Tag Archives: ITE

Hyundai Motor and Unity Partner to Build Meta-Factory Accelerating Intelligent Manufacturing Innovation

  • Partnership to support Hyundai’s vision of becoming a smart mobility solutions provider for an entirely new digital ecosystem
  • Metaverse-based digital-twin factory to optimize plant operation and allow virtual problem solving
  • HMGICS innovation hub, which will be completed at the end of 2022, to be the first facility to implement Hyundai’s Meta-Factory concept

LAS VEGAS and SEOUL, South Korea, Jan. 7, 2022 — Hyundai Motor Company, the global mobility innovator, and Unity (NYSE: U), the world’s leading platform for creating and operating real-time 3D (RT3D) content, today announced at CES 2022 a partnership to jointly design and build a new metaverse roadmap and platform for Meta-Factory.

Hyundai Motor Company, the global mobility innovator, and Unity (NYSE: U), the world’s leading platform for creating and operating real-time 3D (RT3D) content, today announced at CES 2022 a partnership to jointly design and build a new metaverse roadmap and platform for Meta-Factory.
Hyundai Motor Company, the global mobility innovator, and Unity (NYSE: U), the world’s leading platform for creating and operating real-time 3D (RT3D) content, today announced at CES 2022 a partnership to jointly design and build a new metaverse roadmap and platform for Meta-Factory.

The companies held a virtual MOU signing ceremony with Youngcho Chi, President and Chief Innovation Officer of Hyundai Motor Group, Hong Bum Jung, Senior Vice President and CEO of Hyundai Motor Global Innovation Center in Singapore (HMGICS), Jules Shumaker, Senior Vice President, Revenue, Create Solutions, Unity and Dave Rhodes, Senior Vice President of Digital Twin, Unity, participating.

Through this MOU, Unity becomes a strategic partner to Hyundai, supporting its vision of becoming the leader in future mobility solutions. The MOU pertains to the fields of smart manufacturing, AI training and study as well as autonomous driving simulation.

Hyundai Motor Company, the global mobility innovator, and Unity (NYSE: U), the world’s leading platform for creating and operating real-time 3D (RT3D) content, today announced at CES 2022 a partnership to jointly design and build a new metaverse roadmap and platform for Meta-Factory.
Hyundai Motor Company, the global mobility innovator, and Unity (NYSE: U), the world’s leading platform for creating and operating real-time 3D (RT3D) content, today announced at CES 2022 a partnership to jointly design and build a new metaverse roadmap and platform for Meta-Factory.

The partnership will realize Hyundai’s vision of becoming the first mobility innovator to build a Meta-Factory concept, a digital-twin of an actual factory, supported by a metaverse platform. The Meta-Factory will allow Hyundai to test-run a factory virtually in order to calculate the optimized plant operation, and enable plant managers to solve problems without having to physically visit the plant.

Hyundai plans to first apply the Meta-Factory concept to the HMGICS facility, supporting the Group’s initiative to create an open innovation hub for research and development.

"HMGICS will become a manufacturing innovation "game changer" through this world class Meta-Factory collaboration", said President Chi, "And HMGICS will lead the future innovation by introducing various technologies that will transform mobility paradigm through human-centered value chain innovation."

"Real-time digital twins will permanently change how we live, work, shop and make a positive impact on our planet, representing a significant component of what is often referred to as the metaverse," said John Riccitiello, Chief Executive Officer (CEO), Unity. "Hyundai’s vision for the future, including the digital twin of factory operations, represents a significant technological step forward in manufacturing with unlimited potential in its efficiency."

For more information about Hyundai and Unitiy’s partnership, please visit: globalpr.hyundai.com

Thundercomm Launches New Edge Products at CES 2022

LAS VEGAS, Jan. 6, 2022 — Thundercomm, the world-leading IoT product and solution provider, enriched its existing edge computing product and solution line-ups today, with three latest strategic products: Edge AI Box EB2, EB6, and ModelFarm, to empower customers worldwide to realize their digitalization and intellectualization.

Thundercomm EBX family born for edge computing

Thundercomm EBX Edge AI Boxes are designed for diversified edge computing demands from varied vertical fields. To maintain the strong momentum brought by the launch of EB5, which has been wildly applied in various scenarios such as smart city, smart factory, smart building, Thundercomm introduces two more Edge AI Box: EB2 and EB6 for different market segments.

Thundercomm EB2 Edge AI box features cost-effectiveness, and can deliver 1.7 TOPS AI capability with up to 6 channels FHD video processing capability. Its industrial quality, compact size, fan-less design and plentiful interface, make it fit well into complex and harsh working environments and can be applied to many industrial and business fields such as digital signage, smart access, shortage detection, people counting as well as some smart scenarios including smart building and smart retail. Besides, the built-in OSware.Edge framework enables EB2 to connect with various devices, such as cameras, NVRs, access control easily, and achieve remote upgrade of firmware, algorithms and applications efficiently through the synergy among devices, edge and clouds.

Thundercomm EB6 Edge AI box, maintaining all the advantages from EB2, has dramatically improved its AI capability. On the basis of its own 15TOPS, EB6 can achieve up to 70 TOPS with an external accelerator card, which can meet all demands from high-frequency and fast AI analysis scenarios including medical image analysis, radar-vision fusion computing in the scene of vehicle-road collaboration and the standardized operating process analysis in factory.

What’s more, Thundercomm EBX family supports the leading cloud platforms, including AWS IoT Greengrass, Microsoft Azure, Alibaba Cloud etc. This not only makes it possible to simplify the edge intelligence, but also accelerates the industrial digital transformation.

ModelFarm, one-stop AI training platform

ModelFarm is a one-stop AI training platform for industrial customers. It provides comprehensive AI model lifecycle management and services, covering data management, data labeling, model training evaluation, online testing, and model downloading. ModelFarm effectively supports intelligent data analysis scenarios and empowers customers to realize the AI upgrading and digital transformation.

ModelFarm is easy to use, and its no-code development feature accelerates the model training. The ModelFarm system comes with at least 50 pre-trained models for customers to choose from, or to adjust the parameter configuration according to the actual application. All the ModelFarm models have version backtracking and reuse functions on board. In addition, ModelFarm also supports privatized deployment and multiple engine frameworks such as TFLite, SNPE, TensorRT, and OpenVINO.

Industry analysts predicted that 75% of data created in 2023 will be outside of data center and more than 50% of those data will be processed, stored and analyzed at the edge that is closer to the data to deliver the right latency, bandwidth, reliability, security and privacy for a wide variety of uses in many markets.

Thundercomm has long been committed to the development of edge computing, and devoted to providing global customers the comprehensive technologies and solutions covering cloud, edge, ends and applications, including EBX Edge AI Boxes for high performance computing, OSware.edge for IoT management, IoT Harbor for cloud management, ModelFarm algorithms store, as well as cameras, SDK, algorithms and solutions.

To explore more intelligent technologies and solutions presented by Thundercomm, please visit the pavilion at #6955 in West Hall, LVCC, from January 5 to 7.

About Thundercomm

Thundercomm, headquartered in San Diego, is a joint venture between ThunderSoft and Qualcomm. Thundercomm was established to accelerate innovation in the Internet of Things and automotive industry, providing one-stop solutions powered by Qualcomm Technologies. Through its capabilities in operating systems including Android, Linux, and others, abroad software and on-device AI technology portfolio acquired from ThunderSoft, and a global sales and support network, Thundercomm is a valuable and trusted partner to global customers aiming to build high-quality, next-generation products and shorten time-to-commercialization. Learn more at www.thundercomm.com

Edible fungus industry stimulates rural revitalization in Guiyang

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.

CCTV+: China Media Group president delivers New Year message to global audience

BEIJING, Jan. 2, 2022 — China Media Group (CMG) President Shen Haixiong addressed the global audience on the first day of 2022, with the focus on the reflection of the CMG’s work over the past year and the group’s great roles in future news coverage.

 

"The New Year’s first ray of sunshine is illuminating the world. The new year is the Year of the Tiger on the Chinese lunar calendar. I would like to extend my best wishes from Beijing, wishing you a year full of prosperity and vitality!" Shen said.

Noting that the CMG has served as a witness to the remarkable past and recorded the country’s achievements through its dedicated work, Shen said that China’s overseas broadcasting services will continue this in 2022.

Shen also said that presenting China’s stories well to global audiences remains the CMG’s mission.

The CMG president said that reporting based on facts should be the fundamental principle of global journalists, and in the meantime, the group has debunked lies and myths in news stories regarding issues such as COVID-19 and Afghanistan.

He said the group has established a diverse and inclusive cooperation mechanism with international media partners.

The CMG president also referred to China’s scheduled hosting of the 2022 Winter Olympic Games and Paralympic Games – the world’s biggest sporting event of 2022.

Shen said China Media Group is ready to bring the event to global audiences, with cutting-edge technologies and its newly-launched Olympic Channel.

"During the Tokyo 2020 Olympic Games, CMG broadcast the world’s first live coverage of Olympic events on a 4K Ultra HD channel. The channel attracted more than 400 million viewers within three months of its launch. In just over 30 days, the Olympic flame will once again be lit in Beijing, during Chinese New Year. With the technologies of ‘5G+4K/8K+AI’, CMG has set up a livestreaming carriage on the high-speed train from Beijing to Zhangjiakou, Hebei province. It’s the first tech solution in the world to record and broadcast with Ultra HD streaming on high-speed trains," Shen said.

Shen also said that in 2022, the CPC will hold its 20th National Congress to draw a blueprint for China’s future.

Link: https://youtu.be/tgS2VG4TRQs

SoyNet to introduce AI accelerator at CES 2022

SEOUL, South Korea, Jan. 1, 2022 — SoyNet (CEO Yong-hoKim, Jung-wooPark) will introduce an AI execution accelerator at the "CES 2022" which will be held in Las Vegas on January 5, 2022 (local time), after it was selected in the ‘Top 10 Korean Products of CES 2020.’

Organized by the ETNews (Electronic Times Internet), "Top 10 Korean Products of CES 2020" is a project that selects Korean products and services worth paying attention to at this year’s CES.The project considers originality, marketability, possibility of mass production, and investment value among small and medium-sized enterprises and venture companies in Korea.

SoyNet, an artificial intelligence engine development company, develops and supplies solutions that optimize the processing speed by maximizing the usage rate of GPUs and minimizing the memory used. Its main products are SoyNet (GPu-based artificial intelligence deep learning processing acceleration technology), SoyFire, Soy LPR, and SoyEdge (artificial intelligence-based object detection and cognitive technology).

It is a general-purpose S/W accelerator designed to maximize base GPU utilization with a GPU accelerator, and it includes differentiated technology that help shorten the Time to Market by optimizing and accelerating the three to six month period of domain selection, data collection, model development and learning.

Meanwhile, SoyNet’s core technology can provide execution frameworks and development/consulting support to companies that want to provide artificial intelligence services, so they can easily enter the market.

AI Technology To Contribute Up To 70% Of Carbon Emissions Reductions By 2060: IDC And Baidu White Paper

BEIJING, Dec. 30, 2021 — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) and IDC jointly launched China’s first White Paper on AI’s Contribution to Achieving the “Dual Carbon” Goals in 2021 on December 29. The white paper estimates that AI-related technologies will contribute to reducing more than 35 billion tons of carbon emissions from now to 2060.

With the title of “Smart Carbon Emission Reduction, Inspire the Transformation to Green Energy “, the report focusing AI’s Contribution to achieving China’s “Dual Carbon” goal in 2021 (hereinafter referred to as the “White Paper”) was released during a panel discussion on green technology at the 2021 Baidu Create conference. This is the first industry-led research report in China focusing on the role of AI in achieving China’s carbon peaking and carbon neutrality goals. (The white paper is currently available for download at esg.baidu.com.)

The report draws on IDC’s research in the field of ICT and artificial intelligence, as well as the practices of Baidu and its industry partners in related fields. From a wide range of dimensions such as technical categories, mechanism principles, action scenarios, industry applications, and practical cases, the white paper systematically explains the core role of artificial intelligence and related info-communication technologies in increasing efficiency, reducing consumption, and achieving green transformation in various industries.

According to the white paper, the path to realising carbon neutrality must be technology-intensive, and breakthroughs in AI technology will be implemented in various industries through ICT infrastructure combined with carbon reduction technologies. AI-related technologies’ contribution to carbon reduction will increase every year, reaching at least 70% by 2060 with the total carbon reduction exceeding 35 billion tons.

Robin Li, Co-Founder, Chairman and Chief Executive Officer of Baidu said that Baidu is currently drawing on its advantages in AI to harness technologies including autonomous driving and vehicle-to-everything to realize a complete smart transportation system and ensuring an optimal solution to carbon reduction. He also expressed that Baidu will continue to invest further resources in this effort together with ecosystem partners using AI to achieve zero carbon growth.

“One of the key advantages of smart transportation solutions is the ability of “Vehicle-road-smart mobility” to address the issue of emissions at the root”, said Guobin Shang, Vice President and General Manager of Intelligent Transportation Division at Baidu. “By 2030, Baidu is expected to reduce carbon emissions from urban transport by more than 70 million tons, equal to 8 percent of China’s total emissions in 2020″.

The transportation industry exemplifies AI’s direct impact on the reduction of carbon emissions. In 2020, carbon emissions from China’s transportation industry were estimated to be 1.04 billion tons, accounting for 9% of the country’s total emissions. The use of slow blocking intelligent transportation technology based on intelligent information control can effectively improve the traffic efficiency of major urban road intersections. Cities with a population of 10 million can therefore reduce carbon emissions by at least 41,600 tons per year, which is equivalent to the carbon emission of 14,000 private cars in a year.

Based on IDC’s long-term tracking and accumulation of data on the global IT market, the white paper employs an original data center for carbon emission model to calculate that in 2020 alone, the global carbon emission reduced by cloud computing is equivalent to taking nearly 26 million gas-powered cars off the road.

In June 2021, Baidu announced its goal to achieve carbon neutrality in its operations by 2030, using advanced technology and innovative mechanisms to minimize its ecological footprint. The company’s approach to fulfil carbon neutral targets is centered on six main operational aspects: data centers, office buildings, carbon offsets, intelligent transportation, AI cloud and supply chains. 

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on the NASDAQ under “BIDU” and HKEX under “9888.” One Baidu ADS represents eight Class A ordinary shares.

Media Contact
Intlcomm@baidu.com

Chunghwa Telecom announces new organizational structure effective in 2022

Business groups and technology groups will collaborate to elevate company to the next level

TAIPEI, Dec. 30, 2021 — In response to market competition, rapid technological advancement and the ongoing innovation of new business models, Chunghwa Telecom launched the "Rise on Together, 2021" strategic transformation plan three years ago, aiming to enhance its overall competitiveness under a customer-centric organizational structure. On the final working day of 2021, Mr. Sheih Chi-Mau, Chairman of Chunaghwa Telecom, announced that the company has completed the major part of the transformation, reporting robust financial results for 2021, and introduced the new enterprise organizational structure for 2022, which includes the headquarters, three business groups and three technological groups within the company. Speaking at the ceremony for the new management appointments, Chairman Sheih encouraged the new business group leaders by saying that the company should not only be satisfied with successful 2021 results but to also collaborate closely to elevate the company to the next level.

The three-year strategic transformation launched in 2019 and is comprised of four major areas of focus, including core business, emerging business, cost optimization and upgrading of basic capabilities. With the ongoing efforts of the past three years, the transformation has enhanced the company’s financial performance, which turned positive in 2020 on a year over year basis, and achieved continued growth for two consecutive years despite COVID-19 headwinds.

Chairman Sheih said the organizational transformation is the most challenging but very important part of success of the overall strategic transformation. The company conducted regular, candid communications with its employees to build consensus. On July 1st, 2021, all business units in charge of the enterprise business in the company took the lead to re-organize as one business group to deliver service. Beginning in 2022, the business groups including the Consumer Business Group, Enterprise Business Group and International Business Group, as well as the technology related units including the Network Technology Group, Data Communications Business Group and Telecommunication Laboratories, also begin to operate and deliver functions. In addition, the new organizational structure also enables the headquarters to enhance its strategic planning and coordinating capabilities based on a customer-centric mindset, the expected DNA of the company to lead the change.

To enable a smooth transition of the new organizational structure, the Chairman and President hosted the inaugural ceremony on the final working day of 2021, which allows the newly established Consumer Business Group and Network Technology Group to inaugurate on the first day of 2022. Combining the existing groups including the Enterprise Business Group, Data Communications Business Group, International Business Group and the Telecommunication Laboratories, the company announced the successful achievement of its milestone to deliver services and functions based on a new customer-centric structure.

Going forward, the Consumer Business Group will develop consumer and home based service to satisfy the increasing demand of safe, convenient, healthy and entertaining smart life. Supported by the quality mobile and fixed broadband infrastructure of Chunghwa Telecom, the Consumer Business Group aims to be the leading smart life service provider by offering differentiated services and creating values to consumers, families, and communities.

The newly-established Network Technology Group serves as the company’s most valuable, reliable and trustworthy ICT infrastructure platform to meet internet demand, and is committed to building a new-generation cloud-based intelligent network with software-centric technologies. Through the action plans such as "Fixed-Mobile Convergence", "Cloud-Network Convergence",and "Open Network Architecture", etc., the Group aims to establish the common-network, common-management, clouded-site, innovative and intelligent infrastructure, and to provide the high-quality and forward-looking network services.

Chunghwa Telecom is the leading telecom brand with a long, proud history in Taiwan and is also well positioned to proactively respond to the challenges ahead. Kuo Shui-Yi, President of Chunghwa Telecom, said that he expects the evolution into a customer-centric organization would continue to take root in the company’s culture. In doing so, the company expects to thrive in a competitive environment under the ESG framework, and rapidly develop technologies and innovative business models to enhance digital economy as Chunghwa Telecom also aims to enable industries and businesses to be more competitive and sustainable in the 5G era.

Contact:

Human Resources Department  Tel : (02)2344-2198

Public Affairs Department  Tel: (02)2344-3252

Renren Announces Unaudited First Half 2021 Financial Results

PHOENIX, Dec. 30, 2021 — Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc. ("Chime") and Trucker Path Inc. ("Trucker Path"), today announced its unaudited financial results for the six months ended June 30, 2021. 

First Half of 2021 Highlights

Except where specified otherwise, the following commentary compares results for the six months ended June 30, 2021 to results for the corresponding period in 2020, excluding those of Kaixin Auto Holdings ("Kaixin").

  • The Company completed its deconsolidation of Kaixin on June 25, 2021 through Kaixin’s reverse acquisition of Haitaoche Limited ("Haitaoche"). Upon completion of the reverse acquisition, the Company’s ownership interest in Kaixin decreased from 69.4% as of December 31, 2020 to 33.3% as of June 30, 2021. The Company recognized a gain on the deconsolidation of US$123.7 million. For periods on and after June 25, 2021, Renren is accounting for its retained non-controlling investment in Kaixin under the equity method of accounting.
  • Total net revenues improved 91% to US$15.0 million compared to US$7.9 million for the six months ended June 30, 2020.
  • Paying subscriptions to the Company’s SaaS businesses, Chime and Trucker Path as of June 30, 2021 reached 2,100 and 59,000 respectively, representing an increase of 32% and 129% compared to June 30, 2020. Chime’s active seats, which are defined as eligible users on a paid subscription and registered to use the platform, increased to 16,100 from 6,900.
  • Gross Margins from the Company’s SaaS businesses ended the period at 84% as compared to 79% for the corresponding period ended June 30, 2020. When compared to RenRen’s consolidated Gross Margins while operating Kaixin, margins increased 67%, from 17% for the six months ended June 30, 2020. This increase is primarily due to the deconsolidation of the Kaixin auto business which has historically operated at lower margins than the SaaS businesses.
  • Operating loss of US$7.1 million, improved 60% from that of US$17.9 million in the corresponding period in 2020.
  • Net loss from continuing operations attributable to the Company was US$49.7 million, compared to that of US$13.3 million in the corresponding period in 2020.
  • Adjusted loss from operations (1) (non-GAAP) of US$2.8 million, improved from an adjusted loss from operations of US$8.0 million in the corresponding period in 2020.
  • Adjusted net income from continuing operations (1) (non-GAAP) was US$1.9million, compared to an adjusted net loss from continuing operations of US$3.9 million in the corresponding period in 2020.
  • The Company’s cash and cash equivalents increased to US$70.6 million from US$19.6 million at December 31, 2020 mainly due to the repayment of a promissory note from a related party.

(1) Adjusted loss from operations and adjusted net (loss) income from continuing operations are non-GAAP measures. Adjusted loss from operations is defined as loss from operations excluding share-based compensation expenses and amortization of intangible assets, and adjusted net (loss) income from continuing operations is defined as net (loss) income from continuing operations excluding share-based compensation expenses, fair value change of contingent consideration, amortization of intangible assets and pick up of loss from the equity method investment in Kaixin. See "About Non-GAAP Financial Measures" below.

First Half 2021 Results

The Company

The following results compare the first half of 2021 to the results for the first half of 2020, excluding Kaixin.

Total net revenues from SaaS and other for the first half of 2021 were US$15.0 million compared to US$7.9 million for the six months ended June 30, 2020, representing a 91% increase from the corresponding period in 2020. The Company’s paying subscriptions at June 30, 2021 for Chime and Trucker Path increased to 2,100 and 59,000, by 32% and 129%, respectively compared to June 30, 2020. Active seats for Chime, defined as eligible users on a paid subscription and registered to use the platform, increased to 16,100 from 6,900 while total users on Trucker Path increased to 834,100 from 669,700.

Gross Margins from SaaS and other were 84% in the first half of 2021 compared to 79% in the first half of 2020. Consolidated Gross Margins for the six months ended June 30, 2020 were 17% and included results of operations derived from the Kaixin business, which was deconsolidated on June 25, 2021.

Operating expenses were US$19.6 million, a 19% decrease from the corresponding period of 2020. The decreased spending resulted from lower SBC which decreased to US$4.3 million in the first half of 2021 from US$9.8 million in the first half of 2020.

Selling and marketing expenses were US$6.1 million, a 28% increase from the corresponding period of 2020. The increase corresponds to the Company’s increased marketing and promotional activities.

Research and development expenses were US$4.7 million, a 25% decrease from the corresponding period in 2020. The decrease was primarily due to a decrease in headcount and general operating expenses of the IT team.

General and administrative expenses were US$8.9 million, a 33% decrease from the corresponding period in 2020. The decrease was primarily due to lower share-based compensation expense, offset by an increase in legal fees related to the proposed settlement of RenRen shareholder derivative lawsuits.

Share-based compensation expenses, included in operating expenses, were US$4.3 million, compared to US$9.8 million in the corresponding period in 2020.

Loss from operations of US$7.1 million, improved from that of US$17.9 million in the corresponding period in 2020.

Net loss from continuing operations attributable to the Company was US$49.7 million, compared to that of US$13.3 million in the corresponding period in 2020.

Adjusted loss from operations (non-GAAP) was US$2.8 million, improved from that of US$8.0 million in the corresponding period in 2020. Adjusted loss from operations is defined as loss from operations excluding share-based compensation expenses and amortization of intangible assets.

Adjusted net income from continuing operations (non-GAAP) was US$1.9 million, compared to an adjusted net loss from continuing operations of US$3.9 million in the corresponding period in 2020. Adjusted net (loss) income from continuing operations is defined as net (loss) income from continuing operations excluding share-based compensation expenses, fair value change of contingent consideration, amortization of intangible assets and pick up of loss from equity method investment in Kaixin.

Business Outlook

The Company expects to generate revenues in an amount ranging from US$32.2 million to US$34.2 million for the fiscal year 2021. This forecast reflects the Company’s current and preliminary view, which is subject to change.

Deconsolidation of Kaixin Auto Holdings

On June 25, 2021, Kaixin Auto Holdings ("Kaixin") completed a reverse acquisition with Haitaoche Limited ("Haitaoche"), in which Kaixin issued an aggregate of 74,035,502 ordinary shares to acquire 100% of the share capital of Haitaoche (the "Issuance"). Following the Issuance, Renren owned less than 50% of Kaixin’s total outstanding ordinary shares and lost control of Kaixin. Following the Issuance, the management of Haitaoche became the management of Kaixin and obtained the right to elect a majority of Kaixin’s board of directors. Haitaoche was not a related party to Renren before the Issuance.

Under GAAP, loss of control of a subsidiary is deemed to have occurred when, among other things, a parent Company owns less than a majority of the outstanding common stock of the subsidiary, and is unable to unilaterally control the subsidiary through other means such as having the ability or being able to obtain the ability to elect a majority of the subsidiary’s Board of Directors. Renren determined that all of those loss of control factors were present with respect to Kaixin on June 25, 2021. Accordingly, Renren deconsolidated Kaixin’s financial statements and results of operations from Renren, effective June 25, 2021, in accordance with ASC 810-10-40-4(c), Consolidation, which is referred to as the "Kaixin Deconsolidation" in this press release. 

For periods on and after June 25, 2021, Renren is accounting for its retained noncontrolling investment in Kaixin under the equity method of accounting. Renren held 47.8 million shares of Kaixin ordinary shares, or approximately 33.3% of Kaixin outstanding ordinary shares as of June 30, 2021 and thus became a related party to Kaixin.

In connection with the Kaixin Deconsolidation and in accordance with ASC 810, Renren recorded a gain on deconsolidation of US$123.7 million related to the remeasurement of its retained interest in 33.3% of Kaixin ordinary shares from cost to fair value based on the share price as of June 25, 2021. The gain is included in the income from discontinued operation, net of tax, in the condensed consolidated statements of operations for the half year ended June 30, 2021.

Kaixin’s results of operations for the period from January 1, 2021 through June 24, 2021, the date immediately preceding the Kaixin Deconsolidation, and for the years ended December 31, 2020 and 2019, shown in the table below, are included in the consolidated results of operations of Renren as net gain/loss from the discontinued operations, net of nil taxes, for those respective periods, after intercompany eliminations, as applicable.

For the Period from

January 1, 2021 through
June 24, 2021

Year Ended

December 31, 2020

Year Ended

December 31, 2019

(in thousands of U.S. dollars)

Loss from Discontinued Operations, net of nil taxes

$(10,896)

$(5,320)

$(69,068)

RenRen Settlement

On October 7, 2021, Renren entered into a Stipulation of Settlement (the "Stipulation") as a nominal defendant with respect to the consolidated shareholder derivative lawsuits currently pending in New York State Supreme Court (the "Court") with other defendants and the plaintiffs who have brought claims derivatively on behalf of Renren (the "Action").

The Stipulation contemplated (a) the Action will be dismissed with prejudice, (b) the claims brought by the plaintiffs against the defendants will be released, and (c) the administrator approved by the Court will distribute the Settlement Fund (as defined below) pursuant to the Stipulation (the "Settlement").

As the claims are brought nominally in the name of Renren, the plaintiffs purport to asset claims on behalf Renren and do not seek to impose any liability on Renren. Renren is a party to the settlement agreement but did not contribute any amount to the Settlement or any amount for the administration of the Settlement. In connection with the Settlement, Oak Pacific Investment and Duff & Phelps, LLC will contribute to a settlement fund (the "Settlement Fund"), which amount before any deduction of expenses will be the greater of $300,000,000 or the sum of (a) $38.6866 per ADS multiplied by the number of issued and outstanding ADSs as of the record date set by Renren’s Board of Directors after the approval of the Settlement by the Court (the "Record Date") and (b) $0.859701 per Class A ordinary share multiplied by the total number of issued and outstanding Class A ordinary shares as of the Record Date. However, the defendants and certain current or former Renren directors and/or officers specifically identified in the Stipulation will not be entitled to receive any of the Settlement Fund.

During a hearing held before the Court on December 9, 2021, the Court announced that it intended to deny the motion to approve the Stipulation. Subsequently, on December 10, 2021, the Court issued a written order formally denying the motion to approve the Stipulation, and set a subsequent hearing on January 31, 2022. The Court rejected the procedure under the Stipulation for setting the Record Date for determining the holders of Renren’s Class A ordinary shares and ADSs entitled to distributions from the Settlement Fund. The Court also stated that the proposed fee award to plaintiffs’ counsel was too high. The plaintiffs filed a notice of appeal with the Court on December 15, 2021.

Conference Call Information

The Company will not host a conference call. Please contact our Investor Relations Department if you have any questions.

About Renren Inc.

Renren Inc. (NYSE: RENN) operates several US-based SaaS businesses including Chime, Inc. and Trucker Path. Renren’s American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on NYSE under the symbol "RENN".

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," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook for the second half of 2020 and quotations from management in this announcement, as well as Renren’s strategic and operational plans, contain forward-looking statements. Renren may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), 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 statements about Renren’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: Renren’s goals and strategies; Renren’s future business development, financial condition and results of operations; Renren’s expectations regarding demand for and market acceptance of its services; Renren’s plans to enhance user experience, infrastructure and service offerings. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Renren’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Renren uses "adjusted loss from operations" and "adjusted net (loss) income from continuing operations" which are defined as non-GAAP financial measures by the SEC, in evaluating its business. Renren defines adjusted loss from operations as loss from operations excluding share-based compensation expenses and amortization of intangible assets, and adjusted net (loss) income from continuing operations as net (loss) income from continuing operations excluding share-based compensation expenses, fair value change of contingent consideration, amortization of intangible assets, and the pick-up of loss from equity method investment in Kaixin. Renren continuously and periodically reviews its operating results and business performance. Starting from the first quarter of 2018, there was a significant impact on net (loss) income due to the material and significant noncash amount of fair value change of contingent consideration relating to the used auto dealerships of the emerging used auto business. Kaixin completed the reverse acquisition with Haitaoche on June 25, 2021, which created significant goodwill on Kaixin’s financial statements and a significant portion of such goodwill was impaired as of June 30, 2021. Subsequent to completion of the reverse acquisition, Renren started to account for its 33.3% retained non-controlling investment in Kaixin under the equity method of accounting. Due to the nature of the business, Renren believes that in disclosing adjusted net (loss) income from continuing operations by excluding the impact of fair value changes and pick-up of equity method investment loss derived from Kaixin’s goodwill impairment and also non-cash expenses for i) share-based compensation, and ii) intangible asset amortization, RenRen more appropriately presents its results of operations, and provides investors with useful information to understand Renren’s business performance. To facilitate investors’ and analysts’ comparative analysis, the aforesaid impact is presented retrospectively in "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures". Renren presents adjusted loss from operations and adjusted net (loss) income from continuing operations because they are used by Renren’s management to evaluate its operating performance. Renren also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Renren’s consolidated results of operations in the same manner as Renren’s management and in comparing financial results across accounting periods and to those of Renren’s peer companies.

These non-GAAP financial measures are not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures" at the end of this release.

 

RENREN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands of US dollars)

As of

December 31,

June 30,

2020

2021

ASSETS

Current assets:

Cash and cash equivalents

$

19,630

$

70,611

Restricted cash

14,457

9,234

Accounts receivable, net

474

376

Prepaid expenses and other current assets

2,196

4,495

Amounts due from related parties

764

5,328

Inventory

704

649

Amount due from subsidiary held for sale

2,255

Current assets held for sale

48,467

Total current assets

88,947

90,693

Non-current assets:

Property and equipment, net

439

260

Goodwill and intangible assets, net

449

449

Long-term investments

53,641

127,386

Amount due from related parties- non-current

67,985

Right-of-use lease assets

2,135

1,579

Other non-current assets

77

92

Total non-current assets

124,726

129,766

TOTAL ASSETS

$

213,673

$

220,459

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

951

$

925

Short-term debt

11,400

1,585

Accrued expenses and other current liabilities

10,834

11,635

Short-term lease liabilities

1,409

1,304

Amounts due to related parties

697

999

Deferred revenue and advance from customers

602

1,297

Income tax payable

13,841

14,547

Contingent consideration

407

256

Current liabilities held for sale

40,962

Total current liabilities

81,103

32,548

Non-current liabilities:

Long-term debt

1,585

Long-term lease liabilities

589

100

Long-term contingent consideration

1,652

1,041

Total non-current liabilities

3,826

1,141

TOTAL LIABILITIES

$

84,929

$

33,689

Shareholders’ Equity:

Class A ordinary shares

770

806

Class B ordinary shares

305

305

Additional paid-in capital

741,130

754,771

Statutory reserves

6,712

6,712

Accumulated deficit

(634,054)

(567,263)

Accumulated other comprehensive loss

(9,706)

(9,933)

Total Renren Inc. shareholders’ equity

105,157

185,398

Noncontrolling interests

23,587

1,372

TOTAL EQUITY

128,744

186,770

TOTAL LIABILITIES AND EQUITY

$

213,673

$

220,459

 

 

RENREN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands of US dollars, except share data and per share data, ADS data, and per ADS data)

For the six months ended

June 30,

2020

2021

Net revenues

$

7,865

$

14,992

Cost of revenues

(1,618)

(2,472)

Gross profit

6,247

12,520

Operating expenses:

Selling and marketing

(4,750)

(6,072)

Research and development

(6,198)

(4,664)

General and administrative

(13,234)

(8,875)

Total operating expenses

(24,182)

(19,611)

Loss from operations

(17,935)

(7,091)

Other income

427

404

Fair value change of contingent consideration

557

761

Interest income

3,729

143

Interest expenses

(172)

(51)

Total other income, net

4,541

1,257

Loss before provision of income tax and loss in equity method investments

(13,394)

(5,834)

Income tax expenses

Loss before loss in equity method investments and noncontrolling interest

(13,394)

(5,834)

Income (Loss) in equity method investments, net of tax

79

(43,586)

Loss from continuing operations

(13,315)

(49,420)

Discontinued operation:

Loss from operations of discontinued operation net of income tax

(5,790)

(10,896)

Gain on deconsolidation of the discontinued operation, net of income tax

123,667

(Loss) income from discontinued operation, net of tax

(5,790)

112,771

Net (loss) income

(19,105)

63,351

Net loss attributable to noncontrolling interests

2,528

3,440

Net loss from continuing operations attributable to Renren Inc.

(13,315)

(49,655)

Net (loss) income from discontinued operations attributable to Renren Inc.

(3,262)

116,446

Net (loss) income attributable to Renren Inc.

$

(16,577)

66,791

Net loss per share from continuing operations attributable to Renren
Inc. shareholders:

Basic and diluted

(0.013)

(0.046)

Net (loss) income per share from discontinued operations attributable to Renren
Inc. shareholders:

Basic and diluted

(0.003)

0.108

Net (loss) income per share attributable to Renren Inc. shareholders:

Basic and diluted

(0.016)

0.062

Net (loss) income attributable to Renren Inc. shareholders per ADS*:

Basic and diluted

(0.704)

2.776

Weighted average number of shares used in calculating net (loss) income per ordinary share attributable to Renren Inc. shareholders:

Basic and diluted

1,058,890,544

1,082,621,413

* Each ADS represents 45 Class A ordinary shares.

 

 

Reconciliation of Non-GAAP results of operations measures to the comparable GAAP financial measures

(In thousands of US dollars)

For the six months ended

June 30,

2020

2021

Loss from operations

$

(17,935)

$

(7,091)

Add back: Share-based compensation expenses

9,783

4,292

Add back: Amortization of intangible assets

192

Adjusted loss from operations

$

(7,960)

$

(2,799)

Net loss from continuing operations

$

(13,315)

$

(49,420)

Add back: Pick up of loss from the equity method investment in Kaixin*

47,837

Add back: Share-based compensation expenses

9,783

4,292

Less: Fair value change of contingent consideration

(557)

(761)

Add back: Amortization of intangible assets

192

Adjusted net (loss) income from continuing operations

$

(3,897)

$

1,948

* Represents pick up of net loss from equity method investment in KAIXIN AUTO HOLDINGS, in which the Company retained a non-controlling interest after deconsolidating it on June 25, 2021. During the period from June 25, 2021 to June 30, 2021, the loss picked up from Kaixin raised from Kaixin’s Goodwill impairment, and excluded in from the net loss from continuing operations to get to the non-GAAP adjusted net (loss) income from continuing operations.

 

 

 

CHTF2021 Opens in Shenzhen China

SHENZHEN, China, Dec. 29, 2021 — The 23rd China High-Tech Fair (CHTF2021) opened in Shenzhen, China on December 27, 2021.

China Hi-Tech Fair 2021--China's No. 1 Technology show opens on December 27-29 in Shenzhen China
China Hi-Tech Fair 2021–China’s No. 1 Technology show opens on December 27-29 in Shenzhen China

CHTF 2021 includes both online and offline components spanning  five days and three days respectively. More than 1,900 domestic and foreign enterprises appeared on the first day of the CHTF’s online exhibition, covering various high-tech fields such as the next generation of Internet and communications technology including cloud computing and 5G, and strategic emerging industries encompassing environmental protection, new energy vehicles, and aerospace.

Notable domestic corporate brands in attendance at this year’s CHTF include Huawei, ZTE, Honor, and Changhong Group. They are joined by Tsinghua University, Peking University and other top academic institutions, while the Ministry of Commerce, the Ministry of Industry and Information Technology, and other government departments also set up exhibitions.

As an internationally renowned science and technology event, CHTF provides an important stage for sharing critical insights into new market needs, future technology, and new trends in industry development. This year’s CHFT is focused on a number of prominent themes rooted in China but with global relevance, such as "New Era, New Economy", "Carbon Peaking and Carbon Neutrality", and "China’s Smart Manufacturing". Popular buzzwords at the moment, such as the post-pandemic era and the metaverse, are firmly encapsulated by the hardcore scientific and technological innovation products and technologies on display at CHTF.

The international presence at CHTF 2021 is unique, with exchanges and cooperation between Chinese and foreign partners ongoing despite the global pandemic. Enterprises from 25 countries are displaying online, while delegations from 11 countries including Belgium, Brazil, Poland are exhibiting in person at Shenzhen World Exhibition and Convention Center.

An integral component of CHTF is the China High-Tech Forum, which has become an essential platform for sharing the latest scientific and technological developments, understanding both the Chinese and global economy, and strengthening international technical and economic cooperation. This year’s forum will be attended by nearly 50 experts, scholars, and business representatives.

Virtual Exhibition and Online Forum: https://online.chtf.com/pcen23/#/Home

Official Website: https://www.chtf.com/english/ 
Facebook: @CHTFChina
LinkedIn: @China Hi-tech Fair

Waymo and Zeekr to collaborate on all-electric, fully autonomous ride-hailing vehicle

HANGZHOU, China and SAN FRANCISCO, Calif., Dec. 29, 2021 — Geely Holding Group’s (Geely) premium electric brand, Zeekr, will collaborate with Waymo on the development of a new pure electric vehicle for deployment in the Waymo One autonomous ride-hailing fleet in the United States. 

Waymo and Zeekr collaborate on autonomous drive vehicle
Waymo and Zeekr collaborate on autonomous drive vehicle

The Program Explained / The plan. 

The new purpose-built mobility vehicle is being designed and developed at Zeekr’s R&D facility, CEVT (China Europe Vehicle Technology Centre) in Gothenburg, Sweden which has a proven track record in developing class leading vehicles for the wider Geely Holding Group. Under this collaboration, Zeekr will be designing and developing the future vehicle on a new proprietary and open-source mobility architecture. Waymo will take delivery of the vehicles in the United States and will then integrate its fully autonomous Waymo Driver into the vehicle platform.

The new vehicle will be designed to be rider-centric from the outset, setting a new benchmark for autonomous vehicles. The new Zeekr vehicle has been designed for autonomous use-cases and will come with a fully configurable cabin, both with and without driver controls, that can be tailored towards rider requirements for the Waymo One unmanned ride-hailing fleet in the US.

Zeekr was founded in early 2021 as a global technology-mobility brand with design and engineering resources in Sweden. The first model from Zeekr, the 001, was introduced in April 2021 with deliveries starting in October of the same year. 

Quotes / What they say. 

Andy An, CEO Zeekr Technology: "Zeekr was born on the ideals of equality, diversity, and sustainability. By becoming a strategic partner and vehicle supplier to the Waymo One fleet, we will be able to share our experience, ideals and provide our expertise in collaborating on a fully electric vehicle that fits Waymo’s requirements for this rapidly expanding segment in the global market for sustainable travel."