/C O R R E C T I O N — ION/

In the news release, GF Securities (Hong Kong) chooses the ION Fidessa Equity Trading Platform, issued 05-Dec-2019 by ION over PR Newswire, we are advised by the company that an update to the company name was needed to ‘GF Securities (HK)’ rather than ‘GF Securities’ as originally issued inadvertently throughout the release. The complete, corrected release follows:

GF Securities (Hong Kong) chooses the ION Fidessa Equity Trading Platform

Leading Chinese brokerage firm will use the ION Fidessa solution to support their international capital markets clients

HONG KONG, Dec. 5, 2019 /PRNewswire/ — ION, the largest global provider of trading, analytics, and risk management solutions for capital markets, commodities, and treasury management, today announced that GF Securities (Hong Kong) Brokerage Limited (“GF Securities (HK)”), one of the leading Chinese brokerage firms in Hong Kong, has chosen the ION Fidessa Equity Trading Platform to support their growing institutional client base.

GF Securities (HK) is committed to providing the highest-quality institutional brokerage services to their international customers. The ION Fidessa Equity Trading Platform delivers advanced program trading, low-touch workflow, algorithmic trading, and direct market access. The platform will enable GF Securities (HK) to automate and expand their equities business internationally.

Lu Feng Cong, Head of Institutional Business at GF Securities (HK), said, “Our clients want faster, more reliable access to international capital markets. We chose the ION Fidessa solution because it gives us the advanced trading workflow, high performance, and reliability at scale that we need.”

Domhnall McCormack, ION Markets Chief Operating Officer, added, “We’re delighted that GF Securities (HK) has chosen our solution as their core trading platform. We’re committed to supporting Chinese firms as they extend their international footprint. Our combination of global market coverage and local expertise makes us the leading provider of trading technology services to brokers in Hong Kong.”

Awards and accolades for ION Fidessa include Equity Trading System of the Year in the FOW and Global Investor Asia Capital Markets Awards in 2019. It was also named Best Sell-Side OMS in both the Intelligent Trading Technology Awards and the Markets Media Markets Choice Awards.

About GF Securities (Hong Kong) Brokerage Limited

GF Securities (Hong Kong) Brokerage Limited (“GF Securities (HK)”) is a wholly owned subsidiary of GF Holdings (Hong Kong) Co., Ltd., providing diversified local and global securities products and services for its clients at home and abroad.

For more information, please visit www.gfgroup.com.hk

About ION Group

ION provides mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments, and corporations. For more information, visit www.iongroup.com.

All product and company names herein may be trademarks of their registered owners.

Related Links :

ION Home 2019 KEEP LIVE

PRC NHC Issues New Policy on Cord Blood Banks, Implementation Rules To Be Provided

HONG KONG, Dec. 6, 2019 /PRNewswire/ — Global Cord Blood Corporation (NYSE: CO) (the “Company”), China’s leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services, today reported that China’s National Health Commission (“NHC”) recently issued a new policy allowing the relevant Provincial Health Commissions (“PHCs”) to approve cord blood bank licenses in 18 pilot Free Trade Zones (“FTZs”) in China.

On November 29, 2019, the NHC announced its Notice Regarding the Issuance of Free Trade Zone “Separating Permits from Business Licenses” Healthcare Reform Implementation Plan* (the “New Policy”). According to the New Policy, PHCs will be responsible for approving cord blood bank establishments, granting cord blood bank licenses to applicants who satisfy all requirements, and organizing specialists and relevant technical departments to perform technical and operational reviews. The State Council has approved pilot FTZs for 18 provinces or municipalities in China, namely: Shanghai, Tianjin, Fujian, Guangdong, Liaoning, Zhejiang, Hubei, Henan, Chongqing, Sichuan, Shaanxi, Hainan, Shandong, Jiangsu, Guangxi, Hebei, Yunnan and Heilongjiang.

The New Policy does not specify the implementation details, such as qualifications for applicants, license approval procedures or licensed region coverage, but it implies that the regulatory bodies could expand the current 7 licensed regions for cord blood banking up to 19 regions, including Beijing.

The Company cautions its shareholders and others considering trading its ordinary shares that detailed rules on the implementation of the New Policy is yet to be provided by relevant government agencies. Therefore, at the moment it is difficult to make an informed prediction/judgement regarding the potential implications upon the regulatory environment and competitive landscape of the cord blood banking industry in China. The Company will issue further announcements to keep the market informed in case of any new material developments.

*Direct translation for reference only

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

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company’s future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates”, “believes”, “expects”, “can”, “continue”, “could”, “estimates”, “intends”, “may”, “plans”, “potential”, “predict”, “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this press release is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this press release is issued, and the Company does not intend to update any of the forward-looking statements after the date this press release is issued to conform these statements to actual results, unless required by law.

For more information, please contact:

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

ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (+1) 646-405-5185
Email: william.zima@icrinc.com

Related Links :

http://www.globalcordbloodcorp.com

Cision

Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2019 Financial Results

BEIJING, Dec. 6, 2019 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and in other countries, today announced its unaudited financial results for the third quarter ended September 30, 2019.

Highlights

  • Total revenue increased 40.0% to US$1,575.9 million for the nine months ended September 30, 2019, from US$1,125.4 million in the same period of the prior year. Total revenue decreased 16.4% to US$497.6 million in the third quarter of 2019 from US$595.5 million in the third quarter of 2018 and decreased 18.3% from US$609.4 million in the second quarter of 2019.
  • Gross profit increased 39.2% to US$413.8 million for the nine months ended September 30, 2019, from US$297.3 million in the same period of the prior year. Gross profit decreased 17.2% to US$123.5 million in the third quarter of 2019 from US$149.2 million in the third quarter of 2018 and decreased 22.4% from US$159.2 million in the second quarter of 2019.
  • Net income was US$43.5 million for the nine months ended September 30, 2019, compared to US$1.8 million in the same period of the prior year. Net income was US$5.4 million in the third quarter of 2019 compared to US$23.9 million in the third quarter of 2018 and US$19.8 million in the second quarter of 2019.
  • Contract sales decreased 5.4% to US$1,479.3 million for the nine months ended September 30, 2019, from US$1,563.8 million in the same period of the prior year. Excluding the impact of change in exchange rate between RMB and the USD, contract sales remained flat compared to the same period of the prior year in RMB. Contract sales decreased 11.6% to US$504.8 million in the third quarter of 2019 from US$571.3 million in the third quarter of 2018 and decreased 0.5% from US$507.4 million in the second quarter of 2019.
  • Diluted net earnings per American Depositary Share (“ADS”) attributable to shareholders were US$0.60 for the nine months ended September 30, 2019, compared to US$0.04 in the same period of the prior year. Diluted net earnings per ADS attributable to shareholders were US$0.07 in the third quarter of 2019 compared to US$0.31 in the third quarter of 2018 and US$0.19 in the second quarter of 2019.
  • Current debt outstanding at the end of the third quarter of 2019 decreased 18.8% to US$1,009.6 million, or 31.4% of total debt, from US$1,243.1 million, or 34.6% of total debt, at the end of the second quarter of 2019.

Mr. Yong Zhang, Xinyuan’s Chairman, stated, “This quarter, we remained profitable despite uncertainties in the macro-economic environment and stringent government restrictions on the Chinese housing market. These headwinds caused contract sales in the third quarter of 2019 to decrease compared to the same quarter in 2018, and total revenue decreased as well. However, we continued to see demand for our offerings and were able to commence pre-sales of two new projects, which contributed 7.3% and 9.1% of total GFA sales and contract sales, respectively.”

“We continued to make progress in our overseas projects,” added Mr. Zhang. “Our Hudson Garden project hard costs remained on track, and we received the Temporary Certification of Occupancy for Target’s ground floor occupancy in early November. We engaged GKV Architects for our RKO project in Flushing to develop new architectural plans, and schematic designs are already complete. Our Madison project in the United Kingdom remains on course for completion in 2020.”

Mr. Zhang continued, “In October, our Xinyuan Property Management Company was successfully listed on the Hong Kong Stock Exchange under the code ‘01895’. Our Xinyuan Property Management subsidiary has achieved rapid growth in recent years, and we believe that listing on a high-quality platform will benefit all of our shareholders.”

“Although uncertainties persist in the market, we are confident in our long-term strategy. We are constantly seeking new opportunities to enhance the Company’s overall performance and to further differentiate ourselves in the market with our auxiliary businesses and services. Furthermore, we are also pleased to offer another quarterly dividend payment to our shareholders,” concluded Mr. Zhang.

Third Quarter 2019 Financial Results

Contract Sales

Contract sales in China totaled US$504.8 million in the third quarter compared to US$571.3 million in the third quarter of 2018 and US$507.4 million in the second quarter of 2019.

The Company’s GFA sales in China were 255,600 square meters in the third quarter of 2019 compared to 277,500 square meters in the third quarter of 2018 and 233,200 square meters in the second quarter of 2019.            

The average selling price (“ASP”) per square meter sold in China was RMB13,531 (US$1,975) in the third quarter of 2019 compared to RMB13,406 (US$2,059) in the third quarter of 2018 and RMB14,755 (US$2,176) in the second quarter of 2019.

The Company commenced pre-sales of two new projects in the third quarter of 2019, Zhengzhou International New City V A04 and Huzhou Silk Town. The presales contributed 7.3% and 9.1% of total GFA sales and total contract sales, respectively.

Breakdown of GFA Sales and ASPs by Project in China

Project

Q3 2018

Q2 2019

Q3 2019

GFA

ASP

GFA

ASP

GFA

ASP

(m2, 000s)

(RMB)

(m2, 000s)

(RMB)

(m2, 000s)

(RMB)

Xingyang Splendid II

1.2

13,900

3.6

7,330

0.4

13,048

Jinan Royal Palace

25.9

16,426

2.8

14,739

2.2

16,483

Xuzhou Colorful City

0.1

10,989

0.7

14,541

0.4

12,453

Sanya Yazhou Bay No.1

(0.9)

23,515

0.3

38,158

0.4

24,890

Xi’an Metropolitan

1.8

10,546

0.1

12,896

0.1

12,845

Jinan Xin Central

1.3

12,839

0.1

18,954

0.4

12,926

Henan Xin Central I

0.3

18,931

0.7

7,942

Zhengzhou Fancy City I

0.2

17,481

0.5

13,714

Zhengzhou Fancy City II (South)

0.4

17,780

(0.1)

9,469

Tianjin Spring Royal Palace I

0.3

11,468

Zhengzhou International New City I

2.3

25,725

5.9

14,784

Henan Xin Central II

0.2

16,913

0.1

15,932

Xingyang Splendid III

2.7

8,018

0.3

8,091

0.8

16,498

Zhengzhou International New City II

3.4

13,388

0.5

18,997

1.9

17,817

Zhengzhou Fancy City II (North)

2.5

9,567

2.8

9,884

4.3

9,148

Tianjin Spring Royal Palace II

23.6

12,691

10.8

13,496

8.1

13,403

Zhengzhou International New City III D

14.0

14,264

0.6

14,045

0.1

14,446

Zhengzhou Hangmei International Wisdom
City I

18.9

7,230

1.8

6,845

0.5

6,968

Zhengzhou International New City III B

54.5

14,135

0.7

15,174

0.1

13,874

Changsha Furong Thriving Family

68.4

9,773

0.2

9,568

Chengdu Xinyuan City

7.1

9,988

2.7

7,585

6.1

7,210

Kunshan Xinyu Jiayuan

13.1

26,108

13.0

23,660

5.6

23,878

Xingyang Splendid IV

14.7

7,576

0.3

7,326

7.9

7,629

Suzhou Suhe Bay *

9.6

21,722

8.5

21,461

Zhengzhou Hangmei International Wisdom
City II

9.3

7,394

9.2

7,391

Qingdao Royal Dragon Bay

28.8

19,797

6.9

22,162

Jinan Royal Spring Bay

4.0

8,777

5.8

8,547

Xinyuan Golden Water View City-
Zhengzhou

8.3

19,740

1.3

24,217

Zhengzhou Fancy City III

8.5

12,729

11.5

13,221

Zhengzhou International New City III C

15.7

12,459

4.6

13,157

Zhengzhou International New City IV A12

34.8

14,224

85.6

14,325

Zhengzhou International New City IV B10

15.5

10,698

12.5

9,996

Suzhou Galaxy Bay

34.6

14,227

10.8

14,591

Suzhou Gusu Shade I

5.6

37,678

1.6

37,563

Dalian International Health Technology
Town I

0.4

10,421

19.6

9,349

Xingyang Splendid V

13.1

7,629

18.4

7,635

Suzhou Gusu Shade II **

0.6

38,893

3.4

38,111

Zhengzhou International New City V A04

0.3

12,068

Huzhou Silk Town ***

18.4

16,840

Others

12.2

3.2

Total

277.5

13,406

233.2

14,755

255.6

13,531

* The Company owns 16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd., which develops Suzhou Suhe
Bay. The Company accounts for its investment under the equity method.

** The Company owns 19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which develops Suzhou Gusu Shade
II. The Company accounts for its investment under the equity method.

*** The Company owns 51% equity interest indirectly in Huzhou Xinhong Renju Construction Development Co., Ltd.,
which develops Huzhou Silk Town. Based on the articles of association, the company cannot exercise control of Huzhou
Silk Town, but has the ability to exercise significant influence over Huzhou Silk Town’s operating and financial decisions
and accounted for it as an equity method investment.

Revenue

In the third quarter of 2019, the Company’s total revenue decreased 16.4% to US$497.6 million from US$595.5 million in the third quarter of 2018 and decreased 18.3% from US$609.4 million in the second quarter of 2019.

Gross Profit

Gross profit for the third quarter of 2019 was US$123.5 million, or 24.8% of total revenue, compared to gross profit of US$149.2 million, or 25.1% of total revenue, in the third quarter of 2018 and a gross profit of US$159.2 million, or 26.1% of total revenue, in the second quarter of 2019.

Selling, General and Administrative Expenses

SG&A expenses were US$57.6 million for the third quarter of 2019 compared to US$47.7 million for the third quarter of 2018 and US$63.0 million for the second quarter of 2019. As a percentage of total revenue, SG&A expenses were 11.6% compared to 8.0% in the third quarter of 2018 and 10.3% in the second quarter of 2019.

Net Income

Net income for the third quarter of 2019 was US$5.4 million compared to US$23.9 million for the third quarter of 2018 and US$19.8 million for the second quarter of 2019. Net margin was 1.1% compared to 4.0% in the third quarter of 2018 and 3.3% in the second quarter of 2019. Diluted net earnings per ADS were US$0.07 compared to US$0.31 per ADS in the third quarter of 2018 and US$0.19 per ADS in the second quarter of 2019.

Balance Sheet

As of September 30, 2019, the Company’s cash and cash equivalents (including restricted cash) decreased to US$688.4 million from US$1,021.8 million as of June 30, 2019.

Total debt outstanding was US$3,211.7 million, which reflects a decrease of US$383.3 million from US$3,595.0 million at the end of the second quarter of 2019. The balance of the Company’s real estate properties under development at the end of the third quarter of 2019 was US$3,589.8 million compared to US$3,844.0 million at the end of the second quarter of 2019.

Real Estate Project Status in China

Below is a summary table of projects that were active and available for sale in the third quarter of 2019.

 

Project

GFA

(m2, 000s)

Total Active
Projects

Sold to date

Unsold to date

Xingyang Splendid II

118.5

97.8

20.7

Jinan Royal Palace

449.6

433.8

15.8

Xuzhou Colorful City

130.8

122.6

8.2

Sanya Yazhou Bay No.1

117.6

101.8

15.8

Xi’an Metropolitan

286.0

269.9

16.1

Jinan Xin Central

194.4

183.9

10.5

Henan Xin Central I

261.5

253.2

8.3

Zhengzhou Fancy City I

166.7

159.4

7.3

Zhengzhou Fancy City II (South)

84.1

81.7

2.4

Tianjin Spring Royal Palace I

139.7

131.6

8.1

Zhengzhou International New City I

356.6

344.4

12.2

Henan Xin Central II

109.5

103.9

5.6

Xingyang Splendid III

121.1

117.3

3.8

Zhengzhou International New City II

176.0

165.6

10.4

Zhengzhou Fancy City II (North)

108.7

95.2

13.5

Tianjin Spring Royal Palace II

144.6

80.2

64.4

Zhengzhou International New City III D

46.1

44.3

1.8

Zhengzhou Hangmei International Wisdom City I

64.7

55.5

9.2

Zhengzhou International New City III B

118.8

117.9

0.9

Changsha Furong Thriving Family

72.3

72.3

Chengdu Xinyuan City

741.8

116.0

625.8

Kunshan Xinyu Jiayuan

107.9

47.7

60.2

Xingyang Splendid IV

151.8

29.9

121.9

Suzhou Suhe Bay *

62.6

62.6

Zhengzhou Hangmei International Wisdom City II

78.4

33.2

45.2

Qingdao Royal Dragon Bay

157.3

71.5

85.8

Jinan Royal Spring Bay

116.8

30.7

86.1

Xinyuan Golden Water View City-Zhengzhou

331.5

64.5

267.0

Zhengzhou Fancy City III

80.6

57.3

23.3

Zhengzhou International New City III C

82.3

66.2

16.1

Zhengzhou International New City IV A12

199.7

154.5

45.2

Zhengzhou International New City IV B10

92.3

35.9

56.4

Suzhou Galaxy Bay

76.5

72.1

4.4

Suzhou Gusu Shade I

12.0

8.2

3.8

Dalian International Health Technology Town I

103.8

20.9

82.9

Xingyang Splendid V

80.5

31.5

49.0

Suzhou Gusu Shade II **

14.3

4.0

10.3

Zhengzhou International New City V A04

104.9

0.3

104.6

Huzhou Silk Town ***

141.4

18.4

123.0

Others

51.4

51.4

Total active projects

6,055.1

3,957.7

2,097.4

* The Company owns 16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd.. which develops Suzhou Suhe
Bay. The Company accounts for its investment under the equity method.

** The Company owns 19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which develops Suzhou Gusu Shade
II. The Company accounts for its investment under the equity method.

*** The Company owns 51% equity interest indirectly in Huzhou Xinhong Renju Construction Development Co., Ltd.,
which develops Huzhou Silk Town. Based on the articles of association, the company cannot exercise control of Huzhou
Silk Town, but has the ability to exercise significant influence over Huzhou Silk Town’s operating and financial decisions
and accounted for it as an equity method investment.

As of September 30, 2019, the Company’s total saleable GFA was approximately 5,049,200 square meters for active projects and under planning stage projects in China. Below is a summary of all of the Company’s projects in China:

Unsold GFA

(m2, 000s)

Pre-sales

Scheduled

Tongzhou Xinyuan Royal Palace-Beijing

102.3

To be determined

Xinyuan Chang’an Royal Palace-Xi’an

226.0

To be determined

Zhengzhou International New City Land Bank(all land is grouped together and
will be developed gradually)

1,187.9

To be determined

Zhuhai Xin World

70.0

To be determined

Lingshan Bay Dragon Seal-Qingdao

380.0

To be determined

Zhengzhou Hangmei Project Land Bank(all land is grouped together and will be
developed gradually)

181.5

To be determined

Wuhan Hidden Dragon Royal Palace

185.0

To be determined

Dalian International Health Technology Town II

34.4

To be determined

Foshan Xinchuang AI International Science and Technology Innovation Valley

456.8

To be determined

Taizhou Yihe Yayuan

127.9

To be determined

Total projects under planning

2,951.8

Total active projects

2,097.4

Total of all Xinyuan unsold projects in China

5,049.2

Update on Real Estate Projects in the United States

As of September 30, 2019, a total of 177 units out of 216 units were sold and closed at the Company’s Oosten project in Brooklyn, New York City, with total revenue from this project reaching US$260.1 million.

As of September 30, 2019, the Company had completed superstructure construction, precast concrete facade, and windows installation for its Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell’s Kitchen area of Manhattan, New York City. The project had also received permanent power from the electric utility provider. Hard costs remain under budget and trend on schedule. During the past year, the project’s design drawings were optimized, increasing the number of residential units from 82 to 92. Of the total sellable 38,000 square feet of retail/commercial space, a total of 29,000 square feet have been leased to the U.S. department store retailer Target for a 20-year term and another 1,910 square feet have been leased to a dermatologist’s office for a 15 year term. Residential unit sales are slated to open in the first quarter of 2020. 

The Company continued to execute on the planning, governmental approvals, and pre-development activities of its ground-up project, the RKO, in Flushing, New York City. As of September 30, 2019, GKV Architects was engaged to develop new architectural plans, and the schematic design is 100% completed. During the past year, the Landmark Preservation Committee approved the Company’s landmark protection plan relating to the landmarked theater on site and awarded the Company a Certificate of Appropriateness. Landmark artifact removal was completed at the end of February 2019, and the artifacts are currently stored in a warehouse for restoration work. 

Real Estate Project Update in the United Kingdom

During the third quarter of 2019, construction progressed as expected on the Madison project in London. Cladding is slated for completion in the fourth quarter of 2019, and the internal fit out is progressing in earnest. The project remains on course for completion in 2020.

Of the 423 residential units in The Madison, all of the 104 Affordable Housing apartments have been pre-sold to a regulated affordable housing provider. Of the remaining 319 apartments, 134 apartments have been sold.

Business Outlook

For the full year of 2019, the Company expects consolidated net income and contract sales to be similar to those of 2018.

Conference Call Information

The Company will hold a conference call at 8:00am ET on December 6, 2019, to discuss its third quarter 2019 results. Listeners may access the call by dialing:

US Toll Free:

1-888-394-8218

International:

1-323-794-2588

A webcast will also be available through the Company’s investor relations website at http://ir.xyre.com.

A replay of the call will be available through December 13, 2019, by dialing:

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

8907992

About Xinyuan Real Estate Co., Ltd.

Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is an NYSE-listed real estate developer and property manager primarily in China and recently in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi’an, and Suzhou. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.

Forward Looking Statements

Certain statements in this press release constitute “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 includes statements about estimated financial performance and sales performance and activity, among others, and can generally be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter successfully into new geographic markets and new business lines and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2018. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.

Notes to Unaudited Financial Information

This release contains unaudited financial information which is subject to year-end audit adjustments. Adjustments to the financial statements may be identified when the audit work is completed, which could result in significant differences between our audited financial statements and this unaudited financial information.

For more information, please contact:

Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com

ICR, LLC
Investors:
Mr. William Zima
In U.S.: +1-646-308-1472
Email: William.zima@icrinc.com

Media:
Mr. Edmond Lococo
In China: +86 (10) 6583-7510
Email: Edmond.Lococo@icrinc.com

 

 

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All US$ amounts and number of shares data in thousands, except per share data)

Three months ended

September 30,

June 30,

September 30,

2019

2019

2018

(unaudited)

(unaudited)

(unaudited)

Total revenue

497,638

609,439

595,460

Total costs of revenue

(374,134)

(450,224)

(446,284)

Gross profit

123,504

159,215

149,176

Selling and distribution expenses

(21,067)

(20,633)

(12,282)

General and administrative expenses

(36,556)

(42,343)

(35,414)

Operating income

65,881

96,239

101,480

Interest income

4,245

4,964

8,084

Interest expense

(31,338)

(28,384)

(21,778)

Net realized gain/(loss) on short-term investments

3,297

(333)

2,119

Unrealized (loss) /gain on short-term investments

(811)

838

(1,121)

Other income/(expense)

6,493

(867)

(443)

Net loss on debt extinguishment

(2,272)

(1,955)

Exchange loss

(7,655)

(4,354)

(15,451)

Share of loss of equity investees

(2,142)

(1,702)

(2,620)

Income from operations before income taxes

35,698

64,446

70,270

Income taxes

(30,256)

(44,621)

(46,415)

Net income

5,442

19,825

23,855

Net income attributable to non-controlling interest

(1,298)

(9,171)

(3,729)

Net income attributable to Xinyuan Real Estate Co., Ltd.

shareholders

4,144

10,654

20,126

Earnings per ADS:

Basic

0.07

0.19

0.32

Diluted

0.07

0.19

0.31

ADS used in computation:

Basic

56,329

57,003

63,734

Diluted

56,624

57,371

64,472

 

 

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All US$ amounts and number of shares data in thousands, except per share data)

Nine months ended

September 30,

September 30,

2019

2018

(unaudited)

(unaudited)

Total revenue

1,575,930

1,125,389

Total costs of revenue

(1,162,162)

(828,130)

Gross profit

413,768

297,259

Selling and distribution expenses

(61,106)

(38,592)

General and administrative expenses

(115,543)

(95,894)

Operating income

237,119

162,773

Interest income

13,294

21,534

Interest expense

(84,028)

(76,266)

Net realized gain on short-term investments

4,135

3,830

Unrealized gain/ (loss) on short-term investments

27

(2,058)

Other income/ (expense)

5,720

(1,272)

Net loss on debt extinguishment

(8,816)

Exchange loss

(8,464)

(26,330)

Share of loss of equity investees

(5,444)

(6,769)

Income from operations before income taxes

153,543

75,442

Income taxes

(110,086)

(73,602)

Net income

43,457

1,840

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

(9,050)

1,092

Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders

34,407

2,932

Earnings per ADS:

Basic

0.60

0.05

Diluted

0.60

0.04

ADS used in computation:

Basic

57,404

64,443

Diluted

57,758

65,489

 

 

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(All US$ amounts and number of shares data in thousands)

September 30,

June 30,

December 31,

2019

2019

2018

(unaudited)

(unaudited)

(audited)

ASSETS

Current assets

Cash and cash equivalents

327,488

666,057

674,142

Restricted cash

220,487

355,776

511,875

Short-term investments

27

838

8,442

Accounts receivable

61,812

73,158

64,130

Other receivables

150,637

176,299

166,633

Deposits for land use rights

22,546

42,254

Other deposits and prepayments

321,107

297,863

257,288

Advances to suppliers

52,649

51,550

46,983

Real estate properties development completed

461,419

714,651

632,360

Real estate properties under development

3,589,814

3,843,980

4,068,716

Amounts due from related parties

317,151

313,532

216,184

Amounts due from employees

2,656

2,955

1,694

Other current assets

4,771

1,334

520

Total current assets

5,510,018

6,520,539

6,691,221

Restricted cash

140,392

Real estate properties held for lease, net

428,737

297,565

302,764

Property and equipment, net

43,394

35,725

38,114

Long-term investment

578,733

552,312

564,340

Deferred tax assets

205,633

206,511

230,453

Deposits for land use rights

21,208

21,819

21,855

Amounts due from related parties

24,587

24,632

26,122

Contract assets

21,118

20,316

21,779

Operating lease right-of-use assets

11,252

12,920

Other assets

121,355

131,910

137,063

TOTAL ASSETS

7,106,427

7,824,249

8,033,711

 

 

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(All US$ amounts and number of shares data in thousands)

September 30,

June 30,

December 31,

2019

2019

2018

(unaudited)

(unaudited)

(audited)

LIABILITIES AND

SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable and notes payable

782,573

833,073

790,631

Short-term bank loans and other debt

28,383

35,901

43,711

Customer deposits

1,367,391

1,573,859

1,921,851

Income tax payable

165,489

165,737

213,273

Other payables and accrued liabilities

297,603

340,145

341,108

Payroll and welfare payable

18,717

16,529

33,752

Current portion of long-term bank loans and other debt

981,182

1,207,191

1,647,918

Current maturities of finance lease

6,322

6,504

6,562

Current maturities of operating lease

5,556

5,816

Mandatorily redeemable non-controlling interests

7,852

6,905

22,559

Amounts due to related parties

31,088

32,224

48,502

Total current liabilities

3,692,156

4,223,884

5,069,867

Non-current liabilities

Long-term bank loans

801,733

732,874

720,039

Other long-term debt

1,400,396

1,619,007

1,040,455

Deferred tax liabilities

403,125

393,541

370,509

Unrecognized tax benefits

59,820

58,922

45,939

Finance lease, net of current maturities

5,294

6,996

10,015

Operating lease, net of current maturities

5,511

6,649

Amounts due to related parties

28,764

28,879

31,242

TOTAL LIABILITIES

6,396,799

7,070,752

7,288,066

Shareholders’ equity

Common shares

16

16

16

Treasury shares

(108,582)

(104,233)

(87,639)

Additional paid-in capital

531,549

533,366

532,117

Statutory reserves

166,501

166,501

166,496

Retained earnings

115,593

117,904

99,502

Accumulated other comprehensive loss

(66,261)

(32,957)

(30,122)

Total Xinyuan Real Estate Co., Ltd. shareholders’ equity

638,816

680,597

680,370

Non-controlling interest

70,812

72,900

65,275

Total equity

709,628

753,497

745,645

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

7,106,427

7,824,249

8,033,711

 

 

 

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Cision

ALPS ALPINE CO., LTD. to Terminate Reporting Obligations with the U.S. Securities and Exchange Commission

TOKYO, Dec. 6, 2019 /PRNewswire/ — ALPS ALPINE CO., LTD. (the “Company”) (TOKYO: 6770) hereby announces that it intends to terminate its reporting obligations with the United States Securities and Exchange Commission (the “SEC”) under Section 15(d) of the Securities Exchange Act of 1934, as amended. For this purpose, the Company intends to file with the SEC a certification under Form 15F today (December 6, 2019). Upon such filing, the Company’s reporting obligations with the SEC will be suspended immediately. The termination of the reporting obligations is expected to become effective no later than 90 days after such filing if there are no objections from the SEC.

 

Cision View original content:http://www.prnewswire.com/news-releases/alps-alpine-co-ltd-to-terminate-reporting-obligations-with-the-us-securities-and-exchange-commission-300970548.html

Crypto_Logo-1

The Syndicate Premieres With EOS Listing

Crypto.com Exchange to list EOS with a 500,000 USD allocation at 50% OFF for CRO stakers

HONG KONG, Dec. 6, 2019 /PRNewswire/ — Following the successful beta launch of the Crypto.com Exchange, Crypto.com premieres The Syndicate platform with the EOS Coin listing. All Crypto.com Coin (CRO) token stakers will be able to participate in a discounted sale event for 500,000 USD worth of EOS coin at 50% off. The listing event will commence on Tuesday, 17th December 2019 on the Crypto.com Exchange.

Crypto.com Exchange to list EOS with a 500,000 USD allocation at 50% OFF for CRO stakers.


Crypto.com Exchange to list EOS with a 500,000 USD allocation at 50% OFF for CRO stakers.

Sale Amount & Subscription Price:

  • Total EOS Coin Supply:                  $500,000 USD worth of EOS Coin
  • Discount rate:                                  50%

Syndicate Allocation: Each participant’s maximum amount of CRO that can be applied towards the listing event will depend on the amount of CRO Staked on the Crypto.com Exchange, as shown below:

CRO Staked

10,000

50,000

100,000

500,000

1,000,000

5,000,000

50,000,000

Maximum
pledge
amount* (in
CRO)

40,000
(~ $1,000
USD)

80,000

(~ $2,000
USD)

200,000

(~ $5,000
USD)

600,000

(~ $15,000
USD)

1,000,000

(~ $25,000
USD)

4,000,000

(~ $100,000
USD)

8,000,000

(~ $200,000
USD)

* For reference only. These amounts will be fixed based on the CRO:USD market price, at the beginning of the Listing Event

Syndicate Allocation Subscription:

  • Crypto.com Exchange users will be able to subscribe for EOS Coins by pledging an amount of CRO tokens not exceeding their respective maximum pledge amount.
  • Staked CRO tokens may not be used to subscribe for EOS coins in the listing event.

Syndicate Allocation Distribution: Listing event participants will receive their finalized EOS Coin allocation at Distribution Time. If the total pledged amount for the listing event is above the total discounted allocation, each individual participant’s final EOS coin allocation will be calculated as in the formula above.

Notes:

  1. EOS coin will be listed on the Crypto.com Exchange and App on Tuesday, 17th December 2019, at 08:00 AM UTC with the following trading pairs: EOS/BTC, EOS/USDT and EOS/CRO.
  2. Crypto.com reserves the right to cancel or amend The Syndicate campaign rules at its sole discretion.
  3. Citizens and residents of the United States, China, Bulgaria and Hong Kong will be excluded from The Syndicate campaign.

Crypto.com is now accepting applications for digital assets to be listed on the Crypto.com Exchange through The Syndicate. Click here to have your project listed.

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. With over 1 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its vision of “cryptocurrency in every wallet” into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 205+ strong team. For more information, please visit www.crypto.com.

Listing event timeline.


Listing event timeline.

 

EOS_Allocation


EOS_Allocation

 

 

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Innovent Announces First Patient Dosed in Phase I Clinical Trial of Anti-LAG-3 Monoclonal Antibody in China

SUZHOU, China, Dec. 6, 2019 /PRNewswire/ — Innovent Biologics, Inc. (“Innovent” or “the Company”) (HKEX: 01801), a world-class biopharmaceutical company that develops and commercializes high quality medicines for the treatment of oncology, autoimmune, metabolic and other major diseases, today announced that the first patient has been successfully dosed in a Phase I clinical trial (CIBI110A101) of anti-lymphocyte activation gene 3 (LAG-3)recombinant fully human monoclonal antibody drug candidate (IBI110) in China.

CIBI110A101 is a phase I clinical study conducted in China to evaluate IBI110 in the treatment of patients with advanced malignancies. The primary objectives of the study are to evaluate the safety, tolerability, and initial anti-tumor efficacy of IBI110, either as monotherapy or in combination with Tyvyt® (sintilimab injection), an anti-programmed cell death protein 1 (PD-1) antibody drug. The Phase Ia study will explore the safety, tolerability and efficacy of IBI110 as monotherapy.

IBI110 is a recombinant fully human anti-LAG-3 monoclonal antibody and will provide a brand new clinical solution to cancer patients. IBI110 can directly bind to LAG-3 on the surface of T cells, disturb the interaction between LAG-3 and MHCII, relieve the inhibiting effect of LAG-3 on T cells activation and enhance the anti-tumor immune response of T cells. Furthermore, the combination of anti-LAG-3 and anti-PD-1/PD-L1 may provide synergistic enhancement and improve the anti-tumor efficacy.

Professor Caicun Zhou, director of Oncology Department of Shanghai Pulmonary Hospital, said: “Although immune checkpoint inhibitors have shown gratifying progress in oncology therapy, we still confront many new challenges. With the increasing popularity of anti-PD-1/PD-L1 antibody, some patients have shown resistance to anti-PD-1/PD-L1 therapy. Meanwhile, the efficacy of anti-PD-1/PD-L1 therapy in its initial treatment of patients also needs to be further improved. Therefore, it has great significance to develop the next generation of tumor immune drugs, while LAG-3 is one of the most promising and prospective targets in tumor immunotherapy. We are looking forward to the clinical results of IBI110.”

Dr. Hui Zhou, Vice President and Head of Oncology Strategy and Medical Sciences of Innovent, said: “LAG-3 is an important immuno-inhibitory receptor, but there is no approved antibody drug targeting LAG-3 so far. Currently, a series of relevant clinical trials is ongoing abroad, and the preliminary results have shown certain safety and anti-tumor effectiveness of anti-LAG-3 antibody either as monotherapy or combination with anti-PD-1/PD-L1 antibody. Notably, the combination therapies hopefully exhibited synergistic enhancement effect. Therefore, developing drugs targeting LAG-3 may provide more novel, comprehensive and effective treatments for patients. We will evaluate the potential clinical value of IBI110 and its combination therapy, and hope to ultimately benefit more patients.”

About IBI110

IBI110 is an innovative IgG4κ recombinant fully human anti-LAG-3 monoclonal antibody developed by Innovent. As class 1 innovative drug, IBI110 can directly bind to LAG-3 and block its interaction with MHCII, thus activate and enhance the anti-tumor immune response of T cells. Furthermore, IBI110 may synergize with anti-PD-1/PD-L1 antibody to improve the anti-tumor efficacy. IBI110 may hopefully exert antitumor activity and delay the drug resistance in the form of monotherapy or combination with Tyvyt® (sintilimab injection), which will provide more effective treatments for cancer patients.

About CIBI110A101

CIBI110A101 is a Phase I clinical study conducted in China to evaluate IBI110 in the treatment of patients with advanced malignancies. The primary objectives of the study are to evaluate the safety, tolerability, and initial anti-tumor efficacy of IBI110, either as monotherapy or in combination with Tyvyt® (sintilimab injection), an anti-programmed cell death protein 1 (PD-1) antibody drug.

About Innovent

Inspired by the spirit of “Start with Integrity, Succeed through Action,” Innovent’s mission is to develop and commercialize high quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to developing, manufacturing and commercializing high quality innovative medicines for the treatment of oncology, autoimmune, metabolic and other major diseases. On October 31, 2018, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 01801.HK.

Since it was founded, Innovent has developed a fully-integrated platform which includes R&D, CMC (Chemistry, Manufacturing, and Controls), clinical development and commercialization capabilities. Leveraging the platform, the company has built a robust pipeline of 21 innovative assets in the fields of oncology, autoimmune, metabolic diseases and other major therapeutic areas. Sixteen have entered into clinical development, five have entered Phase III clinical trials, three monoclonal antibodies have their New Drug Application (NDA) under review and three of them have been granted with priority review status, and one, Tyvyt® (sintilimab injection), has been approved for relapsed or refractory classical Hodgkin’s lymphoma (r/r cHL) and is the only PD-1 inhibitor that has been included in the NRDL in November 2019.

Innovent has built an international team of advanced talents in high-end biological drug development and commercialization, including many overseas experts. The company has also entered into strategic collaborations with Eli Lilly and Company, Adimab, Incyte, Hanmi and other international pharmaceutical companies. Innovent strives to work with all relevant parties to help advance China’s biopharmaceutical industry, improve drug availability to ordinary people and enhance the quality of the patients’ lives. For more information, please visit: www.innoventbio.com.

Related Links :

http://www.innoventbio.com

Cision

Tarena Engages Marcum Bernstein & Pinchuk LLP as its Independent Auditor

BEIJING, Dec. 6, 2019 /PRNewswire/ — Tarena International, Inc. (Nasdaq: TEDU) (“Tarena” or the “Company”) announced today that it has engaged Marcum Bernstein Pinchuk LLP (“MBP”) as its independent registered public accountant with respect to the fiscal years from 2016 to 2018. The engagement of MBP as the independent registered public accountant was approved by the Audit Committee and the Board of Directors of the Company on December 5, 2019. The Company’s Audit Committee has dismissed KPMG Huazhen LLP (“KPMG”) as the Company’s independent registered public accountant.

During the Company’s two most recent fiscal years and through the subsequent interim period on or prior to December 5, 2019, neither the Company nor anyone on its behalf has consulted with MBP on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company by MBP that MBP concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (b) any matter that was the subject of a disagreement, as that term is defined in Item 16F(a)(1)(iv) of Form 20-F (and the related instructions thereto) or a reportable event as set forth in Item 16F(a)(1)(v)(A) through (D) of Form 20-F.

About Tarena International, Inc.

Tarena International, Inc. (NASDAQ: TEDU) is a leading provider of professional education services in China. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers professional education courses in IT and non-IT subjects. Tarena also offers K-12 education programs. Its professional education courses provide students with practical skills to prepare them for jobs in industries with significant growth potential and strong hiring demand.

Cision View original content:http://www.prnewswire.com/news-releases/tarena-engages-marcum-bernstein–pinchuk-llp-as-its-independent-auditor-300970065.html

Greater_Des_Moines_Partnership_Logo

Greater Des Moines Partnership Unveils 2020 State Legislative Priorities

GREATER DES MOINES (DSM), Iowa, Dec. 6, 2019 /PRNewswire/ — The Greater Des Moines Partnership has unveiled its 2020 State Legislative Agenda. The Partnership’s Legislative Agenda was developed by its Government Policy Council, which consists of Business Members from the Partnership’s 24 Affiliate Chambers of Commerce and 360+ Investors. Included in the agenda is a list of featured priorities that will drive The Partnership’s state policy efforts. The Partnership will focus on the following priorities:

 

  • Iowa’s Water and Land Legacy: The Partnership supports passage of this permanent funding source to address water quality and conservation projects including funding for regionally transformative quality of life projects that can attract and retain talent.
  • Angel Investor Tax Credit: The Partnership supports increased funding for the Angel Investor Tax Credit program as a necessary tool for incentivizing investment in entrepreneurs.
  • Des Moines International Airport Terminal Project: The Partnership supports increased funding for Iowa airports for projects that increase traffic and support Iowa’s business growth.
  • Talent: The Partnership supports increased funding for the Future Ready Iowa initiative, policies that support the affordability and accessibility of child-care options and legislative efforts that reduce barriers to employment for those with a criminal history. 
  • Enhance Iowa: The Partnership supports increased funding for Enhance Iowa programs to fund recreational attractions, arts and culture that serve as economic catalysts throughout Iowa. 

“The Partnership’s State Legislative Agenda reflects the priorities of our Investors and Members to help our region continue to grow economically and attract and retain talent,” said Andrea Woodard, Senior Vice President of Government Relations and Public Policy for The Partnership. “We look forward to working with our state elected officials to advance regional priorities with one voice.”

The Partnership’s full State Legislative Agenda is available at DSMpartnership.com/statepolicy.

About the Greater Des Moines Partnership
The Greater Des Moines Partnership is the economic and community development organization that serves Greater Des Moines (DSM), Iowa. Together with 24 Affiliate Chambers of Commerce, more than 6,600 Regional Business Members and more than 360 Investors, The Partnership drives economic growth with one voice, one mission and as one region. Through innovation, strategic planning and global collaboration, The Partnership grows opportunity, helps create jobs and promotes DSM as the best place to build a business, a career and a future. Learn more at DSMpartnership.com.

Contact:
Courtney Shaw
cshaw@DSMpartnership.com
(515) 286-4919
Learn More About DSM USA

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SpaceChain Sends Blockchain Technology to the International Space Station

Mission Advances SpaceChain’s Vision of an Open-Source Blockchain-Based Satellite Network

CAPE CANAVERAL, Fla., Dec. 6, 2019 /PRNewswire/ — SpaceChain announced that its blockchain hardware wallet technology is on its way to the International Space Station (ISS), aboard a SpaceX Falcon 9 rocket as part of today’s CRS-19 commercial resupply service mission. This is the first technology demonstration of  blockchain hardware on the ISS, and it will be installed in Nanoracks’ commercial platform on Station. Today marks the third blockchain payload launched into space by SpaceChain in the past two years, advancing SpaceChain’s vision of a decentralized orbital constellation for fintech and business applications. This ISS demonstration mission was made possible via Nanoracks and their Space Act agreement with NASA.

Once activated, the payload will demonstrate the receipt, authorization, and retransmission of blockchain transactions, creating “multisig” transactions which require multiple signatures (approvals) to complete, increasing the security of the operation. All data will be both uplinked and downlinked directly through Nanoracks’ commercial platform. SpaceChain’s implementation adds the remoteness and security of space infrastructure to blockchain technology to lay the foundation for a new generation of products built on its technology.

This milestone underscores SpaceChain’s commitment to addressing land-based centralized infrastructure concerns, while accelerating technology advancement, international collaboration, and adoption of space-as-a-service for modern businesses.

Earlier this year, SpaceChain was awarded funding by the European Space Agency (ESA) under its Kick-start Activity program, to further develop and identify commercial use-cases for its satellite blockchain technology. By adding space-based payloads to established networks, businesses will be able to enhance the security of the transmission of digital assets that can be vulnerable to cyberattacks and hacking when hosted exclusively in centralized terrestrial servers.

“The third payload launch is a significant milestone not just for SpaceChain but also toward the development of the New Space Economy,” said Zee Zheng, SpaceChain co-founder and CEO. “The integration of space and blockchain technologies has uncovered new possibilities and opportunities and we are very excited about the prospect of working closely with financial service providers and fintech developers, IoT service providers, research institutions and space agencies in the coming months to further accelerate advancements within the ecosystem.”

“Blockchain is the next major disruptor in space,” said Jeff Garzik, SpaceChain co-founder and CTO. “SpaceChain addresses security vulnerabilities for financial systems and digital assets in the growing digital economy. Through integrating technologies, new paradigms that were once beyond reach can now be created and add exciting elements in the New Space Economy.”

SpaceChain expects the testing of this payload to be completed by early 2020.

About SpaceChain

Founded in 2017, SpaceChain is a community-based space platform that combines space and blockchain technologies to build the world’s first open-source blockchain-based satellite network, allowing users to develop and run applications in space.

SpaceChain’s decentralized technology is a catalyst for the creation of the New Space Economy, by making the development of space applications easier and making space more accessible. It enables innovation for a number of industries, and its first application will be space-based multisig technology for financial services. 

For more information, visit www.spacechain.com.

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UnionPay International reached cooperation in card issuance with major institutions in the Asia Pacific

UnionPay steps up its issuance business overseas to support personnel exchanges between China and the rest of the world

SHANGHAI, Dec. 5, 2019 /PRNewswire/ — On December 5, UnionPay International and 8 mainstream institutions in 5 Asia Pacific countries and regions held a collective card issuing agreement signing and business launching ceremony in Shanghai during its joint meeting of its Northeast Asia, Southeast Asia and South Pacific Regional Member Councils. Shao Fujun, Chairman of China UnionPay, and Cai Jianbo, Chariman of UnionPay International attended the ceremony, and Li Xiaofeng, CEO of UnionPay International signed agreements with heads of partner institutions.

The partner institutions in concern include BOC Credit Card (International) Limited, Bank of China Macau Branch, PAObank, Bangkok Bank, KBank, Trade and Development Bank of Mongolia, and Wooricard of South Korea, etc. The partnerships cover the issuance of multiple physical card products, digital card and card product promotion, marking the newest progress in the localization of UnionPay business in APAC.

The localization of UnionPay International business is entering a new stage, under which background a total of about 130 million UnionPay cards have been issued in 57 countries and regions outside mainland China relying on the acceptance network covering 177 countries and regions. Since this year, the number of transactions made with these UnionPay cards has increased by about 40%, and UnionPay cards have been widely used in mainland China. Last year, about 18 million UnionPay cards were issued in the Asia-Pacific region, the main area where UnionPay cards were issued, accounting for about 30% of the total bankcards newly issued in 2018 in the region.

Shao Fuqjun said in his greeting remarks, “with the rapid development of financial technologies, the global payments industry is undergoing fundamental changes: becoming more and more convenient, open and orderly.” The Member Councils of UnionPay International is a significant platform for UPI to communicate with its members, and UnionPay also expects the Councils to be a platform for deeper collaboration in system building, technical standards, acceptance and issuance, mobile payments, supporting services and payments digitalization among stakeholders in the industry. UnionPay is willing to seize the opportunities together with its partners to provide better payment services to customers.

According to the agreements signed on this event, BOC Credit Card (International) Limited will issue UnionPay credit cards whose holders will be allowed to enjoy UnionPay mobile payment services; Bank of China Macau Branch will carry out UnionPay card product promotion activities to attract cardholders to use UnionPay cards in their purchases; and PAObank will be the first virtual bank in cooperation with UnionPay International to issue UnionPay virtual debit cards to consumers in Hong Kong. Besides, Bangkok Bank, the largest commercial bank in Thailand, will issue in large scale TPN-UnionPay dual-label debit cards in Thailand, and KBank, the second largest bank in Thailand, will issue UnionPay credit cards, which is the first-time large-scale issuance of UnionPay credit card in Thailand.

At the ceremony, Trade and Development Bank of Mongolia issued the UnionPay Diamond Credit card first ever in Mongolia, and Wooricard of South Korea issued K-CHECK UnionPay debit cards, which is the first local UnionPay card product issued particularly for foreigners in South Korea.

UnionPay card is one of the major payment options for consumers in many countries and regions outside mainland China. Among the aforementioned markets, UnionPay is the largest card scheme in terms of issuance in Mongolia; UnionPay cards have been issued in all 10 member states of ASEAN; UnionPay accounts for over 90% of debit cards in circulation in Hong Kong and 50% of the local newly-issued credit cards; 95% of debit cards in circulation in Macau are UnionPay cards; and in terms of the number of cards issued, an average of 4 out of 5 people in South Korea have a UnionPay card.

In recent years, UnionPay International have set up Regional Member Councils in key regions, aiming to build open platforms for cooperation among members. This joint meeting of Regional Councils is attended by representatives from over 40 members from 19 markets including Hong Kong, Macau, Taiwan, Singapore, Thailand, Nepal and Australia, etc.

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