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PR Newswire

Yuanyuan’s Adventure Episode Ⅱ: The Reclamation of Taiwan

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BEIJING, Dec. 30, 2020 — A news report by China.org.cn:

 

In the late 15th and early 16th centuries, as the world ushered in the Age of Discovery, Taiwan, a beautiful island with rich resources became a target of Western colonial exploitation. A group of pirates from the Netherlands and Spain were particularly active. They set foot on this island and committed all sorts of crimes against its people.

In 1624, the Dutch seized Taiwan, brutally oppressing and exploiting the residents there. It is never too late for justice! Zheng Chenggong, who fought fierce battles against the invaders, successfully reclaimed Taiwan. In many ways, he’s my idol and I really admire him.

In 1661, Zheng Chenggong led the army to Taiwan and launched fierce attacks on the Dutch imperialists. A few months later, the Dutch surrendered, and Taiwan, the Chinese territory which had been colonized for 38 years, was eventually reclaimed.

When the country was facing great difficulties, Zheng, who was commanding a weaker force, dared to challenge the stronger invaders. He also made sure that anyone who attacked China would be dealt with no matter how far away they were. This is exactly what protecting the people and giving them a sense of security is all about! After leading his warriors in a valiant battle to reclaim their homeland, Zheng Chenggong reasserted control over Taiwan and began a massive program to develop the island. Through both its political and military achievements, Taiwan transformed itself from a "punching bag", which was exploited by foreign powers and pirates, to a world-respected maritime trade hub. At the same time, culture, etiquette and education flourished on the island.

Zheng Chenggong not only brought Taiwan under Han Chinese rule for the first time, but also attracted many people from the Chinese mainland to the island. The rule has endured for three generations in Taiwan, and made great contributions to the development of the island. Since then, Taiwan has ushered in a sustained period of prosperity and peace.

History continues its unstoppable march. And yet another sudden change appears on the horizon, but is it a blessing or a curse? Stay tuned for our next episode and I’ll tell you more!

Yuanyuan’s Adventure Episode Ⅱ: The Reclamation of Taiwan
http://news.china.com.cn/txt/2020-12/30/content_77063495.htm

 

PR Newswire

DXY completes USD 500 million financing, to enhance its professional role in healthcare sector

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HANGZHOU, China, Dec. 30, 2020 — On December 28, DXY, a leading digital healthcare technology company in China, announced the completion of a USD 500 million financing. This financing was led by Trustbridge Partners, and followed by Tencent Investment and GL Ventures. Li Tiantian, Founder and Chairman of DXY, said that the company will, driven by both two ends – physicians and the public, strengthen collaboration with professional doctors and enterprises, so as to give play to the expertise of all sides and be a guide for healthy life.

As Chinese people’s awareness of health and consumption rises and changes, the medical and health industry is accelerating its development in the online landscape. In July 2020, DXY released a "dual-core strategy" that connects its brand focusing on the public DX Doctor with its brand targeting physicians DXY.cn, to gather professional strength and offer reliable products. With this financing, DXY plans to keep consolidating its core pillar – physicians’ expertise, supporting the growth of Chinese doctors; and at the meantime, it will reach closer partnership with doctors, enterprises, medical institutions and other professional resources to explore more medical and health scenarios. Through a professional, credible, sustained and holistic portfolio delivered by DX Doctor, the company aspires to improve the quality of Chinese people’s healthy life and fulfill the vision of "MORE HEALTH, BETTER LIFE".

In response to the COVID-19 pandemic, DX Doctor – a platform operated by DXY, took the lead in introducing a COVID-19 Global Pandemic Real-time Report, which has become a major source of global data on the pandemic. Meanwhile, it promptly launched public welfare products such as science popularization and rumors refutation articles, online free consultations, and COVID-19 open classes at both physician and public ends. With these products generating more than 8.6 billion visits/ views, DXY has contributed a lot to the global fight against the novel coronavirus.

PR Newswire

China Finance Online Reports Third Quarter and First Nine Months of 2020 Unaudited Financial Results

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BEIJING, Dec. 30, 2020 — China Finance Online Co. Limited ("China Finance Online", or the "Company", "we", "us" or "our") (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2020.

Third Quarter 2020 Financial Highlights and Recent Development

  • The bottom line losses continued to narrow year-over-year.
  • Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $2.1 million in the third quarter of 2019.
  • Net revenues grew 32.9% year-over-year and 9.8% quarter-over-quarter to $10.7 million.
  • Revenues from the financial information and advisory business, accounted for 46.5% total revenue in the third quarter of 2020, were up 108.0% year-over-year to $5.0 million, powered by 139.6% growth in individual investor subscription and 176.3% growth in investment advisory services.
  • Due to the growth of financial information and advisory business, gross margin increased to 64.4% from 62.3% in the third quarter of 2019 and 63.3% in the second quarter of 2020.
  • In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi Robo-Advisor ("Lingxi") won the Top 10 Best Robo-Advisors.

First Nine Months of 2020 Highlights

  • Net revenues were $30.3 million compared with $26.8 million in the first nine months of 2019.
  • Revenues from the financial information and advisory business grew 54.1% year-over-year and accounted for 43.2% of total revenues in the first nine months of 2020.
  • Net loss attributable to China Finance Online was $4.9 million, compared with a net loss of $7.9 million in the first nine months of 2019.

Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented that "During the third quarter, we continued to expand our top line as our financial information and advisory business experienced robust growth in a market that participation keeps reaching new highs among retail investors. We are pleased that our years of accumulated experience in fintech and wealth management are gaining popularity and showing results. Through our product mix change and vigorous cost controls, we further reduced our bottom-line loss in the third quarter as well."

"As a professional financial media, we continued to retain our leadership and market influence. On October 16th, the prestigious Hurun Institute published its 2020 Hurun China’s Most Influential Financial Media report and awarded China Finance Online as a Top 8 Most Influential Financial Media. We continue to promote innovations and the rise of short-form videos demonstrates how new media is becoming the new entry point for online traffic. As a professional financial media provider, we have strengthened our new media operation to deliver our enriched content to audiences through different channels. With our original content and proprietary programs, we made substantial strides in the popular short-form video social media, DouYin. In recent years, we also have been providing value-added services to public companies listed on domestic and international exchanges which helped grow our revenue in the third quarter."

"In addition, our fintech offerings to empower wealth management buy-side services began to bear fruit. Our one-stop wealth management service platform, i-TAMP, not only empowers investment advisors and wealth managers, but helps elevate their service efficiency and professionalism. Our i-TAMP has supported more than 100 third-party platforms and reached nearly 40 million individual investors. With the growing scale of the platform, our revenue from services for individual investors increased significantly during the third quarter."

"Our two-year-old robo-advisor, Lingxi, remains committed to providing personalized services for global asset allocation to the vast investor population. Lingxi’s outstanding performance didn’t go unnoticed by the financial industry and academia. In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi won as the Top 10 Best Robo-Advisors."

"On the institutional wealth management service front, we are forming partnerships with more and more financial institutions. With the growing popularity of our content, our services in investor education drew increasingly more attention and won projects from leading financial institutions. We strongly believe that China presents a massive market opportunity in wealth management. We will continue to develop and upgrade our technologies, products and services to empower the wealth management sector in China," Mr. Zhao concluded.

Third Quarter 2020 Financial Results

Net revenues were $10.7 million, compared with $8.1 million during the third quarter of 2019 and $9.7 million during the second quarter of 2020. During the third quarter of 2020, revenues from financial services, the financial information and advisory business, advertising business and enterprise value-added services contributed 29%, 47%, 15% and 9% of the net revenues, respectively, compared with 45%, 30%, 17% and 9%, respectively, for the corresponding period in 2019.

Revenues from financial services were $3.1 million, compared with $3.6 million during the third quarter of 2019 and $3.2 million during the second quarter of 2020. The year-over-year and quarter-over-quarter decreases in revenues from financial services were mainly due to reduced revenue from the equity brokerage business.

Revenues from the financial information and advisory business were $5.0 million, compared with $2.4 million during the third quarter of 2019 and $4.6 million in the second quarter of 2020. Revenues from the financial information and advisory business were mainly comprised of subscription services from individual and institutional customers and financial advisory services. The year-over-year and quarter-over-quarter increases in revenues from the financial information and advisory business were mainly due to the fast-growing investment advisory services and subscription fees from individual investors. During the third quarter, revenue from the individual investors subscription business rose by 139.6% from third quarter of 2019 and 9.5% from the second quarter of 2020. Investment advisory services also registered strong growth with an increase of 176.3% from the third quarter of 2019 and an increase of 11.0% from the second quarter of 2020.

Revenues from the advertising business were $1.6 million, compared with $1.3 million in the third quarter of 2019 and $1.0 million in the second quarter of 2020.

Revenues from enterprise value-added services were $1.0 million, compared with $0.7 million in the third quarter of 2019 and $0.9 million in the second quarter of 2020. Enterprise value-added services are a relatively new service that came out of our advertising business. Leveraging its accumulated large corporate data and research and increasing audience base online, China Finance Online provides professional communication services to companies listed on domestic or international markets to increase their visibility in the market.

Gross profit was $6.9 million, compared with $5.0 million in the third quarter of 2019 and $6.2 million in the second quarter of 2020. Gross margin in the third quarter was 64.4%, compared with 62.3% in the third quarter of 2019 and 63.3% in the second quarter of 2020. The year-over-year and quarter-over-quarter increases in gross margin were mainly due to increased revenue contribution from individual subscription services and financial advisory services which have higher gross margin.

General and administrative expenses were $2.2 million, compared with $2.3 million in the third quarter of 2019, and $2.3 million in the second quarter of 2020. The year-over-year and quarter-over-quarter decreases were mainly attributable to further streamlining of the corporate managerial operations.

Sales and marketing expenses were $4.5 million, compared with $2.8 million in the third quarter of 2019, and $4.1 million in the second quarter of 2020. The year-over-year increase was mainly attributable to higher marketing expenses related to the investment advisory business.

Research and development expenses were $2.0 million, compared with $2.2 million in the third quarter of 2019 and $2.0 million in the second quarter of 2020. The year-over-year decrease was mainly attributable to improved efficiency after consolidation of research and development teams throughout different business units. The Company continues to support research and development in the fintech segment to further develop its fintech capabilities.

Total operating expenses were $8.8 million, compared with $7.3 million in the third quarter of 2019, and $8.4 million in the second quarter of 2020. The year-over-year and quarter-over-quarter increases were mainly due to higher sales and marketing expenses.

Loss from operations was $1.9 million, compared with a loss from operations of $2.3 million in the third quarter of 2019 and a loss from operations of $2.2 million in the second quarter of 2020.

Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $2.1 million in the third quarter of 2019 and a net loss of $1.5 million in the second quarter of 2020.

Fully diluted loss per American Depository Shares ("ADS") attributable to China Finance Online was $0.66 for the third quarter of 2020, compared with fully diluted loss per ADS of $0.91 for the third quarter of 2019 and fully diluted loss per ADS of $0.65 for the second quarter of 2020. Basic and diluted weighted average numbers of ADSs for the third quarter of 2020 were 2.3 million, compared with basic and diluted weighted average number of ADSs of 2.3 million for the third quarter of 2019. Each ADS represents fifty ordinary shares of the Company.

First Nine Months of 2020 Financial Results

Net revenues for the first nine months of 2020 were $30.3 million, compared with $26.8 million in the first nine months of 2019.

Gross profit for the first nine months of 2020 was $19.0 million, compared with $17.0 million in the first nine months of 2019.

Loss from operations for the first nine months of 2020 was $5.7 million, compared with a loss from operations of $8.0 million in the first nine months of 2019.

Net loss attributable to China Finance Online for the first nine months of 2020 was $4.9 million, compared to a net loss of $7.9 million in the first nine months of 2019.

Fully diluted losses per ADS attributable to China Finance Online was $2.14 for the first nine months of 2020, compared with fully diluted loss of $3.43 for the first nine months of 2019.

Recent Developments 

  • Lingxi Robo-Advisor recorded strong performance in the third quarter of 2020 and won Top 10 Best Robo-Advisors

According to our proprietary asset allocation system, our Robo-Advisor product, Lingxi, provides Chinese retail investors with a wide array of investment combinations and personalized global asset allocations through Chinese domestic mutual funds. Since its inception, Lingxi established a solid track record of balancing performance and risk management. During the first nine months of 2020, the Chinese stock market experienced unprecedented volatility. Lingxi once again outclassed most of the peer Robo-Advisor products in the marketplace and outperformed the Shanghai Composite Index. The best strategy of Lingxi posted a return of 13.34% in the first nine months while Shanghai Composite Index had a return of 5.50% during the same period. All strategies of Lingxi managed to control the expected annualized fluctuation under 9.54% while the expected annualized volatility of Shanghai Composite Index reached 22.47% during the same period. In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi won the Top 10 Best Robo-Advisors. The other winners are from among the largest financial institutions.

  • 2020 Leading China Annual Forum

In December 2020, the Company hosted the "2020 Leading China Annual Awards" in Beijing. The key discussions were digital transformation of the financial industry, applications of fintech in wealth management, mutual funds, and pension finance. The conference is committed to promoting the long-term development of the financial industry in China and has received high recognition from financial regulators and institutions. There were senior government officials and over 1100 professionals from nearly 300 financial institutions in attendance at the event.

  • Hurun Report Ranks China Finance Online among the Top 8 Most Influential Financial Media in China

In October 2020, the prestigious Hurun Institute awarded China Finance Online as a Top 8 Most Influential Financial Media in China. This new ranking is based on Hurun Institute’s research of leading Chinese financial media outlets’ public data, website unique visitors, social media followers and article readership. The Chairman of Hurun Institute and researcher-in-chief of the Hurun Report, Rupert Hoogewerf, commented: "In this fast-moving information age, credibility of information source is especially crucial. High-quality original content is the most important determining factor of a media’s competitiveness. This ranking list enables corporates to identify the most influential financial media in China." 

Conference Call Information

The management will host a conference call on December 29, 2020 at 8:00 p.m. U.S. Eastern Time (9:00 a.m. Beijing/Hong Kong time December 30, 2020). Dial-in details for the earnings conference call are as follows:

US: 1-855-823-0291
Hong Kong: 800-963-435
Singapore: 800-616-2312
Mainland China: 800-870-0211 or 400-120-3169
Conference ID: 1688879

Please dial in 10 minutes before the call is scheduled to begin and provide the conference ID to join the call.

A recording of the call will be available on China Finance Online’s website under the investor relations section.

In addition, a live and archived webcast of the conference call will be available at https://edge.media-server.com/mmc/p/yenpozzx.

About China Finance Online

China Finance Online Co. Limited is a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers. The Company’s prominent flagship portal site, www.jrj.com, is ranked among the top financial websites in China. In addition to the web-based securities trading platform, the Company offers basic financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd., the Company provides financial database and analytics to institutional customers including domestic financial, research, academic and regulatory institutions. China Finance Online also provides brokerage services in Hong Kong.

Safe Harbor Statement

This press release contains forward-looking statements which constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. The statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. 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, this release contains the following forward-looking statements regarding:

  • Liquidity and sources of funding, including our ability to continue operating as a going concern;
  • our prospect and our ability to attract new users;
  • our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
  • our prospect on stabilization in cash attrition and improvement of our financial position;
  • our initiatives to address customers’ demand for intuitive online investment platforms and alternative investment opportunities; and
  • the market prospect of the business of securities-trading, securities investment advisory and wealth management.

Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, substantial doubt about ability to continue as a going concern, the outbreak of COVID-19 or other health epidemics in China or globally, changing customer needs, regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market, Hong Kong stock market and global financial markets on our future performance; the unpredictability of our strategic transformation and growth of new businesses; the prospect of our margin-related business and the degree to which our implementation of margin account screening and ongoing monitoring will yield successful outcomes; the degree to which our strategic collaborations with partners will yield successful outcomes; the prospects for China’s high-net-worth and middle-class households; the prospects of equipping our customer specialists with new technology, tools and financial knowledge; wavering investor confidence that could impact our business; and possible non-cash goodwill, intangible assets and investment impairments may adversely affect our net income. Furthermore, we have recurring losses from operation and inability to generate sufficient cash flow to meet our obligation and sustain our operations and face uncertainty as to the operation impact of the COVID-19 outbreak, that raise substantial doubt about our ability to continue as a going concern. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors". The Company 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 applicable law.

For more information, please contact:

China Finance Online
+86-10-8336-3100
ir@jrj.com

Kevin Theiss
Awaken Advisors
(212) 521-4050
kevin@awakenlab.com

— Tables Follow —

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

Sep. 30,

2020

Dec. 31,

2019

Assets

Current assets:

Cash and cash equivalents

7,093

9,600

Prepaid expenses and other current assets

2,851

2,413

Trust bank balances held on behalf of customers

30,889

36,987

Accounts receivable – margin clients

12,824

13,452

Accounts receivable – others

13,113

12,382

Short-term investments

—

1,147

Total current assets

66,770

75,981

Property and equipment, net

3,446

4,272

Acquired intangible assets, net

75

75

Equity investments without readily determinable fair value

1,645

1,605

Equity method investment, net

783

767

Right-of-use assets

2,491

3,988

Rental deposits

775

770

Goodwill

109

108

Guarantee fund deposits

219

218

Deferred tax assets

1,277

1,381

Total assets

77,590

89,165

Liabilities and equity

Current liabilities:

Deferred revenue, current (including deferred revenue, current of the consolidated variable
interest entities without recourse to China Finance Online Co. Limited of $9,217 and $8,061
as of Sep. 30, 2020 and December 31, 2019, respectively)

9,916

8,855

Accrued expenses and other current liabilities (including accrued expenses and other current
liabilities of the consolidated variable interest entities without recourse to China Finance
Online Co. Limited of $5,454 and $5,068 as of Sep. 30, 2020 and December 31, 2019,
respectively)

18,533

17,420

Amount due to customers for trust bank balances held on behalf of customers (including
amount due to customers for trust bank balances held on behalf of customers of the
consolidated variable interest entities without recourse to China Finance Online Co. Limited
of $1,082 and $2,110 as of Sep. 30, 2020 and December 31, 2019, respectively)

30,889

36,987

Accounts payable (including accounts payable of the consolidated variable interest entities
without recourse to China Finance Online Co. Limited of $407 and $185 as of Sep. 30, 2020
and December 31, 2019, respectively)

5,251

6,741

Lease liabilities, current (including lease liabilities, current of the consolidated variable
interest entities without recourse to China Finance Online Co. Limited of $820 and $1,604 as
of Sep. 30, 2020 and December 31, 2019, respectively)

2,002

2,243

Income taxes payable (including income taxes payable of the consolidated variable interest
entities without recourse to China Finance Online Co. Limited of $35 and $44 as of Sep. 30,
2020 and December 31, 2019, respectively)

(35)

177

Total current liabilities

66,556

72,423

Deferred revenue, non-current (including deferred revenue, non-current of the consolidated
variable interest entities without recourse to China Finance Online Co. Limited of nil and nil
as of Sep 30, 2020 and December 31, 2019, respectively)

80

151

Deferred tax liabilities (including deferred tax liabilities of the consolidated variable interest
entities without recourse to China Finance Online Co. Limited of nil and nil as of Sep. 30,
2020 and December 31, 2019, respectively)

14

15

Lease liabilities, non-current (including lease liabilities, non-current of the consolidated
variable interest entities without recourse to China Finance Online Co. Limited of $273 and
$741 as of Sep. 30, 2020 and December 31, 2019, respectively)

225

1,448

Total liabilities

66,875

74,037

Total China Finance Online Co. Limited Shareholders’ equity

21,033

25,156

Noncontrolling interests

(10,318)

(10,028)

Total liabilities and equity

77,590

89,165

 

 

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands of U.S. dollars, except share and ADS related data)

Three months ended

Nine months ended

Sep. 30,

2020

Sep. 30,

2019

Jun. 30,

2020

Sep. 30,

2020

Sep. 30,

2019

Net revenues

10,701

8,051

9,745

30,281

26,833

Cost of revenues

(3,812)

(3,036)

(3,577)

(11,312)

(9,826)

Gross profit

6,889

5,015

6,168

18,969

17,007

Operating expenses

General and administrative (including share-based
compensation expenses of $177, $168, $250, $678 and $763
respectively)

(2,223)

(2,290)

(2,254)

(6,703)

(7,488)

Product development (including share-based compensation
expenses of $30, $8, $34, $91 and $38, respectively)

(2,023)

(2,195)

(1,990)

(5,998)

(7,323)

Sales and marketing (includes share-based compensation
expenses of $18, $13, $16, $26 and $46, respectively)

(4,509)

(2,816)

(4,120)

(11,965)

(10,245)

Total operating expenses

(8,755)

(7,301)

(8,364)

(24,666)

(25,056)

Loss from operations

(1,866)

(2,286)

(2,196)

(5,697)

(8,049)

Interest income

4

5

8

17

25

Exchange gain (loss), net

(78)

76

6

(104)

10

Loss on the interest sold and retained noncontrolling
investment

—

—

—

—

(298)

Income (loss) from equity method investment

—

(1)

(1)

(2)

(4)

Other income (expense), net

350

79

242

658

36

Loss before income tax expenses

(1,590)

(2,127)

(1,941)

(5,128)

(8,280)

Income tax expenses

(5)

(108)

243

(181)

(574)

Net loss

(1,595)

(2,235)

(1,698)

(5,309)

(8,854)

Less: Net loss attributable to the noncontrolling interest

(74)

(131)

(209)

(379)

(1,001)

Net loss attributable to China Finance Online Co. Limited

(1,521)

(2,104)

(1,489)

(4,930)

(7,853)

Other comprehensive income (loss), net of tax:

Changes in foreign currency translation adjustment

(76)

(189)

15

105

(124)

Other comprehensive income (loss), net of tax

(76)

(189)

15

105

(124)

Comprehensive loss

(1,671)

(2,424)

(1,683)

(5,204)

(8,978)

Less: comprehensive loss attributable to noncontrolling
interest

(74)

(131)

(209)

(379)

(1,001)

Comprehensive income (loss) attributable to China Finance
Online Co. Limited

(1,597)

(2,293)

(1,474)

(4,825)

(7,977)

Net income (loss) per share attributable to China Finance
Online Co. Limited

Basic and Diluted

(0.01)

(0.02)

(0.01)

(0.04)

(0.07)

Net income (loss) per ADS attributable to China Finance
Online Co. Limited

Basic and Diluted

(0.66)

(0.91)

(0.65)

(2.14)

(3.43)

Weighted average ordinary shares

Basic and Diluted

115,060,781

115,060,781

115,060,781

115,060,781

114,561,418

Weighted average ADSs

Basic and Diluted

2,301,216

2,301,216

2,301,216

2,301,216

2,291,228

 

Related Links :

http://www.jrj.com

PR Newswire

vivo Announces Picture of the Year and Winning Creations in vivo VISION+ Mobile Photography Awards 2020

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– The competition has received over 135,000 entries to compile joy images from the mobile lenses of creators worldwide

SHENZHEN, China, Dec. 29, 2020 — vivo has announced the Picture of the Year and named winning creations in the vivo VISION+ Mobile Photography Awards 2020, with participant photographers worldwide conveying outstanding joy images through their mobile lens. As part of vivo’s VISION+ initiatives, the success of the awards demonstrates vivo’s devotion to mobile photography technology and visual aesthetic exploration. The breath-taking works of winning photographers are now on full display and publicly available, marking a fruitful and promising start to the ongoing vivo VISION+ ecosystem.

Partnering with National Geographic to Explore the Cultural Value of Mobile Photography

Smartphones are providing more people with the capability to experience the joy of photo creation in this modern era of visual expression. vivo announced VISION+ in September 2020, a visual content ecosystem for the global market with "JOY IMAGE" at its core. As an important component of the VISION+ initiative, vivo has partnered with National Geographic for the vivo VISION+ Mobile Photography Awards 2020, which focuses on exceptional imaging and optics that can capture the essence of individual emotions and humanistic culture. Global creators were invited to discover, capture and communicate through their smartphone cameras.

After a two-month submission period, vivo VISION+ Mobile Photography Awards 2020 received over 135,000 mobile photo and video entries from nine countries including the United Kingdom, France, Spain, China, Vietnam and etc. A total of 37 exceptional creations were ultimately selected by a panel of judges composed of the world’s top photographers and imaging experts including Steve McCurry and Michael Halsband. This series of mobile images individually reflect the human stories and landscapes around the world in 2020.

Entries in the vivo VISION+ Mobile Photography Awards 2020
Entries in the vivo VISION+ Mobile Photography Awards 2020

Illuminating the Joy of the World in Photos

A multitude of photo creators managed to interpret the joys of everyday life before their eyes with mobile photos in different styles, from vibrant portraits and spectacular landscapes to splendid nights and fleeting memories.

There are six categories under the vivo VISION+ Mobile Photography Awards 2020, including Portrait, Night, Landscape, Motion, Memories, and Story. A range of awards were also offered in this contest, including "Picture of the Year", "Category Winners", "Honorable Mention" and "Category Finalists". vivo named Zhang Yu’s creation, Daily Life of Four "Big Mouth Monsters", as the Picture of the Year in the vivo VISION+ Mobile Photography Awards 2020. 

Daily Life of Four "Big Mouth Monsters", the Picture of the Year in the vivo VISION+ Mobile Photography Awards 2020, created by Zhang Yu, China
Daily Life of Four "Big Mouth Monsters", the Picture of the Year in the vivo VISION+ Mobile Photography Awards 2020, created by Zhang Yu, China

Zhang Yu surmised that kids call the gesture as seen in the photo, where one’s hand is tucked into an outstretched shirt collar as a "Big Mouth Monster". The moment that kids are playing in the shape of "Big Mouth Monsters" was captured by the creator with his smartphone, serving as a shining beacon of hope in the midst of a difficult 2020.

Camping Night with Beloved Friends, a creation by Rifqi Moch Lutpi from Indonesia, was awarded with the "Honorable Mention" award. This photograph displays three beloved friends chatting beside a burning bonfire in a dark night. The creator expressed subtle thinking, "In my life, camping is the most exciting story, the greatest moment… We should enjoy every moment in life and live it to the fullest with a rich variety of activities."

A multitude of excellent mobile photo submissions across the Portrait, Night, Landscape, Motion, Memories and Story competitive categories. Under the Story category in the form of mobile video imaging, Opera Watch, the winning submission by Chen Lei from China, focuses on a traditional Sichuan Opera troupe that brings human-culture co-existence to life in smooth scenes with folk drum music.

The outstanding winning creations are currently made public and available for viewing on the vivo VISION+ official website (https://visionplus.vivo.com/), including Steelwool with Bridge, a creation by Pyae Phyo Aung from Myanmar under the Night category, Balinese Woman, a creation by Arief Satria from Indonesia under the Portrait category, and Replicate, a creation by Lin Haibo from China under the Memories category, revealing incredibly fascinating works of mobile photography. 

Delving Deep into Mobile Photography to Enable More Creativity with Innovation

vivo is a leading product-driven global technology company, with its core business focusing on smart devices and intelligent services. In 25 years of technology-based growth, vivo has always communicated with users attentively to proactively serve their needs.

Providing the masses with the best tool of self-expression and creativity for humanized professional imaging is the mantra of vivo as a technology brand. vivo wishes that more people can redirect their focus on the warmer details in real life, record touching emotions of everyday happenings and share these feelings with the world. Going forward, vivo will continue to collaborate with creators to enable more humanized professional photography that better meets the needs of users, and ultimately fulfill its cultural responsibility as a brand with 380 million users.

END

About vivo
vivo is a leading, product-driven, global technology company, with its core business focusing on smart devices and intelligent services. vivo is committed to connecting users around the globe, through design of exciting and innovative smartphones and companion devices, as well as services which integrate technology and design thinking in unique and creative ways. Following the company core values, which include innovation, consumer orientation and benfen*, vivo has implemented a sustainable development strategy, with the vision of becoming a leading, long-lasting, world-class enterprise.

With headquarters in China, supported by a network of 9 R&D centers in Shenzhen, Dongguan, Nanjing, Beijing, Hangzhou, Shanghai, Taipei, Tokyo and San Diego, vivo is focusing on the development of state-of-the-art consumer technologies, including 5G, artificial intelligence, industrial design, photography and other up-and-coming technologies. vivo has also set-up five production hubs (including brand authorized manufacturing center), across China, South- and Southeast Asia, with an annual production capacity of nearly 200 million smartphones. As of now, vivo has branched out its sales network across more than 30 countries and regions, and is loved by more than 380 million users worldwide.

*"Benfen" is a term describing the attitude on doing the right things and doing things right – which is the ideal description of vivo’s mission to build technology for good.

Please stay informed of vivo’s news at https://www.vivo.com/en/about-vivo/news

Related Links :

https://www.vivo.com/en

PR Newswire

China Matters Explores Speed and Innovation of China’s Express Delivery

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BEIJING, Dec. 29, 2020 — In November of each year, China hosts the world’s biggest sales bonanza as the country’s Singles Day shopping festival sets off a frenzy of online shopping on 11th. And millions of parcel orders are delivered to Chinese consumers. But for China’s express delivery companies, this is the ultimate test in the whole year.

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According to the Post Bureau of China statistics, from November 1st to 11th this year, domestic postal and express companies handled 3.965 billion parcels. Among them, 675 million were processed on November 11th, and that number increased by 26.16% year-on-year. And it doesn’t stop there. The speed of China’s express delivery services is pushing the limits. Consumers can now even receive their orders within a day. So, what makes it so fast?

ZTO is one of China’s largest express delivery companies and having around 90 regional sorting centers across the country means they have the manpower to make speedy deliveries. At its Hangzhou Sorting Centre, for example, it can handle five million parcels per day. And this is the key to their speed.

But speed is not enough. China’s express companies are also continuing to innovate. In Hangzhou’s Tonglu County – the birthplace of China’s express delivery – another well-known company, Yunda Express, is using drones to make deliveries but they are reaching rural consumers some of whom live in remote mountainous regions.

Their drones are being powered by 5G technology and guided by GPS and Beidou navigation systems. It also has an image recognition system which means the drone can accurately at its destination without delay.

Our British reporter Josh went to Hangzhou to investigate the whole process of China’s express delivery services and the industry’s the latest innovation. The video was filmed and produced by China Matters. 

Video – https://youtu.be/TXFSdWMihFw 
Logo – https://techent.tv/wp-content/uploads/2021/01/china-matters-explores-speed-and-innovation-of-chinas-express-delivery.jpg

Contact: Li Siwei
Tel: +8610-68996566 
E-mail: lisiwei5125@gmail.com 

PR Newswire

CLPS Incorporation Acquires Remaining Ownership Stake of Ridik to Further Advance Global Footprint

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HONG KONG, Dec. 29, 2020 — CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today announced that, through its indirectly wholly owned subsidiary, CLPS Technology (Singapore) Pte. Ltd., it has acquired the remaining 20% ownership stake in Ridik Pte. Ltd. ("Ridik"), a Singapore-based IT services company in which CLPS initially acquired 80% equity in September 2019. As a result, Ridik is now a wholly owned subsidiary of CLPS.

CLPS has achieved significant growth in the Southeast Asia market since the initial acquisition of Ridik. For the year ended June 30, 2020, revenue generated from Singapore increased by 191.8% to $7.37 million compared to the previous year period. With Ridik’s financial growth contribution and business development potential, it will further drive the Company’s global expansion strategy, including healthier overseas financial performance.

Following the completion of Ridik acquisition, CLPS plans to set up Singapore as its Southeast Asia headquarters, which will serve as the springboard for market expansion and business development opportunities in the region.

Mr. Srustijeet Mishra, Chief Executive Officer of CLPS SEA Region, commented, "We have achieved significant progress in the Southeast Asia market since our partnership with CLPS and we are looking forward to strengthening our business performance and relationship with the Company as a wholly owned subsidiary. Being fully absorbed by CLPS, we will be on a better position to leverage its resources and industry expertise to grow and expand our business and client base not only in the Southeast Asia, but also in other parts of Asia Pacific region."

Mr. Henry Li, Chief Operating Officer of CLPS, added, "Southeast Asia has been an important market in CLPS’s global expansion strategy. As a wholly owned subsidiary, Ridik will enable us to fully integrate our business in Southeast Asia, which will further advance our business expansion in the global market. In addition, we are committed to investing for resources, such as technological and management innovation, enhanced overseas business model, and value-added services to our existing and potential clients. Our streamlined plan will put us in a strategic position to deliver efficient and quality services and achieve client satisfaction in the Southeast Asia region."

Further information about CLPS’s initial acquisition of Ridik’s 80% equity was disclosed in the press release dated September 27, 2019:

https://www.prnewswire.com/news-releases/clps-incorporation-further-expands-into-southeast-asia-market-with-acquisition-of-ridik-300926782.html 

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

Oceanpine Capital Hits $400Mn Final Close of Fund II

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In the time of unprecedented uncertainties, Oceanpine Capital Fund II successfully held its $400M final closing of Fund II as scheduled.

Partnering with world-class entrepreneurs; investing in DeepTech arena and innovative growth companies in both TMT and Biotech sectors that are the driving force of the future economy in the New Norm.

BEIJING, Dec. 28, 2020 — This is the first time Oceanpine has sought funding from external LPs since its inception in Dec 2016. That year, the firm set up its $400 million debut fund using GP’s internal capital. Founder Dave Chenn, who previously established a multi-billion-dollar conglomerate company in 2005, has participated as an LP in 15 technology-focused venture capital and private equity funds, and has co-invested in a number of highly successful deals.

The final closing LPs included the GP management team itself and other top-tier international institutional investors from U.S. and Asia, including reputable insurance pockets, prominent technology company leaders (mostly listed) and their founders, asset management allocators, family offices, and seasoned Midas List venture capitalists.

Oceanpine has invested over $1 billion across more than 40 companies in both China and the US with Fund I and other investment vehicles. Among them are AI computing-power specialist Enflame Technology, Ansun Biopharma, Horizon Robotics, Black Sesame, and US graphical database platform TigerGraph. Fund I has been fully invested and has secured two full exits and four IPOs with 50% DPI. Three more companies will file for IPO in the next twelve months.

Oceanpine is investing its Fund II in a number of innovative companies following DeepTech-focused remit of its predecessor. About $200 million has already been deployed across ten deals, including a Series B for Enflame, drug developer Apexigen, Enterprise Software provider XforcePlus, leading AI solution provider Black Sesame, innovative biopharmaceutical leader Apollomics, advanced bio-tech player Creative Biosciences, Series C & C+ for clinical stage biologics company Sinovent, AI pharmaceutical technology company XtalPi, next-gen AI recruiting super platform Hiretual, and a top domestic IC equipment supplier BEST. Five more companies are expected to go public within 2021.

About Oceanpine Capital

With offices in Beijing (headquarters), Hong Kong and Silicon Valley, Oceanpine Capital was formed in 2016 to invest in category-defining market leaders in semiconductor, AI, 5G, IoT, big data, enterprise software, as well as Biotech companies. Our sweet spots are early to late growth companies that distinguish themselves with applied disruptive technologies and proven innovative business model that address mass market demand.

Oceanpine’s seasoned and indigenous investment team, combined with in-depth industrial knowledge, network, and business relationships with top business enterprises in China and U.S., enable us to have significant advantage in deal creation and value-add service. Team’s capital market insights and experience is another critical aspect of Oceanpine’s competitive advantage. As a result, Oceanpine is able to deliver tremendous value to the portfolio companies and grow together.

Michelle Chen
michelle.chen@oceanpine.com

PR Newswire

What does the new joint measurement of Mt. Qomolangma mean for China-Nepal relations

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BEIJING, Dec. 28, 2020 — A news report by China.org.cn on the joint measurement of Mt. Everest by China and Nepal:

 

Mount Qomolangma, the world’s tallest mountain, has got a new height. Recently, China and Nepal jointly announced that the mountain’s new height, including the snowcap, is 8,848.86 meters.

This is the most accurate and authoritative measurement to date of the world’s highest point, settling longstanding discrepancies over its exact height. The news made headlines across the world, and is of huge value in terms of scientific research.

As this year marks the 65th anniversary of the establishment of diplomatic relations between China and Nepal, the joint announcement of the new height is of extra significance to both countries.

Located in the Himalayan mountain range, Mount Qomolangma straddles the China–Nepal border. For hundreds of years, the peak has witnessed friendly exchanges between the two countries. For example, renowned Chinese monks Faxian and Xuanzang traveled to Nepal to worship the Buddha and obtain Buddhist scriptures. Meanwhile, famed Nepalese architect Araniko supervised the construction of the White Dagoba Temple in Beijing.

In 1961, China aided the construction of the Araniko Highway, which stretches across the Himalayas, connecting Kathmandu and the border town of Zhangmu in Tibet autonomous region. The highway has been serving as an important channel for trade and personnel exchanges between China and Nepal. In 2019, the Nepal–China joint venture Himalaya Airlines started operating direct flights between Beijing and Kathmandu, marking the first direct capital-to-capital service between the two countries.

The Himalayas, originally a natural barrier between China and Nepal, have been "broken down" by generations of friendly exchanges and practical cooperation, becoming a bond of friendship.

The joint measurement of Mount Qomolangma has also strengthened the emotional connection between China and Nepal. Teams from the two countries overcame difficulties and reached consensus on key issues after repeated discussion and consultation. This process also helped enhance mutual trust as China–Nepal relations have now been upgraded to a strategic partnership of cooperation.

Currently, Nepal is working hard to promote economic development and improve the lives of its people. Fueled by the Belt and Road Initiative, China and Nepal are developing a Trans-Himalayan Multi-dimensional Connectivity Network and deepening cooperation in business, culture and other fields. Such efforts are in line with the interests of both countries. The joint measurement marks a new milestone in this growing friendship and will help broaden bilateral cooperation on such issues as climate change and environmental protection.

The imposing Mount Qomolangma is the spiritual mountain of the Chinese people. It is also Nepal’s calling card. This "Peak of Friendship" jointly safeguarded by the two countries bears testimony to China–Nepal relations marked by generations of equality and friendship. It will also witness future efforts to deepen friendly relations for common development and prosperity.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm
What does the new joint measurement of Mt. Qomolangma mean for China–Nepal relations?
http://www.china.org.cn/video/2020-12/25/content_77051237.htm

 

PR Newswire

NetEase Cloud Music Concert by TFBOYS Breaks Guinness World Records for Most Viewed Paid Concert

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HANGZHOU, China, Dec. 27, 2020 — NetEase Cloud Music, a leading interactive music streaming service provider in China, today announced that a concert by TFBOYS, one of China’s most popular boybands, held on its platform has broken the Guinness World Records for the most viewed paid concert.

The concert, broadcast on NetEase Cloud Music on August 22nd 2020, was viewed by over 786,000 fans, setting the record title for "the most live viewers for a pay per view music concert on a bespoke platform."

The concept of an online concert is increasingly relevant to music fans and musicians at a time when the Covid-19 pandemic has halted live events, and the success of this TFBOYS concert demonstrates NetEase Cloud Music’s ability to proactively explore different approaches to engage users with high quality content and simultaneously diversify monetization channels. Online music concerts have been gaining popularity in China as more and more music platforms explore new methods to monetize entertainment in an increasingly digital age.

In 2020, NetEase Cloud Music continued to develop a range of online live shows, including the "Bedroom Live Music Festival" and a series of other innovative online events, while also exploring further possibilities for other virtual shows. NetEase Cloud Music is currently the most favored online performance platform in China, especially among young users aged under 20, according to data from iiMedia Research, a third-party data mining and analysis organization in China.

NetEase Cloud Music has been highly innovative with content and technology, weaving a variety of cutting-edge technologies into stage effects and online interaction to successfully create an audio-visual treat for the public. For the TFBOYS concert, NetEase Cloud Music used technologies including mixed reality (MR), image overlay and augmented reality (AR) to give the event a more realistic quality when compared to traditional online concerts. For instance, using overlay and AR technology for TFBOY’s song titled "Firefly," countless fireflies were shown flying in a light and shadow forest to create a wonderful dream-like whimsical element.

About NetEase Cloud Music

Launched in 2013 by NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), NetEase Cloud Music is a leading interactive music streaming service provider in China with more than 800 million registered users and over 30 million tracks. Dedicated to providing an elevated user experience, NetEase Cloud Music provides precise, personalized recommendations, promotes user interaction and creates a strong social community. Its focus on discovering and promoting emerging musicians has made NetEase Cloud Music a destination of choice for exploring new and independent music among music enthusiasts in China. The platform has been recognized as the most popular entertainment app among China’s vibrant Generation Z community.

Please see http://music.163.com/ for more information.
Twitter: https://twitter.com/NetEase_Global   

Media Enquiries:

Li Ruohan
NetEase, Inc.
globalpr@service.netease.com
Tel: (+86) 571-8985-2668
Twitter: https://twitter.com/NetEase_Global

 

PR Newswire

Terminus Group: AI CITY reshapes life when productivity returns

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BEIJING, Dec. 25, 2020 — How will the future city look like? It’s not that hard to give an accurate answer to that question if you are familiar with the latest research in the field of urban digitalization. Yet it’s still not easy to pinpoint every aspect contributing to the successful digital transformation.

"A city is like an organism. The functions of the individuals who create sustainable economic value are the key factors when deciding on how a city should operate. AI CITY is a bold attempt to interconnect every part of the city’s ‘body’ through the means of the digitalization – enable seamless digit transmission, and build up an organic living entity for the residents to maximize their productivity as well as their living experience," said Victor Ai, founder and CEO of Terminus Group, at the urban tech forum held by Terminus Group in southwest China’s Chongqing city.

Terminus’ AI CITY, the world’s first urban digitization pilot project, is currently being under construction in Chongqing. Launched in April this year, the campus-style project follows its mission to create an area maximizing residents’ effectiveness through the digital interconnection and data utilization. Aiming to utilize AI CITY’s digital ecosystem, Terminus Group partnered with over 40 tech companies from China and aboard on this forum to bring the most leading-edge innovations and digital technologies to the region. The tech alliance includes digit system providers, AI labs, producers of consumer goods, live-streaming platforms and manufacturers of tech devices.

"The era of the AI CITY is coming. The grain of the city is becoming smaller and smaller, and the individual functions become intertwined. Multiple activities can occur in all kinds of spaces because of digital technology, therefore becoming merged physically and digitally. We need to find a way of designing cities which will maximize the effectiveness for people, rather than necessarily large organizations alone, as they were in the past," said Dennis Frenchman, professor of Urban Design and Planning at Massachusetts Institute of Technology, and senior partner at Tekuma Frenchman urban design studio. Tekuma Frenchman is an incubator for future city innovation using design thinking to empower people to solve complex challenges for cities and improve the quality of life. Through cutting-edge research emerging from MIT, it aims to reshape 21st century cities where innovation and the digital economy thrives.

According to Frenchman, 20th-century cities were planned in a way enabling the segmentation of spaces depending on their functional purposes. Every space and every building were designed with economic thought in mind. However, the purpose that today’s cities serve far exceed just social gatherings. Public spaces, with the mixed function areas, now have the potential to unleash people’s productivity because of digital technologies.

The world’s first AI CITY pilot project in Chongqing is now becoming a witness of this great transformation. The AI CITY features an unprecedented urban digital environment, including the application of "OTA" in the city for the first time. "OTA", stating for "Over-The-Air Technology", enabling the city to evolve or upgrade naturally on its own. The software of Terminus’ AI CITY, leveraged by the OTA solutions, will now be able to answer the users’ personalized requests flexibly and instantly, offering tailor-made, complete systematic solutions.

Digital technologies nowadays allow us to have a much finer grained orientation and use of time, which affects the rapid changes in production, knowledge accumulation, and nature protection. Everything has changed including the way we produce objects and complex mechanized machines, and other things we do in order to live. In a nutshell, what has happened is that all production became ultimately disaggregated down to the level of the individual.

"The production is returning to cities. In fact, it already returned – there are estimates that 30% of all production occurs in the home," Frenchman summarized at the forum, adding that as knowledge and information multiply at a crazy speed, and our abilities to interact with it, and the channels and ways we have to "interact with this knowledge" are also multiplying. The trend is that for all these information exchange to be happening through the physical environment – the city. The AI CITY therefore will meet the demand of turning the physical environment into a digital one.

"On a day-to-day basis, we don’t have to be tied into these devices anymore. The AI devices will surround us. In the walls, in the furniture and objects that we use, the walls can actually ‘speak’," said Frenchman.