PR Newswire

News provided by PR Newswire

  • HEISHA launches new pilot free VTOL fixed wing
    A new way of how drones are used SHENZHEN, China, Aug. 20, 2019 /PRNewswire/ -- HEISHA has recently launched the new unattended system. D.NEST F300, combined the auto-charging station C300 with VTOL fixed wing is available for sale. It's expected to revolutionize the way how drones are used in daily life and it can be used for farm/pasture/privacy land inspection anytime, anywhere. Heisha also released D.NEST D300 and D.NEST S300 (USD 1999) for small areas, which based on other open source drones. Heisha D.NEST S300 banner, a real product picture with promotion information. A fully automatic drone system, pilots free. D.NEST, live aerial video feed anytime, anywhere. D.NEST is an untended and complete system for property surveillance, fully auto-unattended inspection solutions for home/roof/building/private land, etc. When users are on a trip and want to check their property, users can use their phone and launch the D.NEST F300 or D.NEST S300, with a live video feed of the property. Users can start their daily farm work, by sending out the drone for an aerial survey and checking which areas need to be taken care of, saving plenty of time. D.NEST is an agnostic drone, which is compatible with all major drone hardware platforms such as DJI, Ardupilot, Yuneec, and PX4. The charging pad's locking mechanism keeps the UAV safe and stable while being charged. D.NEST offers standard API that is also hardware-agnostic, scalable and seamless to integrate.  It composes a charging pad, a drone, telemetry system, cloud-based services and command center and enables deployment in a few touches, allowing users to manage everything, on their cell phone for a seamless experience. D.NEST F300's autonomy and automation are, by HEISHA's design, at the center of drone deployments to truly capture the 'faster, better, cheaper' promise of drones for property surveillance. Total Upgrade of the core components Compared to the previous version, D.NEST F300 has been upgraded with advanced control logic for much more safe charging and drone flight checking. As well as the new telemetry module with LTE/5G technology for seamless data collection and transmission. About HEISHA HEISHA is a technology-driven company, focuses on creating products with true value to daily life through advancing science and technology. More info: http://www.heishatech.com YouTube: https://youtu.be/I2l25YRTAbY Contact: Susan Sun +86-138-2377-1086 Photo - https://photos.prnasia.com/prnh/20190819/2539609-1?lang=0 Related Links :http://www.heishatech.com
  • 21st CBD Fair (Guangzhou) in China Attracts Nearly 200,000 Visitors, New Exhibition Announced for 2020
    GUANGZHOU, China, Aug. 19, 2019 /PRNewswire/ -- The 21st China (Guangzhou) International Building Decoration Fair ("CBD Fair (Guangzhou) 2019") has concluded its most extensive exhibition to date, with over 2,100 brands showcasing their products and services across 420,000 m2 of exhibition space. The show welcomed 198,316 visitors over four days - a year-on-year increase of 10.54%. 21st CBD Fair (Guangzhou) in China Attracts Nearly 200,000 Visitors, with over 2,100 brands showcasing their products and services across 420,000 square meters of exhibition space. The 2019 CBD Fair (Guangzhou) improved on its exhibition areas covering themes of customization, design, intelligence and system. It held more than 60 conferences, forums and workshops, invited well-known industrial experts, designers and entrepreneurs to share innovative ideas and explore industry develop trends. An additional event has been announced for 2020 in Shenzhen. The CBD Fair (Shenzhen) will take place in the Shenzhen World Exhibition & Convention Center from July 10-13 next year. Organized in partnership with Red Star Macalline, the exhibition aims to create smart home of the future by exploring trends and scientific developments in intelligent home design and building construction. With an exhibition area of 80,000 m2, the CBD Fair (Shenzhen) 2020 will provide ample space for oversea and domestic smart home brands to showcase products, build new channels for investment and promotion, and exchange dialogue on industry trends. "5G technology, intelligent design and construction will define the future of the building and decoration industry. This exhibition in Shenzhen is a platform for companies to explore and exchange on the trends in the smart home era," said Liu Xiaomin, President of China Foreign Trade Guangzhou Exhibition General Corp. ("CFTE"), the organizer of the CBD Fair. "Hosted in China's hub of commercial and urban development, the CBD Fair (Shenzhen) complements our existing exhibitions with highly differentiated, yet integrated, content - cementing our position as the industry's leading trade fair." CBD Fair 2020 schedules: Exhibition Date Location 2020 CBD-IBCTF (Shanghai) March 24-26, 2020 National Exhibition and Convention Center(Shanghai) 2020 CBD Fair (Guangzhou) July 8-11, 2020 - Canton Fair Complex - PWTC Expo - NICEC 2020 CBD Fair (Shenzhen) July 10-13, 2020 Shenzhen World Exhibition &Convention Center CBD Fair Founded in 1999, the CBD Fair has been hosted twice every year, with CBD-IBCTF (Shanghai) in March, and CBD Fair (Guangzhou) in July. In 2020, the CBD Fair will host its inaugural exhibition in Shenzhen in July. http://www.cbd-china.com Photo - https://photos.prnasia.com/prnh/20190819/2555364-1?lang=0Related Links :http://www.cbd-china.com
  • Marvel x MINISO Licensed Products Have Arrived in USA
    LOS ANGELES, Aug. 19, 2019 /PRNewswire/ -- MINISO has launched Marvel x MINISO licensed products at Hollywood Walk of Fame store on August 10th. There was more than 20,000 piece of products sold on this day, including many of Marvel kawaii characters designs, including Spider-Man, Captain America, Iron Man, Hulk, Captain Marvel, Thor, and Black Widow. Marvel x MINISO launch at Hollywood store in US This day was exceptional for MINISO fans in the US. Many people have lined up at MINISO door half an hour before the store opens. Everyone was so excited to be one of the first ones to able to get their hand on Marvel products and to share the experience with their friends. The Long waiting queue also attracted many of the tourists on Hollywood Walk of Fame, and the words started spreading. Many local influencers and Marvel Fans also showed to check out the event. They all shared their affection for our products, and Spider-Man was their favorite. Many of them posted about their moments and encouraged their friends and followers to visit the store. In early March 2019, the designer brand MINISO officially announced that it had reached an agreement with Marvel to develop Marvel x MINISO product line. MINISO has been authorized to sell these products in more than 120 countries. Until now, Marvel x MINISO has successfully launched in Thailand, Singapore, China, the Philippines, Myanmar, Sri Lanka, Pakistan, Indonesia, and is creating a huge buzz all around the world. The Marvel Mugs sold out immediately, and the baseball cap is going viral among the customers that not everyone is lucky enough to purchase one. Every launch triggered extensive discussions among fans in other countries or regions on the official social media. MINISO has successfully created licensed products such as We Bare Bears series, Adventure Time series, Hello Kitty series and Pink Panther series. This year Marvel x MINISO is bound to become a new hot topic worldwide. It is worth mentioning that most products in MINISO USA cost less than $10, even the Marvel product series. MINISO always insists on selling products that provide the most value to customers in term of design, quality, and price. Now, MINISO USA will open more officially licensed store to meet fans from different areas soon, and the next stop is Arcadia, California. View original content to download multimedia:http://www.prnewswire.com/news-releases/marvel-x-miniso-licensed-products-have-arrived-in-usa-300903447.html
  • 2019 iWorld Expo is Approaching
    CHENGDU, China, Aug. 19, 2019 /PRNewswire/ -- On August 16, the press conference of the 2019 iWorld Expo was held in Chengdu, announcing that the 2019 iWorld Expo will be held from August 23-25 at Chengdu Century City New International Convention and Exhibition Center. The Expo, under the guidance of Chengdu Municipal People's Government, is hosted by IDG Asia and co-organized by Chengdu Municipal Bureau of Economic and Information Technology, Chengdu Expo Bureau and the Management Committee of Chengdu Hi-tech Industrial Development Zone. The reporter was informed at the press conference that the Expo, themed on "Empowerment · Integration · Innovation", will consist of 8 exhibition zones and during the 3-day period, 1 main forum, 5 parallel forums and other special events will be held. The intelligent technology feast is in the countdown. Digitization enables infinite possibilities in the future The 19th National Congress has outlined the grand blueprint of building China's strength in cyberspace and building a digital China and a smart society, promoting the deep integration of the internet, big data, artificial intelligence and real economy, developing digital economy and sharing economy, as well as fostering new growth areas and drivers. In the 2019 NPC & CPPCC, the government work report stated that "We will push forward the accelerated development of emerging industries and expand the digital economy". Keeping abreast of the times and in response to the new developments, this year's Expo will focus on the digital economy highlights, the leading frontier technology, the industrial development and the people's livelihood needs, strives to build a platform for smart industry development and aims to boost digital economy innovation to strengthen the digital economy. This year, the exhibition area will total 22,000 square meters. New achievements, new technologies and new products at home and abroad in the field of digital economy, involving interconnected technology, tech-sport, intelligent cars, virtual reality, innovation and entrepreneurship, digital entertainment, digital health, and software city will be exhibited together. The Expo will establish a new platform for international cooperation and exchange of the digital economy industry, and let visitors experience the convenient and complete application of digital economy products at zero distance. This year's Expo is not only a wonderful visual show of black technology, but also a rare gathering of wisdom and insights. The 2019 iWorld Conference on the theme of "Digital Native Creating a New Business Model" will consist of iWorld Conference and 5 parallel forums, including Exploring · Application of Blockchain Technology, 5G+VR for Building a New Ecology, Digital Driven Human Resources · the Future of Talent Competition, Brand Innovation Enables Business Development and the Fourth World Digital Economy Conference. During the period, the big figures from home and abroad will jointly discuss and explore the new industrial developments, the cutting-edge technologies as well as the future trends of digital economy. In order to demonstrate the opportunities of the digital economy development and help enterprises with transformation and upgrading, 2019 iWorld Expo will launch a high-quality channels conference, introducing 30+ large e-commerce platforms, specialized retailers, shopping malls, competitive sellers and premium brand channel purchasers such as JD, Suning and Yintai to realize the audience-enterprise and enterprise-enterprise seamless connection. It is expected that this Expo will attract more than 200 domestic and international mainstream brand exhibitors, with presence of over 100 industry leaders, hundreds of authoritative professional media and 100,000 and more visitors, achieving all-media coverage and three-dimensional promotional effect. Potential visitors would not want to miss it. Innovation activities ignite the high-tech party The Expo never stops its pursuit of newness. Curling, dry ski and other special games, and the futuristic smart car experience will certainly bring visitors a wonderful journey of intelligent technology. It would be the wisest choice to get cool by skiing during a hot summer. This year, a 3-meter-high snow slope will be made in the pavilion during the Expo. Citizens can experience the cool "ice-snow world" at the doorstep. Those looking to share more fun with others can try out curling. It requires skills and strategy. Players can not only feel the coolness, but also improve their team spirit and adaptability. Watching the curling movement is also a pleasure. In a word, no one would regret for joining in the curling exercise, either by playing or watching it.  Just input a destination, then press the button, and it will automatically drive you on the road, fully freeing the hands and brain of the driver who may watch movies, drink tea or work during the travel. Smart cars unlock an ideal lifestyle. This Expo specially sets up a smart car zone for visitors to personally experience the driving pleasure of smart cars. In addition, iWorld The Best Award and iWorld eSports will be on schedule at the iWorld Expo. The Best 2019 Awards is the most authoritative annual selection of the mobile internet peripheral products in Asia; the 2019 iWorld eSports Invitation will provide a high-end platform for competition and communication between e-sports players, and StarCraft and King of Glory are two main games. Relying on the iWorld Expo to build platforms, gather achievements, promote innovation and pursue development, Chengdu is picturing the grand blueprint of digital economy construction. This August will witness a big moment of Chengdu, and Chengdu, with confidence and strength, is ready to fight for a great future with the power of digital economy. Visit the website http://www.iworld-idg.com/ for more information about the Expo. View original content:http://www.prnewswire.com/news-releases/2019-iworld-expo-is-approaching-300903375.html
  • The 7th Wuzhen Theatre Festival to Focus on the Concept of "Emerge" with a Lineup of International and Emerging Artists
    WUZHEN, China, Aug. 19, 2019 /PRNewswire/ -- From October 25 to November 3, 2019, the Wuzhen Theatre Festival ("the Festival") will be hosted in Wuzhen, China, a culturally significant city known for its canals and historic charm located in Zhejiang province. This year, the Festival will utilize unique venues to stage 141 performances of 28 plays from 13 countries and regions. Several works will premiere during the event. The 7th Wuzhen Theatre Festival to Focus on the Concept of "Emerge" with a Lineup of International and Emerging Artists The push for grander productions and cutting-edge drama comes as part of this year's Festival theme: Emerge. The theme is meant to convey the message that theatre is not stagnant, but constantly evolving, growing from stage to stage and performance to performance. The 7th Wuzhen Theatre Festival hopes to provide ample opportunity for performers and directors to embody this theme and for theatre-goers to partake in it with several highlights. The Opening Play to Set the Tone for the Festival Anton Chekhov's classic play "Three Sisters" will be presented by leading Russian director Yury Butusov and the St. Petersburg Lensoviet Academic Theatre. As a renowned contemporary director in Russia, Butusov is known for his poetic and associative directing technique. Rather than focus on the linear progression of the play, his mode of conveying the story is through melody and rhythm. His production of "Three Sisters" will be a fundamental transformation of the exemplary play, providing a jumping-off point for the Festival's other productions. Iconic Theatrical Celebrities and Productions from around the World Along with Yury Butusov, luminaries from throughout the theatre world will oversee productions during the Festival, including Peter Brook, Eugenio Barba, Theodoros Terzopoulos, Konstantin Bogomolov, Philippe Genty, and Michael Thalheimer, the two-time winner of Russia's Golden Mask award and multiple Nestroy-Award winner. These directors will be joined by production teams and ensembles acclaimed for their skill on the stage. The Berliner Ensemble from Germany will make its first appearance in China. In addition, dramas influenced by Russian theatrical greats, Shakespeare, Brecht, Meyerhold, and other dramatic forebears will be on the playbill. Water Theatre to Heighten the Drama Wuzhen's Water Theatre, constructed of 2,300 wooden logs, will provide an enthralling backdrop for several of the Festival's productions. The Water Theatre fans out to provide a panoramic view of the main stage in the middle of the 7,000 square-meter Yuanbao Lake. Surrounded by the lake and Wuzhen's iconic buildings dating back to the Ming and Qing dynasties, the venue provides the perfect atmosphere to appreciate the transition from the old to the new, further tying into the Festival's theme. New Pioneers with Diverse Works Emerge As theatre is often the birthplace of pioneering ideas and stories, the 2019 Wuzhen Theatre Festival will host a strong showing of rising and groundbreaking directors and productions. Chen Minghao, an emerging director in the Chinese theatre scene, will showcase avant-garde design and performance techniques with a play that will begin at midnight and reach its conclusion at sunrise. In addition, "Where Do We Come From, Who Are We, Where Are We Going 2.0", produced by Théâtre du Rêve Expérimental, will present a mysterious and romantic  work in which the intimate setting and audience (only four audience members per showing) will allow the viewers to not only watch the play but also partake in it, as they experience four distinct aspects of a dramatic performance. In addition to theatre works, the Wuzhen Theatre Festival will also present Outdoor Carnival. Actors, directors, and producers with the ability to shock and awe are encouraged to register. The carnival includes the traditional performing arts as well as contemporary avant-garde drama, video and multimedia productions, art installations, music, dance, crossover creativity and other art forms. All creators are invited to join. Registration can be found at: http://www.wuzhenfestival.com View original content to download multimedia:http://www.prnewswire.com/news-releases/the-7th-wuzhen-theatre-festival-to-focus-on-the-concept-of-emerge-with-a-lineup-of-international-and-emerging-artists-300903502.htmlRelated Links :http://www.wuzhenfestival.com
  • 'Full-Scenario Retail' Approach Boosts Suning.com 818 Shopping Festival
    NANJING, China, Aug. 19, 2019 /PRNewswire/ -- Suning.com, a Fortune Global 500 retail company and China's largest online-to-offline (O2O) smart retailer owned by Suning Holdings Group, closed its annual 818 shopping festival yesterday. The festival, which merged online to offline strategies with new smart retail concepts, had more than 12,000 internet stores owned by the company participate in it, making 818 one of the most comprehensive carnivals among major e-commerce shopping festivals. "From pure online shopping, to the integration of online and offline, to nowadays full-scenario retail experiences, the 818 shopping festival is a key example of Suning's continuous effort to innovate in retail and lead development in the industry", said Zhang Jindong, chairman of Suning holdings. Highlights of Suning.com's 818 Shopping Festival include: On the 18th August, the overall sales volume of home appliances and 3C exceeded RMB 1 billion within 1 minute and 28 seconds. During the 818 festival, the number of Suning retail cloud stores in the fast-growing township market reached 3,726, and the sales volume exceeded 1 million units. On the 18th August, the online sales amount from the retail cloud store increased 9 times. On the 16th August, the first all-digital visual unmanned store officially opened in Nanjing Suning headquarters. Named "Grab as you go", the store bought to life an authentic unmanned consumption experience and the average shopping time saved was 45 seconds. It only takes 1 second to buy a bottle of mineral water. During the 818 festival, the first 3.0 Suning Xiaodian (neighborhood convenience store) officially launched, with a consumer flow of nearly 40,000 people within 17 days, and the total order volume of the Suning market exceeded 800 orders. During the 818 festival, Suning.com official retail app took the no.1 download spot among shopping categories on the App Store and the visiting and sharing volume of Suning.com mini program increased 5 times. Suning.com SUPER VIP have issued joint members with Tencent, PP Sports, and other industry partners to promote the retail ecosystem. On the 18th August, the overall SUPER+ joint members increased by 1 million people. The Suning Logistics "5G Wolong" unmanned vehicle passed real road testing and delivered the first order within 5 minutes. The average delivery time of Suning logistics within the national 1-hour service circle is 34 minutes. During the 818 festival, Suning Pingou (team purchase) sales volume increased by 561.07% compared to last year. The first 5G mobile was sold on Suning.com during 818 and more than 2,000,000 people experienced 5G on Suning.com's various offline business platforms. The Suning smart retail strategy focuses on a future of retail that leverages advancements in new technology and merges different buying scenarios to create innovative online-to-offline experiences for consumers, creating a 'full-scenario' retail ecosystem for customers to shop easier anywhere and at any time. With the impetus of the 'full-scenario' retail approach behind it, this year's 818 festival has demonstrated greater vitality than ever before. With full-scenarios, all-categories, full customer coverage, industry-wide linkage, and continuous efforts around social, content + e-commerce, Suning.com has demonstrated leap-forward innovation in online and offline retail. About Suning Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan. In 2018, Suning Holdings ranked second among the top 500 non-state owned enterprises in China with annual revenues of 80.85 billion USD (557.9 billion RMB). With the mission of "Leading the Ecosystem across Industries by Creating Elite Quality of Life for All", Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Sports, Media & Entertainment, and Investment. Suning.com is listed on the 2019 Fortune Global 500. For more information see www.suningholdings.comRelated Links :http://www.suningholdings.comhttp://www.suning.cn/
  • China SXT Pharmaceuticals, Inc. Announces Filing of Annual Report on Form 20-F for Year Ended March 31, 2019
    TAIZHOU, China, Aug. 19, 2019 /PR Newswire/ -- China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) ("China SXT" or the "Company"), a specialty pharmaceutical company focusing on the research, development, manufacturing, marketing, and sales of Traditional Chinese Medicine Pieces ("TCMPs"), today announced that its Annual Report on From 20-F for the fiscal year ended March 31, 2019 has been filed with the U.S. Securities and Exchange Commission (the "SEC") on August 15, 2019. An electronic copy of the annual report on Form 20-F can be accessed on China SXT's website at http://www.sxtchina.com and on the SEC's website at http://www.sec.gov. Shareholders may receive a hard copy of China SXT's audited financial statement for the fiscal year ended March 31, 2019 free of charge upon request. Requests should be submitted to ir@sxtchina.com. About China SXT Pharmaceuticals, Inc. Founded in 2005 and headquartered in Taizhou City, Jiangsu Province, China, China SXT Pharmaceuticals, Inc. is an innovative pharmaceutical company focusing on the research, development, manufacture, marketing and sales of traditional Chinese medicine pieces, which is a type of Traditional Chinese Medicine that has been processed to be ready for use. For more information, please visit http://www.sxtchina.com. Safe Harbor Statement This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding the closing of the proposed private placement are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; the growth of the pharmaceutical market, particularly the Traditional Chinese Medicine Pieces ("TCMPs") market, in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at http://www.sec.gov. The Company undertakes no obligation to publicly revise these forward – looking statements to reflect events or circumstances that arise after the date hereof. For more information, please contact: At the Company: Alex Shi, CFOEmail: alexyaoshi@qq.com ICR, LLCRose ZuEmail: ir@sxtchina.com Phone: +1-646-277-1287 View original content:http://www.prnewswire.com/news-releases/china-sxt-pharmaceuticals-inc-announces-filing-of-annual-report-on-form-20-f-for-year-ended-march-31-2019-300903353.htmlRelated Links :http://www.sxtchina.com
  • TDH Holdings Regains Compliance with the Minimum Bid Price Requirement
    QINGDAO, China, Aug. 19, 2019 /PRNewswire/ -- TDH Holdings, Inc. (PETZ) (the "Company"), a PRC-based company that specializes in the development, manufacturing and sales of various pet food products under multiple established brands in China, Asia and Europe, today announced that it had received written notice from Nasdaq that the Company has regained compliance with the minimum bid price continued listing requirement. The Company regained compliance with this requirement as a result of its common shares' closing bid price having been at or above the minimum requirement of $1.00 per share for a minimum of ten consecutive trading days. The Company is scheduled to appear before the Nasdaq Hearings Panel on August 22, 2019 to address another continued listing deficiency pertaining to the Company's inability to maintain compliance with a minimum of $2.5 million in stockholders' equity for continued listing on the Nasdaq Stock Market as required under Listing Rule 5550(b)(1). There can be no assurance that, following the hearing, the Panel will grant the Company's request for additional time to regain compliance with the remaining Nasdaq continued listing requirement. If the Panel does not grant the Company's request for additional time, the Company's securities will be subject to delisting. If the Company is delisted from the Nasdaq Capital Market, its common shares may be traded over-the-counter on the OTC Bulletin Board or in the "pink sheets" if one or more market makers seeks and obtains approval by the Financial Industry Regulatory Authority to continue quoting in the Company's common shares. Many over-the-counter stocks trade less frequently and in smaller volumes than securities traded on the Nasdaq markets, which would likely have a material adverse effect on the liquidity and value of the Company's common shares. About TDH Holdings, Inc. Founded in April 2002, TDH Holdings, Inc. is a developer, manufacturer and distributer of a variety of pet food products under multiple brands that are sold in the China, Asia and Europe. More information about the Company can be found at http://www.tiandihui.com. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements relating to the Company's ability to regain compliance with the Nasdaq listing requirements. Actual events or results may differ materially from the Company's expectations. Factors that could cause actual results to differ materially from those stated or implied by the Company's forward-looking statements are disclosed in its filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the time of this release. The Company disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law. View original content:http://www.prnewswire.com/news-releases/tdh-holdings-regains-compliance-with-the-minimum-bid-price-requirement-300903317.htmlRelated Links :http://www.tiandihui.com
  • WuXi AppTec Reports First Half 2019 Interim Results
    Revenue Accelerated 33.7% Year-Over-Year to RMB 5,894 Million Gross Profit Up 30.0% Year-Over-Year to RMB 2,284 million[1] Adjusted Non-IFRS Net Profit Attributable to Owners of the Company Up 32.0% Year-Over-Year to RMB 1,179 Million Small Molecule CDMO/CMO Pipeline has Grown to 800+ Active Projects With 16 Already in Commercial Manufacturing Cumulatively Submitted 65 New-Chemical-Entity IND Filings with NMPA and Obtained 45 CTAs for Customers[2] SHANGHAI, Aug. 19, 2019 /PRNewswire/ -- WuXi AppTec Co., Ltd. (stock code: 603259.SH / 2359.HK), a platform that provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical, biotech and medical device industries worldwide to advance discoveries and deliver groundbreaking treatments to patients, announces its financial results for the six months ended June 30, 2019 ("Reporting Period"). This document serves purely as a summary and is not intended to provide a complete representation of the relevant matters. For further information, please refer to the 2019 interim report and relevant announcements published on the websites of the Shanghai Stock Exchange (www.sse.com.cn) and the Stock Exchange of Hong Kong (www.hkexnews.hk), and the designated media for dissemination of the relevant information. Investors are advised to exercise caution and be aware of the investment risks in dealing in the shares of the Company. All financials disclosed in this press release are prepared based on International Financial Reporting Standards (or "IFRSs"). First Half 2019 Financial Highlights Accelerated revenue growth of 33.7% year-over-year to RMB 5,894 million which was broad-based across all our business segments. During the Reporting Period, we added nearly 600 new customers and our active customers during this period exceeded 3,600. By fully leveraging the strength of our integrated end-to-end R&D services platform, we were able to create further synergies across all our business segments as we continued to adhere to our "Follow the Project" and "Follow the Molecule" strategies. Gross profit grew 30.0% year-over-year to RMB 2,284 million. Gross profit margin was 38.7%[3] Adjusted non-IFRS net profit attributable to owners of the Company grew 32.0% year-over-year to RMB 1,179 million. Net profit attributable to owners of the Company was lower 16.9% year-over-year to RMB 1,057 million, due to a RMB 55 million loss from changes in fair value of our investment portfolio, versus a RMB 432 million gain in the same period last year. Adjusted non-IFRS EPS increased by 9.1% versus the same period last year while diluted EPS was down 31.2%.[4] First Half 2019 Operational Highlights We acquired nearly 600 new customers, and our active customer count reached more than 3,600. We attracted and enabled numerous innovative biotech companies on our platform. We focused on and increased customer conversion, creating further synergies across all our business segments. In small molecule drug discovery services, we continued to assist global customers develop pre-clinical candidate molecules and patent applications, with multiple research papers published in leading scientific journals. Our DNA-Encoded library ("DEL") now contains 90 billion compounds, enabling a growing number of customers globally to discover innovative small molecule drugs. In our success-based drug discovery unit, we filed INDs for 10 new-chemical-entities for domestic customers with the China National Medical Products Administration (the "NMPA") and obtained 11 clinical trial authorizations ("CTAs"). As of June 30, 2019, we have cumulatively submitted 65 new-chemical-entity IND filings with the NMPA for our customers and obtained 45 CTAs. In our laboratory testing services, we fully leveraged our platform, combining our technical experience, program management and regulatory expertise to prepare and facilitate submissions of our customers' IND packages (the WuXi IND program or "WIND"). For the first time, we also helped our customers obtain clinical trial approval from the FDA under eCTD format. Our small molecule CDMO/CMO pipeline has grown to more than 800 active projects, including 11 under China's MAH pilot program. Furthermore, 40 projects are in Phase III clinical trials and 16 are already in commercial manufacturing. Our cell and gene therapies CDMO business provided services for 30 clinical stage projects, including 21 projects in Phase I and 9 projects in Phase II/III. We continued to build our global clinical research capabilities. Since our acquisition of Research Point Global, we are now providing multi-regional clinical development services to multiple customers. In May 2019, we also acquired Pharmapace, Inc., a clinical research services company with significant expertise in providing high quality biometrics services, allowing us to further diversify our global clinical trial service offering. In April 2019, we appointed Dr. Frederick H. Hausheer as our Chief Medical Officer. With his decades of extensive clinical experience in both the US and China, Dr. Hausheer is already having a big impact on the design of our customers' medical and clinical development programs. His skills enable us to provide a seamless integration of drug development projects from preclinical translational R&D into first-in-human studies along with Phase I-IV clinical development plans for our customers. We hired Dr. Zhigang Chen as our Chief Digital Officer. As digital technology within the healthcare field becomes an increasingly important asset, Dr. Chen will put the infrastructure in place for WuXi AppTec to capitalize on the copious information synergies within our platform. During the Reporting Period, we also continued to enhance our capacities and capabilities across all segments and facilities. Our newly built Qidong research and development center began operation. Three of our Laboratory Testing Division's facilities - Drug Safety Testing, Bioanalytical Services and Medical Device Testing - completed regulatory inspections by the FDA, OECD, and CNAS, all with excellent results. Our cell and gene therapies CDMO/CMO facility in Wuxi city began operation, providing services to customers in China. Our small molecule CDMO/CMO STA's new drug product manufacturing facility in Shanghai passed its first GMP inspection by the European MPA and, in July 2019, STA's ASU facility in Shanghai and API process R&D and manufacturing facility in Changzhou, successfully passed two inspections by the FDA, with no Form 483 issued. Management Comment Mr. Edward Hu, Co-CEO of WuXi AppTec, said, "We achieved accelerated growth in the first half of 2019 across all of our businesses. Our revenue grew 33.7% to RMB 5,894 million and our adjusted non-IFRS net profit attributable to owners of the Company grew 32.0% to RMB 1,179 million. Both revenue and adjusted net profit growth rate accelerated compared with growth rate from the same period last year. In addition, we increased our focus on customer conversion, enabling further synergies across all our business segments." Mr. Edward Hu further commented, "Our China-based laboratory services segment expanded its global and domestic customer base, improved customer penetration, and maintained a steady revenue growth rate of 23.7% to RMB 2,989 million. Our small molecule CDMO/CMO services portfolio increased from 650+ molecules at the end of 2018 to over 800 molecules as of June 30, 2019, and revenue grew 42.0%. US-based laboratory services revenue growth increased 30.0%, compared to a drop of 1.9%, in the same period last year. This was primarily due to cell and gene therapies CDMO services progressing more projects to later stage. Likewise, our medical device testing business returned to more historical levels of growth. Clinical research services was our fastest growing segment. Revenue grew 104.2%, driven by strong development of the domestic new drug clinical trial market, and contribution from acquired clinical CRO business." Dr. Ge Li, Chairman and CEO of WuXi AppTec, concluded, "While achieving strong revenue growth, we continued to invest in new capacity and capabilities, including talent, laboratories, manufacturing facilities and technologies. Our integrated platform enables more entrepreneurs, scientists, and doctors around the world to participate in innovation to bring the best and newest medicines to those patients in need." 2019 Interim Results Revenue increased 33.7% year-over-year to RMB 5,894 million. - China-based laboratory services realized revenue of RMB 2,989 million, representing a year-over-year growth of 23.7%. We have one of the largest and most experienced small molecule drug R&D organizations globally, along with a comprehensive testing platform. - CDMO/CMO services realized revenue of RMB 1,718 million, representing a year-over-year growth of 42.0%. The Follow-the-Molecule" strategy continues to perform very well. We establish close, cooperative relationships with our customers during the pre-clinical and early clinical development stage, and are then able to advance these projects into later clinical and commercialization stages if the molecules succeed in clinical development. - U.S.-based laboratory services realized revenue of RMB 710 million, representing year-over-year growth of 30.0%. For cell and gene therapies CDMO services, we acquired more customers and more projects progressed to late stage, allowing revenue growth to accelerate. For medical device testing services, we actively developed new customers and capitalized on incremental demand resulting from the European Union Medical Device Regulation change. - Clinical research and other CRO services realized revenue of RMB 472 million, representing year-over-year growth of 104.2%. Growth was mainly driven by continued rapid development of the domestic new drug clinical trial market, and acquired US clinical CRO business contributed RMB 84 million for the six months ended June 30, 2019. Excluding the effect of acquisition, the revenue of our clinical research and other CRO services grew 67.7%. Gross profit increased 30.0% year-over-year to RMB 2,284 million. Gross profit margin was 38.7%, slightly lower than 39.8% in the six months ended June 30, 2018.[5] - China-based laboratory services realized gross profit of RMB 1,301 million, representing year-over-year growth of 20.0%. Gross profit margin was 43.5%, lower by 1.34 percentage points[6], due to an increase in share-based compensation expenses and project mix. - CDMO/CMO services realized gross profit of RMB 698 million, representing a year-over-year growth of 42.7%, in line with revenue growth. Gross profit margin was 40.6%[7], the same as last year. |- U.S.-based laboratory services realized gross profit of RMB 191 million, representing year-over-year growth of 52.3%. Gross profit margin was 26.9%, up 3.93 percentage points[8], because of new customer acquisition and higher utilization rate of cell therapy manufacturing facilities. - Clinical research and other CRO services realized gross profit of RMB 92 million, representing year-over-year growth of 65.5%. Gross profit margin was 19.4%, down 4.54 percentage points,[9] mainly due to the effect of pass-through revenue and amortization cost of intangible assets associated with M&A. Net profit attributable to owners of the Company decreased 16.9% year-over-year to RMB 1,057 million, mainly due to a RMB 55 million loss in fair value of our investment portfolio, compared with a RMB 432 million gain in the same period last year. Excluding the impact of changes in fair value of our investment portfolio, the net profit attributable to owners of the Company in the current period increased by 32.4% compared with the same period last year. 2019 Interim Non-IFRS Results 2019 interim non-IFRS net profit attributable to owners of the Company decreased 10.7% year-over-year to RMB 1,213 million. This adjusts for share-based compensation expenses, listing expenses, foreign exchange-related effects and amortization of intangible assets acquired in business combinations. 2019 Interim Adjusted Non-IFRS Results Excluding realized/unrealized gains or losses from our venture investments and realized/unrealized gains or losses from our joint ventures, 2019 interim adjusted non-IFRS net profit attributable to owners of the Company increased 32.0% year-over-year to RMB 1,179 million.   Reconciliation of Non-IFRS and Adjusted Non-IFRS Net Profit Attributable to Owners of the Company[10] RMB Million Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Profit Attributable to the owners of the Company 1,056.8 1,271.9 Add:       Share-based compensation expenses 62.7 16.0       Listing expenses for offering of our A Shares and H Shares - 6.4       Foreign exchange related gains/losses 81.3 56.1       Amortization of intangible assets acquired in business combinations 12.4 8.0 Non-IFRS Net Profit Attributable the owners of the Company 1,213.2 1,358.4 Add:       Realized and unrealized gains/losses from venture investments (54.7) (474.2)       Realized and unrealized share of gains/losses of joint ventures 20.2 8.8 Adjusted non-IFRS net profit attributable to the owners of the Company 1,178.7 893.0     Condensed Consolidated Statement of Profit or Loss[11] RMB million Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 YoYChange Revenue (note i) 5,894.4 4,409.2 33.7% Cost of services (3,610.8) (2,653.1) 36.1% Gross profit 2,283.6 1,756.1 30.0% Other income 124.9 54.7 128.2% Other gains and losses (22.5) 389.6 -105.8% Impairment losses under expected credit losses ("ECL") model, net of reversal (1.2) 5.6 -120.4% Selling and marketing expenses   (208.5) (152.7) 36.6% Administrative expenses  (671.2) (435.3) 54.2% Research and development expenses (243.6) (177.5) 37.2% Operating Profit 1,261.4 1,440.7 -12.4% Share of profits (losses) of associates 73.0 38.7 88.8% Share of losses of joint ventures (20.2) (8.8) 130.8% Finance costs (32.8) (45.5) -28.0% Profit before tax 1,281.5 1,425.0 -10.1% Income tax expense (176.5) (121.0) 45.9% Profit for the period 1,105.0 1,304.1 -15.3% Attributable to: Owners of the Company 1,056.8 1,271.9 -16.9% Non-controlling interests 48.2 32.2 49.8% 1,105.0 1,304.1 -15.3%     Condensed Consolidated Statement of Profit or Loss (continued)[12] RMB Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 YoYChange Weighted average number of ordinary shares for the purpose of calculating (express in shares) – Basic 1,628,964,071 1,361,259,141 19.7% – Diluted 1,631,360,114 1,361,259,141 19.8% Earnings per share attributable to ordinary equity holders of the parent (expressed in RMB per share) – Basic 0.65 0.93 -30.1% – Diluted 0.64 0.93 -31.2%     Note: (i) The table below sets forth a breakdown of our revenue by segment: RMB million Six Months Ended June 30, 2019 Six Months Ended June 30, 2018   - China-based laboratory services 2,988.9 2,416.3   - U.S.-based laboratory services 709.8 546.1   - Clinical research and other CRO services 472.1 231.2   - CMO/CDMO services 1,717.7 1,209.4   - Others 5.8 6.3 5,894.4 4,409.2     Condensed Consolidated Statement of Financial Position[13] RMB million June 30, December 31, 2019 2018 Non-current Assets  Property, plant and equipment 6,702.6 6,057.6  Right of use assets 1,111.8 -  Goodwill 1,248.8 1,144.1  Other intangible assets 430.6 347.9  Prepaid lease payments - 272.3  Interest in associates 747.4 618.7  Interest in joint ventures 39.3 36.8  Deferred tax assets 253.8 250.2  Financial assets at fair value through profit or loss ("FVTPL") 2,516.4 2,079.3  Other non-current assets 62.1 47.4 Derivative financial instruments 0.6 - 13,113.5 10,854.4 Current Assets  Inventories 972.5 854.8  Contract costs 119.9 97.7  Amounts due from related parties 7.6 13.9  Trade and other receivables 3,014.0 2,498.7  Contract assets 322.4 384.5  Prepaid lease payments - 6.2  Income tax recoverable 8.8 34.0  Financial assets at FVTPL 3,152.4 2,125.3  Derivative financial instruments 13.3 37.1  Pledged bank deposits 4.4 2.9  Bank balances and cash  3,699.8 5,757.7 11,314.9 11,812.8     Condensed Consolidated Statement of Financial Position (continued)[14] RMB million June 30, 2019 December 31, 2018 Current Liabilities  Trade and other payables 2,476.8 2,610.6  Amounts due to related parties 11.9 12.0  Derivative financial instruments 103.3 153.3  Contract liabilities 697.2 681.9  Borrowings 1,294.9 120.0  Income tax payables 167.2 184.3  Financial liabilities at FVTPL 17.6 -  Lease liabilities 101.0 - 4,869.9 3,762.1 Non-current Liabilities  Borrowings 15.0 15.0  Deferred tax liabilities 158.1 111.7  Deferred income  404.3 418.8  Other long-term liabilities 95.9 194.3  Financial liabilities at FVTPL 14.8 -  Lease liabilities 741.4 - Total Non-current liabilities 1,429.4 739.9 Total Liabilities 6,299.3 4,502.0 Net Assets 18,129.2 18,165.2 Capital and Reserves  Share capital  1,170.0 1,164.7  Reserves 16,586.1 16,523.3  Equity attributable to owners of the Company 17,756.1 17,688.0  Non-controlling interests 373.1 477.2 Total Equity 18,129.2 18,165.2 About WuXi AppTec WuXi AppTec provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical, biotech and medical device industries worldwide to advance discoveries and deliver groundbreaking treatments to patients. As an innovation-driven and customer-focused company, WuXi AppTec helps our partners improve the productivity of advancing healthcare products through cost-effective and efficient solutions. With industry-leading capabilities such as R&D and manufacturing for small molecule drugs, cell and gene therapies, and testing for medical devices, WuXi AppTec's open-access platform is enabling more than 3,600 collaborators from over 30 countries to improve the health of those in need – and to fulfill our dream that "every drug can be made and every disease can be treated." Forward-Looking Statements This press release may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, our ability to protect our clients' intellectual property, and unforeseeable international tension. Our forward-looking statements in this press release speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section. Use of Non-IFRS and Adjusted Non-IFRS Financial Measures We provide non-IFRS net profit attributable to owners of the Company and earnings per share, which exclude share-based compensation expenses, listing expenses for offering of our A shares and H shares, foreign exchange-related gains or losses and amortization of intangible assets acquired in business combinations. We further provide an adjusted non-IFRS net profit attributable to owners of the Company and earnings per share, which exclude realized and unrealized gains or losses from our venture investments and joint ventures. Neither is required by, or presented in accordance with IFRS. We believe that the adjusted financial measures used in this press release are useful for understanding and assessing our core business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our core business. However, the presentation of these adjusted non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies. [1] If prepared under Accounting Standard for Business Enterprises of PRC, the gross profit grew 29.4% year-over-year to RMB 2,286 million. [2] Our success-based services, as of June 30, 2019. [3] If prepared under Accounting Standard for Business Enterprises of PRC, the gross profit grew 29.4% year-over-year to RMB 2,286 million. Gross profit margin was 38.8%. [4] Six months ended June 30, 2018 and six months ended June 30, 2019, we had a fully-diluted weighted average share count of 1,361,259,141 and 1,631,360,114 ordinary shares, respectively. [5] If prepared under Accounting Standard for Business Enterprises of PRC, six months ended June 30, 2019 gross profit increased 29.4% year-over-year to RMB 2,286 million. Gross profit margin was 38.8%, slightly lower than 40.1% in six months ended June 30, 2018. [6] If prepared under Accounting Standard for Business Enterprises of PRC, China-based laboratory services realized gross profit of RMB 1,302 million, representing a YoY growth of 19.4%. Gross profit margin was 43.6%, down by 1.57 percentage points. [7] If prepared under Accounting Standard for Business Enterprises of PRC, CDMO/CMO services realized gross profit of RMB 698 million, representing a YoY growth of 41.7%. Gross profit margin was 40.7%. [8] If prepared under Accounting Standard for Business Enterprises of PRC, U.S.-based laboratory services realized gross profit of RMB 191 million, representing a YoY growth of 52.2%. Gross profit margin was 26.9%, up by 3.93 percentage points. [9] If prepared under Accounting Standard for Business Enterprises of PRC, clinical research and other CRO services realized gross profit of RMB93 million, representing a YoY growth of 65.7%, down 4.61 percentage points. [10] If the sum of the data below is inconsistent with the total, it is caused by rounding. [11] If the sum of the data below is inconsistent with the total, it is caused by rounding. [12] If the sum of the data below is inconsistent with the total, it is caused by rounding. [13] If the sum of the data below is inconsistent with the total, it is caused by rounding. [14] If the sum of the data below is inconsistent with the total, it is caused by rounding.   View original content:http://www.prnewswire.com/news-releases/wuxi-apptec-reports-first-half-2019-interim-results-300903427.htmlRelated Links :http://www.wuxiapptec.com
  • Leju Reports Second Quarter and Half Year 2019 Results
    BEIJING, Aug. 19, 2019 /PRNewswire/ -- Leju Holdings Limited ("Leju" or the "Company") (NYSE: LEJU), a leading online-to-offline ("O2O") real estate services provider in China, today announced its unaudited financial results for the fiscal quarter and half year ended June 30, 2019. Second Quarter 2019 Financial Highlights Total revenues increased by 39% year-on-year to $170.0 million. Revenues from e-commerce services increased by 51% year-on-year to $132.4 million. Revenues from online advertising services increased by 8% year-on-year to $37.2 million. Income from operations was $12.0 million, an increase of 20% from $10.0 million for the same quarter of 2018. Non-GAAP[1] income from operations was $15.7 million, an increase of 10% from $14.3 million for the same quarter of 2018. Net income attributable to Leju Holdings Limited shareholders was $9.4 million, or $0.07 per diluted American depositary share ("ADS"), compared to net loss attributable to Leju Holdings Limited shareholders of $0.9 million, or $0.01 loss per diluted ADS, for the same quarter of 2018. Non-GAAP net income attributable to Leju Holdings Limited shareholders was $12.3 million, or $0.09 per diluted ADS, an increase of 388% from $2.5 million, or $0.02 per diluted ADS, for the same quarter of 2018. First Half 2019 Financial Highlights Total revenues increased by 37% year-on-year to $280.4 million. Revenues from e-commerce services increased by 48% year-on-year to $209.2 million. Revenues from online advertising services increased by 14% year-on-year to $70.3 million. Loss from operations was $7.1 million, a decrease of 67% from loss from operations of $21.5 million for the same period of 2018. Non-GAAP income from operations was $0.4 million, compared to non-GAAP loss from operations of $12.8 million for the same period of 2018. Net loss attributable to Leju Holdings Limited shareholders was $4.1 million, or $0.03 loss per diluted ADS, a decrease of 81% from net loss attributable to Leju Holdings Limited shareholders of $21.7 million, or $0.16 loss per diluted ADS for the same period of 2018. Non-GAAP net income attributable to Leju Holdings Limited shareholders was $1.8 million, or $0.01 per diluted ADS, compared to non-GAAP net loss attributable to Leju Holdings Limited shareholders of $14.7 million, or $0.11 loss per diluted ADS for the same period of 2018. [1] Leju uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net income (loss) attributable to Leju shareholders per diluted ADS, each of which excludes share-based compensation expense, amortization of intangible assets resulting from business acquisitions and income tax impact on the share-based compensation expense, amortization of intangible assets resulting from business combinations. See "About Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results" below for more information about the non-GAAP financial measures included in this press release. "We are pleased that Leju achieved solid growth in both revenue and profit in the second quarter," said Mr. Geoffrey He, Leju's chief executive officer. "Our e-commerce revenue was close to our all-time high this quarter benefiting from the implementation of our top-down strategy, and we have accumulated a strong project pipeline for the second half of 2019. Leju's new media business also made great progress this quarter as our stronger content production systems and multi-channel networking operation model helped to improve our media influence and keep our competitive advantage in the market. In addition, we further optimized our operations and management, which helped us generate positive cash inflow from operations in the second quarter. Looking ahead, market uncertainty may increase. We will continue our efforts to improve operational efficiency and profitability while maintaining healthy top-line growth." Second Quarter 2019 Results Total revenues were $170.0 million, an increase of 39% from $122.7 million for the same quarter of 2018, mainly due to an increase in revenues from e-commerce services and online advertising services. Revenues from e-commerce services were $132.4 million, an increase of 51% from $87.6 million for the same quarter of 2018, primarily due to an increase in the number of discount coupons redeemed, partially offset by a decrease in the average price per discount coupon redeemed. Revenues from online advertising services were $37.2 million, an increase of 8% from $34.4 million for the same quarter of 2018, primarily due to an increase in property developers' demand for online advertising. Revenues from listing services were $0.4 million, a decrease of 40% from $0.7 million for the same quarter of 2018, primarily due to a decrease in secondary real estate brokers' demand. Cost of revenues was $18.3 million, relatively flat compared to $18.4 million for the same quarter of 2018. Selling, general and administrative expenses were $140.0 million, an increase of 48% from $94.7 million for the same quarter of 2018, primarily due to increased marketing expenses related to the Company's e-commerce business. Income from operations was $12.0 million, an increase of 20% from $10.0 million for the same quarter of 2018. Non-GAAP income from operations was $15.7 million, an increase of 10% from $14.3 million for the same quarter of 2018. Net income was $9.6 million, compared to net loss of $1.0 million for the same quarter of 2018. Non-GAAP net income was $12.6 million, an increase of 420% from $2.4 million for the same quarter of 2018. Net income attributable to Leju Holdings Limited shareholders was $9.4 million, or $0.07 per diluted ADS, compared to net loss attributable to Leju Holdings Limited shareholders of $0.9 million, or $0.01 loss per diluted ADS, for the same quarter of 2018. Non-GAAP net income attributable to Leju Holdings Limited shareholders was $12.3 million, or $0.09 per diluted ADS, an increase of 388% from $2.5 million, or $0.02 per diluted ADS, for the same quarter of 2018. First Half 2019 Results Total revenues were $280.4 million, an increase of 37% from $204.2 million for the same period of 2018, mainly due to an increase in revenues from e-commerce services and online advertising services. Revenues from e-commerce services were $209.2 million, an increase of 48% from $141.0 million for the same period of 2018, primarily due to an increase in the number of discount coupons redeemed, partially offset by a decrease in the average price per discount coupon redeemed. Revenues from online advertising services were $70.3 million, an increase of 14% from $61.5 million for the same period of 2018, primarily due to an increase in property developers' demand for online advertising. Revenues from listing services were $0.9 million, a decrease of 49% from $1.7 million for the same period of 2018, primarily due to a decrease in secondary real estate brokers' demand. Cost of revenues was $41.8 million, an increase of 13% from $37.1 million for the same period of 2018, primarily due to increased cost of advertising resources purchased from media platforms. Selling, general and administrative expenses were $246.0 million, an increase of 30% from $189.9 million for the same period of 2018, primarily due to increased marketing expenses related to the Company's e-commerce business. Loss from operations was $7.1 million, a decrease of 67% from loss from operations of $21.5 million for the same period of 2018. Non-GAAP income from operations was $0.4 million, compared to non-GAAP loss from operations of $12.8 million for the same period of 2018. Net loss was $3.9 million, a decrease of 82% from net loss of $22.3 million for the same period of 2018. Non-GAAP net income was $2.0 million, compared to non-GAAP net loss of $15.2 million for the same period of 2018. Net loss attributable to Leju Holdings Limited shareholders was $4.1 million, or $0.03 loss per diluted ADS, a decrease of 81% from net loss attributable to Leju Holdings Limited shareholders of $21.7 million, or $0.16 loss per diluted ADS for the same period of 2018. Non-GAAP net income attributable to Leju Holdings Limited shareholders was $1.8 million, or $0.01 per diluted ADS, compared to non-GAAP net loss attributable to Leju Holdings Limited shareholders of $14.7 million, or $0.11 loss per diluted ADS for the same period of 2018. Cash Flow As of June 30, 2019, the Company's cash and cash equivalents balance was $166.6 million. Second quarter 2019 net cash provided by operating activities was $32.5 million, primarily comprised of non-GAAP net income of $12.6 million, a decrease in customer deposits of $7.1 million, an increase in accrued marketing and advertising expenses and other current liabilities of $9.7 million, an increase in amounts due to related parties of $5.9 million, an increase in advance from customer of $5.6 million, and an increase in income tax payable and other tax payable of 3.3 million, partially offset by an increase in accounts receivable and contract assets of $13.5 million. Business Outlook The Company estimates that its total revenues for the third quarter of 2019 will be approximately $170 million to $180 million, which would represent an increase of approximately 27% to 35% from $133.6 million in the same quarter in 2018. This forecast reflects the Company's current and preliminary view, which is subject to change. Conference Call Information Leju's management will host an earnings conference call on August 19, 2019 at 7 a.m. U.S. Eastern Time (7 p.m. Beijing/Hong Kong time). Dial-in details for the earnings conference call are as follows: U.S./International: +1-845-675-0437 Hong Kong: +852-3018-6771 Mainland China:   400-620-8038 Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "Leju earnings call". A replay of the conference call may be accessed by phone at the following number until August 27, 2019: U.S./International: +1-855-452-5696 Hong Kong:   800-963-117 Mainland China:   400-632-2162 Passcode:  4069729 Additionally, a live and archived webcast will be available at http://ir.leju.com. About Leju Leju Holdings Limited ("Leju") (NYSE: LEJU) is a leading online-to-offline, or O2O, real estate services provider in China, offering real estate e-commerce, online advertising and online listing services. Leju's integrated online platform comprises various mobile applications along with local websites covering more than 370 cities, enhanced by complementary offline services to facilitate residential property transactions. In addition to the Company's own websites, Leju operates the real estate and home furnishing websites of SINA Corporation, and maintains a strategic partnership with Tencent Holdings Limited. For more information about Leju, please visit http://ir.leju.com. Safe Harbor: Forward-Looking Statements This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Leju may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Leju's beliefs and expectations, are forward-looking statements that involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the forward-looking statements. Such factors include, but are not limited to, fluctuations in China's real estate market; the highly regulated nature of, and government measures affecting, the real estate and internet industries in China; Leju's ability to compete successfully against current and future competitors; its ability to continue to develop and expand its content, service offerings and features, and to develop or incorporate the technologies that support them; its limited operating history and lack of experience as a stand-alone public company, given its carve-out from E-House and prior reliance on E-House for various corporate services; its reliance on SINA and others with which it has developed, or may develop in the future, strategic partnerships; substantial revenue contribution from a limited number of real estate markets; complexities resulting from its ongoing relationships with E-House, due to E-House's status as a principal shareholder of Leju; and relevant government policies and regulations relating to the corporate structure, business and industry of Leju. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About Non-GAAP Financial Measures To supplement Leju's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Leju uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net income (loss) attributable to Leju shareholders per diluted ADS, each of which excludes share-based compensation expense, amortization of intangible assets resulting from business acquisitions, and income tax impact on the share-based compensation expense and amortization of intangible assets resulting from business combinations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release. Leju believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding its operating performance by excluding share-based compensation expense and amortization of intangible assets resulting from business acquisitions, which may not be indicative of Leju's operating performance. These non-GAAP financial measures also facilitate management's internal comparisons to Leju's historical performance and assist its financial and operational decision making. A limitation of using these non-GAAP financial measures is that share-based compensation expense and amortization of intangible assets resulting from business acquisitions may continue to exist in Leju's business for the foreseeable future. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables provide more details on the reconciliation between non-GAAP financial measures and their most comparable GAAP financial measures. For investor and media inquiries please contact: Ms. Christina WuLeju Holdings LimitedPhone: +86 (10) 5895-1062E-mail: ir@leju.com Philip Lisio Foote GroupPhone: +86 135-0116-6560E-mail: phil@thefootegroup.com LEJU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) December 31, June 30, ASSETS 2018 2019 Current assets Cash and cash equivalents 147,263 166,613 Accounts receivable, net 102,697 122,804 Contract assets 2,137 1,303 Marketable securities 2,467 3,327 Prepaid expenses and other current assets 8,621 8,871 Customer deposits 10,672 2,195 Amounts due from related parties 6,695 7,573 Total current assets 280,552 312,686 Property and equipment, net 14,058 17,865 Intangible assets, net 57,401 51,177 Right-of-use assets[2] — 33,795 Investment in affiliates 63 37 Deferred tax assets 62,356 62,252 Other non-current assets 2,297 1,390 Total assets 416,727 479,202 LIABILITIES AND EQUITY Current liabilities Accounts payable 803 2,062 Accrued payroll and welfare expenses 30,628 30,637 Income tax payable 58,030 56,230 Other tax payable 12,675 15,422 Amounts due to related parties 3,477 14,626 Advance from customers 26,873 34,899 Lease liabilities, current[2] — 6,478 Accrued marketing and advertising expenses 14,896 18,149 Other current liabilities 12,999 20,030 Total current liabilities 160,381 198,533 Lease liabilities, non-current[2] — 27,570 Deferred tax liabilities 14,780 14,755 Total liabilities 175,161 240,858 Shareholders' Equity                                                                 Ordinary shares ($0.001 par value): 1,000,000,000 shares  authorized, 135,763,962 and 135,763,962 shares issued   and outstanding, as of December 31, 2018 and June 30, 2019,   respectively 136 136 Additional paid-in capital 792,626 793,798 Accumulated deficit (528,825)) (532,964) Accumulated other comprehensive loss (19,848) (20,319) Total Leju Holdings Limited shareholders' equity 244,089 240,651 Non-controlling interests (2,523) (2,307) Total equity 241,566 238,344 TOTAL LIABILITIES AND EQUITY 416,727 479,202 [2] In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease liability on their balance sheet for all leases with a term of more than 12 months. The Group adopted this ASU on January 1, 2019 using the modified retrospective approach and the financial statements for the comparative period has not been restated.   LEJU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share data and per share data) Three months ended Six months ended June 30, June 30, 2018 2019 2018 2019 Revenues E-commerce 87,571 132,365 141,041 209,214 Online advertising services 34,361 37,153 61,491 70,332 Listing services 744 447 1,667 852 Total revenues 122,676 169,965 204,199 280,398 Cost of revenues (18,405) (18,293) (37,080) (41,831) Selling, general and administrative expenses (94,749) (140,040) (189,927) (246,017) Other operating income 478 346 1,308 368 Income (loss) from operations 10,000 11,978 (21,500) (7,082) Interest income 272 202 559 585 Other income (loss), net (5,209) 696 (2,372) 1,293 Income (loss) before taxes and loss from equity   in affiliates 5,063 12,876 (23,313) (5,204) Income tax benefits/(expenses) (6,024) (3,232) 1,093 1,307 Income (loss) before loss from equity in affiliates (961) 9,644 (22,220) (3,897) Loss from equity in affiliates (32) (14) (51) (26) Net income (loss) (993            (993))   9,630 (22,271) (3,923) Less: net income (loss) attributable to non-controlling interests (109) 278 (525) 216 Income (loss) attributable to Leju Holdings     Limited shareholders (884) 9,352 (21,746) (4,139) Earnings (loss) per ADS: Basic (0.01) 0.07 (0.16) (0.03) Diluted (0.01) 0.07 (0.16) (0.03) Shares used in computation of earnings (loss) per ADS: Basic 135,763,962 135,763,962 135,763,962 135,763,962 Diluted 135,763,962 135,769,776 135,763,962 135,763,962 The conversion of functional currency Renminbi ("RMB") amounts into reporting currency USD amounts is based on the rate of USD1 = RMB6.8747 on June 30, 2019 and USD1 = RMB6.8005 for the six months ended June 30, 2019.   LEJU HOLDINGS LIMITED  UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)  (In thousands of U.S. dollars)   Three months ended Six months ended June 30, June 30, 2018 2019 2018 2019 Net income (loss) (993) 9,630 (22,271) (3,923) Other comprehensive loss, net of tax of nil Foreign currency translation adjustment (2,982) (3,805) (773) (471) Comprehensive income (loss) (3,975) 5,825) (23,044) (4,394) Less: Comprehensive income (loss) attributable to       non-controlling interest 38 311 (480) 216 Comprehensive income (loss) attributable to Leju Holdings Limited shareholders (4,013) 5,514 (22,564) (4,610)     LEJU HOLDINGS LIMITED Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands of U.S. dollars, except share data and per ADS data)   Three months ended Six months ended June 30, June 30, 2018 2019 2018 2019 GAAP income (loss) from operations 10,000 11,978 (21,500) (7,082) Share-based compensation expense       1,056 596 2,035 1,171 Amortization of intangible assets resulting from business     acquisitions 3,205 3,153 6,655 6,306 Non-GAAP income (loss) from operations 14,261 15,727 (12,810) 395 GAAP net income (loss) (993) 9,630 (22,271) (3,923) Share-based compensation expense 1,056 596 2,035 1,171 Amortization of intangible assets resulting from    business acquisitions 3,205 3,153 6,655 6,306 Income tax benefit:    Current — — — —    Deferred[3] (847) (788) (1,664) (1,576) Non-GAAP net income (loss) 2,421 12,591 (15,245) 1,978 Net income (loss) attributable to Leju Holdings Limited     shareholder (884) 9,352 (21,746) (4,139) Share-based compensation expense     (net of non-controlling interests) 1,048 596 2,019 1,171 Amortization of intangible assets resulting from business     acquisitions (net of non-controlling interests) 3,205 3,153 6,655 6,306 Income tax benefit:    Current — — — —    Deferred (847) (788) (1,664) (1,576) Non-GAAP net income (loss) attributable to Leju     Holdings Limited shareholders   2,522 12,313 (14,736) 1,762 GAAP net income (loss) per ADS — basic (0.01) 0.07 (0.16) (0.03) GAAP net income (loss) per ADS — diluted (0.01) 0.07 (0.16) (0.03) Non-GAAP net income (loss) per ADS — basic 0.02 0.09 (0.11) 0.01 Non-GAAP net income (loss) per ADS — diluted 0.02 0.09 (0.11) 0.01 Shares used in calculating basic GAAP / non-GAAP net     income (loss) attributable to shareholders per ADS 135,763,962 135,763,962 135,763,962 135,763,962 Shares used in calculating diluted GAAP net income (loss)     attributable to shareholders per ADS   135,763,962 135,769,776 135,763,962 135,763,962 Shares used in calculating diluted non-GAAP net income    (loss) attributable to shareholders per ADS   135,763,962 135,769,776 135,763,962 135,766,869 [3]  Amount represents the realization of deferred tax liabilities recognized for the temporary difference between the tax basis of intangible assets recognized from acquisitions and their reported amounts in the financial statements. The income tax impact on the share-based compensation expense is nil.   LEJU HOLDINGS LIMITED SELECTED OPERATING DATA Three months ended Six months ended June 30, June 30, 2018 2019 2018 2019 Operating data for e-commerce services Number of discount coupons issued to    prospective purchasers (number of      transactions) 58,252 64,820 77,930 94,369 Number of discount coupons redeemed (number     of transactions) 20,888 36,235 34,687 55,794 View original content:http://www.prnewswire.com/news-releases/leju-reports-second-quarter-and-half-year-2019-results-300903402.html
  • Huami Corporation Reports Second Quarter 2019 Unaudited Financial Results
    Quarterly Revenues up 36.6% Year-over-Year to RMB1,038.7 Million, Exceeding Guidance Range BEIJING, Aug. 19, 2019 /PRNewswire/ -- Huami Corporation ("Huami" or the "Company") (NYSE: HMI), a biometric and activity data-driven company with significant expertise in smart wearable technology, today announced its unaudited financial results for the second quarter ended June 30, 2019. Second Quarter 2019 Financial and Operating Highlights Revenues reached RMB1,038.7 million (US$151.3 million), representing an increase of 36.6% from the second quarter of 2018. Gross margin was 26.7%, compared with 25.9% for the second quarter of 2018. Net income attributable to Huami Corporation was RMB89.4 million (US$13.0 million), compared with RMB85.5 million for the second quarter of 2018. Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders of Huami Corporation was RMB1.46 (US$0.21) and RMB1.39 (US$0.20), respectively. Each ADS represents four (4) Class A ordinary shares. Adjusted net income attributable to Huami Corporation[1] was RMB111.7 million (US$16.3 million). Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation[2] was RMB1.83 (US$0.27) and RMB1.73 (US$0.25), respectively. Each ADS represents four (4) Class A ordinary shares. Total units shipped reached 8.3 million, compared with 5.4 million in the second quarter of 2018. [1] Adjusted net income is a non-GAAP measure, which excludes share-based compensation expenses. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. [2] Adjusted net income attributable to ordinary shareholders of Huami Corporation is a non-GAAP measure, which excludes share-based compensation expenses attributable to ordinary shareholders of Huami Corporation and deemed dividend for preferred shares, and is used as the numerator in computation of adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation. First Six Months 2019 Financial and Operating Highlights Revenues reached RMB1,838.3 million (US$267.8 million), representing an increase of 36.6% from the first six months of 2018. Gross margin reached 26.9%, increasing from 25.5% in the first six months of 2018. Net income attributable to Huami Corporation was RMB164.6 million (US$24.0 million), compared with RMB100.3 million in the first six months of 2018. Basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation was RMB2.71 (US$0.39) and RMB2.56 (US$0.37), respectively. Each ADS represents four (4) Class A ordinary shares. Adjusted net income attributable to Huami Corporation was RMB206.7 million (US$30.1 million), up 6.5% from the first six months of 2018. Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation[2] was RMB3.40 (US$0.50) and RMB3.21 (US$0.47), respectively, compared with RMB3.63 and RMB3.16, respectively, in the first six months of 2018. Each ADS represents four (4) Class A ordinary shares. Total units shipped reached 13.9 million, compared with 10.1 million in the first six months of 2018. "Solid topline revenue growth and strong profitability continued in the second quarter, as our brand, product lines, footprint and strategic initiatives, all continued to develop and expand globally," said Wang Huang, Chairman and CEO. "Our revenue performance was driven by the extremely successful second quarter launch of the Mi-Band 4, with the best sales momentum among all generations of the Mi-Band series. In addition, sales of Amazfit brand smart watches continued to outperform, with our self-branded line now ranking fifth globally in shipments, according to a recent independent market research report. Our overseas expansion was in line with the Company's strategy and expectations. "In the second quarter, we continued to expand and diversify our product lines. In late June and July, we launched multiple smart watch products with various functionalities designed for different customer demands. Also, our self-developed AI chip Huangshan-1 was successfully incorporated in our healthcare focused smart watch product line and significantly enhanced the health monitoring functionalities. These newly launched products and technologies create a concrete foundation for our continued leadership in the development of advanced products in the smart wearables industry. With our growth strategies in place, including international expansion, further product line diversification, and especially new product launches, we have full confidence for the second half 2019." David Cui, Chief Financial Officer, said, "Robust revenue growth momentum continued in the second quarter, increasing 36.6% year-over-year, as the Company benefited from strong unit sales, particularly with the newly launched Mi-Band 4. During the quarter, we shipped 8.3 million total units, up 53.7% from the same period last year. "We also continued to make strategic and incremental investments in our R&D capabilities, including rigorous product testing for new launches, to ensure we remain on the cutting edge of smart wearable technology. Additionally, during the second quarter, we made further investments to build our brand equity by increasing our marketing efforts to promote broader awareness and adoption of our self-branded products. We are confident these investments, along with strong alliances, operational efficiency and a growing global footprint, will help ensure our healthy growth and solid financial performance, in both the short and long term." Second Quarter 2019 Financial Results Revenues increased by 36.6% to RMB1,038.7 million (US$151.3 million) from RMB760.1 million for the second quarter of 2018, driven by the continuous growth in the sales of Xiaomi wearable products, an increase in brand recognition, and the overall rise of the smart wearable products market. Cost of revenues increased by 35.2% to RMB761.4 million (US$110.9 million) from RMB563.3 million for the second quarter of 2018. The increase was in line with the sales growth of Xiaomi wearable products. Gross profit increased by 40.8% to RMB277.3 million (US$40.4 million) from RMB196.9 million for the second quarter of 2018. Gross margin of 26.7% for the second quarter of 2019 compares with 25.9% for the second quarter of 2018. Total operating expenses increased to RMB185.2 million (US$27.0 million) from RMB97.9 million for the second quarter of 2018. Research and development expenses increased by 111.4% to RMB93.8 million (US$13.7 million) from RMB44.4 million for the second quarter of 2018, primarily due to an increase in personnel-related expenses, and a rise in intermediate test expenses as several new pipeline products underwent rigorous testing. General and administrative expenses increased by 55.6% to RMB51.0 million (US$7.4 million) from RMB32.8 million for the second quarter of 2018, primarily due to an increase in personnel-related expenses, professional fees related to business expansion, and foreign exchange rate fluctuation. Selling and marketing expenses increased by 95.2% to RMB40.4 million (US$5.9 million) from RMB20.7 million for the second quarter of 2018, primarily due to an increase in advertising and promotion expenses for self-branded products, and personnel-related expenses. Operating income was RMB92.1 million (US$13.4 million), compared with RMB99.0 million for the second quarter of 2018. Income before income tax was RMB101.3 million (US$14.8 million), compared with RMB101.4 million for the second quarter of 2018. Income tax expenses were RMB12.4 million (US$1.8 million), compared with RMB15.9 million for the second quarter of 2018. Net income attributable to Huami Corporation totaled RMB89.4 million (US$13.0 million), compared with RMB85.5 million for the second quarter of 2018. Net income attributable to ordinary shareholders of Huami Corporation increased to RMB89.2 million (US$13.0 million), compared with RMB80.8 million for the second quarter of 2018. Basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation was RMB1.46 (US$0.21) and RMB1.39 (US$0.20), respectively. Each ADS represents four (4) Class A ordinary shares. Adjusted net income attributable to Huami Corporation, which excludes share-based compensation expenses, increased by 10.0% to RMB111.7 million (US$16.3 million) from RMB101.6 million for the second quarter of 2018. Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation was RMB1.83 (US$0.27) and RMB1.73 (US$0.25), respectively. Each ADS represents four (4) Class A ordinary shares. As of June 30, 2019, the Company had cash and cash equivalents of RMB1,450.1 million (US$211.2 million), compared with RMB1,441.8 million as of December 31, 2018. First Six Months 2019 Financial Results Revenues increased by 36.6% to RMB1,838.3 million (US$267.8 million) from RMB1,346.1 million in the first six months of 2018, due to an increase in shipment volumes of both Xiaomi and self-branded wearable products, driven by increased brand recognition of our products. Cost of revenues increased by 34.0% to RMB1,343.6 million (US$195.7 million) from RMB1,002.5 million in the first six months of 2018. The increase was in line with accelerating sales growth of Xiaomi wearable products and self-branded products. Gross profit increased by 44.0% to RMB494.8 million (US$72.1 million) from RMB343.6 million in the first six months of 2018. Gross margin increased to 26.9% from 25.5% in the first six months of 2018. The increase was driven by improved economies of scale and accelerating growth in sales of self-branded products. Total operating expenses increased to RMB325.0 million (US$47.3 million) from RMB235.7 million in the first six months of 2018. Research and development expenses increased by 40.6% to RMB166.1 million (US$24.2 million) from RMB118.2 million in the first six months of 2018, primarily due to an increase in personnel-related expenses, and a rise in intermediate test expenses as several new pipeline products were undergoing rigorous testing. General and administrative expenses increased by 17.4% to RMB96.3 million (US$14.0 million) from RMB82.1 million in the first six months of 2018, primarily due to an increase in personnel-related expenses, professional fees for business expansion, and foreign exchange rate fluctuation. Selling and marketing expenses increased by 76.6% to RMB62.6 million (US$9.1 million) from RMB35.4 million in the first six months of 2018, primarily due to an increase in advertising and promotional expenses for self-branded products as well as personnel-related expenses. Operating income was RMB169.7 million (US$24.7 million), compared with RMB107.8 million in the first six months of 2018. Income before income tax was RMB186.8 million (US$27.2 million), compared with RMB117.9 million in the first six months of 2018. Income tax expenses were RMB23.0 million (US$3.4 million), compared with RMB18.6 million in the first six months of 2018. Net income attributable to Huami Corporation totaled RMB164.6 million (US$24.0 million), compared with RMB100.3 million in the first six months of 2018. Net income attributable to ordinary shareholders of Huami Corporation improved to RMB163.2 million (US$23.8 million), compared with RMB114.1 million net loss in the first six months of 2018, which included the impact of deemed dividend to preferred shareholders. Basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation was RMB2.71 (US$0.39) and RMB2.56 (US$0.37), respectively, compared with RMB2.40 and RMB2.40 net loss, respectively, in the first six months of 2018. Each ADS represents four (4) Class A ordinary shares. Adjusted net income attributable to Huami Corporation, which excludes share-based compensation expenses, increased by 6.5% to RMB206.7 million (US$30.1 million) from RMB194.1 million in the first six months of 2018. Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of Huami Corporation was RMB3.40 (US$0.50) and RMB3.21 (US$0.47), respectively, compared with RMB3.63 and RMB3.16, respectively, in the first six months of 2018. Each ADS represents four (4) Class A ordinary shares. Outlook For the third quarter of 2019, the management of the Company currently expects: -  Net revenues to be between RMB1.64 billion and RMB1.67 billion, which would represent an increase of approximately 52.6% to 55.4% from RMB1,074.7 million for the third quarter of 2018. The above outlook is based on the current market conditions and reflects the Company management's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Conference Call The Company's management will hold a conference call at 8:00 a.m. Eastern Time on Monday, August 19, 2019 (8:00 p.m. Beijing Time on August 19, 2019) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing: US (Toll Free): 1-888-346-8982 International: 1-412-902-4272 Mainland China (Toll Free): 400-120-1203 Hong Kong (Toll Free): 800-905-945 Hong Kong: 852-3018-4992 Participants should dial-in at least 10 minutes before the scheduled start time and ask to be connected to the call for "Huami Corporation." Additionally, a live and archived webcast of the conference call will be available at http://www.huami.com/investor. A telephone replay will be available two hours after the call until August 26, 2019 by dialing: US Toll Free: 1-877-344-7529 International: 1-412-317-0088 Replay Passcode: 10134015 About Huami Corporation Huami is a biometric and activity data-driven company with significant expertise in smart wearable technology. Since its inception in 2013, Huami has quickly established its global market leadership and recognition by shipping millions of units of smart wearable devices. In 2018, Huami shipped 27.5 million units of smart wearable devices. Huami has one of the largest biometric and activity databases in the global smart wearables industry. Huami's mobile apps work hand in hand with its smart wearable devices and provide users with a comprehensive view and analysis of their biometric and activity data. Use of Non-GAAP Measures We use adjusted net income, a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. Adjusted net income represents net income excluding share-based compensation expenses, and such adjustment has no impact on income tax. Adjusted net income attributable to ordinary shareholders of Huami Corporation is a non-GAAP measure, which excludes share-based compensation expenses attributable to ordinary shareholders of Huami Corporation and deemed dividend for preferred shares, and is used as the numerator in computation of adjusted net income per share attributable to ordinary shareholders of Huami Corporation. We believe that adjusted net income and adjusted net income attributable to ordinary shareholders help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses and deemed dividend that we include in net income and net income attributable to ordinary shareholders. We believe that adjusted net income and adjusted net income attributable to ordinary shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Adjusted net income and adjusted net income attributable to ordinary shareholders, should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per share attributable to ordinary shareholders of Huami Corporation or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted net income and adjusted net income attributable to ordinary shareholders, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Exchange Rate The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("US$") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 6.8650 to US$1.00, the effective noon buying rate for June 28, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 28, 2019, or at any other rate. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements about the Company'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: the cooperation with Xiaomi, the recognition of the Company's self-branded products; the Company's growth strategies; trends and competition in global wearable technology market; changes in the Company's revenues and certain cost or expense accounting policies; governmental policies relating to the Company's industry and general economic conditions in China and the global. Further information regarding these and other risks is included in the Company's filings with the United States Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China:Huami CorporationGrace Yujia ZhangE-mail: ir@huami.com The Piacente Group, Inc.Ross WarnerTel: +86-10-6508-0677E-mail: huami@tpg-ir.com In the United States: Brandi Piacente Tel: +1-212-481-2050 E-mail:  huami@tpg-ir.com HUAMI CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31, As of June 30, 2018 2019 RMB RMB US$ Assets Current assets: Cash and cash equivalents 1,441,802 1,450,125 211,235 Restricted cash 10,010 1,908 278 Term deposit 96,969 - - Accounts receivable 58,925 83,558 12,172 Amounts due from related parties, current 656,399 741,136 107,959 Inventories 484,622 541,956 78,945 Short-term investments 50,482 43,738 6,371 Prepaid expenses and other current assets 58,247 45,308 6,600 Total current assets 2,857,456 2,907,729 423,560 Property, plant and equipment, net 40,042 50,567 7,366 Intangible asset, net 63,722 90,066 13,120 Goodwill 5,930 5,930 864 Long-term investments 208,949 358,594 52,235 Deferred tax assets 75,032 94,952 13,831 Other non-current assets 7,350 10,051 1,464 Non-current operating lease right-of-use assets - 34,162 4,976 Total assets 3,258,481 3,552,051 517,416     HUAMI CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31,  As of June 30, 2018 2019 RMB RMB US$ Liabilities Current liabilities: Accounts payable 1,064,106 1,066,395 155,338 Advance from customers 5,943 10,191 1,485 Amount due to related parties, current 10,695 12,065 1,758 Accrued expenses and other current liabilities 213,975 226,264 32,959 Income tax payables 54,037 24,801 3,613 Notes payable 18,936 4,770 695 Bank borrowings 20,000 - - Current operating lease liabilities - 18,461 2,689 Total current liabilities 1,387,692 1,362,947 198,537 Deferred tax liabilities 4,962 4,868 709 Other non-current liabilities 56,249 111,856 16,295 Non-current operating lease liabilities - 13,177 1,919 Total liabilities 1,448,903 1,492,848 217,460     HUAMI CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31, As of June 30, 2018 2019 RMB RMB US$ Equity Ordinary shares 151 154 22 Additional paid-in capital 1,373,577 1,464,880 213,384 Accumulated retained earnings 340,046 500,156 72,856 Accumulated other comprehensive income 97,141 96,441 14,048 Total Huami Corporation shareholders' equity 1,810,915 2,061,631 300,310 Non-controlling interests (1,337) (2,428) (354) Total equity 1,809,578 2,059,203 299,956 Total liabilities and equity 3,258,481 3,552,051 517,416     HUAMI CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Three Months Ended June 30, 2018 2019 RMB RMB US$ Revenues 760,139 1,038,715 151,306 Cost of revenues 563,254 761,421 110,913 Gross profit 196,885 277,294 40,393 Operating expenses: Selling and marketing 20,704 40,405 5,886 General and administrative 32,803 51,030 7,433 Research and development 44,355 93,751 13,656 Total operating expenses 97,862 185,186 26,975 Operating income 99,023 92,108 13,418 Other income and expenses: Interest income 1,981 4,803 700 Other income 391 4,351 634 Income before income tax 101,395 101,262 14,752 Income tax expenses (15,874) (12,352) (1,799) Income before loss from equity method investments 85,521 88,910 12,953 Loss from equity method investments (743) (265) (39) Net income 84,778 88,645 12,914 Less: Net loss attributable to non-controlling interest (736) (719) (105) Net income attributable to Huami Corporation 85,514 89,364 13,019 Less: Accretion of Series A Preferred Shares - - - Less: Accretion of Series B-1 Preferred Shares - - - Less: Accretion of Series B-2 Preferred Shares - - - Less: Deemed Dividend for Preferred Shares - - - Less: Undistributed earnings allocated to participating nonvested restricted shares 4,722 190 28 Net income attributable to ordinary shareholders of Huami Corporation 80,792 89,174 12,991 Net income per share attributable to ordinary  shareholders of Huami Corporation Basic income per ordinary share 0.36 0.37 0.05 Diluted income per ordinary share 0.34 0.35 0.05 Net income per ADS (4 ordinary shares equal to 1 ADS) ADS – basic 1.42 1.46 0.21 ADS – diluted 1.35 1.39 0.20 Weighted average number of shares used in computing net income per share Ordinary share – basic 227,464,737 243,596,530 243,596,530 Ordinary share – diluted 239,639,643 257,455,618 257,455,618     HUAMI CORPORATION Reconciliation of GAAP and Non-GAAP Results (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Three Months Ended June 30 2018 2019 RMB RMB US$ Net income attributable to Huami Corporation 85,514 89,364 13,019 Share-based compensation expenses 16,051 22,355 3,256 Adjusted net income attributable to Huami Corporation 101,565 111,719 16,275 For the Three Months Ended June 30, 2018 2019 RMB RMB US$ Net income attributable to ordinary shareholders of Huami Corporation 80,792 89,174 12,991 Share-based compensation expenses attributable to ordinary shareholders of Huami Corporation 15,164 22,307 3,249 Adjusted net income attributable to ordinary shareholders of Huami Corporation[2] 95,956 111,481 16,240 Adjusted net income per share attributable to ordinary shareholders of Huami Corporation Adjusted basic income per ordinary share 0.42 0.46 0.07 Adjusted diluted income per ordinary share 0.40 0.43 0.06 Adjusted net income per ADS (4 ordinary shares equal to 1 ADS) ADS – basic 1.69 1.83 0.27 ADS – diluted 1.61 1.73 0.25 Weighted average number of shares used in computing net income per share Ordinary share – basic 227,464,737 243,596,530 243,596,530 Ordinary share – diluted 239,639,643 257,455,618 257,455,618 Share-based compensation expenses included are follows: Cost of revenues 78 37 5 Selling and marketing 49 1,579 230 General and administrative 15,053 14,973 2,181 Research and development 871 5,766 840 Total 16,051 22,355 3,256     HUAMI CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Six Months Ended June 30, 2018 2019 RMB RMB US$ Revenues 1,346,059 1,838,311 267,780 Cost of revenues 1,002,500 1,343,554 195,711 Gross profit 343,559 494,757 72,069 Operating expenses: Selling and marketing 35,444 62,588 9,117 General and administrative 82,073 96,322 14,031 Research and development 118,193 166,131 24,200 Total operating expenses 235,710 325,041 47,348 Operating income 107,849 169,716 24,721 Other income and expenses: Interest income 3,375 12,293 1,791 Other income 6,628 4,813 701 Income before income tax 117,852 186,822 27,213 Income tax expenses (18,618) (23,034) (3,355) Income before loss from equity method investments 99,234 163,788 23,858 Loss from equity method investments (736) (231) (34) Net income 98,498 163,557 23,824 Less: Net loss attributable to non-controlling interest (1,784) (1,091) (159) Net income attributable to Huami Corporation 100,282 164,648 23,983 Less: Accretion of Series A Preferred Shares 177 - - Less: Accretion of Series B-1 Preferred Shares 368 - - Less: Accretion of Series B-2 Preferred Shares 4,049 - - Less: Deemed Dividend for Preferred Shares 209,752 - - Less: Undistributed earnings allocated to participating nonvested restricted shares - 1,425 208 Net (loss) income attributable to ordinary shareholders of Huami Corporation (114,064) 163,223 23,775 Net income per share attributable to ordinary shareholders of Huami Corporation Basic (loss) income per ordinary share (0.60) 0.68 0.10 Diluted (loss) income per ordinary share (0.60) 0.64 0.09 Net (loss) income per ADS (4 ordinary shares equal to 1 ADS) ADS – basic (2.40) 2.71 0.39 ADS – diluted (2.40) 2.56 0.37 Weighted average number of shares used in computing net income per share Ordinary share – basic 190,397,570 240,817,983 240,817,983 Ordinary share – diluted 190,397,570 255,237,925 255,237,925       HUAMI CORPORATION Reconciliation of GAAP and Non-GAAP Results (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Six Months Ended June 30 2018 2019 RMB RMB US$ Net income attributable to Huami Corporation 100,282 164,648 23,983 Share-based compensation expenses 93,807 42,088 6,131 Adjusted net income attributable to Huami Corporation 194,089 206,736 30,114 For the Six Months Ended June 30, 2018 2019 RMB RMB US$ Net (loss) income attributable to ordinary shareholders of Huami Corporation (114,064) 163,223 23,775 Share-based compensation expenses attributable to ordinary shareholders of Huami Corporation 76,973 41,724 6,078 Deemed Dividend for Preferred shares 209,752 - - Adjusted net income attributable to ordinary shareholders of Huami Corporation[2] 172,661 204,947 29,853 Adjusted net income per share attributable to ordinary shareholders of Huami Corporation Adjusted basic income per ordinary share 0.91 0.85 0.12 Adjusted diluted income per ordinary share 0.79 0.80 0.12 Adjusted net income per ADS (4 ordinary shares equal to 1 ADS) ADS – basic 3.63 3.40 0.50 ADS – diluted 3.16 3.21 0.47 Weighted average number of shares used in computing net income per share Ordinary share – basic 190,397,570 240,817,983 240,817,983 Ordinary share – diluted 202,203,360 255,237,925 255,237,925 Share-based compensation expenses included are follows: Cost of revenues 410 39 6 Selling and marketing 4,111 1,910 278 General and administrative 52,063 32,409 4,721 Research and development 37,223 7,730 1,126 Total 93,807 42,088 6,131   View original content:http://www.prnewswire.com/news-releases/huami-corporation-reports-second-quarter-2019-unaudited-financial-results-300903399.htmlRelated Links :http://www.huami.com/investor
  • OneSmart Announces CEO Share Purchase Plan
    SHANGHAI, Aug. 19, 2019 /PRNewswire/ -- OneSmart International Education Group Limited (NYSE: ONE) ("OneSmart" or the "Company"), a leading premium K-12 after-school education company in China, today announced that Mr. Xi (Steve) Zhang, chairman and chief executive officer of OneSmart, has informed the Company of his intention to use personal funds to purchase the Company's American depositary shares on the open market for an aggregate amount of  US$10 to 20 million within the next 12 months, in accordance with applicable U.S. securities law and rules promulgated thereunder. Mr. Zhang commented, "I believe that this share purchase plan demonstrates my confidence in our growth strategy to further strengthen our leading position in China's premium K-12 after-school education market." About OneSmart Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is a leading premium K-12 education company in China. Since commencement of our business, our vision is to build the most trusted "Third Classroom" outside of home and school and our mission is to bring out the utmost learning power in each student by cultivating his or her study motivation, capability and perseverance, and enable our students to pursue their life-long success. Our company culture is centered on the core values of customer focus, execution, innovation and teamwork. The Company has built a comprehensive premium K-12 education platform that encompasses OneSmart VIP business (Premium K-12 1-on-1 tutoring services), HappyMath (Premium young children STEAM education programs), and FasTrack English (Premium young children English education programs). As of May 31, 2019, OneSmart operated a nationwide network of 430 study centers across 43 cities in China. For more information on OneSmart, please visit http://www.onesmart.investorroom.com. For more information, please contact: OneSmartMs. Rebecca ShenPhone: +86-21-5255-9339 ext. 8139ir@onesmart.org Christensen In China Mr. Christian Arnell Phone: +86-10-5826-4939 E-mail: carnell@christensenir.com In the US Ms. Linda Bergkamp Phone: +1-480-614-3004Email: lbergkamp@ChristensenIR.com View original content:http://www.prnewswire.com/news-releases/onesmart-announces-ceo-share-purchase-plan-300903376.htmlRelated Links :http://www.onesmart.investorroom.com
  • LUI Che Woo Prize Reveals 2019 Laureates
    Furthering Its Mission to Enrich World Civilisation HONG KONG, Aug. 19, 2019 /PRNewswire/ -- The LUI Che Woo Prize -- Prize for World Civilisation announced the three 2019 laureates today. Commended for their exceptional achievements to promote world civilisation for a better world, the 2019 laureates are: The Nature Conservancy, winning the Sustainability Prize Dr. Jennifer A. Doudna, winning the Welfare Betterment Prize Ms. Fan Jinshi, winning the Positive Energy Prize   (right to left) Dr. Moses Cheng Mo-Chi, member of the Board of Governors, Dr. Lui Che Woo, Founder & Chairman of the Board of Governors cum Prize Council and Professor Lawrence J. Lau, Chairman of the Prize Recommendation Committee.   Dr. Lui Che Woo gives thanks to those who have contributed to shaping the LUI Che Woo Prize and urges all to work together in pursuit of building a better world.   Professor Lawrence J. Lau reveals the three 2019 LUI Che Woo Prize laureates, sharing their key achievements.   The Nature Conservancy advances conservation through cutting-edge science, new technologies, groundbreaking partnerships and policies to achieve long lasting results for a more sustainable world.   Dr. Jennifer A. Doudna is the co-inventor of the revolutionary gene-editing tool CRISPR-Cas9, which has huge implications for the treatment and prevention of genetic diseases, as well as agriculture.   A rare woman in her field, Ms. Fan Jinshi has overcome many social and financial challenges; and remained heroically committed to the preservation of the Mogao Grottoes in Dunhuang, China for 56 years.   The 2019 LUI Che Woo Prize laureate announcement press conference was hosted by Dr. Lui Che Woo, Founder & Chairman of the Board of Governors cum Prize Council of the LUI Che Woo Prize, who was accompanied by Dr. Moses Cheng Mo-chi, member of the Board of Governors and Professor Lawrence J. Lau, Chairman of the Prize Recommendation Committee. The 2019 Sustainability Prize has been awarded to The Nature Conservancy, a global environmental non-profit organisation with the mission "to conserve the lands and waters on which all life depends". The Nature Conservancy brings together different sectors to collectively tackle the natural world's most important challenges, for instance climate change. The Nature Conservancy advances conservation through cutting-edge technologies, partnerships and policies to achieve long lasting results. With the support of more than 400 scientists and over one million members, its conservation work has widely reached 72 countries across six continents since its foundation in 1951. In Hong Kong, The Nature Conservancy is nurturing and empowering future environmental leaders, impacting over 400 Hong Kong students across 77 schools through educational activities. Ms. Sally Jewell, Chief Executive Officer of The Nature Conservancy, said, "My colleagues and I are deeply honoured to be a recipient of the LUI Che Woo Prize for Sustainability. Creating a world where people and nature thrive is an enormous challenge, and The Nature Conservancy is grateful for this vote of confidence in our work. Receiving this Prize will add crucial momentum to our efforts to achieve our mission -- preserving the lands and waters on which all life depends." The 2019 Welfare Betterment Prize has been awarded to Dr. Jennifer A. Doudna. An American biochemist, Dr. Doudna is the co-inventor of CRISPR-Cas9 -- a revolutionary genome-editing technology allowing genetic material to be added, removed or altered in animal and plant cells. Faster, cheaper and more accurate than any previous gene-editing tools, CRISPR-Cas9 has been called one of the world's most monumental discoveries. CRISPR-Cas9 could be the key to treating or preventing inherited genetic disorders like cystic fibrosis or sickle cell disease, as well as more complex diseases such as cancer, heart disease and HIV. The technology could also help to engineer plants that are resistant to climate change, and crops with better nutritional value. Its potential applications for improving human welfare are vast and Dr. Doudna's work has already given hope to millions worldwide. Dr. Doudna said, "I am delighted to accept this honour from the LUI Che Woo Prize recognising the CRISPR-Cas9 technology. International accolades such as this can inspire and support scientific advances that better the welfare of people worldwide. On behalf of my students, my colleagues and my collaborators, we appreciate this award and the opportunity to underscore the need for our society to use CRISPR technology responsibly."   The 2019 Positive Energy Prize has been awarded to Ms. Fan Jinshi. Ms. Fan has earned the nickname "Daughter of Dunhuang" for her dedication to studying and preserving the Mogao Grottoes in Dunhuang, China which are a significant cultural site housing one of the world's most important collections of Buddhist culture. A rare woman in her field, Ms. Fan has overcome many social and financial challenges; and remained heroically committed to her duty for 56 years – greatly advancing the archeological and historical understanding of this significant cultural treasure. Her major contributions to its digital preservation and broad dissemination have defined new standards for successful cultural preservation. Her positive energy and unwavering determination in the face of setbacks, hardship and adversity have inspired many people. Ms. Fan said, "Receiving the LUI Che Woo Prize is a great honour. My work over the years for the Mogao Grottoes has been undertaken not for myself, but rather in service of the awe-inspiring culture, art and history embodied by this unique site. I hope that my winning the LUI Che Woo Prize in the category of Positive Energy will encourage everyone to more strongly consider the importance of our shared heritage and connection as people of the world." Dr. Lui Che Woo, Founder & Chairman of the Board of Governors cum Prize Council of the LUI Che Woo Prize said, "I am deeply honoured to unveil and collectively celebrate our three laureates of the 2019 LUI Che Woo Prize. Each has made enormous contributions to world civilisation -- enhancing sustainability, bettering the welfare of humankind, and promoting positive energy. My sincerest congratulations to the laureates, and my heartfelt gratitude to the Prize Council, the Prize Recommendation Committee and the Selection Panels for their concerted efforts to help us recognise these exceptional laureates. Together, we will go forth in our mission to sow the seeds of goodwill and use the international platform of the LUI Che Woo Prize to help build a better tomorrow." The Award Presentation Ceremony of the 2019 LUI Che Woo Prize will take place on 3rd October, 2019. Representatives from The Nature Conservancy, Dr. Jennifer A. Doudna and Ms. Fan Jinshi will officially be honoured with their respective awards. In the meantime, the nomination period for the 2020 LUI Che Woo Prize will commence in September of this year. Invitations will be sent to more than 1,000 nominators, including heads of universities, academic institutions and professional organisations. Nominations will be considered regardless of race, religion and nationality (for individuals), or place of establishment (for organisations). For multimedia assets, please download in the following link: https://www.webcargo.net/l/pYIDYgM6UY/ About the LUI Che Woo Prize Founded by Dr. LUI Che Woo in 2015, the LUI Che Woo Prize – Prize for World Civilisation is an international cross-sector award for advancing world civilisation and inspiring people to build a more harmonious world. This innovative award is held annually with an aim to recognise and honour individuals or organisations all over the world for outstanding contributions and to encourage the continuation of that work in three objectives: sustainable development of the world, betterment of the welfare of mankind and promotion of positive life attitude and enhancement of positive energy. Each laureate receives a cash award of HK$20 million (equivalent to approximately US$2.56 million), a certificate and a trophy. Each Prize is awarded to a single recipient, who can either be an individual or an organisation. The LUI Che Woo Prize is administered and managed by LUI Che Woo Prize Limited, a charitable company limited by guarantee incorporated in Hong Kong. For more information, please visit: www.luiprize.org  Photo - https://photos.prnasia.com/prnh/20190819/2535704-1-a?lang=0 Photo - https://photos.prnasia.com/prnh/20190819/2535704-1-b?lang=0 Photo - https://photos.prnasia.com/prnh/20190819/2535704-1-c?lang=0 Photo - https://photos.prnasia.com/prnh/20190819/2535704-1-d?lang=0 Photo - https://photos.prnasia.com/prnh/20190819/2535704-1-e?lang=0 Photo - https://photos.prnasia.com/prnh/20190819/2535704-1-f?lang=0 Logo - https://photos.prnasia.com/prnh/20180821/2217142-1LOGO?lang=0 Related Links :http://www.luiprize.org
  • Bundles - The Future of Trading; Trading Cores Has Just Launched a Cellphone Application for 'Bundles'
    BNEI BRAK, Israel, Aug. 19, 2019 /PRNewswire/ -- Trading Cores launched recently the new and exciting product named 'Bundles'. 'Bundles' is changing the way the market operates. The purpose of the Bundles is to simplify FX and CFD, giving brokers and new traders an easy and intuitive platform to trade on.   Bundles is a collection of CFD assets, which can include FX pairs, commodities, stocks and cryptocurrencies that have been pre-packaged together. The potential returns can reach up to 300% on a single trade. The user buys a Bundle, watches the Bundle value fluctuate in real-time and can sell at any time or hold the position for maximum payouts. The new application allows the user to micro invest at any given time through his or her smartphone. It is intuitive, fun and easy to use. All the features that are available on the web are accessible on the smartphone as well. COO of Trading Cores, Liron Ivkoviz explains why this is a game changer: "While traditional platforms are usually complex for many users, Bundles allows users who have never traded before to learn and understand the concept quickly. We have learnt that with our platform users learn faster, maintain healthy trading volumes and reduce marketing costs." Traders and industry experts who have started using the platform are speaking about a game changer. Bundles is a one of a kind platform that makes online trading accessible to all. "We are amazed from the high demand and the interest we are receiving since the we launched application. We have already noticed the shift towards the system of Bundles in the industry. Now that we have launched the app, more people who don't have a background in trading, can enter the filed easily," said Ivkoviz. Try Trading Cores for free, sign up for a demo at: https://tradingcores.com/request-a-demo/ Contact:Ori Maizlik, VP Salesorim@tradingcores.com  Related Links :https://tradingcores.com/
  • Tokio Marine Joins Plug and Play Singapore's Insurtech Program
    SINGAPORE, Aug. 19, 2019 /PRNewswire/ -- Tokio Marine Holdings, Japan's largest property and casualty insurance group, today announced their partnership with Plug and Play's Insurtech program in Singapore. Tokio Marine first established a partnership with Plug and Play in Silicon Valley in December 2017. With this new partnership in Singapore, Tokio Marine will now have access to Plug and Play's network and the opportunity to work with curated startups from the APAC region for testing and implementation throughout their offices in Southeast Asia. "Plug and Play and Tokio Marine are no strangers; we've had a partnership with Plug and Play back in Silicon Valley. This partnership has paved way to introduce us to 800 start-up companies globally and a better understanding of the Insurtech landscape from global lens. In Asia, we look forward to working with Plug and Play to accelerate and fast track our development with practical digital initiatives for the markets in the region and advance our innovative insurance business models for the whole group. We also look forward on leveraging Plug and Play's network for cross-industry engagement in IoT, Mobility, Healthcare and Smart Cities," says Hidemi Harada, Vice President and Head of Digital Strategy of Tokio Marine Asia.    Last August, Plug and Play launched its Insurtech program in Singapore and has accelerated 49 startups to date. Partners to the program have the chance to dictate the focus of each batch, giving them the ability to target specific pain points in their business and search for different solutions. With the addition of Tokio Marine, Plug and Play now works with seven financial institutions in their Fintech and Insurtech programs. "We're very excited to expand our relationship with Tokio Marine to Southeast Asia, where we're looking to continue upon the success and learnings we've seen in Silicon Valley. We look forward to connecting their regional and country teams to the most relevant startups in Insurtech and adjacent industries with the ultimate goal of helping them develop their digital and innovative business initiatives. I speak not only for ourselves, but our startups, that Tokio Marine's regional and global business is a great strategic partner to have on our platform," says Kayvon Deldar, the Program Head of Insurtech in Singapore. Plug and Play Singapore serves as the regional hub for Plug and Play's corporate innovation and venture investments in Southeast Asia. They currently run three programs, focused on Insurtech, Fintech, and Mobility. For more information on how to get involved, please visit: https://www.plugandplaytechcenter.com/singapore/ About Plug and Play Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 300 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over US$7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. Our Singapore office was launched in 2010 to invest in high tech startups in the region. Since then we have invested in more than 30 startups and have collaborated with various agencies of the Singapore and Indonesian governments, as well as partnered with multinational and regional corporations to run industry-specific accelerator programs. For more information, visit www.plugandplaytechcenter.com/singapore or email finsg@pnptc.com About Tokio Marine Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions. With a presence in 45 countries and expanding, Tokio Marine ranks as one of the world's most globally diversified and financially secure insurance groups. Today, as Japan's largest insurance group, with over JPY22,531 billion in assets, JPY3,807 billion of market capitalisation (as at end of March 2019) and over 40,000 employees, Tokio Marine is ever ready to collaborate with our stakeholders to continuously realize more achievements. In October 2018, Tokio Marine Innovation Lab set up its Singapore's home at Tokio Marine Centre. The Tokio Marine Holdings' Digital Innovation Lab in Singapore is the third innovation lab for the Group, following the ones in Tokyo (established July 2016) and Silicon Valley (established November 2016). It will be welcoming the Group's colleagues, start-ups and innovative companies in the region to share ideas and collaborate in the name of disruption and innovation in the InsurTech space. For more information, visit http://www.tokiomarine.com/asia  Plug and Play ContactPlug and Play Fintech and Insurtech Singaporefinsg@pnptc.comRelated Links :http://www.plugandplaytechcenter.com
  • Abstract on CStone's CS1001-101 trial accepted for poster presentation at ESMO 2019 Annual Congress
    SUZHOU, China, Aug. 19, 2019 /PRNewswire/ -- CStone Pharmaceuticals ("CStone", HKEX: 2616) today announced that an abstract on the company's ongoing CS1001-101 Phase Ib clinical study has been accepted for poster presentation at the upcoming European Society for Medical Oncology (ESMO) 2019 Annual Congress. CS1001 is an investigational anti-PD-L1 monoclonal antibody developed by CStone, and one of the company's three backbone immunotherapy assets. CS1001 is currently being evaluated in a number of clinical trials in China, including one multi-arm Phase I study, two registrational Phase II studies, and three Phase III clinical studies. CS1001-101 is a Phase Ia/Ib open-label, multiple-dose, dose-escalation and expansion study assessing the safety, tolerability, pharmacokinetics and anti-tumor efficacy of CS1001 in patients with advanced solid tumors or lymphomas. The study has already completed its dose-escalations. According to data released at the ASCO 2019 Annual Meeting, as of the data cut-off of November 30, 2018, 7 of the 29 enrolled patients showed partial response, with an overall response rate (ORR) of 24% (6 patients are still on treatment). This data demonstrates CS1001's durable anti-tumor activities in a variety of solid tumors and lymphomas. The updated data to be presented at the ESMO 2019 Annual Congress includes the safety data from the CS1001 Phase Ia/Ib study, and efficacy data of CS1001 in gastric cancer, esophageal cancer, MSI-H cancer and cholangiocarcinoma from the Phase Ib study. It is worth mentioning that, based on previously released data, CS1001 has shown good overall safety and tolerability, and durable anti-tumor activities across different tumor types. About CS1001 CS1001 is an investigational monoclonal antibody directed against PD-L1 being developed by CStone. Authorized by the U.S. based Ligand Corporation, CS1001 is developed by the OMT transgenic animal platform, which can generate fully human antibodies in one step. As a fully human, full-length anti-PD-L1 monoclonal antibody, CS1001 mirrors natural G-type immune globulin 4 (IgG4) human antibody, which can reduce the risk of immunogenicity and potential toxicities in patients, potentially representing a unique advantage over similar drugs. CS1001 has completed a Phase I dose-escalation study in China, in which CS1001 showed good tolerability and produced sustained clinical benefits during the Phase Ia stage of the study. CS1001 is being investigated in a number of ongoing clinical trials, including one Phase I bridging study in the U.S. In China, its clinical program includes one multi-arm Phase Ib study, two pivotal Phase II studies, and three Phase III studies for several tumor types. About CStone CStone Pharmaceuticals (HKEX:2616) is a biopharmaceutical company focused on developing and commercializing innovative immuno-oncology and precision medicines to address the unmet medical needs of cancer patients in China and worldwide. Established in 2015, CStone has assembled a world-class management team with extensive experience in innovative drug development, clinical research, and commercialization. The company has built an oncology-focused pipeline of 15 drug candidates with a strategic emphasis on immuno-oncology combination therapies. Currently, five late-stage candidates are at or near pivotal trials. With an experienced team, a rich pipeline, a robust clinical development-driven business model and substantial funding, CStone's vision is to become globally recognized as a leading Chinese biopharmaceutical company by bringing innovative oncology therapies to cancer patients worldwide. For more information about CStone Pharmaceuticals, please visit: http://www.cstonepharma.com. Forward-looking Statement The forward-looking statements made in this article relate only to the events or information as of the date on which the statements are made in this article. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this article completely and with the understanding that our actual future results or performance may be materially different from what we expect. In this article, statements of, or references to, our intentions or those of any of our Directors or our Company are made as of the date of this article. Any of these intentions may alter in light of future development. View original content:http://www.prnewswire.com/news-releases/abstract-on-cstones-cs1001-101-trial-accepted-for-poster-presentation-at-esmo-2019-annual-congress-300903351.htmlRelated Links :http://www.cstonepharma.com
  • Beijing's Green Belt & Road Forum Draws Global Lenders
    BEIJING, Aug. 19, 2019 /PRNewswire/ -- Today, over 150 delegates from 40 global banks, investment firms and international organizations gathered in Beijing for the First Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP), a major drive to promote environmentally responsible investments under the Belt & Road Initiative. Launched by China Green Finance Committee and the City of London in November 2018, the GIP is a set of principles dedicated to promoting eco-conscious investment in the Belt and Road region. Thirty global institutions, including some of the region's top lenders, have signed up to the GIP. Today's gathering is the first by the GIP members as they seek ways to implement the principles. "In the coming decades, most of the world's infrastructure investment will be hosted by the Belt and Road region, which will have profound impact on climate and the environment," said Dr. Ma Jun, Chairman of China Green Finance Committee. "The goal of the GIP is to encourage and assist signatories better integrating environmental considerations into decision-making and implementation process of their investments in the region." To support the implementation of the GIP and help enhance the signatories' green investment capacities, a Secretariat has been established with offices in Beijing and London. A green project database will also be developed as an information platform between lenders and project owners. "The GIP will benefit countries along the Belt and Road by helping facilitate green investment, minimize negative impact of new investment and create sound business opportunities," said Chen Yulu, Deputy Governor of the PBOC. "I look forward to seeing UK institutions working together with Chinese and international partners to share best practices to implement the principles in a robust way," said Christina Scott, Chargé d'Affaires, British Embassy Beijing. "With the collaboration with our Chinese partners through the UK-China Green Finance Centre, we are playing a fundamental role in ensuring that the biggest infrastructure projects will incorporate low-carbon and sustainable development," said Sir Roger Gifford, Chairman of the UK's Green Finance Institute. At today's meeting, participants agreed to set up three working groups to study best practices and develop tools and methodologies for implementation. Co-chaired by GIP signatories, these working groups will be responsible for topics including environmental risk assessment, information disclosure, and green financial product innovation.
  • Media Members Tee Off At Forest City Classic Golf Course
    JOHOR BAHRU, Malaysia, Aug. 19, 2019 /PRNewswire/ -- The Forest City Classic Golf Course, the second 18-hole golf course of the Forest City Golf Resort, is unveiled today. Johor Menteri Besar Dato' Dr Sahruddin Jamal and other guests witnessed the launch of the Classic Golf Course. In conjunction with the launch, Forest City has organised a two-day golf tournament for the media which will kick off after the grand opening of the golf course. This is the second time that Forest City is organising the Media Cup tournament. The inaugural event was organised in conjunction with the launch of the Jack Nicklaus-designed golf course last September. Just like last year, the second Media Cup tournament will have media members from various countries pitting their skills in a friendly game of golf. Forest City Brand Management General Manager Zhou Jun said the tournament will start on the 18th of August after the launch of the Classic Golf Course and will come to a close on the 19th. "Forest City has been launched for three years. To-date, we have invested RM 17 billion in Malaysia, created more than 9,000 job opportunities. And we are the only foreign invested company that has received PM Dr Mahathir's award in Feb this year to recognize our CSR efforts to the local community." "It is expected that more than 20,000 units will be delivered this year. And more than 4,000 units have been handed over since March. With the opening of the duty-free shops, the industrial base that is put into operation, the opening of the American International School, the opening of golf resort, the topping out of the landmark building and sky villa, Forest City is delivering its promise progressively." "The construction of the third golf course has been put into agenda, the groundbreaking and development plan will be announced soon," she said. The Legacy Golf Course, designed by the legendary Jack Nicklaus and his son, has been drawing a strong number of golfers from Malaysia, Singapore, Japan, Korea, Indonesia, Vietnam and Australia since its launch. The launch of the Classic, another 18-hole golf course that features a three-dimensional garden landscape integrated with a golf terrain design concept, is set to be another icon that can boost Johor golf tourism. Benny Teo, the Managing Editor of Golf Vacations, a publication by SPH Pacom Pte Ltd, who took part in last year's Media Cup will be back again this year. Teo was the vice captain of the International Golf Team, which won in last year's friendly meet. "I'm looking forward to playing on the Classic Golf Course as I think it's going to be even more challenging than playing on the Legacy, judging by the narrow fairway and the water hazards, but I'm always up for a good challenge. "The best part of playing in the Media Cup tournament is getting to know all the other players. On the golf course, everyone's a friend," Teo said. Meanwhile, Johor Menteri Besar Dato' Dr Sahruddin Jamal, who launched the Classic Golf Course, said that he was impressed that the golf course was completed in less than 12 months. "The speed and commitment shown by getting the plan and development of the project to materialize is admirable." "The Classic golf course will certainly contribute to the state's economic growth, particularly the golf tourism industry," Sahruddin said. Also present at the grand opening were Country Garden Holdings Executive Director and Vice President Liang Guo Kun and Forest City Executive Director Dato Daing A. Malek Daing A. Rahaman. About Forest City Forest City is co-developed by Country Garden and Johor government-backed Esplanade Danga 88 Sdn Bhd (EDSB). It is strategically located in the fast-growing Iskandar Development Region, Malaysia, injecting another source of growth in ASEAN. It is adjacent to Tuas second link, spanning approximately 30 square kilometres, including four man-made islands, golf resort and IBS industrial park. Forest City is positioned as a smart and green industrial city that plans to develop eight major industries, including Tourism & MICE, Healthcare, Education & Training, Regional Headquarters, Nearshore Finance, E-Commerce, Emerging Technology and Green & Smart industry, combining environment, technology and industry integration design concept to establish an ideal and technology-driven living and working space, building a prime model of future cities. Photo - https://photos.prnasia.com/prnh/20190819/2555156-1?lang=0
  • Southeast Asia startup RedDoorz raises US$115M
    RedDoorz announced a fresh investment of US$70M. The funding comes in quick succession after its US$45M round due to high investor demand. This new investment is the first close of a larger Series-C round and is led by Asia Partners with participation from new investors Rakuten Capital and Mirae Asset-Naver Asia Growth Fund. The new capital will be used for market and product line expansions, and to build a second tech hub in Vietnam amongst other growth initiatives. SINGAPORE, Aug. 19, 2019 /PRNewswire/ --  RedDoorz, Southeast Asia's largest and fastest-growing hotel management and booking platform, announced today it raised US$70M as first close of a larger Series-C funding. RedDoorz app   Leading the round is Asia Partners, a Singapore-based growth equity firm founded by senior executives with an exceptional track record in scaling multi-billion tech companies (Sea, Naspers, Bukalapak) globally and across the region. RedDoorz is the first portfolio company of Asia Partners, which focuses on growth-stage investments in technology and technology-enabled companies in Southeast Asia.   Two other leading funds, Rakuten Capital and Mirae Asset-Naver Asia Growth Fund, joined the round. Existing investors Qiming Venture Partners and International Finance Corporation (IFC) also reiterated their support by participating in the round. The startup's Series-C investment follows shortly after RedDoorz announced its Series-B funding of US$45M in April 2019. The new funding brings the total amount of funds raised by the company to approximately US$140M since its launch in 2015. RedDoorz is now among the best-funded startups in Singapore and, specifically, is the best funded company in its category of online affordable accommodations across Southeast Asia[1]. Amit Saberwal, Founder and CEO of RedDoorz said, "We are thrilled to welcome a new group of seasoned investors joining us in our mission to build the leading tech-enabled affordable travel brand in Southeast Asia. This new round is a testament to our strong business growth and market leadership position we were able to build during the last few years. RedDoorz operates in some of the most dynamic markets in the world and we see tremendous opportunities to continue growing our platform and expanding into new markets." "We believe we are on the right track to create the next tech unicorn in Southeast Asia and with the backing of our new investors, who bring deep expertise building large successful tech and digital businesses in our region, we are well positioned to fully execute on our strategy and mission," he added. RedDoorz will use the new funds to launch in new markets and scale technology, customer experience projects, people and marketing investments to further strengthen its leadership position in the region. A significant portion of the latest proceeds will be used to build a second engineering hub in Vietnam which will complement the current regional tech hub based out of India. The company also plans to ramp up its hotel staff and quality training programmes across all properties in Singapore, Indonesia, Vietnam and the Philippines as it helps employ approximately 10,000 people across the region through its hotel partners. The lead investor for this round, Asia Partners, was launched in 2019 by a team of senior executives who were involved in two of emerging Asia's most notable exits: the largest IPO (initial public offering) for a Southeast Asia startup (Sea Ltd.) and the largest tech cash exit in Asia's history (Flipkart's sale to Walmart). Oliver M. Rippel and Nicholas A. Nash, Co-Founders and Partners of Asia Partners said, "Our mission is to help build and mentor Southeast Asia's next generation of tech unicorns. Our team has a unique combination of investing and operating skills to help companies such as RedDoorz become true market leaders. We have every confidence in the team's ability to capture the enormous opportunity which exists in the affordable travel segment. This investment affirms our belief in RedDoorz's vision and plan for the region." Rakuten Capital, the corporate venture arm of Japanese Internet services giant Rakuten Group, has invested in regional leading companies such as Gojek, Carousell and Shopback. The Mirae Asset-Naver Asia Growth Fund, a joint venture between Seoul-based Mirae Financial Group and Internet company Naver Corporation, counts HappyFresh and BigBasket as portfolio companies and also recently participated in Grab's US$1B Series-H round. [1] ASEAN UP, Top 20 best funded startups in Singapore: https://aseanup.com/top-startups-singapore/ About RedDoorz RedDoorz is Southeast Asia's largest and fastest-growing, technology-driven hotel management company offering affordable accommodations for everyone. With a vision to enable people to travel more and provide an affordable reliable stay in all major cities and destinations across the region, RedDoorz is disrupting the hospitality industry by transforming the fragmented supply inventory into branded, standardised accommodations and leveraging its mobile app and digital channels to drive strong consumer demand. The company was founded in 2015 by a team of senior executives with deep experience in the online travel and hospitality industry and has grown into a regional powerhouse with operations in Indonesia, Singapore, the Philippines and Vietnam. The firm has been growing by five times year-on-year. As part of the RedDoorz brand network, hotel owners are able to grow their businesses and increase revenues while streamlining their operations. RedDoorz's solutions help partners manage distribution, pricing, marketing, customer experience and technology solutions -- offering an end-to-end platform powered by an advanced technology infrastructure. For more information, please visit www.reddoorz.com. Photo - https://photos.prnasia.com/prnh/20190819/2555223-1?lang=0Logo - https://photos.prnasia.com/prnh/20190819/2555223-1logo?lang=0Related Links :http://www.reddoorz.com
  • CSPC Pharmaceutical Announces 2019 Interim Results
    Profit Attributable To Shareholders Increased 24.8% to RMB1,878 MillionInnovative Drug Business Continued to Deliver Strong GrowthR&D Investment Increased Significantly HONG KONG, Aug. 19, 2019 /PRNewswire/ -- CSPC Pharmaceutical Group Limited (HKEx: 01093) ("CSPC Pharmaceutical" or the "Group") is pleased to announce its interim results for the six months ended 30 June 2019. For the current period, the Group recorded a turnover of RMB11,178 million, representing an increase of 27.6% year-on-year, and profit attributable to shareholders of RMB1,878 million, up 24.8% year-on-year. Basic earnings per share was RMB30.13 cents. During the period, the Group continued to expand the dedicated sales force for different drugs, accelerate market expansion in major cities and hospitals, and adopt different sales strategies based on the market positions and competitive landscape of different kinds of products. Thanks to that, innovative drugs maintained a strong growth momentum amidst the fierce competition and achieved sales of RMB6,149 million during the period, representing a 55.4% growth. In particular, the sales of "NBP" increased by 35.9% and the sales of oncology drug portfolio increased by 194.2%, becoming the dual engine of the Group's growth. In respect of common generic drug business, the Group continued with the strategy of enhancing sales mix by strengthening the promotion of non-antibiotic drugs and expanding the product line of oral formulation for chronic diseases. Among which, products with higher sales growth included Ouyi (aspirin enteric-coated tablets), Ouwei (mecobalamin tablets), Shuanglexin (metformin hydrochloride tablets) and Zhongnuo Shuluoke (meropenem for injection). Furthermore, the Group actively pushed forward the quality and efficacy consistency evaluation of generic drugs. Currently, 9 common generic drug products have passed the consistency evaluation. During the period, common generic drug products achieved sales of RMB2,617 million, representing a 6.9% growth year-on-year. With the prices of vitamin C products under pressure due to excessive market supply during the period, the Group adjusted customer structure and added products with different specifications based on market appetite to boost sales volume. The resulting increase in sales volume has to a certain extent effectively compensated for the loss due to price decline during the period. In terms of research and development, the expenses incurred in the first half of 2019 amounted to RMB942 million, representing a 68.5% increase year-on-year and accounting for approximately 10.7% of finished drug business revenue. At present, there are more than 300 projects in the pipeline, of which 40 are new small molecule drugs and 30 are new target macromolecule biologics, primarily focusing on the therapeutic areas of cardio-cerebrovascular diseases, oncology, diabetes, psychiatry & neurology diseases and anti-infectives. During the period, 2 drugs have been granted drug registration approval by the National Medical Products Administration, namely clopidogrel bisulphate tablets and ticagrelor tablets; 4 drugs have passed consistency evaluation, namely ranitidine hydrochloride capsules, cefadroxil tablets, clopidogrel bisulphate tablets and ticagrelor tablets, and another 19 drugs are under consistency evaluation. Currently, there are 15 small molecule new drug candidates, 7 macromolecule new drug candidates and 5 drug candidates of new preparation under clinical trials in China. In addition, there are 26 drugs pending drug registration approval in China and 7 drugs pending ANDA approval in the U.S.. The Group continued to increase its investment in the pipeline of biologics and small molecule innovative drugs. Apart from in-house research and development, the Group has also been proactively seeking for external cooperation and acquisition opportunities. The acquisition efforts mainly focus on drugs of new small molecule and macromolecule which are close to product approval and commercial launch so as to supplement the pipeline of product launch in the next few years, and fully leverage the Group's strong marketing and market development capabilities to achieve rapid sales growth of new products. About CSPC Pharmaceutical Group Limited CSPC Pharmaceutical Group Limited is a leading pharmaceutical group in China. The Company has been listed on the Main Board of the Hong Kong Stock Exchange since 1994 and has become a constituent stock of Hang Sang Index since June 2018. CSPC Pharmaceutical is a leading player of innovative and common generic drugs in China. Major products include "NBP", "Duomeisu", "Jinyouli" and "Keaili". It is also a major manufacturer of bulk drugs, principal products including vitamin C, caffeine and antibiotics. The production facilities of CSPC Pharmaceutical are mainly located in Shijiazhuang City, Hebei Province, China. For more information, please visit its website at http://www.cspc.com.hk. Logo - https://photos.prnasia.com/prnh/20190816/2554104-1logo?lang=0 Related Links :http://www.cspc.com.hk
  • Tuniu to Report Second Quarter 2019 Financial Results on August 28, 2019
    NANJING, China, Aug. 19, 2019 /PRNewswire/ -- Tuniu Corporation (NASDAQ:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2019, before the market opens on August 28, 2019. Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time on August 28, 2019 (8:00 pm Beijing/Hong Kong Time on August 28, 2019). Listeners may access the call by dialing the following numbers: US +1-888-346-8982 Hong Kong +852-301-84992 China 4001-201203 International +1-412-902-4272 Conference ID: Tuniu 2Q 2019 Earnings Call          A telephone replay will be available one hour after the end of the conference call through September 4, 2019. The dial-in details are as follows: US +1-877-344-7529 International +1-412-317-0088 Replay Access Code: 10134396 Additionally, a live and archived webcast of this conference call will be available at http://ir.tuniu.com/. About Tuniu Corporation Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 2,200,000 stock keeping units (SKUs) of packaged tours, covering over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network. For more information, please visit http://ir.tuniu.com. For investor and media inquiries, please contact: ChinaMary ChenInvestor Relations DirectorTuniu Corporation+86-25-6960-9988ir@tuniu.com View original content:http://www.prnewswire.com/news-releases/tuniu-to-report-second-quarter-2019-financial-results-on-august-28-2019-300903329.html
  • 2019 Taiwan Braised Pork Rice Festival - A Feast of Taiwan's Pork Delicacies
    TAIPEI, Taiwan, Aug. 19, 2019 /PRNewswire/ -- Braised pork rice has always been the hallmark of Taiwanese delicacy, and a must-have for many visitors. The 2019 Taiwan Braised Pork Rice Festival has been unveiled on August 13, 2019. The Executive Yuan Council of Agriculture Bureau of Animal and Plant Health Inspection and Quarantine, unfazed by the encroaching threat of African Swine Flu, has successfully safeguarded the quality of Taiwan's pork, allowing visitors foreign and domestic to enjoy the high quality, mouth-watering national dish of Taiwan - the braised pork rice. The Executive Yuan Council of Agriculture Bureau of Animal and Plant Health Inspection and Quarantine has successfully safeguarded the quality of Taiwan’s pork. Taiwan Braised Pork Rice Festival originated in 2017, intent on promoting Taiwan's excellent pork to the world through this unique delicacy. This year, the outbreak of African Swine Flu so close to Taiwan has severely tested the Inspection and Quarantine Bureau. However, the Bureau persevered, and not only managed to keep Taiwan from being affected, but furthermore, was able to successfully achieve Foot-and-mouth disease (FMD) vaccination-free status 22 years after the initial outbreak. Through these efforts promulgated by both the government and civilian sectors, the food safety of Taiwan's pork is assured, and so does braised pork rice, the national dish of Taiwan. Out of tens of thousands of competitors, this year's Taiwan Braised Pork Rice Fest will select some of the most distinctive ones, allowing all visitors to enjoy the traditional braised pork rice with meat sauce lathered generously over the pork and rice. Furthermore, the festival will also offer a variety of novel and innovative delicacies to go with the more traditional choices, inviting all visitors foreign and domestic to explore Taiwan's high-quality pork products. Photo - https://photos.prnasia.com/prnh/20190815/2551762-1?lang=0
  • Denla British School Announces Its Readiness to Provide A Global Standard Quality of Education in Thailand
    Denla British School (DBS) is ready to nurture happy, high-quality global citizens and future leaders. With its Enhanced British Curriculum that all taught by expertise, English native teachers, DBS delivers academic excellence in languages, mathematics, sciences, and co-curriculum activities of over 40 subjects, while expanding more than 40 world-class facilities to support Thai and foreign student influx. BANGKOK, Aug. 19, 2019 /PRNewswire/ -- Dr. Toryos Pandejpong, DBS Board Director, says Thailand is now the rising star in the international school market. In 2019, there are 175 international schools in Thailand, comparing to 10 years ago that there were only a few dozens. The number of foreign students studying in Thailand's international schools has also increased a lot in the past 10 years to nearly 60,000. This market is also attractive to Thai parents due to the perception that international schools demonstrate a global standard quality, ensuring excellence education and opportunities for world's top universities. DBS, for example, delivers Enhanced British Curriculum based on the best practice of the UK independent school. All subjects are taught by experienced and English native teachers (apart from Mandarin subjects), and are integrated with technologies for its world-class educational services. Denla British School Announces Its Readiness to Provide A Global Standard Quality of Education in Thailand "At DBS, we have foreign students from the UK, Australia, Portugal, USA, Canada, France, India, Japan, mainland China, Taiwan, South Korea, Hong Kong, Malaysia, Indonesia, Vietnam, Cambodia and etc. We have received more calls from foreign parents who are interested in enrolling their children with DBS, especially when their home countries are under unstable situations, and that, recently, we've got 30% more calls from mainland and Hong Kong parents. We are ready with curriculum, experienced and native teachers, and facilities. Our world-class facilities are fully equipped with technologies in which we are recognised as having the best facilities among British schools," Dr. Toryos said. DBS, one of the leading international schools in the region, is enrolling students from Early Years to Year 9 and has a pre-school class named 'DBS Mini Dragons' for students aged 2-3 years old (for more information, please visit http://www.dbsbangkok.ac.th or http://www.facebook.com/DBSBangkok). Today, DBS has 60 experienced and English native teachers, as well as 50 learning assistants, while continuing to expand the school with over 40 world-class facilities which are a full-size football field with FIFA-preferred 2 Star turf, athletic tracks, indoor salt-water swimming pool, tennis courts, golf training facility, rugby field, playgrounds, performing arts and music studios etc. DBS is known as one of the top international schools in the region for future leaders and entrepreneurs by implementing the Unique DBS Vision; an enhanced British curriculum, academic excellence for all, entrepreneurship and creative thinking, and global and community perspectives, including preserving Thainess. DBS has also passed the standard evaluation from the International School Association of Thailand (ISAT) and the Council of International School (CIS), proving that DBS could nurtures future high-quality leaders to compete on a global stage, as highlighted in the school's motto "Always to Greater Things". Photo - https://photos.prnasia.com/prnh/20190816/2554251-1?lang=0 Related Links :http://www.dbsbangkok.ac.th
  • G-Tech Optoelectronics Obtain CPR Certification through TUV Rheinland
    TAIPEI, Taiwan, Aug. 15, 2019 /PRNewswire/ -- G-Tech Optoelectronics Corp. (GTOC), a part of the Foxconn Group, recently became the first company in Taiwan to obtain CE certification for building glass after completing the EU Construction Products Regulation (CPR) certification process through TUV Rheinland. The certification was formally presented to Tony Chiu, Vice President of GTOC, by Max Lyou, Managing Director of TUV Rheinland Taiwan. The company's tempered glass, homogeneous glass, and laminated glass products must all pass safety and environmental testing to qualify for EU CPR certification. Its production and quality control system must meet all of the relevant requirements as well. GTOC is a leading provider of opto-electronics processing services, with an emphasis on very large ultra-thin glass and custom specifications involving special technologies and customer requirements. GTOC products are sold both locally and internationally. G-Tech Optoelectronics Obtain CPR Certification through TUV Rheinland The CE certification standards for construction products were tightened in Europe with the introduction of the Construction Product Regulations 305/2011/EU (CPR), which took effect on July 1, 2013. The CPR replaces the previous Construction Product Directive 89/106/EEC (CPD). The CE mark must be displayed on all CPR-compliant construction products as assurance of their material performance and reliability. Only construction products with the CE mark are deemed to be safe, thereby allowing their free movement throughout the EU. GTOC is now the largest provider of glass processing services in Taiwan in the opto-electronics sector. The company's core technologies include glass cutting, polishing, coating, and tempering. Applications include mobile phones, tablets, notebooks, and LCD TVs. The company has invested in the manufacturing and mass production of 3D-shaped glass in recent years in order to expand the application of opto-electronics glass from general consumer electronics to device casing, automotive items, everyday items, and special molds. In 2013, GTOC expanded into the promotion of green building glass products such as low-emissivity energy-saving glass, ECW smart electro-chromatic glass, eco-friendly decorative coated glass, and easy-to-clean anti-misting glass, as well as into a variety of glass processing services including surface treatment of building glass as well as glass tempering, lamination, and insulation. "To achieve customer satisfaction and comply with requirements in keeping with the spirit of a customer-oriented approach, we gave the certification program our full support," said GTOC Vice President Chiu at the certification presentation. "Successful certification by TUV Rheinland means that our products can now be sold in western markets." The TUV Rheinland Group is a leading provider of testing, certification, and inspection services worldwide. As a Notified Body for a number of EU CPR products, it can provide certification for products such as natural masonry, ceramic tiles, ceiling panels, timber flooring, aluminum-alloy metal products, building glass, and building windows. Photo - https://photos.prnasia.com/prnh/20190815/2553187-1?lang=0
  • IDTechEx Forecasts $6.1 Billion Market for 3D Printed Medical Devices
    BOSTON, Aug. 19, 2019 /PRNewswire/ -- IDTechEx, a market intelligence and events company focused on emerging technologies, reports that the market for 3D printed medical devices and pharmaceuticals will be worth $6.1 billion by the year 2029. IDTechEx finds this to be a rapidly growing market with compound annual growth rates of up to 18% in certain sub-segments. For more information please refer to IDTechEx's report: 3D Printing in the Medical and Dental Industry 2019 – 2029. As IDTechEx have previously reported, 3D printing is disrupting the way we provide personalized medicine. IDTechEx described the hearing aid industry as one that has been transformed by 3D printing technology – the digital precision afforded by 3D printing has improved patient comfort while simultaneously decreasing manufacturing times. In this article, we discuss additional examples of how 3D printing can disrupt the medical device industry. 3D printing creates invisible braces 3D printing in dentistry is one such high growth market, and one of the most high-profile dental products to be manufactured by 3D printing is the Invisalign transparent orthodontic aligners. These devices are produced by Align Technology, on 3D Systems' ProX SLA printers. The Invisalign product is designed to be aesthetically appealing, particularly to adult patients who wish to minimize the appearance of orthodontic appliances. Moreover, as a removeable device, the patient has no difficulty with eating, and oral hygiene is simplified. Though these devices may not be suitable to treat every patient, they have been used to treat almost 6 million patients around the world. Many competitors are now seeking to profit from this large and growing market. 3D printing enables affordable prosthetics for growing children An inspiring movement to emerge is the use of 3D printing to create affordable prosthetics for children. Traditional prosthetics can cost between $5000 and $50,000 and provide an insurmountable financial challenge for parents, as children require a new prosthetic every few months. Charitable organizations such as e-NABLE are using 3D printing to create hands and arms from open source designs to relieve this burden from parents around the world. Not only are the prosthetics affordable, but the lead times are decreased relative to the lengthy customization process of traditional prosthetics. While this application has limited contribution to the overall market value, there are significant unmet needs in the field of prosthetics that are going to be met by 3D printing technology. IDTechEx have published a series of market intelligence reports related to 3D printing technology and applications. To find out more, please refer to http://www.IDTechEx.com/research/3D. To connect with others join us at The IDTechEx Show! USA 2019, November 20 - 21 at the Santa Clara Convention Center, CA. Presenting the latest emerging technologies at one event, with seven concurrent conferences and a single exhibition covering Electric Vehicles, Energy Storage, Graphene, Internet of Things, Printed Electronics, Sensors and Wearable Technology. Please visit http://www.IDTechEx.com/USA to find out more. IDTechEx guides your strategic business decisions through its Research, Consultancy and Event products, helping you profit from emerging technologies. For more information on IDTechEx Research and Consultancy contact research@IDTechEx.com or visit http://www.IDTechEx.com.  Media Contact:Jessica AbineriMarketing Assistantpress@IDTechEx.com+44(0)1223 812300 Logo: https://mma.prnewswire.com/media/478371/IDTechEx_Logo.jpg Related Links :http://www.IDTechEx.com
  • Fosun International Included as Constituent Stock of Hang Seng China Enterprises Index
    HONG KONG, Aug. 19, 2019 /PRNewswire/ -- On 16 August 2019, Hang Seng Indexes Company Limited announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 28 June 2019. Fosun International Limited (00656.HK) ("Fosun" or "Fosun International"), together with other four stocks, will be included as constituent stocks of the Hang Seng China Enterprises Index (HSCEI). All changes will take effect on 9 September 2019 (Monday). The Hang Seng China Enterprises Index (HSCEI) serves as a benchmark of Hong Kong stock market that reflects the overall performance of Chinese companies listed in Hong Kong. Chinese private enterprises being included in HSCEI not only have to fulfill the general requirements in terms of the market capitalization and turnover velocity, but also the stringent selection criteria, such as the listing history requirement, price volatility, profit, net cash flow from operating activities and dividends. Apart from Fosun International, Want Want China, Geely Auto, China Taiping and Sunac China will also be included as the constituents of HSCEI. In recent years, Fosun International has maintained resilience and stability in its results performance against the backdrop of rising market uncertainties. According to the annual report 2018, Fosun International achieved record-high financial results for the year, reaching a total revenue of RMB109.4 billion, up 24% year-on-year. Profit attributable to owners of the parent hit a new record high at RMB13.4 billion, marking the seventh consecutive year of growth and registering a 10-year compound annual growth rate (CAGR) of 26%. Looking ahead, Fosun will remain focused on the demands of families for health, happiness and wealth and thoroughly implement the development model of "Industry Operations + Industrial Investment" with "Glocalization". Fosun will also reinforce the synergies of "1 + N" ecosystem, empower the creation of good products through technology, and strive to enhance its operational efficiency, in order to accomplish the vision of creating happy lives for 10 billion families worldwide. About Fosun Fosun was founded in 1992. Fosun International Limited is a family-focused multinational company that has been listed on the main board of the Hong Kong Stock Exchange (00656.HK) since 2007, with total assets over RMB638.8 billion (c.US$93.1 billion) as of 31 December 2018. With its roots in Mainland China, and through technology and innovation, Fosun's mission is to create customer-to-maker (C2M) ecosystems in health, happiness and wealth, providing high-quality products and services for families around the world. Fosun International ranks No.416 on the 2019 Forbes Global 2000 List. For more information, please contact: Media Contacts:PR@fosun.com Investor Contacts: IR@fosun.com
  • "Borderline" Becomes Southeast Asia's First Contemporary Artwork to be Acquired by France's Guimet Museum
    HANOI, Vietnam, Aug. 19, 2019 /PRNewswire/ -- Vietnamese art installation "Borderline" has become the first Southeast Asian artwork to be acquired by the esteemed Guimet Museum in Paris. Since April 2019, this exclusive collaboration between designer Yen Khe and the Haute-lacquer brand Hanoia has been a part of Guimet's collection - the most extensive selection of Asian art outside of Asia. jwplayer.key="3Fznr2BGJZtpwZmA+81lm048ks6+0NjLXyDdsO2YkfE="   jwplayer('myplayer1').setup({file: 'https://cdn4.prnasia.com/002071/mnr/video/20190814Hanoia.mp4', image: 'http://www.prnasia.com/video_capture/2740218_AE40218_1.jpg', autostart:'false', aspectratio: '16:9', stretching : 'fill', width: '512', height: '288'}); Over the last century, the Guimet Museum has been continually developing its collection to offer visitors a comprehensive view of Asian art history and civilization. The museum has over 50,000 objects on display in a 55,000-square-meter area. Yen Khe is an internationally recognized actress having starred in many movies directed by the award-winner Tran Anh Hung. Throughout her career, she has combined interior architecture and design with her passion for films and has created numerous cinematic designs featuring innovative aesthetics. "Borderline" is a future-oriented Asian art piece. Like lines in a poem, the artwork's design creates an imaginary world using contemporary design to explore Vietnam's traditional culture. On the spire of a non la, a traditional Vietnamese hat, runs a floral motif that blends into the lacquer background, behind which the barbed wire fence is shown with gold leaves. The vivid red and orange colours recall the secular architectural heritage of pagodas while displaying the effervescence of Vietnamese society. Prior to "Borderline", Hanoia has notably worked as the designer and manufacturer of timeless art pieces such as the vintage egg-shelled Vespa in celebrations of Vespa 70th anniversary; or the special gift from Prime Minister Nguyen Xuan Phuc to former French President François Hollande during his official visit to Vietnam. About Hanoia Well known in Vietnam as the leading Haute-lacquer house, Hanoia is a trusted name by many international luxury brands, including the top luxury houses in Paris. Entrusted with the traditional know-how and a distinct flair for modernity, Hanoia stands out having successfully conjugated Vietnamese ancestral knowledge with contemporary designs. Within each item from masterpieces to everyday artworks, is the soul of Vietnam represented by their unique forms, striking colors and elegant patterns. With eight stores nationwide, Hanoia has been continuously striving since its inception to establish a truly exceptional house of premium Vietnamese craft products. Media contact: Mr. Tai Dinh - PR Manager Email: tai.dc@opalvn.com+84-975298650 Borderline - contemporary art piece, designed by Yen Khe and crafted by Hanoia Video - https://cdn4.prnasia.com/002071/mnr/video/20190814Hanoia.mp4 Photo - https://photos.prnasia.com/prnh/20190814/2550444-1?lang=0
  • Worldwide ERC®'s Tokyo Mobility Summit 2019 Takes Place on 5 September
    HR Professionals Gather to Discuss Global Mobility and Transforming Talent in Japan TOKYO, Aug. 19, 2019 /PRNewswire/ -- Worldwide ERC®, the premier trade association for talent management and global mobility expertise, will be hosting the first ever Tokyo Mobility Summit on 5 September. The event will be held at the Tokyo American Club, where attendees will have the opportunity to explore the future of global mobility, network with colleagues, earn continuing education credits and discuss best practices at roundtable sessions. As Japan's population declines and ages, political and corporate leaders are working together to find ways to bridge the talent gap. With Japan's talent pool expanding to include more global workers, mobility professionals will have an unprecedented opportunity to influence policy and create initiatives to help their companies succeed. "Mobility professionals are critical to business success for growing companies around the world, and with an influx of global workers, mobility professionals and talent managers who work in Japan have a unique opportunity to deliver value to their organizations," said Peggy Smith, Worldwide ERC® President and CEO. "The Tokyo Mobility Summit will be a forum to share best practices, discover new solutions and learn about trends that are affecting the global mobility industry." The Tokyo Mobility Summit will feature a variety of speakers and thought leaders on topics including immigration policy, talent management in a changing workplace and Japan's economic potential. Roundtable discussions will cover cultural, language and political barriers to mobility, integrating multinational and multigenerational workforces and much more. Attendees with CRP® or GMS® certifications can also earn eight CRP® recertification credits and eight GMS® recertification credits. Supporters for this year's event include the Japan HR Society and ACCJ. Learn more about the Summit and register to attend at https://www.worldwideerc.org/events-directory/tokyo-summit/home.  Find out how Worldwide ERC® is shaping the future of a dynamic, innovative and growing mobility community at http://www.worldwideerc.org. About Worldwide ERC® Worldwide ERC® is a global not-for-profit organization committed to connecting and educating workforce mobility professionals across the globe since 1964. Headquartered in Washington, D.C., with offices in London and Shanghai, Worldwide ERC® is the source of global mobility knowledge and innovation in talent management from Europe, the Middle East and Africa, to Asia and across the Americas. For additional information, visit http://www.worldwideerc.org. Logo - https://mma.prnewswire.com/media/877035/Worldwide_ERC_Logo.jpg Related Links :http://www.worldwideerc.org
  • X Financial Reports Second Quarter 2019 Unaudited Financial Results
    SHENZHEN, China, Aug. 19, 2019 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading technology-driven personal finance company in China, today announced its unaudited financial results for the second quarter ended June 30, 2019. Second Quarter 2019 Financial Highlights Net income attributable to X Financial shareholders in the second quarter of 2019 increased by 0.8% to RMB303.6 million (US$44.2 million) from RMB301.1 million in the same period of 2018. Non-GAAP1 net income attributable to X Financial shareholders in the second quarter of 2019 decreased by 0.01% to RMB342.5 million (US$49.9 million) from RMB342.6 million in the same period of 2018. Net revenues in the second quarter of 2019 decreased by 23.6% to RMB809.6 million (US$117.9 million) from RMB1,059.6 million in the same period of 2018. Income from operation in the second quarter of 2019 decreased by 43.3% to RMB262.8 million (US$38.3 million) from RMB463.1 million in the same period of 2018. Net income per basic and diluted American depositary share ("ADS") 2 in the second quarter of 2019 were RMB1.94 (US$0.28) and RMB1.86 (US$0.27) respectively, compared with RMB2.14 and RMB1.98, respectively, in the same period of 2018. Non-GAAP net income per basic and diluted ADS in the second quarter of 2019 were RMB2.18 (US$0.32) and RMB2.10 (US$0.31), respectively, compared with RMB2.44 and RMB2.26, respectively, in the same period of 2018. Second Quarter 2019 Operational Highlights Total loan facilitation amount3 in the second quarter of 2019 was RMB10,172 million, representing a decrease of 9.1% from RMB11,186 million in the same period of 2018 and an increase of 5.6% from RMB9,629 million in the first quarter of 2019. The loan facilitation of Xiaoying Credit Loan4 in the second quarter of 2019 was RMB7,619 million, representing a decrease of 23.2% from RMB9,925 million in the same period of 2018 and a decrease of 3.9% from RMB7,932 million in the first quarter of 2019. Xiaoying Credit Loan accounted for 74.9% of the Company's total loan facilitation amount, compared with 88.7% in the same period of 2018. Total outstanding loan balance5 as of June 30, 2019 was RMB19,821 million, compared with RMB22,270 million as of June 30, 2018 and RMB20,187 million as of March 31, 2019. Total number of loans facilitated6 in the second quarter of 2019 was 3,593,383, representing an increase of 254.5% from 1,013,774 in the same period of 2018 and an increase of 144.7% from 1,468,270 for the first quarter of 2019. Average loan amount per transaction7 in the second quarter of 2019 was RMB2,831, representing a decrease of 74.3% from RMB11,035 in the same period of 2018 and a decrease of 56.8% from RMB6,558 for the first quarter of 2019. The delinquency rates for all outstanding loans that are past due for 31-90 days and 91–180 days as of June 30, 2019 were 3.10% and 4.99%, respectively, compared with 3.56% and 5.21%, respectively, as of March 31, 2019, and 1.98% and 3.26%, respectively, as of June 30, 2018. Number of active borrowers in the second quarter of 2019 was 795,032, representing a decrease of 2.0% from 811,267 in the same period of 2018 and an increase of 6.7% from 745,056 in the first quarter of 2019. The amount of cumulative borrowers each of whom made at least one transaction on the Company's lending platform as of June 30, 2019 was 5,031,589. Total cumulative registered users reached 30,110,387 as of June 30, 2019. Number of active individual investors[8] in the second quarter of 2019 was 79,218, representing a decrease of 44.0% from 141,371 in the same period of 2018 and a decrease of 18.1% from 96,686 in the first quarter of 2019. The cumulative number of active individual investors as of June 30, 2019 was 489,880, compared with 380,907 as of June 30, 2018, and 477,489 as of March 31, 2019. Mr. Justin Tang, the Founder, Chief Executive Officer and Chairman of the Company, commented, "We are pleased to report a solid quarter where we made significant progress across a number of different aspects. Our business development momentum remains strong with the quality of loans facilitated on our platform improving and financing from institutional investors expanding. I'd like to highlight some of these achievements." "First, the industry regulatory environment remains challenging during the second quarter of this year. No matter what the regulation trends are, we are making ourselves thoroughly prepared to be qualified and compliant with new regulations in order to protect investors and shareholders' benefits." "Second, the high-quality loans on our platform and our strong reputation in the industry is helping us to attract more institutional investors. During the second quarter of 2019, funding from non-individual investors (mainly from financial institutions) accounts for around 26.7% of the loans facilitated through our platform, a significant improvement from 10.4% in the first quarter of 2019. Demand from institutional investors for our high-quality assets remains strong and will gradually reduce our funding costs over time. Financial institutions have extended credit lines to us in an amount of approximately RMB26.4 billion for us to facilitate loan transactions on our platform which reflects the trust that financial institutions have in the quality of our assets and the strength of our risk management systems." "Third, our delinquency rate improved on a sequential basis as we continue to invest in our risk management systems and the technology. With the macro economic environment softening, we are diversifying our customer acquisition channels through partnerships with e-commerce platforms and financial product marketplaces." "Lastly, Xiaoying Wallet, our recently launched revolving credit product, grew rapidly during this quarter with transaction volumes jumping significantly to RMB971 million from RMB200 million in the last quarter and outstanding loan balance increasing to RMB578 million as of June 30, 2019 from RMB177 million as of March 31, 2019. Xiaoying Wallet was developed with the needs of our customers in mind and we leveraged our sophisticated big data analysis capabilities and advanced technological infrastructure to offer the best product." "In conclusion, we are confident in our future growth prospects and ability to create long-term value for our investors and shareholders, we will continue to provide the best user-friendly and convenient financial services to borrowers, and help them to meet demand for consumption, and grow their small and micro-loan business." Mr. Simon Cheng, President of the Company, added, "We are pleased to see the quality of the loans facilitated on our platform improve and delinquency rates for both 30-90 days and 90-180 days go down sequentially which reflects our strong risk management capabilities and efforts in continued investment in risk control infrastructure." "Besides, we are expanding investor acquisition channels, including banks, trust companies and other financial institutions to strengthen our funding cost advantage and diversify funding sources. Additionally, we are expanding our borrower acquisition channels by cooperating with more platforms to enlarge our customer base and accelerate business growth." "We are happy to see Xiaoying Wallet is growing in importance as a result of strong demand in the market. The number of transactions of Xiaoying Wallet in the second quarter of 2019 was 2.9 million, increased from around 640,000 in the first quarter of 2019, representing an increase of 347.2% quarter over quarter; The number of registered and approved users of Xiaoying Wallet was 542,752 as of June 30, 2019, increasing from 192,891 as of March 31, 2019; The number of active users of Xiaoying Wallet was 221,320 as of June 30, 2019, increasing from 81,975 as of March 31, 2019. Xiaoying Wallet is expected to maintain strong growth momentum and gradually account for a larger percentage of our overall business's revenue." Mr. Kevin Zhang, Chief Financial Officer of the Company, commented, "We delivered solid financial results during 2019 second quarter despite the regulatory uncertainties remain. Non-GAAP net income attributable to X Financial shareholders increased slightly to RMB342.5 million during this quarter." "We continued to expand our relationships with banks and trust companies as well as institutional funding partners during this quarter. Funding costs remained stable as we continue to attract low-cost funding with the high-quality loans on our platform." "We are pleased to see one of our major subsidiaries classified as a software enterprise in May 2019 which makes it tax exempt of Enterprise Income Tax of 2018 and subject to a preferential EIT rate of 12.5% from 2019 to 2021. This contributed significantly to the income tax benefit of RMB113.7 million during the quarter." "In conclusion, we are pleased with our operational and financial performance this quarter and will continue to roll out initiatives and apply technology across our business to improve operational efficiency and create long-term sustainable value for our shareholders." Second Quarter 2019 Financial Results Net revenues in the second quarter of 2019 decreased by 23.6% to RMB809.6 million (US$117.9 million) from RMB1,059.6 million in the same period of 2018, primarily due to a decrease in transaction volumes of Xiaoying Credit Loan in this quarter compared with the same period of 2018. Loan facilitation service fees under the direct model in the second quarter of 2019 decreased by 46.0% to RMB474.1 million (US$69.1 million) from RMB878.6 million in the same period of 2018, primarily due to a decrease in transaction volumes of Xiaoying Credit Loan and a shift in strategy to attract more institutional investors through the intermediary model Loan facilitation service fees under the intermediary model in the second quarter of 2019 increased by 64.7% to RMB157.5 million (US$22.9 million) from RMB95.6 million in the same period of 2018, primarily due to an increase in the total volume of products offered under the intermediary model as the Company shifted its strategy to attract more institutional investors. Post-origination service fees in the second quarter of 2019 increased by 294.0% to RMB96.6 million (US$14.1 million) from RMB24.5 million in the same period of 2018, primarily due to a significant increase in transaction volumes of Xiaoying Credit Loan over the last twelve months for loans with a weighted average contractual terms of 10~12 months. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the second quarter of 2019 increased by 135.3% to RMB55.8 million (US$8.1 million) from RMB23.7 million in the same period of 2018, primarily due to the newly established trusts this year. Other revenue in the second quarter of 2019 decreased by 31.1% to RMB25.6 million (US$3.7 million) from RMB37.1 million in the same period of 2018, primarily due to a decrease in guarantee revenue associated with loans facilitated under the Old ZhongAn model9, which are no longer offered to our customers from September 15, 2017. Origination and servicing expenses in the second quarter of 2019 increased by 47.6% to RMB421.7 million (US$61.4 million) from RMB285.6 million in the same period of 2018, primarily due to an increase in collection expenses for the cumulative effect of the growing business and customer acquisition costs for the recently launched revolving credit product, Xiaoying Wallet. General and administrative expenses in the second quarter of 2019 increased by 28.9% to RMB55.6 million (US$8.1 million) from RMB43.1 million in the same period of 2018, primarily due to an increase in share-based compensation expenses for the options granted on or after IPO  and administrative expenses related to the newly established trusts. Sales and marketing expenses in the second quarter of 2019 decreased by 53.4% to RMB26.8 million (US$3.9 million) from RMB57.5 million in the same period of 2018, primarily due to a reduction in promotional and advertising expenses.  Provision for contingent guarantee liabilities in the second quarter of 2019 was nil, compared with RMB83.6 million in the same period of 2018, primarily because there have been no deteriorations in estimated default rates of the loans subject to guarantee liabilities facilitated in prior periods. Provision for accounts receivable and contract assets in the second quarter of 2019 decreased by 63.0% to RMB40.1 million (US$5.8 million) from RMB108.5 million in the same period of 2018, primarily due to the decrease in revenue this quarter compared with same period of 2018 and a change in estimated default rates. Income from operation in the second quarter of 2019 decreased by 43.3% to RMB262.8 million (US$38.3 million) from RMB463.1 million in the same period of 2018. Income before income taxes and gain from equity in affiliates in the second quarter of 2019 was RMB186.6 million (US$27.2 million), compared with RMB412.1 million in the same period of 2018. Income tax benefit in the second quarter of 2019 was RMB113.7 million (US$16.6 million) compared with an income tax expense of RMB114.3 million in the same period of 2018, primarily due to the facts that (i) two major subsidiaries of the Company became qualified enterprises in the second half of 2018 to enjoy the preferential income tax rate of 15% from 2018 to 2020, and (ii) one major subsidiary of the Company was certified as software enterprise in early May 2019 to enjoy the preferential income tax rate of 12.5% from 2019 to 2021 and full tax exemption for the tax year ending on December 31,2018 recorded this quarter. Net income attributable to X Financial shareholders in the second quarter of 2019 was RMB303.6 million (US$44.2 million), compared with RMB301.1 million in the same period of 2018. Non-GAAP net income attributable to X Financial shareholders in the second quarter of 2019 was RMB342.5 million (US$49.9 million), compared with RMB342.6 million in the same period of 2018. Net income per basic and diluted ADS in the second quarter of 2019 were RMB1.94 (US$0.28) and RMB1.86 (US$0.27), respectively, compared with RMB2.14 and RMB1.98, respectively, in the same period of 2018. Non-GAAP net income per basic and diluted ADS in the second quarter of 2019 were RMB2.18 (US$0.32) and RMB2.10 (US$0.31), respectively, compared with RMB2.44 and RMB2.26, respectively, in the same period of 2018. Cash and cash equivalents was RMB931.0 million (US$135.6 million) as of June 30, 2019, compared with RMB1,555.4 million as of March 31, 2019. Business Outlook X Financial currently expects the total loan facilitation for the third quarter of 2019 to be approximately RMB10,500 million. This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, August 19, 2019 (8:00 PM Beijing / Hong Kong Time on the same day). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until August 26, 2019: United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 10133980 Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com. About X Financial X Financial (NYSE: XYF) (the "Company") is a leading technology-driven personal finance company in China focused on meeting the huge demand for credit from individuals and small-to-medium-sized enterprise owners. The Company's proprietary big data-driven risk control system, WinSAFE, builds risk profiles of prospective borrowers using a variety data-driven credit assessment methodology to accurately evaluate a borrower's value, payment capability, payment attitude and overall creditworthiness. X Financial has established a strategic partnership with ZhongAn Online P&C Insurance Co., Ltd. in multiple areas of its business operations to directly complement its cutting-edge risk management and credit assessment capabilities. ZhongAn Online P&C Insurance Co., Ltd. provides credit insurance on X Financial's investment products which significantly enhances investor confidence and allows the Company to attract a diversified and low-cost funding base from individuals, enterprises and financial institutions to support its growth. X Financial leverages financial technology to provide convenient, efficient, and secure investment services to a wide range of high-quality borrowers and mass affluent investors which complements traditional financial institutions and helps to promote the development of inclusive finance in China. For more information, please visit: http://ir.xiaoyinggroup.com. Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance. We use in this press release the following non-GAAP financial measures: (1) net income, (2) net income attributable to X Financial shareholders, (3) net income per basic ADS, and (4) net income per diluted ADS, each of which excludes share-based compensation expense. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These Non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.   We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these Non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. New Accounting Pronouncements On February 25, 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-02, Leases, which requires lessees to record lease liabilities and right-of-use assets as of the date of adoption and was incorporated into GAAP as Accounting Standards Codification ("ASC") Topic 842. The Company adopted the new standard prospectively effective January 1, 2019, using a modified retrospective basis method under which prior comparative periods are not restated. As of January 1, 2019, the Company had some operating leases for its offices with the remaining contractual terms of 16~46 months. Under the terms of the lease, the Company will pay base annual rent (subject to an annual fixed percentage increase), plus fixed property management fees. The ROU assets were recorded as "Other non-current assets", and the current and non-current portions of the lease liabilities were recorded as "Accrued expenses and other current liabilities" and "Other non-current liabilities" in the Condensed Consolidated Balance Sheets. There was no cumulative adjustment to our retained earnings. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8650 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 28, 2019. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (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. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. For more information, please contact: X FinancialMs. Jennifer ZhangE-mail: ir@xiaoying.com Christensen In China Mr. Christian Arnell Phone: +86-10-5900-1548 E-mail: carnell@christensenir.com In US  Ms. Linda Bergkamp Phone: +1-480-614-3004Email: lbergkamp@christensenir.com 1 The Company uses in this press release the following non-GAAP financial measures: (1) net income, (2) net income attributable to X Financial shareholders, (3) net income per basic ADS, and (4) net income per diluted ADS, each of which excludes share-based compensation expense. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release.2 Each American depositary share ("ADS") represents two Class A ordinary shares.3 Represents the total amount of loans that X Financial facilitated during the relevant period.4 X Financial integrated Xiaoying Card Loan and Xiaoying Preferred Loan into one general product category, Xiaoying Credit Loan in 2018.5 Represents the total amount of loans outstanding for loans X Financial facilitated at the end of the relevant period. Loans that are delinquent for more than 180 days are charged-off and are excluded in the calculation of delinquency rate by balance, except for Xiaoying Housing Loan. Xiaoying Housing Loan is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral. X Financial does not charge off the loans delinquent for more 180 days and such loans are included in the calculation of delinquency rate by balance.6 Represents the total number of transactions of loan facilitation during the relevant period.7 Calculated by dividing the total loan facilitation amount by the number of loans facilitated during the relevant period.8 Refers to individual investors who made at least one transaction during that period on our platform.9 Refers to the arrangement with ZhongAn prior to September 2017, under which ZhongAn initially reimbursed the loan principal and interest to the investor upon the borrower's default, where we at our own discretion compensated ZhongAn for substantially all the loan principal and interest default but have not been subsequently collected.    X Financial Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) As of December 31, 2018 As of June 30, 2019  RMB  RMB USD  ASSETS   Cash and cash equivalents  1,069,361 931,001 135,616  Restricted cash  208,346 677,089 98,629  Accounts receivable and contract assets, net of allowance for doubtful accounts  1,379,293 1,183,500 172,396  Loans held for sale  632,717 428,625 62,436  Loans at fair value  33,417 1,289,463 187,831  Prepaid expenses and other current assets  115,193 650,210 94,715  Financial guarantee derivative  358,250 774,180 112,772  Amounts due from related party  20,000 - -  Deferred tax assets, net  346,648 346,648 50,495  Long term investments  287,223 281,730 41,039  Property and equipment, net  23,215 21,688 3,159  Intangible assets, net  28,400 32,324 4,709  Loan receivable from Xiaoying Housing Loans, net  128,101 132,137 19,248  Other non-current assets  6,806 60,968 8,881  TOTAL ASSETS  4,636,970 6,809,563 991,926  LIABILITIES   Payable to investors at fair value of the Consolidated Trusts  - 1,460,640 212,766  Guarantee liabilities  20,898 15,991 2,329  Short-term borrowings  198,000 400,010 58,268  Accrued payroll and welfare  93,464 65,979 9,611  Other tax payable  134,129 83,086 12,103  Income tax payable  312,238 264,175 38,481  Deposit payable to channel cooperators  134,042 178,112 25,945  Accrued expenses and other current liabilities  178,701 235,203 34,262  Deferred tax liabilities  47,428 47,428 6,909  Other non-current liabilities  - 38,993 5,680  TOTAL LIABILITIES  1,118,900 2,789,617 406,354  Commitments and Contingencies   Equity:  Common shares (US$0.0001 par value; 1,000,000,000 shares authorized, 303,614,298 and 313,614,297 shares issued and outstanding as of December 31, 2018 and June 30, 2019 respectively)  190 196 29  Additional paid-in capital  2,824,223 2,909,198 423,772  Retained earnings  640,115 1,054,100 153,547  Other comprehensive income  52,495 55,205 8,042  Total X Financial shareholders' equity  3,517,023 4,018,699 585,390  Non-controlling interests  1,047 1,247 182  TOTAL EQUITY  3,518,070 4,019,946 585,572  TOTAL LIABILITIES AND EQUITY  4,636,970 6,809,563 991,926       X Financial Unaudited Condensed Consolidated Statements of Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, (In thousands, except for share and per share data) 2018 2019 2019 2018 2019 2019 RMB RMB USD RMB RMB USD  Net revenues   Loan facilitation service-Direct Model  878,628 474,120 69,063 1,518,078 1,100,502 160,306  Loan facilitation service- Intermediary Model  95,599 157,465 22,937 168,900 192,627 28,059  Post origination service  24,530 96,636 14,077 38,893 169,643 24,711  Financing income  23,696 55,760 8,122 49,808 73,561 10,715  Other revenue  37,139 25,605 3,730 72,602 49,670 7,235  Total net revenue  1,059,592 809,586 117,929 1,848,281 1,586,003 231,026  Operating costs and expenses:   Origination and servicing  285,597 421,656 61,421 573,885 758,195 110,444  General and administrative  43,087 55,558 8,093 82,813 111,826 16,289  Sales and marketing  57,455 26,760 3,898 107,939 57,445 8,368  Provision for contingent guarantee liabilities 83,553 - - 182,736 - -  Provision for accounts receivable and contract assets  108,474 40,141 5,847 169,695 106,545 15,520  Provision for loan receivable from Xiaoying Housing Loans  18,318 2,688 392 18,318 10,148 1,478  Total operating costs and expenses  596,484 546,803 79,651 1,135,386 1,044,159 152,099  Income from operation   463,108 262,783 38,278 712,895 541,845 78,927  Interest income   1,348 4,644 676 3,925 5,406 787  Foreign exchange gain (loss)  (1) 22 3 (9) (851) (124)  Investment loss  - (12,538) (1,826) - (12,538) (1,826)  Change in fair value of financial guarantee derivative  (55,135) (61,271) (8,925) (101,249) (114,262) (16,644)  Fair value adjustments related to Consolidated Trusts  6,110 14,759 2,150 6,799 47,767 6,958  Fair value adjustments related to loans held for sale  - (23,063) (3,360) - (30,319) (4,416)  Other income (loss), net  (3,294) 1,272 185 (3,288) 8,986 1,309  Income before income taxes and gain from equity in affiliates  412,136 186,608 27,181 619,073 446,034 64,971  Income tax expense (benefit)   114,313 (113,724) (16,566) 179,197 (64,303) (9,367)  Gain from equity in affiliates  3,239 3,249 473 3,379 7,045 1,026  Net income  301,062 303,581 44,220 443,255 517,382 75,364  Less: net income (loss) attributable to non-controlling interests  (6) - - (50) 200 29  Net income attributable to X Financial shareholders  301,068 303,581 44,220 443,305 517,182 75,335 Net income  301,062 303,581 44,220 443,255 517,382 75,364 Other comprehensive income, net of tax of nil: Foreign currency translation adjustments 19,579 21,614 3,148 4,872 2,731 398 Comprehensive income 320,641 325,195 47,368 448,127 520,113 75,762 Less: comprehensive income (loss) attributable to non controlling interests (6) - - (50) 200 29 Comprehensive income attributable to X Financial shareholders 320,647 325,195 47,368 448,177 519,913 75,733  Net income per ADS—basic  2.14 1.94 0.28 3.16 3.34 0.49  Net income per ADS—diluted   1.98 1.86 0.27 2.92 3.22 0.47  Weighted average number of ordinary shares outstanding—basic  280,087,342 312,856,055 312,856,055 280,087,342 309,459,601 309,459,601  Weighted average number of ordinary shares outstanding—diluted  304,381,423 325,115,232 325,115,232 304,381,423 321,718,778 321,718,778   X Financial Unaudited Reconciliations of GAAP and Non-GAAP Results Three Months Ended June 30, Six Months Ended March 31, (In thousands, except for share and per share data) 2018 2019 2019 2018 2019 2019 RMB RMB USD RMB RMB USD GAAP net income 301,062 303,581 44,220 443,255 517,382 75,364 Add: Share-based compensation expenses (net of tax of nil) 41,509 38,954 5,674 82,721 81,153 11,821 Non-GAAP net income  342,571 342,535 49,894 525,976 598,535 87,185 Net income attributable to X Financial shareholders 301,068 303,581 44,220 443,305 517,182 75,335 Add: Share-based compensation expenses (net of tax of nil) 41,509 38,954 5,674 82,721 81,153 11,821 Non-GAAP net income attributable to X Financial shareholders 342,577 342,535 49,894 526,026 598,335 87,156  Non-GAAP net income per ADS—basic  2.44 2.18 0.32 3.76 3.86 0.56  Non-GAAP net income per ADS—diluted   2.26 2.10 0.31 3.46 3.72 0.54  Weighted average number of ordinary shares outstanding—basic  280,087,342 312,856,055 312,856,055 280,087,342 309,459,601 309,459,601  Weighted average number of ordinary shares outstanding—diluted  304,381,423 325,115,232 325,115,232 304,381,423 321,718,778 321,718,778       View original content:http://www.prnewswire.com/news-releases/x-financial-reports-second-quarter-2019-unaudited-financial-results-300903277.htmlRelated Links :http://ir.xiaoyinggroup.com
  • Thailand Tourism Confidence Index holding steady in 2019
    BANGKOK, Aug. 19, 2019 /PRNewswire/ -- The quarterly Thailand Tourism Confidence Index of 600 tourism operators was steady at 100 in the second quarter of 2019 and stood at 100 as predicted in the previous quarter. The projection of the Thailand Tourism Confidence Index for the third quarter of 2019 is also set at 100. The survey is a collaboration between the Tourism Authority of Thailand (TAT), Tourism Council of Thailand (TCT) and Chulalongkorn University's Faculty of Economics and divided into six parts. These include an overview of Thai tourism, confidence index of tourism operators, testimonials from domestic and international tourists, tourism situation during key festivals, international tourist arrival projections, and recommendations for future action. The index ratings have a range of between 0 to 200: over 100 means better than the normal situation; 100 means normal; and below 100 means worse than normal. The second quarter index survey was carried out in May 2019 using a database of over 600 tourism operators as well as government officials from related agencies. It also interviewed 350 international and 350 domestic tourists, respectively. TAT Governor, Mr. Yuthasak Supasorn, said: "The Thailand Tourism Confidence Index is projecting future tourism trends to share with key travel industry stakeholders so that everyone involved can be prepared to cope with the ever-changing situations that impact travel and tourism in Thailand." The findings in the second quarter of 2019 highlighted both the micro and macro factors affecting Thailand's tourism industry: the slowdown of the world economy as well as Thailand's economic stagnation; the Thai government's stimulus and tax reduction scheme; extension on the visa-arrival fee waiver for citizens of 20 nations for another six months until October 2019, and the strength of the Thai Baht to a weakening US dollar combined with rising inflation. Both tourism operators and tourists agreed that Bangkok and Chiang Mai are facing over tourism issues that are impacting the destinations, whilst they pointed to Phuket as a destination that can still handle more tourists. The following recommendations were also raised: the need to improve transportation infrastructure between major and secondary cities and make information on all modes of transportation including ticket reservations more available. More transportation improvements like private hire car hailing services, utilising technology to provide clear transportation information, enforcing strict pricing, and improving mass transportation in all destinations were also requested. In addition, respondents wanted to see strict enforcement of licensing for tour operators and tourism establishments, and short- and long-term measures to address the carrying capacity covering all destinations. The Index forecasts that Thailand will welcome 9.7 million international tourists (up 7.06% year-on-year) in the third quarter of 2019. It projects that total arrivals will reach 40.06 million international tourists for all of 2019, up 4.65% over 2018.
  • China Fortune Land Development H1 Achieves RMB 8.48 Billion of Net Profits Attributable to Shareholders, a Year-on-year Increase of 22.4%
    BEIJING, Aug. 17, 2019 /PRNewswire/ -- According to the 2019 Semi-annual Report issued by China Fortune Land Development (CFLD) on August 16, in the first half of 2019, CFLD achieved RMB 8.48 billion of net profits attributable to shareholders, a year-on-year increase of 22.4%; an operating revenue of RMB 38.73 billion, a year-on-year increase of 10.7%; and RMB 457.07 billion of total assets, a year-on-year increase of 11.6%. The report shows that in the first half of 2019, CFLD's gross profit margin reached 48.7%, up 2.9% from the same period last year; the overall net profit margin reached 21.1%, increasing by 2.1% year on year; and ROE reached 21.3%, increasing by 4.8% year on year. In the reporting period, CFLD's cash inflows from business activities totaled RMB 40.79 billion, and the payback rate rocketed to 62% in the first half of 2019, up from 46% in the same period last year. As of the end of June 2019, CFLD's income received in advance stood at RMB 140.3 billion. This would be gradually transferred to the company's operating revenue and profits in the following three years. Smooth financing channels supported by a constantly improving structure Statistics show that the net cash flow from CFLD's financing activities increased to RMB 31.74 billion in the first half of 2019, up from RMB -9.72 billion in the same period last year. During the reporting period, CFLD newly financed RMB 63.26 billion, RMB 52.99 billion of which had been contributed by non-real estate sectors. This accounted for 84% of the total. In June 2019, CFLD's special program for providing asset support for the Wenjin New Industry City Public-Private Partnership (PPP) project in Xinzhou District, Wuhan City, was launched. Through this, CFLD issued RMB 2.1 billion with a release period of 1 to 6 years and an issue rate from 6% to 7.3%. This is the only program that has provided asset support for single-park PPP project since 2018. Exploring of metropolitan areas and replicating the successful experience in other locations Focusing on core metropolitan areas, CFLD endeavors to create a "3+3+X" business pattern comprising core metropolitan areas. While vigorously developing businesses in the Beijing-Tianjin-Hebei metropolitan area, CFLD expanded to the Yangtze River Delta metropolitan area surrounding Nanjing, Hangzhou and Hefei in a comprehensive manner. It also accelerated business expansion in the Guangdong-Hong Kong-Macao Greater Bay Area. Additionally, CFLD promoted development of the three core metropolitan areas with high growth potential, namely Zhengzhou, Wuhan and Chengdu, as well as the four core metropolitan areas with growth potential, namely Changsha, Xi'an, Guiyang and Shenyang. The report shows that regions outside the greater Beijing area contributed to 38.47% of the overall revenue of CFLD, up from 21.69% in the same period last year. The revenue of these regions reached RMB 14.808 billion, an increase of 96.54% year on year. CFLD achieved a 16.82% year-on-year increase in sales to RMB 37.564 billion in regions outside the greater Beijing area. Accounting for 58.21% of the total, the sales volume indicates a significant increase in the contribution of regions outside the greater Beijing area compared with 39.94% in the same period last year. Strong industry development capability and increased number of major projects Statistics show that in the first half of 2019, industry parks operated and invested by CFLD signed new contracts with 328 enterprises with investment of RMB 105.2 billion. CFLD's contracted investment amount grew rapidly for four consecutive years, with a compound annual growth rate of close to 33% and a year-on-year increase of 9%. During the reporting period, the Sunwoda battery project, with tens of billions in RMB in investments, was launched in Lishui New Industry City, Nanjing. This helped build Nanjing into a landmark of new energy vehicle industry. The Chi Mei Materials Technology, one of China's top 500 listed companies, settled in Changfeng New Industry City, helping build Hefei into a new display industry cluster with hundreds of billions in RMB in investment. New Business: Launch of the first commercial office building project Another announcement issued on the same day revealed that CFLD transferred 100% of the equity and RMB 442 million of debt of the project company (Beijing Wusheng Technology Co., Ltd.) to Ping An Life Insurance. Meanwhile, Ping An Life Insurance entrusted CFLD's subsidiary company to be the developer, constructor and service provider for the project. After transferring the equity and debt of the project company to Ping An Life Insurance at a price of RMB 5.828 billion, CFLD ushered in a new round of development under a light-asset model. Also following the transfer, CFLD, as an agent entrusted with the development, construction and management work of the company, charged agency fees for construction and asset management. In September last year, Ping An Insurance became a strategic partner of CFLD. This project marks the beginning of the cooperation between Ping An and CFLD at the operational level.
  • GreenTree Hospitality Group Ltd. Reports Second Quarter of 2019 Financial Results
    Revenue Increased by 20% for the Sixth Consecutive Quarter A total of 2,955 hotels with 236,557 hotel rooms in operation as of June 30, 2019, compared to 2,829 hotels and 225,757 hotel rooms as of March 31, 2019. Total revenues increased 21.6% to RMB274.9 million (US$40.0 million)[1] for the second quarter of 2019. Total revenues increased 20.9% to RMB510.2 million (US$74.3 million)[1] for the first half of 2019. Adjusted EBITDA (non-GAAP) increased 19.1% to RMB173.1 million (US$25.2 million)[1] for the second quarter of 2019. Adjusted EBITDA (non-GAAP) increased 19.5% to RMB307.0 million (US$44.7 million)[1] for the first half of 2019. Net income increased 35.2% to RMB127.1 million (US$18.5 million)[1] for the second quarter of 2019. Net income increased 46.4% to RMB261.1 million (US$38.0 million)[1] for the first half of 2019. Core net income (non-GAAP) increased 16.9% to RMB125.8 million (US$18.3 million)[1] for the second quarter of 2019. Core net income (non-GAAP) increased 17.4% to RMB218.0 million (US$31.8 million)[1] for the first half of 2019. Net income per ADS (basic and diluted) totaled RMB1.26 (US$0.18)[1] for the second quarter of 2019. Net income per ADS (basic and diluted) totaled RMB2.59 (US$0.38)[1] for the first half of 2019. Core net income per ADS (basic and diluted) (non-GAAP) of the Company totaled RMB1.23 (US$0.18)[1] for the second quarter of 2019. Core net income per ADS (basic and diluted) (non-GAAP) totaled RMB2.14 (US$0.31)[1] for the first half of 2019. The Company expects total revenue for the full year 2019 total to grow 23-28% from 2018. SHANGHAI, Aug. 16, 2019 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality management group in China, today announced its unaudited financial results for the second quarter ended June 30, 2019. Second Quarter of 2019 Operational Highlights As of June 30, 2019, the Company had 30 leased-and-operated ("L&O") hotels and 2,925 franchised-and-managed ("F&M") hotels in operation in 300 cities across China, compared to 26 L&O hotels and 2,408 F&M hotels in operation in 267 cities as of June 30, 2018. The geographic coverage increased by 12.4% year over year.  During the second quarter of 2019, the Company opened 134 hotels, increased by 30 comparing to 104 newly opened hotels in the second quarter of 2018. Among the hotels opened, one was in the luxury hotel segment, 21 were in the mid-to-up-scale segment, 60 were in the mid-scale segment, and 52 were in the economy segment. Geographically speaking, 7 hotels were in Tier 1 cities[2] 34 were in Tier 2 cities[3] and the remaining 93 were in select Tier 3 and other cities in China.During this quarter, the Company closed 35 hotels, 26 due to their non-compliance with the Company's brand and operating standards, and 8 due to property related issues. The remaining one that was closed for brand upgrade. The Company added a net opening of 99 hotels to the portfolio. As of June 30, 2019, the Company had a pipeline with a total of 596 hotels contracted for or under development, among which 47 hotels were in the luxury hotel segment, 117 in the mid-to-up-scale segment, 239 in the mid-scale segment, and 193 in the economy segment. The average daily room rate, or ADR, for all hotels in operation, was RMB172 in the second quarter of 2019, an increase of 4.8% year-over-year.  The occupancy rate, or OCC for all hotels in operation was 81.1% in the second quarter of 2019, compared with 82.6% in the second quarter of 2018. The revenue per available room, or RevPAR, which is calculated by multiplying our hotels' ADR by its occupancy rate, was RMB139 in the second quarter of 2019, representing a 2.9% year-over-year increase. As of June 30, 2019, the Company's loyalty program had more than 36 million individual loyal members and over 1,380,000 corporate members, compared to approximately 33 million and over 1,320,000 corporate members as of March 31, 2019. The Company had approximately 93.8% of room nights sold directly. "We are proud to have delivered  a 6th consecutive quarter of improved operating and financial performance. During the quarter, we further improved the quality of our hotels, our RevPAR and market share. We will continue to focus on enhancing our value proposition to deliver better service and support to our customers and franchisees, and, as a result, deliver solid growth for the long run." said Mr. Alex Xu, Chairman and Chief Executive Officer of GreenTree. Second Quarter of 2019 Financial Results Quarter Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Revenues[3] Leased-and-operated hotels 51,305,036 60,510,976 8,814,417 Franchised-and-managed hotels 174,724,851 214,419,775 31,233,762 Total revenues 226,029,887 274,930,751 40,048,179   Six Months Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Revenues Leased-and-operated hotels 96,920,132 112,336,802 16,363,700 Franchised-and-managed hotels 325,068,200 397,887,057 57,958,785 Total revenues 421,988,332 510,223,859 74,322,485 [3] On January 1, 2019, the Company adopted ASC 606  by using the full retrospective method and restate the comparable periods Total revenues  for the second quarter of 2019 were RMB274.9 million (US$40.0 million)[1], representing a 21.6% year-over-year increase. The increase was primarily attributable to the addition of 134 hotels to our current network, improved RevPAR, contribution from membership growth, and the consolidation of the Argyle's results of operation into our statement. Growth was partially offset by the renovation of 9 L&O hotels during this quarter. Total revenues for the first half of 2019 were RMB510.2 million (US$74.3 million)[1], representing a 20.9% increase. Total revenues from leased-and-operated hotels  for the second quarter of 2019 were RMB60.5 million (US$8.8 million)[1], representing a 17.9% year-over-year increase. The increase was primarily attributable to increasing RevPAR, moderate sublease revenue growth; and was partially offset by the renovation of 9 L&O hotels during the quarter. Total revenues from leased-and-operated hotels for the first half of 2019 were RMB112.3 million (US$16.4 million)1, representing a 15.9% increase. Total revenues from franchised-and-managed hotels  for the second quarter of 2019 were RMB214.4 million (US$31.2 million)[1], representing a 22.7% year-over-year increase. Initial franchise fees increased by 8.0% year-over-year in the second quarter of 2019, primarily due to the gross opening of 134 hotels in the second quarter of 2019 as compared to 104 hotels opened in the second quarter of 2018. The 23.8% increase from the second quarter of 2018 in recurring franchisee management fees and others was primarily due to the new openings, RevPAR growth of 2.8% as well as growth in central reservation system ("CRS") usage fees, annual IT and marketing fees and hotel manager fees, which in turn resulted from the increased number of hotels and hotel rooms in operation. Total revenues from franchised-and-managed hotels for the first half of 2019 were RMB397.9 million (US$58.0 million)[1], representing a 22.4% increase. Quarter Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Initial franchise fee 12,261,211 13,243,838 1,929,183 Recurring franchise management fee and others 162,463,640 201,175,937 29,304,579 Revenues from franchised-and-managed hotels 174,724,851 214,419,775 31,233,762   Six Months Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Initial franchise fee 21,104,652 25,996,787 3,786,859 Recurring franchise management fee and others 303,963,548 371,890,270 54,171,926 Revenues from franchised-and-managed hotels 325,068,200 397,887,057 57,958,785 Total operating costs and expenses Quarter Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Operating costs and expenses Hotel operating costs 64,206,723 78,939,817 11,498,881 Selling and marketing expenses 10,919,269 16,353,634 2,382,175 General and administrative expenses 25,150,930 39,768,385 5,792,918 Other operating expenses 35,330 65,350 9,520 Total operating costs and expenses 100,312,252 135,127,186 19,683,494   Six Months Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Operating costs and expenses Hotel operating costs 127,952,267 158,939,661 23,152,172 Selling and marketing expenses 21,388,124 41,029,736 5,976,655 General and administrative expenses 45,551,787 65,500,871 9,541,278 Other operating expenses 178,592 107,974 15,728 Total operating costs and expenses 195,070,770 265,578,242 38,685,833 Hotel operating costs for the second quarter of 2019 were RMB78.9million (US$11.5 million)1, representing a 22.9% increase from the second quarter of 2018. The increase was mainly attributable to costs associated with the expansion of our F&M hotels including staff costs; higher rents, consumables, depreciation and amortization associated with the 4 new L&O hotels added to our portfolio in the third quarter of 2018, 1 new L&O hotel opened in the first quarter of 2019; as well as the operation costs of Argyle. For the first half year of 2019, hotel operating costs were RMB158.9million (US$23.2 million)1, representing a 24.2% increase. Quarter Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Rental 17,660,357 19,039,168 2,773,368 Utilities 5,104,337 4,891,420 712,516 Personnel cost 7,937,739 8,495,301 1,237,480 Depreciation and amortization 3,714,393 7,174,031 1,045,015 Consumable, food and beverage 4,602,750 6,931,925 1,009,749 Costs of general managers of franchised-and-operated hotels 15,729,674 23,045,469 3,356,951 Other costs of franchised-and-operated hotels 5,990,938 7,306,217 1,064,271 Others 3,466,535 2,056,286 299,531 Hotel Operating Costs 64,206,723 78,939,817 11,498,881   Six Months Ended  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ Rental 35,292,424 39,647,433 5,775,300 Utilities 10,215,337 11,045,983 1,609,029 Personnel cost 15,169,589 17,289,575 2,518,511 Depreciation and amortization 8,534,806 13,698,236 1,995,373 Consumable, food and beverage 9,039,387 13,769,076 2,005,692 Costs of general managers of franchised-and-operated hotels 31,315,282 45,490,112 6,626,382 Other costs of franchised-and-operated hotels 11,375,446 12,992,800 1,892,615 Others 7,009,996 5,006,446 729,270 Hotel Operating Costs 127,952,267 158,939,661 23,152,172 Selling and marketing expenses for the second quarter of 2019 were RMB16.4 million (US$2.4 million)[1], representing a 49.8% year-over-year increase. The increase was mainly attributable to the operation of our two newly-added brands, as well as increased advertising and promotion expenses to improve our brands' market recognition, and increased personnel, compensation and other costs. Selling and marketing expenses for the first half of 2019 were RMB41.0 million (US$6.0 million)[1], representing a 91.8% increase. General and administrative expenses  for the second quarter of 2019 were RMB39.8 million (US$5.8 million)[1], representing a 58.1% year-over-year increase. The increase was primarily attributable to the consolidation of Argyle's G&A expense, as well as increased share-based compensation expenses, consulting fee, and travelling expenses. General and administrative expenses for the first half of 2019 were RMB65.5 million (US$9.5 million)[1], representing a 43.8% year-over-year increase. Gross profit for the second quarter of 2019 was RMB196.0 million (US$28.5 million)[1], representing an increase of 21.1% from the second quarter of 2018. Gross margin in this quarter was 71.3%, compared to 71.6% a year ago. The decrease of the margin resulted from increased operating costs caused by rising staff numbers and one-time costs related to the renovation of 9 L&O hotels. Gross profit for the first half of 2019 was RMB351.3 million (US$51.2 million)[1], representing a 19.5% year-over-year increase. Income from operations for the second quarter of 2019 totaled RMB141.4 million (US$20.6 million)[1], representing a year-over-year increase of 2.5%. The operating margin, defined as income from operations as percentage of total revenues, for the second quarter of 2019 was 51.4%, compared to 61.0% a year ago. Income from operations for the first half of 2019 totaled RMB253.2 million (US$36.9 million)[1], representing a year-over-year increase of 0.1%. Adjusted EBITDA (non-GAAP) for the second quarter of 2019 was RMB173.1 million (US$25.2 million)[1], representing a year-over-year increase of 19.1%. The adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 63.0% in the second quarter of 2019, compared to 64.3% in the second quarter of 2018. Adjusted EBITDA (non-GAAP) for the first half of 2019 was RMB307.0 million (US$44.7 million)[1], representing a year-over-year increase of 19.5%. Net income for the second quarter of 2019 was RMB127.1 million (US$18.5 million)[1], representing a year-over-year increase of 35.2%. Net margin in the second quarter was 46.2%, compared to 41.6% a year ago. The year-over-year increase in net income and net income margin was mainly attributable to the Company's expanded hotel network and the improved RevPAR. Net income for the first half of 2019 was RMB261.1 million (US$38.0 million)1, representing a year-over-year increase of 46.4%. Core net income (non-GAAP) for the second quarter of 2019 was RMB125.8 million (US$18.3 million)[1], representing a year-over-year increase of 16.9%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 45.7% in the second quarter of 2019, compared to 47.6% one year ago. Core net income (non-GAAP) for the first half of 2019 was RMB218.0 million (US$31.8 million)[1], representing a year-over-year increase of 17.4%. Earnings per ADS (basic and diluted) for the second quarter of 2019 was RMB1.26 (US$0.18)[1], representing a year-over-year increase of 35.5%. Core net income per ADS (basic and diluted) (non-GAAP) was RMB1.23 (US$0.18)[1] for the second quarter of 2019, representing a year-over-year increase of 16.0%. Earnings per ADS (basic and diluted) for the first half of 2019 was RMB2.59 (US$0.38)[1], representing a year-over-year increase of 40.6%. Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.14 (US$0.31)[1] for the first half of 2019, representing a year-over-year increase of 11.5%. Cash flow. Operating cash inflow for the second quarter of 2019 was RMB85.0 million (US$12.4 million)[1], due primarily to improved operating performance across our hotel portfolio. Operating cash inflow for the first half of 2019 was RMB207.2 million (US$30.2 million)[1]. Investing cash outflow for the second quarter of 2019 was RMB295.0 million (US$43.0 million)[1], which was primarily attributable to acquisitions, increase of long-term time deposits, loans to franchisees and partially offset by proceeds from disposal of investments in equity securities. Investing cash outflow for the first half of 2019 was RMB401.5 million (US$58.5 million)[1]. Financing cash outflow for the second quarter of 2019 was nil while net financing cash outflow for the first half of 2019 was RMB197.6 million (US$28.8 million)[1]. Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities[4] and time deposit[5]. As of June 30, 2019, the Company had a total balance of cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposit of RMB2,053.7 million (US$299.1 million)[1], as compared to RMB2,180.8 million as of March 31, 2019, primarily due to cash outflow due to acquisitions, offset by operating cash inflow and loan to third parties and franchisees. Recent Developments During this quarter, the Company continued to develop its mid-scale segment and luxury brands, including GreenTree Eastern, GMe, GYa, VX, Deep Sleep Hotel[6], and two newly-added brands Argyle and Ausotel, to expand the scope of its distribution network and hotel portfolio in order to offer more diversified choices for both franchisees and customers. The Company also integrated membership programs with its partners including but not limited to Da Niang Dumplings and Yibon Hotel Group. This will enable members to use membership points and benefits interchangeably. In the meantime, the Company is continuously developing and improving its systems to better serve its clients and franchisees. Guidance For the full year 2019, the Company expects growth in total revenues of 23-28% compared to 2018. The guidance set forth above reflects the Company's current and preliminary view based on our estimates, may not be indicative of our financial results for future interim periods and the full year ended December 31, 2019 and is subject to change. Conference Call GreenTree's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on August 16, 2019 (8:00 PM Beijing/Hong Kong Time on August 16, 2019). Dial-in numbers for the live conference call are as follows: International 1-412-902-4272  China 4001-201-203  US 1-888-346-8982  Hong Kong 800-905-945 or 852-3018-4992  Singapore 800-120-6157  Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call. A telephone replay of the call will be available after the conclusion of the conference call until August 23, 2019. Dial-in numbers for the replay are as follows: International Dial-in  1-412-317-0088 U.S. Toll Free  1-877-344-7529 Canada Toll Free  855-669-9658 Passcode: 10133916 Additionally, a live and archived webcast of this conference call will be available at http://ir.998.com. Use of Non-GAAP Financial Measures We believe that Adjusted EBITDA and core net income, as we present it, is a useful financial metric to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements. The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business. The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income does not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. The term Adjusted EBITDA and core net income is not defined under U.S. GAAP, and Adjusted EBITDA and core net income is not a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do. Reconciliations of the Company's non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release. About GreenTree Hospitality Group Ltd. GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company") (NYSE: GHG) is a leading hospitality management group in China. As of June 30, 2019, GreenTree had a total number of 2,955 hotels. In 2018, GreenTree ranked among the Top 12 worldwide in terms of number of hotels in "World's Largest Hotel Companies: HOTELS' 325", published by HOTELS magazine, and was as well the fourth largest hospitality company in China in 2018 based on the statistics issued by the China Hospitality Association. The Company has built a strong suite of brands including its flagship "GreenTree Inns" brand as a result of its long-standing dedication to the hospitality industry in China and consistent quality of its services, signature hotel designs, broad geographic coverage and convenient locations. The Company has further expanded its brand portfolio into the mid-to-upscale and luxury segments through a series of strategic investments. By offering diverse brands, through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all our clients and partners by providing a brand portfolio featuring comfort, style and value. For more information on GreenTree, please visit http://ir.998.com. Safe Harbor Statements This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995.  In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," "confident," "future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree's current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree's goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events. [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.8650 on June 28, 2019 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/H10/hist/dat00_ch.htm. [2] "Tier 1 cities" refers to the term used by the National Bureau of Statistics of China and refer to Beijing, Shanghai, Shenzhen and Guangzhou. [3] "Tier 2 cities" refers to the 32 major cities, other than Tier 1 cities, as categorized by the National Bureau of Statistics of China, including provincial capitals, administrative capitals of autonomous regions, direct-controlled municipalities and other major cities designated as "municipalities with independent planning" by the State Council. [4] Investments in equity securities include securities and investment in Gingko and New Century which is recorded in Long-term investments account. [5] Investments in equity securities include securities and investment in Gingko and New Century which is recorded in Long-term investments account.   [6] Time deposits are the time deposit certificates last over three months. [7] Wumian Hotel changed its brand name to Deep Sleep Hotel in the second quarter of 2019, while its English trademark is currently being registered. ---Financial Tables and Operational Data Follow—   GreenTree Hospitality Group Ltd.Unaudited Condensed Consolidated Balance Sheets  December 31, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,264,025,785 850,661,068 123,912,756 Short-term investment 685,512,063 151,615,477 22,085,284 Investments in equity securities 307,693,782 248,171,341 36,150,232 Accounts receivable, net of allowance for doubtful accounts 64,864,184   94,605,153 13,780,794 Amounts due from related parties 228,600 250,151 36,438 Prepaid rent 4,478,413 3,766,832 548,701 Inventories 2,547,729 1,432,429 208,657 Other current assets 53,969,039 54,477,884 7,935,599 Loans receivable, net 67,196,568 91,672,017 13,353,535 Total current assets 2,450,516,163 1,496,652,352 218,011,996 Non-current assets: Restricted cash 3,300,000 16,285,620 2,372,268 Long-term time deposits 60,000,000 520,000,000 75,746,540 Loan receivable, net 39,352,863 69,695,061 10,152,230 Property and equipment, net 222,389,573 426,585,281 62,139,152 Intangible assets, net 27,213,391 256,942,055 37,427,830 Goodwill 5,787,068 45,485,971 6,625,779 Long-term investments 112,219,460 378,850,506 55,185,798 Other assets 25,701,523 81,078,922 11,810,479 Deferred tax assets 133,300,966 134,070,982 19,529,640  TOTAL ASSETS 3,079,781,007 3,425,646,750 499,001,712 LIABILITIES AND EQUITY Current liabilities: Short-term bank loans 60,000,000 60,000,000 8,739,985 Accounts payable 9,182,058 11,708,087 1,705,475 Advance from customers 36,370,325 34,092,101 4,966,074 Amounts due to related parties 285,578 1,117,926 162,844 Salary and welfare payable 42,767,219 39,241,585 5,716,181 Deferred rent 4,421,427 3,208,628 467,389 Deferred revenue 210,585,604 215,123,608 31,336,287 Accrued expenses and other currentliabilities 241,407,979 271,306,037 39,520,182 Income tax payable 104,988,638 77,823,166 11,336,222 Total current liabilities 710,008,828 713,621,138 103,950,639 Deferred rent 20,519,682 19,881,213 2,896,025 Deferred revenue 380,173,585 397,461,282 57,896,764 Other long-term liabilities 96,573,810 100,167,279 14,591,009 Deferred tax liabilities 43,538,624 134,389,663 19,576,062 Unrecognized tax benefits 169,619,409 198,533,742 28,919,700  TOTAL LIABILITIES 1,420,433,938 1,564,054,317 227,830,199 Shareholders' equity: Class A ordinary shares 217,421,867 219,526,699 31,977,669 Class B ordinary shares 115,534,210 115,534,210 16,829,455 Additional paid-in capital 1,003,026,803 1,073,071,903 156,310,547 Retained earnings 252,617,450 307,982,604 44,862,725 Accumulated other comprehensive (loss) income 62,367,692 58,585,189 8,533,895 Total GreenTree Hospitality Group Ltd. shareholders' equity 1,650,968,022 1,774,700,605 258,514,291 Non-controlling interests 8,379,047 86,891,828 12,657,222 Total shareholders' equity 1,659,347,069 1,861,592,433 271,171,513 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,079,781,007 3,425,646,750 499,001,712     GreenTree Hospitality Group Ltd.Unaudited Condensed Consolidated Statements of Comprehensive Income Quarter Ended Six Months Ended  June 30,2018  June 30, 2019  June 30, 2019  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ RMB RMB US$ Revenues Leased-and-operated hotels 51,305,036 60,510,976 8,814,417 96,920,132 112,336,802 16,363,700 Franchised-and-managed hotels 174,724,851 214,419,775 31,233,762 325,068,200 397,887,057 57,958,785 Total revenues 226,029,887 274,930,751 40,048,179 421,988,332 510,223,859 74,322,485 Operating costs and expenses Hotel operating costs (64,206,723) (78,939,817) (11,498,881) (127,952,267) (158,939,661) (23,152,172) Selling and marketing expenses (10,919,269) (16,353,634) (2,382,175) (21,388,124) (41,029,736) (5,976,655) General and administrativeexpenses (25,150,930) (39,768,385) (5,792,918) (45,551,787) (65,500,871) (9,541,278) Other operating expenses (35,330) (65,350) (9,520) (178,592) (107,974) (15,728) Total operating costs andexpenses (100,312,252) (135,127,186) (19,683,494) (195,070,770) (265,578,242) (38,685,833) Other operating income 12,242,088 1,639,842 238,870 26,067,489 8,546,295 1,244,908 Income from operations 137,959,723 141,443,407 20,603,555 252,985,051 253,191,912 36,881,560 Interest income and other, net 11,420,031 17,759,532 2,586,968 16,123,893 34,228,543 4,985,949 Interest expense - (700,350) (102,017) - (1,385,475) (201,817) Gains (losses) from investmentin equity securities (25,862,935) 15,902,581 2,316,472 (31,036,562) 75,837,051 11,046,912 Other income, net - 1,860,961 271,079 - 2,690,742 391,951 Income before income taxes 123,516,819 176,266,131 25,676,057 238,072,382 364,562,773 53,104,555 Income tax expense (29,339,034) (49,050,930) (7,145,074) (58,625,445) (103,216,322) (15,035,152) Income before share of loss in equity method investments 94,177,785 127,215,201 18,530,983 179,446,937 261,346,451 38,069,403 Share of losses in equity investees, net of tax (182,988) (114,566) (16,688) (1,090,024) (287,797) (41,922) Net income 93,994,797 127,100,635 18,514,295 178,356,913 261,058,654 38,027,481 Net loss attributable to non-controlling interests (3,152) 1,376,781 200,551 26,367 2,332,314 339,739 Net income attributable to ordinary shareholders 93,991,645 128,477,416 18,714,846 178,383,280 263,390,968 38,367,220 Net earnings per share Class A ordinary share-basic and diluted 0.93 1.26 0.18 1.84 2.59 0.38 Class B ordinary share-basic and diluted 0.93 1.26 0.18 1.84 2.59 0.38 Net earnings per ADS Class A ordinary share-basic and diluted 0.93 1.26 0.18 1.84 2.59 0.38 Class B ordinary share-basic and diluted 0.93 1.26 0.18 1.84 2.59 0.38 Weighted average shares outstanding Class A ordinary share-basic and diluted 66,789,300 67,113,004 67,113,004 58,866,739 67,064,583 67,064,583 Class B ordinary share-basic and diluted 34,762,909 34,762,909 34,762,909 37,839,060 34,762,909 34,762,909 Other comprehensive income, net of tax Foreign currency translation adjustments 1,213,623 11,020,015 1,605,246 1,043,741 (3,782,503) (550,984) Comprehensive income, net of tax 95,208,420 138,120,650 20,119,541 179,400,654 257,276,151 37,476,497 Comprehensive (gain)/loss attributable to non-controlling interests (3,152) 1,376,781 200,551 26,367 2,332,314 339,740 Comprehensive income attributable to ordinary shareholders 95,205,268 139,497,431 20,320,092 179,427,021 259,608,465 37,816,237   GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements of Cash Flows  Quarter Ended Six Months Ended  June30, 2018  June 30, 2019  June 30, 2019  June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ RMB RMB US$ Operating activities: Net income 93,994,797 127,100,635 18,514,295 178,356,913 261,058,654 38,027,481 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,557,247 8,150,042 1,187,187 9,951,749 15,820,814 2,304,561 Share of loss in equity method investments 182,988 114,566 16,688 1,090,024 287,797 41,922 Interest income (234,004) (2,452,171) (357,199) (4,937,866) (10,413,809) (1,516,942) Bad debt expense 379,445 (5,890,482) (858,045) 698,703 (4,999,113) (728,203) (Gains) loss from investments in equity securities 25,862,935 (15,902,581) (2,316,472) 31,036,562 (75,837,051) (11,046,912) Foreign exchange losses (gains) (1,340,059) (324,322) (47,243) (614,853) (528,439) (76,976) Share-based compensation 3,586,930 6,260,341 911,921 3,746,769 11,109,792 1,618,324 Income tax expenses related to dividend distribution or retained profits - 3,955,452 576,177 - 7,799,944 1,136,190 Changes in operating assets and liabilities: Accounts receivable (8,246,047) (5,850,767) (852,260) (19,468,637) (23,868,928) (3,476,901) Prepaid rent (1,455,073) - - 131,304 711,581 103,653 Inventories 186,242 (280,089) (40,800) 961,422 1,168,794 170,254 Amounts due from related parties 1,938,481 (25,151) (3,664) 1,522,123 (21,551) (3,139) Other current assets (19,562,202) (7,010,607) (1,021,210) (26,365,951) 186,182 27,120 Other assets - (7,453,225) (1,085,685) - (12,142,854) (1,768,806) Accounts payable (4,359,732) (2,228,556) (324,626) 337,208 1,970,109 286,979 Amounts due to related parties 154,006 899,112 130,970 480,702 832,348 121,245 Salary and welfare payable 27,794 2,313,943 337,064 (1,651,291) (5,049,650) (735,564) Deferred revenue 27,635,223 9,218,777 1,342,866 49,878,884 4,825,701 702,943 Advance from customers 8,017,444 (607,442) (88,483) (471,039) (2,278,224) (331,863) Accrued expenses and other current liabilities (29,094,444) 2,668,564 388,720 (25,606,665) 28,261,232 4,116,713 Income tax payable (56,273,754) (51,216,175) (7,460,477) (36,539,914) (27,333,112) (3,981,517) Unrecognized tax benefits 43,190,003 22,867,582 3,331,039 46,941,155 28,914,333 4,211,847 Deferred rent (1,028,699) (1,558,697) (227,050) (2,043,147) (1,851,268) (269,668) Other long-term liabilities 7,701,591 2,545,743 370,831 9,474,980 3,593,469 523,450 Deferred taxes (9,523,172) (272,719) (39,726) (14,570,166) 4,997,435 727,958 Net cash provided by operating activities 86,297,940 85,021,773 12,384,818 202,338,969 207,214,186 30,184,149 Investing activities: Purchases of property and equipment (54,676,146) (4,451,361) (648,414) (113,008,255) (3,511,310) (1,968,144) Purchases of intangible assets (900,000) - - (900,000) - - Advances for acquisitions - (47,866,700) (6,972,571) - (47,866,700) (6,972,571) Purchases of short-term investments (275,105,052) (28,283,130) (4,119,902) (791,666,641) (212,519,973) (30,957,024) Proceeds from short-term investments 234,004 40,774,393 5,939,460 745,234,004 756,830,368 110,244,773 Proceeds from disposal of property and equipment - 1,000,000 145,666 - 1,300,000 189,366 Acquisitions, net of cash received - (234,660,607) (34,182,171) - (244,660,607) (35,638,836) Increase of long-term time deposits - (20,000,000) (2,913,328) - (460,000,000) (67,006,555) Purchases of investments in equity securities - (22,060,000) (3,213,401) (4,795,838) (24,036,351) (3,501,289) Purchases of long term investments - - - - (247,456,740) (36,046,138) Proceeds from disposal of investments in equity securities 7,604,063 36,617,830 5,333,988 18,871,973 145,221,744 21,153,932 Loan to third parties (5,000,000) (135,835,219) (19,786,631) (10,000,000) (151,775,219) (22,108,553) Loan to a related party (4,300,000) (106,979,750) (15,583,358) (4,300,000) (116,979,750) (17,040,022) Loan to franchisees (13,000,000) (13,460,000) (1,960,670) (28,000,000) (31,590,000) (4,601,603) Repayment of loan from third parties - 121,280,219 17,666,456 - 121,280,219 17,666,456 Repayment from a related party - 116,979,750 17,040,022 - 116,979,750 17,040,022 Repayment from a franchisee 4,920,000 1,973,956 287,539 8,420,000 7,267,353 1,058,609 Net cash used in investing activities (340,223,131) (294,970,619) (42,967,315) (180,144,757) (401,517,216) (58,487,577) Financing activities: Distribution to the shareholders (160,840,918) - - (200,532,021) (208,025,814) (30,302,376) Income tax paid related to the above distribution - - - (3,000,000) - - Proceeds from NCI - - - - 10,390,000 1,513,474 Proceeds from IPO, net of capitalized expenses - - - 837,505,007 - - Payment for initial public offering costs (25,087,646) - - (29,390,408) - - Net cash provided by (used in) financing activities (185,928,564) - - 604,582,578 (197,635,814) (28,788,902) Effect of exchange rate changes on cash and cash equivalents and restricted cash* 1,509,941 3,249,707 473,373 614,853 (8,440,253) (1,229,461) Net increase (decrease) in cash and cash equivalents and restricted cash* (438,343,814) (206,699,139) (30,109,124) 627,391,643 (400,379,097) (58,321,791) Cash and cash equivalents and restricted cash* at the beginning of the period 1,230,699,122 1,073,645,827 156,394,148 164,963,665 1,267,325,785 184,606,815 Cash and cash equivalents and restricted cash* at the end of the period 792,355,308 866,946,688 126,285,024 792,355,308 866,946,688 126,285,024   * Upon the adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, restricted cash was included within cash and cash equivalents in the consolidated statement of cash flows for the three months and six months period ended June 30, 2019 and the comparative disclosure had been restated to conform to the current period presentation.   GreenTree Hospitality Group Ltd. Unaudited Reconciliation of GAAP and Non-GAAP Results Quarter Ended Six Months Ended June 30, 2018  June 30, 2019  June 30, 2019 June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ RMB RMB US$ Net income 93,994,797 127,100,635 18,514,295 178,356,913 261,058,654 38,027,481 Deduct: Other operating income 12,242,088 1,639,842 238,870 26,067,489 8,546,295 1,244,908 Reimbursement related to the ADS program   -   - Gains on investments in equity securities - 15,902,581 2,316,472 - 75,837,051 11,046,912 Other income, net - 1,860,961 271,079 - 2,690,742 391,951 Add: Other operating expenses 35,330 65,350 9,520 178,592 107,974 15,728 Income tax expense 29,339,034 49,050,930 7,145,074 58,625,445 103,216,322 15,035,152 Share of loss in equity investees, net of tax 182,988 114,566 16,688 1,090,024 287,797 41,922 Interest expense - 700,350 102,017 - 1,385,475 201,817 Share-based compensation 3,586,930 7,326,131 1,067,171 3,746,769 12,175,582 1,773,573 Depreciation and amortization 4,557,247 8,150,042 1,187,187 9,951,749 15,820,814 2,304,561 Losses on investments in equity securities 25,862,935 - - 31,036,562 - - Adjusted EBITDA (Non-GAAP) 145,317,173 173,104,620 25,215,531 256,918,565 306,978,530 44,716,463     Quarter Ended Six Months Ended  June 30, 2018  June 30, 2019  June 30, 2019 June 30, 2018  June 30, 2019  June 30, 2019 RMB RMB US$ RMB RMB US$ Net income 93,994,797 127,100,635 18,514,295 178,356,913 261,058,654 38,027,481 Deduct: Government subsidies (net of 25% tax) 76,774 233,981 34,083 10,312,776 5,048,981 735,467 Gains on investments in equity securities (net of 25% tax) - 11,926,936 1,737,354 - 56,877,788 8,285,184 Reimbursement related to the ADS program 9,271,648 - - 9,271,648 - - Other income (net of 25% tax) - 1,395,721 203,309 - 2,018,057 293,963 Add: Share-based compensation 3,586,930 7,326,131 1,067,171 3,746,769 12,175,582 1,773,573 Losses on investments in equity securities  (net of  25% tax) 19,397,201 - - 23,277,422 - - one-time consulting fees for M&A - 943,650 137,457 - 943,650 137,458 Income tax expenses related to dividend distribution - 3,955,452 576,177 - 7,799,944 1,136,190 Core net income (Non-GAAP) 107,630,506 125,769,230 18,320,354 185,796,680 218,033,004 31,760,088 Core net income per ADS (Non-GAAP) Class A ordinary share-basic and diluted 1.06 1.23 0.18 1.92 2.14 0.31 Class B ordinary share-basic and diluted 1.06 1.23 0.18 1.92 2.14 0.31 Operational Data As of June 30, 2018 As of June 30, 2019  Total hotels in operation: 2,434 2,955  Leased-and-owned hotels 26 30  Franchised hotels 2,408 2,925  Total hotel rooms in operation 201,275 236,557  Leased-and-owned hotels 3,358 3,803  Franchised hotels 197,917 232,754  Number of cities 267 300   Quarter Ended As of June 30, 2018 As of June 30, 2019  Occupancy rate (as a percentage)  Leased-and-owned hotels 70.7% 70.5%  Franchised hotels 82.9% 81.3%  Blended 82.6% 81.1%  Average daily rate (in RMB)  Leased-and-owned hotels 201 216  Franchised hotels 163 171  Blended 164 172 RevPAR (in RMB)  Leased-and-owned hotels 142 152  Franchised hotels 135 139  Blended 136 139   Number of Hotels in Operation Number of Hotel Rooms in Operation As of June As of June As of June As of June 30, 2018 30, 2019 30, 2018 30, 2019 Luxury / 19 / 4,017 Argyle / 19 / 4,017  Mid-to-up-scale 60 152 6,760 15,357  GreenTree Eastern 59 96 6,650 10,200  Deepsleep Hotel - 1 - 62  GMe - 18 - 1,669  Geya - 11 - 918  VX 1 17 110 1,397 Ausotel / 9 / 1,111  Mid-scale 2,062 2,229 177,665 189,357  GreenTree Inn 1,785 1,931 155,470 166,183  GT Alliance 277 295 22,195 22,994  GreenTree Apartment - 3 - 180  Economy hotels 312 555 16,850 27,826  Vatica 111 119 8,295 8,819  Shell 201 436 8,555 19,007 Total 2,434 2,955 201,275 236,557 For more information, please contact: GreenTree Ms. Selina YangPhone: +86-21-3617-4886 ext. 7999E-mail: ir@998.com Mr. Nicky ZhengPhone: +86-21-3617-4886 ext. 6708E-mail: ir@998.com Christensen In ShanghaiMs. Constance ZhangPhone: +86-138-1645-1798E-mail: czhang@christensenIR.com In Hong Kong Ms. Karen Hui Phone: +852-9266-4140 E-mail: khui@christensenIR.com In US Ms. Linda Bergkamp Phone: +1-480-614-3004Email: lbergkamp@ChristensenIR.com View original content:http://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-second-quarter-of-2019-financial-results-300902944.html
  • A video clip telling about Chinese swimsuit shines at NYC Times Square
    BEIJING, Aug. 16, 2019 /PRNewswire/ -- From August 16, 2019, an attractive video clip is broadcast on a huge screen at NYC Times Square, telling a story about Xingcheng, a scenic coastal city and a world-class swimsuit-making hub located in the southwest of Liaoning Province of China. A video clip telling about Chinese swimsuit is broadcast at NYC Times Square. According to Xinhua Screen Media Co., Ltd., the tenant of the huge screen, the video clip will be broadcast for 67 days at NYC Times Square, and for 60 days at Wangfujing Street in Beijing. In the video, a tanned Chinese girl jumps gracefully into the swimming pool from the platform, two swimmers make a series of difficult movements under the water, several Chinese and foreigners wearing colorful swimsuits enjoy the entertainments in a water park... For Xingcheng, telling a story about swimsuit at the 'Crossroads of the World' is not only its glory, but also its responsibility. According to the statistics, China produces about seventy percent of the world's supply of swimsuits, while Xingcheng itself occupies nearly two fifth of the production of China. That is why we can say that Xingcheng carries the future of the swimsuit industry of China as well as of the World. View original content to download multimedia:http://www.prnewswire.com/news-releases/a-video-clip-telling-about-chinese-swimsuit-shines-at-nyc-times-square-300902370.html
  • TCEB to Expedite MICE Occupational Standards, Enriching Thai MICE Professionals Towards Global Standards -- The Government Gazette Recently Announced "MICE Electrician Standards"
    BANGKOK, Aug. 16, 2019 /PRNewswire/ -- Thailand Convention & Exhibition Bureau (Public Organization) or TCEB joins forces with associates to organise the MICE occupational standards enhancement project that embraces the entire structure, ranging from electrician occupational standards to MICE management and administration that meet international standards. Serving the bolstering of economy in line with Thailand 4.0 model, the project encourages participation using human-centric approaches to promote competitiveness of Thai MICE on both Asian and international arenas.      TCEB to Expedite MICE Occupational Standards, Enriching Thai MICE Professionals Towards Global Standards -- The Government Gazette Recently Announced “MICE Electrician Standards” Mr. Chiruit Isarangkun Na Ayuthaya, TCEB President, disclosed that Thai government has formulated the "Thailand 4.0" model to serve its national development policy by engaging innovations designed on the basis of knowledge, creativity and uses of new technology to drive the economy. Meanwhile, the United Nations has determined sustainable development as the ultimate goal to secure an all-encompassing and equal education for everyone, which corresponds to the 12th economic and social development plan (2017-2021) that places human at the core of participatory development in regard to promote the nation's competitiveness.   "Today's world has witnessed a shift of concern to sustainable development, positioning people at the core of development. The transition into ASEAN Community has initiated connections, spanning economy, society, politics and culture, as well as labour mobility among member countries. Having realised opportunities and necessity, TCEB is expediting the empowerment of MICE personnel with enhanced knowledge and skills that allow them to work professionally to answer the requirements of MICE businesses and international standards in order to boost competitiveness on a global level, and thus achieve sustainability for Thai MICE," TCEB has planned the development scheme for MICE personnel in 2 levels, including local and international scales. First, the development of local occupational standards involves collaboration with the Department of Skill Development, Ministry of Labour, Thai Exhibition Association, Business of Creative and Event Management Association and Thailand Incentive and Convention Association, under which the national skill standards for profession electrician in electronics and computer and electrician for MICE were established. Recently, the Labour Minister has approved the announcement as published in the government gazette after the Skill Development Promotion Committee determined the national skill standards for Profession electrician in electronics and computer and Electrician for MICE (Meetings Incentives Conventions Exhibitions). Thailand is hence the first country in the world to establish the national skill standards for MICE personnel, having the Electrician for MICE as the first field of expertise.  Unveiling opportunities for Thai skilled workers to receive recognition and determining the skill standards for MICE personnel on an international scale are highly important. Currently, free trade has allowed foreigners to run more MICE businesses in Thailand, inevitably bringing with them foreign contractors. Major revenue sources have stemmed from exhibition spaces and accommodation, while other possible revenue has been diminished, including either labour, booth design and construction or electrical management. Further, Thai MICE entrepreneurs have lost the opportunities to reap new knowledge and understanding in international event operations. TCEB President further said that beside skill standards, TCEB also aims to connect occupational standards with educational standards within the scope of national professional qualification. Heralded with the signing of co-operation agreement on 8 August 2019 to develop individual capabilities with professional qualification system, TCEB has agreed to collaborate with the Thailand Professional Qualification Institute (Public Organization) or TPQI to encourage the evaluation of individual performance according to occupational standards in regard to cultivate MICE professionals. Meanwhile, TCEB has joined hands with Thailand Incentive and Convention Association, Business of Creative and Event Management Association, and Thai Exhibition Association to design courses in Thai language that meet national standards in order to enhance skill standards of Thai entrepreneurs, especially in different regions, to tackle international competition. For example, the Thailand Incentive Travel Professional -TITP, the Event Professional. There are also two other courses under formulation, including professional exhibition and professional conference. Second, the development of international occupational standards involves the import of international certifications under the copyright of international MICE associations. For example, the Certified in Exhibition Management, which is the copyright and certified by the International Association of Exhibitions and Events -- IAEE. Currently, there are 147 certified professionals or more in Thailand, ranking the 1st in ASEAN and the 3rd in Asia, respectively. There is also the Certified Incentive Travel Professional, under the copyright of the Society of Incentive Travel Excellence -- SITE, in which there are 138 certified professionals or more in Thailand, ranking the 1st in Asia. Furthermore, the Sustainability Event Professional is also available under the copyright of the Events Industry Council -- EIC, which has produced up to 126 certified Thai specialists and is the largest number, making Thailand rank atop among all countries. The Certified Meeting Professional, under the copyright of Meeting Professionals International -- MPI, has currently registered 13 certified specialists or more in Thailand. "Our collaboration with prominent associates to advance the skill standard development project for MICE professionals of all levels, which is now in decent progress, serves as a key force that drives Thai MICE to fly higher with stability and sustainability," concluded Mr. Chiruit.   For further information, please contact: Corporate Communications DepartmentThailand Convention and Exhibition Bureau (Public Organization)   Ms Parichat Svetasreni    Tel: +66 2 694 6009     Email: parichat_s@tceb.or.thMs Kwanchanok Otton     Tel: +66 2 694 6096     Email: kwanchanok_o@tceb.or.th   View original content to download multimedia:http://www.prnewswire.com/news-releases/tceb-to-expedite-mice-occupational-standards-enriching-thai-mice-professionals-towards-global-standards----the-government-gazette-recently-announced-mice-electrician-standards-300902895.htmlRelated Links :http://www.tceb.or.th
  • OneConnect Launches the first end-to-end Big Data-based Data Governance Solution in China
    GUILIN, China, Aug 15, 2019 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or "the Company"), a leading technology-as-a-service platform for financial institutions in China, launched Data Governance Solution, which is the first end-to-end data governance solution based on big data technology in China. OneConnect is an associate company of Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or "the Group", HKEX: 2318; SSE: 601318), one of the world's largest financial institutions and a global leader in the digital transformation of financial services. Leveraging the strong partnership with Ping An, the Company has established world-leading technology capabilities for financial services in AI, big data analytics and blockchain. Global banking industry has reached a consensus on the digital transformation and is entering a new stage of data governance. According to the "Fortune 1000 Management Annual Survey", as of April 2018, a number of leading financial institutions including Bank of America, Capital One, Citibank, Goldman Sachs, Wells Fargo, and JP Morgan Chase have set up Chief Data Officers. "Lots of top banks have set up their CDOs, but we don't have the position in China. We should pay more attention on data governance, which is a global trend for banking industry," said Mr. Ye Wangchun, CEO of OneConnect. However, according to the report "Fintech Development of Small and Medium-sized Banks (2019)", written by OneConnect, IFAB (Internet Finance Association of Small and Medium-sized Banks), and Accenture, most small and medium-sized banks in China still have not formed a mature and complete data management and control system. The report shows that only 9% of them have realized effective data governance with mature data management systems, and fully implement big data applications. In fact, the Chinese banking industry has put more emphasis on data governance. In May last year, China Banking and Insurance Regulatory Commission published the "Guideline for the Data Governance of Banking Financial Institutions", which required banks to improve the authenticity, accuracy, timeliness and integrity of data, and protect the privacy of clients through enhanced data security measures. "Our end-to-end data governance solution is based on big data technology, which is essentially different from solutions for traditional databases," said Hannah Qiu, Co-General Manager of OneConnect. "The complete digital banking management system should cover three layers," she continued. "The first is the basic data layer, the second is the business application layer, and the third is the management layer. Only the three-tiered system is intelligent and digital that the bank can build a complete digital banking management system. Among these three layers, the construction of the basic data layer is the basis of business application and business management." With AI and big-data technology, OneConnect's solution can support smart management for all scenarios and massive amount of data. It is more flexible and convenient in software and hardware expansion and iterative upgrade. The deployment time is shortened by 1-2 months compared with traditional products. It finally helps small and medium-sized banks realize their goal - "data drives business, data drives decision-making". About OneConnect Financial Technology OneConnect ("the Company") is a leading technology-as-a-service platform for financial institutions in China. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. These solutions enable our customers' digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs. OneConnect is an associate of Ping An Group. As of June 30, 2019, Ping An Group was China's second-largest financial institution and the fifth-largest globally by market capitalization. OneConnect leverages the Group's 30 years of extensive experience in financial services and accurately addresses the needs of different financial institutions. The Company's 12 technology solutions strategically cover multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses - from sales and marketing and risk management to customer services and operations, as well as technology infrastructure such as data management, program development, and cloud services. OneConnect's customer base includes all of China's major banks, 99% of its city commercial banks, and 38% of its insurance companies. For more information, please visit http://www.oneconnectft.com/. View original content:http://www.prnewswire.com/news-releases/oneconnect-launches-the-first-end-to-end-big-data-based-data-governance-solution-in-china-300902875.htmlRelated Links :http://www.oneconnectft.com
  • Highlights of CIOE 2019 in Shenzhen this September
    SHENZHEN, China, Aug. 16, 2019 /PRNewswire/ -- As a comprehensive exhibition covering the entire optoelectronic supply chain, CIOE (China International Optoelectronic Exposition) has been devoting in optoelectronic industry for 21 years to build a high-efficient and high-quality communication platform for global professionals. CIOE 2019, will be kicking-off in less than 2 weeks in Shenzhen Convention and Exhibition Center on September 4-7. The opening of the exhibition is just around the corner. Let's have a preview for 7 highlights of world's leading optoelectronic event. Highlights of China International Optoelectronic Exposition 2019 Highlight 1: The one and only optoelectronic exhibition with 110,000 square meters exhibition area 2,000 leading optoelectronics companies, more than 4,000+ optoelectronic brands, are expected to gather at CIOE 2019. This year more than 70,000 industry professionals are expected to participate and source at CIOE. CIOE is the best optoelectronic platform to look for high-quality products, reliable suppliers and to learn about market trends. It's also the ideal communication platform to network with industry peers and to expand your business network. Highlight 2: Six sub-expos to cover the entire industry CIOE 2019, consisting of 6 concurrent sub-expos, will cover the entire optoelectronic industry chain. Optical Communications Expo will focus on optical chips, optical components, optical modules, system equipment and 5G applications. Precision Optics Lens and Camera Module Expo is formed by two main clusters for Precision Optical Component Processing and Lens Manufacturing. Lasers Technology & Intelligent Manufacturing Expo will display from laser materials to laser equipment, showing the entire laser industry chain. Infrared Applications Expo shows the top-notched infrared materials, devices, equipment and application products. Optoelectronic Sensor Expo brings together the world's leading LiDAR companies, as well as the latest technologies and products such as 3D sensing and optoelectronic sensing. Photonics Innovation Pavilion gathers the top universities and research institutes in China to showcase the national scientific research frontier products in optoelectronic field. In a word, CIOE 2019 will focus on a wide range of industry hotspot products and technologies, including hottest products in the market such as optical chips, optical modules, optical lenses, data centers, lens modules, machine vision, VCSEL, laser radar, millimeter wave terahertz, laser cleaning, etc. Highlight 3: Terahertz Zone and Forum CIOE will collaborate with Millimeter Wave and Terahertz Alliance to organize Terahertz Zone showcasing such as chips, devices, materials, test and system applications for terahertz technology at 1D52 in Hall 1. 2019 Terahertz Detection Technology Application Forum will be also held to gather infrared industry research institutes, laboratories, well-known enterprises, and well-known analytical institutions to jointly discuss the market prospects of infrared detection technology and terahertz technology in many application fields. Highlight 4: Seven International Pavilions to display global technologies International pavilions including Germany, Demark, Canada, USA, Japan, Korea and Taiwan (China) will showcase the top-notch products and cutting-edge technologies. Highlight 5: Four Application visitor guide for higher efficient sourcing at CIOE Optoelectronic technologies have great demand in application filed like data center, mobile phone, automotive electronics and defense & security. These visitor guides are power tools for professionals to prepare and visit CIOE and it's strongly recommend to save one copy in the mobile phone. Highlight 6: Concurrent confront connecting you to the future of optoelectronic China International Optoelectronic Conference (CIOEC) is a professional symposium held concurrently with CIOE. 60+ conferences covers the hottest topics in the optoelectronic field including optical communications, precision optics, laser, infrared, AR, intelligent driving, 3D sensing, block chain, mobile phones, etc. Highlight 7: VIP Match-making services accelerating your sourcing efficiency CIOE VIP Buyer Program is designed for key buyers and senior-level decision makers from the optoelectronic industry. CIOE will offer exclusive privileges and amenities to enhance your experience and to facilitate your high-end commercial opportunities at the event. The program serves as a one-on-one platform to connect buyers and exhibitors, and enhance your show visit efficiency. Sign up and date up your target supplier now. CIOE 2019 is the last time of CIOE being held at the Shenzhen Convention and Exhibition Center. CIOE is moving to the Shenzhen World Exhibition & Convention Center in 2020. So don't miss the last global industrial gathering at the downtown of Shenzhen and meet with your old business acquaintances. CIOE 2019 will be expecting 70,000 visitors to visit and source and explore together the future of optoelectronic industry. To avoid the long queue onsite please kindly pre-register in advance.  Photo - https://photos.prnasia.com/prnh/20190816/2554284-1?lang=0 Related Links :http://www.cioe.cn
  • Qudian Inc. Reports Second Quarter 2019 Unaudited Financial Results
    XIAMEN, China, Aug. 16, 2019 /PRNewswire/ -- Qudian Inc. ("Qudian" or the "Company") (NYSE: QD), a leading provider of online small consumer credit products in China, today announced its unaudited financial results for the quarter ended June 30, 2019. Second Quarter 2019 Operational Highlights: Total number of registered users as of June 30, 2019 reached 76.0 million, representing an increase of 11.9% from June 30, 2018 Number of outstanding borrowers[1] from loan book business and transaction referral business as of June 30, 2019 increased by 11.9%  to 6.1 million from 5.4 million as of March 31, 2019 Cumulative number of borrowers[2] from loan book business and transaction referral business as of June 30, 2019 increased by 16.9% to 18.3 million from June 30, 2018 New active borrowers[3] from loan book business and transaction referral business for this quarter increased by 108.2% to 1,092,849 from 524,795 for the first quarter of 2019 as a result of successful activation of Qudian's user base through credit trial programs and incremental user growth driven by transaction referral business Total outstanding loan balance[4] as of June 30, 2019 increased by 91.8% to RMB28.7 billion from June 30, 2018 Weighted average loan tenure for our loan book business was 8.4 months for this quarter, compared with 9.9 months for the first quarter of 2019; Weighted average loan tenure for our transaction referral business was 14.1 months for this quarter, compared with 11.8 months for the first quarter of 2019 Cumulative number of users for traffic referral service as of June 30, 2019 increased by 34.1% to 3.4 million from March 31, 2019; Cumulative number of users for transaction referral service as of June 30, 2019 increased by 205.6% to 417,478 from March 31, 2019 Cumulative amount of transactions referred for transaction referral business was RMB5.9 billion as of June 30, 2019 [1] Outstanding borrowers are borrowers who have outstanding loans as of a particular date, including outstanding borrowers from both loan book business and transaction referral business. Transaction referral business, as part of our open-platform, was launched in the second half of 2018. [2] Cumulative number of borrowers are borrowers who have drawn down credit on or prior to a particular date, on a cumulative basis, including outstanding borrowers from both loan book business and transaction referral business. [3] Active borrowers are borrowers who have drawn down credit in the specified period from both loan book business and transaction referral business. New active borrowers are active borrowers who had never drawn down credit on our platform prior to the specified period. [4] Includes off and on balance sheet loans directly or indirectly funded by our institutional funding partners or our own capital, net of cumulative write-offs and it does not include auto loans from Dabai Auto business and loans from transaction referral business. Second Quarter 2019 Financial Highlights: Total revenues were RMB2,220.7 million (US$323.5 million), flat from the same period last year, primarily due to discontinuation of Dabai Auto Loan facilitation income and other related income increased by 34.8% year-on-year to RMB609.7 million (US$88.8 million) from RMB452.1 million for the same period last year Referral service fee and other related income which relate to transaction referral services and traffic referral services provided by our open-platform, substantially increased to RMB398.1 million (US$58.0 million) from nil for the same period last year Financing income increased by 10.0% to RMB984.4 million (US$143.4 million) from RMB895.1 million for the same period last year as a result of an increase in average on-balance sheet loan balance Net income increased by 57.9% year-on-year to RMB1,143.4 million (US$166.6 million), or RMB4.00 (US$0.58) per diluted ADS Non-GAAP net income[5] increased by 57.1% year-on-year to RMB1,158.6 million (US$168.8 million), or RMB4.05 (US$0.59) per diluted ADS  [5] For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release. "In the second quarter we achieved new records in net income and borrower numbers and made great progress on our open-platform initiative," said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. "Leveraging our self-developed credit big-data and transaction clearing technologies, we are able to provide large scale credit assessment and high-speed precision processing via an efficient and reliable to-consumer interface for more than 100 licensed financial service providers to serve the underpenetrated consumption credit market in China. These underserved mass-market Chinese consumers are attracted to the affordable and seamless loans offered through our platform, creating overwhelming demand that drives natural traffic with minimal acquisition costs for us. As the end of the second quarter 2019, our registered user base grew to 76.0 million and total outstanding borrowers reached 6.1 million, both the highest in our Company's history." "Strategically, via our open-platform initiative we are further opening up our dormant registered user base  beyond our loan book to financial institution partners who wish to grow their own loan book. During the second quarter, over 415,000 open-platform outstanding borrowers were served on our interface, with a 70%[6] repeat ratio, demonstrating strong sustainability and user stickiness trends." [6] Repeat user ratio refers to the ratio of (i) users who have made at least one drawdown on the open-platform prior to the second quarter of 2019 and made at least one drawdown in the second quarter of 2019, and have at least RMB1,000 of remaining credit line after the most recent drawdown as of June 30, 2019, divided by (ii) users who have made at least one drawdown on the open-platform and have at least RMB1,000 of remaining credit line after the most recent drawdown as of June 30, 2019. "Since we have an overwhelming demand situation, instead of increasing marketing spend we have stepped up efforts to activate more new users in our loan book business. Through our increased efforts in credit trials and our evolving credit assessment system, new active borrowers increased by 107.9% from last quarter." "While we continue to enjoy a massive proprietary app based user base, we are opening our interface to third-party app partners. Instead of routing high cost traffic to our app, we will continue our approach of implementing a distributed traffic eco-system. Leveraging the latest in HTML5 technology, we can operate the full credit assessment and disbursement experience through third-party apps. This brings seamless user experience to the mass market by integrating our user interfaces within such leading third-party apps where their users wish to stay." "We delivered another record Non-GAAP net income of RMB1,158.6 million, a 57.1% year-over-year increase as a result of our fast-growing user base, risk-free incremental profits from our open-platform initiative, low operating costs, regulatory compliant operating structure and solid asset quality," said Mr. Carl Yeung, Chief Financial Officer of Qudian. "Owning to our massive under-tapped user base our open-platform initiative continued to prove its strong potential to become a major growth driver, generating RMB398.1 million in revenue for the second quarter with little marginal operational cost and zero credit risk, and driving over RMB4.8 billion in loan balance for our licensed financial institution partners as of the end of second quarter. This grew substantially from RMB158.7 million of referral revenues in the first quarter of 2019. Our established full-suite consumer finance solution offered to our app partners contains credit assessment models and transaction infrastructure that can process over 37,000 transactions per hour, solidifying our leadership position in big data analytics and transaction clearing, delivering significant value to all participants in the online consumer finance value chain." "Qudian has a long-standing commitment to deliver value to our shareholders. We seized the market window to raise a US$345 million convertible bond, including a fully exercised green shoe, at 1% coupon for 7 years, and further entered a capped call transaction to increase the effective conversion premium by 75%. More importantly, given the ongoing visible disconnect between the Company's value and fundamentals, the majority of the proceeds are earmarked for potential share buybacks over the next one to two years. We will continue to assess latest capital market trends and may undertake new capital market transactions that enhance shareholder value. With solid second quarter results driven by strong momentum in our open-platform initiative and better-than-expected loan book growth, we are reaffirming our previously announced Non-GAAP net income guidance of RMB4.5 billion." Second Quarter Financial Results Total revenues were RMB2,220.7 million (US$323.5 million), flat from RMB2,243.7 million for the second quarter of 2018. Financing income totaled RMB984.4 million (US$143.4 million), an increase of 10.0% from RMB895.1 million for the second quarter of 2018, as a result of an increase in average on-balance sheet loan balance. Loan facilitation income and other related income increased by 34.8% to RMB609.7 million (US$88.8 million) from RMB452.1 million for the second quarter of 2018, as a result of an increase in the amount of off-balance sheet transactions.  Referral service fee and other related income substantially increased to RMB398.1 million (US$58.0 million) from nil in the second quarter of 2018, as a result of the ramp-up of the open-platform initiative. Sales income substantially decreased to RMB123.5 million (US$18.0 million) from RMB784.8 million for the second quarter of 2018, due to the scaling down of the Dabai Auto business. Sales commission fee decreased by 9.7% to RMB95.6 million (US$13.9 million) from RMB105.9 million for the second quarter of 2018, due to a decrease in the gross merchandise value for merchandise credit products. Total operating costs and expenses decreased by 34.9% to RMB959.1 million (US$139.7 million) from RMB1,473.1 million for the second quarter of 2018. Cost of revenues decreased by 69.8% to RMB286.1 million (US$41.7 million) from RMB947.8 million for the second quarter of 2018, primarily due to a decrease in costs incurred by the Dabai Auto business and a decrease in funding costs associated with the on-balance sheet portion of our loan book business. Sales and marketing expenses decreased by 51.6% to RMB77.7 million (US$11.3 million) from RMB160.6 million for the second quarter of 2018. The decrease was primarily due to a decrease in staff salary and marketing expenses associated with the scaling down of the Dabai Auto business. General and administrative expenses decreased by 2.6% to RMB67.3 million (US$9.8 million) from RMB69.1 million for the second quarter of 2018. Research and development expenses increased by 70.6% to RMB62.9 million (US$9.2 million) from RMB36.9 million for the second quarter of 2018 as a result of an increase in staff salary. Provision for receivables increased by 122.8% to RMB494.5 million (US$72.0 million) from RMB222.0 million for the second quarter of 2018. The increase was primarily due to an increase in past-due on-balance sheet outstanding principal receivables compared to the second quarter of 2018 and a write-down relating to the Dabai Auto business of RMB38.4 million (US$5.6 million). As of June 30, 2019, the total balance of outstanding principal and financing service fee receivables for on-balance sheet transactions for which any installment payment was more than 30 calendar days past due was RMB668.1 million (US$97.3 million), and the balance of allowance for principal and financing service fee receivables at the end of the period was RMB888.3 million (US$129.4 million), indicating M1+ Delinquency Coverage Ratio of 1.3x. The following chart displays "vintage charge-off rate." Vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated during a specified time period, the total outstanding principal balance of the transactions that are delinquent for more than 180 days during such period, divided by the total initial principal of the transactions facilitated in such vintage. Vintage Charge-off Rate by Vintage for the Whole Loan Book The following chart displays the historical lifetime cumulative M1+ delinquency rate by vintage, from the second month after credit drawdowns up to the twelfth month after such transactions for all on- and off-balance transactions for each of the quarters indicated, before charge-offs. M1+ Delinquency Rate by Vintage for the Whole Loan Book Income from operations increased by 63.4% to RMB1,264.2 million (US$184.2 million) from RMB773.8 million for the second quarter of 2018. Net income attributable to Qudian's shareholders increased by 57.9% to RMB1,143.4 million (US$166.6 million), or RMB4.00 (US$0.58) per diluted ADS. Non-GAAP Net income attributable to Qudian shareholders increased by 57.1% to RMB1,158.6 million (US$168.8 million), or RMB4.05 (US$0.59) per diluted ADS. Cash Flow As of June 30, 2019, the Company had cash and cash equivalents of RMB2,586.9 million (US$376.8 million) and restricted cash of RMB858.6 million (US$125.1 million). Restricted cash mainly represents (i) cash held by the consolidated trusts through segregated bank accounts; (ii) time deposits that are pledged for short-term bank loans; and (iii) security deposits held in designated bank accounts for guarantee of off-balance sheet transactions. Such restricted cash is not available to fund the general liquidity needs of the Company. For the quarter ended June 30, 2019, net cash provided by operating activities was RMB1,413.6 million (US$205.9 million), mainly attributable to net income of RMB1,143.4 million (US$166.6 million), adjustment of provision for receivables of RMB494.5 million (US$72.0 million). Net cash provided by investing activities was RMB881.3 million (US$128.4 million), mainly due to proceeds from collection of loan principal of RMB6,935.1 million (US$1,010.2 million), partially offset by payments to originate loan principal of RMB5,833.9 million (US$849.8 million). Net cash used in financing activities was RMB1,927.8 million (US$280.8 million), mainly due to repayments of borrowings of RMB1,374.5 million (US$200.2 million) and repurchase of ordinary shares of RMB693.5 million (US$101.0 million). Convertible bond issuance and update on share repurchase On July 1, 2019, the Company closed the offering of US$300 million in aggregate principal amount of convertible senior notes due 2026 and the sale of an additional US$45 million aggregate principal amount of such notes pursuant to the exercise in full by the initial purchasers of their option to purchase additional notes. In light of continued disconnection between strong fundamentals and low stock price, the Company plans to use the majority of the proceeds to further fuel its share repurchase efforts. As of the date of this release, the Company has completed total share repurchases of approximately US$377 million. As of June 30, 2019, the total number of ordinary shares outstanding was 279,260,717. Outlook The Company reaffirms its total Non-GAAP net income for the full year of 2019 to exceed RMB4.5 billion, which will represent a 76.5% increase from approximately RMB2.5 billion for 2018. The above outlook is based on current market conditions and reflects the Company's preliminary expectations as to market conditions, its regulatory and operating environment, as well as customer demand, all of which are subject to change. Conference Call The Company's management will host an earnings conference call on August 16, 2019 at 8:00 AM U.S. Eastern Time, (8:00 PM Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: U.S.: +1-866-519-4004 (toll-free) / +1-845-675-0437 International: +65-6713-5090 Hong Kong:  800-906-601 (toll-free) / +852-3018-6771 Mainland China:   400-620-8038 / 800-819-0121 Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "Qudian Conference Call". Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.qudian.com. A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until August 24, 2019, by dialing the following telephone numbers: U.S.: +1-855-452-5696 (toll-free) / +1-646-254-3697 International:  +61-28199-0299 Hong Kong:  800-963-117 (toll-free) / +852-3051-2780 Mainland China: 400-632-2162 (toll-free) / 800-870-0205 (toll-free) Passcode:  7744949 About Qudian Inc. Qudian Inc. ("Qudian") is a leading provider of online small consumer credit in China. The Company uses big data-enabled technologies, such as artificial intelligence and machine learning, to transform the consumer finance experience in China. With the mission to use technology to make personalized credit accessible, Qudian targets hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending but are underserved by traditional financial institutions due to lack of traditional credit data. Qudian's data technology capabilities combined with its operating efficiencies allow Qudian to understand prospective borrowers from different behavioral and transactional perspectives, assess their credit profiles with regard to both their willingness and ability to repay and offer them instantaneous and affordable credit products with customized terms, and distinguish Qudian's business and offerings. For more information, please visit http://ir.qudian.com. Use of Non-GAAP Financial Measures We use adjusted net income, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted net income helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges. We believe that adjusted net income provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Adjusted net income is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss / income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8650 to US$1.00, the noon buying rate in effect on June 28, 2019 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Statement Regarding Preliminary Unaudited Financial Information The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information. 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 expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian 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 Qudian'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: Qudian's goal and strategies; Qudian's expansion plans; Qudian's future business development, financial condition and results of operations; Qudian's expectations regarding demand for, and market acceptance of, its credit products; Qudian's expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborate with; 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 Qudian'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 Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Qudian Inc.Annie HuangTel: +86-592-591-1580E-mail: ir@qudian.com The Foote GroupPhilip LisioTel: +86-135-0116-6560E-mail: qudian@thefootegroup.com                                                   QUDIAN INC. Unaudited Condensed Consolidated Statements of Operations Three months ended June 30,   (In thousands except for number 2018 2019 of shares and per share data)  (Unaudited)   (Unaudited) (Unaudited) RMB RMB  US$  Revenues:      Financing income 895,131 984,446 143,401      Sales commission fee 105,898 95,602 13,926      Sales income 784,753 123,536 17,995      Penalty fee 5,766 9,394 1,368      Loan facilitation income and other related income 452,103 609,651 88,806 Referral service fee and other related income - 398,068 57,985 Total revenues 2,243,651 2,220,697 323,481 Operating cost and expenses:     Cost of revenues (947,817) (286,135) (41,680)     Sales and marketing (160,586) (77,732) (11,323)     General and administrative (69,110) (67,326) (9,807)     Research and development (36,863) (62,882) (9,160)     Changes in guarantee liabilities (36,747) (2,139) (312)     Changes in risk assurance liabilities - 31,611 4,605     Provision for receivables (221,951) (494,453) (72,025) Total operating cost and expenses (1,473,074) (959,056) (139,702) Other operating income 3,203 2,570 374 Income from operations 773,780 1,264,211 184,153 Interest and investment income, net 4,584 11,348 1,653 Foreign exchange gain/(loss), net 18,420 (1,074) (156) Other income 7,828 21,915 3,192 Other expenses - (372) (54) Net income before income taxes 804,612 1,296,028 188,788 Income tax expenses (80,420) (152,622) (22,232) Net income 724,192 1,143,406 166,556 Net income attributable to Qudian Inc.'s   shareholders 724,192 1,143,406 166,556 Earnings per share for Class A and Class B ordinary shares:         Basic 2.21 4.03 0.59         Diluted 2.19 4.00 0.58 Earnings per ADS (1 Class A ordinary share equals 1 ADS):         Basic 2.21 4.03 0.59         Diluted 2.19 4.00 0.58 Weighted average number of Class A and Class B ordinary shares outstanding:         Basic 327,811,355 284,022,960 284,022,960         Diluted 330,060,963 285,735,609 285,735,609 Other comprehensive income Foreign currency translation adjustment 113,240 9,755 1,421 Total comprehensive income 837,432 1,153,161 167,977 Total comprehensive income attributable to Qudian Inc.'s shareholders 837,432 1,153,161 167,977     QUDIAN INC. Unaudited Condensed Consolidated Balance Sheets As of March 31, As of June 30, (In thousands except for number 2019 2019 of shares and per-share data) (Unaudited) (Unaudited) (Unaudited) RMB RMB US$ ASSETS:  Current assets:  Cash and cash equivalents 1,931,430 2,586,949 376,832  Restricted cash 1,138,364 858,648 125,076  Short-term investments 30,000 30,000 4,370  Short-term loan principal and financing service fee receivables 10,010,611 8,743,378 1,273,616  Short-term finance lease receivables 492,132 448,494 65,331  Short-term contract assets 1,338,853 1,809,313 263,556  Amounts due from related parties 44 45 7  Other current assets 1,760,531 1,967,223 286,558  Total current assets 16,701,965 16,444,050 2,395,346  Non-current assets:  Long-term loan principal and financing service fee receivables 388,200 251,921 36,696  Long-term finance lease receivables 569,629 484,989 70,647  Operating lease right-of-use assets 149,673 137,668 20,054  Investments in equity method investees 30,635 49,651 7,232  Long-term investments - 180,000 26,220  Property and equipment, net 40,843 63,920 9,311  Intangible assets 7,056 6,111 890  Long-term contract assets 22,848 575,066 83,768  Deferred tax assets 312,911 450,116 65,567  Other non-current assets 23,200 20,266 2,952  Total non-current assets 1,544,995 2,219,708 323,337 TOTAL ASSETS 18,246,960 18,663,758 2,718,683     QUDIAN INC. Unaudited Condensed Consolidated Balance Sheets As of March 31, As of June 30, (In thousands except for number 2019 2019 of shares and per-share data) (Unaudited) (Unaudited) (Unaudited) RMB RMB US$ LIABILITIES AND SHAREHOLDERS' EQUITY   Current liabilities:   Short-term borrowings and interest payables  4,201,713 3,241,491 472,177  Short-term lease liabilities 18,202 11,957 1,742  Accrued expenses and other current liabilities  515,414 657,416 95,763  Guarantee liabilities  566,630 409,160 59,601  Risk assurance liabilities - 760,313 110,752  Income tax payable  445,261 339,715 49,485  Total current liabilities  5,747,220 5,420,052 789,520  Non-current liabilities:   Deferred tax liabilities 102,969 376,321 54,817  Long-term lease liabilities 23,188 18,996 2,767  Long-term borrowings and interest payables   597,500 597,500 87,036  Total non-current liabilities  723,657 992,817 144,620  Total liabilities 6,470,877 6,412,869 934,140  Shareholders' equity:   Class A Ordinary shares  162 150 22  Class B Ordinary shares  44 44 6  Treasury shares  (362,130) (362,130) (52,750)  Additional paid-in capital  6,185,101 5,506,759 802,150  Accumulated other comprehensive loss  (63,667) (53,912) (7,853)  Retained earnings  6,016,573 7,159,978 1,042,968  Total shareholders' equity  11,776,083 12,250,889 1,784,543 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  18,246,960 18,663,758 2,718,683     QUDIAN INC. Unaudited Reconciliation of GAAP And Non-GAAP Results Three months ended June 30, 2018 2019 (In thousands except for number (Unaudited) (Unaudited) (Unaudited) of shares and per-share data) RMB RMB US$ Total net income attributable to Qudian Inc.'s shareholders 724,192 1,143,406 166,556 Add: Share-based compensation expenses  13,449 15,162 2,209 Non-GAAP net income attributable to Qudian Inc.'s shareholders 737,640 1,158,568 168,765 Non-GAAP net income per share-basic 2.25 4.08 0.59 Non-GAAP net income per share-diluted 2.23 4.05 0.59 Weighted average shares outstanding-basic 327,811,355 284,022,960 284,022,960 Weighted average shares outstanding-diluted 330,060,963 285,735,609 285,735,609     View original content to download multimedia:http://www.prnewswire.com/news-releases/qudian-inc-reports-second-quarter-2019-unaudited-financial-results-300902907.htmlRelated Links :http://ir.qudian.com
  • Fast Company Names Jiang Bin, VP at iQIYI, as One of China's 100 Most Creative People in Business 2019
    BEIJING, Aug. 16, 2019 /PRNewswire/ -- Jiang Bin, the Vice President and General Manager of the Program Development Center at iQIYI ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, has been recognized by the Chinese Edition of Fast Company as one of China's 100 Most Creative People in Business 2019 ("China MCP 100"). Covering every business field including science, fashion, arts and more, the list recognizes visionary leaders who have been instrumental in transforming their industries and broader societies over the past year. Other leading business figures including Hou Hongliang, Chairman of production firm Daylight Entertainment, and Lu Zhengyao, Chairman of Luckin Coffee and CAR Inc., were also selected by China MCP 100. Fast Company Names Jiang Bin, VP at iQIYI, as One of China’s 100 Most Creative People in Business 2019 Fast Company is the world's leading progressive business media brand, with a unique editorial focus on innovation in technology, leadership, and design. Fast Company selected Jiang due to his accomplishments and contributions to China's entertainment industry. Over the past year, he has produced many culturally-significant online programs which have played an influential role in shaping not only the Chinese entertainment industry, but also China's youth and pop culture. At iQIYI, Jiang created multiple hit variety shows including Idol Producer, Qing Chun You Ni, I Actor and I Supermodel. Since their release, these shows have become known to the industry and public as successful platforms that cultivate promising talents and foster pop culture trends. Hit variety shows produced by Jiang Bin (clockwise from left): Idol Producer, I Actor and Qing Chun You Ni "I am honored to be recognized by the prestigious Fast Company as an innovative leader in China's entertainment industry," said Jiang. "Not only has iQIYI's innovation in content creation and technology application enabled itself to become a market-leading figure, but it also has played a monumental role in spurring the development of the entire Chinese entertainment industry. As we lead the transformation of China's entertainment industry, we strive to revolutionize the way China's youth and consumers perceive entertainment." As an entertainment company that attaches great importance to innovation and technology, iQIYI is committed to incorporating both elements to all aspects in its productions. Under this commitment, the Company has steered its focus to large scale online dramas and variety shows, created a favorable environment for paid content, as well as released pioneering industry standards such as the Interactive Video Guideline and the Revenue-Sharing Content Production Model, which have been widely adopted by the entertainment industry in China. These market leading achievements have led iQIYI to be recognized by Fast Company multiple times, including as one of China's 50 Most Innovative Companies of 2017 and for the 2018 China Innovation by Design Awards. About iQIYI, Inc. iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce. View original content to download multimedia:http://www.prnewswire.com/news-releases/fast-company-names-jiang-bin-vp-at-iqiyi-as-one-of-chinas-100-most-creative-people-in-business-2019-300902910.htmlRelated Links :www.iqiyi.com
  • JMU Limited Receives Nasdaq Notification of Deficiency
    SHANGHAI, Aug. 16, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced that it has received a notification letter from Nasdaq dated August 14, 2019 indicating that based on the staff's review of the Company's Market Value of Publicly Held Shares ("MVPHS") from July 2, 2019 to August 13, 2019, the Company no longer meets the continued listing requirement set forth in the Nasdaq Listing Rule 5450(b)(1)(C) of maintaining a minimum MVPHS of US$5,000,000 for the Nasdaq Global Market. The Company has 180 calendar days to regain compliance with the MVPHS requirement. If at any time prior to February 10, 2020, the expiration of the 180-day period, the Company meets the MVPHS requirement for a minimum of 10 consecutive business days, the Company will regain compliance unless the staff exercises its discretion to extend this 10-day period. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential, " "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU's beliefs and expectations are or contain 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. All information provided in this press release is as of the date of this press release and is based on assumptions that JMU believes to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Contact: Xingyan GaoJMU Limitedir@ccjmu.comTel: +86 (021) 6015-1166, ext. 8904 View original content:http://www.prnewswire.com/news-releases/jmu-limited-receives-nasdaq-notification-of-deficiency-300902883.html
  • Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2019 Financial Results
    BEIJING, Aug. 16, 2019 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and in other countries, today announced its unaudited financial results for the second quarter ended June 30, 2019. Highlights First half contract sales of 2019 increased 3.4% to RMB6,676.3 million from RMB6,457.0 million in the first half of 2018. Contract sales decreased 20.0% to US$507.4 million from US$633.9 million in the second quarter of 2018 and increased 5.8% from US$479.7 million in the first quarter of 2019. Total revenue increased 71.3% to US$609.4 million from US$355.8 million in the second quarter of 2018 and increased 30.0% from US$468.9 million in the first quarter of 2019. Gross profit increased 45.5% to US$159.2 million from US$109.4 million in the second quarter of 2018 and increased 21.5% from US$131.0 million in the first quarter of 2019. Selling, General and Administrative ("SG&A") expenses as a percentage of total revenue decreased to 10.3% from 13.2% in the second quarter of 2018 and decreased from 12.0% in the first quarter of 2019. Net income was US$19.8 million compared to net loss of US$9.3 million in the second quarter of 2018 and net income of US$18.2 million in the first quarter of 2019. Current debt outstanding decreased 33.8% to US$1,207.2 million, or 33.6% of the total debt, from US$1,823.7 million, or 51.9% of the total debt, in the first quarter of 2019. Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.19 compared to diluted net loss of US$0.10 per ADS in the second quarter of 2018 and diluted net earnings of US$0.33 per ADS in the first quarter of 2019. Mr. Yong Zhang, Xinyuan's Chairman, stated, "In the first half of 2019, Xinyuan maintained stable growth and commenced pre-sales of three new projects in China. The total value of contracts signed in the first half was RMB7,323.2 million, representing a 12.0% increase compared to RMB6,537.4 million in the first half of 2018. Thanks to the outstanding sales performance, the company has achieved top- and bottom-line growth despite downward pressure on sales across the industry. In the first half of 2019, total revenue increased 103.5% year over year. Moreover, we were able to reduce SG&A expenses as a percentage of total revenue to 11.0% in the first half from 16.4% in the first half of 2018. As a result, gross profit increased by 96.0% year over year, and net income was US$38.0 million compared to a net loss of US$22.0 million in the first half of 2018. Furthermore, our overseas projects continued to proceed as planned, and presales of our Manhattan project are expected to launch at the end of the fourth quarter of 2019. "At the same time, we are seeing a lasting impact from changes in the macro-economic environment and stringent government restriction policies on the Chinese housing market. However, we believe that our strategic focus on high quality tier-one and tier-two city projects as well as our strong execution capabilities enable us to further solidify our leading market position and deliver sustainable long-term growth. We remain committed to controlling our financial leverage and maximizing Xinyuan's financial health. We are also pleased to offer another quarterly dividend payment to our shareholders," concluded Mr. Zhang. Second Quarter 2019 Financial Results Contract SalesContract sales in China totaled US$507.4 million in the second quarter compared to US$630.3 million in the second quarter of 2018 and US$478.9 million in the first quarter of 2019. The Company's GFA sales in China were 233,200 square meters in the second quarter of 2019 compared to 282,900 square meters in the second quarter of 2018 and 211,400 square meters in the first quarter of 2019.             The average selling price ("ASP") per square meter sold in China was RMB14,755 (US$2,176) in the second quarter of 2019 compared to RMB14,173 (US$2,226) in the second quarter of 2018 and RMB15,269 (US$2,264) in the first quarter of 2019. The Company commenced pre-sales of two new projects in the second quarter of 2019, Xinyang Splendid V, Suzhou Gusu Shade II. The presales contributed 5.9% and 3.6% of total GFA sales and total contract sales, respectively. Breakdown of GFA Sales and ASPs by Project in China Project Q2 2018 Q1 2019 Q2 2019 GFA ASP GFA ASP GFA ASP (m2, 000s) (RMB) (m2, 000s) (RMB) (m2, 000s) (RMB) Xingyang Splendid II 0.3 9,939 10.2 7,478 3.6 7,330 Jinan Royal Palace 27.4 16,341 1.6 15,661 2.8 14,739 Xuzhou Colorful City 0.8 10,495 - - 0.7 14,541 Chengdu Thriving Family 1.3 16,011 (0.1) 7,729 - - Changsha Xinyuan Splendid 3.7 15,869 - - 0.1 18,658 Sanya Yazhou Bay No.1 12.0 25,758 0.4 25,615 0.3 38,158 Xi'an Metropolitan 4.5 7,480 0.6 11,253 0.1 12,896 Zhengzhou Xindo Park 0.4 7,560 - - 0.7 8,661 Jinan Xin Central 9.2 14,073 0.1 13,170 0.1 18,954 Henan Xin Central I 1.0 15,342 0.1 14,887 0.7 7,942 Zhengzhou Fancy City I 1.2 10,989 (1.4) 15,073 0.5 13,714 Zhengzhou Fancy City II (South) 0.8 14,103 (0.1) 12,660 (0.1) 9,469 Tianjin Spring Royal Palace I 0.1 16,294 - - - - Zhengzhou International New City I 6.0 25,102 - - - - Henan Xin Central II 6.2 12,351 - - 0.1 15,932 Xingyang Splendid III 13.2 7,934 0.4 7,046 0.3 8,091 Zhengzhou International New City II 1.7 13,671 - - 0.5 18,997 Zhengzhou Fancy City II (North) 35.3 9,801 3.5 9,838 2.8 9,884 Tianjin Spring Royal Palace II 11.5 14,124 8.1 12,670 10.8 13,496 Zhengzhou International New City III D 29.6 14,282 (0.1) 14,461 0.6 14,045 Zhengzhou Hangmei International Wisdom City I 16.2 7,195 2.3 7,144 1.8 6,845 Zhengzhou International New City III B 51.3 13,996 0.8 13,262 0.7 15,174 Chengdu Xinyuan City - - 33.1 9,511 2.7 7,585 Kunshan Xinyu Jiayuan - - 5.5 24,208 13.0 23,660 Xingyang Splendid IV - - 1.0 7,027 0.3 7,326 Suzhou Suhe Bay * - - 30.0 21,680 8.5 21,461 Zhengzhou Hangmei International WisdomCity II - - 0.5 7,350 9.3 7,394 Qingdao Royal Dragon Bay - - 15.3 20,285 28.8 19,797 Jinan Royal Spring Bay - - 2.7 9,201 4.0 8,777 Xinyuan Golden Water View City-Zhengzhou - - 19.0 18,817 8.3 19,740 Zhengzhou Fancy City III - - 20.5 12,637 8.5 12,729 Zhengzhou International New City III C - - 17.3 12,260 15.7 12,459 Zhengzhou International New City IV A12 - - 24.8 14,254 34.8 14,224 Zhengzhou International New City IV B10 - - 7.9 13,969 15.5 10,698 Suzhou Galaxy Bay - - 2.4 13,790 34.6 14,227 Suzhou Gusu Shade I - - 0.8 36,262 5.6 37,678 Dalian International Health TechnologyTown I - - 0.1 13,618 0.4 10,421 Xingyang Splendid V - - - - 13.1 7,629 Suzhou Gusu Shade II ** - - - - 0.6 38,893 Others 49.2 - 4.1 - 2.4 - Total 282.9 14,173 211.4 15,269 233.2 14,755 * The Company owns 16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd., which develops Suzhou Suhe Bay. The Company accounts for its investment under the equity method. ** The Company owns 19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which develops Suzhou Gusu Shade II. The Company accounts for its investment under the equity method. RevenueIn the second quarter of 2019, the Company's total revenue increased 71.3% to US$609.4 million from US$355.8 million in the second quarter of 2018 and increased 30.0% from US$468.9 million in the first quarter of 2019. Gross ProfitGross profit for the second quarter of 2019 was US$159.2million, or 26.1% of total revenue, compared to a gross profit of US$109.4 million, or 30.7% of total revenue, in the second quarter of 2018 and a gross profit of US$131.0 million, or 28.0% of total revenue, in the first quarter of 2019. Selling, General and Administrative ExpensesSG&A expenses were US$63.0 million for the second quarter of 2019 compared to US$47.0 million for the second quarter of 2018 and US$56.1 million for the first quarter of 2019. As a percentage of total revenue, SG&A expenses were 10.3% compared to 13.2% in the second quarter of 2018 and 12.0% in the first quarter of 2019. Net IncomeNet income for the second quarter of 2019 was US$19.8 million compared to net loss of US$9.3 million for the second quarter of 2018 and net income of US$18.2 million for the first quarter of 2019. Net margin was 3.3% compared to negative 2.6% in the second quarter of 2018 and 3.9% in the first quarter of 2019. Diluted net earnings per ADS were US$0.19 compared to diluted net loss of US$0.10 per ADS in the second quarter of 2018 and diluted net earnings of US$0.33 per ADS in the first quarter of 2019.  Balance SheetAs of June 30, 2019, the Company's cash and cash equivalents (including restricted cash) decreased to US$1,021.8 million from US$1,127.2 million as of March 31, 2019. Total debt outstanding was US$3,595.0 million, which reflects an increase of US$81.2 million from US$3,513.8 million at the end of the first quarter of 2019. The balance of the Company's real estate properties under development at the end of the second quarter of 2019 was US$3,844.0 million compared to US$4,002.0 million at the end of the first quarter of 2019. Real Estate Project Status in China Below is a summary table of projects that were active and available for sale in the second quarter of 2019. Project GFA (m2 '000s) Total Active Projects Sold through June 30, 2019 Unsold as of June 30, 2019 Xingyang Splendid II 136.9 97.5 39.4 Jinan Royal Palace 449.6 431.7 17.9 Xuzhou Colorful City 130.8 122.2 8.6 Chengdu Thriving Family 203.4 198.0 5.4 Changsha Xinyuan Splendid 251.7 249.0 2.7 Sanya Yazhou Bay No.1 117.6 101.4 16.2 Xi'an Metropolitan 286.0 269.7 16.3 Zhengzhou Xindo Park 134.1 132.7 1.4 Jinan Xin Central 194.4 183.5 10.9 Henan Xin Central I 262.2 253.2 9.0 Zhengzhou Fancy City I 166.7 159.4 7.3 Zhengzhou Fancy City II (South) 84.1 81.7 2.4 Tianjin Spring Royal Palace I 139.7 131.3 8.4 Zhengzhou International New City I 360.7 338.5 22.2 Henan Xin Central II 109.5 103.9 5.6 Xingyang Splendid III 121.1 116.6 4.5 Zhengzhou International New City II 176.0 163.7 12.3 Zhengzhou Fancy City II (North) 108.7 90.9 17.8 Tianjin Spring Royal Palace II 144.6 72.1 72.5 Zhengzhou International New City III D 46.1 44.2 1.9 Zhengzhou Hangmei International WisdomCity I 64.7 54.9 9.8 Zhengzhou International New City III B 118.8 117.7 1.1 Chengdu Xinyuan City 742.0 109.9 632.1 Kunshan Xinyu Jiayuan 107.9 42.1 65.8 Xingyang Splendid IV 22.0 22.0 - Suzhou Suhe Bay * 62.6 62.5 0.1 Zhengzhou Hangmei International WisdomCity II 68.8 24.0 44.8 Qingdao Royal Dragon Bay 157.3 64.6 92.7 Jinan Royal Spring Bay 116.8 24.9 91.9 Xinyuan Golden Water View City-Zhengzhou 331.5 63.2 268.3 Zhengzhou Fancy City III 80.6 45.8 34.8 Zhengzhou International New City III C 79.9 61.6 18.3 Zhengzhou International New City IV A12 198.4 68.9 129.5 Zhengzhou International New City IV B10 92.3 23.4 68.9 Suzhou Galaxy Bay 76.5 61.3 15.2 Suzhou Gusu Shade I 12.0 6.6 5.4 Dalian International Health TechnologyTown I 103.8 1.3 102.5 Xingyang Splendid V 80.5 13.1 67.4 Suzhou Gusu Shade II ** 14.3 0.6 13.7 Others 42.1 - 42.1 Total active projects 6,196.7 4,209.6 1,987.1 * The Company owns 16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd., which develops Suzhou Suhe Bay. The Company accounts for its investment under the equity method. ** The Company owns 19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which develops Suzhou Gusu Shade II. The Company accounts for its investment under the equity method. As of June 30, 2019, the Company's total saleable GFA was approximately 5,224,600 square meters for active projects and under planning stage projects in China. Below is a summary of all of the Company's projects in China: Unsold GFA as of June 30, 2019 (m2 '000s) Pre-sales Scheduled Tongzhou Xinyuan Royal Palace-Beijing 102.3 To be determined Xinyuan Chang'an Royal Palace-Xi'an 226.0 To be determined Zhengzhou International New City Land Bank (all land is grouped together and will be developed gradually) 1,300.3 To be determined Zhuhai Xin World 70.0 To be determined Lingshan Bay Dragon Seal-Qingdao 380.0 To be determined Zhengzhou Hangmei Project Land Bank (all land is grouped together and will be developed gradually) 191.1 To be determined Wuhan Hidden Dragon Royal Palace (old name: Wuhan Canglong Royal Palace) 185.0 To be determined Dalian International Health Technology Town II 34.4 To be determined Huzhou Silk Town * 144.1 2019 Q3 Xingyang Splendid New Project 147.5 To be determined Foshan Xinchuang AI International Science and Technology InnovationValley 456.8 To be determined Total projects under planning 3,237.5 Total active projects 1,987.1 Total of all Xinyuan unsold projects in China 5,224.6 * The Company owns 51% equity interest indirectly in Huzhou Xinhong Renju Construction Development Co., Ltd., which develops Huzhou Silk Town. Based on the articles of association, the company cannot exercise control of Huzhou Silk Town, but has the ability to exercise significant influence over Huzhou Silk Town's operating and financial decisions and accounted for it as an equity method investment. Update on Real Estate Projects in the United States As of June 30, 2019, a total of 177 units out of 216 units were sold and closed at the Company's Oosten project in Brooklyn, New York City, with total revenue from this project reaching US$260.1 million. During the second quarter, the Company completed superstructure construction and closed out 90% of the external wall and windows for the Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell's Kitchen area of Manhattan, New York City. During the past year, the design drawings were optimized, increasing the number of units from 82 to 92. Of the 38,000 square feet of retail/commercial space, a total of 29,000 square feet have been leased to the U.S. department store retailer Target for a 20-year term. The offering plan was approved in the first quarter of 2019, and the launch of presales is expected to begin in the end of the fourth quarter of 2019. The Company continued to execute on the planning, governmental approvals, and pre-development activities of its ground-up project, the RKO, in Flushing, New York City. During the past year, the Landmark Preservation Committee approved the Company's landmark protection plan relating to the landmarked theater on site and awarded the Company a Certificate of Appropriateness. Landmark artifact removal was completed at the end of February 2019, and the artifacts are currently stored in a warehouse for restoration work. Real Estate Project Update in the United Kingdom During the second quarter of 2019, the structural frame of the Company's Madison project in London was completed, reaching a significant milestone for the delivery of the project. Construction remains on track for completion in 2020. Of the 423 residential units in The Madison, all of the 104 Affordable Housing apartments have been pre-sold to a regulated affordable housing provider. Of the remaining 319 apartments, 134 apartments have been sold. Business Outlook For the full year of 2019, the Company expects an increase in contract sales of about 10% and an increase in consolidated net income of 15% to 20% over 2018. Conference Call InformationThe Company will hold a conference call at 8:00 am ET on August 16, 2019, to discuss its second quarter 2019 results. Listeners may access the call by dialing: US Toll Free: 1-800-458-4121 International: 1-323-794-2597 A webcast will also be available through the Company's investor relations website at http://ir.xyre.com. A replay of the call will be available through August 23, 2019, by dialing: US: 1-844-512-2921 International: 1-412-317-6671 Access code: 5806910 About Xinyuan Real Estate Co., Ltd.Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real estate developer and property manager primarily in China and recently in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, and Suzhou. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com. Forward Looking StatementsCertain statements in this press release constitute "forward-looking statements". These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements includes statements about estimated financial performance and sales performance and activity, among others, and can generally be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter successfully into new geographic markets and new business lines and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2018. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made. Notes to Unaudited Financial InformationThis release contains unaudited financial information which is subject to year-end audit adjustments. Adjustments to the financial statements may be identified when the audit work is completed, which could result in significant differences between our audited financial statements and this unaudited financial information. For more information, please contact: In China: Xinyuan Real Estate Co., Ltd.Mr. Charles WangInvestor Relations DirectorTel: +86 (10) 8588-9376Email: irteam@xyre.com ICR, LLCMr. William ZimaIn U.S.: +1-646-308-1472Email: William.zima@icrinc.com Media:Mr. Edmond LococoIn China: +86 (10) 6583-7510Email: Edmond.Lococo@icrinc.com       XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All US$ amounts and number of shares data in thousands, except per share data) Three months ended June 30, March 31, June 30, 2019 2019 2018 (unaudited) (unaudited) (unaudited) Total revenue 609,439 468,853 355,832 Total costs of revenue (450,224) (337,804) (246,452) Gross profit 159,215 131,049 109,380 Selling and distribution expenses (20,633) (19,406) (14,135) General and administrative expenses (42,343) (36,644) (32,888) Operating income 96,239 74,999 62,357 Interest income 4,964 4,085 7,100 Interest expense (28,384) (24,306) (24,704) Net realized (loss) /gain on short-term investments (333) 1,171 474 Unrealized gain/ (loss) on short-term investments 838 - (696) Other (expense)/ income (867) 94 (1,037) Net loss on debt extinguishment (1,955) (4,589) - Exchange (loss)/ gain (4,354) 3,545 (22,518) Share of loss of equity investees (1,702) (1,600) (3,227) Income from operations before income taxes 64,446 53,399 17,749 Income taxes (44,621) (35,209) (27,046) Net income/(loss) 19,825 18,190 (9,297) Net (income) /loss attributable to non-controlling interest (9,171) 1,419 2,506 Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd. shareholders 10,654 19,609 (6,791) Earnings/(loss) per ADS: Basic 0.19 0.33 (0.10) Diluted 0.19 0.33 (0.10) ADS used in computation: Basic 57,003 58,911 64,803 Diluted 57,371 59,325 65,877       XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All US$ amounts and number of shares data in thousands, except per share data) Six months ended June 30,2019 June 30, 2018 (unaudited) (unaudited) Total revenue 1,078,292 529,929 Total costs of revenue (788,028) (381,846) Gross profit 290,264 148,083 Selling and distribution expenses (40,039) (26,309) General and administrative expenses (78,987) (60,481) Operating income 171,238 61,293 Interest income 9,049 13,450 Interest expense (52,690) (54,489) Net realized gain on short-term investments 838 1,711 Unrealized gain/ (loss) on short-term investments 838 (937) Other expense (773) (830) Loss on extinguishment of debt (6,544) - Exchange loss (809) (10,879) Share of loss of equity investees (3,302) (4,149) Income from operations before income taxes 117,845 5,170 Income taxes (79,830) (27,187) Net income/(loss) 38,015 (22,017) Net (income)/ loss attributable to non-controlling interest (7,752) 4,821 Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd.shareholders 30,263 (17,196) Earnings/(loss) per ADS: Basic 0.52 (0.27) Diluted 0.52 (0.26) ADS used in computation: Basic 57,950 64,803 Diluted 58,309 66,082       XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (All US$ amounts and number of shares data in thousands) June 30, March 31, December 31, 2019 2019 2018 (unaudited) (unaudited) (audited) ASSETS Current assets Cash and cash equivalents 666,057 761,190 674,142 Restricted cash 355,776 366,008 511,875 Short-term investments 838 - 8,442 Accounts receivable 73,158 44,473 64,130 Other receivables 176,299 171,271 166,633 Deposits for land use rights 22,546 46,038 42,254 Other deposits and prepayments 297,863 258,490 257,288 Advances to suppliers 51,550 47,909 46,983 Real estate properties development completed 714,651 623,871 632,360 Real estate properties under development 3,843,980 4,001,981 4,068,716 Amounts due from related parties 313,532 257,625 216,184 Amounts due from employees 2,955 4,315 1,694 Other current assets 1,334 602 520 Total current assets 6,520,539 6,583,773 6,691,221 Real estate properties held for lease, net 297,565 305,897 302,764 Property and equipment, net 35,725 37,512 38,114 Long-term investment 552,312 566,816 564,340 Deferred tax assets 206,511 241,823 230,453 Deposits for land use rights 21,819 22,276 21,855 Amounts due from related parties 24,632 27,289 26,122 Contract assets 20,316 16,292 21,779 Operating lease right-of-use assets 12,920 14,039 - Other assets 131,910 135,710 137,063 TOTAL ASSETS 7,824,249 7,951,427 8,033,711       XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (All US$ amounts and number of shares data in thousands) June 30, March 31, December 31, 2019 2019 2018 (unaudited) (unaudited) (audited) LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and notes payable 833,073 704,397 790,631 Short-term bank loans and other debt 35,901 27,326 43,711 Customer deposits 1,573,859 1,827,630 1,921,851 Income tax payable 165,737 198,148 213,273 Other payables and accrued liabilities 340,145 341,919 341,108 Payroll and welfare payable 16,529 12,812 33,752 Current portion of long-term bank loans and other debt 1,207,191 1,823,724 1,647,918 Current maturities of lease obligations 12,320 12,604 6,562 Mandatorily redeemable non-controlling interests 6,905 22,892 22,559 Amounts due to related parties 32,224 41,204 48,502 Total current liabilities 4,223,884 5,012,656 5,069,867 Non-current liabilities Long-term bank loans 732,874 790,267 720,039 Other long-term debt 1,619,007 872,468 1,040,455 Deferred tax liabilities 393,541 412,354 370,509 Unrecognized tax benefits 58,922 45,939 45,939 Lease obligations, net of current maturities 13,645 16,530 10,015 Amounts due to related parties 28,879 32,537 31,242 TOTAL LIABILITIES 7,070,752 7,182,751 7,288,066 Shareholders' equity Common shares 16 16 16 Treasury shares (104,233) (97,934) (87,639) Additional paid-in capital 533,366 532,641 532,117 Statutory reserves 166,501 166,501 166,496 Retained earnings 117,904 112,660 99,502 Accumulated other comprehensive loss (32,957) (10,409) (30,122) Total Xinyuan Real Estate Co., Ltd. shareholders' equity 680,597 703,475 680,370 Non-controlling interest 72,900 65,201 65,275 Total equity 753,497 768,676 745,645 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,824,249 7,951,427 8,033,711     View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-second-quarter-2019-financial-results-300902892.htmlRelated Links :http://www.xyre.com