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PR Newswire

Dingdong (Cayman) Limited Announces First Quarter 2023 Financial Results

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SHANGHAI, May 12, 2023 /PRNewswire/ — Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended March 31, 2023.

First Quarter 2023 Highlights:

  • GMV for the first quarter of 2023 decreased by 6.8% year over year to RMB5,451.2 million (US$793.8 million) from RMB5,851.3 million in the same quarter of 2022, primarily due to decreased consumer demand in the first quarter of 2023, as most of the pandemic restrictive measures were lifted. In contrast, consumer demand in the first quarter of 2022 was excessively high due to a series of restrictive measures implemented by local governments to contain the spread of the Omicron variant, in particular, during the city-wide lockdown in Shanghai last March. GMV in the first quarter of 2023 was also adversely affected by the Company’s withdrawal from several cities in 2022, due to difficulties in attaining profitability in these markets in the short term. Furthermore, the company reduced using subsidies and discounted pricing to attract and retain customers, which caused a temporary decrease in GMV.  Excluding March, GMV generated in January and February 2023 increased by 5.3% year over year to RMB3,600.9 million (US$524.3 million) from RMB3,420.7 million in the same period of 2022.
  • Fulfillment expenses for the first quarter of 2023 were RMB1,196.1 million (US$174.2 million), a decrease of 19.4% from RMB1,484.1 million in the same quarter of 2022. Fulfillment expenses as a percentage of total revenues decreased to 23.9% from 27.3% in the same quarter of 2022.
  • Non-GAAP net income for the first quarter of 2023 was RMB6.1 million (US$0.9 million), compared with non-GAAP net loss of RMB422.2 million in the same quarter of 2022.

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated,

“During the first quarter of 2023, there was reduced consumer demand for our products as China lifted its dynamic zero-COVID policy and people were traveling during the Chinese New Year and engaging in spring outings. We also incurred additional expenses and labor costs to ensure timely order fulfillment during the holiday. Despite these setbacks, we are proud that we were still able to achieve our expected non-GAAP breakeven this quarter.

Dingdong is a start-up dedicated to providing safe, healthy, and delicious food to users. Our mission is to innovate relentlessly for the betterment of people’s lives. We will leave no stone unturned to create value for consumers and society, while adhering to our roots and maintaining strict discipline. Our beliefs extend far beyond mere profitability, fueling our passion and drive to achieve success both now and in the future.”

Ms. Le Yu, Chief Strategy Officer of Dingdong, stated,

“In the first quarter of 2023, we recorded RMB5.45 billion GMV, with a year-over-year decrease of 6.8%, meanwhile our revenue was RMB5.0 billion, with a year-over-year decrease of 8.2%. To break it down, our GMV in January and February increased by 5.3% as compared to the same period of last year, and the decline in March was a comparison with the high base resulting from the lockdown in Shanghai last March. On a year-over-year basis, gross margin, fulfillment expense ratio, sales and marketing expense ratio, G&A expense ratio and product development expense ratio all were optimized. Our success in the first quarter adds confidence in our ability to achieve a full-year non-GAAP breakeven for 2023.”

First Quarter 2023 Financial Results

Total revenues were RMB4,997.5 million (US$727.7 million), representing a decrease of 8.2% from RMB5,443.7 million in the same quarter of 2022, which was primarily due to decreased consumer demand in the first quarter of 2023. In contrast, consumer demand in the first quarter of 2022 was excessively high due to a series of restrictive measures implemented by local governments to contain the spread of the Omicron variant, in particular, during the city-wide lockdown in Shanghai last March. Total revenues for the first quarter of 2023 was also adversely affected by the Company’s withdrawal from several cities in 2022, due to difficulties in attaining profitability in these markets in the short term. Total revenues for the first two months of 2023 increased by 5.2% year over year to RMB3,302.8 million (US$480.9 million) from RMB3,140.3 million in the same period of 2022.

  • Product Revenues were RMB4,937.8 million (US$719.0 million), a decrease of 8.1% from RMB5,375.1 million in the same quarter of 2022. Excluding March, total product revenues for the first two months of 2023 increased by 5.3% year over year to RMB3,261.8 million (US$475.0 million) from RMB3,096.2 million in the same period of 2022.
  • Service Revenues were RMB59.7 million (US$8.7 million), a decrease of 12.9% from RMB68.6 million in the same quarter of 2022, primarily because the Company was proactively optimizing its membership structure.

Total operating costs and expenses were RMB5,043.3 million (US$734.4 million), a decrease of 14.4% from RMB5,892.3 million in the same quarter of 2022, with a detailed breakdown as below.  

  • Cost of goods sold was RMB3,462.3 million (US$504.2 million), a decrease of 10.7% from RMB3,879.3 million in the same quarter of 2022. Cost of goods sold as a percentage of revenues decreased to 69.3% from 71.3% in the same quarter of 2022, primarily due to improvements in product development capabilities. Gross margin was 30.7%, a significant improvement from 28.7% in the same quarter of 2022.
  • Fulfillment expenses were RMB1,196.1 million (US$174.2 million), a decrease of 19.4% from RMB1,484.1 million in the same quarter of 2022. Fulfillment expenses as a percentage of total revenues decreased to 23.9% from 27.3% in the same quarter of 2022, mainly driven by the increase in average order value and improved frontline fulfillment labor efficiency.
  • Sales and marketing expenses were RMB87.5 million (US$12.7 million), a decrease of 50.3% from RMB176.1 million in the same quarter of 2022, as user acquisition cost per new transacting user decreased due to the Company’s improved product development capabilities and increasingly established brand image.
  • General and administrative expenses were RMB86.8 million (US$12.6 million), a decrease of 26.9% from RMB118.7 million in the same quarter of 2022, mainly due to the improved efficiency of our staff.
  • Product development expenses were RMB210.6 million (US$30.7 million), a decrease of 10.0% from RMB233.9 million in the same quarter of 2022, primarily due to the Company’s improved R&D efficiency. While advocating on energy and resource saving, the Company will continue its investments in product development capabilities, agricultural technology, data algorithms, and other technology infrastructure, to further enhance its competitiveness.

Loss from operations was narrowed to RMB50.1 million (US$7.3 million), compared with operating loss of RMB461.7 million in the same quarter of 2022.

Net loss was narrowed to RMB52.4 million (US$7.6 million), compared with net loss of RMB477.4 million in the same quarter of 2022.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB6.1 million (US$0.9 million), a significant improvement from non-GAAP net loss of RMB422.2 million in the same quarter of 2022. In addition, non-GAAP net margin, which is the Company’s non-GAAP net income / (loss) as a percentage of revenues, improved to 0.1% from negative 7.8% in the same quarter of 2022.

Basic and diluted net loss per share were RMB0.17 (US$0.02), compared with net loss per share of RMB1.48 in the same quarter of 2022. Non-GAAP net income per share, basic and diluted, was RMB0.01 (US$0.00), compared with non-GAAP net loss per share of RMB1.31 in the same quarter of 2022.

Cash and cash equivalents and short-term investments were RMB5,700.2 million (US$830.0 million) as of March 31, 2023, compared with RMB6,493.0 million as of December 31, 2022.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Friday, May 12, 2023 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Conference ID:

7302404

The replay will be accessible through May 19, 2023 by dialing the following numbers:

International:

1-412-317-0088

United States:

1-877-344-7529

Access Code:

5972888

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.100.me.

About Dingdong (Cayman) Limited

We are a leading fresh grocery e-commerce company in China, with sustainable long-term growth. We directly provide users and households with fresh produce, prepared food, and other food products through a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers’ evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be Chinese families’ first choice for food shopping.

For more information, please visit: https://ir.100.me.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP net (loss)/income, non-GAAP net margin, non-GAAP net (loss)/income attributable to ordinary shareholders and non-GAAP net (loss)/income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8676 to US$1.00, the exchange rate on March 31, 2023 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong’s strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dingdong’s goals and strategies; Dingdong’s future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong’s expectations regarding demand for and market acceptance of its products and services; Dingdong’s expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong’s industry; and relevant government policies and regulations relating to Dingdong’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

For investor inquiries, please contact:

Dingdong Fresh
ir@100.me

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of RMB and US$)

As of

December 31,

2022

March 31,

2023

March 31,

2023

RMB

RMB

US$

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

1,856,187

1,778,127

258,915

Restricted cash

2,763

7,714

1,123

Short-term investments

4,636,774

3,922,041

571,093

Accounts receivable, net

141,468

103,933

15,134

Inventories

604,884

478,763

69,713

Advance to suppliers

83,835

72,262

10,522

Prepayments and other current assets

170,336

181,256

26,394

Total current assets

7,496,247

6,544,096

952,894

Non-current assets:

Property and equipment, net

314,980

277,907

40,466

Operating lease right-of-use assets

1,425,117

1,362,000

198,323

Other non-current assets

145,563

145,815

21,232

Total non-current assets

1,885,660

1,785,722

260,021

TOTAL ASSETS

9,381,907

8,329,818

1,212,915

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

1,886,689

1,464,798

213,291

Customer advances and deferred revenue

253,010

241,289

35,134

Accrued expenses and other current
     liabilities

810,963

653,309

95,129

Salary and welfare payable

329,104

334,438

48,698

Operating lease liabilities, current

693,496

704,286

102,552

Short-term borrowings

4,237,978

3,803,576

553,844

Total current liabilities

8,211,240

7,201,696

1,048,648

Non-current liabilities:

Operating lease liabilities, non-current

678,000

615,025

89,555

Other non-current liabilities

75,000

115,067

16,755

Total non-current liabilities

753,000

730,092

106,310

TOTAL LIABILITIES

8,964,240

7,931,788

1,154,958

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Amounts in thousands of RMB and US$)

As of

December 31,

2022

March 31,

2023

March 31,

2023

RMB

RMB

US$

(Unaudited)

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY (CONTINUED)

Mezzanine Equity:

Redeemable noncontrolling interests

107,490

109,550

15,952

TOTAL MEZZANINE EQUITY

107,490

109,550

15,952

Shareholders’ equity

Ordinary shares

4

4

1

Additional paid-in capital

13,922,811

13,982,043

2,035,943

Treasury stock

(20,666)

(20,666)

(3,010)

Accumulated deficit

(13,580,086)

(13,634,537)

(1,985,343)

Accumulated other comprehensive loss

(11,886)

(38,364)

(5,586)

TOTAL SHAREHOLDERS’ EQUITY

310,177

288,480

42,005

TOTAL LIABILITIES, MEZZANINE EQUITY
    AND SHAREHOLDERS’ EQUITY

9,381,907

8,329,818

1,212,915

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Revenues:

Product revenues

5,375,090

4,937,763

718,994

Service revenues

68,582

59,715

8,695

Total revenues

5,443,672

4,997,478

727,689

Operating costs and expenses:

Cost of goods sold

(3,879,328)

(3,462,337)

(504,155)

Fulfillment expenses

(1,484,142)

(1,196,059)

(174,160)

Sales and marketing expenses

(176,116)

(87,464)

(12,736)

Product development expenses

(233,915)

(210,635)

(30,671)

General and administrative expenses

(118,771)

(86,842)

(12,645)

Total operating costs and expenses

(5,892,272)

(5,043,337)

(734,367)

Other operating expenses, net

(13,066)

(4,197)

(611)

Loss from operations

(461,666)

(50,056)

(7,289)

Interest income

13,234

33,751

4,915

Interest expenses

(30,708)

(28,876)

(4,205)

Other income, net

1,757

2,866

417

Loss before income tax

(477,383)

(42,315)

(6,162)

Income tax expenses

–

(10,076)

(1,467)

Net loss

(477,383)

(52,391)

(7,629)

Accretion of redeemable noncontrolling interests

(1,435)

(2,060)

(300)

Net loss attributable to ordinary shareholders

(478,818)

(54,451)

(7,929)

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(CONTINUED)
(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Net loss per Class A and Class B ordinary share:

Basic and diluted

(1.48)

(0.17)

(0.02)

Shares used in net loss per Class A and Class B
    ordinary share computation:

Basic and diluted

324,443,234

324,539,178

324,539,178

Other comprehensive loss, net of tax of nil:

Foreign currency translation adjustments

(24,959)

(26,478)

(3,855)

Comprehensive loss

(502,342)

(78,869)

(11,484)

Accretion of redeemable noncontrolling interests

(1,435)

(2,060)

(300)

Comprehensive loss attributable to ordinary
    shareholders

(503,777)

(80,929)

(11,784)

DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Net cash used in operating activities

(385,203)

(306,839)

(44,679)

Net cash generated from investing activities

885,907

669,811

97,532

Net cash generated from / (used in) financing activities

98,991

(432,873)

(63,031)

Effect of exchange rate changes on cash and cash
   equivalents and restricted cash

(3,560)

(3,209)

(468)

Net increase / (decrease) in cash and cash equivalents
and restricted cash

596,135

(73,110)

(10,646)

Cash and cash equivalents and restricted cash at the
    beginning of the period

670,432

1,858,951

270,684

Cash and cash equivalents and restricted cash at the
    end of the period

1,266,567

1,785,841

260,038

DINGDONG (CAYMAN) LIMITED 
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS 
(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Net loss

(477,383)

(52,391)

(7,629)

Add: share-based compensation expenses (1)

55,174

58,462

8,513

Non-GAAP net (loss) / income

(422,209)

6,071

884

Net loss margin

(8.8 %)

(1.1 %)

(1.1 %)

Add: share-based compensation expenses

1.0 %

1.2 %

1.2 %

Non-GAAP net (loss) / income margin

(7.8 %)

0.1 %

0.1 %

Net loss attributable to ordinary shareholders

(478,818)

(54,451)

(7,929)

Add: share-based compensation expenses (1)

55,174

58,462

8,513

Non-GAAP net (loss) / income attributable to ordinary
    shareholders

(423,644)

4,011

584

Net loss per Class A and Class B ordinary share:

Basic and diluted

(1.48)

(0.17)

(0.02)

Add: share-based compensation expenses

0.17

0.18

0.02

Non-GAAP net (loss) / income per Class A and Class B
    ordinary share:

       Basic and diluted

(1.31)

0.01

0.00

(1) Share-based compensation expenses are recognized as follows:

For the three months ended

March 31,

2022

2023

2023

RMB

RMB

US$

(Unaudited)

Fulfillment expenses

12,116

11,970

1,743

Sales and marketing expenses

(255)

789

115

Product development expenses

26,037

28,424

4,139

General and administrative expenses

17,276

17,279

2,516

Total

55,174

58,462

8,513
PR Newswire

HiCOZY Launches the Industry-First Vacuum Sealer with Magnetic Auto Sealing Technology

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Revolutionary magnetic auto-sealing locks in freshness with the push of a button

GARDEN GROVE, Calif., April 14, 2023 /PRNewswire/ — HiCOZY, a sister brand of AstroAI dedicated to home appliance research and development, recently announced the release of its newest product, the HiCOZY Vacuum Sealer (SJ-2030). Featuring industry-first magnetic auto-sealing technology, the HiCOZY Vacuum Sealer brings users a truly automatic vacuum sealing experience. Following last year’s successful debut of HiCOZY’s Nugget Ice Maker, today’s new release marks HiCOZY’s continued commitment to improving everyday convenience.


Boasting a full suite of practical features, the HiCOZY Vacuum Sealer is set to transform the industry. Its magnetic auto-sealing technology enables users to seal food without manually pressing the lid. It features intuitive bag-locating markers that allow for intuitive vacuum bag placement, along with an integrated storage compartment to keep the bags uncontaminated and accessible. Its adjustable sealing time allows users to customize their seal to match a wide variety of food.

“Vacuum sealing has been tested to be one of the best ways to preserve freshness. But most vacuum sealers on the market require hefty work from the users. “said Robert Miyoshi, HiCOZY’s general manager. “We’ve been listening to our customers and redesigned the HiCOZY Vacuum Sealer from the ground up. Thanks to all the automatic and user-friendly features, using this product feels like second nature.”

Magnetic Auto Sealing
The HiCOZY Vacuum Sealer is easy to operate, even for first-timers. Its unique magnetic auto-sealing technology seals the vacuum bag automatically without requiring users to press the lid or any other physical buttons. Its thoughtful bag-locating markers allow for easy bag placement, ensuring a perfect seal every time.

Customized Sealing
The adjustable sealing time works in tandem with up to 80 kPa of suction power to effectively seal virtually any food.
Increase the seal time to vacuum seal fresh meat with up to 80 ml of juice or decrease the seal time when preserving fragile food without crushing it. Users can also adjust the seal time when using vacuum bags of varying thicknesses.

Built-In Bag Cutter & Storage
The integrated bag storage compartment securely stores the vacuum bags to avoid cross-contamination. Additionally, the built-in bag cutter makes precise cuts for less waste. Free vacuum bags are included in the package.

Thoughtful Design & Great Gift
Built with convenience in mind, the HiCOZY Vacuum Sealer is very easy to clean and maintain. The detachable drip tray allows for hassle-free cleaning. Its sleek design makes it a great gift that compliments any kitchen.

Price and Availability
Retails for $79.99, HiCOZY vacuum sealer is available on Amazon now.
To learn more about the product, please visit:
Amazon: https://www.amazon.com/dp/B0BHYVXYFQ?maas=maas_adg_152A0128DC103CFF0E2F664589DBF05E_afap_abs&ref_=aa_maas&tag=maas
Website: https://www.hicozy.com/product-vacuum-sealers?utm_source=news&utm_medium=text&utm_campaign=sealer 

About HiCOZY
HiCOZY was founded in 2022 with the goal of making every aspect of your idealized lifestyle a reality. HiCOZY aims to connect innovative technology with creative ideas, empowering you to live a beautifully happy life. For HiCOZY, home isn’t just a place to sleep, but a sanctuary that’s uniquely yours.

Contact
Marketing Team
HiCOZY
marketing@hicozy.com

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PR Newswire

Fuwei Films (Holdings) Co., Ltd. Announces Proposed New Executive Officer

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BEIJING, Dec. 16, 2022 /PRNewswire/ — Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) (“Fuwei Films” or the “Company”), a manufacturer and distributor of high-quality BOPET plastic films in China, announced that immediately upon the completion of the merger transaction previously announced on July 19, 2022 contemplated by the agreement and plan of merger between Fuwei Films and BaiJiaYun Limited, Mr. Yong Fang will be appointed as the chief financial officer of the Company and Ms. Jingjing Cheng, the current chief financial officer of the Company, is expected to resign from such role.

Mr. Yong Fang has served as the chief financial officer of BaiJiaYun Limited and its subsidiaries since June 2021. Mr. Fang is experienced in finance and accounting. From July 2018 to May 2021, he served as the assistant controller of Sangraf International Inc., a company focuses on manufacturing and distribution of premium graphite electrodes globally. From January 2018 to July 2018, Mr. Fang served as the technical accounting manager at SOA Projects, Inc., a company providing clients ranging from high-tech startups to fortune 100 companies with professional service including technical accounting, financial reporting and internal audit. From January 2015 to January 2018, Mr. Fang served as the senior auditor at the San Francisco office of Marcum LLP, an independent public accounting & advisory services firms. From January 2014 and January 2015, Mr. Fang worked as financial consultant at Murdock and Martel, which provides accounting, finance and human resources services to established and emerging growth companies in Silicon Valley, California. Mr. Fang received his MBA degree in 2013 from Thomas Jefferson University/Philadelphia University. He received his master’s degree in Accounting and Financial Management in 2008 from Temple University. He earned his bachelor’s degree in Accounting in 2002 from Hunan University. He holds a Certified Public Accountant designation from the State of New York and a Certified Fraud Examiner (inactive) from ACFE.

About Fuwei Films

Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. (“Fuwei Shandong”). Fuwei Shandong develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei’s BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.

Safe Harbor

This press release contains certain “forward-looking statements.” These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the pending transaction described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the equity values, the benefits of the proposed transaction, expected revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transaction. The words “will,” “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements.

Such forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission which, among other things, include the significant oversupply of BOPET films resulting from the rapid growth of the Chinese BOPET industry capacity, changes in the international market and trade barriers, especially the uncertainty of the antidumping investigation and imposition of an anti-dumping duty on imports of the BOPET films originating from the People’s Republic of China (“China“) conducted by certain countries; uncertainty around coronavirus (COVID-19) outbreak and the effects of government and other measures seeking to contain its spread, uncertainty around U.S.-China trade war and its effect on the Company’s operation, fluctuations of the RMB exchange rate, and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years; the effect of the announcement of the transaction with BJY on the ability of the Company to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the Company or BJY do business, or on the Company’s or BJY’s operating results and business generally; risks that the transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the transaction; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, at all or in a timely manner; risks that the proposed transaction may not close due to prohibition by a governmental entity; the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction documents; any material adverse change with respect to the financial position, performance, operations or prospects of the Company or BJY; changes in applicable laws and regulations; risks relating to the combined company’s ability to enhance its services and products, execute its business strategy, expand its customer base and maintain stable relationship with its business partners; and business disruption following the transaction. The forward-looking information provided herein represents the Company’s estimates as of the date of the press release, and subsequent events and developments may cause the Company’s estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company’s estimates of its future financial performance as of any date subsequent to the date of this press release.

A further list and description of risks and uncertainties can be found in the documents that the parties have filed or furnished, or may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and BJY, the Company and their subsidiaries and affiliates undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

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Stories of Chinese Craftsman’s Spirit – A Feast for Your Eyes: Exquisite Artisan Chinese Pastries by Chef Zhao

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BEIJING, Sept. 9, 2022  /PRNewswire/ — A news report by China.org.cn on CPC centenary:

On a July day in 2022, two international students came to visit Huilian Zhao, head pastry chef at Beijing Minzu Hotel, to learn how to make creatively shaped Chinese pastries. The two students are Yisheng Zhang from Mali and Sisi Yang from Costa Rica.

Upon their arrival, they tasted some of the creatively shaped pastries made by Chef Zhao. They are stunned by the exquisiteness and great taste of these food. Yang exclaimed over a one that looks exactly like an apple, and Zhang kept saying “yummy” after tasting a “walnut”. And then, Chef Zhao began to show them how to handmake a walnut-shaped pastry. Under his  guidance, the two students soon got the hang of it. “Awesome!” Yisheng murmured exultingly.

Besides, these pastries also reflect good wishes. The beautiful walnut-shaped pastry signifies “harmony and beauty”, as, in Chinese, the first character of “walnut”(hetao) is the homonym for “harmony”(he). If paired with an apple, it will mean world peace, as the Chinese word they formed is pronounced the same as “peace”(heping). “How brilliant! These pastries not only look beautiful, but also convey good wishes,” Yang said admiringly.

When asked how he started his career in pastry-making, Huilian Zhao replied smilingly, “I began to be interested in it when I saw a chef demonstrate how to make pastries at a Mid-Autumn Festival. I can’t help marveling at the exquisiteness of the artisan food. Since then, I began to love it. ” Mr. Zhao, who was then just asked to work temporarily in the workshop due to chef shortages, wouldn’t have thought that he would become a pastry chef later and pursue the career for the rest of his life. Today, many foreigners, attracted to his delicate pastries and superb craftsmanship, have come to visit him，wanting to see him at work.

Creatively delicate pastries made by Chef Zhao, which used to be served just for ordinary customers in a Beijing hotel, have now been in the state banquet menu and started to be known to the world.  Huilian Zhao is presenting, in his own way, to the world the great charm of Chinese pastries. Chef Zhao is much more than a national master in pastry. He is also one of the Chinese artisans representing the spirit of craftsman.

After this hands-on experience, the two international students learned the basic procedure for making creatively shaped Chinese pastries, and more importantly, gained a better understanding of the Chinese craftsman spirit, the very working attitude seen in Huilian Zhao, who kept pursuing excellence in pastry-making in the hope of spreading Chinese pastries exhibiting oriental beauty and Chinese-style elegance all over the world.

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Electrolux GRO – a future kitchen concept designed to help people eat more sustainably

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STOCKHOLM, June 2, 2022 /PRNewswire/ — Electrolux introduces GRO*, a future concept aimed at reinventing the kitchen and enabling people to enjoy food in a way that’s sustainable for health and the planet. Through a collection of modular solutions powered by advanced sensors and AI, based on behavioral science and the planetary health diet from the EAT-Lancet report**, Electrolux has created a vision of a better tomorrow.

Food is not only the single most critical factor in human health; the current food system has also severely damaged the climate and our ecosystems. How we eat, cook, and shop needs to be transformed to sustain our planet.

“Electrolux has set the ambition to make healthy and sustainable eating the preferred choice by 2030, and GRO is our testament to that. By challenging conventional thinking of what a kitchen is, we have rethought everything from the start – aiming to help change behaviors by making planet-friendly eating effortless and enjoyable through groundbreaking design,” says Tove Chevalley, Head of Electrolux Innovation Hub.

The GRO concept is entirely built on data and behavioral science, which has been the foundation for every design decision and product feature within the kitchen system. It’s also about exploring how kitchen products can contribute to eating more sustainably. Inspired by experts, chefs, early adopters and thousands of consumers, GRO empowers people to act on key recommendations in the renowned EAT-Lancet report**, designed to support people’s personal needs to move towards a more sustainable diet.

“The way we currently produce food to feed the planet is tragically at the expense of the planet itself. Research shows, one important action we can take to change this is to dramatically reduce consumption of animal source foods in places where they are currently over-consumed. This will help ensure enough healthy food can be produced for every person on the planet without destroying it. Food must be elevated as a key solution by anyone serious about tackling climate change and restoring nature,” says Brent Loken, Global Food Lead Scientist at WWF. Previously, Brent worked for EAT, where he was a lead author on the EAT-Lancet report.

With this in mind, Electrolux created the “jewelry box,” a storage solution within the GRO kitchen system, nudging people to eat less but better meat and explore new and diverse sources of protein.

There is also a global trend in the plant-forward world of reinventing new dishes by mixing techniques and flavors to enhance the taste experience. Specific techniques previously used to prepare meat dishes are now part of the plant-forward world. GRO’s “nordic smoker” enables people to smoke their ingredients at home, inspiring them to combine different flavors.

The concept’s digital platform will help to visualize the user’s eating habits and planetary impact, providing personal goal setting, guidance, and progress measurement over time. For example, tips on recipes, local produce and sustainable ingredients based on personalized taste, nutritional needs and what is in the fridge, is also a service that GRO can provide.

The insights from GRO form the basis for Electrolux product development with the aim that future products will be even better at supporting more sustainable living.

“GRO is our vision of what a kitchen could look like. A vision that will inspire and guide our company’s innovations going forward, whilst pushing us forward to meet our sustainability goals,” Chevalley adds.

Read more about Electrolux GRO here: https://www.betterlivingelectrolux.com/gro

*Swedish for ‘to sprout’.
**EAT-Lancet Report is the first full scientific review of what constitutes a healthy diet from a sustainable food system, and which actions can support and speed up food system transformation. The report was prepared by EAT and is an adapted summary of the Commission Food in The Anthropocene: the EAT-Lancet Commission on Healthy Diets from Sustainable Food Systems. The entire Commission can be found online at thelancet.com/commissions/EAT.

For further information, please contact Electrolux Press Hotline, +46 8 657 65 07.

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LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT

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Latest Collaboration Between Premium Living Solution Provider and the Multi-talented Legend Serves Up Exceptional Flavors and Timeless Moments

SEOUL, South Korea, May 6, 2022 /PRNewswire/ — LG SIGNATURE, the premium brand of LG Electronics, has collaborated with brand ambassador and Award-winning artist, John Legend, for a special, limited-edition wine. Released under Legend’s own LVE label, the exclusive wine was unveiled at a special event held on May 3.

LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT
LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT

The invite-only function, themed Timeless Moments with Loved Ones, took place at Wappo Hill, the private home of celebrated vintner and co-founder of LVE, Jean-Charles Boisset. LG SIGNATURE brand ambassadors – the international style authority Olivia Palermo and noted wine critic James Suckling – were among the evening’s special guests, while other VIP attendees included LG SIGNATURE customers, retailers, journalists, wine reviewers and lifestyle influencers.

To begin the sophisticated soiree, John Legend and Jean Charles Boisset were joined by an LG SIGNATURE representative to share the story of the exclusive wine – from the original idea for their collaboration to an inviting description of the full-bodied Cabernet Sauvignon’s rich, complex flavors. The delighted guests were then serenaded by John Legend, who, accompanying himself on the piano, performed “You Deserve It All,” the song he wrote for LG SIGNATURE, along with his hit “All of Me” and a selection of other favorites.

Bringing the evening back to the subject of wine, James Suckling then hosted a special session on wine preservation, offering up practical tips and outlining the impressive features and benefits of the specialist LG SIGNATURE Wine Cellar. Before the evening came to a close, guests were treated to a gourmet three-course meal prepared by Boisset’s head chef Rafael Molina and paired with LVE’s delectable wine.

The limited-edition Legend X SIGNATURE wine is a 2018-vintage cabernet sauvignon crafted at Napa Valley’s renowned Raymond Vineyards. Only 300 bottles have been made, with 50 served at the event and the remainder available exclusively to LG SIGNATURE VIP customers and those purchasing an LG SIGNATURE Wine Cellar.

Complementing the wine’s superb taste is an understated label design and sophisticated black bottle, which speak to the timeless quality and premium nature of LG SIGNATURE. The bottle echoes the look and feel of the minimal Black Diamond Glass used for the LG SIGNATURE Refrigerator, while the premium Textured Steel™ Finish of the LG SIGNATURE Wine Cellar is expressed through the silver font etched into the label.

America’s – and John Legend’s – favorite red wine, cabernet sauvignon pairs perfectly with a wide variety food. Cabernet sauvignons from California’s Napa Valley region are widely considered among the best produced in the ‘New World,’ rivaling those from the variety’s native France in popularity with wine connoisseurs worldwide. The 2018 vintage from Napa Valley is noted for an exceptionally ‘juicy’ and well-rounded flavor profile resulting from the ideal weather conditions experienced that growing season. For optimal preservation, the Legend X SIGNATURE wine is best kept in the temperature- and humidity-controlled conditions offered by the LG SIGNATURE Wine Cellar.

“It was a pleasure to celebrate our limited-edition wine with music in such an intimate environment for people to truly experience the magic of LG SIGNATURE and LVE,” says Legend.

“Ever since LG SIGNATURE’s launch more than six years ago, we’ve continuously worked to provide opportunities for people to connect with our premium brand and acquaint themselves with our unique vision for a truly luxurious lifestyle,” said Lee Jeong-seok, head of LG Electronics’ Global Marketing Center. “With ambassadors like John, who embody what this brand is all about, we’re able to communicate the meaning and premium value of LG SIGNATURE to a much wider audience.”

About LG SIGNATURE

LG SIGNATURE is the first ultra-premium brand across multiple product categories from global innovator LG Electronics. Designed for the most discerning consumers, LG SIGNATURE products deliver a state-of-the-art living experience that feels pure, sophisticated and luxurious. Combining the very best of everything LG has to offer, LG SIGNATURE products are designed with a focus on their “true essence” aligned with the brand’s modern, distinctive design. For more information, visit www.LGSIGNATURE.com.

LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT
LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT

LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT
LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT

LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT
LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT

LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT
LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT

LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT
LG SIGNATURE AND JOHN LEGEND UNVEIL LIMITED-EDITION WINE AT EXCLUSIVE EVENT

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On-demand Food Delivery Services: Next Growth Frontier in Southeast Asia

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Exponential rise in internet penetration and mobile applications expedites growth opportunities, says Frost & Sullivan

SAN ANTONIO, Feb. 15, 2022 — Frost & Sullivan’s recent analysis, Southeast Asian On-demand Food Delivery Market, finds that the industry presents promising growth opportunities for market participants. Increasing internet penetration and mobile applications and surging internet subscribers accelerate market expansion. The gross merchandise value (GMV) of the market in the region is likely to reach $49.72 billion by 2030, up from $15.15 billion in 2021, registering a compound annual growth rate (CAGR) at 14.1%.

On-demand Food Delivery Services: Next Growth Frontier in Southeast Asia
On-demand Food Delivery Services: Next Growth Frontier in Southeast Asia

For further information on this analysis, please visit: https://frost.ly/6zk

Southeast Asia’s on-demand food delivery market is highly concentrated. GrabFood (by Grab), Foodpanda (by Delivery Hero), and GoFood (by Gojek) contributed 84.8% of the total market share in 2021, followed by smaller operators such as Deliveroo in Singapore, Line Man in Thailand and ShopeeFood in Indonesia, Malaysia and Thailand. By market share in 2021, GrabFood is the leading on-demand food delivery service in Southeast Asia with 47.8% of the market, followed by Foodpanda at 23.2%, GoFood at 13.8% and others at 15.2%.

"The rise of shared mobility solutions in Southeast Asia has accelerated the expansion of on-demand food delivery services. Backed by large customer bases and user dependence, operators’ super apps are enabling value chain integration," said Ming Lih Chan, Industry Analyst, Mobility at Frost & Sullivan. "Additionally, major on-demand service operators are expected to broaden their product portfolios in the next one to three years, including on-demand deliveries of food and beverage, fresh foods and kitchen supplies, groceries, pharmaceutical products, and so on."

Chan added: "The developments of on-demand food delivery services will lead to the optimization of merchants, including supply chain management and time management, which vary according to the food delivery types such as instant, scheduled, and deferred. In addition, with the rapid advancement of technology and the popularization of mobile internet, adoption of digital payment solutions as opposed to cash on delivery will also increase."

To tap into the growth prospects, on-demand food delivery operators should:

  • Evaluate the potential integration of different industries, especially those related to mobility, including strategic partnerships, mergers, and acquisitions.
  • Improve the instant food delivery market and strengthen their competitiveness by broadening their product portfolios and application of new technologies.
  • Explore partnerships with merchants, especially food and beverage restaurants and catering services, to enrich product choices for users.

Southeast Asian On-demand Food Delivery Market, 2021-2030 is the latest addition to Frost & Sullivan’s Mobility research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion

Southeast Asian On-demand Food Delivery Market, 2021-2030

PCAF

Contact:

Melissa Tan
Corporate Communications
T: +65 6890 0926
E: melissa.tan@frost.com

http://www.frost.com

 

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Yunji’s Private Label Food Brands Are a Hit With Members During 2022 Online Lunar New Year Shopping Festival

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HANGZHOU, China, Jan. 28, 2022 — Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based social e-commerce platform, announced that it will continue to provide its e-commerce service to its platform members during the China Ministry of Commerce’s 2022 Online Lunar New Year Shopping Festival event ("the Event") and related holiday shopping campaigns.

Yunji’s theme for this year’s Event is food. Among Yunji’s private label food products, Li Batian’s sausage, Mars Chef’s beef, Baiyueshan’s wolfberry puree, and autumn pear grease were all heavily promoted by the Company and successfully satisfied user demand for Lunar New Year gifts for relatives and friends. The high repurchase rate for products in the food category demonstrates the popularity of the Company’s private label products.

During the event, platform members utilized Yunji’s platform, app, and WeChat mini-program to not only purchase household goods for their own families, but also to send holiday gifts to their friends and families. Yunji further extended its merchandise selection by launching Lunar New Year gift boxes and saver packs that were well-received by its members. Although Yunji’s Event was themed around food, other product categories such as beauty and health care, maternity and childcare, home furnishing, digital devices, and apparel also proved popular with members.

In the year since they were launched, Yunji’s private label food brands have sold extremely well. Baiyueshan wolfberry puree is one of the Company’s private label food brands and was launched less than six months ago. The popularity of the puree is shown by the fact that half of the members who bought the product have since repurchased it. Within the food category, members in the "mothers" user segment are some of the most enthusiastic repurchasers of Yunji’s private label brands.

Shanglue Xiao, Founder and CEO of Yunji, commented, "We are delighted to see how popular our private label food brand products are with our platform members. Yunji is the go-to platform for nutritious and high-quality food at a reasonable price, especially during the Lunar New Year Shopping Festival. We are dedicated to further developing our membership-based social e-commerce model and our private label food brands, thus further promoting repeat purchases by our platform members."

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as Yunji’s strategic and operational plans, contain forward-looking statements. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Yunji’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Yunji’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Yunji’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About Yunji Inc.

Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company’s e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices.

For more information, please visit https://investor.yunjiglobal.com/

Investor Relations Contact

Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957

ICR, LLC.
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957

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Happiness Development Announces $10 Million Private Placement to Support Its International Expansion

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NANPING, China, Jan. 21, 2022 — Happiness Development Group Limited ("HAPP" or the "Company"), (NASDAQ: HAPP) a China-based company engaging in the business of production of nutraceutical and dietary supplements, providing e-commerce sales and e-commerce marketing solutions, and the sales of automobile today announced it has entered into certain securities purchase agreement with several non-U.S. strategic investors to sell total 12,500,000 Class A ordinary shares at a per share purchase price of $0.80, with over 45% premium to the market price of its Class A ordinary shares.

The Company intends to use the gross proceeds to expand its international e-commerce sales for its current products and potential addition of new products overseas as well as for working capital and general corporate use.

"We are very grateful to these strategic investors for their support to our international expansion, especially with a premium price. We look forward the expertise and resources in the international market these investors will bring to our Company. We have successfully exported about US$2 million of Lucidum products in 2021, which gives us great confidence to expand our international sales. In 2022, we will further expand and seek development and breakthroughs in international business. At the same time, we will further increase the scope of export products and will not rule out the possibility of overseas acquisition or participation in planting and R&D of new products. As a NASDAQ listed company, we will seek to further internationalize the company and make our products accessible to people all over the world. We believe with the contribution of the strategic capital from investors, this process will be greatly accelerated," Mr. Xuezhu Wang, CEO of the Company, commented.

About Happiness Development Group Limited

Headquartered in Nanping, China, Happiness Development Group Limited currently has three business lines: nutraceutical and dietary supplements, e-commerce and automobile sales. The nutrition and dietary supplements business is focusing on the research, development, manufacture and marketing of various products made from Chinese herbal extracts and other ingredients. Over the past 17 years, we have established a product portfolio consisting of 23 PRC National Medical Products Administration registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. Our e-commerce business focuses on offering e-commerce solutions, including advertising and information technology services to small and medium-sized enterprises in China. We also run our online stores which carries our products of dietary supplements and other selected products sourced from the small and medium-sized enterprises in China. Our mission for the e-commerce business is to enable small and medium-sized enterprises to fully leverage the power of e-commerce to grow rapidly. Our automobile sales adopts the B2B business model and is committed to optimizing the auto supply chain by connecting car dealers on our online automobile sales platform and offering the overall services for purchasing automobiles. For more information, please visit: www.happ.org.cn

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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Edible fungus industry stimulates rural revitalization in Guiyang

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BEIJING, Jan. 5, 2022 — A news report from China Daily on Guiyang.

Success of agricultural sector sees output and profits of Guizhou province rise substantially.

As a key edible fungus demonstration zone in Guizhou province, Baiyun district in Guiyang city is integrating the industry with modern technologies and boosting the high-quality development of the entire industrial chain through a series of initiatives, said local officials.

Edible fungus is one of Guizhou’s 12 major characteristic agricultural industries. In the past four years, the province’s edible fungus output has increased by 51.4 percent per year and its value has increased by 60.7 percent per year.

A farmer holds a basket of edible fungus ready for selling. [photo/China Daily]
A farmer holds a basket of edible fungus ready for selling. [photo/China Daily]

In 2020, the output of edible fungi in Guizhou reached 1.48 million metric tons, with an output value of 18.4 billion yuan ($2.89 billion).

The growth rate ranks first in the country, and the overall scale pushes it into the top 10 in the country.

As of the end of October, a total of 21 edible fungus bases have been built in Baiyun. Since 2016, 176.9 million fungus sticks have been planted, with an output of 86,700 tons and an output value of 1.02 billion yuan.

The edible fungus in Baiyun is equipped with a full chain tracking management model from the production, cultivation, processing and certification to testing phases.

Liao Yiren, manager of Intelligent Fungus Cloud, an online platform for the entire industry chain of edible fungi, said based on cutting-edge technologies such as big data, the internet of things and artificial intelligence, the platform focuses on areas of production, planting, processing, supply and marketing, certification and testing.

To date, the platform has established 31 data collection points, with 15 edible fungus companies, cooperatives, bases, and large households.

Guizhou Jukong Technology is one of the enterprises on the platform. It has established the first intelligent base for rare edible fungi in Baiyun, which not only improves the standardization and automation of edible fungi production, but also the utilization rate of agricultural resources as well as easing the shortage of land resources.

Zou Liqin, 49, a local villager in Asuo village working at the edible fungus base, said she is thankful for the job. "Working eight hours a day, I can earn 4,000 yuan a month. It takes me five minutes to ride an electric bike from home. It is very convenient to take care of my children."

To date, the base has employed more than 50 local farmers.

Guizhou Zhongke Yinong Technology is another edible fungus processing enterprise in this area.

"This is a freeze-dried morel mushroom. Based on the base pre-harvest period and pre-production data provided by the platform, combining with the actual situation of the edible fungus entering the processing plant to its storage, we reasonably arrange the processing time and processing quantity, and implement planned processing," said Zhang Ke, chairman of the company.

"We use the processing workshop module to provide standardized production parameters to ensure that downstream companies’ requirements for the production standards of primary processed products are met.

"At the same time, we have gradually formed our own standardized production system. The data and videos of the processing workshop make the processing steps more transparent and help with standardization," he added.

In order-based procurement and sales, the company can sign order-based production agreements with upstream and downstream companies through the system and implement order-based production and sales planning arrangements. The production end is only responsible for planting and processing, and the platform is responsible for sales.

In the Guizhou Mushroom Museum, visitors can understand all the information about the entire industrial chain process of the products from rod making, cultivation and processing to sales.

They can also use blockchain technology to ensure the safety and reliability of information and data, and help producers build trust in quality and safety assurance.

Covering a total construction area of nearly 2,000 square meters, the Guizhou Mushroom Museum includes functional areas of science, culture, creativity and research.

The museum introduces edible fungi-related knowledge and their development through graphic introductions, specimen displays and taste activities.

Fan Xuanxiang, deputy director of the education bureau of Baiyun, said the district will enhance edible fungus education and launch research activities to boost the local culture.

Last year is the first year of the implementation of the 14th Five-Year Plan period (2021-25) and a crucial year for comprehensively promoting rural revitalization.

Guiyang will strive to make new breakthroughs in rural revitalization and make positive contributions to the construction of a vibrant Guizhou. On Sept 26, Hu Zhongxiong, a member of the Standing Committee of the Guizhou Provincial Party Committee and Party secretary of Guiyang, presided over a special meeting on agricultural modernization in Guiyang. He said that it is necessary to stabilize the basic agricultural market.

Guiyang’s economic growth has increased by 284.3 percent in the past 10 years. In 2020, there are more than 5,000 big data companies in Guiyang and the added value of the digital economy exceeded 160 billion yuan, accounting for more than 38 percent of the region’s GDP.

"Big data has become an important engine for Guiyang’s high-quality development, allowing Guiyang to stand at the forefront of the world to showcase its beauty to all," said Ma Ningyu, deputy Party secretary and acting mayor of Guiyang.

"At present, Guiyang is promoting the deep integration of big data and rural revitalization," Ma said.

During the 14th Five-Year Plan period, Guiyang will promote the construction of optical fiber connections in administrative villages, optimize the extension of the 5G network of administrative villages to natural villages with more than 30 households and increase the scale and functions of radio and television cloud coverage.

Guiyang will build a national digital agriculture and rural innovation center and a digital agriculture application promotion base, develop smart agriculture, and promote the use of information technologies such as IoT, AI, and blockchain in agricultural planting, breeding, processing and logistics.