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PR Newswire

HUYA Inc. Announces Management Change

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GUANGZHOU, China, Sept. 4, 2021 — HUYA Inc. (NYSE: HUYA) ("Huya" or the "Company"), a leading game live streaming platform in China, today announced that Ms. Catherine Xiaozheng Liu has tendered her resignation as the Company’s Chief Financial Officer due to personal reasons, effective on September 8, 2021.

The Company greatly appreciates Ms. Liu’s significant contributions to Company’s business, financial management, capital markets transactions and corporate governance, and sincerely wishes her continued success in her future endeavors. Although leaving the Chief Financial Officer position, Ms. Liu will serve as an advisor to Huya to assist with the transition through March 31, 2022.

Concurrently, Ms. Ashley Xin Wu has been promoted to the position of Vice President of Finance. Ms. Wu will assume Ms. Liu’s duties on an acting basis, and will report directly to Mr. Rongjie Dong, Chief Executive Officer of Huya.

Ms. Wu joined Huya in September 2017 and has been a leader of its finance department since then. Prior to joining Huya, she served in various finance positions in JOYY Inc. (Nasdaq: YY) from July 2012 to September 2017. Between October 2011 and July 2012, Ms. Wu worked as a senior financial analyst at Amway (China) Co., Ltd. Prior to that, she worked as an assistant audit manager at KPMG Huazhen from August 2007 to September 2011. Ms. Wu received her bachelor’s degree in accounting from Sun Yat-sen University in 2007. Ms. Wu is a Certified Public Accountant in the United States and a member of the Chinese Institute of Certified Public Accountants.

About HUYA Inc.

HUYA Inc. is a leading game live streaming platform in China with a large and active game live streaming community. The Company cooperates with e-sports event organizers, as well as major game developers and publishers, and has developed e-sports live streaming as one of the most popular content genres on its platform. The Company has created an engaged, interactive and immersive community for game enthusiasts of China’s young generation. Building on its success in game live streaming, Huya has also extended its content to other entertainment content genres. Huya’s open platform also functions as a marketplace for broadcasters and talent agencies to congregate and closely collaborate with the Company.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding such risks is included in Huya’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com

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

In the United States:

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

Related Links :

http://www.huya.com

PR Newswire

CGTN: How will China, a unified multi-ethnic country, address ethnic affairs in new era?

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BEIJING, Aug. 30, 2021 — An unequivocal message concerning China’s ethnic affairs has been conveyed at a two-day meeting that concluded Saturday, as China, a unified multi-ethnic country, embarked on a new journey to fully build itself into a modern socialist country.

 

Forging a strong sense of community for the Chinese nation must be the focus of the Communist Party of China’s (CPC) work on ethnic affairs in the new era, said President Xi Jinping while addressing the central conference on ethnic affairs.

The central conference on ethnic affairs, held in Beijing on Friday and Saturday, was the fifth conference of its kind since China’s reform and opening-up, following those in 1992, 1999, 2005 and 2014.

Consolidating sense of community for the Chinese nation in new era

Summarizing past experience, Xi said the CPC’s work on ethnic affairs should serve the goal of realizing the great rejuvenation of the Chinese nation and efforts should be made to enhance ethnic unity and promote common prosperity among all ethnic groups. He also underscored the importance of safeguarding China’s sovereignty, security and development interests, calling for efforts to strengthen patriotism among all ethnic groups.

Consolidating the sense of community for the Chinese nation is necessary for protecting the fundamental interests of all ethnic groups, realizing national rejuvenation, and developing socialist ethnic relations characterized by equality, unity, mutual assistance and harmony, he said at Saturday’s meeting.

The sense of community for the Chinese nation is not a new notion. It was put forward by Xi at the second central work conference on Xinjiang in May 2014. He once again highlighted the importance of laying a solid foundation for the sense of community for the Chinese nation at the central conference on ethnic affairs held in September 2014. The idea was enshrined in the Party’s Constitution at the 19th CPC National Congress in October 2017.

Xi called for innovation and development in CPC’s work on ethnic affairs so as to better protect the legitimate rights and interests of all ethnic groups. An important principle is to enhance commonalities while respecting and tolerating differences, he said on Saturday.

All ethnic groups should prioritize the interests of the Chinese nation, and the sense of each ethnic group should be subordinated to and serve the sense of community for the Chinese nation, he stressed. In the meanwhile, the specific interests of each ethnic group should be well addressed in the process of realizing the interests of the Chinese nation as a whole, he added.

Xi called for efforts to accelerate socialist modernization among all ethnic groups. Differentiated policies should be made to support the reform and opening-up in ethnic minority regions, he said. The sense of gain, happiness and security should be enhanced for people of all ethnic groups, he stressed.

Exchanges and integration among ethnic groups should be encouraged, he said. Measures should be taken to create an environment where people of different ethnic groups can embed themselves spatially, economically, socially and psychologically, he said.

Xi stressed the importance of preventing major risks related to ethnic affairs. Ideological issues that involve ethnic elements should be handled actively and properly, he said, adding that continuous efforts are needed to eradicate separatist and extremist ideas. He also called for strengthening international cooperation in fighting terrorism.

https://news.cgtn.com/news/2021-08-28/Xi-stresses-high-quality-development-of-Party-s-work-on-ethnic-affairs-1364xXfhBK0/index.html

Related Links :

http://www.cgtn.com

PR Newswire

China.org.cn: China’s space station: Warm, open new home in outer space

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BEIJING, Aug. 27, 2021 — A news report by China.org.cn on China’s space station and astronauts in space:

 

Chinese astronauts Nie Haisheng, Liu Boming and Tang Hongbo, dubbed the "trio who traveled to space on business," have been living and working on China’s space station core module Tianhe for more than two months. Recently, they carried out extravehicular activities for a second time. Look at Nie standing on the robotic arm against the backdrop of the earth. What a breathtaking scene.

During their time in space, the crew have experienced many other unforgettable moments.

The first thing the three astronauts did after arriving at Tianhe on June 17 was to start opening packages. Back in May, the cargo spacecraft Tianzhou-2 was launched ahead of the crewed mission, delivering more than six tons of goods and materials to the space station. The more than 160 packages contained not only various parts and equipment to be installed and tested, but also the basic supplies for the astronauts.

These included more than 120 kinds of space food carefully prepared by nutritionists. In the module, the astronauts enjoyed various dishes, teas, juices and more, adding to the joy of "earth-dwellers" below. In addition, the crew work as each other’s health care assistants, regularly taking blood samples and conducting tests as well as routine ultrasounds. They exercise on the space station’s specially designed treadmill and exercise bike to keep fit in a microgravity environment. The friendly astronauts also interact with netizens on earth from time to time: Posting a video after watching the Tokyo Olympic Games, or sending wishes on "Chinese Valentine’s Day," — really made known their presence in space.

These seemingly trivial things and relaxing scenes are actually very meaningful and important. According to its plan, China will finish building the space station in 2022. This manned mission aims to test key technologies in the construction and operation of the station in orbit, including bioregenerative life support systems, and technologies for supporting astronauts’ long-term stay and conducting extravehicular activities.

Moreover, since the International Space Station, which has been in orbit for decades, could be retired as early as 2024 or possibly in 2028, construction of China’s station becomes even more significant.

Sometimes people hear arguments that treat space exploration as a "competition of interests" or "more political than scientific." However, astronauts from different countries live and work in space, showing their appreciation and empathy for each other, such scenes are touching — humans are born with curiosity and a thirst for knowledge, and the vast universe carries the hopes and dreams of all mankind. After all, space is open to all. Space exploration should not and cannot exclude anyone.

Previously, to board the Chinese space station, astronauts from Germany, France, Italy and other countries worked hard learning Chinese and came to China for training, eating and living with Chinese astronauts like family. Nine projects from 17 countries, including Switzerland, Poland, Kenya and Japan, have also been approved to conduct experiments on the Chinese space station. More people could be expected to visit the new China-made home in outer space, where they can work together to seek a better future.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm
China’s space station: Warm, open new home in outer space
http://www.china.org.cn/video/2021-08/27/content_77718318.htm

PR Newswire

Moving Towards a Sustainable and Innovative Future at the Huawei Digital Power Summit 2021 Singapore

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With carbon neutrality at the core of sustainability efforts, Huawei takes the lead by bringing together top experts in the industry in anticipation of the future.

SINGAPORE, Aug. 27, 2021 — Aiming to secure the future of innovation and sustainability, Huawei International continues to cement its position as a leader in building a greener, better, and smarter world.

On 27 August, the company gathered the sharpest minds and impactful voices at Huawei Digital Power Summit 2021 Singapore to engage in conversations on creating a future where energy and technological innovation go hand in hand to create a sustainable ecosystem.

Mr Foo Fang Yong, CEO of Huawei International, said, "Huawei will mark its 20th anniversary in Singapore with core products and initiatives designed to push industry standards, systems integration, and more."

The Carbon Neutral Movement

For everyday consumers, telecom operators, and government and industry partners worldwide, Huawei International is introducing a cohesive approach in all facets of business, with an increased focus on enhancing information transmission, processing, storage, learning, and distribution, building a collaborative ecosystem around the world.

At every touchpoint, the possibility of improvement in the name of green innovation can and will be explored, allowing the reality of a truly sustainable and carbon-neutral future to be realised.

Working towards the Singapore Green Plan 2030, business frameworks need to be reassessed and aligned with industry-wide sustainability goals to build a zero-carbon smart ecosystem.

Forward With Singapore

Mr Terry Gao, Managing Director of Huawei Digital Power Singapore, shared: Like many nations across the globe, Singapore has outlined its future roadmap towards net-zero emissions, and Huawei’s commitment to energy transformation will play a pivotal role.

A significant component of this transformation is made possible with digitalisation. For digitisation to be successful, we need more efficient data centres to be powered sufficiently and reliably. The establishing of Huawei Digital Power will allow Singapore to push ahead with more support as power digitalisation takes shape.

The new drivers, energy structure transformation and zero/low-carbon industries, will add to economic growth in the coming years. Clean power generation, electric transportation, and greener ICT infrastructure are ways the company can drive innovation and transformation.

An increased rate of innovation will allow various sustainable approaches to be adapted to suit the growing requirements; coupled with the age-old "business versus cost" dilemma, smart and cost-effective procurements are the way forward.

Embracing the Future Together

True to the collaborative nature of how Huawei is approaching this monumental task, the Huawei Digital Power Summit 2021 Singapore allowed opinion leaders and foremost experts to convene and take on the challenge of energy innovation together.

With Singapore growing to be a force to reckon with globally across all industries, including the renewable energy sector, With Singapore growing to be a force to be reckoned with globally across all sectors, including the renewable energy sector.

An innovative yet sustainable future is within reach—however, the time to act is now.

About Huawei

Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We have more than 197,000 employees, and we operate in more than 170 countries and regions, serving more than three billion people worldwide.

For more information, please visit Huawei online at www.huawei.com or follow us on:

http://www.linkedin.com/company/Huawei
http://www.twitter.com/Huawei
http://www.facebook.com/Huawei 
http://www.youtube.com/Huawei

Related Links :

https://www.huawei.com/

PR Newswire

LittleLives and Global Embassy Partner to Instill Digital Transformation in Schools

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HO CHI MINH CITY, Vietnam, Aug. 27, 2021 — LittleLives, a school management system based in Singapore continues to partner with various organisations around the world to provide value and services to its schools and stakeholders. A key enabler of these capabilities is a strategic partnership with Global Embassy, an organisation consisting of a network of education professionals to empower schools to engage with digital transformation, enhance the quality of education and improve the welfare of teachers, parents and students.

With the ongoing lockdowns in countries such as Malaysia and Vietnam, LittleLives has seen a tremendous growth in schools adopting new technologies to help with their operations in the new norm; from attendance taking at home to supporting online learning. With demands from parents to ensure undisrupted learning at home, LittleLives also provided various solutions and resources to enhance home-and-school relationships.

Sharing his vision for the partnership, Arjuna Raj, Chief Strategy Officer of LittleLives said, "We are excited to partner with Global Embassy to assist and digitally transform more schools in Vietnam, and continue to create meaningful partnerships with other companies."

This collaboration also marks a pioneering step in which LittleLives adapts its solutions such as facial recognition technology and multipurpose communications module to accommodate the unique needs and trends in Vietnam schools, but more importantly, creates a platform to further develop the early childhood education in Vietnam for the community to strive in a safe, responsive, resilient and nurturing environment.

As LittleLives continues to grow and produce valuable and cutting-edge technology for schools, it seeks like-minded companies and organisations to help change the way schools operate – to be more adaptable, efficient and effective – yet never neglecting the human touch in operational and administrative processes in schools.

LittleLives Media Contact
Bryan Koh
Partnerships
bryan@littlelives.com
+6010-2202655

About LittleLives
LittleLives is a school management software provider for over 1,400 preschools in 12 countries such as Singapore, Malaysia, Vietnam, China, Indonesia, Brunei, Dubai, Cambodia, Thailand and the Philippines. In 2021, LittleLives expanded its reach to the USA and Dubai, and partnered with DBS to launch a digital cashless payment solution to preschools. Today, we serve over 25,000 educators, 250,000 parents and 180,000 children. LittleLives is currently valued at USD$25 million and plans to increase valuation to USD$100mill by 2024. Learn more at www.littlelives.com.

Related Links :

http://www.littlelives.com

PR Newswire

CGTN: From a barren land to the world’s largest man-made forest, Saihanba and China’s ecological efforts

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BEIJING, Aug. 26, 2021 — Decades ago, no one would imagine that Saihanba – the once barren land located in north China’s Hebei Province – would turn into the world’s largest man-made forest. 

 

China did it. 

Saihanba now sees a forest coverage of 80 percent, which can conserve and purify 137 million cubic meters of water every year, an achievement hailed "great" by Chinese President Xi Jinping.

"It is a model in the world’s ecological civilization history," he said during his recent two-day tour in Hebei.

During his trip, Xi learned about the management and protection of the forest farm, as well as Hebei’s coordinated efforts in conserving its mountains, rivers, forests, farmlands, lakes and grasslands, and desertification control. 

The president stressed the importance of developing the green economy and furthering ecological progress, urging to carry on "Saihanba spirit"—a term attributed to generations of workers on the farm who have kept their mission in mind, worked hard and pursued green development. 

Xi urged the workers at the Saihanba forest farm to gain a deeper understanding of ecological conservation and continue their hard work for new achievements.  

Xi encourages elderlies to stay active in job market

Facing a rapidly aging labor force in a continuously expanding economy, Xi encouraged more elderly folks to "stay active" in the job market when inspecting the Binhe community service center.

Xi suggested those "younger seniors" to participate in duties like community volunteering jobs.

According to China’s National Bureau of Statistics, there are currently 264 million people aged 60 and over, accounting for 18.7 percent of the total population. The trend – many say – could potentially pose threats to the world’s second-largest economy.

The country has put it explicitly in its 14th Five-Year Plan (2021-2025) that it will raise the statutory retirement age "in a gradual, flexible and differentiated manner" to adapt to that "new normal."

During his visit, Xi also stressed the need to achieve this year’s major goals for the country’s economic and social development. 

He underlined the need to achieve a balance between COVID-19 prevention and control and economic and social development, and between development and security, to promote high-quality development, and to strive to fulfill major social and economic targets and tasks for this year to ensure a good start of the 14th Five-Year Plan.

A new development philosophy in an all-round, faithful manner is need to put into practice, Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, said.

Xi calls for preservation and development of cultural heritage

In the renowned Chengde Mountain Resort – a UNESCO World Cultural Heritage site—Xi learned about its history as well as the preservation efforts there.

The resort serves important historic meanings to communication between different ethnic minority groups, adaption of religion and the society, preservation and development of cultural heritage, as well as the peaceful coexistence between human and nature, Xi pointed out.

He also highlighted cultural confidence and the unity between multi-ethnic groups.

The Chinese president then visited Puning Temple, a famous Buddhist temple near the resort, and the Chengde Museum.

Xi: From ‘rural revitalization’ to ‘industry revitalization’

China has always viewed rural vitalization as one of the keys to developing a modern economy, and President Xi took that a step further. He stressed the importance of "industry revitalization."

Daguikou village—where Xi visited—now grows strawberries, grapes and cherries. Yet fruit was not their first choice.

The village had tried rice, corn and vegetables. But for all sorts of reasons like the lack of water, these products were underproduced. Therefore, villagers couldn’t make money off them. So they turned to growing fruits instead.

Now, growing strawberries has become the main business for the 1,700 residents, with each household making around $15,000 a year.

Xi called on villages to implement tailored methods and find out their distinctive resource in singling out their advantages, while also calling to strengthen rural infrastructure and public service system.

https://news.cgtn.com/news/2021-08-25/Aging-in-China-Xi-encourages-seniors-to-stay-active-in-job-market-131aEaOXqU0/index.html

Related Links :

http://www.cgtn.com

PR Newswire

China.org.cn: National Games inject new vitality into ancient capital

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BEIJING, Aug. 23, 2021 — A news report by China.org.cn on China’s 14th National Games:

 

China’s 14th National Games are scheduled to be held between Sept. 15 and 27 in Shaanxi province. The National Games are China’s largest multi-sport event at the highest level of athletic competition. Therefore, Xi’an, the main host city of this year’s Games, has been attracting a lot of attention.

Xi’an is one of the 10 oldest cities in the world. Around 1.15 million years ago, Lantian man, a subspecies of Homo erectus, lived in the area, marking one of the earliest stages of human civilization. Historically known as Chang’an, the city served as the imperial capital of 13 dynasties, including the Qin, Han and Tang. For several millennia, Xi’an has created a rich sporting heritage, represented by Chen-style tai chi, Xingyi Six-harmony Broadsword and Fuxing lion dance. Its time-honored history has also added charm to modern sporting events. For example, the Xi’an City Wall International Marathon has been held for more than 20 years on the ancient city wall constructed during the Ming dynasty.

The upcoming 14th National Games will also feature a blend of history and modernity. The Xi’an Olympic Sports Center, the venue for the opening ceremony of the Games, is shaped like a pomegranate flower, which bears witness to the development of the ancient Silk Road. Xi’an was the starting point of the ancient Silk Road. Through this route, the pomegranate was introduced into China and its flower became the official city flower of Xi’an. The pomegranate flower-shaped stadium is equipped with a range of modern technologies. It is the first sports center in China to feature full 5G network coverage, and utilizes VR, AR and other new technologies.

In its preparations for the Games, Xi’an also enhanced its urban infrastructure: Construction of metro lines accelerated; several expressways and interchanges opened to traffic; and Xi’an Railway Station was expanded, more than doubling the number of passengers it can handle annually.

At the same time, Xi’an has been injecting new vitality into its historical and cultural heritage. Heritage parks at the Xiaoyan Pagoda and Duling Mausoleum sites opened to the public; the "Belt and Road" Urban Exhibition Center and Cultural Exchange Center will be completed soon; and many night runs have been held at the city’s landmarks, such as the Daming Palace National Heritage Park. All these demonstrate the unique charm of Xi’an, where history and tradition blend with modernity and fashion.

Despite the impact of COVID-19, Xi’an completed its preparations and will hold the Games as scheduled, sending a cordial invitation to the world with perseverance and practical actions.

Xi’an looks forward to meeting guests this September for the 14th National Games!

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

National Games inject new vitality into ancient capital
http://www.china.org.cn/video/2021-08/23/content_77708762.htm

PR Newswire

Discover two emerging businesses at Kalkine Media’s INVEST NEST webinar on August 26

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SYDNEY, Aug. 21, 2021 — Kalkine Media is organising the next edition of the ‘INVEST NEST’ webinar series, titled ‘2 Must Know ASX listed Emerging Stories’, on August 26, 2021.

There are two emerging companies—Australia-based silica sand explorer VRX Silica Limited and specialist financial services provider Fiducian Group Limited—that are making a mark in the Australian market. The panel consists of Managing Director of VRX Silica, Mr. Bruce Maluish and Executive Chairman of the Fiducian Group Mr. Indy Singh. Both VRX Silica and Fiducian Group are Kalkine’s valued clients.

The webinar will help potential investors discover valuable information as top leaders of the companies navigate through insightful business information and discuss emerging themes in the Australian market.

Emerging companies

VRX Silica is a silica sand exploration company, which has been listed on the Australian Securities Exchange since 2011. It is the only ASX-listed, pure-play silica sand firm, which possesses advanced development assets with more than 100 years of production life. Mr. Maluish will discuss the success story and future plans of VRX Silica, which has been on the investors’ radar.

The Fiducian Group is an ASX-listed specialist financial services organisation providing platform administration, funds management and financial planning with underlying in-house fintech capabilities. The company’s success is underpinned by the accumulated knowledge and experience gained across the business areas. Mr. Singh will trace the journey of Fiducian Group, which provides premium wealth services and solutions to its clients.

About Kalkine Media

Kalkine Media operates across Australia, New Zealand, Canada, UK and the US. It aims to keep its readers abreast of the latest and trending news on the equity and commodity markets, the unravelling economy and other business developments.

Contact: honey.bhargava@kalkinepr.com

PR Newswire

Bambuser CEO and CFO comment on the Interim Report for Q2 2021

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STOCKHOLM, Aug. 20, 2021 — Maryam Ghahremani, CEO and Sara Lundell CFO of Bambuser, will comment on the interim report from the second quarter of 2021. The interview will be broadcast today at 15:00 CEST, 9 AM EDT, held in English and last for approx 15 minutes.

Link to the broadcast: https://bambuser.com/ir/q2-2021

Contact information

Corporate Communications, Bambuser AB | +46 8 400 160 00 | ir@bambuser.com

Certified Adviser

Erik Penser Bank AB | +46 8 463 83 00 | certifiedadviser@penser.se

About Bambuser AB

Bambuser is a software company specializing in interactive live video streaming. The Company’s primary product, Live Video Shopping, is a cloud-based software solution that is used by customers such as global e-commerce and retail businesses to host live shopping experiences on websites, mobile apps and social media. Bambuser was founded in 2007 and has its headquarters in Stockholm.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/bambuser/r/bambuser-ceo-and-cfo-comment-on-the-interim-report-for-q2-2021,c3400508

The following files are available for download:

PR Newswire

Boqii Announces Fiscal 2022 First Quarter Unaudited Financial Results

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First Quarter Revenues of RMB321.8 million, up 35.0% year-over-year

First Quarter GMV of RMB792.1 million, up 42.9% year-over-year

SHANGHAI, Aug. 20, 2021 — Boqii Holding Limited ("Boqii" or the "Company") (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the first quarter of fiscal year 2022 (the quarter ended June 30, 2021).

Fiscal Q1 2022 Operational and Financial Highlights

  • Total revenues were RMB321.8 million (US$49.8 million), an increase of 35.0% from RMB238.4 million in the same quarter of fiscal year 2021.
  • Net loss was RMB37.4 million (US$5.8 million), compared to net loss of RMB42.3 million in the same quarter of fiscal year 2021.
  • Adjusted net loss was RMB31.5 million (US$4.9 million), compared to adjusted net loss of RMB44.4 million in the same quarter of fiscal year 2021.
  • EBITDA[1] was a loss of RMB35.6 million (US$5.5 million), compared to a loss of RMB35.4 million in the same quarter of fiscal year 2021.
  • Total GMV[2] was RMB792.1 million (US$122.7 million), an increase of 42.9% from RMB554.5 million in the same quarter of fiscal year 2021.
  • Active buyers were 1.6 million, an increase of 27.9% from 1.3 million in the same quarter of fiscal year 2021.

[1] EBITDA refers to net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, but including all the professional expenses in relation to initial public offering in the fiscal year of 2021. EBITDA is a Non-GAAP financial measurement. Please refer to "Non-GAAP financial measurement".

[2] GMV refers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or drop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts. The total GMV amount (i) includes GMV of products sold by Xingmu, (ii) excludes products sold through consignment model and (iii) excludes the value of services offered by us. GMV is subject to future adjustments (such as refunds) and represents only one measure of the Company’s performance and should not be relied on as an indicator of our financial results, which depend on a variety of factors.

CEO & CFO Quote

Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer commented, "We delivered another strong quarter of solid financial and operational results. Our relentless focus to expand and optimize our portfolio offerings powered solid topline growth and user engagement. GMV continued to see strong growth, with 42.9% year over year increase to RMB792.1 million. Total active buyers increased by 27.9% to 1.6 million, with 11.7% year-over-year growth in average spending per user. We are excited to see this continuous momentum of user development and remain committed to bringing in more buyers and retaining existing ones while growing their average spending over time."

Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO commented: "Our strong user growth continued to fuel topline expansion. In this quarter, total revenues grew 35.0% year over year to RMB321.8 million, with an exceptional revenue growth of nearly 20 times year over year from online marketing and information services and other revenue. Meanwhile, in addition to our topline growth, this quarter, our adjusted net loss narrowed down to RMB31.5 million, compared to adjusted net loss of RMB44.4 million in the same period last year, showing improving operational efficiency. Looking ahead, we are committed to execute on our growth strategies with a focus on quality and improved monetization capability, which we believe will bring long-term value to both our users and shareholders."

Fiscal Q1 2022 Financial Results

Total revenues were RMB321.8 million (US$49.8 million), representing an increase of 35.0% from RMB238.4 million in the same quarter of fiscal year 2021. The increase was primarily due to the continued organic growth of our business.

Revenues
(in million)

Three Months Ended June 30

%

2021

2020

change

RMB

RMB

YoY

Product sales

311.5

237.9

30.9

• Boqii Mall

108.3

89.8

20.5

• Third party e-commerce platforms

203.2

148.1

37.2

Online marketing and information services and other revenue

10.3

0.5

1,944.2

Total

321.8

238.4

35.0

Gross profit was RMB56.4 million (US$8.7 million), an increase of 30.3% from RMB43.3 million in the same quarter of fiscal year 2021.

Gross margin was 17.5%, compared with 18.1% in the same quarter of fiscal year 2021. The decrease was mainly due to the increased e-commerce promotions during the 618 Shopping Festival resulting in lower price points.

Operating expenses were RMB97.9 million, an increase of 14.6% from RMB85.4 million in the same quarter of fiscal year 2021. Operating expenses as a percentage of total revenues was 30.4%, down from 35.8% in the same quarter of fiscal year 2021.

  • Fulfillment Expenses were RMB32.9 million, a decrease of 2.2% from RMB33.6 million in the same quarter of fiscal year 2021. Fulfillment expenses as a percentage of total revenues were 10.2%, down from 14.1% in the same quarter of fiscal year 2021. The decrease was mainly due to: (i) the improved utilization of warehouses by adjusting inventory mix; (ii) more cost-efficient China warehouse relocations; and (iii) lower delivery service prices through renegotiation with third-party delivery service providers.
  • Sales and marketing expenses were RMB45.5 million, an increase of 30.2% from RMB34.9 million in the same quarter of fiscal year 2021. The increase was primarily due to: (i) the increased personnel expense of RMB3.2 million and increased advertising fee of RMB4.1 million which was in line with our revenue growth, and (ii) the increased share-based compensation expense of RMB1.3 million. Sales and marketing expenses as a percentage of total revenue were 14.1%, down from 14.7% in the same quarter of fiscal year 2021.
  • General and administrative expenses were RMB19.6 million, an increase of 16.0% from RMB16.9 million in the same quarter of fiscal year 2021. The increase was primarily due to the increased share-based compensation expense of RMB4.7 million, partially offset by the reduced professional expense of RMB2.2 million with the Company’s initial public offering in the same quarter of fiscal year 2021. General and administrative expenses as a percentage of total revenue were 6.1%, down from 7.1% in the same quarter of fiscal year 2021.

Operating loss was RMB41.5 million (US$6.4 million), compared to RMB42.1 million in the same quarter of fiscal year 2021.

EBITDA was a loss of RMB35.6 million (US$5.5 million), compared to a loss of RMB35.4 million in the same quarter of fiscal year 2021.

Net loss was RMB37.4 million (US$5.8 million), compared to net loss of RMB42.3 million in the same quarter of fiscal year 2021.

Adjusted net loss was RMB31.5 million (US$4.9 million), compared to adjusted net loss of RMB44.4 million in the same quarter of fiscal year 2021.

Diluted net loss per share was RMB0.52 (US$0.08), compared to diluted net loss per share of RMB4.06 in the same quarter of fiscal year 2021.

Total cash and cash equivalents and short-term investments were RMB415.7 million (US$64.4 million), compared to RMB460.8 million as of March 31, 2021.

Conference Call

Boqii’s management will hold a conference call to discuss the financial results at 8:00 AM on Friday, August 20, 2021, U.S. Eastern Time (8:00 PM on Friday, August 20, 2021, Beijing/Hong Kong Time).

To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers.

Phone Number

International

1-412-317-6061

United States

1-888-317-6003

Hong Kong

852 800 963-976

Mainland China

86 4001-206115

Passcode

7711990

A replay of the conference call may be accessed by phone at the following numbers until August 27, 2021.

Phone Number

International

1-412-317-0088

United States

1-877-344-7529

Replay Access Code

10159611

A live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.boqii.com/.

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is a leading pet-focused platform in China. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, namely adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) adjusted net loss as net loss excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) adjusted net loss margin as adjusted net loss as a percentage of total revenues, (iii) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, (iv) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin enhance investors’ overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliation of GAAP and Non-GAAP Results." The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

The Blueshirt Group
Ms. Susie Wang
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: julia@blueshirtgroup.com

BOQII HOLDING LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data, unless otherwise noted)

As of

As of

As of

March 31,

June 30,

June 30,

2021

2021

2021

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

292,237

287,060

44,460

Short-term investments

168,546

128,678

19,930

Accounts receivable, net

45,732

74,277

11,504

Inventories, net

91,551

105,809

16,388

Prepayments and other current assets

85,261

74,613

11,556

Amounts due from related parties

11,465

34,294

5,311

Total current assets

694,792

704,731

109,149

Non-current assets:

Property and equipment, net

8,386

8,338

1,291

Intangible assets

29,537

28,540

4,420

Operating lease right-of-use assets

29,234

32,805

5,081

Long-term investments

74,330

79,232

12,271

Goodwill

40,184

40,684

6,301

Other non-current asset

4,111

4,024

624

Total non-current assets

185,782

193,623

29,988

Total assets

880,574

898,354

139,137

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current liabilities

Short-term borrowings

85,566

103,332

16,004

Accounts payable

71,848

114,384

17,716

Salary and welfare payable

6,309

4,860

753

Accrued liabilities and other current liabilities

30,055

30,096

4,661

Amounts due to related parties, current

910

10,178

1,577

Contract liabilities

3,866

3,474

538

Operating lease liabilities, current

8,063

9,639

1,493

Derivative liabilities

9,996

10,125

1,568

Total current liabilities

216,613

286,088

44,310

Non-current liabilities

Deferred tax liabilities

8,958

8,711

1,349

Operating lease liabilities, non-current

19,997

21,891

3,390

Long-term borrowings

68,075

49,674

7,693

Other debts, non-current

433,292

365,256

56,571

Total non-current liabilities

530,322

445,532

69,003

Total liabilities

746,935

731,620

113,313

Mezzanine equity

Redeemable non-controlling interests

5,946

6,086

943

Total mezzanine equity

5,946

6,086

943

Stockholders’ equity:

Class A ordinary shares (US$0.001 par value; 129,500,000 shares authorized,
   54,505,108 and 54,556,503 shares issued and outstanding as of March 31
   and June 30, 2021, respectively)

364

365

56

Class B ordinary shares (US$0.001 par value; 15,000,000 shares authorized,
   13,037,729 shares issued and outstanding as of March 31 and June 30,
   2021, respectively)

82

82

13

Additional paid-in capital

3,272,612

3,279,409

507,916

Statutory reserves

3,047

3,117

483

Accumulated other comprehensive loss

(20,172)

(28,884)

(4,474)

Accumulated deficit

(2,759,882)

(2,794,987)

(432,888)

Receivable for issuance of ordinary shares

(413,377)

(343,068)

(53,135)

Total Boqii Holding Limited shareholders’ equity

82,674

116,034

17,971

Non-controlling interests

45,019

44,614

6,910

Total shareholders’ equity

127,693

160,648

24,881

Total liabilities, mezzanine equity and shareholders’ equity

880,574

898,354

139,137

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.4566
on June 30, 2021 published by the Federal Reserve Board.

 

 

BOQII HOLDING LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(All amounts in thousands, except for share and per share data, unless otherwise noted)

Three Months Ended June 30,

2020

2021

2021

RMB

RMB

US$

Net revenues:

Product sales

237,932

311,493

48,244

Online marketing and information services and other revenue

506

10,353

1,604

Total revenues

238,438

321,846

49,848

Total cost of revenue

(195,168)

(265,465)

(41,115)

Gross profit

43,270

56,381

8,733

Operating expenses:

Fulfillment expenses

(33,632)

(32,887)

(5,094)

Sales and marketing expenses

(34,944)

(45,485)

(7,045)

General and administrative expenses

(16,868)

(19,571)

(3,031)

Other income, net

47

12

2

Loss from operations

(42,127)

(41,550)

(6,435)

Interest income

1,716

5,187

803

Interest expense

(7,143)

(6,062)

(939)

Other gain, net

2,897

3,128

484

Fair value change of derivative liabilities

2,106

162

25

Loss before income tax expenses

(42,551)

(39,135)

(6,062)

Income taxes expenses

309

1,009

156

Share of results of equity investees

(57)

766

119

Net loss

(42,299)

(37,360)

(5,787)

Less: Net income/(loss) attributable to the non-controlling
   interest shareholders

279

(2,467)

(382)

Net loss attributable to Boqii Holding Limited

(42,578)

(34,893)

(5,405)

Less: Accretion on convertible redeemable preferred shares to
   redemption value

(35,137)

–

–

Less: Accretion on redeemable non-controlling interests to
   redemption value

–

(140)

(22)

Less: Deemed dividend to preferred shareholders

(12,547)

–

–

Net loss attributable to Boqii Holding Limited‘s ordinary
   shareholders

(90,262)

(35,033)

(5,427)

Net loss

(42,299)

(37,360)

(5,787)

Other comprehensive loss:

Foreign currency translation adjustment, net of nil tax

(801)

(8,712)

(1,349)

Unrealized securities holding gains

1,195

–

–

Total comprehensive loss

(41,905)

(46,072)

(7,136)

Less: Total comprehensive income/(loss) attributable to non-
   controlling interests shareholders

279

(2,467)

(382)

Total comprehensive loss attributable to Boqii Holding
   Limited

(42,184)

(43,605)

(6,754)

Net loss per share attributable to Boqii Holding Limited’s
   ordinary shareholders

— basic

(4.06)

(0.52)

(0.08)

— diluted

(4.06)

(0.52)

(0.08)

Weighted average number of ordinary shares

— basic

22,238,454

67,640,952

67,640,952

— diluted

22,238,454

67,640,952

67,640,952

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of
USD1.00=RMB6.4566 on June 30, 2021 published by the Federal Reserve Board.

 

 

Boqii Holding Limited

Reconciliation of GAAP and Non-GAAP Results

(In thousands)

Three Months Ended June 30,

2020

2021

RMB

RMB

Net loss

(42,299)

(37,360)

Fair value change of derivative liabilities

(2,106)

(162)

Share-based compensation

–

5,986

Adjusted Net Loss

(44,405)

(31,536)

Adjusted Net Loss Margin

(18.6%)

(9.8%)

Three Months Ended June 30,

2020

2021

RMB

RMB

Net loss

(42,299)

(37,360)

Income tax expenses

(309)

(1,009)

Interest expenses

7,143

6,062

Interest income

(1,716)

(5,187)

Depreciation and amortization

1,750

1,928

EBITDA

(35,431)

(35,566)

EBITDA Margin

(14.9%)

(11.1%)