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PR Newswire

VTech Announces 2020/2021 Interim Results

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Higher profit on stable revenue and improved gross margin

HONG KONG, Nov. 9, 2020 —

  • COVID-19 brought unprecedented challenges to the Group’s operations
  • Group revenue was flat at US$1,123.6 million
  • Gross profit margin improved from 30.7% to 31.8%
  • Profit attributable to shareholders of the Company rose 4.7% to US$123.6 million
  • Interim dividend of US17.0 cents per ordinary share, unchanged from the dividend declared in the corresponding period last year
  • Strong balance sheet, with higher net cash and lower inventory

VTech Holdings Limited (HKSE: 303) today announced its results for the six months ended 30 September 2020, showing an increase in profit on stable revenue and improved gross profit margin.

"The COVID-19 coronavirus pandemic has brought unprecedented challenges to most of the world’s businesses. When VTech announced its annual results for the financial year 2020 in May this year, the Group’s key markets were experiencing different levels of lockdown, with extensive closures of retail outlets, weak consumer sentiment and a severe slowdown in business activities. This resulted in very low order visibility and consequently a pessimistic outlook was given for the financial year 2021," said Mr. Allan Wong, Chairman and Group CEO of VTech Holdings Limited. "Despite many uncertainties, however, sales for the first six months turned out to be better than expected and the Group reported stable revenue, an improved gross profit margin and higher profit for the period."

Results and Dividend

Group revenue for the six months ended 30 September 2020 was US$1,123.6 million, compared to US$1,124.1 million in the same period last year. Higher sales in Europe were offset by lower sales in North America, Asia Pacific and Other Regions.

Profit attributable to shareholders of the Company grew by 4.7% to US$123.6 million. This was mainly attributable to higher gross profit, as costs declined. During the period, the Group recorded a fair value loss on an investment in a company that designs and distributes integrated circuit products, contrasting with a fair value gain in the corresponding period last year.

Basic earnings per share increased by 4.5% to US49.0 cents, compared to US46.9 cents in the comparable period of the financial year 2020.

The Board of Directors has declared an interim dividend of US17.0 cents per ordinary share, unchanged from the dividend declared in the first half of the financial year 2020.

Costs

The Group’s gross profit margin in the first six months of the financial year 2021 was 31.8%, as compared with 30.7% in the same period last year. The improvement was due to a number of factors. Materials prices were lower, while direct labour costs and manufacturing overheads benefited from a weaker Renminbi. Further productivity gains and a more favourable product mix also improved the Group’s gross profit margin. 

US-China Trade Tensions

On 15 January 2020, a phase one trade deal was signed between mainland China and the US. A 15% tariff that was imposed on VTech residential cordless phones from 1 September 2019 was reduced to 7.5%, effective 14 February 2020.  To mitigate the impact, the Group has started the production of residential phones at its new facility in Penang, Malaysia. Some of the Group’s contract manufacturing services (CMS) customers have also been affected by the tariffs, ranging from 7.5% to 25%. CMS customers who wanted to relocate their production outside mainland China have already moved to VTech facility in Muar, Malaysia. The Group’s electronic learning products (ELPs) are largely unaffected by the US tariffs.

COVID-19 Business Update

The pandemic has brought unprecedented challenges to the Group’s operations. Early in 2020, with many countries in various degrees of lockdown, global supply chains were severely disrupted and consumer demand weakened dramatically.

In recent months, however, business operations have gradually returned to normal. Production and capacity utilisation at the Group’s manufacturing facilities are now at pre-COVID-19 levels, while the supply chain is operating as normal. Consumer demand has also recovered strongly in some markets. It has been especially robust for products relating to working and staying at home, which has benefited some of the Group’s product lines.

Globally, e-commerce has grown rapidly as consumers have shifted more to online purchases. Sales to e-tailers and other online channels expanded to 16.2% of total Group revenue during the first six months of the financial year 2021.

Restrictions on travel and meeting nevertheless mean new patterns of working, with a much greater reliance on carrying out tasks and managing businesses remotely. VTech has been coping well with these challenges and its global operations continue to run smoothly.

As for liquidity, VTech is in a strong financial position. The Group ended its half year with increased net cash and lower inventory.

While managing the effect of the pandemic on its businesses, VTech’s priority has been to protect the health and safety of its employees and customers. The Group continues to ensure a safe working environment at all its locations worldwide, in line with government and World Health Organisation recommendations. VTech and its employees have also been giving much needed support to local communities, including financial donations and supporting children in need with educational toys.

Segment Results

North America

Group revenue in North America decreased by 5.6% to US$492.9 million in the first six months of the financial year 2021 as higher sales of ELPs and telecommunication (TEL) products were offset by lower CMS sales. North America remained VTech’s largest market, accounting for 43.9% of Group revenue.

ELPs revenue in North America rose by 9.8% to US$278.1 million, driven by higher sales of standalone products. The increase reflects the Group’s strong position in electronic learning toys, a segment that has benefited from the pandemic, as parents and children spend more time at home. During the first nine months of the calendar year 2020, the Group strengthened its leadership as the number one manufacturer of electronic learning toys from infancy through toddler and preschool in the US[1]. In Canada, VTech maintained its position as the number one manufacturer in the infant, toddler and preschool toys category[2].

Growth in standalone products came from higher sales of both LeapFrog and VTech brands. LeapFrog sales were especially robust. Preschool items offering overt educational values including Learning Friends 100 Words Book™ and 100 Animals Book™ achieved strong sell-through. The Blue’s Clues & You!™ series of licensed products performed strongly, with the Really Smart Handy Dandy Notebook selling particularly well. Sales of LeapBuilders®, however, registered a decline.

VTech standalone products benefited from rising sales of infant and toddler products, KidiZoom® cameras, other Kidi line products and the Go! Go! Smart family of products. These increases offset a decline in preschool products. There were innovative additions to the product line-up during the period. Go! Go! Smart Wheels® saw the addition of Ultimate Corkscrew Tower™. Building on the success of the popular robotic toy Myla the Magical Unicorn™, VTech launched Myla’s Sparkling Friends™, a line of toys that brings colour play to life using fantastical characters. The new Go! Go! Cory Carson® vehicles and playsets hit the shelves during the period. The first two seasons of the associated animation, along with a special edition entitled "Go! Go! Cory Carson Summer Camp", are now streaming on Netflix.

Sales of platform products in North America declined slightly. At LeapFrog, the platform products business posted overall growth. The brand’s children’s educational tablets and interactive reading systems saw sales increases, offsetting a decline in RockIt Twist™. The growth was augmented by the introduction of Magic Adventures Globe™. Subscriptions to the LeapFrog Academy™ continued to grow steadily. At VTech, sales of platform products saw a decline, as higher sales of Touch & Learn Activity Desk™ were insufficient to compensate for lower sales of KidiZoom Smartwatches and KidiBuzz™.

During the first six months of the financial year 2021, the Group’s ELPs gained further recognition from toy and parenting industry experts, key retailers and toy advisory boards in North America. KidiZoom Creator Cam and Helping Heroes Fire Station™ both made Walmart’s "Top Rated by Kids" toy list. LeapFrog Speak & Learn Puppy™ and KidiZoom Creator Cam were included in The Toy Insider’s "Hot 20" list, while KidiZoom Creator Cam, the LeapFrog 100 Animals Book and Blue’s Clues & You! Really Smart Handy Dandy Notebook were selected for TTPM’s "Holiday Most Wanted" list. A total of 11 VTech and LeapFrog products made it into The Toy Insider magazine’s "2020 Holiday Gift Guide".

TEL products revenue in North America saw a 3.7% increase to US$130.2 million, mainly driven by higher sales of residential phones. Sales of commercial phones and other telecommunication products held steady.

During the period, sales of residential phones in North America rose as the work-from-home trend led consumers to replace and upgrade their fixed-line telephones. The VTech branded super-long-range cordless phone performed especially well. In the first half of the financial year 2021, VTech remained the exclusive supplier to a key retailer in the US and strengthened its leadership position in the US residential phones market[3].

The commercial phones and other telecommunication products business in North America was stable. Small to medium sized business (SMB) phones, hotel phones, VoIP (Voice over Internet Protocol) phones and conference phones posted sales decreases, as they were hit by the slump in business-related activity and in travel. However, headsets achieved higher sales, boosted by the work-from-home boom. Baby monitors, the CareLine™ range and IADs (Integrated Access Devices) benefited from the stay-at-home advice as well, with VTech 1080p 7-inch Smart Wi-Fi baby monitor selling particularly well. As a result, VTech baby monitors strengthened their position as the number one brand in the US and Canada[4].

CMS revenue in North America fell by 40.9% to US$84.6 million, with declines in all product categories. The reduction in revenue was primarily due to the negative impact of the pandemic. The professional audio industry was significantly impacted by the restrictions on public gatherings, with a major customer experiencing excess inventory as a result. A drop in replacement demand for coin and note recognition machines and over-inventory at an industrial printers customer contributed to the sales decline in industrial products. Medical and health products saw lower orders of hearing aids, as sales activities were significantly affected by the pandemic. Sales of solid-state lighting fell as contracts could not be concluded and project-based bidding ceased. Communication products recorded a sales decline as customers phased out their product ranges. The Group nonetheless managed to add new customers in the fields of professional audio equipment and industrial products during the period.

Europe

Group revenue in Europe increased by 10.6% to US$487.5 million in the first six months of the financial year 2021, as higher sales of ELPs and CMS offset lower revenue from TEL products. Europe remained VTech’s second largest market, accounting for 43.4% of Group revenue.

ELPs revenue in Europe rose by 8.2% to US$157.6 million, with higher sales of both standalone and platform products. Geographically, sales increased in France, the UK, Germany and the Netherlands, while declining in Spain. In the first nine months of the calendar year 2020, VTech was the number one infant and toddler toys manufacturer in France, the UK, Germany and the Benelux countries[5].

In standalone products, both the VTech and LeapFrog brands achieved higher sales. For the VTech brand, growth was led by preschool products, KidiZoom camera, other Kidi line products and Switch & Go Dinos®. This offset declines in infant products and the Toot-Toot family of products. The new Go! Go! Cory Carson vehicles and playsets were rolled out to the major European markets in September 2020 under the name Toot-Toot Cory Carson®. LeapFrog saw rising sales of infant, toddler and preschool products in the first half of the financial year, with strong sales of Learning Friends 100 Words Book and 100 Animals Book. This offset a decline for Bla Bla Blocks® (the name in Europe for LeapBuilders).

Platform products saw growth in sales of both VTech and LeapFrog branded products. For VTech, the main drivers were KidiZoom Smartwatches, Touch & Learn Activity Desk and children’s educational tablets. Growth in these products offset a decline in KidiCom™ Max. At LeapFrog, the revenue increase was driven by higher sales of Magic Adventures Globe and interactive reading systems, which offset declines in RockIt Twist and children’s educational tablets.

In the first six months of the financial year 2021, Speak & Learn Puppy and KidiZoom Video Studio HD were named "Best Infant Toy" and "Best High Tech Toy" respectively, in the "Grand Prix du Jouet 2020" awards given by La Revue du Jouet magazine in France.

Revenue from TEL products in Europe decreased by 8.4% to US$52.5 million in the first six months of the financial year 2021 as sales of residential phones, commercial phones and other telecommunication products declined.

In Europe, the Group sells residential phones to major telephone companies in the region on an original design manufacturing basis. The pandemic resulted in reduced orders from these customers as their business activities slowed down.

For commercial phones and other telecommunication products, higher sales of CAT-iq (Cordless Advanced Technology – internet and quality) handsets, the CareLine range, IADs and headsets were insufficient to offset declines in baby monitors, VoIP phones and conference phones. Stay-at-home advice across Europe benefited sales of CAT-iq handsets, CareLine products, IADs and headsets, as people sought to upgrade their communication devices. Baby monitors saw sales decrease, however, as a major customer reduced orders. Lockdowns and travel restrictions led to the cancellation of trade shows and a slowdown in business activities, resulting in lower orders for VoIP phones and conference phones. Sales of the Group’s hotel phones in Europe held steady, however.

During the period, VTech 1080p 7-inch Smart Wi-Fi baby monitor won three top awards from Loved by Parents magazine in the UK: "2020 Best Baby Monitor — Gold Winner", "2020 Best Video Monitor — Gold Winner" and "2020 Best Innovative Baby Monitor — Platinum Winner".

CMS revenue in Europe rose by 16.8% to US$277.4 million. Hearables, medical and health products, home appliances and communication products saw higher sales, offsetting declines in professional audio equipment, IoT (Internet-of-Things) products and switching mode power supplies.

Hearables recorded significant growth as demand for headsets was boosted by the need to work from home. A customer moving production of its new version of a true wireless headset to VTech also contributed to the sales increase. Medical and health products added a new customer during the period and saw sales of hair removal products rise, offsetting a decline in orders for hearing aids. Business from home appliances was stable, while communication products benefited from increasing orders for Wi-Fi routers. In contrast to these increases, professional audio equipment posted lower sales, as higher demand for audio interface equipment failed to offset lower orders for audio mixers and amplifiers. IoT products also saw sales decrease, as the pandemic significantly slowed down the installation of smart meters in the UK. Sales of internet-connected thermostats and air-conditioning controls remained stable. Sales of switching mode power supplies were lower as a customer continued to transfer production back in-house following a change in ownership.

Asia Pacific

Group revenue in Asia Pacific decreased by 8.2% to US$130.2 million in the first six months of the financial year 2021, as lower sales of ELPs and CMS offset higher sales of TEL products. The Asia Pacific region represented 11.6% of Group revenue.

Revenue from ELPs in Asia Pacific fell by 9.4% to US$40.4 million, as growth in Australia was offset by lower sales in mainland China. Australia saw a robust sales increase on strong sell-through of both the VTech and LeapFrog branded products. In the first nine months of the calendar year 2020, VTech gained market share and has become the number one manufacturer in the infant and toddler toys category in Australia[6]. In mainland China, growth in online sales was insufficient to compensate for a decline in the offline channels.

TEL products revenue in Asia Pacific increased by 15.3% to US$15.8 million, owing to higher sales in Australia, Japan and Hong Kong. In Australia, growth was mainly driven by baby monitors, while Japan saw increased orders for residential phones from an existing customer. In Hong Kong, IADs were the key driver of higher sales.

CMS revenue in Asia Pacific decreased by 11.5% to US$74.0 million as lower sales of medical and health products and home appliances offset growth in professional audio equipment and communication products. The movement control order imposed by the Malaysian government in mid-March also affected sales, as this caused the CMS production facility in Muar to shut down for several weeks. In medical and health products, sales of diagnostic ultrasound systems were lower as hospitals shifted their budgets to purchase COVID-19 related equipment. For home appliances, orders fell as a product reached the end of its life cycle, while orders for other products slowed down owing to the pandemic. Contrasting with these decreases, the growth in professional audio equipment was driven by a rise in revenue from a new customer supplying USB streaming microphones for online KOLs (Key Opinion Leaders). Sales of communication products were also higher, with orders for marine radios increasing as a second generation of products came on stream.

Other Regions

Group revenue in Other Regions, comprising Latin America, the Middle East and Africa, fell by 34.0% to US$13.0 million in the first six months of the financial year 2021. The decrease was attributable to lower sales of all three product lines. Other Regions accounted for 1.1% of Group revenue.

ELPs revenue in Other Regions declined by 35.2% to US$5.9 million for the period as higher sales in Africa were offset by lower sales in the Middle East and Latin America.

TEL products revenue in Other Regions decreased by 27.4% to US$6.9 million. The decline was attributable to sales decreases in Latin America and Africa, which offset an increase in the Middle East.

CMS revenue in Other Regions was US$0.2 million in the first six months of the financial year 2021, as compared to US$1.1 million in the corresponding period of the prior financial year.

Outlook

The ongoing impact of the COVID-19 pandemic brings an unusually high degree of uncertainty to assessing the outlook for the remainder of the financial year. A resurgence in infection rates in the US and Europe, along with higher unemployment, could lead to a weakening of consumer sentiment in the Group’s key markets.  Consequently, Group revenue for the full year is not expected to grow. Gross profit margin, meanwhile, is forecast to improve year-on-year. The Group is investing more on expanding online sales, in order to capitalise on the shift towards higher online purchasing.

ELPs revenue is forecast to remain broadly stable for the full financial year. In North America, the positive momentum at both VTech and LeapFrog brands is forecast to continue, with the sales outlook for LeapFrog preschool toys especially promising. In Europe, however, the nationwide lockdown imposed by the French, German and UK governments in late October and early November respectively may negatively impact holiday sales. In Asia Pacific, the trend in Australia is expected to remain robust. For mainland China, sales should pick up in the second half, as shipments to some of the maternity-infant-child specialty retailers resume and sales of other channels show continuous improvement.

For TEL products, revenue for the full year may decline slightly. Sales of residential phones are expected to hold steady, while the recovery in commercial phones is likely to remain slow. Paving the way for future growth, a new line of VoIP phones under the Snom brand will be rolled out in early 2021. There has been a good response to the latest range of hotel phones based on SIP (Session Initiation Protocol) and PSTN (Public Switched Telephone Network) technology. This bodes well for VTech being able to benefit from the market consolidation that is underway, although the challenges currently faced by the hospitality industry will dampen demand in the short term. The momentum in CAT-iq handsets, the CareLine range and IADs remains positive, while sales of baby monitors are anticipated to be stable.

CMS revenue is expected to increase for the full financial year, led by strong orders for headsets and a recovery in the other product categories. A new NPI (New Product Introduction) centre in Shenzhen will open up additional business avenues. It aims to capture orders from start-ups worldwide, in particular the growing number in mainland China’s Greater Bay Area. State-of-the-art equipment is currently being installed and the centre should be fully operational by the end of 2020. In Malaysia, with the phase one expansion of the CMS facility in Muar now complete, work is moving ahead on phase two, raising capacity by 50%.

The acquisition of the Group’s second manufacturing facility in Penang, Malaysia was completed in July 2020. Comprising 500,000 square feet of buildings, it will be used for manufacturing ELPs and TEL products destined for the US market.

"The macro-economic environment remains highly uncertain, but VTech has managed to navigate the turbulence so far. Our solid balance sheet, strong line-up of innovative products and operational excellence should enable us to gain further market share and hence create long-term value for our shareholders," said Mr. Wong.

[1] The NPD Group, Retail Tracking Service. Ranking based on total retail sales of VTech and LeapFrog products in the combined toy categories of early electronic learning, toddler figure and playset, walker, electronic entertainment (excluding tablets) and preschool electronic learning for the calendar year ending September 2020

[2] The NPD Group, Retail Tracking Service

[3] MarketWise Consumer Insights, LLC, April 2020 – September 2020

[4] The NPD Group Inc., Retail Tracking Service, US & Canada, Baby Monitors, April 2020 – September 2020 combined vs. April 2019 – September 2019 combined

[5] The NPD Group, Retail Tracking Service

[6] The NPD Group, Retail Tracking Service

About VTech

VTech is the global leader in electronic learning products from infancy through toddler and preschool and the largest manufacturer of residential phones in the US. It also provides highly sought-after contract manufacturing services. Since its establishment in 1976, VTech has been a pioneer in the electronic learning toys category. With advanced educational expertise and cutting-edge innovation, VTech products provide fun and learning to children around the world. Leveraging decades of success in cordless telephony, VTech’s diverse collection of telecommunication products elevates both home and business users’ experience through the latest in technology and design. As one of the world’s leading electronic manufacturing service providers, VTech offers world-class, full turnkey services to customers in a number of product categories. The Group’s mission is to design, manufacture and supply innovative and high quality products in a manner that minimises any impact on the environment, while creating sustainable value for its stakeholders and the community.

Note: Starting from 22:00, 9 November 2020 (HKT), the archived webcast of the 2020/2021 interim results announcement can be accessed through VTech website via this link https://www.vtech.com/en/investors/financial-briefings/.

For further information, please contact:

Grace Pang 

VTech representative in Hong Kong

VTech Holdings Limited

Kris Cheung, Golin

(852) 2680 1000 (office)

(852) 2501 7939 (office)

grace_pang@vtech.com (email)

kcheung@golin.com (email)

 

PR Newswire

iQIYI to Report Third Quarter 2020 Financial Results on November 16, 2020

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BEIJING, Nov. 6, 2020 — iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced that it will report its financial results for the third quarter ended September 30, 2020 after the U.S. market closes on November 16, 2020.

iQIYI’s management will hold an earnings conference call at 7:00 PM on November 16, 2020, U.S. Eastern Time (8:00 AM on November 17, 2020, Beijing Time).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.

Participant Online Registration:  http://apac.directeventreg.com/registration/event/2948288

It will automatically direct you to the registration page of "iQIYI Third Quarter 2020 Earnings Conference Call", where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter "2948288".

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.

A telephone replay of the call will be available after the conclusion of the conference call through November 24, 2020.

Dial-in numbers for the replay are as follows:

International Dial-in  

+61 2 8199 0299

Passcode:

2948288

A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, professional user generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, online games, live broadcasting, IP licensing, talent agency, online literature and e-commerce etc.

For more information, please contact:

Investor Relations
iQIYI, Inc.
+86-10-8264-6585
ir@qiyi.com

Related Links :

http://www.iqiyi.com

PR Newswire

ATIF Holdings Limited Announces Closing of USD$4.0 Million Registered Direct Offering

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SHENZHEN, China, Nov. 6, 2020 — ATIF Holdings Limited (Nasdaq: ATIF, the "Company"), a company providing business consulting and multimedia services in Asia, today announced that it has successfully closed the previously announced registered direct offering of 4,347,826 of its ordinary shares at a purchase price of USD$0.92 per share. The Company has also issued to the investors unregistered warrants to purchase up to an aggregate of 4,347,826 of its ordinary shares at an exercise price of USD $1.10 per share, subject to adjustment, in a concurrent private placement.

The gross proceeds from the offering were approximately USD$3.47 million, and will be used by the Company for working capital purposes, expanding existing businesses or acquiring or investing in businesses, debt reduction or debt refinancing, capital expenditures and other general corporate purposes.

FT Global Capital is acting as the exclusive placement agent for the offering.

The ordinary shares described above (but not the warrants or the ordinary shares underlying the warrants) were offered and sold by the Company in a registered direct offering pursuant to a "shelf" registration statement on Form F-3 (Registration No. 333- 239131), including an accompanying prospectus, previously filed with, and declared effective by, the Securities and Exchange Commission (the "SEC") on September 21, 2020. The offering of the ordinary shares only was made by means of a prospectus supplement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC and is available on the SEC’s website located at http://www.sec.gov.  

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the ordinary shares underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and the underlying ordinary shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

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

About ATIF Holdings Limited

Headquartered in Shenzhen, China, ATIF Holdings Limited ("ATIF") is a company providing business consulting services to small and medium-sized enterprises in Asia and North America, including going public consulting services, international business planning and consulting services, and financial media services. ATIF operates an internet-based financial consulting service platform IPOEX.com, which provides prestige membership services including online capital market information, pre-IPO education and matchmaking services between SMEs and financing institutions. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses, including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.

Forward-Looking Statements

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to continue to operate through our VIE structure; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.

 

Related Links :

https://ir.atifchina.com/

PR Newswire

Equiteq advises iZeno, a leading Digital Transformation player in South-East Asia, on its acquisition by Logicalis

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LONDON, Nov. 6, 2020 — Equiteq is pleased to announce it has supported iZeno, one of the fastest-growing Digital Transformation and IT Services firm in South-East Asia on its sale to Logicalis, an international Digital Solutions provider, part of the Datatec Group, a global ICT solutions and Services Group operating in more than 50 countries, with annual revenues of $4.3 billion.

Founded in 2003, iZeno is a premier provider of integrated IT Solutions in South-East Asia. Headquartered in Singapore, with a team of 85 professionals, it has operations in Malaysia, Indonesia and Thailand.

This acquisition is in line with Logicalis’ ambitions to strengthen its DevOps, Cloud and Digital Transformation capabilities in high-potential markets. Logicalis Asia CEO, Lee Chong-Win comments, "There is strong alignment between Logicalis and iZeno, in terms of vision, opportunities for joint value creation and mutual focus on customer-centricity. The skills and innovation that iZeno brings to the group strengthen our core value proposition as we fulfil our mission of helping customers unlock value through digital transformation."

"Becoming part of Logicalis allows us to combine our technical capabilities and access a broader client base, while benefiting from global capabilities and support," adds Jason Lin, Co-Founder and CEO of iZeno.

Equiteq acted as exclusive financial and strategic advisor to iZeno. Co-Founder and Director Benny Ng said, "We started our journey with Equiteq in 2017 with a strategic review, and since then they have supported us effectively throughout our whole journey, helping us to navigate successfully through the many business, financial and legal challenges, and ultimately join Logicalis and kick start the beginning of a new and exciting chapter of the development of iZeno."

Jean-Louis Michelet, Managing Director of Equiteq’s Asia-Pacific, commented, "It has been a pleasure working with the iZeno team, helping them break through different glass ceilings along the way. iZeno is a top-quality player in the IT industry, and we are convinced that by joining a highly synergistic group such as Logicalis, iZeno will reach new heights in the years to come."

For more information about iZeno and Logicalis, please visit their websites https://www.izeno.com/ and https://www.logicalis.com/

Related Links :

https://www.equiteq.com/home/

https://www.equiteq.com

PR Newswire

Hexindai to Hold Annual General Meeting on December 16, 2020

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BEIJING, Nov. 6, 2020 — Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company"), a mobile e-commerce and consumer lending platform in China, today announced that it will hold an annual general meeting of shareholders (the "AGM") at the Conference Room, 5th Floor, Block C, Shimao, No. 92 Jianguo Road, Chaoyang District, Beijing 100020, People’s Republic of China, at 10:00 a.m. (Beijing Time) on December 16, 2020. Shareholders listed in the register of members of the Company at the close of business on November 6, 2020 (Cayman Islands Time) are entitled to receive notice of, attend and vote at, the AGM or at any adjournment that may take place. Beneficial owners of the Company’s American Depositary Shares ("ADSs") who wish to exercise their voting rights for the underlying ordinary shares which are represented by their ADSs must act through Citibank, N.A., the depositary of the Company’s ADSs, and should give voting instructions to Citibank, N.A. accordingly.

Copies of the notice of AGM, which sets forth the resolutions to be proposed to and voted upon by the shareholders, the proxy statement and the Company’s annual report on Form 20-F for the fiscal year ended March 31, 2020 are available on the Investor Relations section of the Company’s website at http://ir.hexindai.com/ and on the SEC’s website at www.sec.gov.

About Hexindai Inc.

Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company") is a mobile e-commerce and consumer lending platform based in Beijing, China. The Company collaborates with brands both online and offline to offer high-quality and affordable branded products through its new form of social e-commerce mobile platform and facilitates loans to meet the increasing consumption needs of underserved prime borrowers through its online consumer lending marketplace. Hexindai’s strong user acquisition capabilities, cutting-edge risk management system, and strategic relationships with respected financial institutions allow the Company to generate higher customer satisfaction, reliance, and realize fast growth.

For more information, please visit http://ir.hexindai.com/

For investor inquiries, please contact:

Hexindai

Investor Relations
Ms. Zenabo Ma
Email: ir@hexindai.com

Christensen

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

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com

Related Links :

http://ir.hexindai.com/

PR Newswire

Chindata Group opens Asia’s largest single hyperscale data center in Shanxi

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Leading hyperscale data center solution provider in emerging Asia-Pacific markets launches an online video to take a virtual tour inside the data center

  • The largest single hyperscale data center in Asia, with an IT capacity of 50 megawatts, located in Datong, North China’s Shanxi province, went into operation on Oct. 25th, representing Chindata Group’s latest achievement in building next-generation hyperscale data centers cluster.
  • Chindata Group launches an online video to take a virtual tour inside this Asia’s largest single hyperscale data center and reproduce its building process to show those state-of-the-art sophisticated technologies applied in this campus.
  • With a dream of creating a public platform to bridge the digital divide, this data center infrastructure named Taihang Mountain Energy and Information Technology Industrial Campus of the Pan-Beijing Area is carrier-neutral with shared standards and open technology, for the benefit of every internet user.

BEIJING, Nov. 6, 2020 — Chindata Group(Nasdaq: CD) has successfully opened Asia’s largest single hyperscale data center in its Taihang Mountain Energy and Information Technology Industrial Campus of the Pan-Beijing Area, Datong, North China’s Shanxi province, on Sunday 25 October.

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The data center has a total IT capacity of 50 megawatts to support artificial intelligence-based computing delivered by global tech giants. For a single server room in this data center building, its IT capacity could be over 18 megawatts.

Amazing discovery of next-generation hyperscale data centers by Chindata Group
Amazing discovery of next-generation hyperscale data centers by Chindata Group

Chindata Group launches an online video(https://www.youtube.com/watch?v=hjCQ3rYmwL0) to take a virtual tour inside this Asia’s largest single hyperscale data center and reproduce its construction process to show those state-of-the-art sophisticated technologies applied in this campus.

With more than 12 tailored pending or approved patents, this single data center is equipped with latest technologies, ranging from power distribution network, IT equipment, cooling system, to energy utilization, in support of the sustainable operation of this Asia’s largest single hyperscale data center.

For example, Chindata Group has initially employed one self-own 110kV cabin substation and one back-up 35kV substation plus an access to dedicated renewable energy into this campus. By advanced power system architecture and multiple independent power supply from the State Grid, this campus boasts the most reliable power distribution network in China’s data center industry in response to leading technology companies’ power demands.

Besides, one of the world’s most efficient chilled water systems self-developed by Chindata Group is put into mass application on this campus for the first time to keep a high energy efficiency by increasing the natural cooling time while adapting to 40kW per AI server rack’s working environment requirement.

As a leading hyperscale data center solution provider in emerging Asia-Pacific markets, Chindata Group strives to build a public and altruistic platform to bridge the digital divide. As a result, this newly-built data center is totally carrier-neutral with shared standards and open technology, for the benefit of every internet user.

About Chindata Group

Chindata Group(Nasdaq: CD) is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services.

Chindata Group operates two sub-brands: "Chindata" and "Bridge Data Centres". Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.

 

PR Newswire

McCoy Holdings has delved into a new business of On-Demand Enterprise Solution (ODES)

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SINGAPORE, Nov. 6, 2020 — Founded in 2004, the 16-year-old McCoy Holdings has an unprecedented track record of aiding their customers with their valuable assistance in supply chain management and IoT apps solutions. They help businesses in component manufacturing and distribution, along with business consultancy and advisory services. McCoy has made some major waves in R&D and business transformation through Go-To-Market (GTM) strategy and branding. They have a mission to help their customers maximize their business value with new technology, and digital media.

With their new services launching in On-Demand Enterprise Solution (ODES), McCoy Holdings aim to provide the customers with the highest form of virtual aid in managing their business models. ODES helps businesses to have an easier time managing essentially all of their departments. Its solution is built to keep logs and provide the right statistics at the right time when needed, with the help of a few clicks.

The information can be instilled into the mainframe for a business, and it will be assessed with efficiency and accuracy. ODES will help the companies take necessary actions when need be with little to no human assistance. The system will equip the employees to take steps on the information put in with a few simple management tools, making their jobs much less taxing and more effortless.

With ODES, All-In-One Solution, having various systems for different jobs would not be necessary, as it is all doable with a single all-inclusive solution. ODES has extensively flexible parameters and can be easily customized. It is a highly scalable software that aids businesses of all sizes and forms to incorporate and make perfect use of it easily.

The ODES solution is there to virtually solve the workload issues in every department of a company, making it easier to manage the business without having a bigger manual workforce. It offers every department for a business on a single platform. This automated system can take care of the company’s accounting, payroll and finances, human resources, research and development, inventory ventures, supply chain management, digital transformation, and eCommerce portal. Besides that, ODES is also offering custom industry specific solutions to automate the processes and increase productivity.

With such an elaborate digitally managed system at hand for any business, the company’s management and progress virtually have no bounds. It can flourish, leaving all the worries for ODES to handle on its own.

Website: https://www.odes.com.sg, https://www.mccoy.com.sg

Related Links :

https://www.mccoy.com.sg

PR Newswire

Osome Raises US$3m in Funding from XA Network and AltaIR Capital

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The accounting and corporate compliance super app will use funds to further develop its engineering, product development, and marketing

SINGAPORE, Nov. 6, 2020 " — Osome, a growing super app in the accounting and corporate compliance space, has raised US$3 million in funding by XA Network and AltaIR Capital. 

Small to medium sized businesses spend on average 120 days per year on administrative tasks, making it one of the most time-consuming business activities. Osome uses AI and ML techniques combined with the experience of human experts to solve this problem, disrupting the fragmented accounting and corporate services industry. 

With Osome, entrepreneurs can forget about administrative routine and focus on the thing that really matters – on their business. The company provides online accounting services for SMEs especially those involved with E-commerce.There is also a comprehensive range of services like incorporation, payroll and corporate secretarial work. These are tedious but unavoidable tasks which entrepreneurs usually outsource.

More than 4100 companies across the UK, Singapore and Hong Kong already use Osome on a daily basis and this number is growing by 2.5 times per year. Aspiring founders can open a company fully online while existing business owners can get their routine accounting and admin work done on the platform. Client issues are solved issues on the go, without having to call or visit the office – all users need to do to request help with certain tasks is to send a text message in the chat. Osome will circle back with the answer at any time of the day or week. 

AltaIR Capital is a European VC firm boasting over $300M across its three funds that has previously invested in Miro and PandaDoc. XA Network is an investment network comprising senior executives from leading technology companies investing across Southeast Asia. Among previous investors in the company is Target Global, an investor in Rapyd and Delivery Hero. The company will use this funding to further invest in engineering, product development, and marketing across the markets that it is present in – Singapore, Hong Kong, and the United Kingdom.

"We decided to invest in Osome as we have trust in the business model and see the team’s ability to scale it. The service is vital for many new enterprises and has huge growth potential," said Igor Ryabenkiy, Managing Partner of AltaIR Capital.

"Osome taps into a large and fragmented market opportunity and plays in an industry which is ripe for disruption. The company’s business model drives a step-change in both efficiency and customer satisfaction through automation, leading to a high potential for growth and profitability," said Gilberto Gaeta, XA Network’s member and Director, Southeast Asia, Google Customer Solutions.

"We’re glad that our investors believe in the future that we are creating for business owners to remove the headache of paperwork by texting it all away. We want to make it simple for our clients to go digital and acclimatise themselves to the current economy," said Victor Lysenko, founder and CEO of Osome.

The recent economic crisis and global lockdown caused by COVID-19 has pushed SMEs to accelerate the adoption of digital solutions. Osome has been at the forefront of this movement and is participating in Singapore’s Start Digital initiative alongside OCBC Bank – which is the second largest financial services group in Southeast Asia by assets. Start Digital under the SMEs Go Digital programme by the Singapore government provides grants to SMEs that take up approved solutions meant to reduce administrative workload. Osome is also enrolled under the SG:D Spark programme by the Infocomm Media Development Authority of Singapore.

"We are pleased that Osome has closed this new round of funding; this injection of funding will lend impetus to the company’s growth. This will increasingly help Osome to continue to innovate the automation process for corporate services, thus increasing the efficiency of how SMEs operate in today’s post-Covid norms", said Mr Edwin Low, Director of Innovation & Tech Ecosystem, Infocomm Media Development Authority of Singapore. 

About Osome
Osome, headquartered in Singapore, was launched in January 2018 to facilitate business management for small and medium-sized enterprises (SMEs). Its suite of services includes online accounting, business registration, corporate secretary services, and payroll management. Its platform uses automation tools and AI (artificial intelligence) to increase response time and accuracy, and to lower cost. It has market presence in Singapore, United Kingdom, Hong Kong. In 2018, it raised US$2 million in funding led by Target Global, including Phystech Ventures, AdFirst funds, and several angel investors
Find out more about Osome at https://osome.com. 

About XA Network
The XA Network (formerly known as Xoogler Angels) was founded in 2018 as an investment network comprising senior executives from leading global and regional technology companies. Our mission is to provide smart capital to early-stage companies across Southeast Asia.

XA focuses on early-stage investments. Founders value our members’ distinguished backgrounds as entrepreneurs and senior business builders. Furthermore, our portfolio companies are able to tap into the collective power of deep-rooted networks and expertise across business strategy, product development, and fundraising. XA has invested in a wide variety of sectors and over 20 companies since 2018, including Tigerhall, Neuron, Pencil, and Infradigital. XA Network is also an LP in Vertex Southeast Asia and India latest fund. For more information please visit www.xanetwork.co

About AltaIR Capital
AltaIR Capital (www.altair.vc) is a venture management company investing in early-stage and growth projects with a primary focus on FinTech and SAAS Productivity Tools. Among the best fintech investments of AltaIR are Miro, Albert, Deel, Lili, Guide Financial, Socure, SplitIt, EquityBee.

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Dubber “Best of Breed” UCR & Voice Intelligence Cloud selected for IBM Cloud for Telecommunications Services

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  • Integrated Cloud offering to unlock efficiency and new services across Service Provider Networks globally
  • Addresses critical customer challenges in compliance, customer experience and security at scale

MELBOURNE, Australia, Nov. 6, 2020 — Dubber Corporation Limited (ASX: DUB) (Dubber), has been chosen as the recording and data capture platform for IBM Cloud for Telecommunications. Dubber’s Voice Intelligence Cloud will enable Service Providers to deliver next-generation Unified Call Recording and Voice AI Services on a unified cloud platform. IBM announced Dubber on the IBM Cloud for Telecommunications today, selecting ‘best-of-breed’ solutions proven in leading Service Provider environments, as critical elements of the solution.

The only Unified Call Recording™ (UCR) solution integrated and interoperable with IBM Cloud for Telecommunications, Dubber enables Service Providers to offer solutions critical to their customers addressing compliance mandates, improving sales and service performance and unlocking the possibilities contained within voice data.

"IBM has assembled world-class ‘best of breed’ services to form a compelling Cloud offering for Service Providers with Dubber as a core component and the only Australian based company involved in the global offering," said James Slaney, co-founder, Dubber.

Today’s announcements furthers Dubber’s leadership globally in UCR and voice data as a service, increasing its ability to offer new services to its more than 140 Service Provider customers globally – and, for IBM to do the same with its global network of Service Provider customers.

"In simple terms, IBM and Dubber enable service providers to differentiate and create value from the conversations occurring on the network by making call recording and voice data as a service ubiquitous and open. All conversations can be captured in the Cloud, and converted to AI-enriched data," added Slaney. "Dubber will make it easy to capture all calls – from traditional landlines to 5G services, and any end-point provisioned by the Service Provider."

The IBM Cloud for Telecommunications enables digital transformation today. The ability to convert the content of any communication into usable data presents an opportunity for endless use cases and for IBM to demonstrate its unparalleled capability to create value from the data using AI and machine learning. IBM and Dubber have a well-established partnership in the area of voice data.

Data, analytics and artificial intelligence (AI) now play an expansive and critical role in generating new business value, lowering costs and improving customer advocacy. Where and how calls occur have dispersed – a trend likely to be accelerated by 5G adoption – requiring new unified solutions that capture data from any end-point. Dubber on IBM Cloud for Telecommunications ushers in a new era of Unified Call Recording from any end-point with all voice data unified in one Cloud platform delivering insights, automation and compliance like never before. Dubber eliminates the need for costly hardware, services and lock-in contracts – and enables Service Providers to eliminate operating costs while boosting performance.

This ASX release has been approved for release to ASX by Steve McGovern, CEO & Managing Director.

For further information on IBM Cloud for Telecommunications visit:

https://newsroom.ibm.com/Introducing-IBM-Cloud-for-Telecommunications-with-35-Partners-Committed-to-Join-IBMs-Ecosystem-and-Help-Drive-Business-Transformation

About Dubber:

Dubber is unlocking the potential of voice data from any call or conversation. Dubber is the world’s most scalable Unified Call Recording service and Voice Intelligence Cloud adopted as core network infrastructure by multiple global leading telecommunications carriers in North America, Europe and Asia Pacific. Dubber allows service providers to offer call recording for compliance, business intelligence, sentiment analysis, AI and more on any phone. Dubber is a disruptive innovator in the multi-billion dollar call recording industry, its Software as a Service offering removes the need for on premise hardware, applications or costly and limited storage.

PR Newswire

Bitauto Announces Completion of Merger

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BEIJING, Nov. 6, 2020 — Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of internet content & marketing services, and transaction services for China’s automotive industry, today announced the completion of the merger with Yiche Mergersub Limited ("Merger Sub"), a wholly owned subsidiary of Yiche Holding Limited ("Parent"), pursuant to the previously announced agreement and plan of merger, dated as of June 12, 2020 (the "Merger Agreement"), by the Company, Parent and Merger Sub. As a result of the merger, the Company became a wholly owned subsidiary of Parent and will cease to be a publicly traded company.

Pursuant to the Merger Agreement, which was approved by the Company’s shareholders at an extraordinary general meeting on October 23, 2020, each ordinary share of the Company (each a "Share") issued and outstanding  immediately prior to the effective time of the merger (the "Effective Time") has been cancelled and ceased to exist in exchange for the right to receive US$16 in cash without interest, and each outstanding American depositary share of the Company (each, an "ADS," representing one Share) represents the right to receive US$16 in cash without interest (the "Merger Consideration"), except for (a) certain Shares (including Shares represented by ADSs) owned by affiliates of Tencent Holdings Limited, an affiliate of JD.com, Inc., and Mr. Bin Li, chairman of the board of directors of the Company, which have been cancelled in exchange for newly issued shares of Parent, (b) Shares (including Shares represented by ADSs) owned by Parent, Merger Sub, the Company or any of their respective subsidiaries, (c) Shares (including Shares represented by ADSs) held by Citibank, N.A., the ADS depositary and reserved for issuance, settlement and allocation upon exercise or vesting of Company’s options and/or restricted share unit awards, and (d) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands, which have been cancelled and ceased to exist in exchange for the right to receive the payment of fair value of those dissenting shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

Each registered shareholder immediately prior to the Effective Time who are entitled to the Merger Consideration will receive from the paying agent a letter of transmittal and instructions on how to surrender their Shares in exchange for the Merger Consideration in respect of each Share held thereby, and should wait to receive the letter of transmittal before surrendering their Shares. Payment of the Merger Consideration (less an ADS cash distribution fee of US$0.05 per ADS), without interest and net of any applicable withholding taxes, will be made to holders of ADSs in respect of each ADS held thereby as soon as practicable after Citibank, N.A., the ADS depositary, receives the aggregate Merger Consideration payable to holders of ADSs from the paying agent.

The Company requested that trading of its ADSs on the New York Stock Exchange (the "NYSE") be suspended as of 9:00 a.m. (New York time) on November 5, 2020. The Company requested that the NYSE file a Form 25 with the Securities and Exchange Commission (the "SEC") notifying the SEC of the delisting of its ADSs on the NYSE and the deregistration of the Company’s registered securities. The Company intends to suspend its reporting obligations under the Securities Exchange Act of 1934, as amended, by promptly filing a Form 15 with the SEC. The Company’s obligation to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will cease once the deregistration becomes effective.

In connection with the merger, Duff & Phelps, LLC and Duff & Phelps Securities, LLC are serving as financial advisor to the special committee of the board of directors of the Company (the "Special Committee"). Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the Special Committee.

BofA Securities is serving as financial advisor to the investor consortium. Latham & Watkins LLP and Kirkland & Ellis are serving as U.S. legal counsel and Hong Kong legal counsel to the investor consortium, respectively.

About Bitauto Holdings Limited

Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content & marketing services, and transaction services for China’s automotive industry. Bitauto’s business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business.

Bitauto’s advertising and subscription business provides a variety of advertising services to automakers through the bitauto.com website and corresponding mobile apps which provide consumers with up-to-date automobile pricing and promotional information, specifications, reviews and consumer feedback. Bitauto also provides transaction-focused online advertisements and services for promotional activities to its business partners, including automakers, automobile dealers, auto finance partners and insurance companies. Bitauto offers subscription services via its SaaS platform, which provides web-based and mobile-based integrated digital marketing solutions to new car automobile dealers in China. The SaaS platform enables automobile dealer subscribers to create their own online showrooms, list pricing and promotional information, provide automobile dealer contact information, place advertisements and manage customer relationships to help them reach a broad set of purchase-minded customers and effectively market their automobiles to consumers online.

Bitauto’s transaction services business is primarily conducted by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a leading online automobile finance transaction platform in China, which provides transaction platform services as well as self-operated financing services.

Bitauto’s digital marketing solutions business provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns, advertising agent services, big data applications and digital image creation.

For more information, please visit ir.bitauto.com.

Safe Harbor Statement

This press release contains statements that express the Company’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (the "Act"). These forward-looking statements can be identified by terminology such as "if," "will," "expected" and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions. Risks, uncertainties and assumptions include: uncertainties as to how the Company’s shareholders will vote at the meeting of shareholders; the possibility that competing offers will be made; the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company, as well as the Schedule 13E-3 transaction statement and the proxy statement filed by the Company. These forward-looking statements reflect the Company’s expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:
Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com

Philip Lisio
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com

Related Links :

http://ir.bitauto.com