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PR Newswire

TD Holdings, Inc. Reports First Quarter 2023 Financial Results

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SHENZHEN, China, May 13, 2023 /PRNewswire/ — TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a commodities trading service provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2023.

Ms. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “We continued to provide unparalleled services to our clients and explore new partnerships to address the market opportunities in the first quarter of fiscal year 2023. In the remaining of 2023, we will continue to execute our development plan to expand our business scale and improve our brand awareness. We will remain focus on the optimization of our commodities trading business and supply chain service business to expand our client base. We believe our dedicated and experienced team is our foundation to separate us from other competitors and enhance our competitive market position. With the rapid resumption of business activities, we expect to actively explore new corporations, provide high-quality services to best serve our clients’ demand and generate additional revenue sources. In addition to the growth plan, we expect to improve our efficiency by implementing necessary measures. We remain confident about our future prospects with our long-term development strategy on seeking growth opportunities in our business.”

First Quarter 2023 Financial Highlights

Total revenue was $34.58 million, consisting of $34.57 million from sales of commodity products, and $0.01 million from supply chain management services for the quarter ended March 31, 2023, a decrease of 28% from $48.16 million for the same quarter ended March 31, 2022.

Net income was $0.45 million for the quarter ended March 31, 2023, compared with $1.59 million for the same quarter ended March 31, 2022.

Basic and diluted earnings per share were $0.00 respectively, for the quarter ended March 31, 2023, compared with $0.04 for the same quarter ended March 31, 2022.

First Quarter 2023 Financial Results

Revenues

For the quarter ended March 31, 2023, the Company sold non-ferrous metals to 14 third-party customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $34.57 million from sales of commodity products for the quarter ended March 31, 2023, compared with $47.58 million for the same quarter ended March 31, 2022.

For the quarter ended March 31, 2023, the Company recorded revenue of $0.01 million from supply chain management services to third-party customers, compared with $0.58 million to third-party vendors for the same quarter ended March 31, 2022.

Cost of Revenue

Cost of revenue primarily includes cost of revenue associated with commodity product sales and cost of revenue associated with management services of supply chain. Total cost of revenue decreased by $12.95 million, or 27% to $34.65 million for the quarter ended March 31, 2023, from $47.60 million for the same quarter ended March 31, 2022, primarily due to the decrease in the cost of revenue associated with commodity product sales.

Selling, General, and Administrative Expenses

Selling, general and administrative expenses increased by $0.50 million or 22%, to $2.74 million for the quarter ended March 31, 2023, from $2.25 million for the same quarter ended March 31, 2022. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expenses, amortizations of intangible assets and convertible promissory notes, professional service fees and finance offering related fees. The increase was mainly attributable to the amortization of intangible assets of $2.05 million, as the company acquired a software copyright of the original amount of RMB300 million in connection with the contractual arrangement with Shenzhen Tongdow Internet Technology Co., Ltd. on October 25, 2022, which contributed $1.10 million to selling, general, and administrative expenses for the three months ended March 31, 2022.

Interest Income

Interest income was primarily generated from loans made to third parties and related parties. Interest income increased by $0.06 million or 1%, to $4.45 million for the quarter ended March 31, 2023, from $4.39 million for the same quarter ended March 31, 2022.

Amortization of Beneficial Conversion Feature and Relative Fair Value of Warrants Relating to the Issuance of Convertible Promissory Notes  

For the quarter ended March 31, 2023, the item represented the amortization of beneficial conversion feature of $0.22 million of two convertible promissory notes issued on May 6, 2022 and March 13, 2023.

For the same quarter ended March 31, 2022, the item represented the amortization of beneficial conversion feature of $0.21 million of three convertible promissory notes issued on January 6, 2021, March 4, 2021 and October 4, 2021.

Net Income

Net income was $0.45 million for the quarter ended March 31, 2023, compared with $1.59 million for the same quarter ended March 31, 2022.

Three Months Ended March 31, 2023 Cash Flows

As of March 31, 2023, the Company had cash and cash equivalents of $1.98 million, as compared with $0.89 million as of December 31, 2022.

Net cash provided by operating activities was $2.77 million for the quarter ended March 31, 2023, compared with $3.75 million for the same quarter ended March 31, 2022.

Net cash used in investing activities was $46.69 million for the quarter ended March 31, 2023, compared with $50.00 million for the same quarter ended March 31, 2022.

Net cash provided by financing activities was $45.91 million for the quarter ended March 31, 2023, compared with $45.50 million for the same quarter ended March 31, 2022.

About TD Holdings, Inc.

TD Holdings, Inc. is a service provider currently engaging in the commodities trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal products from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information, please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company’s operations, the demand for the Company’s products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Ascent Investor Relations LLC
Ms. Tina Xiao
Email:tina.xiao@ascent-ir.com 
Tel: +1 917 609 0333

TD HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2023 and December 31, 2022

(Expressed in U.S. dollars, except for the number of shares)

March 31,

December 31,

2023

2022

ASSETS

Current Assets

Cash and cash equivalents

$

1,981,012

$

893,057

Loans receivable from third parties

191,630,240

143,174,634

Other current assets

4,991,860

4,040,477

Inventories, net

415,718

458,157

Total current assets

199,018,830

148,566,325

Non-Current Assets

Plant and equipment, net

5,239

6,370

Goodwill

162,379,512

160,213,550

Intangible assets, net

52,803,772

54,114,727

Right-of-use assets, net

168,458

196,826

Total non-current assets

215,356,981

214,531,473

Total Assets

$

414,375,811

$

363,097,798

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable

$

–

$

1,269

Bank borrowings

1,018,671

1,005,083

Third party loans payable

472,842

460,587

Contract liabilities

18,395

437,148

Income tax payable

12,835,992

11,634,987

Lease liabilities

109,977

116,170

Other current liabilities

5,654,669

5,348,646

Convertible promissory notes

4,635,456

4,208,141

Total current liabilities

24,746,002

23,212,031

Non-Current Liabilities

Due to related party

39,291,587

38,767,481

Deferred tax liabilities

2,907,489

3,059,953

Lease liabilities

62,396

84,164

Total non-current liabilities

42,261,472

41,911,598

Total liabilities

67,007,474

65,123,629

Commitments and Contingencies (Note 16)

Equity

Common stock (par value $0.001 per share, 600,000,000 shares authorized;
144,841,328 and 106,742,117 shares issued and outstanding as of March 31, 2023
and December 31, 2022, respectively)*

144,841

106,742

Additional paid-in capital

390,154,966

344,295,992

Statutory surplus reserve

2,602,667

2,602,667

Accumulated deficit

(37,950,132)

(38,800,375)

Accumulated other comprehensive income

(5,939,107)

(8,984,925)

Total TD Shareholders’ Equity

349,013,235

299,220,101

Non-controlling interest

(1,644,898)

(1,245,932)

Total Equity

347,368,337

297,974,169

Total Liabilities and Equity

$

414,375,811

$

363,097,798

* Retrospectively restated due to five for one Reverse Stock Split, see Note 12 – Reverse stock split of common stock.

TD HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 31, 2023 and 2022

(Expressed in U.S. dollars, except for the number of shares)

For the Three Months
Ended
March 31,

2023

2022

Revenues

    - Sales of commodity products – third parties

$

34,571,288

$

47,583,965

    - Supply chain management services – third parties

6,350

575,151

Total revenue

34,577,638

48,159,116

Cost of revenues

    - Commodity product sales-third parties

(34,653,239)

(47,590,576)

    - Supply chain management services-third parties

(40)

(11,602)

Total operating costs

(34,653,279)

(47,602,178)

Gross (loss)/profit

(75,641)

556,938

Operating expenses

Selling, general, and administrative expenses

(2,743,061)

(2,247,707)

Total operating expenses

(2,743,061)

(2,247,707)

Net Operating Loss

(2,818,702)

(1,690,769)

Other income (expenses), net

Interest income

4,449,000

4,390,341

Interest expenses

(109,987)

(110,326)

Amortization of beneficial conversion feature relating to issuance of convertible
promissory notes

(220,652)

(213,367)

Other income, net

4,523

95,709

Total other income, net

4,122,884

4,162,357

Net income before income taxes

1,304,182

2,471,588

Income tax expenses

(852,905)

(877,731)

Net income

451,277

1,593,857

Less: Net loss attributable to non-controlling interests

(398,966)

–

Net income attributable to TD Holdings, Inc.’s Stockholders

850,243

1,593,857

Comprehensive Income

Net income

451,277

1,593,857

Foreign currency translation adjustments

3,045,818

881,196

Comprehensive Income

$

3,497,095

$

2,475,053

Less: Total comprehensive loss attributable to non-controlling interests

(398,966)

–

Comprehensive income attributable to TD Holdings, Inc.’s Stockholders

$

3,896,061

$

2,475,053

Income per share – basic and diluted

Continuing Operation- income per share – basic*

$

0.00

$

0.04

Continuing Operation- income per share –diluted*

$

0.00

$

0.04

Weighted Average Shares Outstanding-Basic*

140,045,132

39,688,232

Weighted Average Shares Outstanding- Diluted*

148,121,900

42,710,590

*  Retrospectively restated due to five for one Reverse Stock Split, see Note 12 – Reverse stock split of common stock

 

TD HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2023 and 2022

(Expressed in U.S. dollar)

For the Three Months

Ended March 31,

2023

2022

Cash Flows from Operating Activities:

Net income

$

451,277

$

1,593,857

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation of plant and equipment

1,215

3,217

Amortization of intangible assets

2,049,732

1,029,186

Amortization of right of use assets

30,846

76,983

Amortization of discount on convertible promissory notes

93,333

111,000

Interest expense for convertible promissory notes

101,330

93,285

Amortization of beneficial conversion feature of convertible promissory notes

220,652

213,367

Monitoring fee relating to convertible promissory notes

–

69,685

Deferred tax liabilities

(194,515)

(209,744)

Inventories impairment

(17,229)

–

Escrow account receivable

–

(54,985)

Inventories

66,033

(133,810)

Other current assets

(24,222)

(29,775)

Prepayments

447,960

(1,891,842)

Contract liabilities

(426,158)

1,900,456

Due to related parties

–

(21,259)

Due from third parties

(628,474)

(481,816)

Due from related parties

(685,488)

28,897

Accounts payable

(1,291)

(116,078)

Income tax payable

1,047,382

1,085,694

Other current liabilities

259,083

499,661

Lease liabilities

(30,476)

(19,734)

Due to third party loans payable

6,050

6,523

Net cash provided by operating activities

2,767,040

3,752,768

Cash Flows from Investing Activities:

Purchases of plant and equipment

–

(5,039)

Purchases of operating lease assets

–

(58,617)

Loans made to third parties

(46,678,620)

(60,177,853)

Collection of loans from related parties

–

11,066,822

Investments in other investing activities

(10,707)

(828,601)

Net cash used in investing activities

(46,689,327)

(50,003,288)

Cash Flows from Financing Activities:

Proceeds from issuance of common stock under ATM transaction

559,073

–

Proceeds from issuance of common stock under private placement transactions

42,350,000

45,500,000

Proceeds from convertible promissory notes

3,000,000

–

Net cash provided by financing activities

45,909,073

45,500,000

Effect of exchange rate changes on cash and cash equivalents

(898,831)

13,794

Net increase/(decrease) in cash and cash equivalents

1,087,955

(736,726)

Cash and cash equivalents at beginning of period

893,057

4,311,068

Cash and cash equivalents at end of period

$

1,981,012

$

3,574,342

Supplemental Cash Flow Information

Cash paid for interest expenses

$

19,934

$

22,109

Cash paid for income taxes

$

–

$

1,781

Supplemental disclosure of Non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease obligations

$

–

$

58,617

Issuance of common stocks in connection with conversion of convertible promissory
    notes

$

2,988,000

$

1,804,820

Source: TD Holdings, Inc.

PR Newswire

J&T Express and SF Express reach agreement to acquire 100% share rights of Fengwang Express for RMB 1.183 billion

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SHANGHAI, May 12, 2023 /PRNewswire/ — Global logistics service provider, J&T Express today announced that it has entered into a Share Transfer Agreement with Shenzhen Fengwang Holdings Co., Ltd. (“Fengwang Holdings”), a subsidiary of S.F. Holding Co., Ltd. (002352.SZ). J&T Express’ subsidiary J&T Express (Shenzhen) Supply Chain Co., Ltd. will acquire 100% share rights of Fengwang Holding’s wholly-owned subsidiary, Shenzhen Fengwang Information Technology Co., Ltd. (“Fengwang Information”), for RMB 1.183 billion. This transaction is subject to several prerequisites, the Examination of Concentrations of Undertakings by the State Administration for Market Regulation, and the transaction consideration being settled in a timely manner according to the Share Transfer Agreement.

J&T Express has been making significant strides in the e-commerce express delivery sector since its entry into the Chinese market in 2020. The company has successfully acquired Best Inc.’s express business in China in late 2021. Shenzhen Fengwang Express Co., Ltd. (“Fengwang Express”) is a wholly-owned subsidiary of Fengwang Information. Fengwang Express’ network currently covers 27 provinces, municipalities and autonomous regions across China, providing high quality services to e-commerce customers. In 2022, Fengwang’s revenue exceeded RMB 3.2 billion. The overall network service quality is stable.

J&T Express has expressed its commitment to continuously optimizing the service experience as part of its focus on the e-commerce express delivery service industry. This acquisition will enhance the integrated service capabilities of J&T Express. This move is expected to foster high-quality development of the industry allowing it to further increase its competitive advantage in the e-commerce delivery sector and contribute to the high-quality development of the industry.

S.F. said that the resources of two sides are complementary, this will help ensure the smooth transition of the transaction. Looking forward, S.F. can focus more on the development of its core businesses such as domestic mid-to-high-end express, international express, global supply chain services and digital supply chain services. Meanwhile, S.F. will continue to build e-commerce express delivery products and services and meet the diversified needs of customers in the high-end express delivery market.

About J&T Express

J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.

About S.F.  

SF is the largest integrated logistics service provider in China, and the fourth largest express delivery enterprise in the world, providing domestic and international end-to-end one-stop supply chain services. At the same time, relying on leading scientific and technological research and development capabilities, SF is committed to building the digital supply chain ecology and becoming a leader in the global intelligent supply chain. After years of dedicated operation, SF has earned considerable reputation and popularity in the industry, and has established the “rapid, punctual and safe” brand image. It takes the lead in multiple segments and continues to lead in the industry.

PR Newswire

Zoomlion To Celebrate 30th Anniversary with Special Exhibition Highlighting Intelligent Products and Digitalization Achievements

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CHANGSHA, China, May 6, 2023 /PRNewswire/ — Zoomlion Heavy Industry Science & Technology Co., Ltd. (“Zoomlion”) will celebrate its 30th anniversary with a series of events and exhibitions from May 11 to 14 in the Zoomlion Smart Industrial City (the “City”) in Changsha, Hunan Province.

Zoomlion will hold its 30th anniversary convention on May 11 at the headquarters building of the City. Alongside this, a special technological achievements exhibition will showcase over 500 units of advanced equipment and core components. The exhibition will also highlight the fruitful achievements of Zoomlion’s research institute, ZValley, 12 machinery business units, and five core components business units. The events will take place in the headquarters building and its four smart manufacturing parks. Global audiences can join in on the events through online livestreams, where they can explore Zoomlion’s world-leading intelligent, international, and sustainable lighthouse factory, cutting-edge intelligent products, and digitalization achievements, wherever they are in the world.

Zoomlion’s 30th anniversary exhibition will highlight its latest technological and intelligent achievements to visitors:

  • Embark on a journey through the world’s largest construction machinery industry base with a comprehensive product lineup and experience the captivating world of intelligent manufacturing at the Lighthouse factories. The City is now home to eight world-leading lighthouse factories, 300 intelligent production lines, and eight national tech innovation platforms, boasting more than 150 industry-leading technologies and over 600 patented production technologies. It is at the forefront of a new era of globalization, intelligent manufacturing, and digital transformation, and leads the industry in achieving carbon peak and carbon neutrality through green manufacturing.
  • A grand showcase of more than 500 units of Zoomlion’s flagship equipment and core components, as well as advanced technologies and solutions. This includes the world’s largest tonnage all-terrain crane, tower crane with 5G remote control, and a pump truck with the world’s longest carbon fiber boom. Visitors can also check out the world’s tallest self-propelled straight boom aerial work platform, and new dry-mixed mortar construction materials.
  • A taste of authentic Changsha culture in the City, where guests can enjoy a variety of entertainment activities, including concerts, camping, games, hot balloon rides and more.

As part of the 30th-anniversary celebration, Zoomlion will also participate in the Changsha International Construction Equipment Exhibition (CICEE) on May 12-15, and host an employee open day on May 13.

PR Newswire

J&T International Signs Strategic Agreement with HeyTap Technology to Deepen Cooperation in Logistics Financial Services

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GUANGZHOU, China, May 5, 2023 /PRNewswire/ — J&T International, a global provider of integrated logistics solutions, announced a strategic partnership with Shenzhen HeyTap Technology Corp., Ltd. (“HeyTap Technology”) to jointly provide logistics financial services on the 133rd China Import and Export Fair (“Canton Fair”).

The China Import and Export Fair
The China Import and Export Fair

HeyTap Technology is the official partner of OPPO, Realme, and OnePlus among other brands. As part of the partnership, J&T International and HeyTap Technology will introduce an integrated solution of “Logistics + FinTech” that stretches across inclusive finance, digital ecosystem, and international business cooperation. The two parties will carry out comprehensive and in-depth cooperation in various fields to provide value-added logistics financial services in a standardized and efficient manner, promoting inclusive finance in the cross-border logistics ecosystem to benefit upstream and downstream enterprises and accelerate the quality development of the industry.

Signing Ceremony of the Strategic Partnership
Signing Ceremony of the Strategic Partnership

Qin Fang, Head of J&T International Supply Chain, said: “As logistics technology and financial tools continue to advance, logistics finance has become an important area for enterprises to boost their growth potential and competitiveness. The partnership with HeyTap Technology showcases J&T International’s commitment to further enhancing our overall competitiveness. J&T International is dedicated to reducing transaction costs and optimizing efficiency in cross-border logistics, providing better services for customers and enterprises around the world.”

Ge Shen, General Manager of Industrial Finance at HeyTap Technology, said: “We are committed to promoting the integration of digital technology and real economy to deliver digital solutions for supply chain finance, improving the access to finance for more than 40,000 small and medium-sized enterprises (SMEs) nationwide. The partnership with J&T International is a demonstration of our global expansion. By providing innovative financial solutions in cross-border logistics, HeyTap Technology seeks to build win-win cooperation with upstream and downstream enterprises to facilitate the development of the cross-border logistics industry.”

As a leading international logistics service provider under J&T Express, J&T International has been integrating various resources since its inception to connect China to the rest of the world and provide all-encompassing cross-border logistics solutions including collection, international freight forwarding, clearance, warehousing and fulfillment services. Its products and services include B2C cross-border parcel, B2B freight forwarding service, and international warehousing and distribution. J&T International’s self-owned terminal network spans 13 countries and regions in Asia, Latin America, and Africa, and has built overseas warehouses in 9 regions across Southeast Asia, Europe, and the United States.

The signing of this strategic agreement will further expand and deepen the partnership between J&T International and HeyTap technology. Leveraging this opportunity, the two companies will consolidate complementary resources and strengths to build synergy for win-win cooperation. Going forward, J&T International will capitalize on existing global logistics resources in shaping an innovation-driven business model, constantly upgrade product portfolio to facilitate the development of cross-border logistics across the world and maximize value for more customers and partners.

– END –

About J&T International

J&T International is the international logistics arm of J&T Express. With J&T Express’ abundant global logistics resources and strong business network, J&T International’s services cover about 100 countries and regions around the world, including cross-border small parcels, international line-haul transportation, international warehousing solutions. Supporting multiple transportation methods including air, sea, and ground shipping, J&T International is committed to providing customized logistics solutions for all customers.

About HeyTap Digital Technology

HeyTap is a global leader in digital technology services. Our mission is to build powerful digital finance solutions, create shared success with ecosystem partners, and deliver secure finance and consumer services to global users. Using cutting-edge technologies such as artificial intelligence and big data, we are assembling a broad digital ecosystem rooted in openness and interconnectivity.

PR Newswire

Self Storage Asia Awards Winners announced at Awards Ceremony on April 12, 2023

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MANILA, Philippines, May 4, 2023 /PRNewswire/ — Self Storage Association Asia announces the winners of the Self Storage Awards Asia.

The full list of finalists and entry details are at the Awards website at https://selfstorageasia.org/award-winners-2023

The Awards, recognise excellence in the self storage industry across Asia, including the Philippines. They celebrate outstanding achievements in customer service, safety and governance, and highlight the vital role that the self storage sector plays in supporting families and small businesses during challenging times.

In the Philippines, Loc&Stor 24/7‘s Makati Urban site was the regional winner of the Multi-Site Operator Store of the Year, sponsored by FCX Industry Trading, recognising it as the best self storage site operated by a large company.

InStorage, a smaller self storage company has demonstrated exceptional performance and service to its customers. It won the Independent Store of the Year award in the Philippines.

The self storage industry in the Philippines has been growing steadily over the past few years, driven by the increasing demand for storage space from both residential and commercial customers. The industry has also been quick to adapt to new technologies, with many operators offering online reservation systems and other digital services to make it easier for customers to book and manage their storage units.

Despite the challenges posed by the COVID-19 pandemic, the self storage industry in the Philippines has remained resilient, with operators implementing strict safety protocols to ensure the health and wellbeing of their staff and customers. As the country continues to recover and rebuild, the self storage sector is expected to play an increasingly important role in supporting businesses and individuals.

About the Self Storage Association Asia

The SSAA is the industry body representing and serving the self storage industry in Asia from Japan to Jordan. Its members comprise the best of class self storage operators, their suppliers and investors. The SSAA provides training, advocacy, intelligence, market reports and a networking platform to help operators to continue to improve and grow.

CONTACT:

Heily Lai
Director of Community Events, Sponsorship and Marketing
Self Storage Association Asia
Tel: +852 5403 2154
Email: heilylai@selfstorageasia.org

PR Newswire

Pando raises $30 million amidst funding winter, to future-proof enterprise supply chains

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Led by Iron Pillar, the round saw participation from Uncorrelated Ventures, Nexus Venture Partners, Chiratae Ventures, Next47 and prominent angel investors.

SAN JOSE, Calif. and CHENNAI, India, May 4, 2023 /PRNewswire/ — Supply chain software leader, Pando, today announced its Series B funding of $30 million, bringing total capital raised so far, to $45 million. The round was led by marquee Silicon Valley investors Iron Pillar and Uncorrelated Ventures, with participation from existing investors Nexus Venture Partners, Chiratae Ventures and Next47. Several prominent American CEOs and angel investors also participated in this round including David Dorman, Chairman of CVS Health and Director on the Boards of Dell and Paypal, Tom Noonan, Director on the Boards of New York Stock Exchange and SalesLoft, Scott Kirk of Bain Capital, Paul Brown of Dunkin’, Baskin-Robbins and Neiman Marcus, Nick Mehta of Gainsight, and Amar Goel of Pubmatic. The fresh funds will be used to drive Pando’s growth across geographies and industries.

Abhijeet Manohar (left) & Nitin Jayakrishnan (right), co-founders of Pando at the company’s APAC HQ
Abhijeet Manohar (left) & Nitin Jayakrishnan (right), co-founders of Pando at the company’s APAC HQ

In the last few years, supply chain disruptions have peaked, hindering business growth and consumers’ access to quality products. According to a recent Deloitte survey, over 70% of manufacturing executives reported that their companies have been impacted by supply chain disruptions in the past year, with 90% of those companies experiencing increased costs and declining productivity. With global enterprises investing in supply chain technology to improve agility, efficiency and resilience, the logistics tech market is estimated to grow to $25 billion by 2025. Pando is well-positioned to ride this growth wave, and drive supply chain agility for the 2030 economy.

Investors see Pando’s platform as critical in the modern supply chain toolkit to bring innovation and resilience to the industry. Mohanjit Jolly, Partner at Iron Pillar who led the Series B, believes that Pando is uniquely positioned to be a global leader in this growing category. “The Logistics Tech market is ripe for disruption – there is high demand caused by volatility, legacy competition that is trying to catch up and a trend towards bundling point solutions. Pando addresses the problem holistically and, with its world-class talent in India and the US, takes a global view to IP-led product development. Their growth with multiple Fortune 500 companies is testimony to the quality of the product and management team, but their focus on building a large long-term business is what got us excited to partner with Abhijeet and Nitin. Iron Pillar is eager to leverage its global network of customers, partners, strategic capital and more to help accelerate Pando’s journey.”

Pando’s recently launched Fulfillment Cloud is a ‘single pane of glass’ to streamline the end-to-end order-to-fulfillment process of manufacturers, distributors, retailers, and 3PLs. This AI-powered, no-code platform for collaborative fulfillment has proven itself globally, improving service levels, and reducing carbon footprint and costs for several Fortune 500 enterprises such as Johnson & Johnson, Procter & Gamble, Nestle, Nivea, Accuride, Danaher, Perfetti Van Melle, and BP Castrol.

“Pando’s Fulfillment Cloud has been proven across several industries in the last few years, with strong revenue growth, marquee customer logos, high CSATs, and a fully built-out enterprise-grade platform. Pando is now expanding into new industries and geographies, especially the US.” said Abhishek Sharma, Managing Director at Nexus Venture Partners who seeded the company in 2018.

Parvesh Ghai, CRO – Asia Pacific, agrees, “Since Pando’s Series A in 2020, our revenue has grown 8x, and our customer base, 5x. We’re scaling our North America and Global business with marquee customer wins and a network of strong partners.” John Zimmerman, CRO – North America & Europe, adds, “Many large companies in North America and Europe are consolidating their supply chain technology from siloed point solutions to unified platforms, and in-sourcing their logistics from 3PLs. Pando’s solution is timely – its end-to-end capabilities and quantifiable value-driven success stories with marquee global brands is driving significant traction in the US market, where supply chain leaders are clamouring for change.”

“Most of the brands we love and live with are weighed down by legacy logistics tools that make their products less affordable, accessible and eco-friendly. Pando’s platform allows these brands to automate manual processes, modernize legacy systems and plug the gaps between tools without multi-year transformations, delivering change here and now,” said Nitin Jayakrishnan, Pando’s CEO.

Pando’s CTO, Abhijeet Manohar, said, “Whether we take HRMS, CRM, ITSM or SCM – ultimately, enterprise processes are data problems. Enterprises are struggling to piece together a comprehensive view of their supply chain. Just like how the world evolved from legacy applications to new-age cloud technology in these categories, supply chain software is evolving towards Pando.”

About Pando: 

Pando is a global leader in supply chain technology with its AI-powered, no-code Fulfillment Cloud platform. Pando’s Fulfillment Cloud provides manufacturers, retailers, and 3PLs with a single pane of glass to streamline the end-to-end order-to-fulfillment process to improve service levels and reduce carbon footprint and costs. As a partner of choice for Fortune 500 enterprises globally, with a presence across APAC and the US, Pando is recognized by Technology Pioneer by the World Economic Forum (WEF), and as one of the fastest-growing technology companies by Deloitte.

If you are embarking on digital transformation for your logistics operations, reach out to Pando at https://www.pando.ai.

PR Newswire

Lotus Technology Enters into Agreements for $122M with Strategic Partners and Business Partners

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NEW YORK and SINGAPORE, April 28, 2023 /PRNewswire/ — Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global luxury electric vehicle maker, announced today that it has entered into agreements with strategic partners and business partners for a total investment amount of approximately $122 million, which are subject to customary terms and conditions (including regulatory approvals) included in the definitive documentation. The financing marks a robust start to the Company’s ongoing fundraising and a major milestone in its planned business combination with L Catterton Asia Acquisition Corp (“LCAA”) (NASDAQ: LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a leading global consumer-focused investment firm.

The financing demonstrates the strength of market confidence in Lotus Tech as the Company progresses to complete the previously announced business combination, which is expected to close later this year. The funds expected to be provided by the financing are intended to be used to further advance Lotus Tech’s development of next-generation automobility technologies, continue the Company’s expansion of its global distribution network, and promote product innovation.

The global luxury electric vehicle market is expected to expand at a compound annual growth rate of 35% between 2021 and 2031, reaching over 1.9 million units by the end of that period.[1] “As an early mover in the market, Lotus Tech is well-positioned to address unfilled demand and capitalize on the segment’s rapid growth. Our strategic partners are eager to contribute to our development with additional capital,” said Mr. Qingfeng Feng, Chief Executive Officer of Lotus Tech.

“We are encouraged by this support from our strategic partners as they continue to invest and demonstrate confidence in our performance and growth potential,” added Mr. Feng. “Beyond providing capital, our strategic partners’ extensive global relationships and deep industry expertise will help accelerate our business and technology development and product roll-out. We look forward to further executing our strategy and steering the industry towards a more sustainable future.”

[1] According to research by Oliver Wyman, LLC.

Overview of the Transactions Contemplated by the Business Combination

On January 31, 2023, Lotus Tech and L Catterton Asia Acquisition Corp announced the signing of a definitive agreement related to a proposed business combination that would result in Lotus Tech becoming a public company. Upon completion of the business combination, the combined company is expected to retain Lotus Tech’s name as “Lotus Technology Inc.” and its ordinary shares are expected to be listed on the Nasdaq under the ticker symbol “LOT.”

About Lotus Technology

Lotus Technology Inc., headquartered in Wuhan, China, has operations across China, the UK, and the EU. The Company is dedicated to delivering luxury lifestyle battery electric vehicles including SUVs and sedans with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.

About L Catterton Asia Acquisition Corp 

L Catterton Asia Acquisition Corp (NASDAQ: LCAA) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. While it may pursue an initial target business in any industry or sector, it has focused its search on high-growth, consumer technology sectors across Asia. For more information about L Catterton Asia Acquisition Corp, please visit www.lcaac.com.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit lcatterton.com.

Forward-Looking Statements

This press release (the “Press Release”) contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, that are based on beliefs and assumptions and on information currently available to Lotus Tech and LCAA. All statements other than statements of historical fact contained in this Press Release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LCAA and its management, and Lotus Tech and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the proposed Business Combination between LCAA, Lotus Tech and the other parties thereto (the “Business Combination”); (2) the outcome of any legal proceedings that may be instituted against LCAA, the Combined Company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the amount of redemption requests made by LCAA public shareholders and the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of LCAA, to obtain financing to complete the Business Combination or to satisfy other conditions to closing and; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the Combined Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) risks associated with changes in applicable laws or regulations and Lotus Tech’s international operations; (10) the possibility that Lotus Tech or the Combined Company may be adversely affected by other economic, business, and/or competitive factors; (11) Lotus Tech’s estimates of expenses and profitability; (12) Lotus Tech’s ability to maintain agreements or partnerships with its strategic partner Geely Holding and to develop new agreements or partnerships; (13) Lotus Tech’s ability to maintain relationships with its existing suppliers and strategic partners, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (14) Lotus Tech’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (15) Lotus Tech’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (16) delays in the design, manufacture, launch and financing of Lotus Tech’s vehicles and Lotus Tech’s reliance on a limited number of vehicle models to generate revenues; (17) Lotus Tech’s ability to continuously and rapidly innovate, develop and market new products; (18) risks related to future market adoption of Lotus Tech’s offerings; (19) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (20) Lotus Tech’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Lotus Tech by its partners in order for Lotus Tech to be able to increase its vehicle production capacities; (21) risks related to Lotus Tech’s distribution model; (22) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Lotus Tech’s future business; (23) changes in regulatory requirements, governmental incentives and fuel and energy prices; (24) the impact of the global COVID-19 pandemic on LCAA, Lotus Tech, Lotus Tech’s post business combination’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and (25) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in LCAA’s final prospectus relating to its initial public offering (File No. 333-253334) declared effective by the SEC on March 10, 2021, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission (the “SEC”) by LCAA or Lotus Tech, including the Registration/Proxy Statement (as defined below). There may be additional risks that neither LCAA nor Lotus Tech presently know or that LCAA or Lotus Tech currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved in any specified time frame, or at all, or that any of the contemplated results of such forward-looking statements will be achieved in any specified time frame, or at all. The forward-looking statements in this Press Release represent the views of LCAA and Lotus Tech as of the date they are made. While LCAA and Lotus Tech may update these forward-looking statements in the future, LCAA and Lotus Tech specifically disclaim any obligation to do so, except to the extent required by applicable law. You should not place undue reliance on forward-looking statements.

Projections

Lotus Tech’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Press Release, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Press Release. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. While such information and projections are necessarily speculative, LCAA and Lotus Tech believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Lotus Tech or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Press Release should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

Actual results may differ as a result of the completion of Lotus Tech’s financial reporting period closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. Neither Lotus Tech’s nor LCAA’s independent registered accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to the preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary financial information.

Additional Information

In connection with the proposed Business Combination, (i) Lotus Tech is expected to file with the SEC a registration statement on Form F-4 containing a preliminary proxy statement of LCAA and a preliminary prospectus (the “Registration/Proxy Statement”), and (ii) LCAA will file a definitive proxy statement relating to the proposed Business Combination (the “Definitive Proxy Statement”) and will mail the Definitive Proxy Statement and other relevant materials to its shareholders after the Registration/Proxy Statement is declared effective. The Registration/Proxy Statement will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of LCAA shareholders to be held to approve the proposed Business Combination. This Press Release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination.

Before making any voting or other investment decisions, securityholders of LCAA and other interested persons are advised to read, when available, the Registration/Proxy Statement and the amendments thereto and the Definitive Proxy Statement and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about LCAA, Lotus Tech and the Business Combination. When available, the Definitive Proxy Statement and other relevant materials for the proposed Business Combination will be mailed to shareholders of LCAA as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the Registration/Proxy Statement, the Definitive Proxy Statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

LCAA and Lotus Tech, and certain of their directors and executive officers, may be deemed participants in the solicitation of proxies from LCAA’s shareholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in LCAA is set forth in LCAA’s filings with the SEC (including LCAA’s final prospectus related to its initial public offering (File No. 333-253334) declared effective by the SEC on March 10, 2021), and are available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo. Additional information regarding the interests of such participants and other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the proposed Business Combination will be contained in the Registration/Proxy Statement for the proposed Business Combination when available.

No Offer and Non-Solicitation

This Press Release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of LCAA or Lotus Tech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Contact Information

For inquiries regarding Lotus Tech

Demi Zhang
ir@group-lotus.com

Brunswick Group
Lotustechmedia@brunswickgroup.com

For inquiries regarding LCAA and/or L Catterton
Julie Hamilton (U.S.)
media@lcatterton.com
+1 203 742 5185

Bob Ong / Bonnie Gan (Asia)
bob.ong@lcatterton.com / bonnie.gan@lcatterton.com
+65 6672 7619 / +86 10 8555 1807

Source: Lotus Technology Inc.

PR Newswire

Ampotech joins Coastal Sustainability Alliance to Support Decarbonization of Maritime Sector

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SINGAPORE, April 25, 2023 /PRNewswire/ — Singapore-based energy technology startup Ampotech is bringing its internet of things enabled energy management technology to the maritime sector. On 25 April 2023, Ampotech was one of 11 new members signing a Memorandum of Understanding to join the Coastal Sustainability Alliance (CSA).

Coastal Sustainability Alliance
Coastal Sustainability Alliance

CSA, launched in 2022 and helmed by Kuok Maritime, is an alliance dedicated to decarbonizing Singapore’s marine industry by developing electric vessels, charging infrastructure and power management systems, as well as coastal logistics optimization solutions. The 18 member CSA expects to invest over S$20 million into various sustainability efforts over the next ten years with the aim of a 50% reduction in vessel carbon emissions and 20% in marine traffic by 2030.

“The Coastal Sustainability Alliance’s efforts to build the next generation coastal logistics ecosystem has progressed to plans. The alliance is excited to contribute in incubating our local start-ups. Ampotech’s research initiatives will reinforce the efficiency and reliability of our PXO vessels. We will provide them with our full support to achieve our common goals.” Victor Yeap, Senior General Manager, PaxOcean.

As one of the new technology providers in CSA, Ampotech expects to work closely with fellow members PaxOcean, M1, GenPlus, and ST Engineering to track and optimize the energy use of the battery-powered PXO e-tug and e-supply vessels, which will be the first and largest locally designed, built, and deployed boats to be in operation in Singapore.

“Our energy management technology is proven for on-shore applications in commercial and industrial buildings, and we are excited to have the opportunity to bring those capabilities into the maritime sector with CSA to have a larger impact” said Ampotech CEO William Temple.

About Ampotech

Ampotech Pte Ltd is an energy technology company based in Singapore that develops internet of things (IoT) hardware and AI-enabled software to help businesses collect, analyse, and integrate building and machine electricity usage data for sustainability reporting, benchmarking, automation, and facilities management. Ampotech’s products and software are trusted by industry leaders in the energy and real estate sectors, with thousands of devices deployed in commercial, residential, and industrial buildings. Ampotech has been recognized as one of the top climate tech companies in Southeast Asia, and has won awards for its technology and impact in the built environment sector. For more information, please visit www.ampotech.com.

PR Newswire

Asia’s EV Race: Selex Motors raises $3 million from ADB Ventures, Schneider Electric Energy Access Asia and others

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Accelerating the fastest growing EV ASEAN nation to effectively reduce carbon footprint of the last mile transportation segment.

SINGAPORE, April 24, 2023 /PRNewswire/ — Hanoi-based Selex Smart Electric Vehicles JSC (Selex Motors) is making waves in the electric vehicle (EV) and battery pack manufacturing industry in Vietnam and is currently in a US$ 3 million convertible note investment round with ADB Ventures – Asian Development Banks’s venture arm, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.

Through this round, the fund will be utilized to expand production lines and support vehicle sales while setting up battery-swapping systems in key cities in Vietnam, solidifying Selex’s position as the nation’s first and largest shared battery-swapping network provider.

“The unwavering support reaffirms our common goal of combating climate change and provides an important boost to our business. Through this round’s investment, we are looking forward to establishing a strong foothold in Vietnam and building a foundation for regional expansion” said Selex Motors Chief Executive Officer, Dr. Nguyen H.P. Nguyen.

Selex’s flagship electric two-wheeler (E2W) vehicles are designed for high-usage applications with its own battery-swapping solution allowing users to replenish the energy for up to 150 km in under two minutes, a key enabler for EV adoption in commercial activities. Furthermore, this model has a 50% load capacity improvement compared to existing alternatives, and the electric powertrain reduces maintenance and fuel costs by over 30%, consequently lowering overall logistics costs for corporate fleets and increasing the net income of deliverers.

“By displacing gasoline-based 2-wheelers with E2Ws in last-mile logistics fleets, Selex’s growth will naturally mitigate carbon emissions which our sources estimate up to 50,000 tons by 2025,” he added.

Selex is a first of its kind to develop from scratch an optimal electric ecosystem for last-mile transportation to reduce the operation costs and impact of the logistics industry. The company also holds a significant Intellectual Property (IP) portfolio consisting of 10 patents, 5 designs, and 4 trademarks — incubated at its in-house research and development facility.

“The electrification of road transport will have a profound and transformative impact on the automotive manufacturing and logistics sectors in Southeast Asia. We are proud to be part of Selex’s journey from the very beginning and look forward to them becoming an important regional player in the coming years,” said ADB Ventures Investment Specialist Charles Cole Navarro.

The EV sector is gaining massive traction in Asia and the Pacific with an estimated valuation of over US$ 777 billion in 2027, registering a CAGR of 19.1%, while the Vietnamese market for E2W is the biggest and fastest growing among ASEAN nations and is also the second largest globally. With petrol-powered two-wheelers being one of the largest sources of greenhouse gas emissions in major cities, electrification will greatly benefit high-usage applications such as last-mile transport to minimize carbon footprint.

“We are thrilled to back Selex Motors in this latest round. With Vietnam widely regarded as the center of the motorcycle industry in Asia, we are convinced of the huge impact on decarbonization that Selex creates by bringing cleaner energy into transportation, as well as providing strong financial incentives for corporate partners and riders to make this switch to electric scooters. We are extremely excited to join forces with ADB Ventures, Touchstone, and Sopoong in supporting Vietnam’s EV ecosystem and Selex’s journey for sustainable mobility,” said Gilles Vermot Desroches, President of Schneider Electric Energy Access Asia.

As Selex continues to work towards its mission, Selex invites like-minded corporate partners to join in the effort. For more information, visit www.selex.vn. 

About Selex Motors

Based in Hanoi, Selex Motors is a pioneering startup in electric vehicles in Southeast Asia. The company was co-founded in 2018 by three co-founders, including two Ph.D. graduates in Mechanical Engineering from the University of Michigan in Ann Arbor, who decided to return to their home country to make an impact.  Selex Motors aims to accelerate the transition to green transportation through a proprietary and innovative ecosystem for electric two-wheelers. Selex Motors currently focuses on applying its solution in the fast-growing segments of last-mile transport in Vietnam, with a plan for regional expansion in the near future.

PR Newswire

Cango Inc. Announces New Share Repurchase Program

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SHANGHAI, April 21, 2023 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a leading automotive transaction service platform in China, today announced that its board of directors has authorized a new share repurchase program (the “New Share Repurchase Program”) under which the Company may repurchase up to US$50 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing two Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from April 25, 2023.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, in accordance with applicable rules and regulations. The number of ADSs and/or Class A ordinary shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Cango’s working capital requirements and general business conditions. The Company’s board of directors will review the New Share Repurchase Program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from its existing cash balance.

On April 22, 2022, the Company announced a share repurchase program (the “Existing Share Repurchase Program”) under which the Company may repurchase up to US$50 million worth of its outstanding ADSs and/or Class A ordinary shares. Pursuant to the Existing Share Repurchase Program, the Company had repurchased 2,794,557 ADSs from the open market with cash in the aggregate amount of approximately US$5.7 million up to April 17, 2023. For avoidance of doubt, the Existing Share Repurchase Program will remain in effect until its expiration on April 25, 2023.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China’s automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products centering on customer needs for auto transactions, auto financing and after-market services. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers’ car purchase service platform of choice. For more information, please visit: www.cangoonline.com. 

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, 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. Statements that are not historical facts, including statements about Cango’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango’s goal and strategies; Cango’s expansion plans; Cango’s future business development, financial condition and results of operations; Cango’s expectations regarding demand for, and market acceptance of, its solutions and services; Cango’s expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Twitter: https://twitter.com/Cango_Group

Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com

Source: Cango Inc.