New Oriental Education & Technology Group Inc. Cancels Scheduled Earnings Release and Earnings Call

BEIJING, July 31, 2021 /PRNewswire/ — New Oriental Education & Technology Group Inc. (“New Oriental” or the “Company”) (NYSE: EDU and SEHK: 9901), the largest provider of private educational services in China, today announced that in light of the recent regulatory developments, it will cancel the earnings release for the fourth quarter of fiscal year 2021, as well as the corresponding earnings conference call and live webcast previously scheduled at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing Time) on Tuesday, August 3, 2021. The Company will provide further updates at an appropriate time in the future.

About New Oriental

New Oriental is the largest provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental’s program, service and product offerings consist of K-12 after-school tutoring, test preparation, language training for adults, pre-school education, primary and secondary school education, education materials and distribution, online education, and other services. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental’s ADSs, each of which represents one common share. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english/.

Contacts

For investor and media inquiries, please contact:
Ms. Sisi Zhao
New Oriental Education & Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn

Ms. Rita Fong
FTI Consulting
Tel: +852 3768 4548
Email: rita.fong@fticonsulting.com

Related Links :

http://english.neworiental.org

TAL Education Group Cancels Scheduled Earnings Release and Earnings Call

BEIJING, July 31, 2021 /PRNewswire/ — TAL Education Group (“TAL” or the “Company”) (NYSE: TAL), a leading K-12 after-school tutoring services provider in China, today announced that in light of the recent regulatory developments, it will cancel the earning release for the first quarter of fiscal year 2022, as well as the corresponding earnings conference call and live webcast previously scheduled at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing Time) on Thursday, August 5, 2021. The Company will provide further updates at an appropriate time in the future.

About TAL Education Group

TAL Education Group is a leading K-12 after-school tutoring services provider in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote top learning opportunities for Chinese students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive tutoring services to students from pre-school to the twelfth grade through three flexible class formats: small classes, personalized premium services, and online courses. Our tutoring services cover the core academic subjects in China’s school curriculum as well as competence oriented programs. The Company’s learning center network currently covers 110 cities. We also operate www.jzb.com, a leading online education platform in China. Our ADSs trade on the New York Stock Exchange under the symbol “TAL”.

For further information, please contact:

Echo Yan
Investor Relations
TAL Education Group
Tel: +86 10 5292 6658
Email: ir@tal.com

Caroline Straathof
IR Inside
Tel: +31 6 5462 4301
Email: info@irinside.com

Related Links :

http://www.100tal.com/

BUS RYDE - World’s First Bus Passenger MicroInsurance Connected with Public Transit Card

YAS’s ‘BUS RYDE’ — Providing Care and Financial Inclusion for Daily Bus Commuters

HONG KONG, July 30, 2021 /PRNewswire/ — Yet another milestone for YAS MicroInsurance, a leading microinsurance innovation company headquartered in Hong Kong presenting ‘BUS RYDE’, the world’s first embedded bus passenger microinsurance by YAS. ‘BUS RYDE’ is a co-creation as part of a strategic partnership with Assicurazioni Generali S.p.A. (‘Generali’) and Kowloon Motor Bus Company (1933) Limited (‘KMB’). This breakthrough innovation and partnership is a step to embrace and in response to the vision and mission stated in the Hong Kong Smart City Blueprint by the Hong Kong Government.

BUS RYDE - World’s First Bus Passenger MicroInsurance Connected with Public Transit Card
BUS RYDE – World’s First Bus Passenger MicroInsurance Connected with Public Transit Card

BUS RYDE is a pioneering microinsurance product that delivers care, convenience and a new imagination on insurance experience to over 4 million Hong Kong daily public bus commuters through technology. Through OpenAPIs and Octopus Transit Card (the largest public transportation smart card in Hong Kong) registration on the YAS app, KMB monthly pass holders can seamlessly redeem a BUS RYDE microinsurance protection. An extra peace of mind to protect their personal belongings with coverage of over US$250 (loss or theft) and an accidental medical expense coverage of up to US$640. Note: Generali is the policy issuer and underwriter.

The birth of “BUS RYDE” also brings a new lens for business corporations and partnerships to unlock tremendous synergy between a multinational corporation with 190 years of history (‘Generali’), a 88-year mass transportation company (‘KMB’) and a 18-month hyper growth insurtech venture (‘YAS’). 

YAS MicroInsurance Launched World's First Bus Passenger MicroInsurance - BUS RYDE
YAS MicroInsurance Launched World’s First Bus Passenger MicroInsurance – BUS RYDE

‘The grand launch of BUS RYDE definitely opens a new chapter for YAS and the insurance industry by connecting and grounding FinTech and InsurTech with the daily lives of the public,’ remarked Andy Ann, Co-Founder of YAS. ‘As an 18-month-old tech startup, we are very excited and honoured to move forward with more new innovative products in the coming quarters, with our strategic partners, KMB and Generali, each of whom have their expertise, strong base and long history excelling in their own field.’

William Lee, the other Co-Founder of YAS added, ‘We believe the launch of BUS RYDE fulfils one of our visions to make our city smarter and safer. As a microinsurance, “BUS RYDE” protection is affordable to all and enables us to be financially inclusive because every moment and every person matters!’

“After Hong Kong, the team is set to embark on a new venture in Southeast Asia and beyond. The experience from partnering with Generali and KMB solidifies our foundation before we bring other microinsurance protection to the region,’ said Samson Fong, the Head of Marketing and Partnership at YAS.

About YAS MicroInsurance – Every Moment Matters

YAS is a leading microinsurance and technology company headquartered in Hong Kong with operations in Vietnam and expanding in the Asia Region. Their vision is to enable and embed insurance into the daily moments for everyone, anywhere, anytime and to build a future of insurance that has no wastage, optimized, streamable, sharable and on-demand.

YAS MicroInsurance makes use of innovative technology such as blockchain, Open API, AI, GPS to provide a 21st-century insurance experience to customers. YAS is backed by reputable investors such as 500startups and Beyond Ventures. They have a roadmap coming to Malaysia, Vietnam, India, the Greater Bay Area of Chine and the rest of Asia.

YAS MicroInsurance Website: https://yas.io/

YAS MicroInsurance App:

iOS: https://yasss.info/iOS

Android: https://yasss.info/android

For media Enquiries, please contact:

Foxy Tang | +852 9650 3493 | foxy.tang@yas.io or pr@yas.io

Related Links :

https://yas.io/

GigaMedia Announces Second-Quarter 2021 Financial Results

TAIPEI, July 30, 2021 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its second-quarter 2021 unaudited financial results.

Comments from Management

In the second quarter of 2021, GigaMedia reported revenues of $1.23 million, with a gross profit $0.63 million, an operating loss of $1.08 million and the net loss of $0.84 million. Total revenues decreased by 15.3% if compared to the previous quarter.

The decrease in revenues was mainly due to seasonality and the dwindling in certain licensed games. While Taiwan experienced an outbreak of the COVID-19 pandemic in mid-May, we managed to minimize the disruption caused to our business operations.

“The first half year of 2021 was indeed tough for us,” said GigaMedia CEO James Huang, “but after weathering all these, we have gathered pace and are confident for a brighter second half year.”

Second Quarter Overview

  • Operating revenues decreased by approximately 15.3% quarter-on-quarter, to $1.23 million from $1.45 million in last quarter, and decreased by 32.9% year-over-year from $1.83 million the same period last year. The decrease was mainly due to seasonality and the slowdown of the upgrades and supports form our licensors affected by the COVID-19 pandemic.
  • Gross profit decreased by 20% to $0.63 million from $0.79 million in last quarter, and decreased by 35.3% compared to $0.98 million in the same period last year.
  • The net asset value was $4.73 per share.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games.

Unaudited consolidated results of GigaMedia are summarized in the table below.

For the Second Quarter

GIGAMEDIA 2Q21 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, all figures in US$ thousands, except
per share amounts)

2Q21

1Q21

Change

(%)

2Q21

2Q20

Change

(%)

Revenues

1,225

1,446

-15.28

%

1,225

1,826

-32.91

%

Gross Profit

633

791

-19.97

%

633

978

-35.28

%

Loss from Operations

(1,079)

(901)

NM

(1,079)

(549)

NM

Net Loss Attributable to GigaMedia

(836)

(875)

NM

(836)

(419)

NM

Net Loss Per Share Attributable to GigaMedia, Diluted

(0.08)

(0.08)

NM

(0.08)

(0.04)

NM

EBITDA (A)

(911)

(949)

NM

(911)

(634)

NM

Cash , Cash Equivalents and Restricted Cash

43,650

44,446

-1.79

%

43,650

56,783

-23.12

%

NM= Not Meaningful

(A)       EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to
results provided in accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use
of Non-GAAP Measures,” for more details.) 

Second-Quarter Financial Results

  • Consolidated revenues for the second quarter of 2021 decreased by 15.3% quarter-on-quarter to $1.23 million from $1.45 million in last quarter, and by 32.9% year-over-year from $1.83 million the same period last year.
  • Consolidated gross profit was $0.63 million, decreased by 20.0% quarter-on-quarter and 35.3% year-over-year.
  • Consolidated operating expenses were $1.71 million increased by 1.2% if compared to the first quarter of 2021, and increased by 12.2% if compared to the same period last year.
  • Consolidated loss from operation of the second quarter of 2021 was a loss of $1.08 million, increased from a loss of $0.90 million in the first quarter.
  • Net loss in the second quarter of 2021 was $0.84 million, decreased from a net loss of $0.87 million in the first quarter.
  • Cash, cash equivalents and restricted cash at the end of the second quarter of 2021 amounted to $43.7 million, slightly decreased by 1.8% from $44.4 million as of the end of the first quarter.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounted to $43.7 million, or $3.95 per share, as of June 30, 2021.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of July 30, 2021. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2020 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

“In the second half of 2021, we will be committing ourselves to boosting the productivity of our in-house developed casual games, mainly by introducing fast-paced playability, building gamers’ sense of community to improve stickiness, and enhancing marketing effectiveness,” stated GigaMedia CEO James Huang.

Meanwhile, our management continues evaluating and pursuing prospects of strategic investment opportunities which are with potential to expand our business and create greater shareholder value.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with US GAAP, the Company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the second quarter 2021 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia’s digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2021 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

Six months ended

06/30/2021

03/31/2021

06/30/2020

06/30/2021

06/30/2020

unaudited

unaudited

unaudited

unaudited

unaudited

USD

USD

USD

USD

USD

Operating revenues

Digital entertainment service revenues

1,224,749

1,446,276

1,825,547

2,671,025

3,429,450

Operating costs

Cost of digital entertainment service revenues

591,687

655,757

847,906

1,247,444

1,525,099

Gross profit

633,062

790,519

977,641

1,423,581

1,904,351

Operating expenses

Product development and engineering expenses

373,057

345,898

332,745

718,955

661,560

Selling and marketing expenses

376,914

397,033

367,529

773,947

778,004

General and administrative expenses

960,474

946,192

825,998

1,906,666

1,650,440

Other

2,103

2,599

(42)

4,703

2,942

1,712,548

1,691,722

1,526,230

3,404,271

3,092,946

Loss from operations

(1,079,486)

(901,203)

(548,589)

(1,980,690)

(1,188,595)

Non-operating income (expense)

Interest income

80,184

78,595

212,881

158,779

468,600

Foreign exchange (loss) gain – net

163,139

(49,357)

(82,357)

113,782

16,529

Other – net

176

(2,809)

(1,404)

(2,633)

(1,702)

243,499

26,429

129,120

269,928

483,427

Loss from continuing operations before income taxes

(835,987)

(874,774)

(419,469)

(1,710,762)

(705,168)

Income tax benefit (expense)

Net loss attributable to shareholders of GigaMedia

(835,987)

(874,774)

(419,469)

(1,710,762)

(705,168)

Loss per share attributable to GigaMedia

  Basic:

(0.08)

(0.08)

(0.04)

(0.15)

(0.06)

  Diluted

(0.08)

(0.08)

(0.04)

(0.15)

(0.06)

Weighted average shares outstanding:

  Basic

11,052,235

11,052,235

11,052,235

11,052,235

11,052,235

  Diluted

11,052,235

11,052,235

11,052,235

11,052,235

11,052,235

 

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEET

06/30/2021

03/31/2021

06/30/2020

unaudited

unaudited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

43,350,182

44,146,308

56,247,678

Accounts receivable – net

282,780

281,945

349,450

Prepaid expenses

242,488

393,587

228,794

Restricted cash

300,000

300,000

535,153

Other receivables

52,422

25,937

203,671

Other current assets

154,622

156,622

142,230

Total current assets

44,382,494

45,304,399

57,706,976

Marketable securities – noncurrent

10,000,000

10,000,000

Property, plant & equipment – net

48,349

38,860

7,740

Intangible assets – net

9,625

11,596

17,111

Prepaid licensing and royalty fees

73,762

108,878

184,365

Other assets

2,586,685

2,481,910

290,687

Total assets

57,100,915

57,945,643

58,206,879

Liabilities and equity

Accounts payable

44,870

88,009

69,147

Accrued compensation

279,896

161,287

278,622

Accrued expenses

1,138,777

1,083,293

1,321,262

Unearned revenue

930,026

949,396

1,058,940

Other current liabilities

787,009

740,286

627,162

Total current liabilities

3,180,578

3,022,271

3,355,133

Other liabilities

1,636,271

1,655,437

3,653

Total liabilities

4,816,849

4,677,708

3,358,786

Total equity

52,284,066

53,267,935

54,848,093

Total liabilities and equity

57,100,915

57,945,643

58,206,879

 

GIGAMEDIA LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS

Three months ended

Six months ended

06/30/2021

03/31/2021

06/30/2020

06/30/2021

06/30/2020

unaudited

unaudited

unaudited

unaudited

unaudited

USD

USD

USD

USD

USD

Reconciliation of Net Loss to EBITDA

Net loss attributable to GigaMedia

(835,987)

(874,774)

(419,469)

(1,710,762)

(705,168)

Depreciation

2,920

1,902

535

4,822

889

Amortization

2,242

2,010

(2,257)

4,252

2,400

Interest income

(80,184)

(78,595)

(212,881)

(158,779)

(468,600)

Interest expense

Income tax (benefit) expense

EBITDA

(911,009)

(949,457)

(634,072)

(1,860,467)

(1,170,479)

 

 

iWeb Inc, OTC Markets QB, IWBB, announced it will acquire Tingo Mobile Plc. from Tingo International Holdings, Inc, in a deal valuing the Tingo Mobile Plc at $3.7 Billion USD

LOS ANGELES, July 30, 2021 /PRNewswire/ — Transaction was negotiated for IWEB by their Business Development Partners Global Fintech Trading Limited Led by Craig Marshak an experienced Fintech Specialist investment banker who formerly ran a Nomura bank Venture Technology fund in London with considerable success in online gaming, Software and Cybersecurity investments.

Tingo International Holdings, Inc., is the parent company of Tingo Mobile, PLC, a Nigerian limited company. Tingo is a device and a service technology company focused on creating digitally inclusive ecosystems in the AgriTech and FinTech sectors in Africa.

TINGO has posted total revenue figure of $616 million dollars in 2020 and an EBITDA of $220 million dollars (figures based on NGN/USD exchange rate of 360), IWEB is confident that these figures will be exceeded going forwards with expansion and natural upwards progression of the TINGO business

IWEB have agreed to pay $4.00 per share with an issuance of 928 million new shares valuing TINGO at $3.7 Billion USD

Tingo is Nigeria’s leading technology and Device as a Service platform aimed at accelerating digital commerce, especially in Agri-Tech & Fin-Tech verticals in Nigeria. Tingo helps farmers acquire mobile phones through a unique mobile phone leasing scheme, connecting them to mobile and data networks through its virtual mobile network and connecting farmers to markets, services, and resources via Nwassa, its digital AgriTech marketplace platform. Beginning in April 2021, Tingo also launched a beta version of Tingo Pay – a B2C FinTech app aimed at providing financial services including mobile wallets, payment processing and access to specialist lenders and insurers to users inside and outside of the agriculture value chain.

Tingo have over 9 million subscribers and has supplied almost 30 million mobile devices since 2014.

About Tingo see www.tingogroup.com

Tingo has four core business drivers:

  • Mobile Phone Leasing: Tingo has distributed almost 30 million mobile handsets since 2014 and will continue to replace the devices of its installed customer base every three years.
  • Mobile Voice and Data Service: Through a Mobile Virtual Network, Tingo provides its customers with voice and data services.
  • Nwassa Platform: Tingo’s proprietary AgriTech platform, Nwassa, supports Nigeria’s agricultural value chain with market access.
    Tingo processes 500k daily transactions with a value of over $8 million, which provides its installed customer base with access to agricultural markets for their crop. Farmers and cooperatives are also supported with packaging, warehousing, and cargo logistics
    Tingo provides its customers with digital wallet services, which enable them to send and receive domestic payments, monitor cash flow in real time and securely hold money.
    Tingo provides access to other third-party services such as utility bill payment, virtual airtime top-up, insurance services, and alternative lending solutions.
  • Tingo Pay: Since the launch of Nwassa platform Tingo has been a dominant player in the B2B FinTech vertical. Tingo has entered the B2C FinTech vertical to extend our B2B play to mass market use cases beyond agriculture.

Market Opportunity

Africa is the second-largest continent by land mass and population. The continent is also the youngest by far, with a median age of 18 years for its 1.3 billion people. Tingo believes the building blocks for growth in Africa’s agriculture industry are in place and that Tingo is well positioned in this space to participate in the upside.

Compelling fundamentals

  1. Strong demographic potential: Sub-Saharan Africa’s population is growing at 2.7% a year, which is more than twice as fast as South Asia (1.2%) and Latin America (0.9%). That means Africa is adding the population of France (or Thailand) every two years. At the current growth rate, the continent’s population will double by 2050. The median age across the continent is 18 years, thirteen years younger than the median age in South America the next youngest continent according to the World Bank. Africa’s youthfulness represents a significant opportunity for material growth in demand for agricultural commodities. This younger generation is also being born into a “networked” world and is more comfortable using technology to achieve their goals.
  2. Improving business conditions: Africa’s governments are paying more attention to improving business conditions for entrepreneurs and small businesses on the continent. Sub-Saharan Africa’s World Bank Doing Business rank has improved by c.20 points from 45 in 2004 to 65 in 2020. Tingo believe this trend will continue and encourage establishment of more new ventures across all economic sectors including the agriculture industry.
  3. Investor appetite remains robust: Africa attracted $407 billion of Foreign Direct Investments between 2014 and 2018 (c.$80 billion per annum on average). Investments are increasingly focused on services and industrial sectors. Only 20% of investments are in extractive industries – a clear reversal from as recently as 2008 when 55% of FDI was aimed at resource extraction, Tingo believes FDI into Africa will help resolve significant infrastructure constraints and position the Agric value chain for value creation.

Nigeria is the largest economy and the most populous country in Africa and is therefore central to the continent’s growth story.

Agriculture is central to African lives and livelihoods. 60% of sub-Saharan Africans are small holder farmers and Agriculture accounts for 23% of the region’s GDP. In Nigeria, Agriculture employs 66% of the workforce and represents 26% of GDP.

Nigeria’s suboptimal agriculture productivity is driven by several factors including broken linkages with demand centres, inefficient capital allocation for purchase of inputs, and underdeveloped and fragmented access to services. Tingo aims to play a key role in resolving each of these issues.

Access to technology: Tingo is a key access point to the digital economy for millions of rural farmers in Nigeria, by providing affordable access to mobile devices and the internet.

Access to markets: Tingo users can connect with vendors and suppliers for affordable access to inputs and services. Tingo also connects farmers with buyers who purchase crops every year.

Access to Financial Services: Through Tingo Pay, its proprietary mobile wallet application, users can execute several transactions. These include credits into the Tingo Pay wallet, and transfers from the Tingo Pay wallet for bill payments and P2P (peer to peer payments). Tingo will continuing to add services to this application to meet customer needs.

Chris Cleverly, President of TINGO INTERNATIONAL HOLDINGS – “TINGO is Africa’s largest digital agricultural ecosystem and is a highly successful payment gateway. It is important that we embrace emerging technologies as they are necessary to solve the issues that burden the world such as food security and financial inclusion. We make no secret of our intention to uplist this group, or to use this platform to rapidly build our customer base in Nigeria and other African markets we will roll-out our unique offering. Global Food Security is a significant priority and our unique model will enable that priority and deliver Food Security in Africa, which powered with Coinfield will make us a very compelling proposition”

Anthony Moore, CEO of IWEB – ”It has been noted in recent years the rapid adoption and deployment of Blockchain by the Telecoms Industry and the global announcements almost weekly of the acceptance of Crypto, we feel the marriage of TINGO with Coinfield leads us into perfect position for this natural evolution in Africa. Africa is a Continent that is showing great readiness and willingness to adapt and adopt to new technologies.

With its young demographic, high smartphone penetration, lack of legacy infrastructure Africa has the greatest potential for blockchain and cryptocurrency of any region. Coinfield provides the know-how and has the history to deliver on this. TINGO with an already huge customer base will expand rapidly and will become the dominant digital payment platform in the world’s fastest growing economy”

About iWEB

IWEB, Inc., is a technology development and services company, provides coding services in various industries and markets primarily in Thailand. The company focuses on image, audio, web, and security coding technologies. Its technology enables governments and enterprises to imbed or imprint invisible digital identities to media and objects. The company’s coding technology provides the means to infuse persistent digital information to computers and digital devices into various forms of media content; and permits smartphones, tablets, industrial scanners, and other computer interfaces to identify relevant data from media content. IWEB has entered a letter of intent to acquire regulated global crypto exchange “Coinfield” which was established 2018, which was announced  as an IWBB Acquisition on 26th July 2021.

IWEB, Inc. Headquartered in Bangkok, Thailand for additional information visit: www.iweb.company

About Global Fintech Trading Limited

A group specialising in Institutional Financial, FinTech and Crypto who are to develop acquisition and investment opportunities in these fields. This is on a Global basis with their international team

See – http://www.globalfintechtrading.com

Safe Harbor Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties.

Authorized by Fung Hok Wai, President
Contact the company: Fung Hok Wai, President, Emailkevinwai@i-l-a-g.com

Anthony Moore, CEO,  TEL 90-542-332-7666
Investor Relations and Press contact: Alex Lightman in Los Angeles
Email: Alexlightman@me.com

Tingo Mobile Contact: Rory Bowen, Chief of Staff Tingo International Email: rory.bowen@tingogroup.com

Ares SSG Closes Third Secured Lending Fund at $1.6 Billion

  • Final close of SLO III at nearly double the size of its predecessor fund, SLO II
  • Believed to be the largest pan-Asian secured lending fund to date
  • Significant demand from diverse set of reputable institutional investors from the U.S., Asia and Europe, including sovereign wealth funds, pension funds and insurance companies

HONG KONG, July 30, 2021 /PRNewswire/ — Ares SSG, a leading Asia-Pacific alternative asset manager, today announced the final close of its third Secured Lending Opportunities Fund III (“SLO III” or the “Fund”), achieving capital commitments of more than $1.6 billion, which Ares believes is the largest pan-Asian secured lending fund to date.

The close of SLO III marks the establishment of Ares SSG’s eighth fund and has attracted a top-tier, diverse set of international institutional investors, including sovereign wealth funds, pension funds and insurance companies. The final fund size represents an approximately 100% increase compared to the predecessor fund, Secured Lending Opportunities Fund II, which closed in 2017 at just over $800 million.

The new Asia-Pacific-focused fund will follow the same investment strategy as its two predecessor funds, providing flexible capital solutions, primarily in the form of secured loans, to many promising businesses in the region. Ares SSG has already started investing SLO III and approximately 27% of the funds have been deployed to date.

Edwin Wong, Chief Executive Officer and Managing Partner of Ares SSG, said, “We believe the need for private credit solutions in Asia is becoming greater than ever in the wake of the COVID-19 crisis. Many banks are becoming increasingly cautious on new lending, and we believe we are well-positioned as an alternative investment manager to finance growth opportunities within the Fund. Ares SSG aims to leverage its substantial network of relationships and direct lending experience and expertise to proactively unlock value in many businesses across Asia.”

“We are pleased that our limited partners continue to demonstrate their confidence in us and remain optimistic about the long-term prospects for investment and value creation across the Asia-Pacific region. Building on our demonstrated success in the Asian private credit market over the years, Ares SSG will continue to focus on identifying attractive investment opportunities for investors by utilizing our in-depth credit markets knowledge, broad infrastructure platform and local insight of the region,” Wong added.

Michael Arougheti, Chief Executive Officer and President of Ares Management Corporation, said, “The doubling of the size of our latest Ares SSG direct lending fund reflects our team’s ability to invest dynamically across our broad Asia-Pacific footprint, deliver strong and consistent performance and attract a growing amount of support from both existing and new investors. We are excited about future growth opportunities as Ares SSG continues to scale its business to meet the strong demand for financing solutions in the region.”

Since its founding in 2009, Ares SSG has managed and invested in 12 Asia-Pacific markets including China, India, Southeast Asia, South Korea and Australia across a broad spectrum of sectors including real estate, financials, consumer retail, media, industrials and resources.

About Ares SSG

With a pan-Asian presence across nine local offices, Ares SSG is one of the largest alternative asset managers in Asia-Pacific with approximately $7.5 billion in assets under management more than 85 employees and over 120 direct institutional investors as of June 30, 2021. Led by a highly experienced management team that has delivered attractive investment performance across various market cycles, transaction types and Asian countries, Ares SSG leverages its broad geographical footprint and extensive infrastructure in the region to make credit, private equity and special situations investments on behalf of its institutional client base. Ares SSG’s team has been consistently recognized for industry accolades, including Private Debt Investor’s Distressed Debt Investor of the Year, Asia-Pacific in each of the last eight years. Ares SSG is a subsidiary of Ares Management Corporation.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2021, including the acquisition of Black Creek Group which closed July 1, 2021, Ares Management Corporation’s global platform had approximately $262 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.

Media Contacts

Asia:

Brunswick Group:
Azhar Khan
Direct: +44 (0) 207 936 1317
Email: akhan@brunswickgroup.com
or
Danny Leung
Direct: +852 9870 6219
Email: dleung@brunswickgroup.com

U.S.:

Brunswick Group:
Jonathan Doorley / Alex Yankus
Phone: 212-333-3810
Email: ares@brunswickgroup.com

Ares Management Corporation
Carl Drake
Direct: 888-818-5298
Email: cdrake@aresmgmt.com
or
Brittany Cash
Direct: 212-301-0347
Email: bcash@aresmgmt.com

Related Links :

https://www.aresmgmt.com/

Neukio Biotherapeutics completed its $40m Angel round financing, focusing on the development of iPSC-CAR-NK platform and assets.

SHANGHAI, July 30, 2021 /PRNewswire/ — Neukio Biotherapeutics, a newly established company, recently announced the completion of its $40m Angel round of financing led by Lilly Asia Venture (LAV), with the participation of IDG Capital and Sherpa Investments. The fund will be used mainly for the establishment of a research facility and development of allogenic off-the-shelf immune cell technology platforms and therapies.


Allogenic cell therapy is among the most researched areas today and is on the verge of technology breakthrough. There are already assets in clinical trials globally. Neukio focuses on the development and commercialization of allogenic cell therapies from the iPSC-CAR-NK axis, through a combined approach of in-house innovation and external collaboration with world leading partners, for treating cancer patients worldwide.


Dr. Richard Wang, Founder, Chairman and CEO of Neukio has extensive expertise and R&D management experience in the biopharmaceutical field in the US and China, and served as founding CEO of Fosun Kite, a joint venture between Fosun Pharma and Kite Pharma prior to establishing Neukio. He led Fosun Kite completed CMC tech transfer of Yescarta, construction of GMP production facilities, registration clinical trials and NDA filing in less than three years, and made Yescarta the first marketing approved CAR-T product in China by the NMPA. Dr. Wang commented, “launch of Neukio from the Life Science Park of Shanghai Free Trade Zone, embarks our mission to make 0 to 1 innovation, and shows our confidence in allogenic off-the-shelf cell therapies. We really appreciate the funding support from well-known venture investors in the field, leading by Lilly Asia Venture with participation of IDG Capital and Sherpa Investments, who recognized our core team capabilities and supported our innovative approaches, and whom we share the same vision and commitment to saving patient lives.”


The founding managing partner of Lilly Asia Venture, Dr. Yi SHI commented that the clinical efficacy of cell therapy is exciting, and the development of universal product is an important way for cell therapy to truly move towards a wide range of clinical applications. We are very optimistic about the future of NK cells and believe that under the leadership of Dr. Wang, Neukio will be able to make a breakthrough contribution to the field of cell therapy for the benefit of patients in China and around the world.

IDG Capital investment director Mr. Haoyue HU emphasized that cell therapy will be an important weapon in human fight against cancers. With the deepening understanding of immuno-oncology, and advancement of gene editing technologies, different types of cell therapy will continue to expand the boundaries of cancer therapy. iPSC-CAR-NK is the latest development of cell therapy technology, which has potential for scale-up production as an allogeneic universal product, and has already shown preliminary evidence of clinical efficacy. We believe that under the leadership of Dr. Wang, Neukio will become a pioneer in this field, bringing more effective and accessible cell therapies to patients.

Sherpa Healthcare Partner Mr. Daqing CAI praised that Dr. Wang is a leader in China’s biopharmaceutical sector. Under his strong leadership, Fosun Kite has achieved leading cell therapy position in China through solid milestone deliveries. Now Dr. Wang has started from scratch, choosing to embark on a new journey from 0 to 1 in the iPSC-CAR-NK field that offers both great opportunities and uncertainties. We Sherpas are honored to work with other famous investors to help Neukio pave the ways, build bridges and climb new peaks.

Venture Global Announces Upsizing and Pricing of $2,500,000,000 Senior Secured Notes by Venture Global Calcasieu Pass, LLC

ARLINGTON, Va., July 30, 2021 /PRNewswire/ — Venture Global LNG, Inc. (“Venture Global”) announced today that its subsidiary, Venture Global Calcasieu Pass, LLC (“VGCP”) has successfully priced its offering of $2,500,000,000 aggregate principal amount of senior secured notes, which will be issued in two series: (i) a series of 3.875% senior secured notes due 2029 in an aggregate principal amount of $1,250,000,000 (the “2029 Notes”) and (ii) a series of 4.125% senior secured notes due 2031 in an aggregate principal amount of $1,250,000,000 (the “2031 Notes” and, together with the 2029 Notes, the “Notes”). The 2029 Notes will mature on August 15, 2029 and the 2031 Notes will mature on August 15, 2031. The Notes will be issued at par. The aggregate principal amount of Notes offered of $2,500,000,000 represents an increase of $1,000,000,000 from the previously offered amount of $1,500,000,000.

VGCP intends to use the net proceeds from the offering to (i) prepay certain amounts outstanding under VGCP’s existing senior secured first lien credit facilities (the “Existing Credit Facilities”), (ii) pay breakage and hedge termination costs in connection with such prepayment and (iii) pay fees and expenses in connection with the offering.  On the issue date of the Notes, TransCameron Pipeline, LLC (VGCP’s affiliate) will guarantee the Notes. The Notes will be secured on a pari passu basis by a first-priority security interest in the assets that secure the Existing Credit Facilities.

The Notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state or other jurisdictions, and the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Venture Global

Venture Global is a long-term, low-cost provider of U.S. LNG to be sourced from resource rich North American natural gas basins. Venture Global is currently constructing or developing 70 MTPA of production capacity in Louisiana to provide clean, affordable energy to the world.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.”  All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.”  Included among “forward-looking statements” are, among other things, statements regarding Venture Global’s business strategy, plans and objectives, including the use of proceeds from the offering.  Venture Global believes that the expectations reflected in these “forward-looking statements” are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond Venture Global’s control. In addition, assumptions may prove to be inaccurate. Actual results may differ materially from those anticipated or implied in “forward-looking statements” as a result of a variety of factors. These “forward-looking statements” speak only as of the date made, and other than as required by law, Venture Global undertakes no obligation to update or revise any “forward-looking statement” or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.

Global Cord Blood Corporation Files Annual Report on Form 20-F

HONG KONG, July 30, 2021 /PRNewswire/ — Global Cord Blood Corporation (NYSE: CO) (“GCBC” or the “Company”), China’s leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced that the Company filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission. The filed Form 20-F includes audited financial statements for the fiscal year ended March 31, 2021. The Form 20-F can be accessed by visiting the U.S. Securities and Exchange Commission’s website at http://www.sec.gov and also be found at the Investor Relations section of GCBC’s website at http://ir.globalcordbloodcorp.com.

About Global Cord Blood Corporation

Global Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit the Company’s website at:

http://www.globalcordbloodcorp.com

For more information, please contact:

Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com

ICR, Inc.

Mr. William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com

OPEC Fund Assigned Inaugural Credit Rating of AA+ From Fitch Ratings

VIENNA, July 30, 2021 /PRNewswire/ — The OPEC Fund for International Development (the OPEC Fund) has been assigned an inaugural credit rating of AA+, with stable outlook from Fitch Ratings.

Fitch cited the OPEC Fund’s excellent capitalization, liquidity levels and asset quality as key rating strengths. The OPEC Fund’s well-diversified lending book and preferred-creditor status, strong risk management policies and very high level of management expertise further informed Fitch’s assessment.

OPEC Fund Director-General Abdulhamid Alkhalifa welcomed the Fitch ratings announcement, which pays testament to the OPEC Fund’s 45 year track record of delivering successful development outcomes in line with the organization’s unique South-South mandate.

Alkhalifa said: “This positive outcome comes at a time when innovative and concerted approaches to global development financing are especially required. The unwavering support of our member countries over 45+ years has consistently enabled us to meet the evolving needs of our partner countries. Thanks to this assessment, the OPEC Fund is even better positioned to advance the global Sustainable Development Goals (SDGs), and provide efficient and long-term development support to the millions of people currently in need of positive solutions.”

OPEC Fund Assistant Director-General of Financial Operations, Tarek Sherlala, said: “This strong rating will provide the OPEC Fund substantial financial flexibility, enable us to drive greater value for our member countries and partner countries, and ultimately further enhance our development impact and track-record in advancing the SDGs around the world.”

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. Our vision is a world where sustainable development is a reality for all.

 

Related Links :

https://opecfund.org