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PR Newswire

Jvion Lauded by Frost & Sullivan for Improving Patient Outcomes Using Its Clinical-AI CORE™ Intelligence Platform

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Jvion’s prescriptive analytics approach identifies undetected risk and modifiable risk trajectories followed by recommendations for remedial actions

SANTA CLARA, California, Sept. 1, 2020 — Based on its recent analysis of the North American prescriptive analytics market, Frost & Sullivan recognizes Jvion, Inc. with the 2020 North American Technology Innovation Leadership Award for its clinical-AI Care Optimization and Recommendation Enhancement (CORE™) technology. It is a scalable, secure intelligence repository that aggregates structured as well as unstructured data and augments that information with clinical, socioeconomic, and experiential data on 30 million individuals to draw meaningful correlations and inferences. To date, Jvion’s clinical AI has helped more than 300 hospitals, payers, and pharmacy managers achieve 30 percent reductions in preventable adverse incidents, which translate to annual savings of more than $6.3 million.

2020 North American Prescriptive Analytics Technology Innovation Leadership Award
2020 North American Prescriptive Analytics Technology Innovation Leadership Award

"The CORE™ identifies health and financial risk trajectories that can be modified, delivers prioritized insights to the care teams and coordinators engaging patients, and makes recommendations to improve outcomes. As a prescriptive analytics solution, it can proactively mitigate preventable harm that could otherwise lead to hospital readmissions, serious conditions, or accelerated health deterioration," said Cecilia Van Cauwenberghe, Industry Principal. "With this first-in-class AI platform, Jvion evolved from a provider of simple predictive analytics and machine learning solutions to a technology leader that can help identify potentially high-risk patients and suggest specific remedial action."

The solution leverages a combination of Eigen-based mathematics, datasets from over 30 million patients, and a software platform to promptly act upon 50+ preventable clinical events, covering behavioral health, hospital acquired conditions, chronic conditions, hospice/palliative care, and medication adherence. Additionally, it can identify avoidable cost events including uncompensated care and help customers work with their patient population to identify the right financial assistance. Importantly, the CORE™ does not require the creation of new models or perfect datasets. The underlying AI capability assesses 4,500 clinical and non-clinical risk factors for every patient and a quadrillion risk calculations through 170,000 self-learning Eigen Spheres clusters in real-time.

Frequently used enterprise data warehouse or data lake models demand considerable resources just to deliver a retrospective view of the patient’s health risk. Similarly, scoring methods such as LACE and BRADEN do not provide enough granularity or patient specificity to determine all the factors impacting the patient’s health. Jvion’s CORE™, on the other hand, boasts patient specificity, high effectiveness (seven times more effective than popular scoring methods), patient rendering (up to 365 days view into the future), successful use of even incomplete and unstructured datasets, and the fastest speed to value. Each of these benefits helps deliver effective, personalized patient care.

"As a result of its patient-centric approach to understanding vulnerability and risk, Jvion was able to pivot quickly during a pandemic to launch its COVID Response Suite, which delivers lists of individuals most vulnerable to severe illness. These insights enable proactive and targeted outreach to individuals that need to take more aggressive precautions," noted Cauwenberghe. "The relevance of its solutions, along with its patient-focused technology development efforts, has positioned Jvion for accelerated growth."

"Jvion is honored to be recognized for executing on its mission of preventing avoidable harm whether categorized as a health or financial event for our customers," said Jay Deady, CEO of Jvion. "Our team is constantly innovating to ensure our prescriptive AI approach is relevant to the changing dynamics of the healthcare industry."

Each year, Frost & Sullivan presents this award to the company that has demonstrated uniqueness in developing and leveraging new technologies that deliver significant customer value.

Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:

Harley Gadomski
P: 12104778469
E: harley.gadomski@frost.com

About Jvion, Inc.

Jvion, a leader in clinical artificial intelligence, enables providers, payers and other healthcare entities to identify and prevent avoidable patient harm, utilization and costs. An industry first, the Jvion CORE™ goes beyond predictive analytics and machine learning to identify patients on a trajectory to becoming high-risk. Jvion then determines the interventions that will more effectively reduce risk and enable clinical and operational action. The CORE accelerates time to value by leveraging established patient-level intelligence to drive engagement across healthcare organizations, populations, and individuals. To date, the Jvion CORE has been deployed across hundreds of clients and resulted in millions saved. For more information, visit http://www.jvion.com.

Media Contact:

Anya Nelson
Scratch Marketing + Media for Jvion
anyan@scratchmm.com 
617.817.6559

 

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PR Newswire

UL Advances Ability for Electronic Product and Equipment Manufacturers to Quickly Enter Mexico Market

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Mexico Ministry of Economy grants UL first mutual recognition agreement to allow electronics product testing outside of Mexico

NORTHBROOK, Illinois, Aug. 29, 2020 — UL, a leading global safety science company, today announced that Mexico’s Ministry of Economy, General Directorate of Standards (DGN), has granted UL the right to conduct safety and energy efficiency testing globally for electronic products and equipment imported into that country. These include safety tests for audio, video and information technology products and equipment and uninterruptible power systems (UPS) as well as energy efficiency tests for washing machines, household and commercial refrigerators and freezers, motors, lighting, external power supplies and products and equipment requiring stand-by power.

With the ability now to perform safety and energy efficiency tests at UL or UL-approved laboratories outside of Mexico, according to official Mexico standards, Norma Oficial Mexicana and Oficial Mexico Standard (NOM) and Mexican Standard (NMX), UL can help reduce time and cost to market for product access to the Mexican marketplace.

The safety test designation, a first for any international testing, inspection and certification company, applies to specific products and equipment as identified by the NOM and NMX categories. Product and equipment groups include:

  • NOM-001-SCFI-2018 – Electronic appliances
  • NMX-I-163-NYCE-2016 – Electronic equipment – uninterruptible power systems (UPS).
  • NMX-I-60065-NYCE-2015 – Electronic equipment – audio, video and similar electronic apparatus
  • NMX-I-60950-1-NYCE-2015 – Information technology equipment

According to The World Bank, Mexico – with a population of more than 130 million and a rise in income levels and spending power – has the 11th largest economy in the world and the second largest economy in Latin America.

"With Mexico’s rising growth comes a greater demand for more consumables, contributing to an increased need for additional regulatory safety and security oversight," said Carlos Correia, senior vice president and general manager of UL in Latin America. "With this designation from the DGN, UL is now able to meet that need by utilizing our global network of best-in-class laboratories and testing facilities to help electronic product and equipment manufacturers meet necessary Mexico safety and security requirements and pave the way for a swift and smooth Mexico market entry."

In addition to safety tests, the DGN has designated that UL can now perform energy efficiency testing, including requirements for Energy Star or the Canada Standards Association, at UL facilities outside of Mexico. Applicable NOM standards include:

  • NOM-005-ENER-2016 – household washing machines
  • NOM-014-ENER-2004 – air-cooled motors
  • NOM-015-ENER-2012 – household refrigerators and freezers
  • NOM-017-ENER/SCFI-2014 – commercial refrigeration appliances
  • NOM-029-ENER-2017- external power supplies
  • NOM-030-ENER-2016 – LEDs
  • NOM-032-ENER-2013 – equipment and appliances requiring standby power

"We know that navigating the regulatory landscape of global markets is a complex and challenging task. COVID-19 has added another layer of complexity. With this designation, customers can test their products and equipment closer to their production facilities and mitigate delays due to the pandemic," said Helena Wolf, senior director of UL’s International Certification division. "We stand ready to address global market access needs, with our experts and facilities throughout the world — to help ensure a streamlined Mexico market entry."

About UL

UL helps create a better world by applying science to solve safety, security and sustainability challenges. We empower trust by enabling the safe adoption of innovative new products and technologies. Everyone at UL shares a passion to make the world a safer place. All of our work, from independent research and standards development, to testing and certification, to providing analytical and digital solutions, helps improve global well-being. Businesses, industries, governments, regulatory authorities and the public put their trust in us so they can make smarter decisions. To learn more, visit UL.com. To learn more about our nonprofit activities, visit UL.org.

Press contact:
Steven Brewster
UL
steven.brewster@ul.com
1+847.664.8425

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PR Newswire

New Qingdao model of BRI cooperation

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BEIJING, Aug. 24, 2020 — A news report by China.org.cn:

A contest on the theme of the Belt and Road Initiative (BRI) of the "Tell China’s Stories" Contest 2020 and a seminar on Qingdao building a new platform for international cooperation under the BRI framework were launched in Jiaozhou of Qingdao, East China’s Shandong Province, on August 21, 2020.

The launch ceremony
The launch ceremony

The contest is steered by the State Council Information Office and sponsored by China International Publishing Group. Open to all the BRI countries and regions, domestic and foreign enterprises, institutions and individuals, the contest looks for good stories about the BRI on economic integration, cultural inclusiveness and people-to-people exchanges and about the global community of shared future. During the seminar, attendees discussed Qingdao’s initiative of building a new BRI cooperation platform.

New Qingdao model of BRI cooperation

Liu Jianjun, member of the Standing Committee of the Qingdao Municipal Party Committee, secretary of the Jiaozhou Municipal Party Committee, and secretary of the Party Working Committee and director of the Management Committee of the the China-Shanghai Cooperation Organization (SCO) Demonstration Zone for Local Economic and Trade Cooperation [of Qingdao], said that the core area of the demonstration zone is located in Jiaozhou, Qingdao. One of its important tasks is to strengthen people-to-people connections and cultural exchanges by building a business and tourism development center and establishing an exchange platform for BRI countries and regions, especially SCO members. More and more SCO-related projects will be launched and carried out in the demonstration zone. Youth, experts and academics from SCO member countries say that they will meet here, establish friendships, and talk about the future.

China Internet Information Center (CIIC) Editor-in-chief Wang Xiaohui observed that in recent years Qingdao has been working on a new platform for BRI-based international cooperation and playing an important role in interactions with SCO member states and Northeast Asia. The China-SCO Demonstration Zone and BRI experimentation area, both under construction, will greatly promote land and sea transport, international trade, industrial capacity cooperation, and cultural exchanges. This land will witness more wonderful BRI stories.

Xiang Zhiqiang, deputy director of the Management Committee of the China-SCO Demonstration Zone for Local Economic and Trade Cooperation [of Qingdao], explained that the zone will be a new platform for BRI-based international cooperation. To this end, five centers will be founded at the zone to expand cooperation in international logistics, modern trade, two-way investment, business and cultural exchanges, and maritime affairs. Therefore, Qingdao will play a greater role in the BRI New Eurasian Land Bridge economic corridor and maritime cooperation, and China will strengthen its links with SCO countries and promote bilateral economic cooperation and land-sea linkage.

At the demonstration zone, we respect cultural traditions of BRI countries and regions and will make full use of internet ideas and new technology to promote deeper integration of BRI countries’ culture under the guiding principle of seeking mutual benefit and harmony but not uniformity, with a more open and inclusive mindset. The goal is to make the BRI a road of civilization, communication and cooperation.

Experts’ proposals on development path for China-SCO Demonstration Zone

Fan Hengshan, an eminent economist and former deputy secretary general of the National Development and Reform Commission, said that the demonstration zone must start well and pursue high-quality development. Efforts are to be made in laying three solid foundations and have the zone play a demonstration role in four aspects. The three foundations are an international and open environment as a good institutional foundation for both the international and domestic markets, intelligent operation facilities as a good hardware foundation, and an inclusive cooperation platform as a supporting foundation. The four aspects of its demonstration role are an open and connected innovation system, an upgraded industrial base and modernized industrial chain, diversified cooperation and exchange, especially economic and cultural exchanges, and a globalized and multilateral trade system.

Hu Biliang, executive dean of the Belt and Road School and dean of Emerging Markets Institute of Beijing Normal University, emphasized three areas of BRI cooperation — ASEAN, the European Union and the SCO. According to Hu, ASEAN has become China’s largest trade partner; cooperation between China and the EU in the field of high-tech is very important; and China and SCO member countries can strengthen cooperation in resource development, manufacturing integration and high-tech. In today’s international situation, new ways of cooperation and the China-SCO Demonstration Zone will offer high hopes to high-quality BRI development. SCO member states are key among BRI counties and regions; of the six economic corridors under construction, five are in SCO member states. Thus the demonstration zone is not only valuable for China but for all the BRI and SCO countries. It will be invaluable for promoting the BRI.

Yu Yunquan, director of the Academy of Contemporary China and World Studies said that steered by the SCO Qingdao Summit and the demonstration zone, Qingdao has seen its image as an international city becoming more distinct. He suggested that in order for the high-end exchange platform to succeed, it must be a platform for professional in-depth dialogue, for interdisciplinary exchange and mutual learning, and for offline face-to-face and efficient online communication. More attention should be paid to the role of intelligence in urban development; by this, Qingdao should establish a high-end think tank cultivation base as opportunities arise, attract more intellectual resources to settle there, and continue to expand its circle of friends. Qingdao should stand at the forefront of China’s opening up and tell its stories in the new era.

Shen Zhengping, executive dean of the Belt and Road Institute of Jiangsu Normal University, pointed out that Jiaozhou is a well-developed city with a long history and broad future prospects. Building the China-SCO Demonstration Zone in Jiaozhou will raise Qingdao’s role in the BRI. Three key expressions define the demonstration zone: high-level, open and modern. Being high-level requires high-standard and high-level planning; being open needs a broader international vision; and being modern demands higher positioning. He suggested that we should integrate all kinds of development platforms at all levels in Qingdao to support the construction of the demonstration zone. Moreover, we should coordinate all parts of the Jinan economic circle, and ensure interactive development of Jinan and Qingdao with resources from all over the province of Shandong. We should consider the demonstration zone in the Yellow River basin, and at the same time, make overall plans in consideration of both domestic and international conditions, so as to build a high-quality zone for economic and trade cooperation oriented towards both the international and domestic markets.

Telling cooperation stories in the new era for better BRI communication

Zhu Hongren, executive vice chairman and director general of China Enterprise Confederation/China Enterprise Directors Association, said that the BRI is a public product China is providing to the international community and it reflects the common values of humanity and the reality of contemporary international relations. The China-SCO Demonstration Zone will become a new BRI highlight, and a source of information for telling China’s stories. It is a platform for open, interactive East-West and land-sea interaction. It is expected to achieve fruitful results in expanding cooperation international logistics, modern trade, two-way investment, business and cultural exchanges and other fields. We should make better use of Qingdao’s role in the BRI New Eurasian Land Bridge economic corridor and maritime cooperation, and strengthen mutual connections with SCO member countries.

Zhou Xisheng, former vice president of Xinhua News Agency and member of the experts committee of Project of Research and Development International, pointed out that Qingdao has advantages in geographical location and eco-environment. It integrates tradition and modernity, economy and trade, advanced science and technology and high-end talent, advanced industries and product markets, social sciences and humanities, life and fashion, health and food, culture and art, tourism and sports. These are the primary international concerns about China and Qingdao at present and in the future, and are also areas worth being recommended to the international community. There are four key words to tell good stories of Qingdao: story, platform/medium and audience. At the same time, three key groups should be targeted: international businesspeople, international tourists and international media. The highlight of Qingdao stories should be rule-observing, honesty and the sense of responsibility.

CIIC Deputy Editor-in-Chief Xue Lisheng believed that Qingdao was the starting point and an important hub of the northern route of the maritime Silk Road in ancient times. As an important port city, it is an important part of BRI transnational cooperation. When telling BRI stories, adding Qingdao or Jiaozhou features will help present a full picture of the BRI and Qingdao.

The contest is sponsored by China International Publishing Group, co-hosted by the Academy of Contemporary China and World Studies, China Internet Information Center, the Communication Department in Qingdao, and the Belt and Road Initiative Think Tank of the Chinese Academy of Social Studies. It is run by belt.china.org.cn of China.org.cn, China Development Gateway, the Communication Department of Jiaozhou, and Project of Research and Development International. And it is supported by China Enterprise Confederation/China Enterprise Directors Association, the Belt and Road School of Beijing Normal University, and B&R Institute of Jiangsu Normal University.

 

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PR Newswire

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

Luxury brands embrace social media marketing in China

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BEIJING, Aug. 20, 2020 — A news report by China.org.cn on China’s luxury goods market:

 

On August 6, the well-known luxury brand Louis Vuitton held a fashion show in Shanghai — its first since the coronavirus outbreak. Livestreamed across multiple social media platforms such as Douyin, the Chinese version of TikTok; Weibo, China’s Twitter; and a WeChat mini program, the show drew a sizeable audience, garnering more than 50 million views on Weibo alone.

The show’s popularity reflects the impressive performance of the Chinese luxury goods market. In the face of the ongoing COVID-19 crisis, the global luxury goods market is expected to shrink dramatically, while sales of many brands in Europe and America have plummeted. However, assessments of the China’s market are far rosier. The financial reports of groups such as LVMH and Kering all show that sales in China were significantly higher than those in other regions in the second quarter of 2020.

But it is not only in the luxury goods sector; the Chinese consumer market as a whole looks promising. The financial reports of many American companies, including Tesla and Nike, reveal that the Chinese market has helped offset the damage from tumbling sales in other regions. During this tough period, China has become a lucrative market for many international companies.

The reasons behind this are that China has contained the epidemic and recovered rapidly. China is regarded as one of the world’s largest and fastest growing consumer markets. Over the past few years, household wealth in the country has risen, the middle class continues to grow, and the spending power of consumers in second-, third- and fourth-tier cities has also increased significantly; millennials and Generation Z hold enormous influence in the market with their unique consumption habits; and online shopping and multi-channel retail is shaping consumption in China in new ways. One report even predicts that China will contribute around half of all global luxury consumption by 2025, which demonstrates the country’s vast consumer market and huge potential.

It is worth noting that due to the effect of COVID-19 on travel, many of the world’s top luxury companies have responded by promoting their brands on Chinese social media platforms such as Douyin and "Little Red Book". They have posted and livestreamed frequently to attract more Chinese consumers. In fact, the pandemic has acted more like a catalyst: social networking, which promotes individuality and interconnectivity, has crept into traditional brand promotion and sales, forming a new business model and generating returns. In the future, this model will become the new normal, helping to further unleash consumption potential and stimulate economic growth.

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

Luxury brands embrace social media marketing in China
http://www.china.org.cn/video/2020-08/20/content_76618686.htm

PR Newswire

Clarivate Launches the Arabic Citation Index in Egypt

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Journal submissions now open to journals from across the 22 Arab League countries

LONDON, Aug. 17, 2020 — Clarivate Plc (NYSE:CCC), a global leader in providing trusted information and insights to accelerate the pace of innovation, has now launched the Arabic Citation Index™ (ARCI), the world’s first local language citation index for the Arabic world in Egypt.


The ARCI is funded by the Egyptian government, and is available across the entire research community in Egypt. It is also open to journal submissions by editors of Arabic-language journals and will be open to researchers and organisations in all 22 nations of the Arab League by the end of 2020.

Powered by the Web of Science™, the world’s largest publisher-independent global citation index, the ARCI provides access to bibliographic information and citations to scholarly articles from over 400 expertly curated Arabic journals, with language interface in both English and Arabic. The indexing of Arabic publications will provide local scientific communities with improved routes to collaborating with national, regional, and international research efforts – extending the Arabic academic footprint.

The ARCI is now open for journal submissions. Journals will be selected by an expert, publisher-neutral editorial board from across Arab League Nations, who will provide regional insights and subject knowledge. Journals are eligible for inclusion if they meet the selection criteria, which require peer-reviewed and accessible content. The editorial board will consider trends in local research pursuits and publishing activity in the region.

Mukhtar Ahmed, President, Science Group at Clarivate said: "The Arabic Citation Index, hosted on the Web of Science, will provide scientific communities across the Arabic world with the ability to make their journals, and the discoveries within them, more accessible within their region and beyond. It will connect papers in Arabic journals to more than 1.7 billion cited references and the highest quality research from across the globe.

"The ARCI is a significant endeavour created in close partnership with the Egyptian government and represents the latest in a long series of developments and investments in the Web of Science platform. We believe that it will enable human ingenuity in the region, helping Arabic researchers and editors turn their discoveries into life-changing inventions."

Dr. Tarek Showki, Minister of Education & Technical Education, Egypt, President of Egyptian Knowledge Bank Project said: "We are delighted to see the ARCI launch. It has long been part of our 2030 Vision to transform Egypt into a ‘knowledge economy’ and will be the first ever mapping of Arabic scholarly literature in a citation index, helping us to evaluate the quality and research output of Arabic researchers, universities and research organizations."

Eng. Majid Al Sadek, Director of The Egyptian National Scientific and Technical Information Network (ENSTINET) added, "The indexing of Arabic publications will now provide our local scientific communities with the ability to contribute to not only national and regional research efforts but also internationally, helping us to extend the Arabic academic footprint further." 

Mrs. Ola W. Laurence, Independent Consultant for the Professional Services of Egyptian Knowledge Bank was instrumental in driving this initiative forward.  She added, "This important project will make Arabic scholarly content more accessible, connecting it to more than 1.7 billion cited research references and the highest quality, peer-reviewed scholarly content from across the globe. I believe it will help drive usage of local content, as well as providing access to the highest-quality, peer-reviewed content from around the world."

For more information on selection criteria, see the brochure, and click here for more information on how to submit a journal.

Notes to editors: The ARCI will be the fifth regional citation index developed by the Web of Science, alongside the Chinese Science Citation Database™ SciELO Citation Index™, Russian Science Citation Index™ and the KCI-Korean Journal Database™.

Contact details:

Amy Bourke-Waite
Director of External Communications, Science Group
Media.enquiries@clarivate.com

About Clarivate

Clarivate™ is a global leader in providing trusted information and insights to accelerate the pace of innovation. We offer subscription and technology-based solutions coupled with deep domain expertise that cover the entire lifecycle of innovation – from foundational research and ideas to protection and commercialization. Today, we’re setting a trail-blazing course to help customers turn bold ideas into life-changing inventions. Our portfolio consists of some of the world’s most trusted information brands, including the Web of Science™, Cortellis™, Derwent™, CompuMark™, MarkMonitor™ and Techstreet™. For more information, please visit clarivate.com.

About the Egyptian Knowledge Bank

The Egyptian Knowledge Bank is a national project launched in November 24th, 2015 by the President of Egypt, Abdel Fattah el-Sisi, to offer each Egyptian citizen with the chance to learn, think and innovate. The Egyptian Knowledge Bank is the largest digital library and online knowledge hub providing students, researchers and all Egyptians with access to free education and scientific publications in various branches of knowledge.

Forward-Looking Statements 
This press release and any statements included herein may contain forward-looking statements regarding Clarivate. Forward-looking statements provide current expectations or forecasts of future events and may include statements regarding results, anticipated synergies and other future expectations. These statements involve risks and uncertainties including factors outside of the control of Clarivate that may cause actual results to differ materially. Clarivate undertakes no obligation to update or revise the statements made herein, whether as a result of new information, future events or otherwise. 

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PR Newswire

IBM Takes the Lead in ABI Research’s Industrial Blockchain-as-a-Service Competitive Assessment

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OYSTER BAY, New York, Aug. 12, 2020 — Blockchain-as-a-Service (BaaS) is a type of cloud-based solution for the development of blockchain applications. BaaS serves as a launchpad for broader blockchain technology adoption, effectively providing developers with a functional environment in which to build, test, and run new blockchain applications without having to worry about building the infrastructure from scratch or hosting and managing it. The Industrial Blockchain-as-a-Service competitive assessment examined companies offering BaaS solutions catering to industrial blockchain applications, including construction, pharmaceutical and life sciences, utilities, manufacturing, automotive, distribution, energy, and agriculture.  Global tech market advisory firm, ABI Research, has found that IBM and Microsoft are the clear leaders in industrial blockchain-as-a-service offerings.

Using ABI Research’s proven, unbiased innovation/implantation criteria framework, the Industrial BaaS Competitive Assessment analyzed and ranked six industrial BaaS vendors, namely Alibaba, Amazon, IBM, Microsoft, Oracle, and SAP. For this competitive assessment, innovation scores examined industrial POCs, industrial internet integration, ecosystem support, current roadmap, and geographic reach. Implementation criteria focused on platform choice, developer resources, integration with legacy industrial, management tools, and pricing.

"Both the BaaS markets and the digitalization of industrial markets are fairly nascent phenomena. Often, the intersection of blockchain and industrial service offerings are only within the remit of large technology providers with mature cloud and Internet of Things (IoT) offerings. As a result, only large companies play in the BaaS market, and all have varying levels of service offerings," says Michela Menting, Research Director at ABI Research.

Overall, IBM comes out on top, leading on both the innovation and the implementation front. The firm’s platform is open to a broad range of industrial verticals and has run a significant number of pilots and PoCs in the last five years, making it by far the most prominent BaaS provider in the space.  It also offers a broad range of platform choices and provides multi-cloud integration, above and beyond the other offerings.

Microsoft was ranked second, as a mainstream vendor, due to its resource-rich, flexible development and management infrastructure for its BaaS offering. Oracle comes in a solid 3rd, also as a mainstream vendor, with good industrial ecosystem support and comprehensive management tools. SAP, Amazon, and Alibaba have robust BaaS platforms, but with a more limited industrial play than the Assessment leaders.

These findings are from ABI Research’s Industrial BaaS Competitive Assessment report. This report is part of the company’s Digital Security research service, which includes research, data, and ABI Insights. Competitive Assessment reports offer comprehensive analysis of implementation strategies and innovation, coupled with market share analysis, to offer unparalleled insight into a company’s performance and standing in comparison to its competitors.

About ABI Research
ABI Research provides strategic guidance to visionaries, delivering actionable intelligence on the transformative technologies that are dramatically reshaping industries, economies, and workforces across the world. ABI Research’s global team of analysts publish groundbreaking studies often years ahead of other technology advisory firms, empowering our clients to stay ahead of their markets and their competitors. 

ABI Research 提供开创性的研究和战略指导，帮助客户了解日新月异的技术。 自1990年以来，我们已与全球数百个领先的技术品牌，尖端公司，具有远见的政府机构以及创新的贸易团体建立了合作关系。 我们帮助客户创造真实的业务成果。 

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.

Contact Info: 

Global                                                             
Deborah Petrara
Tel: +1.516.624.2558
pr@abiresearch.com                                                    

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PR Newswire

SINA Special Committee Retains Financial Advisor and Legal Counsel

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BEIJING, Aug. 7, 2020 — SINA Corporation (the "Company" or "SINA") (NASDAQ: SINA), a leading online media company serving China and the global Chinese communities, today announced that the independent special committee (the "Special Committee") of the Company’s Board of Directors (the "Board") has retained Morgan Stanley Asia Limited as its financial advisor, and Gibson, Dunn & Crutcher LLP as its U.S. legal counsel to assist the Special Committee in its evaluation and consideration of the previously announced preliminary non-binding proposal from New Wave MMXV Limited ("New Wave") that the Board received on July 6, 2020, proposing to acquire all the outstanding ordinary shares of the Company not already owned by New Wave for US$41 per share in cash in a going private transaction (the "Proposed Transaction"). New Wave is a company incorporated in the British Virgin Islands and controlled by Mr. Charles Chao, Chairman and Chief Executive Officer of the Company.

The Board cautions the Company’s shareholders and others considering trading in its securities that no decisions have been made by the Special Committee with respect to the Company’s response to the Proposed Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be entered into or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the Proposed Transaction, except as required under applicable law.

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 Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. SINA may also make forward-looking statements in the Company’s 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 the Company’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. SINA assumes no obligation to update the forward-looking statements in this press release and elsewhere. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Potential risks and uncertainties include, but are not limited to failure to meet internal or external expectations of future performance given the rapidly evolving markets; condition of the global financial and credit market; the uncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s reliance on online advertising sales and value-added services for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products, including portal, Weibo and Fintech products; failure to enter and develop the small and medium enterprise market by the Company or through cooperation with other parties, such as Alibaba; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including adverse impacts on our financial results from equity pick-up, fair value changes and impairment; and failure to compete successfully against new entrants and established industry competitors. Further information regarding these and other risks is included in SINA’s 2019 annual reports on Form 20-F and other filings with the Securities and Exchange Commission.

Contact:

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

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PR Newswire

Guiyang Advocates the Integration of Big Data and Local Industries

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GUIYANG, China, Aug. 7, 2020 — At Guizhou Xingdaxing Building Material Co., Ltd., a worker was controlling three production lines through a big data platform."Today we have produced 939.38 cubic meters, and 0.48 cubic meters are left," he told the journalist of Huanqiu.com.

This system the staff operates is called High-Performance Concrete Smart Manufacturing Big Data Cloud Platform, which demonstrates how Guiyang leverages big data to develop industries.

Guiyang, a previously less developed city in Southwest China, has been known for the application of big data to a great variety of sectors in recent years. As China’s "Big Data Valley", how Guiyang utilizes big data in industries? The journalist of Huanqiu.com interviewed several players in local industries.

As the administrative director of Xingdaxing, Li Fuhui told Huanqiu.com, "launched in 2018, this big data system has become the first high-performance concrete big data project in China. Thanks to the platform, big data has been integrated into all aspects of enterprise production and management. We can monitor and track the whole production cycle, including ordering, manufacturing and delivering."

The corporation currently gains unprecedented visibility into its operations. On this basis, Xingdaxing can immediately spot a market trend and accordingly optimize the value chain, thus maximizing the profit and minimizing the costs.

Li said to Huanqiu.com, "Our production efficiency has increased by 10 percent. Moreover, transaction costs, management costs and product development costs have separately reduced by 40 percent, 50 percent and 40 percent."

It notes that Xingdaxing has advocated the intersection of big data with traditional building material industry. The company derives insight from data-driven solutions to boost productivity and profitability.

In addition to the building material industry, big data solutions can also be employed in the pharmaceutical industry to improve product quality and production efficiency. Guizhou Hanfang Pharmaceutical Co., Ltd. is a case in point.

As director of the Hanfang Pharmaceutical Technology Innovation Center, Zhang Shilin was sitting in the extraction workshop, where a large screen displays the real-time process flow, production parameters and the temperature.

Through automatic detection equipment such as temperature control probes and sensors, the workers can monitor and operate the production line in real time.

He pointed to the screen and told Huanqiu.com, "You can imagine how hard it is to control a two-storey high medicine extraction tank with a storage capacity of six tons. But thanks to the data-driven system, the pharmaceutical temperature range can be accurately controlled within two degrees Celsius, guaranteeing the quality of the medicine."

Furthermore, armed with big data, the workers can save time costs to a large extent. According to Zhang, in the past, it required a great number of manual efforts to submit applications and get instructions.

By comparison, Hanfang has built a data warehouse that gathers information in the production, sales, marketing, testing, management and other links of the entire industry chain.

Guizhou Hanfang Pharmaceutical Co., Ltd. has built a data warehouse that gathers information in the entire industry chain.
Guizhou Hanfang Pharmaceutical Co., Ltd. has built a data warehouse that gathers information in the entire industry chain.

In order to complete the production process, the staff currently just need to log in to the production management system, enter the necessary information. Therefore, the manufacturing operation can be simplified to a great extent, which facilitates efficiency.

It can be seen that the big data solution replaces the previous manual method, hence effectively improving the product quality and production efficiency.

In fact, the successful utilization of big data in local industries is inseparable from government support. As China’s Big Data Valley, Guiyang has accelerated the advancement of smart manufacturing and promoted the intersection of industries with big data in recent years.

In 2019, the local government completed 25 bench-marking projects and 308 demonstration projects for big data, and 7 provincial smart manufacturing pilot projects. Major equipment manufacturing projects include Evergrande new energy vehicles, BYD smart manufacturing and Guiyang Geely engines.

According to the municipal government, in the future, Guiyang will continue the in-depth integration of big data with local industries.

On one hand, the government will cultivate new industries, strengthen the real economy and adhere to supply-side structural reform. In 2020, it plans to introduce more than 120 emerging industrial projects, ensuring the output value of new industries accounts for over 20 percent of the total industrial output value.

On the other hand, Guiyang will take advantage of big data to transform and upgrade traditional industries. In 2020, the local government will implement an internal network transformation of more than 50 industrial enterprises, organize over 20 key service providers to build industrial Internet service resource pools.

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Cordico Announces Exclusive Partnership With ‘Emotional Survival’ Author Dr. Kevin Gilmartin

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Cordico is the exclusive technology partner of famous speaker and bestselling author of ‘Emotional Survival for Law Enforcement: A Guide for Officers and Their Families’

GOLD RIVER, California, Aug 4, 2020 — Cordico is proud to announce an exclusive partnership with Dr. Kevin Gilmartin, author of "Emotional Survival for Law Enforcement: A Guide for Officers and Their Families." Dr. Gilmartin’s worldwide bestselling book has sold millions of copies and is widely considered to be the most influential book ever written on the topic of officer wellness.

Dr. Kevin Gilmartin is the author of 'Emotional Survival for Law Enforcement: A Guide for Officers and Their Families.'
Dr. Kevin Gilmartin is the author of ‘Emotional Survival for Law Enforcement: A Guide for Officers and Their Families.’

"Everyone at Cordico is honored to be working with Dr. Gilmartin," said Dr. David Black, CEO of Cordico. "We’re preserving his legacy for future generations of first responders and making his knowledge, wisdom, and winning presentations more accessible than ever before through our technology platforms. Fortunately, our cloud-based platforms will enable us to meet the worldwide demand for his Emotional Survival strategies, which will allow us to help more people serving in the most critical roles than ever before."

Dr. Gilmartin’s Emotional Survival digital content, including videos, writings, and more will be available exclusively within the Cordico Wellness Apps and an interactive Emotional Survival eLearning platform being designed by Cordico in partnership with Dr. Gilmartin.

"Dr. Gilmartin is a legend amongst law enforcement and has helped save countless lives, families, and careers," said Dr. Black. "He is the number one speaker and author in the field of officer wellness and we could not be more excited about our partnership and all we will be doing together to help support first responders."

About Dr. Kevin Gilmartin

Dr. Gilmartin is a behavioral scientist specializing in law enforcement and public safety related issues. He is the author of the book "Emotional Survival for Law Enforcement: A Guide for Officers and Their Families." He previously spent 20 years working in law enforcement and supervised the Hostage Negotiations Team and the Behavioral Sciences Unit. He is a former recipient of the International Association of Chiefs of Police-Parade Magazine, National Police Officer Citation Award for contributions during hostage negotiations. He presently maintains a consulting relationship with public safety and law enforcement agencies in the U.S., Canada and Australia. The Department of Justice, FBI, Royal Canadian Mounted Police, New South Wales Police and International Association of Chiefs of Police have published his work. He holds a doctoral degree in Clinical Psychology from The University of Arizona and is a veteran of the U.S. Marine Corps.

About Cordico

Cordico is the world leader in wellness technology for high-stress professions, providing trusted, confidential, 24/7 proactive and preventative wellness support specially developed for law enforcement and others serving in the most demanding and critical roles. Our customized, continuously updated wellness platform solutions provide hand-held access to valuable resources including anonymous self-assessments, instructional videos, peer support services, and on-demand tools targeting behavioral and emotional health, physical fitness, resilience, and much more. https://www.cordico.com

Media Contact: 
Kevin Dacy
Phone: 844.CORDICO (1.844.267.3426)
Email: info@cordico.com

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Cordico is the Exclusive Digital Partner of Dr. Kevin Gilmartin
Dr. Kevin Gilmartin is the author of ‘Emotional Survival for Law Enforcement: A Guide for Officers and Their Families.’

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