Tag Archives: FIN

PR Newswire

‘Dual circulation’: A crucial step for China’s economic development in new era

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BEIJING, Oct. 30, 2020 — A news report by China.org.cn on the 5th plenary session of the 19th central committee of the CPC and China’s "dual circulation":

 

The fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) concluded on Oct. 29. The session discussed and adopted the CPC Central Committee’s proposals for the formulation of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035. The principal idea of the 14th Five-Year Plan is to foster a new, dual-circulation development architecture with the domestic circulation as the mainstay, and with domestic and international development reinforcing each other.

The world today is undergoing profound changes rarely seen in a century. The global spread of COVID-19 has brought about more uncertainties and destabilizing factors. This has sent the world economy into recession, and caused a further contraction in international trade and investment. Meanwhile, some countries are blaming globalization for such issues as the hollowing out of industries, the widening wealth gap, and increasing political tensions. China is thus facing significant external headwinds.

Since the start of reform and opening-up over four decades ago, China has risen to become the world’s second largest economy. It is currently the largest manufacturer, the largest merchandise trader, and the holder of the largest foreign exchange reserves. It also ranks second in the world for attracting foreign investment and the consumption of goods. Its contribution rate to global economic growth has exceeded 30% for several years in a row. China is marching on its journey to fully build a modern socialist country. However, it still faces unbalanced and inadequate development.

Therefore, China has been working to foster a new, dual-circulation development architecture. This aims to remove the barriers existing in domestic circulation, and further unleash the potential of domestic markets, so as to support a higher level of circulation externally. This is not a short-term response by the country to deal with the epidemic and changes in the international environment. Instead, the move reflects China’s long-term strategic countermeasures under a global perspective, and is a crucial step in China’s economic development during the new era.

With a focus on domestic circulation, the model does not in fact mean complete isolation. On the contrary, it will lead to higher levels of opening-up. The "dual circulation" strategy is not the same as an international circulation in its narrow sense regarding foreign trade, capital, and foreign direct investment. Rather, it covers finance, currency, the flow of people, the spread of technologies, the flow of information and data, climate change, environmental protection, elimination of the wealth gap, the accomplishment of U.N. sustainable development goals, etc. It is a general circulation for industrial, supply and service chains with wider scopes, expanded areas, and higher levels.

The new, dual-circulation development architecture is a roadmap for China’s long-term overall economic development. It will also become an open and inclusive global economic engine which enjoys strong vitality and bright economic prospects.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

‘Dual circulation’: A crucial step for China’s economic development in new era
http://www.china.org.cn/video/2020-10/30/content_76860335.htm

 

Related Links :

http://www.china.org.cn

PR Newswire

Bursa Malaysia and CGS-CIMB Securities to Host InvestHack Virtual Hackathon to Improve Retail Investor Participation in the Marketplace

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KUALA LUMPUR, Malaysia, Oct. 30, 2020 — Bursa Malaysia Berhad ("Bursa Malaysia" or the "Exchange") in partnership with CGS-CIMB Securities Sdn Bhd ("CGS-CIMB"), will host the inaugural "InvestHack" hackathon event from 20 – 22 November 2020. Themed "InvestHack: Reimagine Investing", the contest aims to develop innovative solutions and offerings that can enhance retail investor participation in the marketplace. Joining in as community partners to support the competition are Malaysia Digital Economy Corporation (MDEC) and the Malaysian Global Innovation & Creative Centre (MAGIC).

Retail participation on Bursa Malaysia has seen significant growth this year, attributable to a variety of factors arising from the COVID-19 pandemic. As at end-September 2020, the retail participation recorded a 10-year high of 33.2%, while Average Daily Value (ADV) was RM1.327 billion representing a 231.4% increase compared to the same period in 2019.

Sustaining active participation by retail investors is essential towards a vibrant securities market, and the Exchange plans to focus on the use of technology to develop a more energetic marketplace. Towards this end, Bursa Malaysia and CGS-CIMB would like to invite all interested parties from around the world to join this competition. Registration for InvestHack is free and will offer a total cash prize of RM35,000. Teams will be required to work on four different challenges to improve the retail investor ecosystem. For more information and to register, please visit https://www.bursamarketplace.com/investhack-2020/.

Commenting on the initiative, Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said, "We are excited to host this event with our partner, CGS-CIMB Securities to create new opportunities to better serve the needs of the investing public. Technology is a critical enabler of growth and the Exchange is constantly looking for new ideas and technology solutions. We hope this platform can encourage and inspire creative ideas that will deliver value to the marketplace."

Ruzi Ajith, Chief Executive Officer of CGS-CIMB added, "We are honoured to be part of this event with Bursa Malaysia, as this platform encourages us to see investing from a different perspective. We look forward to the new ideas and innovative solutions that can improve the retail market place."

PR Newswire

FinVolution Group Chairman Continues to Purchase Company Shares

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SHANGHAI, Oct. 30, 2020 — FinVolution Group ("FinVolution", or the "Company") (NYSE: FINV), a leading fintech platform in China, today announced that Mr. Shaofeng Gu, Chairman and Chief Innovation Officer of the Company, has informed the Company that he purchased approximately in his personal capacity 0.4 million of the Company’s American Depositary Shares ("ADSs") in the third quarter of 2020. The ADSs purchased are in addition to those Mr. Gu purchased in the first and second quarters of 2020, as previously disclosed, and are independent of the Company’s share repurchase programs. All the ADSs purchased were made during an open window period and in full compliance with all Company and legal guidelines.

Mr. Gu commented, "Our strategy of acquiring better quality borrowers driven by our proprietary AI technologies has led to significant improvement in credit risk performance on the Company’s platform. Our continued investment in technologies has also enabled us to tap into new opportunities by empowering financial institutions to digitally transform their consumer finance business operations. I believe the current share price deeply undervalues the potential of the Company and serves as a highly attractive investment opportunity".

As of September 30, 2020, Mr. Shaofeng Gu beneficially owned 414,256,580 ordinary shares, representing approximately 28.9% of ownership in the Company.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2020, the Company had over 110.4 million cumulative registered users.

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

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200- Ext 8601
E-mail: ir@xinye.com

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

In the United States:
The Piacente Group, Inc.  
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

Related Links :

http://ir.finvgroup.com

PR Newswire

Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the Third Quarter of 2020

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TAIPEI, Oct. 30, 2020 — Chunghwa Telecom Co., Ltd. (TAIEX: 2412, NYSE: CHT) ("Chunghwa" or "the Company") today reported its un-audited operating results for the third quarter of 2020. All figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("T-IFRSs") on a consolidated basis.

(Comparisons throughout the press release, unless otherwise stated, are made with regard to the prior year period.)

Third Quarter 2020 Financial Highlights

  • Total revenue increased by 2.6% to NT$ 52.17 billion.
  • Mobile communications revenue decreased by 8.5% to NT$ 21.63 billion.
  • Internet revenue increased by 1.2% to NT$ 7.46 billion.
  • Domestic fixed communications revenue increased by 20.9% to NT$ 18.85 billion.
  • International fixed communications revenue decreased by 25.5% to NT$ 2.14 billion.
  • Total operating costs and expenses increased by 2.2% to NT$ 41.73 billion.
  • Net income attributable to stockholders of the parent increased by 3.2% to NT$ 8.35 billion.
  • Basic earnings per share (EPS) was NT$1.08.

Mr. Chi-Mau Shieh, Chairman and CEO of Chunghwa Telecom, said, "We achieved solid results in the third quarter of 2020 as a result of our successful business strategy and the hard work of our employees throughout the company."

"We are pleased to announce we maintained our leading market position in the mobile business. With the launch of the iPhone 12 in October, we are optimistic to exceed our annual target for 5G service adoption by the year end. To prepare for the expected high demand, we managed to finish construction of more than 3,000 base stations by the end of the quarter. As we continued to migrate subscribers to higher-speed service, we also experienced an uplift in the ARPU of broadband business. MOD maintained its outstanding market position, and we will continue to enrich the content to attract more subscribers. Our ICT project experienced robust growth with an 84.9% revenue increase year over year, and with the ongoing trend in work and study from home, we continued to see strong demand of IDC services, which has driven us to work on our next business expansion."

"Backed by our clear, strategic focus, strict cost saving measures and strong balance sheet, we remain confident in our ability to achieve healthy and sustainable long-term growth while delivering sustainable value to our shareholders," Mr. Shieh concluded.

Revenue

Chunghwa Telecom’s total revenues for the third quarter of 2020 increased by 2.6% to NT$ 52.17 billion.

Mobile communications revenue for the third quarter of 2020 decreased by 8.5% to NT$ 21.63 billion. This was mainly due to the decrease in handset sales revenue and the decrease in mobile service revenue resulted from market competition, VoIP substitution, as well as the impact of COVID-19 on roaming revenue.

Internet business revenue for the third quarter of 2020 increased by 1.2% to NT$ 7.46 billion.

Domestic fixed revenue for the third quarter of 2020 increased by 20.9% year over year to NT$ 18.85 billion, mainly due to the increase of ICT project revenue driven by the completion of major projects.

International fixed communications revenue decreased by 25.5% to NT$ 2.14 billion.

Operating Costs and Expenses

Total operating costs and expenses for the third quarter of 2020 increased by 2.2% year over year to NT$ 41.73 billion, mainly due to the increase of ICT project costs, which offset the decrease of cost of goods sold and interconnection costs.

Operating Income and Net Income

Income from operations for the third quarter of 2020 increased by 7.1% to NT$ 10.72 billion. The operating margin was 20.6%, as compared to 19.7% in the same period of 2019. Net income attributable to stockholders of the parent increased by 3.2% to NT$ 8.35 billion. Basic earnings per share was NT$1.08.

Cash Flow and EBITDA

Cash flow from operating activities for the third quarter of 2020 increased by 3.9% year over year to NT$ 20.44 billion, mainly due to the increase in the collection of accounts receivable.

Cash and cash equivalents, as of September 30th, 2020, decreased by 26.4% to NT$ 17.71 billion as compared to that as of September 30th, 2019. The decrease was mainly attributable to the payment of concession fees for the 5G frequency spectrum auction, which was partially offset by the increase in short-term bills payable and bonds payable.

EBITDA for the third quarter of 2020 increased by 6.8% to NT$ 20.09 billion. EBITDA margin was 38.51%, as compared to 36.99% in the same period of 2019.

Business and Operational Highlights

Broadband/HiNet

The Company continued to execute its strategy of encouraging FTTx migration. As of September 30th, 2020, the number of FTTx subscribers reached 3.63 million, accounting for 83.1% of the Company’s total broadband users. Moreover, the number of subscribers signing up for speeds of 100Mbps or higher increased by 11.3% year over year, reaching 1.72 million.

HiNet broadband subscribers decreased by 1.5% year over year to 3.60 million as of September 30th, 2020.

Mobile

As of September 30th, 2020, Chunghwa Telecom had 11.27 million mobile subscribers, representing a 6.0% year-over-year increase.

Fixed line

As of September 30th, 2020, the Company maintained its leading position in the fixed-line market, with a total of 9.96 million subscribers. 

Financial Statements

Financial statements and additional operational data can be found on the Company’s website at http://www.cht.com.tw/en/home/cht/investors/financials/quarterly-earnings

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Chunghwa’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to the risks outlined in Chunghwa’s filings with the U.S. Securities and Exchange Commission on Forms F-1, F-3, 6-K and 20-F, in each case as amended. The forward-looking statements in this press release reflect the current belief of Chunghwa as of the date of this press release and Chunghwa undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date, except as required under applicable law.

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

NON-GAAP FINANCIAL MEASURES

To supplement the Company’s consolidated financial statements presented in accordance with International Financial Reporting Standards pursuant to the requirements of the Financial Supervisory Commission, or T-IFRSs, Chunghwa Telecom also provides EBITDA, which is a "non-GAAP financial measure".  EBITDA is defined as consolidated net income (loss) excluding (i) depreciation and amortization, (ii) total net comprehensive financing cost (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other financing costs and derivative transactions), (iii) other income, net, (iv) income tax, (v) (income) loss from discontinued operations.

In managing the Company’s business, Chunghwa Telecom relies on EBITDA as a means of assessing its operating performance because it excludes the effect of (i) depreciation and amortization, which represents a non-cash charge to earnings, (ii) certain financing costs, which are significantly affected by external factors, including interest rates, foreign currency exchange rates and inflation rates, which have little or no bearing on our operating performance, (iii) income tax (iv) other expenses or income not related to the operation of the business. 

CAUTIONS ON USE OF NON-GAAP FINANCIAL MEASURES

In addition to the consolidated financial results prepared under T-IFRSs, Chunghwa Telecom also provide non-GAAP financial measures, including "EBITDA". The Company believes that the non-GAAP financial measures provide investors with another method for assessing its operating results in a manner that is focused on the performance of its ongoing operations.

Chunghwa Telecom’s management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company’s operating results, as well as when forecasting and analyzing future periods. However, the Company recognizes that:

  • these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company’s T-IFRSs financial measures;
  • these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company’s T-IFRSs financial measures;
  • these non-GAAP financial measures should not be considered to be superior to the Company’s T-IFRSs financial measures; and
  • these non-GAAP financial measures were not prepared in accordance with T-IFRSs and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principle.   

Further, these non-GAAP financial measures may be unique to Chunghwa Telecom, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company’s results to the results of other companies. Readers are cautioned not to view non-GAAP results as a substitute for results under T-IFRSs, or as being comparable to results reported or forecasted by other companies.

About Chunghwa Telecom

Chunghwa Telecom (TAIEX 2412, NYSE: CHT) ("Chunghwa" or "the Company") is Taiwan’s largest integrated telecommunications services company that provides fixed-line, mobile, broadband, and internet services. The Company also provides information and communication technology services to corporate customers with its big data, information security, cloud computing and IDC capabilities, and is expanding its business into innovative technology services such as IoT, AI, etc. In recent years, Chunghwa has been actively involved in corporate social responsibility and has won domestic and international awards and recognition. For more information, please visit our website at www.cht.com.tw

Related Links :

http://www.cht.com.tw

PR Newswire

Fang to Report Third Quarter 2020 Financial Results on November 13, 2020

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BEIJING, Oct. 30, 2020 — Fang Holdings Limited (NYSE: SFUN) ("Fang"), a leading real estate Internet portal in China, today announced that it will report its unaudited financial results for the third quarter ended September 30, 2020 before the U.S. market opens on Friday, November 13, 2020.

Fang’s management team will host a conference call on the same day at 7:00 AM U.S. ET (8:00 PM Beijing/Hong Kong time). The dial-in details for the live conference call are:

International Toll:

+65 67135600

Toll-Free/Local Toll:

United States

+1 877-440-9253 / +1 631-460-7472

Hong Kong

+852 800-906-603 / +852 3018-6773

Mainland China

+86 800-870-0075 / +86 400-120-0948

Direct Event Passcode

1383200#

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 (1383200#) and unique registrant ID. Get prompted 10 mins prior to the start of the conference. Enter the Direct Event Passcode above (1383200#), and your unique Registrant ID, followed by the pound or hash (#) sign to get into the call.

Direct Event online registration: http://apac.directeventreg.com/registration/event/2585897

A telephone replay of the call will be available after the conclusion of the conference call from 10:00 AM ET on November 13, 2020 through 7:59 AM ET November 21, 2020. The dial-in details for the telephone replay are:

International Toll:

+61 2-8199-0299

Toll-Free/Local Toll:

United States

+1 855-452-5696 / +1 646-254-3697

Hong Kong

+852 800-963-117 / +852 3051-2780

Mainland China

+86 400-602-2065 / +86 800-870-0206

Conference ID:

2585897

A live and archived webcast of the conference call will be available on Fang’s website at http://ir.fang.com.

About Fang

Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China’s fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com.

Related Links :

http://ir.fang.com

PR Newswire

Delving into DeFi’s Hidden Super Platform

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SINGAPORE, Oct. 30, 2020 — Quietly up against strong competitors, DRK aims to fundamentally transform daily activities of crypto users (and DeFi users in particular) as it works towards its ambition to become an all-in-one super platform in the crypto space. Based on its native chain (DRK Chain), the underlying platform centers around a decentralized cross-chain exchange (DRK DEX) seamlessly integrated with its Dapp ecosystem consisted of DeFi services (DRK Crosschain Swap, DRKompound), games (DRKats, DRocKet, DTrade), a social network reserved specifically for all crypto users (DRKakao), and more.

A glance of DRK super underlying platform
A glance of DRK super underlying platform

In its final form, DRK will be where crypto users can earn money 24/7, have fun and connect with like-minded people. The need for such a platform has never been greater. Imagine Facebook, Medium, Telegram, Coinmarketcap and Trustwallet all rolled into one, DrKakao is already in development, designed to connect crypto users and provide useful social features such as regulated P2P trading, and live streaming for crypto KOLs.

As the centerpiece in the grand scheme, DRK DEX has achieved 5.48M monthly views and is supporting 6 coins and tokens (on 4 popular blockchain networks), and 6 trading pairs. Innovations in cross-chain compatibility behind DRK DEX and DRK Swap have solved the headache facing all Defi projects: how to guarantee utility as well as usability and security. Users only need to log in once by connecting with your Metamask wallet to access wallets on all popular blockchain networks (Bitcoin, Ethereum, Tron, and DRK Chain), and do not need to switch networks while trading. The keys of these wallets are generated from your logged-in wallet signature, stored on the client side, and cannot be accessed by any party including the DEX creators.

Seamlessly integrated with DRK DEX, DRK Swap combines the best features of Uniswap with a smart fee mechanism to help liquidity providers mitigate impermanent loss in case of high slippage. Likewise, DRKompound brings Compound enthusiasts a DEX-like and much easier to use interface. On the other hand, DRKats combines elements of DeFi and NFT, allowing users to stake DRK coins in order to receive DRKat NFTs, which can be crossbred and traded freely.

All these high-performance Dapps were and will be built on DRK Chain, which is no less powerful than other popular blockchains, achieving high throughput, smart contract functionality, and compatibility with the Ethereum Virtual Machine (EVM) with support for the rich universe of Ethereum tools and DApps. This makes it easy for developers to port their projects over from Ethereum, and for users to configure applications like MetaMask to work with DRK Chain.

DRK Chain achieves 2 second blocktime with a Proof-of-Stake consensus algorithm and many innovations. Firstly, DaRK privacy protocol uses cutting-edge zero-knowledge proofs to enable private transactions. Secondly, the anti-spam mechanism applies a loyalty point on each address based on the amount of gas that address has contributed to the network, so that the higher the loyalty point is, the less gas it needs to prioritize outbound transactions. Thirdly, the anti-slack mechanism allows any validator node which stops mining blocks to be reported by any address and penalized, keeping validator nodes healthy and the network sustainable.

DRK, the native coin on DRK Chain, has been consistently valued at $0.05  for 3 months with a market cap of $800M, and a daily trading volume of $3M. Currently, 96% of DRK coin supply has been permanently locked in staking, and all newly mined DRK will be staked to prevent inflation. To further popularize its Dapps, DRK Team is considering to list DRK on a major exchange. In the meantime, a few startups are asking to list their own tokens on DRK DEX by paying a fee in DRD, yet another highly demanded token on DRK Chain.

For more information, please visit:
Website 1: draken.exchange
Website 2: explorer.draken.tech
Twitter: twitter.com/drkdefi
Telegram: t.me/drakentech
Email: contact@draken.tech

 

PR Newswire

YOFC Shares Vision for Future Optical Industry at the 2020 World Optical Fibre and Cable Virtual Conference

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WUHAN, China, Oct. 29, 2020 — Yangtze Optical Fibre and Cable ("the Company" and "YOFC", 601869.SH, 06869.HK), a global leader in the optical fibre and cable industry, shed light on trends of global fibre and cable markets at the CRU World Optical Fibre & Cable 2020 Virtual Conference which was attended by global industry leaders.

YOFC Shares Vision for Future Optical Industry at the 2020 World Optical Fibre and Cable Virtual Conference
YOFC Shares Vision for Future Optical Industry at the 2020 World Optical Fibre and Cable Virtual Conference

In the keynote address, Dr. Zhuang Dan, Executive Director and President of YOFC, called for global companies to embrace the challenges and opportunities of the industry in the post-pandemic era to speed up the development of all-optical networks. Later at the leadership panel, in which senior executives of the big three of global optical fibre and cable industry gathered together, Dr. Zhuang shared his insights into how the optical communications industry should respond to the pandemic and discussed how the market would move forward in the next 5 years with leaders from Corning Inc. and Prysmian Group.

"Even though the COVID-19 outbreak has brought a significant impact on our daily lives and the global economy, the demand for optical fibres and cables remains stable. However, the industry is still facing an imminent shakeup as the imbalance between the demand and supply has brought down the prices of optical products. In the fight against this pandemic, we have seen a rise in the adaptation of telecommunications that are playing a critical role in stemming the spread of the virus and connecting people and businesses. This has given rise to the drastic surge in internet use for remote working, education and healthcare, placing big demands on new all-optical networks, data centers, as well as the new infrastructures powered by 5G technology and next-gen information networks," said Zhuang Dan.

"In the face of the challenges and opportunities, YOFC has stepped up efforts in pioneering the development of new technologies and products for all-optical networks by focusing on F5G and 5G. To build an Internet of Things services powered by integration of fixed and mobile 5G networks, we continue to provide new solutions for industry partners to facilitate their business innovation and project cooperation, as well as strive to help the industry in accelerating the transition to the all-optical networks in the post-pandemic era," he added.

With the goal of establishing all-optical networks to digitally transform industrial production, business and people’s daily life, YOFC is focusing on building flexible, intelligent, green, all-optical data centers that are applicable for all production and business scenarios. The company also provides full life cycle solutions to meet the demands of various industries for cloud computing in the 5G era.

YOFC is dedicated to empowering the digital transformation of urban rail transit by helping build smart underground transportation systems powered by gigabit internet. Meanwhile, to usher in a new era for electronic communication infrastructures, YOFC has constructed a neural system for the digital grid that has been applied to the UHV transmission projects in China and built a 5G+ all-optical industrial internet to promote intelligent transformation for enterprises. In addition, YOFC has shifted from a manufacturer to a comprehensive solution provider that has built 5G fronthaul networks in cooperation with operators. Riding on the momentum, YOFC strives to drive forward the all-optical industry in the post-pandemic world.

The annual CRU World Optical Fibre and Cable Conference is established as the premier event for senior executives from the global optical fibre and communication cable supply chain. CRU Group, the organizer of the event, is a world-leading business intelligence company that offers market analysis for the optical industry. Its reports are highly regarded within the global telecommunication industry and provide important data and analysis for the upstream and downstream suppliers across the supply chains.

In partnership with CRU, YOFC first brought this global conference to Asia by holding the Asia-Pacific Optical Fibre and Cable Conference in China in 2015. In 2016 and 2017, the World Optical Fibre and Cable Conference was officially introduced to China and Asia through a joint effort of YOFC and CRU and was later transformed into one of the most influential communication platforms in the global optical industry.

In the following two years, YOFC continued playing an important role in upgrading World Optical Fibre and Cable Conference in cooperation with Corning Inc. and Prysmian Group. 2021 will mark the fourth cooperation between YOFC and CRU, demonstrating CRU’s high recognition of YOFC’s leadership in the global optical fibre and cable industry.

Related Links :

http://www.yofc.com

PR Newswire

PINTEC Announces RMB400 Million Financing under Equity Transfer Agreements

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BEIJING, Oct. 27, 2020 — Pintec Technology Holdings Limited (Nasdaq: PT) ("PINTEC" or the "Company"), a leading independent technology provider enabling financial services in China, today announced that Pintec (Yinchuan) Technology Co., Ltd. (the "Transferee"), a wholly-owned subsidiary of the Company, entered into certain equity transfer agreements (the "Agreements"), pursuant to which Ningxia Fengyin Enterprise Management Consulting LLP (the "Transferor") agreed to transfer all the outstanding equity interests in Yinchuan Chuanxi Technology Co., Ltd. ("Chuanxi Technology"), to the Transferee, in exchange for a total consideration of RMB400,000,000 (the "Consideration").  The parties agreed that Chuanxi Technology shall have an aggregate of no less than RMB400,000,000 in its bank account which is available for use at a specific date to be agreed by the parties. The transactions under the Agreements were closed on October 22, 2020.

The terms of the Consideration include the following features:

  • The full Consideration must be repaid by the Transferee within 20 days after the third anniversary of the closing date as defined under the Agreements (the "Closing Date").
  • To satisfy the payment obligation for the Consideration, the Company shall issue a warrant (the "Warrant") to an entity designated by the Transferor to subscribe in a private placement, for 320,036,576 class A ordinary shares of the Company, par value US$0.000125 per share (the "Warrant Shares").
  • The number of Warrant Shares is calculated by the U.S. dollar equivalent of the Consideration divided by US$0.1857 per share, which is equivalent to US$1.30 per American depositary share (each an "ADS"), representing approximately a 25.0% premium to the 45-day volume weighted average price of the ADSs.
  • The Warrant is exercisable immediately at the par value per Warrant Share and will expire on the third anniversary of the issuance date.
  • If the Warrant is fully exercised before its expiration date, the Transferee will be released from the obligation to pay the Consideration.
  • If the Warrant is not fully exercised before its expiration date, the Transferee will be required to pay the portion of the Consideration not reflected by the Warrant Shares (to the extent exercised) within 20 days after the expiration date of the Warrant. The Transferee is also obligated to pay an annual interest of 8.75% for any unpaid portion of the Consideration on a quarterly basis.
  • In connection with this transaction, the Transferee will cause its affiliates to pledge all equity interests of a subsidiary of the Company to the Transferor or a party designated by the Transferor within 20 days of the Closing Date.

Mr. Steven Sim, Chief Financial Officer of PINTEC, stated, "We are pleased to have successfully completed this financing even under the current challenging environment, and we appreciate the investors’ confidence in our business innovation. This transaction supports our strategic transformation, and the funds are intended for investment and acquisition in digital technology services, as well as general corporate purposes. We will continue to optimize our industry-leading tools and provide best-of-class solutions to digitally empower the way our partners conduct business in the financial markets. Finally, the cash injection from this transaction will further solidify our liquidity position, strengthen our balance sheet, and enhance our financial flexibility."

About PINTEC

PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions. For more information, please visit ir.pintec.com.

About Chuanxi Technology

Chuanxi Technology is a limited liability company incorporated under the laws of the People’s Republic of China on September 27, 2020, and a wholly-owned subsidiary of Ningxia Fengyin Enterprise Management Consulting LLP. Although Chuanxi Technology does not currently engage in any business activities, it is registered to engage in consulting services for various sectors including information technology, education, etc.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the quotations from management in this announcement, as well as PINTEC’s strategic and operational plans, contain forward-looking statements. PINTEC may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating to online consumer finance in China, the Company’s reliance on Jimu Group for a significant portion of its funding and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, publicity regarding the consumer finance industry and the evolving regulatory environment governing this industry in China, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:
Joyce Tang
Pintec Technology Holdings Ltd.
Phone: +86 (10)  8564-3600
E-mail: ir@pintec.com

Related Links :

https://ir.pintec.com/

PR Newswire

VeChain, Renji Hospital and DNV GL Held Strategic Partnership Signing Ceremony To Launch World’s First Blockchain Intelligent Tumor Treatment Center

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SHANGHAI, Oct. 27, 2020 — In partnership with VeChain and DNV GL, Renji Hospital, a top-ranked hospital in China affiliated with the Shanghai Jiaotong University School of Medicine, has announced the launch of the world’s first blockchain-enabled Intelligent Tumor Treatment Center on October 20, 2020. The Intelligent Tumor Treatment Center is a transparent, efficient, and traceable medical management solution powered by VeChain ToolChainTM.

Sunny Lu, Co-founder and CEO of VeChain & Jidong Zhang, Vice President of Renji Hospital & George Kang, Senior Vice President of DNV GL Group
Sunny Lu, Co-founder and CEO of VeChain & Jidong Zhang, Vice President of Renji Hospital & George Kang, Senior Vice President of DNV GL Group

As strategic partners of this new initiative, VeChain and DNV GL will jointly support the hospital in the quest to improve global public health through state-of-the-art blockchain technology and professional advisory.

VeChain ToolChainTM Powers The World’s First Intelligent Tumor Treatment Center 

The Intelligent Tumor Treatment Center combines the advantages of VeChain blockchain technology with DNV GL’s professional services. It enables full patient ownership of personal medical records, allowing patients to take control of the authorization and medical records data management. Research institutions inside and outside the hospital can use authorized data to improve the efficiency of clinical research, and regulatory agencies can use authorized data to conduct business compliance checks on medical institutions and establish a credit evaluation system.

Zhang Jidong, Vice President of Renji Hospital, said, "The launch of the Intelligent Tumor Treatment Centre intends to enhance high-quality integrated development of Renji Hospital. Moving forward, Renji intends to boost our healthcare facilities with more blockchain-powered use cases and projects, which will be gradually disclosed together with our partners when the time is right."

George Kang, Senior Vice President of DNV GL Group, said, "Through independent and objective medical evaluation methods, DNV GL intends to provide more services for Renji Hospital to improve its service quality and medical experience, moving to a new stage of higher standards, higher requirements and higher quality."

Sunny Lu, co-founder and CEO of VeChain, said, "As digital transformation accelerates in the healthcare sector, VeChain will continue to demonstrate its advantages and flexibility as a superior blockchain platform that is suitable for all types of use cases and industries. We are very proud and excited to be contributing to the public health industry by providing the technology for Renji Hospital’s Intelligent Tumor Treatment Centre."

VeChain Facilitating Digital Transformation To Improve Public Health

In line with the Chinese Government’s 14th Five-Year (2021-2025) Plan for Economic and Social Development, the National Health Commission formulated an official guideline and re-emphasized blockchain technology as an essential innovation and integration of the medical and health industry. VeChain is committed to solving the pain points of digital medical reform through blockchain technology and balancing personal privacy and public interests.

By using the self-developed one-stop data BaaS platform VeChain ToolChainTM , we have many proven cases in the medical sector, including a blockchain powered Clinical Trial Traceability Platform for Bayer China, and a blockchain-enabled medical data management platform named The E-NewHealthLife for Mediterranean Hospital of Cyprus. Facing new demands for digital transformation brought by COVID-19, VeChain, together with DNV GL, will be seeking for more opportunities to create more high-efficiency and low-cost digital solutions for the medical industry.

About VeChain
Launched in 2015, VeChain connects blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, D.I.G, ENN, Shanghai Gas, AWS, PICC, ASI etc. Website: www.vechain.com

About Renji Hospital
Built in 1844, Renji Hospital has a history of over 170 years. It has been the first western medicine hospital since the opening of Shanghai. With an integration of medical treatment, teaching and scientific research, it is a comprehensive 3A hospital (the top level of hospital ranking in China) with a complete range of disciplines. Up to now, Renji Hospital consists of five  areas in total. Below is the timeline of the development process of Renji Hospital.

About DNV GL
DNV GL is a leading provider of risk management and quality assurance services. The company is also a global leader in certifying management systems of companies across all types of industries, including F&B. Since 1864, its purpose has been to safeguard life, property and the environment. Passionate about safety, quality and integrity, companies turn to DNV GL to make complex decisions with confidence. DNV GL helps them manage their most critical risks and demonstrate compliance with regulations and standards.

Photo – https://techent.tv/wp-content/uploads/2020/10/vechain-renji-hospital-and-dnv-gl-held-strategic-partnership-signing-ceremony-to-launch-worlds-first-blockchain-intelligent-tumor-treatment-center.jpg
Logo – https://techent.tv/wp-content/uploads/2020/10/vechain-renji-hospital-and-dnv-gl-held-strategic-partnership-signing-ceremony-to-launch-worlds-first-blockchain-intelligent-tumor-treatment-center-2.jpg

 

Related Links :

http://www.vechain.com

PR Newswire

TerraPay strengthens its entry in North America with FINTRAC Canada MSB License

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TORONTO and HAGUE, Netherlands, Oct. 26, 2020 — Canada’s growth lends itself to an increasing population of immigrants boosting the economy. Fuelling its aim to attract migrants to the nation in the next few years calls for a seamless and secure framework to facilitate the money transfer requirements of all participants in the payments ecosystem.

As per the World Bank data estimated in 2018*, the outward remittance value of US$ 27B from Canada, with a growing share of digital remittances, reflect a global move towards cashless economies.

With an aim to further strengthen this drive to cater efficiently to the dynamic money transfer needs of the industry, TerraPay, a leading global payments infrastructure company, has recently announced its MSB registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

This license will facilitate the Company’s unparalleled and robust cross-border payments infrastructure to mobilize international remittances from the region in real-time, at low costs, and help offer diverse value added financial payment services to TerraPay’s partners and their customers.

The FINTRAC license adds to TerraPay’s 45+ regulatory approvals and local licences, now connecting Canadian immigrants to our global partner networks – 2B Bank Accounts, 500+M mobile wallets- across 100 countries, and 58+ settlement currencies.

Ambar Sur, Founder and CEO, TerraPay speaks on this proud moment, "The FINTRAC licence is a strategic boost to our commitment in driving digital interoperability across countries. We are well equipped to service the payment requirements of our partners and their customers in Canada. We work towards ensuring global access to all participants and innovation in the payments ecosystem."

*World Bank 2018 data

About TerraPay

TerraPay is a licenced digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and new-age platform technology serves as the digital interoperability engine enabling customers and businesses globally to send and receive payments in a secure, transparent, efficient and real-time basis. The agile network supports diverse payment instruments and types of payments, while adhering to complex regulations and compliance standards in different markets.

Media Contact:
Anwesha Mukherjee
+91 9717241606