Tag Archives: FIN

PR Newswire

ChipMOS REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

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Full Year 2020 Highlights (as compared to the Full Year 2019):

  • 13.1% Increase in Revenue to US$819.5 Million from US$724.3 Million, with Record Quarterly Revenue Through 2020
  • 28.2% Expansion of Gross Profit to US$179.2 Million from US$139.8 Million, Reflecting Higher Utilization Levels and Strategic Price Increases
  • 260 Basis Point Improvement in Gross Margin to 21.9% from 19.3%
  • Net Earnings of NT$3.26 or US$0.12 per Basic Common Share or US$2.32 per Basic ADS Compared to Net Earnings of NT$3.55 or US$0.13 per Basic Common Share or US$2.53 per Basic ADS
  • US$55.5 Million of Full Year Free Cash Flow, with a US$146.5 Million Balance of Cash and Cash Equivalents at Year End
  • NT$2.2 Per Share Distribution Authorized by Board Pending Shareholder Approval at May 2021 AGM, as Company Continues to Build Value and Deliver a Higher Yield to Shareholders

HSINCHU, March 15, 2021 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS), an industry leading provider of outsourced semiconductor assembly and test services ("OSAT"), today reported consolidated financial results for the fourth quarter and full year ended December 31, 2020. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$28.08 against US$1.00 as of December 31, 2020.

All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("Taiwan-IFRS").

Revenue for the fourth quarter of 2020 was NT$6,310.3 million or US$224.7 million, an increase of 11.0% from NT$5,686.1 million or US$202.5 million in the third quarter of 2020 and an increase of 13.3% from NT$5,571.5 million or US$198.4 million for the same period in 2019.  Revenue for the fiscal year ended December 31, 2020 was NT$23,011.4 million or US$819.5 million, an increase of 13.1% from NT$20,337.9 million or US$724.3 million for the fiscal year ended December 31, 2019. 

Net non-operating expenses in fourth quarter of 2020 was NT$277.6 million or US$9.9 million, compared to NT$178.5 million or US$6.4 million in the third quarter of 2020. The increase compared to the third quarter of 2020 is mainly due to an increase of the share of loss of associates accounted for using equity method and foreign exchange loss, combined with a higher foreign exchange loss against the U.S. dollar.  Net non-operating expenses in fourth quarter of 2019 was NT$224.7 million or US$8.0 million. Net non-operating expenses of the Company for the fiscal year ended December 31, 2020 was NT$593.1 million or US$21.1 million, compared to net non-operating income of NT$573.2 million or US$20.4 million for the fiscal year ended December 31, 2019. The decline in 2020 compared to 2019 is mainly due to a decrease of the gain on disposal of investment accounted for using equity method and a higher foreign exchange loss.  

Net profit attributable to equity holders of the Company for the fourth quarter of 2020 was NT$686.4 million or US$24.4 million, and NT$0.94 or US$0.03 per basic common share, as compared to NT$423.4 million or US$15.1 million, and NT$0.58 or US$0.02 per basic common share in the third quarter of 2020.  This compares to NT$530.0 million or US$18.9 million, and NT$0.73 or US$0.03 per basic common share in the fourth quarter of 2019.  Net earnings for the fourth quarter of 2020 were US$0.67 per basic ADS, compared to US$0.41 per basic ADS for the third quarter of 2020 and US$0.52 per basic ADS in the fourth quarter of 2019.  Net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2020 was NT$2,367.5 million or US$84.3 million, and NT$3.26 or US$0.12 per basic common share, compared to net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2019 was NT$2,584.2 million or US$92.0 million, and NT$3.55 or US$0.13 per basic common share. Net earnings for the fiscal year ended December 31, 2020 were US$2.32 per basic ADS, compared to US$2.53 per basic ADS for the fiscal year ended December 31, 2019.  The decline primarily reflects a one-time gain of NT$982 million recognized in 2019 on the disposal of investment accounted for using equity method, the increase of foreign exchange loss of NT$200 million, income tax expense of NT$159.7 million, was which was partially offset by the increase of gross profit of NT$1,106.1 million.

Free cash flow for the fiscal year ended December 31, 2020 was NT$1,558.9 million or US$55.5 million, with a balance of cash and cash equivalents was NT$4,113.7 million or US$146.5 million.

Fourth Quarter and Full Year 2020 Investor Conference Call / Webcast Details

Date: Tuesday, March 16, 2021
Time: 3:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-21928016
Password: 723607 #
Webcast of Live Call and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay Starting 2 Hours After Live Call Ends
Language: Mandarin

Note: An English translation audio and transcript will be made available on the Company’s website following the Mandarin conference call to help ensure transparency, and to facilitate a better understanding of its financial results and operating environment.

About ChipMOS TECHNOLOGIES INC.:

ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (https://www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors, including the potential impact of COVID-19. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company’s other filings with the SEC.

Contacts:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

IR@chipmos.com

 

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com

 

Related Links :

https://www.chipmos.com

PR Newswire

Kakao Chairman Kim Beom-su signs the Giving Pledge, officially pledging to give away half his fortune

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– An official pledge, following his message in February to donate half of his personal assets

– Donations to be used to resolve social issues

SEOUL, South Korea, March 16, 2021 — Kim Beom-su, chairman of Kakao, has signed the Giving Pledge, officially pledging to donate more than half of his personal assets to society.

Kim Beom-su, chairman of Kakao
Kim Beom-su, chairman of Kakao

Kakao announced that Kim became the 220th pledger of the Giving Pledge on March 16.

The Giving Pledge is a global philanthropic movement that was launched in 2010 by Microsoft chairman Bill Gates and his wife Melinda Gates along with Berkshire Hathaway chairman Warren Buffett. The Giving Pledge is a moral commitment by the world’s wealthiest to give the majority of their wealth to charitable causes. Currently, there are 220 pledgers from 25 countries, including Tesla founder Elon Musk, Facebook founder Mark Zuckerberg and Virgin Group founder Richard Branson.

"A young man that once dreamed of becoming an entrepreneur after reading a feature article on Microsoft’s 20th anniversary in 1995, now awaits to join the Giving Pledge." Kim said in his pledge. "I feel a thrilling excitement as I did then, when I first read the Microsoft article. We, my wife Miseon Hyeong and I, would like to extend our sincerest gratitude and respect to Bill and Melinda Gates and Warren Buffett for providing us with this meaningful opportunity of generous giving, as well as to all those who have taken the pledge before us," he added.

"Through this pledge today, we commit to give more than half of our wealth back to society during our lifetime. Of the philanthropic causes that we considered and discussed at length with our son, Sang-bin, and daughter, Ye-bin, we intend to direct our donations to those that may contribute to solving social issues." he stated.

"After having achieved the wealth that I had aimed for, I was left feeling rudderless and lacking direction in life. It was around this time that I came across the poem, ‘What is Success?’ attributed to Ralph Waldo Emerson. The poem gave me a sense of guidance on how I should navigate my pursuits going forward." he said. "Ten years ago, while I was redefining the meaning of success, I launched a project to foster and support 100 CEOs of startups. Though it involved much trial-and-error during the earlier stages, the project ultimately resulted in the fruition of the Kakao Community and has touched the lives of many Koreans."

"With this pledge as our starting point, my wife and I will engage in efforts to address social issues in the areas that businesses cannot reach. We plan to discover and support 100 innovators who are dedicated to building proactive solutions for social issues through social enterprises and foundations. We dream of working together with such innovators to make a better world.

"We also aim to explore suitable alternatives to the educational system for future generations. Additionally, we will strive to level the uneven playing field caused by inequalities, while also doing all we can to provide assistance to those who are working to support the people in need." 

Lastly, he added, "We truly hope that the path we take will encourage our fellow innovators who are each on their own journeys to change the world. We would like to take this opportunity to express our heartfelt gratitude and deepest affection to our families, who have gladly agreed and lent their support to this pledge."

Through a New Year’s message that was sent to all Kakao employees on February 8, Kim announced that he would commit more than half of his wealth to resolving social issues throughout his lifetime. He also stated in a company-wide meeting held on February 25th, "I am interested in providing support to people who have not been given opportunities due to the growing divide in digital education, and in cultivating new talent in the area of AI (Artificial Intelligence) and emerging technologies. I would like to put my donations to use immediately in the areas where they are needed and I would like to impact change by addressing social issues through large-scale investments of capital."

[The full text of the pledge: https://givingpledge.org/Pledger.aspx?id=421]

 

About Kakao

Kakao Corporation is a mobile life platform company that provides innovative services in global mobile and internet markets, building on its employees with profound knowledge and experience, technological capabilities, quality contents and highly competitive mobile traffic. Under the corporate vision, "Making a better world with people and technology", we connect everything in our everyday lives, enabling anyone to experience innovations on a daily basis. The Kakao Corp. headquarters can be found on Jeju Island with an integrated metropolitan office in Pangyo, where over 2,300 employees in total are working today. Daum Communications, established in 1995, and Kakao, founded in 2006, merged on October 1, 2014 to become Daum Kakao. The name of the company was changed to Kakao on September 23, 2015, and to become a company at the forefront of the mobile era.

PR Newswire

China Customer Relations Centers, Inc. Enters into Definitive Merger Agreement for Going Private Transaction

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TAI’AN, China, March 12, 2021 — China Customer Relations Centers, Inc. (Nasdaq: CCRC) (the "Company"), a leading e-commerce and financial services business process outsourcing ("BPO") service provider in China, today announced that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Taiying Group Ltd. ("Parent") and Taiying International Inc. ("Merger Sub"), a wholly-owned subsidiary of Parent.

Pursuant to the Merger Agreement, Parent will acquire the Company for a cash consideration equal to US$6.50 per share of the Company (each, a "Share"). This amount represents a premium of 37.7% over the Company’s closing price of US$4.72 per Share on November 27, 2020, the last trading day prior to November 30, 2020, the date that the Company announced it had received a "going-private" proposal, and a premium of 37.8% to the volume-weighted average closing price of the Company’s Shares during the 60 trading days prior to November 30, 2020. This amount also represents an increase of approximately 21.0% over the US$5.37 per Share initially offered by the buyer group in their initial "going-private" proposal on November 27, 2020.

Immediately following the consummation of the merger, Parent will be beneficially owned by a group of rollover shareholders, including Mr. Zhili Wang, the chief executive officer and chairman of the Board and director of the Company, Mr. Debao Wang, the chief financial officer of the Company, Mr. Guoan Xu, director and Vice President of the Company, Mr. Qingmao Zhang, Mr. Long Lin, Mr. Jishan Sun and certain other shareholders of the Company (collectively, the "Buyer Group").

As of the date of the Merger Agreement, the Buyer Group beneficially owns, in the aggregate, approximately 71.1 % of the outstanding Shares of the Company.

Subject to the terms and conditions of the Merger Agreement, at the effective time of the merger, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and a wholly-owned subsidiary of Parent, and each of the Shares (issued and outstanding immediately prior to the effective time of the merger will be cancelled and cease to exist in exchange for the right to receive US$6.50 per Share, in cash, without interest and net of any applicable withholding taxes, except for (a) Shares beneficially owned by the Buyer Group, (b) Shares owned by Parent, Merger Sub, the Company (as treasury, if any) or any of their respective subsidiaries immediately prior to the effective time, (c) Shares reserved (but not yet allocated) by the Company for settlement upon exercise or vesting of any option to purchase the Shares granted under the Company’s 2018 Share Incentive Plan on or prior to the date of closing whether or not such option has become vested on or prior to the date of closing in accordance with the Company’s 2018 Share Incentive Plan immediately prior to the effective time, and (d) Shares owned by shareholders who have validly exercised and have not effectively withdrawn or lost their dissenter rights under the BVI Business Companies Act which will be cancelled and each holder thereof will be entitled to receive only the payment of the fair value of such Shares in accordance with the BVI Business Companies Act.

The Company’s board of directors, acting upon the unanimous recommendation of the special committee formed by the board of directors (the "Special Committee"), approved the Merger Agreement, and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the merger. The Special Committee, which is composed solely of independent directors of the Company who are unaffiliated with Parent, Merger Sub or any member of the Buyer Group or management of the Company, exclusively negotiated the terms of the Merger Agreement with the Buyer Group with the assistance of its independent financial and legal advisors.

The merger which is currently expected to close in the second quarter of 2021, is subject to various closing conditions, including a condition that the Merger Agreement be authorized and approved by a resolution approved by the affirmative vote of a majority of the votes of the Shares entitled to vote thereon in respect of which the shareholders holding the Shares were present at the extraordinary general meeting of the shareholders or an adjournment thereof in person or by proxy and being Shares in respect of which the votes were voted in accordance with the BVI Business Companies Act and the memorandum and articles of the Company. Pursuant to a rollover and support agreement entered among the Buyer Group and Parent, the Buyer Group has agreed to vote all the Shares beneficially owned by it in favor of the authorization and approval of the Merger Agreement and the merger. If completed, the merger will result in the Company becoming a privately-owned company wholly owned directly by Parent, its Shares will no longer be listed on The Nasdaq Capital Market.

Parent has entered into a debt commitment letter pursuant to which China Merchants Bank Co., Ltd. has agreed to provide a secured term facility for the merger, subject to certain conditions.

The Company will prepare and file with the U.S. Securities and Exchange Commission (the "SEC") a Schedule 13E-3 transaction statement, which will include a proxy statement of the Company. The Schedule 13E-3 will include a description of the Merger Agreement and contain other important information about the merger, the Company and the other participants in the merger.

Houlihan Lokey (China) Limited is serving as financial advisor to the Special Committee; Hogan Lovells is serving as U.S. legal counsel to the Special Committee.

Commerce & Finance Law Offices is serving as legal counsel to the Buyer Group.

Additional Information about the Merger

In connection with the proposed merger, the Company will prepare and mail a proxy statement that will include a copy of the Merger Agreement to its shareholders. In addition, certain participants in the proposed merger will prepare and mail to the Company’s shareholders a Schedule 13E-3 transaction statement that will include the Company’s proxy statement. These documents will be filed with or furnished to the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS. In addition to receiving the proxy statement and Schedule 13E-3 transaction statement by mail, shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the proposed merger and related matters, without charge, from the SEC’s website (http://www.sec.gov) or at the SEC’s public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549. In addition, these documents can be obtained, without charge, by contacting the Company at the following address and/or phone number:

1366 Zhongtianmen Dajie,
Xinghuo Science and Technology Park, High-tech Zone,
Taian City,
Shandong Province, 271000,
People’s Republic of China
+86-538-691-8899

The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from its shareholders with respect to the proposed merger. Information regarding the persons or entities who may be considered "participants" in the solicitation of proxies will be set forth in the proxy statement and Schedule 13E-3 transaction statement relating to the proposed merger when it is filed with the SEC. Additional information regarding the interests of such potential participants will be included in the proxy statement and Schedule 13E-3 transaction statement and the other relevant documents filed with the SEC when they become available.

This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other materials that may be filed or furnished with the SEC should the proposed merger proceed.

About China Customer Relations Centers, Inc.

The Company is a leading e-commerce and financial services BPO service provider in China focusing on the complex, voice-based and online-based segments of customer care services, including:

  • customer relationship management;
  • technical support;
  • sales;
  • customer retention;
  • marketing surveys; and
  • research.

The Company’s service is currently delivered in Provinces of Shandong, Jiangsu, Liaoning, Guangdong, Yunnan, Hubei, Sichuan, Hebei, Anhui, Xinjiang, Guangxi, Jiangxi, Heilongjiang, and Chongqing. More information about the Company can be found at: www.ccrc.com.

Safe Harbor Statements

Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. The Company undertakes no ongoing obligation, other than that imposed by law, to update these statements.

For further information, please contact

Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1-718-213-7386

PR Newswire

LightInTheBox Holding Co., Ltd. to Report Fourth Quarter and Full Year 2020 Financial Results on Friday, March 19, 2021

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BEIJING, March 12, 2021 — LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a cross-border e-commerce company that delivers products directly to consumers around the world, today announced that it will release its unaudited financial results for the fourth quarter and full year ended December 31, 2020 before the open of U.S. markets on Friday, March 19, 2021.

LightInTheBox’s management will hold a conference call to discuss the results at 8:00 a.m. Eastern Time on March 19, 2021 (8:00 p.m. Beijing Time on the same day).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants wishing to attend the call must preregister online before they can receive the dial-in numbers.

Preregistration Information

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/9031746. Once preregistration has been complete, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through March 26, 2021. The dial-in details are:

US/Canada:

+1-855-452-5696

Hong Kong:

800-963-117

International:

+61-2-8199-0299

Passcode:

9031746

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

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a cross-border e-commerce platform that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.com and other websites and mobile applications, which are available in 25 major languages and cover more than 140 countries.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 1548
Email: ir@lightinthebox.com

OR

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://ir.lightinthebox.com/

PR Newswire

Leju to Report Fourth Quarter and Full Year 2020 Financial Results on March 26, 2021

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BEIJING, March 12, 2021 — Leju Holdings Limited ("Leju" or the "Company") (NYSE: LEJU), a leading e-commerce and online media platform for real estate and home furnishing industries in China, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2020 before the U.S. markets open on March 26, 2021.

Leju’s management will host an earnings conference call on March 26, 2021 at 7 a.m. U.S. Eastern Time (7 p.m. Beijing/Hong Kong Time).

Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call, using participant dial-in numbers, Direct Event passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/9117658  

CONFERENCE ID: 9117658

A replay of the conference call may be accessed by phone at the following number until April 3, 2021:

U.S./International:

+1-855-452-5696

Hong Kong:           

800-963-117

Mainland China:    

400-632-2162

Passcode:               

9117658

Additionally, a live and archived webcast will be available at http://ir.leju.com.

About Leju

Leju Holdings Limited ("Leju") (NYSE: LEJU) is a leading e-commerce and online media platform for real estate and home furnishing industries in China, offering real estate e-commerce, online advertising and online listing services. Leju’s integrated online platform comprises various mobile applications along with local websites covering more than 380 cities, enhanced by complementary offline services to facilitate residential property transactions. In addition to the Company’s own websites, Leju operates the real estate and home furnishing websites of SINA Corporation, and maintains a strategic partnership with Tencent Holdings Limited. For more information about Leju, please visit http://ir.leju.com.

For investor and media inquiries, please contact:

Ms. Christina Wu
Leju Holdings Limited
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com

Philip Lisio
Foote Group
Phone: +86 135-0116-6560
E-mail: phil@thefootegroup.com

PR Newswire

Firmenich Unveils Newly Designed West Coast Innovation Center for Rapid End-To-End Product Development

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Taste & Beyond facility offers greater collaboration with customers on food, beverage & nutrition innovation.

ANAHEIM, Calif., March 11, 2021 — Firmenich, the largest privately owned company in the fragrance and taste industry, is unveiling its newly designed West Coast Innovation Center in Anaheim, CA, the long standing home of its 7.5 acre Durarome® production site and West Coast commercial business. The new facilities in the United States are designed to increase creativity, improve collaboration with customers and enable ever more rapid end-to-end product development.

Interior view of Firmenich’s newly designed West Coast Innovation Center in Anaheim, CA, which offers closer collaboration with customers.
Interior view of Firmenich’s newly designed West Coast Innovation Center in Anaheim, CA, which offers closer collaboration with customers.

"Our California facilities have been located in Anaheim since 1926 and this new site is an exciting step on our journey," said Chris Perkins, SVP Taste & Beyond North America, Firmenich. "The West Coast Innovation Center was designed as a rapid collaboration space to work more closely with customers across Food, Beverage and Nutrition, to cut the time from concept to creation and quickly pilot in the market. This new facility will take our capabilities to the next level as our customers’ trusted innovation partner."

"We have an entrepreneurial mindset and a dynamic team, just like our Firmenich founders, and our new facilities are the culmination of our hard work and truly collaborative approach. We’re eager to share this new development with our customers and partners," said Karl Witton, VP New Venture, Firmenich. "Our team at the site focuses on more than just flavor applications; they are product developers first. Taking this approach provides our customers with the unique resources, skills and focus to enable them to scale up their business."

The next phase of site enhancements will expand Firmenich’s current pilot plant capabilities to further prepare customers for scaled-up production, an expanded sample lab to support customers quickly and efficiently, and innovative software and technology solutions to digitally optimize the customer experience.

"This state-of-the-art facility and its integration with the global Firmenich network and regional areas of expertise, mirror our partnership with Stanford University on a next-generation research program and our San Diego taste research and development center. They enable Firmenich to move to the next era of excellence in taste and beyond," said Emmanuel Butstraen, President Taste & Beyond, Firmenich.

The new Firmenich facility is constructed with creative, cutting-edge architectural approaches and designs, leveraging modular construction principles. The facility’s interior design pays tribute to the building’s history in Anaheim and the entrepreneurial spirit of its past inhabitants and surrounding community

Learn more about Firmenich’s West Coast office and their entrepreneurial approach by visiting their website here.

About Firmenich

Firmenich, the world’s largest privately-owned fragrance and taste company, was founded in Geneva, Switzerland, in 1895 and has been family-owned for 125 years. Firmenich is a leading business-to-business company specialized in the research, creation, manufacture and sale of perfumes, flavors and ingredients. Renowned for its world-class research and creativity, as well as its leadership in sustainability, Firmenich offers its customers superior innovation in formulation, a broad and high-quality palette of ingredients, and proprietary technologies including biotechnology, encapsulation, olfactory science and taste modulation. Firmenich had an annual turnover of 3.9 billion Swiss Francs at end June 2020. More information about Firmenich is available at www.firmenich.com.

Photo – https://techent.tv/wp-content/uploads/2021/03/firmenich-unveils-newly-designed-west-coast-innovation-center-for-rapid-end-to-end-product-development.jpg
Logo – https://techent.tv/wp-content/uploads/2021/03/firmenich-unveils-newly-designed-west-coast-innovation-center-for-rapid-end-to-end-product-development-2.jpg

 

PR Newswire

FICO Survey: 60% of New Zealanders Prefer to Use Digital Channels to Engage with their Bank During Financial Hardship

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Appeal of in-person branch banking fading fast post pandemic

AUCKLAND, New Zealand, March 11, 2021 —

Preferred banking customer touchpoints across APAC in December 2020
Preferred banking customer touchpoints across APAC in December 2020

Highlights:

  • 60 percent of New Zealand consumers prefer to use digital channels to engage with their bank during financial hardship.
  • 20 percent of New Zealanders prefer to communicate via their internet banking; 18 percent use their mobile banking app.
  • 33 percent of New Zealanders prefer to deal with just one primary bank with a further 42 percent saying that they ‘somewhat agreed’ this was their preference.

A recent survey by global analytics software firm FICO has revealed that 60 percent of New Zealand consumers prefer to use digital channels to engage with their bank during financial hardship. The poll conducted in December 2020, during the height of the global COVID-19 pandemic, demonstrates the willingness of consumers to embrace digital banking and the opportunities that exist for banks to further develop their offering.

More information: https://www.fico.com/en/latest-thinking/market-research/advancing-new-experiences-digital-banking

The high level of internet penetration in New Zealand meant that 20 percent of New Zealanders preferred to communicate about hardship via their internet banking; 18 percent used mobile banking app; 11 percent communicated via email; 9 percent preferred telebanking and 2 percent wanted to use virtual conference technology.

"The risk of infection and social distancing requirements made branch visits less appealing last year, accelerating a shift to digital banking channels globally," said Aashish Sharma, risk lifecycle and decision management lead for FICO in Asia Pacific. "Being able to deliver and manage numerous channels in line with customer preference and deliver a seamless and engaging experience is a challenge that is here to stay. Investment in customer management and communication tools that span these channels and product silos and can deliver personalization and improved decision making is key to making digital banking a success."

Customer attitudes to new technology from banks such as debt collection automation can yield some interesting preferences and behaviors.

"It is worth noting that during periods of hardship, some customers prefer to deal with the issue using intelligent, automated online services, such  as  our FICO® Customer Communication Services (CCS) so as to avoid the embarrassment of talking to an agent about outstanding loans. If customers prefer digital channels during times of hardship, their most difficult time, it seems to me we can expect branch banking to continue its decline," explained Sharma.

Importance of maintaining banking relationships

Banks still have a data and relationship advantage when compared to fintech challengers. The survey revealed that across Asia Pacific, one in three consumers preferred to have all their banking needs serviced by one bank. In New Zealand this was also 33 percent, with a further 42 percent saying that they ‘somewhat agreed’ they would like to deal with just one primary bank.

"Managing multiple bank accounts or finance products with different lenders can often be a complex, time-consuming and costly process for the average banking customer," said Sharma. "Digital banking users today are looking for greater control and visibility of their financial position."

When asked about their willingness to try a fintech or challenger bank, 10 percent of New Zealanders said that they were inclined to consider a competitor with a further 29 percent relatively open to the idea.

"To consolidate and strengthen main bank engagement, lenders need to offer digital banking features that compete with the challengers to ensure the stickiness and viability of long-term customer relationships," added Sharma.

Most appealing reasons to switch banks

When asked about the reasons they would make the switch to a competitor, 16 percent of New Zealand consumers said their number one reason would be to secure improved personalization and controls in their digital banking service. The poll defined this as the ability to view transaction history, update personal details, reset passwords and other such functions. Interestingly, personalization and control was also the top reason for switching across Asia Pacific (31%).

Other top switching drivers across Asia Pacific were; the ability to control a payment card (set transaction limits, lock/unlock); the ability to set up recurring payments; and improved security features such as biometrics and two-factor authentication.

FICO’s Advancing New Experiences in Digital Banking survey was conducted in December 2020 using an online, quantitative poll of 5,000 consumers across ten countries and regions, carried out on behalf of FICO by an independent research company. The countries and regions surveyed were Australia, Hong Kong, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at www.fico.com.

Join the conversation on Twitter at @FICOnews_APAC.

FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.

Photo – https://techent.tv/wp-content/uploads/2021/03/fico-survey-60-of-new-zealanders-prefer-to-use-digital-channels-to-engage-with-their-bank-during-financial-hardship.jpg
Logo – https://mma.prnasia.com/media2/450763/FICO_Logo.jpg?p=medium600  

Related Links :

https://www.fico.com

PR Newswire

Momo to Report Fourth Quarter and Full Year 2020 Results on March 25, 2021

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BEIJING, March 10, 2021 — Momo Inc. (Nasdaq: MOMO) ("Momo" or the "Company"), a leading mobile social and entertainment platform in China, today announced that it will release its unaudited financial results for the fourth quarter and full year ended December 31, 2020 before U.S. markets open on Thursday, March 25, 2021.

Momo’s management will host an earnings conference call on Thursday, March 25, 2021, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on the same day).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details.

Preregistration Information

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/2751618. Once preregistration has been complete, participants will receive dial-in numbers, direct event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your registrant ID, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call through 8:00 a.m. U.S. Eastern Time, April 1, 2021. The dial-in details for the replay are as follows:

International:

+61-2-8199-0299

U.S. Toll Free:

+1-855-452-5696

Passcode:

2751618

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Momo’s website at http://ir.immomo.com.

About Momo Inc.

We are a leading player in China’s online social and entertainment space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates interactions based on location, interests and a variety of recreational activities including live talent shows, short videos, social games as well as other video- and audio-based interactive experiences, such as live chats and mobile karaoke experience. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application for the younger generation. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people.

For investor and media inquiries, please contact:

Momo Inc.
Momo Investor Relations
Ms. Ashley Jing
Phone: +86-10-5731-0538
Email: ir@immomo.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com

Related Links :

http://ir.immomo.com/

PR Newswire

WeLab completes initial close of Series C-1 funding, led by Allianz X for US$75 million and announces strategic partnership

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  • WeLab’s focus on technology and innovation in building a pan-Asian digital financial services platform complements Allianz’s expansion strategy with technology-focused partners in the region
  • Allianz and WeLab have established a strategic partnership with plans to develop and distribute investment and insurance solutions
  • WeLab Bank and Allianz Global Investors (AllianzGI) intend to enter into a strategic cooperation in digital wealth management and financial services. Once implemented, WeLab Bank will be the first digital bank to deploy this wealthtech advisory technology in Asia

HONG KONG, March 8, 2021 — WeLab, a leading fintech company in Asia, today announced it has completed the initial close of Series C-1 funding, led by Allianz X for US$75 million. Allianz X is the digital investment unit of the Germany-based Allianz Group, one of the world’s largest insurers and asset managers. Since inception in 2013, WeLab has raised more than US$600 million of strategic financing from the world’s most renowned investors. WeLab and Allianz have also established a strategic partnership to drive fintech collaboration across Asia’s financial services landscape. The new funding, together with Allianz partnership, will bolster the acceleration of WeLab’s pan-Asian growth strategy and expansion of digital financial services.

WeLab completes initial close of Series C-1 funding, led by Allianz X for US$75 million and announces strategic partnership
WeLab completes initial close of Series C-1 funding, led by Allianz X for US$75 million and announces strategic partnership

WeLab operates multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia including digital banking and consumer finance businesses, with close to 50 million individual users and over 600 enterprise customers. As Asia sails into the digital banking revolution and many countries in the region are in the process of studying or implementing digital banking frameworks. WeLab is ahead of the curve, spearheading the new age of banking operating WeLab Bank in Hong Kong — one of the first fully-licensed digital banks in Asia since obtaining its license in early 2019. With its unique market knowledge and extensive network, WeLab is perfectly positioned in this strategic partnership with Allianz to take advantage of the vast opportunities in Asia where its total addressable market size for financial services is close to US$3 trillion in annual revenue. 

WeLab has achieved significant milestones in the increasingly digital COVID era

In the COVID era, the market is rapidly evolving, with accelerated digital adoption as one of the outcomes. The pandemic has transformed people’s money habits across their financial journey. The boom in digital services adoption plays into WeLab’s strength in fintech services. WeLab has emerged stronger from the pandemic with multiple businesses achieving significant milestones in the past year. For example:

  • Fueled by increased digital adoption in online financial services, WeLab’s user base grew by 20% YoY, adding around 10 million users to the current 50 million user base, the largest user growth in recent years;
  • Launching a digital-only bank during the third wave of pandemic in Hong Kong proved to be extremely timely, with WeLab Bank garnering strong traction during its first 6 months of operations;
  • WeLend, Hong Kong’s largest pure online lending platform, outperformed the market by 70% during the year to achieve its all-time record high sales volume, at a time where traditional branch operating hours and business model were severely hampered;
  • WeLab’s B2B enterprise solution platform in Mainland China doubled the number of business partners from 300 to over 600 as financial institutions move towards online financial services;
  • In Indonesia, the mobile lending platform Maucash continues to scale with increased brand recognition and popularity of online financial services in Indonesia, achieving over 6x YoY volume growth.

Partnership will accelerate growth of WeLab’s pan-Asian financial services footprint

With this round of investment and new cooperation, WeLab aims to combine its advanced digital banking technology capabilities and market know-how with Allianz’s expertise in insurance and asset management, the two partners aim to holistically improve people’s financial wellbeing. The broader strategic cooperation between WeLab and Allianz will continue to develop over time and encompasses two key areas:

  1. The rollout of pioneering digital wealth management in Asia: WeLab Bank and Allianz Global Investors (AllianzGI) intend to enter into a strategic cooperation in digital wealth management and financial services. WeLab Bank is looking into developing and distributing digital wealth management solutions with AllianzGI, a global asset manager under Allianz, with assets under management of over EUR 582 billion*. These would aim to bridge the significant unmet investment needs in Asia, a region where only 27% of the population use financial advisors, resulting in a sizable under-advised population of over 3.4 billion. Once implemented, WeLab Bank will be the first digital bank to deploy this wealthtech advisory technology in Asia. The plan is to roll out these wealth management services to new digital customers in Hong Kong and later to the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), through Wealth Management Connect, reaching the 72 million population in one of the world’s wealthiest megalopolis.

  2. New markets and new products: development and distribution of investment and insurance solutions: WeLab recognizes opportunities to widen the regional scope of its financial service offerings to other markets in which Allianz operates. For example, in the booming digital Southeast Asian economies, there are around 400 million active internet users, but over 70% of the total population is either unbanked or underbanked. There is, therefore, a lot of potential to expand the cooperation. The two companies are exploring opportunities to offer new digital investment and insurance products in the region, combining Allianz’s expertise in investment and insurance and WeLab’s network of customers and technology.

Simon Loong, Founder & Group CEO of WeLab, said, "We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. We see this as a first-in-market 4-way partnership where there are abundant synergies between WeLab, as a fintech leader and a pioneer in digital banking, and Allianz, as a global insurer and asset manager. More importantly, both companies share a vision on delivering advanced technology solutions to customers in Asia. Today, we announce both the new round of funding and a strategic partnership in wealthtech and banking at WeLab Bank. We look forward to expanding WeLab’s geographical presence and bringing our technology into these new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 hires, as investing in people and culture will be key to support future growth."

Nazim Cetin, CEO of Allianz X, said, "In a relatively short amount of time, WeLab has built up a powerful platform for digital financial services and achieved excellent access to retail and business customers in Asia, a region of strategic importance for Allianz. WeLab’s high-performance technology platform, in particular, makes it a unique fintech in the Asian markets. The investment in WeLab is a promising one for Allianz both economically and strategically. We look forward to leveraging our strategic partnership with WeLab and the business potential in the region."

Desmond Ng, Head of Asia Pacific at Allianz Global Investors, said, "Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us. With the second-highest bank deposits per capita in the world, it is a very attractive wealth management market. The potential strategic cooperation with WeLab presents an exciting opportunity for Allianz Global Investors as an integral part of our growth strategy in Asia."

Existing investors also participated in this round, reflecting their continued conviction and confidence in WeLab. The Series C-1 round remains ongoing, with the final close expected in the coming months.

About WeLab

WeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia – WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 600 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.

Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.

WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.

WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.

To learn more about WeLab, please visit: www.welab.co, or follow WeLab on LinkedIn and Facebook.

About Allianz X

Allianz X invests in digital frontrunners in ecosystems relevant to insurance and wealth management. As one of the pillars of Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. 

For more information, please visit: https://www.allianzx.com/.

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 700 investment professionals in 25 offices worldwide and managing EUR 582 billion in assets for individuals, families and institutions*.

We see investing as a journey and we seek to create value for our clients every step of the way. We invest for the long term, employing our global investment and risk capabilities and sustainable investing expertise to create innovative solutions that anticipate future needs. We believe in solving not selling – our goal is to elevate the investment experience for clients, wherever they are based and whatever their investment objectives.

Active is: Allianz Global Investors
*Source: Allianz Global Investors. Data as at 31 December 2020

For media enquiries, please contact:

WeLab:
WeLab Corporate Communications Team
Tel: +852 6214 4734
Email: pr@welab.co

Allianz X:
Gregor Wills
Tel: +49 89 3800 61313
Email: gregor.wills@allianz.com

PR Newswire

FactSet and Ping An to Offer Investors ESG Content and Analytics on Chinese Companies

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NORWALK, Conn., SHANGHAI and HONG KONG, March 7, 2021 — FactSet (NYSE:FDS) (NASDAQ:FDS), a global provider of integrated financial information and analytical applications, and Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", HKEX: 2318; SSE: 601318) today announced a joint offering for investors considering environmental, social and corporate governance (ESG) metrics for companies incorporated in China.

The offering will be launched by FactSet and Ping An’s associate company OneConnect Financial Technology Co., Ltd. (hereafter "OneConnect", NYSE:OCFT), a leading technology-as-a-service platform for financial institutions in China. FactSet will integrate OneConnect’s artificial intelligence (AI)-driven ESG content sets into its workstations, standard data feed, and application programming interfaces (APIs) to accelerate the availability of ESG metrics for over 3,500 Chinese class A-share companies.

OneConnect offers comprehensive coverage of ESG factors and assessments for companies listed on the Shanghai and Shenzhen Stock Exchanges. These factors are derived from a combination of different sources of information obtained by AI technologies, such as natural language processing (NLP). OneConnect also provides a range of analytics tools in addition to the content that will be integrated into FactSet, such as NLP-driven disclosure transparency assessments, portfolio sustainability performance evaluation and adjustment, and a climate risk evaluation tool to help investors better integrate ESG measurements into their investment processes.

"ESG investing is accelerating globally and client demand is high for information on companies in China," said Tom Griffiths, Senior Vice President, Asia Pacific, FactSet. "Working with Ping An to strengthen FactSet’s ESG offering is an exciting step as we further expand integrated workflow solutions for our global client base. Combining OneConnect’s leading content with FactSet’s suite of applications will offer investment professionals a differentiated perspective on ESG impacts in the Chinese market."

"We are excited to build this partnership with FactSet," said Ye Wangchun, Chairman and CEO of OneConnect. "By integrating OneConnect’s AI-ESG information sets into FactSet’s powerful investment data and technology platform, investors can expand both the breadth and depth of their ESG investments, drawing on a broader set of China-focused ESG content and tools."

OneConnect’s ESG content will be available in the coming months in the FactSet workstation as well as via standard data feed and APIs.

For more information, please visit: https://www.factset.com/solutions/business-needs/esg-solutions.

About FactSet

FactSet® (NYSE:FDS | NASDAQ:FDS) delivers superior content, analytics, and flexible technology to help more than 138,000 users see and seize opportunity sooner. We give investment professionals the edge to outperform with informed insights, workflow solutions across the portfolio lifecycle, and industry-leading support from dedicated specialists. We’re proud to have been recognized with multiple awards for our analytical and data-driven solutions and repeatedly scored 100 by the Human Rights Campaign® Corporate Equality Index for our LGBTQ+ inclusive policies and practices.  Subscribe to our thought leadership blog to get fresh insight delivered daily at insight.factset.com. Learn more at www.factset.com and follow us on Twitter: www.twitter.com/factset.

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 218 million retail customers and 598 million Internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, "pan financial assets" and "pan health care", covering the provision of financial and health care services through our integrated financial services platform and our ecosystems; in financial services, health care, auto services and smart city services. Our "finance + technology" and "finance + ecosystem" transformation strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. In 2020, Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.

For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN. 

About OneConnect

OneConnect is a leading technology-as-a-service platform for financial institutions in China. The Company’s platform provides cloud-native technology solutions that integrate extensive financial services industry expertise with market-leading technology. The Company’s solutions provide technology applications and technology-enabled business services to financial institutions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

Our technology-as-a-service platform strategically covers multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses – from sales and marketing and risk management to customer services, as well as technology infrastructure such as data management, program development, and cloud services.