Tag Archives: REA

Boqii Announces Fiscal 2022 Second Quarter Unaudited Financial Results

November 30, 2021 TechENT Syndication Leave a comment

Second Quarter Revenues of RMB282.1 million, up 23.1% year-over-year

Second Quarter GMV of RMB692.6 million, up 23.0% year-over-year

SHANGHAI, Nov. 30, 2021 — Boqii Holding Limited ("Boqii" or the "Company") (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the second quarter of fiscal year 2022 (the quarter ended September 30, 2021).

Fiscal Q2 2022 Operational and Financial Highlights

Total revenues were RMB282.1 million (US$43.8 million), representing an increase of 23.1% from RMB229.2 million in the same quarter of fiscal year 2021.
Net loss was RMB44.5million (US$6.9 million), compared to net loss of RMB27.5 million in the same quarter of fiscal year 2021.
Adjusted net loss was RMB40.9 million (US$6.3 million), compared to adjusted net loss of RMB35.8 million in the same quarter of fiscal year 2021.
EBITDA^[1] was a loss of RMB41.5 million (US$6.4 million), compared to a loss of RMB23.4 million in the same quarter of fiscal year 2021.
Total GMV^[2] was RMB692.6 million (US$107.5 million), representing an increase of 23.0% from RMB563.3 million in the same quarter of fiscal year 2021.
Active buyers were 1.6 million, representing an increase of 23.5% from RMB1.3 million in the same quarter of fiscal year 2021.

^[1]EBITDA refers to net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, but including all the professional expenses in relation to initial public offering in the fiscal year of 2021. EBITDA is a Non-GAAP financial measurement. Please refer to "Non-GAAP financial measurement".

^[2]GMV refers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or drop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts. The total GMV amount (i) includes GMV of products sold by Xingmu, (ii) excludes products sold through consignment model and (iii) excludes the value of services offered by us. GMV is subject to future adjustments (such as refunds) and represents only one measure of the Company’s performance and should not be relied on as an indicator of our financial results, which depend on a variety of factors.

CEO & CFO Quote

Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer commented, "We maintained strong topline growth in the second quarter of Fiscal 2022. As the company continues to expand its offering and drive customer engagement, number of active buyers grew by 23.5% year over year.In addition to our organic business growth, we announced a strategic partnership with Yongle Huazhu in October, to provide pet-friendly stays in its Blossom House hotels. This partnership further demonstrates our dedication to providing all-round user care. We look forward to working with more partners to enhance our service portfolio, better address growing needs in our user communities, and lead accelerated growth for all."

Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO, stated, "We generated healthy revenue growth of 23.1% year over year this quarter. Continuous growth momentum from online marketing, information services, and other revenue once again exhibited the strength of our vertical platform and unqique value propositions to other players in the industry chain. Our improved gross margin also demonstrated our ability to achieve high-quality topline growth. Looking ahead, we will remain committed to serving both our growing customer base and industry partners with seamless experience and elevated efficiency, and look forward to further strengthening our core capabilities to better capture the immense opportunities in the pet industry."

Fiscal Q2 2022 Financial Results

Total revenues were RMB282.1 million (US$43.8 million), representing an increase of 23.1% from RMB229.2 million in the same quarter of fiscal year 2021. The increase was primarily due to the continued organic growth of our business.

Revenues (in million)	Three Months Ended September 30		%
	2021	2020	change
	RMB	RMB	YoY
Product sales	266.1	227.9	16.8%
· Boqii Mall	107.6	94.4	14.0%
· Third party e-commerce platforms	158.5	133.5	18.7%
Online marketing and information services and other revenue	16.0	1.3	1123.8%
Total	282.1	229.2	23.1%

Gross profit was RMB55.7 million (US$8.6 million), representing an increase of 30.7% from RMB42.6 million in the same quarter of fiscal year 2021.

Gross margin was 19.7%, compared to 18.6% in the same quarter of fiscal year 2021.

Operating expenses were RMB96.8 million, representing an increase of 25.6 % from RMB77.1 million in the same quarter of fiscal year 2021. Operating expenses as a percentage of total revenues was 34.3%, compared to 33.6% in the same quarter of fiscal year 2021.

Fulfillment Expenses were RMB29.6 million, representing an increase of 2.0% from RMB29.0 million in the same quarter of fiscal year 2021. Fulfillment expenses as a percentage of total revenues was 10.5%, down from 12.7% in the same quarter of fiscal year 2021. The decrease was mainly due to: (i) the improved utilization of warehouses by adjusting inventory mix; (ii) more cost-efficient China warehouse relocations; and (iii) lower delivery service prices through renegotiation with third-party delivery service providers.
Sales and marketing expenses were RMB44.0 million, representing an increase of 40.3% from RMB31.3 million in the same quarter of fiscal year 2021. Sales and marketing expenses as a percentage of total revenue was 15.6%, compared to 13.7% in the same quarter of fiscal year 2021. The increase was primarily due to: (i) the increased personnel expense of RMB4.6 million related to the discontinued Covid government subdisies; (ii) the increased advertising expenses of RMB6.8 million for business expansion.
General and administrative expenses were RMB23.2 million, representing an increase of 39.0% from RMB16.7 million in the same quarter of fiscal year 2021. General and administrative expenses as a percentage of total revenue was 8.2%, compared to 7.3% in the same quarter of fiscal year 2021. The increase was primarily due to: (i) share-based compensation expense of RMB3.3 million; and (ii) the increased professional fees of RMB3.4 million incurred after we became a publicly traded company.

Operating loss was RMB41.0 million (US$6.4 million), compared to RMB34.2 million in the same quarter of fiscal year 2021.

EBITDA was a loss of RMB41.5 million (US$6.4 million), compared to a loss of RMB23.4 million in the same quarter of fiscal year 2021.

Net loss was RMB44.5 million (US$6.9 million), compared to net loss of RMB27.5 million in the same quarter of fiscal year 2021.

Adjusted net loss was RMB40.9 million (US$6.3 million), compared to adjusted net loss of RMB35.8 million in the same quarter of fiscal year 2021.

Diluted net loss per share was RMB0.64 (US$0.10), compared to diluted net loss per share of RMB3.06 in the same quarter of fiscal year 2021.

Total cash and cash equivalents and short-term investments were RMB339.4 million (US$52.7 million), compared to RMB415.7 million as of June 30, 2021.

Conference Call

Boqii’s management will hold a conference call to discuss the financial results at 8:00 AM on Tuesday, November 30, 2021, U.S. Eastern Time (9:00 PM on Tuesday, November 30, 2021, Beijing/Hong Kong Time).

To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers.

	Phone Number
International	1-412-317-6061
United States	1-888-317-6003
Hong Kong	852 800 963-976
Mainland China	86 4001-206115
Passcode	6835046

A replay of the conference call may be accessed by phone at the following numbers until December 7, 2021.

	Phone Number
International	1-412-317-0088
United States	1-877-344-7529
Replay Access Code	10161957

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

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is a leading pet-focused platform in China. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

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. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, namely adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) adjusted net loss as net loss excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) adjusted net loss margin as adjusted net loss as a percentage of total revenues, (iii) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, (iv) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin enhance investors’ overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliation of GAAP and Non-GAAP Results." The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4434 to US$1.00, the noon buying rate in effect on September 30, 2021 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

The Blueshirt Group
Ms. Susie Wang
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: julia@blueshirtgroup.com

BOQII HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data, unless otherwise noted)

	As of March 31, 2021	As of September 30, 2021	As of September 30, 2021
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	292,237	210,199	32,622
Short-term investments	168,546	129,195	20,051
Accounts receivable, net	45,732	62,341	9,675
Inventories, net	91,551	97,294	15,100
Prepayments and other current assets	85,261	81,536	12,655
Amounts due from related parties	11,465	36,081	5,600
Total current assets	694,792	616,646	95,703
Non-current assets:
Property and equipment, net	8,386	7,731	1,200
Intangible assets	29,537	27,543	4,275
Operating lease right-of-use assets	29,234	44,405	6,892
Long-term investments	74,330	85,211	13,225
Goodwill	40,184	40,684	6,314
Other non-current asset	4,111	4,363	677
Total non-current assets	185,782	209,937	32,583
Total assets	880,574	826,583	128,286
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT
Current liabilities
Short-term borrowings	85,566	124,995	19,399
Accounts payable	71,848	82,838	12,856
Salary and welfare payable	6,309	5,307	824
Accrued liabilities and other current liabilities	30,055	26,732	4,149
Amounts due to related parties, current	910	9,495	1,474
Contract liabilities	3,866	3,893	604
Operating lease liabilities, current	8,063	9,945	1,543
Derivative liabilities	9,996	9,877	1,533
Total current liabilities	216,613	273,082	42,382
Non-current liabilities
Deferred tax liabilities	8,958	8,464	1,314
Operating lease liabilities, non-current	19,997	32,802	5,091
Long-term borrowings	68,075	24,837	3,855
Other debts, non-current	433,292	337,251	52,341
Total non-current liabilities	530,322	403,354	62,601
Total liabilities	746,935	676,436	104,983

Mezzanine equity
Redeemable non-controlling interests	5,946	6,229	967
Total mezzanine equity	5,946	6,229	967
Stockholders’ equity:
Class A ordinary shares (US$0.001 par value; 129,500,000 shares authorized, 54,505,108 and 54,619,541 shares issued and outstanding as of March 31 and September 30, 2021, respectively)	364	366	57
Class B ordinary shares (US$0.001 par value; 15,000,000 shares authorized, 13,037,729 shares issued and outstanding as of March 31 and September, 30, 2021, respectively)	82	82	13
Additional paid-in capital	3,272,612	3,283,708	509,623
Statutory reserves	3,047	3,163	491
Accumulated other comprehensive loss	(20,172)	(25,937)	(4,025)
Accumulated deficit	(2,759,882)	(2,838,493)	(440,527)
Receivable for issuance of ordinary shares	(413,377)	(322,369)	(50,031)
Total Boqii Holding Limited shareholders’ equity	82,674	100,520	15,601
Non-controlling interests	45,019	43,398	6,735
Total shareholders’ equity	127,693	143,918	22,336
Total liabilities, mezzanine equity and shareholders’ equity	880,574	826,583	128,286

Notes for all the condensed consolidated financial schedules presented:
Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.4434 on September 30, 2021 published by the Federal Reserve Board.

BOQII HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for share and per share data, unless otherwise noted)

	Three Months Ended September 30,			Six Months Ended September 30,
	2020	2021	2021	2020	2021	2021
	RMB	RMB	US$	RMB	RMB	US$
Net revenues:
Product sales	227,883	266,090	41,297	465,815	577,583	89,639
Online marketing and information services and other revenue	1,307	16,031	2,488	1,813	26,384	4,095
Total revenues	229,190	282,121	43,785	467,628	603,967	93,734
Total cost of revenue	(186,555)	(226,415)	(35,139)	(381,723)	(491,880)	(76,339)
Gross profit	42,635	55,706	8,646	85,905	112,087	17,395
Operating expenses:
Fulfillment expenses	(29,037)	(29,632)	(4,599)	(62,669)	(62,519)	(9,703)
Sales and marketing expenses	(31,342)	(43,969)	(6,824)	(66,286)	(89,454)	(13,883)
General and administrative expenses	(16,697)	(23,203)	(3,601)	(33,565)	(42,774)	(6,638)
Other income, net	258	55	9	305	67	10
Loss from operations	(34,183)	(41,043)	(6,369)	(76,310)	(82,593)	(12,819)
Interest income	4,487	4,677	726	6,203	9,864	1,531
Interest expense	(6,416)	(5,997)	(931)	(13,559)	(12,059)	(1,872)
Other (losses)/gain, net	879	(2,723)	(423)	3,776	405	63
Fair value change of derivative liabilities	8,303	249	39	10,409	411	64
Loss before income tax expenses	(26,930)	(44,837)	(6,958)	(69,481)	(83,972)	(13,033)
Income taxes expenses	(500)	238	37	(191)	1,247	194
Share of results of equity investees	(20)	68	11	(77)	834	129
Net loss	(27,450)	(44,531)	(6,910)	(69,749)	(81,891)	(12,710)
Less: Net (loss)/income attributable to non- controlling interest shareholders	617	(1,216)	(189)	896	(3,683)	(572)
Net loss attributable to Boqii Holding Limited	(28,067)	(43,315)	(6,721)	(70,645)	(78,208)	(12,138)
Less: Accretion on convertible redeemable preferred shares to redemption value	(39,925)	–	–	(75,062)	–	–
Less: Accretion on redeemable non-controlling interests to redemption value	–	(143)	(22)	–	(283)	(44)
Less: Deemed dividend to preferred shareholders	–	–	–	(12,547)	–	–
Net loss attributable to Boqii Holding Limited‘s ordinary shareholders	(67,992)	(43,458)	(6,743)	(158,254)	(78,491)	(12,182)

Net loss	(27,450)	(44,531)	(6,910)	(69,749)	(81,891)	(12,710)
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of nil tax	(10,716)	2,947	457	(11,517)	(5,765)	(895)
Unrealized securities holding gains	–	–	–	1,195	–	–
Total comprehensive loss	(38,166)	(41,584)	(6,453)	(80,071)	(87,656)	(13,605)
Less: Net comprehesive (loss)/income attributable to non- controlling interests s hareholders	617	(1,216)	(189)	896	(3,683)	(572)
Total comprehensive loss attributable to Boqii Holding Limited	(38,783)	(40,368)	(6,264)	(80,967)	(83,973)	(13,033)

Net loss per share attributable to Boqii Holding Limited’s ordinary shareholders
— basic	(3.06)	(0.64)	(0.10)	(7.12)	(1.16)	(0.18)
— diluted	(3.06)	(0.64)	(0.10)	(7.12)	(1.16)	(0.18)
Weighted average number of ordinary shares
— basic	22,238,454	67,703,830	67,703,830	22,238,454	67,703,830	67,703,830
— diluted	22,238,454	67,703,830	67,703,830	22,238,454	67,703,830	67,703,830

Boqii Holding Limited
Reconciliation of GAAP and Non-GAAP Results
(In thousands)

	Three Months Ended September 30		Six Months Ended September 30,
	2020	2021	2020	2021
	RMB	RMB	RMB	RMB

Net loss	(27,450)	(44,531)	(69,749)	(81,891)
Fair value change of derivative liabilities	(8,303)	(249)	(10,409)	(411)
Share-based compensation	–	3,917	–	9,903
Adjusted Net loss	(35,753)	(40,863)	(80,158)	(72,399)
Adjusted Net Loss Margin	(15.6%)	(14.5%)	(17.1%)	(12.0%)


	Three Months Ended September 30,		Six Months Ended September 30,
	2020	2021	2020	2021
	RMB	RMB	RMB	RMB

Net loss	(27,450)	(44,531)	(69,749)	(81,891)
Income tax expenses	500	(238)	191	(1,247)
Interest expenses	6,416	5,997	13,559	12,059
Interest income	(4,487)	(4,677)	(6,203)	(9,864)
Depreciation and amortization	1,601	1,957	3,351	3,885
EBITDA	(23,420)	(41,492)	(58,851)	(77,058)
EBITDA Margin	(10.2%)	(14.7%)	(12.6%)	(12.8%)

PR Newswire

Gaabor, the dark horse in big promotion, featured on semi-monthly Shopee magazine

November 27, 2021 TechENT Syndication Leave a comment

MANILA, Philippines, Nov. 26, 2021 — As the annual Double-eleven Super Shopping Festival has come to an end, the sales of big promotions on the Shopee platform have been released one after another, about which the good news is coming one after another. Among them, the home appliance brand Gaabor ranked the fifth place in the small kitchen appliances category in Southeast Asia and the second place in the kitchen & dining category, so it was featured on the semi-monthly Shopee Magazine for the first half of November.

Gaabor, the dark horse in big promotion, featured on semi-monthly Shopee magazine

In recent years, the consumers in Southeast Asia are becoming more and more attracted by and enthusiastic about brand products. During the Double-eleven promotion on Shopee, the home appliance brand Gaabor, which has only been in the Southeast Asian market for more than a month, has made outstanding achievements and gained a place in the home appliance market in Southeast Asia by virtue of its powerful brand competitiveness.

Touch-and-go online sale

Since the Gaabor brand launched the online e-commerce platforms in the Philippines, Thailand, Vietnam, Indonesia, and Malaysia simultaneously in September this year, it had successfully built a sound e-commerce sales network in various markets. With the help of social media, news and PR, live streaming and other channels, the visitors were attracted from outside the site to the official Shopee Mall store in various forms; supplemented by the efforts of a professional data team, the excellent results were finally achieved in this double-eleven promotion.

Expanding the market with quality

High-quality products are the best advertisement of the brand. Gaabor has always been focusing on the R&D and production of high-quality home appliances, constantly optimizing the product structure, and actively launching smart kitchen cooking series, smart personal care series, smart home cleaning series and other high-quality products in the Southeast Asian market, providing consumers with an all-round smart home life experience.

Gaabor, providing an all-round smart home life experience

Among them, the best-selling Gaabor air fryer series during the double-eleven promotion integrates a number of Gaabor core technologies, which can cook food in an oil-free and healthy way while retaining more moisture, ensuring a delicious and juicy taste, so the users can enjoy the delicious experience brought by Gaabor.

The Gaabor home appliance brand is committed to providing users with ingenious and quality products constantly, hoping to bring people a better home life experience, so that people can become loving, share love and pass on love. Facing the current challenging market conditions affected by the epidemic, Gaabor brand is still growing steadily in the market competitiveness relying on the advantages of its brand strength and continuous improvements.

Gaabor, share delicacy dass love.

To learn more about Gaabor’s products, please visit Gaabor’s official store:
Shopee: https://tinyurl.com/k8xkank5
lazada: https://tinyurl.com/ztupuckv

Gaabor’s official website: www.gaabor-global.com

Media contact: yang, yang.shao@jetcommerce.cn

PR Newswire

Changhong’s High-end Household Appliance Brand CHiQ Enters Singapore Market

November 26, 2021 TechENT Syndication Leave a comment

SINGAPORE, Nov. 26, 2021 — CHiQ, a high-end smart home appliances brand owned by Chinese consumer electronics producer Changhong, made its formal entry into Singapore in November 2021, with the launch of flagship stores on two of the country’s mainstream e-commerce platforms, Shopee and Lazada, enabling the brand to better reach and serve Singaporean consumers.

Ethan Pu, head of CHiQ for Southeast Asia, explained that CHiQ is making its next-generation Android smart TV that features full screen, 4K ultra-high definition and frameless design, M8T, available on the two e-commerce platforms. With strong competences in television R&D and related technologies, CHiQ has continuously improved the quality of its products while enhancing user experience over the past few years by creating smart household appliances that meet the expectations of consumers through collaborations with numerous name-brand multinational companies, including Google, Netflix and Dolby.

CHiQ Android M8T Launched in Singapore

During this year’s Double 11 shopping season, CHiQ recorded impressive growth in TV sales that far exceeded expectations as a result of the launch of a pre-sale via the Shopee flagship store. Notably, Changhong provides next-day-delivery service in Singapore thanks to its in-country warehousing and logistics facilities. In mid-October, CHiQ signed a strategic cooperation agreement covering logistics across the Southeast Asian region with express delivery service provider Best Express. The tie-up facilitates the brand’s achievement of zero-distance communications and high-speed logistics across the region supported by the integration of product loading and delivery functions.

CHiQ is expanding rapidly in European and Southeast Asian countries as well as in Australia by establishing a presence across local mainstream sales channels and e-commerce platforms. Given the continued rise in sales in these markets where its products have gained increasing popularity among local consumers, the brand is planning to launch e-commerce businesses in Malaysia and Vietnam, among other new markets.

Going forward, CHiQ plans to continue improving the quality of its products and services through the synergy of multiple product lines while deepening its commitment to Southeast Asian markets by expanding sales channels, with the aim of delivering a smarter home experience to consumers across the region.

Founded in 2014, CHiQ has been on a mission to create a better future for all by building a well-known international household appliance brand led by smart home products. The brand’s parent Changhong has become a multinational firm that has established 5 manufacturing facilities and 13 subsidiaries globally, with its products available in more than 150 countries and regions worldwide.

PR Newswire

Boqii to Reschedule Fiscal 2022 Second Quarter Results

November 19, 2021 TechENT Syndication Leave a comment

SHANGHAI, Nov. 19, 2021 — Boqii Holding Limited ("Boqii" or the "Company") (NYSE: BQ), a leading pet-focused platform in China, today announced that it would reschedule its earnings announcement for the quarter ended September 30, 2021, which had been previously scheduled for Tuesday, November 23, 2021. The Company will now report fiscal 2022 second quarter results before the U.S. market opens on Tuesday, November 30, 2021.

Boqii’s management will hold an earnings conference call to discuss the financial results at 8:00 AM on Tuesday, November 30, 2021, U.S. Eastern Time (9:00 PM on Tuesday, November 30, 2021, Beijing/Hong Kong Time). Interested parties are invited to participate on the call using numbers below.

	Phone Number
International	1-412-317-6061
United States	1-888-317-6003
Hong Kong	852 800-963976
Mainland China	86 4001-206115
Passcode	6835046

A replay of the conference call may be accessed by phone at the following numbers until December 7, 2021.

	Phone Number
International	1-412-317-0088
United States	1-877-344-7529
Replay Access Code	10161957

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

About Boqii Holding Limited

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

The Blueshirt Group
Ms. Susie Wang
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: julia@blueshirtgroup.com

PR Newswire

Mesh Wi-Fi 6 Brand, Reyee, Brings Reliable, High-Speed Internet Access

November 18, 2021 TechENT Syndication Leave a comment

Redefining your network, making it easy to connect, and improving your Wi-Fi for unprecedented speed and connectivity

SEATTLE, Nov. 18, 2021 — Reputed ICT infrastructure and service provider, Ruijie, has entered the US market via its sub-brand, Reyee, with the launch of three Wi-Fi 6 routers on Amazon — the Reyee RG-E5 Mesh Router and Reyee RG-E3 Mesh Router for multi-device users, and the Reyee RG-R6 Whole Wi-Fi Solution Router that provides high-speed Wi-Fi services for the entire family. Reyee specializes in mesh and wireless Wi-Fi 6 routers that redefine network connectivity by ensuring faster speed, lower latency, and increased network efficiency and bandwidth to accommodate all your devices.

Reyee RG-E5

With rich experience in innovative, cutting-edge mesh and wireless technology, Reyee’s mission is to bring easy access to reliable, secure, and high-speed Wi-Fi connectivity to every room and corner of a customer’s home. Typical connectivity issues that users experience include blind spots in large homes and duplexes, network congestion and weak signals among multiple connected terminals, complex networking operations, and Internet dropping while gaming or streaming. Reyee is geared to address these problems through its newly launched products, all of which come equipped with the Reyee Mesh, the brand’s revolutionary self-developed networking technology with advanced enterprise-grade AP Algorithm, to connect multiple routers for an ideal smart Internet experience.

Seamless Roaming and Easy Wi-Fi Extension

Reyee Mesh

The Reyee Mesh supports both wired and wireless pairing modes. It is easy to set up and allow you to connect multiple Reyee routers through a one-click mesh key, eliminating the problem of Wi-Fi blind spots in large areas. Mobile phones can automatically switch between connected routers in the same mesh network ensuring uninterrupted connectivity while walking from one area to another. It is also easy to operate; even children and the elderly can configure the Reyee Mesh without any trouble. The flexible combination of the Reyee Mesh, allows a Mix & Match function that can easily set up a whole family network, which includes different Reyee routers based on individual preferences and interests. This meshed network ensures seamless Internet connectivity and compatibility with all products of the Reyee Router Family.

Reyee RG-E5 Mesh Router, Perfect for Multi-device Users

Reyee RG-E5 lifestyle

The Reyee RG-E5 Dual-band Mesh Router is great for setting up a lag-free mesh network that can handle the growing number of smart devices in a household unit. It supports Wi-Fi 4 for 2.4 GHz (800Mbps) and Wi-Fi 6 for 5 GHz (2400Mbps), with an advanced 1024-quadrature amplitude modulation (QAM) technology. This ensures wireless connections at a speed 1.5 times faster than Wi-Fi 5 routers. The RG-E5 comes with 8 external high-gain antennas for maximum coverage and 8 independent FEM designed for better signal delivery. The Reyee RG-E5 can still cover signal at the most distant location, whose download throughput was tested 200% better than competing systems (see the Tolly Test Report), thus, users can watch videos, live broadcasts, and play games smoothly without interruption even on a weak signal.

The Reyee RG-E5 Mesh Router won the prestigious Red Dot Award for Product design in 2021. It uses Orthogonal Frequency Division Multiple Access (OFDMA) technology that enables multiple users to share channels at the same time, but provides greater network capacity and efficiency in traffic-dense environments. With OFDMA, you can connect up to 128 devices. Importantly, the Reyee RG-E5’s video delivery was more stable and smoothly than the competing systems. In the Tolly Test Report, it earned a higher score than the competing systems. It’s perfect for operating multi-terminal devices simultaneously. Furthermore, the option for parental control takes the safety and appeal of this router up several notches.

The RG-E5 Mesh Router is now available on Amazon for $149.99, but starting November 20 until November 29, users can save big and get it at a discounted price of $124.99 with the code "REYEEKINJA".

Reyee RG-R6 Whole Wi-Fi Solution Router, 3D Signal Coverage with a Unique Triangle Design

Reyee RG-R6

Also launched on Amazon US is the Reyee RG-R6 AX3200 Whole Wi-Fi Solution Router. It is perfect for customers looking for high-quality Wi-Fi service, and specifically addresses connectivity issues such as lagging, signal congestion, buffering, drop-offs, etc. The Reyee RG-R6 Whole Wi-Fi Solution Router supports Wi-Fi 4 at 2.4GHz and Wi-Fi 6 at 5GHz. The wireless rate in dual-band mode goes up to 3202 Mbps. With the 1024-Quadrature Amplitude Modulation (QAM) technology of Wi-Fi 6, wireless speed is increased by 166% compared to Wi-Fi 5 routers.

It features a unique triangle design to achieve uniform heat dissipation. Innovative four built-in dual-band omnidirectional antennas at 2.4 GHz and 5 GHz, with antenna system, ensure enhanced signals in both horizontal and vertical directions. Eight independent high-performance signal amplifiers at 2.4 GHz and 5 GHz increase signal coverage by 50% compared to signal coverage in the absence of this technology. Notably, the Internet experience at 5 GHz with beamforming and optimized network algorithm is barely affected by other interference, ensuring seamless roaming while walking around different stories or even across walls. Built-in parental control ensures that you have more flexibility and control over websites and services your child can access.

The Reyee RG-R6 Whole Wi-Fi Solution Router for 1 Pack is $149.99 and 2 Packs is $289.99, but starting November 20 until November 29, users can get it at a discounted price of $124.99 for 1 Pack and $240.99 for 2 Packs.

For single users and small household units that do not require blazingly fast speed or multi-device connections, Reyee has launched the Reyee RG-E3 Mesh Router that offers 1800M Gigabit on Amazon US at $94.99. However, starting November 20 until November 29, users can get it at a discounted price of $74.99. Going forward, Reyee plans to launch the Reyee RG-R4 Whole Wi-Fi Solution Router in December 2021.

Faster Internet and better connectivity are more in demand now than ever before, especially as an increasing number of smart household devices require more bandwidth. It is essential to meet this rising demand with cutting-edge routers that elevate users’ network experiences enabling them to enjoy easy connectivity and fast Wi-Fi. With the launch of its innovative technology and Wi-Fi 6 routers, Reyee is well on its way to bringing the best possible network connectivity experience to customers in the US, ensuring that every user experiences reliable, secure, and fast connectivity.

About Reyee

Reyee was founded by a group of ambitious professionals with rich experience in the ICT industry. It was officially launched in 2013 by its parent company, Ruijie Networks Co., Ltd., a reputed ICT infrastructure and solutions provider for numerous leading Internet enterprises, such as Alibaba and ByteDance. Ruijie is recognized for outstanding quality, advanced technology, innovative solutions, and top-notch service. Assimilating Ruijie’s creativity and drive for excellence, Reyee’s offerings are designed around its core value of "Providing Practical, Accurate and Simplified Solutions". With 8 years of experience and deeper insight into the industry, Reyee is now specialized in mesh Wi-Fi, especially Wi-Fi 6 wireless routers for household units, enterprises, and the hospitality industry.

For more information visit www.ireyee.com

About Tolly

The Tolly Group companies have been delivering world-class ICT services for over 30 years. Tolly is a leading global provider of third-party validation services for vendors of ICT products, components and services. Visit Tolly on the Internet at: https://www.tolly.com/

For more Reyee test data, please see the Tolly Test Report:

https://reports.tolly.com/DocDetail.aspx?DocNumber=221149

Reyee Amazon Store: https://www.amazon.com/reyee

Reyee RG-E5 Mesh Router Amazon Link: https://www.amazon.com/dp/B09GFP2FHL

Reyee RG-E3 Mesh Router Amazon Link: https://www.amazon.com/dp/B09GFLV3LV

Reyee RG-R6 Whole Wi-Fi Solution Router Amazon Link: https://www.amazon.com/dp/B09GFLLW6K

Media Contact:

contact@ireyee.com

PR Newswire

GOOVIS Defines All-New Market Segment for Experiencing Multimedia

November 12, 2021 TechENT Syndication Leave a comment

The brand of optical experts offers a new option for glasses wearers who want to enjoy immersive, glasses-free and cinema-like experience at home

HONG KONG, Nov. 12, 2021 — GOOVIS, the product brand of NED Optics, a technical leading company in the XR Head-Mounted Display (HMD) field, has created a new segment of visual devices. Different from many AR/VR HMDs on the market, GOOVIS HMDs are a series of portable personal cinema products that allow users to watch and enjoy videos without damaging their eyes or experiencing any dizziness. Supported by its patented optical technologies, GOOVIS HMDs not only provide an immersive, glasses-free and cinema-like experience for movie viewers and game players, but are also applicable for different industrial settings that require simulated training or remote control.

(Visit http://www.goovislife.com/ to explore more.)

Experts in near-eye displays, the team behind GOOVIS is committed to producing premium quality products. This commitment extends to GOOVIS HMDs. Preventing short-sightedness, dizziness, or eye damage, the HMD features an ultra-high-definition screen – 2 x 0.71" Sony AMOLED micro-display, with only 1.5% distortion, 1920×1080 x2 resolution, and PPI 3147. The device ensures the highest clarity with a 42 PPD (pixel per degree), which is 100% higher than many other VR devices on the market.

&amp;amp;nbsp;

Equipped with the company’s optical technology that supports 300 degrees for hyperopia and 800 degrees for myopia, the HMD allows users to easily adjust the device for enjoying a clear and 3D stereoscopic viewing experience without glasses and with less strain on the eyes. The diopter adjustment range could be adjusted individually for the left or right eye with independent controls. In addition, the device itself is lightweight (only 200g), portable, and comfortable to wear, marking it a better choice for clear and high-quality XR multimedia experiences at home or on the go.

(For more details or to order, please visit GOOVIS Amazon store at: https://amzn.to/3AIOmPi)

The GOOVIS HMD is an XR headset that supports the other technologies of VR, AR, and MR. Its in-built Android system is able to connect to traditional entertainment modules such as TVs, computers, game consoles, tablets, and drones through cable and Bluetooth. The device can also connect to Wi-Fi and features a remote control that provides a 2D or 3D cinema viewing experience anytime, anywhere.

Dr. Huajun Peng, Founder and CEO of NED Optics said, "People always pursue a better experience of viewing; this is a major trend. Thanks to their properties and features, ultra-high-definition head-mounted display devices like GOOVIS HMD, will eventually make their way into millions of homes, similar to computers, TV, and mobile phones. This is also our goal."

About GOOVIS
GOOVIS, which means Good Vision, is a brand of NED Optics, a technical leading company in the XR Head-Mounted Displays (HMD) field. GOOVIS products can be used to view films and videos, play games, and can also be applied in industrial fields, such as simulated military training, remote control of autonomous vehicles, surgical training systems, myopia prevention and control, Unmanned Aerial Vehicle (UAV) with First Person View (FPV), live broadcast over 5G network, and other professional fields.

GOOVIS has found its way to satisfy customers in 60 countries and regions, including throughout Europe, America, Japan and Australia. GOOVIS scooped the German iF Design Award in 2018, the Good Design Award in Japan in 2018, and the Chinese Red Star Award in 2020.

To keep up with the latest developments of GOOVIS, connect us on Facebook:
https://www.facebook.com/GoovisEN
https://www.facebook.com/goovis.goovis.1

PR Newswire

Yinchuan, the Provicial Captial in the Hinterland of China, Gaining New Achievements in Regional Economic Development

November 8, 2021 TechENT Syndication Leave a comment

YINCHUAN, China, Nov. 8, 2021 — According to the official statistics released by Yinchuan Municipal Bureau of Commerce in October, 2021, the total retail sales of consumption goods in Yinchuan reached 58.652 billion yuan (9.08 billion USD) during the first three quarters of 2021, accounting for nearly 58% of the total amount of the whole region.

The total volume of import and export reached 6.704 billion yuan ($1.35647 billion), accounting for 55.94% of the total volume of the whole region. 16 foreign-invested enterprises were newly established, and the foreign capital which are fully utilized reached 112.93 million US dollars. The FDI was 8.63 million US dollars and the cross-border e-commerce realized a transaction volume worth of 647 million yuan ($100.16 million ).

The total amount of logistics reached 320 billion yuan ($49.728 billion) and the added value of logistics-related industries reached 14.4 billion yuan ($2.229 billion).

In 2020, an unexpected epidemic disrupted the rhythm of cities in China. A series of commercial sectors such as catering industry, entertainment industry and trade sector were hit hardly by the unprecedented losses and then the stagnation of commercial activities which lasted for months emerged.

"The mature and efficient governance are characterized by those government officials who are good at exploring opportunities even faced with crisis." The commercial enterprises and people in Yinchuan involved in this crisis overcame hardships and survived from the global pandemic. The business activities in Yinchuan restart to thrive with the bustling and hustling streets being crowded with people again. This quotation mentioned above is an epitome of the fruitful results and experiences the city of Yinchuan had gained during the past year.

With the backdrop of COVID-19 global epidemic and the robust recovery of Yinchuan’s economy, how did Yinchuan Municipal Bureau of Commerce which is responsible for the city’s commercial development stimulate the economic growth of Ningxia?

An government official from Yinchuan Municipal Bureau of Commerce who is responsible for retailing business is quoted as saying, "During the epidemic period, we coordinated and realized the normal operation of 3 large wholesale markets related to agricultural products, 218 major chain supermarkets and vegetable direct-sale stores in community. Furthermore, we set a ‘green passage’ for transportation vehicles, and effectively ensured the transportation and distribution of epidemic protection materials, daily necessities and other materials."

At the same time, the city of Yinchuan focused on building the demonstration areas of night economy and attached great importance to cultivating commercial blocks with local characteristics. Yinchuan pushed forward the upgrade and renovation of traditional business circle and speeded up the development of first store economy, such as Yinchuan Metropolis Plaza, Huaiyuan night market and Fenglinwan Town.

Forty well-known enterprises participated in more than 10 exhibitions and conferences, inculding the 2020 Ningxia Brand Festival and the 28th Guangzhou Expo. The local government assisted the 10 enterprises headquatered in Yinchuan in the field of wine production, fruit and vegetable production to set up export booth and channels in more than 20 cities including Beijing.

According to the information released on the official website of Yinchuan Municipal Bureau of Commerce, five major functional zones have already been built in Yinchuan Free Trade Zone. A cross-border e-commerce public supervision center has been established in Yinchuan Highway and Railway Logistics Park. The Cross-Border E-Commerce Industrial Park covering an area of 32,000 square meters has been set, with 169 cross-border e-commerce enterprises signing up to set their branches in this park. In Yuehai Bay Central Business District (The CBD of Yinchuan), with 22 enterprises set their branches there. Zhongguancun Innovation and Entrepreneurship Center has set up cross-border e-commerce business in the United States, Europe, Japan and other developed regions with the help of its own brand matrix of e-commerce and intelligence big data engine. The Cross-Border E-Commerce Research Institute and Yinchuan FTZ E-Commerce College has been established in Yinchuan as training base to inject new impetus to the economic development of Yinchuan.

These measures and policies adopted by the local government not only revitalize the city of Yinchuan, but also facilitate the economic recovery.

The directer of Yinchuan Municipal Bureau of Commerce, Mr. Liu is quoted as saying, "The year of 2021 is the first year of the 14th five-year-plan, the 100th anniversary of the founding of the Communist Party of China and the first year of the new journey of building a modern socialist country in an all-round way. Yinchuan Municipal Bureau of Commerce will unswervingly uphold the development philosophy of making Yinchuan the center city for consumption in this region. It will implement the national policy of "internal and external double-circulation", further tapping the potential of economic growth. It will smooth the internal circulation of economic growth through promoting consumption and inject impetus to external circulation by further opening up."

Image Attachments Links:

Link: http://asianetnews.net/view-attachment?attach-id=406688
Caption: Yinchuan Free Trade Zone

PR Newswire

Blackview 11.11 Sale has already kicked off, up to 44% off

November 7, 2021 TechENT Syndication Leave a comment

SHENZHEN, China, Nov. 7, 2021 — Every year, the 11.11 Sale gives people a great reason to get a new electronic device for less. For those who are expecting the day November 11st to come, the 11.11 Sale from Blackview, a well-known consumer electronics brand, is already live, covering a wide range of products, up to 44% off, plus a store-wide $5 coupon (code: MT1111), enabling the shopping spree ahead of the festival.

Blackview 11.11 Sale has already kicked off, up to 44% off

SHOPPING GUIDE
OUTDOOR RUGGED PHONE
TABLET
LAPTOP
EARPHONES
NEW PRODUCT LAUNCH

OUTDOOR RUGGED PHONE
Outdoor rugged phone is Blackview’s star line and has a solid record reputation. These phones are built to take a beating — can basically survive being dropped, falling in water, and continued exposure to dirt, dust. They outshine standard phones when it comes to harsh environments so as to support a rugged and adventurous lifestyle. In this promotion, Blackview, going beyond all the expectations, puts its flagship series on sale.

5G Rugged Phones
Discount information:
BL6000 Pro, ~~$599.99~~ $379.99, 37% off.
BL5000, ~~$499.99~~ $299.99, 40% off.

Thermal Imaging Rugged Phones
Discount information:
BV9900 Pro, ~~$499.99~~ $399.99, 20% off.
BV9800 Pro, ~~$449.99~~ $349.99, 22% off.
BV6600 Pro, ~~$399.99~~ $249.99, 38% off.

TABLET
Put on sale is Blackview Tab 10 tablet — a hybrid tablet that can work as a phone by inserting a SIM and perform as a laptop as well by attaching an external keyboard. It’s so versatile that the user can do everything on it while it is portable to carry.

Discount information
Tab 10, ~~$199.99~~ $189.99, 5% off.

LAPTOP
For people who think a tablet’s screen is a little small for productivity tasks, look no further, Blackview Acebook1 laptop is for them. It sports a 14-inch FHD large display for a remarkable visual feast, whether for TV binge-watch or for news reading. Most importantly it offers the biggest discounts of this promotion, 44% off.

Discount information
Acebook1, ~~$499.99~~ $279.99, 44% off.

EARPHONES
Wireless headset is apparently taking the trend over wired ones nowadays due to their absolute convenience and simplicity. Blackview AirBuds 5 Pro is a solid choice is for those who want top performance without top price from wireless headsets. It features premium sound with triple microphone noise reduction technology, enhanced with ANC technology. In-ear design with soft eartips guarantees all-day comfort. Plus it provides five sizes of soft tips for a custom fit.

Discount information
AirBuds 5 Pro, ~~$89.99~~ $59.99, 33% off.

NEW PRODUCT LAUNCH — OSCAL S60
OSCAL, brother brand of Blackview, this month will launch its first rugged phone, S60, a super budget one with a modern and stylish look you can expect. Visit OSCAL official website to get you updated.

Blackview 11.11 Sale will end on November 11. The clocking is ticking. Lose no time to snap up one. Note: the aforementioned store-wide $5 coupon (code: MT1111) is effective until November 30.

PR Newswire

USLAM Air 5.0™ Transformed from UBTECH Empowers AIRROBO Robot Vacuums

November 5, 2021 TechENT Syndication Leave a comment

HONG KONG, Nov. 5, 2021 — AIRROBO (air-robo.com), the smart home appliance brand with a focus on AI-enabled technologies, supported by world-leading AI and humanoid robotic company, UBTECH Robotics, today introduced USLAM Air 5.0^TM, the much-anticipated technology empowered by UBTECH Robotics for its robovacs. The USLAM Air 5.0™ allows AIRROBO robovacs to intelligently and accurately navigate and position themselves with smarter map building and targets identifying capabilities.

AIRROBO & UBTECH Robotics

LiDAR technology and SLAM algorithm are the core technologies of any type of robot. UBTECH Robotics’ powerful USLAM technology has empowered the sub-brand AIRROBO, deriving USLAM Air 5.0^TM, which solves real-life problems in household cleaning automation with high efficiency, accuracy and stability, not crashing into chairs and tables before it cleans up nor getting pets tangled and messing up floors, for example.

AIRROBO Robot Vacuum P10, T9 and T10+

What is USLAM?

After five years of technological development, UBTECH Robotics possesses a variety of proprietary core techs in the field of humanoid robots, including the multi-source sensor SLAM system, lightweight semantic real-time map reconstruction, scenario-based autonomous perception and comprehension, navigation planning, and decision control. Based on these achievements, UBTECH Robotics has independently developed USLAM (autonomous positioning and navigation system), which integrates the functions of Localization, Mapping, Navigation and Perception. USLAM not only enables a plug-and-play system for multiple sensors, it also makes positioning and navigation more Efficient, Accurate and Stable.

What is USLAM Air 5.0^TM?

USLAM Air 5.0^TM is derived from USLAM which has been validated and optimized through application in the field of humanoid robots for 5 years. By supporting Cloud-Based Intelligent Service Robot Cruzr in 2017, Autonomous Indoor Monitoring Robot AIMBOT in 2019, UV-C Disinfection Robot ADIBOT in 2020, and Intelligent Humanoid Service Robot Walker in 2021, UBTECH Robotics’ powerful USLAM system, has promoted the development of positioning and navigation technology and the implementation of a wider range of applications in the robotic industry.

Core Technologies

Combined laser and visual navigation for large-scene high-quality mapping
Multi-sensors take account of strong robustness and high accuracy
Dynamic and timely path-planning and 3D all-round autonomous obstacle avoidance

UBTECH Robotics empowers AIRROBO by applying the systematic integration of autonomous positioning and navigation technology to smart home appliances like robovacs. Therefore, USLAM Air 5.0^TM was derived from USLAM. "Air" indicates and symbolizes the lightweight semantic algorithm, which can be interpreted as less requirements on the hardware, due to a more delicate algorithm. "Air" also represents the brand identity of AIRROBO. In practical application, USLAM Air 5.0^TM enables high-quality mapping in large or small living space, multi-sensor millimeter-level high-precision positioning, dynamic path planning and 3D all-around autonomous obstacle avoidance. In view of the above, AIRROBO robovacs "think, understand and respond"* better in terms of mapping, navigation, planning, perception, positioning, cleaning, safety and user experience. (LiDAR technology is a sensing method that uses light in the form of a pulsed laser to measure ranges for better navigation only, protecting users privacy.)

"In recent years, as the pursuit of high standard of living has increased, robot vacuum cleaners in China and the global market have been iteratively upgrading to meet the trend of an aging population, increased pet ownership, and younger residential owners. With smart appliances entering millions of households, different sizes of living space and complex indoor environment have become a challenge for the smart home industry," said Tommy Zhang, general manager of AIRROBO.

Over the years, UBTECH Robotics has put robots into use in many fields, among which, USLAM has processed more than 100,000 kilometers of course data* for accurate navigation in large scenarios. The total area of USLAM’s autonomous map construction has exceeded one million square meters*. The positioning accuracy of USLAM has reached centimeter level as well as control accuracy at 1 millimeter level*. USLAM recognizes over a thousand target identifications*, and has supported the real-time construction of object-level semantic maps.

About AIRROBO

AIRROBO is a smart home appliance brand with a focus on AI-enabled technologies. Supported by world-leading AI and humanoid robotic company, UBTECH Robotics, AIRROBO is aiming to bring the most cutting-edge technology to more and more households around the globe, making smart home a new norm of life.

* While using, the LiDAR on the device will build a map for cleaning path planning only. Please rest assured that we fully understand the importance of personal privacy. The mapping will only be used to extract feature lines for cleaning navigation and will not be used for any other purpose other than cleanups.

Contact: Johnny Liang
Email: jianhao.liang@ubtrobot.com

PR Newswire

Foot Locker, Inc. Completes Acquisition of atmos

November 2, 2021 TechENT Syndication Leave a comment

Digitally Led, Culturally Connected Business Immediately Expands Foot Locker’s Global Footprint, Provides Foothold in Rapidly Growing Asia-Pac and Extends Premium, Top-Tier Product Offering

atmos to Maintain Unique Brand Ethos, Identity and Value Proposition Within Foot Locker Family of Brands

NEW YORK, Nov. 2, 2021 — Foot Locker, Inc. (NYSE: FL) ("Foot Locker" or the "Company"), the New York-based specialty athletic retailer, today announced that, through certain subsidiaries, it has completed the acquisition of atmos, a digitally led, premium, global retailer headquartered in Japan, for $360 million, subject to certain customary adjustments.

Richard Johnson, Chairman and Chief Executive Officer of Foot Locker, said, "We are delighted to officially welcome atmos’s iconic founder, Hidefumi Hommyo, and the entire atmos team to the Foot Locker family. We deeply value atmos’s unique brand, innovative, experiential stores, premium offerings, collaborations and understanding of sneakerhead culture. atmos expands our global reach in the rapidly growing Asia-Pacific market, establishes a critical entry point in Japan and allows us to benefit from immediate scale. We are excited about the many opportunities we will collectively be able to capture as a result of this partnership as we continue creating significant long-term value for our shareholders, consumers, vendor partners, and employees."

Mr. Hidefumi, CEO, Chief Creative Officer for atmos, said, "Today atmos enters a new era, well-positioned to bring our dynamic and exciting sneakers to more people around the world. atmos was founded with a love of sneakers and a passion for innovation, and with Foot Locker as our partner, we have the opportunity to drive global growth while maintaining what makes us unique. We have worked with Foot Locker for years on product collaborations and partnerships, and we are excited about what is ahead as we pursue our shared passion for sneaker culture, streetwear, creativity and self-expression."

atmos will maintain its brand name, preserving the atmos identity, brand ethos, and unique value proposition as part of the Foot Locker family of brands. Foot Locker is committed to building on atmos’s strong foundation to propel the brand into its next phase of growth.

As previously announced, Foot Locker expects atmos to generate low double-digit sales growth annually and low double-digits to mid-teens EBITDA margins over the next five years and be accretive to EPS in fiscal year 2021. As previously reported on August 20, 2021, the Company anticipates that the acquisitions of WSS and atmos combined will be accretive to EPS in the range of $0.44 to $0.48 per share in 2022.

Advisors
Evercore served as financial advisor to Foot Locker, and DLA Piper LLP served as its legal advisor.

About Foot Locker, Inc.
Foot Locker, Inc. leads the celebration of sneaker and youth culture around the globe through a portfolio of brands including Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS, Footaction, and Sidestep. With approximately 3,000 retail stores in 28 countries across North America, Europe, Asia, Australia, and New Zealand as well as websites and mobile apps, the Company’s purpose is to inspire and empower youth culture around the world, by fueling a shared passion for self-expression and creating unrivaled experiences at the heart of the global sneaker community. Foot Locker, Inc. has its corporate headquarters in New York. For additional information please visit https://www.footlocker-inc.com.

Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the Company anticipates will or may occur in the future, including, but not limited to, such things as future capital expenditures, expansion, strategic plans, financial objectives, dividend payments, stock repurchases, growth of the Company’s business and operations, including future cash flows, revenues, and earnings, and other such matters, are forward-looking statements. These forward-looking statements are based on many assumptions and factors which are detailed in the Company’s filings with the U.S. Securities and Exchange Commission.

These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this press release are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. For additional discussion on risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the Company’s Annual Report on Form 10-K for the year ended January 30, 2021 filed on March 25, 2021. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Contact:
James R. Lance
Vice President, Corporate Finance and Investor Relations
Foot Locker, Inc.
jlance@footlocker.com
(212) 720-4600

Media Contact:
Cara Tocci
Vice President, Corporate Communications
Foot Locker, Inc.
cara.tocci@footlocker.com
(914) 582-0304

Logo – https://mma.prnasia.com/media2/803716/Foot_Locker_Inc_Logo.jpg?p=medium600

techENT

Tag Archives: REA

Boqii Announces Fiscal 2022 Second Quarter Unaudited Financial Results

Gaabor, the dark horse in big promotion, featured on semi-monthly Shopee magazine

Changhong’s High-end Household Appliance Brand CHiQ Enters Singapore Market

Boqii to Reschedule Fiscal 2022 Second Quarter Results

Mesh Wi-Fi 6 Brand, Reyee, Brings Reliable, High-Speed Internet Access

GOOVIS Defines All-New Market Segment for Experiencing Multimedia

Yinchuan, the Provicial Captial in the Hinterland of China, Gaining New Achievements in Regional Economic Development

Blackview 11.11 Sale has already kicked off, up to 44% off

USLAM Air 5.0™ Transformed from UBTECH Empowers AIRROBO Robot Vacuums

Foot Locker, Inc. Completes Acquisition of atmos

Tech Your Way