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FinVolution Group to Report Third Quarter 2020 Financial Results on Tuesday, November 17, 2020

-Earnings Call Scheduled for 7:00 a.m. ET on November 17, 2020-

PR Newswire

SHANGHAI, Nov. 13, 2020 /PRNewswire/ — FinVolution Group (“FinVolution”, or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced that it will report its third quarter 2020 unaudited financial results, on Tuesday, November 17, 2020, before the open of U.S. markets.

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 17, 2020 (8:00 PM Beijing/Hong Kong time on November 17, 2020).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

International:

1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

852-3018-4992

Mainland China:

400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

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

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 24, 2020, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10149966

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2020, the Company had over 110.4 million cumulative registered users.

For more information, please visit https://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200-8601
E-mail: [email protected]

The Piacente Group, Inc. Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

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

 

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SOURCE FinVolution Group

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Ever-Glory Reports Third Quarter 2020 Financial Results

PR Newswire

NEW YORK, Nov. 13, 2020 /PRNewswire/ — Ever-Glory International Group, Inc. (the “Company” or “Ever-Glory”) (NASDAQ: EVK), a retailer of branded fashion apparel and a leading global apparel supply chain solution provider, reported its financial results today for the third quarter ended September 30, 2020.

Mr. Yihua Kang, Chairman, President and Chief Executive Officer of Ever-Glory, said, “During the third quarter, we maintained our focus on developing the retail business through our multi-brand strategy and store network optimization initiative, while improving our wholesale business by upgrading customer portfolio and enhancing our account receivables.”

“During the third quarter of 2020, our retail brands continue to attract new customers and retain existing customers by focusing on design, quality and value,” Mr. Kang continued. “Following the remodeling or relocation of 38 stores during 2020, we operated a nationwide network of 923 stores as of September 30, 2020.”

“Looking at our wholesale business, we maintained focus on upgrading customer portfolio to reduce credit risk and improve margin in light of weak micro-environment and enhancing our account receivables. Going forward, we’ll implement a stricter client evaluation system and remain diligent in our account receivables collection. We believe the enduring strength of our wholesale business will support its long-term profitability.” concluded Mr. Kang.

Mr. Jason Jiansong Wang, Chief Financial Officer of Ever-Glory, added, “The third quarter results, are coupled with our ability to increase operating leverage. Going forward, we remain confident in the long-term prospects of our business and we will continue implementing our margin enhancement and cost control measures to further strengthen the profitability of our business.”

Third
 Quarter 20
20
 Financial Results
 

Total sales for the third quarter of 2020 were $79.9 million, a decrease of 29.5% from $113.3 million in the third quarter of 2019. This decrease was primarily driven by a 44.9% decrease in our wholesale business, partially offset by a 10.3% increase in retail business.

Sales for the Company’s branded fashion apparel retail division increased by 10.3% to $34.8 million for the third quarter of 2020, compared with $31.6 million for the third quarter of 2019. This increase was primarily due to an increase in the e-commerce sales. The Company had 923 retail stores as of September 30, 2020, compared with 1,157 retail stores as of September 30, 2019.

Sales for the Company’s wholesale division decreased by 44.9% to $45.1 million for the third quarter of 2020, compared with $81.7 million for the third quarter of 2019. This decrease was primarily attributable to a decrease in sales in Mainland China, Hong Kong, Germany, Europe-Other, Japan, United States and United Kingdom.

Total gross profit for the third quarter of 2020 decreased by 2.8% to $23.7 million, compared with $24.4 million for the third quarter of 2019. Total gross margin increased to 29.6% from 21.5% for the third quarter of 2019.

Gross profit for the retail business increased by 2.7% to $14.5 million for the third quarter of 2020, compared with $14.1 million for the third quarter of 2019. Gross margin was 41.6%, compared to 44.7% for the third quarter of 2019.

Gross profit for the wholesale business decreased by 10.4% to $9.2 million for the third quarter of 2020, compared with $10.3 million for the third quarter of 2019. Gross margin increased to 20.4% from 12.6% for the third quarter of 2019.

Selling expenses for the third quarter of 2020 decreased by 27.6% to $13.0 million, or 16.3% of total sales, compared with $17.9 million, or 15.8% of total sales for the third quarter of 2019. The decrease was attributable to the lower travelling expenses.

General and administrative expenses for the third quarter of 2020 increased by 3.1% to $7.8 million, or 9.8% of total sales, compared with $7.6 million, or 6.7% of total sales for the third quarter of 2019. The increase was attributable to the foreign currency transaction gain.

Income
 (Loss)
from operations for the third quarter of 2020 increased by 344.5% to $2.8 million compared with ($1.2 million) for the third quarter of 2019.

Net income
(loss)
attributable to the Company for the third quarter of 2020 was $2.2 million compared with ($1.1 million) for the third quarter of 2019. Basic and diluted earnings (loss) per share were $0.15 for the third quarter of 2020 compared with ($0.07) for the third quarter of 2019.

Balance Sheet

As of September 30, 2020, Ever-Glory had approximately $70.0 million of cash and cash equivalents, compared with approximately $48.6 million as of December 31, 2019. Ever-Glory had working capital of approximately $53.3 million as of September 30, 2020, and outstanding bank loans of approximately $48.4 million as of September 30, 2020.

Conference Call

The Company will hold a conference call at 7:00 a.m. Eastern Time on November 13, 2020 (8:00 p.m. Beijing Time on November 13, 2020). Listeners can access the conference call by dialing +1-866-548-4713 or + 1-323-794-2093 and using the access code 9522138. The conference call will also be webcast live over the Internet and can be accessed at the Company’s website at http://www.everglorygroup.com.

A replay of the call will be available from 10:00 a.m. Eastern Time on November 13 through 11:59 p.m. Eastern Time on November 20 by calling +1-844-512-2921 or +1-412-317-6671 with pin number 9522138.

About Ever-Glory International Group, Inc.

Based in Nanjing, China, Ever-Glory International Group, Inc. is a retailer of branded fashion apparel and a leading global apparel supply chain solution provider. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange (now named as NYSE MKT) in July 2008 and then transferred to The NASDAQ Global Market on December 31, 2015. Ever-Glory offers apparel to woman in China under its own brands “La go go”, “Velwin”, “Sea To Sky” and “idole”. Ever-Glory is also a leading global apparel supply chain solution provider with a focus on middle-to-high end casual wear, outerwear, and sportswear brands. Ever-Glory services a number of well-known brands and retail stores by providing a complete set of supply chain management services, including: fabric development and design, sampling, sourcing, quality control, manufacturing, logistics, customs clearance and distribution.

Forward-Looking Statements

Certain statements in this release and other written or oral statements made by or on behalf of Ever-Glory International Group, Inc. (the “Company”) are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including, without limitation, market acceptance of the Company’s products and offerings, development and expansion of the Company’s wholesale and retail operations, the Company’s continued access to capital, currency exchange rate fluctuation and other risks and uncertainties. The actual results the Company achieves (including, without limitation, the results stemming from the future implementation of the Company’s strategies and the revenue, net income and new retail store projections set forth herein) may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties (many of which are beyond the Company’s control). These statements are based on management’s current expectations and speak only as of the date of such statements. Readers should carefully review the risks and uncertainties described in the Company’s latest Annual Report on Form 10-K and other documents that the Company files from time to time with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

 

 


EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS


(In thousands of U.S. Dollars, except share and per share data or otherwise stated)


AS OF SEPTEMBER 30, 2020 AND DECEMBER 31, 2019 (UNAUDITED)


2020


2019


ASSETS


CURRENT ASSETS

Cash and cash equivalents

$

69,950

$

48,551

Restricted cash

20,552

2,204

Trading securities

817

–

Accounts receivable, net

62,866

78,053

Inventories

46,443

67,355

Advances on inventory purchases

7,393

9,681

Value added tax receivable

2,106

2,495

Other receivables and prepaid expenses

5,229

5,293

Amounts due from related parties

1,086

123


Total Current Assets

216,442

213,755


NONCURRENT ASSETS

Equity security investment

2,936

–

Intangible assets, net

4,628

4,729

Property and equipment, net

28,203

28,812

Operating lease right-of-use assets

37,705

53,379

Deferred tax assets

1,099

996


Total Non-Current Assets

74,571

87,916


TOTAL ASSETS

$

291,013

$

301,671


LIABILITIES AND STOCKHOLDERS’ EQUITY


CURRENT LIABILITIES

Bank loans

$

48,444

$

29,931

Accounts payable

65,155

72,418

Accounts payable and other payables – related parties

3,878

4,811

Other payables and accrued liabilities

14,159

19,137

Value added and other taxes payable

1,134

1,657

Income tax payable

1,104

1,142

Current operating lease liabilities

29,296

44,888


Total Current Liabilities

163,170

173,984


NONCURRENT LIABILITIES

Non-current operating lease liabilities

8,491

8,537


TOTAL LIABILITIES

171,661

182,521


COMMITMENTS AND CONTINGENCIES (Note 9)


STOCKHOLDERS’ EQUITY

Stockholders’ equity:

Preferred stock ($0.001 par value, authorized 5,000,000 shares, no shares issued
    and outstanding)

–

–

Common stock ($0.001 par value, authorized 50,000,000 shares, 14,809,160 and
    14,801,770 shares issued and outstanding as of September 30, 2020 and
    December 31, 2019, respectively)

15

15

Additional paid-in capital

3,650

3,640

Retained earnings

102,049

106,328

Statutory reserve

19,939

19,939

Accumulated other comprehensive (loss)

(1,308)

(4,330)

Amounts due from related party

(3,430)

(4,932)


Total equity attributable to stockholders of the Company

120,915

120,660


Noncontrolling interest

(1,563)

(1,510)


Total Equity

119,352

119,150


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

291,013

$

301,671

 

 


EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED


CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)


(In thousands of U.S. Dollars, except share and per share data or otherwise stated)


FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (UNAUDITED)


Three months ended


Nine months ended


September 30,


September 30,


2020


2019


2020


2019


NET SALES

$

79,908

$

113,326

$

188,350

$

278,598


COST OF SALES

56,235

88,967

134,193

195,895


GROSS PROFIT

23,673

24,359

54,157

82,703


OPERATING EXPENSES

Selling expenses

12,996

17,944

39,101

58,651

General and administrative expenses

7,818

7,584

19,574

22,450


Total Operating Expenses

20,814

25,528

58,675

81,101


INCOME (LOSS) FROM OPERATIONS

2,859

(1,169)

(4,518)

1,602


OTHER INCOME (EXPENSES)

Interest income

313

215

930

699

Interest expense

(700)

(265)

(1,607)

(1,036)

Other income, net

574

502

2,236

1,616


Total Other Income, Net

187

452

1,559

1,279


INCOME (LOSS) BEFORE INCOME TAX
EXPENSE

3,046

(717)

(2,959)

2,881


Income tax expense

(822)

(387)

(1,315)

(2,667)


NET INCOME (LOSS)

2,224

(1,104)

(4,274)

214

Net (loss) income attributable to the non-controlling
interest

(8)

28

(4)

46


NET INCOME (LOSS) ATTRIBUTABLE TO THE
COMPANY

2,216

(1,076)

(4,278)

260


NET INCOME (LOSS)

$

2,224

$

(1,104)

$

(4,274)

$

214

Foreign currency translation gain (loss)

4,664

(3,729)

2,964

(2,244)


COMPREHENSIVE INCOME (LOSS)

6,888

(4,833)

(1,310)

(2,030)

Comprehensive (loss) income attributable to the non-
controlling interest

(56)

15

(54)

67


COMPREHENSIVE INCOME
(LOSS) ATTRIBUTABLE TO THE COMPANY

$

6,832

$

(4,818)

$

(1,364)

$

(1,963)


EARNINGS PER SHARE ATTRIBUTABLE TO
THE COMPANY’S STOCKHOLDERS

Basic and diluted

$

0.15

$

(0.07)

$

(0.29)

$

0.02

Weighted average number of shares outstanding
Basic and diluted

14,808,737

14,801,770

14,805,987

14,801,770

 


EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF EQUITY


 
(In thousands of U.S. Dollars, except share and per share data or otherwise stated)


FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (UNAUDITED)


Additional


Retained
Earnings


Accumulated
other


Amounts
due from


Total
equity
attributable
to stockholders


Non-


Common Stock


paid-in


Statutory


Comprehensive


related


of the


controlling


Total


Shares


Amount


capital


Unrestricted


reserve


loss


party


Company


Interest


equity

Balance at
January  1,
2020

14,801,770

$

15

$

3,640

$

106,328

$

19,939

$

(4,330)

$

(4,932)

$

120,660

(1,510)

$

119,150

Stock issued
for compensation

3,062

–

5

–

–

–

–

5

5

Net loss

–

–

–

(2,701)

–

–

–

(2,701)

3

(2,698)

Net cash received
from related
party under
counter
guarantee
agreement

–

–

–

–

–

–

785

785

–

785

Foreign
currency
translation
gain (loss)

(1,440)

–

(1,440)

3

(1,437)

Balance at
March 
31, 2020

14,804,832

15

3,645

103,627

19,939

(5,770)

(4,147)

117,309

(1,504)

115,805

Net loss

(3,794)

(3,794)

(6)

(3,800)

Net cash
received
from related
party under
counter
guarantee
agreement

151

151

151

Foreign
currency
translation
loss

(261)

(261)

(2)

(263)

Balance at
June 30,
2020

14,804,832

$

15

$

3,645

$

99,833

$

19,939

$

(6,031)

$

(3,996)

$

113,405

(1,512)

$

111,893

Stock issued
for
compensation

4,328

–

5

–

–

–

–

5

5

Net income

2,216

2,216

8

2,224

Net cash
received
from related
party under
counter
guarantee
agreement

566

566

–

566

Foreign
currency
translation
gain

4,723

4,723

(59)

4,664

Balance at
September 
30, 2020

14,809,160

$

15

$

3,650

$

102,049

$

19,939

$

(1,308)

$

(3,430)

$

120,915

(1,563)

$

119,352

 

 


Additional


Retained
Earnings


Accumulated
other


Amounts
due from


Total
equity
attributable
to stockholders


Non-


Common Stock


paid-in


Statutory


Comprehensive


related


of the


controlling


Total


Shares


Amount


capital


Unrestricted


reserve


income


party


Company


Interest


equity

Balance at
January 1,
2019

14,798,198

$

15

$

3,627

$

105,914

$

19,083

$

(3,578)

$

(10,354)

$

114,707

(1,551)

$

113,156

Stock issued
for
compensation

1,942

0.004

8

–

–

–

–

8

8

Net income
(loss)

–

–

–

(521)

–

–

–

(521)

66

(455)

Net cash
received
from related
party under
counter
guarantee
agreement

–

–

–

–

–

–

1,101

1,101

–

1,101

Foreign
currency
translation
gain

3,972

–

3,972

34

4,006

Balance at
March 31,
2019

14,800,140

15

3,635

105,393

19,083

394

(9,253)

119,267

(1,451)

117,816

Net income
(loss)

1,856

1,856

(83)

1,773

Net cash
received
from related
party under
counter
guarantee
agreement

1,390

1,390

1,390

Foreign
currency
translation
loss

(2,487)

(2,487)

34

(2,453)

Balance at
June 30,
2019

14,800,140

$

15

$

3,635

$

107,249

$

19,083

$

(2,093)

$

(7,863)

$

120,026

(1,500)

$

118,526

Stock issued
for compensation

1,630

0.002

5

5

5

Net income
(loss)

(1,076)

(1,076)

(28)

(1,104)

Net cash
advanced to
related party
under
counter
guarantee
agreement

1,215

1,215

1,215

Foreign
currency
translation
loss

(3,729)

(3,729)

43

(3,686)

Balance at
September 30,
2019

14,801,770

$

15

$

3,640

$

106,173

$

19,083

$

(5,822)

$

(6,648)

$

116,441

(1,485)

$

114,956

 

 


EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands of U.S. Dollars, except share and per share data or otherwise stated)


FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (UNAUDITED)


2020


2019


CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) income

$

(4,274)

$

214

Adjustments to reconcile net (loss) income to cash provided by operating
activities:

Depreciation and amortization

4,114

6,824

Loss from sale of property and equipment

283

16

Provision of bad debt allowance

683

820

Provision for obsolete inventories

5,786

3,846

Investment loss from the trading securities

13

–

Deferred income tax

(165)

(2,388)

Stock-based compensation

10

12

Changes in operating assets and liabilities

Accounts receivable

15,571

312

Inventories

16,135

(4,979)

Value added tax receivable

(577)

(281)

Other receivables and prepaid expenses

50

3,738

Advances on inventory purchases

2,461

(3,214)

Amounts due from related parties

(848)

16

Accounts payable

(7,842)

6,253

Accounts payable and other payables- related parties

(1,112)

(692)

Other payables and accrued liabilities

(6,093)

(10,594)

Value added and other taxes payable

467

(4,120)

Income tax payable

(64)

746

Net cash provided by (used in) operating activities

24,598

(3,471)


CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(2,769)

(6,555)

Purchases of trading securities

(825)

–

Investment in a partnership

(2,936)

–

Net cash used in investing activities

(6,530)

(6,555)


CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from bank loans

66,599

42,570

Repayment of bank loans

(49,278)

(35,620)

Net collection (advance) of amounts due from related party (equity)

1,618

3,937

Net cash provided by financing activities

18,939

10,887


EFFECT OF EXCHANGE RATE CHANGES ON CASH

2,740

(650)


NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH

39,747

211


CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING
OF PERIOD

50,755

47,012


CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF
PERIOD

$

90,502

$

47,223

Reconciliation of cash, cash equivalents and restricted cash reported within their
consolidated balance sheets:


Cash and Cash Equivalents

69,950

45,837

Restricted cash

20,552

1,386

$

90,502

$

47,223


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:


Cash paid during the period for:

Interest

$

1,607

$

1,036

Income taxes

$

1,455

$

4,196

 

 

Cision View original content:http://www.prnewswire.com/news-releases/ever-glory-reports-third-quarter-2020-financial-results-301172609.html

SOURCE Ever-Glory International Group, Inc.

Posted on

Li Auto Inc. Announces Unaudited Third Quarter 2020 Financial Results

Quarterly total revenues reached RMB2.51 billion (US$369.8 million)1 
Quarterly deliveries were 8,660 vehicles
Quarterly gross margin reached 19.8%

BEIJING, China, Nov. 13, 2020 (GLOBE NEWSWIRE) — Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2020.


Operating Highlights for the Third Quarter of 2020

  • Deliveries of Li ONEs were 8,660 in the third quarter of 2020, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record.
  2020 Q1 2020 Q2 2020 Q3
Deliveries 2,896 6,604 8,660
  • As of September 30, 2020, the Company had 35 retail stores covering 30 cities.


Financial Highlights


for the Third Quarter of 2020

  • Vehicle sales were RMB2.46 billion (US$363.0 million) in the third quarter of 2020, representing an increase of 28.4% from RMB1.92 billion in the second quarter of 2020.
  • Vehicle margin
    2 was 19.8% in the third quarter of 2020, compared with 13.7% in the second quarter of 2020.
  • Total
    revenues were RMB2.51 billion (US$369.8 million) in the third quarter of 2020, representing an increase of 28.9% from RMB1.95 billion in the second quarter of 2020.
  • G
    ross
    profit was RMB496.8 million (US$73.2 million) in the third quarter of 2020, representing an increase of 91.3% from RMB259.7 million in the second quarter of 2020.
  • Gross margin was 19.8% in the third quarter of 2020, compared with 13.3% in the second quarter of 2020.
  • Loss from operations was RMB180.0 million (US$26.5 million) in the third quarter of 2020, representing an increase of 2.1% from RMB176.3 million in the second quarter of 2020. Non-GAAPloss from operations3 was RMB45.0 million (US$6.6 million) in the third quarter of 2020, representing a decrease of 74.5% from RMB176.3 million in the second quarter of 2020.
  • Net loss was RMB106.9 million (US$15.7 million) in the third quarter of 2020, representing an increase of 42.2% from RMB75.2 million in the second quarter of 2020. Non-GAAP net income3 was RMB16.0 million (US$2.4 million) in the third quarter of 2020, compared with RMB159.2 million Non-GAAP net loss3 in the second quarter of 2020.
  • Operating cash flow was RMB929.8 million (US$136.9 million) in the third quarter of 2020, representing an increase of 105.8% from RMB451.7 million in the second quarter of 2020.
  • Free cash flow
    4 was RMB749.9 million (US$110.4 million) in the third quarter of 2020, representing an increase of 149.3% from RMB300.8 million in the second quarter of 2020.


Key Financial Results

(in RMB millions, except for percentages)

  For the Three Months Ended 　  
  September 30,   June 30,   Q o Q
  2020   2020   % Change
5
           
Vehicle sales 2,464.7   1,919.2   28.4%
Vehicle margin 19.8%   13.7%   6.1%
           
Total revenues 2,510.8   1,947.2   28.9%
Gross profit 496.8   259.7   91.3%
Gross margin 19.8%   13.3%   6.5%
           
Loss from operations (180.0)   (176.3)   2.1%
Non-GAAP loss from operations3 (45.0)   (176.3)   (74.5%)
           
Net loss (106.9)   (75.2)   42.2%
Non-GAAP net income/(loss)3 16.0   (159.2)   N/A
           
Operating cash flow 929.8   451.7   105.8%
Free cash flow 749.9   300.8   149.3%
           


Recent Developments

Deliveries Update

  • In October 2020, the Company delivered 3,692 Li ONEs, representing a steady increase compared to September 2020. As of October 31, 2020, the Company had 41 retail stores covering 36 cities.

Executive and Board Appointments

  • The Company appointed Mr. Kai Wang as chief technology officer, effective September 15, 2020. In this role, Mr. Wang leads the Company’s advanced technology research and development (“R&D”) in smart vehicles, including electronic and electrical architecture, intelligent cockpit, autonomous driving, platform development and Li OS, the real-time operating system of Li Auto. The Company plans to continue recruiting outstanding professionals worldwide to further expand and strengthen its team.
  • The Company appointed Mr. Zheng Fan as a new independent director to the Company’s board of directors, effective October 22, 2020. Following the appointment, Mr. Fan serves as a member of the audit committee, compensation committee, and nominating and corporate governance committee of the board of directors.

Strategic Cooperation

  • In September 2020, the Company entered a three-way strategic cooperation with NVIDIA Corporation (“NVIDIA”), the world’s leading artificial intelligence computing company, and NVIDIA’s Chinese partner, Huizhou Desay SV Automotive (“Desay SV”). Through this strategic cooperation, Li Auto will be the first OEM equipping its vehicles, the full-size extended-range premium smart SUV to be launched in 2022, with the powerful NVIDIA Orin system-on-a-chip (“SoC”) chipset. Through this cooperation, the Company plans to further increase its R&D investment and accelerate the development of autonomous driving.


CEO and CFO comments

Mr. Xiang Li, founder, chairman and chief executive officer of Li Auto, commented, “This is our first quarterly earnings release as a public company, and we are pleased to announce robust third quarter results reflecting not only our strong growth momentum driven by the outstanding value proposition of our products, but also our relentless pursuit of operating efficiencies. We delivered 8,660 Li ONEs in the third quarter, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record. Cumulative deliveries in 2020 at the end of October reached 21,852 vehicles. This is a strong testament to the competitiveness of the Li ONE. For the fourth quarter of 2020, we expect our growth momentum to continue with deliveries reaching 11,000 to 12,000 vehicles.”

“In terms of R&D, we will further increase our investment in this regard and continue to leverage technology to create value for users and optimize our user experience. Through product and technology innovations, we are committed to providing our users with safer, easier and more cost-effective travel solutions, ensuring we live up to their support and trust.” concluded Mr. Li.

Mr. Tie Li, chief financial officer of Li Auto, added, “We are pleased to report our third quarter financial and operating results with 28.9% quarter-over-quarter growth in total revenues driven by our record quarterly vehicle deliveries, as well as gross margin expansion, which increased to 19.8% compared with 13.3% of the second quarter. In the third quarter, we generated operating cash flow of RMB929.8 million, 105.8% higher than the prior quarter, which demonstrated our operational efficiency and successful cash flow management strategy. Looking forward, we will continue investing in both R&D and direct sales and servicing network expansion, as product iteration and sales channel integrity are the key components of our success.”


Financial Results for the Third Quarter of 2020

Revenues

  • Total revenues were RMB2.51 billion (US$369.8 million) in the third quarter of 2020, representing an increase of 28.9% from RMB1.95 billion in the second quarter of 2020.
  • Vehicle sales were RMB2.46 billion (US$363.0 million) in the third quarter of 2020, representing an increase of 28.4% from RMB1.92 billion in the second quarter of 2020. The increase in vehicle sales was mainly attributable to a 31.1% increase in vehicle deliveries to 8,660 vehicles in the third quarter of 2020 from 6,604 vehicles in the second quarter of 2020.
  • Other sales
    and services were RMB46.1 million (US$6.8 million) in the third quarter of 2020, representing an increase of 64.1% from RMB28.1 million in the second quarter of 2020. The increase in other sales and services was in line with the increased vehicle sales and the increased number of vehicles using the Company’s services.

Cost of Sales and Gross Margin

  • Cost of sales was RMB2.01 billion (US$296.6 million) in the third quarter of 2020, representing an increase of 19.3% from RMB1.69 billion in the second quarter of 2020.
  • Gross
    profit was RMB496.8 million (US$73.2 million) in the third quarter of 2020, representing an increase of 91.3% from RMB259.7 million in the second quarter of 2020. The increase of gross profit was primarily attributable to increased vehicle sales.
  • Vehicle margin2 was 19.8% in the third quarter of 2020, compared with 13.7% in the second quarter of 2020. The increase in vehicle margin was primarily attributable to the decrease in purchase price of certain materials including a one-time rebate received from a supplier and lower unit manufacturing overhead cost due to the increased production volume.
  • Gross margin was 19.8% in the third quarter of 2020, compared with 13.3% in the second quarter of 2020, which was mainly driven by the increase of vehicle margin.

Operating Expenses

  • Total operating expenses were RMB676.7 million (US$99.7 million) in the third quarter of 2020, representing an increase of 55.2% from RMB436.0 million in the second quarter of 2020.
  • Research and development expenses were RMB334.5 million (US$49.3 million) in the third quarter of 2020, representing an increase of 66.1% from RMB201.4 million in the second quarter of 2020. Non-GAAP research and development expenses3 were RMB278.8 million (US$41.1 million) in the third quarter of 2020, representing an increase of 38.4% from RMB201.4 million in the second quarter of 2020. The increase in research and development expenses was primarily attributable to share-based compensation expenses recognized related to the stock options granted to employees with service conditions and a performance condition related to the IPO and initiating research and development for the Company’s next vehicle model, as well as increased headcount.
  • Selling, general and administrative expenses were RMB342.2 million (US$50.4 million) in the third quarter of 2020, representing an increase of 45.9% from RMB234.5 million in the second quarter of 2020. Non-GAAP selling, general and administrative expenses3 were RMB264.2 million (US$38.9 million) in the third quarter of 2020, representing an increase of 12.7% from RMB234.5 million in the second quarter of 2020. The increase in selling, general and administrative expenses was primarily driven by share-based compensation expenses recognized related to the stock options granted to employees with service conditions and a performance condition related to the IPO and increased headcount, as well as increased marketing and promotional expenses.

Loss from Operations

  • Loss from operations was RMB180.0 million (US$26.5 million) in the third quarter of 2020, representing an increase of 2.1% from RMB176.3 million in the second quarter of 2020. Non-GAAP loss from operations3 was RMB45.0 million (US$6.6 million) in the third quarter of 2020, representing a decrease of 74.5% from RMB176.3 million in the second quarter of 2020.

Net Loss and Earnings Per Share

  • Net loss was RMB106.9 million (US$15.7 million) in the third quarter of 2020, representing an increase of 42.2% from RMB75.2 million in the second quarter of 2020. Non-GAAP net income3 was RMB16.0 million (US$2.4 million) in the third quarter of 2020, compared with RMB159.2 million Non-GAAP net loss3 in the second quarter of 2020.
  • Basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB0.52 (US$0.08) in the third quarter of 2020. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders3 were RMB0.03 and RMB0.02, respectively, in the third quarter of 2020.

Balance Sheets, Operating Cash Flow and Free Cash Flow

  • Balance of cash and cash equivalents, restricted cash, time deposits and short-term investments was RMB18.92 billion (US$2.79 billion) as of September 30, 2020, compared with RMB3.71 billion as of December 31, 2019. This increase was primarily attributable to the issuance of Series D private financing, the completion of IPO and concurrent private placements.
  • Operating cash flow was RMB929.8 million (US$136.9 million) in the third quarter of 2020, representing an increase of 105.8% from RMB451.7 million in the second quarter of 2020.
  • Free cash flow
    4 was RMB749.9 million (US$110.4 million) in the third quarter of 2020, representing an increase of 149.3% from RMB300.8 million in the second quarter of 2020.


Business Outlook

For the fourth quarter of 2020, the Company expects:

  • Deliveries of vehicles to be between 11,000 and 12,000 units, representing an increase of approximately 27.0% to 38.6% from the third quarter of 2020.
  • Total revenues to be between RMB3.11 billion (US$457.8 million) and RMB3.39 billion (US$499.4 million), representing an increase of approximately 23.9% to 35.1% from the third quarter of 2020.

This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.


Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Friday, November 13, 2020 (9:00 p.m. Beijing Time on November 13, 2020) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, Direct Event passcode, a unique registrant ID and an e-mail with detailed instructions to join the conference call.

Participant Online Registration: https://apac.directeventreg.com/registration/event/5259875

A replay of the conference call will be accessible through November 21, 2020, by dialing the following numbers:

United States: +1-855-452-5696
Mainland China: +86-400-602-2065
Hong Kong, China: +852-3051-2780
International: +61-2-8199-0299
Conference ID: 5259875

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


Non-GAAP Financial Measure

The Company uses Non-GAAP measures, such as Non-GAAP research and development expenses, Non-GAAP selling, general and administrative expenses, Non-GAAP loss from operations, Non-GAAP net loss, Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value and the effect of exchange rate changes on convertible redeemable preferred shares, the Company believes that the Non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the Non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The Non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from Non-GAAP methods of accounting and reporting used by other companies. The Non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

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

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


About Li Auto Inc.

Li Auto Inc. is an innovator in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric SUVs. Through innovative products, technology, and business model, the Company provides customers with safe, convenient, and cost-effective mobility solutions. Li Auto is the first to successfully commercialize extended-range electric vehicles in China. The Company started volume production of its first model, Li ONE, in November 2019. With Li ONE, the Company leverages its in-house technology to create value for our customers, focusing on range extension, smart technology, and autonomous driving solutions. Beyond Li ONE, the Company aims to expand its product line by developing new vehicles to target a broader consumer base.

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


Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to 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. Li Auto 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. Statements that are not historical facts, including statements about Li Auto’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: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles, Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: [email protected]

Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]

Li Auto Inc.              
Unaudited Condensed Consolidated Statements of Loss              
               
Amounts expressed in RMB, unless otherwise stated 　 　 　 　
(in thousands, except for share and per share data)            
               
  Three Months Ended   Six Months Ended
  June 30,
2020 		  September
30, 2020 		  September
30, 2020 		  June 30,
2020
  (unaudited)   (unaudited)   (unaudited)   (unaudited)
          (US$)    
Revenues:              
Vehicle sales 1,919,184     2,464,724     363,015     2,760,242  
Other sales and services 28,054     46,075     6,786     38,671  
Total revenues 1,947,238     2,510,799     369,801     2,798,913  
Cost of sales:              
Vehicle sales (1,655,443 )   (1,976,078 )   (291,045 )   (2,425,439 )
Other sales and services (32,092 )   (37,970 )   (5,592 )   (45,483 )
Total cost of sales (1,687,535 )   (2,014,048 )   (296,637 )   (2,470,922 )
Gross profit 259,703     496,751     73,164     327,991  
Operating expenses:              
Research and development (201,440 )   (334,527 )   (49,271 )   (391,130 )
Selling, general and administrative (234,543 )   (342,180 )   (50,398 )   (347,304 )
Total operating expenses (435,983 )   (676,707 )   (99,669 )   (738,434 )
Loss from operations (176,280 )   (179,956 )   (26,505 )   (410,443 )
Other income/(expense)              
Interest expense (21,296 )   (12,862 )   (1,894 )   (40,931 )
Interest income and investment income, net 31,538     70,269     10,350     15,363  
Changes in fair value of warrants and derivative liabilities 84,036     12,008     1,769     260,319  
Others, net 6,840     3,612     532     9,044  
Loss before income tax expense (75,162 )   (106,929 )   (15,748 )   (166,648 )
Income tax expense –     –     –     –  
Net loss from continuing operations (75,162 )   (106,929 )   (15,748 )   (166,648 )
Net loss from discontinued operations, net of tax –     –     –     14,373  
Net loss (75,162 )   (106,929 )   (15,748 )   (152,275 )
Accretion on convertible redeemable preferred shares to redemption value (264,208 )   (120,617 )   (17,765 )   (530,573 )
Effect of exchange rate changes on convertible redeemable preferred shares (5,780 )   (93,104 )   (13,713 )   103,966  
Net loss attributable to ordinary shareholders (345,150 )   (320,650 )   (47,226 )   (578,882 )
               
Weighted average number of ADSs
6 		             
Basic and diluted 127,500,000     614,802,583     614,802,583     127,500,000  
Net loss per ADS attributable to ordinary shareholders              
Basic and diluted (2.71 )   (0.52 )   (0.08 )   (4.54 )
Li Auto Inc.              
Unaudited Condensed Consolidated Balance Sheets              
               
Amounts expressed in RMB, unless otherwise stated 　 　 　 　
(in thousands, except for share and per share data)            
               
  December
31, 2019 		  June 30,
2020 		  September
30, 2020 		  September
30, 2020
  (audited)   (unaudited)   (unaudited)   (unaudited)
              (US$)
ASSETS              
Current assets:              
Cash and cash equivalents 1,296,215     1,062,134     6,472,280     953,264  
Restricted cash 140,027     49,968     338,546     49,862  
Time deposits and short-term investments 2,272,653     2,578,662     12,105,274     1,782,914  
Trade receivable 8,303     83,004     111,836     16,472  
Inventories 518,086     821,259     863,642     127,201  
Prepayments and other current assets 812,956     582,569     685,183     100,916  
Assets held for sale, current 17,599     –     –     –  
Total current assets 5,065,839     5,177,596     20,576,761     3,030,629  
Non-current assets:              
Longterm investments 126,181     160,725     153,286     22,577  
Property, plant and equipment, net 2,795,122     2,496,582     2,497,475     367,838  
Operating lease right-of-use assets, net 510,227     1,275,412     1,289,599     189,937  
Intangible assets, net 673,867     671,351     681,675     100,400  
Other non-current assets 311,933     182,712     183,562     27,036  
Assets held for sale, non-current 30,253     –     –     –  
Total non-
current assets 		4,447,583     4,786,782     4,805,597     707,788  
Total assets 9,513,422     9,964,378     25,382,358     3,738,417  
LIABILITIES AND EQUITY              
Current liabilities:              
Short-term borrowings 238,957     –     –     –  
Trade and notes payable 624,666     1,306,813     2,070,804     304,996  
Amounts due to related parties 9,764     10,187     13,452     1,981  
Deferred revenue, current 56,695     53,143     157,344     23,174  
Operating and finance lease liabilities, current 538,307     172,432     204,446     30,112  
Warrants and derivative liabilities 1,648,690     1,183,096     –     –  
Accruals and other current liabilities 867,259     579,539     507,192     74,701  
Convertible debts, current 692,520     –     –     –  
Liabilities held for sale, current 2,862     –     –     –  
Total current liabilities 4,679,720     3,305,210     2,953,238     434,964  
Non-current liabilities:              
Long-term borrowings –     497,200     504,367     74,285  
Deferred revenue, non-current 5,943     41,312     76,608     11,283  
Operating and finance lease liabilities, non-current 241,109     1,400,939     1,407,379     207,284  
Other non-current liabilities 5,519     68,912     110,162     16,225  
Total non-
current liabilities 		252,571     2,008,363     2,098,516     309,077  
Total liabilities 4,932,291     5,313,573     5,051,754     744,041  
Mezzanine equity 10,255,662     10,906,520     –     –  
Total shareholders’ (deficit)/equity (5,674,531 )   (6,255,715 )   20,330,604     2,994,376  
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 9,513,422     9,964,378     25,382,358     3,738,417  
Li Auto Inc.              
Unaudited Condensed Consolidated Statements of Cash Flows              
               
Amounts expressed in RMB, unless otherwise stated 　 　 　 　
(in thousands, except for share and per share data)            
               
  Three Months Ended   Six Months Ended
  June 30,
2020 		  September
30, 2020 		  September
30, 2020 		  June 30,
2020
  (unaudited)   (unaudited)   (unaudited)   (unaudited)
          (US$)    
Net cash provided by operating activities 451,711     929,759     136,939     388,704  
Net cash used in investing activities (372,106 )   (9,883,509 )   (1,455,684 )   (553,523 )
Net cash (used in)/provided by financing activities (30,000 )   14,885,719     2,192,429     (165,977 )
Effect of exchange rate changes 1,849     (233,245 )   (34,353 )   6,509  
Net change in cash, cash equivalents and restricted cash 51,454     5,698,724     839,331     (324,287 )
Cash, cash equivalents and restricted cash at beginning of period 1,060,648     1,112,102     163,795     1,436,389  
Cash, cash equivalents and restricted cash at end of period 1,112,102     6,810,826     1,003,126     1,112,102  
                       
Net cash provided by operating activities 451,711     929,759     136,939     388,704  
Capital expenditures (150,933 )   (179,880 )   (26,493 )   (273,079 )
Free cash flow 300,778     749,879     110,446     115,625  

Li Auto Inc.              
Unaudited Reconciliation of GAAP and Non-GAAP Results              
               
Amounts expressed in RMB, unless otherwise stated 　 　 　 　
(in thousands, except for share and per share data)        
               
  Three Months Ended   Six Months Ended
  June 30,
2020 		  September
30, 2020 		  September
30, 2020 		  June 30,
2020
  (unaudited)   (unaudited)   (unaudited)   (unaudited)
          (US$)    
Cost of sales (1,687,535 )   (2,014,048 )   (296,637 )   (2,470,922 )
Shared-based compensation expenses –     1,225     180     –  
Non-GAAP cost of sales (1,687,535 )   (2,012,823 )   (296,457 )   (2,470,922 )
               
Research and development (201,440 )   (334,527 )   (49,271 )   (391,130 )
Shared-based compensation expenses –     55,715     8,206     –  
Non-GAAP research and development expenses (201,440 )   (278,812 )   (41,065 )   (391,130 )
               
Selling, general and administrative (234,543 )   (342,180 )   (50,398 )   (347,304 )
Shared-based compensation expenses –     77,993     11,487     –  
Non-GAAP selling, general and administrative expenses (234,543 )   (264,187 )   (38,911 )   (347,304 )
               
Loss from operations (176,280 )   (179,956 )   (26,505 )   (410,443 )
Shared-based compensation expenses –     134,933     19,873     –  
Non-GAAP loss from operations (176,280 )   (45,023 )   (6,632 )   (410,443 )
               
Net loss (75,162 )   (106,929 )   (15,748 )   (152,275 )
Shared-based compensation expenses –     134,933     19,873     –  
Changes in fair value of warrants and derivative liabilities (84,036 )   (12,008 )   (1,769 )   (260,319 )
Non-GAAP net (loss)/income (159,198 )   15,996     2,356     (412,594 )
               
Net loss attributable to ordinary shareholders (345,150 )   (320,650 )   (47,226 )   (578,882 )
Shared-based compensation expenses –     134,933     19,873     –  
Changes in fair value of warrants and derivative liabilities (84,036 )   (12,008 )   (1,769 )   (260,319 )
Accretion on convertible redeemable preferred shares to redemption value 264,208     120,617     17,765     530,573  
Effect of exchange rate changes on convertible redeemable preferred shares 5,780     93,104     13,713     (103,966 )
Non-GAAP net (loss)/ income attributable to ordinary shareholders (159,198 )   15,996     2,356     (412,594 )
               
Weighted average number of ADSs
(
Non-GAAP) 		             
Basic 127,500,000     614,802,583     614,802,583     127,500,000  
Diluted 127,500,000     832,252,188     832,252,188     127,500,000  
Non-GAAP net (loss)/income per ADS

attributable to ordinary shareholders

7
 		           
Basic (1.25 )   0.03     0.00     (3.24 )
Diluted (1.25 )   0.02     0.00     (3.24 )


1

All translations from Renminbi(“RMB”
)
to U.S. dollar(“US$”) are made at a rate of RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board.


2

Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.


3

The Company’
s Non-GAAP financial measures exclude share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value and the effect of exchange rate changes on convertible redeemable preferred shares
.
See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end
of
this press release.


4

Free
ca
sh flow represents
ope
rating cash flow
less
capital
expenditures
.


5

Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are calculated.


6

Each ADS represents two ordinary shares.


7

Non
–
GAAP basic net (loss)/income per ADS attributable to ordinary shareholders is calculated by dividing Non-GAAP net (loss)/income attributable to ordinary shareholders by the
weighted average number of shares outstanding during the periods. Non-GAAP diluted net (loss)/income per ADS attributable to ordinary shareholders is calculated by
dividing Non-GAAP net (loss)/income attributable to ordinary shareholders by the weighted average number of shares and dilutive potential shares outstanding during the periods, including the dilutive effect of convertible redeemable preferred shares as determined under the if-converted method
and
share-based awards as determined under the treasury stock method.



Posted on

Fang Announces Third Quarter 2020 Unaudited Financial Results

PR Newswire

BEIJING, Nov. 13, 2020 /PRNewswire/ — Fang Holdings Limited (NYSE: SFUN) (“Fang” or the “Company”), a leading real estate Internet portal in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.


Third Quarter 2020 Highlights

  • Total revenues were $56.7 million, a decrease of 16.1% from $67.6 million in the corresponding period of 2019.
  • Operating income from continuing operations was $17.7 million, a decrease of 33.7% from $26.7 million in the corresponding period of 2019.
  • Net income was $10.9 million, an increase of 1,393.3% from $0.7 million in the corresponding period of 2019.


Third Quarter 2020 Financial Results

Revenues

Fang reported total revenues of $56.7 million in the third quarter of 2020, a decrease of 16.1% from $67.6 million in the corresponding period of 2019, mainly due to the decrease in revenues from listing services.   

  • Revenue from marketing services was $30.3 million in the third quarter of 2020, which remained relatively stable with $30.0 million in the corresponding period of 2019.
  • Revenue from listing services was $10.1 million in the third quarter of 2020, a decrease of 48.2% from $19.4 million in the corresponding period of 2019, mainly due to the decrease in the number of paying customer.
  • Revenue from leads generation services was $12.9 million in the third quarter of 2020, a decrease of 8.2% from $14.1 million in the corresponding period of 2019.
  • Revenue from financial services was $1.9 million in the third quarter of 2020, an increase of 9.0% from $1.7 million in the corresponding period of 2019, mainly due to an increase in average loan receivable balances.

Cost of Revenue

Cost of revenue was $5.1 million in the third quarter of 2020, a decrease of 11.0% from $5.7 million in the corresponding period of 2019, primarily due to optimization in cost structure.

Operating Expenses

Operating expenses were $35.1 million in the third quarter of 2020, a decrease of 3.9% from 36.5 million in the corresponding period of 2019, mainly due to the decrease in staff related costs.

  • Selling expenses were $15.1 million in the third quarter of 2020, which remained relatively stable with $14.8 million in the corresponding period of 2019.
  • General and administrative expenses were $20.0 million in the third quarter of 2020, a decrease of 7.8% from $21.7 million in the corresponding period of 2019, mainly due to the decrease in staff related costs.

Operating Income from Continuing Operations

Operating income from continuing operations was $17.7 million in the third quarter of 2020, a decrease of 33.7% from $26.7 million in the corresponding period of 2019, mainly due to the decrease in total revenue.

Change in Fair Value of Securities

Change in fair value of securities for the third quarter of 2020 was a gain of $19.4 million, compared to a loss of $26.1 million in the corresponding period of 2019, mainly due to the fluctuation in market price of investments in equity securities.

Income Tax Expenses

Income tax expenses were $19.2 million in the third quarter of 2020, compared to income tax benefits of $0.1 million in the corresponding period of 2019, mainly due to the effect of change in fair value of equity securities.

Net Income

Net income was $10.9 million in the third quarter of 2020, an increase of 1,393.3% from net income of $0.7 million in the corresponding period of 2019.

Business Outlook

Based on current operations and market conditions, Fang’s management predicts a positive net income for the year of 2020, which represents management’s current and preliminary view and is subject to change.


Conference Call Information

Fang’s management team will host a conference call on the same day at 7:00 AM U.S. EST (8:00 PM Beijing/Hong Kong time). The dial-in details for the live conference call are:


International Toll:

+65 67135600


Toll-Free/Local Toll:

United States

+1 877-440-9253 / +1 631-460-7472

Hong Kong

+852 800-906-603 / +852 3018-6773

Mainland China

+86 800-870-0075 / +86 400-120-0948

Direct Event Passcode

1383200#

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1383200#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1383200#), and your unique Registrant ID, followed by the pound or hash (#) sign to get into the call.

Direct Event online registration: http://apac.directeventreg.com/registration/event/2585897

A telephone replay of the call will be available after the conclusion of the conference call from 10:00 AM ET on November 13, 2020 through 7:59 AM ETNovember 21, 2020. The dial-in details for the telephone replay are:


International Toll:

+61 2-8199-0299


Toll-Free/Local Toll:

United States

+1 855-452-5696 / +1 646-254-3697

Hong Kong

+852 800-963-117 / +852 3051-2780

Mainland China

+86 400-602-2065 / +86 800-870-0206

Conference ID:

2585897

A live and archived webcast of the conference call will be available on Fang’s website at http://ir.fang.com.

About Fang

Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China’s fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking 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,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding Fang’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Fang’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of Fang’s business development strategies, the impact of the COVID-19 pandemic, and the impact of current and future government policies affecting China’s real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang’s filings with the U.S. Securities and Exchange Commission. Fang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

 


Fang Holdings Limited


Unaudited Condensed Consolidated Balance Sheets


(in thousands of U.S. dollars, except share data and per share data)


ASSETS


September 30,


December 31,


2020


2019


Current assets:

Cash and cash equivalents

111,848

105,282

Restricted cash, current

229,168

219,096

Short-term investments

253,135

194,720

Accounts receivable, net

98,999

66,379

Funds receivable

4,514

8,372

Prepayment and other current assets

32,494

31,509

Commitment deposits

193

188

Loans receivable, current

73,899

60,490

Amounts due from related parties

744

644


Total current assets 


804,994


686,680


Non-current assets:

Property and equipment, net

693,219

695,457

Deferred tax assets

3,145

6,570

Deposits for non-current assets

499

618

Restricted cash, non-current portion

44,086

42,452

Long-term investments

246,462

341,946

Other non-current assets

38,496

39,179


Total non-current assets


1,025,907


1,126,222


Total assets


1,830,901


1,812,902


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities:

Short-term loans

300,301

264,624

Short-term bond payable

106,209

102,779

Deferred revenue

132,895

134,143

Accrued expenses and other liabilities

112,971

120,244

Customers’ refundable fees

3,915

4,981

Income tax payable

14,733

4,207

Amounts due to related parties

12,472

9,227


Total current liabilities


683,496


640,205


Non-current liabilities:

Long-term loans

150,299

184,158

Convertible senior notes

168,452

168,929

Deferred tax liabilities

95,985

90,723

Other non-current liabilities

114,049

138,435


Total non-current liabilities


528,785


582,245


Total Liabilities  


1,212,281


1,222,450


Equity:

Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share,
600,000,000 shares authorized for Class A and Class B in aggregate, issued
shares as of December 31, 2019 and September 30, 2020: 71,775,686 and   

71,775,686; outstanding shares as of December 31, 2019 and September
30, 2020: 65,403,527 and 65,715,527

9,244

9,244

Class B ordinary shares, par value HK$1 per share, 600,000,000 shares
authorized for Class A and Class B in aggregate, and 24,336,650 shares
and 24,336,650 shares issued and outstanding as at December 31, 2019
and September 30, 2020, respectively

3,124

3,124

Treasury stock

(117,183)

(123,216)

Additional paid-in capital

540,049

528,620

Accumulated other comprehensive loss

(75,247)

(98,371)

Retained earnings

257,939

270,358


Total Fang Holdings Limited shareholders’ equity


617,926


589,759

Non controlling interests

694

693


Total equity


618,620


590,452


TOTAL LIABILITIES AND EQUITY


1,830,901


1,812,902

 

 

 


Unaudited Condensed Consolidated Statements of Comprehensive Income[i]


(in thousands of U.S. dollars, except share data and per share data)


Three months ended


September 30,


September 30,


2020


2019


Revenues:

Marketing services

30,273

29,993

Listing services

10,061

19,438

Leads generation services

12,948

14,099

Financial services

1,864

1,710

Value-added services

1,382

1,514

E-commerce services

149

796


Total revenues


56,677


67,550


Cost of revenues:

Cost of services

(5,066)

(5,694)


Total cost of revenues


(5,066)


(5,694)


Gross profit


51,611


61,856


Operating expenses and income:

Selling expenses

(15,077)

(14,822)

General and administrative expenses

(20,005)

(21,688)

Other income

1,191

1,385


Operating income


17,720


26,731

Foreign exchange (loss)/income

(5,138)

832

Interest income

3,192

1,562

Interest expense

(5,527)

(5,185)

Investment income

460

2,068

Realized gain on sale of available-for-sale
securities

–

711

Change in fair value of securities

19,393

(26,148)

Government grants

72

44


Income before income taxes and noncontrolling
interests

 


30,172

 


615


Income tax expense

Income tax (expense)/benefit

(19,241)

117


Net income


10,931


732

Net income attributable to noncontrolling
interests

–

–


Net income attributable to Fang Holdings Limited
shareholders

 


10,931

 


732


Earnings per share for Class A and Class B ordinary shares:

Basic

0.12

0.01

Diluted

0.12

0.01



[i]
 On June 19, 2020, a ratio change that had the same effect as a 1-for-10 reverse ADS split took effect, and
as a result, one ADS currently represents ten Class A ordinary shares.

 

Cision View original content:http://www.prnewswire.com/news-releases/fang-announces-third-quarter-2020-unaudited-financial-results-301172642.html

SOURCE Fang Holdings Limited

Posted on

BigCommerce Announces Pricing of Follow-on Public Offering

AUSTIN, Texas, Nov. 13, 2020 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce” or the “Company”) (Nasdaq: BIGC) today announced the pricing of its previously announced follow-on public offering of its Series 1 common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) at a price to the public of $68.00 per share. BigCommerce is offering 1,000,000 shares of its Series 1 common stock and the selling stockholders named in the registration statement, including certain members of management and entities affiliated with directors of the Company, are offering 4,000,000 shares of the Company’s Series 1 common stock. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of the Company’s Series 1 common stock at the public offering price. The Company will not receive any proceeds from the sale of the shares by the selling stockholders. The offering is expected to close on November 17, 2020, subject to customary closing conditions.

J.P. Morgan and Barclays are serving as lead book-running managers for the proposed offering. Morgan Stanley, Jefferies and KeyBanc Capital Markets are acting as book-running managers. Canaccord Genuity, Needham & Company, Piper Sandler, Raymond James, Stifel and Truist Securities are acting as co-managers for the offering.

A registration statement relating to these securities was declared effective by the SEC on November 12, 2020. The offering is being made only by means of a prospectus. A copy of the prospectus, when available, may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847 or by email at [email protected].

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BigCommerce

BigCommerce is a leading software-as-a-service (SaaS) ecommerce platform that simplifies the creation of beautiful, engaging online stores by delivering a unique combination of ease-of-use, enterprise functionality, and flexibility. BigCommerce powers both our customers’ branded ecommerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems. As of September 30, 2020, BigCommerce served approximately 60,000 online stores across industries in approximately 150 countries, including Ben & Jerry’s, Skullcandy, Sony, and Woolrich. Headquartered in Austin, BigCommerce has offices in San Francisco, Sydney, and London.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Forward-looking statements in this release include, but are not limited to, statements concerning the completion, timing and size of the proposed public offering. The Company’s expectations and beliefs regarding these matters may not materialize and could change, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” in the Company’s filings with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, as well as any other future annual, quarterly and current reports that it files with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

Media Relations Contact

Rachael Hensley
[email protected]
ICR PR for BigCommerce
[email protected]

Investor Relations Contact

Rohit Giri
[email protected]



Posted on

triBalance Completes First FX SA-CCR Optimization Cycle

PR Newswire

LONDON and NEW YORK, Nov. 13, 2020 /PRNewswire/ — TriOptima, a leading infrastructure service that helps to lower costs and to mitigate risk in OTC derivatives markets, announced the completion of its first triBalance FX cycle optimizing exposures for clients who calculate their leverage ratio capital requirements under the Standardized Approach for Measuring Counterparty Credit Risk (SA-CCR). Bilateral and cleared initial margin exposures were simultaneously optimized in the FX cycle that took place on October 29, 2020.

The triBalance service has been available for cleared and bilateral transactions since 2017. triBalance generates a customized set of new risk reducing transactions that allow clients to redistribute bilateral exposures within TriOptima’s multilateral network to manage counterparty credit risk.

“TriOptima is preparing FX clients for the new SA-CCR requirements that are currently being phased in across the major jurisdictions before the end of next year,” said Philip Junod, Senior Director, triReduce and triBalance Business Management. “Being the first to include the all-in net exposures in our optimization cycle helps us support our network of thirty banks, the largest multilateral network in the industry, as they seek to reduce their counterparty risk and manage their capital exposures.”

TriOptima runs weekly FX optimization cycles for 30 currency pairs and will include SA-CCR optimization in all future cycles.

TriOptima is a part of CME Group. For more information on TriOptima offerings, visit here.

About CME Group
As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.  With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively.  Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners. 

CME-G

Cision View original content:http://www.prnewswire.com/news-releases/tribalance-completes-first-fx-sa-ccr-optimization-cycle-301172480.html

SOURCE CME Group

Posted on

Positive Results from RhoVac’s Clinical Phase I/II Study published in Journal of ImmunoTherapy of Cancer

PR Newswire

STOCKHOLM, Nov. 13, 2020 /PRNewswire/ — RhoVac announces today, November 13, 2020, that the results of its clinical phase I/II study have been published in the Journal for ImmunoTherapy of Cancer (JITC). The scientifically reviewed article reports that the treatment with RhoVac’s drug candidate RV001 was safe and well tolerated, and that a long-lasting immune response could be generated in the vast majority of patients. In the patients who had a measurable PSA when they started the study, a markedly increased PSA doubling time was seen, indicating cancer-specific effectiveness.

The Phase I / II clinical study included 22 patients who had previously undergone radical prostatectomy. These patients received injections subcutaneously with RV001 for a total of 30 weeks. Safety and vaccine-specific immune responses were evaluated during treatment and thereafter for a follow-up period of 13 months. As previously reported, RV001 was well tolerated, and no serious treatment-related adverse reactions were observed. Regarding immunological effects, most patients developed a strong CD4 T-cell response that lasted for at least ten months after the last injection of treatment. The RV001-induced T cells were polyfunctional and, according to the authors of the article, well equipped for anti-tumour effect. Serum levels of prostate-specific antigen (PSA) were also monitored before and after treatment and PSA doubling time was calculated. This is considered an important predictive factor for metastasis and recurrence in cancer. In those patients who had measurable PSA at the start of the study, a markedly prolonged PSA doubling time was seen after treatment. For further details, please refer to the publication – see link below.

RhoVac’s drug candidate, RV001, is based on a well-proven method for antigen-based T-cell activation (cancer vaccination) but adds two new components to the concept. On the one hand, the use of a new target protein, RhoC, which is a protein that is overexpressed in metastatic cancer cells of various tissue types. As the overexpression of RhoC is not tissue-specific, the treatment concept could therefore work in many different types of cancer. Initially, however, RhoVac intends to confirm that it works in prostate cancer. The other new parameter in RhoVac’s drug concept is the treatment paradigm. Previous developmental cancer vaccines have been targeted at late-stage cancer treatment, but RhoVac has done the opposite and targeted its drug candidate at early treatment, after surgery or radiation of the primary tumour, to delay or even prevent the formation of metastases.

“The study met both the primary and secondary endpoints, demonstrating an excellent safety and tolerability profile, and also that the vaccine developed with RhoC as the target protein induced a potent and long-lasting T cell immunity in the majority of patients. Based on these results, we believe that vaccination with RhoC as the target protein, after initial treatment against the primary tumour, can potentially delay or prevent recurrence and metastasis. The next step is to conduct further clinical trials to see if the substantial increase in PSA doubling time can be confirmed in a larger patient group”, says Klaus Brasso, Scientific Advisor to RhoVac and Principal Investigator in the study.

Such a major trial is already well underway. A clinical phase IIb study that will include ca. 180 patients is currently ongoing in Europe (Denmark, Sweden, Finland, Germany, Belgium and the United Kingdom) and in the United States. The study is planned to be completed in early 2022 and it aims to produce results that show a solid clinical “proof of concept”.

RhoVac’s CEO, Anders Månsson, comments: “We are extremely pleased that the detailed analysis of the results of our Phase I/II study has now been published. This will for sure attract attention in immuno-oncology in general, and in the field of prostate cancer specifically, all around the world.”

This disclosure contains information that RhoVac is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 13-11-202009:35 CET.

For further information, please contact:

Anders Månsson – CEO, RhoVac AB
Phone number: +46 73-751 72 78
E-mail: [email protected]

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

https://news.cision.com/rhovac/r/positive-results-from-rhovac-s-clinical-phase-i-ii-study-published-in-journal-of-immunotherapy-of-ca,c3236680

The following files are available for download:

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SOURCE RhoVac

Posted on

Infosys Positioned as a Leader in the Everest Group PEAK Matrix® for Cloud-native Application Development Service Providers 2020

PR Newswire

BENGALURU, India, Nov. 13, 2020 /PRNewswire/ — Infosys (NYSE: INFY), the global leader in next-generation digital services and consulting, today announced that it has been positioned as a Leader in Everest Group’s PEAK Matrix® for Cloud-native Application Development Service Providers 2020. Infosys was recognized for its ability to help organizations augment their digital capabilities, modernize their core systems, and deliver design-led experiences in an agile manner. Backed by deep domain expertise and experience, Infosys leverages platforms such as Infosys PolyCloud Platform and Infosys Cloud Native Development Platform, part of Infosys Cobalt, to simplify and accelerate cloud native journey for its clients.

Infosys Logo

Everest Group assessed 21 leading service providers through a multi-phased research and analysis process for their vision and capabilities in the cloud-native applications development space. Infosys’ cloud-native application development services include API, microservices, PaaS, observability, security, and DevSecOps.

The key highlights of the report include:

  • Design thinking approach and joint workshops with clients that have helped build and demonstrate POCs, thus, fostering client confidence
  • Mature set of tools and accelerators that enable predictability and consistency in its cloud-native engagements
  • Strong pool of domain experts across industry verticals, which enables it to contextualize cloud-native solutions with a better understanding of clients’ businesses
  • Infosys’ upskilling initiatives that help provide consistent and quality delivery teams in cloud-native engagements
  • Extensive partnership with ISVs and cloud service providers to develop joint solutions and enhanced service offerings for clients

“Rapidly evolving market conditions have put unprecedented pressure on enterprises to differentiate themselves and find more agile, scalable, and cost-effective means to develop applications. In response, they are increasingly relying on cloud-native development,” said Alisha Mittal, Practice Director, Everest Group. “Infosys is enabling its clients to develop resilient cloud-native applications leveraging Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys’ clients also appreciate its talent initiatives, design thinking approach, and domain expertise across industry verticals.”

“Cloud native applications and technologies are the way forward to drive innovation, resilience and deliver well-recognized business value to customers. It is an ideal approach for enterprises that are looking to build and run responsive, scalable, and fault-agnostic apps across public, private, or hybrid clouds,” said Shaji Mathew, Executive Vice President, Infosys. “Our positioning as a Leader in the report validates our deep domain knowledge backed by offerings from Infosys Cobalt to contextualize cloud-native solutions specific to our clients’ businesses across industry verticals.”

A complimentary custom copy of Everest Group PEAK Matrix® for Cloud-native Application Development Service Providers 2020 can be accessed here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

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SOURCE Infosys

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AAK to build a Plant-based Foods Global Center of Excellence

PR Newswire

KARLSHAMN, Sweden, Nov. 13, 2020 /PRNewswire/ — In line with its strategic direction, AAK AB (publ.) has decided to establish a Plant-based Foods Global Center of Excellence on the company’s premises in Zaandijk, the Netherlands. AAK has been operating here for decades and this strategic location, near Amsterdam in one of Europe’s largest food and agribusiness economies, offers proximity to many customers and industry peers as well as the nearby `Wageningen Food Valley’.

“Investing in this Plant-based Foods Global Center of Excellence reaffirms our commitment to grow our presence in this dynamic and fast-paced category”, said Johan Westman, President and CEO, AAK Group. “Acting as a knowledge center for our plant-based activities, we will develop and showcase our plant-based innovations to support customers across the world.”

To meet the fast-growing demand for plant-based foods, AAK last year launched its AkoPlanet™ by AAK portfolio with tailor-made vegetable oil and fat solutions for food and beverage manufacturers developing plant-based meat and dairy products for the retail and foodservice channels. With the establishment of the Global Center of Excellence, AAK further strengthens its capabilities for plant-based foods.

The three-story state-of-the-art center showcasing AAK’s co-development process will feature two pilot plants, an analytical laboratory, a customer experience kitchen, and a sensory suite all under one AAK roof, allowing customers to bring great-tasting food and beverages to market faster and with confidence.  

“The long-term outlook for plant-based foods is strong with sales growth outpacing that of other foods”, said Niall Sands, President Plant-based Foods at AAK. “This development is driven by several factors, among them a growth in flexitarianism, an increased focus on health and well-being, and sustainability and climate concerns among many consumers.”

The center is expected to be operational by the end of 2021.

For further information, please contact:

Niall Sands

President Plant-based Foods
Mobile: +44 7814 225 115
E-mail: [email protected]  

Fredrik Nilsson
CFO
Mobile: +46 708 95 22 21
E-mail: [email protected]

The information was submitted for publication at 9:00 a.m. CET on November 13, 2020.

AAK is a leading provider of value-adding vegetable oils & fats. Our expertise in lipid technology within foods and special nutrition applications, our wide range of raw materials and our broad process capabilities enable us to develop innovative and value-adding solutions across many industries – Chocolate & Confectionery, Bakery, Dairy, Plant-based Foods, Special Nutrition, Foodservice, Personal Care, and more. AAK’s proven expertise is based on more than 140 years of experience within oils & fats. Our unique co-development approach brings our customers’ skills and know-how together with our own capabilities and mindset for lasting results. Listed on Nasdaq Stockholm and with our headquarters in Malmö, Sweden, AAK has more than 20 different production facilities, sales offices in more than 25 countries and more than 3,900 employees. We are AAK – The Co-Development Company.

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

https://news.cision.com/aak-ab/r/aak-to-build-a-plant-based-foods-global-center-of-excellence,c3236604

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SOURCE AAK AB

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Victory Square Technologies Portfolio Company’s Leishmaniasis Rapid Test Receives Brazilian MAPA Approval for Sale & Use for the Country of Brazil and Enters into a Sales & Distribution Contract with Ecodiagnostica of Brazil

  • Victory Square Health’s
    Leishmaniasis Rapid Test
    received Brazilian MAPA approval for sale and usage in Brazil and export to Mercosur Countries in Central and South America
  • Leishmaniasis is a parasitic disease that affects humans and canines in Southern Europe, Central America, South America, Mexico and the Middle East
  • About 4 to 12 million people are currently infected


    [4]




    [5]


    in some 98 countries.


    [3]


    About 2 million new cases


    [3]


    occur annually that if undetected and untreated can cause disabilities and death.
  • About 200 million people in Asia, Africa, South and Central America, and southern Europe live in areas where the disease is common.


    [3]




    [11]
  • The Company has already received a sales order from
    Ecodiagnostica
    of Brazil for
    the
    newly approved Leishmaniasis Rapid Test

VANCOUVER, British Columbia, Nov. 13, 2020 (GLOBE NEWSWIRE) — Victory Square Health Inc./Safetest (“VS Health” or the “Company”) – a portfolio company of Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) announced today that it was granted approval by the Brazilian Ministry of Agriculture, Livestock, and Food Supply (MAPA) to commence marketing, sales and distribution for its Leishmaniasis Rapid Test in Brazil and export to Mercosur Countries (Argentina, Paraguay, Uruguay, and Venezuela) in Central and South America. The Company entered into a sales & distribution contract and formal partnership for the Leishmaniasis test with Ecodiagnostica of Brazil.

Leishmaniasis, is one of the world’s most neglected diseases and VS Health is strategically positioned to address this unmet need for quick and reliable testing.

Leishmaniasis is a parasitic disease that affects humans and canines in Southern Europe, Central America, South America, Mexico and the Middle East. About 4 to 12 million people are currently infected[4][5] in some 98 countries.[3] About 2 million new cases[3] occur annually that if undetected and untreated can cause disabilities and death. About 200 million people in Asia, Africa, South and Central America, and southern Europe live in areas where the disease is common.[3][11]

VS Health has developed and validated the clinical performance of its Leishmaniasis diagnostic test with a results that exceeds currently available tests with greater sensitivity and specificity in correctly diagnosing Leishmaniasis both in humans and canines with a sensitivity of 93.2% and specificity of a leading 91.3%.

The Company is pleased to have entered into a partnership, sales and distribution contract with Ecodiagnostica of Brazil for the sale of the Leishmaniasis test for South America. Ecodiagnostica (http://ecodiagnostica.com.br) manufactures and distributes products for the market of human diagnosis, veterinary, and food safety. Founded in 2012, Ecodiagnostica is based in Nova Lima, Brazil and has extensive sales and distribution networks across South America and beyond. Ecodiagnostica has placed an initial order of the VSH Leishmaniasis test at time of release.

“I am very pleased to announce our latest approval for another one of our tests in partnership with Ecodiagnostica. Our Leishmaniasis test is just one of many tests currently approved or in our development pipeline. Our global distribution and sales network has grown exponentially with our numerous approvals of our Safetest Covid-19 testing products. These new avenues and new partnership agreements will provide this test and others with easy access to key markets,” said Felipe Peixoto, CEO of Victory Square Health.

VS Health was founded in 2016 to accelerate the development of personalized medicine and technology solutions including diagnostic tests to support patient’s care and improve health outcomes. Its first product, the Leishmaniasis Rapid Test, was developed in partnership with the UFMG, Federal University of Minas Gerais. Safetest took advantage of its expertise in the subject to develop other antibody-based tests and a robust R&D pipelines of diagnostic kits for Hansen’s Disease, Brucellosis, HTLV and Blood samples screening tests.


Disclaimer:

The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time

Check out VictorySquare.com and sign up to VST’s official newsletter at www.VictorySquare.com/newsletter.

Reference (1)
WHO Expert Committee. Control of the leishmaniasis: Report of a meeting of the WHO Expert Committee on the Control of Leishmaniases, Geneva, 2010; 22-26 March. WHO Technical Report Series; 949:1-186. Available from: http://apps.who.int/iris/bitstream/10665/44412/1/WHO_TRS_949_eng.pdf

Reference (2)
PARASITOLOGY – CHAPTER TWO BLOOD AND TISSUE PROTOZOA PART 1 TRYPANOSOMIASIS AND LEISHMANIASIS
Dr Abdul Ghaffar Professor Emeritus University of South Carolina http://www.microbiologybook.org

On behalf of the board,

Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies

For further information about the Company, please contact:

Investor Relations Contact – Alex Tzilios
Email: [email protected]
Telephone: 778-867-0482

Media Relations Contact – Howard Blank, Director
Email: [email protected]
Telephone: 604-928-6066

ABOUT VICTORY SQUARE TECHNOLOGIES INC.

Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.

VST’s sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.

What we do differently for startups
VST isn’t just another investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.

What we do differently for investors
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).

For investors, we offer early-stage access to the next unicorns before they’re unicorns.

Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.

Forward Looking Statement

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries, including Victory Square Health Inc., and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.