Tag Archives: MNG

PR Newswire

Recon Updates Progress on its Technology-Driven Solutions for Electric Submersible Progressing Cavity Pump with $5 Million Orders Secured

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BEIJING, June 11, 2021 — Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that its subsidiary, Beijing BHD Petroleum Technology Limited, signed two contracts with North China E&P Company (the "North China Branch") of China Petroleum & Chemical Corporation ("Sinopec"). Pursuant to these two contracts, the Company has provided technical service with ultra-deep electric submersible progressing cavity pump ("ESPCP") to one gas well at the Dongsheng Field of the Second Gas Production Plant (the "Plant No. 2") of the North China Branch and will provide the same service to another gas well at the Plant No. 2. Total amount of these two contracts is RMB 3,277,000 (approximately $0.51 million).

Management Statement

"We are extremely excited to make more breakthroughs in the ultra-deep submersible progressing cavity pump business," said Mr. Guangqiang Chen, founder and CTO of Recon, "Since last year when we signed a contract with the North China Branch and completed our first trial, we have now signed service contracts for RMB5.077 million (approximately $0.8 million) with the North China Branch for three gas wells. We are in the process of communicating with the North China Branch for ESPCP and related services for 15 more wells and expect to complete services by the end of calendar year 2021. Added together, we expect these services will bring us about $5 million of income."

Mr. Chen continued, "Beyond our own AI-based technology, we further integrated and upgraded downhole gas-liquid separation metering technology with equipment such as the ultra-deep screw pump from National Oilwell Varco Inc. (NYSE: NOV) and the downhole multi-parameter sensing devices from Power Max Petroleum Technologies Ltd, a Canada based company. We completed the construction for one gas well at Plant No. 2 with our comprehensive solution by April 16, 2021. According to our observation and testing for almost two months, the drainage and gas boosting effect has been stable, and the production status of the whole set of equipment has been reliable. Without this solution, submersible pumps used by oil companies generally have a working life cycle of only three months, after which time sand jams and equipment wear tend to result in interruption of gas well production. As a result, oil and gas companies incur costly inspection and repair fees. Our solution is expected to guarantee stable operation for more than one year, thus saving the high inspection and repair service costs, equipment and accessories replacement costs, electricity costs and sewage treatment costs. Taken together, our solution can help our clients increase their margin by up to 40%. We held an on-site technical exchange and promotion meeting with the North China Branch on May 20, 2021 and we were told that the North China Branch will promote our ultra-deep screw pump same well recovery and injection technology to all the new gas wells to be invested by the North China Branch. In the future, we plan to continue upgrading our technology in the same well recovery and injection business to provide more value-added services to our clients, and bring more long term returns to the Company."

About Recon Technology, Ltd

Recon Technology, Ltd (NASDAQ: Recon) is China’s first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, Recon has taken leading positions on several segmented markets of the oil and gas filed service industry. Recon also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: www.recon.cn.

Forward Looking Statements 

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, whether we will sign any additional contracts with the North China Branch, the final revenue from providing services to the North China Branch, actual results of our solutions in the field, levels of spending in our industry as well as consumer confidence generally; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

For more information, please contact:

Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5188
Email: info@recon.cn

Related Links :

http://www.recon.cn/

PR Newswire

TD Holdings, Inc. Announces Appointment of New CFO

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SHENZHEN, China, June 11, 2021 — TD Holdings, Inc. (the "Company" or "TD Holdings") (Nasdaq: GLG), a commodities trading service provider in China, today announced that Mr. Tianshi (Stanley) Yang has been appointed as the successor to Ms. Wei Sun to serve as the Chief Financial Officer ("CFO") and director of the Company’s Board of Directors, effective June 11, 2021. Ms. Wei Sun resigned from her roles in the Company on June 11, 2021.

Mr. Tianshi (Stanley) Yang served as the Head of Investor Relations of Aesthetic Medical International Holdings Group Ltd. (NASDAQ: AIH) from March 2020 to May 2021 and as the Financial Department Director of Meten EdtechX Education Group (NASDAQ: METX) from January 2019 to February 2020. From May 2016 to October 2018, Mr. Yang served as the Investment Director of China First Capital Group, a company listed on the Hong Kong Stock Exchange (HKEx: 01269). Mr. Yang has also served as a Senior Auditor at Ernst & Young from September 2011 to December 2013. Mr. Yang graduated from Tianjin University of Finance and Economics in Tianjin, China with a bachelor’s degree in Financial Engineering, and obtained a master’s degree in Finance from Brandeis University in Boston, U.S.

Ms. Renmei Ouyang, Chairwoman and Chief Executive Officer of TD Holdings, commented: "On behalf of the Board and the management team, I would like to thank Ms. Wei Sun for her tremendous efforts as the Chief Financial Officer of the Company and Director of the Board. At the same time, we warmly welcome Mr. Stanley Yang to join us and are confident that his demonstrated expertise, extensive experience and deep insight in the capital markets will be invaluable to the Company."

Mr. Stanley Yang, CFO of TD Holdings, stated, "I am delighted to join TD Holdings. I look forward to working closely with the management team to drive growth, profitability and create value for TD Holdings’ shareholders."

About TD Holdings, Inc.

TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company’s operations, the demand for the Company’s products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Ascent Investor Relations LLC
Ms. Tina Xiao
Email:tina.xiao@ascent-ir.com  
Tel: +1 917 609 0333

PR Newswire

Announcement of change in the total number of votes in AB SKF

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GOTHENBURG, Sweden, May 31, 2021 — Due to a conversion of shares from Series A to Series B in accordance with AB SKF’s Articles of Association, the Company confirms the following.

As per 31 May, the Company’s share capital amounts to SEK 1,138,377,670 and the total number of shares amounts to 30,819,375 shares of Series A and 424,531,693 shares of Series B. The number of votes in the Company amounts to 73,272,544.3.

AB SKF does not hold any own shares.

Aktiebolaget SKF (publ)

This is information that AB SKF is obliged to make public pursuant to the Financial Instruments Trading Act. The information was submitted for publication at 8:00 CET on 31 May 2021.

For further information, please contact:

PRESS: Theo Kjellberg, Director, Press Relations
tel: 46 31 337 6576, mobile: 46 725-776576, e-mail: theo.kjellberg@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
Patrik Stenberg, 46 31-337 2104; 46 705-472 104; patrik.stenberg@skf.com

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

https://news.cision.com/skf/r/announcement-of-change-in-the-total-number-of-votes-in-ab-skf,c3357068

The following files are available for download:

https://mb.cision.com/Main/637/3357068/1424993.pdf

20210531 Announcement of change in the total number of votes in AB SKF

 

PR Newswire

Genes Tech Group Announces 2021 Q1 Results, Total revenue increased by 7.14% to approximately NTD413.74 million

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Successfully gained increasing international orders , revenue from its business in Singapore, Korea and Japan surged by approximately 1 time

Q1 Results Highlights

  • The total revenue increased by approximately 7.14% to NTD413.74 million
  • Total comprehensive income for the period attributable to owners of the Company amounted to approximately NTD30.76 million
  • Revenue from the trading of SME and parts increased by approximately 22.37% to approximately NTD125.75 million
  • Revenue from Singapore, Korea and Japan business surged by approximately 101.61% to NTD70.27 million as compared to the same period last year
  • Basic earnings per share were NTD3.12 cents

HONG KONG, May 13, 2021 — Genes Tech Group Holdings Co. Ltd ("Genes Tech Group" of "The Group", Stock Code: 8257.HK) announces its Q1 results for the three months ended 31 March 2021 ("During the period"). During the period, the Group recorded the total revenue of approximately NTD413.74 million, representing an increase of approximately 7.14% as compared to the corresponding period last year. Total comprehensive income for the period attributable to owners of the Company amounted to approximately NTD30.76 million. Basic earnings per share were NTD3.12 cents.

During the period, revenue from the turnkey solutions amounted to approximately NTD287.99 million, accounting for approximately 69.61% of the Group’s total revenue. Turnkey solutions were still the major revenue source for the Group. The revenue from trading of SME and parts amounted to approximately NTD125.75 million, representing an increase of approximately 22.37% as compared to the corresponding period of last year, accounting for approximately 30.39% of the Group’s total revenue. During the period under review, revenue from the domestic business in Taiwan accounted for approximately 58.49% of the Group’s total revenue. The Group seized market opportunities and actively explored and consolidated the good and close cooperative relationship with existing international customers, which in turn contributed to the increase of revenue from the Group’s business in Singapore, Korea and Japan by approximately 101.61% as compared to the corresponding period of last year, accounting for approximately 16.98% of the Group’s total revenue.

Benefiting from the substantial increase in the demand side for the semiconductor industry, the global semiconductor market is entering a high-speed growth period. It is expected that the global industrial trend of 5G and high performance computing (HPC) in the coming few years will drive strong demands for semiconductors. At the same time, major semiconductor supplier countries worldwide have realized the importance of keeping its own complete supply chain. Semiconductor has become a strategic material. The United States, Mainland China, the European Union, Japan, Korea and Taiwan have successively introduced semiconductor support policies and invested heavily in the semiconductor industry. The Group will closely monitor the changes in the market environment and adopt proactive and positive response strategies to react prudently and quickly to market changes.

Mr. Yang Ming-Hsiang, Chairman and Chief Executive Officer concluded: "The global economy is gradually on track for a recovery due to the slowdown of COVID-19 epidemic and the continuous progress of vaccine development and vaccination arrangement of COVID-19. Looking forward to the post-epidemic era, the technological innovations resulting from digital transformation, carbon reduction, smart city and post-5G will continue. Large capacity, high speed, high reliability and low power consumption are essential, and the research and development and advancement of semiconductor technology is particularly critical. The management will strengthen the Group’s innovative research and development capabilities and explore new business opportunities to further expand its market share and create long-term shareholder value.

About Genes Tech Group Holdings Co. Ltd (Stock Code: 8257.HK)

Genes Tech Group Holdings Co. Ltd is turnkey solution provider and exporter of used SME and parts in Taiwan. Since the commencement of its business in 2009, the Group mainly engaged in providing turnkey solution of used SME and parts to its customers and modifying and/or upgrading the semiconductor equipment of its production systems according to customers needs. In addition, the Group is also engaged in the trading of SME and parts. The SME and parts supplied by the Group included furnaces, clean tracks and other related items, which were used at the front-end of the semiconductor manufacturing process, wafer fabrication such as deposition, photoresist coating and development, and these were extensively applied in mobile phones, game consoles, DVD players, automotive sensors and other digital electronic products.

PR Newswire

EnviroGold Global Appoints Dr. Mark Thorpe as CEO and Director

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ESG and Sustainability Veteran Will Drive Company’s Aggressive Growth Plan.

TORONTO, May 3, 2021 — EnviroGold Global (Can) Ltd. ("EnviroGold Global" or the "Company"), a clean technology company accelerating the world’s transition to a circular resource economy, today announced that its Board of Directors has appointed Dr. Mark Thorpe as Chief Executive Officer and Member of the Board of Directors, effective May 3, 2021.

"Dr. Thorpe is a remarkable leader with the depth of experience, the personal presence and the technical expertise to lead our world class team as we continue to capitalize on the enormous opportunity to sustainably satisfy the world’s increasing demand for precious, critical and strategic metals by transforming mining waste into the future of profitable, responsible resource development," said David Cam, Chairman of EnviroGold Global. "Under Dr. Thorpe’s leadership, we are confident the deployment of our market-ready, technical solutions will accelerate as the Company grows to achieve its full potential, setting the benchmark for ESG – focused corporate performance."

"The outlook for EnviroGold Global and its proprietary processes is extremely bright," said Dr. Thorpe. "There is enormous political, social and economic pressure on mining concerns around the world to remediate mine extraction waste and sustainably supply the mineral and metal resources that are critical to modern infrastructure, technology and investment. With a commercial opportunity measured in the hundreds of billions of dollars, superior proprietary technology and know-how, and a high-margin, scalable business model, EnviroGold Global is strategically positioned to lead the future of a sustainable, circular economy in metals and mining."

Dr. Thorpe brings decades of experience as a senior executive in mining, sustainability and environmental operations with a professional background that includes senior positions at Placer Dome, Golden Star and Torex. Dr. Thorpe is the Vice Chairman of the Canada Mining Innovation Council.

About EnviroGold Global

Headquartered in Toronto, Canada, EnviroGold Global is a clean technology company capitalizing environmental stewardship and sustainably supplying the world’s increasing demand for precious, critical, and strategic metals by profitably reclaiming unrecovered value from mine tailings and resource development waste streams. EnviroGold Global leverages proprietary technology, superior operationalized knowledge, and an agile, efficient culture to recover valuable metals, recharge  resources and accelerate the world’s transition to a sustainable circular resource economy. EnviroGold Global is actively expanding the Company’s significant reprocessing pipeline.

Press Contact

Suzanne Gragg – Press Liaison
Telephone: 571-332-9778
Email: spalmer@graggadv.com

Logo – https://techent.tv/wp-content/uploads/2021/05/envirogold-global-appoints-dr-mark-thorpe-as-ceo-and-director.jpg

Related Links :

https://www.envirogoldglobal.com/

PR Newswire

TD Holdings, Inc. Receives NASDAQ Notice on Late Filing of its Form 10-K

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SHENZHEN, China, April 10, 2021 — TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that it has received a Notice from the NASDAQ Stock Market on April 5, 2021 notifying the Company that, because its Form 10-K for the fiscal year ended December 31, 2020 (the "2020 10-K") was not filed with the Securities and Exchange Commission by the required due date of March 31, 2021, the Company is therefore not in compliance with the periodic filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1).

This Notice received has no immediate effect on the listing or trading of the Company’s shares. As previously disclosed on the Company’s Form 8-K and 8-K/A filed on March 29 and March 31, 2021, respectively, the Company’s audit committee, after consultation with the Company’s management concluded, that the Company’s audited financial statements at and for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020 contained in the Company’s Quarterly Reports on Form 10-Q should no longer be relied upon. Nasdaq has provided the Company with 60 calendar days, until June 4, 2021 to submit a plan to regain compliance. The compliance plan is required to provide a summary of the independent investigation into the reasons that led to the Company’s conclusion that the previously filed financials should no longer be relied upon. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for the filing of the 10-K for fiscal year ended December 31, 2020, or September 27, 2021, to regain compliance.

The Company expects and intends to submit to NASDAQ the compliance plan by June 4, 2021.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About TD Holdings, Inc.

TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company’s operations, the demand for the Company’s products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Investor Relations:

Dong Cao             
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com

Phone: +86 13502048965

PR Newswire

Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2021

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BEIJING, April 5, 2021 — Recon Technology, Ltd (Nasdaq: RCON) ("Recon" or the "Company"), today announced its financial results for the first six months of Fiscal Year 2021.

First Six Months of Fiscal 2021 Financial:

  • Total revenues for the six months ended December 31, 2020 decreased by 17.2% to $3.9 million (RMB25.2 million), while revenue from oily sludge and waste water increased by 10,618.7% or $0.4 million (RMB2.8 million).
  • Gross profit for the six months ended December 31, 2020 was $1.0 million (RMB6.7 million). Gross profit margin for the six months ended December 31, 2020 was 26.7%, representing a decrease of 12.7 percentage points compared to the six months ended December 31, 2019.
  • Net loss attributable to Recon for the six months ended December 31, 2020 was $1.4 million (RMB8.9 million), or $0.19 (RMB1.22) per basic and diluted share, compared to RMB6.7 million, or RMB1.51 per basic and diluted share, for the six months ended December 31, 2019.

Management Commentary

Mr. Shenping Yin, co-founder and CEO of Recon stated, "During the six months period ended December 31, 2020, our management focused on fund reserve and cash management to prepare for a rapid development in the coming year. We believe oil companies in China will continue to increase their capital expenditures in 2021. We expect more orders to be released in year 2021 which might be a busy year of the overall oil industry. We expect our business will benefit from this trend and our numbers will be improved from the second half year of calendar 2021."

Mr. Yin continued, "Besides, the oil industry is experiencing digital transformation. We believe oil companies will continue to increase their usages of intelligent solutions to improve the operation efficiency. We have been devoting resources and participating testing projects with our clients to develop leading solutions. We will continue to enhance our competitive strength through up-gradation with big data and intelligent analysis. We have also seen the trend of digitalization and intelligence in downstream of the oil and gas industry, especially in the management and operation of gas stations in China. We have acquired 51% of Future Gas Station (Beijing) Technology, Ltd. by January 2021 and will continue to invest more in this segment."

First Six Months Fiscal 2021 Financial Results:

Revenue

Total revenues for the six months ended December 31, 2020 decreased by RMB5.2 million ($0.8 million) or 17.2%, to RMB25.2 million ($3.9 million) compared to RMB30.4 million for the six months ended December 31, 2019 mainly due to the decreased revenue from automation products during the six months ended December 31, 2020.

Revenue from automation product and software decreased by RMB10.0 million ($1.5 million), or 44.1%, to RMB12.6 million ($1.9 million) for the six months ended December 31, 2020 from RMB22.6 million for the six months ended December 31, 2019, as the Company’s sales activities were not able to return to normal level which was affected by Covid-19. To make a breakthrough, the Company’s management has been upgrading its automation solutions and introducing big data and intelligent technology to the Company’s products and enhancing its capacity of downhole solutions to enhance its competitive strength.

Revenue from equipment and accessories increased by RMB1.9 million ($0.3 million), or 24.9%, to RMB9.8 million ($1.5 million) for the six months ended December 31, 2020 from RMB7.8 million for the six months ended December 31, 2019 as requirement from maintenance of heating furnaces continued to increase.

Revenue from oilfield environmental protection projects increased by RMB2.8 million ($0.4 million), or 10,618.7%, to RMB2.8 million ($0.4 million) for the six months ended December 31, 2020 as the Company stared to process oily sludge during the six months ended December 31, 2020 and revenue was recorded. As of December 31, 2020, the Company received 4,680 tons of oily sludge from several oil companies and processed 796 tons of them, which was reflected in its revenue for the six months ended December 31, 2020.

Cost and Margin

Total cost of revenues increased slightly from RMB18.4 million for the six months ended December 31, 2019 to RMB18.5 million ($2.8 million) for the same period in 2020. The increase was mainly caused by increased cost of revenue from equipment and accessories and oilfield environmental protection segments.

Gross profit decreased by RMB5.3 million ($0.8 million), or 43.9%, to RMB6.7 million ($1.0 million) for the six months ended December 31, 2020 from RMB12.0 million from the six months ended December 31, 2019. The gross profit as a percentage of revenue decreased to 26.7% for the six months ended December 31, 2020 from 39.4% for the same period in 2019.

Operating Expenses

Selling and distribution expenses maintained at the same level of RMB2.7 million ($0.4 million) compared to the six months ended December 31, 2019.

General and administrative expenses decreased by RMB0.4 million ($0.1 million), or 2.7%, to RMB13.0 million ($2.0 million) for the six months ended December 31, 2020 from RMB13.4 million for the six months ended December 31, 2019. The decrease in general and administrative expenses was mainly due to the decrease in stock-based compensation expense as well as social security expenses during the six months ended December 31, 2020.

Provision for doubtful accounts was RMB25,537 ($3,665) for the six months ended December 31, 2019, compared to reversal of provision for doubtful accounts of RMB3.7 million for the six months ended December 31, 2020, mainly due to the collection of long outstanding receivables during the six months ended December 31, 2020.

Research and development expenses increased from approximately RMB2.9 million for the six months ended December 31, 2019 to RMB3.8 million ($0.6 million) for the same period of 2020. This increase was primarily due to more research and development expense spent on design of new automation platform systems and treatment of wastewater.

Net Loss

Loss from operations was RMB9.1 million ($1.4 million) for the six months ended December 31, 2020, compared to a loss of RMB7.0 million for the six months ended December 31, 2019. This RMB2.1 million ($0.3 million) increase in loss from operations was primary due to decreased revenue and increase in R&D expenses.

Net loss was RMB10.0 million ($1.5 million) for the six months ended December 31, 2020, an increase of RMB3.3 million ($0.5 million) from net loss of RMB7.0 million for the six months ended December 31, 2019. Net loss attributable to the Company for the six months ended December 31, 2019 was RMB6.7 million, or RMB1.51 per basic and diluted share, compared to RMB8.9 million ($1.4 million), or RMB1.22 ($0.19) per basic and diluted share for the six months ended December 31, 2020.

As of December 31, 2020, the Company had cash of RMB70.8 million ($10.8 million), compared to RMB30.3 million as of June 30, 2020. As of December 31, 2020, the Company had working capital of RMB67.0 million ($10.3 million) while as of June 30, 2020, the Company had working capital of RMB64.1 million.

Net cash used in operating activities was RMB16.7 million ($2.6 million) for the six months ended December 31, 2020, compared to net cash provided by operating activities of approximately RMB0.3 million for the six months ended December 31, 2019. Net cash provided by investing activities was RMB1.9 million ($0.3 million) for the six months ended December 31, 2020, compared to net cash provided by investing activities RMB3.7 million for the six months ended December 31, 2019. Net cash provided by financing activities was RMB56.2 million ($8.6 million) for the six months ended December 31, 2020, compared to net cash provided by financing activities of RMB1.9 million for the six months ended December 31, 2019.

Exchange Rate

The translation of RMB amounts into U.S. dollars are included solely for the convenience of readers and have been made at the rate of RMB6.5326 to $1.00, the approximate exchange rate prevailing on December 31, 2020.

About Recon Technology, Ltd

Recon Technology, Ltd (NASDAQ: RCON) is China’s first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit: www.recon.cn.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, the effect of novel coronavirus and other health matters on target markets, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5188
Email: info@recon.cn

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

(UNAUDITED)

As of June 30

As of
December 31

As of
December 31

2020

2020

2020

RMB

RMB

U.S. Dollars

ASSETS

Current assets

Cash

¥

30,336,504

¥

70,807,497

$

10,839,024

Notes receivable

4,180,885

7,789,997

1,192,472

Trade accounts receivable, net

48,244,015

35,471,068

5,429,817

Trade accounts receivable- related party, net

3,068,920

–

–

Inventories, net

1,985,723

2,117,754

324,180

Other receivables, net

6,350,802

11,004,821

1,684,589

Loans to third parties

3,200,377

950,000

145,423

Purchase advances, net

178,767

82,437

12,619

Contract assets, net

31,537,586

45,621,966

6,983,690

Prepaid expenses

198,294

–

–

Total current assets

129,281,873

173,845,540

26,611,814

Property and equipment, net

29,756,879

29,078,178

4,451,210

Land use right, net

1,280,648

1,267,028

193,953

Investment in unconsolidated entity

31,541,850

31,290,554

4,789,875

Long-term other receivables, net

3,640

–

–

Operating lease right-of-use assets (including ¥803,503 and ¥508,888 ($88,921) from a related party as of June 30, 2020 and December 31, 2020, respectively)

2,549,914

2,070,548

316,954

Total Assets

¥

194,414,804

¥

237,551,848

$

36,363,806

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Short-term bank loans

¥

9,520,000

¥

12,020,000

$

1,839,990

Convertible notes payable

–

42,448,810

6,497,951

Trade accounts payable

23,034,347

19,273,046

2,950,267

Other payables

2,609,486

1,563,002

239,260

Other payable- related parties

4,498,318

1,655,668

253,445

Contract liabilities

3,486,033

6,686,592

1,023,566

Accrued payroll and employees’ welfare

1,917,635

954,304

146,081

Investment payable

6,400,000

6,400,000

979,695

Taxes payable

1,108,288

1,381,912

211,539

Short-term borrowings

200,000

215,699

33,019

Short-term borrowings – related parties

10,230,746

12,009,174

1,838,333

Long-term borrowings – related party – current portion

847,346

882,900

135,152

Operating lease liabilities – current (including ¥450,728 and ¥461,859 ($70,700) from a related party as of June 30, 2020 and December 31, 2020, respectively)

1,328,976

1,333,113

204,069

Total Current Liabilities

65,181,175

106,824,220

16,352,367

Operating lease liabilities – non-current (including ¥352,775 and ¥119,029 ($18,221) from a related party as of June 30, 2020 and December 31, 2020, respectively)

1,210,088

729,909

111,733

Long-term borrowings – related party

7,379,253

6,942,795

1,062,785

Total Liabilities

73,770,516

114,496,924

17,526,885

Commitments and Contingencies

Equity

Common stock, ($ 0.0925 U.S. dollar par value, 20,000,000 shares authorized; 7,202,832 shares and 8,416,721 shares issued and outstanding as of June 30, 2020 and December 31, 2020, respectively)*

4,577,233

5,312,021

813,150

Additional paid-in capital

282,505,455

295,104,195

45,173,769

Statutory reserve

4,148,929

4,148,929

635,107

Accumulated deficit

(184,027,586)

(192,963,238)

(29,538,302)

Accumulated other comprehensive gain

2,825,731

1,894,365

289,984

Total stockholders’ equity

110,029,762

113,496,272

17,373,708

Non-controlling interests

10,614,526

9,558,652

1,463,213

Total equity

120,644,288

123,054,924

18,836,921

Total Liabilities and Equity

¥

194,414,804

¥

237,551,848

$

36,363,806

* Retrospectively restated for effect of stock split on December 27, 2019.

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

For the six months ended

December 31,

2019

2020

2020

RMB

RMB

USD

Revenues

Revenues – third party

¥

30,405,153

¥

25,083,622

$

3,839,734

Revenues – related party

–

85,657

13,112

Revenues

30,405,153

25,169,279

3,852,847

Cost of revenues

Cost of revenues – third party

18,437,241

18,452,239

2,824,620

Cost of revenues

18,437,241

18,452,239

2,824,620

Gross profit

11,967,912

6,717,040

1,028,227

Selling and distribution expenses

2,660,873

2,750,389

421,022

General and administrative expenses

13,366,413

13,009,013

1,991,385

Provision for (net recovery of) doubtful accounts

25,537

(3,697,024)

(565,931)

Research and development expenses

2,895,286

3,756,839

575,087

Operating expenses

18,948,109

15,819,217

2,421,563

Loss from operations

(6,980,197)

(9,102,177)

(1,393,336)

Other income (expenses)

Subsidy income

854,389

222,038

33,989

Interest income

85,745

20,168

3,087

Interest expense

(761,322)

(1,000,182)

(153,105)

Income (loss) from investment in unconsolidated entity

141,288

(251,296)

(38,468)

Foreign exchange transaction gain (loss)

209

(78,784)

(12,060)

Other income (loss)

(60,760)

50,369

7,711

Other income (expense), net

259,549

(1,037,687)

(158,846)

Loss before income tax

(6,720,648)

(10,139,864)

(1,552,182)

Income tax expenses (benefit)

316,799

(98,338)

(15,053)

Net loss

(7,037,447)

(10,041,526)

(1,537,129)

Less: Net loss attributable to non-controlling interests

(336,250)

(1,105,874)

(169,284)

Net loss attributable to Recon Technology, Ltd

¥

(6,701,197)

¥

(8,935,652)

$

(1,367,845)

Comprehensive loss

Net loss

(7,037,447)

(10,041,526)

(1,537,129)

Foreign currency translation adjustment

9,610

(931,366)

(142,571)

Comprehensive loss

(7,027,837)

(10,972,892)

(1,679,700)

Less: Comprehensive loss attributable to non-controlling interests

(336,250)

(1,105,874)

(169,284)

Comprehensive loss attributable to Recon Technology, Ltd

¥

(6,691,587)

¥

(9,867,018)

$

(1,510,416)

Loss per common share – basic and diluted

¥

(1.51)

¥

(1.22)

$

(0.19)

Weighted – average shares -basic and diluted*

4,449,980

7,330,866

7,330,866

* Retrospectively restated for effect of stock split on December 27, 2019.

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the six months ended December 31,

2019

2020

2020

RMB

RMB

U.S. Dollars

Cash flows from operating activities:

Net loss

¥

(7,037,447)

¥

(10,041,526)

$

(1,537,129)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

411,592

1,369,590

209,653

Loss from disposal of equipment

3,189

1,095

168

Provision for (net recovery of) doubtful accounts

25,537

(3,697,024)

(565,931)

Provision for slow moving inventories

25,312

423,714

64,861

Amortization of right of use assets

718,000

542,896

83,105

Restricted shares issued for management and employees

4,057,093

3,403,513

521,001

Loss (income) from investment in unconsolidated entity

(141,288)

251,296

38,468

Interest expenses related to convertible notes

–

84,607

12,951

Restricted shares issued for services

33,927

–

–

Changes in operating assets and liabilities:

Notes receivable

(986,826)

(3,609,112)

(552,473)

Trade accounts receivable

5,412,201

15,866,295

2,428,770

Trade accounts receivable-related party

–

3,409,912

521,980

Inventories

(551,200)

(765,595)

(117,195)

Other receivable

1,364,500

(4,262,681)

(652,520)

Other receivables-related parties

–

(23,800)

(3,643)

Purchase advance

1,108,902

96,330

14,746

Contract assets

(9,951,981)

(14,262,839)

(2,183,318)

Prepaid expense

116,917

(19,306)

(2,955)

Prepaid expense – related parties

217,600

217,600

33,310

Operating lease liabilities

(610,000)

(539,572)

(82,596)

Trade accounts payable

362,758

(3,761,301)

(575,770)

Other payables

(160,316)

(850,478)

(130,189)

Other payables-related parties

1,790,155

(2,842,651)

(435,145)

Advance from customers

1,904,753

3,200,559

489,933

Accrued payroll and employees’ welfare

1,501,406

(963,905)

(147,552)

Accrued expenses

–

(198,483)

(30,383)

Taxes payable

650,855

273,624

41,886

Net cash provided by (used in) operating activities

265,639

(16,697,242)

(2,555,967)

Cash flows from investing activities:

Purchases of property and equipment

(12,967)

(375,569)

(57,491)

Proceeds from disposal of equipment

900

–

–

Repayments from loans to third parties

4,960,000

3,200,377

489,905

Payments made for loans to third parties

–

(950,000)

(145,423)

Payments and prepayments for construction in progress

(1,297,663)

–

–

Net cash provided by investing activities

3,650,270

1,874,808

286,991

Cash flows from financing activities:

Proceeds from short-term bank loans

–

3,520,000

538,832

Repayments of short-term bank loans

–

(1,020,000)

(156,139)

Proceeds from short-term borrowings

–

2,460,000

376,570

Repayments of short-term borrowings

(1,081,096)

(2,460,000)

(376,570)

Proceeds from short-term borrowings-related parties

13,115,000

10,100,000

1,546,081

Repayments of short-term borrowings-related parties

(10,195,000)

(8,320,000)

(1,273,604)

Repayments of long-term borrowings-related party

(365,530)

(399,422)

(61,142)

Proceeds from sale of common stock, net of issuance costs

–

9,930,015

1,520,060

Proceeds from issuance of convertible notes

–

42,364,203

6,485,000

Capital contribution by non-controlling shareholders

405,000

50,000

7,654

Net cash provided by financing activities

1,878,374

56,224,796

8,606,742

Effect of exchange rate fluctuation on cash

9,611

(931,369)

(142,574)

Net increase in cash

5,803,894

40,470,993

6,195,192

Cash at beginning of period

4,521,325

30,336,504

4,643,832

Cash at end of period

¥

10,325,219

¥

70,807,497

$

10,839,024

Supplemental cash flow information

Cash paid during the period for interest

¥

718,201

¥

849,409

$

130,025

Cash received during the period for taxes

¥

(2,002)

¥

(98,338)

$

(15,053)

Non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease obligations

¥

1,228,963

¥

63,530

$

9,725

Inventories used as fixed assets

¥

–

¥

302,795

$

46,351

Payable for construction in progress

¥

236,302

¥

–

$

–

Receivable for disposal of property and equipment

¥

5,000

¥

–

$

–

 

Related Links :

http://www.recon.cn/

PR Newswire

HAI ROBOTICS, the Shenzhen-based ACR pioneer, receives IFOY AWARD 2021 “Best in Intralogistics” certificates

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SHENZHEN, China, April 2, 2021 — HAI ROBOTICS (www.hairobotics.com), pioneer in autonomous case-handling robotic systems (ACR systems) has received two "Best Intralogistics" certificates from the world-renowned IFOY AWARD, with its HAIPICK ACR solutions after going through the world’s largest and toughest intralogistics tests in the recent concluded IFOY test days.

The IFOY AWARD is one of the most significant awards in the material handling industry worldwide, honoring the year’s best products and solutions. The "Best in Intralogistics" certificate was introduced three years ago to document visibly to the outside world the high degree of innovation of the products and solutions nominated for an IFOY AWARD that successfully absolve the IFOY test.

HAI ROBOTICS was selected for its HAIPICK A42T, the world’s first telescopic lift ACR (Autonomous Case-handling Robot), enabling intelligent "goods-to-person" order picking and covering an ultra-wide picking range from 0.25 meters to 6.5 meters, and the HAIPICK A42N, the world’s first autonomous carton-picking ACR to enable mixed picking of cartons and totes of different sizes.

Carton-picking ACR HAIPICK A42N
Carton-picking ACR HAIPICK A42N

Based in Shenzhen, the powerhouse of ICT industry in China, HAI ROBOTICS has been developing AI powered ACR systems since 2015 and has been a leader in the field with best-in-class intelligent goods-to-person solution and smart in-plant logistics solution. By using the HAIPICK systems, customers can realize warehouse automation transformation in a week, increase storage density by 80% – 130%, and improve operational efficiency by 3-4 times compared to manual operations.

Receiving the prestigious and hotly contested IFOY AWARD 2021 "Best in Intralogistics" certificates was just a footnote of the Shenzhen based ACR systems pioneer’s strong head start of a fast expansion to the global markets.

The recent announced partnership with MHS, a US based well-known material handling systems supplier, marks HAI ROBOTICS’s stepping into the US. The relationship leverages innovative HAIPICK technology from HAI ROBOTICS and systems engineering, integration and support from MHS to address labor and storage capacity challenges facing customers in North America.

HAI ROBOTICS also started its business successfully in other parts of the world. In January 2021, HAI ROBOTICS and Bettaroe Robotics, independent supplier of modern logistics in Europe, are pleased to officially announce the beginning of a partnership for the European market. In South Korea, the strategic cooperation starting from September 2020 with The Smart Logistics Business Unit of LG CNS enabled the automation of operations in the agreed new warehouses with HAI ROBOTICS technology. And with the partnership with Mujin, a world-leading artificial intelligence company, HAI ROBOTICS were able to offer better intralogistics solutions to clients and extend the business to Japan starting from December 2019.

Besides the strong performance in expanding into varies key markets around the world, HAI ROBOTICS is also well received by the industry and the capital market.

In March 2021, HAI ROBOTICS secured its series B+ round funding of nearly $ 15 million led by 5Y Capital, with participation from existing investors Source Code Capital and Walden International. The funding does not only confirm, from the investors’ perspective, the success and leading position of the ACR pioneer, but also fuels the company’s R&D, operational capabilities and business expansion.

Boosted by the fast development of e-commerce globally, the logistics industries are placing ever growing demand on the material handling operations in terms of flexibility and efficiency. HAI ROBOTICS, with its proven industry leading ACR products and solutions to address the demands effectively, will continue its fast-growing warehouse automation transformation business worldwide.

About IFOY

The IFOY Award is one of the most prestigious and hotly contested international awards in the materials handling industry, honoring the year’s best products and solutions. It is established as an indicator for economic efficiency and innovation within the intralogistics sector and is a well-known innovation price due to its professional expertise.

About HAI ROBOTICS

HAI ROBOTICS is a pioneer in autonomous case-handling robotics (ACR) system. The company is committed to providing efficient, intelligent, flexible, and customized warehouse automation solutions through advanced robotics technology and AI algorithms and creates value for each factory and logistics warehouse. HAI ROBOTICS focuses on the R&D and design of autonomous case-handling robot systems (ACR). The company realizes the independent R&D of core elements such as robot body, bottom positioning algorithm, control system, robot scheduling, intelligent warehouse management system, and has carried out global patent layout. In 2015, the company developed HAIPICK, the first autonomous case-handling robot system, and put it into commercial operation. Since then, it has been applied in 3PL, apparel, e-commerce, electronics, energy, manufacturing, pharmaceuticals, and other industries. By using the HAIPICK system, customers can realize warehouse automation transformation in a week, increase storage density by 80% – 130%, and improve workers’ work efficiency by 3-4 times.

Related Links :

http://www.hairobotics.com

PR Newswire

X-Creator Challenge Opens for Global Submissions Centering on Intelligent Equipment Solutions for Emergency and Disaster Rescue

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XUZHOU, China, Feb. 26, 2021 — XCMG, leading construction machinery manufacturer (000425.SZ) has officially launched X-Creator Challenge, the third and upgraded edition of the "XCMG Cup" Green Innovation Design Competition, which is composed of two competition categories – intelligent road emergency equipment design and geological disaster rescue equipment design.

X-Creator Challenge Opens for Global Submissions Centering on Intelligent Equipment Solutions for Emergency and Disaster Rescue.
X-Creator Challenge Opens for Global Submissions Centering on Intelligent Equipment Solutions for Emergency and Disaster Rescue.

Both categories of the X-Creator Challenge call for groundbreaking equipment design ideas to aid emergency and disaster relief/rescue missions after earthquakes, landslides, mudslides as well as production accidents, especially utilizing intelligent technologies to save life in urgent situations. Modification suggestions under the two categories are also encouraged to submit for prize winning.

"In 2020 alone, natural disasters affected approximately 138 million people in China so quickly finding solutions to bottleneck problems in disaster relief and rescue is of the utmost importance. New technologies such as 5G, modularized multi-functional emergency rescue equipment, quick disassembly/assembly of equipment as well as remote control are undoubtedly the key to further development," said Xiaodong Xu, Deputy GM of XCMG Fire-fighting Safety Equipment.

Participants from around the world are now welcome to upload their designs online until June. In addition to financial awards and scholarships, first-prize winners will be given opportunities to carry out their project with universities or enterprises. Excellent contestants from the preliminary rounds may receive an interview invitation from XCMG, and exceptional winners may even receive offers to join the XCMG team.

X-Creator has set an industrial transformation funding pool totaling 10 million yuan (US$ 1.55 million). In addition to complete solution and equipment designs, excellent product and function optimization feedback submitted by international participants will also be considered for awards.

Launched in 2016, the XCMG Cup competition is part of XCMG’s 14 precisely positioned global public welfare projects and a major breakthrough of the traditional R&D model to promote technological innovation and encourage young talents to push forward the sustainable development of the industry.

Multiple concepts and innovative ideas from previous competitions have been applied in product design and development, including the compact low-noise, high-efficacy fan project from the first XCMG Cup, the multi-functional, green-powered small excavator design in the second year among others.

For more information about X-Creator Challenge, please visit: https://www.xcmgapprentice.com/ 

Related Links :

http://www.xcmg.com

PR Newswire

SEMI Applauds President Biden, Bipartisan Congressional Leaders for Supporting Semiconductor Supply Chain Incentives

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MILPITAS, Calif., Feb. 26, 2021 — SEMI, the industry association serving the global electronics design and manufacturing supply chain, today released the following statement from president and CEO Ajit Manocha on the support of funding incentives to expand U.S. semiconductor manufacturing and research by President Biden and a bipartisan group of members of Congress in a meeting at the White House on February 24, 2021.

"We thank President Biden and bipartisan congressional leaders for their support of incentives for U.S. semiconductor manufacturing and research. Enacting an investment tax credit and funding the programs authorized last year will help build needed semiconductor manufacturing capacity in the U.S. and reverse America’s declining share of global chip production. We look forward to working with the Biden administration and Congress on these and other policies to strengthen the semiconductor manufacturing supply chain that is the lifeblood of technology innovation driving countless societal and economic benefits worldwide."

SEMI strongly supported the CHIPS for America Act, which included a refundable investment tax credit (ITC) to build U.S. semiconductor manufacturing capacity, a Commerce Department program to provide grants to semiconductor manufacturing projects, and authorizations for significant new semiconductor research programs and funding. The Fiscal Year 2021 National Defense Authorization Act signed into law this January authorized the Commerce Department and semiconductor research programs in the CHIPS for America Act but failed to provide new funding. SEMI supports enactment of all three major pillars of the CHIPS for America Act, which together will promote U.S. semiconductor research and manufacturing.

Attending the meeting with President Biden were Sens. Cornyn (R-TX), Warner (D-VA), Baldwin (D-WI), Blackburn (R-TN), Braun (R-IN), Duckworth (D-IL), Hassan (D-NH), and Portman (R-OH); and Reps. Matsui (D-CA), McCaul (R-TX), and Joyce (R-PA).

About SEMI

SEMI® connects more than 2,400 member companies and 1.3 million professionals worldwide to advance the technology and business of electronics design and manufacturing. SEMI members are responsible for the innovations in materials, design, equipment, software, devices, and services that enable smarter, faster, more powerful, and more affordable electronic products. Electronic System Design Alliance (ESD Alliance), FlexTech, the Fab Owners Alliance (FOA) and the MEMS & Sensors Industry Group (MSIG) are SEMI Strategic Technology Communities, defined communities within SEMI focused on specific technologies. Visit www.semi.org to learn more, contact one of our worldwide offices, and connect with SEMI on LinkedIn and Twitter.

SEMI Contact
Samer Bahou/SEMI
Phone: 1.408.943.7870
Email: sbahou@semi.org

 

Related Links :

http://www.semi.org