Market Newsdesk

• Pivotal Phase 3 trial in United Kingdom completes enrollment
  
• Phase 2b efficacy trial in South Africa completes enrollment
• U.S./Mexico Phase 3 trial expected to begin in the coming weeks

GAITHERSBURG, Md., Nov. 30, 2020 (GLOBE NEWSWIRE) — Novavax, Inc. (Nasdaq: NVAX), a late-stage biotechnology company developing next-generation vaccines for serious infectious diseases, today provided an update on its COVID-19 vaccine program. NVX‑CoV2373 is a stable, prefusion protein antigen derived from the genetic sequence of the SARS-CoV-2 coronavirus spike (S) protein and adjuvanted with Novavax’ proprietary Matrix‑M™.

“Novavax is in a leading position to significantly contribute to the need for safe and efficacious vaccines that will ultimately end the worldwide COVID-19 pandemic,” said Stanley C. Erck, President and Chief Executive Officer, Novavax. “We continue to make meaningful progress as we work to test, manufacture and ultimately deliver NVX-CoV2373 with unprecedented speed, as well as put partnerships in place that would ensure widespread and equitable access worldwide.”

Two of the three planned late-stage efficacy trials for NVX-CoV2373 sponsored by Novavax are fully enrolled, and more than 20,000 participants have been dosed to-date. The primary efficacy endpoints for these trials have been harmonized and reviewed by global regulatory agencies in order to facilitate regulatory approval and ensure that the results are generalizable across global populations. In alignment with Novavax’ commitment to transparency, Phase 3 clinical trial protocols are posted to the company’s website at Novavax.com/resources upon finalization.

United Kingdom (U.K.) pivotal Phase 3 trial update

Novavax completed enrollment of 15,000 participants in a pivotal Phase 3 clinical trial being conducted in the U.K. to determine efficacy and safety of NVX-CoV2373. The U.K. Vaccines Taskforce and National Institute for Health Research played pivotal roles in the rapid recruitment and enrollment of volunteers.

Interim data in this event-driven trial are expected as soon as early first quarter 2021, although the timing depends on the overall COVID-19 rate in the region. These data are expected to serve as the basis for licensure application in the U.K., European Union and other countries. More than 25 percent of enrollees in the trial are over the age of 65, while a large proportion of volunteers had underlying co-morbid medical conditions generally representative of the population.

South Africa Phase 2b trial update

The Phase 2b trial taking place in South Africa to evaluate safety and provide an early indication of efficacy is now fully enrolled. A total of 4,422 volunteers are taking part in the trial, which includes 245 medically stable, HIV-positive participants.

This trial is expected to increase the body of efficacy data of NVX-CoV2373 in racially and geographically diverse populations as well as in older adults. As in the U.K., availability of efficacy data depends on the illness rate in South Africa and may be available as soon as the first quarter 2021. The trial is being conducted in collaboration with Professor Shabir Mahdi and Wits University and is funded in part by the Bill & Melinda Gates Foundation. The Coalition for Epidemic Preparedness Innovations (CEPI) funded the manufacturing of doses of NVX-CoV2373 for this Phase 2b clinical trial.

U.S./Mexico pivotal Phase 3 trial update

Novavax expects its pivotal Phase 3 clinical trial in the United States and Mexico to begin in the coming weeks. More than 100 trial sites have been selected with some alternate sites in place, should they be needed.

Preliminary blinded data on NVX-CoV2373 in older adults needed to proceed to Phase 3 has previously been positively reviewed by the Food and Drug Administration (FDA). Additional clinical data from the Phase 2 trial conducted in the U.S. and Australia are expected to be unblinded in Q1 and will be targeted for publication.

Novavax will use vaccine material produced at commercial scale for this trial. Therefore, the Company has been working closely with the FDA to complete trial-initiation gating activities related to its commercial-scale production at FUJIFILM Diosynth Biotechnologies in Research Triangle Park, North Carolina.

Novavax was awarded $1.6 billion in funding from the U.S. government to meet its Operation Warp Speed goals to expedite the delivery of millions of doses of safe, effective vaccines for COVID-19. The award is funding the U.S. and Mexico pivotal Phase 3 trial and manufacturing scale-up. 

About NVX-CoV2373

NVX-CoV2373 is a protein-based vaccine candidate engineered from the genetic sequence of SARS-CoV-2, the virus that causes COVID-19 disease. NVX-CoV2373 was created using Novavax’ recombinant nanoparticle technology to generate antigen derived from the coronavirus spike (S) protein adjuvanted with Novavax’ patented saponin-based Matrix-M™ to enhance the immune response and stimulate high levels of neutralizing antibodies. NVX-CoV2373 contains purified protein antigen and can neither replicate, nor can it cause COVID-19. In preclinical studies, NVX-CoV2373 induced antibodies that block binding of spike protein to cellular receptors and provided protection from infection and disease. NVX-CoV2373 was generally well-tolerated and elicited robust antibody responses numerically superior to that seen in human convalescent sera in Phase 1/2 clinical testing. NVX-CoV2373 is being evaluated in a Phase 3 trial in the U.K. and two ongoing Phase 2 studies that began in August: a Phase 2b trial in South Africa, and a Phase 1/2 continuation in the U.S. and Australia. Novavax has secured $2 billion in funding for its global coronavirus vaccine program, including up to $399 million in funding from the Coalition for Epidemic Preparedness Innovations (CEPI) and more than $1.6 billion from the U.S. Government’s Operation Warp Speed program.

About Novavax

Novavax, Inc. (Nasdaq: NVAX) is a late-stage biotechnology company that promotes improved health globally through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases. Novavax is undertaking clinical trials for NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19. NanoFlu™, its quadrivalent influenza nanoparticle vaccine, met all primary objectives in its pivotal Phase 3 clinical trial in older adults. Both vaccine candidates incorporate Novavax’ proprietary saponin-based Matrix-M™ adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies. Novavax is a leading innovator of recombinant vaccines; its proprietary recombinant technology platform combines the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles in order to address urgent global health needs.

For more information, visit www.novavax.com and connect with us on Twitter and LinkedIn.

Novavax Forward Looking Statements

Statements herein relating to the future of Novavax and the ongoing development of its vaccine and adjuvant products are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those identified under the heading “Risk Factors” in the Novavax Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Form 10-Q for the period ended September 30, 2020, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Contacts:
Investors
Erika Trahan
[email protected]
240-268-2022

Media
Edna Kaplan
[email protected]
617-974-8659

BEIJING, Nov. 30, 2020 (GLOBE NEWSWIRE) — 36Kr Holdings Inc. (“36Kr” or the “Company” or “We”) (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced its unaudited financial results for the third quarter 2020 ended September 30, 2020.

Third Quarter 2020 Operational and Financial Highlights

• Average monthly page views (“PV”) for the twelve-month period ended September 30, 2020 increased by 45.4% to 566.3 million, from 389.5 million for the twelve-month period ended September 30, 2019.
   
• Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders was RMB14.0 million (US$2.1 million), compared to RMB635.6 million in the same period of 2019.

First Nine Months 2020 Financial Highlights

• Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders was RMB188.9 million (US$27.8 million), compared to RMB949.1 million in the same period of 2019.

Selected Operating Data

		For the Nine Months Ended September 30 ，
		2019		2020
Online advertising services
Number of online advertising services end customers		329		354
Average revenue per online advertising services end customer (RMB’000)1		406.0		292.3
Enterprise value-added services
Number of enterprise value-added services end customers		241		172
Average revenue per enterprise value-added services end customer (RMB’000)2		684.8		882.8
Subscription services
Number of individual subscribers		14,052		5,777
Average revenue per individual subscriber (RMB)3		1,377.1		484.1
Number of institutional investor subscribers		127		102
Average revenue per institutional investor subscriber (RMB’000)4		101.3		67.0
Number of enterprise subscribers		262		392
Average revenue per enterprise subscriber (RMB’000)5		7.5		0.9

¹ Equals revenues generated from online advertising services for a period divided by the number of online advertising services end customers in the same period.
² Equals revenues generated from enterprise value-added services for a period divided by the number of enterprise value-added services end customers in the same period.
³ Equals revenues generated from individual subscription services for a period divided by the number of individual subscribers in the same period.
⁴ Equals revenues generated from institutional investor subscription services for a period divided by the number of institutional investor subscribers in the same period.
⁵ Equals revenues generated from enterprise subscription services for a period divided by the number of enterprise subscribers in the same period.

Mr. Dagang Feng, co-chairman and chief executive officer of 36Kr, commented, “With a focus on operations during the third quarter, we achieved encouraging sequential recovery across key traffic metrics, despite the impact of lingering pandemic-related macro challenges. In the third quarter, we reached a record high average monthly PV of 566.3 million for the twelve months ended September 30, 2020, marking our 10th consecutive quarter of PV growth. Our livestreaming and short-video content initiatives continue to attract increasing traffic and drive greater engagement, especially with the younger generation. Notably, we also achieved year-over-year revenue growth in our enterprise value-added services in the third quarter, demonstrating the vitality and robustness of this business segment.

“Our fundamentals remain solid and as COVID-19 containment measures are gradually relaxed in China, most offline activities are returning to normalcy. As we broaden industry-leading professionally generated content (“PGC”) and user generated content (“UGC”) production capabilities along with our innovative and attractive value-added services, we are well positioned in the booming New Economy community. Supported by our stellar brand, we will continue our strategic efforts to boost the diversity of our product and service offerings, optimize our network communities, increase our customer base and further explore new growth opportunities to improve our monetization capabilities,” Mr. Feng concluded.

Ms. Jihong Liang, director, and chief financial officer of 36Kr, stated, “Despite the challenging operating environment, our third quarter financial performance showed meaningful improvement, particularly on a quarter-over-quarter basis. Nevertheless, our total revenues in this quarter slightly decreased on a year-over-year basis, which was primarily attributable to the lingering impact of COVID-19. We have achieved positive operating cash flow for the second consecutive quarter, which further reflects our capabilities to navigate market dynamics. In addition, our account receivables continued to improve, supported by our adjusted prepayment policies and our optimization of client base for a better quality. Moreover, we maintained prudent investment in technologies that are critical to further innovation and future growth. We remain committed to the promising development of the New Economy and believe our competitive strengths will allow us to withstand challenges and thrive in the community with our partners.”

Third Quarter 2020 Financial Results

Total revenues were RMB123.5 million (US$18.2 million) in the third quarter of 2020, compared to RMB130.9 million in the same period of 2019.

• Online advertising services revenues decreased by 5.5% to RMB51.1 million (US$7.5 million) in the third quarter of 2020, from RMB54.1 million in the same period of 2019. The decrease was primarily attributable to the relatively weak demand from certain advertisers in the wake of COVID-19.
   
• Enterprise value-added services revenues increased by 3.8% to RMB66.4 million (US$9.8 million) in the third quarter of 2020, from RMB64.0 million in the same period of 2019. The increase was primarily attributable to the recovering demands from certain enterprise value-added services customers.
   
• Subscription services revenues were RMB6.0 million (US$0.9 million) in the third quarter of 2020, compared to RMB12.9 million in the same period of 2019. The decrease was primarily attributable to the decrease of individual subscription revenues associated with relatively weak demand.

Cost of revenues was RMB76.6 million (US$11.3 million) in the third quarter of 2020, compared to RMB75.8 million in the same period of 2019.

Gross profit was RMB46.8 million (US$6.9 million) in the third quarter of 2020, compared to RMB55.1 million in the same period of 2019.

Operating expenses were RMB63.2 million (US$9.3 million) in the third quarter of 2020, compared to RMB77.9 million in the same period of 2019. The decrease was mainly due to decrease in general and administrative expenses in the third quarter of 2020.

• Sales and marketing expenses were RMB31.6 million (US$4.7 million) in the third quarter of 2020, compared to RMB31.8 million in the same period of 2019. The decrease was primarily attributable to the decrease of payroll-related expenses, partially offset by the increase of share-based compensation expenses.
   
• General and administrative expenses decreased by 45.3% to RMB20.5 million (US$3.0 million) in the third quarter of 2020, compared to RMB37.4 million in the same period of 2019. The decrease was primarily attributable to the decrease of share-based compensation expenses, partially offset by the increase of professional fees.
   
• Research and development expenses increased by 28.6% to RMB11.2 million (US$1.6 million) in the third quarter of 2020, compared to RMB8.7 million in the same period of 2019. The increase was primarily attributable to the increase in technology expenses related to technology procurement, device maintenance and testing.

Share-based compensation expenses recognized in cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses in total were RMB4.6 million (US$0.7 million) in the third quarter of 2020 and RMB25.8 million in the same period of 2019.

Other income was RMB2.5 million (US$0.4 million) in the third quarter of 2020, compared to RMB12.8 million that included an income of RMB11.5 million from the realized disposal gain associated with the overseas business investment in the same period of 2019.

Income tax expenses were RMB21 thousand (US$3 thousand) in the third quarter of 2020, compared to RMB2.4 million in the same period of 2019.

Net loss was RMB14.0 million (US$2.1 million) in the third quarter of 2020, compared to RMB12.4 million in the same period of 2019. Non-GAAP adjusted net loss⁶ was RMB9.3 million (US$1.4 million) in the third quarter of 2020, compared to Non-GAAP adjusted net income RMB13.4 million in the same period of 2019.

Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders was RMB14.0 million (US$2.1 million) in the third quarter of 2020, compared to RMB635.6 million in the same period of 2019, which included the accretion on redeemable non-controlling interests, accretion and re-designation effect of convertible redeemable preferred shares.

Basic and diluted net loss per share were both RMB0.014 (US$0.002) in the third quarter of 2020, compared to RMB2.535 in the same period of 2019.
____________________________

⁶ Non-GAAP adjusted income/(loss) represents net income/(loss) excluding share-based compensation expenses.

Certain Balance Sheet Items

As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB199.0 million (US$29.3 million), compared to RMB264.2 million as of December 31, 2019.

First Nine Months 2020 Financial Results

Total revenues were RMB265.3 million (US$39.1 million) in the first nine months of 2020, compared to RMB332.8 million in the same period of 2019. The decrease was primarily attributable to the negative impact of COVID-19 to the overall market.

• Online advertising services
  revenues decreased by 22.5% to RMB103.5 million (US$15.2 million) in the first nine months of 2020, from RMB133.6 million in the same period of 2019.
   
• Enterprise value-added services revenues decreased by 8.0% to RMB151.9 million (US$22.4 million) in the first nine months of 2020, from RMB165.0 million in the same period of 2019.  
   
• Subscription services revenues were RMB10.0 million (US$1.5 million) in the first nine months of 2020, compared to RMB34.2 million in the same period of 2019.

Cost of revenues was RMB190.8 million (US$28.1 million) in the first nine months of 2020, compared to RMB214.0 million in the same period of 2019. The decrease was primarily attributable to the decrease of revenues affected by the negative impact of COVID-19 to the overall market.

Gross profit was RMB74.5 million (US$11.0 million) in the first nine months of 2020, compared to RMB118.8 million in the same period of 2019.

Operating expenses were RMB265.5 million (US$39.1 million) in the first nine months of 2020, compared to RMB191.5 million in the same period of 2019. The increase was mainly due to increases in general and administrative expenses and sales and marketing expenses in the first nine months of 2020.

• Sales and marketing expenses increased by 29.3% to RMB105.5 million (US$15.5 million) in the first nine months of 2020, compared to RMB81.6 million in the same period of 2019. The increase was primarily attributable to an increase in share-based compensation expenses and marketing expenses.

• General and administrative expenses were RMB130.6 million (US$19.2 million) in the first nine months of 2020, compared to RMB84.3 million in the same period of 2019. The increase was primarily attributable to an increase in the allowance for doubtful accounts and professional fees, partially offset by the decrease of share-based compensation expenses.

• Research and development expenses increased by 14.3% to RMB29.3 million (US$4.3 million) in the first nine months of 2020, compared to RMB25.6 million in the same period of 2019. The increase was primarily attributable to the increase of technology expenses related to technology procurement device maintenance and testing and share-based compensation expenses, partially offset by the decrease of payroll-related expenses.

Share-based compensation expenses recognized in cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses in total were RMB30.2 million (US$4.5 million) in the first nine months of 2020 and RMB54.9 million in the same period of 2019 that included RMB26.8 million arising from the effect of re-designation of ordinary shares to convertible redeemable preferred shares.

Other income was RMB1.8 million (US$0.3 million) in the first nine months of 2020, which included a loss of RMB7.7 million from equity method investments and an income of RMB5.0 million from government grants, compared to an income of RMB15.1 million that included a gain of RMB11.5 million from realized disposal gain associated with the overseas business investment in the same period of 2019.

Income tax expenses were RMB16 thousand (US$2 thousand) in the first nine months of 2020, compared to RMB0.3 million in the same period of 2019.

Net loss was RMB189.2 million (US$27.9 million) in the first nine months of 2020, compared to RMB57.9 million in the same period of 2019. The increase was primarily attributable to the negative impact of COVID-19 to the overall market, which led to a decrease of total revenues and cost of revenues and an increase in total operating expenses. Non-GAAP adjusted net loss⁷ was RMB159.0 million (US$23.4 million) in the first nine months of 2020, compared to RMB3.0 million in the same period of 2019.

Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders was RMB188.9 million (US$27.8 million) in the first nine months of 2020, compared to RMB949.1 million in the same period of 2019, which included the accretion on redeemable non-controlling interests, accretion and re-designation effect of convertible redeemable preferred shares.

Basic and diluted net loss per share were both RMB0.185 (US$0.027) in the first nine months of 2020, compared to RMB3.239 in the same period of 2019.
____________________________

⁷ Non-GAAP adjusted income/(loss) represents net income/(loss) excluding share-based compensation expenses. 

Share Repurchase Program

On May 6, 2020, the Company announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to a total of 1,000,000 of its American Depositary Shares (“ADSs”), each representing 25 Class A Ordinary Shares. As of September 30, 2020, the Company had repurchased approximately US$1.2 million of its ADSs under this program.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 30, 2020 (9:00 PM Beijing/Hong Kong Time on November 30, 2020). Details for the conference call are as follows:

Event Title:	36Kr Holdings Inc. Third Quarter 2020 Earnings Conference Call
Conference ID:	8996858
Registration Link:	http://apac.directeventreg.com/registration/event/8996858

All participants must use the link provided above to complete the online registration process at least 20 minutes in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in number, Direct Event passcode, and a unique registrant ID, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.36kr.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until December 7, 2020, by dialing the following telephone numbers:

United States:	+1-855-452-5696
International:	+61-2-8199-0299
Hong Kong, China:	800-963-117
Mainland China:	400-632-2162
Replay Access Code:	8996858

About 36Kr Holdings Inc.

36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China’s New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China’s New Economy. 

Use of Non-GAAP Financial Measures

In evaluating its business, the Company considers and uses two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess its operating performance. The presentation of these two non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitates investors’ assessment of its operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

Adjusted net income/(loss) represents net income/(loss) excluding share-based compensation expenses.

Adjusted EBITDA represents adjusted net income/(loss) before interest income, interest expenses, income tax expense/(credit), depreciation of property and equipment and amortization of intangible assets.  

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

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.7896 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on of September 30, 2020.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goal and strategies; the Company’s future business development, results of operations and financial condition; relevant government policies and regulations relating to our business and industry; the Company’s expectations regarding the use of proceeds from this offering; the Company’s expectations regarding demand for, and market acceptance of, its services; the Company’s ability to maintain and enhance its brand; the Company’s ability to provide high-quality content in a timely manner to attract and retain users; the Company’s ability to retain and hire quality in-house writers and editors; the Company’s ability to maintain cooperation with third-party professional content providers; the Company’s ability to maintain relationship with third-party platforms; general economic and business condition in China; possible disruptions in commercial activities caused by natural or human-induced disasters; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

For investor and media inquiries, please contact:

In China:

36Kr Holdings Inc.
Investor Relations
Tel: +86 (10) 5825-4188
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] 

36Kr Holdings Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

	December 31, 2019			September 30, 2020			September 30, 2020
	RMB’000			RMB ’000			US$’000
Assets
Current assets:
Cash and cash equivalents	177,372			105,585			15,551
Restricted cash	505			8			1
Short‑term investments	86,362			93,386			13,754
Accounts receivable, net	538,537			362,307			53,362
Receivables due from related parties	4,615			964			142
Prepayments and other current assets	41,852			19,915			2,933
Total current assets	849,243			582,165			85,743
Non‑current assets:
Property and equipment, net	15,964			12,815			1,887
Intangible assets, net	356			485			71
Equity method investments	41,861			33,308			4,906
Deferred tax assets	3,391			3,534			521
Operating lease right-of-use assets, net*	–			31,312			4,612
Goodwill	–			1,395			205
Other non-current assets	–			1,965			289
Total non‑current assets	61,572			84,814			12,491
Total assets	910,815			666,979			98,234
Liabilities
Current liabilities:
Accounts payable	139,336			69,179			10,189
Salary and welfare payables	50,721			40,266			5,931
Taxes payable	35,341			16,283			2,398
Deferred revenue	8,161			20,067			2,956
Amounts due to related parties	–			1,211			178
Accrued liabilities and other payables	33,308			11,728			1,727
Short-term lease liabilities*	–			15,388			2,266
Total current liabilities	266,867			174,122			25,645
Non-current liabilities:
Long-term lease liabilities*	–			16,012			2,358
Total non-current liabilities	–			16,012			2,358
Total liabilities	266,867			190,134			28,003
Shareholders’ equity
Ordinary shares	679			689			101
Treasury stock	(2,333	)		(10,597	)		(1,561	)
Additional paid-in capital	2,000,267			2,031,631			299,227
Accumulated deficit	(1,358,350	)		(1,547,221	)		(227,881	)
Accumulated other comprehensive loss	(3,054	)		(4,576	)		(674	)
Total 36Kr Holdings Inc.’s shareholders’ equity	637,209			469,926			69,212
Non-controlling interests	6,739			6,919			1,019
Total shareholders’ equity	643,948			476,845			70,231
Total liabilities and shareholders’ equity	910,815			666,979			98,234

*The Company has adopted Accounting Standards Update No. 2016-02, Leases, beginning January 1, 2020 on a modified retrospective basis. As a result, the Company recognized approximately RMB31.3 million of right-of-use assets, RMB15.4 million of short-term lease liabilities and RMB16.0 million of long-term lease liabilities, respectively, to the unaudited condensed consolidated balance sheet as of September 30, 2020. The adoption had no impact on the Company’s opening balances of accumulated deficit as of January 1, 2020.

36Kr Holdings Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

	Three Months Ended																	Nine Months Ended
	September 30 , 2019					September 30 , 2020						September 30 , 2020						September 3 0, 2019					September 3 0, 2020						September 3 0, 2020
	RMB’000					RMB ’000						US$’000						RMB’000					RMB ’000						US$’000
Revenues:
Online advertising services	54,082					51,095						7,525						133,559					103,477						15,241
Enterprise value-added services	63,974					66,404						9,780						165,046					151,850						22,365
Subscription services	12,867					5,957						877						34,192					9,990						1,471
Total revenues	130,923					123,456						18,182						332,797					265,317						39,077
Cost of revenues	(75,837	)				(76,626		)				(11,286		)				(213,957		)			(190,798			)			(28,102			)
Gross profit	55,086					46,830						6,896						118,840					74,519						10,975
Operating expenses:
Sales and marketing expenses	(31,756	)				(31,611		)				(4,656		)				(81,636		)			(105,540			)			(15,544			)
General and administrative expenses	(37,416	)				(20,450		)				(3,012		)				(84,265		)			(130,644			)			(19,242			)
Research and development expenses	(8,695	)				(11,181		)				(1,647		)				(25,643		)			(29,301			)			(4,316			)
Total operating expenses	(77,867	)				(63,242		)				(9,315		)				(191,544		)			(265,485			)			(39,102			)
Loss from operations	(22,781	)				(16,412		)				(2,419		)				(72,704		)			(190,966			)			(28,127			)
Other income/(expenses):
Share of loss from equity method investments	–					(2,021		)				(298		)				–					(7,728			)			(1,138			)
Gain on disposal of a subsidiary	11,454					–						–						11,454					–						–
Short-term investment income	880					583						86						3,261					1,069						157
Others, net	462					3,905						575						399					8,430						1,242
Loss before income tax	(9,985	)				(13,945		)				(2,056		)				(57,590		)			(189,195			)			(27,866			)
Income tax expenses	(2,383	)				(21		)				(3		)				(276		)			(16			)			(2			)
Net loss	(12,368	)				(13,966		)				(2,059		)				(57,866		)			(189,211			)			(27,868			)
Accretion on redeemable non-controlling interests to   redemption value	(1,477	)				–						–						(1,808		)			–						–
Accretion of convertible redeemable preferred shares to   redemption value	(276,012	)				–						–						(517,023		)			–						–
Re-designation of Series A-1 into Series B-3 convertible   redeemable preferred shares	–					–						–						(26,787		)			–						–
Redesignate from ordinary shares to A-1, A-2, B-1, B-2,   B-3, and issuance of A-1. A-2. B-1, B-2, B-3 preferred shares	(309,984	)				–						–						(309,984		)			–						–
Redesignate from ordinary shares to C-2	(36,977	)				–						–						(36,977		)			–						–
Net loss/(income) attributable to non-controlling interests	1,215					(50		)				(7		)				1,351					340						50
Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders	(635,603	)				(14,016		)				(2,066		)				(949,094		)			(188,871			)			(27,818			)
Net loss	(12,368	)				(13,966		)				(2,059		)				(57,866		)			(189,211			)			(27,868			)
Other comprehensive loss
Foreign currency translation adjustments	(82	)				(3,667		)				(540		)				(85		)			(1,522			)			(224			)
Total other comprehensive loss	(82	)				(3,667		)				(540		)				(85		)			(1,522			)			(224			)
Total comprehensive loss	(12,450	)				(17,633		)				(2,599		)				(57,951		)			(190,733			)			(28,092			)
Accretion on redeemable non-controlling interests to   redemption value	(1,477	)				–						–						(1,808		)			–						–
Accretion of convertible redeemable preferred shares to   redemption value	(276,012	)				–						–						(517,023		)			–						–
Re-designation of Series A-1 into Series B-3 convertible   redeemable preferred shares	–					–						–						(26,787		)			–						–
Redesignate from ordinary shares to A-1, A-2, B-1, B-2,   B-3, and issuance of A-1. A-2. B-1, B-2, B-3 preferred shares	(309,984	)				–						–						(309,984		)			–						–
Redesignate from ordinary shares to C-2	(36,977	)				–						–						(36,977		)			–						–
Net loss/(income) attributable to non-controlling interests	1,215					(50		)				(7		)				1,351					340						50
Comprehensive loss attributable to 36Kr Holdings Inc.’s ordinary shareholders	(635,685	)				(17,683		)				(2,606		)				(949,179		)			(190,393			)			(28,042			)
Net loss per ordinary share (RMB)
Basic	(2.535	)				(0.014		)				(0.002		)				(3.239		)			(0.185			)			(0.027			)
Diluted	(2.535	)				(0.014		)				(0.002		)				(3.239		)			(0.185			)			(0.027			)
Net loss per ADS (RMB)
Basic	–					(0.344		)				(0.051		)				–					(4.625			)			(0.681			)
Diluted	–					(0.344		)				(0.051		)				–					(4.625			)			(0.681			)
Weighted average number of ordinary shares used in per share calculation
Basic	250,756,678					1,019,876,247						1,019,876,247						281,664,251					1,020,871,848						1,020,871,848
Diluted	250,756,678					1,019,876,247						1,019,876,247						281,664,251					1,020,871,848						1,020,871,848
Weighted average number of ADS used in per ADS calculation
Basic	–					40,795,050						40,795,050						–					40,834,874						40,834,874
Diluted	–					40,795,050						40,795,050						–					40,834,874						40,834,874

36Kr Holdings Inc.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

	Three Months Ended									Nine Months Ended
	September 3 0, 2019			September 3 0, 2020			September 3 0, 2020			September 3 0, 2019			September 3 0, 2020			September 3 0, 2020
	RMB’000			RMB ’000			US$’000			RMB’000			RMB ’000			US$’000
Net loss	(12,368	)		(13,966	)		(2,059	)		(57,866	)		(189,211	)		(27,868	)
Share-based compensation expenses	25,750			4,618			680			54,858			30,215			4,450
Non-GAAP adjusted net income/(loss)	13,382			(9,348	)		(1, 379	)		(3,008	)		(158,996	)		(23, 418	)
Interest expenses/(income), net	101			(561	)		(83	)		147			(1,343	)		(198	)
Income tax expenses	2,383			21			3			276			16			2
Depreciation and amortization expenses	900			1,518			224			2,815			4,081			601
Non-GAAP adjusted EBITDA	16,766			(8,370	)		(1,235	)		230			(156,242	)		(23,013	)

HOLYWOOD, Calif., Nov. 30, 2020 (GLOBE NEWSWIRE) — Sycamore Entertainment Group, Inc. (SEGI) is pleased to announce the launch of SEGI TV, a new streaming network that will reach more than 100M U.S household televisions and 200M users via OTT (Over The Top) and mobile devices.

SEGI TV will offer its viewers premium, mainstream and exclusive content via Advertising Video On Demand (AVOD). Including diversity, equality, sports, climate change and other multicultural subject matter. Content acquisition will be aided by partnerships with Vuulr and Rights Trade, both leading global online marketplaces for film and TV rights acquisitions. 

SEGI TV will monetize the channel in partnership with OneView, a leading Ad Platform owned by Roku. OneView lets advertisers plan, buy and measure ad campaigns across all digital devices in four out of five U.S homes, including non-Roku households. In addition, SEGI TV will also acquire content via film festivals, content partnerships and long standing industry relationships.

“With U.S. OTT Ad spend expected to top $5 Billion this year, we are excited to be launching SEGI TV at this unprecedented time. One of the new and interesting changes in the film acquisition business is that; the days of having to use a large portion of the financial resources to acquire great content are ending. The new ‘revenue share’ model allows producers and filmmakers to participate in the revenue from users, subscribers and advertisers, therefore allowing our streaming platform better access to great films.” says Edward Sylvan CEO of Sycamore Entertainment. “With an overwhelming demand for new and niche premium content we feel that we fill a void in the OTT streaming ecosystem”.

SEGI TV is expected to go live up to 11 days after the end of its November 30, 2020 publishing blackout period.

Investors can also follow Sycamore on: Twitter: Sycamorefilms
Contact: (604) 343-9317 or email: [email protected]

About Sycamore Entertainment Group

. (SEGI):

Sycamore Entertainment is a diversified entertainment company that specializes in the acquisition, marketing and worldwide distribution of quality finished feature-length motion pictures. Sycamores’ management team utilizes its longstanding relationships to provide market specific publicity, promotion, media buying, theatrical placement and Print and & Advertising financing for theatrical domestic release. Sycamore delivers its content through Over The Top (OTT) connected platforms such as ROKU, Amazon Firestick, Samsung IOS, Apple TV

Forward-Looking Safe Harbour Statement This press release contains forward-looking statements that are made pursuant to the safe harbour provisions of the Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. By their nature, forward-looking statements and forecasts involve risks and uncertainties related to events dependant on circumstances that will occur in the near future. These statements involve known and unknown risks and uncertainties, which may cause Sycamore Films actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to obtain rights to distribute and market films, product availability, demand and market competition, and access to capital markets.  For a more complete discussion of the risks to which Sycamore Films is subject to please see our filings with the SEC, including our Current Report on Form 8-K filed May 21, 2010 and our Quarterly Report on Form 10-Q for the first quarter 2010.   You should independently investigate and fully understand all risks before making investment decisions.

 

–Completed transformation to 100% institutional funding–

–Eliminated outstanding loan balance of legacy P2P lending business–

SHANGHAI, China, Nov. 30, 2020 (GLOBE NEWSWIRE) — Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a leading fintech platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Operational and Financial Highlights :

• Loan origination volume¹ was RMB3,330 million (US$490.5 million), representing a decrease of 29.4% from the same period of 2019, and an increase of 48.8% sequentially.
• Average borrowing amount per borrower was RMB6,556 (US$965.6), representing a decrease of 12.0% from the same period of 2019.
• Repeat borrowing rate² was 74.5%, compared with repeat borrowing rate of 52.7% in the same period of 2019.
• Institutional funding accounted for 100% of the total loans facilitated, compared with 8.2% in the same period of 2019.
• Net revenue was RMB401.3 million (US$59.1 million), representing a decrease of 21.4% from the same period of 2019, and an increase of 63.8% sequentially.
• Operating income was RMB150.0 million (US$22.1 million), representing an increase of 79.6% from the same period of 2019, and an increase of 212.5% sequentially.
• Net income was RMB88.4 million (US$13.0 million), representing an increase of 8.1% from the same period of 2019, and an increase of 115.1% sequentially.

Mr. Yan Dinggui, the Founder, Director and Chief Executive Officer, commented: “I am excited to report another solid quarter of strong business performance. Most notably, we completed the business transition upon which we embarked at the start of the year. I am proud to announce that as of November 10, 2020, the outstanding loan balance of our legacy P2P lending business was reduced to zero! This marks a significant milestone. Jiayin has successfully transformed to a finance technology company fully funded only by institutions.  Considering that at this time one year ago, our platform funding was over 90% from individuals, this rapid transition demonstrates our agility and outstanding execution capability.”

Yan added, “In addition to successfully completing our funding transition, we continued to deliver encouraging business results despite the challenging environment. The loans we facilitated performed very well, investor confidence remained strong, we improved operating efficiency, and we maintained attractive profitability. In the quarter, our net income reached RMB88.4 million, up 8.1% year over year and 115.1% sequentially. This remarkable improvement demonstrates both the effectiveness of our growth strategy and our strong execution. Jiayin always strives to operate conservatively but profitably. We believe that our strong underlying business and brand recognition will enable us to achieve robust growth for the coming years.”

Third Quarter 2020 Financial Results

Net revenue was RMB401.3 million (US$59.1 million), representing a decrease of 21.4% from the same period of 2019.

Revenue from loan facilitation services was RMB290.6 million (US$42.8 million), representing a decrease of 26.7% from the same period of 2019. The decrease was primarily due to the lower loan origination volume and the shift to institutional funding partners.

Revenue from post-origination services was RMB33.7 million (US$5.0 million), representing a decrease of 43.2% from the same period of 2019. The decrease was due to the lower outstanding loan balance.

Other revenue was RMB77.0 million (US11.3 million), representing an increase of 40.0% from the same period of 2019. The increase was primarily due to the variable consideration related to automated investment program recognized from loans previously facilitated under the P2P business.

Origination and servicing expenses were RMB59.5 million (US$8.8 million), representing a decrease of 41.1% from the same period of 2019, primarily due to the lower volume of loans facilitated by the Company and reduced collection costs as the company no longer provides such services under its new business model.

Allowance for uncollectable receivables, contract assets and loan receivables was RMB15.8 million (US$2.3 million), representing a decrease of 76.7% from the same period of 2019, primarily due to the the overall decrease of facilitation volume, as well as the relatively lower credit risk of the new business model.

Sales and marketing expenses were RMB99.5 million (US$14.7 million), representing a decrease of 34.7% from the same period of 2019, primarily due to the lower customer acquisition expenses and reduced advertising spending for promotional activities.

General and administrative expenses were RMB37.3 million (US$5.5 million), representing a decrease of 21.5% from the same period of 2019, primarily due to the decrease in share-based compensation expense and the decrease in salaries and personnel related costs, as well as other business-related expenses.

Research and development expenses were RMB39.2 million (US$5.8 million), representing a decrease of 33.1% from the same period of 2019, primarily due to the decrease in share-based compensation expense and a more streamlined team in the technology and development department resulting from the business transition.

Income from operations was RMB150.0 million (US$22.1 million), representing an increase of 79.6% from the same period of 2019, and an increase of 212.5% sequentially.

Other income (expense), net was a net loss of RMB32.8 million (US$4.8 million), compared with a net gain of RMB7.3 million for the corresponding period in 2019. The loss in this quarter was primarily due to the estimated loss of short-term investments.

Net income was RMB88.4 million (US$13.0 million), representing an increase of 8.1% from the same period of 2019, and an increase of 115.1% sequentially.

Cash and cash equivalents were RMB94.8 million (US$14.0 million) as of September 30, 2020, compared with RMB69.9 million as of June 30, 2020.

Conference Call

The Company will host a conference call to discuss its financial results on Monday, November 30, 2020 at 8:00 a.m. US. Eastern Time (9:00 PM Beijing/Hong Kong Time).

Please register in advance to join the conference using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration:

http://apac.directeventreg.com/registration/event/5890747

A replay of the conference call may be accessed by phone at the following numbers until December 8, 2020. To access the replay, please reference the conference ID 5890747.

	Phone Number	Toll-Free Number
United States	+1 (646) 254-3697	+1 (855) 452-5696
Hong Kong	+852 30512780	+852 800963117
Mainland China		+86 4006322162 +86 8008700205

A live and archived webcast of the conference call will be available on the company’s investors relations website at http://ir.jiayin-fintech.com/.

About Jiayin Group Inc.

Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between investors and borrowers, whose needs are underserved by traditional financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at a specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2020. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor / Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to the Company’s ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company’s ability to increase the investment volume and loan origination of loans volume facilitated through its marketplace, effectiveness of the Company’s credit assessment model and risk management system, PRC laws and regulations relating to the online individual finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Stock Market or other stock exchange, including its ability to cure any non-compliance with the continued listing criteria of the Nasdaq Stock Market. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

For more information, please contact:

In China:

Jiayin Group

Ms. Shelley Bai
Email: [email protected]

or

The Blueshirt Group

Ms. Susie Wang
Email: [email protected]

In the U.S.:

Ms. Julia Qian
Email: [email protected]

JIAYIN GROUP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data)
		As of December 31,				As of September 30,
		2019				2020
		RMB				RMB				US$
ASSETS
Cash and cash equivalents			122,149				94,826				13,966
Restricted cash			—				2,000				295
Amounts due from related parties3			130,722				5,604				825
Accounts receivable, net3			139,164				116,227				17,118
Loan receivables, net3			—				17,965				2,646
Short-term investment3			69,618				33,698				4,963
Prepaid expenses and other current assets			91,002				56,546				8,328
Deferred tax assets			68,292				68,292				10,058
Property and equipment			39,084				24,488				3,607
Right-of-use assets			37,215				13,152				1,937
Long-term investment			3,826				99,640				14,675
TOTAL ASSETS			701,072				532,438				78,418
LIABILITIES AND EQUITY
Payroll and welfare payable			48,524				39,948				5,884
Amounts due to related parties			872				12,753				1,878
Refund liabilities			180,104				13,071				1,925
Tax payables			179,421				248,070				36,537
Accrued expenses and other current liabilities			158,705				81,681				12,030
Other payable related to the disposal of Shanghai Caiyin			839,830				680,683				100,254
Lease liabilities			35,215				11,101				1,635
TOTAL LIABILITIES			1,442,671				1,087,307				160,143
SHAREHOLDERS’ DEFICIT
Class A ordinary shares (US$ 0.000000005 par value;    100,100,000 shares issued and outstanding as of    December 31, 2019 and September 30, 2020)4			0				0				0
Class B ordinary shares (US$ 0.000000005 par value;    116,000,000 shares issued and outstanding as of    December 31, 2019 and September 30, 2020)4			0				0				0
Additional paid-in capital			777,408				799,602				117,769
Accumulated deficit			(1,519,731	)			(1,352,471	)			(199,197	)
Other comprehensive income			469				(4,385	)			(647	)
Total Jiayin Group shareholder’s deficit			(741,854	)			(557,254	)			(82,075	)
Non-controlling interests			255				2,385				350
TOTAL SHAREHOLDERS’ DEFICIT			(741,599	)			(554,869	)			(81,725	)
TOTAL LIABILITIES AND DEFICIT			701,072				532,438				78,418

JIAYIN GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands, except for share and per share data)
		For the Three Months Ended September 30,												For the Nine Months Ended September 30,
		2019				2020								2019				2020
		RMB				RMB				US$				RMB				RMB				US$
Net revenue (including revenue from related   parties of RMB 654 and RMB 993 for 2019Q3   and 2020Q3, respectively)			510,773				401,310				59,107				1,887,556				959,825				141,367
Operating cost and expenses:
Origination and servicing			(101,128	)			(59,478	)			(8,760	)			(354,929	)			(174,341	)			(25,678	)
Allowance for uncollectible accounts receivable,   contract assets and loan receivables			(67,780	)			(15,845	)			(2,334	)			(182,325	)			(56,971	)			(8,391	)
Sales and marketing			(152,364	)			(99,500	)			(14,655	)			(492,336	)			(257,584	)			(37,938	)
General and administrative			(47,465	)			(37,273	)			(5,490	)			(154,405	)			(112,099	)			(16,510	)
Research and development			(58,566	)			(39,200	)			(5,774	)			(162,785	)			(109,674	)			(16,153	)
Total operating cost and expenses			(427,303	)			(251,296	)			(37,013	)			(1,346,780	)			(710,669	)			(104,670	)
Income from operation			83,470				150,014				22,094				540,776				249,156				36,697
Interest income (expense)			88				2,488				366				(88	)			7,727				1,138
Other income (expense), net			7,308				(32,763	)			(4,825	)			20,876				(28,611	)			(4,214	)
Income before income taxes and income   from investment in affiliates			90,866				119,739				17,635				561,564				228,272				33,621
Income tax expense			(9,099	)			(32,128	)			(4,732	)			(79,623	)			(60,070	)			(8,847	)
Income from investment in affiliates			—				740				109				—				713				105
Net income			81,767				88,351				13,012				481,941				168,915				24,879
Less: net income (loss) attributable to   non-controlling interest shareholders			152				2,209				324				(76	)			1,655				244
Net income attributable to Jiayin Group Inc.			81,615				86,142				12,688				482,017				167,260				24,635
Weighted average shares used in   calculating  net income per share:
– Basic and diluted			216,100,000				216,100,000				216,100,000				206,307,671				216,100,000				216,100,000
Net income per share:
– Basic and diluted			0.38				0.40				0.06				2.34				0.77				0.11
Other comprehensive income, net of   tax of nil:
Foreign currency translation adjustments			10,769				(8,449	)			(1,243	)			10,777				(4,878	)			(719	)
Comprehensive income			92,536				79,902				11,769				492,718				164,037				24,160
Comprehensive income (loss) attributable to   non-controlling interest			151				2,151				317				(76	)			1,631				240
Total comprehensive income attributable to   Jiayin Group Inc.			92,385				77,751				11,452				492,794				162,406				23,920

_____________________

¹ “Loan origination volume” refers to the total amount of loans facilitated in Mainland China during the period presented.
² “Repeat borrowing rate” refers to the repeat borrowers as a percentage of all of our borrowers in Mainland China.
³ The Company has adopted “ASC 326, Financial Instruments — Credit Losses” beginning January 1, 2020 . As of now, the adoption of the new guidance did not have material impacts on the Company’s results of operations, financial condition or liquidity.
⁴ The total shares authorized for both Class A and Class B are 10,000,000,000,000.

REDWOOD CITY, Calif., Nov. 30, 2020 (GLOBE NEWSWIRE) — PubMatic, Inc. today announced it has launched the roadshow for the proposed initial public offering of its Class A common stock.

PubMatic is offering 2,655,000 shares of Class A common stock and certain selling stockholders are offering 3,245,000 shares of Class A common stock in the offering. The Company and selling stockholders also intend to grant the underwriters a 30-day option to purchase up to 885,000 additional shares of Class A common stock. The initial public offering price is currently expected to be between $16.00 and $18.00 per share. PubMatic will not receive any proceeds from the sale of the shares by the selling stockholders. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. PubMatic intends to list its Class A common stock on the Nasdaq Global Market under the ticker symbol “PUBM.”

Jefferies LLC and RBC Capital Markets, LLC will act as joint book-running managers for the proposed offering. JMP Securities LLC, KeyBanc Capital Markets Inc., Oppenheimer & Co. Inc., and Raymond James & Associates, Inc. will act as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained, when available, from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 547-6340 or by email at [email protected]; or RBC Capital Markets, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281, or by telephone at (877) 822-4089 or by email at [email protected]. 

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statements

This press release contains forward looking statements, including statements regarding the proposed initial public offering. These statements are not historical facts but rather are based on PubMatic’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those in PubMatic’s registration statement filed with the Securities and Exchange Commission.

Press Contact:

Ben Billingsley
Broadsheet Communications for PubMatic
[email protected]

Investors:

Dylan Solomon
The Blueshirt Group for PubMatic
[email protected]

OTTAWA, Nov. 30, 2020 (GLOBE NEWSWIRE) — The Canadian Institute of Actuaries (CIA) supports Canada’s eight largest pension funds in their call for companies to undertake consistent and improved disclosure of environmental, social and governance (ESG) factors according to the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures.

Improved ESG disclosure will help change behaviours. It will also strengthen investment decision-making as stakeholders will be better able to assess risk exposures.

The CIA released a statement in September 2019 calling on governments, business leaders, and investors to:

1. Prioritize national data collection related to the financial impacts of climate-related events;
2. Implement policies that make climate-risk financial reporting mandatory; and
3. Include ESG factors in investment decisions and corporate risk planning.

The commitment to ESG disclosure signed by the Alberta Investment Management Corporation, the British Columbia Investment Management Corporation, the Caisse de Dépôt et Placement du Québec, the Canada Pension Plan Investment Board, the Healthcare of Ontario Pension Plan, the Ontario Municipal Employees Retirement System, the Ontario Teachers’ Pension Plan, and the Public Sector Pension Investment Board is a welcome step aligned with these goals.

As Canadian businesses and governments work to rebuild the economy, this is the right time to introduce transparency in financial reporting mechanisms and disclosure requirements. Improved disclosure and common standards for financial reporting will allow actuaries to better assess the financial impacts of ESG risks on insurance companies and pension plans.

“The CIA is committed to working with regulators, investors, and decision-makers on the journey towards a sustainable future,” says Michel St-Germain, CIA President.

Read the CIA’s statement: Time to Act- Facing the Risks of a Changing Climate

Media contact

Sandra Caya
Director, Communications and Public Affairs, Canadian Institute of Actuaries
[email protected]
613-236-8196 ext. 116

LOS ANGELES, Nov. 30, 2020 (GLOBE NEWSWIRE) — Virtual Dining Brands, LLC, a wholly owned subsidiary of Cordia Corporation (OTC: CORG), today outlined its strategy for launching branded virtual restaurants.

The company is currently testing the menu for Feast by Busta (www.feastbybustarhymes.com). The offering is curated by world famous recording artist Busta Rhymes. It features a selection of popular items including a Waygu beef sliders, creamed corn nuggets, a vegetarian burger and market specific desserts.

In addition to Busta, the company anticipates opening delivery only restaurants from other recording artists, celebrities, entertainment brands and professional athletes in 2021.

Each menu is being developed by the company’s experienced culinary team in conjunction with brand owners. Menus are designed to scale for regional and national distribution.

Targeted partners range from independent restaurants needing to add revenue to survive to larger chains seeking an association with world recognized celebrities. The company plans a franchise program for independent entrepreneurs using ghost kitchens.

Virtual Dining is organizing a network of social media influencers to support each launch. All of its celebrity and brand partners will be contractually required to regularly post on their social channels. Additionally, the company is working with a variety of influencers ranging from micro influencers in specific cities to recognized food accounts with significant followings to promote the company’s menus.

The company is developing a TikTok inspired kitchen in Los Angeles which will allow its chefs, influencers and brands to develop short form promotional content for the company’s branded restaurants.

Virtual Dining Brands expects to offer its celebrity and brand menus in approximately 1000 restaurant and ghost kitchens over the next twelve months. Restaurants are able to apply for current and upcoming menus at the company’s website (www.virtualdiningbrands.com).

[email protected]

213-915-6673

This news release may include 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, with respect to achieving corporate objectives, including developing the Company’s business model, creating menu items the general public is interested in buying, securing celebrity partnerships and developing virtual restaurants and adding any franchise or restaurant partners or social media influencers.  The Company’s plans described above and otherwise are contingent upon adequate financing, of which there are no assurances. No information in this press release should be construed as any indication whatsoever of the Company’s future financial results, revenues or stock price. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.

Hod Hasharon, Israel, Nov. 30, 2020 (GLOBE NEWSWIRE) — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security-as-a-service (SECaaS) solutions for communication service providers (CSPs) and enterprises, today released findings from its Global Consumer Security Survey. The primary research report reveals that CSPs are well positioned to capture a clearly defined opportunity by meeting their customers’ unmet need for protection against growing threats, such as phishing and malware, and for parental control to ensure their children’s online safety.

 

Allot commissioned Coleman Parkes Research to survey 11,400 CSP consumer customers from around the world during the second and third quarters of 2020. Key findings from the report include:

 

• Wireless subscribers want their telecom providers to provide security protection for their devices. 28% of subscribers said they would definitely switch service providers to obtain a superior cybersecurity solution. Another 40% said they would likely switch providers for better cybersecurity.

• Telecom providers are perfectly situated to provide security services for their customers. CSPs own the data pipes and the customer relationship and 90% of global subscribers said they feel their service provider should provide a security solution for their devices.

• Subscribers are willing to pay for cybersecurity solutions. Consumers would spend, on average, nearly $5 per month for a zero-touch network-based cybersecurity solution that protects all their devices.

 

“Consumers would like to view Internet connectivity as a trusted utility that is safe to use,” said Moshe Moran, Vice President Sales, North America for Allot. “By offering a network-based security solution for fixed and wireless subscribers, service providers can develop a revenue-generating service that reduces turnover and improves brand loyalty by satisfying the customer’s needs.” 

 

For the complete Global Consumer Security Survey, please find the link here.

 

 

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Additional Resources:

Allot Blog: https://www.allot.com/blog

Follow us on Twitter: @allot_ltd

Follow us on LinkedIn: https://www.linkedin.com/company/allot-communications

 

About Allot

Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1000 enterprises. Our industry-leading network-based security as a service solution has achieved over 50% penetration with some service providers and is already used by over 20 million subscribers globally.

Allot. See. Control. Secure.

Forward-Looking Statement

This release contains forward-looking statements, which express the current beliefs and expectations of company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: acceptance of our products by our reseller and customer in EMEA, our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors, government regulation; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on third-party channel partners for a material portion of our revenues; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Seth Greenberg
Allot
+972 549222294
[email protected]

Kimberly Velasco
Fusion PR for Allot
[email protected]

Ehud Helft / Kenny Green
Allot Investor Relations
+1-646-688-3559
[email protected]