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PR Newswire

Ribbon Announces Management Change

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WESTFORD, Mass., May 8, 2020 /PRNewswire/ — Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications software and network solutions to service providers, enterprises, and critical infrastructure sectors, today announced that the President and CEO of ECI Telecom Ltd. (“ECI”), Darryl Edwards, has departed Ribbon at the end of April as planned. Since the completion of the combination of Ribbon and ECI on March 3, 2020, Mr. Edwards has been an advisor to Bruce McClelland, CEO and President of Ribbon.

Mr. Edwards joined ECI in June 2012, with the goal of re-establishing ECI’s reputation for innovation and breaking boundaries in the telecommunications industry. Under his leadership, ECI has made significant investments in research and development and refreshed its product portfolio with new packet and optical product lines, making the transition to software defined networking (SDN) and network functions virtualization (NFV).

“We’re immensely grateful for the great work that Darryl has done in cementing ECI’s place as an innovation leader in the packet and optical networking space,” said Mr. McClelland.  “We are now very focused on executing on our strategy to significantly scale the ECI business by leveraging the strong foundation that Ribbon has with major Service Providers and Enterprise customers around the world, particularly as we enter the 5G networking era.”

“It has been a great pleasure to lead ECI for the past eight years. During this time, the industry has changed dramatically, and so did ECI,” added Mr. Edwards. “When I became CEO of ECI, we had to re-assert ECI’s innovation and put it back at the heart of the company. We’ve since become a pioneer in the industry, supporting a large number of customers, helping them realize their ambitions with our unique elastic network philosophy and approach. The merger with Ribbon is a natural and positive next step for ECI as it looks to continue to expand its global presence.” 

About Ribbon
Ribbon Communications (Nasdaq: RBBN), which recently merged with ECI Telecom Group, delivers global communications software and network solutions to service providers, enterprises and critical infrastructure sectors. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today’s smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge IP solutions, UCaaS/ CPaaS cloud offers, leading-edge software security and analytics tools, as well as packet and optical networking leveraging ECI’s Elastic Network technology.  To learn more about Ribbon, visit rbbn.com and for more information about our packet and optical networking portfolio, visit ecitele.com.

Important Information Regarding Forward-Looking Statements  
 The information in this release contains forward-looking statements regarding future events that involve risks and uncertainties. All statements other than statements of historical facts contained in this release are forward-looking statements. The actual results of Ribbon Communications may differ materially from those contemplated by the forward-looking statements. For further information regarding risks and uncertainties associated with Ribbon Communications’ business, please refer to the “Risk Factors” section of Ribbon Communications’ most recent annual or quarterly report filed with the SEC. Any forward-looking statements represent Ribbon Communications’ views only as of the date on which such statement is made and should not be relied upon as representing Ribbon Communications’ views as of any subsequent date. While Ribbon Communications may elect to update forward-looking statements at some point, Ribbon Communications specifically disclaims any obligation to do so.

Investor Relations
Monica Gould
+1 (212) 871-3927
IR@rbbn.com      

North American Press
Dennis Watson
+1 (214) 695-2224
dwatson@rbbn.com 

APAC, CALA & EMEA Press
Catherine Berthier
+1 (646) 741-1974
cberthier@rbbn.com 

Analyst Relations
Michael Cooper
+1 (708) 383-3387
mcooper@rbbn.com

Logo: https://techent.tv/wp-content/uploads/2020/05/ribbon-announces-management-change.jpg 

Source: Ribbon Communications Inc.

PR Newswire

Baidu to Report First Quarter 2020 Financial Results on May 18, 2020

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BEIJING, May 6, 2020 /PRNewswire/ — Baidu, Inc. (Nasdaq: BIDU), a leading search engine, knowledge and information centered Internet platform and AI company, today announced that it will report its financial results for the first quarter ended March 31, 2020, after the U.S. market closes on May 18, 2020. Baidu’s management will hold an earnings conference call at 9:15 PM on May 18, 2020, U.S. Eastern Time (9:15 AM on May 19, 2020, Beijing Time).

Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.

For pre-registration, please click http://apac.directeventreg.com/registration/event/7490173. It will automatically direct you to the registration page of “Baidu Q1 2020 Earnings Conference Call”, where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter “7490173”.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at http://ir.baidu.com.

A replay of the conference call may be accessed by phone at the following number until May 26, 2020:

International:

+61 2 8199 0299

Passcode:

7490173

About Baidu

Baidu, Inc. is a leading search engine, knowledge and information centered Internet platform and AI company. Baidu aims to make the complicated world simpler through technology. Baidu’s ADSs trade on the NASDAQ Global Select Market under the symbol “BIDU”. Currently, ten ADSs represent one Class A ordinary share.

For investor inquiries, please contact:

Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com

Cision View original content:http://www.prnewswire.com/news-releases/baidu-to-report-first-quarter-2020-financial-results-on-may-18-2020-301053793.html

Source: Baidu, Inc.

PR Newswire

IBM, IMDA, M1 AND Samsung to Collaborate on Singapore’s First 5G Industry 4.0 Trial

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SINGAPORE, May 6, 2020 /PRNewswire/ — IBM (NYSE: IBM), the Infocomm Media Development Authority (IMDA), M1 Limited (M1) and Samsung today announced Singapore’s first 5G Industry 4.0 trial, to demonstrate the transformative impact of 5G for enterprises and drive the next bound of Singapore’s digital economy. This announcement is part of IBM’s edge computing solutions for the 5G era announced at IBM Think 2020.

IBM, IMDA, M1 AND SAMSUNG TO COLLABORATE ON SINGAPORE’S FIRST 5G INDUSTRY 4.0 TRIAL
IBM, IMDA, M1 AND SAMSUNG TO COLLABORATE ON SINGAPORE’S FIRST 5G INDUSTRY 4.0 TRIAL

The trial aims to develop insights and showcase benefits of 5G in Industry 4.0[1]. It will be an innovation model that allows for development, testing and benchmarking of 5G-enabled solutions that can be applied across various industries.

This partnership consists of the following three main areas:

  • 5G Innovation: The trial aims to design, develop, test and benchmark 5G-enabled industry 4.0 solutions that can be applied across various industries.
  • 5G Solution Showcase: Solutions developed will be featured at IBM’s Industry 4.0 Studio[2] 5G Solutions Showcase. The showcase will feature Industry 4.0 solutions powered by 5G and leveraging capabilities such as Internet-of-Things (IoT) and Artificial Intelligence. The aim is to help proliferate 5G solutions to different industry sectors in Singapore.
  • 5G Solutions Roll-out: IBM and Samsung will evaluate successful solutions developed during the project for possible use in their operations in a broad range of markets and sectors.

5G’s capabilities such as faster data transfer and more-rapid response times, when coupled with other transformative technologies like AI, can enable significant improvements to manufacturing processes. The project will test 5G-enabled use cases for manufacturing, focusing on three main areas:

  • Automated visual inspection using AI for image recognition and video analytics;
  • Improved equipment monitoring and predictive maintenance using AI-enabled acoustic insights; and
  • Assembly and debugging using augmented reality to improve productivity and quality

The trial at the Industry 4.0 Studio will commence in Q2, 2020 and will be conducted at IBM Singapore’s Centre of Competency (CoC) for Smart Factory Operating Model for sharing of ideas and best practices. This makes IBM Singapore the ideal location for the trial, and solutions could be ultimately rolled out to other IBM Manufacturing sites, globally.

Successful 5G-enabled Industry 4.0 use-cases developed from this trial could be demonstrated for manufacturing enterprises and applied to production, service, quality control, and testing across a broad range of industries.

Partnership between IBM, IMDA, M1 and Samsung

IBM will implement and test Industry 4.0 use cases that will leverage IBM’s AI, IoT, edge, and augmented reality technologies, and network architecture built on IBM systems using open solutions infrastructure from Red Hat.

“We want to complement Singapore’s Smart Nation and Digital Economy efforts and empower enterprises and industry players with a robust and versatile 5G launch-pad through this trial. This will allow businesses to leverage digital technologies to create next-generation solutions and be responsive to rapidly changing market and 5G adoption in Singapore. IBM has built industry-leading hybrid cloud, AI and security capabilities underpinned by deep industry expertise. With support from IMDA and our strategic partners Samsung and M1, this collaboration will seed Singapore’s 5G capabilities and strengthen its position as a leading industrial innovation hub, and move us closer in fulfilling our Industry 4.0 vision,” said Martin Chee, Managing Director, IBM Singapore.

IMDA will share the learnings and solutions developed through this partnership with Singapore businesses and Small and Medium-sized Enterprises in the manufacturing sector, and 5G innovation ecosystem participants.

“5G will be the backbone of Singapore’s Digital Economy, strengthening our national competitiveness and reinforcing our position as a global business and connectivity hub. We are excited to work with IBM, Samsung and M1 to develop 5G capabilities and innovative use-cases, and look forward to sharing the learnings with the industry to help them build new capabilities, transform their businesses and tap new opportunities. We are committed to co-investing with the industry, and welcome all companies to join us on our 5G journey,” said Tan Kiat How, Chief Executive, IMDA

Together with Samsung as network and mobile solution provider and M1 as the telco provider, 5G network framework and skillsets could be established, allowing the solutions and the 5G framework know-how to be rolled out from Singapore and commercialised in other countries.

“We are very pleased to partner with IBM, Samsung and IMDA for Singapore’s first 5G Industry 4.0 trial. This is an incredibly exciting opportunity for us to collaborate with leading industry players to develop, test and roll-out innovative 5G-enabled industry 4.0 solutions that will enhance smart manufacturing processes. Through this partnership, we hope to strengthen our in-house engineering capabilities in harnessing state-of-the-art 5G standalone (SA) technology for enabling hyper-connectivity, end-to-end network slicing, ultra-low latency, highly reliable and secured communications. With the recent award of one of Singapore’s two nationwide 5G licence, we will build a cutting-edge 5G network infrastructure and bring new consumer, enterprise and government use cases to the market as soon as the ecosystem matures, which we are certain will help bring Singapore’s Digital Economy forward,” said Denis Seek, Chief Technical Officer, M1.

“These are exciting times for the manufacturing industry. Already at the forefront of digital transformation, disruptive technologies and digitalization are now opening up new and unprecedented possibilities for the sector. New technologies will confer on tomorrow’s factories which will depend on ultra-reliable and low latency communication between machines, sensors, databases and workers’ mobile devices. Singapore has long been a leader in fostering innovation, and this 5G Industry 4.0 program is yet another validation of their technology leadership,” said KC Choi, Executive Vice President & Global Head of B2B Business, Samsung Electronics. “By combining Samsung’s end-to-end 5G Standalone (SA) network platform — including phones and devices at the edge, we are witnessing ground breaking new Industry 4.0 capabilities for enterprise clients. More importantly, work and productivity aside, 5G will be a key tool in entertaining and connecting people. We are excited to be partnering with IBM, IMDA and M1 to help make the promise of 5G a reality today and showcase this in Singapore.” 

[1]   Apart from providing a strong foundation for Industry IoT and automation, 5G would also reduce the cost of processing by shifting the load from the edge device to centralised systems. This reduces the requirement and cost for edge device thus making the application more cost effective.

[2]  The IBM Industry 4.0 Studio will be launched in June and located at Changi Business Park. Interested businesses can contact representatives of IBM, IMDA, M1 and SAMSUNG to visit the studio and view the solutions.

About IBM

For more information please visit https://www.ibm.com/cloud/.  

About Infocomm Media Development Authority (IMDA)

The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore’s ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission.

For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook IMDAsg and Twitter @IMDAsg.

About M1

M1, a subsidiary of Keppel Corporation, is Singapore’s most vibrant and dynamic communications company, providing mobile and fixed services to over two million customers. Since the launch of commercial services in 1997, M1 has achieved many firsts, including the first operator to offer nationwide 4G service, as well as ultra high-speed fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network (NGNBN). With a continual focus on network quality, customer service, value and innovation, M1 links anyone and anything; anytime, anywhere. For more information, visit www.m1.com.sg

Facebook: facebook.com/m1limited
Instagram: instagram.com/m1.sg
Twitter: twitter.com/m1singapore
LinkedIn: linkedin.com/company/m1-limited

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com.

For media clarifications, please contact: 

Aung Thi Ha (Mr)
Manager, Communications and Marketing, IMDA
DID: (65) 9338 2594
Email: aung_thi_ha@imda.gov.sg 

Ken Ng
 Senior Executive, Corporate Communications, M1
DID: (65) 9699 0133
Email: ngcj@m1.com.sg 

Esther Low 
Head, PR & Corporate Marketing, Samsung Electronics Singapore
DID: (65) 9170 7107
Email: esther.low@samsung.com 

Selvi R
Communications Manager, IBM ASEAN
DID: (65) 9795 4165
Email: selvir@sg.ibm.com

Photo – https://photos.prnasia.com/prnh/20200506/2796011-1?lang=0

PR Newswire

Gridsum Announces Receipt of Revised Non-Binding Proposal

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BEIJING, May 1, 2020 /PRNewswire/ — Gridsum Holding Inc. (“Gridsum” or the “Company”) (NASDAQ: GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence (“AI”) solutions in China, today announced that its Board of Directors (the “Board”) has received a revised non-binding proposal letter, dated May 1, 2020, from Guosheng Qi, Chairman of the Board and the Chief Executive Officer of the Company, Guofa Yu, a director and the Chief Operating Officer of the Company, their respective affiliated entities, Beta Dynamic Limited, Shenzhen Qianhai Banyan Capital Investment & Management Co., Ltd and Hangzhou Yutao Capital Co., Ltd (collectively, the “Consortium Members”), proposing to acquire all of the outstanding shares of the Company that are not already owned by the Consortium Members in a going private transaction (the “Transaction”) for US$2.00 in cash per American depositary share (each representing one Class B ordinary share of the Company), or US$2.00 in cash per ordinary share. A copy of the revised non-binding proposal letter is attached as Exhibit A to this press release.

The special committee of the Board (the “Special Committee”), formed to consider the original proposal from certain of the Consortium Members and any other alternative transactions, is evaluating the revised proposal with the assistance of its financial and legal advisors. The Board and the Special Committee caution the Company’s shareholders and others considering trading in the Company’s securities that no decision has been made by the Special Committee or the Board with respect to the Company’s response to the revised proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that this or any other transaction will be approved or consummated.

About Gridsum

Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum’s core technology, the Gridsum Big Data Platform and the Gridsum Prophet: Enterprise AI Engine, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum’s customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named “Gridsum” to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company’s mission is to help enterprises and government organizations in China use data in new and powerful ways to make better informed decisions and be more productive.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and assumptions about Gridsum and the non-binding proposal. Further information regarding risks and uncertainties faced by Gridsum is included in Gridsum’s annual report on Form 20-F and other reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.

Investor Relations

Gridsum
ir@gridsum.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com

In U.S. 
Mr. Tip Fleming 
Phone: +1 917 412 3333 
Email: tfleming@christensenir.com  

Exhibit A

May 1, 2020

The Board of Directors
Gridsum Holding Inc.
South Wing, High Technology Building
No. 229 North 4th Ring Road
Haidian District, Beijing 100083, People’s Republic of China

Dear Sirs:

Reference is made to the non-binding preliminary proposal made by (i) Mr. Guosheng Qi, Mr. Guofa Yu and their respective affiliated entities (collectively, the “Management“), (ii) Beta Dynamic Limited (the “Initial Sponsor“), an affiliate of Hammer Capital Private Investments Limited, on July 15, 2019 (the “Original Proposal“), pursuant to which the Management and the Initial Sponsor proposed to acquire all of the outstanding shares of Gridsum Holding Inc. (the “Company“) that are not already owned by the consortium in a going private transaction (the “Acquisition“).

We very much appreciate the time spent and efforts made by the special committee (the “Special Committee“) of the board of directors of the Company and its advisors so far with respect to the Acquisition.  We are submitting this revised non-binding proposal to reaffirm our interests in the Acquisition that we are interested only in acquiring the outstanding shares that we do not beneficially own. Set forth below are the key terms of our revised proposal:

1. Consortium. The consortium (the “Consortium“) currently consists of the following members (collectively, the “Consortium Members“):

(a)  the Management,
(b)  the Initial Sponsor,
(c)  Shenzhen Qianhai Banyan Capital Investment & Management Co., Ltd, and
(d)  Hangzhou Yutao Capital Co., Ltd (杭州煜韬资产管理合伙企业（有限合伙）).

2. Purchase Price. We would like to revise our offer price (the “Offer Price“) to US$2.00 in cash per American depositary share of the Company (“ADS“, each representing one ordinary share of the Company), or US$2.00 in cash per ordinary share (in each case other than those ADSs or ordinary shares held by the Consortium Members that may be rolled over in connection with the Acquisition). Our decision to revise the Offer Price has been a difficult one to make but is necessitated by the tougher than expected market conditions facing the Company and the Chinese economy. In particular,

(a)   The global financial markets have experienced significant volatility recently, including substantial volatility in equity securities markets, and volatility and tightening of liquidity in credit markets. As a result, the trading price of the Company’s ADS has decreased significantly since the Original Proposal.

(b)   Since the Original Proposal, the Company has experienced weaker than expected financial and operational performance as identified, among others, in the Company’s earnings releases since the Original Proposal. According to the Company’s earnings release for the third quarter of 2019, the Company’s net revenues decreased 25%, to RMB60.1 million (US$8.4 million), from RMB80.5 million in the comparable period of 2018; and the gross profit decreased 32%, to RMB38.8 million (US$5.4 million), from RMB56.8 million in the comparable period of 2018. In addition, the material adverse impact on the Company’s performance and operations caused by the outbreak of COVID-19 is expected to continue throughout 2020. We believe that such deterioration in the Company’s business has had a significant negative impact on the value of the Company.

(c)   The recent statement given by the chairman of the Securities and Exchange Commission and the chairman of the Public Company Accounting Oversight Board warning the disclosure, financial reporting and other risks of Chinese listed companies, as well as the evolving trade tension between the U.S. and China, are expected to lead to lower valuation of the Company by the U.S. stock markets.

3. No Binding Commitment. This letter constitutes only a preliminary indication of our interest, and does not constitute any binding commitment with respect to the Acquisition. A binding commitment will result only from the execution of definitive agreements, and then will be on terms and conditions provided in such documentation.

In closing, we continue to be fully committed to close the Acquisition and believe that the Acquisition provides full value to the Company’s shareholders. We look forward to continuing working with the Special Committee and its advisors.

Should you have any questions regarding this proposal, please do not hesitate to contact us. We look forward to hearing from you.

*  *  *

Sincerely,

Guosheng Qi

/s/ Guosheng Qi                           

Generation Gospel Limited

By:             /s/ Guosheng Qi               
 Name:        Guosheng Qi
Title:           Director

Fairy Sprit Limited

By:             /s/ Guosheng Qi               
 Name:        Guosheng Qi
Title:           Director

Guofa Yu

/s/ Guofa Yu                                        

Garden Enterprises Ltd.

By:             /s/ Guofa Yu                     
 Name:        Guofa Yu
Title:           Director

Beta Dynamic Limited

By:             /s/ CHEUNG Siu Fai       
 Name:        CHEUNG Siu Fai
Title:           Director

Shenzhen Qianhai Banyan Capital Investment & Management Co., Ltd

By:             /s/ Xiangming Qu             
 Name:        Xiangming Qu
Title:           Authorized Signatory

Hangzhou Yutao Capital Co., Ltd

By:             /s/ Zhang Chuanjun          
 Name:        Zhang Chuanjun
Title:           Authorized Signatory

Cision View original content:http://www.prnewswire.com/news-releases/gridsum-announces-receipt-of-revised-non-binding-proposal-301050956.html

Source: Gridsum Holding Inc.

PR Newswire

Secoo announced an exclusive online strategic partnership with China Fashion Week

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BEIJING, May 1, 2020 /PRNewswire/ — Secoo Holding Limited (NASDAQ: SECO), the exclusive strategic online partner of China Fashion Week, will launch the 2020 AW “cloud” fashion week today. Secoo will exclusively present over 100 live stream sessions of fashion shows, presentations, and “see now, buy now ” online sessions from 1st May to 7th May. 

This season under the current global pandemic situation, Secoo and China Fashion Week jointly announced the theme of 2020AW fashion week as “Rebuild. Innovate. 2020 “. The new fashion week format will bring designers closer to the consumers and build an integrated model that promotes creativity and commerce.    

Secoo consumers will have exclusive access to over 170 designer brands presentations from China and over 60 international designer brands from 15 countries, including France, the United Kingdom, the United States, Italy, Japan, South Korea, and New Zealand. Secoo will live stream AW2020 fashion shows and presentations across China and internationally online. Over 70 brands will also hold live stream “See now, buy now” selling sessions exclusively to reach Secoo’s targeted high-end consumers.  

Besides, leveraging both parties’ industry influence and extensive network, Secoo and China Fashion Week will jointly host four sessions of ‘China Fashion Forum’ focusing on “Rebuilding and Innovating” topics in Technology, Sustainability, Business Model, Brands & Consumers engagement.

With this innovative partnership, both Secoo and China Fashion Week look toward a long term successful new partnership model to support designers and grow the China fashion industry together.

Cision View original content:http://www.prnewswire.com/news-releases/secoo-announced-an-exclusive-online-strategic-partnership-with-china-fashion-week-301050954.html

PR Newswire

51job, Inc. Schedules First Quarter 2020 Earnings Release and Conference Call on May 7, 2020

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SHANGHAI, May 1, 2020 /PRNewswire/ — 51job, Inc. (Nasdaq: JOBS) (“51job” or the “Company”), a leading provider of integrated human resource services in China, announced today that it will release unaudited financial results for the first quarter ended March 31, 2020 after the market closes on Thursday, May 7, 2020.

The Company’s management will hold a conference call at 9:00 p.m. Eastern Time on May 7, 2020 (9:00 a.m. Beijing / Hong Kong time zone on May 8, 2020) to discuss its first quarter 2020 financial results, operating performance and business outlook. To dial in to the call, please use the following telephone numbers:

US:

+1-888-346-8982

International:

+1-412-902-4272

Hong Kong:

+852-3018-4992

Conference ID:

51job

The call will also be available live and on replay through 51job’s investor relations website, http://ir.51job.com.

About 51job

Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company’s main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, http://www.lagou.com, and http://www.51mdd.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.

Contact:

Linda Chien
Investor Relations
51job, Inc.
+86-21-6879-6250
ir@51job.com

Cision View original content:http://www.prnewswire.com/news-releases/51job-inc-schedules-first-quarter-2020-earnings-release-and-conference-call-on-may-7-2020-301049916.html

Source: 51job, Inc.

PR Newswire

The9 Limited Filed Annual Report on Form 20-F for Fiscal Year 2019

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SHANGHAI, May 1, 2020 /PRNewswire/ — The9 Limited (Nasdaq: NCTY) (“The9” or the “Company”), an established Internet company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2019 with the U.S. Security and Exchange Commission (“SEC”) on April 30, 2020. The annual report, which contains its audited financial statements, can be accessed on the SEC’s website at http://www.sec.gov as well as on the Company’s investor relations website at http://www.the9.com/en/. Shareholders may receive a hard copy of the annual report free of charge upon request.

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.

Cision View original content:http://www.prnewswire.com/news-releases/the9-limited-filed-annual-report-on-form-20-f-for-fiscal-year-2019-301050760.html

PR Newswire

GigaMedia Announces First-Quarter 2020 Financial Results

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TAIPEI, April 30, 2020 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results.

Comments from Management

For the first quarter of 2020, GigaMedia reported revenues of $1.60 million, with a gross profit of $0.93 million, an operating loss of $0.64 million and the net loss of $0.29 million. Total revenues increased by 6.6% if compared to the previous quarter, and net loss was similar.

“The pandemic of COVID-19 only mildly affected our operations in Taiwan and Hong Kong,” said GigaMedia CEO James Huang. “While it has indeed caused disruptions to our offline marketing and operating activities, we managed to mitigate its impact, and continued improving the productivity in our existing products and making progress in developing new offerings.”

First Quarter Overview

  • Operating revenue increased by $0.10 million or 6.6% in quarter-on-quarter comparison, and increased by 8.2% in year-over-year comparison.
  • Loss from operations amounted to approximately $0.64 million and net loss approximately $0.29 million, comparable to the fourth quarter of 2019 and slightly improved when compared with the same quarter last year.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the First Quarter

GIGAMEDIA 1Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, in US$ thousands, except for percentages and per
share amounts)

1Q20

4Q19

Change

(%)

1Q20

1Q19

Change

(%)

Revenues

$

1,604

$

1,504

6.6

%

$

1,604

$

1,483

8.2

%

Gross Profit

927

1,025

(9.6)

%

927

738

25.6

%

Loss from Operations

(640)

(399)

NM

(640)

(949)

NM

Net Loss Attributable to GigaMedia

(286)

(271)

NM

(286)

(532)

NM

Loss Per Share Attributable to GigaMedia,
Diluted

(0.03)

(0.02)

NM

(0.03)

(0.05)

NM

EBITDA(A)

(536)

(574)

NM

(536)

(876)

NM

Cash, Cash Equivalents and Restricted Cash

57,311

58,274

(1.7)

%

57,311

58,494

(2.0)

%

NM= Not Meaningful

(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.)

First-Quarter Financial Results

  • Consolidated revenues for the first quarter of 2020 increased by 6.6% quarter-on-quarter to $1.60 million, from $1.50 million in the fourth quarter of 2019, or by 8.2% year-over-year from $1.48 million in the first quarter of 2019.
  • Consolidated gross profit decreased to $0.93 million from $1.03 million in last quarter but increased by 25.6% from $0.74 million in the same quarter last year.
  • Consolidated operating expenses were $1.57 million in the first quarter of 2020, representing an increase by $0.14 million quarter-on-quarter, or a decrease by $0.12 million from $1.69 million year-over-year.
  • Loss from operation for the first quarter of 2020 was approximately $0.64 million, comparable to a loss of $0.40 million last quarter and approximately a loss of $0.95 million in the first quarter of 2019.
  • Net loss for the first quarter of 2020 was $0.29 million, approximately comparable to such amount in the fourth quarter of 2019, and improved by $0.25 million when compared with the net loss of $0.53 million in the same quarter last year.
  • Cash, cash equivalents and restricted cash at the first quarter-end of 2020 accounted for $57.31 million, which decreased by $0.96 million from the end of 2019.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounting to $57.31 million, or approximately $5.19 per share as of March 31, 2020.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of April 30, 2020. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In following quarters, we will continue developing new offerings to enhance the variety of our product lines, while our marketing strategies will adjust swiftly, as in the current coronavirus situation, stay-home requirement may boost sales of online business on the one hand, but prevailing economic uncertainties and weakened consumer confidence may discourage spending on entertainment on the other hand.

“In this time of uncertainty, we don’t just wait out the storm. We practice frugality and adapt proactively while focusing on sharpening our core competence,” stated CEO James Huang, “so that we will get well prepared when the storm is over.”

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will also continue reviewing potential targets that have strategic capacity to accelerate our growth and enhance shareholders’ value,” said CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the first quarter 2020 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2020 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Operating revenues

Digital entertainment service revenues

$

1,603,904

$

1,503,848

$

1,483,233

Operating costs

Cost of digital entertainment service revenues

677,194

479,341

744,901

Gross profit

926,710

1,024,507

738,332

Operating expenses

Product development and engineering expenses

328,815

213,241

320,494

Selling and marketing expenses

410,475

427,090

526,003

General and administrative expenses

824,442

571,562

835,987

Impairment losses

—

208,921

—

Other

2,984

2,957

5,214

1,566,716

1,423,771

1,687,698

Loss from operations

(640,006)

(399,264)

(949,366)

Non-operating income (expense)

Interest income

255,719

322,587

381,799

Foreign exchange (loss) gain – net

98,887

(84,774)

(11,402)

Other – net

(298)

(110,020)

46,912

354,308

127,793

417,309

Loss before income taxes

(285,698)

(271,471)

(532,057)

Income tax benefit (expense)

—

—

—

Net loss attributable to shareholders of GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Loss per share attributable to GigaMedia

Basic and Diluted:

$

(0.03)

$

(0.02)

$

(0.05)

Weighted average shares outstanding:

Basic

11,052,235

11,052,235

11,052,235

Diluted

11,052,235

11,052,235

11,052,235

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

3/31/2020

12/31/2019

3/31/2019

unaudited

audited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

$

56,777,472

$

57,742,696

$

57,976,503

Accounts receivable – net

355,225

368,445

589,520

Prepaid expenses

276,010

112,243

208,919

Restricted cash

533,436

530,984

517,815

Other receivables

238,396

261

375,192

Other current assets

148,757

138,601

127,377

Total current assets

58,329,296

58,893,230

59,795,326

Property, plant & equipment – net

8,117

—

100,148

Intangible assets – net

17,965

—

32,492

Prepaid licensing and royalty fees

210,530

43,915

383,681

Other assets

285,319

285,071

1,034,278

Total assets

$

58,851,227

$

59,222,216

$

61,345,925

Liabilities and equity

Short-term borrowings

$

—

$

—

$

—

Accounts payable

60,405

64,337

98,921

Accrued compensation

156,948

200,455

134,243

Accrued expenses

1,449,553

1,079,234

1,228,483

Unearned revenue

1,285,399

1,364,749

1,290,792

Other current liabilities

715,877

874,434

177,073

Total current liabilities

3,668,182

3,583,209

2,929,512

Other liabilities

7,337

94,385

779,919

Total liabilities

3,675,519

3,677,594

3,709,431

Total equity

55,175,708

55,544,622

57,636,494

Total liabilities and equity

$

58,851,227

$

59,222,216

$

61,345,925

GIGAMEDIA LIMITED

Reconciliations of Non-GAAP Results of Operations

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Depreciation

354

10,888

25,388

Amortization

4,657

9,669

12,899

Interest income

(255,719)

(322,587)

(381,799)

Interest expense

—

—

—

Income tax (benefit) expense

—

—

—

EBITDA

$

(536,406)

$

(573,501)

$

(875,569)

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Shenzhen Daily: Innovation-driven growth marks 5th anniversary of Qianhai

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SHENZHEN, China, April 30, 2020 /PRNewswire/ — A news report by Shenzhen Daily on the 5th anniversary of the inauguration of the Qianhai & Shekou Free Trade Area.

Qianhai-headquartered WeBank has grown into a top private bank in China over the past five years since its establishment, servicing over 200 million individual clients with its inclusive financial system.

Set up in December 2014 as one of the country’s first private banks and the first Internet-only bank, WeBank has become the world’s leading digital bank, as claimed by the Massachusetts-based Forrester Research, one of the most influential research and advisory firms.

An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).
An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).

Figures show that the digital-only bank had 220 billion yuan (US$31.03 billion) in assets by the end of 2018. Its net profit reached 2.47 billion yuan in 2018, surpassing the total profit of 1.98 billion yuan by the 16 other private banks set up at the same time as WeBank.

The digital bank would not have made it without the innovation-oriented business environment in Qianhai, part of the China (Guangdong) Pilot Free Trade Zone inaugurated April 27, 2015, said Wan Jun, chairman of the board of supervisors of WeBank.

WeBank is one of the enterprises that have gone through rapid development in Qianhai, which Shenzhen Special Zone Daily said has become the core engine for high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area, in the past five years.

Official statistics show that the added value of Qianhai-registered enterprises has grown 150 percent over the past several years, while its tax revenue has doubled. The fixed asset investment in Qianhai has gone up 90 percent, and it contributed 2.4 percent of the 2019 GDP of Guangdong Province. The 2019 Guangdong GDP topped the nation at 10.77 trillion yuan.

Qianhai has reported a 152 percent growth in foreign trade over the past five years. The total volume of imports and exports in its Qianhaiwan Bonded Free Trade Port Area reached 128.55 billion yuan last year, up 233 percent from 55.2 billion yuan in its inaugural year.

Liu Yuli, deputy general manager of YHGlobal based in Qianhaiwan port, said her company recorded over 200% year-on-year growth in the first quarter of the year despite the economic uncertainty caused by the COVID-19 pandemic.

The total volume of imports and exports of YHGlobal, a Hurun-listed unicorn engaged in the global supply chain, reached 59.4 billion yuan last year, topping Shenzhen’s supply-chain enterprises and ranked No. 13 nationally, according to Liu.

She attributed the eye-catching growth of YHGlobal to a series of innovative customs policies adopted to facilitate cross-border trade.

“Take the global central warehouse initiation as an example,” Liu said. “The global central warehouse allows the storage of different kinds of goods — including bonded and nonbonded goods, and imported and exported goods — in the same warehouse in the Qianhaiwan port, greatly reducing the operational costs and facilitating the flow of cross-border goods.”

Liu said Shekou Customs has created many other favorable policies to address the actual needs of importers and exporters within their business operations, which also helps them lure more new clients.

The high-quality economic development in Qianhai is due in large part to institutional innovations that the Qianhai authority has committed to since its establishment.

According to official statistics, Qianhai has rolled out 106 institutional innovations last year, bringing the total number to 520 in five years’ time. Of them, 50 have been promoted nationwide, five in the Greater Bay Area, 69 in Guangdong Province and 166 have been duplicated for use in Shenzhen.

Qianhai has topped the country for the past two consecutive years in the national innovation index compiled by the Guangzhou-based Sun Yat-sen University.

Efforts by the Qianhai authority to create a fair, transparent business environment has paid off. The actual use of foreign investment in the free trade area has grown 187 percent in five years, accounting for 21 percent of the total foreign investments made in Guangdong last year, up from the 8.3 percentage points in the first year of its establishment.

Nearly 1,400 new Hong Kong-funded enterprises were registered in Qianhai last year, bringing in 88 billion yuan in registered capital. By the end of 2019, Qianhai had become home to 12,102 Hong Kong-funded companies, up 420% from 2,313 at the end of 2015. The Hong Kong-funded companies have brought in a total of 1.3 trillion yuan in registered capital.

Qianhai was ranked 51st in the world business environment list by PricewaterhouseCoopers in 2017, then jumped to 31st in 2018 and 23rd last year.

Over the past five years, a total of 59 new roads, 36 kilometers in length, have been opened to traffic and 179 new office buildings have been put into use, offering companies 3.13 million square meters of office floor space in Qianhai.

http://szdaily.sznews.com/PC/layout/202004/27/node_02.html#content_851012

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