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PR Newswire

Lion Announces Response to SEC Guidance Issued on April 12, 2021 Applicable to Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)

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HONG KONG, June 12, 2021 — Lion Group Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL), operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors, announced today in a Current Report on Form 6-K, that as a result of recently issued guidance provided by the Division of Corporate Finance of the Securities and Exchange Commission (the "SEC") on April 12, 2021 for all SPAC-related companies regarding the classification of their warrants for accounting and reporting purposes (the "SEC Statement"), it will restate its previously issued consolidated financial statements included on the Form 20-F for the year ended December 31, 2020.

The restatement pertains to the accounting treatment for public and private warrants (the "Public Warrants" and "Private Warrants") issued in connection with the initial public offering of Proficient Alpha Acquisition Corp. ("PAAC") and recorded to the Company’s consolidated financial statements as a result of the Company’s merger with PAAC, a SPAC and legal predecessor of the Company, and Lion Financial Group Limited on June 16, 2020 (the "Business Combination").

Consistent with market practice among SPACs, the Company had been accounting for the Public and Private Warrants as equity. However, consistent with the recent SEC Statement, the Company intends to restate certain of its historical financial statements such that the Public and Private Warrants are accounted for as liabilities and marked-to-market each reporting period (the "restatement"). In general, under the mark-to-market accounting model, as the stock price increases, the fair value of the warrant liabilities increases, and the Company recognizes additional non-operating expense in its income statement – with the opposite effect when the stock price declines.

The Company does not anticipate the restatement to impact its previously communicated non-GAAP operating metrics for 2020.

As a result of the restatement and the decrease in the Company’s stock price over the applicable period, the Company expects to recognize incremental non-operating income of approximately $0.8 million for the period from June 16, 2020 through December 31, 2020. There will be no impact to the Company’s previously reported net cash flow.

The following provides additional detail regarding how the Company currently anticipates the restatement will impact its consolidated financial statements:

  • Opening Balance Sheet Impacts — As of the date of the Business Combination (June 16, 2020), the fair value of the Public and Private Warrants will be reflected as warrant liabilities in the balance sheet with a corresponding offset in Additional paid-in-capital in equity.
  • Income Statement Impacts — Subsequent to the close of the Business Combination, any change in the fair value of the Public and Private Warrants is recognized in the income statement below operating profit as "Change in fair value of warrant liabilities" with a corresponding amount recognized in the balance sheet. (In the Company’s case, this is recognized as warrant liabilities below current liabilities in the balance sheet).
  • Balance Sheet Impacts — As is noted above, the balance of the warrant liabilities on the balance sheet reflects the fair value of the Warrants.
  • Cash Flow Impacts — The impact of the changes in fair value of the Public and Private Warrants has no impact on net cash provided by (used for) operating activities.
  • Statement of Equity Impacts — The impact to Additional paid-in-capital as of the opening balance sheet is highlighted above.

These estimates are subject to change as management completes the restatement, and the Company’s independent registered public accounting firm has not audited or reviewed these estimates. As a result, the expected financial impact described above is preliminary and subject to change.

Finally, as of today, the Company has approximately 11.5 million Public Warrants and 5.4 million Private Warrants outstanding. No Public or Private Warrants have been exercised or redeemed since originally issued.

About Lion

Lion Group Holding Ltd. (NASDAQ: LGHL) operates an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors. Through its state-of-the-art technology, Lion offers contract-for-difference (CFD) trading, insurance brokerage, futures brokerage, and securities brokerage on its platform, which can be accessed through applications available on the iOS, Android, Windows, and macOS systems. Lion’s customers are well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong. Additional information may be found at http://ir.liongrouphl.com.

Forward-Looking Statements

This press release contains, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Lion’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Lion’s expectations with respect to future performance and anticipated financial impacts of the Business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Lion and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the post-acquisition company’s ADSs on NASDAQ following the business combination; (2) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (3) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (4) costs related to the business combination; (5) changes in applicable laws or regulations; (6) the possibility that Lion may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties to be identified in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and in other filings with the Securities and Exchange Commission ("SEC") made by Lion. Lion cautions that the foregoing list of factors is not exclusive. Lion cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Lion does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.

Contacts

Lion Group Holding
Tel: +852 2820 9011
Email: ir@liongrouphl.com 

ICR, LLC
William Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com

Related Links :

http://www.liongrouphl.com

PR Newswire

Meridian Capital-Backed Zhipin.com Lands on Nasdaq

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BEIJING, June 12, 2021 — On June 11, China’s largest online recruitment platform, Zhipin.com, successfully listed on the Nasdaq Stock Exchange, with the stock code BZ. In this IPO, 48 million American Depositary Shares (ADS) were issued, and the total funds raised exceeded USD1 billion. The company’s overall valuation exceeds USD8 billion.

Meridian Capital is an important institutional investor of Zhipin.com. After Zhipin.com’s founding in 2014, an in-depth communication between Meridian Capital and Zhipin.com’s founders started at the beginning of 2015, and by September of that year Meridian Capital had developed the investment framework and term sheet to become the company’s lead investor in the first round of Series C funding.

Subsequently, Meridian Capital increased its investment in Series C2 financing, and has been helping and accompanying the growth of Zhipin.com for more than 6 years.

Ji Wei, the founding Managing Partner of Meridian Capital, said, Zhipin.com has subverted the traditional resume-centric recruitment mode, promoting the efficient connection between recruiters and job seekers, and greatly improving the efficiency of talent matching.

In this case, initially, Meridian Capital was also a user of Zhipin.com, and later became its investor.

Ji Wei, Founding Managing Partner of Meridian Capital, Gaonan Zhang, Managing Partner of Meridian Capital with the Founder of Zhipin.com
Ji Wei, Founding Managing Partner of Meridian Capital, Gaonan Zhang, Managing Partner of Meridian Capital with the Founder of Zhipin.com

Meridian Capital is a leading venture capital firm in China. Up to now, Meridian Capital has managed over RMB8.5 billion of capital and invested in more than 190 companies. Meridian Capital has continually been active in the digital economy space, especially with regard to technology empowerment enterprises.

In addition to Zhipin.com, Meridian Capital has also invested in industry leading companies including Weimob, Biren Technology, DeepBlue Technology, Joyou.com, Beagledata. Meridian Capital has acted as the lead investor for 91% of all of its investment projects.

From the statistical data it can be seen that Meridian has successfully exited from more than 40 portfolios either through an IPO or through M&A, and nearly two-thirds of the companies it has invested in have completed multiple subsequent rounds of financing.

Zhao Peng, founder and CEO of Chinese tech sector recruitment leader Boss Zhipin
Zhao Peng, founder and CEO of Chinese tech sector recruitment leader Boss Zhipin

In the future, there is still considerable room for growth for Zhipin.com. CIC research data shows that the scale of China’s online recruitment market is expected to increase from RMB55.1 billion in 2020 to RMB223.4 billion in 2025, with a CAGR of 32.3%. 

Contact: gloria.xiang@meridiancapital.com.cn

 

PR Newswire

TD Holdings, Inc. Announces Appointment of New CFO

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SHENZHEN, China, June 11, 2021 — TD Holdings, Inc. (the "Company" or "TD Holdings") (Nasdaq: GLG), a commodities trading service provider in China, today announced that Mr. Tianshi (Stanley) Yang has been appointed as the successor to Ms. Wei Sun to serve as the Chief Financial Officer ("CFO") and director of the Company’s Board of Directors, effective June 11, 2021. Ms. Wei Sun resigned from her roles in the Company on June 11, 2021.

Mr. Tianshi (Stanley) Yang served as the Head of Investor Relations of Aesthetic Medical International Holdings Group Ltd. (NASDAQ: AIH) from March 2020 to May 2021 and as the Financial Department Director of Meten EdtechX Education Group (NASDAQ: METX) from January 2019 to February 2020. From May 2016 to October 2018, Mr. Yang served as the Investment Director of China First Capital Group, a company listed on the Hong Kong Stock Exchange (HKEx: 01269). Mr. Yang has also served as a Senior Auditor at Ernst & Young from September 2011 to December 2013. Mr. Yang graduated from Tianjin University of Finance and Economics in Tianjin, China with a bachelor’s degree in Financial Engineering, and obtained a master’s degree in Finance from Brandeis University in Boston, U.S.

Ms. Renmei Ouyang, Chairwoman and Chief Executive Officer of TD Holdings, commented: "On behalf of the Board and the management team, I would like to thank Ms. Wei Sun for her tremendous efforts as the Chief Financial Officer of the Company and Director of the Board. At the same time, we warmly welcome Mr. Stanley Yang to join us and are confident that his demonstrated expertise, extensive experience and deep insight in the capital markets will be invaluable to the Company."

Mr. Stanley Yang, CFO of TD Holdings, stated, "I am delighted to join TD Holdings. I look forward to working closely with the management team to drive growth, profitability and create value for TD Holdings’ shareholders."

About TD Holdings, Inc.

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

Safe Harbor Statement

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

For more information, please contact:

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

PR Newswire

JungJin SEO from South Korea named EY World Entrepreneur Of The Year™ 2021

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– EY also honors His Royal Highness The Prince of Wales of the United Kingdom with inaugural Social Entrepreneurship Award

LONDON, June 11, 2021 — JungJin SEO, Honorary Chairman of South Korea-based Celltrion Group, was this evening named EY World Entrepreneur Of The Year™ 2021 during a virtual awards ceremony broadcast live around the world. JungJin was picked from among 45 award winners from 38 countries and territories competing for the global award. He is the first winner from South Korea in the award’s 21-year history.


JungJin, 63, founded Celltrion, a biopharmaceutical firm, in 2003 with only US$45,000. In the nearly 20 years since its founding, Celltrion has lived up to its ambition to advance health and welfare for all by developing groundbreaking drugs to treat autoimmune diseases, different forms of cancer and, most recently, COVID-19. The company, which JungJin started with five of his colleagues, has grown to more than 2,100 employees with sales permits in more than 90 countries and revenues exceeding US$1.69b.

His Royal Highness (HRH) The Prince of Wales first recipient of the EY Social Entrepreneurship Award

This evening, EY also honored HRH The Prince of Wales, of the United Kingdom, with an inaugural EY Social Entrepreneurship Award. This award was given in recognition of the tremendous social value created by The Prince of Wales’ leading initiatives, including The Prince’s Trust and Business in the Community, the exciting progress of the bold, global Sustainable Markets Initiative and this year’s unveiling of the Terra Carta, which provides a road map toward putting nature, people and planet at the heart of global value creation over the next decade. The new award will remain an annual feature and was established to recognize leaders who are focused on creating a purposeful business in society.

Carmine Di Sibio, EY Global Chairman and CEO, says:

"After a year of incredible challenges, I’m excited to be able to recognize these two remarkable individuals for their contributions to society. Throughout his life, His Royal Highness has demonstrated an unwavering commitment to building a better world and I couldn’t envision a more worthy honoree for the inaugural EY Social Entrepreneurship Award.

"Likewise, JungJin SEO has spent his career representing everything an unstoppable entrepreneur should be. From taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin is a model EY World Entrepreneur Of The Year winner. Congratulations to both on their worthy distinctions."

Rosaleen Blair CBE, Founder and Chair of AMS, and Chair of the EY World Entrepreneur Of The Year judging panel, says:

"The judging panel is honored to award JungJin with this prestigious title and recognize him following one of the most trying years the world has ever seen. The panel was moved by his incredible journey and his purpose-driven leadership, innovative mindset and entrepreneurial spirit are the embodiment of an unstoppable entrepreneur."

JungJin SEO, Honorary Chairman, Celltrion Group, says:

"Entrepreneurship to me has always been about bringing together a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good. When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives. The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive. I am humbled and honored to join the prestigious group of EY World Entrepreneur Of The Year winners who came before me and I intend to use this wonderful platform to continue to make this world a better place for future generations."

Stasia Mitchell, EY Global Entrepreneurship Leader, says:

"JungJin’s story is one of incredible tenacity and perseverance. He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies. His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment. Above all, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world."

About JungJin SEO, Honorary Chairman of Celltrion Group

JungJin’s entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. until he suddenly lost his job amid the automaker’s financial troubles following the 1997 Asian economic crisis.

In the years that followed, JungJin would collaborate with colleagues to explore business opportunities in numerous industries, many of which seemed promising at the time but failed to deliver lasting success. Finally, after attending a discussion hosted by several renowned scholars, he decided to focus on the biopharmaceutical sector, believing that it had the potential to be the next great growth engine.

With this inspiration in mind, he founded Celltrion with only US$45,000. Despite its humble beginnings, the company would quickly become a leading force in the South Korean pharmaceutical industry. The launch of Remsima, the "world’s first" antibody biosimilar, quickly moved Celltrion up the ranks of the country’s relatively underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that are now used worldwide.

With a focus on being "the world’s first," Celltrion has pioneered numerous uncharted areas to stellar success over the past two decades. Most recently, it responded to the global pandemic by successfully developing an antibody treatment for COVID-19 and works to ensure a timely supply of the safe and effective treatment.

About the judging panel

The independent judging panel was chaired by Rosaleen Blair CBE, Founder and Chair of AMS. Joining her were:

  • Girish Jhunjhnuwala, Founder and CEO, Ovolo Hotels
  • Susan Chong, Founder and CEO, Greenpac Pte Ltd.
  • Hernan Kazah, Co-Founder and Managing Partner, Kaszek Ventures
  • Noëlla Coursaris Musunka, Founder and CEO, Malaika
  • Alexey Repik, Founder and Chairman, R-Pharm
  • Dr. Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Limited
  • Brad Keywell, CEO, Uptake Technologies, Inc.

Broadcast coverage and high-resolution content are available here for download for broadcast and online use.

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About EY Entrepreneur Of The Year™

EY Entrepreneur Of The Year™ is the world’s most prestigious business awards program for unstoppable entrepreneurs. These visionary leaders deliver innovation, growth and prosperity that transform our world. The program engages entrepreneurs with insights and experiences that foster growth. It connects them with their peers to strengthen entrepreneurship around the world. EY Entrepreneur Of The Year is the first and only truly global awards program of its kind. It celebrates entrepreneurs through regional and national awards programs in more than 145 cities in over 60 countries. Winners go on to compete for the EY World Entrepreneur Of The Year™ title. ey.com/eoy

Eric Minuskin

Yvonne Diaz

EY Global Media Relations

EY Global Media Relations

+1 908 770 9758

+44 (0)799 056 0615

eric.j.minuskin@ey.com

yvonne.diaz@uk.ey.com

  


  

 

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PR Newswire

Red Date Technology, Architect Behind the Blockchain-based Service Network (BSN), Closes Landmark ‘Series A’ Funding

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USD30 Million Series A Equity Financing Led by Global Investors Prosperity7 Ventures and Kenetic

HONG KONG, June 10, 2021 — Red Date Technology, the architect behind the world’s largest blockchain connectivity network, the Blockchain-based Service Network (BSN), announced that it has completed USD 30 million Series A equity financing.

The round was led by Prosperity7 Ventures (the diversified growth fund of Aramco Ventures), and Hong Kong-based blockchain investment firm Kenetic. Other participants include Bank Pictet (Switzerland), investing on behalf of its clients, and Bangkok Bank.

According to Aysar Tayeb, Executive Managing Director of Prosperity7 Ventures, "The BSN is a pioneering initiative that can accelerate both the development and adoption of blockchain technology and applications. We are thrilled to support Red Date and be a part of the BSN initiative and the positive value it will create."

The BSN is a global network enabling connectivity between public and private blockchains. It reduces the cost and improves flexibility, interoperability and efficiency, making blockchain services accessible to SMEs and individual developers worldwide.

According to Yifan He, CEO of Red Date, "The Internet’s Golden Age was only made possible when the cost of building websites was reduced to near zero. The BSN makes the cost of creating and running applications exceptionally low, with the added benefit of multi-frameworks and interoperability, and larger customer bases."

"The BSN is the foundation of global blockchain adoption and will succeed through an alliance of public and private partnerships and technologies, supported by a world-class engineering team and unprecedented enterprise and sovereign backing." noted Jehan Chu, Founder and Managing Partner of Kenetic.

The BSN International, the governing body of the global network outside China, will be established as a Singapore-based foundation and governed by a consortium of multinational corporations and financial institutions to ensure the global network is operated by international standards. Separately, the BSN Development Association of China will operate and manage the domestic network onshore in full compliance with local laws and regulations.

As part of its commitment to transparency, the BSN codebase will be fully open sourced within the foundation in the coming months and to the public within 3 years.

"For BSN to succeed globally, BSN International’s governance and development must be open and transparent, which is an area where our international shareholders and partners can provide strong support." He added.

PR Newswire

Planful Debuts “Predict: Signals,” a Native AI and ML Anomaly Detection Technology for FP&A

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Predict Signals Gives FP&A Teams Unmatched Confidence and Strategic Insight to Drive Greater Business Impact

REDWOOD CITY, Calif., June 10, 2021 — Planful Inc., the pioneer of financial planning, analysis (FP&A), and consolidations cloud software, today announced the launch of “Predict: Signals,” the first of a range of product releases in the Planful Predict portfolio, a suite of native artificial intelligence and machine learning (AI/ML) products that will be released in 2021 and beyond.

Predict: Signals, a native Al/ML anomaly detection technology, eliminates the need for a detailed manual review of data, ensuring forecasts are accurate and alerting the business to outliers in data. The solution checks for abnormalities, identifies patterns, and augments planning and decision-making efforts with intelligent forecasts and recommendations, using a native AI/ML engine.

“Incorporating AI/ML into the Planful platform is incredibly beneficial to companies at many different levels,” said Glenn Snyder, Head of FP&A at Global Growth Holdings. “Predict: Signals has the potential to have a significant impact for Planful customers as they adopt this new technology. This range of Predict tools has the capability to dramatically improve the efficiency and accuracy of finance processes, allowing finance teams to focus on greater value-add and higher-impact work.”

In addition to Predict: Signals, Planful Predict will expand over time to encompass a full suite of native AI/ML solutions that enhance forecasting, empowering business users to accelerate insight-driven decisions in a smooth-flowing environment. At its core, the suite is being designed to help finance and accounting professionals make confident and intelligent financial decisions with greater agility and accuracy.

“The Planful Predict suite of applications will further modernize how finance and accounting professionals accomplish their work through three key attributes,” said Grant Halloran, Planful’s Chief Executive Officer. “First, as a super-powered digital assistant that operates like a million sets of extra eyes, 24/7, searching for anomalies in financial data. Second, as a technology that supports, yet doesn’t replace the skills of intuitive human planners and analysts. Third, as a frictionless aid that is native in the platform at the point of need, thus eliminating the need for third-party AI. Predict: Signals has the ability to augment a user’s efficiency in data signal detection by orders of magnitude.”

Predict: Signals can surface hidden errors and anomalies in huge volumes of data that may require further investigation by a human and present recommendations for corrective action.

“The ability for FP&A professionals to quickly and collaboratively use a wide range of trusted business data–not just financials–has become increasingly important to improve the business value of planning and budgeting,” said Robert Kugel, Senior Vice President and Research Director at Ventana Research. “The application of AI to planning will become increasingly important over the next five years. AI will enable companies to improve their planning and decision-making by, for example, identifying prediction signals that can improve forecast accuracy or quickly spot anomalies in plans or results.”

To learn more about the Planful Predict suite and inquire about a demo of Predict: Signals, click here.

About Planful
Planful (formerly Host Analytics) is the pioneer of financial planning & analysis (FP&A) and consolidations cloud software. The Planful platform is used by the Office of the CFO around the globe to streamline business-wide planning, budgeting, consolidations, reporting, and visual analytics. More than 800 customers, including Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe, rely on Planful to accelerate cycle times, increase productivity, and improve accuracy across the end-to-end FP&A process. Planful is a private company backed by Vector Capital, a leading global private equity firm. Learn more at www.planful.com.

Contact
press@planful.com

Additional Resources
Hear from Planful customers
Explore FP&A use cases
Discover Continuous Planning
Join the conversation on social media: LinkedIn, Twitter, or Facebook.

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PR Newswire

Global Trade Defies Expectations in 2021 and Drives Recovery, Finds Latest DMCC Report on the ‘Future of Trade’

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The US-China relationship will be central to the shaping of global trade

Uptake of technologies will continue to transform global trade and trade financing

A new age of protectionism identified as a key risk

Sustainability remains top of the political and corporate agenda, despite the pandemic. Carbon pricing is set to emerge as a key global issue.

Full report can be accessed here: www.futureoftrade.com

DUBAI, UAE, June 9, 2021 — Global trade will rebound in 2021 after showing surprising resilience in 2020 despite the economic challenges posed by the pandemic, according to DMCC’s latest special edition Future of Trade 2021 report titled, "Defying predictions and driving the post-pandemic economic recovery."

To view the Multimedia News Release, please click:  https://www.multivu.com/players/uk/8910051-global-trade-defies-expectations-in-2021-latest-dmcc-report-future-of-trade/

The report released today highlights that global trade will underpin strong global economic growth in 2021 and beyond, with the US and Chinese economies leading the way. This growth has defied expectations of double-digit annual declines, which had been estimated between 13-32% by the World Trade Organisation. For example, Dubai, a major trade hub, saw its foreign trade growth rebound significantly in 2020, despite the economic challenges posed by the COVID-19 pandemic, with the second half of 2020 seeing a particularly strong jump in trade volumes, of 6% year-on-year. Dubai’s overall export values jumped 8% in 2020, on an annual basis. 

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: "In 2020, the outlook for global trade was bleak as the world sought to grapple with the impact of the pandemic. Today, the picture is much more positive, as evidenced by the findings of our latest Special Edition Future of Trade – 2021 report. But while global trade has shown its resilience, it is simultaneously in the midst of profound change. Technology, changing consumer behaviours, the drive to combat climate change, and geopolitics will all be key contributors to its reshaping in the years ahead. In this context, our research puts forward a number of tangible recommendations to governments and businesses seeking to navigate this new landscape and accelerate the recovery from the pandemic."

According to the research, the most transformative element of the global trade outlook is technology. Blockchain, decentralised finance (DeFi) and other new and disruptive technologies will further accelerate trade growth. For example, DeFi protocols have seen a considerable amount of funds invested. Since the start of 2021 alone, the total value locked into DeFi has tripled from approximately USD 20bn to USD 60bn. As digital infrastructures grow, they will continue to accelerate a ground-breaking shift in trade from the national to the global.

On the geopolitical front, fears of protectionist policies persist and are propelled by ongoing US-China trade tensions, rising economic nationalism, and the widening economic disparity between lower and middle-income economies. Alongside this, in a significant development for sustainability and global trade, the EU’s drive to harness a carbon pricing practice, under the anticipated Carbon Border Adjustment Mechanism (CBAM), or "Carbon Pricing," has been criticised as a form of protectionism, and as such, has the potential to further exacerbate existing geopolitical tensions. The findings suggest that while a "new age of protectionism" is a key risk in the wake of the pandemic and increasing discussions around US-China decoupling, outright protectionism will be kept at bay because it is costly, unpredictable, and impacts jobs. Instead, economic nationalism is more likely to occur.

While there were fears that the pandemic would see sustainability drop down the political and corporate agenda, that has not been the case. Rather, China, Japan, the US, South Korea and Canada are among nations to have announced more aggressive net zero targets. Further, companies and investors have ramped up their sustainability efforts and they are set to grow exponentially in the years ahead. For its part, CBAM has the potential to significantly disrupt international trade and raises questions around how to accurately measure emissions from complex supply chains. Once again, technology and artificial intelligence may provide at least part of the answer for companies and governments seeking to make accurate assessments relating to sustainability within their trade agendas.

During the launch event, global trade experts joined a panel discussion to share their views on the report. Panellists included Khatija Haque, Head of Research & Chief Economist, Emirates NBD; Roberta Piermartini, Chief of Trade Cost Analysis, World Trade Organisation; Yanislav Malahov, crypto and blockchain technology expert and Founder of Aeternity; and Marcus Treacher, Chief Executive Officer of CB Investment Growth Holdings and Board Member of Clear Bank and RTGS Global.

To read the full report by DMCC, please visit: www.futureoftrade.com.

About DMCC

Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future. www.dmcc.ae

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PR Newswire

CellPoint Digital to disrupt payments in new sectors following outstanding success with Airlines

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Payment orchestration leader will boost digital revenues in retail, online gaming, online education and entertainment & media.

LONDON, June 9, 2021 — CellPoint Digital, a fintech leader in payment orchestration for travel, today announces it is now offering its market leading platform to new markets, including retail, online gaming, online education, and entertainment & media to boost digital revenues through an optimised payment service.

CellPoint Digital will capitalise on increased demand for payment orchestration from these verticals by partnering with rapidly expanding brands to deliver better, more frictionless payment experiences for customers through its Velocity Payment Orchestration Platform. The platform is uniquely suited to address the changing needs of modern merchants, allowing for dynamic transaction routing to reduce costs and minimise rejection rates, and offering access to a global payment eco-system of about 500 payment options, including acquirers, Payment Service Providers and payment methods through a single integration point. As retail, online gaming and education or content streaming markets continue to develop, CellPoint Digital aims to export these efficiencies to these new sectors. On average, this means merchants can expect 10% increased digital revenue, 20% decreased payment costs and 75% faster time to market to roll-out a new payment method or feature.

The move comes after several years of expansion and innovation in the travel sector and a series of successes in 2020, despite the pandemic, which saw CellPoint Digital achieve a record volume of Apple Pay transactions for Southwest Airlines and deliver its unique Payment Orchestration Platform to Cebu Pacific. CellPoint Digital was also recently chosen by the Latin American travel brand, Avianca – the world’s oldest commercial airline – to manage its entire Payment Orchestration Platform – a project that is being referred to as the most ambitious of its kind in the industry to date.

As more customers embrace digital payments, sectors such as retail, online gaming and entertainment will face a challenge in having to meet the growing demands from consumers for better, more flexible payment options. Figures from finder, for example, revealed that Buy Now Pay Later (BNPL) services have grown 39% year on year.

CellPoint Digital CEO, Kristian Gjerding is excited to bring their experience in the airline sector to help merchants in new verticals: "At its heart, our mission is to make payments easier for merchants and their customers. From cross-border transactions to rolling out proliferating alternative payment methods, we know from experience that international brands like global airlines face critical payment challenges to grow their digital profits. Our experience working with international airlines, probably the most complex retailers, means that we know how to help merchants quickly and affordably expand into new markets while optimising all their payments and streamlining their payment operations. This know-how will be invaluable as brands in growing sectors such as retail, subscription entertainment and online gaming look to expand into new international markets.

"Simultaneously, we look forward to supporting the rebound of the travel and hospitality sectors – those that have been hardest hit by the pandemic – as they will emerge from global lockdown with the roll-out of the vaccination. As the travel markets are reopening, CellPoint Digital’s leading payment orchestration platform will be on hand to facilitate the adaptation to new travel routes and ultimately best serve their customers in their selected destinations."

About CellPoint digital 

CellPoint Digital makes payments easier™ for airlines, travel companies and other international merchants and their customers. 

CellPoint Digital is a fintech leader in payment orchestration. Our main solution is a powerful omni-channel Payment Orchestration Platform that optimises digital payment transactions, from cards or alternative payment methods, and accelerates the deployment of new payment options. Merchants can easily scale their own payment eco-system across the world, unify the customer payment experience across their website, mobile apps and other channels, optimize the routing of each transaction, increase conversion rate and minimise payment costs. CellPoint Digital also provides an end-to-end digital commerce platform to airlines that masters the entire customer sales cycle and maximises the conversion rate.

CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more. 

 

Related Links :

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PR Newswire

PingPong Payments launches new PLN and SEK currency exchange services

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FinTech unicorn PingPong Payments now enables marketplace sellers, SMBs & larger enterprise traders to access Europe’s hottest markets through expanded currency capabilities

NEW YORK, June 8, 2021 — Global payments and e-commerce services provider PingPong Payments, today announces expanded payments processing and currency exchange services for both the Polish (PLN) and Swedish (SEK) currencies, allowing access to these growing markets for U.S. and international products and services sellers.

Both PLN and SEK are the latest currencies to be added to PingPong Payments’ global payments solutions, which now offers merchants and online sellers, over Amazon and other platforms, the most currency conversion service options and widest international market access for payments transactions. PingPong Payments is currently the only Amazon Payment Service Provider that offers the Polish currency.

Sweden and Poland are two of Europe’s fastest-growing e-commerce markets. Poland has seen unprecedented growth in online sales due to Covid-19, with nearly 80 percent of internet users in Poland making online purchases. Leading Polish e-commerce platform Allegro reports that 20m clients visit its website every month. Similarly, in Sweden, revenue in the e-commerce market amounted to US$11,211m in 2020 and is expected to grow by 5.2% annually, resulting in a market volume of US$13,729m by 2024.

Kenny Tsang, Managing Director at PingPong Payments, comments: "During a year that saw many traditional businesses disrupted by Covid-19, PingPong has been able to successfully support a surging e-commerce market and achieve global growth. Our ability to now offer both Polish and Swedish currency exchange services will provide U.S. and international merchants with access to two of the fastest-growing, richest e-commerce markets in Europe."

With the addition of PLN and SEK currency conversion services, PingPong Payments now offers marketplace sellers in the U.S. and other geographies support with: the U.S dollar (USD), Canadian dollar (CAD), Australian dollar (AUD), Japanese yen (JPY), Arab Emirates dollar (AED), Euro (EUR), British pound (GBP), Chinese yuan (CNH), Hong Kong dollar (HKD) and Singapore dollar (SGD). 

In addition to cross-border payments processing and currency exchange services, PingPong Payments supports U.S. and international seller growth in overseas markets via additional services including lending, payroll and virtual account solutions. This includes tax and customs registration, supplier validation and payment, market intelligence, and marketing and sales support services.

Kenny continues: "Our innovative payment services have enabled us to become the chosen multidimensional partner of growth to hundreds of thousands of professional sellers, who wish to expand sales internationally. We support our merchants in a way the banking system was not built to, by beating traditional rates and reducing cross-border payment friction through our unique virtual accounts, which mitigate anti money laundering challenges."

Kenny concludes: "Merchants should be strengthening their supply chains for year-round international sales instead of waiting for peak seasons. By partnering with the right network of cross-border payment services, e-commerce merchants can instantly collect, convert and transfer money from all corners of the world, and set their sights on global domination post pandemic. We save cross-border merchants both time and money through innovative services such as VAT processing and opening local bank accounts – allowing them to keep more of their hard-earned profits."   

About PingPong Payments
PingPong Payments was founded in 2015 with the mission of helping global e-commerce sellers keep more of their profits by beating the rates traditional banks offer. Today, the company acts as a multi-dimensional growth partner to more than 750,000 online sellers worldwide, has processed more than 90 billion in cross-border payments for e-commerce merchants to-date, and transfers more than 150 million per day for international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT & supplier payments, and more. PingPong works with reputable brands such as Citibank, J.P. Morgan and Wells Fargo that have won licenses to operate efficiently and are subject to strong regulatory and supervisory frameworks across the U.S., Europe and Asia.

PR Newswire

Mercurity Fintech Holding Inc. Reports First Quarter 2021 Financial Results

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BEIJING, June 5, 2021 — Mercurity Fintech Holding Inc. (the "Company" or "MFH") (Nasdaq: MFH) today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial and Operating Highlights

  • Q1 2021 GAAP revenues of $81 thousand, compared to $1,392 thousand in Q1 2020.
  • Q1 2021 GAAP gross profit of $47 thousand, compared to $1,313 thousand in Q1 2020.
  • Q1 2021 GAAP net loss of $4,554 thousand, compared to a profit of $1,068 thousand in Q1 2020.
  • Q1 2021 Non-GAAP net loss of $721 thousand, compared to net income of $1,068 thousand in Q1 2020.

Ms. Alva Zhou, Chairperson of the Board and Co-Chief Executive Officer, said: "Our operating results from this quarter continued to reflect the stages of our ongoing business transition. A business transition is not a linear process and often takes time, and revenues from our new DeFi platform related products have yet to materialize. We are going to seek new market opportunities in the digital assets industry as we continue to execute our strategic transition, and we remain committed to our goals of creating sustainable growth and delivering strong performance results to our shareholders."

Changes to the Board of Directors and Management Team in the First Quarter 2021

On March 4, 2021, Mr. Liu Hao was appointed as a Director and Mr. Huang Cong as an Independent Director to the Company’s Board of Directors (the "Board"), effective from March 4, 2021.

On April 30, 2021, the Company appointed Mr. Liu Hao as co-Chief Executive Officer, effective from May 1, 2021.

Mr. Haohan Xu resigned as a Director of the Board due to personal reasons, effective on June 5, 2021.

Mr. Erez Simha, President and Chief Financial Officer, has resigned to pursue other opportunities, effective on June 5, 2021. Mr. Liu Hao, director and co-Chief Executive Officer, will take on the role of acting Chief Financial Officer of the Company, effective upon Mr. Simha’s departure.

Recent Developments

On April 13, 2021, the Company and certain investors entered into a Share Subscription and Warrant Purchase Agreement ("Subscription Agreement") pursuant to which the investors agreed to purchase a total of 537,143,470 ordinary shares of the Company ("Ordinary Shares") and warrants to purchase up to 537,143,470 Ordinary Shares for an aggregate consideration of US$10,000,000, to be settled in the form of 172.9354 bitcoins. The transaction has not been closed by the latest closing date as provided in the Subscription Agreement. The Company’s management team is negotiating new terms and conditions with the investors. 

FINANCIAL RESULTS

Summary of First Quarter Results:

Revenues for the first quarter of 2021 were $81 thousand, compared to $1,392 thousand in the same period last year. Revenues for the first quarter of 2021 comprised of software development fees from a client who entered into a contract with the Company in July 2020 and service fees from the DeFi platform.

Cost of revenues for the first quarter of 2021 was $35 thousand, compared to $79 thousand in the same period last year. The cost of revenues was primarily attributable to direct costs related to the contract signed in July 2020. 

Gross profit for the first quarter of 2021 was $47 thousand, compared to $1,313 thousand in the same period last year.

General and administrative expenses for the first quarter of 2021 were $4,601 thousand, compared to $245 thousand in the same period last year. General and administrative expenses consisted primarily of $3,833 thousand in stock-based compensation costs and $768 thousand in employment costs, office expenses, and professional fees. The increase in stock-based compensation expenses was primarily due to: (1) awards of 587,000 Restricted Stock Units (1 RSU equals 360 ordinary shares) during the quarter, and (2) the vesting acceleration of previously granted Restricted Stock Units. In addition to stock-based compensation, the increase in general and administrative expenses primarily reflected increases in employment costs and office expenses as a result of the Company’s acquisition of NBpay Investment Limited in March 2020. 

Loss from operations for the first quarter of 2021 was $4,554 thousand, compared to income from operations of $1,068 thousand in the same period last year.

Loss before provision for income taxes for the first quarter of 2020 was $4,554 thousand, compared to income before taxes of $1,068 thousand in the same period last year.

Non-GAAP net (loss)/income attributable to Mercurity Fintech Holding Inc. is a non-GAAP measure which excludes amortization of acquired intangible assets, impairment loss, share-based compensation, and related provision for income tax expenses. Non-GAAP net loss attributable to MFH for the first quarter of 2021 was $721 thousand, compared to a net income of $1,068 thousand in the same period of last year.

Cash and cash equivalents were $287 thousand as of March 31, 2021, compared to $175 thousand as of December 31, 2020.

Total shareholders’ equity was $10.2 million as of March 31, 2021, compared to total shareholders’ equity of $10.2 million as of December 31, 2020.

Non-GAAP Measures

To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("U.S.GAAP"), the Company uses non-GAAP financial measures, including Non-GAAP net (loss)/income attributable to Mercurity Fintech Holding Inc., that is adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment loss, share-based compensation and related provision for income tax expenses. The non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s operations and prospects for the future. The non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, the Company’s calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in the Company’s results of operations. The Company compensates for these limitations by providing reconciliations of non-GAAP financial measures to U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release.

BUSINESS OUTLOOK

Due to uncertainty as a result of the continued product development and business transition, the Company will not provide a financial forecast for Q2 2021.

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 "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend, " "ought to, " "plan, " "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations are or contain 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. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

CONTACTS

Xingyan Gao
Mercurity Fintech Holding Inc.
ir@mercurity.com
Tel: +86 (10) 5360-6428   

 

MERCURITY FINTECH HOLDING

CONSOLIDATED STATEMENTS OF OPERATIONS

(US dollars in thousands, except for number of shares and per share (or ADS) data)

Three months End March 31,

2021

2020

Revenues

Third parties

$                       81

$            1,392

Total revenues

81

1,392

Cost of revenues

(35)

(79)

Gross profit

$                       47

$            1,313

Operating expenses:

General and administrative

(4,601)

(245)

Impairment loss

–

–

Total operating expenses

$                (4,601)

$             (245)

(Loss)/income from operations

$                (4,554)

$            1,068

Interest income, net

–

–

(Loss)/income before provision for income taxes

$                (4,554)

$            1,068

Income tax benefits/(expenses)

–

–

(Loss)/Income from continuing operations

$                (4,554)

$            1,068

Net loss

$                (4,554)

$            1,068

Net loss attributable to holders of ordinary shares of  Mercurity
Fintech Holding Inc.

$                (4,554)

$            1,068

Net loss per ordinary share

Basic

$                  (0.00)

$              0.00

Diluted

$                  (0.00)

$              0.00

Weighted average shares used in calculating net loss per ordinary share

Basic

3,132,033,168

2,360,008,957

Diluted

3,132,033,168

2,360,008,957

Net loss

$                (4,554)

$            1,068

 

MERCURITY FINTECH HOLDING

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(US dollars in thousands)

Three months End March 31,

2021

2020

Net loss

$                (4,554)

$            1,068

Other comprehensive (loss)/income, net of tax of $nil:

Change in cumulative foreign currency translation adjustment

(3)

(26)

Comprehensive loss

$                (4,557)

$            1,042

 

MERCURITY FINTECH HOLDING

CONSOLIDATED BALANCE SHEETS

(US dollars in thousands)

March 31, 2021

December 31, 2020

ASSETS:

Current assets:

Cash and cash equivalents

$                287

$                      175

Accounts receivable

1,311

1,528

Prepaid expenses and other current assets, net

80

102

Amounts due from related parties

572

666

Total current assets

2,250

2,471

Non-current assets:

Intangible assets, net

389

383

Goodwill

8,107

8,107

Total non-current assets

8,496

8,490

TOTAL ASSETS

$           10,746

$                 10,961

LIABILITIES AND SHAREHOLDER’S EQUITY :

Current liabilities:

Accrued expenses and other current liabilities

$                471

$                      678

Amounts due to related parties

31

31

Total current liabilities

$                502

$                      709

Non-current liabilities:

Total non-current liabilities

–

–

TOTAL LIABILITIES

$                502

$                      709

Shareholders’ equity:

Ordinary shares

$                  35

$                        30

Additional paid-in capital

653,690

649,146

Accumulated deficits

(644,574)

(640,020)

Accumulated other comprehensive (loss)/income

1,093

1,096

Total shareholders’ (deficit)/equity

$           10,244

$                 10,252

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$           10,746

$                 10,961

 

MERCURITY FINTECH HOLDING

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(US dollars in thousands)

Three months End March 31

2021

2020

Income/(Loss) from continuing operations

$     (4,554)

$       1,068

Net loss attributable to Mercurity Fintech Holding Inc.

(4,554)

1,068

Amortization of acquired intangible assets (a)

–

–

Provision for income tax expenses (b)

–

–

Share-based compensation (c)

3,833

–

Impairment loss (d)

–

–

Non-GAAP (loss)/income from continuing operations (d)

$        (721)

$       1,068

Non-GAAP net (loss)/income attributable to Mercurity Fintech Holding Inc.(a)(b)(c)(d)

$        (721)

$       1,068

Notes:

(a) Adjustment to exclude amortization of acquired intangible assets
(b) Adjustment to exclude provision for income tax expenses
(c) Adjustment to exclude share-based compensation
(d) Adjustment to exclude impairment loss

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