Singaporeans Can Win Cash Worth Up To $1,000 And Donate Credits To Healthcare Workers With The MoneyBag Game

Singaporeans Can Win Cash Worth Up To $1,000 And Donate Credits To Healthcare Workers With PolicyPal’s MoneyBag Game

  • COVID-19 has infected more than 30,000 in Singapore and resulted in a slew of Circuit Breaker measures to protect our health and safety.
  • PolicyPal announces a new savings game in their mobile app with a cash prize of $1,000.
  • PolicyPal also offers the use of in-app credits they earn to be donated to vulnerable frontline healthcare workers.

SINGAPORE, June 1, 2020 /PRNewswire/ — The total number of COVID-19 cases has skyrocketed in Singapore with more than 30,000 infected since our first reported case on 29 February. This has caused the government to enact stricter safe-distancing guidelines to curb the spread of the disease. These measures have affected many people’s livelihood as they are no longer to operate, as usual, resulting in challenging cash flow issues.

MAS-licensed Insure-Tech, PolicyPal, announces cash prizes of $1,000 when users play MoneyBag. The MoneyBag game is a virtual savings game that encourages users to motivate each other to hit their saving goals together. This is a fun and collaborative financial management game that is simple to understand.

PolicyPal developed this game so that people can learn how to better manage their finances during the circuit breaker times. This game also offers $50,000 worth of vouchers from partners such as foodpanda, Shopee, Zenyum, IUIGA, Revolut, GoldenDuck, CirclesLife, Grain, TheFreshLab and Tiq.

Singaporeans Can Win Cash Worth Up To $1,000 And Donate Credits To Healthcare Workers With The MoneyBag Game
Singaporeans Can Win Cash Worth Up To $1,000 And Donate Credits To Healthcare Workers With The MoneyBag Game

PolicyPal users can increase the amount of in-app credits they have by inviting players to join them in playing the MoneyBag game. They can then donate their credits to medical frontline workers in the Reward marketplace.

The credits donated will be used to support COVID-19 insurance coverage for medical frontline workers, with any excess contribution donated to registered medical charities.

Singaporeans and Singaporean Permanent Residents that are registered medical frontline workers can apply for complimentary COVID-19 insurance coverage with PolicyPal.

ABOUT POLICYPAL

Founded in 2016, PolicyPal is an insurance platform that helps people make the right choice for their financial needs and rewards them with lower insurance premiums through predictive analytics. PolicyPal connects advisers across different insurers and empowers advisers with everything they need to provide financial advice to consumers – from quotations, marketing, customer service to data analytics. With over 50,000 consumers on the platform, PolicyPal is building technology to transform protection and financial services for consumers, advisers and insurers across the entire insurance industry. For more information about PolicyPal, please visit www.policypal.com.

PolicyPal’s Social Media Platforms

Facebook: @hipolicypal
Instagram: @policypal
Website: www.policypal.com

Photo – https://photos.prnasia.com/prnh/20200529/2816910-1?lang=0

Related Links :

http://www.policypal.com

FP_Markets_Logo

FP Markets Celebrates Its 15 Year Anniversary

– A milestone that confirms FP Markets as one of the most well-established Forex & CFD brokers in the world. 

SYDNEY, June 1, 2020 /PRNewswire/ — – FP Markets celebrates its 15th anniversary today and to coincide with this momentous milestone announces the launch of its new website with a variety of new look features and functionality.  Regulated since 2005 by the Australian Securities and Investment Commission (ASIC), FP Markets is a globally-renowned company in the industry and the winner of over 40 awards since it was founded.

FP MARKETS CELEBRATES ITS 15 YEAR ANNIVERSARY
FP MARKETS CELEBRATES ITS 15 YEAR ANNIVERSARY

FP Markets offers over 10,000 trading instruments offering traders access to CFDs across Forex, Indices, Commodities, Stocks and Cryptocurrencies, making it one of the largest offerings in the industry and offers 8 platforms including MT4, MT5 & Iress.

Over the past 15 years,  FP Markets has learnt that the combination of consistently tight spreads and fast execution, coupled with  cutting-edge platforms, a wide product range and first-rate customer support are the key ingredients that give serious traders the confidence to trade.

FP Markets was founded in May 2005 and pioneered the Direct Market Access (DMA) Contracts for Difference (CFD) model in Australia which promotes fair and transparent pricing and focuses on the optimum order execution for clients.  FP Markets is still committed to providing DMA pricing for products where a centralized exchange is present For products such as Forex where there is no centralized exchange, FP Markets provides tight Raw Spreads using ECN (Electronic Communication Network) pricing.

Matt Murphie, Managing Director of FP Markets commented: “We are extremely proud to celebrate this momentous milestone which we like to summarise as “15 years of continual innovation”.  We were one of the first companies in the world to offer DMA/ECN pricing and we have always ensured that we have stayed at the forefront of technology and innovation. We provide traders with a wide range of products with some of the tightest spreads available anywhere in the world which has led us to become the default choice for many serious traders.”

“I am delighted to be leading an extraordinarily talented team and look forward to the next chapter as we continue to expand globally.”

A new website reflecting 15 years of technological innovation and evolution

FP Markets’ strong identity, continuous innovations and investment in technology are reflected in the new-look website which complements the recently launched bespoke client portals.

The re-designed website features a clean design and improved functionalities which offer quick and easy access to information about the wide-range of products on offer. There are new sections on Partners plus the Traders Dashboard showing real-time trading sentiment as well as the new trading information resource – Traders Hub which is packed full of the latest data and analysis.

Craig Allison, Head of EMEA at FP Markets added “We are delighted with our new website which provides both functionality and content that informs and educates our traders worldwide. It signifies FP Markets as a forward-thinking company which is always thinking of fresh and innovative ways to look after its customers. Our research tells us that they are looking for fast ways to effectively trade within a premium and safe environment, and we believe that the refreshed website ticks those boxes as well as being a landmark to celebrate our 15th year.”

Notes to Editors

About FP Markets:

  • FP Markets is an Australian Regulated global CFD and Forex provider with more than 15 years of industry experience. 
  • The company’s vision has always been to deliver the ultimate trading destination for clients by combining the best trading conditions, technology, product range, pricing and client services available to those wanting to trade the markets.
  • FP Markets offers highly competitive interbank Forex spreads available from 0.0 pips and leverage up to 500:1.
  • Clients can also trade on-the-go from their mobile devices across several powerful online platforms like MetaTrader 4, MetaTrader 5, WebTrader and IRESS.
  • The company’s outstanding 24/5 multilingual service has been recognised by Investment Trends as home to some of the most content clients in the industry, having been awarded ‘The Highest Overall Client Satisfaction Award,’ five years running from Investment Trends.

For full details of our wide-ranging offering,  please visit  https://www.fpmarkets.com

First Prudential Markets Pty Ltd
Level 5, Exchange House 10 Bridge St Sydney NSW 2000 AUSTRALIA

Photo – https://mma.prnewswire.com/media/1174967/FPM_15anniversary.jpg
Logo – https://mma.prnewswire.com/media/1007674/FP_Markets_Logo.jpg

Innovent Biologics Announced the Long-Term Follow-Up Results of TYVYT® (Sintilimab Injection) in the Treatment of Relapsed or Refractory Extranodal NK/T-Cell Lymphoma (Nasal Type)

SUZHOU, China, June 1, 2020 /PRNewswire/ — Innovent Biologics, Inc. (“Innovent”) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of oncology, autoimmune, metabolic and other major diseases, announced the two-year follow-up results of TYVYT® (sintilimab injection) ORIENT-4 study in relapsed or refractory Extranodal NK/T-cell lymphoma (nasal type) at the 56th Annual Meeting of the American Society of Clinical Oncology (ASCO) (Abstract # 8050, Poster # 383, 8:00 AM11:00 AM, U.S. Central Time, Friday, May 29, 2020).

ORIENT-4 is a multicenter, single-arm, Phase 2 clinical study evaluating the efficacy and safety of sintilimab in relapsed or refractory extranodal NK/T-cell lymphoma (nasal type). A total of 28 subjects were enrolled in the study, all of whom received sintilimab injection (200 mg, IV, Q3W). The study’s primary endpoint was objective response rate (ORR) based on Lugano 2014 response evaluation criteria.

As of January 17, 2020, the ORR was 67.9% and the complete response (CR) rate was 14.3%. The disease control rate (DCR) was 85.7% and the median overall survival (OS) had not been reached, which was 78.6% at two years, with no new safety signals identified.

Professor Jianyong Li, Director of Hematology Department at Jiangsu Provincial People’s Hospital, said “For patients with extranodal NK/T-cell lymphoma (nasal type) that do not respond to a L-asparaginase-containing regimen, there is no internationally recommended treatment regimen, resulting in an urgent clinical need to find effective therapeutic drugs to treat this disease. The results of the ORIENT-4 study showed that the ORR based on Lugano 2014 efficacy evaluation criteria was as high as 67.9% and the two-year OS rate was 78.6%. Sintilimab was statistically demonstrated the significant clinical efficacy in the treatment of relapsed or refractory extranodal NK/T-cell lymphoma (nasal type), and could bring long-term benefits to patients.”

About TYVYT®sintilimab injection

TYVYT® (sintilimab injection), an innovative drug developed with global quality standards jointly developed by Innovent and Lilly in China, has been granted marketing approval by the National Medical Products Administration (NMPA) for relapsed or refractory classic Hodgkin’s lymphoma after second-line or later systemic chemotherapy, and included in the 2019 Guidelines of Chinese Society of Clinical Oncology for Lymphoid Malignancies. TYVYT® (sintilimab injection) is the only PD-1 inhibitor that has been included in the new Catalogue of the National Reimbursement Drug List (NRDL) in November 2019. 

TYVYT® (sintilimab injection) is a type of immunoglobulin G4 monoclonal antibody, which binds to PD-1 molecules on the surface of T-cells, blocks the PD-1/ PD-Ligand 1 (PD-L1) pathway and reactivates T-cells to kill cancer cells. Innovent is currently conducting more than 20 clinical studies with TYVYT® (sintilimab injection) to evaluate its safety and efficacy in a wide variety of cancer indications, including more than 10 registration or pivotal clinical trials.

About Innovent

Inspired by the spirit of “Start with Integrity, Succeed through Action,” Innovent’s mission is to develop, manufacture 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 its inception, Innovent has developed a fully integrated multifunctional 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 23 valuable assets in the fields of oncology, autoimmune, metabolic diseases and other major therapeutic areas, with 17 in clinical development, five in Phase 3 or pivotal clinical trials, four under NDA reviews by the NMPA (three under priority review status), while TYVYT® (sintilimab injection), officially approved for marketing in China in 2018, has been the only PD-1 inhibitor included in the NRDL, since 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, MD Anderson Cancer Center, Hanmi and other international partners. 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

http://www.innoventbio.com

Innovent Biologics and Lilly Jointly Announced the Long-Term Follow-Up Results of TYVYT® (Sintilimab Injection) in the Treatment of Patients with Relapsed/Refractory Classic Hodgkin’s Lymphoma

SUZHOU, China, June 1, 2020 /PRNewswire/ — Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines, jointly announced with Eli Lilly and Company (Lilly) (NYSE: LLY) the research results of TYVYT® (sintilimab injection) ORIENT-1 study for the treatment of relapsed or refractory classic Hodgkin’s lymphoma (r/r cHL), at the 56th Annual Meeting of the American Society of Clinical Oncology (ASCO) (Abstract # 8034, Poster # 367, 8:00 AM11:00 AM, U.S. Central Time, Friday, May 29, 2020).

The ORIENT-1 study is a multicenter, single-arm, Phase 2 clinical trial, assessing the efficacy and safety of sintilimab in r/r cHL. Subjects received 200 mg of sintilimab every three weeks in this study until disease progression. A total of 96 subjects with r/r cHL were enrolled, and the study’s primary endpoint was objective response rate (ORR) assessed by an independent imaging assessment committee (IRRC). In addition, the complete response (CR) rate was a secondary endpoint in the ORIENT-1 study.

As of the data cutoff on September 30, 2019, the ORR was 85.4% (82/96) based on IRRC review, of which 41 patients (42.7%) achieved complete response (CR). Professor Yuan-kai Shi, Associate Dean from the Cancer Hospital of the Chinese Academy of Medical Sciences and Director of the Department of Oncology, said: “Treatment options for patients with r/r cHL remain limited, and new drugs with long-lasting efficacy and good safety are urgently needed. The results of long-term follow-up of the ORIENT-1 study showed that sintilimab can bring relatively more long-term benefits to r/r cHL patients.”

About TYVYT® (Sintilimab Injection)

TYVYT® (sintilimab injection), an innovative drug developed with global quality standards jointly developed by Innovent and Lilly in China, has been granted marketing approval by the National Medical Products Administration (NMPA) for relapsed or refractory classic Hodgkin’s lymphoma after second-line or later systemic chemotherapy, and included in the 2019 Guidelines of Chinese Society of Clinical Oncology for Lymphoid Malignancies. TYVYT® (sintilimab injection) is the only PD-1 inhibitor that has been included in the new Catalogue of the National Reimbursement Drug List (NRDL) in November 2019.

TYVYT® (sintilimab injection) is a type of immunoglobulin G4 monoclonal antibody, which binds to PD-1 molecules on the surface of T-cells, blocks the PD-1/ PD-Ligand 1 (PD-L1) pathway and reactivates T-cells to kill cancer cells. Innovent is currently conducting more than 20 clinical studies with TYVYT® (sintilimab injection) to evaluate its safety and efficacy in a wide variety of cancer indications, including more than 10 registration or pivotal clinical trials.

About Innovent

Inspired by the spirit of “Start with Integrity, Succeed through Action,” Innovent’s mission is to develop, manufacture 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 its inception, Innovent has developed a fully integrated multifunctional 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 23 valuable assets in the fields of oncology, autoimmune, metabolic diseases and other major therapeutic areas, with 17 in clinical development, five in Phase 3 or pivotal clinical trials, four under NDA reviews by the NMPA (three under priority review status), while TYVYT® (sintilimab injection), officially approved for marketing in China in 2018, has been the only PD-1 inhibitor included in the NRDL, since 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, MD Anderson Cancer Center, Hanmi and other international partners. 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.

About Eli Lilly and Company

Lilly is a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com.

About Innovent Biologics’ strategic cooperation with Eli Lilly and Company

Innovent entered into a strategic collaboration with Lilly focusing on biological medicine in March 2015 – a groundbreaking partnership between a Chinese pharmaceutical company and a multinational pharmaceutical company. Under the agreement, Innovent and Lilly are co-developing and commercializing oncology medicines, including TYVYT® (sintilimab injection) in China. In October 2015, the two companies announced the extension of their existing collaboration to include co-development of three additional antibodies targeting oncology indications. In August 2019, Innovent entered into an additional licensing agreement with Lilly to develop and commercialize a potentially global best-in-class diabetes medicine in China. Its collaboration with Lilly indicates that Innovent has established a comprehensive level of cooperation between China’s innovative pharmaceuticals sector and the international pharmaceuticals sector in fields such as R&D, CMC, clinical development and commercialization.

Related Links :

http://www.innoventbio.com

Innovent Biologics and Lilly Jointly Announced the Pivotal Clinical Study Results of TYVYT® (Sintilimab Injection) in the Second-Line Treatment of Patients with Locally Advanced or Metastatic Esophageal Squamous Cell Carcinoma

SUZHOU, China, June 1, 2020 /PRNewswire/ — Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines, jointly announced with Eli Lilly and Company (Lilly) (NYSE: LLY) the results of TYVYT® (sintilimab injection) ORIENT-2 study, a pivotal clinical study of second-line treatment for locally advanced or metastatic esophageal squamous cell carcinoma (ESCC) at the 56th Annual Meeting of the American Society of Clinical Oncology (ASCO) (Abstract # 4511, Poster # 119, 8:00 AM11:00 AM, U.S. Central Time, Friday, May 29, 2020).

The ORIENT-2 study was a randomized, open-label, multicenter, Phase 2 clinical study comparing the efficacy and safety of sintilimab with chemotherapy (paclitaxel or irinotecan) in patients with advanced or metastatic ESCC whose disease progressed on first-line therapy. A total of 190 subjects were enrolled in the study and randomly assigned in a 1:1 ratio to receive either sintilimab injection or chemotherapy (paclitaxel or irinotecan). The study’s primary endpoint was overall survival (OS).

As of August 2, 2019, compared with paclitaxel/irinotecan, sintilimab demonstrated a statistically significant improvement in OS in the intent-to-treat (ITT) population (HR = 0.70, P = 0.032). The median OS in the sintilimab-treated group and the chemotherapy-treated group were 7.2 months and 6.2 months and the 12-month OS rates were 37.4% and 21.4%, respectively, showing encouraging antitumor efficacy in the sintilimab-treated group. The safety profile of sintilimab in this study of ESCC patients was similar to that seen in studies of sintilimab in other tumors.

Professor Jianming Xu, Director of the Department of Gastrointestinal Oncology at the Fifth Medical Center of PLA General Hospital, said: “For patients with advanced or metastatic ESCC who have progressed on first-line treatment, there are few next treatment options and traditional chemotherapy drugs have shown a very limited effect. The ORIENT-2 study confirmed that sintilimab can prolong OS compared with chemotherapy (paclitaxel or irinotecan) in the second-line treatment of patients with ESCC. We are hopeful that sintilimab can be used as an effective treatment option for the second-line treatment of ESCC, bringing more clinical benefits to patients in need.”

About TYVYT® (Sintilimab Injection)

TYVYT® (sintilimab injection), an innovative drug developed with global quality standards jointly developed by Innovent and Lilly in China, has been granted marketing approval by the National Medical Products Administration (NMPA) for relapsed or refractory classic Hodgkin’s lymphoma after second-line or later systemic chemotherapy, and included in the 2019 Guidelines of Chinese Society of Clinical Oncology for Lymphoid Malignancies. TYVYT® (sintilimab injection) is the only PD-1 inhibitor that has been included in the new Catalogue of the National Reimbursement Drug List (NRDL) in November 2019. 

TYVYT® (sintilimab injection) is a type of immunoglobulin G4 monoclonal antibody, which binds to PD-1 molecules on the surface of T-cells, blocks the PD-1/ PD-Ligand 1 (PD-L1) pathway and reactivates T-cells to kill cancer cells. Innovent is currently conducting more than 20 clinical studies with TYVYT® (sintilimab injection) to evaluate its safety and efficacy in a wide variety of cancer indications, including more than 10 registration or pivotal clinical trials.

About Innovent

Inspired by the spirit of “Start with Integrity, Succeed through Action,” Innovent’s mission is to develop, manufacture 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 its inception, Innovent has developed a fully integrated multifunctional 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 23 valuable assets in the fields of oncology, autoimmune, metabolic diseases and other major therapeutic areas, with 17 in clinical development, five in Phase 3 or pivotal clinical trials, four under NDA reviews by the NMPA (three under priority review status), while TYVYT® (sintilimab injection), officially approved for marketing in China in 2018, has been the only PD-1 inhibitor included in the NRDL, since 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, MD Anderson Cancer Center, Hanmi and other international partners. 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.

About Eli Lilly and Company

Lilly is a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com.

About Innovent Biologics’ strategic cooperation with Eli Lilly and Company

Innovent entered into a strategic collaboration with Lilly focusing on biological medicine in March 2015 – a groundbreaking partnership between a Chinese pharmaceutical company and a multinational pharmaceutical company. Under the agreement, Innovent and Lilly are co-developing and commercializing oncology medicines, including TYVYT® (sintilimab injection) in China. In October 2015, the two companies announced the extension of their existing collaboration to include co-development of three additional antibodies targeting oncology indications. In August 2019, Innovent entered into an additional licensing agreement with Lilly to develop and commercialize a potentially global best-in-class diabetes medicine in China. Its collaboration with Lilly indicates that Innovent has established a comprehensive level of cooperation between China’s innovative pharmaceuticals sector and the international pharmaceuticals sector in fields such as R&D, CMC, clinical development and commercialization.

Related Links :

http://www.innoventbio.com

http://www.innoventbio.com

Yemen High-Level Pledging Event hosted by Saudi Arabia

RIYADH, Saudi Arabia, May 30, 2020 /PRNewswire/ — The High-Level Pledging Event for the Humanitarian Crisis in Yemen will be hosted by Saudi Arabia on Tuesday, 2 June 2020. The event will be in partnership with the United Nations. The Kingdom will announce its funding for the United Nation’s emergency Humanitarian Response Plan for Yemen. This year’s pledge is expected to be substantive and will cover emergency needs created by the COVID-19 pandemic.

The event will take place from 8:00 – 13:40 EDT (New York). It will be attended by His Highness Prince Faisal bin Farhan, Minister of Foreign Affairs, His Excellency Mr. António Guterres, Secretary-General of the United Nations, His Excellency Dr. Abdullah Al Rabeeah, Supervisor General of King Salman Humanitarian Aid and Relief Centre (Ksrelief) and Advisor to the Royal Court and Mr. Mark Lowcock, Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator.

Dr. Al Rabeeah said, “The humanitarian needs globally and in Yemen have been expanding rapidly. There are more humanitarian crises, either natural or man-made, than ever across the world. Unfortunately, this hasn’t resulted in increased funding from donors globally. Yemen has been a priority for Saudi Arabia for the past four or five decades. From the onset of COVID-19, Saudi Arabia has established a strategic plan to help countries in need. Top of the list is Yemen. Yemen needs a lot of help because of the weak and fragile health system in the country.

“It is precisely for this reason and the Kingdom’s determination to help Yemen that the government of Saudi Arabia is hosting the pledging event for the humanitarian response plan in partnership with the United Nations. We are hoping this event will receive attention from the international community and donor countries globally. We are optimistic that this pledging event, despite the economic crisis and COVID-19, will receive very positive responses and we hope to see this will reflect positively on Yemen.”

Saudi Arabia’s pledge will include more than 10 relief projects with 11 UN agencies. The most urgent sectors of needs will be included. Last year, Saudi Arabia pledged USD 750,000,000 and reached 11 million beneficiaries. Food security, agriculture, heath, nutrition, WASH, coordination, RRMS, shelter, logistics, camp coordination and camp management, as well as Emergency Employment & Community Rehabilitation were funded.

Saudi Arabia has been the largest consistent donor to Yemen. The total of its funding to date is USD 16.9 billion. Forty pledges for a total of USD 2.6 billion dollars were promised by donors in 2019.

Last year, Sir Mark Lowcock told the UN Security Council that the Saudi pledge was done in full respect of the best humanitarian donorship principles. He said: “The Contribution was channeled through the UN as a single, unearmarked grant early in the year, which I consider a best practice in humanitarian donorship.”

For Registration: https://www.unocha.org/yemen2020

 

China Customer Relations Centers, Inc. Announces Financial Results for the Second Half and Fiscal Year of 2019

Revenues and EPS Increased by 32.8% and 57.1%, Respectively, for the Second Half of 2019

TAI’AN, China, May 30, 2020 /PRNewswire/ — China Customer Relations Centers, Inc. (NASDAQ: CCRC) (“CCRC” or the “Company”), a leading call center business process outsourcing (“BPO”) service provider in China, today announced its financial results for the six and twelve months ended December 31, 2019.

Second Half of 2019 Highlights (all comparisons to prior year unless noted)

  • Revenues increased by 32.8% to a Company record of $100.13 million driven by continued expansion of business.
  • Gross profit increased by 8.7% to $20.25 million. Gross margin was 20.2%, compared to 24.7% for the same period of the prior year.
  • Operating income increased by 42.7% to $7.26 million. Operating margin increased by 0.5 percentage point to 7.3%.
  • Net income attributable to common shareholders increased by 58.7% to $8.07 million.
  • EPS attributable to common shareholders was $0.44, compared to $0.28 for the same period of the prior year.

Mr. Gary Wang, Chairman and Chief Executive Officer of CCRC, commented, “We saw a strong uptick in our business through the second half of 2019, leading to increases in revenues of 32.8% year-over-year and 36.7% sequentially, thanks to increased sales volume at some of the key existing customers as well as contributions from new customers. Both operating and net margins for the second half of 2019 also increased year-over-year.”

Fiscal Year 2019 Highlights

  • Revenues increased by 22.6% to $173.41 million driven by continued expansion of business.
  • Gross profit increased by 0.1% to $38.90 million. Gross margin was 22.4%, compared to 27.5% for 2018,
  • Operating income decreased by 28.2% to $12.59 million. Operating margin was 7.3%, compared to 12.4% for 2018.
  • Net income attributable to common shareholders decreased by 18.9% to $13.06 million.
  • EPS attributable to common shareholders was $0.71, compared to $0.88 for 2018.
  • As of December 31, 2019, the Company had service capacity of 22,360 seats, compared to 18,384 seats at the end of 2018.

“Looking forward, despite the negative impact of the COVID-19 outbreak earlier this year that caused disruption and deemed to take a toll on China’s economy and our business, we believe our well diversified customer base and strong market position will continue to drive long-term growth and generate significant returns for shareholders,” concluded Mr. Wang.

Second Half of 2019 Financial Results (Unaudited)

For the Six Months Ended December 31,

($ millions, except per share data)

2019

2018

% Change

Revenues

$100.13

$75.40

32.8%

Gross profit

$20.25

$18.63

8.7%

Gross margin

20.2%

24.7%

-4.5 pp

Operating income

$7.26

$5.09

42.7%

Operating margin

7.3%

6.8%

0.5 pp

Net income attributable to CCRC

$8.07

$5.08

58.7%

EPS – basic and diluted

$0.44

$0.28

57.1%

Revenues

For the six months ended December 31, 2019, revenues increased by $24.74 million, or 32.8%, to $100.13 million from $75.40 million for the same period of the prior year. We continued to see strong demand for our business from existing BPO clients as well as new clients during the six months ended December 31, 2019.

As of December 31, 2019, the Company had call centers located in Shandong Province, Jiangsu Province, Henan Province, Guangdong Province, Yunnan Province, Hubei Province, Sichuan Province, Hebei Province, Anhui Province, Heilongjiang Province, the Xinjiang Uygur Autonomous Region, the Guangxi Zhuang Autonomous Region, Jiangxi Province and Chongqing City, with a capacity approximately of 22,360 seats which compared to 21,216 seats as of June 30, 2019.

Cost of revenues

Cost of revenues consists primarily of salaries, payroll taxes and employee benefits costs of our customer service associates and other operations personnel. Cost of revenues also includes direct communications costs, rent expense, IT costs, and facilities support expenses. Cost of revenues increased by $23.12 million, or 40.7%, to $79.88 million for the six months ended December 31, 2019 from $56.76 million for the same period of the prior year. As a percentage of revenues, cost of revenues was 79.8% for the six months ended December 31, 2019, compared to 75.3% for the same period of the prior year.

Gross profit and gross margin

Gross profit increased by $1.62 million, or 8.7%, to $20.25 million for the six months ended December 31, 2019 from $18.63 million for the same period of the prior year. Gross margin decreased by 4.5 percentage points to 20.2% for the six months ended December 31, 2019 from 24.7% for the same period of the prior year. The decrease in gross margin was related to increased employees’ compensation and benefits.

Selling, general and administrative expense

Selling, general and administrative (“SG&A”) expenses consist primarily of sales and administrative employee-related expenses, professional fees, travel costs, research and development costs, and other corporate expenses. SG&A expenses decreased by $0.55 million, or 4.1%, to $12.99 million for the six months ended December 31, 2019 from $13.54 million for the same period of the prior year. As a percentage of revenues, SG&A expenses decreased from 18.0% for the six months ended December 31, 2018 to 13.0% for the six months ended December 31, 2019.

Operating income and operating margin

Income from operations increased by $2.17 million, or 42.7%, to $7.26 million for the six months ended December 31, 2019 from $5.09 million for the same period of the prior year. The increase in operating income was related to increased gross profit as well as decreased SG&A expenses. Operating margin was 7.3% for the six months ended December 31, 2019, compared to 6.8% for the same period of the prior year.

Other income

We recognized government grants, which are discretionary and unpredictable in nature, of $1.27 million during the six months ended December 31, 2019, compared to $1.14 million recognized during the same period of the prior year. Total other income, net of other expenses, increased by $1.06 million, or 88.0%, to $2.27 million for the six months ended December 31, 2019 from $1.21 million for the same period of the prior year.

Income before provision for income taxes

Income before provision for income taxes increased by $3.24 million, or 51.4%, to $9.54 million for the six months ended December 31, 2019 from $6.30 million for the same period of the prior year. The increase in income before provision for income taxes was due to increased operating income and total other income.

Income taxes

Provision for income taxes was $1.43 million for the six months ended December 31, 2019, compared to $1.10 million for the same period of the prior year.

Net income and earnings per share

Net income increased by $2.91 million, or 56.0%, to $8.11 million for the six months ended December 31, 2019 from $5.20 million for the same period of the prior year. After deducting net income attributable to noncontrolling interest, net income attributable to common shareholders was $8.07 million, or $0.44 per basic and diluted share, for the six months ended December 31, 2019, compared to $5.08 million, or $0.28 per basic and diluted share, for the same period of the prior year.

Fiscal Year 2019 Financial Results

For the Twelve Months Ended December 31,

($ millions, except per share data)

2019

2018

% Change

Revenues

$173.41

$141.43

22.6%

Gross profit

$38.90

$38.87

0.1%

Gross margin

22.4%

27.5%

-5.1 pp

Operating income

$12.59

$17.54

-28.2%

Operating margin

7.3%

12.4%

-5.1 pp

Net income attributable to CCRC

$13.06

$16.09

-18.9%

EPS – basic and diluted

$0.71

$0.88

-19.3%

Revenues

For the year of 2019, revenues increased by $31.98 million, or 22.6%, to $173.41 million from $141.43 million for 2018. We continued to see strong demand for our business from existing BPO clients as well as new clients during 2019. Inbound calling, outbound calling, and other services accounted for 44%, 34%, and 22% of total revenues for 2019, compared to 49%, 30%, and 21% of total revenues for 2018, respectively.

During 2019, the Company generated revenue from over 160 customers, including the subsidiaries of China Mobile, Didi Chuxing (a mobile taxi-calling company), Ping An Insurance, Haier, and HiSense. We also signed outsourcing contracts with some of China’s largest banks, based upon assets held, including China Construction Bank, China CITIC Bank, and China Merchants Bank, and we also signed outsourcing contracts with Qunar, SF Express, and subsidiaries of China’s online retailer, Alibaba Group (including Taobao, Tmall, and Alipay).

As of December 31, 2019,the Company had a capacity approximately of 22,360 seats which compared to 18,384 seats at the end of 2018.

Cost of revenues

Cost of revenues increased by $31.94 million, or 31.1%, to $134.50 million for 2019 from $102.57 million for 2018. As a percentage of revenues, cost of revenues was 77.6% for 2019, compared to 72.5% for 2018.

Gross profit and gross margin

Gross profit increased by $0.03 million, or 0.1%, to $38.90 million for 2019 from $38.87 million for 2018. Gross margin decreased by 5.0 percentage points to 22.4% for 2019 from 27.5% for 2018. The decrease in gross margin was related to increased employees’ compensation and benefits.

Selling, general and administrative expense

SG&A expenses increased by $4.99 million, or 23.4%, to $26.32 million for 2019 from $21.33 million for 2018. The increase in SG&A expenses was primarily related to higher payroll and bonus expenses paid to the administrative and research personnel and the management team. As a percentage of revenues, SG&A expenses was 15.2% for 2019, compared to 15.1% for 2018.

Operating income and operating margin

Income from operations decreased by $4.95 million, or 28.2%, to $12.59 million for 2019 from $17.54 million for 2018. Operating margin was 7.3% for 2019, compared to 12.4% for 2018. The decrease in operating margin was mainly due to decreased gross margin as above explained.

Other income

We recognized government grants, which are discretionary and unpredictable in nature, of $1.83 million in 2019, compared to $1.71 million recognized in 2018. Government grants as a percentage of net income were 13.9% for 2019, compared to 10.5% for 2018. Total other income, net of other expenses, increased by $1.25 million to $2.98 million for 2019 from $1.73 million for 2018.

Income before provision for income taxes

Income before provision for income taxes decreased by $3.70 million, or 19.2%, to $15.57 million for 2019 from $19.27 million for 2018. The decrease in income before provision for income taxes was mainly due to decreased operating income and partially offset by increased total other income.

Income taxes

Provision for income taxes was $2.39 million for 2019, compared to $2.97 million for 2018.

Net income and earnings per share

Net income decreased by $3.13 million, or 19.2%, to $13.17 million for 2019 from $16.3 million for 2018. After deducting net income attributable to noncontrolling interest, net income attributable to common shareholders was $13.06 million, or $0.71 per basic and diluted share, for 2019, compared to $16.09 million, or $0.88 per basic and diluted share, for 2018.

Financial Conditions

As of December 31, 2019, the Company had cash of $25.33 million, compared to $24.42 million at December 31, 2018. Total working capital was $47.50 million as of December 31, 2019, compared to $41.05 million at the end of 2018.

Net cash provided by operating activities was $5.21 million for 2019, compared to $12.14 million for 2018. Net cash used in investing activities was $4.46 million for 2019, compared to $4.75 million for 2018. Net cash provided by financing activities was $0.54 million for 2019, compared net cash used in financing activities of $0.09 million for 2018.

Recent Development

The outbreak of the COVID-19 pandemic in China starting from the beginning of 2020 has posed limitations to the Company’s normal operating routine. The Company followed the restrictive measures implemented in China, by suspending onsite operation and having employees work remotely until late March 2020, when the Company started to gradually resume normal operation. Consequently, the COVID-19 pandemic may adversely affect the Company’s business operations, financial condition and operating results for 2020, including but not limited to material negative impact to the Company’s total revenues, slower collection of accounts receivables and significant impairment to the Company’s equity investments. Due to the high uncertainty of the evolving situation, the Company has limited visibility on the full impact brought upon by the COVID-19 pandemic and the related financial impact cannot be estimated at this time.

Notice

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

About China Customer Relations Centers, Inc.

The Company is a leading BPO service provider in China focusing on the complex, voice-based and online-based segments of customer care services, including:

  • customer relationship management;
  • technical support;
  • sales;
  • customer retention;
  • marketing surveys; and
  • research.

The Company’s service is currently delivered from call centers located in Provinces of Shandong, Jiangsu, Henan, Guangdong, Yunnan, Hubei, Sichuan, Hebei, Anhui, Xinjiang, Guangxi, Jiangxi, Heilongjiang, and Chongqing, with a capacity of approximately 22,360 seats. More information about the Company can be found at: www.ccrc.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding its: 1) the impact of COVID-19; and 2) continued growth, shareholder returns and business outlook, are forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the call center business process outsourcing market in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Tony Tian, CFA    
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692

 

 

 

CHINA CUSTOMER RELATIONS CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

For The Years Ended December 31,

2019

2018

2017

Revenues, net

$

173,409,113

$

141,433,641

$

88,971,787

Cost of revenues

134,504,540

102,567,896

65,562,563

Gross profit

38,904,573

38,865,745

23,409,224

Operating expenses:

Selling, general & administrative expenses

26,318,771

21,329,908

14,766,524

Total operating expenses

26,318,771

21,329,908

14,766,524

Income from operations

12,585,802

17,535,837

8,642,700

Interest expense

(190,808)

(404,958)

(1,609)

Government grants

1,825,402

1,709,297

1,885,340

Other income

1,547,788

552,205

175,995

Other expense

(202,688)

(124,370)

(331,641)

Total other income

2,979,694

1,732,174

1,728,085

Income before provision for income taxes

15,565,496

19,268,011

10,370,785

Income tax provision

2,391,371

2,966,880

1,255,654

Net income

13,174,125

16,301,131

9,115,131

Less: net income attributable to noncontrolling interest

118,114

208,593

341,672

Net income attributable to China Customer Relations Centers, Inc.

$

13,056,011

16,092,538

8,773,459

Comprehensive income

Net income

$

13,174,125

$

16,301,131

$

9,115,131

Other comprehensive income (loss)

Foreign currency translation adjustment

(828,331)

(2,741,283)

2,141,796

Total Comprehensive income

12,345,794

13,559,848

11,256,927

Less: Comprehensive income attributable to noncontrolling interest

109,238

140,467

401,324

Comprehensive income attributable to China Customer Relations Centers, Inc.

$

12,236,556

$

13,419,381

$

10,855,603

Earnings per share attributable to China Customer Relations Centers, Inc.

Basic

$

0.71

$

0.88

$

0.48

Diluted

$

0.71

$

0.88

$

0.48

Weighted average common shares outstanding

Basic

18,329,600

18,329,600

18,329,600

Diluted

18,329,600

18,329,600

18,329,600

 

 

 

CHINA CUSTOMER RELATIONS CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

December 31,

December 31,

2019

2018

ASSETS

Cash and cash equivalents

$

25,328,486

$

24,419,912

Accounts receivable, net

42,606,485

30,050,506

Prepayments

2,396,646

1,689,835

Prepayment, related party

90,429

91,618

Due from related party, current

199,994

Income taxes recoverable

712,459

527,995

Other current assets

3,408,704

1,959,923

Total current assets

74,543,209

58,939,783

Equity investments

3,446,346

3,491,653

Property and equipment, net

10,115,782

8,290,460

Deferred tax assets

242,863

486,009

Due from related party, non-current

215,307

Operating lease right-of-use assets

9,827,114

Operating lease right-of-use assets – related party

172,121

Total non-current assets

24,019,533

12,268,122

Total assets

$

98,562,742

$

71,207,905

LIABILITIES AND EQUITY

Accounts payable

$

2,602,972

$

610,724

Accounts payable – related parties

149,658

162,112

Accrued liabilities and other payables

4,641,892

5,673,159

Deferred revenue

456,331

361,636

Wages payable

10,472,596

7,082,138

Income taxes payable

452,961

364,157

Operating lease liabilities, current

3,797,069

Operating lease liabilities – related party, current

163,995

Short term loans

4,306,138

3,635,623

Total current liabilities

27,043,612

17,889,549

Operating lease liabilities, non-current

6,068,702

Total non-current liabilities

6,068,702

Total liabilities

33,112,314

17,889,549

Equity

Common shares, $0.001 par value, 100,000,000 shares authorized, 18,329,600 shares issued and outstanding as of December 31, 2019 and December 31, 2018

18,330

18,330

Additional paid-in capital

15,074,267

11,202,396

Retained earnings

47,347,781

40,065,822

Statutory reserves

5,818,330

3,916,149

Accumulated other comprehensive loss

(3,411,744)

(2,592,289)

Total China Customer Relations Centers, Inc. shareholders’ equity

64,846,964

52,610,408

Noncontrolling interest

603,464

707,948

Total equity

65,450,428

53,318,356

Total liabilities and equity

$

98,562,742

$

71,207,905

 

 

 

 

CHINA CUSTOMER RELATIONS CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

For The Years Ended December 31,

2018

2018

2017

Cash flows from operating activities

Net income

$

13,174,125

$

16,301,131

$

9,115,131

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

3,404,912

2,635,242

1,852,152

Allowance for doubtful accounts

952,439

429,803

Loss on disposal of property and equipment

19,091

34,166

2,416

Deferred income taxes

238,883

(196,909)

(230,043)

Non-cash lease expense

3,501,753

Changes in assets and liabilities:

Accounts receivable

(13,057,615)

(7,937,804)

(9,269,755)

Prepayments

(2,097,963)

(887,778)

(1,313,830)

Prepayment, related party

(95,244)

Other current assets

(1,510,847)

(970,199)

25,925

Operating lease liabilities

(3,037,030)

Accounts payable

2,017,431

147,818

(505,372)

Accounts payable – related parties

(10,440)

122,630

(88,136)

Wages payable

3,511,093

1,884,440

2,393,214

Income taxes recoverable

(192,965)

(548,893)

Income taxes payable

94,336

(153,896)

(386,825)

Deferred revenue

100,245

(221,771)

(38,813)

Accrued liabilities and other payables

(941,772)

1,077,098

1,016,373

Net cash provided by operating activities

5,213,237

12,142,470

3,002,240

Cash flows from investing activities

Purchase of property and equipment

(4,481,450)

(4,768,139)

(2,082,719)

Proceeds from sale of property and equipment

36,693

9,197

108

Payments for equity investments

(1,461)

(3,509,404)

Repayments from third party

233,596

Advance to related parties

(214,111)

(105,827)

(7,400)

Repayment from related parties

198,017

117,802

Net cash used in investing activities

(4,460,851)

(4,748,428)

(5,365,819)

Cash flows from financing activities

Contribution from noncontrolling investor in subsidiary

353,581

Dividend distributed to noncontrolling investor in subsidiary

(213,722)

(355,232)

Repayments to related parties

(473,914)

Borrowings from short term loans

4,452,368

3,891,596

3,780,490

Repayment of short term loans

(3,694,345)

(3,625,448)

Net cash provided by (used in) financing activities

544,301

(89,084)

3,660,157

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(388,113)

(1,513,411)

884,519

Net change in cash, cash equivalents and restricted cash

908,574

5,791,547

2,181,097

Cash, cash equivalents and restricted cash, beginning of the year

24,419,912

18,628,365

16,447,268

Cash, cash equivalents and restricted cash, end of the year

$

25,328,486

$

24,419,912

$

18,628,365

 

 

Related Links :

http://www.ccrc.com

TD Holdings, Inc. Reports Fiscal Year 2019 Financial Results

BEIJING, May 30, 2020 /PRNewswire/ — TD Holdings, Inc. (Nasdaq: GLG) (the “Company”) (Formerly known as Bat Group, Inc.), a used luxurious car rental and commodities trading service provider in China today announced its financial results for the fiscal year ended December 31, 2019.

The Company began to operate its current used luxurious car leasing business in China, after it disposed its direct loans, loan guarantees and financial leasing services in July 2018, and began to operate commodities trading business in China in November 2019. In January 2020, we changed the Company’s name to TD Holdings, Inc., which better represents our current focus on the new commodities trading business. The letter “T” in the name representing Chinese character for “Bronze,” indicating the Company’s focus on the commodities trading business, and particularly on the trading of nonferrous metals such as bronze as the main direction of the Company’s business in the future.

Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “We are pleased to report our financial results for fiscal year 2019. We started our commodity trading business in late 2019. The turnover of China’s commodity market has shown a rapid upward trend, and I believe that entering into the commodity trading business will bolster the Company’s income and increase shareholder value. We will focus on non-ferrous metal commodities such as aluminum, copper, silver, and gold. We strive to become an emerging platform in the non-ferrous metal e-commerce industry by offering all participants in the non-ferrous metal e-commerce industry a seamless, one-stop transaction experience.”

Fiscal Year 2019 Financial Highlights

  • Income from commodities trading business was $0.66 million, consisting of $0.10 million from sales of commodities products, and $0.56 million from supply chain management services; Income from operating lease reached $1.83 million, compared with $0.49 million for the fiscal year 2018, representing an increase of $1.34 million or 275%.
  • Net loss from continuing operations was $6.94 million, compared with net loss from continuing operations of $2.32 million for the fiscal year 2018.
  • Basic and diluted loss per share from continuing operations was $0.89, compared with basic and diluted loss per share of $0.50 for the fiscal year 2018.
  • Shareholders’ equity was $5.80 million as of December 31, 2019, compared with shareholders’ equity of $2.80 million as of December 31, 2018.

Fiscal Year 2019 Financial Results

Revenues

We generate revenue from commodities trading business and used car leasing business.

Income from commodities trading business

In December 2019, we commenced our commodities trading business and we generated revenues from sales of commodity products and revenue from supply chain management consulting services.

In December 2019, we sold 55 tons of aluminum ingots to one customer and earned revenues of $100,427 from the sales of commodity products. There was no such revenue in fiscal year 2018.

We also launched supply chain management services to refer loans and distribute commodity products for our customers. In December 2019, we earned loan recommendation service fees of $323,623 for facilitation of loan volume of approximately 13.72 million (RMB 94.8 million) with two customers, and distribution service fees of $238,963 for facilitation sales for two customers. There was no such revenue in fiscal year 2018.

Income from used car leasing business

Income from used car leasing business was $1.83 million for the fiscal year ended December 31, 2019, as compared with $0.49 for the fiscal year 2018. The increase was mainly driven by the increase in the number of our self-owned used luxurious cars from 6 as of December 31, 2018 to 11 as of December 31, 2019 and expansion of our car leasing business to more extended geographic areas such as Shanghai and Chengdu in 2019 which attracted increased number of contracts from 185 for the fiscal year 2018 to 1,067 for the fiscal year 2019.

Operating costs

Cost associated with commodities trading business

The cost associated with commodities trading business was $0.59 million for the fiscal year 2019, comprised of purchase costs of aluminum ingots of $0.10 million from one related party, and cost of supply chain fees of $0.49 million which was primarily charged by a related party who assisted us with loan recommendation services. We did not incur such costs for the fiscal year 2018.

Cost associated with used car leasing business

The cost associated with used car leasing business mainly consisted of depreciation expenses on operating lease assets and car related expenses arising from lease of cars. The cost associated with used car leasing business was $1.54 million, as compared with $0.07 million for the fiscal year 2018, representing an increase of $1.47 million.

Our depreciation expenses increased from $0.07 million for the fiscal year 2018 to $0.30 million for the fiscal year 2019, representing an increase of $0.23 million, or 315%. The increase was a result of our continuous investment in used luxurious cars from 6 cars as of December 31, 2018 to 11 cars as of December 31, 2019.

We incurred car-related expenses of $1.07 million for the fiscal year 2019 as we launched sub-lease of luxurious car business through leasing cars from both third parties and one related party, over which we owned 40% equity interest. We had no car related expenses for the fiscal year 2018.

Selling, general, and administrative expenses 

Selling, general and administrative expenses was $3.83 million for the fiscal year 2019, as compared with $2.47 million for the fiscal year 2018, representing an increase of $1.36 million, or 55%. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, business tax and surcharge, professional service fees, office supplies. The increase was mainly attributable to combined effects of an increase of salary and welfare expenses of $0.41 million as a result of increase of sales commissions to salespersons when we extended our car lease business to Shanghai and Chengdu market and when we started the commodity trading business in 2019, an increase of legal and consulting expenses of $0.76 million as a result of 1) issuance of 502,391 restricted shares as compensation to service providers, and 2) an increase in expenses incurred for the registered direct offerings in April and May 2019, including an increase of audit related fees of $0.16 million, an increase of commission of $0.1 million to a third party vendor for referral of underwriters.

Other expenses, net

Other expenses, net primarily consisted of impairment of investment securities of $200,000, impairment on investment in financial products of $1,000,000, and impairment on investment in two equity investees of $2,098,737 for the year ended December 31, 2019, as compared with interest expenses of $20,157 for the year ended December 31, 2018.

Net loss from continuing operations

Our net loss from continuing for the year ended December 31, 2019 was $6.94 million, representing an increase of $4.62 million, or 199% from net loss from continuing operations of $2.32 million for the year ended December 31, 2018.

Fiscal Year 2019 Cash Flows

As of December 31, 2019, the Company had cash and cash equivalents of $2.45 million, compared with $1.48 million as of December 31, 2018.

Net cash used in operating activities was $2.17 million for the fiscal year ended December 31, 2019, as compared with $0.09 million as of December 31, 2018.

Net cash used in investing activities was $8.87 million for the fiscal year ended December 31, 2019, compared to $3.27 million as of December 31, 2018.

Net cash provided by financing activities was $11.83 million for the fiscal year ended December 31, 2019, compared to $3.81 million as of December 31, 2018.

About TD Holdings, Inc.

TD Holdings, Inc. (Nasdaq: TD) (Formerly known as Bat Group, Inc.) is a used luxurious car rental and commodities trading service provider in China. The used luxurious car business is conducted under the brand name “BatCar” by the Company’s VIE entity, Tianxing Kunlun Technology Co. Ltd, from its headquarters in Beijing. The commodities trading business is conducted under the brand name “Huamucheng” by the Company’s VIE entity, Shenzhen Huamucheng Trading Co., Ltd. For more information please visit https://www.imbatcar.com.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

 

TD HOLDINGS, INC. (Formerly Bat Group, Inc.)

CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2019

2018

ASSETS

Cash

$

2,446,683

$

1,484,116

Loans receivable from third parties

1,955,697

Due from related parties

3,310,883

Other current assets

166,617

87,922

Total current assets

7,879,880

1,572,038

Investments in equity investees

972,807

Deposit in investment in equity investee

14,351

Loan receivable from a third party, noncurrent

50,230

Property and equipment, net

3,835

5,524

Right-of-use lease assets, net

41,188

Operating lease assets, net

2,426,109

1,634,018

Total noncurrent assets

3,508,520

1,639,542

Total Assets

$

11,388,400

$

3,211,580

LIABILITIES AND EQUITY

Liabilities

Advances from customers

$

15,249

$

6,208

Third party loans payable

2,367,967

218,100

Due to related parties

1,017,362

Stock subscription advance

1,600,000

Income tax payable

14,735

Other current liabilities

420,101

185,049

Total current liabilities

5,435,414

409,357

Related party loan, noncurrent

152,124

Total noncurrent liabilities

152,124

Total Liabilities

5,587,538

409,357

Commitments and Contingencies

Stockholders’ Equity

Series A Preferred Stock (par value $0.001 per share, 1,000,000 shares authorized at December 31, 2019 and 2018, respectively; nil shares issued and outstanding at December 31, 2019 and 2018, respectively)

Series B Preferred Stock (par value $0.001 per share, 5,000,000 shares authorized at December 31, 2019 and 2018, respectively; nil shares issued and outstanding at December 31, 2019 and 2018, respectively)

Common stock (par value $0.001 per share, 100,000,000 shares authorized; 11,585,111 and 5,023,906 shares issued and outstanding at December 31, 2019 and 2018, respectively)*

11,585

5,024

Additional paid-in capital

38,523,170

28,765,346

Accumulated deficit

(32,391,040)

(25,457,090)

Accumulated other comprehensive loss

(334,281)

(511,057)

Total TD Holdings, Inc.’s Stockholders’ Equity

5,809,434

2,802,223

Non-controlling interest

(8,572)

Total Equity

5,800,862

2,802,223

Total Liabilities and Equity

$

11,388,400

$

3,211,580

 

 

TD HOLDINGS, INC. (Formerly Bat Group, Inc.)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

For the Years Ended
December 31,

2019

2018

Revenues

Revenue from sales of commodity products

$

100,427

$

Revenue from supply chain management services (including loan recommendation service fee of $323,623 and distribution service fee of $238,963)

562,586

Income from operating leases

1,830,148

488,062

Total Revenues

2,493,161

488,062

Operating costs

Cost of revenue – commodity product sales – related party

(100,180)

Cost of revenue – supply chain management services – related party

(489,231)

Cost of operating lease

(1,544,120)

(71,252)

Total operating costs

(2,133,531)

(71,252)

Gross profit

359,630

416,810

Operating expenses

Selling, general, and administrative expenses

(3,828,412)

(2,469,964)

Changes in fair value of noncurrent liabilities

(166,540)

Impairment of operating lease assets

(148,143)

(184,645)

Total operating  expenses

(3,976,555)

(2,821,149)

Other expenses, net

Interest expenses, net

(657)

(20,157)

Impairment of investment securities

(200,000)

Equity investment loss

(11,342)

Impairment of investment in financial products

(1,000,000)

Impairment of investment in equity investees

(2,098,737)

Total other expenses, net

(3,310,736)

(20,157)

Net loss from continuing operations before income taxes

(6,927,661)

(2,424,496)

Income tax (expenses) benefits

(14,861)

104,024

Net loss from continuing operations

(6,942,522)

(2,320,472)

Net income from discontinued operations

9,967,629

Net income (loss)

(6,942,522)

7,647,157

Less: Net income (loss) attributable to non-controlling interests

(8,572)

Net income (loss) attributable to TD Holdings, Inc.’s Stockholders

$

(6,933,950)

$

7,647,157

Comprehensive  income (loss)

Net income (loss)

$

(6,942,522)

$

7,647,157

Foreign currency translation adjustment

176,776

(5,329,710)

Reclassified to net income from discontinued operations

4,912,715

Total comprehensive income (loss)

(6,765,746)

7,230,162

Less: Total comprehensive loss attributable to non-controlling interests

(8,572)

Comprehensive income (loss) attributable to TD Holdings, Inc.

$

(6,757,174)

$

7,230,162

Income (loss)per share – basic and diluted

$

(0.89)

$

1.67

Net loss per share from continuing operations – basic and diluted

$

(0.89)

$

(0.50)

Net income per share from discontinued operations – basic and diluted

$

$

2.17

Weighted Average Shares Outstanding-Basic and Diluted

7,776,306

4,596,116

 

 

TD HOLDINGS, INC. (Formerly Bat Group, Inc.)

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years
Ended December 31,

2019

2018

Cash Flows from Operating Activities:

Net (loss) income

$

(6,942,522)

$

7,647,157

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation of operating lease assets

296,933

101,654

Depreciation of property and equipment

2,326

1,001

Amortization of right of use assets

60,128

Impairment on operating lease assets

148,143

184,645

(Gain) loss on disposal of operating lease asset

(6,165)

10,875

Impairment on investment securities

200,000

Equity investment loss

11,342

Impairment on investment in financial products

1,000,000

Impairment on investment in equity investees

2,098,737

Stock-based compensation to service providers

884,208

Gain on disposal of discontinued operations

(9,967,629)

Income tax benefits from intra-period tax allocation

(105,000)

Changes in fair value of noncurrent liabilities

166,540

Changes in operating assets and liabilities:

Other current assets

(80,202)

(91,395)

Advances from customers

9,198

6,454

Income tax payable

14,861

Other current liabilities

239,050

189,100

Lease liabilities

(101,669)

Net cash provided by operating activities from discontinued operations

1,769,566

Net Cash Used in Operating Activities

(2,165,632)

(87,032)

Cash Flows from Investing Activities:

Purchases of property and equipment

(695)

(6,743)

Purchases of operating lease assets

(2,065,453)

(2,117,477)

Proceeds from disposal of operating lease assets

332,909

121,752

Investment in one investment security

(200,000)

Investments in equity investees

(868,458)

Deposit for investment in an equity investee

(14,474)

Investments in financial products

(1,000,000)

Payment made on loan to  related parties

(2,865,879)

Payment made on loans to third parties

(2,191,866)

Proceeds from disposal of discontinued operations

500,000

Cash paid in connection with discontinued operations

(499,496)

Net cash used in investing activities from discontinued operations

(1,270,070)

Net Cash Used in by Investing Activities

(8,873,916)

(3,272,034)

Cash Flows from Financing Activities:

Proceeds from third party borrowings

2,695,545

226,713

Repayments of borrowings to third parties

(289,486)

Proceeds from borrowings from related parties

1,162,719

Stock subscription advance received from shareholders

1,600,000

Proceeds from registered direct offering, net of transaction costs

4,653,440

Proceeds from issuance of common stock under private placement transactions

589,750

3,265,370

Capital contribution from shareholders of a variable interest entity

1,417,736

Proceeds from convertible promissory notes

314,352

Net Cash Provided by Financing Activities

11,829,704

3,806,435

Effect of Exchange Rate Changes on Cash

172,411

(322,883)

Net Increase in Cash

962,567

124,486

Cash, Beginning of Year

1,484,116

1,359,630

Cash, End of Year

$

2,446,683

$

1,484,116

Supplemental disclosure of cash flow information

Cash paid for interest expenses

$

41,053

$

Cash paid for income tax expenses

$

$

Supplemental disclosure of Non-cash investing and financing activities

Issuance of common stocks in exchange of investments in one equity investee

$

410,000

$

Right-of-use assets obtained in exchange for operating lease obligations

$

61,648

$

 

Specialty Chemicals Company China XD Plastics Schedules Fourth Quarter 2019 Earnings Release for Monday, June 1st, 2020

— Earnings Conference Call to be held on Monday, June 1st, 2020 at 8:00 am (U.S. Eastern Time) / 20:00 pm (China Time) —

HARBIN, China, May 30, 2020 /PRNewswire/ — China XD Plastics Company Limited (NASDAQ: CXDC, “China XD Plastics” or the “Company”), one of China’s leading specialty chemical producers engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced that it will release its earnings results for the fourth quarter ended December 31, 2019, on Monday, June 1st, 2020.

The fourth quarter 2019 earnings press release will be available on the Investor Relations page of the Company’s website (http://chinaxd.net/) that day at approximately 7:30 am (U.S. Eastern Time) / 19:30 pm (China Standard Time). China XD Plastics’ senior management will host a conference call at 8:00 am (U.S. Eastern Time) / 20:00 pm (China Standard Time) to discuss the results. The call is expected to last one hour.

Details of the conference call are as follows:

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details.

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/2497299. Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, please dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly.

A recording of the conference call will be available through June 8th, 2020 by calling +1-855-452-5696 (for callers in the U.S.), +61 2 8199 0299 (for International callers) and entering passcode 2497299.

A live webcast and replay of the conference call will be available on the Investor Relations page of the Company’s website at http://chinaxd.net/.

About China XD Plastics Company Limited

China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company’s products are used in the exterior and interior trim and in the functional components of 31 automobile brands manufactured in China, including without limitation, AUDI, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei, VW Passat, Golf, Jetta, etc.. The Company’s wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of December 31, 2019, 633 of the Company’s products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company’s English website at http://www.chinaxd.net, and the Chinese website at http://www.xdholding.com.

Related Links :

http://www.xdholding.com

Association offers no-cost assistance to help small businesses improve digital operations

ATLANTA, May 29, 2020 /PRNewswire/ — As small businesses across the world continue to be impacted by the coronavirus pandemic, the Association for Information Systems (AIS) is partnering with universities around the globe to offer no-cost assistance to help small businesses shift their operations online.

Universities identified by AIS will employ students to work with small businesses and establish or increase businesses online presence and increase digital capabilities. All projects will be done by students along with faculty and professional mentors.

Each project will use a digital triage approach to quickly perform one or all of needs analysis, identification of relevant resources, implementation, training, and remote operation.

The digital services include but are not limited to:

  • Create or modify a website to improve the business or non-profit
  • Create or modify a digital storefront to enhance ecommerce (e.g., list the top 50 things that are available)
  • Implement or modify a scheduling system (e.g., a repair business or delivery for the above)
  • Remote work (e.g., procedures and tools for staff to work off-site)
  • Consultation and technology to take your existing operation digital
  • Assess and improve information security
  • Help with database design, management, and data analytics

“AIS is excited to work with universities to help small businesses and also those interns whose summer positions have been lost,” said AIS President Alan Dennis. “Our dedicated members and students are ready to apply their expertise and skills to help businesses in their efforts to recover from the pandemic.”

This mission-driven workforce initiative connects talented students with small businesses to solve some of their most pressing problems. The initiative was started by Munir Mandviwalla who leads the Institute for Business and Information Technology at Temple University. Prof. Mandviwalla noted, “it is inspiring to bring this idea to AIS and see it grow so quickly. At Temple, in the 27 projects that are ongoing or complete plus a large backlog, the response from the participants has been very positive. The opportunity to make an impact is real and immediate.”

“We aim to help existing businesses and non-profits weather the COVID-19 crisis,” said Eleanor Loiacono, AIS member and founder and director of the Inclusive Design and Accessibility (IDEA) Hub at Worcester Polytechnic Institute. “The focus is on leveraging our students and faculty to help businesses digitally transform from onsite to remote operations and from in-person to online customer engagements. We can assist remotely on a variety of digital tools and resources available on the cloud/web.”

To learn more about universities currently supporting this program, please visit https://aisnet.org/page/smallbusiness.

Related Links :

https://aisnet.org