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Ruhnn Announces Second Quarter of Fiscal Year 2021 Unaudited Financial Results

HANGZHOU, China, Nov. 23, 2020 (GLOBE NEWSWIRE) — Ruhnn Holding Limited (“ruhnn” or the “Company”) (NASDAQ: RUHN), a leading internet key opinion leader (“KOL”) facilitator in China, today announced its unaudited financial results for the second quarter of fiscal year 2021 ended September 30, 2020.

“During the second quarter of fiscal year 2021, following the business transition, our services segment continued to achieve significant organic growth and demonstrated good profitability, as year-over-year services revenue increased 84%, amounting to a 48% contribution to our total net revenue compared to 24% in the same quarter of last fiscal year, and income from operations for services segment reached RMB12.0 million,” stated Mr. Lei Sun, founder, director and Chief Executive Officer of ruhnn. “Our signed KOLs have been further diversified across major social media platforms in China, such as Xiaohongshu, Kuaishou, Bilibili, Douyin and Weibo. With the growing KOL pool we have built across such social media platforms, along with the diverse KOL monetization channels we have established under the platform model, services revenue generated by our eight top-tier KOLs accounted for only 28% of total services revenue, with no single KOL contributing more than 10% of total services revenue.”

Second
Fiscal Quarter
Financial Highlights:

  • Services revenue increased 84% year-over-year to RMB119.3 million (US$17.6 million).
  • Total net revenue decreased 9% year-over-year to RMB248.5 million (US$36.6 million).
  • Gross margin was 41% compared to 44% in the same quarter of last fiscal year.
  • Net loss attributable to ruhnn narrowed 38% year-over-year to RMB31.2 million (US$4.6 million).
  • Adjusted net
    loss
    attributable to ruhnn
    1 was RMB20.2 million (US$3.0 million) compared to adjusted net income attributable to ruhnn of RMB2.5 million in the same quarter of last fiscal year.
  • Income f
    ro
    m operations of services was RMB12.0 million. Adjusted income from operations1 of services was RMB14.9 million.

Second
Fiscal Q
uarter
Operational Highlights:

  • Number of signed KOLs increased to 180 as of September 30, 2020 from 146 as of September 30, 2019. Number of fans increased to 295.3 million as of September 30, 2020 from 188.8 million as of September 30, 2019.
  • Number of
    top-tier
    KOLs increased to 8 as of September 30, 2020 from 5 as of September 30, 2019. Number of established and emerging KOLs increased to 45 as of September 30, 2020 from 26 as of September 30, 2019.
  • Accumulated
    number of brands
    served increased to 1,423 as of September 30, 2020 from 845 as of September 30, 2019.

1 Adjusted net income (loss) attributable to ruhnn, and adjusted income from operations are non-GAAP measures, which exclude certain noncash or nonrecurring expenses. See “Unaudited Reconciliation of GAAP and Non-GAAP Financial Measures” at the end of this press release. 

Summary
of
O
peration
s
D
ata

Since the first quarter of fiscal year 2021, the Company has classified all of its signed KOLs based on the total services revenue generated by KOLs under the platform model during the previous twelve months. The following table presents the Company’s classification of its signed KOLs under the platform model:

  As of and for the three months ended
  September 30, 2019   September 30, 2020
  Number of

KOLs 		  Services Revenue

(RMB in millions) 		  Number of Fans(1)

(In millions) 		  Number of

KOLs 		  Services Revenue

(RMB in millions) 		  Number of Fans(1)

(In millions)
Top-tier KOLs(2) 5   15.7   27.9   8   33.2   74.2
Established KOLs(3) 14   22.1   27.9   24   39.8   66.1
Emerging KOLs(4) 12   8.2   19.3   21   16.6   67.7
Micro KOLs(5) 115   7.0   113.7   127   15.4   87.3
Total signed KOLs 146   53.0   188.8   180   105.0   295.3
Others(6)     11.8           14.3    
Total services revenue     64.8           119.3    

(1) The number of fans presented may include a single fan who was included multiple times if the fan follows more than one KOL, follows the same KOL across multiple platforms, or both.
(2) Top-tier KOLs generated services revenue of RMB10.0 million or more in the past twelve months under the platform model.
(3) Established KOLs generated services revenue of RMB3.0 million to RMB10.0 million in the past twelve months under the platform model.
(4) Emerging KOLs generated services revenue of RMB1.2 million to RMB3.0 million in the past twelve months under the platform model.
(5) Micro KOLs generated services revenue of less than RMB1.2 million in the past twelve months under the platform model.
(6) Others represent primarily services revenue that was generated through cooperation with third-party KOLs.

The following table presents operation data by platform model and full-service model:

  As of and for the three months ended September 30,
  2019   2020
       
Platform Model

(1)
 		     
Number of signed KOLs serving such business model(3) 146   180
Accumulated number of brands the Company served(4) 845   1,423
Number of brands the Company served(4) during the period 308   520
Services revenue under the platform model (RMB in million) 64.8   119.3
Full-Service Model

(2)
 		     
Number of signed KOLs serving such business model(3) 7   3
Number of the Company’s online stores 23   17
Product sales revenue under the full-service model (RMB in million) 207.9   129.2

 

(1) Under the platform model, the Company connects KOLs with third-party online stores and merchants to promote products sold in third-party online stores or provides advertising services on KOLs’ social media spaces to third-party merchants.
(2) Under the full-service model, the Company owns and operates online stores on third-party e-commerce platforms, and generate revenue through online sales of the Company’s self-designed products to consumers, especially the fans of the Company’s KOLs’ social media accounts that the Company manages.
(3) Certain KOLs under the Company’s full-service model overlap with those under the platform model. As of September 30, 2020, the Company’s signed KOLs were all involved in the platform model. In addition, the Company’s KOLs that were undergoing training or have not started generating services revenue under the platform model as of the relevant date, were also included in these numbers.
(4) Number of brands served here represents the number of brands to which the Company provided advertising services.

Information
by Segme
nts

The Company started to review its results of operations according to two operating segments when making decisions about allocating resources and assessing performance starting from fiscal year 2021. The two segments are (i) services through platform model, and (ii) product sales under full-service model. The table below sets forth the selected segment financial information of the two segments for the three months ended September 30, 2020:

  Three months ended September 30, 2020  
  Services   Product sales   Unallocated

(1)
 		  Consolidated  
  RMB   RMB   RMB   RMB   US$  
                     
  (Amounts in thousands)  
Net revenue 119,294   129,227   –   248,521   36,603  
Less:                    
Cost of revenue 64,265   83,415   –   147,680   21,751  
Fulfillment –   16,875   –   16,875   2,485  
Sales and marketing 34,966   47,349   –   82,315   12,124  
General and administrative 8,063   11,066   14,711   33,840   4,984  
Amortization of exclusive cooperation rights –   1,521   –   1,521   224  
Income (loss) from operations 12,000   (30,999 ) (14,711 ) (33,710 ) (4,965 )
Add back:                    
Amortization of exclusive cooperation rights –   1,521   –   1,521   224  
Share-based compensation expense 2,919   1,835   1,675   6,429   947  
Litigation costs –   –   2,980   2,980   439  
Adjusted income (loss) from operations 14,919   (27,643 ) (10,056 ) (22,780 ) (3,355 )

   

(1) Unallocated items include expenses incurred by the headquarters that are not allocated to services and product sales.

Second Quarter
of Fiscal Year
2021
Financial Results

Net revenue. Total net revenue was RMB248.5 million (US$36.6 million), a decrease of RMB24.2 million or 9% from RMB272.7 million for the same quarter of last fiscal year. The change was mainly due to the decline in product sales revenue through the full-service model, partially offset by the significant increase in services revenue through the platform model.

  • S
    ervices
    revenue
    through the platform model was RMB119.3 million (US$17.6 million), an increase of RMB54.5 million or 84% from RMB64.8 million for the same quarter of last fiscal year. The increase was mainly attributable to (i) the increase in the number of KOLs serving the Company’s platform model, which increased to 180 as of September 30, 2020 from 146 as of September 30, 2019; (ii) the improved performance of such KOLs as evidenced by the increase in the aggregate number of the top-tier, established and emerging KOLs to 53 as of September 30, 2020 from 31 as of September 30, 2019; and (iii) an increase in the number of brands that the Company cooperated with in its advertising business to 520 in the second quarter of fiscal year 2021 from 308 for the same quarter of last fiscal year.

  • P
    roduct sales
    revenue
    through the full-service model was RMB129.2 million (US$19.0 million), a decrease of RMB78.7 million or 38% from RMB207.9 million for the same quarter of last fiscal year. The decrease was primarily attributable to (i) the transition of the business model of some online stores from the full-service model to the platform model, as a result of which, the number of the Company’s online stores decreased to 17 as of September 30, 2020 from 23 as of September 30, 2019, while the number of the Company’s KOLs serving the full-service model decreased to 3 as of September 30, 2020 from 7 as of September 30, 2019; and (ii) a significant decrease in product sales generated from the online stores under the name of a top KOL who suffered from negative publicity since April 2020.

Cost of revenue. Cost of revenue was RMB147.7 million (US$21.8 million), a decrease of RMB6.0 million or 4% from RMB153.7 million for the same quarter of last fiscal year, which was primarily a result of the decline in total net revenue. Cost of product sales decreased by RMB44.3 million or 35% year-over-year to RMB83.4 million. Cost of revenue primarily included product costs, inventory write-downs and KOL service fees.
        
Gross profit. Gross profit was RMB100.8 million (US$14.9 million), a decrease of RMB18.2 million or 15% from RMB119.0 million for the same quarter of last fiscal year, primarily as a result of the decline in product sales revenue. Gross margin was 41% compared to 44% in the same quarter of last fiscal year.

Total operating expenses. Total operating expenses were RMB134.6 million (US$19.8 million), a decrease of RMB49.4 million or 27% from RMB184.0 million for the same quarter of last fiscal year. Included in total operating expenses was an aggregate of RMB10.9 million of noncash amortization of intangible assets in relation to exclusive cooperation rights, noncash share-based compensation expense, and litigation costs in the second quarter of fiscal year 2021 compared to a noncash amortization of exclusive cooperation rights and noncash share-based compensation expense of RMB52.6 million in the same quarter of last fiscal year. Total operating expenses accounted for 54% and 67% of total net revenue for the second quarter of fiscal year 2021 and 2020, respectively.

  • Fulfillment expenses were RMB16.9 million (US$2.5 million), a decrease of RMB18.3 million or 52% from RMB35.2 million for the same quarter of last fiscal year. The decrease was largely in line with the decrease in product sales. Fulfillment expenses accounted for 13% and 17% of product sales revenue for the second quarter of fiscal year 2021 and 2020, respectively.

  • Sales and marketing expenses were RMB82.3 million (US$12.1 million), an increase of RMB7.3 million or 10% from RMB75.0 million for the same quarter of last fiscal year. Sales and marketing expenses consist primarily of expenses for KOL incubation, cultivation and training for the Company’s platform KOLs, as well as expenses incurred for the Company’s advertising, marketing and brand promotion activities under the full-service model. Following the expansion of KOL pool from 146 signed KOLs as of September 30, 2019 to 180 as of September 30, 2020, related expenses incurred for KOL incubation, cultivation and training in order to support increased activities for the Company’s KOL sales and advertising business. Sales and marketing expenses accounted for 33% and 28% of total net revenue for the second quarter of fiscal year 2021 and 2020, respectively, and the increase in the current quarter was primarily attributable to the decline in product sales revenue.

  • General and administrative expenses were RMB33.8 million (US$5.0 million), a decrease of RMB34.6 million or 51% from RMB68.4 million for the same quarter of last fiscal year. General and administrative expenses accounted for 14% and 25% (or 11% and 11% exclusive of noncash share-based compensation expense and litigation costs) of total net revenue for the second quarter of fiscal year 2021 and 2020, respectively.

  • A
    mortization
    of exclusive cooperation rights was RMB1.5 million (US$0.2 million) compared to RMB5.2 million for the same quarter of last fiscal year, which represented the amortization of intangible assets in relation to exclusive cooperation rights granted by a top KOL.

Interest income, net
. Interest income, net was RMB5.1 million (US$0.8 million) compared to RMB5.9 million for the same quarter of last fiscal year.

Other income, net
. Other income, net was RMB3.1 million (US$0.5 million), an increase of RMB0.6 million from RMB2.5 million for the same quarter of last fiscal year.

Loss before income taxes. Loss before income taxes was RMB28.5 million (US$4.2 million) compared to RMB52.5 million for the same quarter of last fiscal year, as a result of the foregoing.

Income taxes. Income tax expense was RMB3.7 million (US$0.5 million) compared to a negative RMB0.9 million for the same quarter of last fiscal year.

Net loss
attributable to r
uhnn. Net loss attributable to ruhnn was RMB31.2 million (US$4.6 million) compared to RMB50.1 million for the same quarter of last fiscal year.
        
Adjusted net income (loss) attributable to ruhnn. Adjusted net loss attributable to ruhnn was RMB20.2 million (US$3.0 million) compared to an income of RMB2.5 million for the same quarter of last fiscal year. The loss in the current quarter was primarily attributable to the loss incurred by product sales segment, with adjusted loss from operations of product sales of RMB27.6 million.

Balance Sheet
and Cash Flow

As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investment of RMB714.5 million (US$105.2 million) compared to RMB800.6 million as of March 31, 2020.

Net cash used in operating activities was RMB46.4 million (US$6.8 million) for the second quarter of fiscal year 2021 compared to net cash provided by operating activities of RMB7.2 million for the same quarter of last fiscal year. Net cash used in operating activities was primarily a result of (i) loss from operations from our product sales segment of RMB31.0 million, following the decline in product sales revenue in the current quarter; and (ii) a net increase of RMB17.4 million in advances to suppliers, primarily certain strategic social media platforms.

Outlook

The Company reiterates that, for the full fiscal year 2021, it currently expects its net revenue from services through the platform model to be between RMB520.0 million and RMB610.0 million, representing year-over-year growth of between 72% and 101%.

This forecast reflects the Company’s current and preliminary view on the current business situation and market conditions, which are all subject to change.

Share Repurchase Program

On June 2, 2020, the Company announced that its board of directors had approved a share repurchase program of up to US$15 million of the Company’s outstanding American Depositary Shares (“ADSs”) for a period not to exceed 12 months beginning on June 2, 2020. The Company commenced this share repurchase program on June 9, 2020 and between that day and the end of November 20, 2020, 2,342,061 ADSs were repurchased for an aggregate consideration of approximately US$6.8 million. The Company expects to continue to implement its share repurchase program in a manner consistent with market conditions and the interest of its shareholders, subject to the restrictions relating to volume, price and timing under applicable law.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 23, 2020 (8:00 PM Beijing/Hong Kong time on November 23, 2020). Details for the conference call are as follows:    

Event Title: Ruhnn Holding Limited Second Quarter of Fiscal Year 2021 Earnings Conference Call
Conference ID:    6475106
Registration Link: http://apac.directeventreg.com/registration/event/6475106

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.

Participants should dial-in at least 10 minutes before the scheduled start time to be connected to the call.

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

About Ruhnn Holding Limited

Ruhnn Holding Limited is a leading internet key opinion leader (“KOL”) facilitator in China. The Company connects influential KOLs who engage and impact their fans on the internet to its vast commercial network to build the brands of fashion products. Ruhnn pioneered the commercialization of the KOL ecosystem in China, and operates under both platform and full-service models. The Company’s platform model promotes products sold in third-party online stores and provides advertising services on KOL’s social media spaces to third-party merchants. The full-service model integrates key steps of the e-commerce value chain from product design and sourcing and online store operations to logistics and after-sale services. As of September 30, 2020, the Company had 180 signed KOLs with an aggregate of 295.3 million fans across major social media platforms in China.

For more information, please visit http://ir.ruhnn.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as adjusted net (loss) income attributable to ruhnn, adjusted basic and diluted net (loss) income per ADS and adjusted income (loss) from operations in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of noncash charges of impairment and amortization of intangible assets in relation to exclusive cooperation rights and share-based compensation expense, and litigation costs incurred in relation to the class action. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Financial Measures” set forth at the end of this press release.

Exchange Rate
Information

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the rate in effect as of September 30, 2020 published by the Federal Reserve Board.

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” and similar statements. Among other things, the business outlook and quotations from ruhnn’s management in this announcement as well as ruhnn’s strategic and operational plans contain forward-looking statements. Ruhnn may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, 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 ruhnn’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 Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; trends in the internet KOL facilitator industry in the PRC and globally; competition in the Company’s industry; fluctuations in general economic and business conditions in China; and the regulatory environment in which the Company operates. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F-1, as amended, and its annual reports on Form 20-F. All information provided in this press release is as of the date of this press release, and ruhnn does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For in
vestor and media inquiries, please contact:

In China:

Ruhnn Holding Limited
Sterling Song
Senior Director of Investor Relations
Tel: +86-571-2825-6700
E-mail: [email protected]

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: [email protected]

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]



RUHNN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except
for
share
and per share
data)

  March 31, 2020   September 30, 2020
  RMB   RMB   US$
ASSETS:          
Current Assets:          
Cash and cash equivalents 718,478   663,358   97,702
Restricted cash 5,673   2,756   406
Short-term investment 76,450   48,352   7,121
Accounts receivable, net 60,370   93,731   13,805
Inventories 145,553   118,687   17,481
Advances to suppliers 32,628   46,443   6,840
Prepaid expenses and other current assets 37,312   31,895   4,698
Total current assets 1,076,464   1,005,222   148,053
Property and equipment, net 183,404   170,976   25,182
Intangible assets, net 82,567   41,380   6,095
Goodwill 1,002   1,002   148
Long-term investments 87,636   88,473   13,031
Operating lease right of use assets, net –   62,315   9,178
Other non-current assets 2,978   2,378   350
TOTAL ASSETS 1,434,051   1,371,746   202,037
LIABILITIES AND SHAREHOLERS’ (DEFICIT) EQUITY:          
Current liabilities:          
Accounts payable 104,822   110,542   16,281
Notes payable 10,698   –   –
Accrued salary and benefits 68,601   57,138   8,416
Accrued expenses and other current liabilities 30,042   40,550   5,972
Amounts due to related parties 18,097   15,640   2,304
Current operating lease liabilities –   17,838   2,627
Income tax payable 1,662   5,662   834
Total current liabilities 233,922   247,370   36,434
Deferred income 10,033   8,438   1,243
Non-current operating lease liabilities –   40,788   6,007
Other non-current liabilities 12,334   1,350   199
Total liabilities 256,289   297,946   43,883
Shareholders’ (deficit) equity:          
Class A ordinary shares (US$0.000000001 par value; 822,665,750 shares authorized, 246,122,394 and 244,598,624 shares issued and outstanding as of March 31, 2020 and September 30, 2020) –   –   –
Class B ordinary shares (US$0.000000001 par value; 177,334,250 shares authorized, 174,834,250 and 170,184,250 shares issued and outstanding, as of March 31, 2020 and September 30, 2020) –   –   –
Treasury stock –   (28,463 ) (4,192
Additional paid in capital 1,504,848   1,510,093   222,413
Accumulated deficit (325,126 ) (412,875 ) (60,810
Other comprehensive income 4,598   5,045   743
Total ruhnn shareholders’ equity 1,184,320   1,073,800   158,154
Non-controlling interest (6,558 ) –   –
Total shareholders’ equity 1,177,762   1,073,800   158,154
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,434,051   1,371,746   202,037

R
UHNN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS

(Amount
s
in thousands, except
for share and per
share data)

  Three Months Ended September 30,   Six Months Ended September 30,  
  2019   2020   2019   2020  
  RMB   RMB   US$   RMB   RMB   US$  
Net revenue:                        
Services 64,795   119,294   17,570   130,276   232,962   34,312  
Product sales 207,940   129,227   19,033   455,235   295,979   43,593  
Total net revenue 272,735   248,521   36,603   585,511   528,941   77,905  
Cost of revenue:                        
Cost of services 26,011   64,265   9,465   53,371   118,685   17,480  
Cost of product sales 127,675   83,415   12,286   301,571   202,021   29,754  
Total cost of revenue 153,686   147,680   21,751   354,942   320,706   47,234  
Gross profit 119,049   100,841   14,852   230,569   208,235   30,671  
Operating expenses
(1)
: 		                       
Fulfillment 35,246   16,875   2,485   70,221   35,703   5,258  
Sales and marketing 75,020   82,315   12,124   144,010   151,771   22,353  
General and administrative 68,436   33,840   4,984   98,946   59,046   8,697  
Amortization of exclusive cooperation rights 5,150   1,521   224   10,300   6,671   983  
Impairment of exclusive cooperation rights –   –   –   –   53,230   7,840  
Other operating loss (income), net 158   –   –   (627 ) –   –  
Total operating expenses 184,010   134,551   19,817   322,850   306,421   45,131  
Loss from operations (64,961 ) (33,710 ) (4,965 ) (92,281 ) (98,186 ) (14,460 )
Other income (loss):                        
Interest income, net 5,890   5,126   755   7,298   11,385   1,677  
Other income, net 2,530   3,140   462   3,128   7,155   1,054  
Foreign exchange gain (loss) 3,996   (3,036 ) (447 ) 4,393   (3,127 ) (461 )
Loss before income taxes (52,545 ) (28,480 ) (4,195 ) (77,462 ) (82,773 ) (12,190 )
Income taxes (879 ) 3,695   544   2,541   7,076   1,042  
Net loss (51,666 ) (32,175 ) (4,739 ) (80,003 ) (89,849 ) (13,232 )
Less: Net loss attributable to non-controlling interest (1,562 ) (1,010 ) (149 ) (3,186 ) (2,100 ) (309 )
Net loss attributable to ruhnn (50,104 ) (31,165 ) (4,590 ) (76,817 ) (87,749 ) (12,923 )
Net loss per ordinary share:                        
Basic and diluted (0.12 ) (0.07 ) (0.01 ) (0.19 ) (0.21 ) (0.03 )
Net loss per ADS:                        
Basic and diluted (0.61 ) (0.37 ) (0.05 ) (0.93 ) (1.04 ) (0.15 )
Weighted average shares and shares 
equivalents used in calculating 
net loss per ordinary share: 		                       
Basic and diluted 413,572,659   421,146,076   421,146,076   413,026,211   420,733,796   420,733,796  
                         
Net loss (51,666 ) (32,175 ) (4,739 ) (80,003 ) (89,849 ) (13,232 )
Other comprehensive loss:                        
Foreign currency translation adjustments 221   368   54   4,919   448   66  
Comprehensive loss (51,445 ) (31,807 ) (4,685 ) (75,084 ) (89,401 ) (13,166 )
                         
                         
(1) Share-based compensation expense in each category:                      
Fulfillment 1,522   121   18   1,522   263   39  
Sales and marketing 7,513   2,871   423   7,513   6,608   973  
General and administrative 38,394   3,437   506   38,394   7,032   1,036  
Total 47,429   6,429   947   47,429   13,903   2,048  

RUHNN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS
OF
CASH FLOWS

(Amount
s
in thousands)

  Three Months Ended September 30,   Six Months Ended September 30,  
  2019   2020   2019   2020  
  RMB   RMB   US$   RMB   RMB   US$  
Net cash provided by (used in) operating activities 7,175   (46,396 ) (6,833 ) 8,140   (34,747 ) (5,118 )
Net cash (used in) provided by investing activities (19,824 ) (56,769 ) (8,361 ) (125,011 ) 8,606   1,268  
Net cash provided by (used in) financing activities 42,293   (17,860 ) (2,630 ) 760,791   (28,895 ) (4,256 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,596   (2,753 ) (405 ) 4,372   (3,001 ) (442 )
Increase (decrease) in cash, cash 
equivalents and restricted cash 		33,240   (123,778 ) (18,229 ) 648,292   (58,037 ) (8,548 )
Cash, cash equivalents and restricted cash at beginning of period 718,873   789,892   116,337   103,821   724,151   106,656  
Cash, cash equivalents and restricted cash 
at end of period 		752,113   666,114   98,108   752,113   666,114   98,108  



RUHNN HOLDING LIMITED

UNAUDITED
RECONCILIATION
OF GAAP AND NON-GAAP
FINANCIAL MEASURES

(
Amounts i
n
thousands
, except
for
share
and per share
data)

  Three Months Ended September 30,   Six Months Ended September 30,  
  2019   2020   2019   2020  
  RMB   RMB   US$   RMB   RMB   US$  
Net loss attributable to ruhnn (50,104 ) (31,165 ) (4,590 ) (76,817 ) (87,749 ) (12,924 )
Amortization of exclusive cooperation rights 5,150   1,521   224   10,300   6,671   983  
Impairment of exclusive cooperation rights –   –   –   –   53,230   7,840  
Share-based compensation expense 47,429   6,429   947   47,429   13,903   2,048  
Litigation costs –   2,980   439   –   4,441   654  
Adjusted net income (loss) attributable 
to ruhnn 		2,475   (20,235 ) (2,980 ) (19,088 ) (9,504 ) (1,399 )
Adjusted net income (loss) per ADS:                        
Basic 0.03   (0.24 ) (0.04 ) (0.23 ) (0.11 ) (0.02 )
Diluted 0.03   (0.24 ) (0.04 ) (0.23 ) (0.11 ) (0.02 )
Weighted average shares and shares 
equivalents used in calculating 
net loss per ordinary share: 		                       
Basic 413,572,659   421,146,076   421,146,076   413,026,211   420,733,796   420,733,796  
Diluted 431,909,852   421,146,076   421,146,076   413,026,211   420,733,796   420,733,796  

  Three Months Ended September 30, 2020   Six Months Ended September 30, 2020  
  RMB   US$   RMB   US$  
Loss fro
m operations 		(33,710 ) (4,965 ) (98,186 ) (14,461 )
Amortization of exclusive cooperation rights 1,521   224   6,671   983  
Impairment of exclusive cooperation rights –   –   53,230   7,840  
Share-based compensation expense 6,429   947   13,903   2,048  
Litigation costs 2,980   439   4,441   654  
Adjusted loss from operations (22,780 ) (3,355 ) (19,941 ) (2,936 )



Posted on

Amazon Offers New Ways to Track, Receive and Pick Up Holiday Orders to Keep this Holiday Season “Spoiler Free”

Amazon Offers New Ways to Track, Receive and Pick Up Holiday Orders to Keep this Holiday Season “Spoiler Free”

New this year, customers nationwide can now deliver their gifts to Amazon physical retail stores including Amazon 4-star and Amazon Books

Customers can also choose from several options to track and receive their holiday orders at-home to keep them a surprise

SEATTLE–(BUSINESS WIRE)–
Amazon.com (NASDAQ: AMZN)– The holidays are typically overwhelming—between shopping for gifts, preparing family meals, and getting the house ready for guests—but for many, this season may look a little different. Whether customers’ plans have changed or not, Amazon still wants to keep this holiday season special and help make sure those gifting moments stay ‘spoiler free’ by offering options for customers to keep gifts a surprise, as well as track and receive Amazon orders.

“This year many customers and their families are opting to stay home so the challenge of keeping those special gifts under wraps from family, friends or loved ones is going to be greater than ever,” explains John Felton, Vice President of Amazon Global Delivery Services. “We’re helping customers keep their orders a surprise this year and have a number of ways we’re providing them more flexibility, control and convenience over their deliveries—whether that’s ordering to an alternative pickup location, tracking their package en route to their home, or consolidating their deliveries to a single day so they can plan ahead.”

This holiday season, and year-round, Amazon offers customers a variety of ‘spoiler free’ ways to track, pick up, and have packages delivered in and out of the home—each of which is powered by incredible employees coming together to deliver magical experiences for customers.

Easily track deliveries and see where a package is delivered in-app

Amazon Map Tracking lets customers view the progress of their delivery on a map in real-time when the driver is close. The feature enables customers to see the remaining number of stops a driver has before their delivery arrives. Learn more here.

Amazon Share Tracking gives customers the option to send tracking information to friends or family, so they know when to expect their package and bring their delivery indoors. Once the package ships, Amazon customers can go to ‘Your Orders’ on the Amazon app, select their purchased item, and tap on the ‘Share Tracking’ feature on the tracking page. Once selected, customers can easily send a link to the tracking information via SMS, email, or messaging apps such as WhatsApp. If the customer marks the item as a gift at checkout, once ‘Share Tracking’ is sent, the recipient can also virtually ‘unbox’ the item, send a thank you email, and more—right from the Amazon app.

Amazon Photo-On-Delivery provides visual delivery confirmation, showing customers that their package was delivered and where it was placed by the driver. Capturing delivery photos helps customers see that their package was safely delivered to their selected location and serves as a notification to customers who wish to minimize the time a package is left unattended. Learn more here.

Amazon Estimated Delivery Windowprovides customers with a 2-4 hour estimated delivery window. By providing a delivery window, customers are able to plan their day and, if desired, ensure they will be home to receive their delivery. Learn more here.

In the U.S., Amazon’s Map Tracking, Share Tracking, Photo-On-Delivery, and Estimated Delivery Window features are available for packages delivered by Amazon. Customers can access these convenient features from their Amazon app by enabling shipment notifications.

Consolidate your deliveries and reduce the number of boxes with Amazon Day

Amazon Day is a free and convenient delivery option available to Prime members in the U.S. Prime members can choose to receive all of their orders on one day of the week, often in fewer boxes, reducing the number of packages and deliveries—and making it easier to protect holiday surprises from being discovered by your household. Eligible items can typically be ordered for Amazon Day delivery up to two days before a customer’s chosen day. Learn more here.

Keep gifts a surprise at-home with garage delivery via Key by Amazon

Customers worried about keeping packages safe or potential weather damage from snow, heat or rain, can take advantage of Key In-Garage Delivery. This delivery option lets eligible Prime members with a myQ smart garage door opener receive packages securely inside their garage. Customers simply link their myQ app with the Key by Amazon app and then select this delivery option during checkout. Once their package is delivered, customers will receive a notification via the Key by Amazon app or the Amazon app—whichever they prefer. New this holiday season, Key by Amazon In-Garage Delivery has now expanded to Prime members in over 4,000 cities and towns across the U.S. To learn more and sign-up for Key In-Garage Delivery click here.

Deliver to an alternative location to keep gifts a secret from those at-home

Amazon offers customers a variety of options to have their packages delivered this holiday season including alternative delivery locations in more than 900 cities and towns across the U.S. This network of easy, convenient, and contactless package pickup options—via Amazon Hub—offers customers either an attended or unattended experience in neighborhoods, cities and college campuses. Amazon Hub is available for tens of millions of items sold on Amazon.com at no additional cost with the same fast shipping as home delivery, including FREE Prime Same-Day, One-Day and Two-Day shipping. Non-Prime members can also get FREE shipping for orders over $25; otherwise standard shipping rates apply.

New this holiday season, customers can also enjoy the experience of hunting for great gifts and holiday deals while picking up their Amazon.com holiday order by selecting an Amazon 4-star or Amazon Books location as their delivery location. Prime members can also get FREE Same-Day shipping with no minimum purchase amount required this year.

To deliver to an Amazon physical retail store or an Amazon Hub location, customers search and select the most convenient location for them when prompted at checkout. Once their package has been delivered, customers will receive an e-mail notification with details about how and where to pick up. Customers then simply visit their selected Amazon Hub location to collect their package. Customers have between three and 15 days to pick up their order depending on the Amazon Hub or Amazon physical retail location. To find an Amazon physical retail location click here and an Amazon Hub location click here.

Alexa’s lips are sealed on holiday gifts

To prevent a friend, family member or loved one from spoiling their surprise, Alexa will hide the names of items that might be gifts—even if a customer asks, “Where’s my stuff?” or checks their delivery update notifications. Customers can also mark an item as a gift during checkout and Alexa will not reveal the names of the items either. Customers who want to be extra cautious of keeping those gifts under wraps or are worried they might forget to mark an item as a gift during checkout can also change their settings for item names in the Alexa app to hide all titles.

Click here to download b-roll and images for these features and delivery options.

Amazon.com, Inc.

Media Hotline

[email protected]

www.amazon.com/pr

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Online Retail Retail Consumer Other Retail Women Specialty Men

MEDIA:

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Posted on

Jupai Reports Third Quarter 2020 Results

PR Newswire

SHANGHAI, Nov. 23, 2020 /PRNewswire/ — Jupai Holdings Limited (“Jupai” or the “Company”) (NYSE: JP), a leading third-party wealth management service provider, focusing on distributing wealth management products and providing quality product advisory services to high-net-worth individuals in China, today announced its unaudited financial results for the third quarter and the nine months ended September 30, 2020.

THIRD QUARTER AND FIRST NINE MONTHS 2020 FINANCIAL HIGHLIGHTS

  • Net revenues in the third quarter of 2020 were RMB85.1 million, a decrease of 53.2% from the corresponding period in 2019. For the first nine months of 2020, net revenues were RMB290.2 million, a decrease of 55.3% from the same period in 2019.


For the quarter ended September 30


(RMB ‘000, except percentages)


Q3 2019


Q3 2019 %


Q3 2020


Q3 2020 %


YoY Change %

One-time commissions

102,656

56.4%

36,295

42.6%

-64.6%

Recurring management fees

50,098

27.5%

22,400

26.3%

-55.3%

Recurring service fees

29,338

16.1%

26,445

31.1%

-9.9%

Other service fees

–

–

–

–

–


Total net revenues


182,092


100.0%


85,140


100.0%


-53.2%

 


For the nine months ended September 30


(RMB ‘000, except percentages)


9M 2019


9M 2019 %


9M 2020


9M 2020 %


YoY Change %

One-time commissions

247,796

38.2%

123,576

42.6%

-50.1%

Recurring management fees

310,076

47.8%

80,390

27.7%

-74.1%

Recurring service fees

77,231

11.9%

86,199

29.7%

11.6%

Other service fees

13,904

2.1%

–

–

–


Total net revenues


649,007


100.0%


290,165


100.0%


-55.3%

 

  • Loss from operations in the third quarter of 2020 was RMB15.0 million, as compared to RMB40.2 million from the corresponding period in 2019. For the first nine months of 2020, loss from operations was RMB41.1 million, as compared to RMB107.2 million from the same period in 2019.
  • Net loss attributable to ordinary shareholders in the third quarter of 2020 was RMB3.0 million, as compared to RMB47.9 million from the corresponding period in 2019. For the first nine months of 2020, net loss attributable to ordinary shareholders was RMB33.4 million, as compared to RMB134.5 million from the same period in 2019.
  • Adjusted net loss attributable to ordinary shareholders (non-GAAP[1]) in the third quarter of 2020 was RMB2.7 million, as compared to RMB45.5million from the corresponding period in 2019. For the first nine months of 2020, non-GAAP net loss attributable to ordinary shareholders was RMB30.0 million, as compared to RMB126.8 million from the same period in 2019.


[1] Jupai’s non-GAAP financial measures are derived from adjusting the corresponding GAAP financial measures by excluding the effects of share-based compensation and amortization of intangible assets resulted from business acquisitions.

THIRD QUARTER AND FIRST NINE MONTHS
2020 OPERATIONAL UPDATES 

  • Total number of active clients[2]during the third quarter of 2020 was 712, as compared to 1,058 active clients during the third quarter of 2019.
  • The aggregate value of wealth management products
    distributed
    by the Company during the third quarter of 2020 was RMB2.0 billion, a 26.3% decrease from the corresponding period in 2019. For the first nine months of 2020, the aggregate value of wealth management products distributed by the Company was RMB5.3 billion, a 33.3% decrease from the corresponding period in 2019.

 


Wealth management products distributed by the Company – breakdown by product type


Three months ended


Nine months ended


September 30, 2019


September 30, 2020


September 30, 2019


September 30, 2020


Product type


(RMB in millions, except percentages)


(RMB in millions, except percentages)

Fixed income products

2,013

76%

1,100

56%

5,746

72%

3,283

62%

Private equity products

451

17%

378

19%

1,412

18%

1,003

19%

Secondary market equity fund products

37

1%

438

23%

159

2%

892

17%

Other products

152

6%

39

2%

612

8%

112

2%


All products

2,653

100%

1,955

100%

7,929

100%

5,290

100%

 

  • Jupai’s coverage network as of September 30, 2020 included 35 client centers covering 33 cities, as compared to 54 client centers covering 44 cities as of September 30, 2019.
  • Total assets under management[3] as of September 30, 2020 were RMB34.7 billion, as compared to RMB45.1 billion from September 30, 2019.


Assets under management – breakdown by product type


As of


September 30, 2019


September 30, 2020


Product type


(RMB in millions, except percentages)

Fixed income products

16,031

35%

10,298

30%

Private equity products

26,913

60%

22,243

64%

Secondary market equity fund products

942

2%

946

3%

Other products

1,218

3%

1,211

3%


All products


45,104


100%


34,698


100%

 


[2] “Active clients” for a given period refer to clients who purchase wealth management products distributed by Jupai at least once during that given period.


[3] “Assets under management” or “AUM” of Jupai refers to the amount of capital contributions made by investors to the funds managed by the Company, for which the Company is entitled to receive management fees. The amount of AUM of Jupai is recorded and carried based on the historical cost of the contributed assets instead of fair market value of assets for almost all AUM of Jupai. For assets denominated in currencies other than Renminbi, the AUM are translated into Renminbi upon their contribution, without interim value adjustments solely due to changes in foreign exchange rates. As a result, Jupai’s management fees for almost all its AUM are calculated based on the historical cost balance of the AUM.

“We are encouraged to see Jupai’s bottom line continue to improve in the third quarter with net loss attributable to ordinary shareholders declining by 93.8% compared with the same period last year and decreasing by 71.7% quarter over quarter. Our ongoing cost control measures and enhanced portfolio optimization will continue to support margin improvement going forward, even as investors maintain a cautious mood in the face of the global COVID-19 pandemic,” said Mr. Jianda Ni, Jupai’s chairman of the board and chief executive officer. “We are confident in the long-term prosperity of China’s wealth management industry and we will continue to execute our strategies for controlling costs, selecting high-quality products and enhancing our risk control system.”

Ms. Min Liu, Jupai’s chief financial officer, said, “Our effective cost control measures continued to drive margin improvement in the third quarter, with total operating costs decreasing by 54.9% compared with the same period last year. We are also pleased to see that the average wealth management product value distributed per advisor has considerably increased. We are confident that our ongoing enhancement of Jupai’s service network and incentive mechanisms alongside our efforts to streamline costs will drive improved bottom line results in the coming quarters.”

THIRD QUARTER AND FIRST NINE MONTHS
2020 FINANCIAL RESULTS

Net Revenues

Net revenues for the third quarter of 2020 were RMB85.1 million, a 53.2% decrease from the corresponding period in 2019, primarily due to decreases in one-time commissions and recurring management fees. Net revenues were RMB290.2 million for the first nine months of 2020, a decrease of 55.3% from the same period in 2019.

  • Net revenues from one-time commissions for the third quarter of 2020 were RMB36.3 million, a 64.6% decrease from the corresponding period in 2019, primarily as a result of a decrease in the aggregate value of wealth management products distributed by the Company. For the first nine months of 2020, net revenues from one-time commissions were RMB123.6 million, a decrease of 50.1% from the same period in 2019.
  • Net revenues from recurring management fees for the third quarter of 2020 were RMB22.4 million, a 55.3% decrease from the corresponding period in 2019, primarily due to the decrease in the value of assets under management. RMB6.3 million and RMB17.4 million carried interest was recognized as part of Jupai’s recurring management fees in the third quarter of 2020 and 2019, respectively. For the first nine months of 2020, net revenues from recurring management fees were RMB80.4 million, a 74.1% decrease from the same period in 2019. RMB11.8 million and RMB156.0 million carried interest was recognized as part of Jupai’s recurring management fees for the first nine months of 2020 and 2019, respectively.
  • Net revenues from recurring service fees for the third quarter of 2020 were RMB26.4 million, a 9.9% decrease from the corresponding period in 2019, primarily because the Company provided ongoing services to fewer product suppliers. The Company recognized RMB5.3 million and RMB1.8 million variable performance fees in the third quarter of 2020 and 2019, respectively. For the first nine months of 2020, net revenues from recurring service fees were RMB86.2 million, a 11.6% increase from the same period in 2019. The Company recognized RMB7.3 million and RMB1.8 million variable performance fees for the first nine months of 2020 and 2019, respectively.
  • Net revenues from other service fees for the third quarter of 2020 were nil, the same as the corresponding period in 2019. For the first nine months of 2020, net revenues from other service fees were nil, as compared to RMB13.9 million from the same period in 2019.

Operating Costs and Expenses

Operating costs and expenses for the third quarter of 2020 were RMB100.2 million, a decrease of 54.9% from the corresponding period in 2019. For the first nine months of 2020, operating costs and expenses were RMB331.2 million, a decrease of 56.2% from the same period in 2019.

  • Cost of revenues for the third quarter of 2020 was RMB41.6 million, a decrease of 60.8% from the corresponding period in 2019, primarily due to decreased compensation to wealth management advisors and client managers, as a result of the decrease in the aggregate value of wealth management products distributed by the Company and the cost control measures the Company adopted. For the first nine months of 2020, cost of revenues was RMB165.7 million, a decrease of 57.5% from the same period in 2019.
  • Selling expenses for the third quarter of 2020 were RMB22.8 million, a decrease of 56.9% from the corresponding period in 2019, primarily due to the decrease in marketing and promotion expenses as a result of cost control and the decrease in revenues. For the first nine months of 2020, selling expenses were RMB66.8 million, a decrease of 57.2% from the same period in 2019.
  • General and administrative expenses for the third quarter of 2020 were RMB36.4 million, a decrease of 46.6% from the corresponding period in 2019, mainly due to the cost control measures the Company adopted. For the first nine months of 2020, general and administrative expenses were RMB114.4 million, a decrease of 47.9% from the same period in 2019.
  • Other operating income (government subsidies) received by the Company for the third quarter of 2020 was RMB0.6 million, a decrease of 87.9% from the corresponding period in 2019. For the first nine months of 2020, other operating income were RMB15.7 million, an increase of 54.1% from the same period in 2019. Government subsidies were recorded when received, with their availability and amount dependent upon government policies.

Operating margin for the third quarter of 2020 was -17.6%, as compared to -22.1% for the corresponding period in 2019. For the first nine months of 2020, operating margin was -14.2%, compared to -16.5% for the same period in 2019.

Income tax benefits for the third quarter of 2020 were RMB10.6 million, as compared to income tax expenses of RMB10.3 million for the corresponding period in 2019, primarily due to taxable losses for the third quarter of 2020. For the first nine months of 2020, income tax expenses were RMB0.8 million, a decrease of 97.7% from the same period in 2019.

Net
Loss

  • Net
    Loss

– Net loss attributable to ordinary shareholders for the third quarter of 2020 was RMB3.0 million, as compared to RMB47.9 million from the corresponding period in 2019. For the first nine months of 2020, net loss attributable to ordinary shareholders was RMB33.4 million, as compared to RMB134.5 million from the same period in 2019.
– Net margin attributable to ordinary shareholders for the third quarter of 2020 was -3.5%, as compared to -26.3% from the corresponding period in 2019. For the first nine months of 2020, net margin attributable to ordinary shareholders was -11.5%, compared to -20.7% for the same period in 2019.
– Net loss attributable to ordinary shareholders per basic and diluted American depositary share (“ADS”) for the third quarter of 2020 was RMB0.09 and RMB0.09, respectively, as compared to RMB1.42 and RMB1.42, respectively, from the corresponding period in 2019. For the first nine months of 2020, net loss attributable to ordinary shareholders per basic and diluted ADS was RMB1.00 and RMB1.00, respectively, as compared to RMB4.00 and RMB4.00, respectively, for the same period in 2019.

  • Adjusted Net Loss (non-GAAP)

– Adjusted net loss attributable to ordinary shareholders (non-GAAP) for the third quarter of 2020 was RMB2.7 million, as compared to RMB45.5 million from the corresponding period in 2019. For the first nine months of 2020, non-GAAP net loss attributable to ordinary shareholders was RMB30.0 million, as compared to RMB126.8 million from the same period in 2019.
– Adjusted net margin attributable to ordinary shareholders (non-GAAP) for the third quarter of 2020 was -3.2%, as compared to -25.0% from the corresponding period in 2019. For the first nine months of 2020, non-GAAP net margin attributable to ordinary shareholders was -10.3%, as compared to -19.5% for the same period in 2019.
– Adjusted net loss attributable to ordinary shareholders per diluted ADS (non-GAAP) for the third quarter of 2020 was RMB0.08, as compared to RMB1.35 from the corresponding period in 2019. For the first nine months of 2020, non-GAAP net loss attributable to ordinary shareholders per diluted ADS was RMB0.90, as compared to RMB3.77 for the same period in 2019.


Repurchase of


Shares

As of November 15, 2020, we had repurchased 539,142 ADSs as part of the Company’s share repurchase program of up to US$10 million announced in February 2020, at a total cost of US$741,554, inclusive of transaction charges.


Balance Sheet and Cash Flow

As of September 30, 2020, the Company had RMB666.0 million in cash, cash equivalents and restricted cash, as compared to RMB712.3 million as of December 31, 2019.

Net cash used in operating activities during the third quarter of 2020 was RMB17.4 million. For the first nine months of 2020, net cash provided by operating activities was RMB3.2 million.

Net cash used in investing activities during the third quarter of 2020 was RMB25.2 million. For the first nine months of 2020, net cash used in investing activities was RMB42.4 million.

Net cash used in financing activities during the third quarter of 2020 was nil. For the first nine months of 2020, net cash used in financing activities was RMB7.1 million.

CONFERENCE CALL

Jupai’s management will host an earnings conference call on November 23, 2020 at 7:00 a.m. U.S. Eastern Time (8:00 p.m.Beijing/Hong Kong time).

Please register in advance for the conference call using the link provided below. Upon registering, you will be provided with a calendar invite with participant dial-in numbers, passcode, and a unique access pin by email. To join the conference, simply dial the number you receive after preregistering, enter the passcode followed by your pin, and you will join the conference instantly.

PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/6077991

A replay of the conference call may be accessed by phone at the following number until December 1, 2020:

U.S./International:

+1-855-452-5696 or +61-2-8199-0299

Mainland China:

400-602-2065

Hong Kong:

800-963-117

Singapore:

800-616-2305

Passcode:

6077991

Additionally, a live and archived webcast will be available at http://jupai.investorroom.com.

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures that exclude the effects of all forms of share-based compensation and amortization of intangible assets related to acquisition. The reconciliation of these non-GAAP financial measures to the nearest GAAP measures as set forth in the table captioned “Reconciliation of GAAP to Non-GAAP Results” below.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measure used by the Company may be prepared differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

When evaluating the Company’s operating performance in the periods presented, management reviewed non-GAAP net income results reflecting adjustments to exclude the impacts of share-based compensation and amortization of intangible assets related to acquisition, to supplement U.S. GAAP financial data. As such, the Company believes that the presentation of the non-GAAP net income attributable to ordinary shareholders, non-GAAP net income attributable to ordinary shares per diluted ADS and non-GAAP net margin attributable to ordinary shareholders provides important supplemental information to investors regarding financial and business trends relating to the Company’s financial condition and results of operations in a manner consistent with that used by management. Pursuant to U.S. GAAP, the Company recognized significant amounts of expenses for the restricted shares, share options and amortization of intangible assets related to acquisition. The Company utilized the non-GAAP financial results to make financial results comparable period to period and to better understand its historical business operations.

ABOUT JUPAI HOLDINGS LIMITED

Jupai Holdings Limited (“Jupai”) (NYSE: JP) is a leading third-party wealth management service provider focusing on distributing wealth management products and providing quality product advisory services to high-net-worth individuals in China. Jupai’s comprehensive and personalized client service and broad range of carefully selected third-party and self-developed products have made it a trusted brand among its clients. Jupai maintains extensive and targeted coverage of China’s high-net-worth population.

For more information, please visit http://jupai.investorroom.com.

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. Among other things, the business outlook and quotations from management in this announcement, as well as Jupai’s strategic and operational plans, contain forward-looking statements. Jupai may also make written or oral forward-looking statements in its periodic reports 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. Statements that are not historical facts, including statements about Jupai’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 goals and strategies of the Company and the Company’s ability to manage its growth and implement its business strategies; future business development, financial condition and results of operations of the Company; condition of the wealth management market in China and internationally; the demand for and market acceptance of the products the Company distributes; the Company’s ability to maintain and further grow its active high-net-worth client base and maintain or increase the amount of investment by clients; developments in relevant government policies and regulations relating to the Company’s industry and the Company’s ability to comply with those policies and regulations; the Company’s ability to attract and retain quality employees; the Company’s ability to adapt to potential uncertainties in China’s real estate industry and stay abreast of market trends and technological advances; the results of the Company’s investments in research and development to enhance its product choices and service offerings; general economic and business conditions in China; and the Company’s ability to protect its reputation and enhance its brand recognition. Further information regarding these and other risks is included in Jupai’s filings with the U.S. 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 Jupai does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under applicable law.

 

 

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

 

 


Jupai Holdings Limited


Unaudited Condensed Consolidated Balance Sheets


(In RMB, except for USD data)

As of

December 31,

December 31,

September 30,

September 30,

2019

2019

2020

2020

RMB

USD[4]

RMB

USD[5]


Assets

Current assets:

Cash and cash equivalents

711,205,698

102,158,306

664,858,961

97,923,141

Restricted cash

1,100,000

158,005

1,100,000

162,012

Other receivables

14,125,535

2,029,006

62,694,621

9,233,921

Amounts due from related parties

95,193,003

13,673,619

43,477,116

6,403,487

Other current assets

4,984,541

715,985

27,402,462

4,035,946

Total current assets

826,608,777

118,734,921

799,533,160

117,758,507

Long-term investments

228,950,000

32,886,610

228,950,000

33,720,690

Investment in affiliates

107,541,000

15,447,298

100,175,289

14,754,225

Amounts due from related parties — non-current

229,117,743

32,910,705

228,976,558

33,724,602

Property and equipment, net

27,834,760

3,998,213

19,827,406

2,920,261

Intangible assets, net

38,250,479

5,494,338

35,105,011

5,170,409

Other non-current assets

17,886,020

2,569,166

14,270,303

2,101,790

Right-of-use assets

68,950,101

9,904,062

47,972,473

7,065,582

Deferred tax assets

4,608,063

661,907

4,297,051

632,887


Total Assets

1,549,746,943

222,607,220

1,479,107,251

217,848,953


Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

58,318,063

8,376,866

54,443,979

8,018,731

Income tax payable

82,800,208

11,893,506

85,482,292

12,590,181

Other tax payable

695,081

99,842

16,883,060

2,486,606

Amounts due to related parties — current

19,439,664

2,792,333

18,911,359

2,785,342

Deferred revenue from related parties

42,053,959

6,040,673

11,441,131

1,685,096

Deferred revenue

35,674,503

5,124,322

31,678,345

4,665,716

Other current liabilities

78,201,072

11,232,881

77,350,676

11,392,524

Total current liabilities

317,182,550

45,560,423

296,190,842

43,624,196

Deferred revenue — non-current from related parties

4,917,845

706,404

11,984,597

1,765,140

Deferred revenue — non-current

311,651

44,766

1,404,151

206,809

Operating Lease Liabilities — non-current

28,518,789

4,096,468

15,535,487

2,288,130


Total Liabilities

350,930,835

50,408,061

325,115,077

47,884,275


Equity

1,198,816,108

172,199,159

1,153,992,174

169,964,678


Total Liabilities and Total Shareholders’ Equity

1,549,746,943

222,607,220

1,479,107,251

217,848,953


[4] The conversion of Renminbi (RMB) into U.S. dollars (US$) in this column is based on the noon buying rate on December 31, 2019, as set forth
in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.9618 to US$1.00.


[5] The conversion of Renminbi (RMB) into U.S. dollars (US$) in this column is based on the noon buying rate on September 30, 2020, as set forth
in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.7896 to US$1.00.

 

 


Jupai Holdings Limited


Unaudited Condensed Consolidated Income Statements


(In RMB, except for USD data and ADS data)

Three months ended

September 30,

September 30,

September 30,

September 30,

2019

2019

2020

2020

RMB

USD[6]

RMB

USD[7]


Revenues

Third party revenues

108,552,036

15,186,989

48,755,950

7,180,975

Related party revenues

73,997,411

10,352,618

36,908,909

5,436,095

Total revenues

182,549,447

25,539,607

85,664,859

12,617,070

Taxes and surcharges

(457,767)

(64,044)

(524,582)

(77,263)


Net revenues

182,091,680

25,475,563

85,140,277

12,539,807

Operating costs and expenses:

Cost of revenues

(105,905,745)

(14,816,759)

(41,561,614)

(6,121,364)

Selling expenses

(52,872,376)

(7,397,117)

(22,794,092)

(3,357,207)

General and administrative expenses

(68,047,595)

(9,520,209)

(36,353,384)

(5,354,274)

Other operating income — government subsidies

4,557,939

637,679

552,588

81,387

Total operating cost and expenses

(222,267,777)

(31,096,406)

(100,156,502)

(14,751,458)


Loss from operations

(40,176,097)

(5,620,843)

(15,016,225)

(2,211,651)

Interest income

1,582,036

221,335

952,648

140,310

Investment (loss) income

(4,670,453)

(653,420)

431,110

63,495

Other income (loss)

490,756

68,659

(484,582)

(71,371)

Total other (loss) income

(2,597,661)

(363,426)

899,176

132,434

Loss before taxes and loss from equity in affiliates

(42,773,758)

(5,984,269)

(14,117,049)

(2,079,217)

Income tax (expense) benefit

(10,288,783)

(1,439,454)

10,562,496

1,555,688

Gain from equity in affiliates

193,922

27,131

2,001,265

294,754


Net loss

(52,868,619)

(7,396,592)

(1,553,288)

(228,775)

Net loss (income) attributable to non-controlling interests

4,972,227

695,640

(1,415,850)

(208,532)


Net loss attributable to ordinary shareholders

(47,896,392)

(6,700,952)

(2,969,138)

(437,307)

Net loss per ADS:

Basic

(1.42)

(0.20)

(0.09)

(0.01)

Diluted

(1.42)

(0.20)

(0.09)

(0.01)

Weighted average number of ADSs used in computation:

Basic

33,622,879

33,622,879

33,314,139

33,314,139

Diluted

33,622,879

33,622,879

33,314,139

33,314,139


[6] The conversion of data from Renminbi (RMB) into U.S. dollars (US$) for three months ended and nine months ended September 30, 2019 in
this table and the following tables is based on the noon buying rate on September 30, 2019, as set forth in the H.10 statistical release of the Board
of Governors of the Federal Reserve System, which was RMB 7.1477 to US$1.00.


[7] The conversion of data from Renminbi (RMB) into U.S. dollars (US$) for three months ended and nine months ended September 30, 2020 in
this table and the following tables is based on the noon buying rate on September 30, 2020, as set forth in the H.10 statistical release of the Board
of Governors of the Federal Reserve System, which was RMB 6.7896 to US$1.00.

 

 


Jupai Holdings Limited


Unaudited Condensed Consolidated Income Statements


(In RMB, except for USD data and ADS data)

Nine months ended

September 30,

September 30,

September 30,

September 30,

2019

2019

2020

2020

RMB

USD

RMB

USD


Revenues

Third party revenues

288,638,288

40,381,981

171,404,713

25,245,186

Related party revenues

363,828,190

50,901,435

119,832,034

17,649,351

Total revenues

652,466,478

91,283,416

291,236,747

42,894,537

Taxes and surcharges

(3,459,041)

(483,938)

(1,071,880)

(157,871)


Net revenues

649,007,437

90,799,478

290,164,867

42,736,666

Operating costs and expenses:

Cost of revenues

(390,307,152)

(54,605,978)

(165,700,449)

(24,405,038)

Selling expenses

(156,322,747)

(21,870,356)

(66,834,259)

(9,843,622)

General and administrative expenses

(219,733,972)

(30,741,913)

(114,387,064)

(16,847,394)

Other operating income — government subsidies

10,179,802

1,424,207

15,685,703

2,310,254

Total operating cost and expenses

(756,184,069)

(105,794,040)

(331,236,069)

(48,785,800)


Loss from operations

(107,176,632)

(14,994,562)

(41,071,202)

(6,049,134)

Interest income

4,934,136

690,311

3,582,268

527,611

Investment (loss) income

(2,388,143)

(334,113)

2,228,283

328,190

Other income

2,828,849

395,770

1,303,594

191,999

Total other income

5,374,842

751,968

7,114,145

1,047,800

Loss before taxes and loss from equity in affiliates

(101,801,790)

(14,242,594)

(33,957,057)

(5,001,334)

Income tax expense

(33,099,743)

(4,630,825)

(755,386)

(111,256)

Loss from equity in affiliates

(4,928,441)

(689,514)

(2,493,953)

(367,320)


Net loss

(139,829,974)

(19,562,933)

(37,206,396)

(5,479,910)

Net loss attributable to non-controlling interests

5,296,403

740,994

3,852,219

567,371


Net loss attributable to ordinary shareholders

(134,533,571)

(18,821,939)

(33,354,177)

(4,912,539)

Net loss per ADS:

Basic

(4.00)

(0.56)

(1.00)

(0.15)

Diluted

(4.00)

(0.56)

(1.00)

(0.15)

Weighted average number of ADSs used in computation:

Basic

33,613,659

33,613,659

33,480,325

33,480,325

Diluted

33,613,659

33,613,659

33,480,325

33,480,325

 

 


Jupai Holdings Limited


Unaudited Condensed Comprehensive Income Statements


(In RMB, except for USD data)

Three months ended

September 30,

September 30,

September 30,

September 30,

2019

2019

2020

2020

RMB

USD

RMB

USD


Net loss 

(52,868,619)

(7,396,592)

(1,553,288)

(228,775)

Other comprehensive loss, net of tax:

Change in cumulative foreign currency translation adjustment

8,038,238

1,124,591

(9,633,820)

(1,418,908)

Other comprehensive income (loss)

8,038,238

1,124,591

(9,633,820)

(1,418,908)

Comprehensive loss

(44,830,381)

(6,272,001)

(11,187,108)

(1,647,683)

Less: Comprehensive (loss) income attributable to non-controlling
interests

(4,945,351)

 

(691,880)

1,491,181

219,627


Comprehensive loss attributable to ordinary shareholders

(39,885,030)

(5,580,121)

(12,678,289)

(1,867,310)

 

 


Jupai Holdings Limited


Unaudited Condensed Comprehensive Income Statements


(In RMB, except for USD data)

Nine months ended

September 30,

September 30,

September 30,

September 30,

2019

2019

2020

2020

RMB

USD

RMB

USD


Net loss 

(139,829,974)

(19,562,933)

(37,206,396)

(5,479,910)

Other comprehensive loss, net of tax:

Change in cumulative foreign currency translation adjustment

8,312,901

1,163,018

(6,107,188)

(899,491)

Other comprehensive income (loss)

8,312,901

1,163,018

(6,107,188)

(899,491)

Comprehensive loss

(131,517,073)

(18,399,915)

(43,313,584)

(6,379,401)

Less: Comprehensive loss attributable to non-controlling interests

(5,266,919)

(736,869)

(3,814,691)

(561,843)


Comprehensive loss attributable to ordinary shareholders

(126,250,154)

(17,663,046)

 

(39,498,893)

(5,817,558)

 

 


Jupai Holdings Limited


Reconciliation of GAAP to Non-GAAP Results


(In RMB, except for ADS data and percentages)

Three months ended

September 30,

September 30,

2019

2020

RMB

RMB


Net margin
attributable to ordinary shareholders

-26.3%

-3.5%

Adjusted net margin attributable to ordinary shareholders (non-GAAP)

-25.0%

-3.2%

Net loss attributable to ordinary shareholders

(47,896,392)

(2,969,138)

Adjustment for share-based compensation (net of tax effect of nil for both three months
ended September 30, 2019 and 2020)

2,409,227

280,826


Adjusted net loss attributable to ordinary shareholders (non-GAAP)

(45,487,165)

(2,688,312)

Net loss attributable to ordinary shareholders per ADS, diluted

(1.42)

(0.09)

Adjusted net loss attributable to ordinary shareholders per ADS, diluted (non-GAAP)

(1.35)

(0.08)

Weighted average number of ADSs used in computation:

Diluted

33,622,879

33,314,139

 

 


Jupai Holdings Limited


Reconciliation of GAAP to Non-GAAP Results


(In RMB, except for ADS data and percentages)

Nine months ended

September 30,

September 30,

2019

2020

RMB

RMB


Net margin
attributable to ordinary shareholders

-20.7%

-11.5%

Adjusted net margin attributable to ordinary shareholders (non-GAAP)

-19.5%

-10.3%

Net loss attributable to ordinary shareholders

(134,533,571)

(33,354,177)

Adjustment for share-based compensation (net of tax effect of nil for both nine months ended
September 30, 2019 and 2020)

7,194,491

3,328,868

Adjustment for amortization of intangible assets related to acquisition (net of tax effect of

RMB196,316 and nil for nine months ended September 30, 2019 and 2020, respectively)

588,954

–


Adjusted net loss attributable to ordinary shareholders (non-GAAP)

(126,750,126)

(30,025,309)

Net loss attributable to ordinary shareholders per ADS, diluted

(4.00)

(1.00)

Adjusted net loss attributable to ordinary shareholders per ADS, diluted (non-GAAP)

(3.77)

(0.90)

Weighted average number of ADSs used in computation:

Diluted

33,613,659

33,480,325

 

 

Cision View original content:http://www.prnewswire.com/news-releases/jupai-reports-third-quarter-2020-results-301178692.html

SOURCE Jupai Holdings Limited

Posted on

Panaxia and Neuraxpharm Expand Strategic Collaboration to France with medical cannabis

The companies are preparing to receive an export permit and begin initial sales in Germany by year end

PR Newswire

TEL AVIV, Israel, Nov. 23, 2020 /PRNewswire/ — Panaxia Global, the controlling owner of Panaxia Labs Israel Ltd. (“Panaxia Israel”), (TASE: PNAX), Israel’s largest manufacturer of medical cannabis products, and its partner, Neuraxpharm, Europe’s leading pharmaceutical company specialized in the central nervous system (CNS) today announced that they are expanding their strategic collaboration into the French market and that they have signed a binding memorandum of understanding between Panaxia and subsidiary Neuraxpharm France for the manufacture, commercialization and distribution of Panaxia’s advanced medical cannabis products in France, including exclusivity for Panaxia’s products.

Panaxia Logo

The commercial collaboration between the parties is based on a model much like that in Germany: Panaxia will be responsible for manufacturing the products it has developed at strict clinically-backed standards, such as medical cannabis-based oils and tablets, in compliance with the European Good Manufacturing Practice (EU-GMP) guidelines, and Neuraxpharm will be responsible for marketing, branding, distribution and sale of the products to physicians, patients and pharmacies in France.

As part of the collaboration, in the first phase, the companies will submit a joint response to the tender issued by the French government and the French National Agency for Medicines and Health Products Safety (ANSM) for a pilot to regulate the country’s medical cannabis industry. This is a prestigious pilot that is expected to begin in the coming months and continue for approximately two years, during which they will select few companies that will provide medical cannabis products free of charge to 3,000 patients who meet the determined criteria.

At the end of the pilot, the French government will decide on a permit to use and sell medical cannabis products in France. Subject to ANSM approval, Panaxia, which is currently the only Israeli company with EU-GMP certification from a European agency for production and export of medical cannabis according to European and international standards, will apply for regulatory approval to the French authorities for the marketing and distribution of the products.

Dr. Jörg-Thomas Dierks, CEO of Neuraxpharm stated, “We are delighted to expand our strategic collaboration with Panaxia. As part of our commitment to finding new solutions to respond to the needs of patients, we are very excited to be pioneers in the emerging medical cannabis sector in France and to expand our CNS product portfolio for our patients. We believe that in the coming years, France will also join the accelerated trend in Europe and embrace the use of medical cannabis for patients who meet the criteria for the various indications.”

Dr. Dadi Segal, CEO of Panaxia Global, said, “We are proud to expand our collaboration with our partner, Neuraxpharm, as the leading European pharmaceutical company specialized in CNS, into France as well. France is a strategic market for Panaxia and reflects the regulatory change process that has taken hold in European countries in recent years. It is showing increasing openness to regulating the use of medical cannabis and is internalizing the advantages of using quality medical cannabis products at scientifically-backed standards. The collaboration with Neuraxpharm positions us as a leading and quality player in the medical cannabis market in France, which is poised to experience accelerated growth, both thanks to our abilities and extensive experience in the development and production of processed and advanced cannabis products that comply with regulatory requirements and to the market leadership and marketing and commercial strengths of Neuraxpharm.”

About Panaxia Israel 

Panaxia Labs Israel, Ltd. is a publicly-traded company at TASE (TASE: PNAX). It is the largest Israeli manufacturer and home-delivery distributor of medical cannabis products, and the first to have received the approval of the Israeli Ministry of Health for the manufacturing of medicinal cannabis-based pharmaceuticals (under the IMC-GMP directive) as well as EU-GMP standard certification required for commercial production and export of medical cannabis and its products to Europe. The company manufactures over 30 hemp-based medicinal products and has accumulated a broad foundation of clinical experience based on tens of thousands of patients.

Panaxia is a subsidiary of the Segal Pharma Group, owned by the Segal family and founded over forty years ago. The company manufactures over 600 different pharmaceutical products that are distributed in over 40 countries worldwide.

Visit the Panaxia website at https://panaxia.co.il/

About Neuraxpharm – the European CNS specialist

Neuraxpharm is a leading European specialty pharmaceutical company focused on the treatment of central nervous system disorders (CNS) with a direct presence in Germany, Spain, France, Italy, Czech Republic, Poland, Austria, Switzerland, Slovakia, United Kingdom, Hungary and Portugal. Neuraxpharm has a unique understanding of the CNS market built over 35 years.

With its focus on CNS, Neuraxpharm develops and commercializes value added medicines, standard generics and Consumer Healthcare products, e.g. probiotics and other nutraceuticals, and is continuously striving to offer a wide range of effective, high quality and affordable CNS treatment options in Europe.

Present with its products in more than 50 countries, Neuraxpharm also manufactures pharmaceutical products and active pharmaceutical ingredients in its own manufacturing sites in Spain, Lesvi and Inke.

 

In September 2020, Permira, the global private equity firm, announced it has agreed to acquire Neuraxpharm from Apax Partners. The transaction is subject to customary closing conditions and is expected in the fourth quarter of 2020.

To learn more about Neuraxpharm, please visit: https://www.neuraxpharm.com

For more information:

Noa Leviel 
[email protected]

Cision View original content:http://www.prnewswire.com/news-releases/panaxia-and-neuraxpharm-expand-strategic-collaboration-to-france-with-medical-cannabis-301178531.html

SOURCE Panaxia Pharmaceutical Industries

Posted on

ACI Worldwide to Accelerate Fraud Prevention via the Public Cloud

ACI Worldwide to Accelerate Fraud Prevention via the Public Cloud

ACI’s award-winning fraud management solution is now available as a fully certified private offering via Microsoft Azure’s Marketplace

NAPLES, Fla.–(BUSINESS WIRE)–
ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment and software solutions, today announced that its ACI Fraud Management solution is now available as a fully certified private offering via the Microsoft Azure Marketplace.

With the certification, ACI’s solution can now be deployed quickly and directly from the Azure Marketplace, dramatically accelerating and simplifying the way customers can begin using the offering. The move comes in response to a fast-changing global fraud landscape, increasing pressure on financial institutions to adapt quickly, maximize operational efficiencies and mitigate increased risks.

ACI Fraud Management delivers enterprise fraud management capabilities, including advanced machine learning, predictive analytics and expertly defined rules, to help banks and intermediaries identify and mitigate financial fraud and help reduce the compliance burden in all forms. These include the likes of real-time payments, internet and mobile banking, onboarding threats, merchant acquiring and even internal fraud—within a single comprehensive solution.

The solution’s model generator capabilities enable business users to create and maintain their own predictive machine learning models within minutes. The offering was recently enhanced with network intelligence, empowering the financial community to collaborate, consume fraud intelligence directly from the network and build hybrid machine learning models.

“Today’s rapidly-evolving fraud environment requires organizations to act quickly. Through making ACI Fraud Management available as a fully certified private offering via the Microsoft Azure Marketplace, our customers can streamline deployment and accelerate fraud prevention measures,” said Cleber Martins, global product line manager, Payments Risk Management, ACI Worldwide.

“A highly available deployment of a mission-critical solution, like real-time fraud prevention, requires diverse skills and project orchestration; and delays are usually faced because of small misalignments,” said Ciaran Chu, head of public cloud, ACI Worldwide. “Automating this deployment is also about assuring that best practices will be enforced, and success is predictable.”

Benefits of the fully certified offering via Microsoft Azure include:

Time to Value: With ease of infrastructure and network set-up, software deployment and initial configuration, ACI Fraud Management can be up and running within a few hours instead of days or weeks.

Scalability: As volumes grow, the ability to expand capacity at the touch of a button becomes a reality.

Security: Customers benefit from enhanced security compared to running in an on-premise environment.

Value-added services: Customers benefit from an increased number of value-added services as ACI’s applications and capabilities work in tandem with Microsoft’s capabilities.

Agility: Customers can create new environments whenever they want and can drop them as fast as they create them (e.g., creating User Acceptance Testing).

Compliance: All compliance requirements such as PCS/SLA can be automated.

Data Sovereignty: Cloud deployment allow customers to fulfil data sovereignty requirements.

About ACI Worldwide

ACI Worldwide powers digital payments for more than 6,000 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises, through the public cloud or through ACI’s private cloud, we provide real-time payment capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.

© Copyright ACI Worldwide, Inc. 2020

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

Media Contacts

Dan Ring

[email protected]

781-370-3600

Katrin Boettger

[email protected]

0044 (0)7776 147 910

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Data Management Banking Technology Professional Services Security Other Technology Software Networks Internet Mobile/Wireless Finance

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Invitation to market update in Moberg Pharma on November 25th

PR Newswire

STOCKHOLM, Nov. 23, 2020 /PRNewswire/ — On November 25th, 2020, at 02:00 am (CET), investors, analysts and journalists are invited to participate in a digital company presentation. Moberg pharma recently announced its intention to distribute its subsidiary OncoZenge through a Lex ASEA distribution before listing the company on Nasdaq First North Growth Market, as well as securing financing both for OncoZenge and Moberg Pharma.

The teleconference will be hosted by Moberg Pharmas’s CEO Anna Ljung and Chairman of the Board Peter Wolpert. The presentation will be held in Swedish.

Date:  Wednesday November 25th, 2020
Time:  12:00 am – 1:00 pm (CET)

To participate in the conference, please use the following link:
https://zoom.us/webinar/register/WN_EQZwZq8dTiugFJjacf7IeQ  

Presentation material will be made public on:
http://www.mobergpharma.com/investors/calendarpresentations

For additional information, please contact:

Anna Ljung, CEO, Phone: + 46 70 766 60 30, e-post: [email protected]

Mark Beveridge, VP Finance, Phone: + 46 76 805 82 88, e-post: [email protected]

This information was brought to you by Cision http://news.cision.com

The following files are available for download:

https://mb.cision.com/Main/1662/3241533/1338425.pdf

Invitation to market update in Moberg Pharma on November 25th

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SOURCE Moberg Pharma

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Cellcom Israel Announces Preparation for Private Debt Offering in Israel

PR Newswire

NETANYA, Israel, Nov. 23, 2020 /PRNewswire/ — Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (the “Company”) announced today that its Board of Directors has instructed the Company to prepare for a potential private offering of additional debentures from the Company’s existing Series L Debentures, which are listed on the Tel Aviv Stock Exchange, or TASE, in an aggregate principal amount of between approximately NIS 300 – 400 million, to institutional investors in Israel only.

In addition, Standard & Poor’s Maalot reaffirmed an ilA/negative rating for such potential offering of debentures of up to NIS 400 million principal amount, which the Company may issue.

The execution, timing, terms and amount of such contemplated offering have not yet been determined and are subject to further approval of the Company’s Board of Directors and the prior approval of the TASE. There is no assurance that such offering will be executed, nor as to its timing, terms or amount.

For additional details regarding the Company’s debentures and the Existing Indenture and the Company’s options, see the Company’s annual report on Form 20-F for the year ended December 31, 2019 dated March 23, 2020 under “Item 5B. Liquidity and Capital Resources – Debt Service” and ” – Issuances of equity securities” and the Company’s current reports on Form 6-K dated May 21, 2020, under “Other developments during the first quarter of 2020 and subsequent to the end of the reporting period – Results of Securities Offering In Israel“.


The contemplated offering described in this press release will be made, if made, only in Israel and only to residents of Israel. The securities have not been registered under the U.S. Securities Act of 1933 and will not be offered or sold in the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

A security rating is not a recommendation to buy, sell or hold securities, it may be subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.


About Cellcom Israel

Cellcom Israel Ltd., established in 1994, is a leading Israeli communications group, providing a wide range of communications services. Cellcom Israel is the largest Israeli cellular provider, providing its cellular subscribers with a broad range of services including cellular telephony, roaming services, text and multimedia messaging, advanced cellular and data services and other value-added services in the areas of mobile office, data protection etc., based on Cellcom Israel’s technologically advanced infrastructure. The Company operates advanced networks enabling high-speed broadband and advanced multimedia services. Cellcom Israel offers nationwide customer service including telephone customer service, retail stores, and service and sale centers. Cellcom Israel further provides OTT TV services, internet infrastructure and connectivity services and international calling services, as well as landline telephone services in Israel.  Cellcom Israel’s shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company’s website http://investors.cellcom.co.il.

 



Company Contact

Shai Amsalem
Chief Financial Officer
[email protected]
Tel: +972-52-998-4774



Investor Relations Contact

Elad Levy
Investor Relations Manager
[email protected]
Tel: +972-52-998-4774

 

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SOURCE Cellcom Israel Ltd.

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FCA convenes EGM to approve merger with PSA and publishes agenda for the EGM


IMPORTANT NOTICE


By reading the following communication, you agree to be bound by the following limitations and qualifications:

This communication is for informational purposes only and is not intended to and does not constitute an offer or invitation to exchange or sell or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This communication should not be construed in any manner as a recommendation to any reader of this document.

This communication is not a prospectus, product disclosure statement or other offering document for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14th 2017.

An offer of securities in the United States pursuant to a business combination transaction will only be made, as may be required, through a prospectus which is part of an effective registration statement filed with the U.S. Securities and Exchange Commission (“SEC”). Shareholders of Peugeot S.A. (“PSA”) and Fiat Chrysler Automobiles N.V. (“FCA”) who are U.S. persons or are located in the United States are advised to read the registration statement on Form F-4  which was declared effective by the SEC on November 20, 2020 because it contains important information relating to the proposed transaction. The registration statement on Form F-4 in connection with the combination of FCA and PSA through a cross-border merger was filed with the SEC on July 24, 2020, and amended on September 28, 2020, November 5, 2020, November 16, 2020 and November 18, 2020), and was declared effective on November 20, 2020. You may obtain copies of all documents filed with the SEC regarding the proposed transaction, documents incorporated by reference, and FCA’s SEC filings at the SEC’s website at http://www.sec.gov. In addition, the effective registration statement will be made available for free to shareholders in the United States.

FCA convenes EGM to approve merger with PSA and publishes agenda for the EGM

Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MTA: FCA) announced today that it has published the notice convening the Extraordinary General Meeting of Shareholders (“EGM”) in order to approve the merger with Peugeot S.A. and the other matters set forth in the agenda, which will be held virtually on January 4, 2021, beginning at 2:30 p.m. (Central European Time). To protect the health and safety of all participants in connection with the COVID-19 outbreak, shareholders will not be allowed to attend the EGM in person.

FCA’s EGM notice, Shareholders’ Circular, other EGM materials and, in light of the continuing COVID-19 outbreak, instructions for voting and submitting questions in advance of the meeting and to follow the EGM remotely, are available in the Investors section of the FCA website at www.fcagroup.com, where they can be viewed and downloaded.1 Shareholders may request a hard copy of these materials, free of charge, through the contacts below.

FCA also announced that the registration statement on Form F-4 filed by FCA with the U.S. Securities and Exchange Commission (the “Commission”) in connection with the merger of FCA and PSA was declared effective by the Commission on November 20, 2020.

London, 23 November 2020

For further information:
tel.: +39 011 0031111
Email: [email protected]
www.fcagroup.com 

FORWARD-LOOKING STATEMENTS

This communication contains forward-looking statements. In particular, these forward-looking
statements include statements regarding future financial performance and the expectations of FCA and PSA (the “Parties”) as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Parties’ current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.

Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the impact of the COVID-19 pandemic, the ability of PSA and FCA and/or the combined group resulting from the proposed transaction (together with the Parties, the “Companies”) to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; changes in local economic and political conditions, changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; the Companies’ ability to expand certain of their brands globally; the Companies’ ability to offer innovative, attractive products; the Companies’ ability to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the intense level of competition in the automotive industry, which may increase due to consolidation; exposure to shortfalls in the funding of the Parties’ defined benefit pension plans; the ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the establishment and operations of financial services companies; the ability to access funding to execute the Companies’ business plans and improve their businesses, financial condition and results of operations; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Companies’ vehicles; the Companies’ ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with our relationships with employees, dealers and suppliers; increases in costs, disruptions of supply or shortages of raw materials; developments in labor and industrial relations and developments in applicable labor laws; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters; uncertainties as to whether the proposed business combination discussed in this document will be consummated or as to the timing thereof; the risk that the announcement of the proposed business combination may make it more difficult for the Parties to establish or maintain relationships with their employees, suppliers and other business partners or governmental entities; the risk that the businesses of the Parties will be adversely impacted during the pendency of the proposed business combination; risks related to the regulatory approvals necessary for the combination; the risk that the operations of PSA and FCA will not be integrated successfully and other risks and uncertainties.

Any forward-looking statements contained in this communication speak only as of the date of this document and the Parties disclaim any obligation to update or revise publicly forward-looking statements. Further information concerning the Parties and their businesses, including factors that could materially affect the Parties’ financial results, are included in FCA’s reports and filings with the SEC (including the registration statement on Form F-4 filed with the SEC on July 24, 2020, and amended on September 28, 2020, November 5, 2020
, November 16, 2020 and November 18, 2020, and declared effective on November 20,2020), the AFM and CONSOB and PSA’s filings with the AMF.

1 The EGM notice, the Shareholders’ Circular and other EGM materials are available on FCA’s corporate website at www.fcagroup.com.

Attachment



Posted on

LeoVegas launches record-large jackpot

LeoVegas increases the level of entertainment and launching LeoJackpot, a unique and record-large jackpot that gives the players a chance to win SEK 50 m (EUR 5 m) in their mobile device.

PR Newswire

STOCKHOLM, Nov. 23, 2020 /PRNewswire/ — LeoVegas is taking a further step toward being King of Casino and elevating its excitement and entertainment value with the launch of LeoJackpot. The jackpot is one of the world’s biggest in online casino and is exclusive for LeoVegas brands.

“We are thrilled to be able to offer even more gaming excitement in our most popular games via our exclusive jackpot,” comments Gustaf Hagman, Group CEO. “This shows the innovative strength that exists at LeoVegas and how we are constantly driving development in our part of the entertainment industry.”

The jackpot is progressive, with winnings from the start of SEK 50 m (EUR 5 m), which will successively grow bigger. LeoVegas will initially fund the jackpot with own money, which provides full flexibility in the design of the jackpot. The launch take place gradually in LeoVegas’ various markets.

For further information, please contact:


Gustaf Hagman, Group CEO

+46 (0) 8 410 367 66, [email protected]
Philip Doftvik, Director of Investor Relations and Corporate Finance
+46 73 512 07 20, [email protected]

About LeoVegas mobile gaming group:

LeoVegas vision and position is “King of Casino”. The global group LeoVegas Mobile Gaming Group offers games on Casino, Live Casino, Bingo and Sport. The parent company LeoVegas AB (publ.) is located in Sweden and its operations are mainly located in Malta. The company’s shares are listed on Nasdaq Stockholm. www.leovegasgroup.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/leovegas-mobile-gaming-group/r/leovegas-launches-record-large-jackpot,c3241195

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SOURCE LeoVegas Mobile Gaming Group

Posted on

GENFIT Announces Final Terms For Proposed Renegotiation of 2022 OCEANE Convertible Bonds

  • Company proposes to the 2022 OCEANEs holders a partial buyback at €16.40 euros per bond, subject to a €50 million euros buyback amount
  • Conversion ratio adjustment from 1: 1 to 1: 5.5; and
  • Additional amendments of 2022 OCEANEs terms

Lille (France), Cambridge (Massachusetts, United States), November 23, 2020
– GENFIT (Nasdaq and Euronext: GNFT) a late-stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and chronic liver diseases, today announced the final terms of the partial buyback of its convertible bonds maturing in October 2022 (“2022 OCEANEs” or “OCEANEs”) and the proposed amendment of the existing terms of the 2022 OCEANEs.

Objectives for the Proposed Renegotiation of 2022 OCEANE Terms

On November 16, 2020, GENFIT announced its intention to propose a partial buyback of the 2022 OCEANEs, as well as an amendment of the existing terms, with the objective of:

  • Capital preservation for the Company’s operational functionality;
  • Reduction of the nominal amount of financial debt to be redeemed;
  • Deferment of the OCEANEs maturity date in line with the next milestones in the Company’s two main programs: the ELATIVE™ Phase 3 clinical trial evaluating elafibranor in PBC and the NIS4™ technology for NASH diagnosis;
  • Maximization of potential value-creation for shareholders and the 2022 OCEANEs holders.

Under these new terms, the final maturity of the 2022 OCEANEs would be deferred until October 16, 2025. The initiation of the early redemption period1 would be deferred until November 3, 2023.

Finally, in line with previous guidance, the Company has appointed Natixis and Kepler Cheuvreux (the “Counsels”) to assist GENFIT with this transaction.

Partial buyback price, adjustment of the conversion ratio, and additional amendments to the existing terms of the 2022 OCEANEs

The Company and its Counsels have collected feedback from the 2022 OCEANEs holders in order to set the definitive terms of the partial buyback and the amendments of terms and conditions of the residual portion (following the partial buyback) of the 2022 OCEANEs.

The Company undertakes to repurchase, at a price of €16.40 per 2022 OCEANE, a maximum of 3,048,780 2022 OCEANEs, representing an amount equivalent to 50.1% of the outstanding 2022 OCEANEs.

The Company proposes to amend the terms of the 2022 OCEANEs that will not be repurchased and cancelled, as described below:

  • Maturity extension until October 16, 2025;
  • Increase of the conversion ratio from 1:1 to 1:5.5;
  • Deferral of the initiation of the early redemption period provided for in the 2022 OCEANEs terms and conditions (until November 3, 2023); and
  • Amendment of the ratchet clause adjusting the conversion ratio in the event of a tender offer targeting GENFIT shares, in order to take into account the extension of the 2022 OCEANEs maturity date from 2022 until 2025. The adjustment would be calculated from the date of approval by the 2022 OCEANEs holders of the amended terms (i.e. the date on which the 2022 OCEANEs  holders meeting would be held) until the new maturity date (i.e. October 16, 2025).  

The nominal value as well as the redemption price of the OCEANEs will remain unchanged at €29.60 per OCEANE. The other terms and conditions of the OCEANEs not mentioned above will remain unchanged.

The buyback price of €16.40 takes into account accrued interest until the buyback effective date that is anticipated to occur in January 2021, subject to the conditions set out below. The exact buyback date will be communicated at a later date.

Considering the new conversion ratio, the new shares that could be issued upon conversion of the  OCEANEs would represent 42.9% of the current share capital of the Company (against 15.6% with the current conversion ratio). In the event of a full conversion of the OCEANEs, the OCEANEs holders would hold 30.0% of the share capital of the Company (29.7% in the case of exercise of the outstanding stock options, share warrants (BSA), and final allocation of the outstanding free shares as of the date hereof).

Implementation

The Company will collect through its Counsels, or through the 2022 OCEANEs Bondholder Representative (Representant de la Masse, at [email protected]) for the retail holders, the buyback requests through a fixed price reverse book building process.

Should the buyback requests from the 2022 OCEANEs holders exceed the €50 million maximum repurchase amount contemplated by the Company, buyback requests will be reduced proportionally to ensure equal treatment among all the 2022 OCEANEs holders.

Upon collection of requests and potential reduction as described above, the 2022 OCEANEs  holders and the Company will be invited to enter into a Bond Repurchase Agreement, a draft of which is available upon request to the Counsels and, for retail holders, from the 2022 OCEANEs Bondholder Representative.

The reverse book building period, at a fixed price, will begin on November 23, 2020, and end on November 27, 2020 (inclusive).

Should the buyback requests be significantly lower than the €50 million repurchase proposal, the Company would withdraw its partial buyback and the 2022 OCEANEs terms amendment offer.

The partial buyback will remain contingent on and will occur after the following two events:

  1. Approval by the Extraordinary General Meeting of the Company’s shareholders of the new conversion ratio;
  2. Approval by the 2022 OCEANEs holders of the aforementioned amendments.

             

Upon receipt of the selling commitments from the 2022 OCEANEs holders through the signing of the Bond Repurchase Agreements, the Company will convene a general meeting of the shareholders and a general meeting of the 2022 OCEANEs holders, which are expected to be held in the first quarter of 2021.

ABOUT GENFIT

GENFIT is a late-stage biopharmaceutical company dedicated to improving the lives of patients with cholestatic and metabolic chronic liver diseases. GENFIT is a pioneer in the field of nuclear receptor-based drug discovery, with a rich history and strong scientific heritage spanning more than two decades. GENFIT is currently enrolling in a Phase 3 clinical trial evaluating elafibranor in patients with primary biliary cholangitis (PBC). As part of GENFIT’s comprehensive approach to clinical management of patients with liver disease, the Company is also developing NIS4™, a new, non-invasive blood-based diagnostic technology which could enable easier identification of patients with at-risk NASH.  NIS4™ technology has been licensed to LabCorp in the U.S. and Canada for the development and commercialization of a blood-based molecular diagnostic test powered by NIS4™ technology. GENFIT has facilities in Lille and Paris, France, and Cambridge, MA, USA. GENFIT is a publicly traded company listed on the Nasdaq Global Select Market and on compartment B of Euronext’s regulated market in Paris (Nasdaq and Euronext: GNFT). www.genfit.com

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, including those within the meaning of the Private Securities Litigation Reform Act of 1995, with respect to GENFIT, including statements regarding our capacity to renegotiate the terms of our 2022 OCEANEs convertible bonds and that the final terms of this proposal will be approved by the shareholders’ general meeting and general meeting of 2022 OCEANEs holders. The use of certain words, including “believe,” “potential,” “expect” and “will” and similar expressions, is intended to identify forward-looking statements.  Although the Company believes its expectations are based on the current expectations and reasonable assumptions of the Company’s management, these forward-looking statements are subject to numerous known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including related to safety, biomarkers, progression of, and results from, its ongoing and planned clinical trials, review and approvals by regulatory authorities of its drug and diagnostic candidates, exchange rate fluctuations and the Company’s continued ability to raise capital to fund its development, as well as those risks and uncertainties discussed or identified in the Company’s public filings with the French Autorité des marchés financiers (“AMF”), including those listed in Section 4 “Main Risks and Uncertainties” of the Company’s 2019 Universal Registration Document filed with the AMF on May 27, 2020 under n° D.20-0503, which is available on GENFIT’s website (www.genfit.com) and on the website of the AMF (www.amf-france.org) and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s 20-F dated May 27, 2020. In addition, even if the Company’s results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods.  These forward-looking statements speak only as of the date of publication of this document. Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise.

CONTACT

GENFIT | Investors

Naomi EICHENBAUM – Investor Relations | Tel: +1 (617) 714 5252 | [email protected]

PRESS RELATIONS | Media

Hélène LAVIN – Press relations | Tel: +333 2016 4000 | [email protected]

GENFIT | 885 Avenue Eugène Avinée, 59120 Loos – FRANCE | +333 2016 4000 | www.genfit.com       


1
Early redemption event at the Company’s option which may encourage the conversion of the OCEANEs into shares in the event the Company’s share price exceeds 150% of the conversion price over a specified period.

 

 

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