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Vipshop Reports Unaudited Second Quarter 2020 Financial Results

August 19, 2020 TechENT Syndication Leave a comment

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 19, 2020

GUANGZHOU, China, Aug. 19, 2020 — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

Total net revenue for the second quarter of 2020 increased by 6.0% year over year to RMB24.1 billion (US$3.4 billion) from RMB22.7 billion in the prior year period.
GMV^[1] for the second quarter of 2020 increased by 9% year over year to RMB38.4 billion from RMB35.1 billion in the prior year period.
Gross profit for the second quarter of 2020 was RMB4.9 billion (US$699.2 million), as compared with RMB5.1 billion in the prior year period.
Net income attributable to Vipshop’s shareholders for the second quarter of 2020 increased by 88.9% year over year to RMB1.5 billion (US$217.5 million) from RMB813.5 million in the prior year period.
Non-GAAP net income attributable to Vipshop’s shareholders^[2] for the second quarter of 2020 increased by 24.3% year over year to RMB1.3 billion (US$186.9 million) from RMB1.1 billion in the prior year period.
The number of active customers^[3] for the second quarter of 2020 increased by 17% year over year to 38.8 million from 33.1 million in the prior year period.
Total orders^[4] for the second quarter of 2020 increased by 15% year over year to 170.5 million from 147.8 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We are delighted to have delivered solid financial and operational results in the second quarter of 2020, driven by our strong merchandising capability. In particular, our number of active customers during the quarter increased by 17% year over year to 38.8 million from 33.1 million in the same period last year. We have seen strong recovery in demand for apparel since early May and ran a successful promotional campaign in June after daily life in China has returned to normal. Looking ahead, we will continue to focus on enhancing our product offerings, working more effectively with our suppliers to provide our customers with top-notch apparel assortments. We believe that we are well positioned to continue to gain market share in China’s discount retail segment."

Mr. Donghao Yang, Chief Financial Officer of Vipshop, further commented, "We finished the second quarter of 2020 with healthy topline growth and improved year-over-year net margin attributable to Vipshop’s shareholders. During the quarter, repeat customers as a percentage of total active customers increased to 90% from 87% in the prior year period, representing a meaningful enhancement in our customer stickiness. These successes were made possible by our team’s solid execution in optimizing our product assortment to meet our customers’ needs. Looking ahead, we will continue to execute on our merchandising strategy, aiming to deliver strong topline growth balanced with solid profitability."

Second Quarter 2020 Financial Results

REVENUE

Total net revenue for the second quarter of 2020 increased by 6.0% year over year to RMB24.1 billion (US$3.4 billion) from RMB22.7 billion in the prior year period, primarily driven by the growth in the number of total active customers.

GROSS PROFIT

Gross profit for the second quarter of 2020 was RMB4.9 billion (US$699.2 million), as compared with 5.1 billion in the prior year period. Gross margin for the second quarter of 2020 was 20.5%, as compared with 22.4% in the prior year period, primarily attributable to the Company’s strategy to reinvest into discounts and coupons during this year’s June promotional event.

OPERATING EXPENSES

Total operating expenses for the second quarter of 2020 decreased to RMB3.8 billion (US$540.0 million) from RMB4.2 billion in the prior year period. As a percentage of total net revenue, total operating expenses for the second quarter of 2020 decreased to 15.8% from 18.5% in the prior year period.

Fulfillment expenses for the second quarter of 2020 decreased to RMB1.7 billion (US$237.3 million) from RMB2.2 billion in the prior year period. As a percentage of total net revenue, fulfillment expenses for the second quarter of 2020 decreased to 7.0% from 9.7% in the prior year period, primarily attributable to the change in fulfillment logistic arrangement.
Marketing expenses for the second quarter of 2020 were RMB1.0 billion (US$145.6 million), as compared with RMB877.6 million in the prior year period. As a percentage of total net revenue, marketing expenses for the second quarter of 2020 were 4.3%, as compared with 3.9% in the prior year period.
Technology and content expenses for the second quarter of 2020 decreased to RMB305.4 million (US$43.2 million) from RMB422.3 million in the prior year period. As a percentage of total net revenue, technology and content expenses for the second quarter of 2020 decreased to 1.3% from 1.9% in the prior year period.
General and administrative expenses for the second quarter of 2020 were RMB804.6 million (US$113.9 million), as compared with RMB706.3 million in the prior year period. As a percentage of total net revenue, general and administrative expenses for the second quarter of 2020 were 3.3%, as compared with 3.1% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the second quarter of 2020 increased by 28.4% year over year to RMB1.2 billion (US$175.5 million) from RMB965.4 million in the prior year period. Operating margin for the second quarter of 2020 increased to 5.1% from 4.2% in the prior year period.

Non-GAAP income from operations^[5] for the second quarter of 2020, which excluded share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, increased by 27.1% year over year to RMB1.5 billion (US$211.4 million) from RMB1.2 billion in the prior year period. Non-GAAP operating income margin^[6] for the second quarter of 2020 increased to 6.2% from 5.2% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the second quarter of 2020 increased by 88.9% year over year to RMB1.5 billion (US$217.5 million) from RMB813.5 million in the prior year period. Net margin attributable to Vipshop’s shareholders for the second quarter of 2020 increased to 6.4% from 3.6% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS^[7] for the second quarter of 2020 increased to RMB2.24 (US$0.32) from RMB1.21 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the second quarter of 2020, which excluded (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee, increased by 24.3% year over year to RMB1.3 billion (US$186.9 million) from RMB1.1 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders^[8] for the second quarter of 2020 increased to 5.5% from 4.7% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS^[9] for the second quarter of 2020 increased to RMB1.92 (US$0.27) from RMB1.58 in the prior year period.

For the quarter ended June 30, 2020, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 686,613,335.

BALANCE SHEET AND CASH FLOW

As of June 30, 2020, the Company had cash and cash equivalents and restricted cash of RMB8.1 billion (US$1.1 billion) and short term investments of RMB5.9 billion (US$840.7 million).

For the quarter ended June 30, 2020, net cash from operating activities was RMB5.1 billion (US$720.3 million), and free cash flow[^10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended
	Jun 30, 2019 RMB’000	Jun 30, 2020 RMB’000	Jun 30, 2020 US$’000
Net cash from operating activities	3,438,809	5,088,869	720,283
Add: Net impact from Internet financing activities^[11]	(1,254,977)	(311,652)	(44,111)
Less: Capital expenditures	(936,124)	(452,630)	(64,066)
Free cash inflow	1,247,708	4,324,587	612,106


For the trailing twelve months ended
	Jun 30, 2019 RMB’000	Jun 30, 2020 RMB’000	Jun 30, 2020 US$’000
Net cash from operating activities	10,207,552	11,549,627	1,634,744
Add: Net impact from Internet financing activities^[11]	(1,829,324)	(4,027,419)	(570,044)
Less: Capital expenditures	(3,954,839)	(3,375,199)	(477,728)
Free cash inflow	4,423,389	4,147,009	586,972

Recent Development

Mr. Donghao Yang will step down from the Company’s Chief Financial Officer position for personal reasons in November 2020, and the Company’s Board of Directors has appointed Mr. Yang as a new Non-Executive Director, effective simultaneously with the change of his position. Mr. Yang has served as the Company’s Chief Financial Officer since 2011 and made significant contributions to the Company’s growth and transformation from a privately held company into a publicly listed company with effective internal control and compliance systems in the past nine years. The Company has already commenced a search process for a new Chief Financial Officer.

Business Outlook

For the third quarter of 2020, the Company expects its total net revenue to be between RMB20.6 billion and RMB21.6 billion, representing a year-over-year growth rate of approximately 5% to 10%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency conversions of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.0651 to US$1.00, the effective noon buying rate on June 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2020, or at any other rate.

Conference Call Information

The Company will hold a conference call on Wednesday, August 19, 2020 at 7:30 am Eastern Time or 7:30 pm Beijing Time to discuss its financial results and operating performance for the second quarter of 2020.

All participants wishing to join the conference call must pre-register online using the link provided below. Once pre-registration has been complete, participants will receive dial-in numbers, a passcode, and a unique registrant ID. To join the conference, simply dial the number in the calendar invite you receive after pre-registration, enter the passcode followed by your PIN, and you will join the conference instantly.

Conference ID	#2094639
Registration Link	http://apac.directeventreg.com/registration/event/2094639

The replay will be accessible through August 27, 2020 by dialing the following numbers:

United States Toll Free:	+1-855-452-5696
International:	+61-2-8199-0299
Conference ID:	#2094639

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

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit www.vip.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "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 Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding demand for and market acceptance of flash sales products and services; competition in the discount retail industry; the potential impact of the COVID-19 to Vipshop’s business operations and the economy in China and elsewhere generally; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that comparative consolidated statements of income and cash flows for the period presented and detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270"), have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating income margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. Non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions. Non-GAAP operating income margin is non-GAAP income from operations as a percentage of total net revenue. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenue. Free cash flow is net cash from operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets. Impact from Internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (a) share-based compensation, (b) amortization of intangible assets resulting from business acquisitions, (c) investment gain and revaluation of investments excluding dividends, and (d) share of loss in investment of limited partnership that is accounted for as an equity method investee adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (1) non-cash share-based compensation expenses, (2) amortization of intangible assets resulting from business acquisitions, (3) investment gain and revaluation of investments excluding dividends, and (4) share of loss in investment of limited partnership that is accounted for as an equity method investee. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from Internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure and technology platform. Share-based compensation expenses and amortization of intangible assets have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.

^[1] "Gross merchandise value (GMV)" is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, offline stores, and Shan Shan Outlets during the relevant period, including through the Company’s websites and mobile apps, third-party websites and mobile apps, Vipshop offline stores and Vipmaxx offline stores, as well as Shan Shan Outlets that were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the relevant orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

^[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee.

^[3] "Active customers" is defined as registered members who have purchased from the Company’s online sales business or the Company’s online marketplace platforms at least once during the relevant period.

^[4] "Total orders" is defined as the total number of orders placed during the relevant period, including the orders for products and services sold through the Company’s online sales business and the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

^[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.

^[6] Non-GAAP operating income margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

^[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share.

^[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

^[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

^[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from (used in) operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets.

^[11] Net impact from Internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

Vipshop Holdings Limited
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands, except for share and per share data)

	Three Months Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020
	RMB’000	RMB’000	RMB’000	USD’000

Product revenues	21,721,951	17,964,195	23,213,007	3,285,588
Other revenues⁽¹⁾	1,021,767	828,660	897,660	127,055
Total net revenues	22,743,718	18,792,855	24,110,667	3,412,643
Cost of revenues	(17,654,577)	(15,175,739)	(19,170,864)	(2,713,460)
Gross profit	5,089,141	3,617,116	4,939,803	699,183
Operating expenses:
Fulfillment expenses⁽²⁾	(2,198,543)	(1,393,690)	(1,676,229)	(237,255)
Marketing expenses	(877,573)	(412,305)	(1,028,903)	(145,632)
Technology and content expenses	(422,314)	(338,398)	(305,381)	(43,224)
General and administrative expenses	(706,252)	(839,220)	(804,619)	(113,886)
Total operating expenses	(4,204,682)	(2,983,613)	(3,815,132)	(539,997)
Other operating income	80,904	148,688	115,336	16,325
Income from operations	965,363	782,191	1,240,007	175,511
Investment gain and revaluation of investments	15,012	42,553	551,443	78,052
Impairment loss of investments	0	(5,046)	0	0
Interest expense	(12,194)	(35,395)	(21,070)	(2,982)
Interest income	41,732	81,190	100,286	14,195
Foreign exchange gain (loss)	30,920	48,754	(14,272)	(2,020)
Income before income tax expense and share of (loss) gain of equity method investees	1,040,833	914,247	1,856,394	262,756
Income tax expenses	(213,392)	(172,716)	(324,883)	(45,984)
Share of (loss) gain of equity method investees	(9,572)	(60,639)	7,588	1,074
Net income	817,869	680,892	1,539,099	217,846
Net (gain) loss attributable to non-controlling interests	(4,351)	3,933	(2,179)	(308)
Net income attributable to Vipshop’s shareholders	813,518	684,825	1,536,920	217,538

Shares used in calculating earnings per share⁽³⁾:
Weighted average number of Class A and Class B ordinary shares:
—Basic	133,403,777	134,326,928	134,956,142	134,956,142
—Diluted	134,648,293	136,909,242	137,322,667	137,322,667

Net earnings per Class A and Class B ordinary share
Net income attributable to Vipshop’s shareholders–Basic	6.10	5.10	11.39	1.61
Net income attributable to Vipshop’s shareholders–Diluted	6.04	5.00	11.19	1.58

Net earnings per ADS (1 ordinary share equals to 5 ADSs)
Net income attributable to Vipshop’s shareholders–Basic	1.22	1.02	2.28	0.32
Net income attributable to Vipshop’s shareholders–Diluted	1.21	1.00	2.24	0.32
⁽¹⁾ Other revenues primarily consist of revenues from third-party logistics services, product promotion and online advertising, fees charged to third-party merchants which the Company provides platform access for sales of their products, interest income from microcredit and consumer financing services, and inventory and warehouse management services to certain suppliers.
⁽²⁾ Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.21 billion, RMB 0.8 billion, and RMB 1.1 billion in the three month periods ended June 30,2019, March 31,2020 and June 30,2020, respectively.
⁽³⁾ Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote.

	Three Months Ended
	June 30, 2019	March 31, 2020	June 30, 2020	June 30, 2020
	RMB’000	RMB’000	RMB’000	USD’000
Share-based compensation expenses included are as follows
Fulfillment expenses	37,497	27,215	25,905	3,667
Marketing expenses	10,970	3,939	4,661	660
Technology and content expenses	58,010	44,402	45,201	6,398
General and administrative expenses	103,048	171,455	172,136	24,364
Total	209,525	247,011	247,903	35,089


Vipshop Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)

		December 31, 2019	June 30, 2020	June 30, 2020
		RMB’000	RMB’000	USD’000
ASSETS
CURRENT ASSETS
Cash and cash equivalents		6,573,808	7,395,029	1,046,698
Restricted cash		1,145,477	704,630	99,734
Short term investments		3,052,726	5,939,873	840,734
Accounts receivable, net		1,295,766	537,530	76,082
Amounts due from related parties		47,964	359,327	50,859
Other receivables and prepayments,net		2,897,893	2,480,658	351,114
Loan receivables,net		306,115	90,401	12,795
Inventories		7,708,292	5,764,895	815,968
Total current assets		23,028,041	23,272,343	3,293,984
NON-CURRENT ASSETS
Property and equipment, net		11,256,810	12,391,200	1,753,860
Deposits for property and equipment		101,800	62,283	8,816
Land use rights, net		5,541,108	5,874,963	831,547
Intangible assets, net		337,310	360,309	50,998
Investment in equity method investees		3,112,952	2,119,858	300,046
Other investments		2,002,756	2,502,921	354,265
Other long-term assets		608,073	488,708	69,172
Amounts due from related party-non current		102,000	59,446	8,414
Goodwill		236,711	369,902	52,356
Deferred tax assets, net		539,561	612,344	86,672
Operating lease right-of-use assets		1,715,556	1,988,535	281,459
Total non-current assets		25,554,637	26,830,469	3,797,605
TOTAL ASSETS		48,582,678	50,102,812	7,091,589

LIABILTIES AND EQUITY
CURRENT LIABILITIES
Short term loans		1,093,645	1,850,828	261,968
Accounts payable		13,792,200	11,901,904	1,684,605
Advance from customers		1,233,165	1,053,406	149,100
Accrued expenses and other current liabilities		6,534,575	5,872,404	831,185
Amounts due to related parties		532,788	337,595	47,784
Deferred income		405,994	324,510	45,931
Operating lease liabilities		333,268	291,701	41,288
Total current liabilities		23,925,635	21,632,348	3,061,861
NON-CURRENT LIABILITIES
Long term loans		64,515	197,858	28,005
Deferred tax liability		165,098	388,251	54,953
Deferred income-non current		782,068	926,827	131,184
Operating lease liabilities		1,395,665	1,737,726	245,959
Other long term liabilities		0	40,085	5,674
Total non-current liabilities		2,407,346	3,290,747	465,775
TOTAL LIABILITIES		26,332,981	24,923,095	3,527,636

EQUITY:
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 117,584,362 and 118,686,997 shares issued and outstanding as of December 31, 2019 and June 30,2020, respectively)		76	77	11
Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and 16,510,358 and 16,510,358 shares issued and outstanding as of December 31, 2019 and June 30,2020, respectively)		11	11	2
Additional paid-in capital		9,959,497	10,443,055	1,478,119
Retained earnings		11,924,228	14,055,203	1,989,385
Accumulated other comprehensive loss		(56,656)	(34,342)	(4,867)
Non-controlling interests		422,541	715,713	101,303
Total shareholders’ equity		22,249,697	25,179,717	3,563,953
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		48,582,678	50,102,812	7,091,589


Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results

		Three Months Ended
		June 30, 2019	June 30, 2020	June 30, 2020
		RMB’000	RMB’000	USD’000
Income from operations		965,363	1,240,007	175,511
Share-based compensation expenses		209,525	247,903	35,089
Amortization of intangible assets resulting from business acquisitions		511	5,896	835
Non-GAAP income from operations		1,175,399	1,493,806	211,435


Net income		817,869	1,539,099	217,846
Share-based compensation expenses		209,525	247,903	35,089
Investment gain and revaluation of investments excluding dividends		(2,198)	(551,443)	(78,052)
Share of loss in investment of limited partnership that is accounted for as an equity method investee		24,218	27,739	3,926
Tax effect of investment gain and revaluation of investments excluding dividends		17,150	55,044	7,791
Amortization of intangible assets resulting from business acquisitions		511	5,896	835
Tax effect of amortization of intangible assets resulting from business acquisitions		(128)	(1,474)	(209)
Non-GAAP net income		1,066,947	1,322,764	187,226

Net income attributable to Vipshop’s shareholders		813,518	1,536,920	217,538
Share-based compensation expenses		209,525	247,903	35,089
Investment gain and revaluation of investments excluding dividends		(2,198)	(551,443)	(78,052)
Share of loss in investment of limited partnership that is accounted for as an equity method investee		24,218	27,739	3,926
Tax effect of investment gain and revaluation of investments excluding dividends		17,150	55,044	7,791
Amortization of intangible assets resulting from business acquisitions		501	5,896	835
Tax effect of amortization of intangible assets resulting from business acquisitions		(125)	(1,474)	(209)
Non-GAAP net income attributable to Vipshop’s shareholders		1,062,589	1,320,585	186,918

Shares used in calculating earnings per share:
Weighted average number of Class A and Class B ordinary shares:
–Basic		133,403,777	134,956,142	134,956,142
–Diluted		134,648,293	137,322,667	137,322,667

Non-GAAP net income per Class A and Class B ordinary share
Non-GAAP net income attributable to Vipshop’s shareholders–Basic		7.97	9.79	1.39
Non-GAAP net income attributable to Vipshop’s shareholders–Diluted		7.89	9.62	1.36

Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs)
Non-GAAP net income attributable to Vipshop’s shareholders–Basic		1.59	1.96	0.28
Non-GAAP net income attributable to Vipshop’s shareholders–Diluted		1.58	1.92	0.27

Related Links :

http://www.vip.com

PR Newswire

Aon urges the re/insurance industry to bring capital closer to clients’ needs as the firm launches its Virtual Reinsurance Renewal Season

August 18, 2020 TechENT Syndication Leave a comment

Virtual event launches with former Danish Prime Minister Helle Thorning-Schmidt interview

LONDON, Aug. 18, 2020 — Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its Virtual Reinsurance Renewal Season, calling for the re/insurance industry to collaborate to bring capital closer to clients’ needs and drive growth across the global insurance ecosystem.

Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: "In an uncertain global economy, one thing is clear – reinsurance has never been more important as a strategic tool for client success. We are committed to collaborating with insurers and markets towards the 1^st January renewals to help clients protect people and assets, strengthen their balance sheets and make better business decisions that reduce volatility."

While many of Aon’s insurer clients will continue to interact with broking, analytics and claims teams through virtual meetings, Aon’s Virtual Reinsurance Renewal Season platform aims to capture the conference experience with:

latest insights on market dynamics and the impact of the novel coronavirus (COVID-19) pandemic
innovation labs
newsroom
fireside chats with C-Suite leaders

Andy Marcell added: "The goal of the fireside chats is to drive growth across the re/insurance industry in order to bring capital closer to clients’ needs and enable them to flourish in a stronger economy." Hosted by Aon CEO Greg Case, Aon President Eric Andersen, Global Chairman of Aon’s Reinsurance Solutions business Dominic Christian, and Andy Marcell, the series will discuss the challenges and opportunities facing major re/insurers and insurance buyers, sharing both perspectives.

The guests for the fireside chats include:

Helle Thorning-Schmidt, former Danish Prime Minister and Andy Marcell, Aon – 2nd September
Moses Ojeisekhoba, Swiss Re and Andy Marcell, Aon – 17th September
John Keogh, Chubb and Eric Andersen, Aon – 30^th September
John Neal, Lloyd’s and Dominic Christian, Aon – 7th October
Franz Hahn, Peak Re and Dominic Christian, Aon – 13th October
Steve Wilder, Disney and Andy Marcell, Aon – 21st October
Thomas Buberl, AXA and Greg Case, Aon – 28th October
Richie Whitt, Markel and Andy Marcell, Aon – 4th November

About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Follow Aon on Twitter and LinkedIn
Stay up to date by visiting the Aon Newsroom and hear from Aon’s expert advisors in The One Brief.
Sign up for News Alerts here

Media Contacts
Alexandra Lewis
+44 (0) 207 086 0541
alexandra.lewis@aon.com

Andrew Wragg
+44 (0)207 522 8183
andrew.wragg@aon.com

David Bogg
+44 (0) 207 522 4016
david.bogg@aon.com

Logo – https://techent.tv/wp-content/uploads/2020/08/aon-urges-the-re-insurance-industry-to-bring-capital-closer-to-clients-needs-as-the-firm-launches-its-virtual-reinsurance-renewal-season.jpg

Related Links :

http://www.aon.com

PR Newswire

GSX Techedu to Report Second Quarter 2020 Financial Results on September 2, 2020

August 17, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 17, 2020 — GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today announced that it will report its financial results for the second quarter ended June 30, 2020, before U.S. markets open on September 2, 2020.

GSX’s management will hold an earnings conference call on Wednesday, September 2, 2020, at 8:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International:	1-412-317-6061
US:	1-888-317-6003
Hong Kong:	800-963976
Mainland China:	4001-206115
Passcode:	4536408

A telephone replay will be available two hours after the conclusion of the conference call through September 9, 2020. The dial-in details are:

International:	1-412-317-0088
US:	1-877-344-7529
Passcode:	10146943

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

About GSX Techedu Inc.

GSX is a technology-driven education company and leading online K-12 large-class after-school tutoring service provider in China. GSX offers K-12 courses covering all primary and secondary grades as well as foreign language, professional and interest courses. GSX adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates each aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

For more information, please contact:

GSX Techedu Inc.
Ms. Sandy Qin, CFA
E-mail: ir@genshuixue.com

Christensen

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

In US

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

Related Links :

http://www.genshuixue.com

PR Newswire

Hexindai Files Annual Report on Form 20-F for Fiscal Year 2020

August 15, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 15, 2020 — Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company"), a mobile e-commerce and consumer lending platform in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended March 31, 2020 with the U.S. Securities and Exchange Commission ("SEC") on August 14, 2020. The annual report on Form 20-F, which contains its audited financial statements, can be accessed on the SEC’s website at http://www.sec.gov as well as via the Company’s investor relations website at http://ir.hexindai.com.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed to the Company’s IR Department via email at ir@hexindai.com.

About Hexindai Inc.

Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company") is a mobile e-commerce and consumer lending platform based in Beijing, China. The Company collaborates with brands both online and offline to offer high-quality and affordable branded products through its new form of social e-commerce mobile platform and facilitates loans to meet the increasing consumption needs of underserved prime borrowers through its online consumer lending marketplace. Hexindai’s strong user acquisition capabilities, cutting-edge risk management system, and strategic relationships with respected financial institutions allow the Company to generate higher customer satisfaction, reliance, and realize fast growth.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "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. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace’s products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please visit ir.hexindai.com.

For investor inquiries, please contact:

Hexindai

Investor Relations
Ms. Zenabo Ma
Email: ir@hexindai.com

Christensen

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

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com

Related Links :

http://www.hexindai.com

PR Newswire

iClick Chairman and Co-Founder Sammy Hsieh Interviewed on TD Ameritrade Network’s The Watch List with Nicole Petallides

August 14, 2020 TechENT Syndication Leave a comment

Sammy discusses how iClick’s revolutionary digital marketing and enterprise solutions help world’s leading brands in China and the company’s stock price run over the past six months

HONG KONG, Aug. 14, 2020 — iClick Interactive Asia Group Limited ("iClick" or the "Company") (NASDAQ: ICLK), an independent online marketing and enterprise data solutions provider in China, is glad to share that iClick’s Chairman and Co-Founder Sammy Hsieh appeared as a featured guest on TD Ameritrade Network’s The Watch List with veteran news anchor Nicole Petallides on Thursday, August 13, 2020.

On the show, Sammy shared how iClick is revolutionizing digital marketing in China by helping many of the world’s largest companies not only identify and interact with consumers online effectively but also integrate online-to-offline information to unlock the huge potential of the smart retail market. Sammy also discussed how brands are focusing on China more than ever as it recovers from the COVID-19 downturn, helping propel iClick’s revenue to record heights for any of its first quarter – and sending its stock price soaring over the past 6 months.

The Watch List, hosted by Nicole Petallides, highlights a panel of experts ranging from industry-leading CEOs, analysts, and Wall Street influencers to discuss pressing topics moving the market and is intended to provide viewers with a status update for the end of the trading day and beyond.

Watch the full interview here: https://tdameritradenetwork.com/video/rB4AoXPME2WBc-hLx7UHbQ

About iClick Interactive Asia Group Limited

iClick Interactive Asia Group Limited (NASDAQ: ICLK) is an independent online marketing and enterprise data solutions provider that connects worldwide marketers with audiences in China. Built on cutting-edge technologies, iClick’s proprietary platform possesses omni-channel marketing capabilities and fulfils various marketing objectives in a data-driven and automated manner, helping both international and domestic marketers to reach their target audiences in China. Headquartered in Hong Kong, iClick was established in 2009 and is currently operating in ten locations worldwide including Asia and Europe.

For more information, please visit ir.i-click.com.

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company’s business strategies, operations and financial performance. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s fluctuations in growth; its success in implementing its mobile and new retail strategies, including extending its solutions beyond its core online marketing business; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favorable contractual terms; market competition, including from independent online marketing technology platforms as well as large and well-established internet companies; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; fluctuations in foreign exchange rates; and general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other 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 the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:	In the United States:
iClick Interactive Asia Group Limited	Core IR
Lisa Li	John Marco
Phone: +86-21-3230-3931 #892	Tel: +1-516-222-2560
E-mail: ir@i-click.com	E-mail: johnm@coreir.com

Related Links :

Homepage

PR Newswire

iQIYI Announces Second Quarter 2020 Financial Results

August 14, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 14, 2020 — iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

Total revenues were RMB7.4 billion (US$1.0 billion^[1]), representing a 4% increase from the same period in 2019.
Operating loss was RMB1.3 billion (US$181.4 million) and operating loss margin was 17%, compared to operating loss of RMB1.9 billion and operating loss margin of 26% in the same period in 2019.
Net loss attributable to iQIYI was RMB1.4 billion (US$204.1 million), compared to net loss attributable to iQIYI of RMB2.3 billion in the same period in 2019. Diluted net loss attributable to iQIYI per ADS was RMB1.96 (US$0.28), compared to diluted net loss attributable to iQIYI per ADS of RMB3.22 in the same period of 2019.
The number of total subscribing members was 104.9 million as of June 30, 2020, 99.4% of whom were paying subscribing members. This compares to 100.5 million of total subscribing members as of June 30, 2019, up 4% year over year.

"We delivered another quarter of growth amid the volatile environment with total revenues increasing 4% year over year," commented Dr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. "The Covid-19 pandemic greatly impacted our business during the first half of the year, resulting in unusual user behavior, fluctuating numbers, and unprecedented challenges. Nevertheless, we further secured our dominant market position bolstered by our substantial IP assets, outstanding content, and robust technology platform. We continued to be encouraged by the strong affinity users have for our original content, as well as the industry-wide support and appreciation from our content partners and advertising customers. We are confident in our ability to navigate through uncertainties and emerge from it in a strong position."

"Our membership services revenue grew by 19% year-over-year and continued to be our largest business pillar for the second quarter. We further optimized our membership system to cater to diverse user needs by launching the S-diamond membership package." commented Mr. Xiaodong Wang, Chief Financial Officer of iQIYI. "Our loss margin narrowed as we kept spending strategically on original content to boost in-house production capability and made wise and disciplined investment across the board. With the pandemic being contained in China and its adverse impact gradually fading away, we believe we are still well on track to achieve healthy and sustainable long-term growth."

Footnotes:

^[1] Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0651 to US$1.00, the exchange rate in effect as of June 30, 2020 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

Second Quarter 2020 Financial Results

Total revenues reached RMB7.4 billion (US$1.0 billion), representing a 4% increase from the same period in 2019.

Membership services revenue was RMB4.0 billion (US$572.7 million), representing a 19% increase from the same period in 2019. The increase was primarily attributable to the growth in the number of subscribing members and our various operational initiatives to improve monetization.

Online advertising services revenue was RMB1.6 billion (US$224.5 million), representing a 28% decrease from the same period in 2019. The decrease was primarily due to the challenging macroeconomic environment in China.

Content distribution revenue was RMB860.6 million (US$121.8 million), representing a 66% increase from the same period in 2019. The growth was primarily attributable to the increase of high-quality content which fulfilled distribution to other platforms during the quarter.

Other revenues were RMB918.9 million (US$130.1 million), representing a 6% decrease from the same period in 2019, primarily due to the soft performance of certain business lines.

Cost of revenues was RMB6.8 billion (US$967.2 million), representing a 2% decrease from the same period in 2019. The decrease in cost of revenues was primarily due to lower bandwidth cost and the exemption of cultural business construction fee this year, partially offset by the increase of content costs. Content costs as a component of cost of revenues were RMB5.1 billion (US$726.7 million), representing a 2% increase from the same period in 2019.

Selling, general and administrative expenses were RMB1.2 billion (US$169.2 million), representing a 11% decrease from the same period in 2019. This was primarily due to less expenses for content and game promotion, as well as lower spending on offline branding activities.

Research and development expenses were RMB664.0 million (US$94.0 million), flat compared with the same period in 2019.

Operating loss was RMB1.3 billion (US$181.4 million), compared to operating loss of RMB1.9 billion in the same period in 2019. Operating loss margin was 17%, compared to operating loss margin of 26% in the same period in 2019.

Total other expense was RMB140.8 million (US$19.9 million), compared to total other expense of RMB426.7 million during the same period of 2019. The year-over-year variance was mainly due to the fluctuation of exchange rate between Renminbi and the U.S. dollar.

Loss before income taxes was RMB1.4 billion (US$201.3 million), compared to loss before income taxes of RMB2.3 billion in the same period in 2019.

Income tax expense was RMB15.9 million (US$2.3 million), compared to income tax expense of RMB5.8 million in the same period in 2019.

Net loss attributable to iQIYI was RMB1.4 billion (US$204.1 million), compared to net loss attributable to iQIYI of RMB2.3 billion in the same period in 2019. Diluted net loss attributable to iQIYI per ADS was RMB1.96 (US$0.28) for the second quarter of 2020, compared to diluted net loss attributable to iQIYI per ADS of RMB3.22 in the same period of 2019.

As of June 30, 2020, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB9.5 billion (US$1.3 billion).

Financial Guidance

For the third quarter of 2020, iQIYI expects total net revenues to be between RMB6.95 billion (US$984.1 million) and RMB7.40 billion (US$1.0 billion), representing a 6% decrease to flat year over year. This forecast reflects iQIYI’s current and preliminary view, which may be subject to change.

SEC Investigation

The SEC’s Division of Enforcement is seeking the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020 ("Wolfpack Report"). The Company is cooperating with the SEC. We cannot predict the timing, outcome, or consequences of the SEC investigation.

In addition, shortly after the publication of the Wolfpack Report, the Company engaged professional advisers to conduct an internal review into certain of the key allegations in the Wolfpack Report and to report their findings to the Company’s Audit Committee ("Internal Review"). These professional advisers have been examining the Company’s books and records and undertaking testing procedures that, in their judgment, are necessary and appropriate to evaluating the key allegations in the Wolfpack Report, including accounting policy analysis, data analytics on whether the Company manufactured orders and inflated revenues and/or expenses. The Internal Review is ongoing and we cannot predict the timing for completion, outcome, or consequences of the Internal Review at this time.

Conference Call Information

iQIYI’s management will hold an earnings conference call at 8:00 PM on August 13, 2020, U.S. Eastern Time (8:00 AM on August 14, 2020, Beijing Time).

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

Participant Online Registration: http://apac.directeventreg.com/registration/event/5968936

It will automatically direct you to the registration page of "iQIYI Second Quarter 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 "5968936".

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.

A telephone replay of the call will be available after the conclusion of the conference call through August 21, 2020.

Dial-in numbers for the replay are as follows:

International Dial-in +61 2 8199 0299
Passcode: 5968936

A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, professional user generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, online games, live broadcasting, IP licensing, talent agency, online literature and e-commerce etc.

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," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as iQIYI’s strategic and operational plans, contain forward-looking statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iQIYI’s strategies; iQIYI’s future business development, financial condition and results of operations; iQIYI’s ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and iQIYI undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement iQIYI’s consolidated financial results presented in accordance with GAAP, iQIYI uses the free cash flow as non-GAAP financial measure. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

iQIYI believes that the non-GAAP financial measure provides meaningful supplemental information regarding its liquidity by excluding certain items that may not be indicative of its recurring liquidity position, such as operating cash flows adjusted by capital expenditures. The Company believes that both management and investors benefit from referring to the non-GAAP financial measure in assessing its liquidation and when planning and forecasting future periods. The non-GAAP financial measure also facilitates management’s internal comparisons to iQIYI’s historical liquidity. The Company believes the non-GAAP financial measure is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using the non-GAAP financial measure is that the non-GAAP measure exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. The non-GAAP financial measure presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Free cash flow represents net cash provided by operating activities less capital expenditures. Starting from January 1, 2020, iQIYI adopted ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which reclassifies cash outflows for costs incurred to acquire licensed contents from investing activities to operating activities. To increase comparability, 2019 free cash flow has been adjusted to include cash outflows of acquisition of licensed copyrights, which is presented on the same basis as 2020 and going forward.

For more information, please contact:

Investor Relations
iQIYI, Inc.
+ 86 10 8264 6585
ir@qiyi.com

iQIYI, INC.
Condensed Consolidated Statements of Loss
(In RMB thousands, except for number of shares and per share data)


	Three Months Ended			Six Months Ended
	June 30,	March 31,	June 30,	June 30,	June 30,
	2019	2020	2020	2019	2020
	RMB	RMB	RMB	RMB	RMB
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Revenues:
Membership services	3,412,349	4,634,347	4,045,968	6,857,692	8,680,315
Online advertising services	2,200,682	1,536,770	1,586,083	4,320,115	3,122,853
Content distribution	517,939	602,772	860,629	985,800	1,463,401
Others	979,211	875,877	918,897	1,936,493	1,794,774
Total revenues	7,110,181	7,649,766	7,411,577	14,100,100	15,061,343

Operating costs and expenses:
Cost of revenues	(6,980,957)	(7,902,864)	(6,833,586)	(14,258,153)	(14,736,450)
Selling, general and administrative	(1,346,324)	(1,310,603)	(1,195,632)	(2,486,935)	(2,506,235)
Research and development	(654,601)	(678,135)	(664,045)	(1,252,673)	(1,342,180)
Total operating costs and expenses	(8,981,882)	(9,891,602)	(8,693,263)	(17,997,761)	(18,584,865)
Operating loss	(1,871,701)	(2,241,836)	(1,281,686)	(3,897,661)	(3,523,522)

Other expense
Interest income	130,721	56,594	44,425	195,818	101,019
Interest expenses	(247,762)	(262,030)	(265,656)	(383,009)	(527,686)
Foreign exchange (loss)/gain, net	(306,117)	(312,422)	61,199	21,918	(251,223)
Loss from equity method investments	(38,112)	(96,838)	(62,205)	(72,647)	(159,043)
Other income/(loss), net	34,593	(13,811)	81,389	22,369	67,578
Total other expense, net	(426,677)	(628,507)	(140,848)	(215,551)	(769,355)

Loss before income taxes	(2,298,378)	(2,870,343)	(1,422,534)	(4,113,212)	(4,292,877)
Income tax expense	(5,776)	(4,841)	(15,926)	(13,219)	(20,767)

Net loss	(2,304,154)	(2,875,184)	(1,438,460)	(4,126,431)	(4,313,644)
Less: Net income/(loss) attributable to noncontrolling interests	23,291	(542)	3,357	14,990	2,815
Net loss attributable to iQIYI, Inc.	(2,327,445)	(2,874,642)	(1,441,817)	(4,141,421)	(4,316,459)
Accretion of redeemable noncontrolling interests	–	(1,717)	(1,747)	–	(3,464)
Net loss attributable to ordinary shareholders	(2,327,445)	(2,876,359)	(1,443,564)	(4,141,421)	(4,319,923)

Net loss per share for Class A and Class B ordinary shares:
Basic	(0.46)	(0.56)	(0.28)	(0.81)	(0.84)
Diluted	(0.46)	(0.56)	(0.28)	(0.81)	(0.84)

Net loss per ADS (1 ADS equals 7 Class A ordinary shares):
Basic	(3.22)	(3.92)	(1.96)	(5.67)	(5.88)
Diluted	(3.22)	(3.92)	(1.96)	(5.67)	(5.88)

Weighted average number of Class A and Class B ordinary shares used in net loss per share computation:
Basic	5,102,652,726	5,137,428,818	5,151,499,718	5,092,895,972	5,144,464,250
Diluted	5,102,652,726	5,137,428,818	5,151,499,718	5,092,895,972	5,144,464,250

iQIYI, INC.
Condensed Consolidated Balance Sheets
(In RMB thousands, except for number of shares and per share data)


	December 31,	June 30,
	2019	2020
	RMB	RMB (Unaudited)

ASSETS
Current assets:
Cash and cash equivalents	5,934,742	4,280,694
Restricted cash	974,932	999,282
Short-term investments	4,579,313	4,196,237
Accounts receivable	3,627,749	3,311,635
Prepayments and other assets	3,719,228	3,613,564
Amounts due from related parties	211,993	106,665
Licensed copyrights, net	1,224,881	1,183,915
Total current assets	20,272,838	17,691,992

Non-current assets:
Fixed assets, net	1,754,367	1,660,408
Long-term investments	2,982,154	3,745,872
Deferred tax assets, net	34,916	62,748
Licensed copyrights, net	6,287,330	5,742,647
Intangible assets, net	813,960	711,855
Produced content, net	4,355,221	4,414,354
Prepayments and other assets	3,508,476	3,059,272
Operating lease assets	722,742	1,110,754
Goodwill	3,888,346	3,888,346
Amounts due from related parties	172,200	189,200
Total non-current assets	24,519,712	24,585,456

Total assets	44,792,550	42,277,448

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and notes payable	8,212,449	7,691,757
Amounts due to related parties	1,604,258	1,628,514
Customer advances and deferred revenue	3,081,407	3,131,602
Short-term loans	2,618,170	3,614,023
Long-term loans, current portion	736,814	466,521
Operating lease liabilities, current portion	125,412	183,508
Accrued expenses and other liabilities	3,794,656	3,750,768
Total current liabilities	20,173,166	20,466,693
Non-current liabilities:
Long-term loans	880,278	886,926
Convertible senior notes	12,296,868	12,693,748
Deferred tax liabilities	30,136	527
Amounts due to related parties	1,061,883	1,020,261
Operating lease liabilities	402,732	725,501
Other non-current liabilities	232,555	223,813
Total non-current liabilities	14,904,452	15,550,776

Total liabilities	35,077,618	36,017,469

Redeemable noncontrolling interests:	101,542	105,006

Shareholders’ equity:

Class A ordinary shares	142	145
Class B ordinary shares	183	183
Additional paid-in capital	41,298,328	42,057,844
Accumulated deficit	(33,834,357)	(38,248,328)
Accumulated other comprehensive income	2,106,718	2,300,941
Non-controlling interests	42,376	44,188
Total shareholders’ equity	9,613,390	6,154,973

Total liabilities, redeemable noncontrolling interests and shareholders’ equity	44,792,550	42,277,448

iQIYI, INC.
Condensed Consolidated Statements of Cash Flows
(In RMB thousands, except for number of shares and per share data)


	Three Months Ended
	June 30,	March 31,	June 30,
	2019	2020	2020
	RMB	RMB	RMB
	(Unaudited)	(Unaudited)	(Unaudited)

Net cash provided by (used in) operating activities⁽¹⁾	890,678	(604,269)	(1,358,278)
Net cash (used in) provided by investing activities ⁽¹^、²⁾	(7,836,357)	(1,609,423)	1,144,401
Net cash provided by (used in) financing activities	373,109	(79,473)	822,793
Effect of exchange rate changes on cash, cash equivalents and restricted cash	171,050	64,567	(10,016)
Net (decrease) increase in cash, cash equivalents and restricted cash	(6,401,520)	(2,228,598)	598,900
Cash, cash equivalents and restricted cash
At beginning of period	14,025,538	6,909,674	4,681,076
At end of period	7,624,018	4,681,076	5,279,976

Net cash provided by (used in) operating activities	890,678	(604,269)	(1,358,278)
Less: Capital expenditures ⁽³⁾	(154,923)	(66,824)	(57,465)
Less: Acquisition of licensed copyrights ⁽¹⁾	(2,906,429)	–	–
Free cash flow	(2,170,674)	(671,093)	(1,415,743)

(1) Starting from January 1, 2020, iQIYI adopted ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, which reclassifies cash outflows for costs incurred to acquire licensed contents from investing activities to operating activities. To increase comparability, 2019 non-GAAP measure of free cash flow has been adjusted to include cash outflows of acquisition of licensed copyrights, which is presented on the same basis as 2020 and going forward.

(2) Starting from January 1, 2020, net cash used in or provided by investing activities primarily consists of net cash flows from investing in debt securities, purchase of long term investments and capital expenditures.

(3) Capital expenditures are incurred primarily in connection with leasehold improvements, computers and servers.

Related Links :

http://www.iqiyi.com

PR Newswire

AirNet Announces Adoption of a Shareholder Rights Plan

August 13, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 13, 2020 — AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that its board of directors (the "Board") has adopted a shareholder rights plan. Pursuant to the plan, the Company will issue one right (a "Right") with respect to each outstanding ordinary share of the Company of a par value of US$0.001 each (the "Ordinary Shares"), held of record at the close of business on August 24, 2020.

The shareholder rights plan, which has a term of one year, is designed to guard against coercive or otherwise unfair takeover tactics to gain control or undue influence of the Company without offering a fair and adequate price and terms to shareholders of the Company. The plan does not prevent the Board from considering or accepting an offer to acquire the Company if the board believes that such action is fair, advisable and in the best interest of shareholders of the Company as a whole.

Each Right will initially entitle the registered holder to purchase one Ordinary Share at an exercise price of US$0.9 per Right, subject to adjustment. However, the Rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events. More specifically, if a person or group acquires 15% or more of the outstanding Ordinary Shares while the shareholder rights plan remains in place, then the Rights will become exercisable by all Rights holders (except the acquiring person or group) for that number of Ordinary Shares having a then-current market value of twice the exercise price of a Right. However, by way of illustration, if a shareholder’s beneficial ownership of Ordinary Shares as of the time of this announcement of the shareholder rights plan is at or above the 15% threshold, that shareholder’s existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after this announcement the shareholder increases its ownership percentage by 1% or more without the prior approval of the Board. In addition, if after a person or group acquires 15% or more of the outstanding Ordinary Shares, the Company consolidates or merges or participates in a scheme of arrangement or statutory share exchange with any other entity or the Company sells or transfers more than 50% of its assets, operating income or cash flow, then each Right will entitle its holder to purchase, for the exercise price, that number of shares of the person engaging in the transaction having a then-current market value of twice the exercise price of a Right. The acquiring person will not be entitled to exercise these rights. The Board may redeem the Rights for US$0.001 per Right at any time before an event that causes the Rights to become exercisable.

Additional details about the shareholder rights plan will be contained in a Form 6-K to be filed by the Company with the U.S. Securities and Exchange Commission.

About AirNet

Incorporated in 2007 and headquartered in Beijing, China, AirNet provides in-flight solutions to connectivity, entertainment and digital multimedia in China. Collaborating with its partners, AirNet empowers Chinese airlines with seamlessly immersive Internet connections through a network of satellites and land-based beacons, provides airline travelers with interactive entertainment and a coverage of breaking news, and furnishes corporate clients with advertisements tailored to the perceptions of the travelers. For more information, please visit http://ir.ihangmei.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of 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," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, statements regarding the development of the COVID-19 pandemic and its impact on the Company’s business operations. 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 are based upon management’s current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but not limited to the following: its ability to achieve and maintain profitability; its ability to continuously improve its solutions and services enabling inflight connectivity; its ability to compete effectively against its competitors; the expected growth in consumer spending, average income levels and advertising spending levels; the growth of the inflight connectivity industry in China; and government policies affecting the inflight connectivity industry in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Related Links :

http://ir.ihangmei.com

PR Newswire

Phoenix New Media to Announce Second Quarter 2020 Financial Results on Monday, August 17, 2020

August 11, 2020 TechENT Syndication Leave a comment

BEIJING, Aug. 11, 2020 — Phoenix New Media Limited ("Phoenix New Media", "ifeng" or the "Company") (NYSE: FENG), a leading new media company in China, today announced that it will report its second quarter 2020 financial results on Monday, August 17, 2020 after the market closes. The earnings release will be available on ifeng’s investor relations website at http://ir.ifeng.com.

Following the earnings release, ifeng’s management team will hold a conference call on Monday, August 17, 2020 at 9:00 p.m. Eastern Time (or Tuesday, August 18, 2020 at 9:00 a.m. Beijing/Hong Kong time) to discuss the financial results and operating performance.

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in numbers. Preregistration may require a few minutes to complete.

Conference Call Preregistration

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/1199777. Once preregistration has been complete, participants will receive dial-in numbers, Direct Event Passcode, and registrant ID by email.

Please dial in 10 minutes prior to the call, using the participant dial-in numbers, Direct Event Passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process.

A replay of the call will be available through August 25, 2020 by dialing the following numbers:

International:	+61 2 8199 0299
Mainland China:	4006322162
Hong Kong:	+852 30512780
United States:	+1 646 254 3697
Conference ID:	1199777

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

About Phoenix New Media Limited

Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform, including PC and mobile, in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the Company enables consumers to access professional news and other quality information and share user-generated content on the Internet through their PCs and mobile devices. Phoenix New Media’s platform includes its PC channel, consisting of ifeng.com website, which comprises interest-based verticals and interactive services; its mobile channel, consisting of mobile news applications, mobile video application and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.

For investor and media inquiries please contact

Phoenix New Media Limited
Qing Liu
Email: investorrelations@ifeng.com

ICR, Inc.
Jack Wang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com

Related Links :

http://ifeng.com

PR Newswire

iClick Interactive to Report Second Quarter 2020 Financial Results on August 24, 2020

August 10, 2020 TechENT Syndication Leave a comment

— Earnings Call Scheduled for 8:00 a.m. ET on August 24, 2020 —

HONG KONG, Aug. 10, 2020 — iClick Interactive Asia Group Limited ("iClick" or "the Company") (NASDAQ: ICLK), an independent online marketing and enterprise data solutions provider in China, today announced that it will report its unaudited second quarter 2020 financial results before the U.S. market opens on Monday, August 24, 2020.

Mr. Jian "T.J." Tang, CEO and Co-Founder and Mr. Terence Li, CFO, will host a conference call to discuss the Company’s business and financial performance at 8:00 AM U.S. Eastern Time (8:00 PM Hong Kong Time) on August 24, 2020.

A live and archived webcast of this call, including earnings release and presentation slides, will be available on the Company’s investor relations website at http://ir.i-click.com.

Dial-in details for the earnings conference call are as follows:

United States:	+1-888-346-8982
International:	+1-412-902-4272
Hong Kong:	+852-800-905945
Mainland China:	+86-4001-201203

Participants please ask to join the iClick Interactive Asia Group Limited conference call.

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until August 31, 2020:

United States:	+1-877-344-7529
International:	+1-412-317-0088
Canada:	+1-855-669-9658
Replay Access Code:	10147144

For more information, please visit ir.i-click.com.

About iClick Interactive Asia Group Limited

iClick Interactive Asia Group Limited (Nasdaq: ICLK) is an independent online marketing and enterprise data solutions provider that connects worldwide marketers with audiences in China. Built on cutting-edge technologies, our proprietary platform possesses omni-channel marketing capabilities and fulfills various marketing objectives in a data-driven and automated manner, helping both international and domestic marketers reach their target audiences in China. Headquartered in Hong Kong, iClick was established in 2009 and is currently operating in ten locations worldwide including Asia and Europe.

For investor and media inquiries:

In China:

iClick Interactive Asia Group Limited

Lisa Li

Phone: +86-21-3230-3931 #892

E-mail: ir@i-click.com

In the United States:

Core IR

John Marco

Phone: +1-516-222-2560

E-mail: johnm@coreir.com

Related Links :

Homepage

PR Newswire

Westwin Shares Findings in Upcoming Chinese Consumers Cross-Border Consumption Report at the Shanghai International Advertising Festival

August 10, 2020 TechENT Syndication Leave a comment

SHANGHAI, Aug. 10, 2020 — Westwin, a leading tech-driven cross-border marketing company, was recently invited to join the opening ceremony forum of the Shanghai International Advertising Festival. Leslie Chu, Westwin’s CRO, shared insights and new findings in the company’s upcoming research report on cross-border consumption of Chinese consumers. Recognizing Westwin’s performance and efforts in the cross-border marketing sector, the company was also awarded as the best agency to help Chinese companies go global at the event.

The new cross-border consumption report examines consumption behaviors in cross-border e-commerce, tourism, education, and real estate scenarios over the past two years with analyses on the Chinese customers in cities of different tiers who often shop overseas. The upcoming report is a continuation to Westwin’s signature "Cross-border Consumption of Chinese Consumers" report released in 2018.

Westwin’s 2020 report, which is set to be released this month, reveals that the cross-border e-commerce sector saw an uptick trend over the last two years with peaks at the fourth quarters of 2018 and 2019, given large amount of year-end promotions and shopping festivals, as Chu cited the report. The report shows that due to the pandemic, Chinese consumers purchased more healthcare products to improve their immune system. The consumption pattern of cosmetics, skincare and luxury products painted a very different picture, with only a half of the consumers willing to buy more while the rest tend to save money because of the economic uncertainties. For cross-border tourism, the market penetrated lower cities, with the customers in third- and fourth-tier cities contributing to a 160% increase.

In order to better understand consumer behaviors, the 2020 report teases out four groups of consumers who are easily drawn to overseas shopping. The first group is young mothers in third- and fourth-tier cities, although they often don’t have a relatively high income. But thanks to lower living costs and financial support from parents, they have more disposable income and spare time. Most of them are heavy social media users who love to share what they buy from overseas on WeChat. They tend to shop on impulse and cannot resist the lures of discounts, especially when it comes to luxury products.

Meanwhile, single working women in their 30s living in first- and second-tier cities shop differently, the report suggests. Financially independent and seeing outfits as part of their identities, they typically go for international niche brands to avoid outfit clash. They shop rationally for luxury products but would only buy inexpensive accessories they like.

As for high-income households, women are usually the main shoppers in the family and spend over CNY$100,000 annually on cross-border shopping, including skincare, apparel and accessories, handbags and home appliances, according to the report. They are often well educated and have overseas study experience. They put lots of efforts on their children and like to send them to overseas summer camps or study tours. Meanwhile, men in households, who earn over CNY$1 million annually, often don’t have much desire for shopping but like to spend money on investment and buying properties.

In general, the report shows that women remain the driving forces of cross-border consumption in China and online influencers are still a strong factor for boosting cross-border consumption. Moreover, penetration to lower-tier cities and "cute culture" are the new trends in China’s consuming market.

About Westwin

Westwin, formerly known as Microsoft Online (MSN China), is a leading technology-driven digital marketing company that focuses on cross-border business. It provides branding strategies and digital marketing solutions to help customers achieve success in China and around the world. Westwin is a certified marketing & advertising partner of Baidu, Tencent WeChat, Sina Weibo, and many other major digital platforms in China. With years of experience in cross-border business and partnership growth, Westwin is equipped with the knowledge and expertise to take businesses to the next level in overseas markets.

Related Links :

http://www.westwin.com

techENT

Tag Archives: MLM

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iQIYI Announces Second Quarter 2020 Financial Results

AirNet Announces Adoption of a Shareholder Rights Plan

Phoenix New Media to Announce Second Quarter 2020 Financial Results on Monday, August 17, 2020

iClick Interactive to Report Second Quarter 2020 Financial Results on August 24, 2020

Westwin Shares Findings in Upcoming Chinese Consumers Cross-Border Consumption Report at the Shanghai International Advertising Festival

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