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PR Newswire

CIMC 2022 AGM: Container demand stabilizes and rebounds, Energy new orders surge

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SHENZHEN, China, July 7, 2023 /PRNewswire/ — CIMC Group (00039.SZ/2039.HK)’s 2022 annual general meeting, the first A-share class meeting in 2023 and the first H-share class meeting in 2023 were held in Shenzhen headquarters. Chairman and CEO Mai Boliang presided over the AGM, while other directors, supervisors, and senior executives of the Group participated and attended the meeting respectively.


During the meeting, it was revealed that container demand is gradually recovering in the second quarter of 2023, with freight rates and volumes stabilizing. Notably, the North American market has witnessed high profitability in road transport vehicles, while the gross profit margin of the domestic lighthouse factory business has increased. Additionally, the energy sector has experienced a surge in new orders, particularly for clean energy equipment, with the offshore engineering business boasting a full order book and rapid capacity expansion.

The management of CIMC Group engaged in face-to-face communication with shareholder representatives and media journalists, addressing various topics of market concern, including container business operations, energy industry layout, cross-ocean vehicle operations, and the development prospects of the cold chain business.

Stabilizing and Rebounding Container Demand
Revamping the Fresh Supply Chain Ecology through Cold Chain Restructuring 

In the second quarter of the year, the shipping industry’s market demand is gradually recovering as freight rates and volumes exhibit signs of stabilization. CIMC’s container demand has stabilized and rebounded, with some orders already scheduled for production in the third quarter, marking a positive shift from the previous quarter.

Addressing the global trade landscape changes, Chairman Mai Boliang said during the meeting, “As the basic unit of global logistics, containers are closely related to global trade activities and are not limited to any particular shipping route. Although the current global trade landscape is facing certain challenges, the proportion of global industrial output accounted for by long-term global trade remains high and still developing. Although the growth rate may not be significant, the prospects are still promising. We believe that changes in the trade landscape will not have a disruptive impact on container demand.”


Furthermore, regarding media’s concerns about the relocation of container factories due to the global industrial chain transfer, Mai Boliang stated, “There is indeed a trend of the transfer of some light manufacturing industries to Southeast Asia, and even in the future to Africa and South America, for the joint global development. As a leading enterprise in the container industry, CIMC always keeps a close eye on this trend and is constantly conducting research. No matter how the situation changes, CIMC’s global position in the container industry will not change.“

According to BIMCO, a highly influential international shipping organization, under the basic scenario, global container shipping volume is expected to increase by 0.5%-1.5% in 2023 and by 5.5%-6.5% in 2024. Volume and growth rate recovery are anticipated in the second half of 2023m, with the total volume of major outbound and regional routes projected to be approximately 7% higher by the end of 2024 compared to 2022.

Despite the pressure the shipping market faces in the first half of 2023, CIMC Group has demonstrated a market share increase against the trend, highlighting its competitive advantages. Leveraging its strong foothold in the container manufacturing market, the Company actively explores new opportunities through its “container+” business, achieving growth in multiple areas.

For example, CIMC is actively developing new products suitable for modern agriculture and new energy vehicle scenarios, such as planting containers, integrated refrigeration and insulation equipment boxes, new energy refrigerated containers, and V-RACK frame containers, among others.

Benefiting from the growth of the electrochemical energy storage market, CIMC’s container energy storage business continued to develop rapidly in 2022, reaching new revenue highs. By focusing on integrating energy storage systems, the business has transitioned from offering 20-foot and 40-foot containers to providing fully integrated energy storage solutions to downstream customers. Notably, records of batches of multiple deliveries have already been made to satisfied customers, showcasing the business’ strong performance.

CIMC Fishery has made significant strides in promoting the transformation and upgrading of traditional aquaculture industries through innovative “container+” scenarios. The modular construction business has made significant progress in both domestic and international markets, achieving significant milestones in several major projects.

Mai Boliang emphasized the rapid growth and stability of CIMC Group’s “container+” business. This sector has contributed significantly to the container industry, effectively mitigating the cyclical fluctuations associated with traditional containers.

Mai Boliang also reiterated CIMC Group’s active promotion of the fresh supply chain ecosystem reconstruction. China’s fresh supply chain currently faces several challenges, including (1) lengthy intermediate circulation processes, where fresh products typically go through multiple layers of transportation and circulation before reaching consumers, and (2) a lack of accurate full-process cold chain transportation, resulting in a loss rate of nearly 30%, not including the degradation of product quality, which can turn a first-grade product into a fifth-grade product.

“CIMC aims to address these two pain points by reducing the intermediate circulation process and ensuring accurate full-process cold chain transportation, eliminating fresh product loss rates and extending shelf life. This is where CIMC’s advantages are at,” added Mai Boliang, optimistic about the development prospects of CIMC’s cold chain business.

North American Vehicle Business Exceeded Expectations, Highlighting the Resilience of Its Cross-border Operations.

CIMC’s vehicle business has achieved impressive results driven by domestic recovery and overseas growth. In the first quarter of 2023, the business recorded a net profit that doubled year-on-year, while the gross profit margin increased significantly by 8.2 percentage points, setting a new historical record.

Notably, the strong profitability of its North American operations played a crucial role, benefitting from favorable economic policies and the rapid growth of intermodal transportation in the region. According to market research company, ACT Research, in the first quarter of 2023, the North American market’s semi-trailer production volume has reached 101,500 units, a year-on-year increase of 14.04%, maintaining its leading position in the industry.

Entering the second quarter of this year, the North American market continues to demonstrate high demand trends, with ongoing order deliveries. In 2023, as the impact of the pandemic gradually diminishes in North America and consumer demand grows, the freight volume of the overall vehicle transportation market is expected to rise, sustaining the robust demand for semi-trailer equipment.

Besides the favorable conditions in the North American market, strong demand is also emerging from other markets. Developing countries represent the most pressing demand for global development, offering ample opportunities for high-growth industries. CIMC’s vehicle business is actively seeking market prospects in Southeast Asia, Africa, and the Middle East, facilitating the establishment of LoM manufacturing plants and constructing a sustainable and competitive overseas emerging market operation system. In the first quarter of this year, the Vanguard business seized overseas market opportunities, vigorously developed emerging markets, and achieved remarkable revenue growth of a notable 5 percentage points increase in gross profit margin.


In the domestic market, the continuous recovery of infrastructure investment, steady progress in imports and exports, favorable government policies, and smoothness of the road transportation network have set the stage for a moderate recovery in China’s heavy truck market this year. Industry forecast reports predict China’s heavy truck sales in 2023 will reach approximately 800,000 units, marking a year-on-year increase of about 20%.

Industry insiders have analyzed that this year, the recovery of China’s commercial vehicle market is highly probable, and both North America and Europe are expected to witness growth. Furthermore, exploring emerging markets, such as Southeast Asia, will contribute to CIMC’s positive vehicle sales growth.

Surging new orders for energy equipment, and the order book is full.

In the energy sector, CIMC Group focuses on major areas such as energy, chemicals, liquid food equipment, and offshore engineering while continuously increasing its investment in new energy. The Company has made comprehensive layouts in key equipment areas, such as hydrogen, offshore photovoltaic power, offshore wind power, and energy storage.

As the Chinese economy steadily recovers and international natural gas prices decline, domestic natural gas consumption is gradually improving. According to data from the National Development and Reform Commission, China’s apparent natural gas consumption from January to April this year reached 129.26 billion cubic meters, reflecting a year-on-year increase of 4.1%. Furthermore, the National Bureau of Statistics reported that China’s natural gas imports from January to May amounted to 46.291 million tons, representing a year-on-year increase of 3.3%. The sales of LNG heavy trucks have also increased significantly, with 10,804 natural gas heavy trucks sold domestically in May, showcasing a staggering year-on-year increase of 547.3% and a month-on-month increase of 35%. Cumulative sales from January to May reached 35,000 units, reflecting a year-on-year increase of 255.8%.

The recovery of demand in the natural gas industry has propelled the clean energy equipment business to new heights. CIMC Enric, as a leading player in the domestic clean energy industry, has experienced substantial growth in revenue and orders since 2023. Strong demand has been observed for low-temperature and high-pressure equipment sales, and the overseas markets continue to demonstrate robust demand for onshore clean energy equipment and engineering.

CIMC Group President Gao Xiang has mentioned that CIMC Enric has strategically positioned its business around the “manufacture, storage, transportation, and usage” of clean energy equipment, enabling a comprehensive industry chain layout. The Company focuses on researching high-pressure equipment for hydrogen storage and transportation. With the government currently promoting the use of Type IV hydrogen storage tanks, CIMC Enric has partnered with Hexagon to develop these tanks, which are expected to be launched this year, further enhancing CIMC’s core competitiveness. Last year, CIMC’s hydrogen energy business achieved sales of 440 million RMB, and high-speed growth is expected to continue this year.


In addition, the shipbuilding industry is experiencing a long-term high boom cycle due to ship replacement cycles and stricter environmental requirements. CIMC Enric’s water-based clean energy business has recently and consecutively secured multiple orders, including LNG fuel tanks worth over 1 billion RMB, 2+2 1450 TEU LNG dual-fuel container ships worth over 1 billion RMB, 2+2 LPG/ammonia transport ships worth nearly 900 million RMB, and 4 clean energy river-sea intermodal bulk cargo ships worth over 250 million RMB, benefiting from the strong industry demand.


Meanwhile, CIMC’s offshore engineering business is developing substantially, propelled by the increasing demand for traditional oil and gas FPSO equipment and the dual drive of new energy-related industries. In the first quarter of 2023, the business achieved remarkable year-on-year increases in newly signed orders and cumulative order backlog. Newly signed orders reached $1.1 billion, showcasing a year-on-year increase of 119%, while the order backlog reached $4.76 billion, a year-on-year increase of 116%. Concurrently, the offshore asset management platform business secured a new contract for a self-elevating drilling unit at the end of March, leading to a 53% year-on-year increase in the order backlog, amounting to 349 months.

Addressing concerns about the impact of recent crude oil price fluctuations on CIMC’s offshore engineering business, Mai Boliang responded that “minor oil price fluctuations are considered normal. Furthermore, in recent years, CIMC’s offshore engineering business has proactively capitalized on the historical opportunities presented by the rapid development of new energy and special-purpose ships. Investment in new production capacity and timely product delivery in emerging areas has been pivotal. Approximately 50% of the order backlog value of CIMC’s offshore engineering business originates from non-oil and gas projects. The recovery trend is relatively certain when considering the offshore engineering industry as a whole. Based on the construction nodes of the order backlog, we expect the offshore engineering industry to experience a substantial period of robust recovery over the next 3-5 years.“

Moreover, CIMC Group has actively entered overseas markets in the energy storage sector and established a strategic joint venture with POWIN Energy, a leading international energy storage integrator and manufacturer. The two entities are actively expanding the global market for fully integrated energy storage equipment through technological research and development and product innovation.

Shenzhen has proactively embraced energy storage as a “windfall” area, with the city’s policy support and planning in the field of energy storage at the forefront. In June 2022, Shenzhen issued the “Action Plan for Cultivating and Developing New Energy Industry Clusters in Shenzhen (2022-2025)”, which identifies the development of new energy storage as a critical project, emphasizing the need to strengthen the electrochemical energy storage system. Based on unwavering policy support and certain industry trends, CIMC’s energy storage business is poised to maintain sustained growth momentum.

PR Newswire

CJ Logistics and Korea Ocean Business Corporation to Invest up to $457 Million in Creating Large-scale Logistics Centers in the US

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  • Large-scale logistics centers will be built in strategic logistics and distribution hubs, including Chicago and New Jersey.
  • CJ Logistics will provide the land for these centers, which collectively cover an area equal to 50 soccer fields, while KOBC will secure the necessary funding for the construction.
  • The logistics centers are expected to serve as strategic hubs, facilitating import and export transloading as part of global, end-to-end supply chain solutions, and as an export forward base for South Korean companies to North America.
  • The project is a first-of-its-kind public-private collaboration designed to expand the CJ Logistics North America supply chain.
  • CJ Logistics is expanding and optimizing its operations model to meet local demand and respond to the needs of consumer goods and industrial materials markets.

DES PLAINES, Ill., June 28, 2023 /PRNewswire/ — CJ Logistics, a leading innovative supply chain and technology company in South Korea, has announced a strategic partnership with the Korea Ocean Business Corporation (KOBC) to construct large-scale logistics centers in the United States through a public-private collaboration. With a total investment of approximately $457 million (KRW 600 billion), these logistics centers will prioritize handling the import and export cargo of global and South Korean companies, facilitating their overseas expansion and trade activation. Additionally, this initiative aims to strengthen the economic alliance between the U.S. and South Korea by fostering local investment and job creation.

(From front left) CJ Logistics America COO Ken Heller, CJ Logistics America CEO Kevin Coleman, CJ Logistics Global Business Unit CEO Byoung-ku Kang, CJ Logistics CEO Sin-ho Kang, Korea Ocean Business Corporation Chairman & CEO Yang-Soo Kim, Consulate General of the Republic of Korea in Chicago Deputy Consul General Hyung-In Gee, Consulate General of the Republic of Korea in Chicago Consul Insu Kim, KOTRA Chicago Director Hosung 'Boston' Sohn are taking a picture at the event.
(From front left) CJ Logistics America COO Ken Heller, CJ Logistics America CEO Kevin Coleman, CJ Logistics Global Business Unit CEO Byoung-ku Kang, CJ Logistics CEO Sin-ho Kang, Korea Ocean Business Corporation Chairman & CEO Yang-Soo Kim, Consulate General of the Republic of Korea in Chicago Deputy Consul General Hyung-In Gee, Consulate General of the Republic of Korea in Chicago Consul Insu Kim, KOTRA Chicago Director Hosung ‘Boston’ Sohn are taking a picture at the event.

The first-of-its-kind public-private partnership between CJ Logistics and KOBC, a South Korean government entity, will increase South Korean investment in the U.S. and create new jobs for Americans.

The venture, known as the “North American Project,” entails the construction of large-scale logistics centers across three sites owned by CJ Logistics America, located in key logistics and distribution hubs such as Chicago and New Jersey, totaling 3,875,000 square feet. These sites collectively span an area equivalent to 50 international standard soccer fields. While CJ Logistics plans to contribute the land, KOBC will secure funding for the construction of the logistics centers.

CJ Logistics will assume responsibility for the operation of these three logistics centers, with a primary focus on handling the import and export cargo of global and South Korean companies and e-commerce sellers, thereby supporting their market entry into the U.S. The investment commitment agreement is expected to be signed within the third quarter of this year, and construction is scheduled to commence in the first quarter of next year, with a phased completion targeted from the first half of 2026 to 2027.

In a ceremony held on June 19, Sin-ho Kang, CEO of CJ Logistics, and Yang-soo Kim, CEO of KOBC, signed an agreement to implement this project at CJ Logistics America’s office in Des Plaines, Illinois. Following the agreement, the two CEOs and executives of CJ Logistics and KOBC visited the planned site for the logistics center.

CJ Logistics and KOBC have also committed to active cooperation not only on this project but also on investments in logistics infrastructure in the U.S. and other countries to enhance the global logistics competitiveness of CJ Logistics and South Korea.

Strategically located in three major U.S. cities or logistics hubs, CJ Logistics’ sites offer significant advantages. Elwood, Illinois, adjacent to the terminals of BNSF and Union Pacific, the largest freight railroad companies in the US, provides efficient transportation and delivery nationwide within one to two days via road and rail networks. Des Plaines, Illinois, is located near Chicago, one of the three largest cities in the U.S. and major consumer markets, as well as O’Hare International Airport, the largest freight airport in the country. Secaucus, New Jersey, situated near New York Harbor, JFK Airport, and New York City, offers access to another major consumer market.

With the development of these strategic hubs, CJ Logistics is optimizing its global logistics model to meet customer needs for integrated, end-to-end supply chain solutions. It will generate synergy by connecting the newly constructed logistics centers with its existing network of 57 operational logistics centers across the US. This connection will act as a catalyst for innovative growth in the business conducted in the US.

Moreover, with the vision of leading the global logistics industry with world-class technology, CJ Logistics will continue to accelerate and introduce advanced technologies such as automation, big data and AI, leveraging its TES (Technology, Engineering, Systems & Solutions) applications which have been successfully developed in South Korea, and are underway in North America. The company plans to enhance efficiency through the implementation of Autonomous Mobile Robots (AMR), Autonomous Fork Lifts (AFL), and smart packaging systems.

The North America Project holds significant meaning as it represents a joint effort between a government entity and a private enterprise to support South Korean companies’ entry into the US, the world’s leading economic market, and raise their global competitiveness.

While South Korean companies have made recent investments in various sectors such as electric vehicles, batteries, and semiconductors in the U.S., this collaboration between the public and private sectors is notable as the first of its kind. The project is projected to generate an investment of approximately $457 million and create 500 permanent jobs, along with additional employment opportunities, contributing to the strengthening of the U.S.-Korea economic alliance.

Commenting on the project, Mr. Kang, CEO of CJ Logistics, said, “We are committed to supporting our North America customer base, South Korean companies and e-commerce sellers as they enter the U.S. market. By utilizing our cutting-edge logistics infrastructure and operational capabilities, we aim to increase customer value, serve as a strategic partner to our customers who can benefit from global and multimodal solutions, and expand the ‘K-Wave’ into the business sector.”

Mr. Kim, CEO of KOBC, added, “The construction of logistics hubs in the U.S. will enhance the competitiveness of South Korea’s global supply chain and create value-added supply chain services through integration with maritime logistics.” He further emphasized, “We will continue to explore opportunities to enhance global logistics competitiveness by leveraging the resources, capabilities, and expertise of both sides.”

In the first quarter of this year, South Korea’s exports to the U.S. recorded $28.6 billion, a 3.5% increase compared to the same period last year. The U.S. ranked as South Korea’s largest trade surplus country during this period, with a trade surplus of $7.2 billion. E-commerce exports to the U.S. also saw significant growth, reaching $323 million in the previous year, a 23.8% increase compared to the previous year, according to the Korea Trade Statistics Promotion Institute.

CJ Logistics

CJ Logistics provides integrated global supply chain services, maximizing customer value through continuous improvement and innovation. Currently, CJ Logistics operates technology-driven logistics businesses at 280 bases in 40 countries around the world. With a focus on social responsibility and sustainability through growth with customers and communities, CJ Logistics prioritizes the well-being of the end consumer. CJ Logistics offers an integrated, one-stop SCM service platform with air and sea international freight forwarding, warehousing and transportation contract logistics, asset-based trucking, parcel and express delivery, and supply chain consulting. As a lead logistics partner (LLP), third-party logistics provider (3PL) and supply chain consultant, CJ Logistics helps customers leverage supply chain management as a competitive advantage, reducing total system costs, transforming business processes, improving service and facilitating growth and change. CJ Logistics America, a division of CJ Logistics, is responsible for leading warehousing, transportation and freight forwarding operations across the North America region, specializing in solutions for regulated industries such as food and beverage, consumer packaged goods, healthcare and medical supplies, and tire and automotive. cjlogisticsamerica.com

CJ Logistics plans to build three large logistics centers in Illinois and New Jersey. A large distribution center in Elwood, Illinois. (Bird's eye view)
CJ Logistics plans to build three large logistics centers in Illinois and New Jersey. A large distribution center in Elwood, Illinois. (Bird’s eye view)

PR Newswire

BEST Inc. Publishes 2022 ESG Report, Driving Green Logistics through Digitalization

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HANGZHOU, China, May 29, 2023 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today released its “2022 ESG Report,” highlighting the company’s fulfillment of social responsibilities, global participation in social welfare initiatives, and promotion of green logistics through digitalization.

The report is divided into seven sections, showcasing BEST’s contributions to social welfare and green logistics. In 2022, it delivered goods to areas affected by the pandemic for free, reduced paper usage by 8.5 million A4 sheets annually through blockchain technology, and saved 70,000 liters of diesel by continuously replacing diesel forklifts with electric forklifts.

The Company also formed long-term strategic partnerships with over 100 colleges and universities, and participated in public welfare activities, such as helping underprivileged students and donating goods.

“Social support and trust are essential to corporate development,” said Johnny Chou, BEST Inc.’s Chairman and CEO. “As a logistics enterprise, BEST has always prioritized green practices, digitalization, and mutual benefit, in order to promote sustainable development and create greater value for our customers, employees, and society.”

BEST Inc. generated RMB 7.74 billion in total revenue in 2022, with service in eight countries. The Company achieved full coverage of its express network in four Southeast Asian countries and was listed in the “Top 500 Private Enterprises in China” in 2022.

For the full BEST Inc. ESG 2022 report, please visit:
https://www.best-inc.com/BEST-Inc.ESGReport2022.pdf

Source: BEST Inc.

PR Newswire

TD Holdings, Inc. Reports First Quarter 2023 Financial Results

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SHENZHEN, China, May 13, 2023 /PRNewswire/ — TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a commodities trading service provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2023.

Ms. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “We continued to provide unparalleled services to our clients and explore new partnerships to address the market opportunities in the first quarter of fiscal year 2023. In the remaining of 2023, we will continue to execute our development plan to expand our business scale and improve our brand awareness. We will remain focus on the optimization of our commodities trading business and supply chain service business to expand our client base. We believe our dedicated and experienced team is our foundation to separate us from other competitors and enhance our competitive market position. With the rapid resumption of business activities, we expect to actively explore new corporations, provide high-quality services to best serve our clients’ demand and generate additional revenue sources. In addition to the growth plan, we expect to improve our efficiency by implementing necessary measures. We remain confident about our future prospects with our long-term development strategy on seeking growth opportunities in our business.”

First Quarter 2023 Financial Highlights

Total revenue was $34.58 million, consisting of $34.57 million from sales of commodity products, and $0.01 million from supply chain management services for the quarter ended March 31, 2023, a decrease of 28% from $48.16 million for the same quarter ended March 31, 2022.

Net income was $0.45 million for the quarter ended March 31, 2023, compared with $1.59 million for the same quarter ended March 31, 2022.

Basic and diluted earnings per share were $0.00 respectively, for the quarter ended March 31, 2023, compared with $0.04 for the same quarter ended March 31, 2022.

First Quarter 2023 Financial Results

Revenues

For the quarter ended March 31, 2023, the Company sold non-ferrous metals to 14 third-party customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $34.57 million from sales of commodity products for the quarter ended March 31, 2023, compared with $47.58 million for the same quarter ended March 31, 2022.

For the quarter ended March 31, 2023, the Company recorded revenue of $0.01 million from supply chain management services to third-party customers, compared with $0.58 million to third-party vendors for the same quarter ended March 31, 2022.

Cost of Revenue

Cost of revenue primarily includes cost of revenue associated with commodity product sales and cost of revenue associated with management services of supply chain. Total cost of revenue decreased by $12.95 million, or 27% to $34.65 million for the quarter ended March 31, 2023, from $47.60 million for the same quarter ended March 31, 2022, primarily due to the decrease in the cost of revenue associated with commodity product sales.

Selling, General, and Administrative Expenses

Selling, general and administrative expenses increased by $0.50 million or 22%, to $2.74 million for the quarter ended March 31, 2023, from $2.25 million for the same quarter ended March 31, 2022. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expenses, amortizations of intangible assets and convertible promissory notes, professional service fees and finance offering related fees. The increase was mainly attributable to the amortization of intangible assets of $2.05 million, as the company acquired a software copyright of the original amount of RMB300 million in connection with the contractual arrangement with Shenzhen Tongdow Internet Technology Co., Ltd. on October 25, 2022, which contributed $1.10 million to selling, general, and administrative expenses for the three months ended March 31, 2022.

Interest Income

Interest income was primarily generated from loans made to third parties and related parties. Interest income increased by $0.06 million or 1%, to $4.45 million for the quarter ended March 31, 2023, from $4.39 million for the same quarter ended March 31, 2022.

Amortization of Beneficial Conversion Feature and Relative Fair Value of Warrants Relating to the Issuance of Convertible Promissory Notes  

For the quarter ended March 31, 2023, the item represented the amortization of beneficial conversion feature of $0.22 million of two convertible promissory notes issued on May 6, 2022 and March 13, 2023.

For the same quarter ended March 31, 2022, the item represented the amortization of beneficial conversion feature of $0.21 million of three convertible promissory notes issued on January 6, 2021, March 4, 2021 and October 4, 2021.

Net Income

Net income was $0.45 million for the quarter ended March 31, 2023, compared with $1.59 million for the same quarter ended March 31, 2022.

Three Months Ended March 31, 2023 Cash Flows

As of March 31, 2023, the Company had cash and cash equivalents of $1.98 million, as compared with $0.89 million as of December 31, 2022.

Net cash provided by operating activities was $2.77 million for the quarter ended March 31, 2023, compared with $3.75 million for the same quarter ended March 31, 2022.

Net cash used in investing activities was $46.69 million for the quarter ended March 31, 2023, compared with $50.00 million for the same quarter ended March 31, 2022.

Net cash provided by financing activities was $45.91 million for the quarter ended March 31, 2023, compared with $45.50 million for the same quarter ended March 31, 2022.

About TD Holdings, Inc.

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

Safe Harbor Statement

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

For more information, please contact:

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

TD HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2023 and December 31, 2022

(Expressed in U.S. dollars, except for the number of shares)

March 31,

December 31,

2023

2022

ASSETS

Current Assets

Cash and cash equivalents

$

1,981,012

$

893,057

Loans receivable from third parties

191,630,240

143,174,634

Other current assets

4,991,860

4,040,477

Inventories, net

415,718

458,157

Total current assets

199,018,830

148,566,325

Non-Current Assets

Plant and equipment, net

5,239

6,370

Goodwill

162,379,512

160,213,550

Intangible assets, net

52,803,772

54,114,727

Right-of-use assets, net

168,458

196,826

Total non-current assets

215,356,981

214,531,473

Total Assets

$

414,375,811

$

363,097,798

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable

$

–

$

1,269

Bank borrowings

1,018,671

1,005,083

Third party loans payable

472,842

460,587

Contract liabilities

18,395

437,148

Income tax payable

12,835,992

11,634,987

Lease liabilities

109,977

116,170

Other current liabilities

5,654,669

5,348,646

Convertible promissory notes

4,635,456

4,208,141

Total current liabilities

24,746,002

23,212,031

Non-Current Liabilities

Due to related party

39,291,587

38,767,481

Deferred tax liabilities

2,907,489

3,059,953

Lease liabilities

62,396

84,164

Total non-current liabilities

42,261,472

41,911,598

Total liabilities

67,007,474

65,123,629

Commitments and Contingencies (Note 16)

Equity

Common stock (par value $0.001 per share, 600,000,000 shares authorized;
144,841,328 and 106,742,117 shares issued and outstanding as of March 31, 2023
and December 31, 2022, respectively)*

144,841

106,742

Additional paid-in capital

390,154,966

344,295,992

Statutory surplus reserve

2,602,667

2,602,667

Accumulated deficit

(37,950,132)

(38,800,375)

Accumulated other comprehensive income

(5,939,107)

(8,984,925)

Total TD Shareholders’ Equity

349,013,235

299,220,101

Non-controlling interest

(1,644,898)

(1,245,932)

Total Equity

347,368,337

297,974,169

Total Liabilities and Equity

$

414,375,811

$

363,097,798

* Retrospectively restated due to five for one Reverse Stock Split, see Note 12 – Reverse stock split of common stock.

TD HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 31, 2023 and 2022

(Expressed in U.S. dollars, except for the number of shares)

For the Three Months
Ended
March 31,

2023

2022

Revenues

    - Sales of commodity products – third parties

$

34,571,288

$

47,583,965

    - Supply chain management services – third parties

6,350

575,151

Total revenue

34,577,638

48,159,116

Cost of revenues

    - Commodity product sales-third parties

(34,653,239)

(47,590,576)

    - Supply chain management services-third parties

(40)

(11,602)

Total operating costs

(34,653,279)

(47,602,178)

Gross (loss)/profit

(75,641)

556,938

Operating expenses

Selling, general, and administrative expenses

(2,743,061)

(2,247,707)

Total operating expenses

(2,743,061)

(2,247,707)

Net Operating Loss

(2,818,702)

(1,690,769)

Other income (expenses), net

Interest income

4,449,000

4,390,341

Interest expenses

(109,987)

(110,326)

Amortization of beneficial conversion feature relating to issuance of convertible
promissory notes

(220,652)

(213,367)

Other income, net

4,523

95,709

Total other income, net

4,122,884

4,162,357

Net income before income taxes

1,304,182

2,471,588

Income tax expenses

(852,905)

(877,731)

Net income

451,277

1,593,857

Less: Net loss attributable to non-controlling interests

(398,966)

–

Net income attributable to TD Holdings, Inc.’s Stockholders

850,243

1,593,857

Comprehensive Income

Net income

451,277

1,593,857

Foreign currency translation adjustments

3,045,818

881,196

Comprehensive Income

$

3,497,095

$

2,475,053

Less: Total comprehensive loss attributable to non-controlling interests

(398,966)

–

Comprehensive income attributable to TD Holdings, Inc.’s Stockholders

$

3,896,061

$

2,475,053

Income per share – basic and diluted

Continuing Operation- income per share – basic*

$

0.00

$

0.04

Continuing Operation- income per share –diluted*

$

0.00

$

0.04

Weighted Average Shares Outstanding-Basic*

140,045,132

39,688,232

Weighted Average Shares Outstanding- Diluted*

148,121,900

42,710,590

*  Retrospectively restated due to five for one Reverse Stock Split, see Note 12 – Reverse stock split of common stock

 

TD HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2023 and 2022

(Expressed in U.S. dollar)

For the Three Months

Ended March 31,

2023

2022

Cash Flows from Operating Activities:

Net income

$

451,277

$

1,593,857

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

Depreciation of plant and equipment

1,215

3,217

Amortization of intangible assets

2,049,732

1,029,186

Amortization of right of use assets

30,846

76,983

Amortization of discount on convertible promissory notes

93,333

111,000

Interest expense for convertible promissory notes

101,330

93,285

Amortization of beneficial conversion feature of convertible promissory notes

220,652

213,367

Monitoring fee relating to convertible promissory notes

–

69,685

Deferred tax liabilities

(194,515)

(209,744)

Inventories impairment

(17,229)

–

Escrow account receivable

–

(54,985)

Inventories

66,033

(133,810)

Other current assets

(24,222)

(29,775)

Prepayments

447,960

(1,891,842)

Contract liabilities

(426,158)

1,900,456

Due to related parties

–

(21,259)

Due from third parties

(628,474)

(481,816)

Due from related parties

(685,488)

28,897

Accounts payable

(1,291)

(116,078)

Income tax payable

1,047,382

1,085,694

Other current liabilities

259,083

499,661

Lease liabilities

(30,476)

(19,734)

Due to third party loans payable

6,050

6,523

Net cash provided by operating activities

2,767,040

3,752,768

Cash Flows from Investing Activities:

Purchases of plant and equipment

–

(5,039)

Purchases of operating lease assets

–

(58,617)

Loans made to third parties

(46,678,620)

(60,177,853)

Collection of loans from related parties

–

11,066,822

Investments in other investing activities

(10,707)

(828,601)

Net cash used in investing activities

(46,689,327)

(50,003,288)

Cash Flows from Financing Activities:

Proceeds from issuance of common stock under ATM transaction

559,073

–

Proceeds from issuance of common stock under private placement transactions

42,350,000

45,500,000

Proceeds from convertible promissory notes

3,000,000

–

Net cash provided by financing activities

45,909,073

45,500,000

Effect of exchange rate changes on cash and cash equivalents

(898,831)

13,794

Net increase/(decrease) in cash and cash equivalents

1,087,955

(736,726)

Cash and cash equivalents at beginning of period

893,057

4,311,068

Cash and cash equivalents at end of period

$

1,981,012

$

3,574,342

Supplemental Cash Flow Information

Cash paid for interest expenses

$

19,934

$

22,109

Cash paid for income taxes

$

–

$

1,781

Supplemental disclosure of Non-cash investing and financing activities

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

$

–

$

58,617

Issuance of common stocks in connection with conversion of convertible promissory
    notes

$

2,988,000

$

1,804,820

Source: TD Holdings, Inc.

PR Newswire

J&T Express and SF Express reach agreement to acquire 100% share rights of Fengwang Express for RMB 1.183 billion

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SHANGHAI, May 12, 2023 /PRNewswire/ — Global logistics service provider, J&T Express today announced that it has entered into a Share Transfer Agreement with Shenzhen Fengwang Holdings Co., Ltd. (“Fengwang Holdings”), a subsidiary of S.F. Holding Co., Ltd. (002352.SZ). J&T Express’ subsidiary J&T Express (Shenzhen) Supply Chain Co., Ltd. will acquire 100% share rights of Fengwang Holding’s wholly-owned subsidiary, Shenzhen Fengwang Information Technology Co., Ltd. (“Fengwang Information”), for RMB 1.183 billion. This transaction is subject to several prerequisites, the Examination of Concentrations of Undertakings by the State Administration for Market Regulation, and the transaction consideration being settled in a timely manner according to the Share Transfer Agreement.

J&T Express has been making significant strides in the e-commerce express delivery sector since its entry into the Chinese market in 2020. The company has successfully acquired Best Inc.’s express business in China in late 2021. Shenzhen Fengwang Express Co., Ltd. (“Fengwang Express”) is a wholly-owned subsidiary of Fengwang Information. Fengwang Express’ network currently covers 27 provinces, municipalities and autonomous regions across China, providing high quality services to e-commerce customers. In 2022, Fengwang’s revenue exceeded RMB 3.2 billion. The overall network service quality is stable.

J&T Express has expressed its commitment to continuously optimizing the service experience as part of its focus on the e-commerce express delivery service industry. This acquisition will enhance the integrated service capabilities of J&T Express. This move is expected to foster high-quality development of the industry allowing it to further increase its competitive advantage in the e-commerce delivery sector and contribute to the high-quality development of the industry.

S.F. said that the resources of two sides are complementary, this will help ensure the smooth transition of the transaction. Looking forward, S.F. can focus more on the development of its core businesses such as domestic mid-to-high-end express, international express, global supply chain services and digital supply chain services. Meanwhile, S.F. will continue to build e-commerce express delivery products and services and meet the diversified needs of customers in the high-end express delivery market.

About J&T Express

J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.

About S.F.  

SF is the largest integrated logistics service provider in China, and the fourth largest express delivery enterprise in the world, providing domestic and international end-to-end one-stop supply chain services. At the same time, relying on leading scientific and technological research and development capabilities, SF is committed to building the digital supply chain ecology and becoming a leader in the global intelligent supply chain. After years of dedicated operation, SF has earned considerable reputation and popularity in the industry, and has established the “rapid, punctual and safe” brand image. It takes the lead in multiple segments and continues to lead in the industry.

PR Newswire

J&T International Signs Strategic Agreement with HeyTap Technology to Deepen Cooperation in Logistics Financial Services

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GUANGZHOU, China, May 5, 2023 /PRNewswire/ — J&T International, a global provider of integrated logistics solutions, announced a strategic partnership with Shenzhen HeyTap Technology Corp., Ltd. (“HeyTap Technology”) to jointly provide logistics financial services on the 133rd China Import and Export Fair (“Canton Fair”).

The China Import and Export Fair
The China Import and Export Fair

HeyTap Technology is the official partner of OPPO, Realme, and OnePlus among other brands. As part of the partnership, J&T International and HeyTap Technology will introduce an integrated solution of “Logistics + FinTech” that stretches across inclusive finance, digital ecosystem, and international business cooperation. The two parties will carry out comprehensive and in-depth cooperation in various fields to provide value-added logistics financial services in a standardized and efficient manner, promoting inclusive finance in the cross-border logistics ecosystem to benefit upstream and downstream enterprises and accelerate the quality development of the industry.

Signing Ceremony of the Strategic Partnership
Signing Ceremony of the Strategic Partnership

Qin Fang, Head of J&T International Supply Chain, said: “As logistics technology and financial tools continue to advance, logistics finance has become an important area for enterprises to boost their growth potential and competitiveness. The partnership with HeyTap Technology showcases J&T International’s commitment to further enhancing our overall competitiveness. J&T International is dedicated to reducing transaction costs and optimizing efficiency in cross-border logistics, providing better services for customers and enterprises around the world.”

Ge Shen, General Manager of Industrial Finance at HeyTap Technology, said: “We are committed to promoting the integration of digital technology and real economy to deliver digital solutions for supply chain finance, improving the access to finance for more than 40,000 small and medium-sized enterprises (SMEs) nationwide. The partnership with J&T International is a demonstration of our global expansion. By providing innovative financial solutions in cross-border logistics, HeyTap Technology seeks to build win-win cooperation with upstream and downstream enterprises to facilitate the development of the cross-border logistics industry.”

As a leading international logistics service provider under J&T Express, J&T International has been integrating various resources since its inception to connect China to the rest of the world and provide all-encompassing cross-border logistics solutions including collection, international freight forwarding, clearance, warehousing and fulfillment services. Its products and services include B2C cross-border parcel, B2B freight forwarding service, and international warehousing and distribution. J&T International’s self-owned terminal network spans 13 countries and regions in Asia, Latin America, and Africa, and has built overseas warehouses in 9 regions across Southeast Asia, Europe, and the United States.

The signing of this strategic agreement will further expand and deepen the partnership between J&T International and HeyTap technology. Leveraging this opportunity, the two companies will consolidate complementary resources and strengths to build synergy for win-win cooperation. Going forward, J&T International will capitalize on existing global logistics resources in shaping an innovation-driven business model, constantly upgrade product portfolio to facilitate the development of cross-border logistics across the world and maximize value for more customers and partners.

– END –

About J&T International

J&T International is the international logistics arm of J&T Express. With J&T Express’ abundant global logistics resources and strong business network, J&T International’s services cover about 100 countries and regions around the world, including cross-border small parcels, international line-haul transportation, international warehousing solutions. Supporting multiple transportation methods including air, sea, and ground shipping, J&T International is committed to providing customized logistics solutions for all customers.

About HeyTap Digital Technology

HeyTap is a global leader in digital technology services. Our mission is to build powerful digital finance solutions, create shared success with ecosystem partners, and deliver secure finance and consumer services to global users. Using cutting-edge technologies such as artificial intelligence and big data, we are assembling a broad digital ecosystem rooted in openness and interconnectivity.

PR Newswire

Self Storage Asia Awards Winners announced at Awards Ceremony on April 12, 2023

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MANILA, Philippines, May 4, 2023 /PRNewswire/ — Self Storage Association Asia announces the winners of the Self Storage Awards Asia.

The full list of finalists and entry details are at the Awards website at https://selfstorageasia.org/award-winners-2023

The Awards, recognise excellence in the self storage industry across Asia, including the Philippines. They celebrate outstanding achievements in customer service, safety and governance, and highlight the vital role that the self storage sector plays in supporting families and small businesses during challenging times.

In the Philippines, Loc&Stor 24/7‘s Makati Urban site was the regional winner of the Multi-Site Operator Store of the Year, sponsored by FCX Industry Trading, recognising it as the best self storage site operated by a large company.

InStorage, a smaller self storage company has demonstrated exceptional performance and service to its customers. It won the Independent Store of the Year award in the Philippines.

The self storage industry in the Philippines has been growing steadily over the past few years, driven by the increasing demand for storage space from both residential and commercial customers. The industry has also been quick to adapt to new technologies, with many operators offering online reservation systems and other digital services to make it easier for customers to book and manage their storage units.

Despite the challenges posed by the COVID-19 pandemic, the self storage industry in the Philippines has remained resilient, with operators implementing strict safety protocols to ensure the health and wellbeing of their staff and customers. As the country continues to recover and rebuild, the self storage sector is expected to play an increasingly important role in supporting businesses and individuals.

About the Self Storage Association Asia

The SSAA is the industry body representing and serving the self storage industry in Asia from Japan to Jordan. Its members comprise the best of class self storage operators, their suppliers and investors. The SSAA provides training, advocacy, intelligence, market reports and a networking platform to help operators to continue to improve and grow.

CONTACT:

Heily Lai
Director of Community Events, Sponsorship and Marketing
Self Storage Association Asia
Tel: +852 5403 2154
Email: heilylai@selfstorageasia.org

PR Newswire

Pando raises $30 million amidst funding winter, to future-proof enterprise supply chains

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Led by Iron Pillar, the round saw participation from Uncorrelated Ventures, Nexus Venture Partners, Chiratae Ventures, Next47 and prominent angel investors.

SAN JOSE, Calif. and CHENNAI, India, May 4, 2023 /PRNewswire/ — Supply chain software leader, Pando, today announced its Series B funding of $30 million, bringing total capital raised so far, to $45 million. The round was led by marquee Silicon Valley investors Iron Pillar and Uncorrelated Ventures, with participation from existing investors Nexus Venture Partners, Chiratae Ventures and Next47. Several prominent American CEOs and angel investors also participated in this round including David Dorman, Chairman of CVS Health and Director on the Boards of Dell and Paypal, Tom Noonan, Director on the Boards of New York Stock Exchange and SalesLoft, Scott Kirk of Bain Capital, Paul Brown of Dunkin’, Baskin-Robbins and Neiman Marcus, Nick Mehta of Gainsight, and Amar Goel of Pubmatic. The fresh funds will be used to drive Pando’s growth across geographies and industries.

Abhijeet Manohar (left) & Nitin Jayakrishnan (right), co-founders of Pando at the company’s APAC HQ
Abhijeet Manohar (left) & Nitin Jayakrishnan (right), co-founders of Pando at the company’s APAC HQ

In the last few years, supply chain disruptions have peaked, hindering business growth and consumers’ access to quality products. According to a recent Deloitte survey, over 70% of manufacturing executives reported that their companies have been impacted by supply chain disruptions in the past year, with 90% of those companies experiencing increased costs and declining productivity. With global enterprises investing in supply chain technology to improve agility, efficiency and resilience, the logistics tech market is estimated to grow to $25 billion by 2025. Pando is well-positioned to ride this growth wave, and drive supply chain agility for the 2030 economy.

Investors see Pando’s platform as critical in the modern supply chain toolkit to bring innovation and resilience to the industry. Mohanjit Jolly, Partner at Iron Pillar who led the Series B, believes that Pando is uniquely positioned to be a global leader in this growing category. “The Logistics Tech market is ripe for disruption – there is high demand caused by volatility, legacy competition that is trying to catch up and a trend towards bundling point solutions. Pando addresses the problem holistically and, with its world-class talent in India and the US, takes a global view to IP-led product development. Their growth with multiple Fortune 500 companies is testimony to the quality of the product and management team, but their focus on building a large long-term business is what got us excited to partner with Abhijeet and Nitin. Iron Pillar is eager to leverage its global network of customers, partners, strategic capital and more to help accelerate Pando’s journey.”

Pando’s recently launched Fulfillment Cloud is a ‘single pane of glass’ to streamline the end-to-end order-to-fulfillment process of manufacturers, distributors, retailers, and 3PLs. This AI-powered, no-code platform for collaborative fulfillment has proven itself globally, improving service levels, and reducing carbon footprint and costs for several Fortune 500 enterprises such as Johnson & Johnson, Procter & Gamble, Nestle, Nivea, Accuride, Danaher, Perfetti Van Melle, and BP Castrol.

“Pando’s Fulfillment Cloud has been proven across several industries in the last few years, with strong revenue growth, marquee customer logos, high CSATs, and a fully built-out enterprise-grade platform. Pando is now expanding into new industries and geographies, especially the US.” said Abhishek Sharma, Managing Director at Nexus Venture Partners who seeded the company in 2018.

Parvesh Ghai, CRO – Asia Pacific, agrees, “Since Pando’s Series A in 2020, our revenue has grown 8x, and our customer base, 5x. We’re scaling our North America and Global business with marquee customer wins and a network of strong partners.” John Zimmerman, CRO – North America & Europe, adds, “Many large companies in North America and Europe are consolidating their supply chain technology from siloed point solutions to unified platforms, and in-sourcing their logistics from 3PLs. Pando’s solution is timely – its end-to-end capabilities and quantifiable value-driven success stories with marquee global brands is driving significant traction in the US market, where supply chain leaders are clamouring for change.”

“Most of the brands we love and live with are weighed down by legacy logistics tools that make their products less affordable, accessible and eco-friendly. Pando’s platform allows these brands to automate manual processes, modernize legacy systems and plug the gaps between tools without multi-year transformations, delivering change here and now,” said Nitin Jayakrishnan, Pando’s CEO.

Pando’s CTO, Abhijeet Manohar, said, “Whether we take HRMS, CRM, ITSM or SCM – ultimately, enterprise processes are data problems. Enterprises are struggling to piece together a comprehensive view of their supply chain. Just like how the world evolved from legacy applications to new-age cloud technology in these categories, supply chain software is evolving towards Pando.”

About Pando: 

Pando is a global leader in supply chain technology with its AI-powered, no-code Fulfillment Cloud platform. Pando’s Fulfillment Cloud provides manufacturers, retailers, and 3PLs with a single pane of glass to streamline the end-to-end order-to-fulfillment process to improve service levels and reduce carbon footprint and costs. As a partner of choice for Fortune 500 enterprises globally, with a presence across APAC and the US, Pando is recognized by Technology Pioneer by the World Economic Forum (WEF), and as one of the fastest-growing technology companies by Deloitte.

If you are embarking on digital transformation for your logistics operations, reach out to Pando at https://www.pando.ai.

PR Newswire

Ampotech joins Coastal Sustainability Alliance to Support Decarbonization of Maritime Sector

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SINGAPORE, April 25, 2023 /PRNewswire/ — Singapore-based energy technology startup Ampotech is bringing its internet of things enabled energy management technology to the maritime sector. On 25 April 2023, Ampotech was one of 11 new members signing a Memorandum of Understanding to join the Coastal Sustainability Alliance (CSA).

Coastal Sustainability Alliance
Coastal Sustainability Alliance

CSA, launched in 2022 and helmed by Kuok Maritime, is an alliance dedicated to decarbonizing Singapore’s marine industry by developing electric vessels, charging infrastructure and power management systems, as well as coastal logistics optimization solutions. The 18 member CSA expects to invest over S$20 million into various sustainability efforts over the next ten years with the aim of a 50% reduction in vessel carbon emissions and 20% in marine traffic by 2030.

“The Coastal Sustainability Alliance’s efforts to build the next generation coastal logistics ecosystem has progressed to plans. The alliance is excited to contribute in incubating our local start-ups. Ampotech’s research initiatives will reinforce the efficiency and reliability of our PXO vessels. We will provide them with our full support to achieve our common goals.” Victor Yeap, Senior General Manager, PaxOcean.

As one of the new technology providers in CSA, Ampotech expects to work closely with fellow members PaxOcean, M1, GenPlus, and ST Engineering to track and optimize the energy use of the battery-powered PXO e-tug and e-supply vessels, which will be the first and largest locally designed, built, and deployed boats to be in operation in Singapore.

“Our energy management technology is proven for on-shore applications in commercial and industrial buildings, and we are excited to have the opportunity to bring those capabilities into the maritime sector with CSA to have a larger impact” said Ampotech CEO William Temple.

About Ampotech

Ampotech Pte Ltd is an energy technology company based in Singapore that develops internet of things (IoT) hardware and AI-enabled software to help businesses collect, analyse, and integrate building and machine electricity usage data for sustainability reporting, benchmarking, automation, and facilities management. Ampotech’s products and software are trusted by industry leaders in the energy and real estate sectors, with thousands of devices deployed in commercial, residential, and industrial buildings. Ampotech has been recognized as one of the top climate tech companies in Southeast Asia, and has won awards for its technology and impact in the built environment sector. For more information, please visit www.ampotech.com.

PR Newswire

Full Truck Alliance Co. Ltd. Files Its Annual Report on Form 20-F

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GUIYANG, China, April 20, 2023 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission on April 19, 2023. The annual report can be accessed on the Company’s investor relations website at ir.fulltruckalliance.com.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations Department, Full Truck Alliance Co. Ltd., 16F, Building T2, SOHO Tianshan, No. 1717 Tianshan Road, Changning District, Shanghai, 200051, People’s Republic of China.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

The Piacente Group, Inc.
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

Source: Full Truck Alliance Co. Ltd.