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PR Newswire

“Halal Restaurant Week Korea 2020” is coming online: KTO presenting “Halal TV” videos for Muslim tourists who miss Korea

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SEOUL, South Korea, Sept. 8, 2020 — Korea Tourism Organization ("KTO", led by President Ahn Young-bae) will broadcast "Halal TV" for about two months from Sep. 14 to Nov. 16 on its YouTube channel (https://www.youtube.com/c/WOWKOREASUPPORTERS) to promote the beauty of Korean tourism for potential Muslim tourists although overseas travel is limited due to the COVID-19 pandemic.

KTO’s "Survey on Muslim Tourists’ Travel to Korea" revealed that many Muslims find the lack of Halal restaurants inconvenient during their visit to Korea. Accordingly, the tourism organization has hosted an annual event called "Halal Restaurant Week Korea" for the past few years to address this issue. The main point of the event is to provide reliable information about Muslim-friendly restaurants serving Halal foods and special offers, including discount coupons.

This year, however, KTO carries out an online promotion for the event as it has become difficult for Muslim tourists to physically visit Korea due to the global pandemic. It plans to post new Halal-themed videos on its YouTube channel. The first video is titled "Halal K-Food Cooking Studio," showing Halal-safe Korean food recipes that are also easy to follow. Hosted by Chef Choi Gwang-ho (winner of MasterChef Korea Season 3), it features easy recipes for some of popular Korean dishes, such as Bibimbap, Tteokbokki, and K-Ramyeon (noodles), using ingredients easily found outside Korea.

In the second video called "Halal Restaurant Tasty Party," Muslim expats in Korea will share their views on some of well-known Halal restaurants across Seoul. It will be hosted by Zahid Hussain, who used to be on a popular Korean show called "Non-summit TV Talk Show". The panels will introduce some of the restaurants participating in the Halal Restaurant Week Korea event and promote a variety of Halal foods, ranging from traditional ones such as Shakshouka and Kebab to fusion dishes such as Halal Bulgogi.

A total of 10 videos will be uploaded every Monday from Sep. 14 to Nov. 16 on KTO’s YouTube channel (https://www.youtube.com/c/WOWKOREASUPPORTERS). In particular, an online promotional event will be organized, where viewers will get a chance to win gift cards when they post the photos or videos of making the dishes introduced on Halal TV’s first video ("Halal K-Food Cooking Studio") on their social network accounts and leave the link in the comments, or write comments about the video.

PR Newswire

500.com Limited Announces Unaudited Financial Results For the Second Quarter ended June 30, 2020

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SHENZHEN, China, Aug. 29, 2020 — 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"), an online sports lottery service provider in China, today reported its unaudited financial results for the second quarter ended June 30, 2020.

Suspension of Online Sports Lottery Sales in China

All provincial sports lottery administration centers to which the Company provided sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People’s Republic of China on January 15, 2015. In response to the Self-Inspection Notice, on April 4, 2015, the Company decided to voluntarily suspend all online lottery sales services. As a result of the provincial sport lottery administration centers’ decision to suspend accepting online lottery orders and the Company’s voluntary suspension of all online sports lottery sales services in China, the Company has not generated any revenue from these services since April 2015.

Temporary Suspension of Operations in Sweden 

The Multi Group ("TMG"), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden as TMG did not complete the renewal of its e-Gaming license before it expired. The Company promptly issued a Current Report on Form 6-K dated January 13, 2020 regarding this situation, and provided an update through another Current Report on Form 6-K dated February 20, 2020. TMG has submitted all the application materials and is in close communication with Sweden’s e-Gaming regulatory authority to complete the renewal process. The Company’s revenues for the second quarter ended June 30, 2020 have been, and for the fiscal year of 2020 are expected to be, materially and adversely impacted by the temporary suspension of TMG’s operations in Sweden. Revenue generated by TMG accounted for approximately 89.7% of the Company’s total net revenues for the fiscal year ended December 31, 2019, of which approximately 61.3% was generated from Sweden.

Internal Investigation Still in Progress

On December 31, 2019, the Company announced that its Board of Directors (the "Board") had formed a Special Investigation Committee (the "SIC") to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company’s subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office. On January 16, 2020, the Company announced that the SIC had retained King & Wood Mallesons LLP ("KWM") as its legal advisor to assist with its internal investigation.

As of today, we understand generally from the SIC that KWM has completed certain investigatory work and the internal investigation is still in progress. The Company currently is unable to determine with certainty what effect (if any) the result of the internal investigation may have on the Company’s financial statements for the fiscal year ended December 31, 2019. In addition, the Company currently cannot conclude the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019 until the internal investigation is completed.

Annual Report on Form 20-F for the Fiscal Year ended December 31, 2019

The Company previously filed a Form 12b-25 with the SEC on June 15, 2020 for late filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2019 (the "2019 Annual Report"), pursuant to which the 2019 Annual Report was due to be filed by June 30, 2020. The Company expects to file the 2019 Annual Report (i) upon completion of the previously announced internal investigation being conducted by the SIC of the Company’s Board, with the assistance of KWM, (ii) once the Company’s financial statements for the fiscal year ended December 31, 2019 are finalized, (iii) the Company has completed the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019, and (iv) Friedman LLP, the Company’s independent registered public accounting firm, has completed its audit of financial statements and internal control over financial reporting as of December 31, 2019.

The Company also reports that on July 1, 2020, the Company received an expected notice from New York Stock Exchange ("NYSE") Regulation stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the Company’s failure to timely file the 2019 Annual Report with the SEC. As required by the notice, (a) a representative of the Company contacted the NYSE on July 1, 2020 to discuss the status of the 2019 Annual Report, and (b) the Company is issuing this press release, disclosing the status of the 2019 Annual Report, noting the delay and the reason for the delay, as mentioned above. The anticipated filing date of the 2019 Annual Report is not known at this time.

NYSE Regulation notified the Company that the NYSE will closely monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from the due date of the 2019 Annual Report. If the Company fails to file its annual report and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the NYSE Listed Company Manual.

The Company intends to meet the filing deadline of six months period from the filing due date of the 2019 Annual Report, or December 31, 2020.

Purchase of the Remaining 7% Equity Interest of TMG

In connection with our acquisition of a 93% equity interest in TMG in 2017, on April 10, 2020, we entered into a definitive agreement with Helmet Limited, or Helmet, which owned the remaining 7% equity interest (post-acquisition) in TMG, to purchase the remaining 7% equity interest for a consideration of EUR1.9 million. We fully paid this consideration on April 20, 2020, and received the remaining 7% equity interest in TMG on the same date. Since April 2020, we have consolidated into our financial statements the financial and operating results of TMG as a wholly-owned subsidiary.

Second Quarter 2020 Highlights

  • Net revenues were RMB3.6 million (US$0.5 million), compared with net revenues of RMB3.1 million for the first quarter of 2020, and net revenues of RMB9.7 million for the second quarter of 2019.
     
  • Operating loss was RMB52.3 million (US$7.4 million), compared with operating loss of RMB36.8 million for the first quarter of 2020, and operating loss of RMB138.3 million for the second quarter of 2019.
     
  • Non-GAAP[1] operating loss was RMB33.7 million (US$4.8 million), compared with non-GAAP operating loss of RMB31.7 million for the first quarter of 2020, and non-GAAP operating loss of RMB60.9 million for the second quarter of 2019.
     
  • Net loss attributable to 500.com was RMB86.3 million (US$12.2 million), compared with net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020, and net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019.
     
  • Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million), compared with non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020, and non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019.
     
  • Basic and diluted losses per ADS were RMB2.01 (US$0.28).
     
  • Non-GAAP basic and diluted losses per ADS were RMB0.79 (US$0.11).

[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of acquired intangible assets, impairment of goodwill, impairment of long-term investments and deferred tax benefit relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.

Second Quarter 2020 Financial Results

Net Revenues

Net revenues were RMB3.6 million (US$0.5 million) for the second quarter of 2020, representing a decrease of RMB6.1 million or 62.9% from RMB9.7 million for the second quarter of 2019 and a slight increase of RMB0.5 million or 16.1% from RMB3.1 million for the first quarter of 2020. Net revenues during the second quarter of 2020 primarily consisted of RMB3.0 million (EUR0.4 million) in revenue contribution from the Company’s online lottery betting and online casino in Europe through TMG, which accounted for 83.3% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of RMB6.6 million resulting from the temporary suspension of operations in Sweden.

Operating Expenses

Operating expenses were RMB55.1 million (US$7.8 million) for the second quarter of 2020, representing a decrease of RMB37.1 million or 40.2% from RMB92.2 million for the second quarter of 2019, and an increase of RMB11.1 million or 25.2% from RMB44.0 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB10.9 million in expenses for employees as a result of decrease in headcount, a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB4.1 million in rental expenses mainly due to the termination of leases for subsidiaries in Hong Kong, Japan and Hangzhou since the local offices were closed, a decrease of RMB2.9 million in travelling expenses, a decrease of RMB2.0 million in consulting expenses, a decrease of RMB1.6 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB1.9 million in consulting expenses and a decrease of RMB1.5 million in expenses for employees.

Cost of services was RMB4.6 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB10.4 million or 69.3% from RMB15.0 million for the second quarter of 2019, and a slight increase of RMB0.6 million or 15.0% from RMB4.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB6.8 million mainly in amortization associated with acquired intangible assets, a decrease of RMB2.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations, a decrease of RMB1.0 million in lottery insurance costs, and a decrease of RMB0.7 million in account handling expenses.

Sales and marketing expenses were RMB5.0 million (US$0.7 million) for the second quarter of 2020, representing a decrease of RMB4.6 million or 47.9% from RMB9.6 million for the second quarter of 2019, and an increase of RMB2.0 million or 66.7% from RMB3.0 million for the first quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB3.3 million in expenses for employees and a decrease of RMB0.5 million in travelling expenses. The sequential increase was mainly due to an increase of RMB1.7 million in share-based compensation expenses associated with share options granted to the Company’s employees.

General and administrative expenses were RMB35.4 million (US$5.0 million) for the second quarter of 2020, representing a decrease of RMB20.3 million or 36.4% from RMB55.7 million for the second quarter of 2019, and an increase of RMB5.5 million or 18.4% from RMB29.9 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB6.4 million in expenses for employees, a decrease in bad debt provision of RMB5.7 million for receivables, a decrease of RMB2.8 million in rental expenses, a decrease of RMB2.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.4 million in travelling expenses, and a decrease of RMB1.8 million in consulting expenses. The sequential increase was mainly due to an increase of RMB8.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB2.0 million in consulting expenses and a decrease of RMB1.1 million in expenses for employees.

Service development expenses were RMB10.1 million (US$1.4 million) for the second quarter of 2020, representing a decrease of RMB1.7 million or 14.4% from RMB11.8 million for the second quarter of 2019, and an increase of RMB3.0 million or 42.3% from RMB7.1 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB1.3 million in rental expenses and a decrease of RMB1.2 million in expenses for employees, which were partially offset by an increase of RMB0.7 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential increase was mainly due to an increase of RMB3.4 million in share-based compensation expenses associated with share options granted to the Company’s employees, which was partially offset by a decrease of RMB0.3 million in expenses for employees.

Impairments of Goodwill and Acquired Intangible assets

The impairments of goodwill and acquired intangible assets were related to the Company’s acquisition of TMG, which were triggered by TMG’s temporary suspension of operations in Sweden.

Impairment of goodwill was RMB57.2 million for the second quarter of 2019. There was no additional impairment of goodwill for the first and second quarters of 2020 as the related goodwill and intangible assets were fully impaired as of December 31, 2019.

Operating Loss

Operating loss was RMB52.3 million (US$7.4 million) for the second quarter of 2020, compared with operating loss of RMB138.3 million for the second quarter of 2019, and operating loss of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, and there was no such impairment during the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue. The sequential increase was mainly due to an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP operating loss was RMB33.7 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP operating loss of RMB60.9 million for the second quarter of 2019, and non-GAAP operating loss of RMB31.7 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

Net Loss Attributable to 500.com

Net loss attributable to 500.com was RMB86.3 million (US$12.2 million) for the second quarter of 2020, compared with net loss attributable to 500.com of RMB137.8 million for the second quarter of 2019, and net loss attributable to 500.com of RMB36.8 million for the first quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB57.2 million provided for goodwill during the second quarter of 2019, there was no such impairment for the second quarter of 2020, and (ii) a decrease of RMB37.1 million in operating expenses due to cost reduction measures implemented by management, which were partially offset by a decrease of RMB6.1 million in revenue and an impairment provision of RMB33.7 million provided for the equity method investment in Loto Interactive Limited ("Loto Interactive", HK: 08198) during the second quarter of 2020, which was calculated based on the last reported sale price on June 30, 2020. The sequential increase was mainly due to (i) an impairment provision of RMB33.7 million provided for long-term investment in Loto Interactive Limited during the second quarter of 2020,  and (ii) an increase of RMB13.5 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Non-GAAP net loss attributable to 500.com was RMB34.0 million (US$4.8 million) for the second quarter of 2020, compared with non-GAAP net loss attributable to 500.com of RMB60.4 million for the second quarter of 2019, and non-GAAP net loss attributable to 500.com of RMB35.3 million for the first quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB37.1 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB6.1 million in revenue.

Cash and Cash Equivalents, Restricted Cash, Time Deposits and Short-term Investments

As of June 30, 2020, the Company had cash and cash equivalents of RMB295.5 million (US$41.8 million), restricted cash[2] of RMB4.6 million (US$0.7 million), time deposit[3] of RMB0.2 million and short-term investment[4] of RMB50.0 million (US$7.1 million), compared with cash and cash equivalents of RMB332.9 million, restricted cash of RMB4.6 million, time deposits of RMB0.2 million and short-term investments of RMB30.0 million as of March 31, 2020.

[2] Restricted cash represents: (i) government grants received but pending final clearance; and (ii) deposits in merchant banks yet to be withdrawn.

[3] Time deposit represents deposits in commercial banks with original maturities of greater than three months but less than a year.

[4] Short-term investment represents investments in structured financial products provided by financial institutions in the PRC with an initial maturity of six months.

Prepayments and Other Current Assets

As of June 30, 2020, the balance of prepayment and other current assets was RMB24.9 million (US$3.5 million), compared with RMB33.4 million as of March 31, 2020. The balance as of June 30, 2020 mainly included: (i) the current portion of deferred expenses of RMB4.1 million (US$0.6 million); (ii) receivables from third party payment providers of RMB1.9 million (US$0.3 million); (iii) deposit receivables of RMB0.5 million (US$0.1 million); (iv) receivables of consideration from disposal of subsidiaries of RMB0.5 million (US$0.1 million); (v) deductible value added input tax of RMB12.2 million (US$1.7 million); and (vi) other receivables of RMB5.7 million (US$0.7 million).

Business Outlook

The Company does not expect to issue any earnings forecast until it receives clear instructions as to the resumption date of online sports lottery sales from the Ministry of Finance.

Currency Convenience Translation

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.0651 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2020, and all translations from Renminbi to Euros were made at the exchange rate of RMB7.7812 to EUR1.00, which was the average of the month-end exchange rates as set forth in the statistical release of State Administration of Foreign Exchange at the end of each month in 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. 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 law.

About Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in the Company’s consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.

Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.

For more information, please contact:

500.com Limited
ir@500wan.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
Email: Eyuan@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

 

 

500.com Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares)

December 31,
2019

June 30,
2020

June 30,
2020

RMB

RMB

US$

Unaudited

Unaudited

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

361,220

295,505

41,826

Restricted cash

4,576

4,640

657

Time deposits

23,849

200

28

Short-term investments

–

50,000

7,077

      Amounts due from related parties

10,401

503

71

Prepayments and other current assets

30,280

24,936

3,529

Total current assets

430,326

375,784

53,188

Non-current assets:

Property and equipment, net

64,112

49,384

6,990

Intangible assets, net

4,505

3,299

467

Deposits

5,388

5,282

748

Long-term investments

152,954

109,495

15,498

Right-of-use assets

36,607

24,161

3,420

Other non-current assets

1,887

1,664

236

Total non-current assets

265,453

193,285

27,359

TOTAL ASSETS

695,779

569,069

80,547

LIABILITIES AND SHAREHOLDERS’ EQUITY 

Current liabilities:

 Accrued payroll and welfare payable

6,879

3,093

438

 Accrued expenses and other current liabilities

51,398

53,684

7,599

 Income tax payable

2,213

545

77

 Operating lease liabilities – current

16,672

16,154

2,286

Total current liabilities

77,162

73,476

10,400

Non-current liabilities:

 Long-term payables

2,965

751

106

 Deferred tax liabilities

59

–

–

 Operating lease liabilities – non-current

31,675

21,747

3,078

Total non-current liabilities

34,699

22,498

3,184

TOTAL LIABILITIES

111,861

95,974

13,584

Redeemable noncontrolling interest 

14,849

–

–

Shareholders’ Equity:

Class A ordinary shares, par value US$0.00005
per share, 700,000,000 shares authorized as of 
December 31, 2019 and June 30, 2020;
420,001,792 and 430,014,792 shares issued
and outstanding as of December 31, 2019 and
June 30, 2020, respectively

145

149

22

Class B ordinary shares, par value US$0.00005
per share; 300,000,000 shares authorized as of
December 31, 2019 and June 30, 2020;
10,000,099 and 99 shares issued

 and outstanding as of December 31, 2019 and
June 30, 2020, respectively

6

2

–

Additional paid-in capital

2,547,293

2,571,064

363,910

Treasury shares

(143,780)

(143,780)

(20,351)

Accumulated deficit

(1,960,692)

(2,083,838)

(294,948)

Accumulated other comprehensive income

141,484

143,200

20,269

Total 500.com Limited shareholders’ equity

584,456

486,797

68,902

Noncontrolling interests

(15,387)

(13,702)

(1,939)

Total shareholders’ equity

569,069

473,095

66,963

TOTAL LIABILITIES, NONCONTROLLING
INTEREST AND SHAREHOLDERS’ EQUITY

695,779

569,069

80,547

 

 

 

500.com Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
 except for number of shares, per share (or ADS) data)

 Three Months Ended 

 Six Months Ended 

June 30,
2019

March 31,
2020

June 30,
2020

June 30,
2020

June 30,
2019

June 30,
2020

June 30,
2020

RMB

RMB

RMB

US$

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Net Revenues

9,705

3,064

3,648

516

21,340

6,712

950

Operating costs and expenses:

    Cost of services

(15,032)

(3,984)

(4,616)

(653)

(31,100)

(8,600)

(1,217)

    Sales and marketing expenses

(9,567)

(3,042)

(4,998)

(707)

(24,332)

(8,040)

(1,138)

    General and administrative expenses

(55,738)

(29,876)

(35,373)

(5,007)

(121,417)

(65,249)

(9,235)

    Service development expenses

(11,825)

(7,146)

(10,070)

(1,425)

(25,612)

(17,216)

(2,437)

Total operating expenses

(92,162)

(44,048)

(55,057)

(7,792)

(202,461)

(99,105)

(14,027)

    Other operating income 

952

4,091

453

64

4,715

4,544

643

    Government grant

377

169

172

24

3,022

341

48

    Other operating income (expenses)

40

(53)

(1,553)

(220)

(6,720)

(1,606)

(227)

    Impairment of goodwill

(57,218)

–

–

–

(57,218)

–

–

Operating loss from continuing operations

(138,306)

(36,777)

(52,337)

(7,408)

(237,322)

(89,114)

(12,613)

    Other income (expenses), net

1

(375)

1,116

158

389

741

105

    Interest income

3,427

2,391

2,554

361

7,117

4,945

700

    Loss from equity method investments

(6,568)

(5,211)

(2,769)

(392)

(6,911)

(7,980)

(1,129)

    Impairment of long-term investments

–

–

(33,706)

(4,771)

–

(33,706)

(4,771)

Loss before income tax

(141,446)

(39,972)

(85,142)

(12,052)

(236,727)

(125,114)

(17,708)

    Income tax benefit

342

3,593

60

8

440

3,653

517

Net loss from continuing operations

(141,104)

(36,379)

(85,082)

(12,044)

(236,287)

(121,461)

(17,191)

Net loss

(141,104)

(36,379)

(85,082)

(12,044)

(236,287)

(121,461)

(17,191)

    Less: Net (loss) income attributable to noncontrolling interest and Redeemable noncontrollling interest
from continuing operations

(3,306)

449

1,236

175

(3,554)

1,685

238

    Net (loss) income attributable to noncontrolling interests

(3,306)

449

1,236

175

(3,554)

1,685

238

Net loss attributable to 500.com Limited

(137,798)

(36,828)

(86,318)

(12,219)

(232,733)

(123,146)

(17,429)

Other comprehensive income (loss)

    Changes in unrealized (loss) gain

–

(2,409)

436

62

–

(1,973)

(279)

    Foreign currency translation gain (loss)

7,835

4,104

(415)

(59)

(1,010)

3,689

522

Other comprehensive income (loss), net of tax

7,835

1,695

21

3

(1,010)

1,716

243

Comprehensive loss

(133,269)

(34,684)

(85,061)

(12,041)

(237,297)

(119,745)

(16,948)

    Less: Comprehensive (loss) income attributable to noncontrolling interests and Redeemable noncontrolling
interest

(3,306)

449

1,236

175

(3,554)

1,685

238

Comprehensive loss attributable to 500.com Limited

(129,963)

(35,133)

(86,297)

(12,216)

(233,743)

(121,430)

(17,186)

Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Diluted

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Losses per share attributable to 500.com Limited-Basic and Diluted

    Net loss 

(0.32)

(0.09)

(0.20)

(0.03)

(0.54)

(0.29)

(0.04)

Losses per ADS* attributable to 500.com Limited-Basic and Diluted

    Net loss 

(3.22)

(0.86)

(2.01)

(0.28)

(5.45)

(2.86)

(0.41)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary
shares of the Company.

Numerator adjustment for net loss attributable to 500.com Limited

 

 

 

500.com Limited
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares, per share (or ADS) data)

 Three Months Ended 

 Six Months Ended 

June 30,
2019

March 31,
2020

June 30,
2020

June 30,
2020

June 30,
2019

June 30,
2020

June 30,
2020

RMB

RMB

RMB

US$

RMB

RMB

US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

Operating loss from continuing operations

(138,306)

(36,777)

(52,337)

(7,408)

(237,322)

(89,114)

(12,613)

    Adjustment for share-based compensation expenses

20,203

5,103

18,649

2,640

48,919

23,752

3,362

    Adjustment for impairment of goodwill

57,218

–

–

–

57,218

–

–

Adjusted operating loss from continuing operations (non-GAAP)

(60,885)

(31,674)

(33,688)

(4,768)

(131,185)

(65,362)

(9,251)

Net loss attributable to 500.com Limited

(137,798)

(36,828)

(86,318)

(12,219)

(232,733)

(123,146)

(17,429)

    Adjustment for share-based compensation expenses

20,203

5,103

18,649

2,640

48,919

23,752

3,362

    Adjustment for impairment of goodwill

57,218

–

–

–

57,218

–

–

    Adjustment for Impairment of long-term investments

–

–

33,706

4,771

–

33,706

4,771

    Adjustment for deferred tax benefit relating to valuation allowance

–

(3,599)

(60)

(8)

–

(3,659)

(518)

Adjusted net loss attributable to 500.com Limited (non-GAAP) 

(60,377)

(35,324)

(34,023)

(4,816)

(126,596)

(69,347)

(9,814)

Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Diluted

428,561,237

430,002,155

430,009,704

430,009,704

427,202,484

430,005,930

430,005,930

Losses per share attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(0.14)

(0.08)

(0.08)

(0.01)

(0.30)

(0.16)

(0.02)

Losses per  ADS* attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(1.41)

(0.82)

(0.79)

(0.11)

(2.96)

(1.61)

(0.23)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

Numerator adjustment for net loss attributable to 500.com Limited

 

 

Related Links :

http://ir.500.com/

PR Newswire

“Great Wall Heroes” Welcomes Future Visitors Back to Beijing with New 2020 Promotional Campaign

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BEIJING, Aug. 28, 2020 — On August 28, 2020, the "Great Wall Hero 2020—Visit Beijing Again" promotional event organized by Beijing Municipal Culture and Tourism Bureau was held at Fortress Square, Badaling Great Wall Scenic Area. This event was supported by Yanqing District Cultural Tourism Bureau, Badaling Special Zone Administrative Center, Air China, and China Plus. It is one of a series of events in 2020 as part of the Beijing Great Wall Cultural Festival.

Ms. Pang Wei awarded official Great Wall Heroes the Great Wall Heroes 2020 certificates
Ms. Pang Wei awarded official Great Wall Heroes the Great Wall Heroes 2020 certificates

Ms. Pang Wei, Deputy Director-General of Beijing Municipal Culture and Tourism Bureau, reviewed the achievements of the Visit Beijing international social media campaigns since 2013. Visit Beijing actively promotes Beijing on Facebook, Instagram, Twitter, and YouTube. Each year, the "Great Wall Heroes" global marketing campaign has invited foreign influencers to Beijing to experience the latest Beijing cultural tourism tours and products, as well as promoting Beijing through global social media platforms. The event has become an annual branding event for Beijing Municipal Culture and Tourism Bureau’s overseas promotion campaigns. In the wake of COVID-19, this year’s "Great Wall Heroes" campaign had the new theme of "Visit Beijing Again." Long-term Beijing expat influencers were invited to take part in a panel discussion about post-COVID-19 tourism development.

The five influencers/panelists were: Mr. Jim Spear, co-founder and designer of two award-winning tourism businesses near Mutianyu Great Wall; Ms. Sarah Keenlyside, founder of Bespoke Travel Company, which offers tailor-made, immersive travel services to foreign tourists; Mr. Hayden Opie of Beijing Hikers, a hiking club that has been popular in Beijing for more than 10 years; Mr. Ignace Lecleir, owner and founder of TRB, awarded number one fine dining restaurant in the world by TripAdvisor in 2019; and Mr. Dominic De Couto of B Electric, which offers fun new ways to discover Beijing via e-bike.

At the end of the event, Beijing Municipal Culture and Tourism Bureau presented the five foreign influencers with a certificate naming them "Great Wall Heroes" in recognition of their active efforts to promote Beijing and promote international cultural exchange.

In an interview, Ms. Pang Wei said that now that the COVID-19 outbreak in Beijing has been brought under control, the successful hosting of this event was of great significance to the future of cultural tourism in Beijing. Foreigners in Beijing were invited to visit the Great Wall and join the live stream, with the hope of helping people around the world to get to know China again after COVID-19 and find out how Beijing’s tourism market has recovered. The event also launched Beijing’s latest Great Wall Cultural Tours project, with the goal of laying a solid foundation for the recovery of inbound tourism after COVID-19.

After the event, the guests experienced the newly-launched Badaling Great Wall Night Tour, which was also live-streamed from Visit Beijing’s Facebook page. It is hoped that these promotional campaigns will embody and carry forward the spirit of the Great Wall, use the Great Wall culture as a link to tell Chinese stories, and promote cultural exchanges between China and the world.

PR Newswire

The Olive & Latte Suite presents: Olive and Latte, Dashingly Very Good Living VGD, Olive & Latte ABS, Olive & Latte Home Lounge to Engage for Moments

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SINGAPORE, Aug. 28, 2020 — This year 2020 marks the year for Olive and Latte Suite that is a globeshop of stories and biographies, that features all the following sites from the main sites with Olive & Latte ABS www.oliveandlatteabs.com , to Olive and Latte http://oliveandlatte.com/, and Dashingly Very Good Living that is an affordable luxe website https://www.dashinglyverygoodliving.com/ . And the Shopify sites at: https://oliveandlatte.myshopify.com/, and https://dashinglyverygoodlivingvgd.myshopify.com/.

The Olive & Latte Suite
The Olive & Latte Suite

The new websites that were launched this year were Olive and Latte Home Lounge http://www.oliveandlattehomelounge.com/ while Engagevu, the pr and marketing collaborative outfit presents Engage for Moments https://www.engageformoments.com/ .

Sharon Vu, Founder of Olive and Latte ABS (arts, bites, shop) with #OliveandLatte suite including #DashinglyVeryGoodLiving, and PR and Marketing outfit Engagevu, Vu Marcoms says, "Thanks to our collaborators, we have manage to fulfil the Olive and Latte Suite and we will continue to update with stories and biographies and with curated items and products for the globeshop."

Markus Flamman, Senior Advisor with Engagevu, and Adjunct Lecturer at the Henan University of Economics and Law commented, "These websites supply a wealth of views on F&B, recreation, and travel from the perspective of a carefully appointed group of personalities (that you will get to see in coming years) with very different backgrounds. You can read about their experience and even buy at discounted rates a growing selection of curated items from the concierge menu or globeshops."

Markus Flamman continued by saying, "Finding the right group of individuals to deliver content has been challenging. The demands on their performance operates in a niche where they’re to share experiences that fall in the category from ‘affordable luxury‘ to ‘home away from home experience during their trips‘.  So this group enjoys life locally and travels a lot, and at the moment virtually. While doing so, visit unique locations, avoid touristy places and demand an upscale environment that is comfortable to relax at, due to work schedules.

Not only do they bring back unique items from their travel, they also return with stories. These stories they share on the websites Engage for Moments and Olive and Latte Home Lounge in return, assist to find an easy route to these same experiences.

So head on over and be inspired for your next virtual dream trip from the comforts of your own home.  We are pleased with the launch of Olive and Latte Home Lounge and Engage for Moments and look forward to writing more of ‘Markus Anecdotes’, who knows this might go onto ebook format together with Sharon Vu."

Patwant Singh, the Guest Blogger and former Channel NewsAsia personality and ex-broadcast journalist, who is currently a media consultant and trainer comments, "Enjoyed partnering Olive and Latte Home Lounge in sharing my travel and professional experiences. The platform is ideal to reach out to targeted and like-minded individuals and looking forward to more tie-ups."

"I’ve come to know Sharon as a meticulous and conscientious partner to work with. I’m inspired by her relentless motivation to bring ‘good’ goods & services to the marketplace. A real joy working with her," ChinKar TAN, Publisher, Write Editions commented.

Ram Santhanaram a Professional Speaker/Emcee, a Masterclass Trainer and a renowned Laughter Coach is being featured on Olive and Latte Shopify, Dashingly Very Good Living, Dashingly Very Good Living VGD Shopify says, "Why feel trapped in a dungeon of worries and self-created sufferings when we can instead swim to the shores of possibilities and move to along the freeway of happiness?"

Richard, the Shanghai expat says, "Collaborating with Olive and Latte and Dashingly Very Good Living have provided an opportunity to feature the products picked from travels and to look forward to the private tours to places such as Yunnan or Tibet to be featured in the two brands."

Please reach Olive and Latte Suite at contact@oliveandlatte.com or contact@engagevusg.com for partnerships and enquiries.

To view the websites, please find at

Globeshop

(Affordable Luxe):

1.  www.dashinglyverygoodlivingVGD.com

2.  Installment payment Hoolah (3 mths interest free) is available on: https://dashinglyverygoodlivingvgd.myshopify.com

3.  http://oliveandlatte.com

4.  Installment payment Hoolah (3mths interest free) is available on: https://oliveandlatte.myshopify.com/

New Websites

5.  http://oliveandlattehomelounge.com

6.  http://engageformoments.com

About Olive and Latte Suite, Olive & Latte Home Lounge and Engage for Moments

Through Olive and Latte ABS (www.oliveandlatteabs.com), the company started in 2014 as an online content generation and sharing of stories across social networks and platforms. Olive and Latte eGlobeshop http://oliveandlatte.com http://oliveandlatte.myshopify.com, a shop around the corner, was launched on 7 Feb 2018, as an extension and an ecart to describe memorabilia and items from across the globe curated by Olive and Latte with Artists, Shoppers and Biz Innovators. The items have interesting and engaging stories behind them, or sometimes as retail therapy when people travel and getaway.  Olive and Latte Plug and Play is an engagement service where they plug into companies in functions to assist and engage, for Public Relations, Marketing and more, with their core of Publicists, Communicators and Marketers.

Dashingly Very Good Living VGD has the 3-pronged concept for the Affordable Luxury segment, and with the addition of the e-carting of Marketing to Solutioning services for the Individual and companies pre-paid, and with categories of Global Local Designers that Dashingly Very Good Living VGD will source, partner and procure and with the category of the Personality.

Olive and Latte Home Lounge http://www.oliveandlattehomelounge.com/ aims to cover everything about Home including notes on Enrichment, Deals of the Day and Week and Home recipes as a Home companion for those working remotely or at home. Engage for Moments https://www.engageformoments.com/ is a blog about the moments, the virtual Attractions, Travel and Anecdotal Moments and experiences be it in the online sphere and spaces.

For more information, please contact:

Sharon Vu
Director, Vu Marcoms, engagevu
Mobile: +65 8138 6913
Email: sharonvu@engagevusg.com

Photo – https://photos.prnasia.com/prnh/20200828/2902266-1?lang=0

Related Links :

http://oliveandlatte.com/

PR Newswire

Tuniu Announces Unaudited Second Quarter 2020 Financial Results

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NANJING, China, Aug. 28, 2020 — Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

"After nearly six months of downturn caused by the COVID-19 outbreak, we are encouraged to see that China’s domestic travel market is finally showing signs of recovery. We will continue to uphold our ‘Customer First’ principle in order to provide the best possible products and services to satisfy pent-up customer demand. Furthermore, we have adjusted our product strategy to focus on innovative and premium products in order to meet customers’ more exacting standards in the post COVID-19 era. In cooperation with our industry partners, we are committed to providing our customers with superior travel experiences." Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer, said, "In the second quarter our operating expenses continued to decline on a sequential basis. In the second half of the year, we expect to see the gradual recovery of revenues alongside the increasingly positive impact of our cost control measures."

Second Quarter 2020 Results

Net revenues were RMB34.0 million (US$4.8 million[1]) in the second quarter of 2020, representing a year-over-year decrease of 93.5% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

  • Revenues from packaged tours were RMB12.6 million (US$1.8 million) in the second quarter of 2020, representing a year-over-year decrease of 97.1% from the corresponding period in 2019. The decrease was primarily due to the suspension of sale of packaged tours impacted by the outbreak and spread of COVID-19[2].
  • Other revenues were RMB21.5 million (US$3.0 million) in the second quarter of 2020, representing a year-over-year decrease of 76.4% from the corresponding period in 2019. The decrease was primarily due to the declines in service fees received from insurance companies and commissions received from other travel-related products impacted by the outbreak and spread of COVID-19.

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.0651 on June 30, 2020 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.

[2] On January 24, 2020, the Ministry of Culture and Tourism of the People’s Republic of China issued a notice requiring travel agencies, including online travel agencies throughout the country to suspend the operation of organized tours and the provision of a combination of flight and hotel bookings.

Cost of revenues was RMB26.3 million (US$3.7 million) in the second quarter of 2020, representing a year-over-year decrease of 90.8% from the corresponding period in 2019. As a percentage of net revenues, cost of revenues was 77.3% in the second quarter of 2020, compared to 55.2% in the corresponding period in 2019.

Gross margin was 22.7% in the second quarter of 2020, compared to a gross margin of 44.8% in the second quarter of 2019. The decrease was primarily due to the decline in net revenues impacted by the outbreak and spread of COVID-19.

Operating expenses were RMB158.1 million (US$22.4 million) in the second quarter of 2020, representing a year-over-year decrease of 63.4% from the corresponding period in 2019. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB19.1 million (US$2.7 million) in the second quarter of 2020. Non-GAAP[3] operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB138.9 million (US$19.7 million) in the second quarter of 2020, representing a year-over-year decrease of 63.7%.

  • Research and product development expenses were RMB20.6 million (US$2.9 million) in the second quarter of 2020, representing a year-over-year decrease of 74.3%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.6 million (US$0.2 million), were RMB19.0 million (US$2.7 million) in the second quarter of 2020, representing a year-over-year decrease of 74.8% from the corresponding period in 2019. The decrease was primarily due to the decrease in research and product development personnel related expenses.
  • Sales and marketing expenses were RMB84.3 million (US$11.9 million) in the second quarter of 2020, representing a year-over-year decrease of 62.5%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB15.1 million (US$2.1 million), were RMB69.2 million (US$9.8 million) in the second quarter of 2020, representing a year-over-year decrease of 63.4% from the corresponding period in 2019. The decrease was primarily due to the decrease in promotion expenses and sales and marketing personnel related expenses.
  • General and administrative expenses were RMB61.0 million (US$8.6 million) in the second quarter of 2020, representing a year-over-year decrease of 54.6%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB2.5 million (US$0.3 million), were RMB58.5 million (US$8.3 million) in the second quarter of 2020, representing a year-over-year decrease of 53.2% from the corresponding period in 2019. The decrease was primarily due to the decrease in general and administrative personnel related expenses.

[3] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company’s financial results under GAAP.

Loss from operations was RMB150.3 million (US$21.3 million) in the second quarter of 2020, compared to a loss from operations of RMB199.2 million in the second quarter of 2019. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB131.0 million (US$18.5 million) in the second quarter of 2020.

Net loss was RMB154.6 million (US$21.9 million) in the second quarter of 2020, compared to a net loss of RMB167.2 million in the second quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB135.3 million (US$19.1 million) in the second quarter of 2020.

Net loss attributable to ordinary shareholders was RMB147.6 million (US$20.9 million) in the second quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB168.0 million in the second quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB128.3 million (US$18.2 million) in the second quarter of 2020.

As of June 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$225.2 million). The COVID-19 pandemic has negatively impacted our business operation and cash flows for the second quarter of 2020, which could continue to impact on subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.

Business Outlook

Tuniu’s business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the third quarter of 2020, the Company expects to generate RMB85.3 million to RMB170.5 million of net revenues, which represents 80% to 90% decrease year-over-year, and 151% to 401% increase quarter-over-quarter. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.

Conference Call Information

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on August 28, 2020, (8:00 pm, Beijing/Hong Kong Time, on August 28, 2020) to discuss the second quarter 2020 financial results.

To participate in the conference call, please dial the following numbers:

US:           

+1-888-346-8982

Hong Kong:    

+852-301-84992

Mainland China: 

4001-201203

International:   

+1-412-902-4272

Conference ID:

Tuniu 2Q 2020 Earnings Call

A telephone replay will be available one hour after the end of the conference through September 3, 2020. The dial-in details are as follows:

US:        

+1-877-344-7529

International: 

+1-412-317-0088

Replay Access Code:

10147497

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; the Company’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company’s structure, business and industry; the impact of the COVID-19 on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company’s business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

(Financial Tables Follow)

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)

 December 31, 2019 

 June 30, 2020 

 June 30, 2020 

 RMB 

 RMB 

 US$ 

ASSETS

Current assets

     Cash and cash equivalents

295,463

527,934

74,724

     Restricted cash 

327,052

85,904

12,159

     Short-term investments

1,305,386

976,996

138,285

     Accounts receivable, net

529,983

364,146

51,542

     Amounts due from related parties

65,108

50,998

7,218

     Prepayments and other current assets  

1,300,284

899,562

127,324

Total current assets

3,823,276

2,905,540

411,252

Non-current assets

     Long-term investments

1,305,612

557,446

78,901

     Property and equipment, net

223,340

197,230

27,916

     Intangible assets, net

166,267

112,602

15,938

     Land use right, net

98,774

97,744

13,835

     Operating lease right-of-use assets, net

105,839

54,945

7,777

     Goodwill

232,007

232,007

32,838

     Other non-current assets

83,923

60,147

8,514

     Long-term amounts due from related parties

557,582

552,328

78,177

Total non-current assets

2,773,344

1,864,449

263,896

Total assets

6,596,620

4,769,989

675,148

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

     Short-term borrowings

203,845

50,602

7,162

     Accounts and notes payable 

1,311,963

998,689

141,355

     Amounts due to related parties

29,755

27,913

3,951

     Salary and welfare payable

112,511

52,836

7,478

     Taxes payable

12,207

2,255

319

     Advances from customers

1,113,879

229,856

32,534

     Operating lease liabilities, current

57,490

35,451

5,018

     Accrued expenses and other current liabilities

907,119

897,505

127,034

Total current liabilities

3,748,769

2,295,107

324,851

Non-current liabilities

     Operating lease liabilities, non-current

54,718

37,551

5,315

     Deferred tax liabilities

23,658

22,029

3,118

     Long-term borrowings

9,689

19,403

2,746

     Other non-current liabilities

10,947

10,947

1,550

Total non-current liabilities

99,012

89,930

12,729

Total liabilities

3,847,781

2,385,037

337,580

Mezzanine equity

Redeemable noncontrolling interests

37,200

37,261

5,274

Shareholders’ equity

     Ordinary shares

249

249

35

     Less: Treasury stock

(310,942)

(308,146)

(43,615)

     Additional paid-in capital

9,113,512

9,118,231

1,290,602

     Accumulated other comprehensive income

293,784

301,604

42,689

     Accumulated deficit*

(6,385,974)

(6,754,555)

(956,045)

Total Tuniu’s shareholders’ equity

2,710,629

2,357,383

333,666

Noncontrolling interests

1,010

(9,692)

(1,372)

Total Shareholders’ equity

2,711,639

2,347,691

332,294

Total liabilities and shareholders’ equity

6,596,620

4,769,989

675,148

*On 1 January 2020, the Company adopted ASU No. 2016-13 (ASU 2016-13), "Financial Instruments – Credit Losses", and recognized a
cumulative-effect adjustment to the opening retained earnings at the adoption date.

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)

 Quarter Ended 

 Quarter Ended 

 Quarter Ended 

 Quarter Ended 

 June 30, 2019 

 March 31, 2020 

 June 30, 2020 

 June 30, 2020 

 RMB 

 RMB 

 RMB 

 US$ 

Revenues

     Packaged tours

429,482

120,240

12,563

1,778

     Others

90,848

53,741

21,461

3,038

Net revenues

520,330

173,981

34,024

4,816

Cost of revenues

(287,330)

(81,460)

(26,292)

(3,721)

Gross profit

233,000

92,521

7,732

1,095

Operating expenses

     Research and product development

(80,197)

(51,026)

(20,647)

(2,922)

     Sales and marketing

(224,582)

(124,698)

(84,255)

(11,926)

     General and administrative

(134,389)

(133,860)

(60,952)

(8,627)

     Other operating income

6,925

1,574

7,774

1,100

Total operating expenses

(432,243)

(308,010)

(158,080)

(22,375)

Loss from operations

(199,243)

(215,489)

(150,348)

(21,280)

Other income/(expenses)

     Interest and investment income, net

36,645

21,852

7,061

999

     Interest expense

(6,970)

(10,499)

(9,627)

(1,363)

     Foreign exchange gains/(losses), net

1,090

(877)

(4,184)

(592)

     Other income/(loss), net

586

(1,718)

1,323

187

Loss before income tax expense

(167,892)

(206,731)

(155,775)

(22,049)

Income tax benefit

738

817

934

132

Equity in income of affiliates

–

744

215

30

Net loss

(167,154)

(205,170)

(154,626)

(21,887)

Net loss attributable to noncontrolling interests

(444)

(3,629)

(7,073)

(1,001)

Net income/(loss) attributable to redeemable noncontrolling
interests

245

(81)

142

20

Net loss attributable to Tuniu Corporation

(166,955)

(201,460)

(147,695)

(20,906)

(Accretion on)/Reversal of redeemable noncontrolling interests

(1,033)

(81)

81

11

Net loss attributable to ordinary shareholders

(167,988)

(201,541)

(147,614)

(20,895)

Net loss

(167,154)

(205,170)

(154,626)

(21,887)

Other comprehensive income/(loss):

     Foreign currency translation adjustment, net of nil tax

7,110

8,091

(271)

(38)

Comprehensive loss

(160,044)

(197,079)

(154,897)

(21,925)

Loss per share

Net loss per ordinary share attributable to ordinary shareholders –
basic and diluted

(0.45)

(0.54)

(0.40)

(0.06)

Net loss per ADS – basic and diluted*

(1.35)

(1.62)

(1.20)

(0.18)

Weighted average number of ordinary shares used in computing
basic and diluted loss per share

369,343,738

370,055,731

370,145,186

370,145,186

Share-based compensation expenses included are as follows:

     Cost of revenues

1,827

207

189

27

     Research and product development

4,112

2,136

832

118

     Sales and marketing

1,519

205

147

21

     General and administrative

8,723

2,025

1,759

249

Total

16,181

4,573

2,927

415

*Each ADS represents three of the Company’s ordinary shares.

 

Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

 Quarter Ended June 30, 2020

 GAAP  

 Share-based 

Amortization of acquired 

Impairment of acquired

 Non-GAAP 

 Result 

 Compensation 

  intangible assets 

  intangible assets 

 Result 

Cost of revenues

(26,292)

189

–

–

(26,103)

Research and product development

(20,647)

832

782

(19,033)

Sales and marketing

(84,255)

147

14,915

–

(69,193)

General and administrative

(60,952)

1,759

709

(58,484)

Other operating income

7,774

–

–

7,774

Total operating expenses

(158,080)

2,738

16,406

–

(138,936)

Loss from operations

(150,348)

2,927

16,406

–

(131,015)

Net loss

(154,626)

2,927

16,406

–

(135,293)

Net loss attributable to ordinary
shareholders

(147,614)

2,927

16,406

–

(128,281)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.40)

(0.35)

Net loss per ADS – basic and diluted

(1.20)

(1.05)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,145,186

370,145,186

 Quarter Ended March 31, 2020

 GAAP  

 Share-based 

Amortization of acquired 

Impairment of acquired

 Non-GAAP 

 Result 

 Compensation 

  intangible assets 

  intangible assets 

 Result 

Cost of revenues

(81,460)

207

–

–

(81,253)

Research and product development

(51,026)

2,136

933

(47,957)

Sales and marketing

(124,698)

205

22,050

9,554

(92,889)

General and administrative

(133,860)

2,025

709

(131,126)

Other operating income

1,574

–

–

1,574

Total operating expenses

(308,010)

4,366

23,692

9,554

(270,398)

Loss from operations

(215,489)

4,573

23,692

9,554

(177,670)

Net Loss

(205,170)

4,573

23,692

9,554

(167,351)

Net loss attributable to ordinary shareholders

(201,541)

4,573

23,692

9,554

(163,722)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.54)

(0.44)

Net loss per ADS – basic and diluted

(1.62)

(1.32)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,055,731

370,055,731

 Quarter Ended June 30, 2019

 GAAP  

 Share-based 

Amortization of acquired 

Impairment of acquired

 Non-GAAP 

 Result 

 Compensation 

  intangible assets 

  intangible assets 

 Result 

Cost of revenues

(287,330)

1,827

–

–

(285,503)

Research and product development

(80,197)

4,112

513

–

(75,572)

Sales and marketing

(224,582)

1,519

34,163

–

(188,900)

General and administrative

(134,389)

8,723

704

–

(124,962)

Other operating income

6,925

–

–

–

6,925

Total operating expenses

(432,243)

14,354

35,380

–

(382,509)

Loss from operations

(199,243)

16,181

35,380

–

(147,682)

Net loss

(167,154)

16,181

35,380

–

(115,593)

Net loss attributable to ordinary shareholders

(167,988)

16,181

35,380

–

(116,427)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.45)

(0.32)

Net loss per ADS – basic and diluted

(1.35)

(0.96)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

369,343,738

369,343,738

*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary
shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based
awards as determined under the treasury stock method.

Related Links :

https://www.tuniu.com/

PR Newswire

West China’s lake city Wanzhou awaits tourists with much to offer

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WANZHOU, China, Aug. 28, 2020 — Wanzhou District of west China’s Chongqing Municipality is a lake city, and it made a splash in the evening of Aug. 27 with a livestreaming show put on to promote its tourism and culture products. Livestreamed in 12 online platforms, the show gained 35.42 million views and 11.27 million likes with Wanzhou’s beautiful landscape and rich resources, according to the Publicity Department of Wanzhou District.

Located in the heart of the Three Gorges reservoir area, Wanzhou boasts a long history and profound culture, and has been the place attracting scholars to stop by for appreciation since ancient times. In the past 1800 years, the Chongqing culture, the Three Gorges culture, the immigrant culture, the Anti-Japanese War culture and the revolution culture have met and merged in Wanzhou, creating a unique local culture.

In 2006, the grand Three Gorges Dam was completed. After impoundment, Wanzhou witnessed the emergence of a string of lakes. Later 29 city parks and 26 city squares were built in Wanzhou, forming an interconnected waterfront space. A new city with lakes, mountains and tall buildings accompanying each other came into being. In 2016, Wanzhou’s lake landscape was rated as one of the top ten new tourist attractions of the new Three Gorges.

When people come to Wanzhou, they must visit the three important landmarks. The Western Hills bell tower, which has been standing on the banks of the Yangtze River for nearly a century, is an impressive combination of Chinese and Western styles. It still rings on time. The Ba Du power plant was built and then provided power support to the industrial and mining enterprises that moved in 80 years ago. The plant’s old units are still generating electricity. The ruins of Tiansheng Ancient City, which survived the Anti-Yuan War in the late Southern Song Dynasty, occupied an important position in Sichuan’s city defense system and the history of the Song and Yuan wars.

The Chongqing Three Gorges Immigrant Memorial Hall is another must-go place in Wanzhou. It keeps a complete record of the history of Three Gorges immigrants and the construction of the reservoir area. A few days ago, the museum, together with Fujian Gutian Conference Memorial Hall and Hebei Xibaipo Memorial Hall, was selected as the first batch of pilot units on revolution culture as part of a national project to preserve and promote Chinese national culture.

The Wanzhou Waterfall is also worth visiting. It is called the first waterfall in Asia. The waterfall is 151 meters wide, 64.5 meters high and covers an area of 9739.5 square meters. It is one of the few waterfalls that can be viewed from all angles.

There are three popular local food: Wanzhou noodles, steamed food and roasted fish. In 2018, Wanzhou was officially recognized as the hometown of grilled fish in China.

Besides, Wanzhou is a good place to buy gifts related with the Three Gorges. The unique climate of the lakes in the Three Gorges nourishes rich Wanzhou produce, such as the local citrus, plums and tangerines sent to the space for breeding. The wooden comb brand Carpenter Tan is well known, so are the crisp and refreshing pickled mustard tuber in Yuquan and the spicy beef jerky. The Three Gorges embroidery and stones are quite distinctive while local Tiancong tea and Shixiantaibai liquor boast a lingering aftertaste.

The water town has witnessed longstanding peace and prosperity, echoed by the loud and exciting working songs in the old days and now by arias of slow life. In Wanzhou, one can walk in the streets for a taste of the thousand-year elegance of the Xishan Monument and the Tiansheng Ancient City. A stroll by the river bank to watch the sunset in the Western Hills or the morning light shining above forests is another good choice. Sailing on the lake to enjoy the night views and rippling waves is also recommended.

Wanzhou has always prioritized ecological conservation to boost green development. By seizing the opportunity to build the Chengdu–Chongqing economic circle, Wanzhou is making every effort to build a regional central city and an economic center in the Three Gorges Reservoir Area. It also plans to grow into a tourist distribution center and an important destination in the Great Three Gorges Reservoir Area by promoting its geographical advantages in the Three Gorges tourism as well as development prospects.

For more information, please visit http://www.wz.gov.cn/.

Related Links :

http://www.wz.gov.cn

PR Newswire

DJI Drives The Future Of Commercial Drones At AirWorks 2020

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New Sensors And Systems Enable Drone Solutions For The Coronavirus Era

SHENZHEN, China, Aug. 26, 2020 — DJI, the world’s leader in civilian drones and aerial imaging technology, today revealed new sensor systems and data integrations for its professional drone platforms at the fifth annual AirWorks conference, as the global coronavirus pandemic spurs massive adoption of drone technology for tasks that must now be performed remotely.

In online AirWorks sessions, industry-leading DJI customers and partners including Shell, Southern Manatee Fire & Rescue and FLIR Systems illustrated how drone technology has enabled people and businesses to be more resilient during the COVID-19 era, helping them follow new requirements for social and physical distancing while addressing the growing need for critical services like contactless inspections that drones provide.

"COVID-19 has challenged drone innovators around the world to rapidly develop and scale new ways of working, and DJI is proud to showcase some of the best ideas demonstrating how the drone industry has responded to the pandemic and how we can chart a course to even more beneficial drone uses," said Christina Zhang, Senior Director of Corporate Strategy and Communication at DJI. "This year’s virtual conference format for AirWorks allows more drone industry partners to attend sessions, exchange ideas, hear from experts and find new inspiration for how drone technology is changing everything about work."

DJI executives detailed their vison for the future of DJI’s technology and how the commercial drone ecosystem can benefit from new technical achievements. DJI drones will become optimized for integration into leading geospatial information systems (GIS) and gain new sensors that enable the creation of precise digital twin assets that precisely represent the real world. Additionally, DJI’s drone software and developer tools are becoming more robust to support advanced flight operations and industry-specific applications. Included in these key improvements are new partnerships and product features:

  • Drone-based LiDAR Sensors – DJI has been investing directly in lidar technology through its open innovation program that incubated Livox Technology Company. Livox’s new 498 grams lightweight Avia lidar sensor is compact, capable and able to be attached directly to the DJI Matrice 200 and Matrice 300 series drones to enable highly accurate 3D aerial mapping. It features long-distance detection range up to 460 meters, high-density point clouds and supports up to three returns. By bringing this affordable and scalable lidar solution to the skies, use cases will extend well beyond the architecture, engineering, and construction (AEC) industry and open new ways for public safety professionals, utility inspectors, and more to digitize their operations with the power of drone and lidar technology.
  • GIS System Integration – As the leading provider of survey-grade drone hardware, DJI announced today that we have partnered with ESRI, the global leader in location intelligence, to provide advanced enterprise solutions to our shared user-base. Through a direct integration between DJI hardware and ESRI’s Site Scan for ArcGIS, we will be advancing joint-developments of highly integrated solutions for the AEC, urban planning, public safety, and energy industries.
  • New Mission Management Platform – DJI’s FlightHub software will evolve from a fleet and pilot management tool into a comprehensive mission management platform centered around flight operations. With the new system, drones will deliver live data on top of an enhanced reality model for better coordination between field operators and command centers.
  • New Developer Tools – With 20,000 active developers and more than 1,000 published apps compatible with DJI drones, DJI announced improvements to its software development kit (SDK) tools that will enable third-party developers to create industry-specific applications, providing more access to DJI’s resources, and exploring and testing new cooperation methods. DJI’s new UX SDK changes the way developers and enterprises interact with DJI’s software and gives them more control over their DJI drone fleet – enabling them to meet stringent security requirements and ship unique, integrated software that meets the most demanding enterprise requirements.

Throughout the conference, leading DJI partners and customers will highlight their unique approaches to integrating and innovating drone technology to help organizations save time and money and improve worker safety.

  • FLIR Systems introduced the FLIR Vue® TZ20, the industry’s first dual-thermal payload for small UAS platforms. Developed on DJI’s Payload SDK, the Vue TZ20 is compatible with the DJI Matrice 200 and Matrice 300 series drones and features a wide 95-degree, and narrow 18-degree field of view FLIR Boson® sensor, allowing drone pilots to better maintain full situational awareness while keeping focused on their objective.
  • Shell Deer Park has become a DJI Solution Development Partner and showcased how DJI drones are used at the Shell Deer Park Manufacturing Complex for mission critical inspections of flare stacks, external floating roof tanks, and response to emergency operations.
  • Southern Manatee Fire & Rescue demonstrated its leadership in the fire service community to keep emergency responders safe during hazardous materials incident response using DJI’s Matrice 300 drone technology.

About AirWorks

AirWorks is the premier venue for exchanging ideas, learning about the latest developments in commercial drone technology, and steering the future development of the industry. It draws attendees from a diverse set of backgrounds who are using drones every day within the agriculture, construction, energy, infrastructure and public safety industries for engaging presentations, workshops, training sessions and networking opportunities. In addition to industry-specific sessions, attendees will hear from prominent leaders in the drone industry during lively panel discussions dedicated to current and future industry trends and drone regulations. The complete AirWorks agenda and more information about the conference can be found at www.djiairworks.us.

For additional information, please contact:
pr@dji.com

About DJI

DJI, the world’s leader in civilian drones and aerial imaging technology, was founded and is run by people with a passion for remote-controlled helicopters and experts in flight-control technology and camera stabilization. The company is dedicated to making aerial photography and filmmaking equipment and platforms more accessible, reliable and easier to use for creators and innovators around the world. DJI’s global operations currently span across the Americas, Europe and Asia, and its revolutionary products and solutions have been chosen by customers in over 100 countries for applications in filmmaking, construction, inspection, emergency response, agriculture, conservation and other industries.

For more information, visit our:

Website: www.dji.com 
Online Store: store.dji.com/ 
Facebook: www.facebook.com/DJI 
Instagram: www.instagram.com/DJIGlobal 
Twitter: www.twitter.com/DJIGlobal 
LinkedIn: www.linkedin.com/company/dji 
Subscribe to our YouTube Channel: www.youtube.com/DJI

Related Links :

http://store.dji.com/cn

http://www.dji.com

PR Newswire

Tuniu to Report Second Quarter 2020 Financial Results on August 28, 2020

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NANJING, China, Aug. 21, 2020 — Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2020, before the market opens on August 28, 2020.

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time on August 28, 2020 (8:00 pm Beijing/Hong Kong Time on August 28, 2020).

Listeners may access the call by dialing the following numbers:

US

+1-888-346-8982

Hong Kong

+852-301-84992

Mainland China

4001-201203

International

+1-412-902-4272

Conference ID:

Tuniu 2Q 2020 Earnings Call 

A telephone replay will be available one hour after the end of the conference call through September 3, 2020. The dial-in details are as follows:

US

+1-877-344-7529

International

+1-412-317-0088

Replay Access Code:

10147497

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

About Tuniu Corporation

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Related Links :

https://www.tuniu.com/

PR Newswire

500.com Limited to Report Second Quarter 2020 Financial Results on August 28, 2020

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SHENZHEN, China, Aug. 20, 2020 — 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), an online sports lottery service provider in China, today announced that it plans to release its financial results for the second quarter ended June 30, 2020 after the close of U.S. markets on Friday, August 28, 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. 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 law.

For more information, please contact:

500.com Limited
ir@500wan.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://ir.500.com/

PR Newswire

AirNet Announces Adoption of a Shareholder Rights Plan

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BEIJING, Aug. 13, 2020 — AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that its board of directors (the "Board") has adopted a shareholder rights plan. Pursuant to the plan, the Company will issue one right (a "Right") with respect to each outstanding ordinary share of the Company of a par value of US$0.001 each (the "Ordinary Shares"), held of record at the close of business on August 24, 2020.

The shareholder rights plan, which has a term of one year, is designed to guard against coercive or otherwise unfair takeover tactics to gain control or undue influence of the Company without offering a fair and adequate price and terms to shareholders of the Company. The plan does not prevent the Board from considering or accepting an offer to acquire the Company if the board believes that such action is fair, advisable and in the best interest of shareholders of the Company as a whole.

Each Right will initially entitle the registered holder to purchase one Ordinary Share at an exercise price of US$0.9 per Right, subject to adjustment. However, the Rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events. More specifically, if a person or group acquires 15% or more of the outstanding Ordinary Shares while the shareholder rights plan remains in place, then the Rights will become exercisable by all Rights holders (except the acquiring person or group) for that number of Ordinary Shares having a then-current market value of twice the exercise price of a Right. However, by way of illustration, if a shareholder’s beneficial ownership of Ordinary Shares as of the time of this announcement of the shareholder rights plan is at or above the 15% threshold, that shareholder’s existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after this announcement the shareholder increases its ownership percentage by 1% or more without the prior approval of the Board. In addition, if after a person or group acquires 15% or more of the outstanding Ordinary Shares, the Company consolidates or merges or participates in a scheme of arrangement or statutory share exchange with any other entity or the Company sells or transfers more than 50% of its assets, operating income or cash flow, then each Right will entitle its holder to purchase, for the exercise price, that number of shares of the person engaging in the transaction having a then-current market value of twice the exercise price of a Right. The acquiring person will not be entitled to exercise these rights. The Board may redeem the Rights for US$0.001 per Right at any time before an event that causes the Rights to become exercisable.

Additional details about the shareholder rights plan will be contained in a Form 6-K to be filed by the Company with the U.S. Securities and Exchange Commission.

About AirNet

Incorporated in 2007 and headquartered in Beijing, China, AirNet provides in-flight solutions to connectivity, entertainment and digital multimedia in China. Collaborating with its partners, AirNet empowers Chinese airlines with seamlessly immersive Internet connections through a network of satellites and land-based beacons, provides airline travelers with interactive entertainment and a coverage of breaking news, and furnishes corporate clients with advertisements tailored to the perceptions of the travelers. For more information, please visit http://ir.ihangmei.com.  

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, statements regarding the development of the COVID-19 pandemic and its impact on the Company’s business operations. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements are based upon management’s current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but not limited to the following: its ability to achieve and maintain profitability; its ability to continuously improve its solutions and services enabling inflight connectivity; its ability to compete effectively against its competitors; the expected growth in consumer spending, average income levels and advertising spending levels; the growth of the inflight connectivity industry in China; and government policies affecting the inflight connectivity industry in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. 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 law.

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http://ir.ihangmei.com