M&A valuations boom in the second half of 2020, despite COVID-19 impacts on the economy, according to PwC

– Deal volumes up 18% and deal values increase 94% in second half of 2020

– Megadeals double in second half of the year

– Technology and telecom sub-sectors see highest growth as demand for digital assets accelerates

– Special-purpose acquisition companies (SPACs) raised about $70 billion in capital

LONDON, Jan. 19, 2021 /PRNewswire/ — M&A valuations are soaring, with rich valuations and intense competition for many digital or technology-based assets driving global deals activity, according to PwC’s latest Global M&A Industry Trends analysis.

Covering the last six months of 2020, the analysis examines global deals activity and incorporates insights from PwC’s deals industry specialists to identify the key trends driving M&A activity, and anticipated investment hotspots in 2021.

In spite of the uncertainty created by COVID-19, the second half of 2020 saw a surge in M&A activity.

“COVID-19 gave companies a rare glimpse into their future, and many did not like what they saw. An acceleration of digitalisation and transformation of their businesses instantly became a top priority, with M&A the fastest way to make that happen — creating a highly competitive landscape for the right deals,” says Brian Levy, PwC’s Global Deals Industries Leader, Partner, PwC US.

Key insights from the second half of 2020 deals activity include:

  • Dealmaking jumped in the second half of the year with total global deal volumes and values increasing by 18% and 94%, respectively compared to the first half of the year. In addition, both deal volumes and deal values were up compared to the last six months of 2019.
  • The higher deal values in the second half of 2020 were partly due to an increase in megadeals ($5 billion+). Overall, 56 megadeals were announced in the second half of 2020, compared to 27 in the first half of the year.
  • The technology and telecom sub-sectors saw the highest growth in deal volumes and values in the second half of 2020, with technology deal volumes up 34% and values up 118%. Telecom deal volumes were up 15% and values significantly up by almost 300% due to three telecom megadeals.
  • On a regional basis, deal volumes increased by 20% in the Americas, 17% in EMEA and 17% in Asia Pacific between the first and second half of 2020. The Americas saw the biggest growth in deal values of over 200%, primarily due to some significant megadeals in the second half of the year.

COVID-19 accelerates deals activity for digital and technology assets in a highly competitive market

In demand assets have commanded high valuations and fierce competition, driven by

macroeconomic factors. These include low interest rates, a desire to acquire innovative, digital or technology-enabled businesses and an abundance of available capital from both corporate (over $7.6 trillion in cash and marketable securities) and private equity buyers ($1.7 trillion).

By comparison, assets in sectors that have been hardest hit by the pandemic like industrial manufacturing or those being shaped by factors such as the transformation to net zero carbon emissions are creating structural changes that companies will need to address. Where the future viability of their business models are challenged, companies may look to distressed M&A opportunities or restructuring to preserve value.

Deal makers widen assessment of value creation to non-traditional sources

Non-traditional sources of value creation such as the impact of environmental, social and governance factors (ESG) are increasingly being considered by deal makers and factored into strategic decision-making and due diligence, as they focus on protecting and maximising returns from high valuations and fierce demand.

“With so much capital out there, good businesses are commanding high multiples and achieving them. If this continues – and I believe it will – then the need to double down on value creation is now more relevant than ever for successful M&A,” says Malcolm Lloyd, Global Deals Leader, Partner, PwC Spain.

The impact of a hot IPO market on M&A

The last six months saw the prevalence of the use of special-purpose acquisition companies (SPACs) to pool investor capital for acquisition opportunities in a highly active IPO market. In 2020, SPACs raised about $70 billion in capital and accounted for more than half of all US IPOs. Private equity firms have been key players in the recent SPAC boom, finding them a useful alternative source of capital. More SPAC activity is expected in 2021, especially involving assets such as electric vehicle charging infrastructure, power storage, and healthcare technology.

Read PwC’s Global M&A Industry Trends for more insights on 2020 and 2021.

Notes

PwC’s Global M&A Industry Trends is a biannual analysis of global deals activity across five industries — consumer markets (CM), technology, media and telecommunications (TMT), health industries (HI), energy, utilities and resources (EU&R), and industrial manufacturing and automotive (IM&A).

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

© 2021 PwC. All rights reserved.

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Innovent Announces an Out-license Agreement with PT Etana Biotechnologies Indonesia to Launch BYVASDA® (Bevacizumab Biosimilar) in Indonesia

SAN FRANCISCO and SUZHOU, China, Jan. 19, 2021 /PRNewswire/ — Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases, today announced an agreement with PT Etana Biotechnologies Indonesia (Etana) to out-license BYVASDA® (Bevacizumab Biosimilar)’s development and commercialization rights in Indonesia to Etana. Etana is committed to launch BYVASDA® in the local market. In return, Innovent will receive milestones for development and commercialization as well as double-digit royalties on net sales. The specific financial terms were not disclosed.

BYVASDA®(Bevacizumab Biosimilar) was firstly approved by China NMPA on June 17, 2020. In January 2020, Innovent entered into an out-license agreement with Coherus BioSciences, Inc. to commercialize BYVASDA® (Bevacizumab Biosimilar) in the United States and Canada.

“We are excited to establish a strategic collaboration with Etana. Following BYVASDA® (Bevacizumab Biosimilar)’s breaking into the North America market in 2020, this collaboration will enable BYVASDA® to penetrate into a Southeast Asian market quickly and marked another solid step toward getting Innovent’s innovative portfolio into the global market,” said Blake Salisbury, Vice President of Business Development of Innovent, “We are confident that pairing Etana’s commercial expertise in the local Indonesian market with BYVASDA’s clinical profile will further accelerate our mission, benefitting patients globally.”

Mr. Nathan Tirtana, Co-founder and CEO of Etana, stated: ” We are excited to enter into the collaboration with Innovent, a premier biopharmaceutical company which has a fully-integrated multi-functional platform. We have been impressed with Innovent’s achievements in its innovation and globalization strategies. Through this collaboration, we hope to make BYVASDA® accessible to patients in Indonesia.”

This transaction is subject to customary closing conditions.

About BYVASDA® (Bevacizumab Biosimilar)
BYVASDA® is a bevacizumab biosimilar and a recombinant humanized anti-VEGF monoclonal antibody drug. Vascular endothelial growth factor (VEGF) is an important factor in angiogenesis that is highly expressed by the endothelial cells in most human tumors. An anti-VEGF antibody binds VEGF selectively with high affinity and blocks its binding to VEGF receptors on the surface of vascular endothelial cells, thereby inhibiting signaling pathways such as PI3K-Akt/PKB and Ras-Raf-MEK-ERK. BYVASDA® produces anti-tumor effects by inhibiting the growth, proliferation and migration of vascular endothelial cells, blocking angiogenesis, reducing vascular permeability, blocking blood supply to tumor tissues, inhibiting the proliferation and metastasis of tumor cells and inducing apoptosis in tumor cells. Since the launch of bevacizumab, it has been approved for the treatment of patients with multiple malignant tumors globally, including non-small cell lung cancer, metastatic colorectal cancer, glioblastoma, renal cell carcinoma, cervical cancer, and epithelial ovarian, fallopian tube, or primary peritoneal cancer. The efficacy and safety of bevacizumab have been well recognized worldwide.

BYVASDA® was firstly approved by China NMPA on June 17, 2020. Previous approved indications of BYVASDA® include advanced non-small cell lung cancer and metastatic colorectal cancer. In December 2021, it was further approved by NMPA for the indication of adult recurrent glioblastoma.

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 cancer, 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 multi-functional 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 cancer, metabolic, autoimmune diseases and other major therapeutic areas, with 4 products – TYVYT® (sintilimab injection), BYVASDA® (bevacizumab biosimilar injection), SULINNO® (adalimumab biosimilar injection) and HALPRYZA® (rituximab biosimilar injection) – officially approved for marketing in China, four assets in Phase 3 or pivotal clinical trials, and additional 15 molecules in clinical trials. TYVYT® was included in the National Reimbursement Drug List (NRDL) in 2019 as the historically first PD-1 inhibitor entering in NRDL and the only PD-1 included in the list in that year.

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 PT Etana Biotechnologies Indonesia
Founded in 2015, Etana Biotechnologies is an Indonesia-based biotechnology company with dedicated focus on the manufacturing and commercialization of biologics in the oncology space for the Southeast Asian market. The company is currently commercializing EPO in Indonesia for the treatment of anemia in patients with chronic kidney disease. The company was co-founded by Nathan Tirtana, a veteran in the Indonesian healthcare industry, and a major Southeast Asian pharmaceutical partner.

Related Links :

http://www.innoventbio.com

Tradewind Finance Delivers USD 5 Million Credit Facility for Meat Trading Company based in USA with Subsidiary in Brazil

NEW YORK, Jan. 18, 2021 /PRNewswire/ — Tradewind Finance has completed a USD 5 million export factoring facility for a meat trading company that is based in the United States and has a subsidiary in Brazil. The company exports to the Middle East, South Africa, and Asia and is using the funding to support their growth.

The company needed additional credit lines to expand their business but encountered difficulty securing them. A shareholder of the company who was a former client of Tradewind Finance while at another outfit was pleased with their services in the past and recommended that the company consider Tradewind for account receivable financing.

As their new financial partner, Tradewind Finance provided funding to the meat trader a few days prior to shipment, allowing the company to boost their cash flow and positioning them for growth. Since the trading company was capital-intensive and a very dynamic business, they benefitted from Tradewind’s scalable facilities with quick funding that can increase as sales grow. The company also received credit protection from Tradewind which reduced trade risk for them.

Tradewind’s office in Brazil provided on-the-ground support for the company, with a local team that helped them navigate currencies and country regulations. Operating branches in both the USA and Brazil, Tradewind Finance stood out as the best choice for the company’s needs.

“We are pleased to deliver a bespoke facility that will help enable our client expand sales to existing and new customers. Tradewind Finance’s flexibility and ability to provide funding quickly made our financing solution the right fit for the company,” states Paulo Silva, Country Manager of Tradewind Brazil.

Tradewind Finance maintains a network of offices all over the world, including Bangladesh, Brazil, Bulgaria, China, Hong Kong SAR, Hungary, Iceland, India, Pakistan, Peru, Turkey, UAE, and USA as well as its headquarters in Germany. Combining financing, credit protection, and collections into a single suite of trade finance products, Tradewind brings streamlined, flexible and best-in-class services to the world’s exporters and importers.

Contact

Tradewind Finance
contact@tradewindfinance.com
https://www.tradewindfinance.com/

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Related Links :

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Regent Pacific Group Limited Announces the Successful Launch of Fortacin(TM) in Hong Kong, Upcoming Launches in Taiwan and Macau and Related Business Updates

HONG KONG, Jan. 18, 2021 /PRNewswire/ — Regent Pacific Group Limited (“Regent Pacific” or the “Company” and together with its subsidiaries, the “Group”; stock code: 0575.HK), a specialist healthcare, wellness and life sciences investment group is pleased to announce that Fortacin™, the Group’s prescription treatment for PE, went on sale in Hong Kong this January and will launch in Macau in March and Taiwan (its home market) in April 2021. These launches are being handled by Orient EuroPharma Co. Ltd. (“OEP”), the Group’s strategic partner for Taiwan, Hong Kong SAR, Macau SAR and several other Asian countries. The Group will generate a low teens royalty from OEP’s net sales of Fortacin™ in these markets.

Updates for other Asian markets

In mainland China, Wanbang Biopharmaceutical Group Co., Ltd, the Company’s strategic partner there, has appointed a leading contract research organization to conduct a phase III randomized local clinical trial (RCT) for Fortacin™ / Senstend™.  This RCT will commence in April / May 2021, subject to approval from the National Medical Products Administration.

In Japan, the Group is excited to announce that it is in early talks with a potential partner for “out licensing” the rights to Fortacin™. The exact timing and licencing agreement(s) terms are still under discussion.

Jamie Gibson, CEO of Regent Pacific, said, “The launch of Fortacin™ in Hong Kong, our home market, has been a pivotal moment for the Group in realizing our strategic goals. The upcoming roll-outs of Fortacin™ in other Asian countries will further strengthen Regent Pacific as a leader in PE treatment in Asia and help us achieve wide regional coverage.

“For mainland China, we are pleased at the initial progress. It is noteworthy that upon receiving approval from the National Medical Products Administration (“NMPA”) to commence a RCT, Regent Pacific is set to receive a US$3.2 million payment (approximately HK$24.96 million) from Wanbang Pharmaceutical as previously announced. With these promising early successes in Asia, Regent Pacific is poised to capture significant market share in PE treatments around the world in the coming years.”

About Regent Pacific (Stock code: 0575.HK)

Regent Pacific is a diversified investment group based in Hong Kong currently holding various corporate and strategic investments focusing on the healthcare, wellness and life sciences sectors. The Group has a strong track record of investments and has returned approximately US$298 million to shareholders in the 23 years of financial reporting since its initial public offering in May 1997. 

About Fortacin™

Fortacin™ is the first solution to PE that does not act on the central nervous system and offers bona fide therapeutic efficacy that has been validated through extensive clinical trials in Europe, with over 23,500 doses delivered to trial participants. The solution is a topical spray containing low doses of lidocaine and prilocaine that take effect almost immediately upon application, giving users more control without reducing pleasure. Fully approved by the European Medicines Agency (EMA), Fortacin™ is now available in France, Germany, Italy, Portugal, Spain and the UK.

Everest Medicines Announces Amended Agreement with Spero Therapeutics

Spero will assign relevant SPR206 patents to Everest Medicines in Greater China, South Korea and certain Southeast Asian countries

SHANGHAI, Jan. 18, 2021 /PRNewswire/ — Everest Medicines, a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other parts of Asia, today announced that under an amended license agreement with Spero Therapeutics, the relevant patents for SPR206 will be assigned to Everest in Greater China, South Korea and certain Southeast Asian countries (the “Territory”). The companies announced in January 2019 a collaboration agreement to develop, manufacture and commercialize SPR206 in the Territory. 

SPR206 is in clinical development as an innovative option for the treatment of multi-drug resistant (MDR) Gram-negative bacterial infections. Spero has previously reported data from a Phase 1 double-blind, placebo-controlled single ascending dose (SAD) and multiple ascending dose (MAD) clinical trial of SPR206 suggesting that SPR206 is well-tolerated at doses that are likely to be within a therapeutic range for targeting MDR Gram-negative bacterial infections.  In addition, no evidence of nephrotoxicity was observed in the study. Spero plans to initiate additional Phase 1 studies to assess the penetration of SPR206 into the pulmonary compartment and pharmacokinetics in subjects with renal impairment in 2021. 

“We are excited by the potential of SPR206 to address the critical global health issue of antibiotic drug resistance, which is also a significant and growing concern in the Greater China region. A next generation polymyxin with improved safety and tolerability would be a true breakthrough for treating these difficult infections,” said Sunny Xu Zhu, Chief Medical Officer for Infectious Disease at Everest Medicines. “We look forward to accelerating the development of SPR206 in Asia and working closely with our partners at Spero Therapeutics to advance this novel product candidate for patients around the world with limited treatment options.”

About SPR206

SPR206 is a potentially best-in-class, novel polymyxin derivative that was designed to reduce the kidney toxicity that is seen clinically with polymyxin B and colistin. Polymyxins are antibiotics frequently used as a last resort for challenging MDR gram-negative infections, but they are associated with significant neurotoxicity and nephrotoxicity. In a double-blind, placebo-controlled Phase 1 clinical trial in healthy volunteers conducted by our partner Spero Therapeutics, SPR206 appeared well tolerated at doses likely to be within a therapeutic range for MDR Gram-negative bacterial infections. Importantly, it also showed no evidence of nephrotoxicity at the doses tested.

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record of high-quality clinical development, regulatory affairs, CMC, business development and operations both in China and with leading global pharmaceutical companies. Everest Medicines has built a portfolio of eight potentially global first-in-class or best-in-class molecules, many of which are in late stage clinical development. The Company’s therapeutic areas of interest include oncology, autoimmune disorders, cardio-renal diseases and infectious diseases. For more information, please visit its website at www.everestmedicines.com

For further information, please contact:

Everest Medicines
Media in US and Europe:
Darcie Robinson
Vice President
Westwicke PR
(203) 919-7905
darcie.robinson@icrinc.com 

Media in China:
Edmond Lococo
Managing Director
ICR Asia
+86 (10) 6583-7510
edmond.lococo@icrinc.com  

Related Links :

http://www.everestmedicines.com

Caballus Mining Chosen as Panguna Landowners’ Partner

STATEMENT BY THE PANGUNA TANGKU’URANG CHAIRMAN & SPOKESPERSON

PANGUNA, Papua New Guinea, Jan. 18, 2021 /PRNewswire/ — As we welcome the start of 2021 with open arms, on behalf of the Panguna Tanku’urang Chiefs, I would like to take this opportunity to thank the previous and current ABG and PNG governments for their ongoing support. We look forward to continuing to work closely with them in a transparent and respectful manner in order to succeed in our common goals.

 

Today, we are very happy and honoured to announce that we have chosen Jeff McGlinn and Caballus Mining, based in Perth Western Australia to be our partner in re-opening Panguna Mine and as a direct result, rebuild Bougainville for all Bougainvilleans.

As part of the due diligence process, the ABG having spent 5 separate occasions meeting with government officials and large corporations in Australia. It was only after this, that Jeff accepted the ABG’s invitation for him to travel to Bougainville.

At the recommendation of the ABG, the Panguna Tangku’urang Chiefs performed our own due diligence instead on Jeff and sent our former Chairman, Edwin Moses to Perth to spend three weeks with Jeff in Perth. Whilst in Perth, Jeff arranged for a meet and greet with the Deputy Prime Minister and Attorney General of Australia, Mayor of the Shire of Swan, took him to meet one of Australia’s largest engineering companies, Calibre Group and various other businesses that would in future benefit Bougainville.

Edwin returned back to Bougainville and advised the Panguna Tangku’urang Chiefs that he agreed with the ABG, that Jeff and Caballus would indeed make the perfect partner. The ABG had already chosen Caballus as their partner, however were just awaiting for Panguna Tangku’urang Chiefs to perform their own due diligence.

Jeff McGlinn is an entrepreneur who brings with him over 4 decades of expertise in a wide range of industries globally. He was the Founding Partner and Managing Director of one of Australia’s largest and most successful ASX listed mining construction contractors, NRW Holdings (NWH). He has a proven track record in bringing exceptional value into any business he is involved in and has a wealth of knowledge and business acumen, with a passion in working alongside Indigenous people around the world.

With Jeff by our side, working with us, encouraging us and negotiating the best opportunities for us, we know we will be able to take that first step towards economic recovery and financial independence.

Panguna Tangku’urang Chiefs believe and trust that share benefits are equally distributed amongst all major clans (especially Barapang, Kurabang and Bakoringku clan). Late Francis Ona explained in many of his statements that economy recovery would come from the Mine Pit Area and surrounding areas, and that it would benefit all Bougainvilleans. It is only fitting that the Panguna Tangku’urang Chiefs answer the call to make his dreams and visions on his economic foundation a reality.

Panguna Tangku’urang Chiefs strongly believe that once operation begins, all other business opportunities, job creations and investments will open up, and it is hoped that Arawa town be resurrected to its fitting glory.

Panguna Tangku’urang Chiefs welcome any new ideas or suggestions for turning our vision of economic recovery of our young nation into a reality.

Thank you, and may God be with you always and bless you abundantly.

VINCENT BANGKI
Panguna Tangku’urang Chairman and Spokesperson

Panguna Tangku’urang Chiefs, PO Box 195, Arawa, Autonomous Region of Bougainville,Papua New Guinea, E: pangunatwc@gmail.com 

 

The China International Import Expo, a boost to global service trade

SHANGHAI, Jan. 15, 2021 /PRNewswire/ — China was in 2019 ranked third in the world, behind the United States and Singapore, in terms of digital economy competitiveness, according to a recent report by the Shanghai Academy of Social Science.

Trade Services Exhibition Area of the CIIE
Trade Services Exhibition Area of the CIIE

The rise of digital technologies in China has accelerated the deep integration of various industries, enabling the service economy to thrive. Today, the service economy has become a major driver of economic growth. International cooperation in service trade will be an increasingly important driver.

For foreign companies intending to tap the huge growth potential of the service trade in China, the China international Import Expo (CIIE) is a prime platform.

The Trade in Services Exhibition Area at the third CIIE covered an area of 30,000 square meters, and was divided into five sections, including finance, logistics, consulting, inspection & testing, and cultural tourism. More than 250 exhibitors, over 50 of which were Fortune Global 500 companies and industrial leaders, showed up for the exhibition.

Artificial intelligence, big data and cloud services were also among the highlights of the event.

The fourth CIIE, which is scheduled to take place in Shanghai from Nov 5 to 10, 2021, will include more service varieties.

Exhibitors in the fields of financial services (banking, insurance and asset management), logistics, information technology, inspection and testing, integrated services, supply chain management, services in culture, tourism, education, entertainment and sports are all welcome to attend.

In 2020, the CIIE unveiled its Special Committee for Intelligent Supply Chain, which will pool the wisdom of industry leaders to promote a greater opening-up of China’s service industry and help bolster the development of the supply chain management.

The CIIE is the world’s largest import expo and one of the top 10 business shows in the world. It unleashes the potential of the global marketplace.

The global trade fair caters to a complete range of industries, including food and agricultural products, automobiles, intelligent and information technology, consumer goods, medical devices, healthcare products and trade in services.

Over 10,000 journalists have covered the expo during the past three years. In the domestic market alone, more than 3.5 million reports and social media posts featured the CIIE.

The registration for the Business Exhibition of the 4th CIIE is now open.

Visit https://www.ciie.org/ciie/f/book/register?locale=en to register.

Sign up before January 31, 2021 to enjoy the early-bird offer!

Contact: Ms. Nie Qingxin
Tel.: 0086-21-67008870/67008988

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First FinTech Competition

Caohejing Hi-Tech Carnival in Shanghai Plays Host to First FinTech Competition; Peers into the Future of the Financial Sector

SHANGHAI, Jan. 15, 2021 /PRNewswire/ — The first FinTech competition of the Caohejing Hi-Tech Carnival was held on January 13. The competition was hosted by the Shanghai Lingang Economic Development (Group) Co., Ltd., and organized by the Shanghai Caohejing Hi-Tech Park Development Corporation and the Shanghai Lingang Economic Development Group Asset Management Co., Ltd, under the guidance of the Shanghai Office for the Promotion of Science and Technological Innovation, the Xuhui and Minhang Districts People’s Government and supported by Deutsche Bank (China) Co. Ltd.

First FinTech Competition
First FinTech Competition

In his opening speech, Liu Wei, Vice President of Lingang Group said: “In the era of the digital economy, digital technology and FinTech will support China’s digital economy. Lingang Group understands that many micro, small and medium-sized technological enterprises in the Caohejing Hi-Tech Park are facing difficulties such as obtaining financing and the high cost of financing. Innovative financial technology can bring new ideas and new solutions to corporate financing problems. Lingang Group, with its solid industrial base and concentrated innovation resources will provide multi-resources for the development of financial technology.”

In the keynote speeches that followed, Professor Ricarda Bouncken, Chief Professor of Strategic Organizational Management at the University of Bayreuth, Germany; Zhu Yi, Head of Innovation and Fintech Solution for Corporate bank, Deutsche Bank; Du Jianmin, Director of Global Strategic Services at KPMG Consulting; Zhang Guofeng, Deputy Director of the Institute for Artificial Intelligence and Change Management of Shanghai University of International Business and Economics and Secretary General of Shanghai Opensource Information Technology Association; shared their views regarding the topic, Digital Identity in Digital Transformation, How FinTech Serves Enterprises, FinTech Trends and Applications in the Asset Management Industry, and on the Concept of Public Infrastructure for Digital Finance, revealing the positive impact of the integration of technology and finance on the development of the industry.

In the afternoon, the final pitch began. After the preliminary and semi-final rounds, nine participating enterprises of MagicTrade Tech, Onchain Tech, NINGTON, Korange, HEXINFO, AlphaInsight, Meridian, FANHAN INFO, and JINGZHI Netword Technology successfully entered the final stage. All the winners were decided through pitches and on-the-spot questions from judges.

After the competition, the round table discussion on the theme: “how FinTech empowers the digital transformation of the industry” was organized. The conference was hosted by Zhang Peng. The participating guests included Yu Leimin, Partner of KWM and Fintech Expert, Wang Yonggang Zheng Wenhao, Lingang Blockchain Research Institute Vice-Principal, Liu Bin. Speakers shared their views on the new opportunities and new path of FinTech development.

The exciting award ceremony concluded the events of the day. Zhu Yi awarded prizes to the winners of University Projects. Zhou Liping, Deputy Director of Xuhui District Finance Office; Liu Bin; and Huang Jing, Assistant General Manager of Shanghai Lingang Economic Development Group Assets Management Co., Ltd, respectively awarded prizes to the winner, JINGZHI Netword Technology, the second prize Onchain Tech, FANHAN INFO, and HEXINFO, and third prize MagicTrade Tech, NINGTON, Korange, AlphaInsight, and Meridian. Zhang Guozhong, Deputy Director of Shanghai Technology Incubation Center, and Lai Haofeng, General Manager of Caohejing Incubation Center, presented the 2020 Caohejing Incubation Enterprise Graduating Certification to the enterprises and saluted their efforts in fostering the development of FinTech.

Dogness (International) Corporation Announces Entry into Agreement for Registered Direct Placement of $7.4 Million Common Shares and Warrants

PLANO, Texas, Jan. 15, 2021 /PRNewswire/ — Dogness (International) Corporation (“Dogness” or the “Company”) (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced that it has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of $7.4 million of common shares at a price of $2.15 per share. The Company will issue an aggregate of 3,455,130 common shares and Class A warrants to purchase an aggregate of 1,727,565 common shares to the investors.  The Company will also issue a warrant to purchase 276,410 common shares to the placement agent. The Class A  and placement agent  warrants are exercisable at $2.70 per share.  The aggregate gross proceeds from the sale of the securities, before deducting fees payable to the Placement Agent and other estimated offering expenses payable by the Company will be approximately $7.4 million.

The net proceeds from this offering will be used for general working capital purposes. The completion of the placement is expected to occur on or about January 20, 2021, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. acted as the exclusive placement agent in connection with the offering.

These securities are being offered through a prospectus supplement pursuant to the Company’s effective shelf registration statement and base prospectus contained therein. A shelf registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement related to the offering will be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

For further information regarding this transaction, please see the Form 6-K to be filed with the SEC.

About Dogness

Dogness (International) Corporation was founded in 2003 from the belief that pet dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness is able to simplify pet lifestyles, make them more scientific, and enhance the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers’ businesses and end purchasers’ disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

China Literature Announces Sale of its Equity Interest in Lazy Audio for RMB1.08 Billion

HONG KONG, Jan. 15, 2021 /PRNewswire/ — China Literature Limited (“China Literature” or “the Company”, stock code: 0772.HK), a leading online literature platform in China, today announced that it entered into a definitive agreement to sell a 39.8821% equity interest in Shenzhen Lanren Online Technology Co, Ltd (“Lazy Audio”), an audio platform in China, to Tencent Music Entertainment Group (“Tencent Music” or “TME”, NYSE: TME), a leading innovative online music entertainment platform in China, for a total consideration of RMB1.08 billion in cash. The transaction is expected to close in the first half of 2021, subject to customary closing conditions. China Literature will no longer hold an equity interest in Lazy Audio upon the completion of the transaction.

Mr. Edward Cheng, Chief Executive Officer of China Literature, commented, “Our investment in Lazy Audio was a test pilot for China Literature’s audiobook strategy where we collaborated with Lazy Audio to convert China Literature’s premium IPs into audiobooks and deliver to a vast user base. In terms of corporate strategic outcome and generating a return on investment, the overall investment was, without a doubt, a huge success. The TME-Lazy Audio transaction will continue to elevate TME’s and Lazy Audio’s audio content production and distribution capability. This will in turn benefit China Literature, as our business partnership with both TME and Lazy Audio will continue. As we join forces on future collaboration with TME and other audio platforms, we expect to continuously distribute China Literature’s premium content to our expanding user base. We believe this marks an important step to further maximize the value of China Literature’s IPs.”

About China Literature Limited

China Literature Limited is a pioneer in the online literature market and operates China’s leading online literature platform. The Company owns nine major branded products. Among these, QQ Reading, a unified mobile content aggregation and distribution platform, is the flagship product. Other branded products focus on individual genres and their respective fan bases. China Literature’s shareholder and strategic partner, Tencent, provides the Company with exclusive content distribution access via its suite of leading mobile and Internet products, including Mobile QQ, QQ Browser, Tencent News, Weixin Reading and Tencent Video. The Company also has distribution beyond the Tencent platforms by pre-installing Apps on handsets partners such as OPPO, Huawei and VIVO, as well as licensing content to third-party partners such as Baidu, Sogou, JD.com and Xiaomi Duokan. China Literature monetizes its vast and proprietary content library mainly through online paid reading and content adaptations for a variety of entertainment formats. China Literature’s diverse and high-quality content library is a significant competitive advantage that lies at the core of its business model. In 2018, China Literature further expanded its content capabilities downstream by acquiring New Classics Media, a renowned TV series, web series and film production company in China. For more information, please visit http://ir.yuewen.com/.  

Contact

For investors / analysts:

For media:

Maggie Zhou

Vivian Wang

Tel: +8621 6187 0500 ext. 80605

Tel: +852 2232 3978

Email: IR@yuewen.com

Email: vwang@Christensenir.com

Forward-Looking Statements

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

Related Links :

http://ir.yuewen.com/