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500.com Limited Announces Unaudited Financial Results For the Second Quarter ended June 30, 2020

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SHENZHEN, China, Aug. 29, 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 second quarter ended June 30, 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.

Temporary Suspension of Operations in Sweden 

The Multi Group ("TMG"), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden 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. TMG has submitted all the application materials and is in close communication with Sweden’s e-Gaming regulatory authority to complete the renewal process. The Company’s revenues for the second quarter ended June 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.

Internal Investigation Still in Progress

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.

As of today, we understand generally from the SIC that KWM has completed certain investigatory work and the internal investigation is still in progress. The Company currently is unable to determine with certainty what effect (if any) the result of the internal investigation may have on the Company’s financial statements for the fiscal year ended December 31, 2019. In addition, the Company currently cannot conclude the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019 until the internal investigation is completed.

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) the Company has completed the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019, and (iv) Friedman LLP, 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 period from the filing due date of the 2019 Annual Report, or December 31, 2020.

Purchase of the Remaining 7% Equity Interest of TMG

In connection with our acquisition of a 93% equity interest in TMG in 2017, on April 10, 2020, we entered into a definitive agreement with Helmet Limited, or Helmet, which owned the remaining 7% equity interest (post-acquisition) in TMG, to purchase the remaining 7% equity interest for a consideration of EUR1.9 million. We fully paid this consideration on April 20, 2020, and received the remaining 7% equity interest in TMG on the same date. Since April 2020, we have consolidated into our financial statements the financial and operating results of TMG as a wholly-owned subsidiary.

Second Quarter 2020 Highlights

  • Net revenues were RMB3.6 million (US$0.5 million), compared with net revenues of RMB3.1 million for the first quarter of 2020, and net revenues of RMB9.7 million for the second quarter of 2019.
     
  • Operating loss was RMB52.3 million (US$7.4 million), compared with operating loss of RMB36.8 million for the first quarter of 2020, and operating loss of RMB138.3 million for the second quarter of 2019.
     
  • Non-GAAP[1] operating loss was RMB33.7 million (US$4.8 million), compared with non-GAAP operating loss of RMB31.7 million for the first quarter of 2020, and non-GAAP operating loss of RMB60.9 million for the second quarter of 2019.
     
  • Net loss attributable to 500.com was RMB86.3 million (US$12.2 million), compared with net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020, and net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019.
     
  • Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million), compared with non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020, and non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019.
     
  • Basic and diluted losses per ADS were RMB2.01 (US$0.28).
     
  • Non-GAAP basic and diluted losses per ADS were RMB0.79 (US$0.11).

[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.

Second Quarter 2020 Financial Results

Net Revenues

Net revenues were RMB3.6 million (US$0.5 million) for the second quarter of 2020, representing a decrease of RMB6.1 million or 62.9% from RMB9.7 million for the second quarter of 2019 and a slight increase of RMB0.5 million or 16.1% from RMB3.1 million for the first quarter of 2020. Net revenues during the second quarter of 2020 primarily consisted of RMB3.0 million (EUR0.4 million) in revenue contribution from the Company’s online lottery betting and online casino in Europe through TMG, which accounted for 83.3% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of RMB6.6 million resulting from the temporary suspension of operations in Sweden.

Operating Expenses

Operating expenses were RMB55.1 million (US$7.8 million) for the second quarter of 2020, representing a decrease of RMB37.1 million or 40.2% from RMB92.2 million for the second quarter of 2019, and an increase of RMB11.1 million or 25.2% from RMB44.0 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB10.9 million in expenses for employees as a result of decrease in headcount, a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB4.1 million in rental expenses mainly due to the termination of leases for subsidiaries in Hong Kong, Japan and Hangzhou since the local offices were closed, a decrease of RMB2.9 million in travelling expenses, a decrease of RMB2.0 million in consulting expenses, a decrease of RMB1.6 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB1.9 million in consulting expenses and a decrease of RMB1.5 million in expenses for employees.

Cost of services was RMB4.6 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB10.4 million or 69.3% from RMB15.0 million for the second quarter of 2019, and a slight increase of RMB0.6 million or 15.0% from RMB4.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses.

Sales and marketing expenses were RMB5.0 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB4.6 million or 47.9% from RMB9.6 million for the second quarter of 2019, and an increase of RMB2.0 million or 66.7% from RMB3.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB3.3 million in expenses for employees and a decrease of RMB0.5 million in travelling expenses. The sequential increase was mainly due to an increase of RMB1.7 million in share-based compensation expenses associated with share options granted to the Company’s employees.

General and administrative expenses were RMB35.4 million (US$5.0 million) for the second quarter of 2020, representing a decrease of RMB20.3 million or 36.4% from RMB55.7 million for the second quarter of 2019, and an increase of RMB5.5 million or 18.4% from RMB29.9 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB6.4 million in expenses for employees, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB2.8 million in rental expenses, a decrease of RMB2.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.4 million in travelling expenses, and a decrease of RMB1.8 million in consulting expenses. The sequential increase was mainly due to an increase of RMB8.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB2.0 million in consulting expenses and a decrease of RMB1.1 million in expenses for employees.

Service development expenses were RMB10.1 million (US$1.4 million) for the second quarter of 2020, representing a decrease of RMB1.7 million or 14.4% from RMB11.8 million for the second quarter of 2019, and an increase of RMB3.0 million or 42.3% from RMB7.1 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB1.3 million in rental expenses and a decrease of RMB1.2 million in expenses for employees, which were partially offset by an increase of RMB0.7 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential increase was mainly due to an increase of RMB3.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB0.3 million in expenses for 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 operations in Sweden.

Impairment of goodwill was RMB57.2 million for the second quarter of 2019. There was no additional impairment of goodwill for the first and second quarters of 2020 as the related goodwill and intangible assets were fully impaired as of December 31, 2019.

Operating Loss

Operating loss was RMB52.3 million (US$7.4 million) for the second quarter of 2020, compared with operating loss of RMB138.3 million for the second quarter of 2019, and operating loss of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, and there was no such impairment during the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP operating loss was RMB33.7 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP operating loss of RMB60.9 million for the second quarter of 2019, and non-GAAP operating loss of RMB31.7 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

Net Loss Attributable to 500.com

Net loss attributable to 500.com was RMB86.3 million (US$12.2 million) for the second quarter of 2020, compared with net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019, and net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, there was no such impairment for the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which were partially offset by a decrease of RMB6.1 million in revenue and an impairment provision of RMB33.7 million provided for the equity method investment in Loto Interactive Limited ("Loto Interactive", HK: 08198) during the second quarter of 2020, which was calculated based on the last reported sale price on June 30, 2020. The sequential increase 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,  and (ii) an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019, and non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

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

As of June 30, 2020, the Company had cash and cash equivalents of RMB295.5 million (US$41.8 million), restricted cash[2] of RMB4.6 million (US$0.7 million), time deposit[3] of RMB0.2 million and short-term investment[4] of RMB50.0 million (US$7.1 million), compared with cash and cash equivalents of RMB332.9 million, restricted cash of RMB4.6 million, time deposits of RMB0.2 million and short-term investments of RMB30.0 million as of March 31, 2020.

[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.

Prepayments and Other Current Assets

As of June 30, 2020, the balance of prepayment and other current assets was RMB24.9 million (US$3.5 million), compared with RMB33.4 million as of March 31, 2020. The balance as of June 30, 2020 mainly included: (i) the current portion of deferred expenses of RMB4.1 million (US$0.6 million); (ii) receivables from third party payment providers of RMB1.9 million (US$0.3 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 RMB12.2 million (US$1.7 million); and (vi) other receivables of RMB5.7 million (US$0.7 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 RMB7.0651 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2020, and all translations from Renminbi to Euros were made at the exchange rate of RMB7.7812 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.

For more information, please contact:

500.com Limited
ir@500wan.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
Email: 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

June 30,
2020

June 30,
2020

RMB

RMB

US$

Unaudited

Unaudited

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

361,220

295,505

41,826

Restricted cash

4,576

4,640

657

Time deposits

23,849

200

28

Short-term investments

–

50,000

7,077

      Amounts due from related parties

10,401

503

71

Prepayments and other current assets

30,280

24,936

3,529

Total current assets

430,326

375,784

53,188

Non-current assets:

Property and equipment, net

64,112

49,384

6,990

Intangible assets, net

4,505

3,299

467

Deposits

5,388

5,282

748

Long-term investments

152,954

109,495

15,498

Right-of-use assets

36,607

24,161

3,420

Other non-current assets

1,887

1,664

236

Total non-current assets

265,453

193,285

27,359

TOTAL ASSETS

695,779

569,069

80,547

LIABILITIES AND SHAREHOLDERS’ EQUITY 

Current liabilities:

 Accrued payroll and welfare payable

6,879

3,093

438

 Accrued expenses and other current liabilities

51,398

53,684

7,599

 Income tax payable

2,213

545

77

 Operating lease liabilities – current

16,672

16,154

2,286

Total current liabilities

77,162

73,476

10,400

Non-current liabilities:

 Long-term payables

2,965

751

106

 Deferred tax liabilities

59

–

–

 Operating lease liabilities – non-current

31,675

21,747

3,078

Total non-current liabilities

34,699

22,498

3,184

TOTAL LIABILITIES

111,861

95,974

13,584

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 June 30, 2020;
420,001,792 and 430,014,792 shares issued
and outstanding as of December 31, 2019 and
June 30, 2020, respectively

145

149

22

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

 and outstanding as of December 31, 2019 and
June 30, 2020, respectively

6

2

–

Additional paid-in capital

2,547,293

2,571,064

363,910

Treasury shares

(143,780)

(143,780)

(20,351)

Accumulated deficit

(1,960,692)

(2,083,838)

(294,948)

Accumulated other comprehensive income

141,484

143,200

20,269

Total 500.com Limited shareholders’ equity

584,456

486,797

68,902

Noncontrolling interests

(15,387)

(13,702)

(1,939)

Total shareholders’ equity

569,069

473,095

66,963

TOTAL LIABILITIES, NONCONTROLLING
INTEREST AND SHAREHOLDERS’ EQUITY

695,779

569,069

80,547

 

 

 

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 

 Six Months Ended 

June 30,
2019

March 31,
2020

June 30,
2020

June 30,
2020

June 30,
2019

June 30,
2020

June 30,
2020

RMB

RMB

RMB

US$

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Net Revenues

9,705

3,064

3,648

516

21,340

6,712

950

Operating costs and expenses:

    Cost of services

(15,032)

(3,984)

(4,616)

(653)

(31,100)

(8,600)

(1,217)

    Sales and marketing expenses

(9,567)

(3,042)

(4,998)

(707)

(24,332)

(8,040)

(1,138)

    General and administrative expenses

(55,738)

(29,876)

(35,373)

(5,007)

(121,417)

(65,249)

(9,235)

    Service development expenses

(11,825)

(7,146)

(10,070)

(1,425)

(25,612)

(17,216)

(2,437)

Total operating expenses

(92,162)

(44,048)

(55,057)

(7,792)

(202,461)

(99,105)

(14,027)

    Other operating income 

952

4,091

453

64

4,715

4,544

643

    Government grant

377

169

172

24

3,022

341

48

    Other operating income (expenses)

40

(53)

(1,553)

(220)

(6,720)

(1,606)

(227)

    Impairment of goodwill

(57,218)

–

–

–

(57,218)

–

–

Operating loss from continuing operations

(138,306)

(36,777)

(52,337)

(7,408)

(237,322)

(89,114)

(12,613)

    Other income (expenses), net

1

(375)

1,116

158

389

741

105

    Interest income

3,427

2,391

2,554

361

7,117

4,945

700

    Loss from equity method investments

(6,568)

(5,211)

(2,769)

(392)

(6,911)

(7,980)

(1,129)

    Impairment of long-term investments

–

–

(33,706)

(4,771)

–

(33,706)

(4,771)

Loss before income tax

(141,446)

(39,972)

(85,142)

(12,052)

(236,727)

(125,114)

(17,708)

    Income tax benefit

342

3,593

60

8

440

3,653

517

Net loss from continuing operations

(141,104)

(36,379)

(85,082)

(12,044)

(236,287)

(121,461)

(17,191)

Net loss

(141,104)

(36,379)

(85,082)

(12,044)

(236,287)

(121,461)

(17,191)

    Less: Net (loss) income attributable to noncontrolling interest and Redeemable noncontrollling interest
from continuing operations

(3,306)

449

1,236

175

(3,554)

1,685

238

    Net (loss) income attributable to noncontrolling interests

(3,306)

449

1,236

175

(3,554)

1,685

238

Net loss attributable to 500.com Limited

(137,798)

(36,828)

(86,318)

(12,219)

(232,733)

(123,146)

(17,429)

Other comprehensive income (loss)

    Changes in unrealized (loss) gain

–

(2,409)

436

62

–

(1,973)

(279)

    Foreign currency translation gain (loss)

7,835

4,104

(415)

(59)

(1,010)

3,689

522

Other comprehensive income (loss), net of tax

7,835

1,695

21

3

(1,010)

1,716

243

Comprehensive loss

(133,269)

(34,684)

(85,061)

(12,041)

(237,297)

(119,745)

(16,948)

    Less: Comprehensive (loss) income attributable to noncontrolling interests and Redeemable noncontrolling
interest

(3,306)

449

1,236

175

(3,554)

1,685

238

Comprehensive loss attributable to 500.com Limited

(129,963)

(35,133)

(86,297)

(12,216)

(233,743)

(121,430)

(17,186)

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

Basic

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Diluted

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

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

    Net loss 

(0.32)

(0.09)

(0.20)

(0.03)

(0.54)

(0.29)

(0.04)

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

    Net loss 

(3.22)

(0.86)

(2.01)

(0.28)

(5.45)

(2.86)

(0.41)

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

Numerator adjustment for net loss attributable to 500.com Limited

 

 

 

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 

 Six Months Ended 

June 30,
2019

March 31,
2020

June 30,
2020

June 30,
2020

June 30,
2019

June 30,
2020

June 30,
2020

RMB

RMB

RMB

US$

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Operating loss from continuing operations

(138,306)

(36,777)

(52,337)

(7,408)

(237,322)

(89,114)

(12,613)

    Adjustment for share-based compensation expenses

20,203

5,103

18,649

2,640

48,919

23,752

3,362

    Adjustment for impairment of goodwill

57,218

–

–

–

57,218

–

–

Adjusted operating loss from continuing operations (non-GAAP)

(60,885)

(31,674)

(33,688)

(4,768)

(131,185)

(65,362)

(9,251)

Net loss attributable to 500.com Limited

(137,798)

(36,828)

(86,318)

(12,219)

(232,733)

(123,146)

(17,429)

    Adjustment for share-based compensation expenses

20,203

5,103

18,649

2,640

48,919

23,752

3,362

    Adjustment for impairment of goodwill

57,218

–

–

–

57,218

–

–

    Adjustment for Impairment of long-term investments

–

–

33,706

4,771

–

33,706

4,771

    Adjustment for deferred tax benefit relating to valuation allowance

–

(3,599)

(60)

(8)

–

(3,659)

(518)

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

(60,377)

(35,324)

(34,023)

(4,816)

(126,596)

(69,347)

(9,814)

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

Basic

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Diluted

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

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

    Net loss (non-GAAP)

(0.14)

(0.08)

(0.08)

(0.01)

(0.30)

(0.16)

(0.02)

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

    Net loss (non-GAAP)

(1.41)

(0.82)

(0.79)

(0.11)

(2.96)

(1.61)

(0.23)

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

Numerator adjustment for net loss attributable to 500.com Limited

 

 

Related Links :

http://ir.500.com/

PR Newswire

SIMCom Has Invested over RMB 500 Million in 5G and Is Expected to Launch R16 Standard Modules Next Year

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SHANGHAI, Aug. 28, 2020 — The 5G era will see a smart world where everything is truly connected. Modules are extremely important as they connect upstream standard chips and downstream highly fragmented vertical applications. Luo Xiaoyan, the vice president of SIMCom, shared his opinion.

SIMCom 5G modules
SIMCom 5G modules

With Heavy Demand for 5G Modules, Lots of Orders Will Be Ready for Delivery

Luo Xiaoyan shared: In 2020, the market capacity of 5G IoT terminals will reach about 5 million. Generally, communication modules are needed for non-mobile cellular IoT terminals to get connected. The freezing of R16 standard means the official completion of 5G’s first evolution. Applications including automatic drive and industrial IoT will be achieved sooner, further realizing customers’ imagination on 5G.

"SIMCom is actively planning for the R16 standard modules and are expected to be launched next year." Luo Xiaoyan predicted optimistically, "There is heavy demand for 5G modules. We have lots of orders ready for delivery."

Despite a bright market future, the research and development of 5G modules in the initial commercial stage will still face many challenges.

"Due to multiple frequency bands, the research and development of 5G modules face challenges mainly from RF performance and heat dissipation. We need to make breakthroughs with technological development and innovation." Luo Xiaoyan said, "5G R&D investments are mostly made in researchers, developers, new tools and equipment. Currently, SIMCom has invested over RMB 500 Million in 5G R&D."

In addition, the price of 5G modules is relatively high. Customers in the industry are in urgent need of lower-priced 5G modules to reduce costs and facilitate large-scale deployment. In Luo Xiaoyan’s view, the price of modules is strongly related to the quantity of modules. As 5G applications become increasingly widespread and the quantity of 5G modules grows, the price of modules will gradually decrease. Meanwhile, SIMCom is also actively reducing costs by using more cost-effective components to reduce the cost of 5G modules. Meanwhile, SIMCom is deploying the China Core Project. It’s currently negotiating 5G module partnership with a number of chip manufacturers.

About SIMCom

SIMCom Wireless Solutions Limited is a global leader in the cellular module space and fully committed to provide LPWA, 4G, Smart Modules, C-V2X, 5G modules around the world.

For more information, please visit www.simcom.com, LinkedIn, Twitter and Facebook.

Related Links :

http://www.simcom.com

PR Newswire

HKBN Launches Samsung Galaxy Note20 Series Offers Save Up to HK$1,200 when Subscribing HKBN Broadband or Mobile Service Plans Online

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HONG KONG, Aug. 28, 2020 — HKBN Group ("HKBN" or the "Group") is empowering customers with exciting offers for the Samsung Galaxy Note20 series. Customers can now save up to HK$1,200* off their Samsung Galaxy Note20 series handset purchase and get Samsung Galaxy Buds Live Wireless Noise-Cancelling Earbuds (value at HK$1,498) for free# when they subscribe to or renew a designated home broadband or mobile service plan through HKBN website (www.hkbn.net/en/Samsung). Existing HKBN customers can also enjoy attractive handset deals with a total of HK$500 discount and e-coupons*.

 

HKBN Launches Samsung Galaxy Note20 Series Offers Save Up to HK$1,200 when Subscribing HKBN Broadband or Mobile Service Plans Online
HKBN Launches Samsung Galaxy Note20 Series Offers Save Up to HK$1,200 when Subscribing HKBN Broadband or Mobile Service Plans Online

Built for efficiency, Samsung’s latest flagship handsets Galaxy Note20 and Note20 Ultra let users have more time to stay connected with the people they love. The upgraded S Pen of the Galaxy Note20 series features unprecedented high sensitivity and extremely low latency, making the refined brush write like on real paper. With professional-grade cameras and a cinematic display, as well as new matte finish and elegant colours, the Galaxy Note20 series is a leading technology device that integrates work, entertainment and fashion.

Besides the above online subscription and renewal offers, starting today existing HKBN residential customers can also enjoy an HK$200 instant discount, HK$300 myHKBNmall e-coupon* and free Galaxy Buds Live Wireless Noise-Cancelling Earbuds# when they purchase a standalone Samsung Galaxy Note20 series handset at designated HKBN shops, AT+ or https://myhkbnmall.hkbn.net/?lang=en. Additionally, customers paying with the Home+ credit card can enjoy 10% cash rebate on purchases at Hong Kong Broadband Network, myHKBNmall, Home+, Hung Fook Tong and big big shop^ by 31 October 2020.

For more details, please visit HKBN website (www.hkbn.net/en/Samsung). Special Galaxy Note20 series offers are also available for HKBN Enterprise Solutions customers. Please call the hotline 128 1111 for details.

* Terms and conditions apply. Please click www.hkbn.net/en and https://myhkbnmall.hkbn.net/?lang=en for details

# Galaxy Buds Live Wireless Noise-Cancelling Earbuds is provided by Samsung. Promotion period will end on 10 September 2020. Customers need to complete online registration on Samsung website to redeem the gift. The gift is on a first-come-first-served basis while stocks last. Please click https://www.samsung.com/hk_en/offer/mobile/ for details.

^ Terms and conditions apply. Each Cardmember can get a maximum of HK$2,000 cash rebate per Promotion Calendar Month. To borrow or not to borrow? Borrow only if you can repay! The offer does not apply to other broadband service, mobile service plans and other service plans. Please click https://www.asia.ccb.com/hongkong/personal/credit_cards/homeplus_card.html?cmpid=HKTCDTPSCCTNGCARDS-homeplus for more details.

About HKBN Group

HKBN Group ("HKBN" or the "Group"), headquartered in Hong Kong with operations spanning across Hong Kong, Singapore, Malaysia, mainland China and Macau, is a leading integrated telecom and technology solutions provider. HKBN’s Core Purpose is to "Make our Home a Better Place to Live". The Group is managed by around 990 of Co-Owners (majority of supervisory and management level Talents in the Group) who have skin-in-the-game through investing their family savings to buy shares of HKBN Ltd. (SEHK Stock Code: 1310) or investing a portion of their salary towards a common KPI for the beyond-Hong Kong business of the Group. HKBN operates through three core brands, Hong Kong Broadband Network, HKBN Enterprise Solutions and HKBN JOS. The Group offers a comprehensive range of solutions that include broadband, data connectivity, managed Wi-Fi, integrated cloud solutions, information security, mobile, voice communications, digital solutions, IoT, big data, enterprise applications, data centre facilities, business continuity services, system integration that cumulative to our one-stop-shop offering of Transformation as a Service (TaaS) and OTT entertainment. HKBN’s tri-carrier fibre infrastructure in Hong Kong covers about 2.4 million residential homes and 7,300 commercial buildings and facilities. For more information about HKBN, please visit www.hkbn.net/en.

Photo – https://photos.prnasia.com/prnh/20200828/2901254-1-a?lang=0
Logo – https://photos.prnasia.com/prnh/20190604/2486375-1LOGO?lang=0

Related Links :

http://www.hkbn.net/

PR Newswire

Yiwugo Signed a Digital Strategic Cooperation with AfriChina Projects Limited

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YIWU, China, Aug. 27, 2020 — Yiwugo.com, the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world, and AfriChina Projects Limited have signed a digital cooperation agreement. Yiwugo hopes to provide better localized and quality services to overseas buyers through the cooperation, while AfriChina Projects aims to enable local buyers access to quality merchants and products from Yiwu.

AfriChina Projects is currently owner of a digital trading platform for Nigerian buyers. During the cooperation, Yiwugo will provide information about its products and shops to this online platform to help Nigerian buyers purchase commodities from Yiwu’s suppliers. In this way, most of the challenges of doing business between Nigeria and China (e.g. providing more convenient and localized services, building trust between Nigerian buyers and Chinese suppliers on the digital platform, etc.) can be addressed in order to facilitate the seamless free flow of goods.

In recent years, the economic and trade cooperation between China and Nigeria has been on a fast track, with bilateral trade between China and Nigeria reaching $19.27 billion in 2019, up 26.3 percent from the previous year, making Nigeria No. 1 among China’s top 40 trading partners in terms of growth rate. Nigeria has been paying close attention to China’s "Belt and Road Initiative" and has been strengthening its cooperation with China through it. Yiwu is one of the major cities of international trade along the "Belt and Road" and one of the largest export bases in China, with its small commodities are exported to 219 countries and regions around the world. In the context of the current global COVID-19 outbreak, digital international trade is undoubtedly the best choice.

Currently, Yiwugo has signed agreements on digital strategic cooperation with partners from more than ten countries and regions including Russia, Iran, Lebanon, Syria, Canada, Brazil, Egypt, Chile, Malaysia, Indonesia, to achieve win-win cooperation. Overseas partners provide local buyers with convenient and localized services by accessing the information of shops and products on the Yiwugo platform. By this way, Yiwugo strives to open up global digital trade channels for small commodities of Yiwu.

 

PR Newswire

New Qingdao model of BRI cooperation

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BEIJING, Aug. 24, 2020 — A news report by China.org.cn:

A contest on the theme of the Belt and Road Initiative (BRI) of the "Tell China’s Stories" Contest 2020 and a seminar on Qingdao building a new platform for international cooperation under the BRI framework were launched in Jiaozhou of Qingdao, East China’s Shandong Province, on August 21, 2020.

The launch ceremony
The launch ceremony

The contest is steered by the State Council Information Office and sponsored by China International Publishing Group. Open to all the BRI countries and regions, domestic and foreign enterprises, institutions and individuals, the contest looks for good stories about the BRI on economic integration, cultural inclusiveness and people-to-people exchanges and about the global community of shared future. During the seminar, attendees discussed Qingdao’s initiative of building a new BRI cooperation platform.

New Qingdao model of BRI cooperation

Liu Jianjun, member of the Standing Committee of the Qingdao Municipal Party Committee, secretary of the Jiaozhou Municipal Party Committee, and secretary of the Party Working Committee and director of the Management Committee of the the China-Shanghai Cooperation Organization (SCO) Demonstration Zone for Local Economic and Trade Cooperation [of Qingdao], said that the core area of the demonstration zone is located in Jiaozhou, Qingdao. One of its important tasks is to strengthen people-to-people connections and cultural exchanges by building a business and tourism development center and establishing an exchange platform for BRI countries and regions, especially SCO members. More and more SCO-related projects will be launched and carried out in the demonstration zone. Youth, experts and academics from SCO member countries say that they will meet here, establish friendships, and talk about the future.

China Internet Information Center (CIIC) Editor-in-chief Wang Xiaohui observed that in recent years Qingdao has been working on a new platform for BRI-based international cooperation and playing an important role in interactions with SCO member states and Northeast Asia. The China-SCO Demonstration Zone and BRI experimentation area, both under construction, will greatly promote land and sea transport, international trade, industrial capacity cooperation, and cultural exchanges. This land will witness more wonderful BRI stories.

Xiang Zhiqiang, deputy director of the Management Committee of the China-SCO Demonstration Zone for Local Economic and Trade Cooperation [of Qingdao], explained that the zone will be a new platform for BRI-based international cooperation. To this end, five centers will be founded at the zone to expand cooperation in international logistics, modern trade, two-way investment, business and cultural exchanges, and maritime affairs. Therefore, Qingdao will play a greater role in the BRI New Eurasian Land Bridge economic corridor and maritime cooperation, and China will strengthen its links with SCO countries and promote bilateral economic cooperation and land-sea linkage.

At the demonstration zone, we respect cultural traditions of BRI countries and regions and will make full use of internet ideas and new technology to promote deeper integration of BRI countries’ culture under the guiding principle of seeking mutual benefit and harmony but not uniformity, with a more open and inclusive mindset. The goal is to make the BRI a road of civilization, communication and cooperation.

Experts’ proposals on development path for China-SCO Demonstration Zone

Fan Hengshan, an eminent economist and former deputy secretary general of the National Development and Reform Commission, said that the demonstration zone must start well and pursue high-quality development. Efforts are to be made in laying three solid foundations and have the zone play a demonstration role in four aspects. The three foundations are an international and open environment as a good institutional foundation for both the international and domestic markets, intelligent operation facilities as a good hardware foundation, and an inclusive cooperation platform as a supporting foundation. The four aspects of its demonstration role are an open and connected innovation system, an upgraded industrial base and modernized industrial chain, diversified cooperation and exchange, especially economic and cultural exchanges, and a globalized and multilateral trade system.

Hu Biliang, executive dean of the Belt and Road School and dean of Emerging Markets Institute of Beijing Normal University, emphasized three areas of BRI cooperation — ASEAN, the European Union and the SCO. According to Hu, ASEAN has become China’s largest trade partner; cooperation between China and the EU in the field of high-tech is very important; and China and SCO member countries can strengthen cooperation in resource development, manufacturing integration and high-tech. In today’s international situation, new ways of cooperation and the China-SCO Demonstration Zone will offer high hopes to high-quality BRI development. SCO member states are key among BRI counties and regions; of the six economic corridors under construction, five are in SCO member states. Thus the demonstration zone is not only valuable for China but for all the BRI and SCO countries. It will be invaluable for promoting the BRI.

Yu Yunquan, director of the Academy of Contemporary China and World Studies said that steered by the SCO Qingdao Summit and the demonstration zone, Qingdao has seen its image as an international city becoming more distinct. He suggested that in order for the high-end exchange platform to succeed, it must be a platform for professional in-depth dialogue, for interdisciplinary exchange and mutual learning, and for offline face-to-face and efficient online communication. More attention should be paid to the role of intelligence in urban development; by this, Qingdao should establish a high-end think tank cultivation base as opportunities arise, attract more intellectual resources to settle there, and continue to expand its circle of friends. Qingdao should stand at the forefront of China’s opening up and tell its stories in the new era.

Shen Zhengping, executive dean of the Belt and Road Institute of Jiangsu Normal University, pointed out that Jiaozhou is a well-developed city with a long history and broad future prospects. Building the China-SCO Demonstration Zone in Jiaozhou will raise Qingdao’s role in the BRI. Three key expressions define the demonstration zone: high-level, open and modern. Being high-level requires high-standard and high-level planning; being open needs a broader international vision; and being modern demands higher positioning. He suggested that we should integrate all kinds of development platforms at all levels in Qingdao to support the construction of the demonstration zone. Moreover, we should coordinate all parts of the Jinan economic circle, and ensure interactive development of Jinan and Qingdao with resources from all over the province of Shandong. We should consider the demonstration zone in the Yellow River basin, and at the same time, make overall plans in consideration of both domestic and international conditions, so as to build a high-quality zone for economic and trade cooperation oriented towards both the international and domestic markets.

Telling cooperation stories in the new era for better BRI communication

Zhu Hongren, executive vice chairman and director general of China Enterprise Confederation/China Enterprise Directors Association, said that the BRI is a public product China is providing to the international community and it reflects the common values of humanity and the reality of contemporary international relations. The China-SCO Demonstration Zone will become a new BRI highlight, and a source of information for telling China’s stories. It is a platform for open, interactive East-West and land-sea interaction. It is expected to achieve fruitful results in expanding cooperation international logistics, modern trade, two-way investment, business and cultural exchanges and other fields. We should make better use of Qingdao’s role in the BRI New Eurasian Land Bridge economic corridor and maritime cooperation, and strengthen mutual connections with SCO member countries.

Zhou Xisheng, former vice president of Xinhua News Agency and member of the experts committee of Project of Research and Development International, pointed out that Qingdao has advantages in geographical location and eco-environment. It integrates tradition and modernity, economy and trade, advanced science and technology and high-end talent, advanced industries and product markets, social sciences and humanities, life and fashion, health and food, culture and art, tourism and sports. These are the primary international concerns about China and Qingdao at present and in the future, and are also areas worth being recommended to the international community. There are four key words to tell good stories of Qingdao: story, platform/medium and audience. At the same time, three key groups should be targeted: international businesspeople, international tourists and international media. The highlight of Qingdao stories should be rule-observing, honesty and the sense of responsibility.

CIIC Deputy Editor-in-Chief Xue Lisheng believed that Qingdao was the starting point and an important hub of the northern route of the maritime Silk Road in ancient times. As an important port city, it is an important part of BRI transnational cooperation. When telling BRI stories, adding Qingdao or Jiaozhou features will help present a full picture of the BRI and Qingdao.

The contest is sponsored by China International Publishing Group, co-hosted by the Academy of Contemporary China and World Studies, China Internet Information Center, the Communication Department in Qingdao, and the Belt and Road Initiative Think Tank of the Chinese Academy of Social Studies. It is run by belt.china.org.cn of China.org.cn, China Development Gateway, the Communication Department of Jiaozhou, and Project of Research and Development International. And it is supported by China Enterprise Confederation/China Enterprise Directors Association, the Belt and Road School of Beijing Normal University, and B&R Institute of Jiangsu Normal University.

 

Related Links :

http://china.org.cn

PR Newswire

SINTRONES Edge AI GPU Computing Solution enabling flexibility: EBOX-7000

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TAIPEI, Aug. 24, 2020 — SINTRONES, one of the global leaders in computing technology in vehicles, announces the launch of the new EBOX-7000 Edge AI GPU Computing. The new EBOX-7000 Edge AI GPU Computing is suitable for various factory automation and Industrial Internet of Things (IIoT) control system in large-scale processes such as mining and manufacturing. It is powered by Intel 9th Gen Core i7/ Intel 8th Gen Core i7/i5/i3 CPU with 6 x RJ45 GbE (optional 4 x PoE Max. 100W). EBOX-7000 features two LTE SIM Card Sockets with automatic SIM Card detection (Taiwan Patent No. M592609). It supports both 5G and LTE standard for wireless network performance. Furthermore, the users can simply remove the HDD and use it as a portable hard drive with USB port and power connector. No additional converter needed.

SINTRONES Edge AI GPU Computing Solution enabling flexibility:EBOX-7000
SINTRONES Edge AI GPU Computing Solution enabling flexibility:EBOX-7000

EBOX-7000 provides PCIe card expansion including a riser card w/ 1 x PCIe x16 slot (1 x PCIe 3.0 x16 interface) or optional riser card w/ 2 x PCIe x16 slot (2 x PCIe 3.0 x8 interface). Both riser cards can be up to 185mm length total 90W~150W PCIe cards. It is expandable with Nvidia Tesla Card, Nvidia GPU card, Nvme card, image capture card and I/O card. Furthermore, EBOX-7000 can be used in edge AI enhancements, intelligent video analytics AI Video analysis, IIoT, traffic management and machine vision.

EBOX-7000 features TPM 2.0 and memory 2 x DDR4 2400/2666 MHz SO-DIMM up to 32GB. In addition, the environmental tolerance continually maintains a wide range of operating temperatures (-40°C ~ 70°C) allowing it to operate in extreme and rugged environment conditions.

Another highlight of EBOX-7000 is the SINTRONE self-developed technology SINSmart – it provides reliable monitoring of network-connected remote power control devices, Power over Ethernet (PoE) switches and UPS for power management. It has remote monitoring of voltage, UPS delay setup and Digital, IO/WDT/System temperature control. This feature supports edge ai gpu computing with reliable remote connectivity. Furthermore, it has automatic recovery short circuit protection and vehicle power ignition for variety vehicles. Includes an optional battery backup kit (SINTRONE patented technology), for continuous operations, providing an extra 10 minutes after power drain or failure of the main power source to increase the reliability of the system.

Key Features:

  • Intel 9th Gen Core i7/ Intel 8th Gen Core i7/i5/i3
  • 1 x PCIe 3.0 x16 Interface Expansion (optional 2 x PCIe 3.0 x8 Interface)
  • 6 x RJ45 GbE (optional 4 x PoE Max. 100W)
  • 8 x GPI, 4 x GPO and 2 x RS-232/422/485
  • 1 x DP + 1 x HDMI + 1 x DVI-I (Single Link w/o Analog Video)
  • Dual Hot Swappable SATA Storage RAID 0,1,5
  • 9-48V DC Input and Operating Temp.: -40~70°C
  • TPM 2.0

For more information, please visit www.sintrones.com, Products / Edge AI GPU Computing.

About SINTRONES

SNTRONES is a world-renowned and ISO 9001 & IRIS ISO/TS 22163 certified company of in-vehicle computing system products. We are dedicated to provide our customers with high quality system products that meet international traffic standards certification, including EN50121, EN50155, E-Mark, IEC60945, IACS E10, DNV and MIL-810. SINTRONES in-vehicle computing solutions have been widely adopted and approved by many well-known international brands and companies in industries.

Photo – https://photos.prnasia.com/prnh/20200820/2891979-1?lang=0

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PR Newswire

The 18th CIEP is Coming Soon to Build a Global Technological Innovation Community

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SHENZHEN, China, Aug. 22, 2020 — To keep pace with times and share "China’s opportunities," the 18th Conference for the International Exchange of Professionals (hereinafter referred to as CIEP), sponsored by the Ministry of Science and Technology of China and the People’s Government of Shenzhen Municipality and hosted by Shenzhen Center for International Exchange of Personnel, will be launched. With its official website as the hosting place, the CIEP will use high technology to create a new exhibition mode, namely, integrated "online conference with offline activities," and an "internet convention and exhibition."

Gathering over the "Cloud" to explore development

Due to COVID-19, the 18th CIEP will adopt online meeting as the platform for the conference, and set up functional zones including Virtual Exhibition Hall, Project Docking, Guest of Honor, Online Recruitment, etc., to gather global users over the "Cloud" and share the new trend of international professionals’ exchange.

It is reported that the Virtual Exhibition Hall, with cutting-edge AR/VR/3D technology to create up street-view exhibition areas, will present immersive experience for the attendees. The Online Recruitment area gives play to advantages of various HR service organizations to demonstrate their whole-process, one-stop, contact-free recruitment methods. The innovatively launched "Project Docking Talent-Show" platform will overcome the limits of time and space for professionals, projects, and funds, enabling zero-distance interactive communication.

Breaking boundaries to connect for win-win results

Since its inception in 2001, the CIEP, as a international, and comprehensive talent and intelligence exhibition open to overseas experts, training institutions, technological innovation talents, has been successfully held for 17 years.

Each year, it attracts professional organizations from over 40 countries and regions and there were more than 35,000 overseas experts, students, and professionals. Over 10,000 projects were successfully implemented.

Nowadays, CIEP has become a bridge for in-depth cooperation between other countries and China. Russia, as the Guest of Honor this year, will showcase the achievements of technological innovation and talent exchange with China online, providing the best platform for the two countries to seek cooperative opportunities.

A Chinese market, more open to international collaborations, will form more positive interactions with the world, resulting in a more progressive and prosperous international market. Let’s join the CIEP to promote the establishment of a global community eager to forward technological development, and share "China’s opportunities" which welcome technological progress and innovative development.

Contacts: CIEP, Wang Chan, wangchan@ciep.gov.cn

PR Newswire

EMAS Fintech’s First Regional Support Centre in Malaysia

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Confident in Malaysia’s favourable economic conditions, infrastructure, capitalises on abundance of multi-lingual and diverse talent

MANILA, Philippines, Aug. 21, 2020 — EMAS Fintech Inc CS201953873 (EFI) today announced the opening of its first Regional Support Centre in Malaysia to support its expansion and capitalise on the full potential of investment trading in the region.

Jason Kellady, Chief Executive Officer of Emas Fintech Inc.
Jason Kellady, Chief Executive Officer of Emas Fintech Inc.

Located in Malaysia, the EFI South East Asia (SEA) Regional Support Centre will support and offer the benefits of EFI’s cross-industry digital investment trading platform to regional investors. The centre will assist to integrate and aggregate investments, right size portfolios, provide access to wider industry data, apply predictive analytics to generate insights which can improve investment performance and productivity.

Logo, Emas Fintech Inc.
Logo, Emas Fintech Inc.

EFI chief executive officer Jason Kellady said, "This regional support centre is the first of six planned regional support centres. It represents the first phase of our business plan. In the next 24 months, we will gradually expand and increase our presence from Southeast Asia to East Asia, South Asia, Europe, Oceania and North America with an aim of 20 countries and regions," he said. These countries and regions include Indonesia, Malaysia, Singapore, Thailand and Vietnam in Southeast Asia; Mainland China, Hong Kong, Japan, South Korea and Taiwan, in East Asia; India in South Asia; Austria, Denmark, France, Greece and Switzerland in Europe; Australia in Oceania; and Canada in North America. 

He said Malaysia is a suitable host to support its expansion plans. "We have evaluated different countries and decided to house our first regional support centre in Malaysia. We have started our talent acquisition programme," said Kellady.

"We plan to recruit a core team of 15 to 30 specialists and account managers, then gradually expand to cope with demand from our subscribers," he explained. "Malaysia has an abundance of qualified talent that is used to dealing with a multi-lingual, multi-cultural environment. We are capitalising on this advantage, which owes to this nation’s history of being the crossroad of global trade," he said during the unveiling of EFI’s first Regional Support Centre on August 21, 2020 to EFI supporters and community.

He added EFI has started implementing plans to apply for regulatory approval at every market that it intends to pursue. "Despite the Covid-19 pandemic, we think the opportunities in the digital currency or eFiat market is growing. It was valued at USD1.03 billion last year and we agree with projections that it will exceed USD1.40 billion in five years, growing at a CAGR of 5 per cent to 8 per cent during this period," he said. "The shifts in global markets must be carefully scrutinised, monitored and we have assigned this task to our regional support centre."  

With regulatory approval in hand, EFI intends to aggregate like-minded investors to benefit from its unique trading methodology, optimised to generate small but consistent interests. "Our proprietary Intelligent Calculation System or ICS will guide investors venturing to tap the global Fiat Currency. Our aggregation model will hopefully enable EFI to deliver responsible and sustainable returns for every investor." 

"We are expediting our plans to seek approval from regulators in three countries: Malaysia, Japan and Vietnam, and expect to be operational by the end of this year. In the meantime, we need to recruit and train adequate talent to support our ambitions," said Kellady, a 10-year banking and capitals markets veteran, who himself is multi-lingual and fluent in Mandarin and English.

EFI is ready to comply and meet regulatory criteria and has enacted its Disaster Recovery Plan due to the Covid-19 pandemic. "The safety of our employees is paramount. We have proactively been monitoring the spread of the Covid-19 pandemic and applaud tough measures adopted by the Malaysian Government. We are confident Malaysia will have a shorter recovery period. In the meantime, we have curtailed our employees from travelling and taking necessary precautionary measures to protect our clients, employees and stakeholders involved in our operations."

"We have been working remotely to implement our plans. This is the best time to explore and invest in infrastructure and talent, especially in Malaysia, as costs are lower than average, and the job market is on our side. We are continuing our operations while taking necessary steps to minimise the contagion risks of this outbreak. As such, we wish to assure everyone that we will continue to abide by established procedures like social distancing and implement additional measures as deemed necessary. EFI is contributing to keep our communities safe and help break the chain of infection for Covid-19." 

ABOUT EMAS FINTECH INC. 

Emas Fintech Inc CS201953873 EFI is a Philippines-registered investment fund operator targeting private investors and communities of investors. It offers investors with better market access, higher responsiveness and investment returns. EFI has established its first of six regional support centres starting with South East Asia in Malaysia on August 15, 2020 and seeking regulatory approval where needed in countries that it intends to operate. EFI plans to be active in Indonesia, Malaysia, Singapore, Thailand and Vietnam in South East Asia; Mainland China, Hong Kong, Japan, South Korea and Taiwan, in East Asia; India in South Asia; Austria, Denmark, France, Greece and Switzerland in Europe; Australia in Oceania; and Canada in North America.  www.emasfintech.com 

TO EDITORS 

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PR Newswire

Hitachi Elevator takes part in World Elevator & Escalator Expo 2020 with smart elevator solutions for the IoT era

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SHANGHAI, Aug. 21, 2020 — The World Elevator & Escalator Expo 2020 is being held in Shanghai from August 18th to 21st. Hitachi Elevator is taking part in the event with cutting-edge solutions for the 5G IoT era: intelligent buildings manned by smart elevators powered by big data- and cloud services-based command and control systems.  

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Hitachi Elevator at World Elevator & Escalator Expo 2020
Hitachi Elevator at World Elevator & Escalator Expo 2020

Supporting ongoing COVID-19 prevention and control efforts

Following the outbreak of the pandemic, the elevator became a focal point of public health concerns as it is, by nature, a vehicle meant to transport several people within a compact space. Hitachi Elevator showcases its latest touchless elevators alongside a lineup of sterilization and disinfection devices for escalators at the event.

Hitachi Elevator showcases its new contactless elevator solution
Hitachi Elevator showcases its new contactless elevator solution

The touchless elevators can be summoned by means of gestures, voice, face recognition, a mobile app and a WeChat mini-app, avoiding the need to press or, in any way, make contact with the surface of an elevator button.

As for the voice option, the control system of the touchless series is able to understand and respond to voice-activated commands, including summoning the elevator and indicating the desired floor, not only in Mandarin and multiple Chinese dialects but also in many of the world’s languages, removing barrier to installation and deployment of the elevators worldwide.

The face recognition option goes the furthest in empowering COVID-19 prevention and control efforts, as it enables passenger registration while checking the temperature of every person before they are allowed to board the elevator via mobile infrared thermometry.

Based on years of experience with smart buildings as well with the R&D and application of elevator IoT, Hitachi Elevator took only one week to complete the development and design of the touchless elevators and has already installed several of the units in some of their clients’ buildings, making the elevator maker one of the earliest and most comprehensive providers of the conveyances in China. The company has also set an example in providing several feasible cases for COVID-19 prevention and control in a short period of time.

Boosting on-demand maintenance services

This April, China’s State Administration for Market Regulation issued a circular with the aim of enhancing smart regulation and social oversight of elevators. According to the circular, a coordination system for the standardization of elevator IoT, together with a unified approach to elevator IoT systems, is recommended as the path to achieving the data interconnection of elevator IoT.

Hitachi Elevator’s on-demand maintenance solution attracts the attention of visitors and professional buyers
Hitachi Elevator’s on-demand maintenance solution attracts the attention of visitors and professional buyers

Hitachi Elevator, one of the industry’s earliest providers of elevator IoT, showcases its latest on-demand maintenance solutions, each of which achieves data interconnection between clients, the big data system, maintenance facilities and spare parts centers via its cloud service center, ELECLOUD®, while supporting a remote monitoring terminal on each elevator to ensure safe operation.

The ELECLOUD service center can perform over 600 AI-based pre-diagnoses of the components of an elevator. At the expo, engineers demonstrated how a proactive approach to maintenance by monitoring the status of an elevator with a focus on the number of rides within a certain period, the operating environment and the life cycle of the components can prevent riders from getting stuck in the elevator due to an unanticipated halt or breakdown. The presentation showed that the pre-diagnosis technology reduced unanticipated breakdowns by 65% while allowing customers to reduce monitoring costs associated with improper and unsafe use of elevators by over 90%.

The company has completed the construction of an IoT service platform for elevator maintenance in collaboration with over 20 government offices in prefecture-level cities and property management firms across China, paving the way for further adoption of its on-demand maintenance services throughout the country.

Building an intelligent building transportation system

With the increasing adoption of AI, IoT and 5G technologies, the traditional elevator industry has embarked on a digital transformation backed by smart technologies. Elevator IoT technology is poised to create a better human-machine interaction experience.

Hitachi Elevator creates an intelligent building transportation system
Hitachi Elevator creates an intelligent building transportation system

During the exhibition, Hitachi Elevator showcased the next-generation smart product platform HPES, which empowers passenger, freight, hospital and sightseeing elevators, among other application scenarios, with intelligent operation control and safety technologies in tandem with a smart passenger-oriented solution designed to deliver a comfortable and safe experience.

During the elevator ride, passengers are kept informed of the status of the elevator, a key factor in ensuring a high-quality travel experience. In view of situations that may occur when passengers are in an elevator, Hitachi Elevator leverages a combination of text, photos and voice alerts delivered by a color LCD display to convey necessary information about diverse changes in the status of the elevator, the building and the external environment in real time, while providing timely and necessary tips on best practices for elevator safety.

The company also displayed a visual escalator management solution enhanced by smart devices, cameras and big data technologies. Taking into account the need to handle high passenger throughput while maximizing the uptimes required by urban rail transit systems, Hitachi Elevator provides a visual safety management system designed to intelligently detect and analyze people flow. A key feature of the system is the cameras on the site that constantly monitor the movement of people on the escalator and analyze the data derived from the monitoring to quickly identify potential safety risks. In the event that the monitoring equipment detects hazardous overcrowding, or a passenger having gotten stuck or fallen, the safety management system will instantly link with the escalator control system to initiate safe operation mode and avoid harm to any rider.

In the 25 years since Hitachi Elevator entered the Chinese market, the firm has played a part in the country’s urbanization process in line with the growth of the economy. Looking ahead, the company plans to leverage its integrated urban management solution to further promote the development of Chinese cities by facilitating the construction of smart cities and accelerating the next stage of economic development based on enhancing the quality of life for all.

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PR Newswire

Luxury brands embrace social media marketing in China

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BEIJING, Aug. 20, 2020 — A news report by China.org.cn on China’s luxury goods market:

 

On August 6, the well-known luxury brand Louis Vuitton held a fashion show in Shanghai — its first since the coronavirus outbreak. Livestreamed across multiple social media platforms such as Douyin, the Chinese version of TikTok; Weibo, China’s Twitter; and a WeChat mini program, the show drew a sizeable audience, garnering more than 50 million views on Weibo alone.

The show’s popularity reflects the impressive performance of the Chinese luxury goods market. In the face of the ongoing COVID-19 crisis, the global luxury goods market is expected to shrink dramatically, while sales of many brands in Europe and America have plummeted. However, assessments of the China’s market are far rosier. The financial reports of groups such as LVMH and Kering all show that sales in China were significantly higher than those in other regions in the second quarter of 2020.

But it is not only in the luxury goods sector; the Chinese consumer market as a whole looks promising. The financial reports of many American companies, including Tesla and Nike, reveal that the Chinese market has helped offset the damage from tumbling sales in other regions. During this tough period, China has become a lucrative market for many international companies.

The reasons behind this are that China has contained the epidemic and recovered rapidly. China is regarded as one of the world’s largest and fastest growing consumer markets. Over the past few years, household wealth in the country has risen, the middle class continues to grow, and the spending power of consumers in second-, third- and fourth-tier cities has also increased significantly; millennials and Generation Z hold enormous influence in the market with their unique consumption habits; and online shopping and multi-channel retail is shaping consumption in China in new ways. One report even predicts that China will contribute around half of all global luxury consumption by 2025, which demonstrates the country’s vast consumer market and huge potential.

It is worth noting that due to the effect of COVID-19 on travel, many of the world’s top luxury companies have responded by promoting their brands on Chinese social media platforms such as Douyin and "Little Red Book". They have posted and livestreamed frequently to attract more Chinese consumers. In fact, the pandemic has acted more like a catalyst: social networking, which promotes individuality and interconnectivity, has crept into traditional brand promotion and sales, forming a new business model and generating returns. In the future, this model will become the new normal, helping to further unleash consumption potential and stimulate economic growth.

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

Luxury brands embrace social media marketing in China
http://www.china.org.cn/video/2020-08/20/content_76618686.htm