Tag Archives: TRN

PR Newswire

NaaS Technology Inc. Announces Director Change

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BEIJING, June 10, 2023 /PRNewswire/ — NaaS Technology Inc. (Nasdaq: NAAS) (“NaaS” or the “Company”), the largest third-party charging network in China, today announced that Mr. Zhongjue Chen has resigned as a director of the Company for personal reasons, effective June 10, 2023.

Mr. Zhen Dai, Chairman of the Board commented, “On behalf of the board and everyone at NaaS, I would like to express our thanks to Mr. Zhongjue Chen for his contributions and dedication to the Company during his tenure on the board. We wish him all the best in his future endeavors.”

Mr. Chen commented, “It has been an honor to serve on the board of NaaS and witness all the tremendous achievements. I wish the Company all the best going forward.”

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop EV charging solutions to charging stations comprising online EV charging, offline EV charging and innovative and other solutions, supporting every stage of the station lifecycle. As of March 31, 2023, NaaS had connected over 575,000 chargers covering 55,000 charging stations. In the first quarter of 2023, charging volume transacted through the Company’s network reached 1,023 GWh and gross transaction value reached RMB990.5 million. On June 13, 2022, the American depositary shares of the Company started trading on Nasdaq under the stock code NAAS.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com

Source: NaaS Technology Inc.

PR Newswire

DFI Presents in-Vehicle T-Box with Cybersecurity Solution VC900-M8M, Creates New Smart Fleet Management Applications

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TAIPEI, June 2, 2023 /PRNewswire/ — DFI, the global leader in embedded motherboards and industrial computers, aims at the smart transportation industry and launches their new low-power, energy-saving vehicle system, VC900-M8M, with the NXP I.MX8M processor. Equipped with a 6-axis sensor (IMU), fleet managers can better manage driving behavior, motion sensing, sudden braking, and impact detection. They have also introduced the vehicle network security solution by VicOne as a Trend Micro subsidiary to deliver automotive cybersecurity solutions, to build a more robust vision of road safety and cybersecurity protection.

For vehicle edge computing applications, DFI’s industrial-grade vehicle system, VC900-M8M, with the NXP i.MX8M processor has advanced computing capabilities and power management functions to save energy and increase efficiency. The VC900-M8M is based on the ARM design architecture and supports Yocto Linux 2.5 and Android 9.0. It provides more flexibility for development and helps customers create customized software solutions according to their specific needs.

DFI President Alexander Su stated, “Constructing an efficient and safe intelligent transportation system (ITS) is the most important part of developing a smart city. VicOne’s vehicle network security solution, xCarbon, has been installed in the VC900-M8M. When the On Board Unit (OBU) detects abnormal behavior, it can immediately communicate with the Driver HMI and report to the back-end system to ensure that the car and connected devices are protected from hackers.”

The VC900-M8M’s strengths are its built-in 6-axis IMU and various I/O settings, including one CAN and four COM combo ports, two USB 3.1 Gen 1, one Micro USB (OTG), and two M.2 sockets. It supports 5G, 4G, Wi-Fi, and Bluetooth, and it also provides comprehensive mobile service and integrates many types of sensors and communication devices. These features allow fleet managers to collect real-time vehicle-related data and location, including speed, mileage, and driving behaviors, to help them carry out different applications.

The VC900-M8M can support a wide operating temperature range of -20 degrees Celsius to 70 degrees Celsius and a wide voltage input range of 9VDC to 36VDC. It has also passed the MIL-STD-810G military standard and the European E-Mark Certification, making it suitable for operations in harsh environments and extreme climates. In addition to meeting the industry’s needs for electric and new energy vehicles, the VC900-M8M also delivers transportation efficiency and safety for self-driving and electric cars.

For more information, please visit: https://www.dfi.com/, LinkedIn or contact us.

CONTACT: Melanie Ho, melanie.ho@dfi.com 

Source: DFI Inc.

PR Newswire

BEST Inc. Publishes 2022 ESG Report, Driving Green Logistics through Digitalization

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HANGZHOU, China, May 29, 2023 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today released its “2022 ESG Report,” highlighting the company’s fulfillment of social responsibilities, global participation in social welfare initiatives, and promotion of green logistics through digitalization.

The report is divided into seven sections, showcasing BEST’s contributions to social welfare and green logistics. In 2022, it delivered goods to areas affected by the pandemic for free, reduced paper usage by 8.5 million A4 sheets annually through blockchain technology, and saved 70,000 liters of diesel by continuously replacing diesel forklifts with electric forklifts.

The Company also formed long-term strategic partnerships with over 100 colleges and universities, and participated in public welfare activities, such as helping underprivileged students and donating goods.

“Social support and trust are essential to corporate development,” said Johnny Chou, BEST Inc.’s Chairman and CEO. “As a logistics enterprise, BEST has always prioritized green practices, digitalization, and mutual benefit, in order to promote sustainable development and create greater value for our customers, employees, and society.”

BEST Inc. generated RMB 7.74 billion in total revenue in 2022, with service in eight countries. The Company achieved full coverage of its express network in four Southeast Asian countries and was listed in the “Top 500 Private Enterprises in China” in 2022.

For the full BEST Inc. ESG 2022 report, please visit:
https://www.best-inc.com/BEST-Inc.ESGReport2022.pdf

Source: BEST Inc.

PR Newswire

Mini-sized, Mega Performance: Introducing New VIOFO A119 MINI 2 Dash Cam with Sony STARVIS 2

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SHENZHEN, China, May 20, 2023 /PRNewswire/ — VIOFO, an innovative dashcam brand, has been committed to improving the image quality of dashcams. Following last year’s release of the world’s first 4K HDR A139 Pro featuring Sony’s newest STARVIS 2 technology, VIOFO recently launched another first-ever 2K HDR dashcam A119 Mini 2, using Sony’s latest STARVIS 2 IMX675 sensor and boasting a range of impressive features, which greatly enhances low-illuminance performance and ability to capture clear license plates.


A119 Mini 2 is the newly upgraded version of our A119 Mini dashcam, making leaps and bounds in both performance and functionality. Let’s take a closer look at it and whether it’s worth considering for your vehicle.

Mini Design

One of the standout features of A119 Mini 2 is its mini design. It is VIOFO’s smallest dashcam, with a discreet dimension of 1.8 inch*2.9 inch*1.6 inch, just the size of a car key. Despite its powerful performance, A119 Mini 2 is incredibly compact and can be mounted behind the rear-view mirror, taking up minimal space on your windshield. This makes it ideal for those who prefer a more concealed installation, as it won’t obstruct the driver’s view or draw attention to itself.

What’s new on A119 Mini 2?

Newest Sony STARVIS 2 Image Sensor

A119 Mini 2 is the world’s first dashcam using Sony’s newest STARVIS 2 IMX675 sensor. The new sensor employs Sony’s unique STARVIS 2 technology which delivers high sensitivity and a wider dynamic range, but with approximately 30% less power consumption than conventional models such as the STARVIS IMX335 image sensor.

Main Features

  • Single exposure method with approximately 2.5 times wider dynamic range than conventional models

The Sony STARVIS 2 tech uses unique processing technology to increase the area of the light-receiving unit despite pixel size limitations, resulting in a wide dynamic range in a 1/2.8-type 5.12 megapixels format. This design delivers a dynamic range approximately 2.5 times wider than conventional models, at 78 dB, thereby enabling high-precision capturing. It can record images accurately without overexposure even in situations such as nighttime roads or tunnel entrances/exits with large changes in brightness.

  • Improved sensitivity in the low-light domain delivers high-quality images in dark environments

The STARVIS 2 IMX675 sensor deploys a back-illuminated structure which increases the amount of light to be captured and enables super-high sensitivity, making it possible to capture high-quality and low-noise images even in low-light scenes and at night.

  • Consumes 30% less power than conventional models

The IMX675 sensor utilizes a stacked structure, employing a Cu-Cu connection between the pixel unit and circuit unit, to achieve an optimized layout for multiple high-speed signal processing circuits. This results in significantly lower power consumption, approximately 30% lower than conventional models. With this new sensor, issues such as power consumption costs, impact on the environment, and camera heat generation can be effectively reduced.

Best-In-Class 2K HDR Image Quality

Powered by a Sony STARVIS 2 image sensor, A119 Mini 2 is by far VIOFO’s second most advanced dashcam. The Sony STARVIS 2 image sensor means that A119 Mini 2 can record crisp videos at 2K 60fps resolution, and at a sensitivity beyond the human eye in low light environments, bringing low noise, eliminating motion blur, and revealing more details. This is a step up from their already impressive 2K quality on other models.

The image sensor IMX675 produces sharp and detailed footage day and night with its outstanding DOL HDR technology. This tech captures a bright and dark image in succession and superimposes one over the other, which helps balance extremely bright and dark areas to accurately restore 2K details recorded at night.

A119 Mini 2 also features an F1.6 aperture with a wider-angle view than A119 Mini’s 140˚, providing a good field of view for capturing everything that happens on the road.

Smart Voice Control

Voice control is another innovative A119 Mini 2 feature, which allows you to start recording, take photos, turn on WiFi, and more by giving simple voice commands in multiple languages (English, Chinese, Russian, Japanese, Vietnamese, and Thai). This can be especially handy if you’re driving while you keep your eyes on the road and your hands on the wheel.

The voice control function supports up to 10 voice commands, including:

  • Take Photo
  • Video Start
  • Video Stop
  • Turn On Audio
  • Turn Off Audio
  • Turn On Screen
  • Turn Off Screen
  • Lock the Video
  • Turn On WiFi
  • Turn Off WiFi

Other Amazing Features

Ultra Fast 5GHz Wi-Fi

A119 Mini 2 comes equipped with dual-band 2.4GHz & 5GHz Wi-Fi. The upgraded 5GHz Wi-Fi provides 4 times faster file transfer than 2.4GHz Wi-Fi, enabling ultra-rapid file transfer, smooth video viewing, and dashcam settings adjustment. The built-in Wi-Fi feature lets you connect the dashcam to your iOS & Android smartphones using the VIOFO app, you can live stream, playback recorded videos, download, or share video files with ease, making it simple to access, store, and send over video evidence in case of any incident.

*Download a 1-minute 2K video in just 10 seconds, with a download speed up to 11MBps (data from VIOFO R&D center).

Intelligent Parking Mode

One of the most important A119 Mini 2 features is Parking Mode, providing 24/7 surveillance of your car even when you’re away. The parking mode offers three options, Auto Event Detection, Time Lapse Recording, and Low Bitrate Recording, keeping your car safe while parked and giving you peace of mind no matter where you go.

Auto Event Detection

With a built-in G-sensor, A119 Mini 2 can detect any motion or impact during parking and automatically start recording for 45 seconds. Supported by a buffered function, it records a 45-second video that starts 15 seconds before and 30 seconds after the detected event, ensuring no critical moments are missed.

Time Lapse Recording

The time lapse mode condenses long periods of time into shorter video clips, recording a video at low frames at 1 / 2 / 3 / 5 / 10 fps without audio recorded, which saves storage and power. This is particularly useful for capturing road trips, scenic drives, or lengthy commutes, as it presents the entire journey in a more concise and easily watchable way.

Low Bitrate Recording

It keeps continuous recording with audio in small file sizes, helping save more space on the MicroSD card.

Voice Notification

A119 Mini 2 comes with voice notifications that serve as a virtual assistant to keep you informed of important dashcam events, such as video protection, setting changes, or memory card errors. This feature keeps you fully focused on the road.

GPS Logger

A119 Mini 2 is equipped with a GPS logger that accurately records detailed location, speed, and time data of the vehicle, making it an ideal tool for insurance claim situations. The GPS data can be viewed when playing back the video on VIOFO App or a computer.

Auto Emergency Lock

With the built-in G-sensor, when a sudden collision or crash occurs, the dashcam automatically triggers the Auto Emergency Lock feature and locks the current video file, preventing it from being overwritten. This way, the accident scene can be accurately reconstructed for your peace of mind.

Final Thoughts

Overall, the A119 Mini 2 dash cam is innovative and tech-forward. It is powered by Sony’s newest STARVIS 2 IMX675 sensor, offering best-in-class 2K footage quality. Additionally, it features smart voice control, enabling hands-free operations. Whether you’re looking for a way to protect yourself on the road or simply want to capture beautiful footage of your travels, the A119 Mini 2 is definitely worth your consideration.

About VIOFO Dashcam

Founded in 2011, VIOFO was started by two engineers aiming at providing the ultimate dash camera image quality for users worldwide.  Attribute to 10 years concentration in dashcam imaging, VIOFO dash cameras are now distributed in over 70 countries with millions of followers. For best customer experience, VIOFO always stays ears open to feedback from both regular and professional users. For more product information, pls visit VIOFO official.

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.