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Senmiao Technology Reports Fiscal 2022 Year-end Financial Results

July 15, 2022 TechENT Syndication Leave a comment

CHENGDU, China, July 15, 2022 /PRNewswire/ — Senmiao Technology Limited (“Senmiao” or the “Company”) (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China, as well as an operator of its own online ride-hailing platform, today announced financial results for the fiscal year ended March 31, 2022.

Please note that the following financial results reflect the deconsolidation of the financial figures of Senmiao’s former variable interest entities (“VIEs”) Sichuan Senmiao Ronglian Technology Co., Ltd. (“Sichuan Senmiao”), Sichuan Jinkailong Automobile Leasing Co., Ltd. (“Jinkailong”) and Chengdu Youlu Technology Ltd. (“Youlu”), as of March 31, 2022. Jinkailong’s and Youlu’s business results have now been classified as discontinued operations but were previously classified under Automobile Transaction and Related Services.

Fiscal 2022 Financial and Operating Highlights

Total revenues of $4.9 million from continuing operations, a 124.5% increase from $2.2 million in the prior fiscal year
From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to March 31, 2022, approximately 20 million rides were completed through the platform (including orders completed on the platform operated by Senmiao and orders completed on partner platforms, such as Meituan) with fares paid by riders totaling $63.3 million.
Net loss from continuing operations of $5.6 million, compared to $7.5 million in the prior fiscal year

Management Commentary

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, “Despite ongoing challenges presented by the pandemic environment in China, we are pleased with the significant growth we have achieved in our automobile transaction and related service and online ride-hailing platform services businesses, which drove our impressive top line results for fiscal year 2022. With our equity investee company, we leased a total of over 2,300 vehicles in fiscal 2022, compared to 1,200 in fiscal 2021, which resulted in a 666% year-over-year increase in rental income. We believe our continuous efforts in shifting our business focus to these new lines of business have begun to exhibit remarkable results, and we are optimistic about their future growth potential, which will continue to fuel top line growth for Senmiao as we continue to explore new regional markets. As of March 31, 2022, our platform has helped facilitate approximately 17 million rides since launch, with an additional 3 million rides completed on our partners’ platforms. Our ride-hailing services are now available in 20+ cities throughout China.”

Mr. Wen continued, “During fiscal year 2022, Senmiao strengthened our partnership base, establishing and expanding upon relationships with companies that possess a significant national presence and the resources to help us enter new local regions. This has enabled us to significantly grow our main businesses. We believe we are in a strong position to continue growing our online ride-hailing platform, which we anticipate will have a positive impact on our auto rental business as our replicable model of offering a flexible automobile rental option has been well received by our online ride-hailing drivers. With that in mind, Senmiao plans to provide a series of product solutions to increase the number of our automobiles for operating leases. We will remain focused on becoming a leading financing and servicing company and a significant player in the online ride-hailing market in China.”

Financial Review

Revenues

Total revenues from continuing operations were $4.9 million for the year ended March 31, 2022, a 124.5% increase from $2.2 million in the prior fiscal year. This increase was largely due to increased contributions from operating lease revenues from automobile rentals and online ride-hailing platform services.

During the year ended March 31, 2022, Senmiao continued to shift its business focus to automobile rental options for ride-hailing drivers while developing its online ride-hailing platform services business. As a result, the automobile rental business generated operating lease revenues of $1.7 million for the year ended March 31, 2022, compared to $0.2 million in the prior fiscal year, due to a significant increase in the number of automobiles leased. The online ride-hailing platform services business generated revenues of $2.7 million, a 195.1% increase from $0.9 million in the prior fiscal year.

Cost of Revenues

Cost of revenues from continuing operations increased to $6.5 million for the year ended March 31, 2022, from $2.0 million in the prior fiscal year, primarily due to increased expenses related to costs of automobiles under operating leases and direct expense and technical service fees related to Senmiao’s online ride-hailing platform.

Gross Loss (Profit)

Gross loss from continuing operations was $1.6 million for the year ended March 31, 2022, compared to gross profit from continuing operations of $0.2 million in the prior fiscal year, due to the significant increase in cost of revenues as a result of the rapid expansion of the Company’s automobile leasing and online ride-hailing platform services businesses. Senmiao leased and sub-leased approximately 400 automobiles to online ride-haling drivers through its former VIE Jinkailong during the year ended March 31, 2022. Rental income of approximately $1.3 million from Jinkailong was eliminated in the consolidated financial statements while sub-leasing income from these automobiles of approximately $1.8 million was recorded in loss of discontinued operations.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for continuing operations increased to $9.5 million for the year ended March 31, 2022, compared to $5.9 million in the prior fiscal year. The increase was primarily due to increased salary and employee benefit expenses as a result of hiring additional staff, increased office rental expense and charges, and increase in advertising and promotion expenses related to the online ride-hailing platform.

Net Loss

Net loss from continuing operations for the year ended March 31, 2022, was $5.6 million, compared to $7.5 million in the prior fiscal year. The year-over-year improvement was primarily due to an $8.7 million increase in the fair value change of derivative liabilities related to warrants issued in the Company’s previous offerings, offset by the increase in the loss from operations of $5.6 million.

Loss per Share

Loss per share for continuing operations was approximately $1.66 based on a weighted average number of basic and diluted common stock of 5.7 million, compared to approximately $1.65 based on a weighted average number of basic and diluted common stock of 3.9 million.

On April 5, 2022, Senmiao announced a 1-for-10 reverse stock split with trading to begin on a split-adjusted basis at the market open on April 6, 2022. Weighted average number of basic and diluted common stock numbers noted herein were given retroactive effect to account for the 1-for-10 reverse stock split.

Results from Discontinued Operations

For the year ended March 31, 2022, results from discontinued operations (primarily from Senmiao’s former VIE Jinkailong as noted above) and the gain from their deconsolidation are as follows:

	For the year ended March 31,
	2022	2021
Revenues	$6,830,116	$3,978,847
Cost of revenues	$(5,183,806)	$(3,985,413)
Gross profit (loss)	$1,646,310	$(6,566)
Selling, general and administrative expenses	$(4,139,800)	$(4,455,967)
Loss from discontinued operations, net of applicable income taxes	$(2,747,209)	$(5,187,214)
Net gain from deconsolidation of VIEs – discontinued operations	$10,975,101	–
Gain (loss) from discontinued operations	$8,227,892	$(5,187,214)

Financial Position

As of March 31, 2022, Senmiao had cash and cash equivalents of $1.2 million, compared to $4.3 million as of March 31, 2021, for its continuing operations. Total stockholders’ equity was $8.1 million as of March 31, 2022, compared to $5.9 million as of March 31, 2021.

Further information regarding Senmiao’s results of operations for the fiscal year ended March 31, 2022, can be found in Senmiao’s Annual Report on Form 10-K, which will be filed with the Securities and Exchange Commission today.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services, as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao’s areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao’s ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao’s filings with the SEC, and represent Senmiao’s views only as of the date they are made and should not be relied upon as representing Senmiao’s views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances.

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.
Carolyne Sohn, Vice President
+1 415-568-2255
csohn@equityny.com

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com

SENMIAO TECHNOLOGY LIMITED
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. dollars, except for the number of shares)

	March 31,		March 31,
	2022		2021
ASSETS
Current assets
Cash, and cash equivalents	$	1,185,221	$	4,340,529
Accounts receivable, net, current portion		418,022		502,031
Inventories		286,488		127,933
Finance lease receivables, net, current portion		314,264		541,605
Prepayments, other receivables and other assets, net		2,713,208		2,660,083
Due from related parties		682,335		—
Current assets – discontinued operations		—		2,720,825
Total current assets		5,599,538		10,893,006

Property and equipment, net
Property and equipment, net		5,658,773		3,251,331
Property and equipment, net – discontinued operations		—		454,408
Total property and equipment, net		5,658,773		3,705,739

Other assets
Operating lease right-of-use assets, net		109,621		233,751
Operating lease right-of-use assets, net, related parties		515,906		580,367
Financing lease right-of-use assets, net		305,933		577,079
Intangible assets, net		959,551		968,131
Goodwill		—		135,388
Accounts receivable, net, non-current		69		61,943
Finance lease receivables, net, non-current		92,980		473,472
Due from a related party, noncurrent		6,635,746		—
Other assets – discontinued operations		—		4,674,403
Total other assets		8,619,806		7,704,534

Total assets	$	19,878,117	$	22,303,279

LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current liabilities
Borrowings from financial institutions	$	145,542	$	—
Accounts payable		14,446		44,769
Advances from customers		120,629		110,173
Accrued expenses and other liabilities		2,444,367		2,873,227
Due to related parties and affiliates		11,682		82,909
Operating lease liabilities		50,177		109,813
Operating lease liabilities – related parties		330,781		243,726
Financing lease liabilities		304,557		358,135
Derivative liabilities		2,215,204		1,278,926
Current liabilities – discontinued operations		528,426		11,677,266
Total current liabilities		6,165,811		16,778,944

Other liabilities
Operating lease liabilities, non-current		47,910		95,886
Operating lease liabilities, non-current – related parties		226,896		341,549
Financing lease liabilities, non-current		1,376		218,944
Deferred tax liability		46,386		44,993
Other liabilities – discontinued operations		—		2,250,393
Total other liabilities		322,568		2,951,765

SENMIAO TECHNOLOGY LIMITED
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Expressed in U.S. dollars, except for the number of shares)

		March 31, 2022		March 31, 2021

Total liabilities	$	6,488,379	$	19,730,709

Commitments and contingencies

Mezzanine Equity (redeemable)
Series A convertible preferred stock (par value $0.0001 per share, 5,000 shares authorized; 5,000 and 0 shares issued and outstanding at March 31, 2022 and 2021, respectively), net of issuance costs of $118,344		820,799		—

Stockholders’ equity
Common stock (par value $0.0001 per share, 10,000,000 shares authorized; 6,186,783 and 4,978,073 shares issued and outstanding at March 31, 2022 and 2021, respectively)*		630		498
Additional paid-in capital		42,803,033		40,759,807
Accumulated deficit		(34,601,545)		(34,064,921)
Accumulated other comprehensive loss		(109,454)		(838,671)
Total Senmiao Technology Limited stockholders’ equity		8,092,664		5,856,713

Non-controlling interests		4,476,276		(3,284,143)

Total equity		12,568,939		2,572,570

Total liabilities and equity	$	19,878,117	$	22,303,279

*Giving retroactive effect to the 1-for-10 reverse stock split effected on April 6, 2022

SENMIAO TECHNOLOGY LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in U.S. dollars, except for share and per share amounts)

	For the Year Ended March 31,
	2022		2021
Revenues	$	4,913,102	$	2,188,840
Cost of revenues		(6,511,031)		(1,984,079)
Gross profit (loss)		(1,597,929)		204,761

Operating expenses
Selling, general and administrative expenses		(9,525,408)		(5,905,579)
Provision for doubtful accounts, net of recovery		(235,279)		(299,658)
Impairments of inventories		(60,398)		—
Impairments of long-lived assets and goodwill		(142,974)		(10,953)
Total operating expenses		(9,964,059)		(6,216,190)

Loss from operations		(11,561,988)		(6,011,429)

Other income (expense)
Other income (expense), net		(107,444)		301,269
Interest expense		(5,893)		—
Interest expense on finance leases		(55,844)		(46,518)
Change in fair value of derivative liabilities		6,951,482		(1,710,415)
Issuance cost incurred for issuing series A convertible preferred stock		(821,892)		—
Total other income (expense), net		5,960,409		(1,455,664)

Loss before income taxes		(5,601,579)		(7,467,093)

Income tax expense		(4,566)		(8,332)

Net loss from continuing operations		(5,606,145)		(7,475,425)

Discontinued operations:
Loss from discontinued operations, net of applicable income taxes		(2,747,209)		(5,187,214)
Net gain from deconsolidation of VIEs – discontinued operations		10,975,101		—
Gain (loss) from discontinued operations		8,227,892		(5,187,214)

Net income (loss)		2,621,747		(12,662,639

Net (income) loss attributable to non-controlling interests from continuing operations		(3,872,645)		970,019
Net loss attributable to non-controlling interests from discontinued operations		714,274		1,332,562

Net loss attributable to stockholders	$	(536,624)	$	(10,360,058)

Net income (loss)	$	2,621,747	$	(12,662,639)

Other comprehensive income (loss)
Foreign currency translation adjustment		64,470		(314,669)

Comprehensive income (loss)		2,686,217		(12,977,308)
Less: Total comprehensive income (loss) attributable to noncontrolling interests		3,142,520		(2,286,057)

Total comprehensive loss attributable to stockholders	$	(456,303)	$	(10,691,251)

SENMIAO TECHNOLOGY LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (CONTINUED)
(Expressed in U.S. dollars, except for share and per share amounts)

	For the Year Ended March 31,
	2022		2021
Weighted average number of common stock
Basic and diluted		5,726,997		3,943,089

Earnings (loss) per share – basic and diluted
Continuing operations	$	(1.66)	$	(1.65)
Discontinued operations	$	1.56	$	(0.98)

SENMIAO TECHNOLOGY LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollars, except for the number of shares)

	For the Year Ended March 31,
	2022		2021
Cash Flows from Operating Activities:
Net income (loss)	$	2,621,747	$	(12,662,639)
Net income (loss) from discontinued operations		8,227,892		(5,187,214)
Net loss from continuing operations		(5,606,145)		(7,475,425)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization of property and equipment		956,400		85,530
Stock based compensation expense		653,000		445,000
Issuance cost incurred for issuing series A convertible preferred stock		821,892		–
Amortization of right-of-use assets		955,443		398,292
Amortization of intangible assets		160,831		107,765
Provision for doubtful accounts, net of recovery		235,279		299,658
Impairments of inventories		60,398		–
Impairments of long-lived assets		142,974		10,953
Gain on disposal of equipment		–		(425)
Change in fair value of derivative liabilities		(6,951,482)		1,710,415
Change in operating assets and liabilities
Accounts receivable		4,456		162,828
Inventories		(260,464)		172,626
Prepayments, other receivables and other assets		28,254		(1,366,724)
Finance lease receivables		634,103		348,919
Accounts payable		(31,434)		(6,067)
Advances from customers		6,678		47,895
Income tax payable		–		(168)
Accrued expenses and other liabilities		(377,965)		2,123,010
Operating lease liabilities		(240,051)		(64,701)
Operating lease liabilities – related parties		(228,281)		(195,519)
Net cash used in operating activities from continuing operations		(9,036,114)		(3,196,138)
Net cash used in operating activities from discontinued operations		(123,167)		(739,929)
Net Cash used in Operating Activities		(9,159,281)		(3,936,067)

Cash Flows from Investing Activities:
Purchases of property and equipment		(3,223,992)		(2,293,415)
Purchases of intangible assets		(141,730)		(25,347)
Cash released upon termination of a VIE		(193)		–
Cash acquired from XXTX, net of cash paid to XXTX[1]		–		8,065
Net cash used in investing activities from continuing operations		(3,365,915)		(2,310,697)
Net cash used in investing activities from discontinued operations		(111,210)		(200,165)
Net Cash Used in Investing Activities		(3,477,125)		(2,510,862)

Cash Flows from Financing Activities:
Net proceeds from issuance of common stock and warrants in a registered direct offering		5,771,053		5,743,905
Net proceeds from issuance of common stock and warrants in an underwritten public offering		–		5,261,297
Net proceeds from issuance of common stock upon warrants exercised		22,015		683,046
Net proceeds from issuance of series A convertible preferred stock and warrants in a private placement offering		4,369,937		–
Net proceeds from exercise of underwriters’ over-allotment option		–		837,000
Borrowings from a financial institution		183,390		–
Loan to related parties		–		(101,142)

SENMIAO TECHNOLOGY LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Expressed in U.S. dollars, except for the number of shares)

		For the Year Ended March 31,
		2021	2020

Repayments to related parties and affiliates		(117,761)		(37,445)
Repayments of current borrowings from financial institutions		(39,613)		–
Principal payments of finance lease liabilities		(433,611)		(2,230,765)
Net cash provided by financing activities from continuing operations		9,755,410		10,155,896
Net cash provided by financing activities from discontinued operations		–		103,881
Net Cash Provided by Financing Activities		9,755,410		10,259,777

Effect of exchange rate changes on cash and cash equivalents		(381,858)		(208,800)

Net (decrease) increase in cash and cash equivalents		(3,262,854)		3,604,048
Cash and cash equivalents, beginning of year		4,448,075		844,027
Cash and cash equivalents, end of year		1,185,221		4,448,075

Less: Cash and cash equivalents from discontinued operations		–		(107,546)

Cash and cash equivalents from continuing operations, end of year	$	1,185,221	$	4,340,529

Supplemental Cash Flow Information
Cash paid for interest expense	$	5,893	$	45,764
Non-cash Transaction in Investing and Financing Activities
Recognition of right-of-use assets and lease liabilities	$	273,555	$	3,785,526
Recognition of right-of-use assets and lease liabilities, related parties	$	181,620	$	–
Recognition of other receivables from Jinkailong upon deconsolidation	$	7,298,208		–
Acquisition of equipment through prepayment and financing lease	$	–	$	941,263
Allocation of fair value of derivative liabilities for issuance of common stock	$	7,932,341	$	997,193
Allocation of fair value of derivative liabilities to additional paid in capital upon warrants exercised	$	45,674	$	1,771,213
Acquisition of XXTX with payables	$	–	$	317,835
Acquisition of XXTX’s minority interest with issuance of common stock	$	1,972,717	$	–

[1] XXTX is the entity associated with Senmiao’s Xixingtianxia ride-hailing platform.

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PR Newswire

IQAX named among top 10 digital twin solution providers in APAC

July 14, 2022 TechENT Syndication Leave a comment

IQAX is proud to announce its inclusion in CIOoutlook’s top 10 digital twin solution providers 2022 in the region.

HONG KONG, July 14, 2022 /PRNewswire/ — IQAX Limited, a leading innovator of digital solutions for the logistics industry, has been recognised as one of the top 10 digital twin solutions providers in the Asia Pacific region by CIOoutlook magazine.

“IQAX is honoured to be included in CIOoutlook magazine’s exclusive list of the best forward thinking solutions. The list recognises the power and potential of digital twin solutions in general and IQAX solutions in particular,” said IQAX CEO Romney Wong.

Digital twin solutions generate significant benefits for the shipping and logistics industry and are poised to play an important role within the most innovative digital solutions.

IQAX relies on the power of a digital twin for its ground breaking and industry leading IQAX TrackIt solution, a real-time ocean shipment visibility platform for shippers and non-vessel operating common carriers (NVOs) to visualize and gain unparalleled insights about their shipments in transit.

IQAX TrackIt uses a digital twin, artificial intelligence (AI) and machine learning to sift through multiple sources of data and give shippers and NVOs alike greater awareness about the status and movement of their shipments.

The predictive and learning modelling of digital twin enhances shipment data completeness to facilitate a more accurate prediction on future scenario. IQAX TrackIt is a game changer that is overcoming hurdles in an industry that regularly faces last minute changes, thereby providing its users with the agility to react in a timely fashion. IQAX TrackIt provides both real time shipment status and predictive alerts so the logistics team can best respond to any situation quickly and efficiently.

“IQAX uses a digital twin to connect physical and digital world, harmonizing the data by using predictive analytics throughout the entire supply chain, providing the best quality view into the past, present and future. This facilitates ongoing innovation and digitization initiatives such as real time supply chain network optimization or in-transit inventory optimization and makes it possible to overcome hurdles created by the availability or quality of data from their partners,” Wong told CIOoutlook.

“Each potentially delayed shipment, if tracked, can mean avoiding tens of thousands of dollars in detention and demurrage charges, chargebacks, lost sales, or factory waiting times. Integrating the highly interactive maps and dashboards beyond the logistics teams to sales, purchasing, and support can further improve communications and elevate customer service.”

IQAX is proudly recognised in the CIOoutlook Digital Twin annual edition 2022, a digital and print magazine that provides a platform for CIOs, CTOs and senior level IT decision makers to share their experience and advice. The magazine is published out of Silicon Valley, U.S., and has a presence in all major Asia Pacific countries.

For more information about IQAX TrackIt visit our website at https://www.iqax.com/en/solutions/shipment-tracking/

ABOUT IQAX

IQAX is a global information technology company that provides intelligent digital transformation solutions using blockchain for enterprises in the logistics ecosystem. Backed by a strong heritage in container shipping, IQAX strives to foster a harmonized and connected global trade environment. As an industry leader, IQAX connects with shippers, freight forwarders, carriers, terminals and financial institutions and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain.

IQAX is an independent technology company wholly owned by Orient Overseas (International) Ltd. (HKEX:0316), one of the largest integrated international transport and logistics companies in the world. 

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NaaS Technology and Jingcheng Leasing Jointly Developing a New Charging Infrastructure Ecosystem

July 11, 2022 TechENT Syndication Leave a comment

The strategic cooperation will provide one-stop financial solutions for the construction of charging stations

BEIJING, July 11, 2022 /PRNewswire/ — NaaS Technology Inc. (NASDAQ: NAAS, “NaaS” or “the Company”) announced that the Company has signed a strategic cooperation agreement with Beijing Jingcheng International Financial Leasing Co., Ltd. (“Jingcheng Leasing”), whereby the two parties will collaborate on the development and implementation of technology and financing services for electric vehicle (“EV”) charging facilities. The strategic cooperation will draw from the strengths of both parties in terms of their respective resources and business advantages, and facilitate the development of new charging infrastructure through the combination of industry expertise and financial expertise.

“The strategic cooperation between NaaS and Jingcheng Leasing will efficiently connect charging station operators’ strong demand for financing services, to the relevant financial services, and, by doing so, further strengthen the integration and utilization of industry resources,” said Xiang Yu, Vice President of Operations, NaaS. “The tie-up will allow NaaS Technology to serve as a ‘connector’ for the industry. The two parties will make their financial services solution for the EV supply chain available throughout China, solving a challenge facing various parties in the industry value chain, while serving to power the ecosystem with financial services. Both parties look forward to collaborating to build and strengthen China’s EV sector.”

The partnership integrates the digital capabilities of NaaS along with Jingcheng Leasing’s financial services to provide operators with one-stop financing solutions, enabling operators to be able to lease the charging pile equipment at the beginning of the construction cycle and opt to pay back the borrowed funds through installments.

By providing this option, operators can proceed with the construction of charging stations and develop a roadmap whereby the construction of the stations is continuous and uninterrupted, ultimately resulting in the build out of fully-functional urban charging networks. In addition, the partnership will also facilitate the sales of charging pile equipment, improve profitability, leading to the development of a virtuous cycle for the industry.

Jingcheng Leasing, is a subsidiary of Beijing Jingcheng Machinery Electric Holding Co., Ltd., and is focused on serving the development of the real economy through Jingcheng Leasing’s abundant funding and diversified product portfolio. Jingcheng Leasing provides high-quality financial leasing products and financial solutions primarily to manufacturers of power generation equipment, environmental protection equipment, CNC machine tools, high-pressure vessels, printing machinery, additive manufacturing and industrial robots.

“NaaS serves many charging pile manufacturers, charging station operators, OEMs and vehicle owners. The cooperation with NaaS enables us to bring financial leasing services to the booming EV charging market and allows us to vastly expand our customer base,” said Jianfeng Jing, General Manager of Jingcheng Leasing. “Jingcheng Leasing looks forward to our successful cooperation, where together we will serve customers through the power of technology and finance, and facilitate the healthy development of the EV charging industry, and in the process, contribute to the development of China’s renewable energy sector, helping towards achieving the country’s dual-carbon goals.”

With the rising popularity of EVs, the market for the construction of charging infrastructure is expanding. In 2020, the construction of charging piles was included in the <<government work report>> for the first time as one of seven new infrastructure projects. State-owned financial services company Guosen Securities predicted that in the next ten years, there will be a need for some 63 million charging piles across China, creating an infrastructure construction market with a value estimated at 1.02 trillion yuan (approx. US$152 billion). Such a market will also create parallel demand for related financing services. In the actual construction of such stations, some small- and medium-sized operators or state-owned enterprises may find themselves unable to complete the construction of their stations due to insufficient funds or poor fund allocation, thereby creating the need for financial solutions.

About NaaS Technology Inc.

NaaS Technology Inc. is one of the largest and fastest growing EV charging service providers in China. The firm is a subsidiary of NewLink, a leading energy digitalization group in China. NaaS provides one-stop services to charging pile manufacturers and operators, OEMs, companies with their own delivery fleets as well as fleet operators, with online, offline, and non-electric services covering the whole value chain across the EV sector. As of 2021, NaaS had connected 290,000 charging piles, with an annual charging capacity of over 1,200 Gigawatt hours, accounting for about 18% of China’s public charging market and eliminating 900,000 tons of carbon emissions annually. On June 13, 2022, NaaS Technology Inc. was officially listed on NASDAQ under the stock code NAAS.

For more information, please visit NaaS Technology Inc

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‘AI Data Company’ AIMMO Positions to Serve US and European Markets

July 8, 2022 TechENT Syndication Leave a comment

AIMMO showcases advanced AI, GTaaS, DaaS, and smart labeling services at the world’s largest AI and data expo
AIMMO attracts attention from many OEMs and tier one automobile companies

SEONGNAM, South Korea, July 8, 2022 /PRNewswire/ — The startup hub Born2Global Centre announced that the ‘AI data company’ AIMMO had participated in the Data + AI Summit 2022 and the ADAS & Autonomous Vehicle Technology Expo 2022 in a bid to gain a foothold in the global AI and data market.

Hosted by the US enterprise software company Databricks, the Data + AI Summit 2022, the world’s largest data and AI conference, was held from June 27 to 30 in San Francisco at the Moscone Center. Returning after a three-year hiatus, this year’s Data + AI Summit was operated under the theme “Destination Lakehouse.”

At the Data + AI Summit, AIMMO, a first-time participant and silver sponsor of the event, introduced AI and data companies from all over the world to its unique data generation, curation, and labeling services that support the full data management cycle.

The global companies in attendance were impressed with the ability of AIMMO’s smart labeling technology to boost work efficiency and quality. AIMMO also drew attention for its Machine Learning Model Operationalization Management Team, which is dedicated to providing ongoing technical support, and for its customizable services that can be tailored to individual projects to produce optimal results.

AIMMO is engaged in different activities aimed at sharing the company’s groundbreaking insights into data management and AI and forming successful partnerships with cloud operators in North America.

Prior to the Data + AI Summit, AIMMO also participated in the ADAS & Autonomous Vehicle Technology Expo (AVTE) held from June 21 to 23 in Stuttgart, Germany. The AVTE is Europe’s most influential expo on automotive R&D and innovation. This year’s AVTE was attended by over 70 companies from around the world, most of whom are focusing heavily on developing technologies in the field of autonomous driving.

At the AVTE 2022, AIMMO provided consultations on how its AI and data curation and labeling services can be applied to autonomous driving and gave a presentation on its smart labeling GTaaS (Ground Truth as a Service) and DaaS (Data as a Service) technologies. AIMMO’s GTaaS data processing service allows AI and data experts to engage in autonomous driving projects to develop high-quality learned data. As part of AIMMO’s DaaS service, the company’s autonomous driving data collection vehicles are used to gather high-precision data that can be customized to meet the unique needs of individual customers. AIMMO’s booth at the AVTE 2022 featuring the company’s services and technologies was especially popular among European original equipment manufacturers and tier one automobile companies.

According to an AVTE official, expo participants were particularly enthusiastic about AIMMO’s DaaS service and the company’s proof of concept for its autonomous driving open dataset, scheduled for launch in August 2022. The AIMMO booth also drew representatives from various companies, who earnestly initiated talks with AIMMO representatives on potential partnerships.

AIMMO gained its wealth of experience and well-developed infrastructure by successfully completing projects for numerous clients both from Korea and abroad. Thanks to its advanced GTaaS and DaaS technologies, the company has cemented its reputation as one of Korea’s top AI and data companies.

Doyle Chung, head of Global Sales of AIMMO, commented on the company’s recent activities, saying, “The Data + AI Summit 2022 and the ADAS & Autonomous Vehicle Technology Expo 2022 were opportunities for us to better position ourselves in the data cloud market and increase our brand value. It was AIMMO’s differentiated DaaS service and cloud-linked smart labeling technologies that really drew the attention of the companies in attendance of these events. AIMMO will continue to provide differentiated services that meet the specific needs of international clients to gain a solid foothold in the AI and data markets in Europe and North America.”

About AIMMO

AIMMO is redefining how AI powers smart automation. At the heart of the AIMMO solution is a proprietary AI-driven approach to the acquisition, curation, labeling and augmentation of structured data that delivers highly accurate training data faster through a proven automated data operations process.

Through a number of groundbreaking supply and licensing models, AIMMO has developed smart applications that harness the efficiencies of automation for autonomous vehicles, smart cities, industry 4.0, robotics and security applications. For more information, please visit en.aimmo.ai

About Born2Global Centre

The Born2Global Centre, operated by Born2Global, is a full-cycle service platform that supports the global expansion of promising companies. Established in 2013 under the Ministry of Science and ICT, Born2Global has been setting the standards for a successful startup ecosystem in Korea and continues to expand and transform startups so that they are engaged, well equipped, and connected with the global market. For more information, please visit born2global.com

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Macronix OctaBus™ Flash Memory Selected for Renesas VC4 Automotive Computing Development Platform

July 7, 2022 TechENT Syndication Leave a comment

Macronix OctaBus MX25UW51245G NOR Flash Provides Boot Memory to Renesas R-CAR S4 SoC-based VC4 Vehicle Computer Reference Designs

TAIPEI, July 7, 2022 /PRNewswire/ — Macronix International Co., Ltd. (TSE: 2337), a leading integrated device manufacturer in the non-volatile memory (NVM) market, today announced that its MX25UW51245G Serial NOR Flash memory has been selected by Renesas Electronics Corporation for reference designs based on the Vehicle Computer Generation 4 (VC4) chipset. The high-performance MX25UW51245G will provide the VC4 platform, based on Renesas R-Car S4 system on a chip (SoC), with critical memory that enables fast boot-up times in automotive-computing designs.

Fast, reliable flash memory is essential to rapidly booting VC4-based systems, allowing them to adhere to real-time computing requirements. The MX25UW51245G, which can achieve up to 400MB/s read throughput and features low random latency, provides VC4 reference boards the flash storage needed for initial boot of the R-Car S4 SoC.

“Macronix and Renesas continue to enjoy a collaborative relationship, and we’re once again joining forces to bring our respective technologies together and empowering designers with advance automotive-electronics solutions,” said Macronix Vice President of Marketing F.L. Ni. “The VC4 evaluation platform featuring our MX25UW51245G will help unleash the power of the R-Car S4 SoC and VC4 in next-generation automotive systems.”

“The Renesas VC4 evaluation platform streamlines the development of automotive gateway and zone controller systems that can leverage the performance and safety features in both R-Car S4 SoC and MX25UW51245G,” said Takashi Yasumasu, Vice President of Automotive Core Technology Development Division at Renesas.

A core member of Macronix’s highly efficient NOR flash memory line featuring its OctaBus™ interface, the MX25UW51245G features 512Mb density, an Automotive Grade 1 temperature range of -40 ℃ to +125 ℃ and provides functional safety up to Automotive Safety Integrity Level D (ASIL D). The memory’s quality and performance are enhanced substantially by Macronix’s high efficient technology and know how.

The VC4 system is based on a complete Renesas chipset, the centerpiece of which is the R-Car S4 with 8x Cortex^®A55 cores which features 8MB of SRAM, advanced cybersecurity and a rich selection of automotive interfaces. The VC4 provides functional safety up to ASIL D, along with the capability for simulating a wide range of connectivity inside the vehicle thereby allowing developers a rich environment for rapid prototyping. It offers an three-port Gigabit Ethernet switch and an integrated RH850 MCU functionality, which drastically reduces the customer’s bill of material.

Macronix and Renesas have a rich history of complementary products and evaluation solutions. Macronix is also a member of Renesas RZ Partner Ecosystem Solutions program and the R-Car Consortium, and a broad range of its flash memory products are represented in several Renesas RZ evaluation boards, including the OctaBus, ArmorFlash™ and e.MMC™ families.

For more information on the Macronix MX25UW51245G, please go to https://www.macronix.com/en-us/products/NOR-Flash/Serial-NOR-Flash/Pages/spec.aspx. For more information on the Renesas Vehicle Computer Generation 4, please go to www.renesas.com/eu/en/application/automotive/gateway-domain-control/vehicle-computer-generation-4#overview.

About Macronix

Macronix, a leading integrated device manufacturer in the non-volatile memory (NVM) market, provides a full range of NOR Flash, NAND Flash, and ROM products. With its world-class R&D and manufacturing capability, Macronix continues to deliver high-quality, innovative and performance-driven products to its customers in the consumer, communication, computing, automotive, networking and other market segments. Find out more at www.macronix.com.

OctaBus, ArmorFlash and e.MMC are trademarks of Macronix International Co., Ltd. All other trademarks are the property of their respective holders.

Editorial contacts

Macronix HQ:
Michelle Chang
Director, Corporate Communication Office
Macronix International Co., LTD.
Tel: +886-3-578-6688 ext. 71233
Fax: +886-3-666-3169
Email: michellechang@mxic.com.tw

US:
Jerry Steach
CommonGround Communications (for Macronix)
Tel: +1-415.222.9996
Email: jsteach-cgc@att.net

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Sharing Economy Entered into MOU with Quantron AG to Plan for Joint Venture in the development of New Zero Emission Vehicles

June 28, 2022 TechENT Syndication Leave a comment

HONG KONG, June 28, 2022 /PRNewswire/ — Sharing Economy International Inc. (“SEII”) (OTCQB: SEII), announced today that the company has signed an memorandum of understanding with Quantron AG (“Quantron”), planning to form a joint venture company to develop and market for new zero emission vehicles running with electric and hydrogen power.

The European Union has proposed to stop the selling of new fossil-fuel cars by 2035, and the demand for environmental new zero emission vehicles expect to increase.

Under the joint venture plan, Quantron will asupply the products, while SEII shall act as the leasing distributor.

Quantron AG was created in 2019 as a high-tech spin-off of the well-known Haller GmbH & Co. KG with the vision of paving the way for e-mobility in inner-city and regional passenger and cargo transportation.

About Sharing Economy International Inc.

Sharing Economy International Inc., through its affiliated companies, are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. Moreover, the Company will actively pursue blockchain technology in its existing and to-be-acquired business, enabling the general public to realize the beauty of resource sharing. For more information visit www.seii.com

Cautionary Warning Regarding Forward-Looking Statements:

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may, and probably will, differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our ability to raise additional capital to continue our operations; (2) our ability to pay down existing debt; (3) our ability to attract and retain key executive officers and the professional advisors; (4) the effect of the COVID-19 outbreak on our operations; (5) potential litigation with our shareholders, creditors and/or former or current investors; (6) the effect of political instability on our operations; and (7) other factors over which we have little or no control. Any forward-looking statements speak only as of the date on which they are made, and Sharing Economy International does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Sharing Economy International’s website does not constitute a part of this release.

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Source: Sharing Economy International Inc.

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Next.e.GO Mobile brings its sports model to the Goodwood Festival of Speed

June 24, 2022 TechENT Syndication Leave a comment

e.GO celebrates the future of electric mobility at the Electric Avenue in Goodwood
The cooperation resonates with e.GO’s motto: “electric cars: fun without regret“

AACHEN, Germany, June 24, 2022 /PRNewswire/ — The independent German electric car manufacturer Next.e.GO Mobile SE is presenting its Sport Life at the Goodwood Festival of Speed (June 22-26, UK), one of the greatest celebrations of the world’s energizing sports. e.GO is located at the Festival’s Electric Avenue, at the confluence of the future of mobility and electrification.

e.GO at Goodwood Festival

“We are delighted to be here at the Goodwood Electric Avenue together with other established automotive brands, shaping and accelerating the future of electro mobility. This perfectly resonates with our vision at e.GO to offer our customers fun without regret”, says Ali Vezvaei, Chairman of the Board of Next.e.GO Mobile SE.

The e.GO Sports Life takes the driving performance to another level. In tight bends it feels like driving a much larger performance vehicle with increasing G-force: fast, sportive and comfortable at the same time. With larger wheels, a wider track and a lower centre of gravity the Life Sport takes great advantage of its rear-wheel drive and high torque powertrain. The design lines have been further intensified to underline its dynamic and powerful appearance by improving the aerodynamics at the same time.

The Electric Avenue of the Goodwood Festival of Speed offers visitors the opportunity to experience the sports version of e.GO and to reserve directly the newly launched e.wave X.

PR Newswire

IQAX launches IGP&I approved eBL, COSCO SHIPPING Lines and OOCL already onboard

June 23, 2022 TechENT Syndication Leave a comment

IQAX is proud to announce COSCO SHIPPING Lines and Orient Overseas Container Line (“OOCL”) as early adopters of IQAX eBL, which has been given the seal of approval by the International Group of Protection & Indemnity Clubs (“IGP&I”).

HONG KONG, June 23, 2022 /PRNewswire/ — As a leading innovator of digital solutions for the logistics industry, IQAX Limited has launched IQAX eBL, a blockchain-based, contactless document management digital solution.

IQAX eBL has been approved by IGP&I.

Prior to February 2010, the rules of all Clubs of the IGP&I preferred paper documentation and excluded liabilities for cargo carried under electronic documentation. However, since 20 February 2010 liabilities arising in respect of the carriage of cargo under such paperless trading systems were covered, provided that the system had first been approved by the Group. In the 12 years since this date, only 7 other solutions have been approved by the IGP&I for use by its members. The addition of IQAX Limited to the list of approved solution providers is a significant milestone as IQAX joins an exclusive list of electronic bill of lading solutions.

As the latest addition to the list of approved electronic bill of lading solution providers, IQAX leverages GSBN’s independent blockchain technology platform to bring an enhanced level of security, assurance and transparency to IQAX eBL users.

The innovative IQAX eBL offers cargo owners, cargo forwarders, ocean carriers, finance providers and other trade participants a paperless solution to manage original bill of lading digitally with one-click title transfers, surrender for delivery, status updates and history reviews.

The IQAX eBL provides a single source of truth for document authenticity, security and traceability. It allows all parties involved in a shipment to manage their bills of lading entirely online, streamlining operations, cutting costs and increasing efficiency. The IQAX eBL runs on GSBN’s blockchain technology platform, which renders ease of adoption and sets it apart from legacy systems. IQAX eBL enables the issuance, transfer, surrender and visibility of original bill of lading and provides access to real time trade status of electronic bill of lading and cargo transportation. (Further details can be found on the company’s website at: https://www.iqax.com/en/solutions/ebl/ .)

IQAX eBL is the first electronic bill of lading solution built on GSBN’s blockchain network. This ensures the authenticity of the bill of lading and ensures data privacy and security. IQAX eBL empowers the industry to create opportunities with trade finance, strengthens risk management and improves cost-effectiveness as well as enhancing overall customer experience.

Romney Wong, IQAX’s CEO mentioned that: “IQAX eBL leverages GSBN blockchain technology platform to provide a completely secure digital environment to further facilitate digitalization of documentation processes. With the layers of protection for data privacy and security, IQAX eBL promotes greater connectivity in global trade and of financial institutions, which significantly improves operational efficiency and revolutionising document management not just for carriers, but for the entire shipping ecosystem.”

Despite challenges faced during the Covid-19 pandemic, IQAX eBL has already been successfully adopted by major carriers – COSCO SHIPPING Lines and OOCL. Both COSCO SHIPPING Lines and OOCL validated the solution with their key clients.

“We empowered our clients to process bill of lading online and efficiently worldwide via IQAX eBL, implementing bill of lading management digitally and offering contactless services. We are able to achieve full visibility as all parties can track detailed logistics information, records of bill of lading transfer and bank processing status. This is crucial during the pandemic. The IQAX solution enables seamless integration across the shipping ecosystem and facilitates the efficient operation of global trade.” said Andy Deng, Global Sales Division General Manager at COSCO SHIPPING Lines.

“We received positive feedback from our customers after OOCL adopted IQAX eBL. There are significant improvements on cost saving and operational efficiency. We look forward to continuing the cooperation with IQAX so more customers can enjoy the convenience and security brought by paperless bill of lading while we jointly promote the transition of the whole industry towards paperless operation.” said Michael Xu, Director of Trades at OOCL.

Bills of lading are critical for the efficient operation of global trade – but the traditional paper-based approach can be cumbersome. The adoption of electronic bill of lading solution can bring sustainable benefits for users and the industry as a whole.

ABOUT IQAX

IQAX is an independent technology company wholly owned by Orient Overseas (International) Ltd. (HKEX:0316), one of the largest integrated international transport and logistics companies in the world.

PR Newswire

Vueron Technology has been approved LiDAR only autonomous vehicle permits from the California DMV

June 18, 2022 TechENT Syndication Leave a comment

SAN JOSE, Calif., June 18, 2022 /PRNewswire/ — LiDAR autonomous vehicle startup Vueron Technology (“Vueron”) has succeeded to obtain an autonomous vehicle permit that uses only one LiDAR sensor that no one has yet tried in California, where the numerous autonomous vehicle companies are fiercely competing.

Vueron California LiDAR only autonomous vehicle

The California Department of Motor Vehicles approved LiDAR-only autonomous vehicle testing permits for Vueron.

After that, it succeeded in driving 383 miles from Los Angeles to San Francisco via Interstate 5 and Interstate 580, for 6 hours at a maximum speed of 70mph. The safety driver who rode the vehicle for safety never held the steering wheel while a whole driving.

‘LiDAR only autonomous driving permit’ means Vueron is one big step closer to adapting LiDAR, which was expected to be expensive and difficult to apply, effectively to actual autonomous driving services and an everyday life

Generally, diverse sensors are used at the same time for autonomous driving, but Vueron has implemented self-driving by utilizing only one LiDAR sensor and has verified its solution through its self-driving tests in a variety of roadway conditions and environments.

The system of Vueron did not use any camera, radar, GPS, or HD Map, as it only implemented a self-driving system by using only one Spinning LiDAR sensor.

Next quarter, Vueron expects to unveil the next generation of LiDAR autonomous vehicle platforms that can be worked on immediately based on its experiences and technologies of LiDAR. Vueron will provide customers with an affordable price for many people rather than a high price and with a safer driving system through the LiDAR autonomous vehicle platform, which is about to be released in the near future.

Vueron has released a video of the actual self-driving from Los Angeles to San Francisco. Visitors can check Vueron’s self-driving video which is the basis of the high LiDAR cognitive performance in this video. Visitors can also check more videos on Vueron’s homepage.

[About Vueron Technology]

Vueron is building the next generation of LiDAR autonomous driving solution, differentiated from existing technology. Established in 2019, Vueron has provided a solution that enables autonomous driving services based on the company’s AI technology and LiDAR. In 2020, it has already been the first in the world to obtain an autonomous driving permit with only one LiDAR sensor and prove self-driving services, and in 2022, it has obtained a self-driving permit by using one LiDAR sensor from the California DMV. Vueron is back by top-tier strategic partners and investors, including Naver(035420.KS), Korea Development Bank, Bonangels Venture partners, Daesung Private Equity(027830.KQ), and others. For more information, visit www.vueron.org.

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G7 Connect and E6 Technology Announce Completion of Merger

June 11, 2022 TechENT Syndication Leave a comment

The merger combines IoT technology with software services to empower the road freight transport sector

BEIJING, June 11, 2022 /PRNewswire/ — G7 Connect Inc. (“G7”), a fleet management company backed by Tencent Holdings Ltd., and E6 Technology (“E6”), announced the merger of the two companies. The merger took place in the first quarter of 2022, with the initial stage of their business integration having been completed. G7 co-founder and CEO Zhai Xuehun has been appointed as chairman and CEO of the merged group (hereafter referred to as the “Group”), while E6 chairman and CEO Zhang Jingtao will serve as vice chairman and G7 CFO Zhang Jielong as CFO.

G7 Connect and E6 Technology Announce Completion of Merger

The merger will create the largest and most influential software service provider in the industry, with businesses spanning key vertical markets covering both production and consumer logistics. The Group’s customers include major players in the trillion-yuan road freight transport market. With its product portfolio serving as a one-stop digital service that integrates subscriptions and transactions, the merged entity consolidates the two prior firms’ advantages in technology, making it the only technology company in the sector to provide a comprehensive range of Internet of Things (IoT) software as a service (SaaS) services.

The Group is well positioned to provide customers with more cost-competitive, premium services by optimizing its supply chain and service networks and reducing procurement and operating expenses. It also plans to continue investing in technology and R&D in a move to provide customers with valuable data-driven products, with the aim of facilitating an industry-wide upgrade to a connected supply chain supported by data intelligence.

G7 and E6 were among the few fleet management firms that were capable of providing IoT SaaS solutions due to substantial investments in IoT, data, algorithms and software technologies alongside continued strengthening of their respective advantages in technology as a way to build barriers to competitors. Both firms had also explored and implemented differentiated approaches based on their respective core competencies. Notably, G7 had established a leadership role in the area of IoT technology empowered software subscription, and overall capacity and transactions on transpiration, energy, insurance and equipment, while E6 had been dedicated to providing software subscription services to large cargo owners and logistics providers, becoming a leader within the domain of consumer logistics, including fast-moving consumer goods (FMCG), retail, food, and cold chain logistics.

“Although the digital transformation journey of the sector has just begun, freight cooperators are looking forward to changing how they operate and achieving business success through the application of digital solutions,” said the chairman and CEO, Mr. Zhai. “The combination of G7 and E6 enables us to invest more firmly in technology and to further create value for our customers by way of data-driven products.”

“Prior to the merger, both companies believed in the importance of helping customers succeed and bringing changes to the sector by virtue of IoT SaaS services while post-merger, the shared belief has become our common ambition,” stated the vice chairman, Mr. Zhang. “We plan to continue providing premium products and services with the goal of building an outstanding SaaS company with an ongoing commitment to creating value for customers.”

G7, a leading provider of IoT SaaS services for the road freight transport sector, served a wide range of small, medium and large freight manager with IoT-based software subscriptions and transaction services. The firm, by continuing innovations in technology and expanding its portfolio, had been leading the sector in terms of software subscriptions as well as transaction services for transport capacity, energy, insurance and equipment. E6, a pioneer in IoT SaaS services for the sector, had been dedicated to providing customers with IoT-based software subscription services with a focus on large cargo owners and logistics companies. With a continued commitment to tightly-run operations and superior services, the company has earned a reputation as the dark horse in the FMCG, retail, food and cold chain segments.

As two leaders in the IoT technology and software services space, both G7 and E6 had been focusing on providing IoT technologies and software to large cargo owners and logistics providers as well as to tens of thousands of freight managers. Prior to the merger, the two firms together served over 80% of China’s large cargo owners and logistics providers in addition to assisting almost 30,000 small and medium-sized freight managers in improving efficiency and increasing revenue.

The merger received strong support from both firms’ shareholders. AnJie Law Firm, Llinks Law Offices, Global Law Office, Simpson Thacher & Bartlett, Deloitte, KPMG and Boston Consulting Group provided professional services for both the transaction and integration efforts. Following the completion of the merger, Global Logistic Properties’ private equity arm Hidden Hill Capital, Tencent, Cainiao Smart Logistics Network and other investors have each appointed representatives to the Group’s board of directors in tandem with carrying out specific tasks with an eye to further deepening their business collaboration.

^{¹ Freight manager refer to enterprises that manage the operation and trading activities of road freight, including large, medium and small cargo owners, logistics companies, self-owned fleets, outsourced fleets, commerce trading companies , manufacturing enterprises, etc. According to a BCG research report, about 700,000 freight managers carry about 85% of China’s road freight volume and are major players in the road freight market.}

For more information, please visit G7.

Media Contact:
Peipei Lin, linpeipei@g7.com.cn
Shuai Zhang, conntect@g7.com.cn

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Source: G7 Connect Inc.

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Tag Archives: TRN

Senmiao Technology Reports Fiscal 2022 Year-end Financial Results

IQAX named among top 10 digital twin solution providers in APAC

NaaS Technology and Jingcheng Leasing Jointly Developing a New Charging Infrastructure Ecosystem

‘AI Data Company’ AIMMO Positions to Serve US and European Markets

Macronix OctaBus™ Flash Memory Selected for Renesas VC4 Automotive Computing Development Platform

Sharing Economy Entered into MOU with Quantron AG to Plan for Joint Venture in the development of New Zero Emission Vehicles

Next.e.GO Mobile brings its sports model to the Goodwood Festival of Speed

IQAX launches IGP&I approved eBL, COSCO SHIPPING Lines and OOCL already onboard

Vueron Technology has been approved LiDAR only autonomous vehicle permits from the California DMV

G7 Connect and E6 Technology Announce Completion of Merger

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