Tag Archives: TRA

Laying the Foundation for Shenzhen Airport to Become a “Future Airport” with Huawei UPS

SHENZHEN, China, Oct. 27, 2020Shenzhen airport, China’s fifth largest airport and a world-class international aviation hub, has chosen Huawei to work together on the key project of its Future Airport Phase II implementation: the upgrade of its Uninterruptible Power Supply (UPS) system. Such an upgrade provides a solid energy foundation to build a smart future airport from, as well as reconstruct the Information and Communications Technology (ICT) infrastructure platform.

And this momentum is showing no signs of slowing: Indeed, Shenzhen Airport is the only airport in China participating in the International Air Transport Association’s (IATA) "Future Airport" pilot program. To realize the program, a large number of future-oriented upgrade and reconstruction projects are being implemented.

The airport’s legacy UPS was aging badly, leading to increased fault rates. To compound the issue, there was a lack of spare parts because the original equipment had been discontinued. And maintenance work was heavily dependent on the original manufacturer, representing a serious potential risk. In sum, these challenges were impairing Shenzhen Airport’s efforts to build a smart future airport.

With the goal of becoming the benchmark for future airports, Shenzhen Airport set high standards for its UPS replacement and it felt that any new equipment should be leading the industry’s future evolution. It also needed a supplier with extensive experience in cutover assurance, to secure operational processes.

With a modular and multi-redundancy design that eliminates single points of failure and ensures the smooth running of key services, Huawei’s modular UPS has already been tested in the industry. The Artificial Intelligence (AI) proactive warning function of components — such as capacitors and fans — shifts Operations and Maintenance (O&M) from passive to proactive prevention. Furthermore, all modules are hot swappable and can be replaced within five minutes when a fault occurs, further simplifying O&M. Such benefits convinced Shenzhen Airport that Huawei’s UPS solution met their requirements for future airport assurance and chose Huawei’s UPS5000 series for the upgrade.

At 03:00 in the morning on July 18, the Shenzhen Airport and Huawei team completed the online cutover of the second UPS with zero errors, just 13 days after the first successful cutover, and five days earlier than the original plan. This means that there is momentum for the next 24 sets of UPSs to be cutover and put into use. In total, 30 medium and large-sized UPS systems will eventually be deployed in ten power distribution rooms located across the terminal and in the Information Technology Center (ITC).

Huang Biao, General Manager of the Shenzhen Airport Digital Management Center, said: "The successful cutover of the project means that our success is not accidental. With the support of Huawei, the maintenance level of the airport UPS system is raised to a new level. It also proves that if the process of replacing old UPS hosts is highly operable and the solution is correctly formulated, UPS online cutover is feasible and controllable. All team members of the airport are confident about the subsequent cutover and future O&M assurance. Looking into the future, I hope that Huawei will continue to use its best products and services to help Shenzhen Airport build an international aviation hub, continue to move towards the goal of ‘Future Airport,’ and realize the strategic vision of leading the airport group with excellent global management and innovation as soon as possible."

Customer recognition and trust are the driving force behind Huawei’s ongoing innovation and efforts to push forward. Indeed, Huawei UPS is seeking to develop towards high frequency, modularization, and intelligence.

About Huawei

Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. With integrated solutions across four key domains – telecom networks, IT, smart devices, and cloud services – we are committed to bringing digital to every person, home and organization for a fully connected, intelligent world.

Huawei’s end-to-end portfolio of products, solutions and services are both competitive and secure. Through open collaboration with ecosystem partners, we create lasting value for our customers, working to empower people, enrich home life, and inspire innovation in organizations of all shapes and sizes.

At Huawei, innovation focuses on customer needs. We invest heavily in basic research, concentrating on technological breakthroughs that drive the world forward. We have more than 194,000 employees, and we operate in more than 170 countries and regions. Founded in 1987, Huawei is a private company wholly owned by its employees.

For more information, please visit Huawei online at www.huawei.com.

Related Links :

http://www.huawei.com/cn

Ruten Japan Launches Single Day flash Sale everyday as low as 60% off with promotion code

TOKYO, Oct. 26, 2020 — The Singles’ shopping festival is here, and Ruten Japan will launch the "Singles’ Day Flash Sale" event! In addition, during the event, limited members not only get free shipping over $50, but also $5 off by using promotion code at checkout. Event will begin from October 26th to November 11th for all 13 countries and regions* around the world. A new set of promotionial codes will be announced everyday at 11:00 GMT+9.

Ruten Japan Launches Single Day flash Sale everyday as low as 60% off with promotion code
Ruten Japan Launches Single Day flash Sale everyday as low as 60% off with promotion code

Ruten Japan’s CEO Yun Su said that the Single’s day shopping festival is considered a large-scale e-commerce festival in Asia. Many e-commerce platforms will hold various large-scale promotional activities on double eleven day to attract consumers’ attention and stimulate purchases on their platform. This year, Ruten Japan "Singles’ Day Flash Sale" will announce the promotional code of the day. Lucky contestants can immediately redeem the promotional code at checkout.

Other than the promotion code, the bestseller items on Ruten website and in Japan will be cheaper than the lowest market price during the Double 11 Day sales. Within the consecutive 17 days, the items of day will be presented in flash sale mode in order to get the best deal for Ruten’s customers. Ruten Japan’s customers get to enjoy the full and borderless shopping experience during this annual Double 11 Day sales.

The "Singles’ Day Flash Sale" includes items such as 3C appliances, Japanese Omiyage, toys & games, health products, cosmetics, fashion, household appliances, snacks, and etc. Minimum 60% off pop-up flash sale everyday starting today. Many best-selling products have also joined the ranks of the "Singles’ Day Flash Sale" shopping event. Specially recommended products  for this selection includes: Japan’s hot-selling Tokyo Campanella gift box at $37.67, Perfect Grade Unleash RX-7-8-2 Gundam Collectibles item at $3,751, Wakamoto health care product at $23.07, and etc.

Ruten Japan Single Day flash Sale URL:
https://en.ruten.co.jp/campaign/1111_EN

Ruten Japan:https://en.ruten.co.jp/

*Remarks: Ruten Japan ships to these destinations: Singapore, Hong Kong, Vietnam, Taiwan, Canada, New Zealand, United Kingdom, Indonesia, Macao, Malaysia, Philippine, Thailand and Korea.

Related Links :

https://en.ruten.co.jp/

Challau Lets People Around the World ‘Teleport’ to Virtually Visit Places by Beaming Into Remotely Controlled Robots

Travellers can now explore far away destinations in real-time through the eyes of a robot using their smartphone or computer

LONDON, Oct. 23, 2020 — People who have been unable to travel can now, for the first time, visit and explore a variety of destinations with a new platform by Propelmee that lets users ‘teleport’ to places thousands of miles away.

UK technology start-up Propelmee today announces the public beta-release of Challau, a first-of-its-kind robot-powered virtual travel platform. Using Challau, travellers can choose from a range of destinations called ‘Portals’ to decide where they want to ‘teleport’ to. Each Portal has a live countdown until it becomes Active, at which point anyone can enter the Portal and virtually arrive at that location. Travellers can then experience the live sights and sounds that a Challau Robot is seeing and hearing at the Portal’s physical location, and then choose to ‘beam into’ a robot.

A digital on-screen joystick lets travellers guide the robot’s movements through their smartphone or computer with a full-screen view from the robot’s main and secondary cameras. People around the robot can also see and hear the beamed in remote travellers, and using the robot’s microphone and speakers, remote travellers can speak to locals should they wish.

Challau also supports physical joysticks and other game controllers that are paired with a browser (e.g. Playstation or Xbox controllers) making the experience like a real-life first-person video game. Challau robots are equipped with built-in safety technology and artificial intelligence to support the virtual travel experience.

"Countries around the world have imposed many travel restrictions and introduced strict quarantining rules. This makes it very difficult for people to travel for leisure or recreation. Tourism is one of the last remaining sectors to go fully digital – there aren’t any good online alternatives for visiting places and that’s what we wanted to solve with Challau", says Zain Khawaja, Founder & CEO of Propelmee.

Challau currently offers virtual travel to 7 destinations in the UK, including iconic tourist attractions such as Trafalgar Square London and historic locations in the city of Oxford. Challau aims to scale up to 21 Portal destinations in the UK and internationally at the start of the New Year.

"Compared to existing online travel options, Challau gives users complete agency to explore as they wish, in real-time. We think that it’s really exciting for people to drive a robot on the other side of the world. It’s the closest thing to actually being there in person", says Khawaja.

The company is extending its technology to support other types of edge devices for unique remote travel experiences in crowded bazaars or busy city centers and is also integrating augmented reality to enrich user experiences. The service is currently free to try at www.challau.com and does not require pre-booking.

Editor’s Notes:

Propelmee owns and operates Challau. Follow @ChallauRobot for more information.

Contact:

Moeen Ashfaqmoeen@propelmee.com

Related Files

Challau tourism robot.png

Related Video

http://www.youtube.com/watch?v=7FRymi23rIA

 

Lets Smart Run – World’s First Sports and Tourism IoT platform Created in Nanjing, China

NANJING, China, Oct. 17, 2020 — As living standards are improved, people are increasingly aware of the importance of engaging in sports activities. Fitness, sports and tourism have become an important part of nowadays people’s lifestyle. Under the new normal of COVID-19 prevention and control, the traditional way of organizing and operating sports and tourism events is facing unprecedented challenges. Global sports, cultural and tourism organizations and even local governments are facing the most urgent tasks of eliminating the impact of the coronavirus, inventing new ways to maintain a constant supply for sports and tourism consumption so as to promote the growth of the service sector.

www.huway.com gives the answer. On the afternoon of October 18th, 2020, the product launch conference of Let’s Smart Run 2.0 will be held in Yuzui Wetland Park in the city of Nanjing, the theme of which is "Breaking the Routine and Redefining". Nearly 100 experts, scholars and industry elites from government, tourism destinations, sports and tourism organizations, investment firms and academic institutions will attend the conference.

It is reported that the upcoming Lets Smart Run 2.0 not only upgrades the original intelligent cabinet and timing cabinet, but also adds a new function of facial recognition and competition co-hosting. Empowered by technologies like the Internet of Things, big data and facial recognition, the whole event, from organizing to participation, can now be automatically completed by the IoT intelligent system. Lets Smart Run can not only be applied to urban greenways, but also for tourist sites. It can be used by individuals for exercise, and can also be used for organizing professional events or helping workers at scenic spots with marketing and event hosting. This new platform will improve the efficiency of event organization and marketing in an all-round way, help cities and scenic spots create consumption scenes, stimulate domestic demand, and help the development of cultural tourism services.

It is said that after the launch conference, a new road running activity will be held, namely, "Splendid Jianye, Unforgettable Trip" Happy Run in Binjiang Park. This event is jointly held by Nanjing Jianye Cultural and Tourism Bureau, Nanjing Binjiang Park Management Co., Ltd. and Nanjing Seven Plus Two Network Technology Co., Ltd. All participants in this event will complete the event registration, number plate collection, track timing, result ranking, materials and medals collection through the IoT system.

Lets Smart Run Platform utilizes the advantage of Internet of Things and big data to integrate greenway management, event operation and scenic spot empowerment, synergizing the interests of multiple parties including investors, operators, place providers and users. It creates a perfect the top-level design of sports and tourism integration that empowers the industry. Through scientific and technological innovation, Lets Smart Run will help with the innovation on sports and tourism industry supply, meet people’s needs for health consumption, help high-quality economic development, create and lead a great new era of sports+tourism+Internet of Things.

 

 

Palace Museum at 600: Old palace, new vitality

BEIJING, Oct. 16, 2020 — A news report by China.org.cn on the 600th year of the Palace Museum:

 

This year marks the 600th birthday of the Forbidden City, a magnificent and majestic Chinese palace.

As the most important activity in a series of commemorative events, an exhibition titled "Everlasting Splendor: Six Centuries at the Forbidden City" is being held at the Palace Museum in Beijing. With more than 450 cultural relics and historical photos on show, the exhibition brings history to life, and allows visitors to better appreciate the cultural charm of the 600-year-old palace.

The Forbidden City was China’s imperial palace during the Ming (1368-1644) and Qing (1644-1911) dynasties. It was completed in 1420 and a total of 24 emperors lived and worked in the compound.

In many people’s eyes, the Forbidden City is both beautiful and mysterious. Its beauty lies in the palace complex being an extremely precious and magnificent artwork. Boasting more than 70 palaces of various sizes and over 9,000 rooms, the Forbidden City is one of the largest and most complete existing wooden structures anywhere in the world. A masterpiece of ancient architecture, the compound features a symmetrical layout, various glazed roof tiles, exquisite corner towers as well as bright and airy courtyards.

The Forbidden City is mysterious, because ancient Chinese philosophies were integrated into its design and construction, including harmony between human and nature, the Five Elements, Yin and Yang, as well as the Eight Trigrams. Previously off-grounds to all but the imperial family, the palace has an air of dignity which has deepened the mystery surrounding it.

However, the sense of mystery has gradually faded since the Forbidden City was transformed into the Palace Museum in 1925, 13 years after the last emperor abdicated.

The Palace Museum is now a world-renowned museum which houses more than 1.8 million artifacts. It is also the world’s most visited museum, receiving over 19.3 million visitors in 2019. In recent years, it has opened a coffee shop named the Corner Tower Cafe, attracting visitors to enjoy drinks named and packaged with "imperial" elements. Creative products inspired by aspects of the museum, such as cosmetics and folding fans, have gone on sale via e-commerce platforms. Court robes in the museum’s collection have appeared in mobile games. "Snowy scenes at the Palace Museum," "Cats living in the Palace Museum," and the names of TV shows featuring the museum are all popular search terms online. The Palace Museum has become a real "online celebrity" on the Chinese internet.

Many foreigners still refer to the Chinese palace as "the Forbidden City." In fact, that name is used less and less in China.

The Forbidden City is now known as the Palace Museum, or "Gugong" in Chinese. "Gu" means "old" or "in the past." Bearing witness to China’s history, the Palace Museum has to some extent shaped the mental world of the Chinese people. But nowadays, it has become a brand-new cultural symbol. Open and vigorous, the palace inspires more people to understand the Chinese nation from a new perspective and cherish the common treasures of mankind.

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

Palace Museum at 600: Old palace, new vitality
http://www.china.org.cn/video/2020-10/16/content_76812631.htm

 

Related Links :

http://www.china.org.cn

51Talk flight attendant-turned-online English tutor makes the case for livelihood solutions during pandemic

MANILA, Philippines, Oct. 9, 2020 — COVID-19 continues to pummel the airline industry as the virus spreads and people are urged to stay home and not travel. Airline workers around the world are feeling uncertain, both for the security of their jobs and for their own health.

The protagonist of the story is Ann Pearl, a flight attendant who found hope and joy when she became an 51Talk online English tutor in the Philippines. Like so many airline industry workers, the 30-year-old new mother became grounded.

Ann Pearl has turned from an air hostess into online tutor this year.
Ann Pearl has turned from an air hostess into online tutor this year.

Ann Pearl was interviewed online by Miss Universe 2015 Pia Wurtzbach in July where she was inspired to pursue becoming an online teacher at 51Talk, a leading online English platform that connects Filipino teachers and Chinese students.

Ann Pearl has since become a popular home-based online English teacher among her students. Teaching from home with 51Talk allowed her to regain control of her life as she could now balance family duties with her newfound livelihood while remaining safe and healthy from COVID-19.

"In the past, I strive to bring your loved ones home. Now, I am teaching at home while helping cute students fall in love with their language learning," Pearl shared.

Ann Pearl together with her colleague participate in the hit show in Oct.
Ann Pearl together with her colleague participate in the hit show in Oct.

Pearl’s story has won the favor from Pia Wurtzbach, and the female celebrity also invited her to participated in the hit variety show, It’s Showtime, to share her encouraging story to more audiences.

"I think her story deserves much more attention, hoping that more potential locals get inspired from her, and become an online tutor in the era of pandemic," Pia believed.

When asked about her secret weapons to make online teaching more fun and engaging, Pearl said, "One thing amazing about online teaching is flexibility. However, you need to set some ground rules and stick to them."

"Have your own teaching pace, but always be there for your students at the time that they are expecting you. Effective online tutoring is possible only when there is two-way communication," Pearl said, adding that, "you need to understand the pace of the student and slow down or rush accordingly. It is because different students have varied understanding levels. So, planning your pace accordingly will also help."

Pia Wurtzbach has become the face of 51Talk brand ambassador on July 6. The female star considers empowering Filipinos as her top advocacy, now more than ever when thousands of Filipinos have lost their livelihood due to the pandemic.

51Talk brand ambassador Pia Wurtzbach
51Talk brand ambassador Pia Wurtzbach

According to her, the pandemic has brought a huge impact to the lives of many Filipinos. Some people already lost their livelihood, maybe because their employers could no longer sustain expenses while some still go to work despite the transport challenges and these are actually some of the reasons why she wanted to be a part of the 51Talk family.

"51Talk has been dedicated to online education business for more than 9 years. On top of being a globally recognized and award-winning market leader in the e-education industry, the brand is the only online English education company listed on the New York Stock Exchange so far," added Pia.

51Talk announced in May that 30,000 livelihood opportunities are offered this year for Filipinos whose livelihoods were affected by the pandemic.

Ann Pearl is well-received among her students in China.
Ann Pearl is well-received among her students in China.

"With the soaring demand for English-speaking teachers in China, there has probably never been a better time than right now to teach English online," said Jack Huang, founder and CEO of 51Talk.

"As English is widely spoken in the Philippines, Filipinos have an advantage in becoming an online language tutor. At 51Talk, an online teacher can earn up to PHP 200 per hour if you born to be a teaching star," the CEO added.

Like Ann Pearl you can also come home to 51Talk to start your online English teaching journey. Visit 51Talk’s website at www.51Talk.ph and sign-up today. 

 

Related Links :

http://www.51talk.ph/

Second Citizenship from St Kitts and Nevis Opens Doors to British Education in Times of Crisis

LONDON, Oct. 9, 2020 — Despite predictions that the pandemic would cause a decline in international students, the United Kingdom is set for a record increase. Interestingly, enrolments from non-EU international students went up 9 per cent this academic year. According to Jimmy Beale, the founder of The English Education, a placement consultancy that advises international parents about independent schools in the UK, Chinese students make up much of the international student body in Britain. A Chinese education agency survey also found that the UK surpassed the US as a destination of choice for students due to growing tensions between China and the US.

Beale, whose clients are often admitted to top tier institutions like Westminster and Harrow, says that all international boarding pupils who do not have UK passports require a Tier 4 Student Visa. Although the process is simple for students, parents had difficulties visiting their children as embassies in certain countries were closed. 

"If you are a St Kitts and Nevis citizen, the process of sending your child abroad for schooling is much simpler," says Natasha Jones, a legal assistant at CS Global Partners. "You are exempt from requirements to prove knowledge of the English language, you do not need to have a tuberculosis test if you reside in St Kitts and Nevis, and you are exempt from the requirement to self-isolate for 14 days upon arrival in the UK if you have spent the last 14 days in St Kitts and Nevis. Family members [with St Kitts and Nevis citizenship] can also easily visit their children who are studying in the UK because of their visa-free access," she added.

Jones also highlighted St Kitts and Nevis’ status as a Commonwealth country and the benefit that it brings. "In the UK, Commonwealth citizens are eligible for various scholarships for master’s degrees and PhD courses which often cover tuition fees, living allowance, and travel," she said.

The fastest and easiest way to attain St Kitts and Nevis citizenship is through the Citizenship by Investment Programme. Once vetted, investors can contribute to the Sustainable Growth Fund and receive citizenship. Along with the advantages of education and travel, citizenship can also be passed down. For a limited time, families of up to four can invest $150,000 and brighten their child’s path to high-quality education.

pr@csglobalpartners.com

www.csglobalpartners.com

 

Related Links :

https://csglobalpartners.com/

Trip.com Group Reports Unaudited Second Quarter of 2020 Financial Results

Shanghai, Sept. 25, 2020 — Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com Group" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged-tour and in-destination services, corporate travel management, and other travel-related services, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Key Highlights

  • Our business has continued to show strong momentum of recovery in the China domestic market.
    —    Reservations for China domestic hotels achieved positive growth, with high-end domestic hotels leading the way over the past month.
    —    China domestic flight reservations achieved positive growth over the past months.
  • The Company’s results for the second quarter of 2020 were significantly and negatively impacted due to the ongoing COVID-19 pandemic.
    —    Net revenue for the second quarter of 2020 was RMB3.2 billion (US$448 million), representing a 64% decrease from the same period in 2019. The performance reflects a strong recovery of our China domestic businesses, offset by a steep decline of our international businesses.
    —    Operating loss for the second quarter of 2020 was RMB688 million (US$97 million). Excluding share-based compensation charges, non-GAAP loss from operations was RMB200 million (US$27 million).

"In the second quarter of 2020, the global travel industry continued to experience significant impact as a result of the ongoing COVID-19 pandemic. On a promising note, we have seen all of our domestic business lines recover to varying degrees during the quarter," said James Liang, Executive Chairman. "As global efforts intensify in this fight against COVID-19, we are increasingly optimistic that there will be more resumption of travel activity in major markets worldwide."

"Although the second quarter witnessed a full quarter impact of COVID-19 across business lines, our Company quickly adjusted operational priorities to suit the changing macro environment through minimizing operating expenses while meaningfully outpacing the industry in recovery," said Jane Sun, Chief Executive Officer. "We are glad to see that reservations for China domestic flights and hotels have reached a level of full recovery in succession during August, and we strive to make further progress as the travel industry continues to pick up more momentum."

Second quarter of 2020 Financial Results and Business Updates

The Company’s results for the second quarter of 2020 were negatively impacted by the COVID-19 pandemic. The pandemic continued to cause a decline in travel demands even though the travel restrictions have been lifted in some countries as the spread of the coronavirus has been contained to various degrees. Consumers are becoming more comfortable with traveling especially to domestic locations. This has led to more travel bookings compared to February and March 2020. Yet, travel demands remained significantly lower than the previous year especially for the China outbound and overseas markets.

For the second quarter of 2020, Trip.com Group reported net revenue of RMB3.2 billion (US$448 million), representing a 64% decrease from the same period in 2019. Net revenue for the second quarter of 2020 decreased by 33% from the previous quarter.

Accommodation reservation revenue for the second quarter of 2020 was RMB1.3 billion (US$178 million), representing a 63% decrease from the same period in 2019, and a 9% increase from the previous quarter, primarily due to the recovery of China domestic market.

Transportation ticketing revenue for the second quarter of 2020 was RMB1.2 billion (US$163 million), representing a 66% decrease from the same period in 2019, and a 52% decrease from the previous quarter.

Packaged-tour revenue for the second quarter of 2020 was RMB130 million (US$18 million), representing an 88% decrease from the same period in 2019, and a 75% decrease from the previous quarter.

Corporate travel revenue for the second quarter of 2020 was RMB162 million (US$23 million), representing a 47% decrease from the same period in 2019, and a 29% increase from the previous quarter, primarily due to the recovery of China domestic market.

Gross margin was 72% for the second quarter of 2020, which decreased from 79% for the same period in 2019 and 74% for the previous quarter.

Product development expenses for the second quarter of 2020 decreased by 32% to RMB1.8 billion (US$255 million) from the same period in 2019, primarily due to a decrease in expenses related to product development personnel. Product development expenses for the second quarter of 2020 increased by 6% from the previous quarter, primarily due to an increase in expenses related to product development personnel. Product development expenses for the second quarter of 2020 accounted for 57% of the net revenue for the same period. Excluding share-based compensation charges, non-GAAP product development expenses for the second quarter of 2020 accounted for 49% of the net revenue for the same period, which increased from 28% in the same period in 2019 and 32% in the previous quarter.

Sales and marketing expenses for the second quarter of 2020 decreased by 69% to RMB661 million (US$94 million) from the same period in 2019 and decreased by 52% from the previous quarter, primarily due to a decrease in expenses relating to sales and marketing activities. Sales and marketing expenses for the second quarter of 2020 accounted for 21% of the net revenue for the same period. Excluding share-based compensation charges, non-GAAP sales and marketing expenses for the second quarter of 2020 accounted for 20% of the net revenue for the same period, which decreased from 24% in the same period in 2019 and 29% in the previous quarter.

General and administrative expenses for the second quarter of 2020 decreased by 37% to RMB513 million (US$73 million) from the same period in 2019, primarily due to a decrease in personnel expenses, and decreased by 74% from the previous quarter because we accrued RMB1.2 billion bad debt provision in the first quarter of 2020. General and administrative expenses for the second quarter of 2020 accounted for 16% of the net revenue for the same period. Excluding share-based compensation charges, non-GAAP general and administrative expenses accounted for 10% of the net revenue for the same period, which increased from 8% in same period in 2019 and decreased from 38% in the previous quarter.

Loss from operations for the second quarter of 2020 was RMB688 million (US$97 million), compared to income of RMB1.3 billion in the same period in 2019 and loss of RMB1.5 billion in the previous quarter. Excluding share-based compensation charges, non-GAAP loss from operations was RMB200 million (US$27 million), compared to income of RMB1.7 billion in the same period in 2019 and loss of RMB1.2 billion in the previous quarter.

Operating margin was -22% for the second quarter of 2020, compared to 15% in the same period in 2019, and -32% in the previous quarter. Excluding share-based compensation charges, non-GAAP operating margin was -6%, compared to 20% in the same period in 2019 and -25% in the previous quarter.

Income tax expense for the second quarter of 2020 was RMB201 million (US$29 million), compared to expense of RMB336 million in the same period of 2019 and benefit of RMB254 million in the previous quarter. The change in our effective tax rate was primarily due to the non-taxable income of the fair value changes in equity securities investments.

Net loss attributable to Trip.com Group’s shareholders for the second quarter of 2020 was RMB476 million (US$67 million), compared to net loss attributable to Trip.com Group’s shareholders of RMB403 million in the same period in 2019 and RMB5.4 billion in the previous quarter, primarily due to the operating loss associated with impact of COVID-19, the fair value changes in equity securities investments, impairments of long-term investments, gains from other investing activities and equity in loss of our affiliates. Excluding share-based compensation charges and fair value changes of equity securities investments, non-GAAP net loss attributable to Trip.com Group’s shareholders was RMB1.2 billion (US$162 million), compared to net income of RMB1.3 billion in the same period in 2019 and net loss of RMB2.2 billion in the previous quarter.

Diluted losses per ADS were RMB0.80 (US$0.11) for the second quarter of 2020. Excluding share-based compensation charges and fair value changes of equity securities investments, non-GAAP diluted losses per ADS were RMB1.93 (US$0.27) for the second quarter of 2020.

As of June 30, 2020, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB64.3 billion (US$9.1 billion).

Subsequent Events

In July, 2020, the Company has completed the put right offer relating to its 1.99% Convertible Senior Notes due 2025 (the "2025 Notes"). The aggregate purchase price of the 2025 Notes was US$395,240,000. Following the settlement of repurchase of 2025 Notes, the total number of ordinary shares of the Company on a fully diluted basis was reduced by 0.9 million shares.

In July, 2020, the Company’s 1.00% Convertible Senior Notes due 2020 (the "2020 Notes") with a principle amount of US$700 million matured and were repaid in cash. Following the settlement of the repayment of 2020 Notes, the total number of ordinary shares of the Company on a fully diluted basis was reduced by 1.6 million shares.

In July, 2020, the Company issued US$500 million in aggregate principal amount of its 1.50% Exchangeable Senior Notes due 2027 (the "2027 Notes"). The 2027 Notes will be exchangeable, at the option of the holders and subject to certain conditions, into cash, American depositary shares ("Huazhu ADSs") of Huazhu Group Limited (Nasdaq: HTHT) ("Huazhu"), each representing one ordinary share of Huazhu, par value $0.0001 per share, or a combination of cash and Huazhu ADSs, at the Company’s election subject to certain conditions.

Business Outlook

As a result of the continued negative impact due to COVID-19 in the third quarter of 2020, the Company expects net revenue to decrease by approximately 47%-52% year-over-year for the third quarter of 2020. This forecast reflects the current and preliminary view based on best information available at the time, which is subject to change.

Conference Call  

Trip.com Group’s management team will host a conference call at 8:00PM U.S. Eastern Time on September 24, 2020 (or 8:00AM on September 25, 2020 in the Shanghai/Hong Kong Time) following the announcement.

The conference call will be available on Webcast live and replay at: https://investors.trip.com. The call will be archived for twelve months at this website.

All participants must pre-register to join this conference call using the Participant Registration link below:
https://s1.c-conf.com/DiamondPass/10009786-invite.html

Upon registration, each participant will receive details for this conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call until October 2, 2020.

The dial-in details for the replay:

International dial-in number:

+61-7-3107-6325

Passcode:

10009786

 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 "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident" or other similar statements. Among other things, quotations from management and the Business Outlook section in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the potential impact of the COVID-19 to Trip.com Group’s business operations, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Trip.com Group’s affiliated Chinese entities and the contractual arrangements among Trip.com Group, its affiliated Chinese entities and their shareholders, and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses Non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income attributable to Trip.com Group’s shareholders, and diluted earnings per ordinary share and per ADS, each of which (except for net commission earned) is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" and its share-based compensation charges are not tax deductible, and fair value changes of equity securities investments, net of tax, recorded under ASU 2016-1. Trip.com Group’s management believes the Non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP and may be different from Non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using Non-GAAP financial measures is that Non-GAAP measures exclude share-based compensation charges and fair value changes of equity securities investments that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s Non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM) is a leading one-stop travel service provider consisting of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group enables local partners and travelers around the world to make informed and cost-effective bookings for travel products and services, through aggregation of comprehensive travel-related information and resources, and an advanced transaction platform consisting of mobile apps, Internet websites, and 24/7 customer service centers. Founded in 1999 and listed on Nasdaq in 2003, Trip.com Group has become one of the largest travel companies in the world in terms of gross merchandise value.

Trip.com Group Limited

Unaudited Consolidated Balance Sheets

(In millions, except share and per share data)

December 31, 2019

June 30, 2020

June 30, 2020

RMB (million)

RMB (million)

USD (million)

(unaudited)

(unaudited)

(unaudited)

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

21,747

18,896

2,674

Short-term investments

23,058

23,886

3,381

Accounts receivable, net 

7,661

5,129

726

Prepayments and other current assets 

15,489

15,583

2,205

Total current assets

67,955

63,494

8,986

Property, equipment and software

6,135

5,985

847

Intangible assets and land use rights

13,264

13,324

1,886

Right-of-use asset

1,207

795

113

Investments (Includes held to maturity time deposit and
financial products of RMB15,056 million and RMB21,538
million as of December 31,2019 and June 30, 2020,
respectively)

51,278

53,659

7,595

Goodwill

58,308

59,327

8,397

Other long-term assets

1,046

551

79

Deferred tax asset

976

1,360

193

Total assets

200,169

198,495

28,096

LIABILITIES

Current liabilities:

Short-term debt and current portion of long-term debt

30,516

42,097

5,958

Accounts payable

12,294

4,478

634

Advances from customers

11,675

8,013

1,134

Other current liabilities

14,697

11,969

1,695

Total current liabilities

69,182

66,557

9,421

Deferred tax liability

3,592

3,567

505

Long-term debt

19,537

28,067

3,973

Long-term lease liability

749

536

76

Other long-term liabilities

264

206

29

Total liabilities

93,324

98,933

14,004

MEZZANINE EQUITY

Redeemable non-controlling interests 

1,142

SHAREHOLDERS’ EQUITY

Total Trip.com Group Limited shareholders’ equity

103,442

97,529

13,804

Non-controlling interests

2,261

2,033

288

Total shareholders’ equity

105,703

99,562

14,092

Total liabilities, mezzanine equity and shareholders’
equity

200,169

198,495

28,096

 

 

Trip.com Group Limited

Unaudited Consolidated Statements of Comprehensive Income

(In millions, except share and per share data)

Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended

June 30, 2019

March  31, 2020

June 30, 2020

June 30, 2020

RMB (million)

RMB (million)

RMB (million)

USD (million)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenue:

Accommodation reservation 

3,410

1,155

1,254

178

Transportation ticketing 

3,407

2,393

1,150

163

Packaged-tour 

1,051

523

130

18

Corporate travel

309

126

162

23

Others

524

538

466

66

Total revenue

8,701

4,735

3,162

448

Less: Sales tax and surcharges

(10)

(4)

(3)

0

Net revenue

8,691

4,731

3,159

448

Cost of revenue

(1,798)

(1,220)

(872)

(123)

Gross profit

6,893

3,511

2,287

325

Operating expenses:

Product development **

(2,642)

(1,696)

(1,801)

(255)

Sales and marketing **

(2,108)

(1,382)

(661)

(94)

General and administrative **

(810)

(1,942)

(513)

(73)

Total operating expenses

(5,560)

(5,020)

(2,975)

(422)

Income/(loss) from operations

1,333

(1,509)

(688)

(97)

Interest income 

562

513

603

85

Interest expense

(426)

(448)

(461)

(65)

Other (expense)/income *

(1,412)

(3,827)

1,766

250

Income/(loss) before income tax expense and
equity in income of affiliates

57

(5,271)

1,220

173

Income tax (expense)/benefit  *

(336)

254

(201)

(29)

Equity in loss of affiliates

(123)

(321)

(1,491)

(211)

Net loss

(402)

(5,338)

(472)

(67)

Net loss attributable to non-controlling interests

7

9

12

2

Accretion to redemption value of redeemable non-
controlling interests

(8)

(24)

(16)

(2)

Net loss attributable to Trip.com Group Limited

(403)

(5,353)

(476)

(67)

Comprehensive loss attributable to Trip.com
Group Limited

(308)

(5,924)

(515)

(73)

Losses per ordinary share

– Basic

(5.81)

(71.86)

(6.36)

(0.90)

– Diluted

(5.81)

(71.86)

(6.36)

(0.90)

Losses per ADS 

– Basic

(0.73)

(8.98)

(0.80)

(0.11)

– Diluted

(0.73)

(8.98)

(0.80)

(0.11)

Weighted average ordinary shares outstanding

– Basic

69,484,264

74,494,148

74,968,727

74,968,727

– Diluted

69,484,264

74,494,148

74,968,727

74,968,727

– Diluted-non GAAP

77,807,991

74,494,148

74,968,727

74,968,727

** Share-based compensation included in Operating expenses above is as follows:

  Product development 

215

180

252

36

  Sales and marketing 

34

30

41

6

  General and administrative 

144

133

195

28

* Fair value changes of equity securities investments included in Net loss is as follow:

Fair value loss/(income) of equity securities
investments, net of tax

1,339

2,790

(1,167)

(165)

 

 

Trip.com Group Limited

Reconciliation of  GAAP and Non-GAAP Results

(In millions, except % and per share data)

Quarter Ended June 30, 2020

GAAP Result

% of Net
Revenue

Non-GAAP
Adjustment

% of Net
Revenue

Non-GAAP
Result

% of Net
Revenue

Share-based compensation included in Operating expense is as follows:

Product development 

(1,801)

-57%

252

8%

(1,549)

-49%

Sales and marketing 

(661)

-21%

41

1%

(620)

-20%

General and administrative 

(513)

-16%

195

6%

(318)

-10%

Total operating expenses

(2,975)

-94%

488

15%

(2,487)

-79%

(Loss)/income from operations

(688)

-22%

488

15%

(200)

-6%

Fair value changes of equity securities investments, net of tax
expense of RMB27 million

1,167

37%

(1,167)

-37%

0%

Net loss attributable to Trip.com Group’s shareholders

(476)

-15%

(679)

-21%

(1,155)

-37%

Diluted losses per ordinary share (RMB)

(6.36)

(9.06)

(15.42)

Diluted losses per ADS (RMB)

(0.80)

(1.13)

(1.93)

Diluted losses per ADS (USD)

(0.11)

(0.16)

(0.27)

Quarter Ended March 31, 2020

GAAP Result

% of Net
Revenue

Non-GAAP
Adjustment

% of Net
Revenue

Non-GAAP
Result

% of Net
Revenue

Share-based compensation included in Operating expense is as follows:

Product development 

(1,696)

-36%

180

4%

(1,516)

-32%

Sales and marketing 

(1,382)

-29%

30

1%

(1,352)

-29%

General and administrative 

(1,942)

-41%

133

3%

(1,809)

-38%

Total operating expenses

(5,020)

-106%

343

7%

(4,677)

-99%

(Loss)/income from operations

(1,509)

-32%

343

7%

(1,166)

-25%

Fair value changes of equity securities investments, net of tax
benefit of RMB209 million

(2,790)

-59%

2,790

59%

0%

Net (loss)/income attributable to Trip.com Group’s shareholders

(5,353)

-113%

3,133

66%

(2,220)

-47%

Diluted (losses)/earnings per ordinary share (RMB)

(71.86)

42.05

(29.81)

Diluted (losses)/earnings per ADS (RMB)

(8.98)

5.25

(3.73)

Diluted (losses)/earnings per ADS (USD)

(1.27)

0.74

(0.53)

Quarter Ended June 30, 2019

GAAP Result

% of Net
Revenue

Non-GAAP
Adjustment

% of Net
Revenue

Non-GAAP
Result

% of Net
Revenue

Share-based compensation included in Operating expense is as follows:

Product development 

(2,642)

-30%

215

2%

(2,427)

-28%

Sales and marketing 

(2,108)

-24%

34

0%

(2,074)

-24%

General and administrative 

(810)

-9%

144

2%

(666)

-8%

Total operating expenses

(5,560)

-64%

393

5%

(5,167)

-59%

Income from operations

1,333

15%

393

5%

1,726

20%

Fair value changes of equity securities investments, net of tax
benefit of RMB48 million

(1,339)

-15%

1,339

15%

0%

Net (loss)/income attributable to Trip.com Group’s shareholders

(403)

-5%

1,732

20%

1,329

15%

Diluted (losses)/earnings per ordinary share (RMB)

(5.81)

23.81

18.00

Diluted (losses)/earnings per ADS (RMB)

(0.73)

2.98

2.25

Diluted (losses)/earnings per ADS (USD)

(0.11)

0.44

0.33

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.0651 on June 30, 2020 published by the
Federal Reserve Board.

 

Related Links :

https://www.ctrip.com/

Beijing Culture and Tourism Spearheads Post-COVID Travel Recovery with Global Online Strategic Forum: “Restart Travel, Together with Beijing”

BEIJING, Sept. 18, 2020 — As the world enters a new era of international travel, Beijing Tourism is leading the way with a two-part online forum series, "Beijing Culture and Tourism Global Online Strategic Forum – Restart Travel, Together with Beijing." Held on 22-23 September 2020, the forum is aimed at tour operators and travel agencies who manage and sell travel to Beijing, destinations and tourism businesses around the world who can learn from Beijing’s examples, and others working in the tourism industry and travel media. Attendees will come away with a practical understanding of how Beijing is tackling many of the most challenging issues facing international tourism, and looking ahead to the future, by embracing new technology, creative solutions, and learning from past experience.

 

Beijing Culture and Tourism Spearheads Post-COVID Travel Recovery with Global Online Strategic Forum: "Restart Travel, Together with Beijing"
Beijing Culture and Tourism Spearheads Post-COVID Travel Recovery with Global Online Strategic Forum: "Restart Travel, Together with Beijing"

 

The forum brings together an expert lineup of more than 30 speakers from throughout the tourism industry, including leaders such as Airbnb, TripAdvisor, Lufthansa Group, TUI, PATA, WYSE Travel Confederation, Marriott, and many others.

Each session features six panel discussions and keynote presentations. These address questions of how tourism can bounce back from COVID-19, the future of business travel and the MICE sector, and the role of youth travel in global tourism recovery.

Keynote speeches include a presentation from the Beijing Organizing Committee for the Olympic Games, and a Q&A session addressing Beijing’s challenges as a tourism destination. Each forum session finishes with a research report presentation from McKinsey on global prospects for tourism recovery.

"Beijing Tourism’s goal in building this platform is to welcome friends around the world to discuss how to restart travel – not only travel to Beijing, but on an international level. As we move forward to embrace the new normal together, our Forum will develop confidence within the global travel industry by showing how Beijing and China are successfully leading the recovery of tourism," said Wei Pang, Deputy Director General, Beijing Municipal Culture and Tourism Bureau, Department of Foreign Exchanges and Cooperation.

The event will be held from 4pm China Standard Time (CST) on Tuesday, 22 September, for attendees in Africa, Asia, and Europe. A second session from 8am CST on Wednesday, 23 September, is aimed at attendees in the Americas and Oceania. Both forum sessions will be recorded and available for playback.

Please visit http://traveltrade.visitbeijing.com.cn/forum to register and view the full program.

Photo – https://techent.tv/wp-content/uploads/2020/09/beijing-culture-and-tourism-spearheads-post-covid-travel-recovery-with-global-online-strategic-forum-restart-travel-together-with-beijing.jpg

iChongqing: How 5G Empowers Chongqing’s Popular Tourism Sites

CHONGQING, China, Sept. 13, 2020 — What changes will 5G make? How does the smart tourism benefit from 5G in southwestern China’s Chongqing Municipality? On September 8, organized by the Smart Roadshow News Center of the 2020 Smart China Expo Online, the online group interview took place in the Yangtze River Cableway scenic area of Chongqing with the topic of how 5G empowers Chongqing’s popular tourism sites.

The representatives from Chongqing Culture and Tourism Information Center (Data Center), local government and tourist spots attended the online interview. They shared rich information and experiences on how the tourism quality and visit experience get improved by the 5G technologies and intelligent scenic spots management.

The online group interview took place in the Yangtze River Cableway scenic area of Chongqing. (Photo from the Smart Roadshow News Center of the 2020 Smart China Expo Online)
The online group interview took place in the Yangtze River Cableway scenic area of Chongqing. (Photo from the Smart Roadshow News Center of the 2020 Smart China Expo Online)

"The application of technologies such as cloud computing, big data, and 5G have set higher standards for smart culture and tourism development. The Chongqing Municipal Commission of Culture and Tourism Development has attached great importance to the construction of Chongqing’s smart cultural tourism," said Mr. Liu, who is in charge of Chongqing Culture and Tourism Information Center. The city has constructed smart cultural tourism radio and television cloud to integrate the relevant systems and data to achieve better and over-all services and supervision. On the other hand, it actively promotes smart tourism development, including the construction of the smart scenic spots and smart tourism villages. There are currently 56 smart scenic spots and 54 smart villages under construction.

A number of smart scenic spots, smart bookstores, smart museums, and demonstration scenarios of 5G integration of culture, business and tourism have been built in downtown Chongqing. Yuzhong District has developed the cloud tourism experience by releasing online 3D maps and panorama tour and posting QR codes on cultural relics and historical buildings.

The Yangtze River Cableway has China’s first 5G cableway VR supersensory experience program in scenic spots. Without lining up or worrying about bad weather, tourists can experience the supersensory "sliding" along the Yangtze River Cableway. Wearing VR glasses for only three minutes, you can see the Yangtze River’s whole scenes in real time.  

In 2019, the annual number of visitors to Hongyadong Cave was 18 million, which is second only to the Forbidden City. The site provides online services allowing visitors to make an appointment, guiding to find restaurants, shopping, and sightseeing spots by WeChat, the most popular Chinese social media.

Photo – https://photos.prnasia.com/prnh/20200913/2915325-1?lang=0