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PR Newswire

51job, Inc. Reports First Quarter 2020 Financial Results

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SHANGHAI, May 8, 2020 /PRNewswire/ — 51job, Inc. (Nasdaq: JOBS) (“51job” or the “Company”), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the first quarter of 2020 ended March 31, 2020.

First Quarter 2020 Financial Highlights:

  • Net revenues decreased 13.2% over Q1 2019 to RMB791.1 million (US$111.7 million)
  • Online recruitment services revenues decreased 10.8%
  • Other human resource related revenues decreased 18.2%
  • Income from operations was RMB170.0 million (US$24.0 million)
  • Fully diluted earnings per share was RMB3.02 (US$0.43)
  • Excluding share-based compensation expense, gain from foreign currency translation and change in fair value of equity securities investment, as well as the related tax effect of these items, non-GAAP adjusted fully diluted earnings per share was RMB3.27 (US$0.46), which exceeded the Company’s expectations
  • Cash and short-term investments balance increased to RMB11,231.1 million (US$1,586.1 million) as of March 31, 2020

Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, said, “Despite a decline in revenues and profitability in the first quarter that reflected the significant impact of the COVID-19 pandemic on economic activity and recruitment market demand in China, I’m very proud of how quickly our 51job team has rallied together to adapt to these unprecedented circumstances.  Tapping into our large HR services ecosystem of innovative solutions and strategic partners, we are assisting and supporting employers, workers and job seekers in every possible way, including contactless services such as online job fairs, AI assessment and video interviewing.  Although companies have resumed operations and employees have returned to work, the current market sentiment is still cautious and uncertain due to the ongoing pandemic and its unpredictable consequences on China and globally.  But we have confidence in our proven business model, and with our ample financial resources, we remain committed to leading with high quality services, improving the user experience and driving operational excellence, all of which will position and strengthen 51job to capture more opportunities in the future.”

First Quarter 2020 Unaudited Financial Results

Net revenues for the first quarter ended March 31, 2020 were RMB791.1 million (US$111.7 million), a decrease of 13.2% from RMB911.9 million for the same quarter in 2019.

Online recruitment services revenues for the first quarter of 2020 were RMB547.0 million (US$77.3 million), representing a 10.8% decrease from RMB613.4 million for the same quarter of the prior year.  The decline was due to the disruptive social and economic impact of the COVID-19 pandemic on companies in China, including temporary office and facility closures, travel restrictions and quarantines, which hindered business operations, reduced recruitment demand and curtailed employer spending on the Company’s online recruitment platforms in the first quarter of 2020.

Other human resource related revenues for the first quarter of 2020 decreased 18.2% to RMB244.1 million (US$34.5 million) from RMB298.5 million for the same quarter in 2019.  The decrease was primarily due to fewer in-person training seminars and recruitment events conducted in the first quarter of 2020 as a result of the COVID-19 pandemic and the restrictions instituted on public gatherings.

Gross profit for the first quarter of 2020 was RMB536.8 million (US$75.8 million) compared with RMB662.5 million for the same quarter of the prior year.  Gross margin, which is gross profit as a percentage of net revenues, was 67.9% in the first quarter of 2020 compared with 72.7% for the same quarter in 2019.  The decrease in gross margin was primarily due to a lower level of revenues in the first quarter of 2020 while cost of services increased 2.0% from the year-ago quarter, mainly as a result of greater employee compensation expenses which were largely offset by less direct costs related to training and recruitment events.

Operating expenses for the first quarter of 2020 decreased 3.2% to RMB366.8 million (US$51.8 million) from RMB379.0 million for the same quarter in 2019.  Sales and marketing expenses for the first quarter of 2020 decreased 4.3% to RMB276.2 million (US$39.0 million) from RMB288.7 million for the same quarter of the prior year primarily due to a decrease in performance-based bonuses and selling expenses, which was partially offset by greater spending on advertising and promotion activities.  General and administrative expenses for the first quarter of 2020 were RMB90.6 million (US$12.8 million), slightly higher than RMB90.2 million for the same quarter of the prior year.

Income from operations for the first quarter of 2020 was RMB170.0 million (US$24.0 million) compared with RMB283.5 million for the first quarter of 2019.  Operating margin, which is income from operations as a percentage of net revenues, was 21.5% in the first quarter of 2020 compared with 31.1% for the same quarter in 2019.  Excluding share-based compensation expense, operating margin would have been 26.2% in the first quarter of 2020 compared with 34.3% for the same quarter in 2019.

The Company recognized a gain from foreign currency translation of RMB10.2 million (US$1.4 million) in the first quarter of 2020 compared with RMB13.8 million in the first quarter of 2019 primarily due to the impact of the change in exchange rate between the Renminbi and the U.S. dollar on the Company’s U.S. dollar cash deposits.

In the first quarter of 2020, the Company recognized a mark-to-market, non-cash gain of RMB9.9 million (US$1.4 million) associated with a change in fair value of equity securities investment in Huali University Group Limited, which is traded on the Hong Kong Stock Exchange.

Other income in the first quarter of 2020 included local government financial subsidies of RMB4.5 million (US$0.6 million) compared with RMB62.5 million in the first quarter of 2019.

Net income attributable to 51job for the first quarter of 2020 was RMB205.2 million (US$29.0 million) compared with net loss of RMB(84.8) million for the same quarter in 2019.  Fully diluted earnings per share for the first quarter of 2020 was RMB3.02 (US$0.43) compared with loss per share of RMB(1.38) for the same quarter in 2019.

In the first quarter of 2020, total share-based compensation expense was RMB37.1 million (US$5.2 million) compared with RMB29.3 million in the first quarter of 2019.

Excluding share-based compensation expense, gain from foreign currency translation, and changes in fair value of equity securities investment and convertible senior notes, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job for the first quarter of 2020 was RMB222.3 million (US$31.4 million) compared with RMB349.5 million for the first quarter of 2019.  Non-GAAP adjusted fully diluted earnings per share was RMB3.27 (US$0.46) in the first quarter of 2020 compared with RMB5.33 in the first quarter of 2019.

As of March 31, 2020, cash and short-term investments totaled RMB11,231.1 million (US$1,586.1 million) compared with RMB9,940.6 million as of December 31, 2019.

Business Outlook

Based on current market and operating conditions, the Company’s net revenues target for the second quarter of 2020 is in the estimated range of RMB775 million to RMB825 million (US$109.5 million to US$116.5 million). Excluding share-based compensation expense, any gain or loss from foreign currency translation and any change in fair value of equity securities investment, as well as the related tax effect of these items, the Company’s non-GAAP fully diluted earnings target for the second quarter of 2020 is in the estimated range of RMB4.35 to RMB4.85 (US$0.61 to US$0.68) per share, which factors in the receipt of local government financial subsidies of approximately RMB120 million (US$17.4 million) in the second quarter of 2020. The Company expects total share-based compensation expense in the second quarter of 2020 to be in the estimated range of RMB37 million to RMB39 million (US$5.2 million to US$5.5 million). The above forecast reflects 51job’s current and preliminary view, which is subject to change and substantial uncertainty.

Guidance for earnings per share is provided on a non-GAAP basis due to the inherent difficulty in forecasting the future impact of certain items, such as gain/loss from foreign currency translation and change in fair value of equity securities investment. The Company is not able to provide a reconciliation of these non-GAAP items to expected reported GAAP earnings per share, without unreasonable efforts, due to the unknown effect and potential significance of such future impact.

Currency Convenience Translation

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB7.0808 to US$1.00, the noon buying rate on March 31, 2020 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

Conference Call Information

The Company’s management will hold a conference call at 9:00 p.m. Eastern Time on May 7, 2020 (9:00 a.m. Beijing / Hong Kong time zone on May 8, 2020) to discuss its first quarter 2020 financial results, operating performance and business outlook.  To dial in to the call, please use the following telephone numbers:

US: +1-888-346-8982
International: +1-412-902-4272
Hong Kong: +852-3018-4992
Conference ID: 51job

The call will also be available live and on replay through 51job’s investor relations website, http://ir.51job.com.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), 51job uses non-GAAP financial measures of income before income tax expense, income tax expense, adjusted net income, adjusted net income attributable to 51job and adjusted earnings per share, which are adjusted from results based on GAAP to exclude share-based compensation expense, gain from foreign currency translation, and changes in fair value of equity securities investment and convertible senior notes, as well as the related tax effect of these items.  The Company believes excluding share-based compensation expense and its related tax effect from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company’s core operating results as such expense is not directly attributable to the underlying performance of the Company’s business operations and do not impact its cash earnings.  The Company believes excluding gain from foreign currency translation, and changes in fair value of equity securities investment and convertible senior notes, as well as the related tax effect, from its non-GAAP financial measures is useful for its management and investors as such translation, mark-to-market gain or loss is not indicative of the Company’s core business operations and will not result in cash settlement nor impact the Company’s cash earnings.  51job also believes these non-GAAP financial measures excluding share-based compensation expense, gain from foreign currency translation, and changes in fair value of equity securities investment and convertible senior notes, as well as the related tax effect of these items, are important in helping investors to understand the Company’s current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis.  The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies.  The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.

About 51job

Founded in 1998, 51job is a leading provider of integrated human resource services in China.  With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development.  The Company’s main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, http://www.lagou.com, and http://www.51mdd.com), as well as mobile applications, connect millions of people with employment opportunities every day.  51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis.  51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.

Contact

Linda Chien
Investor Relations, 51job, Inc.
Tel: +86-21-6879-6250
Email: ir@51job.com

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets, “confident” and similar statements. Among other things, statements that are not historical facts, including statements about 51job’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as 51job’s strategic and operational plans, are or contain forward-looking statements.  51job may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  All forward-looking statements are based upon management’s expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: execution of 51job’s strategies and business plans; growth and trends of the human resource services industry in China; market acceptance of 51job’s products and services; competition in the industry; 51job’s ability to control costs and expenses; 51job’s ability to retain key personnel and attract new talent; relevant government policies and regulations relating to 51job’s industry, corporate structure and business operations; seasonality in the business; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; and fluctuations in general economic and business conditions in China and globally, including the impact of the coronavirus or other pandemic.  Further information regarding these and other risks are included in 51job’s filings with the U.S. Securities and Exchange Commission.  All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.

51job, Inc.

Consolidated Statements of Operations and Comprehensive Income

For the Three Months Ended

March 31, 2019

March 31, 2020

March 31, 2020

(In thousands, except share and per share data)

(unaudited)

(unaudited)

(unaudited)

RMB

RMB

US$ (Note 1)

Revenues:

   Online recruitment services

613,376

547,017

77,254

   Other human resource related revenues

298,485

244,094

34,473

Net revenues

911,861

791,111

111,727

Cost of services (Note 2)

(249,364)

(254,303)

(35,914)

Gross profit

662,497

536,808

75,813

Operating expenses:

   Sales and marketing (Note 3)

(288,728)

(276,192)

(39,006)

   General and administrative (Note 4)

(90,243)

(90,642)

(12,801)

Total operating expenses

(378,971)

(366,834)

(51,807)

Income from operations

283,526

169,974

24,006

Gain from foreign currency translation

13,780

10,171

1,436

Interest and investment income, net

32,556

44,315

6,258

Change in fair value of equity securities investment

—

9,891

1,397

Change in fair value of convertible senior notes

(418,786)

—

—

Other income, net

62,328

4,335

612

Income (Loss) before income tax expense

(26,596)

238,686

33,709

Income tax expense

(60,056)

(36,771)

(5,193)

Net income (loss)

(86,652)

201,915

28,516

Net loss attributable to non-controlling interests

1,836

3,331

470

Net income (loss) attributable to 51job, Inc.

(84,816)

205,246

28,986

Net income (loss)

(86,652)

201,915

28,516

Other comprehensive income (loss)

(318)

308

43

Total comprehensive income (loss)

(86,970)

202,223

28,559

Earnings (Loss) per share:

   Basic

(1.38)

3.07

0.43

   Diluted (Note 5)

(1.38)

3.02

0.43

Weighted average number of common shares outstanding:

   Basic

61,645,331

66,802,054

66,802,054

   Diluted

61,645,331

68,005,680

68,005,680

Notes:

(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB7.0808

to US$1.00 on March 31, 2020 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical

release of the Federal Reserve Board.

(2) Includes share-based compensation expense of RMB4,661 and RMB5,917 (US$836) for the three months ended 

March 31, 2019 and 2020, respectively.

(3) Includes share-based compensation expense of RMB4,007 and RMB5,087 (US$718) for the three months ended

March 31, 2019 and 2020, respectively.

(4) Includes share-based compensation expense of RMB20,618 and RMB26,120 (US$3,689) for the three months ended

March 31, 2019 and 2020, respectively.

(5) Diluted loss per share for the three months ended March 31, 2019 was calculated in accordance with the

“if converted” method. The potential conversion of the convertible senior notes was excluded in the computation of diluted

loss per share for the three months ended March 31, 2019 because the effect would be anti-dilutive. The impact of share

options was also excluded in the computation of diluted loss per share for the three months ended March 31, 2019

because the effect would be anti-dilutive. On April 15, 2019, the convertible senior notes matured, and the note holders

requested the conversion of the senior notes into 4,035,664 shares.

51job, Inc.

Reconciliation of GAAP and Non-GAAP Results

For the Three Months Ended

March 31, 2019

March 31, 2020

March 31, 2020

(In thousands, except share and per share data)

(unaudited)

(unaudited)

(unaudited)

RMB

RMB

US$ (Note 1)

GAAP income (loss) before income tax expense

(26,596)

238,686

33,709

Add: Share-based compensation

29,286

37,124

5,243

Less: Gain from foreign currency translation

(13,780)

(10,171)

(1,436)

Less: Change in fair value of equity securities investment

—

(9,891)

(1,397)

Add: Change in fair value of convertible senior notes

418,786

—

—

Non-GAAP income before income tax expense

407,696

255,748

36,119

GAAP income tax expense

(60,056)

(36,771)

(5,193)

Tax effect of non-GAAP line items

8

(31)

(4)

Non-GAAP income tax expense

(60,048)

(36,802)

(5,197)

Non-GAAP adjusted net income

347,648

218,946

30,922

Non-GAAP adjusted net income attributable to 51job, Inc.

349,484

222,277

31,392

Non-GAAP adjusted earnings per share:

   Basic

5.67

3.33

0.47

   Diluted (Note 2)

5.33

3.27

0.46

Weighted average number of common shares outstanding:

   Basic

61,645,331

66,802,054

66,802,054

   Diluted

67,336,334

68,005,680

68,005,680

Notes:

(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB7.0808

to US$1.00 on March 31, 2020 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical

release of the Federal Reserve Board.

(2) Diluted earnings per share for the three months ended March 31, 2019 was calculated in accordance with the “if

converted” method. This included the add-back of interest expense of RMB9,403 related to the convertible senior notes

to the numerator of non-GAAP adjusted net income attributable to 51job for the three months ended March 31, 2019.

The maximum number of 4,035,672 potentially converted shares related to the convertible senior notes was added to the

denominator of diluted common shares for the three months ended March 31, 2019. On April 15, 2019, the convertible

senior notes matured, and the note holders requested the conversion of the senior notes into 4,035,664 shares.

51job, Inc.

Consolidated Balance Sheets

As of

December 31,
2019

March 31,
2020

March 31,
2020

(In thousands, except share and per share data)

(unaudited)

(unaudited)

(unaudited)

RMB

RMB

US$ (Note 1)

ASSETS

Current assets:

Cash

2,294,904

2,899,211

409,447

Restricted cash

66,169

3,085

436

Short-term investments

7,645,686

8,331,892

1,176,688

Accounts receivable (net of allowance of RMB21,952 and

  RMB19,344 as of December 31, 2019 and March 31, 2020,

  respectively)

266,437

211,017

29,801

Prepayments and other current assets

669,208

184,437

26,047

Total current assets

10,942,404

11,629,642

1,642,419

Non-current assets:

Long-term investments

1,482,544

1,495,713

211,235

Property and equipment, net

271,932

268,239

37,883

Goodwill

1,036,124

1,036,124

146,329

Intangible assets, net

203,162

192,612

27,202

Right-of-use assets

320,809

313,250

44,239

Other long-term assets

10,420

12,537

1,770

Deferred tax assets

22,147

24,527

3,464

Total non-current assets

3,347,138

3,343,002

472,122

Total assets

14,289,542

14,972,644

2,114,541

LIABILITIES, MEZZANINE EQUITY AND EQUITY

Current liabilities:

Accounts payable

48,114

75,234

10,625

Salary and employee related accrual

162,775

111,389

15,731

Taxes payable

267,596

131,891

18,627

Advance from customers

1,108,518

979,627

138,350

Lease liabilities, current

34,817

35,591

5,026

Other payables and accruals

1,211,642

1,924,001

271,721

Total current liabilities

2,833,462

3,257,733

460,080

Non-current liabilities:

Lease liabilities, non-current

50,763

45,775

6,465

Deferred tax liabilities

214,307

209,679

29,612

Total non-current liabilities

265,070

255,454

36,077

Total liabilities

3,098,532

3,513,187

496,157

Mezzanine equity:

Redeemable non-controlling interests

216,974

213,298

30,123

Shareholders’ equity:

Common shares (US$0.0001 par value: 500,000,000 shares

  authorized, 66,784,688 and 66,902,685 shares issued and

  outstanding as of December 31, 2019 and March 31, 2020,

  respectively)

53

54

8

Additional paid-in capital

4,901,466

4,967,497

701,545

Statutory reserves

17,930

17,930

2,532

Accumulated other comprehensive income

254,524

254,832

35,989

Retained earnings

5,774,358

5,979,604

844,481

Total 51job, Inc. shareholders’ equity

10,948,331

11,219,917

1,584,555

Non-controlling interests

25,705

26,242

3,706

Total equity

10,974,036

11,246,159

1,588,261

Total liabilities, mezzanine equity and equity

14,289,542

14,972,644

2,114,541

Note (1): The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB7.0808 to US$1.00

on March 31, 2020 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal

Reserve Board.

Cision View original content:http://www.prnewswire.com/news-releases/51job-inc-reports-first-quarter-2020-financial-results-301054710.html

Source: 51job, Inc.

PR Newswire

Priceless Artifacts in Iraq Protected Against Theft Using New SmartWater ‘Forensic Fingerprinting’

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LONDON, May 7, 2020 /PRNewswire/ — Hundreds of thousands of priceless artifacts in several museums in Iraq have been protected from the threat of theft and looting by marking them with a unique invisible code, in a new security protocol that is to be made available around the World to protect ‘at risk’ museums, historic and archaeological sites.

Invisible to the naked eye, SmartWater glows yellow under UV black light.
Invisible to the naked eye, SmartWater glows yellow under UV black light.

Funded by the British Council, approximately 273,000 artifacts held in two Iraqi museums have been protected using this new approach. The project allows the priceless objects to be traced back to the site they were stolen from, making it easier for law enforcement agencies to prove theft, thereby creating a powerful deterrent to would-be thieves and traffickers.

The innovative project, led by renowned archaeologist Professor Roger Matthews at the University of Reading, utilizes a specially prepared SmartWater forensic liquid to attach a unique chemical signature onto museum objects. The solution is invisible to the naked eye, only detectable under UV black light and scientists only need to recover a speck of SmartWater to prove which location the artifact was stolen from, the date the solution was applied and by whom.

Tests by scientists at Reading University established that the forensic liquid causes no damage to stone, pottery, metal, or glass and can withstand intense heat, harsh solvents, and extreme environmental conditions for decades. All the costs of R&D were funded by the SmartWater Foundation, the not for profit arm of The SmartWater Group, one of the World’s fastest growing risk management companies.

Professor Matthews said: “The items in the museum collections we worked with are priceless, with regards to the immense cultural value they offer to Iraq. This initiative effectively gives objects a chemical fingerprint, allowing them to be traced if they fall into the wrong hands. Moreover, it provides law enforcement agencies with the necessary evidence to arrest and prosecute those found in illegal possession of artifacts.”

The artifacts include inorganic pieces from all periods of Iraq’s past; stone-age axes to Neolithic pots dating back to 7000 BC when the world’s first agricultural villages were being established. In 2003, and during the ISIS occupation of Mosul between 2014 and 2017, items like this were frequently looted from museums, later resurfacing on international antiquity markets.

The problem of theft of artifacts from museums, archaeological and historic sites is growing, with temples in India being targeted, as well as archaeological sites in South America. In the USA, Native American sites are at risk, particularly the remote burial grounds that can be an easy target for thieves.

Colette Loll, Senior Advisor to the SmartWater Foundation, the not for profit arm of the SmartWater Group. said: ‘Due to their SmartWater forensic signature, these important museum collections are now traceable and can be repatriated if stolen or trafficked. We are essentially putting the art market on notice – forensic markers present a real risk to sellers AND buyers of stolen artifacts.”

Phil Cleary, CEO of the SmartWater Group said “We’re delighted that we’ve been able to support the implementation of this important initiative in Iraq, as it is totally aligned with our mission to reduce the risk of  theft, wherever it occurs.”

Notes to Editor:

Photo – https://techent.tv/wp-content/uploads/2020/05/priceless-artifacts-in-iraq-protected-against-theft-using-new-smartwater-forensic-fingerprinting-1.jpg  
Logo – https://techent.tv/wp-content/uploads/2020/05/priceless-artifacts-in-iraq-protected-against-theft-using-new-smartwater-forensic-fingerprinting.jpg 

PR Newswire

Announcing VeChain BootCamp – The Virtual Live Streaming Blockchain Webinar Series

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SHANGHAI, May 7, 2020 /PRNewswire/ — As the reality of living in a ‘new normal’ sets in, the VeChain Foundation has been seeking the best opportunity to continue and increase our social engagement and communication efforts. After careful deliberation and consultation with our partners and advisors, we believe that turning towards the virtual world provides a unique way of sharing our latest business progress and product iterations in a direct and interactive manner.

As a result, we would like to announce VeChain BootCamp, a virtual livestreaming blockchain webinar series. The webinar series will be hosted by the VeChain top management team, country and regional general managers as well as VeResearch experts. In addition, the webinar series will be joined by distinguished guest speakers comprising our partners from across various industries to provide insights from their professional perspectives.

VeChain BootCamp – An Interactive Learning & Communication Series

Utilizing online live streaming platforms, the VeChain BootCamp aims to create lively webinar sessions. Topics presented in this series will be aimed to help viewers digest the latest trend of blockchain technology implementation, keep up with the current progress of the VeChain, follow the latest paradigm shifts of industry developments and get prospective insights from VeChain and our numerous partners.

Whether you are a technology or blockchain enthusiast, a journalist or a business person, we guarantee that the VeChain BootCamp will be insightful, entertaining, and a fun journey for all. We highly encourage all of our community members to attend our specially designed webinars and to spread the word to anyone that might be interested in this series.

Reveal of Latest VeChain ToolChainTM to Kick Off the Series

After months of R&D efforts, we are proud to announce that a new version of VeChain ToolChainTM has arrived. The new version surpasses the initial release by several factors, and comes with the ability to scale at an exponential rate.

In the first volume of VeChain BootCamp, VeChain CEO and Co-Founder Sunny Lu will officially reveal the new features and other incredible details about VeChain ToolChain, and its role in the adoption of the VeChainThor blockchain by partners and clients.

The first livestream event will kick off at 22:00 (UTC+8) on May 8, 2020, and the registration for attending the main stream is open now. The live video feed will also be streamed on our official YouTube channel.

Stay tuned for more details on our official twitter @vechainofficial and visit our official BootCamp Prep website for more information!

Looking forward to meeting all of you virtually very soon!

About VeChain

Launched in 2015, VeChain connects blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, D.I.G, ENN, AWS, PICC, ASI etc. For more information about VeChain, please visit our official website www.vechain.com.

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PR Newswire

Baidu to Report First Quarter 2020 Financial Results on May 18, 2020

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BEIJING, May 6, 2020 /PRNewswire/ — Baidu, Inc. (Nasdaq: BIDU), a leading search engine, knowledge and information centered Internet platform and AI company, today announced that it will report its financial results for the first quarter ended March 31, 2020, after the U.S. market closes on May 18, 2020. Baidu’s management will hold an earnings conference call at 9:15 PM on May 18, 2020, U.S. Eastern Time (9:15 AM on May 19, 2020, Beijing Time).

Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.

For pre-registration, please click http://apac.directeventreg.com/registration/event/7490173. It will automatically direct you to the registration page of “Baidu Q1 2020 Earnings Conference Call”, where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter “7490173”.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.

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

A replay of the conference call may be accessed by phone at the following number until May 26, 2020:

International:

+61 2 8199 0299

Passcode:

7490173

About Baidu

Baidu, Inc. is a leading search engine, knowledge and information centered Internet platform and AI company. Baidu aims to make the complicated world simpler through technology. Baidu’s ADSs trade on the NASDAQ Global Select Market under the symbol “BIDU”. Currently, ten ADSs represent one Class A ordinary share.

For investor inquiries, please contact:

Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com

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Source: Baidu, Inc.

PR Newswire

Hollysys Automation Technologies to Announce Fiscal Year 2020 Third Quarter Financial Results and Host Earnings Conference Call on May 14, 2020 US ET

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BEIJING, May 6, 2020 /PRNewswire/ —Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”), a leading provider of automation and control technologies and applications in China, today announced that it will report its financial results for fiscal year 2020 third quarter on Thursday, May 14, 2020 U.S. Eastern Time.

The Company will host a conference call at 9:00 pm May 14, 2020 U.S. Eastern Time / 9:00 am May 15, 2020 Beijing Time, to discuss the financial results for fiscal year 2020 third quarter ended March 31, 2020 and business outlook.

Joining the Conference Call:

Please note that our teleconference provider has fully moved to a new system, Direct Event, which delivers the same teleconference call service but by pre-registration only for the participants. Here are the instructions on joining the conference call:

  1. Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID.
  2. In the 10 minutes prior to the call start time, you will need to use the conference access information provided in the email received at the point of registering.

Note: Due to regional restrictions some participants may receive operator assistance when joining this conference call and will not be automatically connected.

Helpful keypad commands:
*0 – Operator assistance
*6 – Self mute/unmute

Direct Event online registration: http://apac.directeventreg.com/registration/event/7939828. Please use Conference ID 7939828 for entry if the link fails to lead directly to the registration page.

In addition, a recording of the conference call will be accessible within 48 hours via Hollysys’ website at: http://hollysys.investorroom.com

About Hollysys Automation Technologies Ltd. (NASDAQ: HOLI)

Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 2019, Hollysys had cumulatively carried out more than 25,000 projects for approximately 15,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.

SAFE HARBOUR:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. 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. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. 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. 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 reports that are filed with the Securities and Exchange Commission and available on its website (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.

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PR Newswire

IBM CEO Arvind Krishna Keynotes IBM Think Digital 2020; Announces New AI, Edge and Cloud Capabilities to Help Clients Accelerate Recovery and Transformation

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More than 90,000 attendees join IBM’s Think Digital event experience

IBM offers technology training and solutions that can help serve as building blocks of transformation and recovery, resilience and discovery

NEW YORK, May 6, 2020 /PRNewswire/ — In his keynote presentation at IBM’s Think Digital event, IBM (NYSE: IBM) CEO Arvind Krishna urged companies to build resiliency into their businesses and their networks in response to the unprecedented challenges presented by COVID-19.

“History will look back on this as the moment when the digital transformation of business and society suddenly accelerated,” Krishna said. “This is an opportunity to develop new solutions, new ways of working and new partnerships that will benefit your company and your customers, not just today, but for years to come.”

IBM’s annual event is taking place May 5 and 6 online exclusively, connecting clients, partners and thought leaders around the world.

During the opening keynote, Krishna called hybrid cloud and AI “the two dominant forces driving digital transformation.” And he announced new offerings to help clients on that path:

  • A broad range of AI-powered capabilities and services that are designed to help CIOs automate their IT infrastructures to be more resilient to future disruptions and to help reduce costs. A new offering, Watson AIOps, uses AI to self-detect, diagnose and respond to IT anomalies in real time. Watson AIOps is built on Red Hat OpenShift to run across hybrid cloud environments and works with collaboration technologies at the center of today’s distributed work environment, such as Slack and Box.
  • New IBM solutions, services and partnerships help businesses make the most of the opportunities presented by 5G and edge computing. With new offerings built on Red Hat OpenShift, enterprises can autonomously manage workloads across a massive volume of edge devices. Telecommunications providers can quickly orchestrate virtual and container network functions to help them provide new services today and as 5G adoption expands.
  • The first Independent Software Vendors (ISVs) and Software-as-a-Service (SaaS) providers who intend to onboard their offerings to IBM’s financial services-ready public cloud. Assima, C3.ai, Finacle, Intellect Design and Thought Machine have committed to delivering their offerings through that platform, giving participating banks an efficient way to ensure they are working with trusted vendors.

“Technology platforms are the basis for competitive advantage in the 21st century,” Krishna added. “They will determine how quickly you can pivot to new market opportunities, how well you serve your clients, how much you can scale, and how fast you can respond to a crisis like the one we’re facing today.”

IBM CEO Arvind Krishna’s Think Digital keynote will be available for replay after 11 pm ET on May 5 at ibm.com/events/think/watch/replays.

About IBM Think Digital
At Think Digital, IBM will discuss the state of business and the role of critical technologies, such as AI and Cloud, as clients accelerate recovery and digital transformation in the wake of COVID-19.

Visit www.ibm.com/events/think/watch for the full schedule and livestream agenda, and to watch all of the programming—including IBM CEO Arvind Krishna’s keynote, “The New Essential Technologies for Business,” on May 5 at 11:15 am ET and 7:15 pm ET.

Follow the conference on Twitter at #think2020 and @ibmlive. For more information, visit the IBM Think 2020 Newsroom, newsroom.ibm.com/think.

CONTACT:
Vineeta Durani
IBM Communications
347-982-4803
vineeta.durani@us.ibm.com

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PR Newswire

Power and Compound Fab Spending to Rebound in Second Half of 2020, Set New Record in 2021, SEMI Reports

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MILPITAS, California, May 5, 2020 /PRNewswire/ — Global fab equipment spending for power and compound devices is expected to rebound in the second half of 2020 to meet resurgent end-product demand and jump 59 percent to a segment record US$6.9 billion in 2021, SEMI reported today in its Power & Compound Fab Report to 2024. The 2020 rally will help blunt a drop in annual spending, now projected at 8 percent, as fabs ride the COVID-19 recovery wave.

Power and compound devices are used to control electrical energy for devices across an array of industries such as computing, communications, energy and automotive. Since the widespread enactment of stay-at-home orders to curb the spread of COVID-19, demand for servers, laptops and other electronics at the heart of online communications has surged.

The SEMI Power & Compound Fab Report to 2024 lists more than 800 power- and compound-related facilities and lines and covers investments and capacities for the 12 years from 2013 through 2024. In 2019, the report tracked 804 facilities and lines with installed capacity of 8 million wafers per month (in 200mm equivalent wafers). By 2024, 38 new facilities and lines will begin operation, fueling installed capacity growth of a cumulative 20 percent to 9.7 million wafers per month. 

In breakdowns by region, mainland China will expand power and compound fab capacity by 50 percent and 87 percent, respectively, from 2019-2024, more than any other region. Over the same period, Europe/Mideast and Taiwan will lead the way in adding power fab capacity, while the Americas and Europe/Mideast will be among those regions adding compound fab capacity.

For more information about The SEMI Power & Compound Fab Report to 2024 or to download sample data from the report, please click here.

About SEMI

SEMI® connects more than 2,100 member companies and 1.3 million professionals worldwide to advance the technology and business of electronics design and manufacturing. SEMI members are responsible for the innovations in materials, design, equipment, software, devices, and services that enable smarter, faster, more powerful, and more affordable electronic products. Electronic System Design Alliance (ESD Alliance), FlexTech, the Fab Owners Alliance (FOA) and the MEMS & Sensors Industry Group (MSIG) are SEMI Strategic Association Partners, defined communities within SEMI focused on specific technologies. Visit www.semi.org to learn more, contact one of our worldwide offices, and connect with SEMI on LinkedIn and Twitter.

Association Contact
Michael Hall/SEMI
Phone: 1.408.943.7988
Email: mhall@semi.org

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PR Newswire

More Than 40 Billion Minutes of Live Interactive Video and Voice Content Streamed Monthly on Agora.io’s Network in Q1

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Agora’s software defined dedicated network sees 60% increase in usage, from 25 billion to more than 40 billion minutes streamed monthly

SAN JOSE, California, May 5, 2020 /PRNewswire/ — Agora.io, the leading voice, video and live interactive streaming platform, saw tremendous growth during the first quarter of 2020, including a 300 percent increase in developer sign-ups from the last quarter of 2019 to the first quarter of 2020, as well as a 60 percent increase in overall network usage. Agora’s interactive voice, video, and messaging SDKs are embedded into mobile, web and desktop applications across more than 1.7 billion devices globally.

Amid social distancing and work-from-home orders in response to COVID-19, many consumers and organizations are turning to online video streaming to engage, interact and stay connected with one another during these times. With no signs of demand slowing down, the growing user adoption of interactive video and voice streaming solutions is expected to bring the market’s compound annual growth rate (CAGR) to more than 19 percent with more than 240 million streaming users expected in the U.S. by the end of 2020.

“The demand for real-time engagement was growing even before the epidemic but in the last few months it became very compelling. We’ve seen a trend in organizations and institutions that have either accelerated their digital transformation plans or have been forced to put a strategy and plan into action as a result of COVID-19,” said Reggie Yativ, Chief Operations Officer at Agora.io. “As a global company with easy-to-implement live, interactive video and voice SDKs, we are well-positioned to work with companies around the world to add real-time engagement features to their applications  quickly to ensure their employees and customers can continue to connect with one another while adhering to the social distance orders that are enacted around the globe. We believe that the new world we are living in will require all businesses across the globe to adjust and form more comprehensive and engaging digital strategies to ensure business continuity.”

From the more than 88 percent of enterprises implementing remote work to the 1.5 billion students globally out of school, live, interactive video and voice streaming offers an answer to the growing need for a sense of normalcy during the pandemic. Recent use cases Agora has supported include:

  • Virtual Classrooms:
    • New Oriental Education & Technology Group Inc., one of the largest providers of private educational services in the world and Noon Academy, a leading global social learning platform for virtual study groups, both partnered with Agora to bring authentic and engaging interactions among students and teachers to the virtual classroom through the use of real-time, interactive video and voice solutions.
  • Telehealth:
    • DrFirst, a pioneer in technology, support and services that connect people at touchpoints of patient care, partnered with Agora to enable telehealth within Backline, DrFirst’s award-winning care collaboration platform. Over 1,300 organizations, and growing, are using Backline for telehealth.
    • Talkspace, an online and mobile therapy company, has embedded Agora’s live, interactive video and voice solutions to keep patients connected with their doctors.
  • Remote Work Collaboration:
    • Pragli, a virtual office solution for remote teams, is answering the needs of the corporate world by leveraging Agora’s real-time video and voice SDKs, to help employees connect with their colleagues in real-time. Users can host quick audio calls, schedule real-time video meetings all while using personalized avatars as an easy and fun way to let their co-workers know when they’re at their desks, in a meeting, or simply taking a break. In the last two months since the COVID-19 stay-at-home orders have been put in place, Pragli’s user base has grown 20x.
  • Virtual Events and Conferences
    • Run the World is one of the fastest growing online event platforms and has seen tremendous success in recent months. Organizers can simply plug and play event information to create a fully digital experience for their community, complete with interactive, live video streaming powered by Agora’s technology. From multi-day industry conferences to intimate cocktail hours, the opportunities are endless.
  • Staying Social Through Online Games
    • Bunch, a group video chat app for multiplayer games, and Total Mayhem Games, an indie mobile game developer, both leverage Agora’s technology to offer their users a seamless experience to communicate with friends in real-time during play. . In the last three months, Bunch has seen more than 200x growth in usage and Total Mayhem Games’ most recent title, “We Were Here Together,” a 50 percent increase in new players since the beginning of the year.

If you’re interested in learning more about Agora’s partners or its live interactive video and voice SDKs for your mobile, web or desktop apps visit www.agora.io for more information.

About Agora.io
Agora.io helps apps increase user engagement and retention with a developer platform for live, interactive audio, video, and messaging features at planetary scale. With a dedicated network and device-optimized SDKs, Agora is the only real-time engagement platform designed to cross borders and reach users on low-bandwidth networks and on lower-powered devices.

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PR Newswire

SMBs, get ready to rebound from COVID-19 with Grove HR Free Support Program

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HO CHI MINH CITY, Vietnam, May 5, 2020 /PRNewswire/ — Grove HR, an emerging SaaS HR software company focusing on SMBs in APAC, just announced its free program to support companies during the COVID-19 crisis.

Small and medium businesses can now have free and unlimited access to the Grove HR platform. It allows them to digitize their Core HR, engage their employees, and reduce administration costs.

4 HR foundations of Grove HR: Recruitment, Engagement, Growth and People Management
4 HR foundations of Grove HR: Recruitment, Engagement, Growth and People Management

“The COVID-19 situation has accelerated the need to consider a digital transformation. HR is expected to play a leading role in managing this human crisis, but the transition will be hard for SMBs. We want to help them make that transition.” – says Bao Nguyen, General Manager of Grove HR.

In times of crisis, a major challenge for SMBs will be to streamline and optimize HR administration processes that can effectively adapt to the rapid changing of the current situation. At the same time, businesses need to keep employees aligned and productive – especially when working remotely and make sure they’re in good shape, maintain good mental health, etc.

This dual challenge of HR digitalization and engagement is very difficult to tackle. Without the right tools and approach, business performance may decrease and employee morale may falter. In times like these, this threatens the survival of any company.

The Grove HR Foundation plan aims at helping SMBs overcome that challenge.

From people management to keeping in sync with employees, SMBs will have the right tools out-of-the-box to digitize their employee records and manage time-off, engage their workforce, and maintain morale and productivity high.

By simplifying core HR processes, Grove HR helps business leaders to free up their time and energy to focus more on reviving business strategy. It also provides cross-analyze data that managers need to make insight-driven decisions while keeping employees engaged with seamless onboarding and company news updates even virtually.

No matter how long employees have to work from home, SMBs can now take advantage of Grove HR and ride through the difficult times ahead.

“SMBs are the major employers in APAC. They are the engine of regional economic growth. We have to help them survive, then thrive again.” – says Bao Nguyen. 

In another effort to support the community, Grove HR has published a variety of materials (articles, templates, and checklists) to help SMBs go digital or switch to remote work. It has already reached and helped more than 2,000 companies in APAC. 

Grove HR also recently launched the Talent Exchange Program – a 100% non-profit initiative. It aims at connecting talents on the lookout for jobs with SMBs still recruiting.

To know more about Grove HR COVID-19 Support Program, visit https://www.grovehr.com/covid-19-support-program.

About Grove HR

Grove HR is an HR Tech company that helps small and medium businesses in APAC digitize their Core HR, so that they create attractive Digital Employee Experiences.

Through its modern, efficient yet affordable platform, Grove HR empowers SMBs to become talent-magnets and compete with larger competitors.

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PR Newswire

CyCraft Accelerates Growth in Japan by Allying with SecureBrain (a Hitachi Systems subsidiary) and Launching AI Security Services

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TAIPEI, May 5, 2020 /PRNewswire/ — On Cycraft Japan’s first anniversary, it announces SecureBrain (Headquarters: Chiyoda, Tokyo, President and CEO: Kenichi Aoyama) has become an authorized CyCraft Japan partner, and will now offer CyCraft AIR in Japan to achieve a new height in AI-driven cyber protection.

Hackers have grown far stealthier and potent than ever before, making it virtually impossible to completely prevent intrusions. Organizations, now adopting an “assumed breach” mindset, deploy security tools accordingly. Among them, Endpoint Detection and Response (EDR) is used to strengthen the depth of endpoint defense, and AI is used to increase the speed of information security analysis and operations. CyCraft AIR combines these two technologies to make the most effective solution to combat modern cyber threats.

Before the advent of CyCraft AIR, EDR required professional-level security experts, took a lot of time to conduct large-scale investigations and analysis, and was difficult to integrate successfully into an organization’s daily defense. CyCraft AIR solves those issues with its automated AI engine that supports the MITRE ATT&CK® information security framework. In minutes it can analyze every threat an organization is facing, no matter the scale, and produce an actionable, easily understood report, in addition to regularly issuing security notifications, clearly visualized analyses, and remediation recommendations. For the first time ever, the problem of information security can now be solved without expert interpretation or combing through voluminous security data.

“CyCraft’s artificial intelligence and SecureBrain’s talented experts together bring a new security service level to Japanese customers in defending modern hackers: full-scale monitoring, deep analytics, and the fastest response yet,” said James Cheng, CyCraft Japan COO.

CyCraft AIR can simultaneously achieve lightweight deployment, clear visualization of attacks, and rapid reporting of cases. The software that scans the endpoints can be run once (installation-free), scheduled, or continuously to fit customer needs. Horizontal correlation analysis of attacks and hidden devices are marked with topological maps and threat severity is easily understood by color. The complex intrusion routes of hackers pass through AI processing, creating simple and easy-to-understand Japanese reports for decision makers to quickly ascertain and act on their situation. As such, CyCraft AIR can conduct security investigations in minutes without the need for installation. In Japan, it has already successfully helped many organizations respond quickly, thoroughly, and accurately to cybersecurity emergencies. Through AI, companies can quickly take countermeasures early in a cyber attack, and vastly reduce time-consuming evidence collection at the risk of further harm.

“SecureBrain is excited to partner with CyCraft to deliver an AI-driven SecOps platform to help Japanese enterprises respond faster to new cyber attacks and stay one step ahead,” said Motoaki Yamamura, SecureBrain COO.

Motoaki Yamamura, SecureBrain COO.
Motoaki Yamamura, SecureBrain COO.

About SecureBrain

SecureBrain is a wholly-owned subsidiary of Hitachi Systems focused on network security services. With the mission of “protecting everyone from cybercrime,” SecureBrain provides the most advanced technology and highest-quality security products and services to customers in Japan.

James Cheng, CyCraft Japan COO.
James Cheng, CyCraft Japan COO.

About CyCraft

CyCraft secures government agencies, Fortune Global 500 firms, top banks and financial institutions in Asia, critical infrastructure, airlines, telecommunications, hi-tech firms, and SMEs in several APAC markets, including Taiwan, Singapore, Japan, Vietnam, and Thailand. CyCraft powers SOCs (security operations centers) with our proprietary and award-winning AI-driven MDR (managed detection and response), SOC operations software, TI (threat intelligence), Health Check, automated forensics, and IR (incident response) services. CyCraft was one of only two cybersecurity vendors from Asia selected to join the second round of the MITRE ATT&CK® Evaluations, and has won multiple Gold awards in the Cybersecurity Excellence awards, including “Asia’s Best Cybersecurity Company”, “Best Forensics”, and “Best Artificial Intelligence Services”.

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