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Women on Boards Project Announces Consortium With Esteemed Private Equity Firms and an Inaugural Cohort of 20 Consumer Companies to Spark Industry-wide Movement Towards Greater Gender Diversity

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Women on Boards Project (WOB), a nonprofit with the mission of empowering women business leaders and improving diversity and inclusion at the board of directors level, announces today the launch of a partnership with leading private equity firms and an inaugural group of 20 companies to increase gender diversity and inclusion on consumer private company boards.

The WOB Projects newly formed partnership with leading private equity firms includes powerhouses such as VMG Partners (a co-founder of WOB Project), L Catterton, Swander Pace Capital, Alliance Consumer Growth, TSG Consumer Partners, Encore Consumer Capital and CircleUp. These firms represent a movement to drive change within the private equity industry to bring diversity to boards, recognizing that diversity improves business results.

To start, 20 private consumer companies “ including aden + anais, Mented Cosmetics, Urban Remedy and SimpleMills “ have signed on to the WOB Project, committing to enhancing gender diversity on their boards. The WOB Project will support a new cohort of 20 companies every six months to participate in the initiative pro bono by helping them identify strong, diverse candidates for their boards. For each company, WOB Project will collaborate on a candidate scorecard, compensation parameters, interview and research strategy. From there, WOB Project will provide 5-10 candidates that fit the criteria and will continue to support each company as they work to enhance gender diversity on their respective boards. The WOB Project has developed a strategic partnership with theBoardlist and their community, which comprises 14,000 women, along with the community that WOB Project has developed as veterans within the consumer industry.

Women currently drive 70-80% of all consumer purchasing, said Cassie Nielsen, co-founder of Women on Boards Project and Vice President of Talent at VMG Partners. Without immediately addressing diversity and inclusion in our boards and leadership, our companies and industries will not meet the needs of our consumers and drive the innovation and fact-based decision making needed to drive growth and profitability in this evolving marketplace.

As we spoke with CEOs and private equity firms in our industry, we recognized the urgent need to address board representation, so we launched the Women on Boards private equity consortium and 20-company initiative. The purpose of Women on Boards Project is to create an industry-wide change, said Sheryl OLoughlin, co-founder and co-chair of Women on Boards Project, former CEO of REBBL Inc. and Clif Bar and co-founder of Plum Organics. We are so humbled by the outpouring of support we have received and are energized to jumpstart this movement and make significant strides towards greater gender diversity.

We are honored to partner with the Women on Boards Project, said Robert Brown, Co-Founder and Managing Director at Encore Consumer Capital. In order to take brands within our portfolio to the next level and ensure all represented at the company have a voice, we need to make sure we are hearing from a diverse team. With the help of this initiative, we will be able to find the perfect candidates for the boards of companies such as Ancient Harvest.

We are honored to be among such phenomenal company within the private equity consortium, and TSG is committed to advocating for this change within our portfolio and throughout the industry overall, said Jenny Baxter Moser, Managing Director at TSG Consumer Partners.

We are thrilled to be part of this important initiative and look forward to continuing our portfolios journey toward gender equality both at our boards and company management, said Heather Fraser, Managing Director and CFO at Swander Pace Capital.

For more information on Women on Boards Project, or to become a partner, please visit WOBproject.com.

About Women on Boards Project:

Women on Boards (WOB) Project was created in 2020 by industry leaders to increase the number of women serving on boards while also expanding diversity including race, ethnicity, age, socio-economic status, and sexual orientation, gender fluidity.

The board of the Women on Boards Project includes:

  • Kara Cissell-Roell, General Partner, VMG Partners
  • Mita Mallick, Head of Diversity and Cross Cultural Marketing, Unilever
  • Brianna Rizzo Brown, Principal, Talent, Stripes
  • Alex Hanifin, Vice President Marketing, the Good Crisp and former CEO Alpine Start
  • Melissa Facchina, Founder, Siddhi Shots
  • Cassie Nielsen, Vice President of Talent, VMG Partners
  • Sheryl OLoughlin, former CEO of REBBL Inc. and Clif Bar and co-founder of Plum Organics

For more information, please visit WOBproject.com.

About Women on Boards Private Equity Consortium:

The WOB Private Equity Consortium is formed of the below industry leaders who are committed to diversifying the boards of their portfolio brands. For more information on the Women on Boards PE Consortium, please visit WOBproject.com.

About Women on Boards 20 Company Initiative:

The WOB 20 company initiative will select 20 companies every six months to help them find the right candidates for their boards. For more information, or for consideration for the next initiative, please visit WOBproject.com.

Denisa Caldova

[email protected]

Baldeep Tahim

[email protected]

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OKEx Is First Exchange to Offer a Full Suite of Trading Products for Uniswap’s UNI

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VALLETTA, Malta, Sept. 18, 2020 /PRNewswire/ — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced the listing of UNI, the governance token of popular DeFi protocol Uniswap. Not only has OKEx added support for spot trading of UNI, but it is also providing its users with the most comprehensive range of trading products for this hot DeFi token, including margin, swap trading, coin-margined perpetual swap and Savings, making OKEx the first exchange to offer UNI derivatives. 

Deposits of UNI went live at 2:00 am UTC on Sept. 17, and withdrawals were available beginning at 8:30 am UTC on Sept. 17. UNI spot trading against USDT began at 2:30 am UTC on Sept. 17, while trading pairs against ETH and BTC were made available at 3:30 am UTC on Sept. 17. 

The coin-margined perpetual swap for UNI was listed at 11:00 am UTC on Sept. 17, 2020. In order to avoid unreasonable charges when the new contract launches and the premium is unstable, the upper limit of the funding rate before 8:00 am UTC on Sept. 18 has been reduced to 0.03%.

To celebrate the listing of UNI, and being the first exchange in the world to offer UNI derivatives, OKEx will offer zero transaction fees in UNIUSD perpetual trading, for both the taker and maker. 

"We are very pleased to be one of the earliest exchanges to list UNI, and the first to provide a complete set of trading tools including margin, swaps and savings for it. As one of the largest decentralized exchanges today, Uniswap has made outstanding contributions to the current development of DeFi, which we very much appreciate," commented OKEx CEO Jay Hao, adding: 

"We continue to collaborate with participants in the DeFi space to grow this industry together. CEX or DEX, CeFi or DeFi is not a simple single-choice question. The goal of blockchain and DeFi has never been to replace CeFi, but to use its own characteristics of trustlessness, low friction and low costs to make up for the deficiencies of the existing financial system."

As a decentralized exchange in the form of two smart contracts hosted on the Ethereum blockchain, as well as a public, open-source front-end client, to a certain extent, Uniswap has marked the starting point of a recent DeFi trend. Uniswap is a 100% on-chain market maker allowing the swapping of ERC-20 tokens, as well as ETH to ERC-20 and vice-versa. Today, Uniswap is not just a DEX, but a platform where emerging DeFi projects can often earn their initial reputation.

Yet, DeFi is not without its limitations, and the advantages of top CEXs in terms of efficiency and operational capabilities also attract a large number of DeFi tokens. In addition, the customer service system established by investing a lot of manpower and material resources have made great contributions to industry popularity, user education and onboarding.

In a nutshell, CeFi and DeFi complement each other. The best way to push the blockchain and crypto industry forward is to combine these two powers and play to both their respective advantages.

About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Photo – https://photos.prnasia.com/prnh/20200526/2813046-1-LOGO?lang=0

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Ping An Accelerates Digital innovations in Response to COVID-19

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HONG KONG and SHANGHAI, Sept. 18, 2020 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or "The Group", HKEx: 2318; SSE: 601318) showcased a range of its digital innovations at the Institute of International Finance (IIF). Jessica Tan, Co-CEO of Ping An Group, was a featured speaker at the IIF Digital Interchange: The Global Dialogue on Digital Finance on the acceleration of digital transformation across the Group as a result of the COVID-19 pandemic.

"COVID has really accelerated digitization even for us, and we have always been on the forefront of digitization," Jessica said. The Group’s "finance + ecosystem" strategy is to use technology to empower five ecosystems: financial services, health care, smart city services, real estate services and auto services. These ecosystems help the Group extend its reach to internet users beyond its core financial businesses. As of June 30, 2020, Ping An had more than 210 million retail customers and 560 million internet users.

Ping An’s Health Care Innovations at Center of COVID-19 Fight

The health care businesses played a critical role during the pandemic. COVID-19 drove skyrocketing demand for Ping An Good Doctor, the largest mobile internet telemedicine platform in China, with nearly 350 million users as of June 30, 2020. "A lot of consumers with small illnesses don’t want to go to hospitals for fear of further infection … I think (demand for telemedicine) is going to continue accelerating," Jessica said.

In the first half of 2020, Ping An Good Doctor saw an average of 831,000 medical consultations daily, up 26.7% year-on-year. Ping An Good Doctor provides end-to-end service for patients, including 24/7 online consultations, prescriptions, referrals, appointments, second medical opinions and drug deliveries – supported by the in-house full-time medical team and proprietary artificial intelligence (AI)-based medical system.

For medical service providers, Ping An Smart Healthcare supports more than 17,000 medical institutions, providing comprehensive services including integrated regulatory platforms, AI-based disease prediction, medical image recognition and AskBob, a consultant and treatment assistance tool. Ping An launched its COVID-19 smart image-reading system in early 2020 to assist doctors with fast and accurate diagnoses to help control the epidemic. The system can generate smart analysis results in about 15 seconds, with an accuracy rate above 90%. AskBob was used 22.04 million times by approximately 413,000 doctors in the first half of 2020.

The rise of telemedicine began long before the pandemic, Jessica noted. "We started working with the government about 10 years ago on how to better manage health care costs." Ping An’s AI medical capabilities are helping to control rising costs and support medical professionals to provide more efficient and accurate diagnoses and treatment.

"So in the whole healthcare ecosystem, we really go in with a long-term mentality, providing better services for our customers, not just insurance but also good, reliable online health care services, helping to manage costs across the whole system."

Financial Services Adapted to Remote Working and Customer Service

Ping An’s technologies also enabled its financial businesses to maintain service to customers during the pandemic. The company shifted its 1.4 million agents and staff to remote working within five days, Jessica told the IIF. Artificial intelligence (AI) service robots handled 82% of service calls with the rest handled by contact center agents working remotely. Ping An’s fintech company OneConnect also helped 60 financial institutions shift to remote working and customer service in the first three months of the pandemic.

Digitization of Government Services Accelerated

Jessica said another trend highlighted by the COVID-19 pandemic is the digitization of government services. Ping An’s smart city services is helping 118 cities in China digitize their services, including Shenzhen, where Ping An is headquartered. Ping An is working with the Shenzhen government to provide 7,000 services on one mobile app. As face-to-face interactions were not possible in the pandemic, citizens were able to access 70% of the government’s services from the app.

Ping An is committed to continue developing its technological capabilities. As of June 30, 2020, Ping An’s technology patent applications increased by 4,625 year to date to 26,008. Ping An topped the 2020 global fintech patent ranking list for the second consecutive year with over 1,500 applications in the area. In 2019, Ping An ranked second globally by published digital healthtech patent applications.

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 210 million retail customers and 560 million Internet users, Ping An is one of the largest financial services companies in the world.

Ping An has two over-arching strategies, "pan financial assets" and "pan health care", which focus on the provision of financial and healthcare services through our integrated financial services platform and our five ecosystems of financial services, health care, auto services, real estate services and smart city services. Our "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.

In 2020, Ping An ranked 7th in the Forbes Global 2000 list and ranked 21st in the Fortune Global 500 list. Ping An also ranked 38th in the 2020 WPP Kantar Millward Brown BrandZ™ Top 100 Most Valuable Global Brands list. For more information, please visit www.pingan.cn.

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TuanChe Announces Unaudited Second Quarter 2020 Financial Results

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BEIJING, Sept. 18, 2020 /PRNewswire/ — TuanChe Limited ("TuanChe," "Company," "we" or "our") (NASDAQ: TC), a leading omni-channel automotive marketplace in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Key Second Quarter 2020 Financial and Operating Metrics Compared with the Prior Year Period

The Company’s financial and operational results for the second quarter of 2020 have been materially and adversely impacted by the COVID-19 pandemic:

  • Net revenues decreased by 73.1% to RMB54.7 million (US$7.7 million) from RMB203.5 million.
  • Gross profit decreased by 70.1% to RMB43.0 million (US$6.1 million) from RMB144.0 million. Gross margin increased to 78.6% from 70.8%.
  • Quarterly number of organized auto shows across China decreased by 82.3% from 344 in 186 cities to 61 in 56 cities. Quarterly number of special promotion events decreased by 48.7% from 154 to 79.
  • Quarterly number of automobile sale transactions facilitated decreased by 82.2% to 19,656 from 110,444. Quarterly Gross Merchandise Volume of new automobiles sold decreased by 81.6% to RMB2.8 billion (US$0.4 billion) from RMB15.2 billion.
  • Sales operations covered 134 cities as of June 30, 2020, compared with 146 cities as of March 31, 2020 and 155 cities as of June 30, 2019.

First Half 2020 Financial and Operating Metrics Compared with the Prior Year Period

  • Net revenues decreased by 80.3% to RMB64.4 million (US$9.1 million) from RMB326.4 million.
  • Gross profit decreased by 79.1% to RMB48.7 million (US$6.9 million) from RMB232.9 million. Gross margin increased to 75.6% from 71.4%.
  • The number of auto shows organized during the first half of 2020 decreased by 87.2% to 67 in 60 cities from 522 auto shows in 203 cities across China. The number of special promotion events organized during the first half of 2020 decreased by 44.6% to 92 from 166.
  • The number of automobile sales transactions facilitated during the first half of 2020 decreased by 87.5% to 21,961 from 175,085, and the Gross Merchandise Volume of new automobiles sold during the first half of 2020 decreased by 86.9% to RMB3.1 billion (US$0.4 billion) from RMB23.6 billion.

Mr. Wei Wen, Chairman and Chief Executive Officer of TuanChe, commented, "In the second quarter, we are pleased to report a 63.3% year-over-year reduction of net losses attributable to the Company’s shareholders primarily driven by the acceleration of our rigorous cost measures and online strategy, albeit a year-over-year decrease of 73.1% in net revenues and a year-over-year decrease of 70.1% in gross profit due to material COVID-19 related impact. Our offline auto shows and special promotion events have gradually resumed since May and are now mostly back to normal in some cities we operate. We will continue to assess and adjust the pace of resumption of our offline business and focus on generating higher ROIs. Our revenues from virtual dealership, online marketing services and others increased by 180.0% year-over-year, primarily driven by successful online sales events that were held during the second quarter and, most notably, the live streaming promotion events we conducted in collaboration with TMall Auto during the week of June 18th, 2020. Such encouraging results were propelled by our unique integration of touch points and channels for online customer acquisition and marketing with offline promotional activities, which not only creates a seamless and holistic shopping experience for consumers, but also helps auto OEMs and dealers effectively reach customers and achieve increased sales conversion rates. As live streaming promotion events become the central component for the acceleration of full digitalization of automotive marketing, we see ourselves increasingly well-positioned to capture the enormous opportunity associated with changes in the automotive retail industry."

Mr. Chenxi Yu, Deputy Chief Financial Officer of TuanChe, added, "While the COVID-19 pandemic was effectively contained in China, the Company continued to hold fewer auto shows and special promotion events during the second quarter of 2020 than usual, in accordance with all national and local regulatory guidelines on COVID-19 prevention and control and for the best interest of public health. This resulted in a 73.1% year-over-year decline in net revenues to RMB54.7 million in the second quarter. Amidst the COVID-19 and macroeconomic challenges, we remained focused on optimizing our cost structure, which resulted in a 66.8% year-over-year reduction in operating expenses, and significantly reduced our net losses both year-over-year and sequentially. We are closely monitoring the circumstances and will adjust our operation strategy accordingly, while keeping a disciplined cost structure in order to deliver positive returns for our shareholders in the long run."

Recent Business Developments

  • COVID-19 Impact

In order to fully support the government’s guidance on COVID-19 pandemic prevention and control and in the interest of public health, the Company held very few offline events in April 2020. Since the end of May 2020, the Company has gradually resumed offline operations in some cities, with the pace of recovery subject to the ongoing development of the COVID-19 pandemic and the associated government guidance. Recent development of the COVID-19 pandemic in China, such as the cases reported in Beijing in June and in Xinjiang Uygur Autonomous Region and Dalian city in the third quarter, continues to generate uncertainties over the Company’s business, results of operations, financial condition and cash flows. Furthermore, as the business operations of industry customers have also been disrupted by the COVID-19 pandemic, the Company continues to experience delays in collecting accounts receivables from these customers and recorded an increased bad debt expense due to liquidity issues of certain customers. See "Business Outlook" for the Company’s current and preliminary views on the impact of COVID-19 on the auto market and operational conditions for the third quarter. The Company also continues to closely monitor both the development of the pandemic and regulatory responses and restrictions as well as the impact on the Company’s business, results of operations, financial condition and cash flows. The Company will also continue to implement measures to adjust the pace of business operations and conserve resources and may resort to other costs cutting measures in response to cash flow management.

Unaudited Second Quarter 2020 Financial Results

Net Revenues

Net revenues in the second quarter of 2020 decreased by 73.1% to RMB54.7 million (US$7.7 million) from RMB203.5 million in the prior year period, primarily due to a 82.3% year-over-year decrease of revenues generated from offline marketing services to RMB34.9 million (US$4.9 million) from RMB196.4 million in the prior year period, and partially offset by the strong growth of revenues generated from virtual dealerships, online marketing services and others.

  • Offline marketing services. Net revenues generated from auto shows decreased by 82.5% to RMB33.4 million (US$4.7 million) in the second quarter of 2020 from RMB190.6 million in the prior year period, and net revenues generated from special promotion events decreased by 74.5% to RMB1.5 million (US$0.2 million) in the second quarter of 2020 from RMB5.8 million in the prior year period, primarily due to the adverse impacts of the COVID-19 pandemic.
  • Virtual dealership, online marketing services and others. Net revenues generated from virtual dealership, online marketing services and others increased by 180.0% to RMB19.9 million (US$2.8 million) in the second quarter of 2020 from RMB7.1 million in the prior year period, primarily due to our continuous expansion of online marketing services, including commencement of live streaming promotion events and revenues generated from our acquisition of Longye International Limited in January 2020.

Gross Profit

Gross profit decreased by 70.1% to RMB43.0 million (US$6.1 million) in the second quarter of 2020 from RMB144.0 million in the prior year period. Gross margin increased to 78.6% in the second quarter of 2020 from 70.8% in the prior year period, primarily attributable to the change in the revenue mix.

Total Operating Expenses and Loss from Continuing Operations

Total operating expenses decreased by 66.8% to RMB84.9 million (US$12.0 million) in the second quarter of 2020 from RMB255.5 million in the prior year period.

  • Selling and marketing expenses decreased by 77.7% to RMB48.6 million (US$6.9 million) in the second quarter of 2020 from RMB217.5 million in the prior year period, primarily due to decreases in promotion expenses and staff compensation as a result of control measures taken by the Company and reduced offline events.
  • General and administrative expenses decreased by 0.3% to RMB28.0 million (US$4.0 million) in the second quarter of 2020 from RMB28.1 million in the prior year period, primarily due to the Company’s cost control measures.
  • Research and development expenses decreased by 16.3% to RMB8.3 million (US$1.2 million) in the second quarter of 2020 from RMB9.9 million in the prior year period, primarily due to the Company’s cost control measures.

As a result of the foregoing, loss from continuing operations was RMB41.8 million (US$5.9 million) in the second quarter of 2020 compared with RMB111.4 million in the prior year period.

Net loss attributable to the Company’s Shareholders and Non-GAAP Measures

Net loss attributable to the Company’s shareholders in the second quarter of 2020 decreased by 63.3% to RMB40.0 million (US$5.7 million) from RMB108.9 million in the prior year period. Basic and diluted loss per ordinary share from continuing operations were both RMB0.13 (US$0.02) in the second quarter of 2020 compared with RMB0.36 in the prior year period.

Adjusted net loss attributable to the Company’s shareholders was RMB32.8 million (US$4.6 million) in the second quarter of 2020 compared with RMB29.3 million in the prior year period. Adjusted basic and diluted net loss per ordinary share were both RMB0.11 (US$0.02) in the second quarter of 2020 compared with RMB0.10 in the prior year period.(1)

Adjusted EBITDA was a loss of RMB32.1 million (US$4.5 million) in the second quarter of 2020 compared with a loss of RMB30.4 million in the prior year period. (1)

(1)For details on the calculation of and reconciliation to the nearest GAAP measures for each of adjusted net income/(loss) attributable to the Company’s shareholders, adjusted net income/(loss) per ordinary share and adjusted EBITDA, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP and GAAP Results."

Balance Sheet and Cash Flow

As of June 30, 2020, the Company had cash and cash equivalents, time deposits, and short-term investment of RMB200.4 million (US$28.4 million). Net cash used in operating activities in the second quarter of 2020 was RMB5.7 million (US$0.8 million) compared with net cash used in operating activities of RMB7.7 million in the prior year period.

Unaudited First Half 2020 Financial Results

Net Revenues

Net revenues in the first half of 2020 decreased by 80.3% to RMB64.4 million (US$9.1 million) from RMB326.4 million in the prior year period, primarily due to a 87.1% year-over-year decrease in revenue generated from offline marketing services to RMB40.9 million (US$5.8 million) from RMB316.0 million in the prior year period, partially offset by the accelerated growth of new business initiatives, including virtual dealership and online marketing services.

  • Offline marketing services. Revenues generated from auto shows in the first half of 2020 decreased by 87.4% to RMB39.1 million (US$5.5 million) from RMB309.4 million in the prior year period, and revenues generated from special promotion events in the first half of 2020 decreased by 73.0% to RMB1.8 million (US$0.3 million) from RMB6.6 million in the prior year period, primarily due to the adverse impacts of the COVID-19 pandemic.
  • Virtual dealership, online marketing services and others. Revenue generated from virtual dealership, online marketing services and others increased significantly to RMB23.6 million (US$3.3 million) in the first half of 2020 from RMB10.4 million in the prior year period, primarily due to our continuous expansion of online marketing services, including commencement of live streaming promotion events and revenues generated from our acquisition of Longye International Limited in January 2020.

Gross Profit

Gross profit in the first half of 2020 decreased by 79.1% to RMB48.7 million (US$6.9 million) from RMB232.9 million in the prior year period. Gross margin increased to 75.6% in the first half of 2020 from 71.4% in the prior year period, primarily attributable to the change in the revenue mix.

Total Operating Expenses and Loss from Continuing Operations

Total operating expenses in the first half of 2020 decreased by 59.8% to RMB149.5 million (US$21.2 million) from RMB372.0 million in the prior year period.

  • Selling and marketing expenses in the first half of 2020 decreased by 73.5% to RMB80.3 million (US$11.4 million) from RMB303.6 million in the prior year period, primarily due to the decreases in staff compensation and promotion expenses as a result of cost control measures taken by the Company and reduced offline events.
  • General and administrative expenses in the first half of 2020 increased by 2.6% to RMB52.3 million (US$7.4 million) from RMB51.0 million in the prior year period, primarily due to the increases in allowance for doubtful accounts and amortization.
  • Research and development expenses in the first half of 2020 decreased by 2.8% to RMB16.9 million (US$2.4 million) from RMB17.4 million in the prior year period, primarily due to the Company’s cost control measures.

Loss from continuing operations was RMB100.8 million (US$14.3 million) in the first half of 2020 compared to RMB139.1 million in the prior year period.

Net loss attributable to the Company’s Shareholders and Non-GAAP Measures

Net loss attributable to the Company’s shareholders in the first half of 2020 was RMB96.5 million (US$13.7 million) compared to RMB136.2 million in the prior year period. Basic and diluted loss per ordinary share from continuing operations were both RMB0.32(US$0.05) in the first half of 2020 compared to RMB0.46 in the prior year period.

Adjusted net loss attributable to the Company’s shareholders was RMB84.6 million (US$12.0 million) in the first half of 2020 compared to an adjusted net loss of RMB44.8 million in the prior year period. Adjusted basic and diluted loss per ordinary share were both RMB0.28(US$0.04) in the first half of 2020 compared to adjusted basic and diluted earnings per ordinary share, which were both RMB0.15 in the prior year period. (1)

Adjusted EBITDA was a loss of RMB82.8 million (US$11.7 million) in the first half of 2020 compared to an adjusted EBITDA of RMB48.2 million in the prior year period. (1)

(1)For details on the calculation of and reconciliation to the nearest GAAP measures for each of adjusted net income/(loss) attributable to the Company’s shareholders, adjusted net income/(loss) per ordinary share and adjusted EBITDA, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP and GAAP Results."

Business Outlook

For the third quarter of 2020, the Company expects net revenues to range from approximately RMB90.0 million to RMB95.0 million, representing a year-over-year approximate decrease of 33.6% to 29.9%. This is primarily attributable to the estimated declining number of offline events that is expected to be held in the third quarter of 2020 (including auto shows and special promotion events) due to the COVID-19 pandemic.

This forecast reflects the Company’s current and preliminary views on the market and operational conditions as well as the influence of the COVID-19 pandemic, which are subject to change.

Share Repurchase Program

On June 17, 2019, TuanChe announced that its board of directors had authorized a share repurchase program of up to US$20.0 million worth of the Company’s ADSs for a period not to exceed 12 months and beginning on June 17, 2019. The Company had repurchased 427,738 ADSs for approximately US$2.0 million under this program.

Conference Call Information

TuanChe’s management will hold a conference call on Friday, September 18, 2020, at 8:00 A.M. Eastern Time or 8:00 P.M. Beijing Time on the same day to discuss the financial results. Listeners may access the call by dialing the following numbers: 

International:

+1-412-902-4272

US Toll Free:

+1-888-346-8982

Mainland China:

400-120-1203

Hong Kong, China:

800-905-945

The replay will be accessible through September 25, 2020, by dialing the following numbers:

International: 

+1-412-317-0088

US Toll Free:

+1-877-344-7529

Access Code:

10147683

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.tuanche.com/.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.0651 to US$1.00, the noon buying rate in effect on June 30, 2020 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2020, or at any other rate.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, business outlook, as well as the length and severity of the COVID-19 pandemic and its impact on the Company’s business and industry, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Use of Non-GAAP Financial Measures

To supplement the Company’s condensed consolidated quarterly financial information which are presented in accordance with U.S. GAAP, the Company also uses adjusted net income/(loss) attributable to the Company’s shareholders, adjusted net income/(loss) per ordinary share and adjusted EBITDA as additional non-GAAP financial measures. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate its operating performance. The Company also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as its management and in comparing financial results across accounting periods and to those of the Company’s peer companies.

The Company defines adjusted net income/(loss) as net income/(loss) excluding the impact of share-based compensation expenses and impairment of investment. The Company defines adjusted net income/(loss) per ordinary share as adjusted net income/(loss) divided by the weighted average number of ordinary shares. The Company defines adjusted EBITDA as net income/(loss) excluding the impact of depreciation and amortization, interest income/(expenses), net, share-based compensation expenses and impairment of investment. The Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results. These non-GAAP financial measures are adjusted for the impact of items that the Company does not consider indicative of the operational performance of the Company’s business, and should not be considered in isolation or construed as an alternative to net income/(loss) or any other measure of performance or as an indicator of the Company’s operating performance.

In addition, the non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Interest income or expenses, depreciation and amortization, share-based compensation expenses and impairment of investment have been and may continue to be incurred in the Company’s business and are not reflected in the presentation of these non-GAAP measures. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures.

About TuanChe

Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading omni-channel automotive marketplace in China. TuanChe offers services to connect automotive consumers with various industry players such as automakers, dealers and other automotive service providers. TuanChe provides automotive marketing and transaction related services by integrating its online platforms with offline sales events. Through its integrated marketing solutions, TuanChe turns individual and isolated automobile purchase transactions into large-scale collective purchase activities by creating an interactive many-to-many environment. TuanChe also provides virtual dealership services by connecting automakers and franchised dealerships with secondary dealers, which ultimately helps automakers penetrate and expand into lower-tier cities. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe’s online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. For more information, please contact [email protected].

For investor and media inquiries, please contact:

TuanChe Limited
Cynthia Tan
Tel: +86 (10) 6398-6232
Email: [email protected]

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: [email protected]

Ross Warner
Tel: +86 (10) 6508-0677
Email: [email protected]

TUANCHE LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amount in thousands, except as noted)

As of

December 31, 2019

June 30, 2020

RMB

RMB

US$

(Audited)

(Unaudited)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

193,920

141,983

20,096

Restricted cash

1,529

2,710

384

Short-term investment

8,900

1,260

Time deposits

69,762

49,557

7,014

Accounts receivable, net

72,391

50,061

7,086

Prepayment and other current assets

193,782

86,459

12,237

Total current assets

531,384

339,670

48,077

Non–current assets:

Property, equipment and software, net

20,360

6,733

953

Intangible assets

23,888

3,381

Long-term investments

7,874

8,625

1,221

Goodwill

115,414

16,339

Other non-current assets

7,577

313

44

Total non–current assets

35,811

154,973

21,938

Total assets

567,195

494,643

70,015

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

5,825

3,816

540

Advances from customers

4,805

15,222

2,155

Short-term borrowings

3,000

425

Salary and welfare benefits payable

68,025

52,542

7,437

Other taxes payable

22,494

21,810

3,087

Current portion of deferred revenue

1,269

180

Other current liabilities

40,913

30,665

4,341

Total current liabilities 

142,062

128,324

18,165

Non–current liabilities:

Deferred revenue

2,379

337

Deferred tax liability

5,967

845

Other non–current liabilities

2,158

1,910

271

Total non-current liabilities

2,158

10,256

1,453

Total liabilities

144,220

138,580

19,618

Shareholders’ equity:

Class A ordinary shares

173

178

25

Class B ordinary shares

35

35

5

Treasury stock

(47,888)

(47,888)

(6,778)

Additional paid-in capital

1,187,577

1,216,391

172,169

Accumulated deficit

(718,666)

(815,151)

(115,377)

Accumulated other comprehensive income

2,403

3,279

464

Total equity attributable to equity shareholders of
     the company

423,634

356,844

50,508

Non-controlling interests

(659)

(781)

(111)

Total shareholders’ equity       

422,975

356,063

50,397

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

567,195

494,643

70,015

 

 

TUANCHE LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amount in thousands, except share and per share data)

For the three months ended June 30,

2019

2020

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

Continuing operations

Net revenues

Offline Marketing Services:

   Auto shows

190,607

33,371

4,723

   Special promotion events

5,801

1,482

210

Virtual dealership, online marketing services and others

7,106

19,895

2,816

Total net revenues

203,514

54,748

7,749

Cost of revenues

(59,469)

(11,702)

(1,656)

Gross profit

144,045

43,046

6,093

Operating expenses:

   Selling and marketing expenses

(217,509)

(48,577)

(6,876)

   General and administrative expenses

(28,109)

(28,023)

(3,966)

   Research and development expenses

(9,860)

(8,255)

(1,168)

Total operating expenses

(255,478)

(84,855)

(12,010)

Loss from continuing operations

(111,433)

(41,809)

(5,917)

Other expenses:

   Interest income, net

1,885

484

69

   Exchange gain/ (loss)

187

(130)

(18)

Investment (loss)/income

(794)

219

31

   Others, net

1,178

996

141

Loss from continuing operations before income taxes

(108,977)

(40,240)

(5,694)

   Income tax expense

164

23

Net loss from continuing operations

(108,977)

(40,076)

(5,671)

Net loss

(108,977)

(40,076)

(5,671)

Net loss attributable to the TuanChe Limited’s shareholders

(108,896)

(39,970)

(5,656)

Net loss attributable to the NCI

(81)

(106)

(15)

Net loss

(108,977)

(40,076)

(5,671)

Other comprehensive income:

Foreign currency translation adjustments

8,541

(6)

(1)

Total other comprehensive income/ (loss)

8,541

(6)

(1)

Total comprehensive loss

(100,436)

(40,082)

(5,672)

Comprehensive loss attributable to:

Equity shareholders of the company

(100,355)

(39,976)

(5,657)

Non-controlling interests

(81)

(106)

(15)

Net loss attributable to the TuanChe Limited’s ordinary shareholders
     per share from continuing operations

   Basic

(0.36)

(0.13)

(0.02)

   Diluted

(0.36)

(0.13)

(0.02)

Weighted average number of ordinary shares

   Basic

298,742,143

303,332,885

303,332,885

   Diluted

298,742,143

303,332,885

303,332,885

 

 

TUANCHE LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amount in thousands, except share and per share data)

For the six months ended June 30,

2019

2020

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

Continuing operations

Net revenues

Offline Marketing Services:

   Auto shows

309,375

39,061

5,529

   Special promotion events

6,609

1,787

253

Virtual dealership, online marketing services and others

10,398

23,591

3,339

Total net revenues

326,382

64,439

9,121

Cost of revenues

(93,439)

(15,716)

(2,224)

Gross profit

232,943

48,723

6,897

Operating expenses:

   Selling and marketing expenses

(303,643)

(80,314)

(11,368)

   General and administrative expenses

(51,002)

(52,323)

(7,406)

   Research and development expenses

(17,372)

(16,888)

(2,390)

Total operating expenses

(372,017)

(149,525)

(21,164)

Loss from continuing operations

(139,074)

(100,802)

(14,267)

Other expenses:

   Interest income, net

4,713

1,451

205

   Exchange (loss)/ gain

(939)

590

84

Investment (loss)/income

(1,075)

52

7

   Impairment of investment

(1,000)

   Others, net

1,105

1,586

224

Loss from continuing operations before income taxes

(136,270)

(97,123)

(13,747)

   Income tax expense

516

73

Net loss from continuing operations

(136,270)

(96,607)

(13,674)

Net loss

(136,270)

(96,607)

(13,674)

Net loss attributable to the TuanChe Limited’s shareholders

(136,189)

(96,485)

(13,657)

Net loss attributable to the NCI

(81)

(122)

(17)

Net loss

(136,270)

(96,607)

(13,674)

Other comprehensive income:

Foreign currency translation adjustments

1,416

876

124

Total other comprehensive income

1,416

876

124

Total comprehensive loss

(134,854)

(95,731)

(13,550)

Comprehensive loss attributable to:

Equity shareholders of the company

(134,773)

(95,609)

(13,533)

Non-controlling interests

(81)

(122)

(17)

Net loss attributable to the TuanChe Limited’s ordinary shareholders
     per share from continuing operations

   Basic

(0.46)

(0.32)

(0.05)

   Diluted

(0.46)

(0.32)

(0.05)

Weighted average number of ordinary shares

   Basic

295,865,699

303,221,278

303,221,278

   Diluted

295,865,699

303,221,278

303,221,278

 

 

TUANCHE LIMITED

RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share data)

For the three months ended June 30,

2019

2020

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

Net loss

(108,977)

(40,076)

(5,671)

Add:

Depreciation and amortization

772

1,308

185

Subtract:

Interest income, net

1,885

484

69

EBITDA

(110,090)

(39,252)

(5,555)

Add:

Share-based compensation expenses

79,641

7,191

1,018

Adjusted EBITDA

(30,449)

(32,061)

(4,537)

Net loss

(108,977)

(40,076)

(5,671)

Add:

Share-based compensation expenses

79,641

7,191

1,018

Adjusted net loss

(29,336)

(32,885)

(4,653)

Adjusted net loss attributable to the Company’s
shareholders

(29,255)

(32,779)

(4,638)

Adjusted net loss attributable to NCI

(81)

(106)

(15)

Weighted average number of ordinary shares

   Basic

298,742,143

303,332,885

303,332,885

   Diluted

298,742,143

303,332,885

303,332,885

Adjusted net loss per share from continuing
     operations

   Basic

(0.10)

(0.11)

(0.02)

   Diluted

(0.10)

(0.11)

(0.02)

 

 

TUANCHE LIMITED

RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share data)

For the six months ended June 30,

2019

2020

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

Net loss

(136,270)

(96,607)

(13,674)

Add:

Depreciation and amortization

1,398

3,446

488

Subtract:

Interest income, net

4,713

1,451

205

EBITDA

(139,585)

(94,612)

(13,391)

Add:

Share-based compensation expenses

90,409

11,847

1,677

Impairment of investment

1,000

Adjusted EBITDA

(48,176)

(82,765)

(11,714)

Net loss

(136,270)

(96,607)

(13,674)

Add:

Share-based compensation expenses

90,409

11,847

1,677

Impairment of investment

1,000

Adjusted net loss

(44,861)

(84,760)

(11,997)

Adjusted net loss attributable to the Company’s
shareholders

(44,780)

(84,638)

(11,980)

Adjusted net loss attributable to NCI

(81)

(122)

(17)

Weighted average number of ordinary shares

   Basic

295,865,699

303,221,278

303,221,278

   Diluted

295,865,699

303,221,278

303,221,278

Adjusted net loss per share from continuing
     operations

   Basic

(0.15)

(0.28)

(0.04)

   Diluted

(0.15)

(0.28)

(0.04)

 

Related Links :

http://www.tuanche.com

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