faces of many deserving folks."

Webull announced its multi-year partnership with the Nets, the New York Liberty, and affiliated organizations in September. The company is the Official Patch Partner of the Nets and was recognized at center court prior to the team’s home opener on Oct. 24 at Barclays Center.

For more information on Webull and its offerings, visit www.webull.com.

About Webull Financial 

Webull Financial LLC is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). The headquarters of Webull Financial LLC is located at 44 Wall Street, New York, NY, USA.

 

Related Links :

http://www.webull.com

PR Newswire

HUYA Inc. Reports Third Quarter 2021 Unaudited Financial Results

Leave a comment

GUANGZHOU, China, Nov. 9, 2021 — HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

  • Total net revenues for the third quarter of 2021 increased by 5.7% to RMB2,975.5 million (US$461.8 million), from RMB2,814.8 million for the same period of 2020.
  • Net income attributable to HUYA Inc. was RMB524.4 million (US$81.4 million) for the third quarter of 2021, compared with RMB253.0 million for the same period of 2020.
  • Non-GAAP net income attributable to HUYA Inc.[1] was RMB180.0 million (US$27.9 million) for the third quarter of 2021, compared with RMB361.2 million for the same period of 2020.
  • Average mobile MAUs[2] of Huya Live in the third quarter of 2021 increased by 14.7% to 85.1 million, from 74.2 million in the same period of 2020.
  • Total number of paying users[3] of Huya Live in the third quarter of 2021 reached 6.0 million, compared with 6.0 million in the same period of 2020.

"During the recent summer period, we saw robust growth in mobile users based on our comprehensive content offerings, strong operational capabilities and continued promotion efforts. Huya Live’s average mobile MAUs reached 85.1 million in the third quarter of 2021, representing a year-over-year increase of 14.7% and a quarter-over-quarter increase of 9.7%," said Mr. Rongjie Dong, Chief Executive Officer of Huya. "In light of the dynamic business environment, reinforcing our competitive advantages is pivotal to our continuing success. In this spirit, we will strive to promote new game launches, further enrich our content library, and advance product and service upgrades through innovation to meet diverse user demands as we continue to ensure a great user experience."

Ms. Ashley Xin Wu, Vice President of Finance of Huya, commented, "We continued our sustained growth pathway in the third quarter by achieving 5.7% year-over-year top-line growth. And, against the backdrop of an evolving landscape, we strengthened our investment in quality content and content creators to cement our leading market position. Going forward, we will remain dedicated to driving user growth, improving monetization and enhancing our ecosystem."

[1] "Non-GAAP net income attributable to HUYA Inc." is defined as net income attributable to HUYA Inc. before share-based compensation expenses, and gain on fair value change and disposal of equity investments, net of income taxes. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Refers to average monthly active users on mobile apps. Average mobile MAUs for any period is calculated by dividing (i) the sum of active users on the mobile apps for each month during such relevant period, by (ii) the number of months during such relevant period.

[3] Refers to the sum of user accounts that purchased various products and services on our platform at least once during such relevant period.

Third Quarter 2021 Financial Results

Total net revenues for the third quarter of 2021 increased by 5.7% to RMB2,975.5 million (US$461.8 million), from RMB2,814.8 million for the same period of 2020.

Live streaming revenues decreased by 2.1% to RMB2,601.9 million (US$403.8 million) for the third quarter of 2021, from RMB2,657.2 million for the same period of 2020, primarily due to lower average spending per paying user on Huya Live.

Advertising and other revenues increased by 137.1% to RMB373.7 million (US$58.0 million) for the third quarter of 2021, from RMB157.6 million for the same period of 2020, primarily driven by the revenues from licensing of content.

Cost of revenues increased by 12.6% to RMB2,471.5 million (US$383.6 million) for the third quarter of 2021 from RMB2,194.3 million for the same period of 2020, primarily due to the increase in revenue sharing fees and content costs.

Revenue sharing fees and content costs increased by 16.3% to RMB2,123.6 million (US$329.6 million) for the third quarter of 2021 from RMB1,826.7 million for the same period of 2020, primarily due to the increase in revenue sharing fees in relation to certain broadcaster incentive programs, and the increase in spending on e-sports content and content creators.

Bandwidth costs decreased by 14.2% to RMB178.0 million (US$27.6 million) for the third quarter of 2021 from RMB207.6 million for the same period of 2020, primarily due to improved bandwidth cost management and continued technology enhancement efforts.

Gross profit decreased by 18.8% to RMB504.0 million (US$78.2 million) for the third quarter of 2021 from RMB620.6 million for the same period of 2020, primarily due to the increased cost of revenues driven by higher revenue sharing fees and content costs. Gross margin was 16.9 % for the third quarter of 2021, compared with 22.0% for the same period of 2020.

Research and development expenses increased by 12.9% to RMB206.2 million (US$32.0 million) for the third quarter of 2021 from RMB182.7 million for the same period of 2020, primarily due to increased personnel-related expenses.

Sales and marketing expenses increased by 59.5% to RMB229.4 million (US$35.6 million) for the third quarter of 2021 from RMB143.8 million for the same period of 2020, primarily due to increased marketing expenses to promote the Company’s content, products, services and brand name, particularly including promotional activities for e-sports events and cooperation with various marketing channels during the summer vacations.

General and administrative expenses decreased by 32.6% to RMB80.1 million (US$12.4 million) for the third quarter of 2021 from RMB118.7 million for the same period of 2020, primarily due to lower share-based compensation expenses.

Operating income decreased by 62.7% to RMB83.1 million (US$12.9 million) for the third quarter of 2021 from RMB222.9 million for the same period of 2020. Operating margin was 2.8% for the third quarter of 2021, compared with 7.9% for the same period of 2020.

Interest and short-term investments income were RMB62.6 million (US$9.7 million) for the third quarter of 2021, compared with RMB75.9 million for the same period of 2020, primarily due to decreased interest rates.

Income tax expenses decreased by 19.9% to RMB40.6 million (US$6.3 million) for the third quarter of 2021 from RMB50.7 million for the same period of 2020.

Share of income in equity method investments, net of income taxes was RMB378.7 million (US$58.8 million) for the third quarter of 2021, compared with RMB0.2 million for the same period of 2020, primarily due to the investment income related to a disposal of equity investment.

Net income attributable to HUYA Inc. for the third quarter of 2021 was RMB524.4 million (US$81.4 million), compared with RMB253.0 million for the same period of 2020.

Non-GAAP net income attributable to HUYA Inc. for the third quarter of 2021, which excludes share-based compensation expenses, and gain on fair value change and disposal of equity investments, net of income taxes, was RMB180.0 million (US$27.9 million), compared with RMB361.2 million for the same period of 2020.

Diluted net income per American depositary share ("ADS") was RMB2.17 (US$0.34) for the third quarter of 2021, compared with RMB1.05 for the same period of 2020. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP diluted net income per ADS was RMB0.75 (US$0.12) for the third quarter of 2021, compared with RMB1.50 for the same period of 2020.

As of September 30, 2021, the Company had cash and cash equivalents, short-term deposits and short-term investments of RMB11,119.6 million (US$1,725.7 million), compared with RMB10,738.2 million as of June 30, 2021, primarily due to a cash inflow from a disposal of equity investment.

Conference Call

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on November 9, 2021 (8:00 p.m. Beijing/Hong Kong time on November 9, 2021).

For participants who wish to join the call, please complete online registration using the link provided below 20 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, Direct Event passcode, a unique registrant ID and an e-mail with detailed instructions to join the conference call.

Participant Online Registration: http://apac.directeventreg.com/registration/event/4691866

After registration is complete, please dial-in 10 minutes before the scheduled start time of the earnings call and enter the Direct Event passcode and registrant ID as instructed to connect to the call.

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

A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until November 16, 2021, by dialing the following telephone numbers:

United States:

+1-646-254-3697

International:

+61-2-8199-0299

Hong Kong, China:

+852-3051-2780

Replay Access Code:

4691866

About HUYA Inc.

HUYA Inc. is a leading game live streaming platform in China with a large and active game live streaming community. The Company cooperates with e-sports event organizers, as well as major game developers and publishers, and has developed e-sports live streaming as one of the most popular content genres on its platform. The Company has created an engaged, interactive and immersive community for game enthusiasts of China’s young generation. Building on its success in game live streaming, Huya has also extended its content to other entertainment content genres. Huya’s open platform also functions as a marketplace for broadcasters and talent agencies to congregate and closely collaborate with the Company.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders’ equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating income, non-GAAP net income attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, and non-GAAP basic and diluted net income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating income is operating income excluding share-based compensation expenses. Non-GAAP net income attributable to HUYA Inc. is net income attributable to HUYA Inc. excluding share-based compensation expenses, and gain on fair value change and disposal of equity investments, net of income taxes. Non-GAAP net income attributable to ordinary shareholders is net income attributable to ordinary shareholders excluding share-based compensation expenses, and gain on fair value change and disposal of equity investments, net of income taxes. Non-GAAP basic and diluted net income per ADS is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, and (ii) gain on fair value change and disposal of equity investments, net of income taxes add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, which have been and will continue to be significant recurring expenses in its business, and (ii) gain on fair value change and disposal of equity investments, net of income taxes, which both may recur when there is observable price change in the future. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4434 to US$1.00, the noon buying rate in effect on September 30, 2021, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Huya’s strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), 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. Statements that are not historical facts, including statements about Huya’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya’s goals and strategies; Huya’s future business development, results of operations and financial condition; the expected growth of the game live streaming market; the expectation regarding the rate at which to gain active users, especially paying users; Huya’s ability to monetize the user base; Huya’s efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to Huya’s business operations and the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com

In the United States:

The Piacente Group, Inc. 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com

 

 

 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of September 30,

2020

2021

2021

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

3,293,573

3,103,779

481,699

Restricted cash

164,889

2,741

425

Short-term deposits

5,974,790

7,006,098

1,087,329

Short-term investments

1,206,539

1,009,720

156,706

Accounts receivable, net

71,237

74,692

11,592

Amounts due from related parties, net

64,802

211,301

32,793

Prepayments and other current assets, net

495,108

934,951

145,102

Total current assets

11,270,938

12,343,282

1,915,646

Non-current assets

Deferred tax assets

48,313

26,451

4,105

Investments

467,206

582,213

90,358

Property and equipment, net

94,555

82,438

12,794

Intangible assets, net

62,796

90,717

14,079

Right-of-use assets, net

87,418

404,929

62,844

Prepayments and other non-current assets

379,461

150,542

23,364

Total non-current assets

1,139,749

1,337,290

207,544

Total assets

12,410,687

13,680,572

2,123,190

Liabilities and shareholders’ equity

Current liabilities

Accounts payable

10,083

18,918

2,936

Advances from customers and deferred revenue

485,878

399,607

62,018

Income taxes payable

56,861

74,613

11,580

Accrued liabilities and other current liabilities

1,707,289

1,759,490

273,066

Amounts due to related parties

95,457

333,812

51,807

Lease liabilities due within one year

29,227

36,812

5,713

Total current liabilities

2,384,795

2,623,252

407,120

Non-current liabilities

Lease liabilities

57,620

51,216

7,949

Deferred tax liabilities

13,350

4,597

713

Deferred revenue

178,144

145,174

22,531

Total non-current liabilities

249,114

200,987

31,193

Total liabilities

2,633,909

2,824,239

438,313

 

 

 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of September 30,

2020

2021

2021

RMB

RMB

US$

Shareholders’ equity

Class A ordinary shares (US$0.0001 par value;
    750,000,000 shares authorized as of December
    31, 2020 and September 30, 2021, respectively; 
    83,490,841 and 86,195,765 shares issued and
    outstanding as of December 31, 2020 and
    September 30, 2021, respectively)

55

56

9

Class B ordinary shares (US$0.0001 par value;
    200,000,000 shares authorized as of December
    31, 2020 and September 30, 2021, respectively; 
    152,357,321 and 151,136,517 shares issued and 
    outstanding as of December 31, 2020 and
    September 30, 2021, respectively)

100

100

16

Additional paid-in capital

11,465,575

11,688,697

1,814,057

Statutory reserves

122,429

122,429

19,001

Accumulated deficit

(1,883,643)

(987,475)

(153,254)

Accumulated other comprehensive income

72,262

32,526

5,048

Total shareholders’ equity

9,776,778

10,856,333

1,684,877

Total liabilities and shareholders’ equity

12,410,687

13,680,572

2,123,190

 

 

 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 (All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Nine Months Ended

September 30,
2020

June 30,
2021

September 30,
2021

September 30,
2021

September 30,
2020

September 30,
2021

September 30,
2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Live streaming

2,657,208

2,579,178

2,601,854

403,801

7,496,755

7,573,307

1,175,359

Advertising and others

157,632

383,197

373,692

57,996

427,277

969,398

150,448

Total net revenues

2,814,840

2,962,375

2,975,546

461,797

7,924,032

8,542,705

1,325,807

Cost of revenues(1)

(2,194,263)

(2,381,056)

(2,471,536)

(383,576)

(6,253,627)

(6,943,488)

(1,077,612)

Gross profit

620,577

581,319

504,010

78,221

1,670,405

1,599,217

248,195

Operating expenses(1)

Research and development expenses

(182,683)

(207,899)

(206,203)

(32,002)

(518,597)

(613,173)

(95,163)

Sales and marketing expenses

(143,846)

(167,045)

(229,404)

(35,603)

(364,902)

(541,034)

(83,967)

General and administrative expenses

(118,741)

(72,130)

(80,073)

(12,427)

(348,953)

(236,294)

(36,672)

Total operating expenses

(445,270)

(447,074)

(515,680)

(80,032)

(1,232,452)

(1,390,501)

(215,802)

Other income, net

47,613

47,643

94,804

14,713

99,650

218,415

33,897

Operating income

222,920

181,888

83,134

12,902

537,603

427,131

66,290

Interest and short-term investments income

75,919

57,729

62,561

9,709

239,373

185,420

28,777

Gain on fair value change of investments

–

3,593

40,568

6,296

2,160

44,161

6,854

Other non-operating expenses

–

–

–

–

(10,010)

–

–

Foreign currency exchange gains (losses), net

4,677

722

(31)

(5)

2,277

(1,569)

(244)

Income before income tax expenses

303,516

243,932

186,232

28,902

771,403

655,143

101,677

Income tax expenses

(50,657)

(58,291)

(40,577)

(6,297)

(139,499)

(138,278)

(21,460)

Income before share of income (loss) in
      equity method investments, net of
      income taxes

252,859

185,641

145,655

22,605

631,904

516,865

80,217

Share of income (loss) in equity method
      investments, net of income taxes

154

610

378,724

58,777

(907)

379,303

58,867

Net income attributable to HUYA Inc.

253,013

186,251

524,379

81,382

630,997

896,168

139,084

Net income attributable to ordinary
     shareholders

253,013

186,251

524,379

81,382

630,997

896,168

139,084

 

 

 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

 (All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Nine Months Ended

September 30,
2020

June 30,
2021

September 30,
2021

September 30,
2021

September 30,
2020

September 30,
2021

September 30,
2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ADS*

—Basic

1.10

0.78

2.20

0.34

2.82

3.77

0.58

—Diluted

1.05

0.77

2.17

0.34

2.65

3.71

0.58

Net income per ordinary share

—Basic

1.10

0.78

2.20

0.34

2.82

3.77

0.58

—Diluted

1.05

0.77

2.17

0.34

2.65

3.71

0.58

Weighted average number of ADS used in
     calculating net income per ADS

—Basic

230,554,718

238,105,367

238,814,217

238,814,217

224,053,176

237,848,772

237,848,772

—Diluted

240,474,833

241,536,071

241,449,111

241,449,111

237,807,379

241,774,727

241,774,727

* Each ADS represents one Class A ordinary share

(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three Months Ended

Nine Month Ended

September 30,
2020

June 30,
2021

September 30,
2021

September 30,
2021

September 30,
2020

September 30,
2021

September 30,
2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

17,352

12,969

11,883

1,844

47,939

41,473

6,437

Research and development expenses

42,552

32,226

34,720

5,388

114,070

103,687

16,092

Sales and marketing expenses

2,711

1,670

2,512

390

7,829

6,073

943

General and administrative expenses

45,549

20,636

21,714

3,370

156,383

67,474

10,472

 

 

 

HUYA INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Nine Months Ended

September 30,
2020

June 30,
2021

September 30,
2021

September 30,
2021

September 30,
2020

September 30,
2021

September 30,
2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Gross profit

620,577

581,319

504,010

78,221

1,670,405

1,599,217

248,195

Share-based compensation expenses allocated
      in cost of revenues

17,352

12,969

11,883

1,844

47,939

41,473

6,437

Non-GAAP gross profit

637,929

594,288

515,893

80,065

1,718,344

1,640,690

254,632

Operating income

222,920

181,888

83,134

12,902

537,603

427,131

66,290

Share-based compensation expenses

108,164

67,501

70,829

10,992

326,221

218,707

33,944

Non-GAAP operating income

331,084

249,389

153,963

23,894

863,824

645,838

100,234

Net income attributable to HUYA Inc.

253,013

186,251

524,379

81,382

630,997

896,168

139,084

Gain on fair value change and disposal of e
     quity investments, net of income taxes

–

(3,619)

(415,190)

(64,436)

(1,620)

(418,809)

(64,998)

Share-based compensation expenses

108,164

67,501

70,829

10,992

326,221

218,707

33,944

Non-GAAP net income attributable to HUYA Inc.

361,177

250,133

180,018

27,938

955,598

696,066

108,030

Net income attributable to ordinary
      shareholders

253,013

186,251

524,379

81,382

630,997

896,168

139,084

Gain on fair value change and disposal of

      equity investments, net of income taxes

–

(3,619)

(415,190)

(64,436)

(1,620)

(418,809)

(64,998)

Share-based compensation expenses

108,164

67,501

70,829

10,992

326,221

218,707

33,944

Non-GAAP net income attributable to
      ordinary shareholders

361,177

250,133

180,018

27,938

955,598

696,066

108,030

Non-GAAP net income per ordinary share

—Basic

1.57

1.05

0.75

0.12

4.27

2.93

0.45

—Diluted

1.50

1.04

0.75

0.12

4.02

2.88

0.45

Non-GAAP net income per ADS

—Basic

1.57

1.05

0.75

0.12

4.27

2.93

0.45

—Diluted

1.50

1.04

0.75

0.12

4.02

2.88

0.45

Weighted average number of ADS used in 
      calculating Non-GAAP net income per ADS

—Basic

230,554,718

238,105,367

238,814,217

238,814,217

224,053,176

237,848,772

237,848,772

—Diluted

240,474,833

241,536,071

241,449,111

241,449,111

237,807,379

241,774,727

241,774,727

 

 

 

Related Links :

http://www.huya.com

PR Newswire

Roofstock Launches Roofstock One, Allowing Investors to Build Customized Portfolios of Single-Family Rental Home Shares Online

Leave a comment

Accredited investors can now easily purchase shares representing interests in fully-managed rental homes for as little as $1,000

OAKLAND, Calif., Nov. 8, 2021 —  Roofstock, the leading digital real estate investing platform for the $4 trillion single-family rental home sector (SFR), today announced the next phase of Roofstock One, its targeted investing platform that gives accredited investors innovative access to this growing asset class. Roofstock One wraps all of Roofstock’s expertise and capabilities, including its deep data science, institutional-caliber research and skilled property acquisition and management services into a single, fully managed product. With Roofstock One, investors can buy shares representing interests in rental homes across markets and multiple properties rather than having to purchase entire homes, making investing in SFR similar to buying a share of stock. Accredited investors can invest in Roofstock One shares for as little as $1,000 with an introductory offer through December 31, 2021.

Roofstock One is a radically simple alternative to traditional real estate investing. Roofstock uses its SFR investment expertise to identify and acquire properties in markets that its data science and research teams have identified as potentially attractive investment opportunities. Roofstock One then issues shares that represent ownership interests in the selected SFR properties. These shares are then bundled based on geography or other characteristics of the properties to provide investors exposure to different investing strategies. Accredited investors can select groups of shares that align with their investing goals, add the investment to their shopping cart, and complete their purchase in a matter of clicks.

"The attractiveness of SFR has long been its ability to generate strong, consistent returns over the long-term in a way that is almost entirely uncorrelated to the stock market," said Gary Beasley, CEO and co-founder of Roofstock. "We believe Roofstock One makes SFR real estate investing the simplest it has ever been." 

Benefits and highlights of Roofstock One include:

  • A hands-off, fractional ownership approach: Investors get many of the economic benefits of direct ownership, such as potential cash flows from rent and asset appreciation, without the traditional associated responsibilities, like managing renovations or tenancy issues.  
  • Ability to customize the investment: Roofstock One allows investors to choose targeted portfolios based on their investment goals. 
  • Professional property and asset management: Roofstock One leverages Roofstock’s industry-leading platform to optimize the performance of the properties on behalf of investors with the goal of maximizing returns on an ongoing basis.
  • Simple tax filing: Roofstock One’s innovative structure makes tax time easier by providing investors with a Form 1099, avoiding Form K-1s and partnership tax issues.

Roofstock’s founders are pioneers of SFR. They were among the first to bring institutional capital, data science, digital technology, and asset management capabilities to an asset class that lacked a modern investing infrastructure. At its launch in 2015, Roofstock took the radical step to democratize access to SFR by making its investment expertise, data, and operational services, along with an exclusive inventory of rental homes available to everyday investors. The solutions Roofstock offers to investors have driven the company’s tremendous growth; surpassing $4 billion in transaction volume along with explosive expansion of its fully managed investment services, which has grown 50x since the beginning of 2021. The relaunch of Roofstock One marks a significant milestone that further levels the playing field for the individual accredited investor.

Roofstock One’s market footprint currently includes homes in affordable markets, such as Georgia, Indiana, and Alabama, that likely will continue to benefit as work-from-home trends become increasingly prevalent. This launch of Roofstock One is just the beginning. Roofstock One is continually innovating on behalf of consumers to create new investment opportunities in SFR. The company is currently exploring a blockchain solution that could reduce transaction costs, streamline reporting, and potentially offer enhanced liquidity options by tokenizing Roofstock One shares or other SFR-related products. 

To learn more about Roofstock One or start investing, visit roofstock.com/one.

About Roofstock

Roofstock is the leading digital real estate investing platform for the $4 trillion single-family rental home sector. The company provides extensive resources for investors to buy, manage, and sell investment homes online, including data analytics, property management oversight, and other tools. Roofstock’s transparent, innovative marketplace empowers investors to own cash-flowing rental properties, diversify their investment portfolios, and build long-term wealth through real estate. Founded in 2015, the company has facilitated more than $4 billion in investment transactions to date. Roofstock was named to CB Insights Fintech 250 list in 2021 and has earned a spot on the prestigious Forbes Fintech 50 for the past three years. 

Contact: pr@roofstock.com 

PR Newswire

Yinchuan, the Provicial Captial in the Hinterland of China, Gaining New Achievements in Regional Economic Development

Leave a comment

YINCHUAN, China, Nov. 8, 2021 — According to the official statistics released by Yinchuan Municipal Bureau of Commerce in October, 2021, the total retail sales of consumption goods in Yinchuan reached 58.652 billion yuan (9.08 billion USD) during the first three quarters of 2021, accounting for nearly 58% of the total amount of the whole region.

The total volume of import and export reached 6.704 billion yuan ($1.35647 billion), accounting for 55.94% of the total volume of the whole region. 16 foreign-invested enterprises were newly established, and the foreign capital which are fully utilized reached 112.93 million US dollars. The FDI was 8.63 million US dollars and the cross-border e-commerce realized a transaction volume worth of 647 million yuan ($100.16 million ).

The total amount of logistics reached 320 billion yuan ($49.728 billion) and the added value of logistics-related industries reached 14.4 billion yuan ($2.229 billion).

In 2020, an unexpected epidemic disrupted the rhythm of cities in China. A series of commercial sectors such as catering industry, entertainment industry and trade sector were hit hardly by the unprecedented losses and then the stagnation of commercial activities which lasted for months emerged.

"The mature and efficient governance are characterized by those government officials who are good at exploring opportunities even faced with crisis." The commercial enterprises and people in Yinchuan involved in this crisis overcame hardships and survived from the global pandemic. The business activities in Yinchuan restart to thrive with the bustling and hustling streets being crowded with people again. This quotation mentioned above is an epitome of the fruitful results and experiences the city of Yinchuan had gained during the past year.

With the backdrop of COVID-19 global epidemic and the robust recovery of Yinchuan’s economy, how did Yinchuan Municipal Bureau of Commerce which is responsible for the city’s commercial development stimulate the economic growth of Ningxia?

An government official from Yinchuan Municipal Bureau of Commerce who is responsible for retailing business is quoted as saying, "During the epidemic period, we coordinated and realized the normal operation of 3 large wholesale markets related to agricultural products, 218 major chain supermarkets and vegetable direct-sale stores in community. Furthermore, we set a ‘green passage’ for transportation vehicles, and effectively ensured the transportation and distribution of epidemic protection materials, daily necessities and other materials."

At the same time, the city of Yinchuan focused on building the demonstration areas of night economy and attached great importance to cultivating commercial blocks with local characteristics. Yinchuan pushed forward the upgrade and renovation of traditional business circle and speeded up the development of first store economy, such as Yinchuan Metropolis Plaza, Huaiyuan night market and Fenglinwan Town.

Forty well-known enterprises participated in more than 10 exhibitions and conferences, inculding the 2020 Ningxia Brand Festival and the 28th Guangzhou Expo. The local government assisted the 10 enterprises headquatered in Yinchuan in the field of wine production, fruit and vegetable production to set up export booth and channels in more than 20 cities including Beijing.

According to the information released on the official website of Yinchuan Municipal Bureau of Commerce, five major functional zones have already been built in Yinchuan Free Trade Zone. A cross-border e-commerce public supervision center has been established in Yinchuan Highway and Railway Logistics Park. The Cross-Border E-Commerce Industrial Park covering an area of 32,000 square meters has been set, with 169 cross-border e-commerce enterprises signing up to set their branches in this park. In Yuehai Bay Central Business District (The CBD of Yinchuan), with 22 enterprises set their branches there. Zhongguancun Innovation and Entrepreneurship Center has set up cross-border e-commerce business in the United States, Europe, Japan and other developed regions with the help of its own brand matrix of e-commerce and intelligence big data engine. The Cross-Border E-Commerce Research Institute and Yinchuan FTZ E-Commerce College has been established in Yinchuan as training base to inject new impetus to the economic development of Yinchuan.

These measures and policies adopted by the local government not only revitalize the city of Yinchuan, but also facilitate the economic recovery.

The directer of Yinchuan Municipal Bureau of Commerce, Mr. Liu is quoted as saying, "The year of 2021 is the first year of the 14th five-year-plan, the 100th anniversary of the founding of the Communist Party of China and the first year of the new journey of building a modern socialist country in an all-round way. Yinchuan Municipal Bureau of Commerce will unswervingly uphold the development philosophy of making Yinchuan the center city for consumption in this region. It will implement the national policy of "internal and external double-circulation", further tapping the potential of economic growth. It will smooth the internal circulation of economic growth through promoting consumption and inject impetus to external circulation by further opening up."

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=406688 
   Caption: Yinchuan Free Trade Zone