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PR Newswire

Tata Communications launches global, cloud-based 5G Roaming Lab

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Enables Mobile Network Operators (MNOs) to trial Proof of Concepts (PoCs) before migrating customers to 5G

MUMBAI, India, Aug. 23, 2023 /PRNewswire/ — Tata Communications, a global digital ecosystem enabler, today announces the launch of its global, cloud-based 5G Roaming Laboratory (Lab), enabling Mobile Network Operators (MNOs) to trial 5G standalone network use cases before introducing the service to their subscribers. With this, Tata Communications is harnessing the potential of 5G to help reimagine mobility experiences for mobile network operators benefitting their consumers, and enterprise customers.

Tata Communications cloud-based 5G Roaming Lab trials the international mobile roaming experience by closely monitoring traffic movement and network usage for giving the highest quality of experience to mobile phone users while roaming. Its tests get an objective performance assessment across networks, connected in the exchange process while a user is roaming. This also includes onboarding and internet trials on the high-speed, high-reliable and low-latency 5G standalone network.

The new Tata Communications 5G Roaming Lab is specially designed keeping safety at the heart of its operations. It is equipped with hi-tech server applications that provide high-speed and seamless 5G roaming connectivity along with network security. Agile and secure network is critical considering 5G adoption is accelerating globally with GSMA predicting 5 billion 5G connections by 2030 (Source: The Mobile Economy 2023 (gsma.com).

“Connectivity is a key ingredient in today’s fast-paced digital world. An internet that is fast, secure and available at all times is of paramount importance to customers, whether they are individuals or an enterprise. We are excited to introduce our newest capability in 5G roaming testing ensuring MNO customers are receiving proven services,” said Mysore Madhusudhan, Executive Vice President, Collaboration and Connected Solutions, Tata Communications. “By ensuring that the tests can take place across geographies, enhances the flexibility available to MNOs for delivering superior and agile services. Armed with fast and uninterrupted connectivity, this generation will accelerate a lot faster than its predecessors!”

Tata Communications is a global leader in Mobile Roaming Services, with proven track record of carrying 2G/ 3G/ 4G roaming signalling services in 200+ countries. Its worldwide relationship with 700+ MNOs gives it a natural edge to provide 5G roaming services. For more information, please visit www.tatacommunications.com.

About Tata Communications

A part of the Tata Group, Tata Communications (NSE: TATACOMM) (BSE: 500483) is a global digital ecosystem enabler powering today’s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 80% of the world’s cloud giants. For more information, please visit www.tatacommunications.com.

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Forward-looking and cautionary statements

Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications’ expected financial position, business strategy, the future development of Tata Communications’ operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications’ network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company’s communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications’ industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications’ control, include, but are not limited to, those risk factors discussed in Tata Communications Limited’s Annual Reports. 

The Annual Reports of Tata Communications Limited are available at www.tatacommunications.com. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.

© 2023 Tata Communications Ltd. All rights reserved.

TATA COMMUNICATIONS and TATA are trademarks or registered trademarks of Tata Sons Private Limited in India and certain countries.

PR Newswire

Baidu Announces Second Quarter 2023 Results

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BEIJING, Aug. 22, 2023 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter), “Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the second quarter ended June 30, 2023.

“In the second quarter of 2023, Baidu Core accelerated revenue and profit growth, driven by the solid performance of online marketing business and operating leverage,” said Robin Li, Co-founder and CEO of Baidu. “Generative AI and large language models hold immense transformative power in numerous industries, presenting a significant market opportunity for us. To stay ahead of the game, we keep upgrading our models to generate more creative responses, while improving training throughput and lowering inference costs. Our latest foundation model, ERNIE 3.5, has been well recognized by our cloud customers, AI developers, and industry experts. By adopting an AI-native mindset, we are reinventing our products and offerings for innovative experiences, and to support various enterprises to capture this opportunity. Overall, Baidu is committed to building a new engine around generative AI and LLM to drive sustainable long-term growth.”

“Baidu Core non-GAAP operating profit grew by 27% from a year ago, with non-GAAP operating margin expanding to 25% from 22% a year ago and 23% a quarter ago. Baidu Core generated about RMB9.7 billion net cash from operating activities in the quarter. The improvement in profit and margins as well as strong cash generation were primarily driven by revenue acceleration and efficiency gain,” said Rong Luo, CFO of Baidu. “Baidu has invested in AI for over a decade and is well-positioned to capitalize on the opportunities arising from generative AI and LLM. As we look ahead, we remain steadfast in investing in AI, in particular large language models and generative AI in the upcoming quarters.”

Second Quarter 2023 Financial Highlights[1]

Baidu, Inc.

Three Months Ended

(In millions except per ADS, unaudited)

June 30,

March 31,

June 30,

2022

2023

2023

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues 

29,647

31,144

34,056

4,697

15 %

9 %

Operating income

3,400

4,980

5,210

718

53 %

5 %

Operating income (non-GAAP) [2]

5,493

6,428

7,334

1,011

34 %

14 %

Net income to Baidu

3,637

5,825

5,210

718

43 %

(11 %)

Net income to Baidu (non-GAAP) [2]

5,541

5,727

7,998

1,103

44 %

40 %

Diluted earnings per ADS

9.97

15.92

14.17

1.95

42 %

(11 %)

Diluted earnings per ADS (non-GAAP) [2]

15.79

16.10

22.55

3.11

43 %

40 %

Adjusted EBITDA [2]

7,054

8,145

9,116

1,257

29 %

12 %

Adjusted EBITDA margin

24 %

26 %

27 %

27 %

Baidu Core

Three Months Ended

(In millions, unaudited)

June 30,

March 31,

June 30,

2022

2023

2023

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues 

23,160

22,998

26,407

3,642

14 %

15 %

Operating income

3,246

4,091

4,568

630

41 %

12 %

Operating income (non-GAAP) [2]

5,121

5,363

6,516

899

27 %

21 %

Net income to Baidu Core

3,716

5,513

5,012

691

35 %

(9 %)

Net income to Baidu Core (non-GAAP) [2]

5,449

5,268

7,694

1,061

41 %

46 %

Adjusted EBITDA [2]

6,597

7,003

8,229

1,135

25 %

18 %

Adjusted EBITDA margin

28 %

30 %

31 %

31 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2513 as of June 30, 2023, as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

[2]  Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the
Nearest Comparable GAAP Measures” for more details).

 

Operational Highlights

Corporate

  • Baidu launched ERNIE 3.5 in May 2023, which is the latest foundation model powering ERNIE Bot, Baidu’s conversational AI bot. According to IDC’s latest report on the technological abilities of AI models, issued in July 2023, ERNIE 3.5 excels in many areas, such as algorithm, industry coverage, developer tools, and ecosystem.
  • Baidu earned a position in the China edition of the S&P Global Sustainability Yearbook, in recognizing its exceptional ESG scores. The selection stems from a comprehensive evaluation of 1,600 Chinese companies as part of the S&P Global 2022 Corporate Sustainability Assessment, underscoring Baidu’s sustainability practices.

AI Cloud

  • PaddlePaddle developer community grew to 8 million in mid-August, 2023. PaddlePaddle is Baidu’s self-developed open-source deep learning framework.
  • According to IDC’s 2022 report on China’s public cloud market, Baidu was once again ranked the No.1 AI Cloud provider in China, maintaining this position for the fourth consecutive year.

Intelligent Driving

  • Apollo Go, Baidu’s autonomous ride-hailing service, provided around 714K rides in the second quarter of 2023, up 149% year over year. As of June 30, 2023, the cumulative rides provided to the public by Apollo Go reached 3.3 million.
  • Apollo Go received permits to offer fully driverless ride-hailing services to the public in Shenzhen Pingshan area in June. Apollo Go has now been granted permission to provide fully driverless ride-hailing services to the public in four cities, including Beijing, Shenzhen, Wuhan and Chongqing.
  • Apollo Go received permits to conduct fully driverless testing on open roads in Shanghai Pudong area in July.

Other Growth Initiatives

  • Xiaodu ranked No.1 in smart display shipments and smart speaker shipments in China for the first quarter of 2023, according to IDC and Canalys.

Mobile Ecosystem

  • In June 2023, Baidu App’s MAUs reached 677 million, up 8% year over year.
  • Managed Page accounted for 52% of Baidu Core’s online marketing revenue in the second quarter of 2023.

iQIYI

  • iQIYI’s average daily number of total subscribing members for the quarter was 111.2 million, compared to 98.3 million for the second quarter of 2022 and 128.9 million for the first quarter of 2023.

Second Quarter 2023 Financial Results 

Total revenues were RMB 34.1 billion ($4.70 billion), increasing 15% year over year.

Revenue from Baidu Core was RMB 26.4 billion ($3.64 billion), increasing 14% year over year; online marketing revenue was RMB 19.6 billion ($2.71 billion), up 15% year over year, and non-online marketing revenue was RMB 6.8 billion ($937 million), up 12% year over year.

Revenue from iQIYI was RMB 7.8 billion ($1.08 billion), increasing 17% year over year.

Cost of revenues was RMB 16.2 billion($2.23 billion), increasing 7% year over year, primarily due to an increase in content costs and traffic acquisition costs.

Selling, general and administrative expenses were RMB 6.3 billion ($869 million), increasing 32% year over year, primarily due to an increase in channel spending and promotional marketing expenses.

Research and development expense was RMB 6.4 billion ($880 million), increasing 1% year over year, primarily due to an increase in server depreciation expenses and cloud related expenses which support ERNIE Bot research inputs, partially offset by the decrease in personnel related expenses.

Operating income was RMB 5.2 billion ($718 million). Baidu Core operating income was RMB 4.6 billion ($630 million), and Baidu Core operating margin was 17%. Non-GAAP operating income was RMB 7.3 billion ($1.01 billion). Non-GAAP Baidu Core operating income was RMB 6.5 billion ($899 million), and non-GAAP Baidu Core operating margin was 25%.

Total other income, net was RMB 1.4 billion ($189 million), increasing 807% year over year, primarily due to the increase in net foreign exchange gain and net interest income, partially offset by the increase of fair value loss from long-term investments.

Income tax expense was RMB 1.3 billion($175 million), compared to RMB 25 million in the same period last year. The lower level of income tax expense in the second quarter of 2022 is primarily due to the reversal of certain tax expenses based on the 2021 tax return. Apart from the reversal, the main reason for the increase of income tax expense is the increase in profit before tax year over year.

Net income attributable to Baidu was RMB 5.2 billion ($718 million), and diluted earnings per ADS was RMB 14.17 ($1.95). Net income attributable to Baidu Core was RMB 5.0 billion ($691 million), and net margin for Baidu Core was 19%. Non-GAAP net income attributable to Baidu was RMB 8.0 billion ($1.10 billion). Non-GAAP diluted earnings per ADS was RMB 22.55($3.11). Non-GAAP net income attributable to Baidu Core was RMB 7.7 billion ($1.06 billion), and non-GAAP net margin for Baidu Core was 29%.

Adjusted EBITDA was RMB 9.1 billion ($1.26 billion) and adjusted EBITDA margin was 27%. Adjusted EBITDA for Baidu Core was RMB 8.2 billion ($1.14 billion) and adjusted EBITDA margin for Baidu Core was 31%.

As of June 30, 2023, cash, cash equivalents, restricted cash and short-term investments were RMB 201.5 billion ($27.79 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 196.9 billion ($27.15billion). Free cash flow was RMB 7.9 billion ($1.09 billion), and free cash flow excluding iQIYI was RMB 7.1 billion ($973 million).

Conference Call Information

Baidu’s management will hold an earnings conference call at 8 AM on August 22, 2023, U.S. Eastern Time (8 PM on August 22, 2023, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc Q2 2023 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10032710-f851qv.html

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

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

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.

Baidu, Inc. 

Condensed Consolidated Statements of  Income 

(In millions except for per share (or ADS) information, unaudited)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2022

2023

2023

2023

2022

2023

2023

RMB

RMB

RMB

US$(2)

RMB

RMB

US$(2)

 Revenues: 

 Online marketing services 

18,268

17,972

21,081

2,907

35,197

39,053

5,386

 Others 

11,379

13,172

12,975

1,790

22,861

26,147

3,606

 Total revenues  

29,647

31,144

34,056

4,697

58,058

65,200

8,992

 Costs and expenses: 

     Cost of revenues(1)

15,171

15,152

16,167

2,230

30,717

31,319

4,319

     Selling, general and administrative(1)

4,784

5,589

6,298

869

9,440

11,887

1,639

     Research and development(1)

6,292

5,423

6,381

880

11,900

11,804

1,628

 Total costs and expenses 

26,247

26,164

28,846

3,979

52,057

55,010

7,586

 Operating income 

3,400

4,980

5,210

718

6,001

10,190

1,406

 Other income (loss): 

 Interest income 

1,525

1,915

1,948

269

2,979

3,863

533

 Interest expense 

(741)

(804)

(817)

(113)

(1,451)

(1,621)

(224)

 Foreign exchange (loss) gain, net 

(329)

(106)

1,176

162

(340)

1,070

148

 Share of losses from equity method investments 

(603)

(48)

(383)

(53)

(1,011)

(431)

(59)

 Others, net 

299

1,638

(555)

(76)

(2,987)

1,083

149

 Total other income (loss), net 

151

2,595

1,369

189

(2,810)

3,964

547

 Income before income taxes 

3,551

7,575

6,579

907

3,191

14,154

1,953

 Income tax expense 

25

1,193

1,270

175

416

2,463

340

 Net income  

3,526

6,382

5,309

732

2,775

11,691

1,613

 Net (loss) income attributable to noncontrolling interests 

(111)

557

99

14

23

656

90

 Net income attributable to Baidu 

3,637

5,825

5,210

718

2,752

11,035

1,523

Earnings per ADS (1 ADS representing 8 Class A ordinary shares):

 -Basic

10.06

16.17

14.34

1.98

7.23

30.55

4.21

 -Diluted

9.97

15.92

14.17

1.95

7.15

30.05

4.14

Earnings per share for Class A and Class B ordinary shares:

 -Basic

1.26

2.02

1.79

0.25

0.91

3.82

0.53

 -Diluted

1.25

1.99

1.77

0.24

0.89

3.76

0.52

Weighted average number of Class A and Class B ordinary shares outstanding  (in millions):

 -Basic 

2,780

2,798

2,804

2,804

2,773

2,801

2,801

 -Diluted

2,811

2,837

2,834

2,834

2,806

2,836

2,836

(1)  Includes share-based compensation expenses as follows:

 Cost of revenues 

85

98

194

27

167

292

40

 Selling, general and administrative 

443

463

446

62

820

909

124

 Research and development 

1,493

828

1,403

193

2,357

2,231

309

 Total share-based compensation expenses 

2,021

1,389

2,043

282

3,344

3,432

473

(2)  All translations from RMB to U.S. dollars are made at a rate of RMB 7.2513 to US$1.00, the exchange rate in effect as of June 30, 2023 as set forth in the H.10 statistical release of The Board of Governors of the
Federal Reserve System.

Baidu, Inc. 

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

June 30,

June 30,

2022

2023

2023

RMB

RMB

US$

ASSETS

    Current assets:

 Cash and cash equivalents

53,156

42,060

5,800

 Restricted cash

11,330

11,325

1,562

 Short-term investments, net

120,839

148,095

20,423

 Accounts receivable, net

11,733

11,624

1,603

 Amounts due from related parties

5,432

4,806

663

 Other current assets, net

10,360

10,864

1,498

    Total current assets

212,850

228,774

31,549

    Non-current assets:

 Fixed assets, net

23,973

24,312

3,353

 Licensed copyrights, net

6,841

6,463

891

 Produced content, net

13,002

12,722

1,754

 Intangible assets, net

1,254

1,064

147

 Goodwill

22,477

22,586

3,115

 Long-term investments, net

55,297

53,153

7,330

 Long-term time deposits and held-to-maturity investments

23,629

24,147

3,330

 Amounts due from related parties

60

176

24

 Deferred tax assets, net

2,129

1,906

263

 Operating lease right-of-use assets

10,365

10,446

1,441

 Other non-current assets

19,096

20,573

2,837

    Total non-current assets

178,123

177,548

24,485

Total assets

390,973

406,322

56,034

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

   Current liabilities:

       Short-term loans

5,343

8,479

1,169

Accounts payable and accrued liabilities

38,014

36,046

4,971

Customer deposits and deferred revenue

13,116

14,588

2,012

Deferred income

72

138

19

Long-term loans, current portion

–

31

4

Convertible senior notes, current portion

8,305

23

3

Notes payable, current portion

6,904

13,410

1,849

Amounts due to related parties

5,067

5,067

699

Operating lease liabilities

2,809

2,916

402

    Total current liabilities

79,630

80,698

11,128

    Non-current liabilities:

Deferred income

159

106

15

Deferred revenue

331

423

58

Amounts due to related parties

99

88

12

Long-term loans

13,722

14,421

1,989

Notes payable

39,893

35,745

4,929

Convertible senior notes

9,568

11,447

1,579

Deferred tax liabilities

2,898

2,992

413

Operating lease liabilities

4,810

4,794

661

Other non-current liabilities

2,058

2,154

297

    Total non-current liabilities

73,538

72,170

9,953

Total liabilities

153,168

152,868

21,081

Redeemable noncontrolling interests

8,393

9,088

1,253

Equity

    Total Baidu shareholders’ equity

223,478

235,643

32,497

    Noncontrolling interests

5,934

8,723

1,203

Total equity

229,412

244,366

33,700

Total liabilities, redeemable noncontrolling interests, and
equity

390,973

406,322

56,034

Baidu, Inc. 

Selected Information

(In millions, unaudited)

Three months ended
June 30, 2022 (RMB)

Three months ended
March 31, 2023 (RMB)

Three months ended
June 30, 2023 (RMB)

Three months ended
June 30, 2023 (US$)

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu
Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Baidu Core

iQIYI

Elim &
adj(2)

Baidu,
Inc.

Total revenues 

23,160

6,657

(170)

29,647

22,998

8,349

(203)

31,144

26,407

7,802

(153)

34,056

3,642

1,076

(21)

4,697

  YOY

14 %

17 %

15 %

  QOQ

15 %

(7 %)

9 %

Costs and expenses: 

  Cost of revenues (1)

10,114

5,248

(191)

15,171

9,379

5,956

(183)

15,152

10,553

5,774

(160)

16,167

1,456

796

(22)

2,230

  Selling, general and administrative (1)

3,990

801

(7)

4,784

4,533

1,106

(50)

5,589

5,344

979

(25)

6,298

737

135

(3)

869

  Research and development (1)

5,810

482

–

6,292

4,995

428

–

5,423

5,942

439

–

6,381

819

61

–

880

Total costs and expenses 

19,914

6,531

(198)

26,247

18,907

7,490

(233)

26,164

21,839

7,192

(185)

28,846

3,012

992

(25)

3,979

  YOY 

  Cost of revenues 

4 %

10 %

7 %

  Selling, general and administrative 

34 %

22 %

32 %

  Research and development 

2 %

(9 %)

1 %

  Costs and expenses

10 %

10 %

10 %

Operating income

3,246

126

28

3,400

4,091

859

30

4,980

4,568

610

32

5,210

630

84

4

718

  YOY

41 %

384 %

53 %

  QOQ

12 %

(29 %)

5 %

Operating margin 

14 %

2 %

11 %

18 %

10 %

16 %

17 %

8 %

15 %

  Add: total other income (loss), net

442

(291)

–

151

2,803

(208)

–

2,595

1,603

(234)

–

1,369

221

(32)

–

189

  Less: income tax (benefit) expense

(11)

36

–

25

1,168

25

–

1,193

1,262

8

–

1,270

174

1

–

175

  Less: net (loss) income attributable to NCI

(17)

13

(107)

(3)

(111)

213

8

336

(3)

557

(103)

3

199

(3)

99

(14)

–

28

(3)

14

Net income (loss) attributable to Baidu

3,716

(214)

135

3,637

5,513

618

(306)

5,825

5,012

365

(167)

5,210

691

51

(24)

718

  YOY

35 %

–

43 %

  QOQ

(9 %)

(41 %)

(11 %)

Net margin 

16 %

(3 %)

12 %

24 %

7 %

19 %

19 %

5 %

15 %

Non-GAAP financial measures:

Operating income (non-GAAP)

5,121

344

5,493

5,363

1,035

6,428

6,516

786

7,334

899

108

1,011

  YOY

27 %

128 %

34 %

  QOQ

21 %

(24 %)

14 %

Operating margin (non-GAAP)

22 %

5 %

19 %

23 %

12 %

21 %

25 %

10 %

22 %

Net income attributable to Baidu (non-GAAP)

5,449

79

5,541

5,268

940

5,727

7,694

595

7,998

1,061

82

1,103

  YOY

41 %

653 %

44 %

  QOQ

46 %

(37 %)

40 %

Net margin (non-GAAP)

24 %

1 %

19 %

23 %

11 %

18 %

29 %

8 %

23 %

Adjusted EBITDA

6,597

429

7,054

7,003

1,112

8,145

8,229

855

9,116

1,135

118

1,257

  YOY

25 %

99 %

29 %

  QOQ

18 %

(23 %)

12 %

Adjusted EBITDA margin 

28 %

6 %

24 %

30 %

13 %

26 %

31 %

11 %

27 %

(1)  Includes share-based compensation as follows:

 Cost of revenues 

49

36

85

65

33

98

160

34

194

22

5

27

 Selling, general and administrative 

339

104

443

377

86

463

356

90

446

50

12

62

 Research and development 

1,431

62

1,493

778

50

828

1,358

45

1,403

187

6

193

 Total share-based compensation 

1,819

202

2,021

1,220

169

1,389

1,874

169

2,043

259

23

282

 (2) Relates to intersegment eliminations and adjustments 

 (3) Relates to the net income/(loss) attributable to iQIYI noncontrolling interests 

Baidu, Inc. 

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended 

Three months ended 

Three months ended 

Three months ended 

June 30, 2022 (RMB)

March 31, 2023 (RMB)

June 30, 2023 (RMB)

June 30, 2023 (US$)

 Baidu
excl. iQIYI

iQIYI

Baidu,
Inc.

 Baidu
excl. iQIYI

iQIYI

Baidu,
Inc.

 Baidu
excl. iQIYI

iQIYI

Baidu,
Inc.

 Baidu
excl. iQIYI

iQIYI

Baidu,
Inc.

Net cash provided by operating activities

7,658

48

7,706

4,838

1,002

5,840

9,746

886

10,632

1,344

122

1,466

Net cash (used in) provided by investing activities 

(3,027)

(653)

(3,680)

(32,816)

167

(32,649)

7,309

(421)

6,888

1,008

(58)

950

Net cash provided by (used in) financing activities

877

(334)

543

1,055

(3,357)

(2,302)

1,908

(1,176)

732

263

(162)

101

Effect of exchange rate changes on cash, cash equivalents and
restricted cash

1,230

75

1,305

(96)

(9)

(105)

496

128

624

68

18

86

Net increase (decrease) in cash, cash equivalents and
restricted cash 

6,738

(864)

5,874

(27,019)

(2,197)

(29,216)

19,459

(583)

18,876

2,683

(80)

2,603

Cash, cash equivalents and restricted cash

  At beginning of period

43,924

3,883

47,807

57,374

7,862

65,236

30,355

5,665

36,020

4,186

781

4,967

  At end of period

50,662

3,019

53,681

30,355

5,665

36,020

49,814

5,082

54,896

6,869

701

7,570

Net cash provided by operating activities

7,658

48

7,706

4,838

1,002

5,840

9,746

886

10,632

1,344

122

1,466

Less: Capital expenditures

(2,124)

(66)

(2,190)

(1,295)

–

(1,295)

(2,693)

(13)

(2,706)

(371)

(2)

(373)

Free cash flow

5,534

(18)

5,516

3,543

1,002

4,545

7,053

873

7,926

973

120

1,093

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

Baidu, Inc. 

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  

(In millions except for per ADS information, unaudited)

Three months ended 

Three months ended 

Three months ended 

Three months ended 

June 30, 2022 (RMB)

March 31, 2023 (RMB)

June 30, 2023 (RMB)

June 30, 2023 (US$)

Baidu
Core

iQIYI

Baidu, Inc.

Baidu
Core

iQIYI

Baidu, Inc.

Baidu
Core

iQIYI

Baidu, Inc.

Baidu
Core

iQIYI

Baidu, Inc.

Operating income

3,246

126

3,400

4,091

859

4,980

4,568

610

5,210

630

84

718

Add: Share-based compensation expenses

1,819

202

2,021

1,220

169

1,389

1,874

169

2,043

259

23

282

Add: Amortization and impairment of intangible assets(1)

56

16

72

52

7

59

74

7

81

10

1

11

Operating income (non-GAAP)

5,121

344

5,493

5,363

1,035

6,428

6,516

786

7,334

899

108

1,011

Add:  Depreciation of fixed assets

1,476

85

1,561

1,640

77

1,717

1,713

69

1,782

236

10

246

Adjusted EBITDA

6,597

429

7,054

7,003

1,112

8,145

8,229

855

9,116

1,135

118

1,257

Net income (loss) attributable to Baidu

3,716

(214)

3,637

5,513

618

5,825

5,012

365

5,210

691

51

718

Add: Share-based compensation expenses

1,815

202

1,916

1,220

169

1,297

1,872

169

1,949

258

23

269

Add: Amortization and impairment of intangible assets(1)

50

16

59

49

7

53

61

7

65

8

1

9

Add: Disposal (gain)

(25)

–

(25)

(217)

–

(217)

(919)

(89)

(959)

(127)

(12)

(132)

Add: Impairment of long-term investments

222

11

228

31

119

85

270

155

340

38

21

47

Add: Fair value (gain) loss of long-term investments

(547)

2

(546)

(1,312)

10

(1,307)

1,239

(4)

1,237

171

(1)

171

Add: Reconciling items on equity method investments(2)

403

60

455

(122)

18

(114)

296

(9)

292

41

(1)

40

Add: Charitable donation from Baidu(4)

136

–

136

–

–

–

–

–

–

–

–

–

Add: Tax effects on non-GAAP adjustments(3)

(321)

2

(319)

106

(1)

105

(137)

1

(136)

(19)

–

(19)

Net income attributable to Baidu (non-GAAP)

5,449

79

5,541

5,268

940

5,727

7,694

595

7,998

1,061

82

1,103

Diluted earnings per ADS

9.97

15.92

14.17

1.95

Add:  Accretion of the redeemable noncontrolling interests

0.39

0.46

0.50

0.07

Add:  Non-GAAP adjustments to earnings per ADS

5.43

(0.28)

7.88

1.09

Diluted earnings per ADS (non-GAAP)

15.79

16.10

22.55

3.11

(1) This represents amortization and impairment of intangible assets resulting from business combinations.

(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable noncontrolling
interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments.

(4) This represents non-recurring charitable donation to discrete events.

Source: Baidu, Inc.

PR Newswire

Those who walk toward the downpour and the frontrunners in disaster

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BEIJING, Aug. 18, 2023 /PRNewswire/ — A news report from China.org.cn on China’s disaster relief:

“We just moved in our newly renovated apartment a month ago. (It’s all ruined now) We’re absolutely devastated.”

“I’ll give you brand new furnishing free of charge.” “I’ll paint your walls for free.” “Give me the measurements of your cabinets…”

These words come from a video posted by a netizen from Zhuozhou, Hebei province and the replies in the comment section. Heavy rain caused by Typhoon Doksuri that lasted nearly two weeks resulted in flood, which damaged her new apartment. While human efforts seem inconsequential in the face of natural disasters, the will of people have proven otherwise.

We’ve seen — 

Those who walk toward the tempest head-on: The firemen and rescue team members who came to Beijing and Zhuozhou from all over China, treated every rescue as a battle. They munched bread in the rain, worked hand in hand to form a “human rope” so that they can help trapped residents out from thigh-deep water; they trudged for four hours in heavy downpour to deliver supplies to people stuck in paralyzed trains… “No.23 (Wang Hongchun), put on that ring buoy!” This is the last sentence heard from Wang Hongchun and Liu Jianmin, the two Blue Sky Rescue members who sacrificed their lives in Beijing’s flood rescue efforts.

There are also frontrunners in the relief effort who made many sacrifices to help disaster victims. Xiong Li, a grassroot official from Mentougou District in Beijing died in the flood while inspecting the flood-stricken places, at a young age of 36. CPC Party members at Shawo Village, Matou Town in Zhuozhou stayed committed to their responsibilities: Some had given up sleep for over three days, busy helping villagers, some waded door to door to help residents escape, and some left even their own families behind. Train K1178 which was headed for Beijing, was stuck for over 40 hours at Yanhecheng Station. All the crew members set aside supplies for passengers, trying to comfort them. The whole crew hadn’t eaten anything for up to 20 hours, and the staff from the station had given them everything they had left – two bags of flour.

We have also seen small sparks that light up the whole sky. When people from one place are in need, help from various places come along. The disaster-stricken places were in dire need for transportation, so taxi drivers volunteered to pool their resources and offer support. Many warehouses of book companies were flooded, so many book-lovers from across China contributed their bit to help these companies through the hard times. Many ordinary citizens bought food supplies, and put up a pot to make noodles for flood victims as well as rescue crews.  

Confronted with natural disasters, “helping others”, an already noble gesture, only becomes even more valuable. It embodies how people cherish the lives of their own kind, and stands for trust, selflessness and righteousness.

In the Chinese myth “Nvwa Butian, (Goddess Nvwa mends the sky)” a hole was poked in the sky, giving rise to heavy rain. After the hole was mended by a five-colored stone, the rain stopped, and the flood receded. Now, while the heavy rain rages, we hope the “five-colored” stone made up of the love of Chinese people, would eventually mend the poked sky.

China Mosaic

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

Those who walk toward the downpour and the frontrunners in disaster relief

http://www.china.org.cn/video/2023-08/18/content_104299969.htm 

PR Newswire

WiMi Developed Mask R-CNN-Based CSO, Reference Point, and Intelligent Extraction Technique

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BEIJING, Aug. 18, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced that it developed a Mask R-CNN-based technique for intelligently extracting CSOs (feature space objects) and its reference points brings a breakthrough in the field of high-resolution image processing and matching. The technique utilizes the latest advances in deep learning and computer vision to provide an efficient and accurate solution for automatic image matching and target localization.

High-resolution image processing and matching have been an important research direction in the field of computer vision, but automatic matching has been facing great challenges due to local deformations in images and differences in lighting conditions. Previous methods are often limited by computational complexity and dependence on local features, making it difficult to achieve accurate results. WiMi’s technique can be used to extract CSOs and their reference points on images. With this method, the CSOs can be acquired automatically and provide accurate localization information for the subsequent image matching process.

WiMi’s R&D team successfully solved this challenge by introducing the Mask R-CNN model, a model extension based on Faster R-CNN commonly used for target detection and instance segmentation. The model is unique in that it can simultaneously predict the bounding box, category, mask and key points of a target, providing comprehensive information for image processing tasks.

In this new technique, WiMi first utilizes a large amount of high-resolution remote sensing image data for training the Mask R-CNN model. Through training, the model is able to learn the features of different target instances in the image and accurately predict their bounding boxes, categories, masks and key points. Based on the trained Mask R-CNN model, the technical team further proposes the concept of CSO and the reference point method. CSO refers to target instances with distinctive features, which can be intelligently filtered out by setting thresholds or rules. Reference points, on the other hand, are extracted from CSOs by a mask predictor and a key point predictor, which are used to locate important feature points of target instances.

The technical implementation logic of it is as follows:

Data preparation: first, a dataset of high-resolution remote sensing images for training and evaluation needs to be prepared. The dataset should contain images with different target types and deformation levels.

Model training: the Mask R-CNN model is trained using the prepared dataset. The goal of training is to enable the model to accurately predict the bounding frame, categories, masks and key points of the targets.

CSO reference point extraction: on the trained Mask R-CNN model, intelligent extraction of CSOs and reference points can be achieved by inputting a high-resolution remote sensing image. Definition of CSO: CSO refers to feature space objects, i.e., target instances with distinctive features. Target instances with distinctive features can be filtered out as CSOs by setting some thresholds or rules. Reference point extraction: the mask predictor and key point predictor of the Mask R-CNN model are utilized to extract the mask and key point for each CSO. The Mask Predictor will generate a binary mask for each CSO, which is used to accurately segment the target instance. The key point predictor will predict the key point coordinates of the target instance for locating the important feature points of the target instance.

Application of CSOs and reference points: the extracted CSOs and reference points can be used for a variety of applications, such as high-resolution remote sensing image matching. Depending on the specific application scenario, image matching or other related tasks can be realized based on the location and features of CSOs.

The breakthrough of this technique is that it not only efficiently extracts CSOs and reference points, but also accurately describes the shape and location of target instances. This makes the automatic matching of high-resolution images more accurate and reliable, providing a reliable foundation for subsequent image processing tasks.

The technique brings many important applications and advantages to the field of high-resolution image processing and matching. It can be widely used in the field of remote sensing image processing, such as urban planning, environmental monitoring and resource management, etc. It can help to automatically extract the features of urban buildings, road networks and natural environments, and provide accurate data support for urban planning and resource management. In addition, this technology can also be applied in the fields of security monitoring, traffic management and military reconnaissance, etc. It can help to automatically extract key targets in the monitoring screen and accurately locate them, so as to improve the efficiency and accuracy of security monitoring. In traffic management, the technology can help identify traffic signs, vehicles and pedestrians, providing reliable data support for traffic flow monitoring and intelligent transportation systems.

This technique has achieved remarkable results in related fields and has been widely noticed and recognized. Currently, the technology has been successfully applied to several practical projects with impressive results. For future development, WiMi will continue to strengthen its technology development and innovation, and continuously improve the performance and effect of Mask R-CNN-based CSO and its reference point and intelligent extraction technology. At the same time, the company will actively expand the application areas of the technology, and work with partners from various industries to promote the development of high-resolution image processing and matching technology, and contribute to the progress and development of society.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains “forward-looking statements” within the 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,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, 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. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

Source: WiMi Hologram Cloud Inc.

PR Newswire

Datasea Announces $4 Million Private Placement Priced at a 125% Premium to Market at $1.35 Per Share

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BEIJING, Aug. 17, 2023 /PRNewswire/ — Datasea Inc., (NASDAQ: DTSS) (“Datasea” or the “Company”), a digital technology corporation engaged in three converging and innovative business segments in China: intelligent acoustics, 5G messaging, and smart city technology, announced the signing of a securities purchase agreement with an investor from China for an investment totaling $4 million. The shares were priced at $1.35 each, representing a substantial 125% premium over the current share price.

Ms. Zhixin Liu, CEO of Datasea, expressed, “Securing this significant investment at a premium is a testament to our proven track record and the bright future ahead for Datasea. We are invigorated by the trust our investors have placed in us, and it further galvanizes our commitment to innovate and grow.”

Financing Details:

  • The initial payment of $714,285.71 due within 5 business days from the agreement’s effective date has been received by the Company.
  • A subsequent payment of $3,285,714.29 is due on or before October 15, 2023.

All securities purchased through this agreement will remain restricted for six months (180 days), emphasizing our commitment to long-term growth and shareholder value. The capital raised is earmarked for Datasea’s strategic expansion into the US market, along with other corporate endeavors.

About Datasea Inc.
Datasea Inc., through its variable interest entity, Shuhai Information Technology Co., Ltd., a digital technology company in China, engages in three converging and innovative industries: intelligent accoutics, 5G messaging and smart city. Datasea leverages cutting-edge technologies in the realm of intelligent acoustics, especially harnessing the power of ultrasonic sterilization to combat viruses and prevent human infections. Alongside this, the company delves into innovations in directional sound. With a diverse product lineup, Datasea is devoted to enhancing the quality of life using sound-based solutions. Concurrently, as a preeminent solution provider, Datasea’s 5G messaging application serves a broad spectrum of industries, regions, and small to micro enterprises throughout China. Datasea has been certified as one of the High-Tech Enterprises (jointly issued by the Beijing Science and Technology Commission, Beijing Finance Bureau, Beijing State Taxation Bureau and Beijing Local Taxation Bureau) and one of the Zhongguancun High Tech Enterprises (issued by the Zhongguancun Science Park Administrative Committee) in recognition of the Company’s achievement in high technology products. For additional information, please visit: www.dataseainc.com. Datasea routinely posts important information on its website. Twitter @Dataseainc, https://twitter.com/Dataseainc.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in 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”, “target”, “going forward”, “outlook,” “objective” and similar terms. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Datasea’s control, which may cause Datasea’s actual results, performance or achievements  (including the RMB/USD value of its anticipated benefit to Datasea as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Datasea’s filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Datasea does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. 

Investor and Media Contact: 

Datasea Inc. Investor relations
Email:  investorrelations@shuhaixinxi.com

Source: Datasea Inc.

PR Newswire

Dstny launches Call2Teams Go for cost-effective voice integration with Microsoft Teams

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LONDON, Aug. 15, 2023 /PRNewswire/ — Dstny Automate, the leading provider of Direct Routing solutions for Microsoft Teams, is excited to launch Call2Teams Go, the latest addition to their ecosystem of Direct Routing products. Call2Teams Go revolutionizes voice integration with Teams, effectively unlocking the power of Teams collaboration without the added complication of additional telephony licensing. This makes it one of the most cost-effective solutions on the market for voice-enabling Teams. Because it is native, Call2Teams Go delivers a rich calling experience directly within the Teams interface.

Call2Teams Go is the only truly native client companion for Microsoft Teams

Call2Teams Go lets Call2Teams PBX users rapidly activate a dial pad within the Teams environment. Additionally, with Call2Teams Go the tenant only needs to have one Microsoft Teams Resource Account license and one phone system license per company. This native experience means users can access essential Teams functions, such as presence, call history, 1-1 call recording and transcription, voicemail, call waiting and contact syncing. Call2Teams Go also delivers features exclusive to Call2Teams products such as 100% true reflection of line state when making transfers.

Neil Greenwood, VP of Product at Dstny Automate, explains why being native to Teams is so important.

“Being native on the client side means you’re using the Teams voice capabilities within the platform, which comes with the networking and quality of service attributes that go from the client into the Azure Cloud and then to Teams.

With Call2Teams Go there is no software to install, so users are not handling a cross-launch in a separate window to Teams. With some integrations, you’ll see the dialer in Teams, but it’s actually presenting as a web client using WebRTC or simply acting as a remote interface to an existing application sitting outside of Teams.”

As Call2Teams Go is native to Teams, it is instinctive to users already familiar with the Microsoft Teams interface.

Call2Teams Go is a game-changer for Teams calling via PBX.

As with Call2Teams for PBX and Trunks, this latest addition to the product ecosystem is delivered on a per-user-per-tenant basis. Greenwood goes on to explain:

“Call2Teams Go completes our Direct Routing product set. Now all users within a company can have access to native Teams calling, whether that be via Microsoft Phone System or via Call2Teams Go.”

The launch of Call2Teams Go delivers ground-breaking advances in how users make and receive calls in Microsoft Teams and is a major step forward in delivering native Teams calling to all users, regardless of price.

Find out more at www.call2teams.com/call2teams-go

Contact: Helen Johnstone – helen.johnstone@dstny.com – +44 330 008 4523

About Call2Teams from Dstny

Call2Teams easily voice-enables Microsoft Teams around existing enterprise-grade telephony. Call2Teams is a cloud-native, middleware product that sits between any phone system, PBX or SIP Trunk provider, and Microsoft Teams. No hardware or software is needed – there is no need to port numbers, change carrier, or throw away an existing phone system. 

Learn more at www.call2teams.com 

About Dstny

Dstny is a premier European provider of cloud-based business communications solutions. With more than 3 million users, Dstny simplifies communication for companies, partners, and service providers with interactive tools delivered as-a-service across all formats, including voice, video, and chat. Featuring a mobile-first design and easy integration, Dstny’s innovative technology and strong local partnerships allow for delivering exceptional user experiences. Headquartered in Brussels, Dstny has ca. 1000 employees in 7 European countries and a ca. €250 million annual revenue.

Learn more at www.dstny.com

PR Newswire

Chindata Group Enters into Definitive Agreement for “Going Private” Transaction

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BEIJING, Aug. 12, 2023 /PRNewswire/ — Chindata Group Holdings Limited (“Chindata Group” or the “Company”) (Nasdaq: CD), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, today announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BCPE Chivalry Bidco Limited (“Parent”) and BCPE Chivalry Merger Sub Limited, a wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the “Merger”), in a transaction implying an equity value of the Company of approximately US$3.16 billion. As a result of the Merger, the Company will become a wholly owned subsidiary of Parent.

Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each Class A ordinary share, par value US$0.00001 per share (each, a “Class A Ordinary Share”), and each Class B ordinary share, par value US$0.00001 per share (together with the Class A Ordinary Shares, each, a “Share”) issued and outstanding immediately prior to the Effective Time, other than the Excluded Shares, the Dissenting Shares (each as defined in the Merger Agreement) and Shares represented by American depositary shares of the Company (each, an “ADS”, representing two Class A Ordinary Shares), will be cancelled and cease to exist, in exchange for the right to receive US$4.30 in cash without interest and net of any applicable withholding taxes, and each outstanding ADS, other than the ADSs representing the Excluded Shares, together with each Share represented by such ADSs, will be cancelled in exchange for the right to receive US$8.60 in cash without interest and net of any applicable withholding taxes and certain fees to the ADS depositary (the “Merger Consideration”).

The Merger Consideration represents a 7.5% increase from the purchase price contemplated by the preliminary non-binding proposal letter delivered by BCPE Bridge Cayman, L.P. and BCPE Stack Holdings, L.P. (collectively, the “Bain Shareholders”) to the Company on June 6, 2023. The Merger Consideration also represents a premium of approximately 42.6% to the closing price of the ADSs on June 5, 2023, the last trading day before the Company’s receipt of the preliminary non-binding proposal letter from the Bain Shareholders, and a premium of approximately 48.7% to the volume-weighted average trading price of the ADSs during the 30 trading days prior to and including June 5, 2023.

The Bain Shareholders and the other Investors (as defined in the Merger Agreement) have entered into support agreements with Topco and Parent, whereby, among other things, subject to the terms and conditions of the applicable support agreement, the Investors (as applicable) have agreed to (i) vote all the equity securities of the Company beneficially owned by such Investors in favor of the the authorization and approval of the Merger Agreement and the consummation of the Merger, (ii) have all or a portion of the Shares (including Shares represented by ADSs) beneficially owned by such applicable Investors (the “Rollover Shares”) cancelled at the Effective Time for no consideration from the Company and receive newly issued shares of Topco, and (iii) make or cause to be made cash contribution in accordance with the equity commitment letters and to subscribe for newly issued shares of Topco at or immediately prior to the Effective Time. As of the date of this press release, the Investors collectively beneficially own Shares representing approximately 95.26% of the outstanding voting power of the Company and approximately 65.67% of the outstanding Shares.

The Merger will be funded through a combination of (i) cash contribution from the Sponsors (as defined in the Merger Agreement) or their affiliates pursuant to their respective equity commitment letters, (ii) debt financing provided by Shanghai Pudong Development Bank Co., Ltd. Lujiazui Sub-branch (上海浦东发展银行股份有限公司陆家嘴支行) and Industrial Bank Co., Ltd. Shanghai Branch (兴业银行股份有限公司上海分行) and (iii) equity rollover by each of the Investors who are existing shareholders of the Company of their respective Rollover Shares.

The Company’s board of directors, acting upon the unanimous recommendation of a committee of independent directors established by the board of directors (the “Special Committee”), approved the Merger Agreement and the Merger, and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its independent financial advisor and legal advisors.

The Merger is currently expected to close during the fourth quarter of 2023 or the first quarter of 2024 and is subject to customary closing conditions, including among others,(i) that the authorization and approval of the Merger Agreement by the affirmative vote of shareholders representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a general meeting of the Company’s shareholders, and (ii) that shareholders of the Company holding less than 12% of the total issued and outstanding Shares immediately prior to the Effective Time shall have validly served and not withdrawn a notice of objection under Section 238(2) of the Companies Act (as amended) of the Cayman Islands. If completed, the Merger will result in the Company becoming a privately held company and its ADSs will no longer be listed on the NASDAQ Global Select Market.

Citigroup Global Markets Asia Limited is serving as the independent financial advisor to the Special Committee. Gibson, Dunn & Crutcher is serving as U.S. legal counsel to the Special Committee. Certain legal matters with respect to the Cayman Islands law are advised by Maples and Calder (Hong Kong) LLP. Certain legal matters with respect to PRC law are advised by Haiwen & Partners. Weil, Gotshal & Manges is serving as U.S. legal counsel to Citigroup Global Markets Asia Limited.

Morgan Stanley Asia Limited is serving as the financial advisor to the Bain Shareholders and their affiliates (the “Bain Parties”). Kirkland & Ellis is serving as U.S. legal counsel to the Bain Parties.  Conyers Dill & Pearman is serving as Cayman Islands legal counsel to the Bain Parties. King & Wood Mallesons is serving as PRC legal counsel to the Bain Parties.

Additional Information About the Merger

The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include the Merger Agreement as an exhibit thereto. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the Merger, the Company will prepare and mail to its shareholders a proxy statement that will include a copy of the Merger Agreement. In addition, in connection with the Merger, the Company and certain other participants in the Merger will prepare and disseminate to the Company’s shareholders a Schedule 13E-3 Transaction Statement that will include the Company’s proxy statement (the “Schedule 13E-3”). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. Shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger, and related matters, without charge from the SEC’s website (http://www.sec.gov).

This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities, and it is not a substitute for any proxy statement or other materials that may be filed with or furnished to the SEC should the proposed merger proceed.

About Chindata Group

Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services.

Chindata Group operates two sub-brands: “Chindata” and “Bridge Data Centres”. Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.

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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Chindata Group’s strategic and operational plans, contain forward-looking statements. Chindata Group may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Chindata Group’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Chindata Group’s goals and strategies; its future business development, financial condition and results of operations; the expected growth and competition of the data center and IT market; its ability to generate sufficient capital or obtain additional capital to meet its future capital needs; its ability to maintain competitive advantages; its ability to keep and strengthen its relationships with major clients and attract new clients; its ability to locate and secure suitable sites for additional data centers on commercially acceptable terms; government policies and regulations relating to Chindata Group’s business or industry; general economic and business conditions in the regions where Chindata Group operates and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Chindata Group’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Chindata Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For Enquiries, Please Contact:

Chindata IR Team

ir@chindatagroup.com

Mr. Dongning Wang

dongning.wang@chindatagroup.com

PR Newswire

Zenerate, Innovative AI Startup, Partners with SoLa Impact to Automate Affordable/Modular Housing Developments

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LOS ANGELES, Aug. 12, 2023 /PRNewswire/ — Zenerate (https://zenerate.ai), an innovative AI startup in the Proptech space, has entered into a strategic partnership with SoLa Impact (https://solaimpact.com/), the leading private real estate developer of affordable housing in California. Zenerate has developed a powerful platform that employs generative design, artificial intelligence and advanced data analytics to optimize the feasibility analysis process for real estate projects, reducing turnaround time and maximizing development returns.

South Korean PropTech firm, Zenerate, partners with a real estate developer, SoLa Impact
South Korean PropTech firm, Zenerate, partners with a real estate developer, SoLa Impact

In a groundbreaking move to revolutionize the affordable housing sector, SoLa Impact has partnered with Zenerate, to streamline and automate the feasibility analysis process for their affordable and modular housing developments. The collaboration brings cutting-edge AI technology to the modular construction industry and dramatically accelerates the speed of planning, configuration, design, and the permit approval process for a wide range of SoLa’s affording housing projects.

SoLa Impact has been at the forefront of addressing the affordable housing crisis in Los Angeles over the last decade, consistently demonstrating its commitment to creating sustainable, community-focused housing solutions. SoLa currently has over 35 projects with almost 3,000 units at various stages of construction, the majority of which are dedicated to affordable housing. With the increasing demand in the affordable segment, the need for swift and accurate feasibility, configuration, and design analysis has become paramount in the real estate development landscape.

Martin Muoto, the Founder and CEO of SoLa Impact, expressed enthusiasm for the partnership, stating, “We are thrilled to collaborate with Zenerate in our mission to dramatically scale the development and delivery of high-quality affordable housing in California. By leveraging Zenerate’s cutting-edge technology combined with our proprietary standardization processes, we can bring significantly more units to market more cost-effectively and more quickly, with the vast majority of our projects to house people that are currently homeless and living in tents. Equally important, these are units that are an order-of-magnitude more energy efficient than the aging housing stock they are replacing. All units are fully electric, use water-efficient fixtures, and have ENERGY STAR-certified appliances, dramatically reducing GHG emissions while providing cost savings to California’s low-income Black and brown communities.”

The integration of Zenerate’s software into SoLa Impact’s modular operations will facilitate data-driven decision-making, allowing for a more efficient and comprehensive evaluation of potential development sites, construction costs, and market demand. By automating the feasibility and design analysis, SoLa Impact’s team will be able to evaluate more sites, repurpose vacant and sub-optimized locations, and build for maximum density and affordability.

The Co-Founder and CEO of Zenerate, Benji Shin, echoed Muoto’s sentiments, emphasizing Zenerate’s commitment to providing housing more quickly and affordably by leveraging Artificial Intelligence, particularly expert systems for code compliance and machine learning for rapid massing, configuration, and design. “We are thrilled to partner with SoLa Impact, whose deep commitment to creating sustainable, scalable, and affordable housing aligns perfectly with our mission. By automating key parts of the feasibility, configuration, and eventually, the permitting process, we aim to enable developers to run thousands of financial and design scenarios instantly, ultimately contributing to the advancement of affordable housing initiatives.”

The innovative approach undertaken by SoLa Impact and Zenerate is expected to have a significant impact on the speed and scale of affordable housing development in California, starting in Los Angeles – the largest affordable housing market in the United States with the most acute homeless problem – and then expanding to other local municipalities, and eventually, other states.

About Zenerate

Zenerate, a member company of Born2Global Centre, is a venture-backed innovative AI startup in the real estate development space, providing consulting services and web-based products for feasibility studies; Z-maps is a real estate development map that weekly updates all the latest projects in Southern California, and Zenerate App is a design automation tool that generates development scenarios with floor plans in real time for feasibility studies. Visit www.zenerate.ai for more information.

About SoLa Impact

SoLa Impact is a family of real estate funds with a double bottom line strategy focused on preserving, rehabbing, and building high-quality affordable housing in low- and moderate-income communities. SoLa’s proven track record leverages data-driven social impact strategies to deliver superior financial returns. SoLa Impact’s fourth fund, the Black Impact Fund, has invested $1 billion in affordable housing in Southern California. SoLa Impact was ranked as the 7th fastest-growing minority-led private company by Inc. 500 and was awarded the Pension Real Estate Association (PREA) Emerging Manager ESG Award for SoLa’s demonstrated ability to deliver on its commitment to positive changes in environmental, social, and governance (ESG) matters. 

PR Newswire

Wushu lovers, do you really get Wushu?

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BEIJING, Aug. 11, 2023 /PRNewswire/ — A news report by China.org.cn on Chinese Wushu:

The Chengdu 2021 FISU World University Games has come to a successful closure. In retrospect, we could see that the event depicting the most vivid Chinese characteristics is the Wushu (martial arts) event. Wushu masters from all over the world stepped into the arena against Chinese-style background music, donning splendid traditional Chinese attires, and bringing their best game like high-spirited heroes. Nanquan (Southern fist), Taijiquan (Taichi Chuan), Wushu Sanda (martial arts free fighting) … The electrifying routines of these athletes seem to have brought audiences into a wuxia world appropriated by popular Chinese fiction and film, presenting the charm of Chinese Wushu.

In fact, just like combat sports from other countries, the art of Wushu could be traced to prehistoric times when it was practiced as a form of combat. However, the features of Chinese culture endowed Wushu with unique “charisma” and traits.

Traditional Chinese culture was deeply rooted in agrarian civilization. Several millennia ago, Chinese ancestors observed celestial movements and the sundry geographies on this vast land, and perceived that the universe and everything in it formed a dialectical relationship, a philosophy that makes humanity and nature at one. On such philosophical soil sprouted Chinese Wushu.

The elements of Taijiquan, including motion and stillness, emptiness and fullness, opening and closing, capture the interplay of the universe’s yin and yang binary. In China, when martial arts practitioners compete with each other, they abide by the notions of “skilled competition over power tussle” and “refrain from causing actual harm.” During a fight-off, one would answer high moves with lower moves, respond to speed with slower motions, and repay strength with softness, which are, in a nutshell, the embodiment of the Confucian philosophy of “harmony in diversity,” one that tends to convert any discordancy to harmony. Therefore, the essence of Chinese Wushu lies in oppressing violence and aiding the weak, instead of fueling the belligerent or bullying the powerless. “Truly great martial arts are against violence, and genuine combats are not about fighting,” the idiom expresses the gist of Chinese Wushu.

Wushu has developed over millennia, deriving many genres. Weapons like dao (broadsword), jian (sword), gun (cudgel) and qiang (spear) are used, and there are also barehanded Wushu genres like Taijiquan, Xingyiquan and Yongchunquan (Wing Chun), all of which embody the philosophy of harmony and togetherness.

China Mosaic hasn’t introduced any specific Chinese culture for you in a long time. Today we’re talking about Chinese Wushu because it is a beloved topic of many international friends, among whom many wonder if it’s true that every Chinese knows Kungfu? Here’s the thing: Not every one of us has learned Wushu or knows Kungfu. But, Wushu is indeed an epitome of the overarching Chinese mindset. The traditional cultural elements that find themselves in Wushu shape the Chinese people in many ways, while influencing the ideas and values that China adheres to when interacting with other parts of the world.

When youngsters from all around the globe learn and perform Wushu, they are actually in a process of understanding Chinese culture and approaching the Chinese people. Nurturing one’s soul and cultivating one’s character, making more friends, while pursuing the shared beauty of harmony through Wushu, is a culture that originates from China but belongs to the world.

China Mosaic 
http://chinamosaic.china.com.cn/index.htm

Wushu lovers, do you really get Wushu?
http://www.china.org.cn/video/2023-08/11/content_101253784.htm

PR Newswire

PH Emerges as One of the Rising Hyperscale Destinations in Asia, According to S&P Global Market Intelligence

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MANILA, Philippines, Aug. 11, 2023 /PRNewswire/ — As the race for data dominance intensifies in the Asia Pacific Region, the Philippines’ Department of Information and Communication Technology (DICT) projects a remarkable five-fold increase in data center capacity in the country for the next five years. Supporting the local data center race is PLDT and its ICT subsidiary, ePLDT, with a current 65% market share and further plans for expansion to position the Philippines as the regional hyperscaler hub in the Asia Pacific Region.

The 2023 Q1 market report by S&P Global Market Intelligence also showed a 13% compound annual growth rate (CAGR) in the country’s data center operational space between 2020-2025 amid the ongoing expansion of hyperscalers and significant interests of global enterprises in the country.

Developments on this were tackled during S&P Global’s webinar on June 15 and 29, led by Dan Thompson, the Principal Research Analyst for Datacenter Services and Infrastructure at S&P Global. He was joined by Gary Ignacio, ePLDT’s Chief Data Center Officer, and Roselle dela Cruz, PLDT Global’s Vice President for US & Europe, Middle East and Africa Market, who shared their views on the digital shifts that have taken place in the Philippines and PLDT’s efforts to support the digitalization thrust.  

As PLDT’s ICT arm, ePLDT has been investing heavily in its data center and cloud as the foundation for enterprise growth and national digitalization efforts. Ignacio envisions the Philippines replicating its success as an outsourcing hub in the cloud and hyperscale domain.

Looking ahead, ePLDT is dedicated to expanding its 10 data center infrastructure. With ongoing construction of Data Center 11 (VITRO Sta. Rosa) and plans for Data Center 12, ePLDT is ready to meet the increasing demands of hyperscalers and enterprises that will further fuel the country’s digital economy. 

Dela Cruz expresses the country’s potential: “The Philippines is a rich country, not just in natural resources, culture, talent, but it is also in a unique strategic geographic position to be the next gateway to Asia from a digital infrastructure standpoint. With further collaboration with private and strong support from the government, we will definitely be the next digital hub in Asia.”

As the digital revolution gains momentum, the rise of the Philippines as a digital powerhouse is set to reshape the region’s digital landscape.

For more on ePLDT’s VITRO Data Centers, visit www.ePLDT.com.

About ePLDT

ePLDT is the industry-leading digital transformation partner of enterprises in the Philippines. Leveraging on the expertise and world-class telecommunication infrastructure of the PLDT Group, ePLDT aims to deliver customized ICT services through its suite of Multi-Cloud and Data Center solutions, which will enable enterprises to achieve their digital transformation vision.

For more information about ePLDT, visit epldt.com.