Tickmill_Logo

Tickmill Group Reports Strong Financial Performance in 9 Months of 2019

LONDON, Nov. 8, 2019 /PRNewswire/ — Tickmill Group once again surpasses previous financial records, posting growth in key financial metrics.

The Tickmill Group smashes expectations by surpassing previous financial records - posting growth in all key financial metrics!


The Tickmill Group smashes expectations by surpassing previous financial records – posting growth in all key financial metrics!

The unaudited consolidated net profit for the first 9 months of 2019 came in at $29.46 million and the Company is projecting to reach $35 million net profit for the calendar year. In comparison, 2018’s consolidated net profit stood at $19.67 million. Tickmill Group attributes its strong profitability figures to organic growth in key markets, cost optimization and investment into new technology, achieving increased efficiency through automation.

2019 heralds another increase in trading volume, clocking up $1.09 trillion in the first 9 months of the year compared to previous records of $967 billion in 9 months of 2018, up 13.1% (YoY). Despite the FX markets experiencing low volatility throughout 2019, the Company projects to reach trading volume of $1.45$1.50 trillion in 2019 compared to $1.37 trillion that it reached in 2018.

Moving on to the average number of trades executed on a monthly basis, Tickmill Group executed 6.74 million trades (Jan to Sep 2019) compared to an average of 6.13 million in the first 9 months of 2018, up 9.9% (YoY).

In Q3, Tickmill Group also increased Tickmill UK Ltd’s share capital to $8.33 million by injecting an additional $4.32 million and raising the total net capital base to $15.90 million (as of September 30, 2019). Although the Company estimates that there will be no material effects from Brexit, this capital injection serves to provide Tickmill UK Ltd with additional protection from any Brexit-related adverse effects.

Overall the group’s net capital base stood at $66.43 million as of September 30, 2019, compared to $40.71 million at the end of 2018.

Duncan Anderson, CEO of Tickmill UK Ltd, commented that “We are pleased to see our group continuing on strong growth trajectory and delivering record results across the board. As a group, we’ve been looking at various acquisition opportunities in the technology front throughout 2019, so that we could partially deploy Tickmill’s extensive capital base and increase our shareholder value.”

He went on to say that: “Our strong capital base gives Tickmill also some great opportunities to diversify our offering by introducing new products and platforms over the coming months and thereby diversifying our revenue streams.”

ABOUT TICKMILL

Tickmill is a Forex and CFD trading services provider offering first-class trading products with competitive conditions and ultra-fast execution. Tickmill UK Ltd is authorized and regulated by the UK FCA. Tickmill Europe Ltd is authorized and regulated by the CySEC. Tickmill Ltd Seychelles is authorized and regulated by the Seychelles FSA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% and 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd, respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

For more information, please visit: http://www.tickmill.co.uk

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Cision

IT Tech Packaging, Inc. Announces Third Quarter 2019 Financial Results

Continued Improvement in Margin and Profitability, Strong Growth in Sales Volume, Net Income and Operating Income, with Increases of 53%, 266% and 313%, Respectively, in Q3 2019, Reached the Highest Level Since Q4 2016

Company to Host Earnings Conference Call on Friday, November 8, 2019, at 8:00 am EST

BAODING, China, Nov. 8, 2019 /PRNewswire/ — IT Tech Packaging, Inc. (NYSE MKT: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the third quarter ended September 30, 2019.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “We are pleased to report solid financial results for the third quarter of 2019 with 53.2% increases in sales volume across all three product categories, which reached the highest level since the fourth quarter of 2016. With continued turnarounds and recovery of the operation, we grew our top line by 23.3% and delivered 313.3% growth in operating income, in the third quarter of 2019, and tissue paper and offset printing paper products generated $1.6 million and $7.0 million revenues, respectively. With 326.8% and 266.4% growth in overall gross profit and net income, respectively, our margins and profitability improved significantly in the recorded quarter thanks to continued increase in sales volume for all products as well as decreases in cost of materials and operating expenses. Looking ahead, we expect that the stable order trend will continue to carry over into the rest of the year and 2020.”

Third Quarter 2019 Unaudited Financial Results

 For the Three Months Ended September 30,

 ($ millions)

2019

2018

 % Change

 Revenues

32.94

26.72

23.3%

 Regular Corrugating Medium Paper (“CMP”)*

19.33

19.22

0.6%

 Light-Weight CMP**

5.02

6.85

-26.8%

 Offset Printing Paper

7.04

0.66

973.5%

 Tissue Paper Products

1.55

0.00

NM

 Gross profit

5.37

1.26

326.8%

 Gross profit (loss) margin

16.3%

4.7%

11.6 pp***

 Regular Corrugating Medium Paper (“CMP”)*

14.7%

4.9%

9.8 pp***

 Light-Weight CMP**

15.9%

5.1%

10.8 pp***

 Offset Printing Paper

33.3%

-3.3%

36.6 pp***

 Tissue Paper Products

-38.9%

NM

NM

 Operating income (loss)

3.35

-1.57

313.3%

 Net income

2.34

-1.40

266.4%

 EBITDA

7.11

1.89

276.2%

 Basic and Diluted earnings (loss) per share

0.11

-0.07

257.1%

 * Products from PM6

 ** Products from PM1

 *** pp represents percentage points

  • Total sales volume of CMP, offset printing paper and tissue paper products increased by 53.2% to 72,246 tonnes, reaching record highs since the fourth quarter 2016
  • Revenue increased by 23.3% to $32.9 million, primarily attributable to increase in sales volume of corrugating medium paper (“CMP”), offset printing paper and tissue paper products, partially offset by the decreases in average selling prices (ASP) for both CMP and offset printing paper
  • Gross profit increased significantly by 326.8% to $5.4 million. Gross margin increased by 11.6 percentage point to 16.3%. The increase in gross profit were primarily due to the decrease in average cost of sales per tonne for CMP and offset printing paper, which was attributable to the lower average unit purchase costs of recycled paper board and recycled white scrap paper used as raw material for CMP products and offset printing paper products. Gross margins over regular CMP, Light-Weight CMP products and offset printing paper product increased to 14.7%, 15.9% and 33.3%, respectively
  • Income from operations increased by 313.3% to $3.3 million, compared to loss from operations of $1.6 million for the same period of last year
  • Net income was $2.3 million, an increase of 3.7 million, or 266.4%, from net loss of $1.4 million for the same period of last year. Earnings per basic and diluted share was $0.11, compared to loss per basic and diluted share of $0.07, for the same period of last year
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased by 276.2% to $7.1 million

Revenue

For the third quarter of 2019, total revenue increased by $6.2 million, or 23.3%, to $32.9 million from $26.7 million for the same period of last year. The increase in total revenue was mainly due to increases in sales volume of CMP products, offset printing paper and tissue paper products, partially offset by the decreases in average selling prices (ASP) for both CMP products and offset printing paper. Total sales volume of CMP, offset printing paper and tissue paper products during the period increased by 53.2% to 72,246 tonnes, compared to 47,149 tonnes sold during the same period of 2018.

The following table summarizes revenue, volume and ASP by product for the third quarter of 2019 and 2018, respectively:

2019

2018

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Regular CMP

19,332

47,487

407

19,219

33,928

566

 Light-Weight CMP

5,017

12,721

394

6,850

12,319

556

 Offset Printing Paper

7,038

10,198

690

656

902

727

 Tissue Paper Products

1,551

1,840

843

 Total

32,938

72,246

456

26,724

47,149

567

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by $1.7 million, or 6.6%, to $24.3 million and accounted for 73.9% of total revenue for the third quarter of 2019, compared to $26.1 million, or 97.5% of total revenue, for the same period of last year. The Company sold 60,208 tonnes of CMP at an ASP of $404/tonne in the third quarter of 2019, compared to 46,247 tonnes at an ASP of $564/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP slightly increased by $0.1 million, or 0.6%, to $19.3 million, resulting from sales of 47,487 tonnes at an ASP of $407/tonne, during the third quarter of 2019, compared to revenue of $19.2 million, resulting from sales of 33,928 tonnes at an ASP of $566/tonne, for the same period of last year. Revenue from light-weight CMP decreased by $1.8 million, or 26.8%, to $5.0 million, resulting from sales of 12,721 tonnes at an ASP of $394/tonne for the third quarter of 2019, compared to revenue of $6.8 million, resulting from sales of 12,319 tonnes at an ASP of $556/tonne for the same period of last year.

Revenue from offset printing paper increased by $6.4 million, or 973.5%, to $7.0 million for the third quarter of 2019, from $0.7 million for the same period of last year. The Company sold 10,198 tonnes of offset printing paper at an ASP of $690/tonne in the third quarter of 2019, compared to 902 tonnes at an ASP of $727/tonne in the same period of last year.

We produce tissue paper products, including toilet paper, boxed and soft-packed tissues, handkerchief tissues and paper napkins, as well as bathroom and kitchen paper towels that are marketed and sold under the Dongfang Paper brand. We launched the complete line of processing base tissue paper with designated capacity of 15,000 tonnes/year, and producing finished tissue paper products with designated capacity of 10,000 tonnes/year. With the launch of PM8 in December 2018, the production and sales of tissue paper products have increased steadily in 2019. Revenue from tissue paper products was $1.6 million, 4.7% of the total revenues and resulting from sales of 1,840 tonnes at an ASP of $843/tonne, for the third quarter of 2019.

Gross Profit and Gross Margin

Total cost of sales increased by $2.1 million, or 8.2%, to $27.6 million for the third quarter of 2019 from $25.5 million for the same period of last year. Overall cost of sales per tonne was $382 for the third quarter of 2019, compared to $540 for the same period of last year. The decrease in overall cost of sales per tonne was mainly due to decreased material costs, especially lower average unit purchase costs of recycled paper board and recycled white scrap paper, which decreased by 44.4% and 44%, respectively, in the third quarter of 2019. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $347, $332, $461, and $1,171, respectively, for the third quarter of 2019, compared to $539, $528, $751 and $nil, respectively, for the same period of last year.

Gross profit increased by $4.1 million, or 326.8%, to $5.4 million for the third quarter of 2019 from $1.3 million for the same period of last year. Overall gross margin was 16.3% for the third quarter of 2019, compared to 4.7% for the same period of last year. The increase in gross profit and gross margin were mainly related to the decrease in average cost of sales per tonne for CMP and offset printing paper, which was attributable to the lower average unit purchase costs of recycled paper board and recycled white scrap paper used as raw material for CMP products and offset printing paper products. Gross margins for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were 14.7%, 15.9%, 33.3%, and negative 38.9%, respectively, for the third quarter of 2019, compared to 4.9%, 5.1%, negative 3.3%, and nil, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) decreased by $0.8 million, or 28.5%, to $2.0 million for the third quarter of 2019 from $2.8 million for the same period of last year. The decrease was mainly related to less repair and maintenance costs incurred for the third quarter of 2019 as all of our production resumed since the first quarter of 2019, compared to the same period in 2018 that production was suspended and additional repair and maintenance costs incurred. As a percentage of total revenue, SG&A was 6.1% for the third quarter of 2019, compared to 10.6% for the same period of last year.

Income (loss) from Operations

Income from operations was $3.3 million for the third quarter of 2019, compared to loss from operations of $1.6 million for the same period of last year. The increase in income from operations was primarily due to substantial increase in gross profit combined with decreased SG&A expenses this year as discussed above. Operating margin was 10.2% for the third quarter of 2019, compared to operating loss margin of 5.9% for the same period of last year.

Net Income

Net income was $2.3 million, or $0.11 per basic and diluted share, for the third quarter of 2019, compared to net loss of $1.4 million, or $0.07 loss per basic and diluted share, for the same period of last year.

EBITDA

EBITDA was $7.1 million for the third quarter of 2019, compared to $1.9 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA
(Amounts expressed in US$)

 For the Three Months Ended September 30,

 ($ millions)

2019

2018

 Net income (loss)

2.34

-1.40

 Add: Income tax

0.77

-0.54

 Net interest expense

0.24

0.37

 Depreciation and amortization

3.76

3.46

 EBITDA

7.11

1.89

Nine Months Ended September 30, 2019 Financial Results

 For the Nine Months Ended September 30,

 ($ millions)

2019

2018

 % Change

 Revenues

84.01

61.76

36.0%

 Regular Corrugating Medium Paper (“CMP”)*

52.44

43.43

20.7%

 Light-Weight CMP**

13.69

13.10

4.5%

 Offset Printing Paper

13.27

5.21

154.7%

 Tissue Paper Products

4.60

0.00

NM

 Digital Photo Paper

0.00

0.01

NM

 Gross profit

8.09

3.58

126.0%

 Gross margin

9.6%

5.8%

-3.8 pp

 Regular Corrugating Medium Paper (“CMP”)*

8.4%

6.6%

-1.8 pp

 Light-Weight CMP**

7.1%

5.1%

-2.0 pp

 Offset Printing Paper

29.8%

0.8%

29.0 pp

 Tissue Paper Products

-27.0%

N/A

NM

 Operating income (loss)

0.71

-6.10

111.6%

 Net income (loss)

0.07

-5.38

101.2%

 EBITDA

12.55

5.05

148.5%

 Basic and Diluted earnings per share

0.003

-0.25

101.2%

 * Products from PM6

 ** Products from PM1

 *** pp represents percentage points

Revenue

For the nine months ended September 30, 2019, total revenue increased by $22.2 million, or 36%, to $84 million from $61.8 million for the same period of last year. The increase in total revenue was mainly due to increase in sales volume of CMP, offset printing paper and tissue paper products, which was partially offset by the decrease in ASP of CMP and offset printing paper. Total sales volume of CMP, offset printing paper and tissue paper products during the period increased by 72% to 177,956 tonnes, compared to 103,446 tonnes sold during the same period of 2018.

The following table summarizes revenue, volume and ASP by product for the nine months ended September 30, 2019 and 2018, respectively:

 For the Nine Months Ended September 30,

2019

2018

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Regular CMP

52,440

121,774

431

43,434

74,141

586

 Light-Weight CMP

13,693

32,728

418

13,101

23,114

567

 Offset Printing
Paper

13,275

18,757

708

5,212

6,191

842

 Tissue Paper
Products

4,600

4,697

979

 NM

 Total

84,008

177,956

472

61,761

103,446

597

Revenue from CMP, including both regular CMP and light-Weight CMP increased by $9.6 million, or 17%, to $66.1 million, and accounted for 78.7% of total revenue for the nine months ended September 30, 2019, compared to $56.5 million, or 91.6% of total revenue for the same period of last year. The Company sold 154,502 tonnes of CMP at an ASP of $428/tonne in the nine months ended September 30, 2019, compared to 97,255 tonnes at an ASP of $581/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP increased by $9 million, or 20.7%, to $52.4 million, resulting from sales of 121,774 tonnes at an ASP of $431/tonne during the nine months ended September 30, 2019, compared to revenue of $43.4 million, resulting from sales of 74,141 tonnes at an ASP of $586/tonne for the same period of last year. Revenue from light-weight CMP increased by $0.6 million, or 4.5%, to $13.7 million, resulting from sales of 32,728 tonnes at an ASP of $418/tonne for the nine months ended September 30, 2019, compared to revenue of $13.1 million, resulting from sales of 23,114 tonnes at an ASP of $567/tonne for the same period of last year.

Revenue from offset printing paper increased by $8.1 million, or 154.7%, to $13.3 million for the nine months ended September 30, 2019 from $5.2 million for the same period of last year. The Company sold 18,757 tonnes of offset printing paper at an ASP of $708/tonne in the nine months ended September 30, 2019, compared to 6,191 tonnes at an ASP of $842/tonne in the same period of last year.

Revenue from tissue paper products was $4.6 million for the nine months ended September 30, 2019, resulting from sales of 4,697 tonnes of tissue paper products at an ASP of $979/tonne in the nine months ended September 30, 2019.

Gross Profit and Gross Margin

Total cost of sales increased by $17.8 million, or 30.5%, to $75.9 million for the nine months ended September 30, 2019 from $58.2 million for the same period of last year. The increase in overall cost of sales was mainly a result of the increase in sales volume, partially offset by the decrease of cost of recycled paper board and recycled white scrap paper. Average cost of sales per tonne for regular CMP, light-weight CMP and offset printing paper decreased by 28%, 27.7% and 40.5%, respectively. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, tissue paper products were, $394, $389, $497, and $1,244, respectively, for the nine months ended September 30, 2019, compared to $547, $538, $835, and $nil, respectively, for the same period of last year.

Total gross profit increased by $4.5 million, or 126%, to $8.1 million for the nine months ended September 30, 2019 from $3.6 million for the same period of last year. The increase was mainly due to (i) the increase in quantities sold of CMP, offset printing paper, tissue paper and (ii) the decrease of material purchase price of CMP and offset printing paper, partially offset by the decrease of ASP of these products. Overall gross margin decreased by 3.8 percentage points to 9.6% for the nine months ended September 30, 2019 from 5.8% for the same period of last year. Gross margins for regular CMP, light-weight CMP, offset printing paper and tissue paper products were 8.4%, 7.1%, 30.0% and negative 27.0%, respectively, for the nine months ended September 30,2019, compared to 6.6%, 5.1%, 0.8%, and nil, respectively, for the same period of last year.

Selling, General and Administrative Expenses

SG&A expenses decreased by $2.3 million, or 23.3%, to $7.4 million for the nine months ended September 30, 2019 from $9.7 million for the same period of last year. As a percentage of total revenue, SG&A expenses was 8.8% for the nine months ended September 30, 2019, compared to 15.7% for the same period of last year.

Income from Operations

Income from operations was$0.7 million for the nine months ended September 30, 2019, compared to loss from operations of $6.1 million for the same period of last year. Operating margin was 0.8% for the nine months ended September 30, 2019, compared to operating loss margin of 9.9% for the same period of last year.

Net Income

Net Income increased by $5.4 million, or 101.2%, to $0.07 million, or earnings per basic and diluted share of $0.003, for the nine months ended September 30, 2019. This compared to net loss of $5.4 million, or loss per basic and diluted share of $0.25, for the same period of last year.

EBITDA

EBITDA increased by $7.5 million, or 148.5%, to $12.6 million for the nine months ended September 30, 2019 from $5.1 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA
(Amounts expressed in US$)

 For the Nine Months Ended September 30,

 ($ millions)

2019

2018

 Net income (loss)

0.07

-5.38

 Add: Income tax

0.21

-1.63

 Net interest expense

0.73

1.18

 Depreciation and amortization

11.55

10.87

 EBITDA

12.55

5.05

Cash, Liquidity and Financial Position

As of September 30, 2019, the Company had cash and bank balances, short-term debt (including short-term bank loans, current portion of long-term loans from credit union and related party loans) and long-term debt (including loans from credit union and related party loans) of $4.8 million, $7.4 million and $8.8 million, respectively, compared to $8.5 million, $14.3 million, and $6.9 million, respectively, at the end of 2018.

Net accounts receivable was $2.8 million as of September 30, 2019, compared to $2.9 million as of December 31, 2018. Net inventory was $7.0 million as of September 30, 2019, compared to $2.9 million at the end of 2018. As of September 30, 2019, the Company had current assets of $20.6 million and current liabilities of $61.0 million, resulting in a working capital deficit of $40.4 million. This compared to current assets of $24.2 million, current liabilities of $29.6 million and working capital deficit of $5.5 million at the end of 2018.

Net cash provided by operating activities was $4.6 million for the nine months ended September 30, 2019, compared to net cash provided by operating activities of $1.8 million for the same period of last year. Net cash used in investing activities was $6.4 million for the nine months ended September 30, 2019, compared to $1.8 million for the same period of last year. Net cash used in financing activities was $5.2 million for the nine months ended September 30, 2019, compared to net cash provided by financing activities of $0.8 million for the same period of last year.

Recent development

On October 31, 2019, the shareholders of the Company at the Company’s Annual Shareholders General Meeting adopted and approved the 2019 Omnibus Equity Incentive Plan of IT Tech Packaging, Inc. (the “2019 ISP”). Under the 2019 ISP, the Company has reserved a total of 2,000,000 shares of common stock for issuance as or under awards to be made to the directors, officers, employees and/or consultants of the Company and its subsidiaries.

Earnings Conference Call

To attend the conference call, please dial in using the information below. When prompted upon dialing-in, please provide the conference ID or ask for the “IT Tech Packaging Third Quarter 2019 Earnings Conference Call.”

Date:

Friday, November 8, 2019

Time:

8:00 am EST

International Toll Free:

United States: +1-866-519-4004

Mainland China: 400-620-8038

Hong Kong: 800-906-601

International: +65-6713-5090

Conference ID:

1585869

This conference call will be broadcast live on the Internet and can be accessed by all interested parties at: http://edge.media-server.com/mmc/p/2ssokezr .

Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.

A playback will be available through 11:00 am EST on November 8, 2019 to 7:59 am EST on November 16, 2019. To listen, please dial+1-855-452-5696 if calling from the United States, or +61-281-990-299 if calling internationally. Use the passcode 1585869 to access the replay.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China’s Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE MKT since December 2009.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For more information, please contact:

At the Company Email: ir@itpackaging.cn  
Tel: +86 0312 8698215

Investor Relations:
Melody Shi, CPA
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2019 AND DECEMBER 31, 2018

(Unaudited)

September 30,

December 31,

2019

2018

ASSETS

Current Assets

Cash and bank balances

$

4,805,861

$

8,474,809

Restricted cash

3,642,616

Accounts receivable (net of allowance for doubtful
accounts of $56,638 and $58,707 as of September 30,
2019 and December 2018, respectively)

2,775,304

2,876,632

Inventories

7,010,419

2,923,516

Prepayments and other current assets

5,982,730

6,241,299

Total current assets

20,574,314

24,158,872

Property, plant, and equipment, net

153,108,508

167,829,716

Value-added tax recoverable

2,620,515

2,810,331

Deferred tax asset non-current

9,827,679

8,277,091

Other non-current assets

45,273,629

Total Assets

$

231,404,645

$

203,076,010

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Short-term bank loans

$

6,362,312

$

11,802,075

Current portion of long-term loans from credit union

311,046

2,491,549

Accounts payable

857,218

629,054

Advance from customers

83,315

Notes payable

3,642,616

Due to related parties

766,544

413,336

Accrued payroll and employee benefits

239,501

213,536

Other payables and accrued liabilities

51,062,036

10,222,796

Income taxes payable

1,332,680

219,305

Total current liabilities

61,014,652

29,634,267

Loans from credit union

6,701,636

4,706,259

Loans from a related party

2,120,771

2,185,569

Total liabilities (including amounts of the
consolidated VIE without recourse to the Company of
$67,168,878 and $34,008,908 as of September 30,
2019 and December 31, 2018, respectively)

69,837,059

36,526,095

Commitments and Contingencies

Stockholders’ Equity

Common stock, 500,000,000 shares authorized,
$0.001 par value per share, 22,054,816 shares issued

22,684

22,360

Additional paid-in capital

51,154,544

51,137,319

Statutory earnings reserve

6,080,574

6,080,574

Accumulated other comprehensive loss

(8,329,334)

(3,263,952)

Retained earnings

112,639,118

112,573,614

Total stockholders’ equity

161,567,586

166,549,915

Total Liabilities and Stockholders’ Equity

$

231,404,645

$

203,076,010

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2019

2018

2019

2018

Revenues

$

32,937,917

$

26,723,657

$

84,008,157

$

61,761,041

Cost of sales

(27,563,185)

(25,464,314)

(75,917,762)

(58,181,584)

Gross Profit

5,374,732

1,259,343

8,090,395

3,579,457

Selling, general and
administrative expenses

(2,024,547)

(2,829,933)

(7,413,879)

(9,670,992)

Gain (Loss) from disposal of
property, plant and equipment

237

(10,026)

Gain on acquisition of a
subsidiary

(879)

30,518

Income (Loss) from
Operations

3,349,306

(1,570,353)

707,034

(6,101,561)

Other Income (Expense):

Interest income

1,413

5,222

61,787

32,641

Subsidy income

(2,800)

(5,786)

233,488

244,723

Interest expense

(236,987)

(372,276)

(731,027)

(1,183,269)

Income (Loss) before
Income Taxes

3,110,932

(1,943,193)

271,282

(7,007,466)

Provision for Income Taxes

(772,905)

538,231

(205,780)

1,626,222

Net Income (Loss)

2,338,027

(1,404,962)

65,502

(5,381,244)

Other Comprehensive Loss

Foreign currency translation
adjustment

(4,810,379)

(6,994,097)

(5,065,382)

(9,222,113)

Total Comprehensive Loss

$

(2,472,352)

$

(8,399,059)

$

(4,999,880)

$

(14,603,357)

Earnings (Losses) Per
Share:

Basic and Diluted Earnings
(Losses) per Share

$

0.11

$

(0.07)

$

0.003

$

(0.25)

Outstanding – Basic and
Diluted

22,028,171

21,450,316

22,028,171

21,450,316

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

Nine Months Ended

September 30,

2019

2018

Cash Flows from Operating Activities:

Net income

$

65,502

$

(5,381,244)

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

Depreciation and amortization

11,547,650

10,873,536

Loss from disposal and impairment of property, plant and equipment

10,026

Allowance for bad debts

(339)

(11,444)

Gain on acquisition of a subsidiary

(30,518)

Deferred tax

(1,853,728)

(1,629,706)

Changes in operating assets and liabilities:

Accounts receivable

16,894

572,184

Prepayments and other current assets

185,780

(3,528,818)

Inventories

(4,307,754)

3,562,834

Accounts payable

254,749

(354,689)

Advance from customers

85,993

Notes payable

(3,648,250)

(2,294,280)

Related parties

367,277

114,714

Accrued payroll and employee benefits

33,334

(35,419)

Other payables and accrued liabilities

726,564

437,532

Income taxes payable

1,155,880

(525,502)

Net Cash Provided by Operating Activities

4,599,034

1,809,724

Cash Flows from Investing Activities:

Purchases of property, plant and equipment

(4,917,650)

(1,812,280)

Acquisition of a subsidiary

(1,531,531)

Net Cash Used in Investing Activities

(6,449,181)

(1,812,280)

Cash Flows from Financing Activities:

Proceeds from related party loans

4,588,559

Repayments of related party loans

(9,177,118)

Proceeds from short term bank loans

3,940,110

9,635,974

Proceeds from credit union loans

2,334,880

Repayment of bank loans

(11,499,285)

(4,282,655)

Net Cash (Used in) Provided by Financing Activities

(5,224,295)

764,760

Effect of Exchange Rate Changes on Cash and Cash
Equivalents

(237,122)

(677,172)

Net (Decrease) Increase in Cash and Cash Equivalents

(7,311,564)

85,032

Cash, Cash Equivalents and Restricted Cash – Beginning of
Period

12,117,425

9,017,427

Cash, Cash Equivalents and Restricted Cash – End of
Period

$

4,805,861

$

9,102,459

Supplemental Disclosure of Cash Flow Information:

Cash paid for interest, net of capitalized interest cost

$

659,613

$

1,409,695

Cash paid for income taxes

$

888,881

$

522,547

Cash and bank balances

4,805,861

5,468,315

Restricted cash

3,634,144

Total cash, cash equivalents and restricted cash shown in
the statement of cash flows

4,805,861

9,102,459

Cision View original content:http://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-third-quarter-2019-financial-results-300954065.html

Indonesian artist’s intriguing expression of unity in diversity wins 2019 UOB Southeast Asian Painting of the Year

2019 UOB Painting of the Year (Singapore) awarded to Wong Tze Chau

SINGAPORE, Nov. 7, 2019 /PRNewswire/ — United Overseas Bank (UOB) has conferred the 2019 UOB Southeast Asian Painting of the Year (POY) award to Indonesian artist, Mr Anagard for his painting titled Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility). Mr Anagard’s painting was chosen from among the national winners of the 2019 UOB Painting of the Year competitions held in Indonesia, Malaysia, Singapore and Thailand.

Winner of 2019 UOB Southeast Asian Painting of the Year, Anagard. from Indonesia with (from left), Ms Grace Fu, Minister for Culture, Community and Youth, Mr Wee Ee Cheong, Deputy Chairman and Group CEO, UOB, Mrs Wee Ee Cheong, Ms Nicolette Rappa, Head of Group Strategic Communications and Customer Advocacy, UOB and Ms Lilian Chong, Executive Director, Group Strategic Communications and Customer Advocacy, UOB.


Winner of 2019 UOB Southeast Asian Painting of the Year, Anagard. from Indonesia with (from left), Ms Grace Fu, Minister for Culture, Community and Youth, Mr Wee Ee Cheong, Deputy Chairman and Group CEO, UOB, Mrs Wee Ee Cheong, Ms Nicolette Rappa, Head of Group Strategic Communications and Customer Advocacy, UOB and Ms Lilian Chong, Executive Director, Group Strategic Communications and Customer Advocacy, UOB.

Through his painting, the 35-year-old artist examined the themes of tolerance and acceptance amid the differences in culture, ethnicity and faith. He expressed his ideas using a mix of traditional and contemporary styles and melded various life forms and symbols to create an intriguing and thought-provoking piece of art. The panel of judges from the four Southeast Asian countries was also captivated by Mr Anagard’s distinctive stencil on aluminum technique, often seen in spray-painted murals, that gave an immersive, three-dimensional effect to his painting.

On winning the 2019 UOB Southeast Asian Painting of the Year award, Mr Anagard said, “Through Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility), I wanted to share the importance of harmony, unity and peace. I was inspired by a house of prayer known as Rhema Hill (Bukit Rhema) situated in Central Java, where people of different countries meet to explore their spiritual selves. The painting draws on the unique architecture of the prayer house with a roof shaped like a head of a dove, itself a symbol of peace. As a practising artist, I am honoured to represent Indonesia at the regional level and to win the 2019 UOB Southeast Asian Painting of the Year award. It has been a fulfilling experience. I look forward to discovering the next phase of my journey as an artist and to continue to push the boundaries of creative art and self-expression.”

Mr Wee Ee Cheong, Deputy Chairman and CEO, UOB, said in uncovering and promoting the works of aspiring and established Southeast Asian artists, the UOB POY competition has helped to draw out the power of art to inspire, to open minds and to create new paradigms.

“The spirit of enterprise and innovation that we see in the artists and through their artwork ties in with UOB’s own philosophy and legacy. The way art connects people and cultures and promotes unity in diversity are also qualities that resonate with UOB’s business philosophy, as we draw on the strengths of our teams from across our diverse markets to support our customers as one bank.

Just as we have helped generations of customers prosper and grow by connecting them to opportunities across the region, our vision for art is to be able to nurture future generations of great artists from across Southeast Asia, whose reputation would be global. As such, we aim to see over time the UOB POY competition in all the ASEAN countries where we have a presence.”

The judging panel for the 2019 UOB Southeast Asian Painting of the Year comprised the Chief Judges from each of the four participating countries: Dr Bridget Tracy Tan, Director, Institute of Southeast Asian Arts and Art Galleries Nanyang Academy of Fine Arts, Singapore; Mr Agung Hujatnikajennong, Independent Curator, Indonesia; Ms Bibi Chew, Multi-disciplinary Artist, Head of Illustration, Malaysian Institute of Art, Malaysia; Assistant Professor Somporn Rodboon, Independent Curator and Writer, Board of Directors, Faculty of Fine and Applied Arts, Chiang Mai University, Thailand.

Dr Tan, who is also the Regional Chief Judge, said a highlight this year was the high quality and the immense variety of submissions. “Every year, there are different stories and different ideas. It reflects the vibrant nature of expression in our art makers and this is something to value. This year, we saw strong participation from all four countries, signifying the extent and reach of the 2019 UOB POY competition in attracting high quality submissions. In Singapore, we also recognised the works of five artists as Highly Commended, reflecting the high calibre of submissions.”

“Quality and standards are collectively a different aspect altogether. I believe that when you have a good variety, what stands out in terms of quality of artmaking will become very clear. This is the uniqueness of the UOB POY competition. It can never be judged by a formula. It must be judged by the prevailing times, which keeps it relevant, real and valuable,” Dr Tan said.

The annual UOB POY competition, now in its 38th year, is held across four Southeast Asian countries. In Singapore, it is the longest-running art competition and one of Southeast Asia’s most recognised annual art awards. The UOB POY competition is also the Bank’s flagship art programme and underscores the Bank’s commitment to uncover the next generation of great Southeast Asian artists. Over the years, the UOB POY competition has launched the careers of well-known artists in Singapore and the region including winners of the prestigious Singapore Cultural Medallion winners − Mr Goh Beng Kwan, Mr Anthony Poon and Mr Chua Ek Kay.

The winners received their awards at a ceremony held at the Sands Theatre, Marina Bay Sands on 6 November 2019. The Guest of Honour was Ms Grace Fu, Minister for Culture, Community and Youth.

The winning paintings from the 2019 UOB Painting of the Year competition will be exhibited at the UOB Art Gallery, UOB Plaza 1 at 80 Raffles Place. The exhibition will run from 9 November 2019 to 20 February 2020.

Established Artist Category: Mr Wong Tze Chau wins the 2019 UOB Painting of the Year (Singapore) Award

Singapore artist, Mr Wong Tze Chau, 41, was presented the 2019 UOB POY (Singapore) award for his painting titled War and Peace. Through acrylic on cotton canvas, War and Peace explores the intrinsic beauty of calligraphy and the potential of language in contemporary art. As a metaphor for the “Oneness of Being”, War and Peace represents the recurring and almost binary themes of darkness and light that often define humankind. While the Arabic and Hebrew text stand out in contrast, they are also meant to stand for their shared qualities such as the similarity in sounds of the word ‘Peace’: salam in Arabic and shalom in Hebrew. Mr Wong hopes to create artworks that appeal visually and challenge thinking at the same time.

Emerging Artist Category: 2019 Most Promising Artist of the Year Award (Singapore)

Mr Casey Tan Jie Wei, 25, won the 2019 Most Promising Artist of the Year Award (Singapore) in the Emerging Artist category for his acrylic on canvas painting titled The Water is Wide. The Water is Wide

takes inspiration from the current events in the world, where the artist sees a reflection of shared humanity and hope in spite of humanitarian disasters. Mr Tan graduated from the Nanyang Academy of Fine Arts, Singapore in 2016 with a Diploma in Fine Art. He was also a recipient of Ngee Ann Kongsi scholarship. Through his artworks, he seeks to give the viewer a sense of adventure from familiar experiences.

Winners of the 2019 UOB Painting of the Year competition

Established Artist Category (Regional)

2019 UOB Southeast Asian Painting of the Year

Mr Anagard, Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility)

2019 UOB Painting of the Year, Indonesia

Mr Anagard, Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility)

2019 UOB Painting of the Year, Malaysia

Ms Cheng Yen Pheng, Tug of War: My Homeland

2019 UOB Painting of the Year, Singapore

Mr Wong Tze Chau, War and Peace

2019 UOB Painting of the Year, Thailand

Mr Chaichana Luetrakun, Wastescape

Established Artist Category (Singapore)

2019 UOB Painting of the Year, Singapore

Mr Wong Tze Chau, War and Peace

Gold Award

Mr Keane Tan Jin Howe, From Early Settlers, to a Newly Envisioned World, Chartered by a Set of Ideals

Silver Award

Mr Gerald Tay Chao Siong, The Elemental Kingdom

Bronze Award

Ms Stefanie Hauger, Stone Stack: Year 8: Struggle, 2019

Highly Commended

Mr Tan Seng Kok, 9th of August (9/8) #1

Highly Commended

Mr Billy Soh Wee Leong, I Lift Up My Eyes to the Mountains

Highly Commended

Ms Om Mee Ai, N-BIN92

Winners of the 2019 Most Promising Artist of the Year

Emerging Artist Category (Regional)

2019 Most Promising Artist of the Year, Indonesia

Mr Muhammad Yakin, Human, Human, Human, Copy of Mimetic Desire

2019 Most Promising Artist of the Year, Malaysia

Ms Nurul Asikin binti Roslan, Bunga Moyang (Flower of the Spirits)

2019 Most Promising Artist of the Year, Singapore

Mr Casey Tan Jie Wei, The Water is Wide

2019 Most Promising Artist of the Year, Thailand

Mr Somchai Sidamon, Faces – Reflections of Life No. 2

Emerging Artist Category (Singapore)

2019 Most Promising Artist of the Year

Mr Casey Tan Jie Wei, The Water is Wide

Gold Award

Ms Vanessa Liem Xi Qian, Through Years and Seconds

Silver Award

Ms He Shu, Golf Lady

Bronze Award

Mr Tan Woon Choor, Another

Highly Commended

Ms Liao Liyao, Five Parks on a Passenger, Passing by a Sunny Morning on a Train

Note to media:

About UOB and Art

UOB’s involvement in art started in the 1970s with its collection of paintings by Singapore artists. Today, the UOB Art Collection has more than 2,500 artworks, made up primarily of paintings from established and emerging Southeast Asian artists.

UOB plays an active role in communities across the region, most notably through its long-term commitment to art. As part of this, the Bank has led a wide range of visual arts programmes, partnerships and outreach initiatives across the region.

The Bank’s flagship art programme is the UOB POY Competition, which was started in 1982 to recognise Southeast Asia’s artists and to offer them the opportunity to showcase their works to the wider community. The competition was extended to Indonesia, Malaysia and Thailand, which are all celebrating their 10th year of the UOB POY.

The competition has cultivated and advanced the careers of many artists in Singapore. Notable among them are Mr Goh Beng Kwan (1982 winner), and the late Mr Anthony Poon (1983 winner) and Mr Chua Ek Kay (1991 winner), who received the Singapore Cultural Medallion, Singapore’s most distinguished art award.

The competition has also recognised talents from across the region through the UOB Southeast Asian POY award. Previous winners include Mr Suvi Wahyudianto from Indonesia in 2018, Mr Sukit Choosri from Thailand in 2017, Mr Gatot Indrajati from Indonesia in 2016, Mr Anggar Prasetyo from Indonesia in 2015, Mr Antonius Subiyanto from Indonesia in 2014 and Ms Stefanie Hauger from Singapore in 2013.

Together with past UOB POY winners, UOB also runs art workshops for underprivileged and special needs children regularly. At these workshops, the young learn art techniques from art professionals and award-winning artists.

In recognition of the Bank’s long-term commitment to art, UOB was presented with the National Arts Council’s Distinguished Patron of the Arts Award for the 15th consecutive year in 2019.

– Ends –

About United Overseas Bank

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by both Standard & Poor’s and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.

Photo – http://photos.prnasia.com/prnh/20191106/2634452-1?lang=0
Logo – http://photos.prnasia.com/prnh/20181018/2271919-1LOGO?lang=0

Related Links :

www.uobgroup.com

Media Advisory – BMO Financial Group to Announce its Fourth Quarter 2019 Results

TORONTO, Nov. 7, 2019 /PRNewswire/ — BMO Financial Group will announce its fourth quarter 2019 financial results and hold its investor community conference call on December 3, 2019. Financial results will be issued in a news release at approximately 6:00 a.m. ET.

Investor Community Conference Call

Presentation material referenced during the conference call will be available at http://www.bmo.com/home/about/banking/investor-relations/financial-information/quarterly-results.

Conference Call Rebroadcast
A rebroadcast of the investor community presentations will be available until 11:59 p.m. ET, February 24, 2020 by calling 1 (800) 408-3053 or (905) 694-9451 and entering passcode 2812262#.

The webcast will be available at http://www.bmo.com/home/about/banking/investor-relations/financial-information/quarterly-results until Monday, February 24, 2020.

For News Media Enquiries: Paul Gammal, Toronto, paul.gammal@bmo.com, (416) 867-3996; For Investor Relations Enquiries: Jill Homenuk, Toronto, jill.homenuk@bmo.com, (416) 867-4770; Tom Little, Toronto, tom.little@bmo.com, (416) 867-7834; Internet: www.bmo.com, Twitter: @BMOmedia

Xinhua Silk Road: Deals worth over RMB30 bln signed at Zhangjiagang autumn economic and trade week

BEIJING, Nov. 6, 2019 /PRNewswire/ — The 2019 golden autumn economic and trade week of Zhangjiagang, a county-level city in east China’s Jiangsu Province, was held on Saturday, with a total of 66 projects worth 32.9 billion yuan signed.

The fair attracted more than 500 attendees from home and abroad including professors from colleges and universities, experts from research institutions and entrepreneurs in fields of new energy, new materials, high-end equipment manufacturing and fund investment.

In recent years, guided by the principle of innovation, Zhangjiagang has been upgrading its innovation level constantly and making efforts to gather the innovation resources. The 2019 golden autumn economic and trade week of Zhangjiagang will be a great opportunity to promote its high-quality development, said Shen Guofang, Party secretary of Zhangjiagang.

During the event, deals were inked between Zhangjiagang Bonded Area and Wacker Chemie AG, Zhangjiagang Economic and Technological Development Area and Peikko Group from Finland, Zhangjiagang Metallurgical Industrial Park and Xinyi Hong Kong, and Leyu Town and China National Building Materials Exhibition & Trade Center, involving 31 projects covering a range of areas such as new energy vehicle manufacturing, hydrogen energy equipment, high-end intelligent manufacturing, special unmanned aerial vehicles (UAVs), and 5G base stations.

Zhangjiagang, located on the southern bank of the Yangtze River, is an emerging port industrial city.

In recent years, Zhangjiagang has considered innovation as the most impetus to its development. It has made great efforts to attract investors and talents and quickly landed many high-quality projects in strategic emerging industries.

Now, Zhangjiagang has gradually become a treasured place for business and investment in the Yangtze River Delta metropolitan area.

In the future, guided by the principle of high-end, intelligent and green development, Zhangjiagang will continue to upgrading its high-end equipment manufacturing industry and increasing investment and policy support for strategic emerging industries.

See the original link: http://en.imsilkroad.com/p/309208.html

Related Links :

http://en.imsilkroad.com

Cision

Autohome Inc. to Hold 2019 Annual General Meeting on December 18, 2019

BEIJING, Nov. 6, 2019 /PRNewswire/ — Autohome Inc. (“Autohome” or the “Company”) (NYSE: ATHM), a leading online destination for automobile consumers in China, today announced that it will hold its annual general meeting of shareholders at 18th Floor Tower B, CEC Plaza, 3 Dan Ling Street, Haidian District, Beijing, The People’s Republic of China on December 18, 2019 at 15:00 p.m. (local time). Holders of record of ordinary shares of the Company at the close of business on November 5, 2019 (Eastern Time) are entitled to notice of, and to vote at, the annual general meeting or any adjournment or postponement thereof. Holders of the Company’s American depositary shares (“ADSs”) who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

Autohome has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2018, with the U.S. Securities and Exchange Commission. Autohome’s Form 20-F can be accessed on the Company’s website at http://ir.autohome.com.cn, as well as on the SEC’s website at http://www.sec.gov. Shareholders may also obtain a hard copy of the Company’s annual report on Form 20-F, free of charge, by writing to Anita Chen, Autohome Inc., 18th Floor Tower B, CEC Plaza, 3 Dan Ling Street, Haidian District, Beijing 100080, The People’s Republic of China, or by email to ir@autohome.com.cn.

About Autohome Inc.

Autohome Inc. (NYSE: ATHM) is the leading online destination for automobile consumers in China. Its mission is to enhance the car-buying and ownership experience for auto consumers in China. Autohome provides original generated content, professionally generated content, user-generated content, AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Autohome operates its “Autohome Mall,” a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit www.autohome.com.cn.

For further information, please contact:

In China:

Anita Chen
Investor Relations
Tel: +86-10-5985-7483
Email: ir@autohome.com.cn

The Piacente Group, Inc. 
Xi Zhang
Tel: +86-10-6508-0677
E-mail: autohome@tpg-ir.com

In the United States:

The Piacente Group, Inc. 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: autohome@tpg-ir.com

Cision View original content:http://www.prnewswire.com/news-releases/autohome-inc-to-hold-2019-annual-general-meeting-on-december-18-2019-300952533.html

Related Links :

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Family Businesses Should Trust in Next Generation Leaders to Thrive in Digital Age, Says PwC

LONDON, Nov. 6, 2019 /PRNewswire/ —

  • 41% of next generation (NextGens) of family businesses aspire to executive director position in the next five years, according to PwC’s Global NextGen Survey 2019
  • 70% are already deeply engaged in family enterprise; 48% already have significant internal operations to run
  • Significant minority do not feel they have a ‘licence to operate’
  • Current generation should act now to harness the potential of NextGens as future leaders of digital transformation

Family business NextGens view themselves as agents of change for digital transformation but are looking for greater support and trust from current generation leaders, according to a new report by PwC.

PwC’s Global NextGen Survey 2019 has found that a majority of NextGens are already deeply engaged in the family enterprise, with nearly half (48%) reporting that they already run significant internal operations. A quarter (26%) are already in an executive director position.

This level of engagement is also matched by future ambitions to lead, with 41% seeking an executive director role within the next five years and nearly a third (29%) looking to be a majority shareholder.

Confidence is also high amongst NextGens about the value they can bring in terms of skills. Over two-thirds of respondents see their strongest attributes (problem-solving and leadership) to be essential skills in the future business landscape. 64% say they can add value to ensure future business strategy is fit for the digital age.

Peter Englisch, Global Family Business Leader, PwC Germany says,

‘The survey findings highlight the positive news that NextGens are ambitious and deeply committed to the family business. They see a clear role in securing the family legacy in an age of profound disruption and transformation. Yet they also see themselves as being held back and frustrated by a lack of opportunity.

‘We should recognise, however, that these frustrations are realistic and pragmatic. What NextGens are looking for is support in terms of developing the expertise and experience they need to succeed. Their view can be summed up as: “Help me unlock my potential so I can gain the skills and experience I will need to take on the leadership roles I aspire to.”

‘They are a diverse group in terms of their needs and ambitions. NextGens require an approach that is built around understanding their needs and ambitions and this survey provides an important guide to the next steps they should take.’

The survey identifies four key personas of NextGens, based on their views of their skills, contributions and career goals. These personas are:

Transformers: Self-confident future leaders (46% of respondents)
Transformers aim to lead change in the family business and are more likely to aspire to executive roles within five years (56% of transformers said this vs. 41% of all 956 respondents)

Stewards: Keeping to tradition and existing networks (26% of respondents)
Stewards are more likely to be over 35 than other NextGens (42% vs. 36% of all respondents) and to be in a management role (44% vs. 39% of all respondents).

Intrapreneurs: Proving yourselves by running ventures under the family’s wing  (20% of respondents)
Intrapreneurs are more likely to feel the need to prove yourself before presenting ideas for change (27% vs. 21% of all respondents).

Entrepreneurs: Following your own path outside the family business (8% of respondents)
Entrepreneurs are less likely to see themselves as future leaders of the family business — though they want to lead their own business — and are more likely to aspire to a governance role in the family business (for example, on the family council).

The survey provides specific guidance for each persona in how they should approach their professional development.

Vicki Huff Eckert, US and global leader, PwC New Ventures says,

‘It’s vital to understand the importance of a cross-generational approach. In some family businesses, there may be up to five generations all working together in one company. Each generation tends to have characteristics that can clash with those around them — but they also have insights, experiences and skills that can benefit the business.

‘Weaving in the best traits from each generation — knowing when to let the young take the lead and when to rein them in — can make the difference between simply surviving and passing on a thriving enterprise to the next generation.’

Notes to editors:

The survey, Agents of change: Earning your licence to operate, draws on the views of more than 950 NextGens from 69 territories across five continents and 11 industries.

You can view the report here: www.pwc.com/nextgensurvey

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.

© 2019 PwC. All rights reserved

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MyDoc and Vietnam’s largest listed insurance company to target soaring medical inflation in fastest growing segment of US$22 billion healthcare market

Singapore based digital healthcare platform MyDoc ramps up expansion plans across Southeast Asia with BaoViet deal to address 35-45% group insurance premium growth

SINGAPORE, Nov. 6, 2019 /PRNewswire/ — MyDoc recently inked a strategic deal with BaoViet Group Insurance; adding Vietnam to its expanding B2B online-to-offline healthcare ecosystem across Southeast Asia, with plans to add more countries in 2020.

(From L-R) Nguyen Thi Trieu Giang, Deputy Director, Claims Division, BaoViet; Vyctoria Tran, Operations Manager, MyDoc Vietnam; Dr. Snehal Patel, Chief Executive Officer and Co-Founder, MyDoc; Do Hoang Phuong, Deputy CEO, BaoViet; Nguyen Quang Hung, Deputy CEO, BaoViet; Tran Thi Van Anh, Deputy Director, Health & Benefits Division, BaoViet; Tran Thi My Linh, Director, Marketing Division, BaoViet.


(From L-R) Nguyen Thi Trieu Giang, Deputy Director, Claims Division, BaoViet; Vyctoria Tran, Operations Manager, MyDoc Vietnam; Dr. Snehal Patel, Chief Executive Officer and Co-Founder, MyDoc; Do Hoang Phuong, Deputy CEO, BaoViet; Nguyen Quang Hung, Deputy CEO, BaoViet; Tran Thi Van Anh, Deputy Director, Health & Benefits Division, BaoViet; Tran Thi My Linh, Director, Marketing Division, BaoViet.

The partnership with BaoViet, who leads the industry with a 40 percent market share, is the first of its kind to offer a cashless digitally integrated clinic service to its health insurance policyholders nationwide.

Currently, Vietnam is reported to have the highest medical inflation rate in Asia at 14.2 percent. By 2021, the country is expected to spend US$22.7 billion on healthcare, which represents a 12.5 percent increase from US$16.1 billion in 2017.

An audit and report by PwC confirms that MyDoc will help patients avoid unnecessary hospitalisation which in turn will substantially lower the cost of healthcare. MyDoc has a proven track record for leading digital healthcare adoption through strategic partnerships since 2012, strengthening patient engagement and reducing the cost of claims across the region which is estimated to grow at a CAGR of 24 percent from US$8.5 billion in 2018 to US$38.1 billion by 2025.

Dr. Snehal Patel, CEO and co-founder of MyDoc, said, “We are simplifying the health insurance claims process and tackling the shortage of healthcare capacity by reducing hospital readmissions. Our integrated gateway model offers more than just faster access to best-in-class healthcare. Our clinical research teams can use millions of anonymised clinical data points studied over seven years to identify disease patterns and their treatments. We enable market-leading providers like BaoViet to give patients the right care at the right time and keep them out of hospitals.”

The service will be rolled out in phases, with locally licensed doctors from clinical partner DHA clinic group and a major multichain pharmacy. Policyholders will be able to access free value-added digital concierge and healthcare services on their mobile phones, including doctor consultations and electronic prescriptions, in English and Vietnamese.

Dr. Patel added, “We select best-in-class clinical partners carefully through a series of stringent standards and procedures. All clinical teams are required to complete clinical and product training and pass test consultations prior to certification. It’s only through putting our patients first, that we can deliver quality healthcare to 600 million people across Southeast Asia.”

Beyond Vietnam, the company is in the process of scaling up its operations in Hong Kong, Thailand, Philippines, and India where it has been running virtual and in-person clinics for employees at the head offices of its Temasek-backed investor UST Global.

About MyDoc

MyDoc is a digital healthcare platform that delivers the right care at the right time.

Combining the latest in healthcare technologies, over a million standardised clinical data points and a GP-led coordinated care clinical triage, MyDoc continuously steers patients onto personal care pathways that lead to better health outcomes at lower costs.

Through MyDoc, employees and their dependents stay connected with a team of licensed allied healthcare professionals. Patients covered by corporate and personal healthcare plans from six of the largest health insurers in the region enjoy a convenient cashless care journey.

Established in 2012, MyDoc’s integrated online-to-offline ecosystem is used by employees of over 200 Fortune 500 companies and insurance policyholders across six markets in Asia. MyDoc is a part of the Singapore MOH sandbox and is audited by PwC. The company is also a member of the American Telemedicine Association.

For more information, please visit www.my-doc.com.

About BaoViet

More than fifty years of strong development, continuously ranked in the top position in the market in terms of revenue, market share, growth, Bao Viet Insurance Corporation has always pioneered the application of technology and successful solutions of the 4.0 technology revolution not only in sales, business management, compensation management, customer data control but also in interacting with customers to bring the highest convenience.

Processes and transactions are converted through digital technology, helping to find and access information quickly, efficiently, saving customers time; Systematic and managed data information, increased security and careful backup. Bao Viet Insurance continues to expand its interactive channel through its online sales page (baovietonline.com.vn) and other digital partners to bring more optimal choices to customers.

For many consecutive years, Bao Viet Insurance has received many prestigious awards, including: Vietnam Best Non-life Insurance Enterprise 2018 and the most innovative Non-life Insurance Enterprise Vietnam 2018 (Global Banking and Finance Review); Best Vietnam Non-life Insurance Brand 2018 (Best Brand Magazine); Top 10 most prestigious non-life insurance companies in Vietnam (Vietnam Report), etc.

And along with many other awards in the country and the region, this is a clear testament to the direction of Bao Viet Insurance is customer-centric as a guideline for its activities. Throughout its establishment and development, Baoviet Insurance has always affirmed its role as an insurer playing a leading and constructing role in Vietnam’s non-life insurance market, with strong resources and proper implementation.

BaoViet’s commitment to customers, to bring the best benefits to the customers and the community.

Photo – http://photos.prnasia.com/prnh/20191105/2632591-1?lang=0
Logo – http://photos.prnasia.com/prnh/20191105/2632591-1-LOGO?lang=0

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Empire_State_Realty_Trust_holiday

Experience The Wonder Of The Holiday Season At The Empire State Building

New This Winter: Radiant Heat on the 86th Floor Observatory

NEW YORK, Nov. 6, 2019 /PRNewswire/ — The Empire State Building (ESB) today announced the details of its annual holiday festivities, shared with New Yorkers, tourists, and fans across the globe. The celebration, which takes place throughout November and December, will include a seasonal Fifth Avenue window display, holiday concerts, and surprise appearances by celebrity guests. Decorations in the Building’s signature  Art Deco style adorn the 34th Street Observatory entrance and iconic Fifth Avenue lobby and make the interior of the Empire State Building shine like its world-famous tower lights. From the ground floor to the sparkling antenna, ESB spreads holiday cheer throughout every corner of New York City and the world.  New this winter is radiant heat to provide extra comfort to visitors on ESB’s 86th floor exterior 360-degree viewing deck.




“From our 2nd floor immersive interactive museum to our new exterior heaters on the 86th floor, to the 360-degree glass-enclosed 102nd Floor Observatory, the Empire State Building’s completely reimagined Observatory Experience is the place to experience the magic of New York City during the holidays, ” said Anthony E. Malkin, Chairman and CEO of Empire State Realty Trust.

Our Guests’ journey to the world-famous 86th Floor Observatory is decked with a festive sentiment in the following locations:

Fifth Avenue and Observatory Lobbies:

During the week of November 11, 2019, the Empire State Building’s holiday spirit comes to life. Ornaments and decorations in classic shades of gold, bronze, and silver will highlight the signature Art Deco details in the Fifth Avenue lobby. On November 13, the Radio City Rockettes will once again “unwrap” ESB’s custom Fifth Avenue holiday windows, designed by Mark Stephen Experiential Agency. The custom windows will feature several different iterations of the Building against reflective metallic ornaments, candy landscapes, and nutcrackers.

ESB will also ring in the holidays with live music performances in the Fifth Avenue lobby. From Monday, December 2, 2019, through Friday, December 27, 2019, a pianist will perform holiday classics and a collection of seasonal favorites to add a festive flair. ESB will also host several local student choir performances throughout the holiday season.

Second Floor Galleries:

On their way to the 86th Floor Observatory, Guests are invited to explore the Building’s place in popular culture via nine interactive and immersive exhibits that span over 10,000 square feet. Be transported to the early 1930s and experience the Empire State Building construction first-hand; enjoy a short film that features holiday favorites such as Elf, When Harry Met Sally, and A Very Harold and Kumar Christmas on a panoramic, 72-screen display. Make sure to end your journey with a photo inside Kong’s giant hand!

Observation Decks:

Once Guests reach the Observation Decks on the 86th and 102nd floors, they never know who they might meet. Throughout November and December, the building will welcome notable celebrity guests to its world-famous 86th Floor Observatory to enjoy the 360-degree views. In past years, the building has welcomed guests such as Mariah Carey, Gwen Stefani, Hugh Jackman, and Zac Efron during the holiday season.

Visiting ESB in the Winter:

For the first time, the Empire State Building has introduced heat lamps on its world-famous 86th Floor Observatory to keep the chill at bay while revelers take in 360-degree open-air views. From our indoor exhibits on the 2nd floor to our climate-controlled 102nd Floor Observatory with floor-to-ceiling windows, Guests will keep warm even when the weather outside is frightful.

Iconic Tower Lightings:

Throughout the holiday season, ESB will light up the New York City skyline with tower lightings in celebration of Thanksgiving, Chanukah, Christmas, and New Year’s Eve.

For the full lighting schedule, please visit http://www.esbnyc.com/explore/tower-lights/calendar.

About the Empire State Building
Soaring 1,454 feet above Midtown Manhattan (from base to antenna top), the Empire State Building, owned by Empire State Realty Trust, Inc., is the “World’s Most Famous Building.” With new investments in energy efficiency, infrastructure, public areas and amenities, the Empire State Building has attracted first-rate tenants in a diverse array of industries from around the world. The Empire State Building was named the world’s most popular travel destination in a study conducted by Uber and was named America’s favorite building in a poll conducted by the American Institute of Architects. For more information on the Empire State Building, please visit www.empirestatebuilding.comwww.facebook.com/empirestatebuilding, @EmpireStateBldg, www.instagram.com/empirestatebldghttp://weibo.com/empirestatebuildingwww.youtube.com/esbnyc, or www.pinterest.com/empirestatebldg.

About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the “World’s Most Famous Building.” Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2019, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.

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Australia Post Box

Fulfilio Meets Australian Ecommerce Boom with Manhattan Associates

Manhattan’s WMS to provide greater visibility and scalability within Australia Post’s 3PL operations

SYDNEY, Nov. 6, 2019 /PRNewswire/ — Manhattan Associates Inc. (NASDAQ: MANH) has announced that Fulfilio, Australia Post’s third party logistics (3PL) business, has chosen Manhattan’s Warehouse Management Solution (WMS) to be deployed at its four facilities across Australia in 2020. The WMS solution will support Fulfilio’s operations which are growing rapidly as a result of the rising popularity of Australian ecommerce.

Australia Post Box


Australia Post Box

Currently the 10th largest ecommerce market in the world, Australia’s online sales are booming. Australians spent a total of A$28.6 billion on online shopping in 2018, and 2019 revenues are expected to grow an astonishing 15.1%. As ecommerce continues to grow at this rapid pace, Australia Post found that it needs to continue to significantly improve its 3PL capabilities to meet the demands of its customers and the end consumer.

“We’re leading ecommerce fulfilment in Australia and are confident that Manhattan’s WMS will help us drive that forward even further,” explained Steve Richardson, Head of 3PL at Australia Post. “Manhattan Associates’ WMS solution will allow us to consolidate four separate systems into one single platform that integrates seamlessly with other IT endpoints throughout our supply chain network.”

Manhattan’s WMS will give Fulfilio access to a much higher level of data and real time visibility over its 3PL warehouse operations. This will improve fulfilment efficiency and accuracy, and speed the flow of goods and information through the company’s 3PL warehouses, which is vital during peak shopping periods.

“With big shopping events, such as Black Friday and Cyber Monday, we see a significant increase — up to 800 percent on normal operations — in ecommerce orders, and we need to have confidence we can continue to service these volumes,” added Richardson.

Importantly, Manhattan’s WMS has 250 standard API connections, allowing Fulfilio to integrate a number of systems and onboard customers of all sizes quickly. This includes seamlessly connecting with its Fulfilio platform, which sends orders from ecommerce shopping carts to Fulfilio’s supply chain systems.

“Ecommerce and consumer demands are constantly shifting, so it is important for Fulfilio to invest in a WMS solution that can futureproof its 3PL warehouse operations,” said Raghav Sibal, Managing Director of Australia and New Zealand for Manhattan Associates. “Our WMS is highly scalable and flexible, providing technology that will support the future growth of Fulfilio’s business and enable it to meet the challenges of ecommerce and other emerging consumer trends for years to come.”

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About Australia Post

Operating as the Australia Post Group, Australia Post is one of the country’s most trusted brands. It operates mostly in Australia, with headquarters in Melbourne, and offices and facilities across the country, directly employing around 35,000 people across our integrated delivery, logistics, retail and eCommerce network. For more information, please visit http://auspost.com.au/.

About Manhattan Associates

Manhattan Associates is a technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.

Manhattan Associates designs, builds and delivers leading edge cloud and on-premises solutions so that across the store, through your network or from your fulfilment centre, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com/en-au.

Photo – http://photos.prnasia.com/prnh/20191104/2630796-1?lang=0