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Bitauto Announces Second Quarter 2020 Results

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BEIJING, Aug. 24, 2020 — Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of internet content & marketing services, and transaction services for China’s automotive industry, today announced its unaudited financial results for the second quarter ended June 30, 2020[1].

Bitauto Second Quarter 2020 Highlights

  • Revenue in the second quarter of 2020 was RMB1.96 billion (US$276.9 million), compared to RMB2.79 billion (US$395.1 million) in the corresponding period in 2019.
  • Gross profit in the second quarter of 2020 was RMB1.30 billion (US$184.4 million), compared to RMB1.67 billion (US$236.9 million) in the corresponding period in 2019.
  • Net loss in the second quarter of 2020 was RMB536.4 million (US$75.9 million), compared to net loss of RMB136.2 million (US$19.3 million) in the corresponding period in 2019.
    Non-GAAP net loss in the second quarter of 2020 was RMB447.3 million (US$63.3 million), compared to Non-GAAP net income of RMB216.0 million (US$30.6 million) in the corresponding period in 2019.
  • Net loss attributable to Bitauto in the second quarter of 2020 was RMB368.8 million (US$52.2 million), compared to net loss attributable to Bitauto of RMB145.5 million (US$20.6 million) in the corresponding period in 2019.
    Non-GAAP net loss attributable to Bitauto in the second quarter of 2020 was RMB333.6 million (US$47.2 million), compared to Non-GAAP net income attributable to Bitauto of RMB155.3 million (US$22.0 million) in the corresponding period in 2019.

Mr. Andy Zhang, chief executive officer of Bitauto, said, "Despite China’s gradual economic recovery following the COVID-19 outbreak, the domestic automobile industry remained challenged during the second quarter of 2020 with sluggish retail passenger vehicle sales and rising dealer inventory levels. The macro situation presents both challenges and opportunities for our business."

"While weak vehicle sales and increasingly fierce competition in China’s online automobile advertising sector put pressure on our advertising business, Bitauto’s paying subscriber base increased slightly during the quarter, helping to drive mild revenue growth in our subscription business. In our transaction services business, due to its conservative risk control approach, Yixin recorded about 69,000 total transactions in the second quarter, representing a year-over-year decrease of approximately 49.9%."

"In the months ahead, in response to the uncertainties in China’s overall economic environment and particularly the automobile sector, we will stay focused on our core strategic initiatives. First, our continued efforts to upgrade our content and product offerings will provide better value to automobile customers, car owners, automakers and dealer customers. Second, we will further raise Bitauto’s brand recognition through our on-going strategic brand building campaign, which we expect will help further expand our user base and enhance user engagement. Third, Yixin will continue to optimize its conservative risk assessment methodology and strengthen its dealer and financial institution partnerships to explore opportunities as China’s automobile market recovers. We believe our efforts will help strengthen Bitauto’s position as the leading provider of Internet content and marketing services and transaction services for China’s automobile industry."

Mr. Ming Xu, chief financial officer of Bitauto, said, "The weakness in China’s automobile sector in the second quarter of 2020 continued to impact our top line results. We also continued to experience margin pressure this quarter due to our branding and marketing initiatives as well as our on-going investments in user acquisition. In the long run, we expect these efforts will form a solid foundation to attract users and enhance our value proposition for our business partners."

Bitauto Second Quarter 2020 Results 

Bitauto reported revenue of RMB1.96 billion (US$276.9 million) in the second quarter of 2020, compared to RMB2.79 billion (US$395.1 million) in the corresponding period in 2019.

  • Revenue from the advertising and subscription business in the second quarter of 2020 was RMB1.03 billion (US$145.5 million), representing a 2.2% increase from RMB1.01 billion (US$142.4 million) in the corresponding period in 2019.
  • Revenue from the transaction services business in the second quarter of 2020 was RMB737.6 million (US$104.4 million), compared to RMB1.49 billion (US$211.0 million) in the corresponding period in 2019, mainly due to weak passenger vehicle sales following the COVID-19 outbreak and more cautious underwriting standards imposed by Yixin.
  • Revenue from the digital marketing solutions business in the second quarter of 2020 was RMB190.3 million (US$26.9 million), compared to RMB294.7 million (US$41.7 million) in the corresponding period in 2019.

Cost of revenue in the second quarter of 2020 was RMB653.5 million (US$92.5 million), compared to RMB1.12 billion (US$158.2 million) in the corresponding period in 2019. Cost of revenue as a percentage of revenue in the second quarter of 2020 was 33.4%, compared to 40.0% in the corresponding period in 2019.

Gross profit in the second quarter of 2020 was RMB1.30 billion (US$184.4 million), compared to RMB1.67 billion (US$236.9 million) in the corresponding period in 2019.

Selling and administrative expenses in the second quarter of 2020 were RMB1.80 billion (US$255.1 million), representing a 10.1% increase from the corresponding period in 2019. This increase was primarily due to the increase in provision for credit losses of receivables related to Yixin and the increase in marketing expenses associated with the Company’s branding and marketing efforts, partially offset by the decrease in amortization of intangible assets related to the strategic cooperation with JD.com, and decrease in expenses related to personnel.

Product development expenses in the second quarter of 2020 were RMB147.2 million (US$20.8 million), representing a 3.7% increase from the corresponding period in 2019.

Share-based compensation, which was allocated to related operating expense line items, was RMB55.0 million (US$7.8 million) in the second quarter of 2020, compared to RMB99.9 million (US$14.1 million) in the corresponding period in 2019.

Loss from operations in the second quarter of 2020 was RMB670.0 million (US$94.8 million), compared to loss from operations of RMB48.9 million (US$6.9 million) in the corresponding period in 2019.

Non-GAAP loss from operations in the second quarter of 2020 was RMB594.3 million (US$84.1 million), compared to Non-GAAP income from operations of RMB215.4 million (US$30.5 million) in the corresponding period in 2019.

Income tax benefit in the second quarter of 2020 was RMB148.0 million (US$20.9 million), compared to income tax expense of RMB6.7 million (US$1.0 million) in the corresponding period in 2019.

Net loss in the second quarter of 2020 was RMB536.4 million (US$75.9 million), compared to net loss of RMB136.2 million (US$19.3 million) in the corresponding period in 2019.

Non-GAAP net loss in the second quarter of 2020 was RMB447.3 million (US$63.3 million), compared to Non-GAAP net income of RMB216.0 million (US$30.6 million) in the corresponding period in 2019.

Net loss attributable to Bitauto in the second quarter of 2020 was RMB368.8 million (US$52.2 million), compared to net loss attributable to Bitauto of RMB145.5 million (US$20.6 million) in the corresponding period in 2019.

Non-GAAP net loss attributable to Bitauto in the second quarter of 2020 was RMB333.6 million (US$47.2 million), compared to Non-GAAP net income attributable to Bitauto of RMB155.3 million (US$22.0 million) in the corresponding period in 2019.

Basic and diluted net loss per ADS, each representing one ordinary share, in the second quarter of 2020 amounted to RMB5.15 (US$0.73) and RMB5.15 (US$0.73), respectively.

Non-GAAP basic and diluted net loss per ADS in the second quarter of 2020 amounted to RMB4.65 (US$0.66) and RMB4.65 (US$0.66), respectively.

As of June 30, 2020, the Company had cash and cash equivalents and restricted cash of RMB8.61 billion (US$1.22 billion). Cash used in operating activities, cash provided by investing activities, and cash used in financing activities in the second quarter of 2020 were RMB830.5 million (US$117.5 million), RMB3.33 billion (US$471.4 million), and RMB2.19 billion (US$309.9 million), respectively.

The number of employees totaled 6,837 as of June 30, 2020, including employees of entities in which Bitauto has acquired and holds controlling interests as of such date. This represented an 18.6% year-over-year decrease, as Yixin optimized its team to improve operational efficiency.

As of June 30, 2020, the Company had a total of 73,761,089 ordinary shares. Non-GAAP basic and diluted per ADS figures for the second quarter of 2020 were calculated using a weighted average of 71,796,549 and 71,796,549 ADSs, respectively. Each ADS represents one ordinary share of the Company.

Yixin Second Quarter 2020 Highlights

Bitauto’s controlled subsidiary Yixin, the primary operator of the Company’s transaction services business, facilitated approximately 69,000 financed transactions for the three months ended June 30, 2020, representing a year-over-year decrease of approximately 49.9%. The decrease was primarily driven by Yixin’s more conservative risk control methodology. The total aggregate financing amount facilitated through Yixin’s loan facilitation services and self-operated financing business was approximately RMB5.38 billion (US$761.3 million).

Amid the challenging macroeconomic environment, Yixin continued to adopt conservative risk control methodology and to focus on its loan facilitation services. For the three months ended June 30, 2020, Yixin facilitated approximately 53,000 financed transactions, representing a year-over-year decrease of 20.8% and approximately 76.9% of Yixin’s total financed transactions.

In the second quarter of 2020, under U.S. GAAP, Yixin’s total revenues were RMB745.2 million (US$105.5 million), representing a year-over-year decrease of 50.3%; new core services revenues, which include revenues from loan facilitation transactions and new self-operated financing lease transactions facilitated by Yixin during the period, were RMB254.7 million (US$36.0 million), representing a year-over-year decrease of 56.8%.

As of June 30, 2020, 90+ days (including 180+ days) past due ratio and 180+ days past due ratio for all financed transactions (including third-party loan facilitations) were 2.46% and 1.40%, respectively.

Under U.S. GAAP, Yixin’s provision for credit losses of finance receivables in the second quarter of 2020 was RMB321.4 million (US$45.5 million).

As Bitauto’s controlled subsidiary listed on the Hong Kong Stock Exchange, Yixin announced its consolidated financial statements under IFRS for the first half of 2020. In order to help investors to understand the difference between IFRS and U.S. GAAP for Yixin’s operation results, a reconciliation of the IFRS data to U.S. GAAP is presented at the end of this earnings release.

Changes to Board of Directors

Bitauto today also announced the appointment of Mr. Chenkai Ling, Vice President of JD.com Inc. ("JD.com") as a director to its board of directors ("the board"). Mr. Ling replaces Mr. Sidney Huang as JD.com’s designated director on Bitauto’s board due to Mr. Huang’s upcoming retirement from JD.com in September 2020. The appointment and the resignation became effective as of August 21, 2020.

"We are delighted to welcome Mr. Chenkai Ling to Bitauto’s board and we look forward to drawing on his experience and knowledge as we execute on our long-term growth strategy," Mr. Andy Zhang said. "We would also like to sincerely thank Mr. Sidney Huang for his service and dedication to Bitauto’s board of directors. Over the past 10 years, Sidney has consistently drawn upon his deep knowledge of China’s e-commerce and internet industries as well as his experience as a corporate leader to make invaluable contributions to Bitauto. We wish him all the best in his upcoming retirement."

Mr. Chenkai Ling is vice president of JD.com, head of strategy and the chief of staff to the CEO of JD Retail. He joined JD.com in July 2016. He is responsible for JD Retail’s strategic planning, M&A and post-merger integration, as well as public affairs. Mr. Ling has almost two decades of experience in strategic planning, consultancy and operations, having worked for multinational companies in various roles. Prior to joining JD.com, he worked at Bain & Company as a principal. Mr. Ling earned his master’s degree in Business Administration from the Amos Tuck School of Business Administration at Dartmouth College and his MIS from Tongji University.

Conference Call Information 

Bitauto’s management will hold an earnings conference call at 8:15 AM on August 24, 2020 U.S. Eastern Time (8:15 PM on August 24, 2020 Beijing/Hong Kong Time).

Conference Call Pre-registration:

Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call. Once pre-registration has been completed, participants will receive dial-in numbers, direct event passcode, and registrant ID.

To join the conference, simply dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will join the conference instantly.

PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/9674115

A replay of the conference call may be accessed by phone at the following number until September 1, 2020:

US:

+1-855-452-5696 or +1-646-254-3697

International:

+61-2-8199-0299

Conference ID:

9674115

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

[1] This announcement contains translations of certain amounts in Renminbi into U.S. dollars at specified rates solely for the convenience of the readers. 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 as of June 30, 2020 in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York. 

About Bitauto Holdings Limited

Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content & marketing services, and transaction services for China’s automotive industry. Bitauto’s business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business.

Bitauto’s advertising and subscription business provides a variety of advertising services to automakers through the bitauto.com website and corresponding mobile apps which provide consumers with up-to-date automobile pricing and promotional information, specifications, reviews and consumer feedback. Bitauto also provides transaction-focused online advertisements and services for promotional activities to its business partners, including automakers, automobile dealers, auto finance partners and insurance companies. Bitauto offers subscription services via its SaaS platform, which provides web-based and mobile-based integrated digital marketing solutions to new car automobile dealers in China. The SaaS platform enables automobile dealer subscribers to create their own online showrooms, list pricing and promotional information, provide automobile dealer contact information, place advertisements and manage customer relationships to help them reach a broad set of purchase-minded customers and effectively market their automobiles to consumers online.

Bitauto’s transaction services business is primarily conducted by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a leading online automobile finance transaction platform in China, which provides transaction platform services as well as self-operated financing services.

Bitauto’s digital marketing solutions business provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns, advertising agent services, big data applications and digital image creation.

For more information, please visit ir.bitauto.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," "confident" and similar statements. Among other things, the business outlook of the Company and the quotations from management in this announcement, as well as Bitauto’s strategic and operational plans, contain forward-looking statements. Bitauto 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 statements about Bitauto’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: our goals and strategies; our future business development, financial condition and results of operations; the expected growth of the automobile industry and the internet marketing industry in China; our expectations regarding demand for and market acceptance of our services and service delivery model; our expectations regarding enhancing our brand recognition; our expectations regarding keeping and strengthening our relationships with major customers, partner websites and media vendors; relevant government policies and regulations relating to our businesses, automobile purchases and ownership in China; our ability to attract and retain quality employees; our ability to stay abreast of market trends and technological advances; competition in our industry in China and internationally; general economic and business conditions in China; and our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Bitauto’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F. Bitauto 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 applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Bitauto undertakes no duty to update such information, except as required under applicable law.

Use of Non-GAAP Financial Measures 

To supplement Bitauto’s consolidated financial results presented in accordance with U.S. GAAP, Bitauto uses Non-GAAP income/(loss) from operations, Non-GAAP net income/(loss), Non-GAAP net income/(loss) attributable to Bitauto and Non-GAAP basic and diluted net income/(loss) per ADS as Non-GAAP financial measures , and uses Yixin’s Non-GAAP income/(loss) from operations and Yixin’s Non-GAAP net income/(loss) as Non-GAAP financial measures to supplement the disclosure of financial performance of Yixin. Non-GAAP income/(loss) from operations is defined as income/(loss) from operations excluding (i) share-based compensation; and (ii) amortization of intangible assets resulting from asset and business acquisitions. Non-GAAP net income/(loss) and Non-GAAP net income/(loss) attributable to Bitauto, respectively, are defined as net income/(loss) and net income/(loss) attributable to Bitauto excluding (i) share-based compensation; (ii) amortization of intangible assets resulting from asset and business acquisitions; (iii) investment loss/(income) associated with the share of equity method investments; (iv) investment loss/(income) associated with non-cash investment matters; (v) amortization of the BCF discount on the convertible notes; and (vi) tax effect of Non-GAAP line items. Non-GAAP basic and diluted net income/(loss) per ADS is defined as Non-GAAP net income/(loss) attributable to ordinary shareholders of the parent company divided by basic and diluted weighted average number of ADS. Yixin’s Non-GAAP income/(loss) from operations is defined as income/(loss) from operations excluding (i) share-based compensation; and (ii) amortization of intangible assets resulting from asset and business acquisitions. Yixin’s Non-GAAP net income/(loss) is defined as net income/(loss) excluding (i) share-based compensation; (ii) amortization of intangible assets resulting from asset and business acquisitions; and (iii) tax effect of Non-GAAP line items. These Non-GAAP financial measures provide Bitauto’s management with the ability to assess its operating results by excluding certain items that may not be indicative of the performance of its business such as non-cash and non-recurring items. Bitauto believes these Non-GAAP financial measures are useful to investors by understanding supplemental information used by management in its assessment of operating results.

The use of Non-GAAP financial measures has certain limitations. These Non-GAAP measures exclude certain items that have been and will continue to be incurred in the future and are not reflected in the presentation of the Non-GAAP financial measures. These Non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, and should not be considered a substitute for or superior to U.S. GAAP results. In addition, these Non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as Bitauto or Yixin does.

Reconciliation of these Non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is set forth at the end of this release.

For investor and media inquiries, please contact: 
China

Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com

Philip Lisio
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com

 

 

 

SELECTED CONSOLIDATED FINANCIAL DATA

Unaudited Condensed Consolidated Statements of Operations

For the Three Months Ended

For the Six Months Ended

June 30, 2019

June 30, 2020

June 30, 2020

RMB

RMB

RMB

(in thousands, except for per share data)

(in thousands, except for per share data)

Revenue 

2,791,586

1,956,260

3,694,477

Cost of revenue

(1,117,951)

(653,468)

(1,282,566)

Gross profit

1,673,635

1,302,792

2,411,911

Selling and administrative expenses

(1,637,159)

(1,802,355)

(4,255,383)

Product development expenses

(142,052)

(147,245)

(294,219)

Other gains/(losses), net

56,703

(23,237)

(70,959)

Loss from operations

(48,873)

(670,045)

(2,208,650)

Interest income

38,627

23,565

49,777

Interest expense

(90,487)

(9,955)

(15,703)

Share of results of equity investees

(21,328)

(18,938)

(32,812)

Investment loss

(7,384)

(9,000)

(7,604)

Loss before tax

(129,445)

(684,373)

(2,214,992)

Income tax (expense)/benefit

(6,740)

147,969

399,948

Net loss

(136,185)

(536,404)

(1,815,044)

Net income/(loss) attributable to noncontrolling interests

1,710

(175,784)

(630,526)

Accretion to redeemable noncontrolling interests

7,586

8,204

16,408

Net loss attributable to Bitauto Holdings Limited

(145,481)

(368,824)

(1,200,926)

Non-GAAP financial data

Non-GAAP net income/(loss)

216,044

(447,329)

(1,485,260)

Non-GAAP net income/(loss) attributable to noncontrolling interests

53,110

(121,966)

(524,603)

Accretion to redeemable noncontrolling interests

7,586

8,204

16,408

Non-GAAP net income/(loss) attributable to Bitauto Holdings Limited

155,348

(333,567)

(977,065)

Reconciliation of GAAP to Non-GAAP results

For the Three Months Ended

For the Six Months Ended

June 30, 2019

June 30, 2020

June 30, 2020

RMB

RMB

RMB

(in thousands, except for per share data)

(in thousands, except for per share data)

Loss from operations

(48,873)

(670,045)

(2,208,650)

Share-based compensation

99,881

54,957

133,108

Amortization of intangible assets resulting from asset and business acquisitions

164,390

20,783

185,039

Non-GAAP income/(loss) from operations

215,398

(594,305)

(1,890,503)

Net loss

(136,185)

(536,404)

(1,815,044)

Share-based compensation

99,881

54,957

133,108

Amortization of intangible assets resulting from asset and business acquisitions

164,390

20,783

185,039

Investment loss associated with the share of equity method investments

1,541

5,969

5,905

Investment loss associated with non-cash investment matters

7,384

9,000

9,000

Amortization of the BCF discount on the convertible notes

80,701

–

–

Tax effect of Non-GAAP line items

(1,668)

(1,634)

(3,268)

Non-GAAP net income/(loss)

216,044

(447,329)

(1,485,260)

Non-GAAP net income/(loss) per ADS

Basic

2.17

(4.65)

(13.62)

Diluted

2.12

(4.65)

(13.62)

 

 

SELECTED CONSOLIDATED FINANCIAL DATA

Unaudited Condensed Consolidated Balance Sheets

December 31, 2019

June 30, 2020

RMB

RMB

(in thousands)

Assets

Current assets

  Cash and cash equivalents

4,260,533

4,963,823

  Restricted cash

3,136,926

3,467,575

  Accounts receivable, net

3,792,641

3,881,598

  Uncollateralized finance receivables – current portion, net

4,451,575

2,932,424

  Collateralized finance receivables – current portion, net

12,301,329

8,950,691

  Other current assets

2,720,558

2,936,796

30,663,562

27,132,907

Non-current assets

  Restricted cash

114,318

181,858

  Investments in equity investees

1,912,803

1,881,535

  Investment in convertible notes

2,153,790

2,185,682

  Property, plant and equipment, net

205,394

618,559

  Intangible assets, net

381,749

189,679

  Goodwill

861,583

861,609

  Uncollateralized finance receivables – non-current portion, net

2,906,280

1,838,716

  Collateralized finance receivables – non-current portion, net

7,330,610

3,941,436

  Other non-current assets

1,846,955

1,901,850

17,713,482

13,600,924

Total assets

48,377,044

40,733,831

Liabilities

Current liabilities

  Short term borrowings

10,860,862

9,256,192

  Asset-backed securitization debt

6,201,021

3,884,712

  Accounts payable

3,081,405

3,247,919

  Other current liabilities

3,499,449

3,438,106

23,642,737

19,826,929

Non-current liabilities

  Long term borrowings

2,263,614

1,088,815

  Asset-backed securitization debt

1,167,910

466,487

  Other non-current liabilities

1,546,562

1,492,226

4,978,086

3,047,528

Total liabilities

28,620,823

22,874,457

Redeemable noncontrolling interests

390,437

406,845

Total equity *

19,365,784

17,452,529

Total liabilities, redeemable noncontrolling interests
and equity 

48,377,044

40,733,831

* The Company has adopted ASU No. 2016-13 Financial Instruments – Credit Losses ("ASC 326") beginning January 1, 2020
by applying the modified retrospective method with the cumulative effect of initially applying the guidance recognized at the
date of initial application. The new guidance would mainly have impact on credit losses in connection with finance receivables,
accounts receivables, and guarantee liabilities. The cumulative effect on the opening balance of accumulated deficit upon
adoption of ASC 326 is RMB267.4 million.

 

 

Yixin

Unaudited Condensed Consolidated Statements of Operations

(in thousands)

For the Six Months Ended

June 30, 2020

June 30, 2020

June 30, 2020

RMB

RMB

RMB

IFRS

Reconcilation

U.S. GAAP

Revenue 

1,623,834

(16,640)

1,607,194

Cost of revenue

(888,734)

–

(888,734)

Gross profit

735,100

(16,640)

718,460

Selling and administrative expenses

(2,114,153)

53,259

(2,060,894)

Product development expenses

(82,023)

(85)

(82,108)

Other gains/(losses), net

88,772

(122,486)

(33,714)

Loss from operations

(1,372,304)

(85,952)

(1,458,256)

Interest income

15,004

–

15,004

Interest expense

(17,902)

624

(17,278)

Share of results of equity investees

(833)

–

(833)

Loss before tax

(1,376,035)

(85,328)

(1,461,363)

Income tax benefit

323,123

21,707

344,830

Net loss

(1,052,912)

(63,621)

(1,116,533)

Reconciliation of GAAP to Non-GAAP results

For the Six Months Ended

June 30, 2020

June 30, 2020

June 30, 2020

RMB

RMB

RMB

IFRS

Reconcilation

U.S. GAAP

Loss from operations

(1,372,304)

(85,952)

(1,458,256)

Share-based compensation

63,409

–

63,409

Amortization of intangible assets resulting from asset and business acquisitions

119,041

(1,755)

117,286

Non-GAAP loss from operations

(1,189,854)

(87,707)

(1,277,561)

Net loss

(1,052,912)

(63,621)

(1,116,533)

Share-based compensation

63,409

–

63,409

Amortization of intangible assets resulting from asset and business acquisitions

119,041

(1,755)

117,286

Tax effect of Non-GAAP line items

(83)

–

(83)

Non-GAAP net loss

(870,545)

(65,376)

(935,921)

 

 

Related Links :

http://ir.bitauto.com/

PR Newswire

Industry Aficionado Paul Peros Launches World’s First Tech-led Full Haircare Precision System

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NEUCHATEL, Switzerland, Aug. 20, 2020 — The world’s only precision beauty company, REDUIT, has enjoyed unprecedented growth in its first months of launching, undeniably emerging as the ‘Tesla of Beauty’.

Paul Peros CEO REDUIT
Paul Peros CEO REDUIT

Accelerating the growth of this Swiss brand is its release of 14 products in 14 weeks, with a further 13 products still to come. The patented haircare portfolio is now fully available in 40 countries worldwide, with a hotly anticipated skincare line coming soon.

Pioneered by Paul Peros, a notable global CEO, REDUIT’s vision was to reimagine the haircare category and offer a sustainable, yet powerful solution for all hair types through the use of innovation and technology to apply treatments, yet remain sustainably friendly to the planet.

"In French ‘Reduit’ means ‘reduced’; we reduce packaging, amplify results; reduce time, amplify efficacy; reduce steps and amplify beauty," says Paul Peros.

Currently available are 3 REDUIT devices to choose from (REDUIT One, REDUIT One Gold and REDUIT One Pro) which will all work with the 5 REDUIT Hairpods™, and 5 REDUIT LED Hairpods™.

Using game changing technology, innovation and Swiss design, REDUIT almost completely reduced the need for stabilizers, thickeners and fillers in haircare and created highly concentrated formulas and a revolutionary precision delivery system for amplified results.

"Most active ingredients in beauty products go to waste through inferior delivery systems. REDUIT’s technology ensures maximum performance: 38x more efficacious than traditional products, while reducing the waste by 20x. We are shaping a category which has been relatively immune to advancement in technology and innovation but we are also showing the giants how to do this and encourage sustainability at the same time," adds Peros.

In its first month of launching, REDUIT avoided over 30 tons of CO2 output compared to traditional products, and that figure is projected to near 400 kilo-tons by the end of the year, meaning REDUIT may be outperforming the beauty giants in its first year of operation.

With the current trajectory and continuing on its mission, REDUIT will have launched 25 products,including the full haircare line, and a full skincare line which is expected to include technological innovations of skincare devices powered with Skinpods™ to suit a multitude of skin types and for specific skin conditions, by the end of 2020 and available to 40 countries including China, US and UK.

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OnBoard Accelerates International Expansion By Opening New Australia Office

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INDIANAPOLIS, Aug. 11, 2020 — OnBoard, the award-winning virtual board management solution that securely connects organizations and their directors, accelerated its international expansion today by opening a new office in Sydney, Australia. The opening of the new location enhances Passageways’ global scale and gives the company a prominent presence from which to serve its customers in Australia and New Zealand. To lead this effort, Colin Panagakis has been appointed as the Business Development Manager for the Australia office. Colin brings 15 years of experience and expertise in technology sales and board management to the table. He will focus on delivering customer relationships in Australia and New Zealand to fuel the company’s international expansion.

"Australia and New Zealand have been an important part of our growth, and so I am thrilled to have Colin join our team and lead this effort," said Passageways Co-Founder and CEO Paroon Chadha. "With the spread of COVID-19, frontline organizations around the world need a solution to navigate the crisis and make thoughtful, far reaching, governance decisions. OnBoard offers powerful tools for these organizations to run virtual board meetings and connect people together even when they are working apart."

As the world’s fastest-growing board management software provider and winner of 15 Stevie® Awards for two years running, OnBoard is trusted by 12,000 boards and committees around the world, including the United States, United Kingdom, Ireland, Kenya, Bahrain, Mexico, and Canada. OnBoard is on a mission to inspire and enable teams to perform better, together, including leading brands such as Global Citizen, SAE International, W.L. Gore and Associates, and Habitat for Humanity. Prominent customers in Australia and New Zealand include Mercy Hospital Dunedin Limited, St. Vincent de Paul Society, Breaking the Silence, and Healthy Workplaces Limited.

"We are seeing incredible demand in the APAC market," said Paul Stark, Director of Passageways’ UK office. "Opening an office in Sydney further expands our international presence and positions OnBoard as the perfect choice for boards and committees looking to make smart, agile governance decisions."

"OnBoard empowers boards of directors to make better decisions more efficiently," said Panagakis. "I’m excited to join the team, and I look forward to building on our momentum and delivering even more value for our customers."

About Passageways
Passageways was founded in 2003. OnBoard is a virtual board management solution that securely connects organizations and their directors to all their meeting materials, meeting agendas, minutes, approvals, eSignatures, calendars, policies, and procedures. OnBoard is trusted by more than 12,000 boards of directors and committees around the world, including public companies, private organizations, non-profit organizations and government bodies.

Media Inquiries:
APAC: Paul Stark, pstark@passageways.com, +44 (0) 1628 882151
USA: Rashmi Bijai, rbijai@passageways.com, +1.574.229.6491

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Related Links :

http://www.passageways.com

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Flowhaven Opens London Office, Announces 2020 Momentum

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World’s fastest-growing brand licensing solution celebrates London office, new clients

LONDON, Aug. 3, 2020 — Leading licensing relationship management technology platform, Flowhaven, has announced a new office in London and the expansion of its U.K. client roster. The new office brings Flowhaven closer to its clients in the region and is the latest achievement in a year of rapid company growth.

Built on Salesforce, the world’s CRM, Flowhaven provides a centralized, end-to-end solution that helps companies manage and scale their brand licensing programs.

In January, Flowhaven expanded beyond its Helsinki headquarters with an office in Los Angeles. The move cemented the company’s status as a key player in the licensing industry’s digital evolution. The new London office will seat Jeremy Robinson, head of sales, EMEA, and his powerhouse team.

"The UK is Europe’s largest licensing market. The country is home to the international offices of most US brands and has a vast number of domestic brands that continue to grow and perform extremely well," says Kalle Torma, CEO and founder.

"The continued growth we are seeing in our client base made the decision to open a standalone office in the UK an easy choice," says Jeremy Robinson. "From there I am perfectly placed to be able to work alongside the UK team and customers, as well as liaise with and travel to colleagues and prospects in other locations. The rapid pace of development we are seeing in our customer base and system capabilities are a fantastic combination and I am very excited by the discussions we are having, and the continued future development for Flowhaven"

Recent customer signing Games Workshop Group PLC joins a growing number of clients in the U.K. including Full Colour Black, whose portfolio includes Banksy street art; Lisle Licensing, who represents Tetris, Masha and the Bear, 44 Cats; Licensing Link Europe whose clients include Build-A-Bear Workshop, Van Gogh Museum as well as Pantone and; more.

At the end of last year, Flowhaven closed a $5.2 million (€4.75 million) seed round of financing. Global Founders Capital led the investment round with participation from existing investors including Icebreaker.vc. Following the round, Flowhaven entered a portfolio of investments that includes Facebook, Slack, Trivago, Canva, Eventbrite, and more. The company has also grown to more than 30 team members across its permanent and satellite locations, tripling in size year over year.

Media Contact:
Kalle Torma
kalle.torma@flowhaven.com
+44 (0) 20 3920 8566
Flowhaven.com

 

Related Links :

http://flowhaven.com

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Mr. Anil Jaggia, Former CIO, HDFC Bank, joins Cloud4C – a CtrlS Company, as a Strategic Advisor

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He will play a pivotal role in designing innovative smart and intelligent technology solutions for the Banking sector

SINGAPORE and HYDERABAD, India, July 31, 2020 —  Mr. Anil Jaggia, former CIO, HDFC Bank, and a technology veteran has joined Cloud4C – a CtrlS company, as a strategic advisor for the banking practice. He will work closely with the organization’s leadership team with a key focus on enabling large banking transformation projects on Cloud, DevOps, Automation, and aid banks in their digital transformation journey. He is a graduate in management from IIM Ahmedabad and holds an engineering degree from IIT Kanpur. He enjoys strong credentials and brings along over 30 years of rich experience across a wide spectrum of financial services, business and IT strategies.

Mr. Anil Jaggia, Former CIO, HDFC Bank, joins Cloud4C – a CtrlS Company, as a Strategic Advisor
Mr. Anil Jaggia, Former CIO, HDFC Bank, joins Cloud4C – a CtrlS Company, as a Strategic Advisor

Earlier, in 2008, Mr. Anil Jaggia – a highly respected and visionary technology leader in the banking sector – had taken over as CIO of HDFC Bank and played a key role in digital transformation of the bank and led it to an enviable leadership position. Some of the key initiatives taken by him at HDFC Bank were around core transformation, data warehouse, Analytics, Digital Banking, Business Continuity, along with additional responsibility to lead a Coordination Council for Financial Inclusion (FI) and Sustainable Livelihood Banking (SLB). Before joining HDFC Bank, he was Chief Operating Officer of Centurion Bank of Punjab Limited, for four years. Before this, Mr. Jaggia worked for over 18 years with Citibank at Chicago, New York, Singapore, Mumbai and Kolkata.

Mr. Anil Jaggia said, “I am happy to join Cloud4C as a Strategic Advisor. The world of banking is now strategically moving from physical banking to contact-less banking. The future is where everything will communicate through internet of things to find and engage customers powered by artificial intelligence, machine learning, social technologies, analytics and efficient storage and computing technologies.” He further said, “I am looking forward to actively and closely working with the Cloud4C leadership team to build innovative, new age, collaborative, agile, open, secure, rapidly scalable and regulatory compliant banking technology solutions to help banking sector embrace the digital future.”

Digital banking is the future as banking products and services will be delivered through mobile apps, processed through API, and delivered through all internet channels making virtual banking a reality. Digital Banking worldwide market is projected to reach $500 billion by 2027 with a digital user base of 4 billion. Cloud4C with its presence in 50 locations across 25 countries plans to serve 25,000 banks worldwide through its banking community cloud and other new age banking technology solutions combined with its intelligent cloud managed services. The company today serves 60 of the Fortune 500 global multinationals and 20+ banks globally compliant with regulations such as GDPR in Europe RBI guidelines in India among others.

Mr. Sridhar Pinnapureddy, Founder and CEO, Cloud4C Services, said, “I am extremely delighted to welcome Mr. Anil Jaggia, a seasoned banking industry veteran who brings deep experience in business-IT alignment, innovation in IT strategies in banking sector. I extend him a warm welcome to the Cloud4C family. He further added, “Mr. Anil will play a key role in shaping our new age technology solutions for the banking sector as banking is becoming embedded and ubiquitous.”

About Cloud4C

Cloud4C is the World’s leading Cloud Managed Services provider and trusted advisor to 4,000 customers in 25 Countries and 50 locations including 60 of the Fortune 500 Global Multinationals. The company provides cloud (public, private, hybrid) and community cloud services (Banking Community Cloud, SAP Community Cloud), cloud migration on hyperscalers such as AWS, Microsoft Azure, Google Cloud, end to end intelligent cloud managed services, disaster recovery services, managed security services and helps businesses comply with  stringent data sovereignty laws in respective countries.

The company plans to expand its geographical footprint to 80 countries and 160 locations worldwide in the next 36 to 48 months.

www.cloud4c.com

Media Contact:
B.S. Rao
Vice President and Global Head (PR and Communications)
Cloud4C Services
bsrao@cloud4c.com
www.cloud4c.com

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Envision Digital announces new management hires in ongoing global expansion

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Nine new senior executives signal Envision Digital’s rapid global expansion in key APAC and EMEA markets

SINGAPORE, July 29, 2020 — Global green tech, Artificial Intelligence and Internet of Things (AIoT) technology leader, Envision Digital International Pte Ltd (“Envision Digital”), today announced the appointment of nine new management hires as the company expands to deliver on its Net Zero Carbon and automation promises.  

The appointments follow the recent announcement of Envision Digital’s expansion into the German marketplace, which marks the 12th global office for the company. 

Envision Digital brings together AIoT to enable machine to machine, no human touch, real-time optimisation of key assets in the energy, building, manufacturing and city spaces. This includes solutions for solar or wind electricity generation, smart battery charging and load balancing, heating ventilation and air conditioning, field fault detection, predictive maintenance and asset optimisation, security and safety, as well as alerting.

Sylvie Ouziel, International President of Envision Digital International, says: “I am thrilled to welcome those new executives to our global team. We share the same vision and ambition towards a decarbonised and efficient world which reconciles performance and sustainability. Given the extreme economic and societal challenges the planet is facing, our corporate focus is to continuously support sustainable business growth while ensuring safe and efficient operations for public and private organisations. I am confident that our new colleagues will massively contribute to collectively reach those objectives.”

Five of the nine new hires serve global remits and three of them are based in San Francisco, California. They are the Global Chief Product Integration Officer (CPIO), Chief Information Security Officer (CISO), and Global Common Products Lead. Based out of Paris, France is the new Head of Global Digital Grid and Vehicle to Grid (V2G) Centre of Excellence (CoE). Based out of Singapore is the new Head of the Smart City and Decarbonisation domain.

Thomas Kiessling has been appointed as Global Chief Product Integration Officer (CPIO). Thomas will coordinate the architecture of Envision Digital’s offerings between the technology platforms and functional domains to maximise client value whilst fostering reusability and interoperability. He will also play a leading role in promoting Envision Digital’s solutions to key industry stakeholders, including industry analysts, software and system integration partners. Thomas has held various C-suite roles in the past, such as serving as the Chief Product and Innovation Officer of Deutsch Telekom. His most recent role was co-founder and Chief Technology Officer (CTO) of predictive IoT platform, AMPLY Power, Inc., specialising in electric vehicle (EV) smart charging systems.

Al Ghous joins as Global Chief Information Security Officer (CISO), bringing over 18 years of experience in cybersecurity strategy and operations, information and product security, and risk management. Al joins from his previous role as Chief Security Officer (CSO) at ServiceMax, a global asset-centric field service management company. He is also the co-founder of SVCI, a group of CISOs that operate as an angel investor syndicate.

Matthew Brocklehurst joins as the Global Common Products Lead for Envision Digital, leading new innovations, products and platform strategy, and enhancing existing offerings with a focus on renewables and energy storage. Matthew joins from his previous role as CTO at Power Factors, a performance optimisation platform for the renewable energy industry.

Xavier Becuwe joins as Head of Global Digital Grid and V2G CoE. He will lead a team of experts based in Paris and take responsibility of Envision Digital’s solutions in the Smart Grid and V2G Ecosystem. Xavier brings more than 13 years of experience in smart technologies, with a focus on smart grid and electro-mobility, developing innovations, building capacity and delivering solutions to major customers across Europe and Asia.

Ynse de Boer joins as the Smart City and Decarbonisation International Domain Lead, based out of Singapore. He will lead the development and deployment of Smart City, Smart Spaces and Corporate Decarbonisation programs. In his previous role at Accenture, Ynse built and led Accenture’s Strategy and Sustainability practices for Asia Pacific based in Singapore first, and more recently for a region comprised of France, Belgium, Luxemburg and the Netherlands.

The global hires will report to Sylvie Ouziel, International President of Envision Digital.

In APAC, Envision Digital has hired a Delivery Lead based in Singapore, Envision Digital’s global headquarters.

Saqib Khan joins the APAC team as Delivery Lead, directly reporting to Robin Li, head of the Global Solutions and Services Centre (GSSC) in Singapore. Saqib will ensure delivery excellence of client projects across the region. Beyond management duties, his role includes defining solutions and leading the implementation of large programs notably related to smart plans and assets management, where his personal expertise lies. Saqib has previously held roles as a Consulting Director at Deloitte and Principal Director at Accenture.

Complementing the Envision Digital leadership team, three new hires take various roles in Europe across operations and finance.

Marc Chevenement joins as Operations Director of Envision Digital France. He will be responsible for end-to-end client and partner projects, developing new partnerships within various industry verticals, as well as supporting cross-entity battery and wind turbine projects. Marc brings experience in industrial operations and digital business transformation, previously holding a variety of roles in automotive, consulting, and insurance at PSA, Accenture and Allianz.

Matthias Felber joins as Head of Operations for Envision Digital’s Germany retail activities, coordinating and implementing Envision Digital’s EV charging solution. Matthias brings over 20 years of experience across a range of business verticals, most recently serving as Managing Director of strategic digital consultancy, Neusta Accelerate.

Sabine Moser joins as the Finance Director of Envision Digital in Germany. She joins from intelligent automation solution provider, KUKA, previously serving as the Director of Finance for the EMEA region.

Sabine and Matthias will report to the new Managing Director of Envision Digital Germany, Drazen Nikolic, who was appointed in May this year, while Marc will report to Sylvie Ouziel, International President of Envision Digital.

About Envision Digital

Envision Digital is a global AIoT technology leader headquartered in Singapore with over 500 employees across 12 offices in China, France, Norway, the Netherlands, the United Kingdom and the United States.   

Envision Digital owns EnOS™ – the world-class AIoT operating system which currently connects and manages over 63 million smart devices and 120GW of energy assets globally. Its monitoring, advanced analytics, forecasting and optimising applications provide insights to help clients better manage their assets and portfolio performance. Its offering extends to Smart Renewables (Solar, Wind); Smart Cities; Connected Energy; and Smart Plants; partnering governments and companies in their digital transformation journey. 

As a major player in AIoT operating systems, Envision Digital is growing an ecosystem of partners to enable energy and digital transformation globally. Its growing list of over 250 customers and partners spans across ten industries and includes: Accenture, Amazon Web Services, GovTech Singapore, Keppel, Microsoft, Nissan, PSA International, PTT, Sonnen, Tableau and Total. 

For more information, visit www.envision-digital.com

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U.S.-based UserTesting Names GB Kumar As Their Vice President of Sales for Asia Pacific

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SINGAPORE, July 24, 2020 — UserTesting, a leading provider of on-demand human insights, today announced the appointment of GB Kumar as the company’s first Asia Pacific regional Vice President of Sales. UserTesting has nearly 50 subscription customers in Asia Pacific with leading brands including Agoda, Canva, Destination NSW, Energy Australia, Meitu Inc., Photo Infotech Inc., and Yun Yun. These companies leverage the UserTesting® Human Insight Platform to get fast feedback on their products, messaging, & experiences, in a cost effective-way – from consumers in their markets, to build empathy for their end-users so they can make more informed business decisions.

“Asia Pacific countries are going through significant changes in buyer behaviour & trade patterns, which needs to be clearly understood for companies to sustain a competitive edge and grow their business,” said GB Kumar. “UserTesting can help these companies gain empathy for their customers by delivering deep and actionable insights – and these customer insights will help them regain the business momentum to accelerate out of the crisis.”

An accomplished business and sales leader with more than 20 years of experience, Kumar brings extensive experience leading teams across Asia Pacific, India, & the Middle East. Kumar most recently served as Vice President of Worldwide Sales & Marketing, and General Manager of India Operations at Prysm Inc. Prior to Prysm, Kumar held multiple geo leadership roles at Intel, Tech Mahindra, & Cisco.

“We are very excited to have GB join us to lead our expansion into Asia. He brings a proven track record of being able to develop and scale sales organizations for some of the world’s top technology companies, and we look forward to having him help us continue to expand our international footprint,” said Andy MacMillan, CEO of UserTesting. 

About UserTesting

Headquartered in San Francisco, CA, UserTesting enables every organization to deliver the best customer experience powered by human insight. With UserTesting’s on-demand Human Insight Platform, companies across industries make accurate customer-first decisions at every level, at the speed business demands. With UserTesting, product teams, marketers, digital, and customer experience executives, designers & UX researchers confidently & quickly create the right experiences for all target audiences, increasing brand loyalty & revenue. UserTesting has more than 1,500 subscription customers, including more than half of the world’s top brands, & has delivered human insights to over 35,000 companies to-date. www.usertesting.com.

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Color Star Technology Announces the Addition of Renowned Music Producer Xiuzhu Chen and Dancer Bowan Wang to its list of Star Teachers on its Planned Color World Platform

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NEW YORK, July 23, 2020 –Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company," "we" or "HHT"), a company engaged in the business of providing innovative education services, is pleased announced that its wholly-owned subsidiary Color China Entertainment Limited ("Color China") has entered into cooperation agreements with Xiuzhu Chen, a renowned Asian music producer, and Bowan Wang, a renowned Asian dancer to serve as "Star Teachers" on its planned online education platform "Color World".

Xiuzhu Chen is a well-known music producer with over 20 years of experience, beginning her career in pop music in 1988. She has participated in the recording of more than one thousand songs. In addition, she has also been featured in numerous movie soundtracks as well as television commercial songs, some of which were used in Disney films and on the Disney channel. These experiences and qualifications have built a solid foundation for her career in music and have qualified her to be in charge of the training sessions of multiple record companies over the past 20 years. She has also taught countless artists. After 2000, she began to accept invitations from various fields in China, ranging from music productions to television shows, serving as the trainer, music consultant and director. In "Super Boys," a popular singing contest show on Hunan TV in 2013, she trained 66 people, including Chenyu Hua, one the most popular singers in China today.

In 2013, she was invited to act as a judge on the "Super Idol" show of Sanli TV, additionally, she is still active in both Hong Kong and mainland China today, serving as both a music producer and vocalist. In 2018, she served as the vocal director of a music show, "The War of Music" on Tencent and was awarded the "Most Trendy Vocal Guide" award.

Xiuzhu has signed a contract with Color China to serve as a Star Teacher on Color World. With Xiuzhu’s experience in pop music, she differs from traditional vocal teachers in her vocal training and teaching methods. We believe that students will be able to learn and benefit from her courses in music production, vocal guidance and singing.

As a renowned dancer in Taiwan, Bowan Wang’s wonderful presentation of the art of dancing and unique understanding of choreography will now be available to all students. With her rich emotional expression and clever rhythmic control, Bowan’s talents have been fully recognized on and off the stage. Bowan has performed as a dancer at performances by famous singers such as Jay Chou, Ni Zhen, Yuqing Fei, Qin Cai and Yilian Lin. She also played significant roles in Jingru Liang’s concerts, Miss Asia’s final dance choreography, and the dance choreography of multiple high-end commercial activities, and more. With her various accomplishments, Bowan is an experienced dancer with a deep heritage, who brings with her a comprehensive technical interpretation and dimensional expression. During her 25-year dancer career, Bowan has served as judge for dance competitions in various colleges and universities on numerous occasions, helping a large number of excellent dance practitioners. Bowan has also expressed her strong enthusiasm to be an instructor on Color World, and to finally have the opportunity to share her years of experience with the next generation of dancers and to do something for the dance industry that she loves.

Our planned courses will focus on integrating renowned teachers with online entertainment and education and are intended to break free from traditional teaching models. We believe that our planned interactive and comprehensive educational courses will greatly spur multi-direction growth for students. We also plan that Color World will provide outstanding students with more opportunities to participate in various activities at our offline entertainment base, as well as a star-level model which will provide our users and students with a ladder to enter the entertainment industry quickly.

We are honored to cooperate with Xiuzhu Chen and Bowan Wang. In the future, we anticipate to continue to sign contracts with more Chinese and international artists in music, film, sports, animation, television, presentation, dance, art and other entertainment fields as Star Teachers on Color World.

We believe that the famous stars and professional instructors we invite onto Color World can share their valuable experiences with students around the world, so that more students can experience the charm of learning. The launch of Color World will also open a whole new level of the online education of entertainment. Unlike other traditional education platforms, we pay more attention to the professional learning experience of our students by inviting professionals of each field to share their professional career experience. In order to provide the most effective learning environment with precision, we plan for our platform to include level subdivisions, and list numerous Star Teachers in fields ranging from film and television programs to music production. Users will be able to register online and choose their favorite instructors, as well as conduct online learning exchanges.

Color Star plans to build Color World into a world-class online education platform with top technology and peripheral service. Beginning in China and expanding globally, management believes that we will be able to bring a highly attractive and new mode of education and entertainment. We believe that the abundant practical experience of the Star Teachers combined with the unique teaching mode of our planned live courses on Color World will enable the content of the courses to not only be a vivid exchange, but also act like a rainbow, linking the love of entertainment at both ends and the pursuit of various forms of art.

About Color Star Technology Co., Ltd.

Color Star Technology is a holding company whose primary business is offering both online and offline innovative education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company also anticipates providing an after-school tutoring program in New York via its joint venture entity Baytao LLC, and providing online music and entertainment education via a platform branded "Color World."

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include the business plans, objectives, expectations and intentions of the parties following the completion of the acquisition, and HHT’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. 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. 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 HHT’s operations, the demand for the HHT’s products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT. Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT’s SEC filings are available publicly on the SEC’s website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Color Star Technology Co., Ltd.
Contact: Investor Relations
FinancialBuzzIR™
info@FinancialBuzzIR.com
Tele: +1-877-601-1879

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Former General Manager of Sogou’s Commercial Product Technology Center, Xu Hongbing, Appointed CTO of Yiwugo

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YIWU, China, July 22, 2020 — Yiwugo.com, the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world, announced last week that Mr. Xu Hongbing, former General Manager of Sogou’s Commercial Product Technology Center, was appointed its CTO, and will lead the overall technology development and operation.

Xu Hongbing
Xu Hongbing

Mr. Xu obtained his Master’s degree from the Department of Computer Science and Technology of Tsinghua University. He has served in well-known technology and Internet companies such as Microsoft, Sohu, and Sogou. As one of the core members, he led the development of China’s first online content publishing system and Internet video advertising system, and he has extensive experience in various fields such as e-commerce platform and traffic monetization.

Yiwugo is committed to the digital upgrade of specialized markets. After years of development, the platform has accumulated a considerable amount of traffic, especially since the beginning of this year, its traffic has increased significantly. At present, Yiwugo owns 53,000 merchants, 800,000 daily unique visitors (UV), 15 million daily pageview (PV), and 5 million registered buyers. Yiwugo has become the most influential e-commerce platform in the specialized market in China. The explosive growth of its user traffic has given rise to further overall technical requirements of Yiwugo. "The company urgently needs an experienced technical leader. I believe that under the leadership of CTO Xu Hongbing, a great technical improvement can be expected," said Wang Jianjun, CEO of Yiwugo.

After more than 20 years of development of China’s Internet industry, a large number of companies have recently begun to shift their business focus from consumer Internet to industrial Internet, which has created a new track for the Internet industry in the future, and attracting more and more talents in the industry with its huge market potential. As the largest online platform in the small commodity wholesale industry, Yiwugo was able to invite such an outstanding expert as Mr. Xu to join, which is an inevitable trend of industry and the best combination of enterprises and talents.

Yiwugo is tailor-made for specialized markets, and its functions are designed in a way close to actual small commodity wholesale markets. The core of the specialized markets is "finding goods", and the core of the professional market upgrading is the upgrading the way of finding goods. Yiwugo has covered all small commodity markets and high-quality small commodity suppliers in Yiwu and strives to make it easier for buyers to search commodities. Through technical means such as 360-degree panoramic display, live streaming and APP, the platform ensures online and offline consistency. Yiwugo is a user-friendly platform which reduces the traffic cost of vendors in physical markets operating e-commerce business, and meets the transformation requirements of merchants of professional markets through a decentralized and intelligently recommended traffic distribution mechanism. Many vendors on the Yiwugo have been made able to connect with new domestic and foreign buyers at low cost.

PR Newswire

Exadel Meets Growth Projections, Secures New Clients And Expands Senior Management Team In Second Quarter Of 2020

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Despite a global pandemic and business slow-downs, Exadel continues to thrive and grow based on its distributed Agile engineering and development model

WALNUT CREEK, California, July 22, 2020 — Exadel (www.exadel.com), an enterprise software development company, today announced strong momentum in the second quarter of 2020, including increased sales, the addition of new clients, several new projects and the expansion of its C-level team with two senior level appointments. The company’s achievements are particularly noteworthy in the midst of the worldwide COVID-19 pandemic. The distributed Agile development model Exadel employs is central to its ability to withstand economic challenges as it helps clients realize digital transformation across the globe.

 Specifically, in the second quarter, Exadel:

  • Maintained its growth projections for 2020
  • Increased repeat business from existing clients
  • Leveraged additional projects via distributed Agile development
  • Deepened its senior management bench strength with new positions of Chief Operating Officer and Chief Delivery Officer

"Exadel has always had a distributed Agile development approach to help clients achieve success," explained Fima Katz, CEO of Exadel. "We have teams across the globe who have been working in a distributed manner since the formation of the company. While other companies are struggling to adjust quickly to a remote workplace reality, Exadel  provides the infrastructure, resources, technology and talent needed to easily adapt and thrive despite great disruptions such as COVID-19.

Exadel has locations across three continents. Its team of highly specialized software engineers has helped numerous high profile brands and enterprise organizations – many Fortune 500 entities – build and deliver everything from custom software projects to complete product platforms from the ground up.

In addition to impressive results for the second quarter, the company also announced the addition of two new positions and members of its senior management team. Elena Krukovskaya has been promoted to Chief Operations Officer (COO), and Alexey Girzhadovich assumes the role of Chief Delivery Officer (CDO).

Krukovskaya began working at Exadel in 2008 as a human resources manager where she established Exadel’s policies around people, operations and processes. As COO, Krukovskaya will be responsible for managing Exadel’s global operations to meet business goals and objectives.

Girzhadovich is an accomplished leader and previously served in multiple roles at Exadel. He brings a lengthy track record of working with high-growth software companies. As Chief Delivery Officer, Girzhadovich will implement a coherent project delivery strategy with a focus on teams, processes, efficiency and profitability.

"Achieving success during these challenging times is a testament to Exadel’s ability to deliver exceptional software engineering services that help our clients realize their business goals," said Katz. "Exadel has a winning formula and we look forward to continued growth in the future."

Tweet this: .@exadel announces continued growth with new clientele and an expanded executive team, despite the challenges of #COVID19 #digitaltransformation

Exadel is an enterprise software development company supporting organizations at all stages of their digital transformation journey. We help companies redefine the way they do business by developing core digital solutions, software products and platforms, and helping them transition to the cloud. Exadel is a leader in distributed Agile development, leveraging resources globally for continuous delivery, even during times of great disruption. Headquartered in Silicon Valley, Exadel has more than 1,000 engineers in 23 offices across the USA, Europe and Asia. We produce a variety of original products, frameworks, platforms and solutions for high profile brands across many industries—from media and publishing, finance, retail and e-commerce, to healthcare, wellness, high tech and transportation. Learn more at exadel.com

Contact:
Terri Douglas
Catapult PR-IR
303-581-7760
tdouglas@catapultpr-ir.com

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Related Links :

https://www.exadel.com