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PR Newswire

PressPlay Completed Series B Funding to Accelerate its Business Expansion

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Expanding with three primary strategies and planning to apply for the emerging stock market in 2023

TAIPEI, Oct. 14, 2022 /PRNewswire/ — PressPlay, the first Influence Economy Group in Taiwan, announced that it had completed Series B Funding with several hundred million. PressPlay plans to use the investment to expand the overseas business, enlarge the organization, optimize the online learning platform experience, and accelerate its influence ecosystem’s growth with three cores: entertainment, brand, and knowledge. PressPlay also plans to apply for the emerging stock market in Taiwan in 2023 to extend its global influence through the power of the capital market.

PressPlay Completed Series B Funding to Accelerate its Business Expansion
PressPlay Completed Series B Funding to Accelerate its Business Expansion

PressPlay expects to grow 50% in 2022 with the three cores
PressPlay was established in 2016 and introduced services closely connected to everyone’s daily life. PressPlay has created its influence ecosystem in three core areas: entertainment, brand, and knowledge.

Entertainment influence: PressPlay now has exclusive contracts with 36 creators in Taiwan and Hong Kong, of which 9 have over 1 million subscribers on YouTube.

Brand influence: Collaborated with several creators since 2019 to incubate lifestyle product brand IPs and launched brands across the beverage, bakery, Korean cuisine, and Taiwanese cuisine markets to build its consumption brand territory continuously.

Knowledge influence: PressPlay Academy (PPA) has built the most advanced online learning platform in Taiwan with influence power and technology and provides diverse learning methods and content.

PressPlay Group achieved $1400 million in gross revenue in 2021 and created a 93% annual growth rate with its business expansion.

“PressPlay starts with agency management, creator brand management, and online learning platform and continues to create different business models to support the monetization of creator influence. IPO is our next step and goal. In the future, we will not only expand our business territory but expect to share more business opportunities with the creators, launch more brands, and create a healthy equation for growing to expand the influence ecosystem. For 2022, I’m confident that we will grow over 50% as a group,” Co-founder Rob Kuo said.

PressPlay announces three major strategies and accelerates overseas expansion. PressPlay officially announced IPO as its next step. PressPlay will keep strengthening the existing strategies and focus on three primary strategies:

  1. Overseas Expansion: Since the launch of the creator agency business in Hong Kong in 2019, PressPlay has created an average of 33% annual growth rate. PressPlay will further introduce its monetization business model for creators to overseas markets and aggressively increase overseas collaboration opportunities.
  2. Cross-business profit maximization: The entertainment sector covers creator agency management, content marketing, social commerce, and co-branding. PressPaly also launched Next Master business to focus on creating online courses for creators and will enhance the collaboration with knowledge content business (PressPlay Academy) to maximize cross-business profits.
  3. Online learning platform “double-perfection”: PressPlay Academy brings “double-perfection” to the platform. It has enhanced video shooting quality and created a “perfect” learning experience with AI technology, covering the learning mechanism, interactive experience, learning tools, creator content evaluation, etc., to maximize the value of technology.

PressPlay co-founder Dennis Lin said: “PressPlay Academy will become a platform combining technology, learning, and content creation this year. We strive to optimize the learning experience and challenge to provide the best video quality among the online learning platforms in Taiwan. We will continue to expand overseas collaboration opportunities, including cross-border business development and sales, not being restricted by topics, boundaries, and standards, and create a dynamic online learning academy globally to be the leading brand in the market.”

About PressPlay
PressPlay is the first 360-degree Creator ecosystem group in Taiwan. PressPlay has been expanding its business territory since 2016 with the missions “Maximize the Value of Influence” and “Utilize Influence to Innovate New Business Opportunities,” striving to create the value of influence for each field with a 360-degree approach closely connected to everyone’s daily life.

Media Enquiries: 

Yaki Cheng 
pr@pressplay.cc

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PR Newswire

Neusoft Reach Listed in KPMG China’s Leading Autotech 50 for the Third Consecutive Year

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SHENYANG, China, Oct. 13, 2022 /PRNewswire/ — Recently, the award ceremony of the fifth edition of KPMG China’s Leading Autotech 50 was held in Shanghai. Neusoft Reach, an innovative company invested by Neusoft Corporation, received an award in the “Leading Autotech Innovators” category for their innovative contributions to the field of software-defined vehicles (SDV). This is the third consecutive year that Neusoft Reach has received an award in this category. 

The fifth edition of KPMG China’s Leading Autotech 50 focuses on four segments: service innovation, autonomous driving, connectivity and electrification. Based on the evaluations and interviews by KPMG partners, automotive investors, and relevant experts, 50 leading and 50 emerging automotive technology companies with good performance, R&D excellence and market potential were included in the final list of awardees.

As an innovative automotive company established in 2015, Neusoft Reach is committed to providing next-generation automotive software platforms and key technologies. It supplies auto makers with products, technologies, and overall solutions covering basic automotive software NeuSAR, assisted driving and autonomous driving, vehicle-cloud integrated software and services, powertrain system controllers and software for new energy vehicles, energy and thermal management systems, shared mobility platforms, and more.

Neusoft Reach holds a leading position in the areas of basic automotive software and autonomous driving and sees continuous rapid growth in businesses such as vehicle-cloud integration and battery management systems (BMS) for new energy vehicles. Neusoft Reach continues to focus on software technology and work with auto companies to jointly drive growth in a new win-win automotive industrial ecosystem.

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PR Newswire

HK’s integration with GBA opens new chapter

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HONG KONG, Oct. 9, 2022 /PRNewswire/ — Hong Kong should accelerate its exploration, research and study of the changing situations in the Guangdong-Hong Kong-Macao Greater Bay Area so that the city can better perform its superconnector role in the building of the region.

Political and business heavyweights made the observations on Thursday at the Greater Bay Area Conference 2022 and 25th Anniversary Ceremony of China Daily Hong Kong Edition, themed “GBA: Integration Writes a New Chapter”.

Co-organized by China Daily and the Hong Kong Coalition, the conference consisted of three panel discussions on how to promote technology and innovation, forge financial connectivity, and preserve cultural heritage in the city-cluster area, which comprises the two special administrative regions of Hong Kong and Macao, and nine cities in Guangdong province.

Over 400 people, including government officials, business leaders, and experts from the Chinese mainland, Hong Kong and overseas, attended the hybrid event.

Leung Chun-ying, a vice-chairman of the Chinese People’s Political Consultative Conference National Committee, said that “knowledge about the changing situations on the other side of the tiny Shenzhen River is key”, as better cross-boundary mobility of resources such as professionals, capital, goods and electronic data, is needed.

Leung cited as an example the fact that Chinese customs officials have released new measures regarding Nansha district of Guangzhou, and these measures included the freer flow of materials for biomedical research, the development of an international logistics center, and cross-boundary e-commerce and aircraft leasing businesses.

But the recent development of the Greater Bay Area is not detailed in Hong Kong media reports, or analyses by Hong Kong research institutions, or commentaries by Hong Kong opinion leaders, Leung added.

“What it means is that Hong Kong has to double up efforts of exploring, researching, studying, comparing, ‘tea-sipping’ and engaging on the other side of the river,” Leung said. “As the most international city in the Greater Bay Area, Hong Kong should reinforce the advantage as the superconnector to share our knowledge of the Greater Bay Area cities to entice international business partners.”

Leung suggested media organizations, research institutions, chambers of commerce and professional bodies set up permanent branches in the Greater Bay Area cities to have “eyes and ears, arms and legs and voices on the ground”.

Hong Kong Chief Executive John Lee Ka-chiu agreed. “Hong Kong and other Greater Bay Area cities continue to collaborate closely and complement one another to bring about enormous opportunities for our people, our businesses and our communities.”

Lee added: “Hong Kong will leverage its highly market-oriented and internationalized business environment, its well-developed professional-services sectors, as well as the city’s status as an international financial, trade and shipping center” to develop the Greater Bay Area as a world-class city-cluster for living, traveling and working.

“As the world’s freest economy and the largest offshore renminbi business center, Hong Kong is the ideal gateway to connect international investors with the mainland on the one hand and help channel mainland funds to the global market on the other,” Lee said.

Maria Tam Wai-chu, deputy secretary-general of Hong Kong Coalition, said that the integration not only refers to infrastructural integration in transport and communication networks, “but also in our rules and regulation, administrative and professional practices and cooperation”.

Tam said that Guangdong province has a complete chain of economic activities, but the services sector is comparatively less strong than the primary and secondary industries.

“Here is where Hong Kong can play a vital role with our strong third-sector services and our links to the world markets,” she said. “This is a perfect combination to create an even more powerful economic growth engine.”

In 2021, the total gross domestic product of the Greater Bay Area was about 12.6 trillion yuan ($1.77 trillion), and 25 of its corporations were in the top 500 globally. The city-cluster area has over 50 unicorns (startups with a value of over $1 billion) and over 1,000 incubators. It also boasts the majority of the over 60,000 high-technology companies in Guangdong.

Qu Yingpu, publisher and editor-in-chief of China Daily Group, said the Thursday conference invited some of the finest minds in the region to unravel the nuances embedded in the idea of the Greater Bay Area, and to find some well-thought-out responses to some questions.

“Will Hong Kong be able to use its financial services and legal assistance facilities to boost trade ties between fellow Greater Bay Area member cities and their international partners? How effective is its role as a cultural bridge connecting the Greater Bay Area with the rest of the world going to be, and what does Hong Kong stand to gain in the process?” Qu asked.

In addition to the roundtable conference on how various stakeholders can forge ahead with the Greater Bay Area blueprint, the Thursday event also featured the 25th anniversary of the China Daily Hong Kong Edition.

Zhou Li, deputy editor-in-chief of China Daily Group and publisher and editor-in-chief of China Daily Hong Kong, agreed. “We add an important new voice to the local media and play an ambassadorial role in helping China to forge stronger political and economic ties with other countries and step up social and cultural exchanges,” he said.

“We also helped unpack the idea of ‘one country, two systems’, and articulate its ambitions,” Zhou added.

About China Daily

Founded in 1981, China Daily covers 400 million readers and users worldwide through diversified platforms, including newspapers, websites, mobile devices, and social media. The number of China Daily’s followers has now reached 70 million on Weibo, 13 million on the WeChat blog platform, 105 million on Facebook, and 4.23 million on Twitter.

About the China Daily Asia Leadership Roundtable

The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia, providing platforms for focused dialogue, issue investigation and possible collective action on strategic issues relating to Asia’s economic, business and social development. Our aim is to enhance communication and increase mutual understanding among China, Asian countries and Western countries. Roundtable events are held in major cities across Asia.

About the Hong Kong Coalition

The Hong Kong Coalition is founded by 1,500 initiators from all sectors of Hong Kong society, with Mr. Tung Chee Hwa and Mr. Leung Chun Ying assuming the roles of chief convener, Mr. Tam Yiu Chung serving as secretary-general, and Ms. Maria Tam Wai Chu and 10 other members holding the posts of deputy secretary-general. The coalition held a press conference on May 5, 2020, declaring its official establishment. The aims of the Hong Kong Coalition are: Uphold “one country, two systems”, support Hong Kong to overcome difficulties; and start afresh for brilliance ahead.

Media Contact:
Ms. Jing Fang
Tel: (852) 3465-5451
Email:jingfang@chinadailyhk.com

PR Newswire

AC Ventures and Boston Consulting Group establish the first quantifiable ESG standards for Indonesia’s tech sector

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AC Ventures partnered with The Upright Project and used its proprietary platform to measure its portfolio’s impact on the environment and society. Overall, the firm and its portfolio delivered a result of +37% compared to the Nasdaq Small Cap Index’s +29%.

JAKARTA, Indonesia, Oct. 5, 2022 /PRNewswire/ — Earlier today, Indonesia-focused, early-stage venture capital firm AC Ventures (ACV) announced that it published the country’s most in-depth, data-driven impact report to date on the local digital economy. In the report titled “Scaling Impact With Technology,” ACV analyzed its own operations, as well as those of its portfolio companies, to offer a numerical baseline for environmental, social, and governance (ESG) reporting in the nation’s tech scene and digital economy.

In partnership with Boston Consulting Group (BCG) and with support from The Upright Project in Europe (Upright), ACV carried out a rigorous analysis to better understand the tangible effects it is having on the environment and society in the archipelago.

Upright is a tech company based in Helsinki, Finland. Its mission is to create incentives for companies to optimize their net impact. It produces data that helps institutional investors and companies make smarter decisions for the future, with ESG reporting in mind. Using Upright’s tech, ACV is the first venture capital firm in Southeast Asia to report on impact using quantifiable measures that meet European standards.

At the heart of the study is a metric known by industry practitioners as the ‘net impact ratio.’ This is a percentage score used to quantify how effectively a group of companies turns resources into positive impact. In the report, it measures how ACV and its portfolio performed in terms of ‘environment,’ ‘health,’ ‘society,’ and ‘knowledge.’

ACV’s overall net impact ratio delivered an above-average +37% with its strongest areas being ‘society’ and ‘health.’ To provide useful context, the Nasdaq Small Cap Index (NQUSS) features an average net impact ratio of +29%.

As a forward-thinking investment company, ACV is committed to diversity and inclusion. Within the firm, 50% of its senior leadership roles are occupied by women. Across the portfolio, this figure comes in at approximately 40%. In the report, ACV also unpacks the net impact of multiple portfolio companies and shares insights about their sectors and why they scored the way they did. 

“The purpose of this debut report is to give ACV, our portfolio companies, and the tech ecosystem in general a baseline for what to report and how to report in terms of ESG and impact,” explained Lauren Blasco, Principle and Head of ESG at ACV. “There is no more important time to do this than right now, as companies are increasingly being held to higher standards around the world. Running these net impact assessments today actually puts the startups we invest in on the best footing possible for the future when this kind of reporting inevitably becomes more of a mandate.”

“The key to creating long-term sustainable companies is through empowering founders to build companies which generate value not only for the economy but for society and the environment. By using net impact ratios, we are now able to measure value creation explicitly for society and the environment. This will be as important as financial metrics in evaluating the performance of new companies and our portfolio companies,” said Adrian Li, Founder and Managing Partner of AC Ventures.

At its core, ESG is a framework for addressing long-term risks that organizations may face in years to come. In the realm of finance and investment, it’s a fast-growing vertical, and global ESG assets are likely to exceed US$41 trillion in 2022 and US$50 trillion by 2025, notes Bloomberg Intelligence.

“Our commitment to finding and catalyzing effective solutions to pressing societal issues is at the heart of our company’s purpose. And we know we can make the greatest impact through collaboration. Through this report with AC Ventures, and with the support from The Upright Project, we hope to leverage our contribution in supporting Indonesia’s businesses on the road to achieving environmental, sustainability, and governance compliance,” said Neels Steyn, Venture Architect Director for BCG Digital Ventures.

He added, “As a market with one of the fastest growing economies in Southeast Asia, societal issues are no longer the issues of tomorrow for Indonesia, but a current challenge that needs to be addressed. The report showcases how we will be able to see more contribution towards the nation’s sustainable and inclusive economic growth by supporting equal digital access and development in Indonesia.”

To read the report in full, please visit: https://acv.vc/impact-report-2022/ 

About AC Ventures (ACV)

ACV is a leading Southeast Asian venture capital firm investing in early-stage startups focused on Indonesia and ASEAN. The firm’s mission is to partner with and empower entrepreneurs with more than capital. ACV combines operational experience, industry knowledge, deep local networks, and resources to create value for startups. Its vision is to be a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond. The firm is an official signatory of the UN’s Women’s Empowerment Principles, the Invest2Equal program under IFC – the private sector arm of the World Bank Group (8176888Z: US) – and the UN’s Principles for Responsible Investing.

ACV currently has over US$500 million in assets under management, invested across five funds. Since 2012, the firm’s partners have invested in more than 120 technology companies in the region, including some of the most iconic names in the ASEAN digital ecosystem. ACV’s Partners Adrian Li, Michael Soerijadji, Helen Wong, and Pandu Sjahrir lead a team of over 35 professionals with offices in Jakarta and Singapore.

About The Upright Project (Upright)

Upright is a technology company based in Helsinki, Finland. Its mission is to create incentives for companies to optimize their net impact. Upright produces data on the comprehensive net impact of companies, with the aim of looking both at the negative as well as the positive impacts at the same time and enabling smarter decision-making for institutional investors, consumers, and employees. In addition, Upright’s data offering covers the SFDR PAI indicators, EU taxonomy metrics, and UN SDG metrics for unlisted and listed companies. The Upright platform’s data universe is 14,000+ companies, and the clients include 200+ organizations in 15 countries (e.g. EQT, Trill Impact, Lightrock, LGT Capital Partners, Summa Equity, Nordea, etc).

About Boston Consulting Group (BCG)

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

PR Newswire

Chinese Hot-Water Bags Sweep Europe Merchants from Yiwugo Get Busy with Orders

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YIWU, China, Oct. 1, 2022 /PRNewswire/ — Yiwu is the world’s capital of commodities, Yiwugo.com is the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world. Yiwugo hosts 50,000 merchants and 10 million registered buyers, 10% of whom are overseas buyers. It has 800,000 daily average visits and a daily average PV of 15 million. According to the latest statistics from Yiwugo and the feedback from merchants, the number of European buyers purchasing hot-water bags has grown significantly, with the regular water injection type is the mainly-purchased product.

Sales doubled from the previous year at the beginning of the peak season.

Jingyang Daily Necessities is an established international trade enterprise with a history of more than 30 years. 12 years ago, Chen Jianping took the business over from her parents. For enterprises in Yiwugo, there are usually two peak seasons every year. The first begins from July and lasts till October as boosted by buyers from the northern hemisphere, and the second from the end of the year till next spring, as boosted by buyers from South America. This year is unusual. Although the first peak season has just been halfway through, enterprises’ sales volume has already doubled from last year.

Chen explained that, due to the impact of repeated Covid-19 outbreaks at home and abroad, most orders were placed by long-time buyers instead of new ones in the past two years. This year, however, the number of new customers, particularly end customers, has suddenly surged. Most of them are from Europe, looking for water injection hot-water bags. As electric heating hot-water bags were previously popular exports to countries such as India, it is unusual to see water injection type gaining popularity in Europe.

In fact, this is closely attributed to the rising energy price in Europe. The natural gas price in Europe has reportedly reached more than 10 times that of the same period last year; the anthracite price has been three times that of the same period last year; the electricity price has increased by 12 folds from the previous year. The German government announced that it would levy a “natural gas surcharge” from October, and Italy has shortened the heating period by 15 days for this winter.

The surging energy price this year has driven up the heating cost, especially for European people living in frigid high-latitude regions. As such, the traditional affordable water injection hot-water bags have suddenly become their favourite choice. Even though European people have also started to use water injection hot-water bags, they have never lost their aesthetic sense and pride. According to Chen, European consumers favour fashionable, high-quality hot-water bags with high rubber content and European architectural style of decorative imprints.

The popularity of hot-water bags in Italy and other European countries aroused Chen’s curiosity. She later figured that a significant number of buyers had come around by searching the English site of Yiwugo. Although many orders placed were small or medium ones, they were still “fresh blood”, and all the buyers were overseas wholesalers. This encouraged Chen and made her confident about her decision last year to launch new products continuously and establish an international site on Yiwugo.

Some of the new customers were referred to Chen by merchants of home textiles, quilts and other warm-keeping products in Yiwu market. There are also merchants in other lines of business who are entrusted by customers to make purchases, or those who recommend Jingyang Daily Necessities to buyers after they found the company on Yiwugo. The buyers will then have intermediaries such as international trade companies to make purchases directly from Jingyang.

Chen explained that there had been signs of this purchase frenzy since the first half of the year. From April to May, some well-established buyers, including those from European countries such as Italy, already stocked a large quantity of water injection hot-water bags. But this was not common practice at the time, so it did not attract much attention of merchants.

Domestic-oriented enterprises generated more export sales than domestic sales this year.

Yu Fengchao, owner of Yiwu Junma Hot Water Bottle Factory, is running an established international trade factory of water injection hot-water bags. The factory was established over 30 years ago, receiving orders mainly from Spain.

As a second-generation business executive, Yu took the business over exactly ten years ago. To date, his factory has been a member store on Yiwugo for five years. A Spanish new customer contacted Yu on Yiwugo this July. After they communicated with each other for a while, the customer, without meeting Yu in person, placed an order of more than RMB 100,000 for high-quality hot-water bags, mostly in the shape of cartoon characters and covered with insulating cloth.

Yu explained that the water injection hot-water bag, which is a home-grown product, used to be sold domestically. Since July, however, many new buyers have emerged from European countries such as Spain and Italy. Driven by the recent trend towards original design, new models are launched in the second half of each year. In this peak season, export sales have surpassed domestic sales.

It is mutual trust that has led an overseas new customer to place his very first order for more than RMB 100,000. Besides faithful communication between the two sides, Yiwugo, a third-party platform, has also played a vital role as a guarantor for them to build trust. As enterprises divert more resources into Yiwugo in recent years, the platform has also yielded better results for them, thus forming a virtuous circle of win-win cooperation.

2022 marks the 40th anniversary of Yiwu market, as well as the 10th anniversary of Yiwugo as the largest e-commerce platform in China. As the market enters the second generation in the past decade, more and more young merchants are choosing Yiwugo as their partner. Likewise, Yiwugo will join hands with them to embrace a brighter future.

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PR Newswire

Recapping 50 years of China-Japan relations: What the future holds

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BEIJING, Sept. 30, 2022 /PRNewswire/ — A news report from China.org.cn on the 50th anniversary of the normalization of China–Japan diplomatic ties:

This year marks the 50th anniversary of the normalization of China–Japan diplomatic ties, which serves as a significant opportunity for the two countries to review the past and take a look into the future. In September 1972, China and Japan first signed a joint communique; several years later, the Sino-Japanese Treaty of Peace and Friendship was signed after approval by legislative authorities. Different from how China established diplomatic relationships with other countries like the U.S., the Soviet Union and South Korea, this “two-step mode”, a pivotal political decision, embodied the strategic insights and political courage of the statesmen of the elder generation of the two countries. It also reflects the oriental wisdom with which the two countries seek common ground while reserving differences in pursuit of harmony and peace. The normalization of China–Japan diplomatic ties ushered in half a century of peace, friendship and cooperation for the two countries, bringing huge benefits to both countries and their peoples, while contributing enormously to the peace, stability and development of Asia and the world.

Since negotiations commenced between China and Japan, the latter has made solemn pledges to China that “there is only one China in the world” and “Taiwan is an inseparable part of China.” This position is captured in the four political documents and a series of important consensus between China and Japan. The Taiwan question is essential to the political foundation and fundamental trust between China and Japan. Proper handling of this question was the precondition and foundation for the normalization of the two countries’ diplomatic ties, and for a positive outlook on China–Japan relations.

China and Japan are neighbors in east Asia, and it’s not rare for neighbors to have frictions. But the key lies in how they cope with it. Countries should honor their commitments in foreign policy; the political consensus of “being cooperative partners and not threats to each other” should also be upheld.

In Confucius’ Analects, there reads a line, “At fifty, I knew the decrees of heaven.” Now that China–Japan diplomatic ties have reached their 50th anniversary, the two countries should be the masters of their own future: Draw lessons from historical experience where “cooperation benefits both and collision harms both”, stick to the original aspiration of diplomatic normalization, level up dialogue and other channels of communications, deepen cooperation in various fields, and jointly create another fifty years of peaceful coexistence and mutual benefit for the two countries.

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

Recapping 50 years of China–Japan relations: What the future holds
http://www.china.org.cn/video/2022-09/29/content_78444050.htm 

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Senmiao Technology Announces Signing of Agreement for Additional Online Ride-hailing Vehicle and Driver Resources in Guangzhou

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CHENGDU, China, Sept. 27, 2022 /PRNewswire/ — Senmiao Technology Limited (“Senmiao” or the “Company”) (Nasdaq: AIHS), a financing and servicing company focusing on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced that its wholly owned subsidiary Chengdu Xixingtianxia Technology Co., Ltd. (“XXTX”) has signed an agreement with Guangzhou Baishi Haoyun Automobile Leasing Services Ltd. (“Baishi Haoyun”), a leading automobile leasing company that has operated locally in Guangzhou for 20 years.

Similar to the recently announced agreement with Chengdu Rongcheng Yueda Technology Ltd., Baishi Haoyun will utilize Senmiao’s online ride-hailing platform to provide ride-hailing services by appointment in Guangzhou, using its own vehicle and driver resources while remaining in compliance with relevant regulations. Baishi Haoyun will be responsible for the management services of its own drivers. Senmiao will assign online ride orders to Baishi Haoyun’s drivers and provide real-time information including service types and prices. Senmiao will pay commission fees to Baishi Haoyun on a monthly basis, which are based on fares collected from customers. The partnership commenced in August 2022 for a term through August 2, 2023, subject to agreement renewal or early termination.

Xi Wen, Senmiao’s Chairman and Chief Executive Officer stated, “We are excited to announce our cooperation with Baishi Haoyun, an established company that possesses a competitive advantage in Guangzhou with its 20 years of local operating history. Guangzhou is one of the key cities in which Senmiao has an opportunity to increase its market share, and we feel we are well positioned to serve a larger population in this city with the support of vehicles and drivers from Baishi Haoyun.”

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases, financing, management, operating leases, guarantees and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao’s areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao’s ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao’s filings with the SEC, and represent Senmiao’s views only as of the date they are made and should not be relied upon as representing Senmiao’s views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou

Email: edom333@ihongsen.com

Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.                                                                       In China

Carolyne Sohn, Vice President                                                        Lucy Ma, Associate

+1 415-568-2255                                                                             +86 10 5661 7012

csohn@equityny.com                                                                       lma@equityny.com

© 2022 Senmiao Technology Ltd. All rights reserved.

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PR Newswire

Huawei Hosts the 9th Global Rail Summit in Berlin

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BERLIN, Sept. 24, 2022 /PRNewswire/ — In parallel with InnoTrans 2022, Huawei held the 9th Huawei Global Rail Summit, themed “Driving Digitalization in Future Rail, Create New Value Together”. The summit brought together global industry leaders, ecosystem partners, and technical experts to discuss the future of the rail industry.

At the summit, Huawei launched the Future Railway Mobile Communication System (FRMCS) Solution, which aims to help build a more secure, efficient, and smarter railway mobile communications system. Mr. Wang Guoyu, COO of Huawei Aviation & Rail BU, and other guests attended the launch.

Launch of Huawei's FRMCS Solution
Launch of Huawei’s FRMCS Solution

“Huawei helps customers go digital. We use innovative technologies — such as FRMCS, Wi-Fi 6, and all-optical networks — to reshape connections, reconstruct digital platforms, and facilitate data sharing and collaboration across multiple service systems in the rail industry. We hope to enable intelligent rail operations and O&M through joint innovation with our partners.” said Mr. Xiang Xi, Vice President of Huawei Aviation & Rail BU.

Adhering to the concept of openness and cooperation, Huawei is committed to driving digital transformation along with rail customers and ecosystem partners. We complement each other’s strengths, innovate together, explore industry standards, and build an ecosystem for rail digitalization.

At the summit, Jeffrey Sim, CEO of SBS Transit Rail Business, explained the company’s digital journey. Vincenzo Bloise, International Sales Director of Almaviva, introduced how modern ICT solutions can boost digitalization in railways and Mr. Li Jie, President of Huawei Enterprise Wireless Domain, demonstrated how Huawei’s FRMCS solution enables railway digitalization. In addition, Steven Xiong, CTO for the rail industry of Huawei Aviation & Rail BU, delivered a keynote speech titled “Driving Digitalization in Future Rail, Create New Value Together” and shared industry digitalization cases.

Huawei exhibited its innovative solutions and flagship products for the rail industry at InnoTrans 2022. These include leading ICT infrastructure, green energy, smart urban rail, and smart railway solutions.

Huawei aims to reshape rail connectivity and enable secure, intelligent, green, and sustainable development. We will continue to dive into innovative practices and deploy its leading ICTs to lay a digital foundation for the industry. Huawei will build smart applications in collaboration with our partners, steadily advancing industry digital transformation.

PR Newswire

Huawei Launches FRMCS Solution to Facilitate Digital Transformation of Railway

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BERLIN, Sept. 23, 2022 /PRNewswire/ — Huawei officially launched the Future Railway Mobile Communication System (FRMCS) solution at the InnoTrans 2022 and the 9th Huawei Global Rail Summit in Berlin, Germany, where special guests, Wang Guoyu, COO of Huawei Aviation & Rail BU, and Li Jie, President of Huawei Enterprise Wireless Domain, spoke about its success. This solution is a remarkable achievement for Huawei, as a result of its extensive research and experience in ICT deployment within the railway industry of over two decades. With a focus on improving safety and reliability, Huawei FRMCS expands train-to-ground wireless services from train control and dispatch to railway O&M, railway IoT, and more. It empowers widespread digital transformation of the rail sector, ensures train operation safety, and improves railway operations efficiency.

Huawei launches the FRMCS solution
Huawei launches the FRMCS solution

The demand for smart railways that can carry huge capacity is growing. Huawei FRMCS can not only provide the required high reliability and low latency for train control and dispatch, but also support new services such as locomotive status monitoring, train operation monitoring, and visualized dispatch of O&M personnel, improving fault prediction accuracy and O&M efficiency.

The FRMCS solution uses a new technology, 8T8R Smart MIMO, which allows it to achieve the same coverage in the 1900 MHz band as that of GSM-R in the 900 MHz band when working with high-power devices from Huawei’s partners. This slashes deployment and maintenance costs of FRMCS on 1900 MHz and simplifies the deployment of FRMCS networks. By providing three levels of redundancy, including key boards, key network elements, and wireless networks, Huawei FRMCS eliminates single-point failures on networks, ensures high reliability of devices and networks, and meets the requirements of the European Train Control System (ETCS). Its architecture complies with railway industry standards, which facilitates the interconnection between wireless networks and railway industry applications, as well as the deployment of new services.

Li Jie said: “The railway industry is now in a critical period of digital transformation when the requirements for train-to-ground wireless communication systems are higher than ever before. Huawei FRMCS can meet these requirements by integrating Huawei’s 4G and 5G technologies. It can help railway customers build high-reliability, high-bandwidth, future-oriented train-to-ground wireless broadband networks that are safe, reliable, converged, simplified, and capable of long-term evolution.”

Huawei will work with industry standards organizations, industry customers, and partners to promote the maturing and large-scale commercial rollout of FRMCS, and build a wireless digital foundation for smart railways.

PR Newswire

Huawei and Partners Explore How Technology Can Enable a Sustainable Future at HUAWEI CONNECT 2022 Bangkok

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BANGKOK, Sept. 23, 2022 /PRNewswire/ — On Day 1 of HUAWEI CONNECT 2022 yesterday, Huawei, its partners, and representatives from public and private organizations held a session exploring how technology is vital to building a sustainable and inclusive world envisioned by the UN Sustainable Development Goals (SDGs), with case studies and analyses focusing on the Asia Pacific region.

As one of the most populous and diverse regions in the world, Asia Pacific is also set to be the fastest-growing economy across the globe, with COVID-19 accelerating digital transformation in Asia-Pacific faster than the global average.  

“More and more governments and organizations are beginning to recognize the enabling role of technology in accelerating the achievement of SDGs goals”, said Jeffrey Zhou, President of Huawei ICT marketing. “Under Huawei’s vision and mission, we launched the TECH4ALL digital inclusion initiative in 2019 and with global partners’ programs and projects are ongoing in different countries.”

Zhou was followed by an opening statement from Richard Mahony, Global VP of Informa Tech, who shared how the traditional method of maintaining sustainability is not working and that technology-based solutions are now needed as an accelerator.

UNESCO’s speaker then gave an overview of the objectives of the 17 SDGs and approaches to achieving them by the set goal of 2030. “While it is fundamentally up to governments to implement the SDG agenda, the simple fact is that it will not be realized without the private sector,” said Mohamad Djelid, Director of UNESCO Office in Jakarta, Indonesia. “We all have a role to play in achieving the ambitious, but necessary, Sustainable Development Agenda by 2030.”

Digital inclusion was a key area discussed during the session. While the digital divide is gradually shrinking, ITU recently reported that 2.7 billion people in the world still remain offline. Due to a lack of network connectivity, digital skills, affordable devices, or a combination of these factors, too many people remain unable to access the digital tools that are necessary in today’s increasingly digital world. “No one should be left offline”, said Atsuko Okuda, Director of the ITU Regional Office for Asia and the Pacific. “Digital technology and ICT development can accelerate the achievement of the SDGs.”

Huawei’ David Lu, President of Asia Pacific Strategy & Marketing Department, introduced the latest progress and the role of ICT in TECH4ALL projects globally, and especially in Asia Pacific, including the Digital Bus in Thailand, which is bringing connectivity and digital skills to rural children; the Digital Village program in Indonesia, which is providing affordable connectivity to rural communities via the RuralStar solution; and the introduction of remote 5G-powered healthcare for rural communities and information accessibility solutions for the elderly in Thailand. Mr. Lu mentioned, that through collaboration between technology companies and global organizations, the future for Asia Pacific will be bright and sustainable, achieving the goal of leaving no one behind.

Another key theme of the session covered how technology can boost nature conservation. Shawn Tan, Vice President of the leading green energy solutions provider, Sunseap, shared how the Singaporean company expects to offset 4,000 tons of CO2 per year with its innovative floating solar farm. The solution, which uses Huawei’s smart PV solution, is deployed offshore in Singapore.

Continuing the theme of environmental-protection, Malaysia’s Sarawak Forestry Corporation began the first pilot project with Huawei’s TECH4ALL, in collaboration with Sarawak Multimedia Authority, Forest Department Sarawak and Rainforest Connection, designed to protect one of the world’s oldest rainforests at 140 million years old, the Sarawak rainforests.

Huawei is running more than 45 TECH4ALL projects with more than 40 global partners, focusing on equitable and quality education, conserving nature with technology, developing inclusive healthcare, and achieving balanced development. 

Read more about Huawei’s TECH4ALL projects:

https://www.huawei.com/en/tech4all/