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PR Newswire

Former Texas Instruments Executive, Bing Xie Joins Huami’s Board as Independent Director

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BEIJING and CUPERTINO, Calif., Nov. 23, 2020 — Huami Corp. (NYSE: HMI) today announced that it appointed Mr. Bing Xie, former Texas Instruments (TI) executive officer and senior vice president of worldwide sales and applications, as an independent director on Huami’s board. Mr. Xie will serve on the board’s Audit, Compensation, Nominating, Corporate Governance and the AI and Big Data Ethics Committees.

Over a 21-year career at Texas Instruments, Mr. Xie most recently led the worldwide sales and applications teams. He was previously TI’s president of Greater China (China, Taiwan, Hong Kong). Mr. Xie started his career at Hewlett-Packard, and later joined Bay Networks and 3Com. He has lived and worked in China, Italy, America and Canada. Mr. Xie holds a bachelor of science degree in electronics engineering from Xidian University, and an MBA from Clemson University.

"I am very happy that Xie Bing can join the board of directors," said Wang Huang, chairman and CEO of Huami Corp." He has extensive experience and global vision obtained from working with Texas Instruments. With his leadership, I believe he can help Huami better lay out the company’s strategy toward the smart IOT industry, and further promote the implementation of our health and medical strategies."

Mr. Xie joins current standing board members Mr. De Liu, co-founder and a senior vice president of Xiaomi; Dr. Hongjiang Zhang, retired chief executive officer of Kingsoft (a Hong Kong listed company 03888.HK), former chief technology officer of Asia-Pacific R&D and Distinguished Scientist at Microsoft; Mr. Jimmy Lai, retired chief financial officer of China Online Education Group; Ms. Yunfen Lu, co-founder and vice president of Huami Corp.; and Mr. Xiaojun Zhang, co-founder and vice president of Huami Corp.

About Huami Corporation (NYSE: HMI)

Huami’s mission is to connect health with technology. Since its inception in 2013, Huami has developed a platform of proprietary technology including AI chips, biometric sensors, and data algorithms, which drive a broadening line of smart health devices for consumers, and analytics services for industry. In 2019, Huami shipped 37 million smart watches and fitness bands, including its own Amazfit brand, and products developed and manufactured for Xiaomi, comprising 23% of global category shipments[1] . Huami Corp is based in Hefei, China, with U.S. operations, Huami-USA, based in Cupertino, Calif.

For more information, please visit https://www.huami.com/investor/pages/company-profile

[1] IDC, Correcting and Replacing Shipments of Wearable Devices, 3/10/20

For investor and media inquiries, please contact:

In China:
Investors: Grace Zhang, ir@huami.com
Media: Ken Cao, press@huami.com

In the United States:
Investors: Brad Samson, brad.samson@huami-usa.com, 714-955-3951
Media: Lydia Huang, lydia.huang@huami-usa.com, 407-800-5625

Related Links :

http://www.huami.com

PR Newswire

The9 Limited to Hold Annual General Meeting on December 22, 2020

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SHANGHAI, Nov. 21, 2020 — The9 Limited (Nasdaq: NCTY ) (the "Company"), an established Internet company, today announced that it will hold its annual general meeting of shareholders at the 17 Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai 200080, People’s Republic of China on December 22, 2020 at 2:00 p.m., Shanghai time.

No proposal will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders and beneficial owners of the Company’s American depositary shares ("ADSs") to discuss Company affairs with management.

The Board of Directors of the Company has fixed the close of business on November 27, 2020 as the record date (the "Record Date") for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof.

Holders of record of the Company’s ordinary shares at the close of business on the Record Date are entitled to attend at the annual general meeting and any adjournment or postponement thereof in person. Beneficial owners of the Company’s ADSs are welcome to attend the annual general meeting in person.

The notice of the annual general meeting is available on the Company’s website at http://www.the9.com/en/agms.html. The Company has filed its annual report (the "Annual Report"), which includes the Company’s audited financial statements for the fiscal year ended December 31, 2019, with the U.S. Securities and Exchange Commission (the "SEC"). The Company’s Annual Report can be accessed on the investor relations section of its website at http://www. the9.com, and on the SEC’s website at http://www.sec.gov.

Holders of the Company’s ordinary shares or ADSs may obtain a copy of the Company’s Annual Report, free of charge, by email to ir@corp.the9.com or by writing to:

The9 Limited
17 Floor,
No. 130, Wu Song Road,
Hong Kou District,
Shanghai 200080, PRC

About The9 Limited

The9 Limited ("The9") is an Internet company based in China listed on Nasdaq in 2004. The9 aims to become a diversified high-tech Internet company.

Website: https://www.the9.com/en

PR Newswire

500.com Limited Announces Unaudited Financial Results For the Third Quarter ended September 30, 2020

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SHENZHEN, China, Nov. 21, 2020 — 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"), an online sports lottery service provider in China, today reported its unaudited financial results for the third quarter ended September 30, 2020.

Resumption of Operations in Sweden

The Multi Group ("TMG"), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden in early 2020 as TMG did not complete the renewal of its e-Gaming license before it expired. The Company promptly issued a Current Report on Form 6-K dated January 13, 2020 regarding this situation, and provided an update through another Current Report on Form 6-K dated February 20, 2020. After submitting all the application materials and maintaining close communication with Sweden’s e-Gaming regulatory authority, TMG completed the renewal process and resumed its operations in Sweden in September 2020. The Company’s revenues for the third quarter ended September 30, 2020 have been, and for the fiscal year of 2020 are expected to be, materially and adversely impacted by the temporary suspension of TMG’s operations in Sweden. Revenue generated by TMG accounted for approximately 89.7% of the Company’s total net revenues for the fiscal year ended December 31, 2019, of which approximately 61.3% was generated from Sweden.

Completion of Internal Investigation

On December 31, 2019, the Company announced that its Board of Directors (the "Board") had formed a Special Investigation Committee (the "SIC") to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company’s subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office. On January 16, 2020, the Company announced that the SIC had retained King & Wood Mallesons LLP ("KWM") as its legal advisor to assist with its internal investigation.

On October 7, 2020, the Company announced that the SIC of the Company’s Board completed its internal investigation. 

KWM presented its investigation review to SIC on October 7, 2020. Based on the findings and analyses in KWM’s review, the SIC has concluded that it did not find a sufficient basis to establish a violation of the US Foreign Corrupt Practices Act of 1977 in connection with the Company’s prior activities in Japan. The SIC has also reviewed the Company’s compliance policies, procedures and internal controls in light of the suggestions from KWM. The Company has updated such policies, procedures and internal controls based on recommendations from the SIC, and will continue to enhance its internal controls as appropriate.

Annual Report on Form 20-F for the Fiscal Year ended December 31, 2019

The Company previously filed a Form 12b-25 with the SEC on June 15, 2020 for late filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2019 (the "2019 Annual Report"), pursuant to which the 2019 Annual Report was due to be filed by June 30, 2020. The Company expects to file the 2019 Annual Report (i) upon completion of the previously announced internal investigation being conducted by the SIC of the Company’s Board, with the assistance of KWM, (ii) once the Company’s financial statements for the fiscal year ended December 31, 2019 are finalized, (iii) once the Company has completed the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019, and (iv) once the Company’s independent registered public accounting firm has completed its audit of financial statements and internal control over financial reporting as of December 31, 2019.

The Company also reports that on July 1, 2020, the Company received an expected notice from New York Stock Exchange ("NYSE") Regulation stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the Company’s failure to timely file the 2019 Annual Report with the SEC. As required by the notice, (a) a representative of the Company contacted the NYSE on July 1, 2020 to discuss the status of the 2019 Annual Report, and (b) the Company is issuing this press release, disclosing the status of the 2019 Annual Report, noting the delay and the reason for the delay, as mentioned above. The anticipated filing date of the 2019 Annual Report is not known at this time.

NYSE Regulation notified the Company that the NYSE will closely monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from the due date of the 2019 Annual Report. If the Company fails to file its annual report and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the NYSE Listed Company Manual.

The Company intends to meet the filing deadline of six months from the filing due date of the 2019 Annual Report, or December 31, 2020.

Suspension of Online Sports Lottery Sales in China

All provincial sports lottery administration centers to which the Company provided sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People’s Republic of China on January 15, 2015. In response to the Self-Inspection Notice, on April 4, 2015, the Company decided to voluntarily suspend all online lottery sales services. As a result of the provincial sport lottery administration centers’ decision to suspend accepting online lottery orders and the Company’s voluntary suspension of all online sports lottery sales services in China, the Company has not generated any revenue from these services since April 2015.

Third Quarter 2020 Highlights

  • Net revenues were RMB6.1 million (US$0.9 million), compared with net revenues of RMB3.6 million for the second quarter of 2020, and net revenues of RMB9.8 million for the third quarter of 2019.
  • Operating loss was RMB50.2 million (US$7.4 million), compared with operating loss of RMB52.3 million for the second quarter of 2020, and operating loss of RMB98.4 million for the third quarter of 2019.
  • Non-GAAP[1] operating loss was RMB37.6 million (US$5.5 million), compared with non-GAAP operating loss of RMB33.7 million for the second quarter of 2020, and non-GAAP operating loss of RMB52.3 million for the third quarter of 2019.
  • Net loss attributable to 500.com was RMB44.0 million (US$6.5 million), compared with net loss attributable to 500.com of RMB86.3 million for the second quarter of 2020, and net loss attributable to 500.com of RMB95.8 million for the third quarter of 2019.
  • Non-GAAP net loss attributable to 500.com was RMB31.6 million (US$4.7 million), compared with non-GAAP net loss attributable to 500.com of RMB34.0 million for the second quarter of 2020, and non-GAAP net loss attributable to 500.com of RMB49.7 million for the third quarter of 2019.
  • Basic and diluted losses per ADS were RMB1.02 (US$0.15).
  • Non-GAAP basic and diluted losses per ADS were RMB0.73 (US$0.11).

Third Quarter 2020 Financial Results

Net Revenues

Net revenues were RMB6.1 million (US$0.9 million) for the third quarter of 2020, representing a decrease of RMB3.7 million or 37.8% from RMB9.8 million for the third quarter of 2019 and an increase of RMB2.5 million or 69.4% from RMB3.6 million for the second quarter of 2020. Net revenues during the third quarter of 2020 primarily consisted of RMB3.3 million (EUR0.4 million) in revenue contribution from the Company’s online lottery betting and online casino in Europe through TMG, which accounted for 54.1% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of RMB6.0 million resulting from the temporary suspension of operations in Sweden in 2020, which was partially offset by an increase of RMB2.8 million in sports information services in China started in early 2020.

Operating Expenses

Operating expenses were RMB56.2 million (US$8.3 million) for the third quarter of 2020, representing a decrease of RMB23.0 million or 29.0% from RMB79.2 million for the third quarter of 2019, and an increase of RMB1.1 million or 2.0% from RMB55.1 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB19.0 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and the termination of office leases in Hong Kong and Japan due to closure of subsidiaries’ local offices , a decrease of RMB10.3 million in expenses for employees as a result of decrease in headcount, a decrease of RMB6.8 million mainly in amortization associated with full impairment of acquired intangible assets in 2019, a decrease of RMB2.6 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.2 million in travelling expenses, a decrease of RMB1.3 million in marketing and promotional expenses relating to a change in TMG’s marketing strategy, a decrease of RMB1.2 million in office expenses, a decrease of RMB2.2 million in lottery insurance costs for TMG associated with the temporary suspension of its online lottery and online casino operations in Sweden, and a decrease of RMB1.7 million in platform service costs, which were partially offset by an increase of RMB18.8 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB4.4 million in consulting expenses, and an increase of RMB1.6 million for bad debt provision of receivables. The sequential increase was mainly due to an increase of RMB17.8 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB3.3 million in consulting expenses, and an increase of RMB1.8 million for bad debt provision of receivables, which were partially offset by a decrease of RMB14.7 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen, a decrease of RMB6.0 million in share-based compensation expenses associated with share options granted to the Company’s employees, and a decrease of RMB0.6 million in lottery insurance costs for TMG.

Cost of services was RMB3.8 million (US$0.6 million) for the third quarter of 2020, representing a decrease of RMB12.3 million or 76.4% from RMB16.1 million for the third quarter of 2019, and a slight decrease of RMB0.8 million or 17.4% from RMB4.6 million for the second quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB6.8 million in amortization mainly associated with full impairment of acquired intangible assets in 2019, a decrease of RMB2.2 million in lottery insurance costs for TMG associated with the temporary suspension of its online lottery and online casino operations in Sweden, a decrease of RMB1.7 million in platform service costs, and a decrease of RMB0.7 million in office expenses. The sequential decrease was mainly attributable to a decrease of RMB0.6 million in lottery insurance costs for TMG.

Sales and marketing expenses were RMB4.2 million (US$0.6 million) for the third quarter of 2020, representing a decrease of RMB4.8 million or 53.3% from RMB9.0 million for the third quarter of 2019, and a slight decrease of RMB0.8 million or 16.0% from RMB5.0 million for the second quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB2.8 million in expenses for employees, a decrease of RMB1.3 million in marketing and promotional expenses relating to a change in TMG’s marketing strategy, and a decrease of RMB0.5 million in travelling expenses, which were partially offset by an increase of RMB0.4 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential decrease was mainly due to a decrease of RMB0.3 million in share-based compensation expenses associated with share options granted to the Company’s employees.

General and administrative expenses were RMB46.4 million (US$6.8 million) for the third quarter of 2020, representing an increase of RMB3.3 million or 7.7% from RMB43.1 million for the third quarter of 2019, and an increase of RMB11.0 million or 31.1% from RMB35.4 million for the second quarter of 2020. The year-over-year increase was mainly due to an increase of RMB19.1 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB4.6 million in consulting expenses, and an increase of RMB1.6 million for bad debt provision of receivables, which were partially offset by a decrease of RMB10.3 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and the termination of office leases in Hong Kong and Japan due to closure of the subsidiaries’ local offices , a decrease of RMB6.3 million in expenses for employees, a decrease of RMB3.5 million in share-based compensation expenses associated with share options granted to the Company’s employees, and a decrease of RMB1.7 million in travelling expenses. The sequential increase was mainly due to an increase of RMB18.2 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB3.4 million in consulting expenses, and an increase of RMB1.8 million for bad debt provision of receivables, which were partially offset by a decrease of RMB7.4 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and a decrease of RMB4.6 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Service development expenses were RMB1.8 million (US$0.3 million) for the third quarter of 2020, representing a decrease of RMB9.3 million or 83.8% from RMB11.1 million for the third quarter of 2019, and a decrease of RMB8.3 million or 82.2% from RMB10.1 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB8.5 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and a decrease of RMB1.2 million in expenses for employees, which were partially offset by an increase of RMB0.5 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential decrease was mainly due to a decrease of RMB7.2 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and a decrease of RMB1.1 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Impairments of Goodwill and Acquired Intangible assets

The impairments of goodwill and acquired intangible assets were related to the Company’s acquisition of TMG, which were triggered by TMG’s temporary suspension of its operations in Sweden.

Impairment of goodwill was RMB30.9 million for the third quarter of 2019. There was no additional impairment of goodwill for the second and third quarters of 2020 as the related goodwill and intangible assets were fully impaired as of December 31, 2019.

Operating Loss

Operating loss was RMB50.2 million (US$7.4 million) for the third quarter of 2020, compared with operating loss of RMB98.4 million for the third quarter of 2019, and operating loss of RMB52.3 million for the second quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB30.9 million provided for goodwill during the third quarter of 2019, there was no such impairment during the third quarter of 2020, and (ii) a decrease of RMB23.0 million in operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB3.7 million in revenue.

Non-GAAP operating loss was RMB37.6 million (US$5.5 million) for the third quarter of 2020, compared with non-GAAP operating loss of RMB52.3 million for the third quarter of 2019, and non-GAAP operating loss of RMB33.7 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB20.4 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB3.7 million in revenue.

Net Loss Attributable to 500.com

Net loss attributable to 500.com was RMB44.0 million (US$6.5 million) for the third quarter of 2020, compared with net loss attributable to 500.com of RMB95.8 million for the third quarter of 2019, and net loss attributable to 500.com of RMB86.3 million for the second quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB30.9 million provided for goodwill during the third quarter of 2019, there was no such impairment for the third quarter of 2020, and (ii) a decrease of RMB23.0 million in operating expenses due to cost reduction measures implemented by management, which were partially offset by a decrease of RMB3.7 million in revenue. The sequential decrease was mainly due to (i) an impairment provision of RMB33.7 million provided for long-term investment in Loto Interactive Limited during the second quarter of 2020, which was calculated based on the last reported sale price on June 30, 2020, there was no such impairment for the third quarter of 2020, (ii) a decrease of RMB6.0 million in share-based compensation expenses associated with share options granted to the Company’s employees, and (iii) an increase of RMB2.5 million in revenue.

Non-GAAP net loss attributable to 500.com was RMB31.6 million (US$4.7 million) for the third quarter of 2020, compared with non-GAAP net loss attributable to 500.com of RMB49.7 million for the third quarter of 2019, and non-GAAP net loss attributable to 500.com of RMB34.0 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB20.4 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB3.7 million in revenue. The sequential decrease was mainly attributable to an increase of RMB2.5 million in revenue.

Cash and Cash Equivalents, Restricted Cash, Time Deposits and Short-term Investments

As of September 30, 2020, the Company had cash and cash equivalents of RMB278.4 million (US$41.0 million), restricted cash[2] of RMB2.4 million (US$0.4 million), time deposit[3] of RMB0.2 million and short-term investment[4] of RMB50.0 million (US$7.4 million), compared with cash and cash equivalents of RMB295.5 million, restricted cash of RMB4.6 million, time deposits of RMB0.2 million and short-term investments of RMB50.0 million as of June 30, 2020.

Prepayments and Other Current Assets

As of September 30, 2020, the balance of prepayment and other current assets was RMB23.5 million (US$3.5 million), compared with RMB24.9 million as of June 30, 2020. The balance as of September 30, 2020 mainly included: (i) the current portion of deferred expenses of RMB3.1 million (US$0.5 million); (ii) receivables from third party payment providers of RMB1.5 million (US$0.2 million); (iii) deposit receivables of RMB0.5 million (US$0.1 million); (iv) receivables of consideration from disposal of subsidiaries of RMB0.5 million (US$0.1 million); (v) deductible value added input tax of RMB11.7 million (US$1.7 million); and (vi) other receivables of RMB6.2 million (US$0.9 million).

Business Outlook

The Company does not expect to issue any earnings forecast until it receives clear instructions as to the resumption date of online sports lottery sales from the Ministry of Finance.

Currency Convenience Translation

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.7896 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2020, and all translations from Renminbi to Euros were made at the exchange rate of RMB7.9038 to EUR1.00, which was the average of the month-end exchange rates as set forth in the statistical release of State Administration of Foreign Exchange at the end of each month in 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

About Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in the Company’s consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.

Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.

[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of acquired intangible assets, impairment of goodwill, impairment of long-term investments and deferred tax benefit relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.

[2] Restricted cash represents: (i) government grants received but pending final clearance; and (ii) deposits in merchant banks yet to be withdrawn.

[3] Time deposit represents deposits in commercial banks with original maturities of greater than three months but less than a year.

[4] Short-term investment represents investments in structured financial products provided by financial institutions in the PRC with an initial maturity of six months.

For more information, please contact:

500.com Limited

ir@500wan.com

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

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

 

 

500.com Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares)

December 31,
2019

September 30,
2020

September 30,
2020

RMB

RMB

US$

Unaudited

Unaudited

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

361,220

278,391

41,003

Restricted cash

4,576

2,437

359

Time deposits

23,849

200

29

Short-term investments

–

50,000

7,364

 Amounts due from related parties

10,401

560

82

Prepayments and other current assets

30,280

23,467

3,456

Total current assets

430,326

355,055

52,293

Non-current assets:

Property and equipment, net

64,112

22,828

3,362

Intangible assets, net

4,505

2,765

407

Deposits

5,388

1,516

223

Long-term investments

152,954

110,336

16,251

Right-of-use assets

36,607

6,327

932

Other non-current assets

1,887

1,664

245

Total non-current assets

265,453

145,436

21,420

TOTAL ASSETS

695,779

500,491

73,713

LIABILITIES AND SHAREHOLDERS’ EQUITY 

Current liabilities:

 Accrued payroll and welfare payable

6,879

21

3

 Accrued expenses and other current liabilities

51,398

57,157

8,418

 Income tax payable

2,213

547

81

 Operating lease liabilities – current

16,672

3,802

560

Total current liabilities

77,162

61,527

9,062

Non-current liabilities:

 Long-term payables

2,965

604

89

 Deferred tax liabilities

59

–

–

 Operating lease liabilities – non-current

31,675

2,989

440

Total non-current liabilities

34,699

3,593

529

TOTAL LIABILITIES

111,861

65,120

9,591

Redeemable noncontrolling interest 

14,849

–

–

Shareholders’ Equity:

Class A ordinary shares, par value US$0.00005 per share,
700,000,000 shares authorized as of  December 31, 2019
and September 30, 2020; 420,001,792 and 430,014,792
shares issued and outstanding as of December 31, 2019
and September 30, 2020, respectively

145

148

22

Class B ordinary shares, par value US$0.00005 per share;
300,000,000 shares authorized as of December 31, 2019
and September 30, 2020; 10,000,099 and 99 shares issued
and outstanding as of December 31, 2019 and September
30, 2020, respectively

6

3

–

Additional paid-in capital

2,547,293

2,583,689

380,536

Treasury shares

(143,780)

(143,780)

(21,177)

Accumulated deficit

(1,960,692)

(2,127,811)

(313,393)

Accumulated other comprehensive income

141,484

136,278

20,072

Total 500.com Limited shareholders’ equity

584,456

448,527

66,060

Noncontrolling interests

(15,387)

(13,156)

(1,938)

Total shareholders’ equity

569,069

435,371

64,122

TOTAL LIABILITIES, NONCONTROLLING INTEREST AND
SHAREHOLDERS’ EQUITY

695,779

500,491

73,713

 

 

 

500.com Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
 except for number of shares, per share (or ADS) data)

 Three Months Ended 

September 30,
2019

June 30,
2020

September 30,
2020

September 30,
2020

RMB

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Net Revenues

9,763

3,648

6,145

905

Operating costs and expenses:

    Cost of services

(16,096)

(4,616)

(3,824)

(563)

    Sales and marketing expenses

(8,980)

(4,998)

(4,158)

(612)

    General and administrative expenses

(43,080)

(35,373)

(46,401)

(6,834)

    Service development expenses

(11,072)

(10,070)

(1,840)

(271)

Total operating expenses

(79,228)

(55,057)

(56,223)

(8,280)

    Other operating income 

1,233

453

487

72

    Government grant

264

172

246

36

    Other operating expenses

465

(1,553)

(892)

(131)

    Impairment of goodwill

(30,916)

–

–

–

Operating loss from continuing operations

(98,419)

(52,337)

(50,237)

(7,398)

    Other expenses (income), net

(1)

1,116

(2)

–

    Interest income

3,289

2,554

2,225

328

    (Loss) income from equity method investments

(699)

(2,769)

4,338

639

    Impairment of long-term investments

–

(33,706)

249

37

Loss before income tax

(95,830)

(85,142)

(43,427)

(6,394)

    Income tax benefit

230

60

–

–

Net loss from continuing operations

(95,600)

(85,082)

(43,427)

(6,394)

    Net income attributable to noncontrolling interests

189

1,236

546

80

Net loss attributable to 500.com Limited

(95,789)

(86,318)

(43,973)

(6,474)

Other comprehensive loss

    Changes in unrealized gain

–

436

739

109

    Foreign currency translation gain (loss)

10,195

(415)

(7,661)

(1,128)

Other comprehensive income (loss), net of tax

10,195

21

(6,922)

(1,019)

Comprehensive loss

(85,405)

(85,061)

(50,349)

(7,413)

    Less: Comprehensive income attributable to noncontrolling interests and Redeemable
noncontrolling interest

189

1,236

546

80

Comprehensive loss attributable to 500.com Limited

(85,594)

(86,297)

(50,895)

(7,493)

Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

429,912,365

430,009,704

430,014,891

430,014,891

Diluted

429,912,365

430,009,704

430,014,891

430,014,891

Losses per share attributable to 500.com Limited-Basic and Diluted

    Net loss 

(0.22)

(0.20)

(0.10)

(0.02)

Losses per ADS* attributable to 500.com Limited-Basic and Diluted

    Net loss 

(2.23)

(2.01)

(1.02)

(0.15)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten
Class A ordinary shares of the Company.

 

 

 

500.com Limited
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares, per share (or ADS) data)

 Three Months Ended 

September 30,
2019

June 30,
2020

September 30,
2020

September 30,
2020

RMB

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Operating loss from continuing operations

(98,419)

(52,337)

(50,237)

(7,398)

    Adjustment for share-based compensation expenses

15,175

18,649

12,626

1,860

    Adjustment for impairment of goodwill

30,916

–

–

–

Adjusted operating loss from continuing operations (non-GAAP)

(52,328)

(33,688)

(37,611)

(5,538)

Net loss attributable to 500.com Limited

(95,789)

(86,318)

(43,973)

(6,474)

    Adjustment for share-based compensation expenses

15,175

18,649

12,626

1,860

    Adjustment for impairment of goodwill

30,916

–

–

–

    Adjustment for Impairment of long-term investments

–

33,706

(249)

(37)

    Adjustment for deferred tax benefit relating to valuation allowance

–

(60)

–

–

Adjusted net loss attributable to 500.com Limited (non-GAAP) 

(49,698)

(34,023)

(31,596)

(4,651)

Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

429,912,365

430,009,704

430,014,891

430,014,891

Diluted

429,912,365

430,009,704

430,014,891

430,014,891

Losses per share attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(0.12)

(0.08)

(0.07)

(0.01)

Losses per  ADS* attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(1.16)

(0.79)

(0.73)

(0.11)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

 

Related Links :

http://ir.500.com/

PR Newswire

Senmiao Technology Reports Fiscal 2021 Second Quarter Financial Results

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CHENGDU, China, Nov. 20, 2020 — Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China as well as its own online ride-hailing platform, today announced financial results for the fiscal 2021 second quarter ended September 30, 2020.

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, "We were pleased that the proactive measures taken by our team in the early stages of the COVID-19 pandemic began to gain traction as we progressed through the third quarter. While the negative year-over-year impact on our operations is apparent, we saw considerable improvement in demand for our services during the second quarter and into the current fiscal third quarter. We transitioned many of the vehicles tendered to us by ride-hailing drivers who exited the business in the first quarter into rental vehicles during the past few months, which became a source of revenue as sales options diminished in the first half of the year.  We are now starting to see the market recover, and believe we can offer excellent optionality to drivers through sales, leasing, and rental selections."

Mr. Wen continued, "Our goal has been to become a total solution provider for ride-sharing drivers, beginning in our two core markets, Chengdu and Changsha. In recent weeks, we have strengthened this value proposition through cooperation with BYD to offer electric vehicles with financing and leasing options to drivers in our core markets; and a collaboration with Luxingtong for the provision of a wide array of telematics and safety solutions for our drivers. In addition, we recently launched our own ride-hailing platform in Chengdu and have seen the number of riders utilizing the service accelerating daily as we build greater brand recognition."

Mr. Wen concluded, "The impact of COVID-19 on our business model was stark and rapid. We were forced into situations where we needed to ensure the strength of our balance sheet and be adaptable to a new and changing paradigm in the Chinese ride-sharing market. While undertaking these changes was difficult in the short-term, we are now starting to see the benefits of the hard decisions we made. Our focus in the near term will be to improve our online ride-hailing platform with further enhancements for both drivers and riders, while seeking partnerships that can strengthen our value proposition for new drivers. Ultimately, we believe that our efforts will continue to position Senmiao well in Chengdu and Changsha, and position us for potential growth in new markets next year."

Revenues

Total revenues were $1,390,396 for the quarter ended September 30, 2020, compared to $5,885,287 in the same period last year and $1,146,916 for the quarter ended June 30, 2020. The decline from the prior year was largely due to the impact of COVID-19 which resulted in a significant decrease in the number of facilitated new automobile purchases and a significant number of ride-hailing drivers exiting the ride-hailing business and tendering their vehicles to Senmiao for sublease and sale.

As the ride-hailing markets in Chengdu and Changsha gradually recovered from the impact of COVID-19 beginning in April 2020, Senmiao also experienced a decrease in the number of automobiles tendered to it by the ride-hailing drivers exiting the business during the quarter ended September 30, 2020 as compared with prior quarters.

Senmiao also reported an increase in the monthly installments collected from automobile sale and leasing customers in the three months ended September 30, 2020, as compared with the three months ended June 30, 2020. Earlier in 2020, a higher number of ride-hailing drivers delayed their monthly installment payments as a result of the COVID-19 pandemic. However, the Company has seen a gradual improvement in collections throughout the year.

Senmiao strategically shifted its business focus to include automobile rental options for ride-hailing drivers as a measure of creating additional revenue. The automobile rental business generated an income of $787,955 for the quarter ended September 30, 2020.

As a result of the gradual recovery of the ride-hailing industry, coupled with Senmiao’s recent partnerships and proactive measures to address the changing market conditions, Senmiao expects revenue to increase in the third and fourth quarters of its fiscal year 2021.

Cost of Revenues

Cost of revenues were $994,515 for the quarter ended September 30, 2020, as compared with $4,709,184 during the same period last year. The decline was primarily due to the decrease in the number of automobiles sold.

Gross Profit

Gross profit was $395,881, or approximately 28.5% gross margin, for the quarter ended September 30, 2020, compared to $1,176,103, or approximately 20.0% gross margin, in the prior year period. 

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $2,749,209 for the quarter ended September 30, 2020 as compared with $1,137,801 during the same period last year. The increase mainly consists of an increase of $560,274 in amortization of automobiles which were tendered to Senmiao but have not been sub-leased or sold, an increase of $336,158 in salary and employee benefits as Senmiao’s employees increased from 158 to 203, an increase of $599,170 in professional service fees such as financial, legal and market consulting, and an increase of $115,806 in advertising and promotion,  rental and other office expenses.

Net Loss

Net loss from Senmiao’s continuing operations for the quarter ended September 30, 2020 was $2,607,165, compared to net income of $1,862,365 for the quarter ended September 30, 2019, , which mainly resulted from the decrease in revenue, decrease in gross profit and increase in selling, general and administrative expenses as stated in prior section as well as gain in the change of the fair values of derivative liabilities recorded for the three months ended September 30, 2020.

Loss per Share

Loss per share for continuing operations was $0.06 based on a weighted average number of basic and diluted common stock of 37,802,840, as compared to earnings per share of $0.06 based on a weighted average number of basic and diluted common stock of 28,237,430.

Financial Position

As of September 30, 2020, Senmiao had cash and cash equivalents of $4,394,019 as compared with $833,888 as of March 31, 2020 for its continuing operations. Total stockholders’ equity was $2,782,424 as of September 30, 2020, compared to $1,472,357 as of March 31, 2020.

Impact of COVID-19

The COVID-19 outbreak continued to materially adversely affect Senmiao’s business operations, financial condition and operating results in the quarter ended September 30, 2020, including but not limited to, decrease in revenues, slower collection of accounts receivable and additional allowance for doubtful accounts. However, as the ride-hailing markets in Chengdu and Changsha are gradually recovering from the impact of COVID-19, Senmiao expects its business to improve during the remainder of its current fiscal year ending March 31, 2021.

Further information regarding Senmiao’s results of operations for the quarter ended September 30, 2020 can be found in Senmiao’s Quarterly Report on Form 10-Q which will be filed with the Securities and Exchange Commission.

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 purchase and financing, management, operating lease, guarantee and other automobile transaction services aimed principally at the growing ride-sharing market in Senmiao’s areas of operation in China.  Senmiao also operates Xixingtianxia, its own proprietary online ride-hailing platform.  For more information about Senmiao, please visit: http://www.senmiaotech.com.

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 statements concerning the development of Senmiao’s automobile transaction, financing, rental and related services and online ride-hailing platform, the Chinese ride-sharing and automobile financial leasing markets, Senmiao’s plans, objectives, goals, strategies, and performance, and the impact of COVID-19 on Senmiao’s business), as well as the assumptions such statements and other statements that are not statements of historical facts 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

Adam Prior, Senior Vice President                                                 

Lucy Ma, Associate

(212) 836-9606                                                                                

+86 10 5661 7012

aprior@equityny.com                                                                     

lma@equityny.com

© 2020 Senmiao Technology Ltd.  All rights reserved.

 

 

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollar, except for the number of shares)

September 30,

March 31,

2020

2020

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

4,394,019

$

833,888

Accounts receivable, net, current portion

867,576

660,645

Inventories

812,748

1,000,675

Finance lease receivables, net, current portion

510,044

459,110

Prepayments, other receivables and other assets, net

2,834,601

2,798,780

Due from related parties

96,075

26,461

Current assets – discontinued operations

588,068

826,580

Total current assets

10,103,131

6,606,139

Property and equipment, net

Property and equipment, net

721,723

469,201

Property and equipment, net – discontinued operations

7,412

11,206

Total property and equipment, net

729,135

480,407

Other assets

Operating lease right-of-use assets, net

418,355

473,661

Operating lease right-of-use assets, net, related parties

378,166

236,305

Financing lease right-of-use assets, net

6,304,657

5,440,362

Intangible assets, net

737,008

777,621

Accounts receivable, net, non-current

598,675

882,078

Finance lease receivables, net, non-current

728,995

734,145

Total other assets

9,165,856

8,544,172

Total assets

$

19,998,122

$

15,630,718

LIABILITIES AND EQUITY

Current liabilities

Borrowings from financial institutions

$

594,974

$

226,753

Accounts payable

1,045

4,065

Advances from customers

106,459

90,349

Income tax payable

17,461

16,267

Accrued expenses and other liabilities

3,604,738

2,008,391

Due to related parties and affiliates

299,366

152,679

Operating lease liabilities

169,174

149,582

Operating lease liabilities – related parties

162,215

151,655

Financing lease liabilities

4,715,471

3,473,967

Derivative liabilities

940,728

342,530

Current liabilities – discontinued operations

3,077,506

4,516,292

Total current liabilities

13,689,137

11,132,530

Other liabilities

Borrowings from financial institutions, noncurrent

62,420

64,221

Operating lease liabilities, non-current

197,343

297,167

Operating lease liabilities, non-current – related parties

207,786

88,349

Financing lease liabilities, non-current

3,059,012

2,576,094

Total other liabilities

3,526,561

3,025,831

Total liabilities

17,215,698

14,158,361

 

 

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(CONTINUED)

(Expressed in U.S. dollar, except for the number of shares)

September 30,

March 31,

2020

2020

(Unaudited)

Commitments and contingencies

Stockholders’ equity

Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 43,358,818 and
29,008,818 shares issued and outstanding at September 30 and March 31, 2020, respectively)

4,336

2,901

Additional paid-in capital

33,444,742

27,013,137

Accumulated deficit

(27,866,092)

(23,704,863)

Accumulated other comprehensive loss

(682,398)

(507,478)

Total Senmiao Technology Limited stockholders’ equity

4,900,588

2,803,697

Non-controlling interests

(2,118,164)

(1,331,340)

Total equity

2,782,424

1,472,357

Total liabilities and equity

$

19,998,122

$

15,630,718

 

 

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended September 30,

For the Six Months Ended September 30,

2020

2019

2020

2019

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenues

$

1,390,396

$

5,885,287

$

2,537,312

$

10,897,850

Cost of revenues

(994,515)

(4,709,184)

(1,794,771)

(8,731,496)

Gross profit

395,881

1,176,103

742,541

2,166,354

Operating expenses

Selling, general and administrative expenses

(2,749,209)

(1,137,801)

(4,709,634)

(2,013,234)

Bad debts expenses (recovery)

47,540

(115,476)

(81,072)

(128,214)

Impairments of financing lease right-of-use

(80,223)

–

(80,223)

–

assets

Total operating expenses

(2,781,892)

(1,253,277)

(4,870,929)

(2,141,448)

Income (loss) from operations

(2,386,011)

(77,174)

(4,128,388)

24,906

Other income (expense)

Other income (expense), net

135,457

(28,900)

129,381

(15,733)

Interest expense

(14,892)

(25,306)

(35,540)

(62,345)

Interest expense on finance leases

(211,053)

–

(437,230)

–

Change in fair value of derivative liabilities

(129,961)

1,998,202

(412,941)

1,994,806

Total other income (expense), net

(220,449)

1,943,996

(756,330)

1,916,728

Income (loss) before income taxes

(2,606,460)

1,866,822

(4,884,718)

1,941,634

Income tax expense

(705)

(4,457)

(6,977)

(105,598)

Net income (loss) from continuing operations

(2,607,165)

1,862,365

(4,891,695)

1,836,036

Net income (loss) from discontinued operations,
    net of applicable income taxes

7,875

(721,007)

(77,779)

(1,200,110)

Net income (loss)

(2,599,290)

1,141,358

(4,969,474)

635,926

Net (income) loss attributable to non-controlling
     interests from continuing operations

418,546

(51,105)

808,245

(124,033)

Net income (loss) attributable to stockholders

$

(2,180,744)

$

1,090,253

$

(4,161,229)

$

511,893

Net income (loss)

$

(2,599,290)

$

1,141,358

$

(4,969,474)

$

635,926

Other comprehensive loss

Foreign currency translation adjustment

(165,216)

(374,191)

(153,499)

(460,414)

Comprehensive income (loss)

(2,764,506)

767,167

(5,122,973)

175,512

Total comprehensive loss attributable to
noncontrolling interests

(399,438)

(46,200)

(786,824)

(1,548)

Total comprehensive income (loss) attributable
to stockholders

$

(2,365,068)

$

813,367

$

(4,336,149)

$

177,060

 

 

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(CONTINUED)

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended September 30,

For the Six Months Ended September 30,

2020

2019

2020

2019

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Weighted average number of common stock

Basic and diluted

37,802,840

28,237,430

33,429,856

27,185,205

Earnings (loss) per share – basic and diluted

Continuing operations

$

(0.06)

$

0.06

$

(0.12)

$

0.06

Discontinued operations

$

0.00

$

(0.03)

$

0.00

$

(0.04)

 

 

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollar, except for the number of shares) 

For the Six Months Ended September 30,

2020

2019

(Unaudited)

(Unaudited)

Cash Flows from Operating Activities:

Net income (loss)

$

(4,969,474)

$

635,926

Net loss from discontinued operations

(77,779)

(1,200,110)

Net (loss) income from continuing operations

(4,891,695)

1,836,036

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization of property and equipment

106,608

50,396

Stock compensation expense

445,000

–

Amortization of right-of-use assets

2,123,901

40,730

Amortization of intangible assets

41,670

98

Bad debts expense

81,072

129,230

Impairment loss of financing lease right-of-use assets

80,223

–

Gain (loss) on disposal of equipment

(412)

4,621

Change in fair value of derivative liabilities

412,941

(1,994,806)

Change in operating assets and liabilities

Accounts receivable

124,198

(2,580,766)

Inventories

278,161

(804,853)

Prepayments, other receivables and other assets

(248,889)

(1,280,566)

Finance lease receivables

(46,913)

(1,109,277)

Accounts payable

(3,097)

167,472

Advances from customers

11,864

60,385

Income tax payable

480

87,469

Accrued expenses and other liabilities

1,355,339

351,653

Operating lease liabilities

(96,436)

(74,875)

Operating lease liabilities – related parties

61,575

–

Net cash used in operating activities from continuing operations

(164,410)

(5,117,053)

Net cash used in operating activities from discontinued operations

(1,131,564)

(947,351)

Net Cash used in Operating Activities

(1,295,974)

(6,064,404)

Cash Flows from Investing Activities:

Purchases of property and equipment

(19,572)

(384,695)

Prepayment of intangible assets

–

(470,000)

Net cash used in investing activities from continuing operations

(19,572)

(854,695)

Net cash used in investing activities from discontinued operations

(71)

–

Net Cash Used in Investing Activities

(19,643)

(854,695)

Cash Flows from Financing Activities:

Net proceeds from issuance of common stock and warrants in a registered direct offering

–

5,142,124

Net proceeds from issuance of common stock and warrants in an underwritten public offering

6,098,297

–

Net proceeds from issuance of common stock upon exercise of warrants

75,000

96

Borrowings from an insurance company

488,932

–

Repayments to stockholders

(28,569)

–

Repayments to third parties

–

(462,370)

Loan to related party

(66,427)

–

Borrowings from related parties and affiliates

–

1,121,435

Repayments to related parties and affiliates

(205,900)

(838,949)

Repayments of current borrowings from financial institutions

(150,999)

(97,306)

Release of escrow receivable

–

600,000

Principal payments of finance lease liabilities

(1,449,554)

–

Net cash provided by financing activities from continuing operations

4,760,780

5,465,030

Net cash provided by (used in) financing activities from discontinued operations

28,569

(814,033)

Net Cash Provided by Financing Activities

4,789,349

4,650,997

 

 

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(CONTINUED)

(Expressed in U.S. dollar, except for the number of shares)

For the Six Months Ended September 30,

2020

2019

(Unaudited)

(Unaudited)

Effect of exchange rate changes on cash and cash equivalents

76,259

(213,741)

Net (decrease) increase in cash and cash equivalents

3,549,991

(2,481,843)

Cash and cash equivalents, beginning of period

844,028

5,020,510

Cash and cash equivalents, end of period

4,394,019

2,538,667

Less: Cash and cash equivalents from discontinued operations

–

(293,766)

Cash and cash equivalents from continuing operations, end of period

$

4,394,019

$

2,244,901

Supplemental Cash Flow Information

Cash paid for interest expense

$

35,540

$

62,345

Cash paid for income tax

$

–

$

–

Non-cash Transaction in Investing and Financing Activities

Prepayment in exchange of intangible assets

$

–

$

40,457

Recognition of right-of-use assets and lease liabilities

$

2,976,966

$

960,908

Acquisition of equipment through prepayment and financing lease

$

312,864

$

–

Allocation of fair value of derivative liabilities for issuance of common stock
proceeds

$

241,919

$

3,150,006

Allocation of fair value of derivative liabilities to additional paid in capital upon
warrants exercised

$

56,662

$

961,631

Stock issued on deferred stock compensation

$

445,000

$

–

 

 

 

Related Links :

http://www.senmiaotech.com

PR Newswire

SINA to Hold Extraordinary General Meeting of Shareholders

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BEIJING, Nov. 20, 2020 — SINA Corporation (the "Company" or "SINA") (Nasdaq: SINA), a leading online media company serving China and the global Chinese communities, today announced that it has called an extraordinary general meeting of shareholders (the "EGM"), to be held at 10:00 a.m. Beijing Time on December 23, 2020, at Room Beijing, 1/F SINA Plaza No. 8 Courtyard 10 West, Xibeiwang East Road, Haidian District, Beijing 100193, People’s Republic of China, to consider and vote on, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement") dated September 28, 2020 by and between New Wave Holdings Limited ("Parent"), New Wave Mergersub Limited, a wholly owned subsidiary of Parent ("Merger Sub") and the Company, the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands in connection with the merger (the "Plan of Merger") and the transactions contemplated thereby, including the merger.

Pursuant to the Merger Agreement and the Plan of Merger, at the effective time of the merger, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent. If completed, the merger will result in the Company becoming a privately held company and its ordinary shares ("Ordinary Shares") will no longer be listed on the NASDAQ Stock Market LLC. In addition, the Ordinary Shares will cease to be registered under Section 12 of the Securities Exchange Act of 1934.

The board of directors of the Company, acting upon the unanimous recommendation of the special committee of the board of directors of the Company comprised solely of independent directors unaffiliated with the buyer parties, approved the Merger Agreement, the Plan of Merger and the consummation of the transactions contemplated thereby, including the merger, and resolved to recommend that the Company’s shareholders vote FOR, among other things, the proposal to authorize and approve the Merger Agreement, the Plan of Merger, and the consummation of the transactions contemplated thereby, including the merger.

Shareholders of record as of the close of business in the Cayman Islands on November 20, 2020 will be entitled to attend and vote at the EGM.

Additional information regarding the EGM and the Merger Agreement can be found in the transaction statement on Schedule 13E-3 and the proxy statement attached as Exhibit (a)-(1) thereto, as amended, filed with the U.S. Securities and Exchange Commission ("SEC"), which can be obtained, along with other filings containing information about the Company, the proposed merger and related matters, without charge, from the SEC’s website (http://www.sec.gov). In addition, the Company’s proxy materials (including the definitive proxy statement) will be mailed to the Company’s shareholders.

SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS.

The Company and certain of its directors and executive officers may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from the shareholders with respect to the proposed merger. Information regarding the persons who may be considered "participants" in the solicitation of proxies is set forth in the Schedule 13E-3 transaction statement relating to the proposed merger and the definitive proxy statement attached thereto. Further information regarding persons who may be deemed participants, including any direct or indirect interests they may have, is also set forth in the definitive proxy statement.

This announcement is for information purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities or a solicitation of any proxy, vote or approval with respect to the proposed transaction or otherwise, nor shall it be a substitute for any proxy statement or other materials that have been or will be filed with or furnished to the SEC.

About SINA

SINA is a leading online media company serving China and the global Chinese communities. Its digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile apps) and Weibo (social media) enables internet users to access professional media and user generated content in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances.

SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA mobile provides news information, professional and entertainment content customized for mobile users through mobile applications and mobile portal site SINA.cn.

Weibo is a leading social media platform for people to create, distribute and discover content. Based on an open platform architecture, Weibo provides unprecedented and simple way for people and organizations to publicly express themselves in real time, interact with others on a massive global platform and stay connected with the world.

Through these properties and other product lines, SINA offers an array of online media and social media services to its users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.

Safe Harbor Statements

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

Contact

Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn

Related Links :

http://www.sina.com

PR Newswire

Trip.com Group Ltd. to Report Third Quarter of 2020 Financial Results on December 1, 2020 U.S. Time

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SHANGHAI, Nov. 20, 2020 — Trip.com Group Ltd. (Nasdaq: TCOM), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management, will announce its third quarter of 2020 results on Tuesday, December 1, 2020, U.S. Time, after the market closes.

Trip.com Group’s management team will host a conference call at 7:00PM U.S. Eastern Time on December 1, 2020 (or 8:00AM on December 2, 2020 in the Shanghai/Hong Kong Time) following the announcement.

The conference call will be available on Webcast live and replay at: http://investors.trip.com. The call will be archived for twelve months at this website.

All participants must pre-register to join this conference call using the Participant Registration link below: 
https://s1.c-conf.com/diamondpass/10011064-jijA6p.html

Upon registration, each participant will receive details for this conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call until December 9, 2020.  

The dial-in details for the replay:
International dial-in number: +61-7-3107-6325
Passcode: 10011064

About Trip.com Group Ltd.

Trip.com Group Limited (Nasdaq: TCOM) is a leading one-stop travel service provider consisting of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group enables local partners and travelers around the world to make informed and cost-effective bookings for travel products and services, through aggregation of comprehensive travel-related information and resources, and an advanced transaction platform consisting of mobile apps, Internet websites, and 24/7 customer service centers. Founded in 1999 and listed on Nasdaq in 2003, Trip.com Group has become one of the largest travel companies in the world in terms of gross merchandise value.

 

Related Links :

https://www.ctrip.com/

PR Newswire

Autohome Wins Seven Awards from Prestigious Publisher Institutional Investor’s 2020 All-Asia Executive Team Ranking

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BEIJING, Nov. 17, 2020 — Autohome Inc. (NYSE: ATHM) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced that the Company has won seven awards from Institutional Investor’s "2020 All-Asia Executive Team" rankings, including "Honored Company," "Best CEO," and "Best CFO."

Recently, the global authoritative financial magazine Institutional Investor released the final results from its "2020 All-Asia Executive Team." After nearly six months of voting, Autohome finally emerged from the fierce competition, which included more than 1,000 outstanding listed companies being considered for excellence in corporate governance, executive leadership, and investor relations professionalism.

In the 2020’s rankings, Autohome was selected on the "Honored Companies" list by distinguishing itself with top rankings in the following categories/sub-categories: Min Lu was recognized as Best CEO, Jun Zou was recognized as Best CFO, and Autohome has also gained top 3 ranking in Best IR Professionals, Best IR Team, Best IR Program and Best ESG, respectively.

For 52 years, Institutional Investor has consistently distinguished itself among the world’s foremost media companies with groundbreaking journalism and incisive writing that provides essential intelligence for a global audience. In addition, Institutional Investor offers highly-respected proprietary benchmark research and rankings, including independent sell-side and corporate performance research and rankings, aiming to be the first-choice and independent validation source of qualitative market intelligence for all three sides of the investment community. Institutional Investor Research has a global presence, spanning Europe, All-Asia, the US and Latin America. Every year, Institutional Investor Research asks buy-side analysts, money managers and sell-side researchers at securities firms and financial institutions that cover the region to identify up to four companies that excel in investor relations in five specific categories – Best CEO, Best CFO, Best IR Professional, Best IR Company and Best ESG.

This year, a total of 1,921 portfolio managers and buy-side analysts, as well as 611 sell-side analysts, participated in the 2020 All-Asia Executive Team Honored Companies survey. This year, 1,472 companies, nominated across 18 sectors, were rated on nine core areas. The title of "Honored Company" goes to businesses earning a top-three position in one of the five categories. With its broad influence, the research is known for its strictness, objectivity, and professionalism and is deemed as the most valuable survey amongst the investment community every year. The seven awards Autohome had received from Institutional Investor demonstrates its wide recognition by the global capital markets.

In recent years, Autohome has made continuous efforts to strengthen its corporate governance. By leveraging its dominant leadership in digital analytics, Autohome has continued its first-mover advantage under the guidance of its "4+1" business strategy. The Company has been facilitating automakers to deepen the digital transformation with great value add to the auto industrial internet vertical, aiming to build a smart auto ecosystem. Winning multiple awards from the prestigious Institutional Investor is a testament to Autohome’s increasingly effective and prominent strategic transformation, as the Company’s operational capabilities, market competitiveness, and investment value have been highly recognized by global media and investment community. At the same time, it has also demonstrated Autohome’s progress and outstanding performance in corporate governance, executive leadership, information disclosure and investor communication with the capital markets community.

Mr. Min Lu, Chairman and Chief Executive Officer of Autohome, said, "In the future, Autohome will continue to strengthen fundamental advantages of its core business, capitalize on growth opportunities in new areas, and achieve steady and sustainable development."

Mr. Jun Zou, Chief Financial Officer of Autohome, added, "With the strong support of institutional investor groups, Autohome will remain focused on delivering long-term value to our customers, partners and investors."

About Autohome Inc.

Autohome Inc. (NYSE: ATHM) is the leading online destination for automobile consumers in China. Its mission is to enhance the car-buying and ownership experience for auto consumers in China. Autohome provides original generated content, professionally generated content, user-generated content, AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Autohome operates its "Autohome Mall," a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit www.autohome.com.cn.

For investor and media inquiries, please contact:

In China:

Autohome Inc.
Investor Relations
Anita Chen
Tel: +86-10-5985-7483
Email: ir@autohome.com.cn

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

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: autohome@tpg-ir.com

Related Links :

http://www.autohome.com.cn

PR Newswire

500.com Limited to Report Third Quarter 2020 Financial Results on November 20, 2020

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SHENZHEN, China, Nov. 16, 2020 — 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), an online sports lottery service provider in China, today announced that it plans to release its financial results for the third quarter ended September 30, 2020 after the close of U.S. markets on Friday, November 20, 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information, please contact:

500.com Limited
ir@500wan.com

Christensen

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

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://ir.500.com/

PR Newswire

Megvii accelerates international roll-out of Koala smart access solution

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BEIJING, Nov. 16, 2020 — Megvii Technology Limited announced the deployment of its facial recognition-based smart access solution, Koala, in Japan, Singapore, Thailand, Brazil, and the United Arab Emirates (UAE), to help international enterprise customers enhance safety and strengthen security in commercial and office settings. This represents another milestone in the Company’s efforts to help businesses across the globe accelerate their digital transformation with AI.

The Koala solution is designed to support enterprise customers in authenticating and controlling access to private and restricted locations, such as office buildings, school campuses, and residential compounds. Powered by Megvii’s proprietary algorithm, the solution enables swift authentication and registration of authorized personnel and supports functions such as attendance tracking and visitor registration and management.

Overseas locations that have recently installed Koala include:

  • Hug Gym, Chiang Mai, Thailand: Megvii customized and deployed a comprehensive smart access solution that allows gym managers to monitor and supervise the reception area with ease, including enabling one-to-one facial authentication for employees and registered gym members. The solution also encompasses real-time alerts to flag unauthorized access into the premises.
  • SEB High School, Brazil: Megvii deployed the Koala solution to improve campus safety and security, allowing for one-to-one facial authentication and identity verification of students, teachers, administrators, and other school staff. The system can also swiftly detect and flag access by unauthorized persons.
  • One of the Largest Oil Rig Builders in the United Arab Emirates (UAE): The Koala solution was deployed to enable the efficient verification of over 20,000 employees and registered visitors. This also removes the need for employees to use access cards or fingerprint verification, which can take considerably longer than one-to-one facial authentication, especially in the challenging environment of field operation.

About Megvii

Established in 2011, Megvii is a world-class AI company with a core competency in deep learning. Leveraging its proprietary AI productivity platform Brain++, Megvii focuses on three key verticals: Personal IoT, City IoT, and Supply Chain IoT. Megvii provides full-stack solutions to customers, integrating algorithms, software, hardware, and AI-empowered IoT devices.

Related Links :

https://www.megvii.com/

PR Newswire

CommsChoice becomes Australia’s first vendor of Contact Centre for Microsoft Teams Direct Routing

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SYDNEY, Nov. 16, 2020 — Leading cloud communications provider, ASX listed CommsChoice Group Limited (ASX: CCG), today announced that it has expanded its Microsoft Teams Direct Routing solution to include Contact Centre functionality, allowing companies to implement a call centre natively within their Teams environment.

CommsChoice Microsoft Teams Contact Centre Call Centre
CommsChoice Microsoft Teams Contact Centre Call Centre

CommsChoice Executive General Manager, Tony Dunphy, said that the Company was the first vendor in Australia to integrate this functionality with Microsoft Teams Direct Routing.

"We have delivered over 20 Teams contact centre and call centre solutions in our first two years of providing Teams calling, which I think means we can also lay claim to being one of Australia’s most experienced Microsoft Teams contact centre providers."

Call centres today act as one of the main channels of interaction for customers. And because of all the other ways customers engage with companies – phone, email, text, social – every member of the business has the potential to be involved in engaging a customer directly and therefore needs to have the right tools. This expanded scope of customer interactions across the entire business needs tools that provide consistency, continuous improvement, value added reporting and scale.

Mr Dunphy said, "Because the future of work has essentially been fast tracked, we’re seeing big demand for integrating contact centres with Microsoft Teams for customers deploying Teams Calling capabilities.

Direct routing means contact centre agents can make and receive calls within Microsoft Teams and it supports customer interaction work streams by acting as the hub for internal and external customer connection across all modes of communication including chat, video meetings and calling."

CommsChoice cloud-based software – Insights – provides access to features such as call recording, IVR, supervisor, reporting, and wallboards. The call recording feature captures incoming and outgoing customer calls and stores them securely, and in accordance with all compliance standards. Calls are stored in the same location as the Microsoft Office 365 tenancy, which is domiciled so local data compliance is also assured.

Mr Dunphy said, "We have a range of call centre options to suit companies with either an on-premises or cloud set up including native, semi native and hybrid contact centre solutions. Teams also enables ‘work from anywhere’ and will help ensure consistent and constantly improved customer engagement from any device, any channel, location or time zone."

ENDS

About CommsChoice

CommsChoice Group provides cloud communications for business. The company services SME and mid-tier corporate customers in Australia, Asia and internationally using its cloud based global business phone platform and Microsoft Teams calling/Direct routing integration combined with innovative SD-WAN technology and fibre and NBN access products.

For more information visit www.commschoice.com or follow the company on LinkedIn @CommsChoiceGroup or email us on enquiries@commschoice.com 

Related Links :

https://www.commschoice.com