Market Newsdesk

November 30, 2020 5:09 am

Meituan Announces Financial Results for the Three Months Ended September 30, 2020

PR Newswire

HONG KONG, Nov. 30, 2020 /PRNewswire/ — Meituan (HKG: 3690) (the “Company”), China’s leading e-commerce platform for services, today announced the unaudited consolidated results of the Company for the three months ended September 30, 2020.

Company Financial Highlights

As China’s economic recovery accelerated during the third quarter of 2020 as a result of effective COVID-19 containment, our businesses continued to recover steadily and achieved positive growth across all segments. Total revenues for the third quarter of 2020 increased by 28.8% on a year-over-year basis and by 43.2% on a quarter-over-quarter basis to RMB35.4 billion. Operating profit increased from RMB 1.4 billion for the third quarter of 2019 to RMB6.7 billion for this quarter, including RMB5.8 billion in fair value gain on investment in listed entities. Operating margin increased from 5.3% in the same period of 2019 to 19.0% for this quarter. Both adjusted EBITDA and adjusted net profit experienced positive year-over-year growth and improved to RMB2.7 billion and RMB2.1 billion, respectively. Our operating cash flow decreased to RMB3.3 billion for the third quarter of 2020 from RMB5.6 billion for the second quarter of 2020 due to an RMB2.0 billion decrease in working capital change. We had cash and cash equivalents of RMB 19.7 billion and short-term treasury investments of RMB33.7 billion as of September 30, 2020, compared to the balances of RMB 13.9 billion and RMB44.5 billion, respectively, as of June 30, 2020.

“Overall, with COVID-19 well controlled and the economy firmly back on track in China, growth across all of our main businesses accelerated in the quarter on a sequential basis,” said Xing Wang, Chairman and CEO of Meituan. “We continued to stick with our ‘Food + Platform’ strategy, providing consumers with a more diverse and convenient set of service offerings, helping merchants to recover and grow, and creating more job opportunities for society at large,” Wang said.

“Going forward, we will remain focused on our consumers and merchants, stay patient for long-term growth, spearhead digital transformations, and continue to stay open and inclusive to achieve a win-win situation with our ecosystem partners.”

Company Business Highlights

Food delivery

For the third quarter of 2020, GTV of our food delivery business increased by 36.0% year-over-year to RMB 152.2 billion. The daily average number of food delivery transactions increased by 30.1% year-over-year to 34.9 million. The average value per order of our food delivery business increased by 4.5% year-over-year. Monetization Rate[i] of our food delivery business decreased to 13.6% from 13.9% in the same period of 2019. As a result, revenue increased by 32.8% year-over-year to RMB20.7 billion for the third quarter of 2020. Operating profit from our food delivery business increased to RMB768.5 million for the third quarter of 2020 from RMB330.9 million for the third quarter of 2019, while operating margin increased to 3.7% from 2.1%.

Summer is generally the peak season in terms of order volume. In order to further stimulate the recovery of our food delivery business, help merchants grow their operations and accelerate consumers’ lifestyle changes, we continued to expand our high-quality merchant base and increase the diversity of restaurants on our platform. We also continued to enhance our operating systems, increase the level of operational granularity from individual restaurants to individual dishes, and cooperate with millions of merchants on several summer promotional events. At the same time, we further optimized our marketing tools that enabled us to better collaborate with merchants on consumer targeting, providing merchants with more consumer traffic and higher order growth.

In addition, the popularity of different consumption categories, such as late-night snacks and afternoon tea, continued to increase during the summer, we thus adopted more tailored and differentiated operations for these categories by expanding our merchant supply, improving product quality and enhancing our category-specific marketing capabilities. For example, after accurately identifying the growing consumer preference for bubble tea, we leveraged festivals, such as Chinese Valentines’ Day and bubble tea-themed marketing events, to provide consumers with a wide variety of attractive promotions during these periods. As a result, we further expanded our bubble tea product offerings and also drove the growth in the number of transactions for the afternoon tea category during the quarter. For late-night snacks, beyond broadening our merchant and product selections, we also prioritized the exposure of late-night snack merchants on our app at night to enhance their marketing efficiency, worked closely with merchants to roll out a wider range of late-night snack set menu and adopted more innovative marketing solutions during late-night hours. As a result, the number of transactions for the late-night snack category also grew significantly in the third quarter of 2020.

Meanwhile, we continued to improve our marketing efficiency by allocating more resources to repeat consumers especially membership subscribers as well as improving our intelligent recommendations to consumers for different consumption scenarios based on their preferences. Our ability to attract and engage with high-quality consumers improved significantly during this quarter. The scale of our membership subscribers reached new highs and our members contributed a larger proportion of orders towards our total food delivery orders in the third quarter. Our number of monthly transacting users and repeat user transaction frequency also grew to new record highs, driving the overall growth of our food delivery business.

On the delivery front, the strong foundation of our on-demand delivery network enabled us to ensure the timeliness and quality of delivery services throughout the busy summer season as well as under more extreme weather conditions. During this quarter, our on-demand delivery network continued to serve as a critical bedrock and basic infrastructure for our society. More importantly, the safety and social well-being of our riders remained of paramount importance to us and we continued to work towards a better understanding of our riders’ needs in the context of business growth. During the third quarter, we further upgraded our delivery dispatch system to provide our riders with higher flexibility in terms of delivery time and task designations during unexpected situations, such as bad weather and heavy traffic. Furthermore, in order to develop algorithms and technologies capable of ensuring rider safety, we strengthened our research and development capabilities. Additionally, we improved our rider assessment model by taking safety indicators and other comprehensive factors into account to enable our riders to obtain reasonable compensation while also ensuring their safety. Moreover, we increased our investments to better support riders’ families in areas such as healthcare and education. For example, during this year’s “717 Riders Festival”, we expanded the scope of our “Baby Kangaroo Charity Program” from healthcare to education for our riders’ children.

In-store, hotel & travel

Revenues from our in-store, hotel & travel businesses increased by 4.8% year-over-year to RMB6.5 billion in the third quarter of 2020. Operating profit from our in-store, hotel & travel businesses increased to RMB2.8 billion for the third quarter of 2020 from RMB2.3 billion for the third quarter of 2019, while operating margin increased to 43.0% from 37.7%.

Due to the effective management of COVID-19 in China as well as the surging consumption demand during the summer period, both the transaction volume and GTV of our in-store segment experienced positive year-over-year growth during this quarter. Moreover, the recovery of merchants’ marketing demand of our in-store segment was on the right track. As a result, the year-over-year growth in both commission revenues and online marketing service revenues of the in-store segment turned positive this quarter. For the in-store dining business, synergies between our food delivery and in-store dining businesses grew during this quarter as we converted more food delivery merchants into in-store dining merchants. At the same time, we also continued to stratify our merchant base and enhance our operational capability, while expanding our coverage of high-quality restaurants. On the demand side, we launched a series of promotional campaigns in the third quarter of 2020 to accelerate industry growth recovery. For the other local services, we launched “Season of Plays” and other marketing initiatives to accelerate our industry’s revival and capitalize on peak user engagement levels during the summer holidays. Although consumer confidence in certain social gathering activities has not fully recovered yet, non-social events in categories such as beauty, parent & child and auto services all achieved positive year-over-year growth in the third quarter. Notably, the growth of a few consumption upgrade categories, such as medical aesthetics and pet care, further accelerated in the third quarter. Meanwhile, certain service categories targeting niche demographics also experienced rapid growth, including paid study rooms, interactive pet experiences and escape rooms.

With respect to our hotel booking business, as a result of China’s effective control measures and stronger travelling demands during the summer, cross-city and business travels both recovered well in comparison to previous quarters, with the year-over-year growth of domestic room nights consumed on our platform turning to positive 3.7% in the third quarter of 2020. Notably, consumers’ desire for leisure travel mostly recovered, while consumers’ preferred travel destinations shifted from overseas to domestic destinations, which allowed us to leverage our competitive advantages domestically. In the meantime, as we continued to strengthen our cooperation with high-star hotels, the number of high-star hotels that we worked with increased substantially quarter over quarter. Our “Hotel+X” program also continued to expand, utilizing our differentiated value proposition to cover more hotel groups in the period. As a result, the contribution from high-end hotels further increased year-over-year. In addition, we increased our investments in customer service for consumers seeking low- to high-end hotels while also setting up a special, dedicated service team for consumers seeking high-end hotels, enabling us to better cater to each group’s specific needs and improve our ability to better serve a broader group of consumers.

New initiatives and others

Revenues from the new initiatives and others segment increased by 43.5% year-over-year to RMB8.2 billion in the third quarter of 2020. On a sequential basis, operating loss from the new initiatives and others segment expanded by 39% to RMB2.0 billion for the third quarter of 2020 from RMB 1.5 billion for the second quarter of 2020, while operating margin improved by 1.2 percentage points to negative 24.7% for the third quarter of 2020 from negative 25.9% for the second quarter of 2020. Operating loss from the new initiatives and others segment expanded by 68.8% on a year-over-year basis, while operating margin decreased by 3.7 percentage points year-over-year.

During the third quarter of 2020, we continued to ramp up our investments in new initiatives, especially in areas that we believe to have promising long-term growth potential and fit well into our “Food + Platform” strategy. Grocery retail business continued to be our top priority. Our marketplace model “Meituan Instashopping” achieved stellar transaction volume growth during the third quarter of 2020 on a year-over-year basis, as a result of steady user traffic growth, strong momentum in key SKU categories and improved marketing efficiency. Notably, as part of our efforts to deliver everything to consumers’ homes, we successfully expanded our category coverage while growing our key categories, such as flowers and medicine, during this quarter, with both medicine sales and flower sales ramping up substantially year-over-year. In particular, by utilizing our online platform and on-demand delivery network, we aimed to provide more convenient solutions to consumers and create values within the medical system for our society at large, with the number of pharmacies operating on our platform increasing rapidly during this quarter. Moreover, by leveraging our instant delivery infrastructure, we were able to deliver medicines in a timely manner to better satisfy the increasingly diverse healthcare needs of Chinese consumers. For our self-operated model, “Meituan Grocery,” as we continued to increase coverage density across Beijing, Shanghai, Guangzhou and Shenzhen, both the quarterly transacting users and transaction volume grew rapidly during this quarter. During this quarter, we launched our community group-purchase model, “Meituan Select”, and continued to expand during the quarter. We remained focused on iterating its business model and building our key capabilities. We also explored different methods of improving our warehouse efficiency and group leader management capabilities, while accumulating experiences with a wider variety of SKU products. At the same time, we leveraged our existing supply chain resources and offline business development capabilities to further accelerate our pace of expansion, improve operating efficiency and enhance SKU management. As a result, we were able to instill unique brand awareness with both consumers and group leaders as we ramp up our business scale.

For the full announcement of Meituan 2020 third quarter results, please visit: http://meituan.todayir.com/attachment/2020113016400244929528043_en.pdf

About Meituan

Meituan (HKG: 3690) (the “Company”) is China’s leading e-commerce platform for services. With the mission of “We help people eat better, live better,” the Company’s platform uses technology to connect consumers and merchants. Service offerings on the platform address people’s daily needs for food, and extend further to broad lifestyle and travel services. Meituan is the world’s leading on-demand food delivery service provider and China’s leading e-commerce platform for in-store dining services. Meituan helps consumers discover merchant information, make informed decisions, complete online and offline transactions and enjoy on-demand delivery. The Company currently owns several household brands in China, including Meituan, China’s leading online marketplace for services, Dianping, China’s leading online destination for discovering local services, Meituan Waimai for on-demand delivery services, and Meituan Bikes for bike-sharing services. Meituan has 476.5 million Annual Transacting Users and 6.5 million Annual Active Merchants as of September 30, 2020. The Company operates in over 2,800 cities and counties in China.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.

For media inquiries, please contact:

Meituan
[email protected]
[email protected]

Edmond Lococo

ICR Inc.
Email: [email protected]
Tel: +86 138-1079-1408

[i] Monetization Rate equals the revenues for the period divided by the Gross Transaction Volume for the period.

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SOURCE Meituan

November 30, 2020 5:07 am

iQIYI’s RiCH BOOM Makes Global Debut as the First Chinese Virtual Idol to Appear on MTV Video Music Awards Japan

PR Newswire

BEIJING, Nov. 30, 2020 /PRNewswire/ — iQIYI Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), an innovative, market-leading online entertainment service in China, is pleased to announce that the Company’s RiCH BOOM made its global debut on November 29, becoming the first Chinese virtual idol group to appear on MTV Video Music Awards Japan (VMAJ).

RiCH BOOM performed the new English-language version music video (MV) of its hit song “Highlight” at MTV VMAJ2020, making another virtual idol (group or individual) to appear on this stage after Japan’sHatsune Miku. RiCH BOOM used tech elements and refreshing visuals as part of its appearance. VMAJ is one of Asia’s largest music events. This year it focuses upon digitalized platforms and innovative music trends.

RiCH BOOM’s first step onto the international stage

RiCH BOOM, developed by iQIYI, is China’s first virtual idol group featuring trendy culture and pop music. It has appeared as a host, contestant and guest performer on multiple top iQIYI variety shows such as Youth With You, I’m CZR, The Rap of China and FOURTRY. The band’s apprentice Jasmine and band member K-ONE, recently appeared on Dimension Nova, iQIYI’s first variety show for virtual idols, while band members RAINBOW and PAPA are due to appear on the show.

In the early stages of creating the virtual idol group, iQIYI positioned RiCH BOOM as a concept that should have widespread appeal and the potential for global expansion. Powered by iQIYI’s platform and technology, RiCH BOOM conveys youthfulness and positive energy, winning it hearts from day one.

Since its debut in China, RiCH BOOM’s popular music videos have generated millions of online views. “Dare” and “Highlight,” for example, have generated 96 million related posts on Weibo and over 60 million views on video streaming services.

RiCH BOOM’s music has been recognized by MTV for its unique style and first-class, Hollywood-level production values. The VMAJ debut represents RiCH BOOM’s first step in going global. The band will further collaborate with MTV to showcase the music charm of Chinese trendy virtual idols to the world.

Commercializing hot IP

As an idol group focused on pop music, RiCH BOOM has made solid forays into fashion and merchandising, such as K-ONE’s PLOG-themed street snaps. This is the first virtual street snap series in China that adopts digital human simulation technology. The snapshots have achieved high precision, garnering wide-spread acclaim. Following the launch of street snaps, several major fashion brands have expressed their interest in cooperating with RiCH BOOM on further tech-powered fashion initiatives.

RiCH BOOM’s influence and commercial value are constantly expanding. The band has landed deals with Tsingtao Brewery, Nongfu Spring, Sprite and other big brands in China. Its first batch of spin-off merchandise were sold out within three hours of release. Another batch of derivative products co-designed by Australian artist Ashley Wood will be launched soon.

Amid the explosive popularity of ACG culture, and the rise of related industries, the way young people consume entertainment is constantly changing thanks to the rapid development of technology.

These changing consumption patterns require the market to create entertainment that is more refreshing, and more interactive. Virtual idols are a perfect combination of entertainment and technology that seamlessly encapsulates this trend while inspiring people’s imaginations. In the future, iQIYI will continue to promote the development of the RiCH BOOM IP across the business chain, exploring new business models for virtual idols by diversifying content development and strengthening interaction modes via cutting edge marketing and merchandising initiatives.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

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SOURCE iQIYI, Inc.

November 30, 2020 5:03 am

RYB Education, Inc. to Report Third Quarter 2020 Financial Results on Monday, December 7, 2020

PR Newswire

Earnings Call Schedule for 8:00 a.m. ET on December 8, 2020

BEIJING, Nov. 30, 2020 /PRNewswire/ — RYB Education, Inc. (“RYB” or the “Company”) (NYSE: RYB), a leading early childhood education service provider in China, today announced that it plans to release unaudited financial results for the third quarter 2020 after market close on Monday, December 7, 2020.

The earnings release will be available on the investor relations page of its website at http://ir.rybbaby.com.

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

About RYB Education, Inc.

Founded on the core values of “Care” and “Responsibility,” “Inspire” and “Innovate,” RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide high-quality, individualized and age-appropriate care and education to nurture and inspire each child for his or her betterment in life. During its two decades of operating history, the Company has built “RYB” into a well-recognized education brand and helped bring about many new educational practices in China’s early childhood education industry. RYB’s comprehensive early childhood education solutions meet the needs of children from infancy to 6 years old through structured courses at kindergartens and play-and-learn centers, as well as at-home educational products and services.

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

For investor and media inquiries, please contact:

In China:
RYB Education, Inc.
Investor Relations
Tel: +86 (10) 8767-5752
E-mail: [email protected]

The Piacente Group, Inc.
Yang Song
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]

View original content:http://www.prnewswire.com/news-releases/ryb-education-inc-to-report-third-quarter-2020-financial-results-on-monday-december-7-2020-301181435.html

SOURCE RYB Education, Inc.

November 30, 2020 5:03 am

Unity Announces Unity Reflect Now Supports Autodesk BIM 360 for seamless AR/VR experiences

Unity Announces Unity Reflect Now Supports Autodesk BIM 360 for seamless AR/VR experiences

Designers, Engineers and Construction project collaborators can now easily connect their BIM projects to a real time, immersive collaboration platform across VR, AR, XR, Web & mobile.

SAN FRANCISCO–(BUSINESS WIRE)–
Unity (NYSE: U), the world’s leading platform for creating and operating real-time 3D (RT3D) content, today announced another step toward holistic interoperability with Autodesk^Ⓡ. Through the integration of Unity Reflect, a real-time design review and coordination solution that connects all project members on one immersive, collaborative, real-time platform regardless of device, model size, or geographic-location, with Autodesk BIM 360^Ⓡ, cloud-based design & construction management software, Designers, engineers, owners and other project stakeholders using Unity Reflect can collaborate on one immersive, collaborative, real-time platform with the added ability to conduct on-site 1:1 augmented reality (AR) for visualizing variance and design to build intent. This is a result of a three year collaboration between Unity and Autodesk that started in October 2017.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201130005041/en/

Unity Reflect also offers cloud hosting to all Unity Reflect users, enabling them to host projects on-premise or in the cloud, push data to mobile devices, and share models with users outside of their network.

“Unity Reflect makes it truly simple for designers to collaborate with owners, occupants and contractors around an interactive BIM model that can be experienced in real time, at human scale, by multiple teams at the same time, in a way that is highly intuitive & realistic,” said Julien Faure, Vice President, Verticals at Unity. “Together with Autodesk, we bring designs to life with BIM-connected virtual reality, to make it easier for all project collaborators to more deeply explore design options, solve complex engineering issues, and plan construction execution.”

“From clash detection to real-time virtual walkthroughs, real-time 3D workflows are transforming how construction firms operate,” said James Cook, head of integrations at Autodesk Construction Solutions. “By using models from BIM 360 within Unity Reflect, construction teams can know these data-rich workflows always incorporate the most up-to-date information.”

Since announcing a collaboration with Autodesk in 2018, Unity Reflect has grown to support a suite of Autodesk products including Revit^Ⓡ, Navisworks^Ⓡ, and now BIM 360, which is part of Autodesk Construction Cloud^TM, while also enabling Autodesk users to access real-time 3D experiences on a range of devices in AR and VR to bridge the gap between design and construction. Unity Reflect connects all project stakeholders, regardless of platform/device, model size, or geo-location to create real-time collaborative environments, which facilitates faster, more impactful decision-making throughout the entire building/infrastructure lifecycle. Learn more about Unity Reflect.

About Unity

Unity (NYSE: U) is the world’s leading platform for creating and operating real-time 3D (RT3D) content. Creators, ranging from game developers to artists, architects, automotive designers, filmmakers, and others, use Unity to make their imaginations come to life. Unity’s platform provides a comprehensive set of software solutions to create, run and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. The company’s 1,800+ person research and development team keeps Unity at the forefront of development by working alongside partners to ensure optimized support for the latest releases and platforms. Apps developed by Unity creators were downloaded more than three billion times per month in 2019 on more than 1.5 billion unique devices. For more information, please visit www.unity.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005041/en/

Marisa Graves

Unity PR

[email protected]

Richard Barnes

Unity PR

[email protected]

+44 7496006906

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November 30, 2020 5:03 am

Nokia and Togocom deploy first 5G network in West Africa

Press Release

Nokia and Togocom deploy first 5G network in West Africa

Nokia supplies 5G equipment and services introducing cutting-edge connectivity to Togo

30 November 2020

Espoo, Finland – Nokia today announced that it has been selected by African mobile operator, Togocom in a three-year deal to deploy 5G across the country. In the capital city Lomé, the 5G network has just been launched — the first time a 5G network has been deployed in West Africa. The deal, which also sees legacy 2G, 3G and 4G networks enhanced, will strengthen Togocom’s market-leading position in Togo and future-proof its infrastructure for the next-generation of digital services for Togolese citizens.

The deal sees Nokia provide equipment from its comprehensive AirScale portfolio, including AirScale Base Stations, AirScale massive MIMO Adaptive Antenna solutions that enables Togocom to deliver market-leading 5G experiences to subscribers with ultra-low latency, connectivity and capacity. This supports the increasing demand for data services from Togocom’s subscribers. Nokia also supplies its AirScale Micro Remote Radio Head (RRH) solution to meet the demand for capacity and reliable coverage both indoors and outdoors. Togocom also deploys the Nokia AirFrame data center solution to support cloud-based applications necessary for future telco networking.

Nokia also deploys 5G monetization, data management and Digital Operations software solutions across its open, scalable CloudBand Infrastructure Software, enabling Togocom to capture new 5G revenue opportunities, enhance business velocity and agility, and streamline the operator’s network operations. Solutions include Nokia Converged Charging (formerly Smart Plan Suite) together with partner solution for end-to-end BSS, Policy Controller, Session Management, Subscriber Data Management, Signaling, Nokia Mediation (formerly Data Refinery), NetAct network management system and Archive Cloud to automate the backup and storage of network data.

Nokia also provides digital deployment, network design, optimization and technical support services enabling Togocom to benefit from a faster network launch and ensure subscriber requirements for quality and reliability are met.

Nokia is a long-term partner of Togocom and has previously supplied equipment for their 3G and 4G networks. Togocom is the Togolese market leader in telecommunications serving the entire country.

Nokia’s solution enables Togocom to better manage the increasing number of subscribers and devices, as well as deliver high-performance networking which is the demand for LTE/5G and the Internet of Things (IoT). The solution also includes Nokia’s industry-leading data center gateway that supports Software Defined Networking and is designed to address the demanding requirements of data centers and cloud services.

Through the solution, Togocom can provide a seamless customer experience with a highly scalable network and significantly expand capacity across its edge/core routing network as it prepares for next-generation broadband and 5G services.

Togocom uses the increased capacity of its new 5G network to connect fixed subscribers using the Nokia FastMile 5G gateway. The solution is easy for subscribers to install, delivering ultra-fast broadband speeds to homes while using Wi-Fi to connect devices within the home.

Paulin Alazard, CEO at Togocom, said: “Nokia’s technology helps us to modernize our existing nationwide network and enable us to offer subscribers with access to cutting-edge 5G services. We are proud to be the first country in West Africa to offer 5G’s incredible connectivity, which is be a game changer in supporting Togolese citizens with a range of new services and opportunities.”

Pierre Chaume, Vice President of North and West Africa at Nokia, said: “We are delighted to continue our long-standing and successful partnership with Togocom by supporting them in becoming the first mobile operator in West Africa to deliver commercial 5G services to their subscribers. Togocom has ambitious plans for 5G and we are proud of our collaboration with the operator to bring incredible connectivity to its customers as we enter the 5G era.”

Resources:

Webpage: Nokia 5G core
Webpage: Nokia AirScale
Webpage: Nokia CloudBand
Webpage: Nokia Monetization
Webpage: Nokia Subscriber Data Management
Webpage: Nokia IP Multimedia Subsystem IMS
Webpage: Nokia Cloud Signaling Director
Webpage: Nokia NetAct
Webpage: Nokia Cloud Mobility Manager
Webpage: 210 WBX
Webpage: Nokia Network Planning and Optimization

About Togocom:

TOGOCOM is the Togolese telecom market´s leader, currently serving the Togolese people wherever they reside in the country. The group is was born from consolidating the activities of Togo Télécom, Togo´s historical fixed-phone operator, and Togocel, the country´s mobile-network operator. TOGOCOM aims to become an exemplar of service quality that meets the highest international standards, most notably in terms of network coverage and speed, customer satisfaction and the availability of products and services.

About Nokia

We create the technology to connect the world. Only Nokia offers a comprehensive portfolio of network equipment, software, services and licensing opportunities across the globe. With our commitment to innovation, driven by the award-winning Nokia Bell Labs, we are a leader in the development and deployment of 5G networks.

Our communications service provider customers support more than 6.4 billion subscriptions with our radio networks, and our enterprise customers have deployed over 1,300 industrial networks worldwide. Adhering to the highest ethical standards, we transform how people live, work and communicate. For our latest updates, please visit us online www.nokia.com and follow us on Twitter @nokia.

Media Inquiries:

Nokia
Communications
Phone: +358 10 448 4900
Email: [email protected]

November 30, 2020 5:03 am

Total Outstanding Consumer Debt Tops $2 Trillion

– Demand for new credit intensifies despite COVID-19 concerns –

TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) — Continued growth in the housing market and new auto loans led the way in driving total consumer debt up by 3.8 per cent to $2.041 trillion in the third quarter, according to Equifax Canada’s most recent report on consumer credit conditions. Overall average consumer debt rose to $74,897, up 3.3 percent compared to the third quarter of 2019.

Mortgage balances increased by 6.6 per cent in contrast to Q3 of 2019 and the average new mortgage loan amount surpassed $300,000 for the first time, an increase of 8.6 per cent. Despite the pandemic, new auto loans were also up 11.7 per cent compared to the same period last year. Average credit card spending returned close to pre-COVID levels during the quarter, but an increase in average payment amount led to overall credit card debt remaining similar to Q2 levels.

“Homebuyers are largely the reason why we’ve crossed over the $2 trillion threshold,” said Rebecca Oakes, AVP of Advanced Analytics at Equifax Canada. “Car sales have also rebounded in the last few months. With manufacturer and auction house shutdowns there has been a temporary shortage of vehicle availability in some areas. This in turn has led to an increase in car prices as demand exceeds supply. Speculation in the sector suggests the pandemic may also be impacting car demand in the short term as consumers switch away from public transportation. Average auto loan amounts have increased to their highest level in four years.”

Deferrals and delinquencies
during the pandemic

Over 3 million consumers opted for payment deferrals at some point since the pandemic started. Improvements in the job market combined with some consumers reaching the end of agreed lender deferral periods has led to less than half still having an active deferral at the end of September. Deferral accommodations have not stopped consumers from seeking new credit; approximately 12 per cent of new credit products in Q3 2020 were opened by consumers who had some form of deferral on their credit file.

The 90+ day delinquency rate (the percentage of balances where credit users have missed 3+ payments) for non-mortgage debt dropped to 0.98 per cent – the lowest level since 2014 (down 15 per cent compared to Q3 2019).

“The low delinquency rates we’re currently seeing are likely being masked by deferral programs,” said Oakes. “There are some warning signs in early-stage delinquency on credit cards where consumers have missed one or two payments that we’re closely monitoring. Typically, consumers prioritize their debt repayments in a certain order and credit cards are often the first to see missed payments when there are difficulties. The largest increase in this area is coming from people who have exited payment deferral programs in July, so potentially these could be individuals feeling greater financial stress because of COVID.”

Debt (excluding mortgages) & Delinquency Rates

Age	Average Debt (Q3 2020)	Average Debt Change Year-over-Year (Q3 2020 vs. Q3 2019)	Delinquency Rate (Q3 2020)	Del inquency Rate Change Year-over-Year (Q3 2020 vs. Q3 2019)
18-25	$8,715	0.10%	0.96%	-41.06%
26-35	$17,897	-2.29%	1.22%	-26.32%
36-45	$28,034	-3.15%	1.12%	-15.24%
46-55	$35,520	-1.96%	0.91%	-8.37%
56-65	$29,782	-1.98%	0.81%	-7.50%
65+	$16,133	-2.85%	0.94%	-6.60%
Canada	$ 23,2 37	-2.3 9 %	0.98 %	-1 5.08 %

Major City Analysis – Debt (excluding mortgages) & Delinquency Rates

City	Average Debt (Q3 2020)	Average Debt Change Year-over-Year (Q3 2020 vs. Q3 2019)	Delinquency Rate (Q3 2020)	Delinquency Rate Change Year-over-Year (Q3 2020 vs. Q3 2019)
Calgary	$29,107	-2.58%	1.17%	-11.71%
Edmonton	$27,633	-2.85%	1.40%	-10.13%
Halifax	$22,873	-3.17%	1.08%	-29.78%
Montreal	$17,167	-4.68%	1.06%	-12.43%
Ottawa	$22,076	-3.36%	0.79%	-18.39%
Toronto	$23,108	-1.65%	1.05%	-14.37%
Vancouver	$26,206	-1.96%	0.67%	-14.60%
St. John’s	$25,201	-1.69%	1.29%	-27.06%
Fort McMurray	$39,811	-0.07%	1.66%	-13.24%

Province Analysis – Debt (excluding mortgages) & Delinquency Rates & Bankruptcy Amount

Province	Average Debt (Q3 2020)	Average Debt Change Year-over-Year (Q3 2020 vs. Q3 2019)	Delinquency Rate (Q3 2020)	Delinquency Rate Change Year-over-Year (Q3 2020 vs. Q3 2019)
Ontario	$24,000	-1.63%	0.88%	-14.82%
Quebec	$19,097	-3.83%	0.87%	-13.48%
Nova Scotia	$22,198	-2.12%	1.32%	-27.27%
New Brunswick	$23,490	-1.70%	1.42%	-23.77%
PEI	$23,069	-0.76%	0.90%	-32.83%
Newfoundland	$23,867	-1.01%	1.40%	-25.59%
Eastern Region	$ 23,018	-1.66 %	1.34 %	-26.02 %
Alberta	$28,405	-2.66%	1.32%	-10.75%
Manitoba	$18,411	-2.99%	1.21%	-16.65%
Saskatchewan	$24,227	-2.85%	1.30%	-16.85%
British Columbia	$24,504	-2.12%	0.80%	-14.02%
Western Region	$ 25, 250	-2. 47 %	1. 0 9 %	– 13.15 %
Canada	$ 23,2 37	-2.3 9 %	0.98 %	-1 5.08 %

* Based on Equifax data for Q3 2020

About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca and follow the company’s news on LinkedIn.

Contact:
Andrew Findlater
SELECT Public Relations
[email protected]
(647) 444-1197

Tom Carroll
Equifax Canada Media Relations
[email protected]

November 30, 2020 5:03 am

Canaan Inc. Reports Unaudited Third Quarter 2020 Financial Results

HANGZHOU, China, Nov. 30, 2020 (GLOBE NEWSWIRE) — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced its unaudited financial results for the three months ended September 30, 2020.

Third Quarter 2020 Operating and Financial Highlights

Total computing power sold in the third quarter of 2020 was 2.9 million Thash/s, representing a year-over-year decrease of 20.7% from 3.7 million Thash/s in the same period of 2019 and a quarter-over-quarter increase of 13.4% from 2.6 million Thash/s in the second quarter of 2020.
Total net revenues in the third quarter of 2020 was RMB163.0 million (US$24.0 million), representing a year-over-year decrease of 75.7% from RMB670.6 million in the same period of 2019 and a quarter-over-quarter decrease of 8.5% from RMB178.1 million in the second quarter of 2020.
Gross loss in the third quarter of 2020 was RMB17.0 million (US$2.5 million) compared to gross profit of RMB146.2 million in the same period of 2019 and gross profit of RMB43.3 million in the second quarter of 2020.
Net loss in the third quarter of 2020 was RMB86.4 million (US$12.7 million) compared to net income of RMB94.6 million in the same period of 2019 and net loss of RMB16.8 million in the second quarter of 2020.
Non-GAAP adjusted net loss in the third quarter of 2020 was RMB84.8 million (US$12.5 million) compared to Non-GAAP adjusted net income of RMB96.2 million in the same period of 2019 and Non-GAAP adjusted net loss of RMB16.0 million in the second quarter of 2020.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost. In addition, we have also accelerated the monetization of our AI business through our partnerships with a number of companies in various industries, such as online education and smart city solutions. In the third quarter of 2020, for example, we implemented our K210 AI chips in hardware sensors from our partner to better ensure the proper execution of social distancing practices in response to the outbreak of COVID-19. With new generations of mining machines and AI chips in the pipeline, we are confident that the enhanced performance of our new products will continue to bolster our competitive advantages and solidify our market leadership going forward.”

Mr. Quanfu Hong, Chief Financial Officer of Canaan, stated, “The pandemic and resulting macroeconomic uncertainties continued to impact the production capacity of the global IC industry in the third quarter of 2020. However, the demand for mining machines in the market continued to rebound during the third quarter, and we have received a large number of pre-sale orders which are scheduled for delivery starting in the fourth quarter of 2020. Looking ahead, we remain committed to investing in areas that will further strengthen our collaboration with established IC manufacturers, enhance our inventory management, streamline our research and development initiatives, and generate lasting value for our shareholders.”

Third Quarter 2020 Financial Results

Total net revenues in the third quarter of 2020 was RMB163.0 million (US$24.0 million), representing a 75.7% year-over-year decrease from RMB670.6 million in the same period of 2019 and a 8.5% quarter-over-quarter decrease from RMB178.1 million in the second quarter of 2020. The year-over-year decrease was mainly due to the decreases in total computing power sold and average selling price per Thash/s. The quarter-over-quarter decrease was mainly due to the decrease in average selling price per Thash/s.

Cost of revenues in the third quarter of 2020 was RMB180.0 million (US$26.5 million) compared to RMB524.4 million in the same period of 2019 and RMB134.8 million in the second quarter of 2020. The year-over-year decrease was in line with the changes in the Company’s sales volume of Thash and cost per Thash. The quarter-over-quarter increase was mainly due to an inventory write-down of RMB44.9 million (US$6.6 million) and the increase in sales volume.

Gross loss in the third quarter of 2020 was RMB17.0 million (US$2.5 million) compared to gross profit of RMB146.2 million in the same period of 2019 and gross profit of RMB43.3 million in the second quarter of 2020.

Total operating expenses in the third quarter of 2020 was RMB75.9 million (US$11.2 million), representing a year-over-year increase of 4.4% from RMB72.7 million in the same period of 2019 and a quarter-over-quarter increase of 22.0% from RMB62.2 million in the second quarter of 2020.

Research and development expenses in the third quarter of 2020 were RMB32.1 million (US$4.7 million), representing a year-over-year decrease of 15.8% from RMB38.1 million in the same period of 2019 and a quarter-over-quarter increase of 23.2% from RMB26.1 million in the second quarter of 2020. The year-over-year decrease and quarter-over-quarter increase were mainly due to the changes in materials that the Company used for research and development purposes. As a percentage of total net revenues, research and development expenses in the third quarter of 2020 increased to 19.7% from 5.7% in the same period of 2019 and from 14.6% in the second quarter of 2020.

Selling and marketing expenses in the third quarter of 2020 were RMB3.2 million (US$0.5 million), representing a year-over-year decrease of 49.4% from RMB6.3 million in the same period of 2019 and a quarter-over-quarter decrease of 51.2% from RMB6.5 million in the second quarter of 2020. The decreases were mainly due to the decreased salaries of the staff in the Company’s sales and marketing departments. As a percentage of total net revenues, sales and marketing expenses in the third quarter of 2020 was 2.0% compared to 0.9% in the same period of 2019 and 3.7% in the second quarter of 2020.

General and administrative expenses in the third quarter of 2020 were RMB40.6 million (US$6.0 million) compared to RMB28.2 million in the same period of 2019 and RMB29.6 million in the second quarter of 2020. The increases were mainly due to the increases in salary, professional service charges, and other daily administrative expenses. As a percentage of total net revenues, general and administrative expenses in the third quarter of 2020 was 24.9% compared to 4.2% in the same period of 2019 and 16.6% in the second quarter of 2020.

Loss from operations in the third quarter of 2020 was RMB92.9 million (US$13.7 million) compared to income from operations of RMB73.5 million in the same period of 2019 and loss from operations of RMB18.9 million in the second quarter of 2020.

Net loss attributable to ordinary shareholders in the third quarter of 2020 was RMB86.4 million (US$12.7 million) compared to net income attributable to ordinary shareholders of RMB94.6 million in the same period of 2019 and net loss attributable to ordinary shareholders of RMB16.8 million in the second quarter of 2020.

Non-GAAP adjusted net loss in the third quarter of 2020 was RMB84.8 million (US$12.5 million) compared to non-GAAP adjusted net income of RMB96.2 million in the same period of 2019 and non-GAAP adjusted net loss of RMB16.0 million in the second quarter of 2020. Non-GAAP adjusted net loss excludes share-based compensation expense. For further information, please refer to “Use of Non-GAAP Financial Measures” in this release.

Basic and diluted net loss per ADS in the third quarter of 2020 were both RMB0.55 (US$0.08). In comparison, basic and diluted net earnings per ADS in the same period of 2019 were both RMB0.65. Basic and diluted net loss per ADS in the second quarter of 2020 were both RMB0.11. Each ADS represents 15 of the Company’s Class A ordinary shares.

As of September 30, 2020, the Company had cash and cash equivalents of RMB177.4 million (US$26.1 million) compared to RMB516.6 million as of December 31, 2019. The decrease was mainly due to higher short-term investments as the Company had invested RMB204.6 million (US$30.1 million) in short-term investments as of September 30, 2020, compared with RMB11.0 million in short-term investments as of December 31, 2019. The company purchased short-term financial products to receive higher returns but at the same time can withdraw at any time.

Business Outlook

Due to the continued uncertainty from the rapidly changing global environment related to the COVID-19 pandemic and the corresponding economic downturn, the Company will not issue any financial guidance in the near term.

Conference Call Information

The Company’s management team will hold a Direct Event conference call on Monday, November 30, 2020, at 7:00 A.M. Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss the financial results. Details for the conference call are as follows:

Event Title:	Canaan Inc. Third Quarter 2020 Earnings Conference Call
Registration Link:	http://apac.directeventreg.com/registration/event/3299694

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

A replay of the conference call will be accessible through December 8, 2020, by dialing the following numbers:

International:	+61-2-8199-0299
United States:	+1-646-254-3697
Hong Kong, China:	+852-3051-2780
Replay PIN:	3299694#

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at investor.canaan-creative.com.

About Canaan Inc.

Established in 2013, Canaan Inc. provides high-performance computing solutions to efficiently solve complex problems. In 2016, Canaan successfully initiated the production of its first 16nm chip and passed the test to receive China’s national high-tech enterprise certification. In 2018, Canaan achieved major technological breakthroughs to launch the K210, the world’s first-ever RISC-V-based edge artificial intelligence (AI) chip, which is now widely used for access control in situations such as smart door locks and more. Canaan Inc. is currently focused on the research and development of advanced technology, including such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Using the AI chip as its base, Canaan Inc. has established an intellectual value chain. Canaan Inc. also provides a suite of AI service solutions and is able to tailor these solutions to the needs of its partners. For more information, please visit: investor.canaan-creative.com.

Exchange Rate Information

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

Safe Harbor Statement

This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.’s strategic and operational plans, contain forward−looking statements. Canaan Inc. may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its Bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, except as required under applicable law.

Use of NonGAAP Financial Measures

In evaluating Canaan’s business, the Company considers and uses adjusted net income as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss, excluding sharebased compensation expense.

Canaan believes that adjusted net income helps to identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the expenses that the Company excludes in adjusted net income. The Company believes that adjusted net income provides useful information about our operating results, enhances the overall understanding of Canaan’s past performance and future prospects and allows 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 measure “adjusted net loss” is not defined under U.S. GAAP, is not presented in accordance with U.S. GAAP and has limitations as an analytical tool. One of the key limitations of using adjusted net loss is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in Canaan’s business and is not reflected in the presentation of adjusted net loss. Further, the non-GAAP financial measure “adjusted net loss” may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

Investor Relations Contact

Canaan Inc.
Mr. Shaoke Li
Email: [email protected]

ICR Inc.
Jack Wang
Tel: +1 (347) 396-3281
Email: [email protected]

CANAAN INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (all amounts in thousands of RMB, except share and per share data, or as otherwise noted)

	As of December 31,			As of September 30,
	2019			2020			2020
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		516,607			177,363			26,123
Restricted cash		8,239			4,479			660
Short-term investments		11,005			204,570			30,130
Accounts receivable		2,872			348			51
Inventories		196,067			53,284			7,848
Prepayments and other current assets		206,020			246,319			36,278
Total current assets		940,810			686,363			101,090
Non-current assets:
Property, equipment and software		22,602			14,602			2,151
Right-of-use assets, net		22,764			18,819			2,772
Non-current financial investments		—			2,500			368
Other non-current assets		5,250			2,520			371
Total non-current assets		50,616			38,441			5,662
Total assets		991,426			724,804			106,752
LIABILITIES, AND SHAREHOLDERS ’ EQUITY
Current liabilities
Short-term debts		99,903			34,656			5,104
Accounts payable		99,050			10,555			1,555
Notes payable		27,462			14,050			2,069
Contract liabilities		8,288			75,612			11,136
Accrued liabilities and other current liabilities		40,691			23,213			3,419
Lease liabilities, current		9,838			8,110			1,195
Total current liabilities		285,232			166,196			24,478
Non-current liabilities:
Lease liabilities, non-current		13,399			6,246			920
Other non-current liabilities		—			8,913			1,313
Total non-current liabilities		13,399			15,159			2,233
Total liabilities		298,631			181,355			26,711
Shareholders ’ equity:
Ordinary shares (US$0.00000005 par value; 1,000,000,000,000 shares authorized, 2,372,222,222 shares issued, 2,350,123,270 and 2,348,623,525 shares outstanding as of December 31, 2019 and September 30, 2020, respectively)		1			1			—
Subscriptions receivable from shareholders		(1	)		(1	)		—
Treasury stocks (US$0.00000005 par value; 22,098,952 and 23,598,697 shares as of December 31, 2019 and September 30, 2020, respectively)		—			(1,320	)		(194	)
Additional paid-in capital		1,631,609			1,635,719			240,915
Statutory reserves		97,307			97,307			14,332
Accumulated other comprehensive loss		(55,542	)		(64,541	)		(9,506	)
Accumulated deficit		(980,579	)		(1,123,716	)		(165,506	)
Total shareholders ’ equity		692,795			543,449			80,041
Total liabilities and shareholders ’ equity		991,426			724,804			106,752

CANAAN INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (all amounts in thousands of RMB, except share and per share data, or as otherwise noted)

	For the Three Months Ended
	September 30,				June 30,			September 30,			September 30,
	2019				2020			2020			2020
	RMB			RMB				RMB				US$
Net revenues
Products revenue		656,930				162,925			159,727		23,525
Leases revenue		13,281				15,109			2,860		421
Services revenue		401				57			151		22
Other revenue		—				35			303		45
Total net revenue		670,612				178,126			163,041		24,013
Cost of revenue		(524,402	)			(134,849	)		(180,033	)	(26,516		)
Gross profit (loss)		146,210				43,277			(16,992	)	(2,503		)
Operating expense
Research and development expenses		(38,146	)			(26,073	)		(32,117	)	(4,730		)
Selling and marketing expenses		(6,285	)			(6,520	)		(3,181	)	(469		)
General and administrative expenses		(28,232	)			(29,587	)		(40,561	)	(5,974		)
Total operating expenses		(72,663	)			(62,180	)		(75,859	)	(11,173		)
Income (loss) from operations		73,547				(18,903	)		(92,851	)	(13,676		)
Interest income		1,197				873			283		42
Investment income		1,741				1,923			1,963		289
Interest expense		(2,259	)			(1,519	)		(785	)	(116		)
Foreign exchange gain		4,540				80			2,066		304
Value added tax refunds		—				—			—		—
Others, net		15,859				831			2,942		433
Income (loss) before income tax expenses		94,625				(16,715	)		(86,382	)	(12,724		)
Income tax expense		—				(72	)		(24	)	(3		)
Net income (loss)		94,625				(16,787	)		(86,406	)	(12,727		)
Foreign currency translation adjustment, net of nil tax		(3,486	)			(81	)		(15,402	)	(2,268		)
Total comprehensive income (loss)		91,139				(16,868	)		(101,808	)	(14,995		)
Weighted average number of shares used in per share calculation:
— Basic		2,170,195,065				2,350,123,270			2,350,115,118		2,350,115,118
— Diluted		2,185,428,631				2,350,123,270			2,350,115,118		2,350,115,118
Net earnings (loss) per share (cent per share)
— Basic		4.36				(0.71	)		(3.68	)	(0.54		)
— Diluted		4.33				(0.71	)		(3.68	)	(0.54		)
Share-based compensation expenses were included in:
Research and development expenses		9				132			1,025		151
Sales and marketing expenses		110				11			11		2
General and administrative expenses		1,422				600			600		88

The table below sets forth a reconciliation of net loss to non-GAAP adjusted net loss for the period indicated:

	For the Three Months Ended
	September 30,		June 30 ,			September 30,			September 30,
	2019		2020			2020			2020
	RMB		RMB			RMB			US$
Net income (loss)		94,625		(16,787	)		(86,406	)	(12,727	)
Add: Share-based compensation expense		1,541		743			1,636		241
Non-GAAP adjusted net income (loss)		96,166		(16,044	)		(84,770	)	(12,486	)

November 30, 2020 5:03 am

TeraRecon Launches NVIDIA-Powered Clinical Training Cloud for Global Education

DURHAM, N.C., Nov. 30, 2020 (GLOBE NEWSWIRE) — TeraRecon, the leading provider of AI-driven advanced visualization solutions, today announced the debut of their Clinical Training Cloud for affordable imaging-based education initiatives across the US and Europe. As a technology partner of TeraRecon, NVIDIA has supported the effort by contributing powerful image rendering and AI processing resources to the infrastructure for premium 3D system performance and scalability.

The TeraRecon Clinical Training Cloud was created to address the need for widely distributed remote access to advanced visualization tools in support of physician and technologist education. The cloud-based system provides users access to the full suite of multi-specialty advanced visualization workflows within TeraRecon’s Intuition, enabling real-time post processing and on-demand performance.

TeraRecon has been widely adopted for many years by physician-led cardiac and vascular training courses and fellowships around the globe. The all-new Clinical Training Cloud has expanded TeraRecon’s reach to serve the diverse needs of its customers and industry partners, most recently with HeartFlow, to educate physicians about coronary CTA and FFRct, and Penn Medicine.

Lance Scott, Chief Commercial Officer, HeartFlow commented, “Our work with TeraRecon recognizes the important role that advanced diagnostic tools, artificial intelligence, and cloud solutions play in driving the full adoption of new high-impact imaging modalities.”

“Cloud has emerged as the new medium for technology and is growing in popularity with the healthcare community,” said Dr. Mona Flores, Global Head of Medical AI at NVIDIA. “Given the current remote access state of global healthcare, NVIDIA feels it is imperative to empower clinicians to support continuing education for the medical imaging community, and TeraRecon’s Clinical Training Cloud Platform achieves that goal.”

To learn more about TeraRecon’s Clinical Training Cloud, contact [email protected].

About TeraRecon: TeraRecon is a leader in medical advanced visualization and artificial intelligence solutions. Their flagship product, Intuition, is the 2020 KLAS category leader for advanced visualization and holds the number one market share for US 3D imaging. Recently acquired by SymphonyAI Group, TeraRecon is one of seven portfolio companies and is strategically focused on AI-driven innovation in healthcare. The company continues to innovate ahead of customer demand and has most recently developed sophisticated healthcare-focused artificial intelligence platform solutions unlike any in the world today. As a company with a 20-year history of innovation, TeraRecon’s mission is to continuously redefine medical advanced visualization by leveraging artificial intelligence to improve patient care. Website: www.terarecon.com

Contact Marketing at [email protected] and 650.372.1100

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5bf313b-81e0-4ee8-bd14-4986e9012d16

November 30, 2020 5:03 am

P2 Gold Intersects High-Grade Copper at Todd Creek

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports on the 2020 exploration drill program at its Todd Creek Property located in the Golden Triangle in northwest British Columbia.

The Todd Creek 2020 exploration drill program consisted of three holes totaling 1,027 meters and intersected up to 4.19% copper over 1.8 meters. All three drill holes targeted structurally-controlled copper mineralization within large zones of intense QSP (quartz + sericite + pyrite) alteration. Two of the three holes intersected significant copper mineralization with silver and gold. (See Table 1 for drill results.)

Drilling demonstrated that mineralization identified on surface is hosted in veins that are well defined and remain open at depth, with copper and gold grades appearing to improve with depth. Select drill results include:

Hole TC-002 (Yellow Bowl Zone) intersected 1.48% copper, 0.04 g/t gold and30.62 g/t silver over 1.2 meters within an 8.8-meter interval grading 0.53% copper, 0.01 g/t gold and10.63 g/t silver; and
Hole TC-002 (Yellow Bowl Zone) intersected 4.19% copper, 0.19 g/t gold and4.90 g/t silver over 1.8 meters within a 3.3-meter interval grading 3.03% copper, 0.20 g/t gold and7.15 g/t silver.

Plan maps and drill hole sections of the Todd Creek 2020 exploration drill program are available at www.p2gold.com.

The Todd Creek Property covers an area of over 32,000 hectares and is located within the Golden Triangle, approximately 35 kilometers northeast of Stewart, BC. The western side of the Todd Creek Property covers a 12-kilometer by 3-kilometer corridor of altered lower Jurassic volcanic rocks which host at least five zones of gold-copper mineralization including the Yellow Bowl and VMS zones, the targets of the 2020 exploration drill program, and the historical Fall Creek, Ice Creek and South zones. The known zones of mineralization at the Todd Creek Property, which borders the east side of Pretium Resources Inc.’s Bowser Claims, are found in the same stratigraphy that hosts the nearby Brucejack, Snowfield and Goldstorm deposits.

Prospecting has shown that both the Yellow Bowl and VMS Zones are covered by a mafic unit consisting of basalt flows and volcaniclastics which overlie interbedded rhyolite and andesitic volcanics. The zones are marked by intense QSP alteration surrounded by chlorite alteration, believed to be related to a porphyry system at depth. Mineralization intersected to date consists of semi-massive amounts of chalcopyrite, pyrite and locally sphalerite, within well-defined quartz/carbonate veins. These veins were intersected within the upper mafic unit and showed strong alteration of the wall rock and grades improving with depth. This relationship is expected to continue to depth where the veins cut through the underlying andesite/rhyolite volcanics, which experience has shown are better host rocks as seen elsewhere on the property at the Fall Creek, Ice Creek and South zones, as well as in the district as a whole.

Planning for the 2021 exploration program at Todd Creek is underway. It is expected the program will consist of additional prospecting, mapping, ground geophysics and drilling.

Table 1: Selected Todd Creek Property Drill Results, November 2020 (TC-001 to TC-003) ^{(1, 2)}

Hole	Collar Coords	Dip/ Azimuth	From (m)	To (m)	Interval (m)	Copper (%)	Gold (g/t)	Silver (g/t)
TC-001	6233180N 451078E	-45/240	No significant values
TC-002	6232761N 450617E	-45/45	10.8	19.6	8.8	0.51	0.01	10.63
		incl.	10.8	12.0	1.2	1.48	0.04	30.62
			69.0	76.7	7.7	0.35	0.04	5.03
			340.7	344.1	3.3	3.03	0.20	7.15
		incl.	340.7	342.5	1.8	4.19	0.19	4.90
TC-003	6228377N 452559E	-45/45	70.8	76.4	5.6	0.45	0.03	1.07
		Incl.	70.8	71.9	1.1	1.00	0.05	1.79

⁽¹⁾

True thickness to be determined.

⁽²⁾

All samples were submitted for preparation and analysis by MSALABS at its facilities in Terrace, BC. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade ICP analysis. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate at MSALABS in Langley, BC.

Quality Assurance

Amanda Tuck, P.Geo is the qualified person responsible for the Todd Creek Property and has reviewed, verified and approved the scientific and technical information in this news release relating thereto.

About
P2 Gold Inc
.

P2 is a mineral exploration and development company focused on advancing precious metals discoveries and acquisitions in the Pacific Northwest.

For further information, please contact:

P2 Gold Inc. www.p2gold .com

Joseph Ovsenek President, CEO and Chairman [email protected] Tel: +1 (604) 558-5167	Chris Hopkins, CFO ch opkins@p 2gold.com Tel: +1 (416) 786-9793

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, the Company’s expectations, strategies and plans for the Todd Creek Property, including the Company’s planned expenditures and exploration activities.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s annual information form dated October 21, 2020 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

November 30, 2020 5:03 am

TeraRecon Expands Change Healthcare Distribution Agreement Adding AI Subscription

DURHAM, N.C., Nov. 30, 2020 (GLOBE NEWSWIRE) — TeraRecon, the leading provider of AI-driven advanced visualization solutions, today announced the expansion of their distribution offering to Change Healthcare customers for their AI-powered Intuition Subscription. As one of the major Enterprise Imaging providers to extend this new offering, Change Healthcare will empower customers to take advantage of flexible purchasing terms while deploying multi-specialty, enterprise-wide advanced imaging decision support to their organization.

TeraRecon’s new subscription offering, Intuition Titanium, brings customers a consolidated and scalable 3D imaging solution that delivers AI-powered advanced visualization workflows. The subscription includes the company’s full Eureka AI Clinical Platform, which also gives customers the unique ability to include best-of-breed 3^rd party AI algorithms or in-house research innovations as part of their PACS workflow.

“Change Healthcare’s customers have an exciting new path forward,” said John Danahy, TeraRecon’s Chief Revenue Officer. “They will be able to offer their radiology departments, and every imaging-dependent specialist in their health system, a seamless, consistent, and powerful AI-driven interpretation experience that brings new insights into their workflow and drives better patient outcomes.”

“Our goal is to empower providers to deliver the best care possible within an efficient workflow,” said Tracy Byers, Senior Vice President and General Manager, Enterprise Imaging, Change Healthcare. ”By expanding our agreement with TeraRecon, we will help support better outcomes by bringing the power of their innovative advanced visualization capabilities to radiologists and cardiologists.”

Released in Q3 2020, the new offering has seen wide conversion interest and adoption from the existing TeraRecon customer base. It has removed barriers of entry for new customers looking to adopt an AI-driven imaging strategy. To explore all that the new subscription has to offer, visit www.terarecon.com. TeraRecon’s latest advanced visualization and artificial intelligence technologies will be exhibited during the upcoming Radiological Society of North America’s 2020 Annual Scientific Virtual Session from Sunday, November 29^th – Saturday, December 5^th.

Contact Marketing at [email protected] and 650.372.1100

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ec34891-55c2-489a-a3e1-b4ebc3a420b9