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CLPS Incorporation Announces Chairman’s Letter to the Company’s Shareholders

January 4, 2021 TechENT Syndication Leave a comment

HONG KONG, Jan. 4, 2021 — CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today released a letter to shareholders from the Chairman of the Company’s Board of Directors (the "Board"), the full text of which is provided below. All CLPS shareholders are encouraged to read it.

Dear Shareholders,

On behalf of the Board, I wish you a happy and safe new year!

In 2020, CLPS celebrated its 15^th anniversary since its establishment. It was also a challenging year that forced most people to adopt to new realities. Despite this unprecedented year, we remained on track with our growth strategy such as global business expansion, continuous talent supply development, successful mergers and acquisitions, and technological innovation progress which further improved our operational efficiency.

Let us look back at the highlights of the Company’s performance in 2020.

1. Client Base and Revenue Growth

Despite macroeconomic effects during this period, CLPS has maintained double-digit annual revenue growth and its net income attributable to CLPS Incorporation’s shareholders has turned profitable. In fiscal 2020 financial results, the revenue increased by 37.7% to $89.4 million in the same period of the previous year. The revenues by geography were also improved. The year-over-year revenues generated from Singapore, Hong Kong, and Mainland China have increased by 191.8%, 56.6%, and 30.5%, respectively.

The gross profit increased by 31.0% to $31.1 million, and net income attributable to CLPS Incorporation’s shareholders was $2.9 million, or $0.20 basic and diluted earnings per share, compared to net loss attributable to CLPS Incorporation’s shareholders of $3.3 million, or $0.24 basic and diluted losses per share in the prior year period. Non-GAAP net income attributable to CLPS Incorporation’s shareholders increased by 85.3% to $6.9 million.

In 2020, CLPS gained more overseas and domestic clients and project-based contracts from the financial services and IT industries.

In IT consulting services, CLPS increased its client-base in international banks, credit card, trust, futures, payment system, internet services, e-commerce, smart logistics, intelligent vehicle, and semiconductor, among other industry. In November 2020, CLPS won the IT services provider bid for a well-known bank card processing services company in China.

In customized IT solution services, CLPS actively explored new business opportunities with its existing clients. It recently signed a deal with a leading Chinese state-owned automotive company for big data-enabled vehicle intelligent manufacturing system project.

2. Talent Supply

As CLPS’s edge among other competitors in the IT services market, we have been able to develop and maintain the talent supply chain in order to meet the demand of our clients.

CLPS has been cooperating with the Technological and Higher Education Institute of Hong Kong ("THEi") to boost its degree program in information technology. In addition, we established the Cooperative Education on Information Technology Program ("Coop Program") in partnership with Hong Kong Multimedia Design Association ("HKMMDA"), a non-profit organization in Hong Kong, in which more than 20% of the first batch of qualified trainees have been placed to local banks.

Our achievements under the Talent Creation Program (TCP) and Talent Development Program (TDP) have been and will continue to be an important component in solving through the bottleneck of IT services market and talent supply shortage. Our talent programs are among the important drivers of the Company’s business growth in the international and domestic markets.

3. Research and Development Efforts

CLPS renamed its research center, the CLPS Research, to CLPS Innovation Lab. It has been dedicated to the research and application of innovative technologies, including distributed application systems, cloud computing, micro services, open API, robotic process automation (RPA), and big data, among other technologies. CLPS Innovation Lab focuses on continuous scientific and technological innovation to provide clients with more comprehensive and efficient IT services.

In the past year, we implemented RPA and big data into our internal human resources, financial, and operational management systems, which significantly improved the Company’s overall operation. In addition, CLPS’s recruitment center in the Mainland China launched in early 2020 is equipped with advanced technologies, such as cloud platforms, big data, and RPA to accelerate the talent acquisition process, thereby reducing operational cost.

CLPS’s RPA has supported its clients’ digital transformation, including the successful distribution into the application scenarios in the accounting, credit investigation, procurement, and logistics, among other processes for some large state-owned and pharmaceutical enterprises. As a result of RPA achievements, we have received positive feedback from our clients.

4. Streamlined Organizational Structure

CLPS has streamlined its corporate governance and organizational structure to better implement its global expansion strategy.

CLPS relocated its global corporate headquarters to Hong Kong, and set up Shanghai and Singapore as its regional headquarters in the Mainland China and Southeast Asia, respectively. We also set up our California subsidiary and expanded the fintech business development services opportunities in the Asia-Pacific and the US markets following the international business standards and services.

With more than ten years of experience in the credit card service industry, we set up a wholly-owned subsidiary, Qinson Credit Card Services Limited ("QCC"), to cater to the credit card service demands of the financial industry. In one-year period, QCC has attained its stature in the credit card industry, and it continuously develops more business opportunity. At present, its client base consists of well-known international and large banks, bank card associations, and international financial IT companies.

5. Mergers and Acquisitions

CLPS continued to advance its mergers and acquisitions efforts in Mainland China and globally. We recently acquired the remaining 20% ownership stake in Ridik Pte. Ltd. ("Ridik"). As a wholly owned subsidiary, Ridik will enable us to fully integrate our business in the Southeast Asia region and to further advance our business expansion in the global market.

In Mainland China, we invested in Shenzhen Huaqin Robotics and Guangdong Zhichuang Software Technology to diversify our service offerings in robotics, semiconductor, and other industries. Our investment initiatives will put us in a position to expand our business overseas and to better serve our clients going forward.

The COVID-19 outbreak has brought significant impact to the global economy. However, it accelerated the digitization and informatization of traditional industries. Post-pandemic, it is forecasted that majority of enterprises will pivot to technology platforms and will venture on digital transformation. In 2021, we expect growing demand for global financial IT services and solutions, as well as for IT talents in cutting-edge technology domain such as artificial intelligence (AI), blockchain, big data, and cloud applications.

Looking forward to 2021, we are dedicated to investing for resources based on our expertise in financial IT services and solutions in China and globally, advancing our competitive advantage, reaching global market business opportunity, and providing efficient IT services to our existing and potential clients. Our streamlined technological and management innovations will drive the Company to achieve higher quality development and bring long-term value to our shareholders. On behalf of the CLPS family, I extend my gratitude to our shareholders’ unwavering support and confidence in the Company. We hope all of you to stay healthy and safe during these challenging times.

With sincerity and determination,

Xiao Feng Yang
Chairman of the Board
CLPS Incorporation

About CLPS Incorporation

Headquartered in Hong Kong, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT"), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong, and their PRC-based IT centers. The Company maintains 18 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Baoding, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Suzhou. The remaining eight global centers are located in Hong Kong SAR, USA, UK, Japan, Singapore, Malaysia, Australia, and India. For further information regarding the Company, please visit: http://ir.clpsglobal.com/, or follow CLPS on Facebook, LinkedIn, and Twitter.

Forward-Looking Statements

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company’s financial and operational performance in the second half and full year of fiscal 2020, its expectations of the Company’s future performance, its preliminary outlook and guidance offered in this presentation, as well as the risks and uncertainties described in the Company’s most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Contact:

CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com

Related Links :

http://www.clps.com.cn

PR Newswire

Yuanyuan’s Adventure Episode III: Taiwan Reunification

January 4, 2021 TechENT Syndication Leave a comment

BEIJING, Jan. 4, 2021 — A news report by China.org.cn:

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In the Kangxi period of the Qing Dynasty, the Zheng family, which was headed by the descendants of Zheng Chenggong, ruled Taiwan, and contended with the Qing government. Despite several rounds of peace negotiations, no agreement was reached. In order to calm the civil strife, Emperor Kangxi sent Shi Lang to lead an army to Taiwan in 1683, which led to the reunification of Taiwan and the Chinese mainland.

The following year, a government was set up in Taiwan, which was under the jurisdiction of Fujian province. Under the governance of the Qing government, a large number of residents from the Chinese mainland moved to Taiwan and settled here. Gradually, Taiwan transformed itself from a society of migrants to a unified one governed by intellectuals. Over time, the local ethnic minority groups in Taiwan and the Han people also became more integrated.

As the gateway to the southeast coast of the Chinese mainland, Taiwan has always been targeted by Western powers. When the Opium War gripped China in 1840, the fate of Taiwan once again changed. The wild ambition of imperialist powers like Britain, the United States, Japan, and France came to light and Taiwan was invaded many times. The frequent attacks by the foreign invaders made the Qing government aware of the importance of Taiwan in its national defense, and begin to adjust its governance strategy.

In 1885, Taiwan was upgraded to become the 20^th province of China. Liu Mingchuan became the first governor of Taiwan and quickly implemented a series of new development policies. Taiwan spared no effort in building forts, constructing railways, setting up a network of electrical wires, and opening coal mines. Taiwan gradually embarked on the road to modernization, and at that time, development on the island was far ahead that on the Chinese mainland.

However, the Sino-Japanese War broke out in 1894, and Taiwan’s fate was once again rewritten.

"Fate diverges and is unpredictable." What would Taiwan go through in its next stage? Stay tuned for our next episode, and I’ll tell you more!

Yuanyuan’s Adventure Episode III: Taiwan Reunification
http://news.china.com.cn/txt/2021-01/04/content_77076603.htm

PR Newswire

uCloudlink and China Mobile UK Fuel Multinational Business Development with Superior Mobile Connectivity Experience

January 4, 2021 TechENT Syndication Leave a comment

HONG KONG, Jan. 4, 2021 — UCLOUDLINK GROUP INC. ("uCloudlink") (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, and China Mobile International (UK) Limited ("China Mobile UK"), a subsidiary of China Mobile International Limited (CMI), continue their six-year strong partnership, providing high-quality network connection support for multinational companies.

Since 2014, China Mobile UK has provided support to global businesses headquartered in the UK using uCloudlink’s terminal Wi-Fi devices and associated data services. The partnership significantly broadens uCloudlink’s reach in the UK market as the company strives to redefine and elevate the mobile data connectivity experience. Powered by uCloudlink’s innovative Cloud SIM technology, China Mobile UK’s multinational enterprises users can tap into uCloudlink’s global ecosystem of mobile network operators (MNOs), mobile virtual network operators (MVNOs) and business partners to enjoy superior mobile connectivity at anywhere and at any time.

uCloudlink’s global ecosystem allows partners to operate more efficiently by providing mobile data services both at domestic and international markets. As of September 30 2020, uCloudlink has aggregated mobile data traffic allowances from more than 200 MNOs, MVNOs and business partners in more than 140 countries and regions as part of its global Cloud SIM ecosystem.

Adopting a platform-centric approach, uCloudlink’s PaaS and SaaS platform consolidates uCloudlink’s core capabilities – Cloud SIM technology and architecture – while allowing other functions to its business partners, such as sales and marketing. In addition, as part of uCloudlink’s global ecosystem, uCloudlink partners can also procure customized Original Design Manufacture (ODM) hardware and data packages from proprietary sources to fully exploit their potential in their local markets.

Benefiting from uCloudlink’s Cloud SIM technology and architecture, business partners such as China Mobile UK can elevate multinational companies’ user experience with superior mobile data services that offer reliable connectivity and high speeds, at a competitive price.

uCloudlink’s Cloud SIM technology enables compatible terminals to use local data networks without changing physical SIM cards. Users can easily and dynamically switch SIM cards over the Cloud platform, which allows for better network quality and connection. Meanwhile, Cloud SIM architecture allows mobile terminal brands, MVNOs, MNOs, mobile Wi-Fi terminal rental companies and distribution channels to participate in uCloudlink’s ecosystem. Cloud SIM architecture mainly consists of two components: a distributed SIM card pool and a cloud SIM management platform (i.e. PaaS and SaaS platform), which supports business partners to improve their connectivity services.

The cooperation between uCloudlink and China Mobile UK forms part of uCloudlink’s vision of "connecting and sharing without limitations". Over the years, uCloudlink has established extensive partnerships with a variety of businesses in various industries. uCloudlink is also at the forefront of innovation, and has partnered with China Unicom Shenzhen recently to deliver superior user experiences and network quality in the 5G Cloud era.

About UCLOUDLINK GROUP INC.

uCloudlink is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative CloudSIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

PR Newswire

CGTN: After ‘extraordinary’ 2020, what are Xi Jinping’s expectations for 2021?

January 4, 2021 TechENT Syndication Leave a comment

BEIJING, Jan. 4, 2021 — 2021, a year that marks the beginning of China’s new five-year plan period and the 100th founding anniversary of the Communist Party of China (CPC), is knocking at the door.

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What are Chinese President Xi Jinping’s expectations for 2021, especially after the country’s hard-won achievements in 2020?

Clues can be found in his New Year address.

2021: ‘Striving is the only way forward’

China will enter a new stage of development to build a modern socialist country in an all-round way in 2021, as the CPC leadership has adopted proposals for formulating the 14th Five-Year Plan and long-range goals.

"The road ahead is long; striving is the only way forward," Xi said in his address, calling for efforts to set up a new pattern for development to be accelerated, deeply implementing high-quality development and further deepening reform and expanding opening-up.

Rising above virus test, China’s top leaders set the economic priorities for 2021 in the key Central Economic Work Conference held in December, stressing that China will keep its macro policies consistent, stable and sustainable in 2021, with continued implementation of a proactive fiscal policy and prudent monetary policy.

In 2021, the country will take a solid first step in building the new development paradigm in which domestic and foreign markets reinforce each other, with the domestic market as the mainstay.

A comparison of China’s key tasks for 2020 and 2021

Meanwhile, the president stressed the need to keep working hard to promote rural vitalization as the country has achieved decisive success in eradicating extreme poverty in 2020.

In the next five years, efforts will be made to consolidate achievements in the fight against poverty and fully promote the strategy of rural vitalization, according to the CPC Central Committee’s proposed major social and economic development targets for the 14th Five-Year Plan period (2021-2025).

To realize all these goals, upholding the Party leadership is the most fundamental guarantee, Xi has said on many occasions.

In his New Year address, Xi described the Party as a gigantic vessel that leads China forward steadily with people’s expectations and the hope of the nation and stressed the importance of "original aspiration."

The CPC was founded with an original aspiration: the mission to seek happiness for the Chinese people and rejuvenation for the Chinese nation, and has remained committed to the people-centered philosophy of development.

The CPC’s original aspiration is even firmer 100 years later, Xi said.

2020: ‘Extraordinary’ in various areas

Looking back at 2020, the president described the year as an "anti-epidemic epic" and devoted much of his address to highlighting China’s all-out people’s war against COVID-19.

"Greatness is forged in the ordinary. Heroes come from the people. Every person is remarkable!" Xi said, before sending his sympathies to all those infected with the coronavirus.

In September, three outstanding medical professionals were conferred the national honorary title "the People’s Hero," while a total of 1,499 individuals, 500 groups, 186 CPC members and 150 primary-level Party organizations were commended for their roles in fighting the epidemic, and another 14 Party members were posthumously awarded.

Remembering the medical professionals we’ve lost to coronavirus

Meanwhile, China has participated actively in several global meetings to provide the international community with solutions and experiences, such as the G20 virtual summit on COVID-19, the summit of the Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea (ASEAN Plus Three or APT) on COVID-19, and a special ASEAN-China Foreign Ministers’ meeting on the outbreak.

President Xi also reviewed China’s achievements in various areas.

China is the first major economy worldwide to achieve positive growth in 2020, and its GDP is expected to step up to a new level of 100 trillion yuan. China has seen a good harvest in grain production for 17 years in a row, according to the president.

China’s GDP growth in 2020 expected to be 1.9% by IMF

Within eight years, under the current standard, China has eradicated extreme poverty for the nearly 100 million rural people affected, and all the 832 impoverished counties have shaken off poverty, he added.

China has seen breakthroughs in scientific explorations like the Tianwen-1 (Mars mission), Chang’e-5 (lunar probe), and Fendouzhe (deep-sea manned submersible). Construction of the Hainan Free Trade Port is proceeding with vigor, Xi said.

The president also recalled the unforgettable memories in 2020, including his inspections of 13 provincial-level regions, the 40th anniversary of the Shenzhen Special Economic Zone and his phone calls with friends from the international community to combat the pandemic.

Xi’s ‘cloud diplomacy’ in the first half of 2020 instills global confidence

As the pandemic is still ravaging the world, President Xi highlighted the significance of a community with a shared future for mankind, especially for the post-pandemic world.

Read original article: here.

VIDEO – https://www.youtube.com/watch?v=ZUevNynvlkw

PR Newswire

UnionBank acclaimed by Frost & Sullivan for leveraging innovative digital capabilities to deliver exceptional customer experiences

January 1, 2021 TechENT Syndication Leave a comment

Bank takes customer experience to next level by harnessing the power of 5G, in line with the launch of its smart branch

SINGAPORE, Jan. 1, 2021 — Based on its recent analysis of the Philippines’ customer experience solutions in the banking industry, Frost & Sullivan honored UnionBank of the Philippines (UnionBank) with the 2020 Philippines Excellence In Customer Experience in ATM Ambience Experience and In Online Customer Experience.

The award is in recognition of bank’s initiatives to stay ahead of the demand curve by offering best-in-class, personalized customer experience with robust 24/7 services. Combining 5G and artificial intelligence (AI), UnionBank can better anticipate customers’ preferences and behaviors through. This commitment to continuous, data-driven innovation has helped the bank deliver enriched customer experiences.

The award is in recognition of the bank’s initiatives to stay ahead of the demand curve by offering best-in-class, personalized customer experience with robust 24/7 services.

"UnionBank has ramped up its digitalization efforts in the past few years. A customizable system, self-service options, and personified robot assistant are among the digital options available to customers, half of whom now transact digitally," said Edurra Talib, senior research analyst. "The bank also became the first in the Philippines to launch the smart branch leveraging 5G technology for seamless connectivity with internet of things (IoT)-enabled services."

Combining 5G and artificial intelligence (AI), UnionBank can better anticipate customers’ preferences and behaviors through. This commitment to continuous, data-driven innovation has helped the bank deliver enriched customer experiences.

Frost & Sullivan presented this award to the banks that demonstrate outstanding performance for branch, specifically ATM ambience and online experience. The bank has used the customer experience framework of process, space, and people in its digitization process, bridging offline with online to deliver a seamless customer experience.

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

About Frost & Sullivan

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

Contact:
Kala Mani. S.
Best Practices Awards Branding – Asia-Pacific
Email: kala.manis@frost.com

About UnionBank

UnionBank has consistently been recognized as one of Asia’s leading companies in banking and finance, ranking among the Philippines’ top 10 universal banks in terms of key performance ratios in profitability, liquidity, solvency, and efficiency.

In the past three years, the bank has garnered a record number of recognitions from global awards bodies for its digital expertise, including Digital Bank of the Year from The Asset, Best Digital Bank Philippines from Asiamoney, Asia Pacific Retail Bank of the Year from Retail Banker International, Top 2 Most Helpful Banks in Asia Pacific during COVID-19 by BankQuality.com, Asia’s Best Bank Transformation from Euromoney and Digital Transformer of the Year Philippines from IDC’s DX Awards Philippines.

Contact:
Mr. James P. Ileto
VP for Corporate Media Affairs
Email: jmpileto@unionbankph.com

Related Links :

Frost New Home page v2

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Hoymiles Launches S-Miles Cloud, New Powerful Real-time Solar Power Station Monitoring Platform on Mobile App and Browser

December 31, 2020 TechENT Syndication Leave a comment

HANGZHOU, China, Dec. 31, 2020 — Hoymiles Power Electronics Inc. ("Hoymiles"), a leading microinverter manufacturer, has recently unveiled the all-new S-Miles Cloud Platform for real-time visualized monitoring of solar power generating equipment. Key field equipment can be connected to the S-Miles Cloud Platform. With the IoT-supported data collection devices, the platform can track the output effectiveness of arrays, provide status updates on individual modules, and notify of any malfunctions.

Hoymiles New Solar Power Station Monitoring Platform – S-Miles Cloud

"Our new and improved version of the monitoring platform is in line with Hoymiles’ mission to make electric energy ‘smarter’, improve cloud data processing capabilities and extend the data response time of edge computing gateways. Through providing a broad array of smart monitoring, operations-based, and maintenance functionality, we can provide more value for our customers, and that’s our main focus," said Zhao Yi, Deputy General Manager and R&D Center Director of Hoymiles.

Accessible as a mobile app or via a web browser, the S-Miles Cloud Platform offers a powerful and easy-to-use portal to effectively maintain solar power stations. Through the user-friendly installation process, integrating the Platform into an existing array can be quick and simple. The newly upgraded platform features a clean and simple dashboard interface which was designed with end-users in mind to allow for clearer visual data displays and additional options for in-depth analysis. The upgrade also includes a real-time progress tracking feature for hardware updates, which displays a progress bar and provides detailed explanations of any errors that occur.

Supporting the improved end-user display is an optimized technical structure that collects, analyzes and distributes data. The upgraded S-Miles Cloud Platform now can offer synchronized data analysis, and in being a cloud-based application, data processing is completed through parallel computing architecture which allows for optimal usage of all CPUs within the cluster and supports an open application programming interface for cross-platform communications, data sharing, and remote operation via TCP socket connection. The Platform is also compatible with Hoymiles’ newest and most advanced hardware offerings of the DTU-Pro, DTU-Lite and new Sub-1G version microinverters.

Through the standardization of data across a power station, operators can make more accurate data-driven decisions regarding onsite operations that enable optimized energy output. The new S-Miles Cloud Platform not only provides accurate and timely status reports but also includes new indicators to display self-generated energy inputs and output for the solar station, to more clearly map overall power generation status.

About Hoymiles

Founded in 2012, Hoymiles is one of the leading microinverter manufacturers providing MLPE (Module-Level Power Electronics) solutions for solar investors and end-users. Hoymiles’ microinverters (4 in 1 unit & 2 in 1 unit) are recognized for their technology, ranking as the top microinverter globally through CEC weighted efficiency test by CSA Group for three consecutive years. Currently, Hoymiles’ microinverters are used in generous commercial and domestic rooftop installations in various countries and regions including America, Europe and Asia.

PR Newswire

Inaugural Shanghai Electric Cup ‘Industrial App’ Awards Given to 16 Outstanding Entries, Empowering Digital Innovation for Energy Industry

December 31, 2020 TechENT Syndication Leave a comment

SHANGHAI, Dec. 31, 2020 — Shanghai Electric (the "Company") (SEHK: 02727, SSE: 601727), the world’s leading manufacturer and supplier of electric power generation equipment, industrial equipment and integration services, has recently concluded a five-month industrial innovation application competition. The inaugural ‘Shanghai Electric Cup’ was launched in July this year with the support of the Shanghai Municipal Commission of Economy and Informatization and the Shanghai Industrial Internet Association. Aimed at fostering an environment of digital innovation, the competition saw 140 entries from around the world take a total of 16 prizes.

The first time to organize this event, Shanghai Electric took the opportunity for the company’s internal and external teams to promote industrial innovation and accelerate digital transformation. The theme of the competition aimed to push applicants to develop practical applications for use in industrial settings, and called for a focus on connecting four concepts – smart cities, smart energy, smart manufacturing and smart transportation – four areas that outline the future direction of Shanghai Electric.

Of the 140 entries from domestic and international teams, the top three prizes were awarded to 16 projects, ten of which were from Shanghai Electric and six from other companies. The Company’s Central Research Institute signed project incubation agreements with four of the award-winning external teams. Shanghai Electric Digital Technology (SEDT) and other six companies reached an ecosystem cooperation agreement for SEunicloud, Shanghai Electric’s industrial internet platform.

About the competition and the unveiling of the winners, Shanghai Electric President, Huang Ou said, "On the path of improving our skills in 3D design and industrial applications, the extraordinary achievements of those participants we see in this year’s contest are the small steps in accelerating the digital transformation of Shanghai Electric, but those joint efforts have amounted to a huge step forward for the entire company."

"From digitizing product models to business models, this competition has laid the foundation for Shanghai Electric to build a new ecosystem for SEunicloud, as well as gathered a specialized team to speed up the digital transformation of our company," he added.

Also unveiled at the awards ceremony, the upgraded SEunicloud Industrial Internet Platform 2.0 revealed improvements in terms of the integration of Artificial Intelligence (AI), Business Intelligence (BI), and Creative Intelligence (CI). With these upgrades, the platform will further accelerate Shanghai Electric’s digital transformation and marks yet another substantial step forward in the construction of Shanghai Electric’s Industrial Internet.

The 2.0 release features a new AI big data module capable of providing data value displays and business analysis for a multitude of industrial scenarios. The upgraded Business Intelligence module utilizes fast data processing and visualization tools to produce intuitive displays and enable intelligent analysis across huge datasets. In addition, through an inbuilt visual development integrated system, the platform can be used as an InaaS (Innovation-as-a-Service) platform.

Shanghai Electric’s focus on digitization and development is reflected in a consistently high R&D investment rate of over 3.4%. This number is intended to be higher for development in new industries, predicted at an increase of 6% from 2019, and investment in pre-research and development which is expected to see an increase of 11%.

Related Links :

http://www.shanghai-electric.com

PR Newswire

Victor Ai awarded Forbes 2020 Top 100 Venture Capitalist in China

December 31, 2020 TechENT Syndication Leave a comment

BEIJING, Dec. 31, 2020 — Recently, Forbes released the 2020 Top 100 Venture Capitalist list in China, the definitive ranking of the top investors of this year. Victor Ai is awarded one of the top 100 venture capitalists of this year in China. He is recognized for his excellent leadership and investment capabilities, and pioneer entrepreneurial initiatives in the field of cutting-edge smart economies. Neil Shen from Sequoia China, Hans Tung from GGV Capital and Hurst Lin from DCM Capital are among the list.

This list is created to honor and acclaim the individuals who remain clear-eyed and eager to invest in growth and innovation in China. Victor Ai stands out in 2020 as the one among the most world-renowned individuals for his forward-thinking, strategic management and strong leadership skills. Over the past 11 years, he has closed over 100 deals with an AUM exceeding USD 10 billion. Over the last four years he has closed a series of signature deals in the new economy sector including amongst others, SenseTime, iQiyi, Netease Cloud Music, Xpeng Motors, NIO, Meituan as well as JD Logistics and China UnionPay.

In addition to his distinguished work in investment, Victor Ai is also a successful and forward-thinking entrepreneur. He founded Terminus Group in 2015, a world leading smart service provider, pioneering the new wave of high technology. Terminus Group always seeks to refine its business solutions and takes pride in its advancements made in the field of artificial intelligence of things (AIoT) and AI CITY establishment worldwide. As the only Chinese Premier Partner of the Expo 2020 Dubai, Terminus Group will be more active on international markets and further expand into Middle East, Southeast Asia and others.

By continuously refining its AI CITY projects, Terminus Group remains persistent in integrating more advanced digital solutions into one holistic multi-purpose digital platform to achieve the highest standard of urban digital services. Terminus Group will continue to contribute to the rapidly transforming world by creating valuable partnerships, engaging people, and eventually leading the era of the digital transformation worldwide.

According to Forbes, 29 Chinese companies went public on the U.S. stock exchanges, eight of which accomplished that goal in the third quarter of 2020. The total number of Chinese companies listed on the stock exchanges has reached 290, with the year 2020 surpassing the numbers from the last year by far.

About Forbes 2020 Top 100 Venture Capitalist in China

The list recognizes top 100 venture capitalists in China. It closely monitors the performance of China’s 200 most robust venture capital firms, which all have taken amazing opportunities by both being ahead of the curve and making even bigger and more aggressive bets on their future success. This data-driven list has been created based on the interviews with the investors and qualitative analysis of submissions by the companies’ partners in the past 5 years.

PR Newswire

Renren Announces Unaudited First Half 2020 Financial Results

December 31, 2020 TechENT Syndication Leave a comment

BEIJING, Dec. 31, 2020 — Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates a premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) ("Kaixin") as well as several U.S.-based SaaS businesses, today announced its unaudited financial results for the six months ended June 30, 2020.

First Half of 2020 Highlights

Total net revenues were US$41.2 million, an 80.9% decrease from the corresponding period in 2019.
— Kaixin revenues (1) were US$33.3 million, an 83.7% decrease from the corresponding period in 2019.
Operating loss was US$23.2 million, improved from an operating loss of US$26.4 million in the corresponding period in 2019.
Net loss attributable to the Company was US$16.6 million, compared to a net income attributable to the Company of US$67.7 million in the corresponding period in 2019.
Adjusted loss from operations (2) (non-GAAP) was US$12.0 million, improved from an adjusted loss from operations of US$19.4 million in the corresponding period in 2019.
Adjusted net loss (2) (non-GAAP) was US$8.5 million, compared to an adjusted net loss of US$15.5 million in the corresponding period in 2019.

(1) Kaixin revenues are the net revenue from the Company’s subsidiary Kaixin, which are included in the Company’s Auto Group segment. Please refer to the table of additional information for details.

(2) Adjusted loss from operations and net income (loss) are non-GAAP measures, which are defined as loss from operations excluding share-based compensation expenses and amortization of intangible assets and net income (loss) excluding share-based compensation expenses, fair value change of contingent consideration and amortization of intangible assets, respectively. See "About Non-GAAP Financial Measures" below.

First Half 2020 Results

Total net revenues for the first half of 2020 were US$41.2 million, representing an 80.9% decrease from the corresponding period in 2019. The COVID-19 pandemic had a material adverse impact on the Company’s used-car dealership business.

Cost of revenues was US$34.0 million, compared to US$201.9 million from the corresponding period of 2019. The decrease was in line with the decrease of revenue.

Operating expenses were US$30.4 million, a 23.4% decrease from the corresponding period of 2019.

Selling and marketing expenses were US$5.3 million, a 58.5% decrease from the corresponding period of 2019. The decrease resulted from the effort to improve operation efficiency in headcount and personnel-related expenses.

Research and development expenses were US$8.0 million, a 39.5% decrease from the corresponding period in 2019. The decrease was primarily due to a decrease in headcount and personnel-related expenses.

General and administrative expenses were US$17.1 million, a 25.0% increase from the corresponding period in 2019. The increase was primarily due to an increase in share-based compensation expenses.

Share-based compensation expenses, which were all included in operating expenses, were US$11.0 million, compared to US$6.9 million in the corresponding period in 2019. The increase was mainly due to a modification which repriced the exercise price with respect to options during the first half of 2020, which led to the higher share-based compensation expenses in the six months ended June 30, 2020 compared to the six months ended June 30, 2019.

Loss from operations was US$23.2 million, improved from a loss from operations of US$26.4 million in the corresponding period in 2019.

Net loss attributable to Renren Inc. was US$16.6 million, compared to a net income of US$67.7 million in the corresponding period in 2019.

Adjusted loss from operations (non-GAAP) was US$12.0 million, improved from an adjusted loss from operations of US$19.4 million in the corresponding period in 2019. Adjusted loss from operations is defined as loss from operations excluding share-based compensation expenses and amortization of intangible assets.

Adjusted net loss (non-GAAP) was US$8.5 million, compared to an adjusted net loss of US$15.5 million in the corresponding period in 2019. Adjusted net loss is defined as net loss excluding share-based compensation expenses, fair value change of contingent consideration and amortization of intangible assets.

Business Outlook

The Company expects to generate revenues in an amount ranging from US$8 million to US$12 million in the second half of 2020. The decrease in revenues as compared with the second half of 2019 or the first half of 2020 is expected to be primarily due to Kaixin Auto Holdings having decided to put a halt to its used-car dealership business operations while reexamining its business model. This forecast reflects the Company’s current and preliminary view, which is subject to change.

Binding Term Sheet with Haitaoche

The Company’s subsidiary Kaixin entered into a binding term sheet (the "Biding Term Sheet") with Haitaoche Limited ("Haitaoche") on November 3, 2020.

The Binding Term Sheet sets forth the terms and conditions by which Haitaoche will merge with a newly formed wholly-owned subsidiary of Kaixin, with Haitaoche continuing as the surviving entity and a wholly-owned subsidiary of Kaixin (the "Merger"). As consideration for the Merger, Kaixin will issue a number of ordinary shares of Kaixin to the shareholders of Haitaoche (the "Haitaoche Shareholders") so that the Haitaoche Shareholders will collectively hold 51% of Kaixin’s share capital upon the closing of the Merger.

Conference Call Information

The Company will not host a conference call. Please contact our Investor Relations Department if you have any questions.

About Renren Inc.

Renren Inc. (NYSE: RENN) operates a premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several US-based SaaS businesses. Renren’s American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on NYSE under the symbol "RENN".

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" and similar statements. Among other things, the business outlook for the second half of 2020 and quotations from management in this announcement, as well as Renren’s strategic and operational plans, contain forward-looking statements. Renren may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Renren’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: Renren’s goals and strategies; Renren’s future business development, financial condition and results of operations; Renren’s expectations regarding demand for and market acceptance of its services; Renren’s expectations regarding the retention and strengthening of its relationships with used auto dealerships; Renren’s plans to enhance user experience, infrastructure and service offerings; competition in the used auto industry in China; and government policies and regulations relating to the used auto industry in China. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Renren’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Renren uses "adjusted income (loss) from operations" and "adjusted net income (loss)" which are defined as non-GAAP financial measures by the SEC, in evaluating its business. Renren defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses and amortization of intangible assets and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses, fair value change of contingent consideration and amortization of intangible assets, respectively. Renren continuously and periodically reviews its operating results and business performance. Starting from the first quarter of 2018, there was a significant impact on net income (loss) due to the material and significant noncash amount of fair value change of contingent consideration relating to the used auto dealerships of the emerging used auto business. Due to the nature of the business, Renren believes that including adjusted income (loss) from operations and excluding the impact of such fair value changes more appropriately reflects Renren’s results of operations, and provides investors with a better understanding of Renren’s business performance. To facilitate investors and analysts, the aforesaid impact is presented retrospectively in "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures". Renren presents adjusted income (loss) from operations and adjusted net income (loss) because they are used by Renren’s management to evaluate its operating performance. Renren also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Renren’s consolidated results of operations in the same manner as Renren’s management and in comparing financial results across accounting periods and to those of Renren’s peer companies.

These non-GAAP financial measures are not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures" at the end of this release.

RENREN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of US dollars)

		December 31,		June 30,
		2019		2020

ASSETS

Current assets:
Cash and cash equivalents	$	4,473	$	5,059
Restricted cash		13,091		–
Short-term investments		1,436		–
Accounts receivable, net		649		595
Prepaid expenses and other current assets		30,454		32,643
Amounts due from related parties		688		678
Inventory		21,981		18,527
Total current assets		72,772		57,502

Non-current assets:
Property and equipment, net		851		619
Goodwill and intangible assets, net		832		641
Long-term investments		13,454		13,507
Amount due from related parties- non-current		131,758		131,346
Restricted cash – non-current		358		5,643
Right-of-use lease assets		5,506		3,900
Other non-current assets		680		626
Total non-current assets		153,439		156,282

TOTAL ASSETS	$	226,211	$	213,784

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable	$	5,393	$	2,088
Short-term debt		31,077		26,213
Accrued expenses and other current liabilities		37,068		34,589
Short-term lease liabilities		2,836		3,088
Payable to investors		14		14
Amounts due to related parties		774		3,269
Deferred revenue and advance from customers		750		273
Income tax payable		20,054		19,454
Contingent consideration		204		94
Total current liabilities		98,170		89,082

Non-current liabilities:
Long-term debt		–		1,585
Long-term lease liabilities		1,980		1,140
Long-term contingent consideration		828		381
Total non-current liabilities		2,808		3,106

TOTAL LIABILITIES	$	100,978	$	92,188

Shareholders’ Equity:
Class A ordinary shares		751		757
Class B ordinary shares		305		305
Additional paid-in capital		720,513		731,521
Statutory reserves		6,712		6,712
Accumulated deficit		(614,830)		(631,407)
Accumulated other comprehensive income		(9,338)		(8,978)

Total Renren Inc. shareholders’ equity		104,113		98,910

Noncontrolling interests		21,120		22,686

TOTAL EQUITY		125,233		121,596

TOAL LIABILITIES AND EQUITY	$	226,211	$	213,784

RENREN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands of US dollars, except share data and per share data, ADS data, and per ADS data)


		June 30,		June 30,
		2019		2020
Net revenues:
Automobile sales	$	200,914	$	32,996
Others		14,214		8,164
Total net revenues		215,128		41,160

Cost of revenues		(201,873)		(33,993)

Gross profit		13,255		7,167

Operating expenses:
Selling and marketing		(12,769)		(5,293)
Research and development		(13,243)		(8,010)
General and administrative		(13,657)		(17,071)

Total operating expenses		(39,669)		(30,374)

Loss from operations		(26,414)		(23,207)

Other income		2,505		511
Fair value change of contingent consideration		88,116		557
Interest income		4,393		3,734
Interest expenses		(1,468)		(779)
Total non-operating income		93,546		4,023

Income (loss) before provision of income tax and loss in equity method investments, net of tax		67,132		(19,184)
Income tax expenses		(628)		–

Income (loss) before loss in equity method investments and noncontrolling interest, net of tax		66,504		(19,184)
(Loss) income in equity method investments, net of tax		(910)		79
Income (loss) from continuing operations		65,594		(19,105)


Net income (loss)		65,594		(19,105)
Net loss attributable to noncontrolling interests		2,133		2,528

Net income (loss) attributable to Renren Inc.	$	67,727	$	(16,577)

Net income (loss) per share from continuing operations attributable to Renren Inc.shareholders:
Basic	$	0.06	$	(0.02)
Diluted	$	0.04	$	(0.02)

Net income (loss) per share attributable to Renren Inc. shareholders:
Basic	$	0.06	$	(0.02)
Diluted	$	0.04	$	(0.02)
Net income (loss) attributable to Renren Inc. shareholders per ADS*:
Basic	$	2.53	$	(0.70)
Diluted	$	1.56	$	(0.70)

Weighted average number of shares used in calculating net loss per ordinary share attributable to Renren Inc. shareholders:
Basic		1,045,443,122		1,058,890,544
Diluted		1,083,883,429		1,058,890,544

* Each ADS represents 45 Class A ordinary shares.

Reconciliation of Non-GAAP results of operations measures to the comparable GAAP financial measures
(In thousands of US dollars)


		June 30,		June 30,
		2019		2020

Loss from opeartions	$	(26,414)	$	(23,207)
Add back: Shared-based compensation expenses		6,869		11,015
Add back: Amortization of intangible assets		192		192
Adjusted loss from operations	$	(19,353)	$	(12,000)

Net income (loss)	$	65,594	$	(19,105)
Add back: Shared-based compensation expenses		6,869		11,015
Add back: Fair value change of contingent consideration		(88,116)		(557)
Add back: Amortization of intangible assets		192		192
Adjusted net income (loss)	$	(15,461)	$	(8,455)

RENREN INC.
ADDITIONAL INFORMATION (UNAUDITED)
(In thousands of US dollars)

		For the Six Months Ended
		June 30, 2019						June 30, 2020
			Kaixin		Renren		Total		Kaixin		Renren		Total

	Net revenues:
	Automobile sales	$	200,914	$		$	200,914	$	32,996	$	–	$	32,996
	Others		3,685		10,529		14,214		299		7,865		8,164
	Total		204,599		10,529		215,128		33,295		7,865		41,160


	Cost of revenues	$	195,969	$	5,904	$	201,873	$	32,375	$	1,618	$	33,993

Related Links :

http://www.renren.com

PR Newswire

‘People’ chosen as Chinese character of the year

December 30, 2020 TechENT Syndication Leave a comment

BEIJING, Dec. 30, 2020 — A news report by China.org.cn on China’s Chinese character of the year:

&amp;amp;nbsp;

In a recently published list of buzzwords in China, "min", meaning "people," was chosen as the Chinese character of 2020, while "poverty alleviation" was crowned as the Chinese word of the year.

"Min," the people, are the target. Confronted with the unprecedented COVID-19 pandemic, China responded proactively. Swift screening, targeted prevention and control measures, effective treatment, rapid vaccine development and orderly work resumption –– all these efforts have helped guarantee the health and normal life of the 1.4 billion Chinese people, while giving them confidence and hope.

The character "min" is also closely linked with "poverty alleviation," the word of the year. An old saying, "Wishing all the common people free from hunger and cold," shows that the Chinese people have held a sincere desire for the wellbeing of their fellow countrymen since ancient times. By the end of 2020, China already managed to achieve its goal of eliminating poverty despite the pandemic. With poverty-stricken counties being removed from the list one after another, being "free from hunger and cold" is no longer just a vision. It has now become reality, with no one being left behind.

"Min" implies the endeavor to better fulfill people’s wishes. The first-ever Civil Code since China’s founding will come into force in 2021. The document features many new provisions, such as personality rights, dignity of life and a peaceful private life, all of which reflect the specific demands of the people in the new era, with the aim of better safeguarding their rights through improved legislation. In addition, while formulating the 14th Five-Year Plan (2021-2025), the government also solicited opinions and suggestions from the public, with a view to better promoting the people’s interests.

The people are not only the target, but also a source of confidence, representing the power of the people and the spirit of the nation. In the past year, some Chinese people stayed home voluntarily for quarantine purposes; some joined the medical teams or contributed in whatever ways they could. People from all over the country initiated a group-buying campaign, for products made in Hubei, the hardest-hit province in the pandemic. Many chose to leave cities to offer their help in the least developed places, and numerous people living in hardships have been struggling forward. The Chinese people have provided the country with the confidence and conviction to face future challenges.

The people also embody hope for the future. 2021 marks the beginning of China’s "14th Five-Year Plan" period. On the agenda of the recent Central Economic Work Conference, keywords such as "income," "employment," "housing" and "elderly care" were all centered around one common theme: for the people.

The character "min" can be seen as both a target and a source of conviction. In 2021, the Chinese people will stand together to face challenges and embrace the future.

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

‘People’ chosen as Chinese character of the year
http://www.china.org.cn/video/2020-12/30/content_77065575.htm

techENT

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‘People’ chosen as Chinese character of the year

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