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China Finance Online Reports Third Quarter and First Nine Months of 2020 Unaudited Financial Results

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BEIJING, Dec. 30, 2020 — China Finance Online Co. Limited ("China Finance Online", or the "Company", "we", "us" or "our") (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2020.

Third Quarter 2020 Financial Highlights and Recent Development

  • The bottom line losses continued to narrow year-over-year.
  • Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $2.1 million in the third quarter of 2019.
  • Net revenues grew 32.9% year-over-year and 9.8% quarter-over-quarter to $10.7 million.
  • Revenues from the financial information and advisory business, accounted for 46.5% total revenue in the third quarter of 2020, were up 108.0% year-over-year to $5.0 million, powered by 139.6% growth in individual investor subscription and 176.3% growth in investment advisory services.
  • Due to the growth of financial information and advisory business, gross margin increased to 64.4% from 62.3% in the third quarter of 2019 and 63.3% in the second quarter of 2020.
  • In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi Robo-Advisor ("Lingxi") won the Top 10 Best Robo-Advisors.

First Nine Months of 2020 Highlights

  • Net revenues were $30.3 million compared with $26.8 million in the first nine months of 2019.
  • Revenues from the financial information and advisory business grew 54.1% year-over-year and accounted for 43.2% of total revenues in the first nine months of 2020.
  • Net loss attributable to China Finance Online was $4.9 million, compared with a net loss of $7.9 million in the first nine months of 2019.

Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented that "During the third quarter, we continued to expand our top line as our financial information and advisory business experienced robust growth in a market that participation keeps reaching new highs among retail investors. We are pleased that our years of accumulated experience in fintech and wealth management are gaining popularity and showing results. Through our product mix change and vigorous cost controls, we further reduced our bottom-line loss in the third quarter as well."

"As a professional financial media, we continued to retain our leadership and market influence. On October 16th, the prestigious Hurun Institute published its 2020 Hurun China’s Most Influential Financial Media report and awarded China Finance Online as a Top 8 Most Influential Financial Media. We continue to promote innovations and the rise of short-form videos demonstrates how new media is becoming the new entry point for online traffic. As a professional financial media provider, we have strengthened our new media operation to deliver our enriched content to audiences through different channels. With our original content and proprietary programs, we made substantial strides in the popular short-form video social media, DouYin. In recent years, we also have been providing value-added services to public companies listed on domestic and international exchanges which helped grow our revenue in the third quarter."

"In addition, our fintech offerings to empower wealth management buy-side services began to bear fruit. Our one-stop wealth management service platform, i-TAMP, not only empowers investment advisors and wealth managers, but helps elevate their service efficiency and professionalism. Our i-TAMP has supported more than 100 third-party platforms and reached nearly 40 million individual investors. With the growing scale of the platform, our revenue from services for individual investors increased significantly during the third quarter."

"Our two-year-old robo-advisor, Lingxi, remains committed to providing personalized services for global asset allocation to the vast investor population. Lingxi’s outstanding performance didn’t go unnoticed by the financial industry and academia. In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi won as the Top 10 Best Robo-Advisors."

"On the institutional wealth management service front, we are forming partnerships with more and more financial institutions. With the growing popularity of our content, our services in investor education drew increasingly more attention and won projects from leading financial institutions. We strongly believe that China presents a massive market opportunity in wealth management. We will continue to develop and upgrade our technologies, products and services to empower the wealth management sector in China," Mr. Zhao concluded.

Third Quarter 2020 Financial Results

Net revenues were $10.7 million, compared with $8.1 million during the third quarter of 2019 and $9.7 million during the second quarter of 2020. During the third quarter of 2020, revenues from financial services, the financial information and advisory business, advertising business and enterprise value-added services contributed 29%, 47%, 15% and 9% of the net revenues, respectively, compared with 45%, 30%, 17% and 9%, respectively, for the corresponding period in 2019.

Revenues from financial services were $3.1 million, compared with $3.6 million during the third quarter of 2019 and $3.2 million during the second quarter of 2020. The year-over-year and quarter-over-quarter decreases in revenues from financial services were mainly due to reduced revenue from the equity brokerage business.

Revenues from the financial information and advisory business were $5.0 million, compared with $2.4 million during the third quarter of 2019 and $4.6 million in the second quarter of 2020. Revenues from the financial information and advisory business were mainly comprised of subscription services from individual and institutional customers and financial advisory services. The year-over-year and quarter-over-quarter increases in revenues from the financial information and advisory business were mainly due to the fast-growing investment advisory services and subscription fees from individual investors. During the third quarter, revenue from the individual investors subscription business rose by 139.6% from third quarter of 2019 and 9.5% from the second quarter of 2020. Investment advisory services also registered strong growth with an increase of 176.3% from the third quarter of 2019 and an increase of 11.0% from the second quarter of 2020.

Revenues from the advertising business were $1.6 million, compared with $1.3 million in the third quarter of 2019 and $1.0 million in the second quarter of 2020.

Revenues from enterprise value-added services were $1.0 million, compared with $0.7 million in the third quarter of 2019 and $0.9 million in the second quarter of 2020. Enterprise value-added services are a relatively new service that came out of our advertising business. Leveraging its accumulated large corporate data and research and increasing audience base online, China Finance Online provides professional communication services to companies listed on domestic or international markets to increase their visibility in the market.

Gross profit was $6.9 million, compared with $5.0 million in the third quarter of 2019 and $6.2 million in the second quarter of 2020. Gross margin in the third quarter was 64.4%, compared with 62.3% in the third quarter of 2019 and 63.3% in the second quarter of 2020. The year-over-year and quarter-over-quarter increases in gross margin were mainly due to increased revenue contribution from individual subscription services and financial advisory services which have higher gross margin.

General and administrative expenses were $2.2 million, compared with $2.3 million in the third quarter of 2019, and $2.3 million in the second quarter of 2020. The year-over-year and quarter-over-quarter decreases were mainly attributable to further streamlining of the corporate managerial operations.

Sales and marketing expenses were $4.5 million, compared with $2.8 million in the third quarter of 2019, and $4.1 million in the second quarter of 2020. The year-over-year increase was mainly attributable to higher marketing expenses related to the investment advisory business.

Research and development expenses were $2.0 million, compared with $2.2 million in the third quarter of 2019 and $2.0 million in the second quarter of 2020. The year-over-year decrease was mainly attributable to improved efficiency after consolidation of research and development teams throughout different business units. The Company continues to support research and development in the fintech segment to further develop its fintech capabilities.

Total operating expenses were $8.8 million, compared with $7.3 million in the third quarter of 2019, and $8.4 million in the second quarter of 2020. The year-over-year and quarter-over-quarter increases were mainly due to higher sales and marketing expenses.

Loss from operations was $1.9 million, compared with a loss from operations of $2.3 million in the third quarter of 2019 and a loss from operations of $2.2 million in the second quarter of 2020.

Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $2.1 million in the third quarter of 2019 and a net loss of $1.5 million in the second quarter of 2020.

Fully diluted loss per American Depository Shares ("ADS") attributable to China Finance Online was $0.66 for the third quarter of 2020, compared with fully diluted loss per ADS of $0.91 for the third quarter of 2019 and fully diluted loss per ADS of $0.65 for the second quarter of 2020. Basic and diluted weighted average numbers of ADSs for the third quarter of 2020 were 2.3 million, compared with basic and diluted weighted average number of ADSs of 2.3 million for the third quarter of 2019. Each ADS represents fifty ordinary shares of the Company.

First Nine Months of 2020 Financial Results

Net revenues for the first nine months of 2020 were $30.3 million, compared with $26.8 million in the first nine months of 2019.

Gross profit for the first nine months of 2020 was $19.0 million, compared with $17.0 million in the first nine months of 2019.

Loss from operations for the first nine months of 2020 was $5.7 million, compared with a loss from operations of $8.0 million in the first nine months of 2019.

Net loss attributable to China Finance Online for the first nine months of 2020 was $4.9 million, compared to a net loss of $7.9 million in the first nine months of 2019.

Fully diluted losses per ADS attributable to China Finance Online was $2.14 for the first nine months of 2020, compared with fully diluted loss of $3.43 for the first nine months of 2019.

Recent Developments 

  • Lingxi Robo-Advisor recorded strong performance in the third quarter of 2020 and won Top 10 Best Robo-Advisors

According to our proprietary asset allocation system, our Robo-Advisor product, Lingxi, provides Chinese retail investors with a wide array of investment combinations and personalized global asset allocations through Chinese domestic mutual funds. Since its inception, Lingxi established a solid track record of balancing performance and risk management. During the first nine months of 2020, the Chinese stock market experienced unprecedented volatility. Lingxi once again outclassed most of the peer Robo-Advisor products in the marketplace and outperformed the Shanghai Composite Index. The best strategy of Lingxi posted a return of 13.34% in the first nine months while Shanghai Composite Index had a return of 5.50% during the same period. All strategies of Lingxi managed to control the expected annualized fluctuation under 9.54% while the expected annualized volatility of Shanghai Composite Index reached 22.47% during the same period. In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi won the Top 10 Best Robo-Advisors. The other winners are from among the largest financial institutions.

  • 2020 Leading China Annual Forum

In December 2020, the Company hosted the "2020 Leading China Annual Awards" in Beijing. The key discussions were digital transformation of the financial industry, applications of fintech in wealth management, mutual funds, and pension finance. The conference is committed to promoting the long-term development of the financial industry in China and has received high recognition from financial regulators and institutions. There were senior government officials and over 1100 professionals from nearly 300 financial institutions in attendance at the event.

  • Hurun Report Ranks China Finance Online among the Top 8 Most Influential Financial Media in China

In October 2020, the prestigious Hurun Institute awarded China Finance Online as a Top 8 Most Influential Financial Media in China. This new ranking is based on Hurun Institute’s research of leading Chinese financial media outlets’ public data, website unique visitors, social media followers and article readership. The Chairman of Hurun Institute and researcher-in-chief of the Hurun Report, Rupert Hoogewerf, commented: "In this fast-moving information age, credibility of information source is especially crucial. High-quality original content is the most important determining factor of a media’s competitiveness. This ranking list enables corporates to identify the most influential financial media in China." 

Conference Call Information

The management will host a conference call on December 29, 2020 at 8:00 p.m. U.S. Eastern Time (9:00 a.m. Beijing/Hong Kong time December 30, 2020). Dial-in details for the earnings conference call are as follows:

US: 1-855-823-0291
Hong Kong: 800-963-435
Singapore: 800-616-2312
Mainland China: 800-870-0211 or 400-120-3169
Conference ID: 1688879

Please dial in 10 minutes before the call is scheduled to begin and provide the conference ID to join the call.

A recording of the call will be available on China Finance Online’s website under the investor relations section.

In addition, a live and archived webcast of the conference call will be available at https://edge.media-server.com/mmc/p/yenpozzx.

About China Finance Online

China Finance Online Co. Limited is a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers. The Company’s prominent flagship portal site, www.jrj.com, is ranked among the top financial websites in China. In addition to the web-based securities trading platform, the Company offers basic financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd., the Company provides financial database and analytics to institutional customers including domestic financial, research, academic and regulatory institutions. China Finance Online also provides brokerage services in Hong Kong.

Safe Harbor Statement

This press release contains forward-looking statements which constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. The statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, this release contains the following forward-looking statements regarding:

  • Liquidity and sources of funding, including our ability to continue operating as a going concern;
  • our prospect and our ability to attract new users;
  • our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
  • our prospect on stabilization in cash attrition and improvement of our financial position;
  • our initiatives to address customers’ demand for intuitive online investment platforms and alternative investment opportunities; and
  • the market prospect of the business of securities-trading, securities investment advisory and wealth management.

Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, substantial doubt about ability to continue as a going concern, the outbreak of COVID-19 or other health epidemics in China or globally, changing customer needs, regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market, Hong Kong stock market and global financial markets on our future performance; the unpredictability of our strategic transformation and growth of new businesses; the prospect of our margin-related business and the degree to which our implementation of margin account screening and ongoing monitoring will yield successful outcomes; the degree to which our strategic collaborations with partners will yield successful outcomes; the prospects for China’s high-net-worth and middle-class households; the prospects of equipping our customer specialists with new technology, tools and financial knowledge; wavering investor confidence that could impact our business; and possible non-cash goodwill, intangible assets and investment impairments may adversely affect our net income. Furthermore, we have recurring losses from operation and inability to generate sufficient cash flow to meet our obligation and sustain our operations and face uncertainty as to the operation impact of the COVID-19 outbreak, that raise substantial doubt about our ability to continue as a going concern. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors". The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For more information, please contact:

China Finance Online
+86-10-8336-3100
ir@jrj.com

Kevin Theiss
Awaken Advisors
(212) 521-4050
kevin@awakenlab.com

— Tables Follow —

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

Sep. 30,

2020

Dec. 31,

2019

Assets

Current assets:

Cash and cash equivalents

7,093

9,600

Prepaid expenses and other current assets

2,851

2,413

Trust bank balances held on behalf of customers

30,889

36,987

Accounts receivable – margin clients

12,824

13,452

Accounts receivable – others

13,113

12,382

Short-term investments

—

1,147

Total current assets

66,770

75,981

Property and equipment, net

3,446

4,272

Acquired intangible assets, net

75

75

Equity investments without readily determinable fair value

1,645

1,605

Equity method investment, net

783

767

Right-of-use assets

2,491

3,988

Rental deposits

775

770

Goodwill

109

108

Guarantee fund deposits

219

218

Deferred tax assets

1,277

1,381

Total assets

77,590

89,165

Liabilities and equity

Current liabilities:

Deferred revenue, current (including deferred revenue, current of the consolidated variable
interest entities without recourse to China Finance Online Co. Limited of $9,217 and $8,061
as of Sep. 30, 2020 and December 31, 2019, respectively)

9,916

8,855

Accrued expenses and other current liabilities (including accrued expenses and other current
liabilities of the consolidated variable interest entities without recourse to China Finance
Online Co. Limited of $5,454 and $5,068 as of Sep. 30, 2020 and December 31, 2019,
respectively)

18,533

17,420

Amount due to customers for trust bank balances held on behalf of customers (including
amount due to customers for trust bank balances held on behalf of customers of the
consolidated variable interest entities without recourse to China Finance Online Co. Limited
of $1,082 and $2,110 as of Sep. 30, 2020 and December 31, 2019, respectively)

30,889

36,987

Accounts payable (including accounts payable of the consolidated variable interest entities
without recourse to China Finance Online Co. Limited of $407 and $185 as of Sep. 30, 2020
and December 31, 2019, respectively)

5,251

6,741

Lease liabilities, current (including lease liabilities, current of the consolidated variable
interest entities without recourse to China Finance Online Co. Limited of $820 and $1,604 as
of Sep. 30, 2020 and December 31, 2019, respectively)

2,002

2,243

Income taxes payable (including income taxes payable of the consolidated variable interest
entities without recourse to China Finance Online Co. Limited of $35 and $44 as of Sep. 30,
2020 and December 31, 2019, respectively)

(35)

177

Total current liabilities

66,556

72,423

Deferred revenue, non-current (including deferred revenue, non-current of the consolidated
variable interest entities without recourse to China Finance Online Co. Limited of nil and nil
as of Sep 30, 2020 and December 31, 2019, respectively)

80

151

Deferred tax liabilities (including deferred tax liabilities of the consolidated variable interest
entities without recourse to China Finance Online Co. Limited of nil and nil as of Sep. 30,
2020 and December 31, 2019, respectively)

14

15

Lease liabilities, non-current (including lease liabilities, non-current of the consolidated
variable interest entities without recourse to China Finance Online Co. Limited of $273 and
$741 as of Sep. 30, 2020 and December 31, 2019, respectively)

225

1,448

Total liabilities

66,875

74,037

Total China Finance Online Co. Limited Shareholders’ equity

21,033

25,156

Noncontrolling interests

(10,318)

(10,028)

Total liabilities and equity

77,590

89,165

 

 

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands of U.S. dollars, except share and ADS related data)

Three months ended

Nine months ended

Sep. 30,

2020

Sep. 30,

2019

Jun. 30,

2020

Sep. 30,

2020

Sep. 30,

2019

Net revenues

10,701

8,051

9,745

30,281

26,833

Cost of revenues

(3,812)

(3,036)

(3,577)

(11,312)

(9,826)

Gross profit

6,889

5,015

6,168

18,969

17,007

Operating expenses

General and administrative (including share-based
compensation expenses of $177, $168, $250, $678 and $763
respectively)

(2,223)

(2,290)

(2,254)

(6,703)

(7,488)

Product development (including share-based compensation
expenses of $30, $8, $34, $91 and $38, respectively)

(2,023)

(2,195)

(1,990)

(5,998)

(7,323)

Sales and marketing (includes share-based compensation
expenses of $18, $13, $16, $26 and $46, respectively)

(4,509)

(2,816)

(4,120)

(11,965)

(10,245)

Total operating expenses

(8,755)

(7,301)

(8,364)

(24,666)

(25,056)

Loss from operations

(1,866)

(2,286)

(2,196)

(5,697)

(8,049)

Interest income

4

5

8

17

25

Exchange gain (loss), net

(78)

76

6

(104)

10

Loss on the interest sold and retained noncontrolling
investment

—

—

—

—

(298)

Income (loss) from equity method investment

—

(1)

(1)

(2)

(4)

Other income (expense), net

350

79

242

658

36

Loss before income tax expenses

(1,590)

(2,127)

(1,941)

(5,128)

(8,280)

Income tax expenses

(5)

(108)

243

(181)

(574)

Net loss

(1,595)

(2,235)

(1,698)

(5,309)

(8,854)

Less: Net loss attributable to the noncontrolling interest

(74)

(131)

(209)

(379)

(1,001)

Net loss attributable to China Finance Online Co. Limited

(1,521)

(2,104)

(1,489)

(4,930)

(7,853)

Other comprehensive income (loss), net of tax:

Changes in foreign currency translation adjustment

(76)

(189)

15

105

(124)

Other comprehensive income (loss), net of tax

(76)

(189)

15

105

(124)

Comprehensive loss

(1,671)

(2,424)

(1,683)

(5,204)

(8,978)

Less: comprehensive loss attributable to noncontrolling
interest

(74)

(131)

(209)

(379)

(1,001)

Comprehensive income (loss) attributable to China Finance
Online Co. Limited

(1,597)

(2,293)

(1,474)

(4,825)

(7,977)

Net income (loss) per share attributable to China Finance
Online Co. Limited

Basic and Diluted

(0.01)

(0.02)

(0.01)

(0.04)

(0.07)

Net income (loss) per ADS attributable to China Finance
Online Co. Limited

Basic and Diluted

(0.66)

(0.91)

(0.65)

(2.14)

(3.43)

Weighted average ordinary shares

Basic and Diluted

115,060,781

115,060,781

115,060,781

115,060,781

114,561,418

Weighted average ADSs

Basic and Diluted

2,301,216

2,301,216

2,301,216

2,301,216

2,291,228

 

Related Links :

http://www.jrj.com

PR Newswire

Flipclutch Research Report: Hologram AR leads the new trend and new application scenarios of automobile releases

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HONG KONG, Dec. 29, 2020 — With the maturity of AR technology, the integration of AR with many industries has become deeper and deeper, and the industry changes brought about by it have also been implemented at an even more alarming speed. The automotive industry is one of the most significant industries.

When it comes to AR technology, some people think that it is far away from life, but in fact, it is very close. Using AR technology, car owners can more concisely and intuitively understand the various features and operation methods of the car in an all-round way. These are achieved byusing AR (augmented reality) holographic technology.

Augmented Reality (AR) technology is a technology that ingeniously integrates virtual information with the real world. After computer-generated texts, images, 3D models, music, videos, and other virtual information are simulated, they are applied to the real world. The two kinds of information complement each other to achieve the "enhancement" of the real world.

The car conference created by AR technology has created a unique way to hold the car conference, turning the traditional conference into a dynamic, fashionable, and creative trend. Meanwhile, thishas gained far more attention than before.

Traditional car conferences can only be displayed on a large screen, and it is difficult for the audience to have a good understanding of the car. The application of AR for car conferences makes the presentation of cars more detailed and specific. In the meantime, it can enhance users’ favorability of the brand, and has gradually become a highlight of brand marketing.

Through virtual reality technology, consumers can not only see the whole picture of the car, but also see its internal structure design, and have a more comprehensive understanding of the car. Virtual reality technology helps consumers get the best car buying experience, and they will no longer regret the limited test drive models and space limitations.

It is reported that in May this year, some car companies have released new cars through augmented reality (AR) technology. Users only need to log into the official website through the APP to watch the live event. Using AR technology, new cars can be displayed to consumers in the same size and scale.

The innovative launch is the first time that car makers have used augmented reality to host virtual conferences on new models. It is reported that the car dealer will also plan to provide this new model appreciation function for the entire model series.

At present, many technology giants have been laying out in the AR field and constantly developing AR application scenarios.

According to reports, recently, WIMI officially announced the establishment of the "Holographic Academy of Science" to research the cutting-edge technology of holographic AR and disruptive technological innovation.

Holographic projection technology is a technology that uses the principles of interference and diffraction to record and reproduce real three-dimensional images of objects. Holographic projection observes the photos through different directions and angles, and you can see the different angles of the object being photographed, so the recorded images can make people have stereo vision.

The range of applications of holographic projection includes automotive conferences, product exhibitions, stage programs, interaction, bar entertainment, and interactive projection. With the advancement of technology, holographic projection technology will continue to develop.

WIMI Hologram Cloud is a holographic cloud comprehensive technical solution provider. Its business covers multiple links of the Hologram AR technology, including Hologram computer visual AI synthesis, Hologram visual presentation, Hologram interactive software development, Hologram AR online and offline advertising, Hologram ARSDK payment, as well as 5G Hologram communication software development. WIMI’s commercial application scenarios are mainly concentrated in five professional fields, including home entertainment, light field theater, performing arts system, commercial publishing system, and advertising display system.

WIMI utilizes its strong technical capabilities and infrastructure to provide excellent products and services. Its core business is holographic AR technology for software engineering, media manufacturing services, as well as cloud and big data.

With the high prosperity of the automotive market, people’s demand for human-vehicle interaction continues to increase, which also makes AR technology more used in the release conference of new automotive products, thereby increasing the application scenarios of AR holographic technology.

As for 2020, the automotive market will continue to be highly competitive, and AR technology will continue to develop as always. However, for the innovative application of technology, the combination of AR technology and application scenarios will become closer. The wide application of AR technology in many scenarios has greatly enriched people’s experience in scenarios. This also makes people full of expectations for the future application and innovation of AR technology.

About Flipclutch

Flipclutch Team is a leading market research company in Hong Kong. They have established a professional and proprietary research platform for financial markets, focusing on emerging growth companies and technologically leading companies. Flipclutch team is professional in market research reports, industry insights & financing trends analysis. For more information, please visit http://www.Flipclutch.com

PR Newswire

What does the new joint measurement of Mt. Qomolangma mean for China-Nepal relations

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BEIJING, Dec. 28, 2020 — A news report by China.org.cn on the joint measurement of Mt. Everest by China and Nepal:

 

Mount Qomolangma, the world’s tallest mountain, has got a new height. Recently, China and Nepal jointly announced that the mountain’s new height, including the snowcap, is 8,848.86 meters.

This is the most accurate and authoritative measurement to date of the world’s highest point, settling longstanding discrepancies over its exact height. The news made headlines across the world, and is of huge value in terms of scientific research.

As this year marks the 65th anniversary of the establishment of diplomatic relations between China and Nepal, the joint announcement of the new height is of extra significance to both countries.

Located in the Himalayan mountain range, Mount Qomolangma straddles the China–Nepal border. For hundreds of years, the peak has witnessed friendly exchanges between the two countries. For example, renowned Chinese monks Faxian and Xuanzang traveled to Nepal to worship the Buddha and obtain Buddhist scriptures. Meanwhile, famed Nepalese architect Araniko supervised the construction of the White Dagoba Temple in Beijing.

In 1961, China aided the construction of the Araniko Highway, which stretches across the Himalayas, connecting Kathmandu and the border town of Zhangmu in Tibet autonomous region. The highway has been serving as an important channel for trade and personnel exchanges between China and Nepal. In 2019, the Nepal–China joint venture Himalaya Airlines started operating direct flights between Beijing and Kathmandu, marking the first direct capital-to-capital service between the two countries.

The Himalayas, originally a natural barrier between China and Nepal, have been "broken down" by generations of friendly exchanges and practical cooperation, becoming a bond of friendship.

The joint measurement of Mount Qomolangma has also strengthened the emotional connection between China and Nepal. Teams from the two countries overcame difficulties and reached consensus on key issues after repeated discussion and consultation. This process also helped enhance mutual trust as China–Nepal relations have now been upgraded to a strategic partnership of cooperation.

Currently, Nepal is working hard to promote economic development and improve the lives of its people. Fueled by the Belt and Road Initiative, China and Nepal are developing a Trans-Himalayan Multi-dimensional Connectivity Network and deepening cooperation in business, culture and other fields. Such efforts are in line with the interests of both countries. The joint measurement marks a new milestone in this growing friendship and will help broaden bilateral cooperation on such issues as climate change and environmental protection.

The imposing Mount Qomolangma is the spiritual mountain of the Chinese people. It is also Nepal’s calling card. This "Peak of Friendship" jointly safeguarded by the two countries bears testimony to China–Nepal relations marked by generations of equality and friendship. It will also witness future efforts to deepen friendly relations for common development and prosperity.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm
What does the new joint measurement of Mt. Qomolangma mean for China–Nepal relations?
http://www.china.org.cn/video/2020-12/25/content_77051237.htm

 

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National Business Daily: SW China’s Chengdu to release opportunities in smart city governance with upcoming event

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CHENGDU, China, Dec. 25, 2020 — Chengdu will hold an event on smart city governance on December 29. Themed on "Releasing the Value of Data, Empowering Smart Governance", the event is the last installment of the 2020 Chengdu New Economy Double Thousand Project.

Smart urban transportation Photo/Shetuwang
Smart urban transportation Photo/Shetuwang

Experts, investment institutions, and representatives from renowned enterprises will gather in the capital city of Sichuan Province, both at the venue and via online channel, and conduct in-depth discussion on how data empowers the city governance, and trends and opportunities in smart city governance.

At the event, a list of opportunities in Chengdu’s efforts to build a smart city will be unveiled. The list aims to facilitate precise matching of smart city service providers to customers.

Besides, the online municipal service office of Chengdu will publish a list of cases that exemplify the business environment of Chengdu.

Companies will showcase their new products and new scenes in smart governance of megacities at the venue. These include the smart city services from tech giant Huawei, shared parking platform from Chengdu Communications Investment, and public data service platform from Chengdu Bigdata. Leading technologies like 5G and 4K/8K display will be used in these demonstrations.

In recent years, Chengdu has seen remarkable achievements in exploring new approaches to and innovative mechanisms of modern city governance, which include top-down policy design, improving "city brain", and the sharing of public data. The building of a smart city has promoted development of various industries in the city.

The event is hosted by the online municipal service office of Chengdu, Chengdu New Economy Development Commission, and the People’s Government of JingNiu District, Chengdu.

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Flipclutch Research: AR/VR social networking may become mainstream in 2030, WIMI leads the new social networking of 5G holographic communication

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HONG KONG, Dec. 24, 2020 — Flipclutch Research, a market research organization in Hong Kong, recently released a research report on ‘AR/VR social networking may become mainstream in 2030, WIMI leads the new social networking of 5G holographic communication’. With the future development direction of the holographic image in science fiction films, in the future, human beings are likely to completely abandon display products with screens such as TVs, computers, and mobile phones. Instead, just like in current science fiction films, huge multi-page charts or photos on the display screen are directly presented in front of their eyes, without touching the screen, the content on the screen is naturally switched, and even people of different time and space can talk face to face.

In a research report released earlier, in the future, we may be able to work and socialize in a completely virtualized space. Moreover, sensory experiences such as touch, taste, smell, as well as cold and hot sensations, can all be transmitted digitally in this space.

Most interviewees believe that working and socializing in a completely virtualized field will become a common way of life. Using technologies such as 5G, AR, and VR, companies can create a completely immersive office experience and allow the digital delivery of vision, hearing, taste, smell, and touch.

It is said that some of the 5G application scenarios include: in the automotive field, it can be used to support AR HUD; in the entertainment field, it can be used for VR movies, 3D model display, VR in-car entertainment, and 4K 360° cameras; in the field of games and AR/VR, it can be used for AR maps, AR/VR education, VR cloud games, and multiplayer AR games; in shopping and immersive social fields, it can be used for VR+ somatosensory feedback shopping experience and 3D holographic calls.

Consumers around the world expect that virtual reality (VR) and augmented reality (AR) will be combined with reality, and the upcoming 5G technology will help make this experience mainstream.

The massive amount of data required to provide actual content is often unable to keep up with the movement of our head and eyes, which will cause delays, and then make it impossible to achieve an immersive AR/VR experience. Currently, for online games, there will be a lag time of 50 milliseconds from the movement of the mouse to the corresponding action on the screen. On the other hand, if AR/VR is to be truly immersive, the lag time needs to be controlled within 15 to 7 milliseconds.

If you want to solve the latency problem, you will need a faster processor. Therefore, for AR/VR network sharing, the solution to delay lies in the development of ultra-high-speed communication technologies, such as 5G, and the development of various antennas. By achieving extremely high data rate wireless transmission, 5G will play a key role in reducing latency to as low as two milliseconds.

With the emergence of potential applications such as medical imaging, video conferencing, and gaming, the data required for 3D holographic communication is approximately four times that of streaming 4K videos. This means that only the speed and low latency provided by 5G technology can support such applications on mobile networks.

Affected by COVID-19, this year a number of exhibitions were launched for the first time in the form of a "cloud exhibition", which included reality holographic projection and real-time 3D cloud guest experience. It is worth noting that in the World Artificial Intelligence Conference under the epidemic, Internet giants also have different forms of participation.

A series of new artificial intelligence technologies were used at the conference. The most eye-catching one was the holographic projection technology used at the conference for the first time. It made guests from all over the world seem to be on the scene. Meanwhile, this also solved the problem that some guests could not rush to the conference site due to the epidemic and other reasons.

As a leading company in the field of holographic vision, WIMI focuses on computer vision holographic cloud services. Its business covers multiple links of the Hologram AR technology, including Hologram computer visual AI synthesis, Hologram visual presentation, Hologram interactive software development, as well as Hologram AR online and offline advertising. WIMI’s commercial application scenarios are mainly concentrated in five professional fields, including home entertainment, light field theater, performing arts system, commercial publishing system, and advertising display system.

WIMI services will be deeply integrated with 5G. With the cooperation of 5G’s high speed and low latency, the average transmission delay of remote communication and data transmission from the system terminal to the service server is about 6ms, which is much lower than the 4G network transmission delay. It guarantees the Hologram AR’s long-distance communication and data transmission without stuttering and low delay. Moreover, it also assures the richness and diversity of multi-terminal remote coordination, and time interaction, which makes the collaboration of end + cloud collaboration more efficient. Enhanced mobile broadband (eMBB) and Internet of Things (IoT) applications will enable WIMI’s Hologram AR advertising business and Hologram AR entertainment business, as well as Hologram interactive entertainment, Hologram conference, Hologram social networking, Hologram communications, Hologram family, will be based on the core technologies of 5G+AI face recognition technology and Hologram AI face change technology to achieve effective growth.

It is believed that with the development of 5G technology, black technologies such as AR, VR, and 3D holography will soon penetrate our daily lives.

About Flipclutch

Flipclutch Team is a leading market research company in Hong Kong. They have established a professional and proprietary research platform for financial markets, focusing on emerging growth companies and technologically leading companies. Flipclutch team is professional in market research reports, industry insights & financing trends analysis. For more information, please visit http://www.Flipclutch.com

 

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Flipclutch Research: The feast of Hologram hits, what kind of visual experience does WIMI Hologram bring

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HONG KONG, Dec. 24, 2020 — Flipclutch Research, a market research organization in Hong Kong, recently released a research report on ‘ The feast of Hologram hits, what kind of visual experience does WIMI Hologram bring’. Since 2015, the investment wave in the AR holographic field has spread globally and is still accelerating. Undoubtedly, the commercial application of AR holographic technology is gratifying, covering all aspects of life.

This year is generally regarded as the first year of AR holography, and the prospects are very promising. Many institutions predict that, in the future, the AR holographic market is expected to break through the trillion-yuan mark within ten to fifteen years and grow into a new trillion-yuan market. Seeing such a prospect, all kinds of capital crazily engulf the AR holographic market. Foreign Internet and IT giants have begun to invest heavily in AR holographic business. This also directly drove the popularity of the AR holographic concept in the Chinese market.

In such a general environment, the reform and innovation of WIMI holographic multimedia technology keep pace with the times, and it has flourished with the advancement of AR holographic technology, opening an interactive journey of digital art for the product audience.

In this era of popular science and technology, holographic technology shows users a more real-world and qualitative leap in interactivity.

The potential for this type of technology is endless. When 3D holographic technology is integrated into traditional plays, technology has expanded the imagination of the director infinitely, allowing stage art to have a completely released space, output the concept of spatial imaging, and form a holographic stage full of science fiction elements.

Unlike VR videos and 3D videos, you do not need to wear any wearable devices to watch holographic stage works. Meanwhile, it can be combined with AR technology, motion capture technology, as well as other "stage black technology", to create an interactive viewing experience.

WIMI Hologram Theater is based on holographic technology and an intelligent stage system for holographic performance as the core. The combination of real people and animated scenes on the stage subverts the modes of presentation of traditional stage shows. The naked-eye 3D of science fiction and classic IP collide to create a wonderful holographic theater.

WIMI Hologram Theater has a 270-degree panoramic 3D screen. You can feel the idols come to life without 3D glasses, and you can even sit behind the stage and perform performances with holographic images, which are full of realism. It saves you from running around to listen to concerts and feeling fatigued. Besides, the stage lighting effects, and the sound equipment are not different from live performances.

With the continuous improvement of the virtual reality industry ecosystem and the continuous maturity of the profitable business model of the integration of hardware, software, and services, the VR+AR industry has achieved rapid development.

WMI has diversified the scenarios of holographic cinema and holographic theater, which will be suitable for holographic cinema, holographic theater, movie/theater holographic transformation, holographic film production and distribution, star holographic performance, holographic virtual star IP operation, and holographic theater stage beauty.

WIMI works with various content owners, including brand owners, film producers, and talent agents, to transform high-quality IP into AR.

WIMI has built a comprehensive holographic AR content library, with holographic AR content formats ranging from 3D models to holographic short videos. As of December 31, 2018, there are 4,654 ready-to-use AR holographic contents available for WIMI’s holographic AR products and solutions, covering a wide range of categories, including animals, cartoon characters, vehicles, and food. Among these AR holographic contents, there are 2,961 used for educational scenes, 851 for tourism, 739 for arts and entertainment, and 103 for science popularization.

WIMI is committed to providing content value-added services for the large entertainment industry based on visual technology, creating a large entertainment image ecosystem from four aspects of "technology", "data", "marketing" and "layout". Besides, item powers the content industry with artificial intelligence technology, promotes the value-added of the entire industry chain of the large entertainment industry, and gives new vitality to the industry.

The core of the holographic theater is the holographic imaging technology, which projects the captured images (people, objects, scenes) into the main scene to present the story. It is vivid, unpredictable, and very intuitive, leaving a deep impressionon the audience. It is composed of a three-dimensional scene, modeling lighting system, an optical imaging system (using holographic film as imaging medium), film and television playback system, computer multimedia system, sound system, and control system, which can reproduce grand scenes. Another advantage of holographic imaging technology is that it is realistic, and it can achieve a real effect without wearing 3D glasses.

Holographic images can be used not only in entertainment, art, and education, but also in media science, technology design, and augmented reality.

WIMI Hologram Cloud is a holographic cloud comprehensive technical solution provider. Its business covers multiple links of the Hologram AR technology, including Hologram computer visual AI synthesis, Hologram visual presentation, Hologram interactive software development, Hologram AR online and offline advertising, Hologram ARSDK payment, as well as 5G Hologram communication software development. WIMI’s commercial application scenarios are mainly concentrated in five professional fields, including home entertainment, light field theater, performing arts system, commercial publishing system, and advertising display system.

In any case, in the near future, AR holographic technology will change the business performance ecosystem, and the era of more technological performance is coming soon.

About Flipclutch

Flipclutch Team is a leading market research company in Hong Kong. They have established a professional and proprietary research platform for financial markets, focusing on emerging growth companies and technologically leading companies. Flipclutch team is professional in market research reports, industry insights & financing trends analysis. For more information, please visit http://www.Flipclutch.com

 

Related Links :

http://www.flipclutch.com

PR Newswire

SINA Announces Shareholders’ Approval of Merger Agreement

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BEIJING, Dec. 24, 2020 — SINA Corporation (the "Company" or "SINA") (Nasdaq: SINA), a leading online media company serving China and the global Chinese communities, today announced at an extraordinary general meeting of shareholders held today, the Company’s shareholders voted in favor of (i) the proposal to authorize and approve the previously announced agreement and plan of merger, dated as of September 28, 2020 (the "Merger Agreement"), by and between New Wave Holdings Limited ("Parent"), New Wave Mergersub Limited, a wholly owned subsidiary of Parent ("Merger Sub") and the Company, pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the "Merger"), (ii) the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands to effect the Merger (the "Plan of Merger") and (iii) the consummation of the transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger.

Approximately 62.0% of the Company’s total shares (including ordinary shares and Class A preference shares) outstanding as of 5 p.m., Cayman Islands time, on the share record date of November 20, 2020 were present and voting in person or by proxy at the meeting.  Each shareholder has one vote for each ordinary share or 10,000 votes for each Class A preference share (together with the ordinary shares, the "Shares"). These Shares represented approximately 82.7% of the total outstanding votes represented by the Company’s total Shares outstanding at 5 p.m., Cayman Islands time, on the share record date. The Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the Merger, were approved by approximately 93.6% of the total votes (voting as a single class) cast at the extraordinary general meeting.

Completion of the Merger is subject to the satisfaction or waiver of the closing conditions set forth in the Merger Agreement, and the Company will work with the other parties towards meeting the closing conditions and completing the Merger in a timely manner. One such closing condition is holders of no more than 10% of the Shares having validly served and not having validly withdrawn a notice of dissent under the Companies Act of the Cayman Islands. Prior to the vote being taken at today’s extraordinary general meeting, the Company had received notices of objection from certain shareholders that in the aggregate hold more than 10% of the Shares. The Company will give notices of authorization to those objecting shareholders in due course as required by the Companies Act of the Cayman Islands. If those objecting shareholders that eventually validly deliver notices of dissent together hold more than 10% of the Shares, Parent will have the right to either waive this closing condition or not proceed with the Merger.

If and when the Merger is completed, the Company will become a private company and its shares will no longer be listed or traded on any stock exchange.

About SINA

SINA is a leading online media company serving China and the global Chinese communities. Its digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile apps) and Weibo (social media) enables internet users to access professional media and user generated content in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances.

SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA mobile provides news information, professional and entertainment content customized for mobile users through mobile applications and mobile portal site SINA.cn.

Weibo is a leading social media platform for people to create, distribute and discover content. Based on an open platform architecture, Weibo provides unprecedented and simple way for people and organizations to publicly express themselves in real time, interact with others on a massive global platform and stay connected with the world.

Through these properties and other product lines, SINA offers an array of online media and social media services to its users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.

Safe Harbor Statements

This press release contains statements that express the Company’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (the "Act"). These forward-looking statements can be identified by terminology such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing" and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions.

Risks, uncertainties and assumptions include: uncertainties as to the expected benefits and costs of the proposed merger; the expected timing of the completion of the merger; the parties’ ability to complete the merger considering the various closing conditions; the possibility that financing may not be available; the possibility that various closing conditions to the merger may not be satisfied or waived; the effect of the announcement of the proposed merger or operational activities taken in anticipation of the merger on our business relationships, results of operations and business generally; the outcome of any legal proceedings that have been or may be instituted against us related to the Merger Agreement; the amount of the costs, fees, expenses and charges related to the merger; and other risks and uncertainties discussed in the Company’s filings with the SEC, as well as the Schedule 13E-3 transaction statement and the proxy statement filed by the Company in connection with the merger. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. These forward-looking statements reflect the Company’s expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contact

Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn

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ValueLabs wins IBSI Global Fintech Innovation Award

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HYDERABAD, India, Dec. 18, 2020 — ValueLabs, a global technology services provider, won the IBSI Global Fintech Innovation Award for the Best Original & Adoptable Concept in Compliance & RegTech. It was for the Enterprise Customer Due Diligence solution which they built for Diligent, a Singapore-based global RegTech company.

The IBSI Global FinTech Innovation Awards honors technology players and banks for their excellence in driving impact through banking technology implementations and innovations using emerging technologies. This year, IBSI winners were chosen on the basis of innovation excellence, best practices & tools adopted, originality & simplicity, adaptability of the concept and program complexity & governance.

The Enterprise Customer Diligence solution is a SaaS based application which enables banks and RegTech companies to onboard and maintain ongoing relationships with customers while complying with regulatory and policy requirements. The solution provides a 100% configurable rules engine that performs due diligence for clients across multiple topographies and jurisdictions.

"We are delighted to be recognized by IBSI for driving innovation in the BFS space and we are confident that this solution will help the industry to reimagine the ways in which customer onboarding and due diligence happen. Also wanted to congratulate our partners at Diligent on this award and thank them for allowing us to be a part of their journey," said Arjun Rao, CEO of ValueLabs.

"In this digital era of banking, it is essential for banks and FIs to take necessary measures to comply with ever changing industry regulations and compliance requirements. This solution automates every process of KYC and CDD and enables digital compliance vision for our clients," said Anoop Singh, SVP & Head of Emerging Markets, Valuelabs, who accepted the award. "We are also planning to significantly expand our global presence in BFS in 2021 and this recognition inspires us to deliver more innovative solutions for the BFS & RegTech industry."

About ValueLabs

ValueLabs is a global technology company focused on Product Development, Data Technology and Digital services. Powered by The Digital Flywheel™, ValueLabs provides end-to-end solutions in the fields of Customer Experience, Data & Analytics, Product Development, and Automation. Over the last 23 years, the company has expanded to 32 locations, 5500 associates and 150 clients worldwide. Their focus on employees and clients have resulted in industry-leading client Net Promoter Scores (NPS) of over 60 and 80 respectively.

Media Contact:
Anoop Singh Sengar
anoop.singh@valuelabs.com  
www.valuelabs.com/business-form/

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[Ending poverty in China: Data speak] How can we make rural people’s lives better

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BEIJING, Dec. 18, 2020 — A video by China.org.cn: housing, drinking water, transportation are the basic elements of happiness. How did China make rural people’s lives better?

 

Safe housing is an important source of happiness.

From 2013 to 2019, the central government provided US$28 billion to improve housing for rural people, and the average housing subsidy for each rural family was raised from US$1,120 to US$2,090.

7.33 million rural families representing 23 million rural people, equivalent to the population of Australia, have moved to safe and spacious new houses over the last 7 years.

From 1978 to 2018, per capita housing space in rural areas increased nearly fivefold. The average family of four now occupies a 190 sqm apartment compared with a 32 sqm one.

Since 2016, the central government has invested a total of US$4 billion to provide clean and safe drinking water in rural areas improving the lives of more than 17 million impoverished people.

As of 2019, 87% of rural areas had access to a central water supply and the tap water coverage in rural areas had reached 82%.

"Electricity for every household" has been fully realized in poor areas so that every household has access to a reliable and stable electricity supply.

99,000 km of new arterial roads have been built, the equivalent of circling the global two and a half times.

100% of administrative villages have paved roads – the "last mile" problem has been solved.

4G coverage in administrative villages, and internet coverage in rural villages have both topped 98%. Rural villages are connected to the internet, and the outside world is no longer out of reach.

By the first half of 2019, domestic waste was being collected and treated in 84% of administrative villages and almost 30% of farm households had their domestic sewage treated. The proportion of domestic waste and sewage treatment is increasing steadily.

[Ending poverty in China: Data speak] How can we make rural people’s lives better? http://p.china.org.cn/2020-12/17/content_77021995.htm 

 

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[Ending poverty in China: Data speak] How to solve the problem of poverty caused by ill-health

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BEIJING, Dec. 16, 2020 — A video by China.org.cn: China’s poverty reduction work about health care. How did China solve the problem of poverty caused by ill-health.

 

In the past 70 years, life expectancy in China has improved from 35 to 77.3 years, higher than global average life expectancy of 72 years.

In 2019, the input of medical treatment aid funding from central government was US$35 million. 77.82 million people were helped to join basic medical insurance, and 61.8 million people received direct assistance.

A complete system of national healthcare insurance is almost in place covering 99.9% of rural population nationwide. The triple guarantee system covers almost every individual.

25 diseases are now listed for critical illness assistance. The treatment of critical illness, and the classified treatment scheme has been steadily improved.

98.7% of patients suffering from critical and chronic diseases have received treatment. Great efforts are being made to assist patients with critical and chronic diseases.

A medical system is almost complete in which every county has one or two public hospitals, every township has public medical centers, and every village has clinics.

Since 2015, 14,000 more general practitioner have started working in rural areas, and 60,000 village doctors have received training.

Universal access to health examinations, including cervical and breast cancer screenings and pre-pregnancy checkups for rural women contribute to a low national maternal mortality ratio, which is well within the SDG 3 target.

As of the end of 2018, nutrition improvement projects for children in rural areas had already covered 715 counties classified as impoverished at national level and benefited 7.22 million children.

[Ending poverty in China: Data speak] How to solve the problem of poverty caused by ill-health

http://p.china.org.cn/2020-12/16/content_77018284.htm

 

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http://china.org.cn/