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China’s largest pet-focused platform Boqii launches IPO in the US

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SHENZHEN, China, Sept. 26, 2020 /PRNewswire/ — China’s largest pet-focused platform Boqii Holding Limited (BQ.US) launched an initial public offering (IPO) in the US on September 23, 2020. With the IPO, Boqii plans to offer 7 million American depositary shares (ADSs) (each representing 0.75 of the company’s Class A ordinary share) for USD $10$12 each.

Boqii will become the first US-listed company in the Chinese pet industry. According to data from US-based business consulting firm Frost & Sullivan, Boqii is the largest pet-focused platform in China in terms of revenue and number of customers, the largest pet-focused online community in the country in terms of registered users, and the largest pet-focused online retailer in the country in terms of gross merchandise value (GMV).

Boqii has been favored by a number of renowned investors worldwide thanks to its deep penetration in the pet industry. In particular, Goldman Sachs and CMB International have invested in Boqii prior to its public listing in the domestic market. Notably, Goldman Sachs participated in Boqii’s A, B and C rounds of financing. These investments demonstrate the investors’ strong confidence in the long-term growth of the pet-focused platform.

1. Consistent Spending and Resilient Performance During Economic Downturns

As China has gone through comprehensive consumption upgrading in recent years, the consumption demand of pet owners has gradually grown to a higher level from one that focused merely on pet good. Pet owners are willing to trade up to high-quality pet goods to enhance the well-being of their pets. High-speed consumption growth is occurring in upper-income brackets, among the younger generation. With pet owners’ increasing spending on pet, China’s pet market is likely to continue to develop in foreseeable future.

According to the Frost & Sullivan data, the Chinese pet market increased from RMB 70.7 billion (approx. US$10.3 billion) in 2014 to RMB 204.9 billion (approx. US$29.9 billion) in 2019. The market is expected to further grow to RMB 449.5 billion (approx. US$65.6 billion) by 2024 based on an annual compound growth rate estimated at 17.0%.

According to Boqii’s F-1, the pet-ownership penetration rate (percentage of pet-owning households out of all households) in China was 22.8% during 2019, compared to 68.9% in the United States, 45.0% in the United Kingdom and 26.8% in Japan. The rate in China is expected to reach 29.9% by 2024.

2. Leading pet-focused platform in China riding on market tailwind  

Boqii was established in Shanghai in 2008 as a community designed to provide a vertically integrated social platform for pet owners and lovers where they could share their experiences with their pets and learn how to better raise and care for them.

In 2014, Boqii launched its mobile app, Boqii Pet, the largest pet-focused online community in China in terms of registered users in 2019 and average MAUs according to Frost & Sullivan, which covers all major aspects of pets’ life and offers pet products, services and content.

Currently, Boqii has 23 million registered users, including 3.5 million monthly active users. Boqii community has partnered with more than 860 key opinion leaders (KOLs) and boasted 334 million user interactions per month on average for the three months from April to June 2020.

In 2008, Boqii established an e-commerce platform, Boqii Mall. Boqii is redefining e-commerce for pet parents by providing an accessible, personalized and enjoyable shopping experience based on a deep understanding of our users and customers and their pets by leveraging extensive user interactions and transactional behaviors we have observed over the years. As of June 30, 2020, the company had built partnerships with over 570 brands while the number of available Stock Keeping Units (SKUs) has climbed to over 17,000.

In addition, Boqii launched its own brand Yoken (with around 1,300 SKUs) in 2015 and its premium brand Mocare in 2018 with compelling quality and prices. As of June 30, 2020, the company was offering customers access to 2,130 SKUs sold under its private brands, accounting for 11.9% of the total SKUs.

In 2015, Boqii expanded its offline sales channels and develop business with physical pet stores, and introduced our proprietary SaaS solutions which help offline pet stores digitalize, streamline and optimize supply chain management and in-store operations. By investing in PetDog, China’s largest the largest pet store franchise and the largest training center for pet service professionals, Qingdao Shuangan Bio-technology Co., Ltd, a a leading pet food manufacturer in China, as well as several companies that are mainly engaged in the R&D and manufacturing of pharmaceuticals. Boqii has built a pet-focused platform covering the entire industry chain, including pharma R&D and manufacturing, animal breeding, private label, pet store franchise and  training center for pet service professional.

Boqii has cooperated with over 15,000 physical pet stores and pet hospitals over 250 cities in China as of June 30, 2020, and helps brand partners significantly expand their reach in a cost-effective and coordinated manner, bringing a comprehensive catalog to pet parents across China.

Boqii disrupts the traditional pet retail and services in China by fostering an ecosystem that connects and empowers various participants along the entire pet value chain, including brands, manufacturers, physical pet stores and pet hospitals. Boqii empowers them with valuable data insights into user demands, effective content-driven marketing, comprehensive inventory management and supply chain capabilities, and reliable nationwide logistics network.

3. Disruptive Business Model Empowering the Entire Pet Value Chain

Boqii has posted steady growth in both income and GMV. The company’s total net revenue reached RMB 804 million (approx. US$117.3 million) for the fiscal year ended March 31, 2019 and 770 million yuan (approx. US$109 million) for the fiscal year ended March 31, 2020. In the first quarter of the fiscal year 2021 (from April to June 2020), net revenue was RMB 238 million (approx. US$33.7 million), an increase of 26.2% compared with RMB 189 million(approx. US$27.6 million) in the same period of the prior fiscal year. In the Q1 of the fiscal year 2021, GMV also increased 56% year on year to RMB 554 million (approx. US$80.8 million).

For the fiscal year 2020, Boqii’s EBITDA stood at RMB -113 million (approx. –US$16 million), with a margin of 14.7%, an improvement compared to that recorded for fiscal year 2019. During the Q1 of fiscal 2021 (from April to June 2020), the company’s EBITDA was -35.43 million yuan (approx. –US$5.1 million) with the margin reduced to 14.9% from 18.6% for the same period of the prior fiscal year, reflecting the company’s continuous efforts in strategic investments. The continued improvement in the EBITDA margin demonstrates the success of the business model of the pet-focused platform.

Looking forward, Boqii plans to continue investing in growing content, improving user experiences, and enriching a pet-focused ecosystem. Optimizing product mix and continuing to introduce more brands to onmi channels to strengthen and diversify product offerings catering to customers’ demands and drive profitability. Boqii will continue to attract more users to subscribe for membership program and deepen their engagement. Furthermore, they will also continue to identify and pursue M&A and strategic transactions along the pet industry value chain, with a goal to diversify product and service offerings, enhance ecosystem, and drive long-term development of the entire pet industry in China.

With the IPO, Boqii is the largest company propelling the revolution for the pet industry to deliver compelling value propositions to their users and customers, their pets, small and medium pet businesses, and business partners.

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Ria Money Transfer Partners with Thunes, Expanding Its Global Reach Via Mobile Money and Bank Transfers

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The partnership will significantly increase Ria’s customer base, adding more than 100m mobile account users through Thunes’ existing partners in the mobile payments sector.

SINGAPORE, Oct. 20, 2020 /PRNewswire/ — Ria Money Transfer, a global leader in the money transfer industry and subsidiary of Euronet Worldwide Inc. (NASDAQ: EEFT), and global cross-border payment provider Thunes announced today a strategic partnership to enable customers across the globe to send funds directly to millions of mobile wallet users and bank account holders in key emerging markets.

Now, thanks to this partnership, Ria’s extensive agent network can also send funds directly to mobile wallets, beginning with the addition of more than 100 million mobile money users to the company’s beneficiary customer base. The agreement promotes Ria’s continuous expansion in Asia, Africa, and LATAM through Thunes’ connections to digital wallets and banks. These include strong market players like M-Pesa in East Africa as well as MTN Mobile Money across the continent and other wallets in Tanzania, Uganda, Malawi, and Rwanda with more to come. This agreement follows Ria’s strategy to fast-track its digital services, gaining ground in a rapidly evolving market with a growing demand for mobile money and alternative payment solutions.

In addition to its extensive global network, Thunes provides advanced technological capabilities and a robust platform, enabling Ria to further enhance its digital services by delivering a fast, convenient, and affordable payment experience to its customers.

"At Ria, we are always looking for ways to facilitate access to remittance services. It’s vital for so many around the world who rely on funds from abroad to make ends meet," shared Juan Bianchi, CEO of Euronet’s Money Transfer Segment. "Partnering with businesses like Thunes, who understand the important role we play in the everyday life of our customers, is, without a doubt, the best way to continue expanding our digital product offering and global footprint."

Peter De Caluwe, Thunes CEO, commented: "Partnering with Ria, a global leader in the cross-border money transfer sector is another example of the importance of our interoperable payment network. We look forward to working together to drive greater access to financial services in emerging markets across Asia and Africa."

About Ria Money Transfer

Ria, a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), is a global leader in the money transfer industry. The company is steadfast in its commitment to its clients and their communities, offering fast, secure, and affordable money transfers through a network of over 435,000 locations across more than 160 countries and online at www.riamoneytransfer.com.

About Thunes

Thunes is a B2B cross-border payments network that enables corporates and financial institutions to move funds and provide financial services in emerging markets. Our global platform connects mobile wallet providers, banks, technology companies and money transfer operators in more than 100 countries and 60 currencies. Thunes is headquartered in Singapore with regional offices in London, Shanghai, and New York.

For more information, visit www.thunes.com

Related Links :

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Planful Welcomes Kimberly Simms as Chief Customer Officer

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With Extensive Industry Experience and Customer Success Program Expertise, Simms Will Be a Significant Asset to Planful and the Companies It Serves

REDWOOD CITY, California, Oct. 20, 2020 /PRNewswire/ — Planful Inc., (formerly Host Analytics), the pioneer of Continuous Planning with its cloud platform for financial planning and analysis (FP&A), today announced that Kimberly Simms has joined the Planful executive team as Chief Customer Officer (CCO). In her new role, Simms will drive customer strategy and oversee the company’s customer teams, focusing on delivering faster time to value, use case expansion, and overall growth.

Simms brings over 20 years of leadership and management experience to her new position at Planful, having served in managerial and consulting roles at Anaplan, IBM, HireVue, Trigo Technologies, and Accenture. Simms was previously Vice President of Customer Success at Anaplan, a global cloud planning company, where she drove customer success across the solution delivery lifecycle. More recently, she served as Senior Vice President of Customer Success at HireVue, the global leader in virtual interviewing and assessments technology.

“We’re thrilled to welcome Kimberly to the Planful team,” said Grant Halloran, Chief Executive Officer, Planful. “Her extensive industry experience and deep customer success expertise makes her a tremendous asset to our team and an incredibly valuable advisor to our customers. Her passion for and commitment to innovation in the customer and delivery space further supports our mission to provide the very best customer experience and support in the business.”

At HireVue, Simms built and led a global customer success organization, achieving significantly improved customer engagement that resulted in best-in-class customer retention levels. At Anaplan, she scaled and developed the west coast customer success team during a period of hypergrowth. At IBM, Simms directed sales and delivery to support the analytics portfolio and served as big data practice lead for the information management lab services group. She began her career in consulting at Accenture after graduating from the University of Kansas.

“I’m delighted to join Planful because of the company’s remarkable focus on customers,” Simms said. “Planful has a unique vision for the industry—Continuous Planning—that, along with enabling technology, allows businesses to achieve leaps in agility despite a very dynamic landscape.” 

Planful’s cloud-based Continuous Planning platform accelerates FP&A processes by seamlessly unifying financial planning, financial close and consolidation, reporting, and visual analytics to help Finance leaders drive faster, and more collaborative, planning and decision-making cycles in all areas of the business.

About Planful

Planful (formerly Host Analytics) is the pioneer of Continuous Planning with its cloud platform for financial planning and analysis (FP&A). Planful delivers on the vision of Continuous Planning by accelerating the end-to-end FP&A process and fostering business-wide participation in agile planning and decision-making. More than 800 customers including, Bose, Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe rely on Planful for financial planning and budgeting, dynamic operational planning, financial consolidations, reporting, and visual analytics. Planful is a private company backed by Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses.  Learn more at www.planful.com.

Additional Resources
Hear from Planful customers
Discover Continuous Planning use cases
Join the conversation on social media: LinkedIn, Twitter, or Facebook.

Contact
[email protected]

Logo – https://mma.prnasia.com/media2/1077463/Planful_Logo.jpg?p=medium600  

Related Links :

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Zcoin Debuts Lelantus: Next-Generation Privacy Protocol Offers High Practical Anonymity Similar to Cash

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Leading privacy coin allows users to test the technology in advance of mainnet launch

SINGAPORE, Oct. 20, 2020 /PRNewswire/ — ZCoin (XZC) today announced the launch of the testnet for Lelantus, a next-generation privacy protocol developed by Zcoin, which is the culmination of intense cryptographic research and development to deliver an elegant yet powerful solution for untraceable transactions. The Lelantus testnet will give users the opportunity to try out the new technology and provide valuable feedback as the project prepares for the mainnet launch by the end of 2020.

The latest Zcoin protocol ensures confidential and anonymous blockchain transactions of all sizes, with short verification times. Based on a modified construction of one-out-of-many proofs, Lelantus enables users to destroy coins of arbitrary amounts and to redeem brand new coins (even partially) that appear to have no previous transaction history associated with them.

"Lelantus pushes the boundaries of privacy with powerful technology that offers very high practical anonymity while requiring no trusted setup, and an elegant cryptographic construction that uses only well-established cryptographic assumptions," said Reuben Yap, project steward of Zcoin. "Private crypto transactions live today either suffered from low privacy via small anonymity sets or required a degree of trust, something that is against the philosophy of public blockchains. Zcoin addresses both these issues. Our aim with Lelantus is to offer long-lasting privacy even in the face of increasingly advanced blockchain analysis techniques without compromising on trustlessness."

The technology innovation of Lelantus is based on proven cryptographic assumptions, and elevates practical privacy based on elegant cryptography to new levels. With privacy front-and-center, this development gives Zcoin users the ability to anonymize transactions in just one-click. This approach carefully balances the need for regular transparent transactions, which can be turned on, with the belief that privacy is a fundamental human right that should be built-in.  

Lelantus markedly improves on the original Zerocoin protocol’s performance, while enabling a key feature for anonymous transactions: confidentially transferring arbitrary amounts. Unlike Zcash, which is based on zkSNARKS, Lelantus requires no trusted setup. Lelantus is the trailblazer for other one-out-of-many proofs schemes that came after. This advanced cryptographic approach is already being considered by the likes of Monero, whose proposed Triptych protocol update would leverage many of the elements in Lelantus, including trustless set-up and obscured transactions.

Putting the option for private transactions front-and-center allows Zcoin users to access the breakthrough features of Lelantus at their fingertips while retaining easy integration with exchanges, wallets, and cross-chain bridges that require the speed and simplicity of regular transparent transactions.

Lelantus improves on other privacy protocols by removing the need for any trusted setup and using only DDH assumptions, making it more practical and simple-to-use, and the requirement of fixed denominations, which allows people to burn arbitrary amounts and redeem partial amounts without revealing values or the source. Zcoin worked with ABDK Consulting to audit the Lelantus cryptography and Trail of Bits to audit the Lelantus cryptographic library.

Stay tuned as Zcoin will also be undergoing a rebrand in the coming weeks that will highlight it’s unique burn and redeem privacy mechanism.

About Zcoin

Zcoin is a privacy-first digital currency that enables untraceable transactions and true financial freedom from the prying eyes of large corporations, financial institutions, and oppressive governments. Zcoin advocates privacy as a fundamental human right, and enables users to regain control of their money. As a leading technology innovator, Zcoin designed a simple burn and spend model that strengthens privacy, while making it more broadly accessible.

Related Links :

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