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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

MEDIA:

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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

Cision View original content:http://www.prnewswire.com/news-releases/invitation-to-market-update-in-moberg-pharma-on-november-25th-301178698.html

SOURCE Moberg Pharma

Posted on

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

 

Cision View original content:http://www.prnewswire.com/news-releases/cellcom-israel-announces-preparation-for-private-debt-offering-in-israel-301178694.html

SOURCE Cellcom Israel Ltd.

Posted on

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

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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.

 

 

Attachment



Posted on

Niu Technologies Announces Changes to Board and Committee Compositions

BEIJING, Nov. 23, 2020 (GLOBE NEWSWIRE) — Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced changes to its board of directors (the “Board”) and committees of the Board. Ms. Jenny Hong Wei Lee has resigned as an independent director from the Board and as the chairperson of the compensation committee of the Board. Ms. Jenny Hong Wei Lee’s resignation did not result from any disagreement with the Company.

Mr. John Jinshu Zhang will join the compensation committee as the chairperson. After the changes, the Board will consist of six members, four of whom are independent directors, including Mr. Changqing Ye, Mr. Mei-Wei Cheng, Mr. Julian Juul Wolhardt and Mr. John Jinshu Zhang.

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric bicycles and motorcycles. NIU has a product portfolio consisting of seven series, four e-scooter series, including NQi, MQi and UQi with smart functions and Gova, two urban commuter electric motorcycles series RQi and TQi, and a performance bicycle series, NIU Aero. Different series of products address the needs of different segments of modern urban residents and resolve the demands of different scenarios of urban travel, while being united through a common design language that emphasizes style, freedom and technology. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. For more information, please visit www.niu.com.

Safe Harbor Statement

This press release contains statements that may constitute forward-looking statements 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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIU 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 NIU’s beliefs, plans 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: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact
:

Niu Technologies
Jason Yang
Investor Relations Manager
E-mail: [email protected]



Posted on

Tuniu to Report Third Quarter 2020 Financial Results on December 1, 2020

PR Newswire

NANJING, China, Nov. 23, 2020 /PRNewswire/ — Tuniu Corporation (NASDAQ:TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today announced that it plans to release its unaudited financial results for the third quarter ended September 30, 2020, before the market opens on December 1, 2020.

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time on December 1, 2020 (9:00 pmBeijing/Hong Kong Time on December 1, 2020).

Listeners may access the call by dialing the following numbers:

US

+1-888-346-8982

Hong Kong

+852-301-84992

China

4001-201203

International

+1-412-902-4272

Conference ID: Tuniu 3Q 2020 Earnings Call

A telephone replay will be available one hour after the end of the conference call through December 8, 2020. The dial-in details are as follows:

US

+1-877-344-7529

International

+1-412-317-0088

Replay Access Code: 10150213

Additionally, a live and archived webcast of this conference call will be available at http://ir.tuniu.com/.

About Tuniu Corporation

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

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SOURCE Tuniu Corporation