Market Newsdesk

LONDON, Dec. 16, 2020 /PRNewswire/ — S&P Global Platts (“Platts”), the leading independent provider of information and benchmark prices for the commodities and energy markets, today announced that it will begin publishing the world’s first daily “CORSIA-eligible” carbon credit price assessments, starting January 4, 2021.

The new assessments will provide a transparent view of the rapidly growing voluntary carbon markets, which are a core part of the world’s efforts to reduce Greenhouse Gas (GHG) emissions. The assessments will reflect the daily value of CORSIA-eligible carbon credits – the Platts CEC. It follows extensive consultation with market participants and represents the first of a planned suite of benchmark voluntary carbon prices covering the full range of projects including removal, reduction and avoidance of greenhouse gas emissions.

Jonty Rushforth, head of price group, S&P Global Platts said: “Global carbon markets have moved beyond the national and regional compliance arenas. We’re now seeing a significant volume in trade in voluntary carbon credits, which are set to grow exponentially. The next Conference of the Parties (COP) is expected to formalize international trade in carbon credits under the Paris Agreement and carbon pricing will be a key driver of efficiency in global emissions reductions. Our new price assessments are one of the first steps on that journey, providing critical transparency to help market participants understand the value of credits as they plan their carbon neutral strategy.”

The voluntary carbon markets have evolved to encompass a large range of projects and have been embraced by investors and corporations as a tool for financing the reduction of emissions. A key example is the International Civil Aviation Organization’s CORSIA program, which has created the mechanism to allow airlines to credibly offset their Greenhouse Gas emissions. 

Roman Kramarchuk, head of energy scenarios, policy and technology, S&P Global Platts Analytics, said:  “Despite COVID having weakened eligible credit demand for CORSIA, the number of commitments to reach net zero emissions from businesses and local governments has doubled in less than a year. Engaging carbon markets to offset emissions credibly is increasing becoming a strategy adopted by leading entities to help achieve their goals.  S&P Global Platts Analytics forecasts strong credit volumes from eligible projects, despite today’s tight supply.”

S&P Global Platts will reflect credits from projects certified by the following groups: The Gold Standard, Climate Action Reserve (CAR), Verified Carbon Standard (VCS), Architecture for REDD+ Transactions, and American Carbon Registry. Platts reflects the methodologies for the above standards for the relevant types of carbon credit projects as specified by the International Civil Aviation Organization (ICAO).

The Platts CEC assessment will reflect bids, offers and trades for any CORSIA-eligible credits verified by the above groups as reported in either the Platts Market on Close process, in the brokered market, or on trading and exchange instruments for delivery within the current calendar year. This would include any trading activity in instruments that reflect delivery of CORSIA-eligible credits.

The CEC daily assessment will be measured in US dollars per metric ton CO2-equivalent ($/mtCO2e) and will represent five lots of 1,000 CO2e units each, reflecting value at 16:30 London time.  Additional details about the S&P Global Platts methodology can be found in the Subscriber Note.

Notes to editors

Carbon credits are generated by specific projects that avoid, reduce or remove GHG emissions, and are verified and validated by a set of independent standards that have been created by coalitions of NGOs and market participants over the last few decades.

The voluntary carbon markets have evolved and encompass a large range of project types, geographies and standards ranging from renewables in India to forestry in Brazil. Voluntary carbon credits have been embraced by investors and corporations as a tool for financing the reduction of emissions, best currently implemented at the industry level by the International Civil Aviation Organization’s CORSIA program, which has created the mechanism to allow airlines to credibly offset their GHG emissions. 

Under the ICAO, airlines have committed to reducing their Carbon footprint through an initial voluntary period (2021-2023) and a subsequent mandatory reduction period (2024 onwards), per the registry and methodology limits set out here: https://www.icao.int/environmental-protection/CORSIA/Pages/default.aspx

About S&P Global Platts

At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We’re the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil, gas, LNG, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.platts.com.

 

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SOURCE S&P Global Platts

SHENZHEN, China, Dec. 16, 2020 /PRNewswire/ — On December 16, 2020, SHENZHEN CHIPSCREEN BIOSCIENCES CO., LTD. (hereinafter referred to as: CHIPSCREEN BIOSCIENCES) and ZHEJIANG HISUN PHARMACEUTICAL CO., LTD. (hereinafter referred to as: HISUN PHARMACEUTICAL) announced that they have reached a strategic cooperation. CHIPSCREEN BIOSCIENCES BIOSCIENCES will exclusively grant HISUN PHARMACEUTICAL the right to promote Bilessglu® (Chiglitazar Sodium tablets), independently developed and manufactured by its wholly-owned subsidiary CHENGDU CHIPCREEN PHARMACEUTICAL CO., LTD., in 19 provinces and regions in China. This cooperation intends to quickly provide to Chinese patients with this innovative diabetes treatment mechanism. CHIPCREEN BIOSCIENCES remains as the owner and manufacturer of the drug. Dr. Lu Xianping, Chairman of CHIPCREEN BIOSCIENCES, and Mr. Li Yan, President of HISUN PHARMACEUTICAL, signed a granting agreement, marking a milestone for the two parties to establish a long-term, stable and mutually beneficial strategic partnership.

Dr. Lu Xianping, Chairman of CHIPCREEN BIOSCIENCES, said: “Diabetes is one of the chronic diseases with highest incidence in the world. China has the largest number of diabetic patients in the world. However, significant clinical needs should be recognized due to the unsatisfied outcome using conventional treatments. Chiglitazar Sodium is a configuration-restricted activator of nuclear receptor peroxisome proliferating receptor (PPAR) independently developed by CHIPCREEN BIOSCIENCES. It has obtained invention patents in many countries and regions around the world. As the world’s first PPAR pan agonist that completed two confirmatory phase III clinical trials, Chiglitazar Sodium has shown significant and long-lasting hypoglycemic effects in a series of clinical studies, as well as other comprehensive effects including significant insulin sensitization and blood lipid regulation. It also provides potential liver protection. Therefore, it is expected to bring more clinical benefits to patients with diabetes and metabolic syndrome. In September 2019, the New Drug Application (NDA) of Chiglitazar Sodium was accepted by Center for Drug Evaluation. We look forward to cooperating with HISUN PHARMACEUTICAL to make innovative drug benefit more diabetic patients, enabling ‘Healthy China Initiative’ using local innovation.”

Mr. Li Yan, President of HISUN PHARMACEUTICAL, pointed out: “We are very happy to be a partner with CHIPCREEN BIOSCIENCES to provide innovative drugs with unique mechanism of actions for Chinese diabetic patients. HISUN PHARMACEUTICAL has a complete and professional academic promotion system, as well as an efficient and innovative operation management system. We will make full use of our advantages, such as nationwide marketing, promotion, networking, to formulate market strategies, complete academic promotion, brand management and other integrated services together with CHIPCREEN BIOSCIENCES. Such cooperation will rapidly expand the coverage of the drug product after its launch, providing professional pharmaceutical services to doctors and patients, and benefit more patients.”

About CHIPSCREEN BIOSCIENCES

Shenzhen Chipscreen Biosciences Co., Ltd. (Chipscreen Biosciences, Stock Symbol: 688321.SH) was founded in Shenzhen on 2001, specializing in the research and development of novel small molecule drugs. Within house-built proprietary chemical genomics-based drug discovery and early evaluation platform as its core competitiveness, “integrated Chipscreen Biosciences has now become one of China’s leading innovative drug enterprises, forming a modern biopharmaceutical group company in Shenzhen, as its headquarter, research and development center, and GMP production base, Chengdu, as a regional headquarter, second research and development center, and a large scale GMP production base for both drug substances and products, Beijing clinical research center, Shanghai commercial center, and CHIPSCREEN BIOSCIENCES (USA) Co., Ltd. At present, the company has developed a number of original new drug product lines for oncology, metabolic diseases, autoimmune diseases, central nervous diseases, and antiviral diseases.

About Chiglitazar Sodium:

Diabetes has become one of the most popular chronic disease in the world. China has been the country with the largest number of diabetes patients. About 110 million people have diabetes, and 90 percent have type 2 diabetes (T2DM). Insulin resistance is one of the core pathogenesis for T2DM. Over 30 percent T2DM patients have serious insulin resistance and metabolic syndrome, leading to a poorer therapeutic responses of current medications. So there are still an unmet medical needs.

Chiglitazar (Bilessglu^®), a novel non-TZD configuration-restricted peroxisome proliferator-activated receptor (PPAR) α/γ/δ pan-agonist with moderate activity, acts as insulin sensitizers with potent insulin-sensitizing effect for T2DM. Chiglitazar is the first PPAR pan-agonist globally which finished the confirmative phase III clinical trials in China. The clinical results showed Chiglitazar had significant and durable improvements in glycaemic control and insulin-sensitizing effects whilst regulates lipid metabolism and associated energy homeostasis with potential liver protective effects.

About HISUN PHARMACEUTICAL:

ZHEJIANG HISUN PHARMACEUTICAL CO., LTD. was founded in 1956. In 2000, HISUN PHARMACEUTICAL issued A-shares in Shanghai stock exchange. HISUN PHARMACEUTICAL is listed in the first batch of selected “national innovative enterprises”, “national technology innovation demonstration enterprises”, and “National Industrial Brand Demonstration Enterprise”. HISUN PHARMACEUTICAL has also been named “China’s top 100 industrial enterprises in the chemical and pharmaceutical industry” and “2017 Top 100 International Pharmaceutical Companies”. HISUN PHARMACEUTICAL is headquartered in Taizhou and has integrated pharmaceutical bases in Taizhou, Zhejiang, Fuyang, Hangzhou and Rudong, Jiangsu. Its R&D covers core cities featured with intense knowledge, talents, and technology such as Beijing and Shanghai, and its marketing network covers more than 70 countries and regions around the world. HISUN PHARMACEUTICAL has developed into a “pharmaceutical industry group” composed of business including raw materials, preparations, biological drugs, innovative drugs, and commercial distribution. HISUN PHARMACEUTICAL’s R&D and drug development covers therapeutic fields including oncology, anti-infection, cardiovascular, endocrine, immunosuppression, anti-depression, and orthopedics.

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SOURCE Shenzhen Chipscreen Biosciences Co., Ltd.

NEW YORK, Dec. 16, 2020 /PRNewswire/ — New York City rents have fallen more this year than they did during the Great Recession, according to StreetEasy’s November 2020 Market Reports.

Driven by the Covid-19 pandemic, Manhattan rents dropped the most out of the three boroughs analyzed — falling a whopping 12.7% year over yearⁱ. In November 2020, the median asking rent in Manhattan reached a 10-year low of $2,800. During the Great Recession, Manhattan rents decreased by about 10%.

In Brooklyn, rents dropped 6.3% year over year, and the median asking rent was $2,400. After the 2008 financial crisis, rents in Brooklynfell by around 5%.

Meanwhile, Queens saw a 5.7% annual decline in rents in November. This was a record large drop for the borough, where rents remained relatively stable during the Great Recession. The median asking rent in November was $2,100.

Prior to the pandemic, NYC rents had been steadily rising for about a decade. But the economic fallout from Covid-19 has taken a severe toll on the market. Our recent 2021 predictions report noted that a weak economy results in a weak rentals market, which is reflected in the latest data.

While rents plummeted, rental inventory continued to pile on. In November, there were more than double the number of rental units available than at the same time last year in New York City — a net increase of nearly 37,000 homes.

“We expected the rental market to match the weakness seen during the Great Recession, but the fact that the market has surpassed that level in less than one year shows how serious the crisis caused by the pandemic has been,” said StreetEasy Economist Nancy Wu. 

“The rollout of COVID-19 vaccines and plenty of great rental deals will be the catalyst for many to return to the city, but we’re still a long way from the city’s return to normal. Until that happens, inventory will remain high and renters will continue to enjoy deals that were unheard of a year ago.”

See below for additional market trends across Manhattan, Brooklyn, and Queens.

One in Three Midtown Manhattan Rentals Were Discounted in November

The share of apartments that had a rent cut in November increased in all five submarkets in Manhattan, but Midtownⁱⁱ led the way, with 30.7% of landlords discounting the monthly rent on their units. That was an increase of 8.4 percentage points from last year. Boroughwide, the share of rent cuts rose by 5.9 percentage points year over year, to 27.2% in Manhattan. 

Brooklyn Rents Fell Furthest in the Most Expensive Neighborhoods

The median asking rent in Northwest Brooklynⁱⁱⁱ, the borough’s most expensive submarket, was $2,800 — the lowest it’s been in eight years. Compared to last year, rents were down 5.1% in these neighborhoods. There were 21,670 rentals on the market in Brooklyn in November, an increase of 134% from last year. 

Queens Saw the Slowest Growth in Rental Inventory 

Rental inventory across the borough was 75% higher than last year in Queens. While this was a sharp increase, it was the smallest of all boroughs analyzed. Queens’ population tends to be more stable and less transient, which is why housing metrics do not fluctuate as much as in other boroughs. Mirroring the rest of the city, Queens rents did fall year over year, but at the slowest rate in the city, at 5.7%.

View all StreetEasy Market Reports for Manhattan, Brooklyn, and Queens, with additional neighborhood data and graphics. Definitions of StreetEasy’s metrics and monthly data from each report can be explored and downloaded via the StreetEasy Data Dashboard.

About StreetEasy

StreetEasy is reimagining the way people buy, sell, and rent homes in New York City and New Jersey. Used more than any other local real estate platform, StreetEasy’s website and mobile apps provide vetted and verified listings, plus intuitive search tools and data-driven guides to help people unlock the opportunity of living here. Consumers and real estate professionals can stay up-to-date on the latest real estate trends through StreetEasy’s Market Reports and explore and download market data for free on the StreetEasy Data Dashboard. Launched in 2006 and based in NoMad, Manhattan, StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG) and is a registered trademark of Zillow, Inc.

ⁱ The StreetEasy Rent Indices are monthly indices that track changes in rent for all housing types and are currently available from January 2007 in Manhattan, January 2010 in Brooklyn, and January 2012 in Queens. Each index uses a repeat-sales method similar that used to calculate the StreetEasy Price Indices. The repeat method evaluates rental price growth based on homes in a given geography that have listed for rent more than once. More details on methodology here.
ⁱⁱ The Midtown submarket includes Roosevelt Island, Midtown, Central Park South, Midtown South, Midtown East, Midtown West, Murray Hill, Sutton Place, Turtle Bay, Kips Bay, Beekman, Hudson Yards, Hell’s Kitchen.
ⁱⁱⁱ The Northwest Brooklyn submarket includes Downtown Brooklyn, Fort Greene, Brooklyn Heights, Boerum Hill, Dumbo, Vinegar Hill, Red Hook, Gowanus, Carroll Gardens, Cobble Hill, Columbia St. Waterfront District, Clinton Hill.

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SOURCE StreetEasy

HONG KONG and SHANGHAI, Dec. 16, 2020 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 02318; SSE: 601318) announced the launch of the artificial intelligence (AI) assisted clinical decision support system (CDSS), AskBob Cancer for Gastroesophageal Cancers, developed by Ping An, National University Hospital, Singapore (NUH) and National University Cancer Institute of Singapore (NCIS).

The launch took place at the Singapore Healthcare AI Expo 2020 which is organized by National University of Singapore, National University Health System and MIT Critical Data.

AskBob Doctor is an innovative breakthrough in the field of AI tumor management. Dr. Guotong Xie, Chief Healthcare Scientist of Ping An and Prof. Jimmy So, Head and Senior Consultant, Division of Surgical Oncology, NCIS, gave a live demonstration of the AskBob Cancer system to showcase how it helps oncologists make more accurate and efficient decisions in cancer management.

Multidisciplinary oncology board is the gold standard for oncology management decision making. However, many hospitals lack this kind on oncology board. On the other hand, oncologists need to take around 5 hours per week to catch up with the latest research progress. AskBob Cancer is based on knowledge graph and natural language processing (NLP) technologies. By analyzing high-quality literatures such as global clinical guidelines, meta analysis and randomized controlled trials (RCTs), the system can provide doctors with the best treatment recommendation based on the latest clinical evidence given a tumor patient’s disease stage and condition. It automatically identifies the relevant literatures for the treatment plan as evidence support for doctors’ quick understanding. The system also uses machine learning technology to provide customized recommendations based on the clinical practice preferences of different institutions.

Prof. So said that in AskBob Cancer was validated with 100 retrospective cases at NUH. The concordance rate between the AskBob cancer and the multidisciplinary oncology board is 96%. NUH is about to launch a multi-center clinical validation of the system by recruiting 1000 patients from worldwide.

AskBob Doctor is an intelligent digital platform developed by Ping An to provide precise clinical decision support and communications. This platform is based on five databases — for diseases, medical products, prescription medications, medical resources and personal health – and includes user profiles to improve self-learning for healthcare service providers and enhance the quality and efficiency of disease management. AskBob Doctor’s services include AI clinical decision support, drug inquiry, literature inquiry and translation, an online forum, online courses, and news.

AskBob Doctor covers more than 15,000 diseases overall, and can diagnose 85 common diseases with 90% accuracy. It has been used by 20,000 medical institutions in about 30 provincial-level administrative regions in China, serving more than 450,000 doctors.

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An“) is a world-leading technology-powered retail financial services group. With over 214 million retail customers and nearly 579 million Internet users, Ping An is one of the largest financial services companies in the world.

Ping An has two over-arching strategies, “pan financial assets” and “pan health care”, which focus on the provision of financial and health care services through our integrated financial services platform and ecosystems. Our “finance + technology” and “finance + ecosystem” strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.

In 2020, Ping An ranked 7^th in the Forbes Global 2000 list and ranked 21^st in the Fortune Global 500 list. Ping An also ranked 38^th in the 2020 WPP Kantar Millward Brown BrandZ^TM Top 100 Most Valuable Global Brands list. For more information, please visit group.pingan.com.

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SOURCE Ping An Insurance (Group) Company of China, Ltd.

BEIJING, Dec. 16, 2020 /PRNewswire/ — Hexindai Inc. (NASDAQ: HX) (“Hexindai” or the “Company”), a social e-commerce platform in China, today announced that it held the 2020 annual general meeting of shareholders (the “AGM”) at the Conference Room, 5th Floor, Block C, Shimao Plaza, No. 92 Jianguo Road, Chaoyang District, Beijing 100020, People’s Republic of China, at 10:00 a.m. (Beijing Time) on December 16, 2020. At the AGM, holders of 52,025,638 ordinary shares (including ordinary shares represented by the Company’s American Depositary Shares), out of the 52,458,550 ordinary shares issued and outstanding, were present in person or by proxy, and therefore constituted a quorum of more than one-third of the ordinary shares outstanding and entitled to vote at the AGM as of November 6, 2020, the record date of the AGM.

At the AGM, the shareholders of the Company approved the name change of the Company from “Hexindai Inc.” to “Xiaobai Maimai Inc.”, as a special resolution of the Company. As an ordinary resolution of the Company, the shareholders ratified the appointment of Wei, Wei& Co., LLP as the Company’s independent registered public accounting firm.

About Hexindai Inc.

Hexindai Inc. (NASDAQ: HX) (“Hexindai” or the “Company”) is a social e-commerce platform based in Beijing, China. The Company collaborates with domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products on its new social e-commerce platform. Leveraging its cooperation with mainstream e-commerce platforms and services marketplaces, and its data analytics algorithm and operating system, the Company continues to identify and introduce cost-efficient products and attract users to its platform and generate higher user satisfaction to realize the platform’s fast growth.

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

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals, strategies and expansion plans; its future business development, financial condition and results of operations; its ability to attract and retain new users and to increase revenues generated from repeat users; its expectations regarding demand for and market acceptance of its products and services; its relationships and cooperation with e-commerce platforms and services marketplaces; trends and competition in China’s e-commerce market; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company’s corporate structure and the e-commerce industry; and general economic conditions in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. 

For investor inquiries, please contact:

Hexindai

Investor Relations
Ms. Zenabo Ma
Email: [email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10- 5900-1548
E-mail: [email protected]

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: [email protected]

 

View original content:http://www.prnewswire.com/news-releases/hexindai-announces-the-results-of-annual-general-meeting-and-name-change-301193796.html

SOURCE Hexindai Inc.

BEIJING, Dec. 16, 2020 /PRNewswire/ — Hexindai Inc. (NASDAQ: HX) (“Hexindai” or the “Company”), a social e-commerce platform in China, today announced that Beijing Hexin Yongheng Technology Development Co., Ltd. (“Hexin Yongheng”), a wholly-owned subsidiary of the Company, Kuaishangche Automobile Leasing Co., Ltd. (“Kuaishangche”), a company not directly associated with the Company, Hexin E-Commerce Company Limited (“Hexin E-Commerce”), and individual shareholders of Hexin E-Commerce have entered into an assignment and assumption agreement on December 11, 2020 (the “Agreement”). Pursuant to the Agreement, Hexin Yongheng has agreed to assign and transfer to Kuaishangche the control over Hexin E-Commerce, in exchange for cash consideration of RMB 5 million (the “Disposition”). Upon the closing of the Disposition, Kuaishangche will become the primary beneficiary of and have control of Hexin E-Commerce, and as a result, assume all assets and liabilities of Hexin E-Commerce and subsidiaries owned or controlled by Hexin E-Commerce, excluding any rights, titles, interests or claims that Hexin E-Commerce may have in Wusu Hexin Yongheng Commercial and Trading Co., Ltd. (“Wusu Company”), which shall remain as a consolidated variable interest entity of the Company. The Company conducted its peer-to-peer (“P2P”) business through its consolidated variable interest entity, Hexin E-Commerce and had ceased to offer new loans since November 2019. As a result of the Disposition, the Company will cease to conduct its P2P business and focus on developing and investing resources into its social e-commerce platform, Xaobai Maimai.

Mr. Xiaobo An, Founder, Chairman and Chief Executive Officer of Hexindai, commented, “Due to ongoing challenges and regulatory constraints, we have decided to dispose of our P2P business and transform into a social e-commerce platform. Since we launched Xiaobai Maimai in May 2020, this social e-commerce platform has been well received by users and gained strong growth momentum in recent months. Going forward, we will continue to improve our service and product offerings on Xiaobai Maimai, further expand our user base and diversify monetization channels with other e-commerce platforms and online marketplaces to create long-term value for our users and shareholders.”

The closing of the Disposition is subject to the satisfaction or waiver of certain closing conditions, including the receipt of a fairness opinion issued by independent appraisal firm Asia-Pacific Consulting and Appraisal Limited (“APA”), confirming that the consideration to be received by Hexin Yongheng in the Disposition is fair, from a financial point of view, to shareholders of Hexindai.

A copy of the Agreement, which sets forth the terms of the Disposition, is available on the SEC’s website at www.sec.gov.

About Hexindai Inc.

Hexindai Inc. (NASDAQ: HX) (“Hexindai” or the “Company”) is a social e-commerce platform based in Beijing, China. The Company collaborates with domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products on its new social e-commerce platform. Leveraging its cooperation with mainstream e-commerce platforms and services marketplaces, and its data analytics algorithm and operating system, the Company continues to identify and introduce cost-efficient products and attract users to its platform and generate higher user satisfaction to realize the platform’s fast growth.

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

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals, strategies and expansion plans; its future business development, financial condition and results of operations; its ability to attract and retain new users and to increase revenues generated from repeat users; its expectations regarding demand for and market acceptance of its products and services; its relationships and cooperation with e-commerce platforms and services marketplaces; trends and competition in China’s e-commerce market; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company’s corporate structure and the e-commerce industry; and general economic conditions in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. 

For investor inquiries, please contact:

Hexindai

Investor Relations
Ms. Zenabo Ma
Email: [email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10- 5900-1548
E-mail: [email protected]

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: [email protected]

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SOURCE Hexindai Inc.

 – Nagarro will commence trading on the Frankfurt Stock Exchange

 – Company poised to grow global market share in the digital services market

FRANKFURT, Germany, Dec. 16, 2020 /PRNewswire/ — Nagarro SE (ISIN: DE000A3H2200) (WKN: A3H220), a global leader in digital engineering and technology solutions, today announced its debut as an independent, publicly traded company and the completion of its spin-off from Allgeier SE. The company’s common shares will begin trading today on the Frankfurt Stock Exchange (Prime Standard) under the symbol “NA9”. Under the terms of the spin-off, one (1) share of Nagarro SE for every one (1) share of Allgeier SE has been allotted to the Allgeier shareholders.

Nagarro is a global digital engineering company with over 8,400 employees in 25 countries across North America, Asia and Europe. The company offers a full-service portfolio of digital product engineering, digital commerce and customer experience, managed services, enterprise resource planning (“ERP”) consulting and other services. Nagarro has a diverse and loyal 750+ blue-chip customer base across all industries.

Manas Fuloria, Custodian of Entrepreneurship in the Organization (CEO) of Nagarro, said, “As an independent, public company, we can now capitalize on our own brand. We compete on the global stage and focus on growing our ability to deliver best-in-class digital services to more clients. We are addressing a large market that is growing double digits annually and is supported by structural tailwinds. We are confident that we can continue our profitable growth and deliver value for all stakeholders.”

Fuloria continued, “At Nagarro, we are building the company of tomorrow. Our differentiated organizational design and our unique culture promote entrepreneurship, agility and global collaboration, delivering great results to our clients. This modern culture, characterized by low hierarchy, high autonomy, excitement for technology, intercultural openness and pronounced social awareness, is the workplace of the future – we are convinced that this will enable us to achieve long-term success.”

Nagarro reported revenues of €402M, an adjusted EBITDA of €58M and an adjusted EBITDA margin of 14% for full year 2019. In the first nine months of 2020, revenue reached €321M and adjusted EBITDA €58M, which equals an EBITDA margin of 18%. The company targets its organic revenue growth rate to be in the region of 15% in 2021 and aims to return to historical levels (2017-2019) in the medium term. Nagarro also targets an adjusted EBITDA margin of approximately 15%. 

Nagarro’s listing agents are COMMERZBANK and Jefferies.

To celebrate the listing on the Frankfurt Stock Exchange, Nagarro will participate in a virtual listing ceremony beginning at 8:55 a.m. CET. The Frankfurt Stock Exchange will livestream the bell ringing on its website: www.boerse-frankfurt.de. A video of the livestream will be available afterwards on YouTube.

About Nagarro

Nagarro (FRA: NA9) is a global digital engineering company offering a full-service portfolio of digital product engineering, digital commerce and customer experience, managed services, ERP consulting and technology services. Customers choose Nagarro because of their differentiated combination of digital engineering power, entrepreneurial mindset, agile delivery capabilities, and global presence. Nagarro employs over 8,400 people in 25 countries. For more information, visit www.nagarro.com.

ISIN DE000A3H2200, WKN A3H220

Contact

Media Relations:
Edelman for Nagarro
Alexander Schmidt
[email protected]

Investor Relations:
Dr. Christopher Große
[email protected]

Disclaimer

This communication and the information contained therein are for information purposes only and do not constitute a prospectus or an offer to sell or a solicitation of an offer to buy or subscribe for any securities of Allgeier SE or Nagarro SE. This communication is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation of such jurisdiction or which would require any registration or licensing within such jurisdiction. Any failure to comply with these restrictions may constitute a violation of the laws of other jurisdictions. Any securities to be distributed in connection with this transaction have not been and will not be registered under the U.S. Securities Act of 1933 (as amended) or the laws of any state of the U.S. Neither Allgeier SE nor Nagarro SE intends to register any securities referred to herein in the U.S.

This communication is directed only at persons in the United Kingdom (“U.K.”) in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply. This communication and the information contained therein does not constitute an offer document or an offer of securities to the public in the U.K. to which section 85 of the Financial Services and Markets Act 2000 of the U.K. applies and is not, and should not be considered as, a recommendation that any person should subscribe for or purchase any securities. This communication and the information contained therein is being communicated only to (i) persons who are outside the U.K.; (ii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (iii) persons within the scope of article 43 of the Order or (iv) high net worth companies, unincorporated associations and other bodies who fall within article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). Any investment or investment activity to which this communication and the information contained therein relates is available only to and will be engaged in only with Relevant Persons, and any person who is not a Relevant Person must not act or rely on this communication or any of its contents. This communication and the information contained therein should not be published, reproduced, distributed or otherwise made available, in whole or in part, to any other person without the prior consent of Allgeier SE or Nagarro SE.

This communication contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of Allgeier SE and Nagarro SE. Forward-looking statements involve known and unknown risks and uncertainties and, therefore, should not be construed as guarantees of future results, performance and events. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting Nagarro SE, and other factors. Allgeier SE or Nagarro SE do not undertake any obligation to update any forward-looking statements.

Advertisement

This communication is an advertisement for the purposes of the Prospectus Regulation EU 2017/1129 and underlying legislation. It is not a prospectus. The listing of the shares of Nagarro SE on the regulated market of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) will take place on the basis of an approved prospectus. The prospectus has been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”) in accordance with the Prospectus Regulation regime. However, the approval of the prospectus by BaFin should not be understood as an endorsement of the shares of Nagarro SE. Investors should purchase shares solely on the basis of the prospectus relating to the shares and should read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the shares. Copies of the prospectus are available free of charge on Nagarro SE’s website (https://www.nagarro.com).

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SOURCE Nagarro