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Announcement of Intention to Delist American Depositary Shares From the New York Stock Exchange

By | EN, PR

And Intention to Deregister and Terminate Reporting Obligations Under the U.S. Securities Exchange Act

SHANGHAI, May 24, 2019 /PRNewswire/ — Semiconductor Manufacturing International Corporation ("SMIC" or the "Company"; NYSE: SMI; SEHK: 981) today announced that the Company has notified the New York Stock Exchange ("NYSE") on May 24, 2019 (Eastern Time in the U.S.) that it will apply for the voluntary delisting of its American depositary shares ("ADSs") from the NYSE and the deregistration of such ADSs and underlying ordinary shares under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Board of Directors of SMIC approved the delisting of its ADSs from NYSE and the deregistration of such ADSs and the underlying ordinary shares under the Exchange Act due to a number of considerations, including the limited trading volume of its ADSs relative to its worldwide trading volume, and the significant administrative burden and costs of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs with the United States Securities and Exchange Commission (the "SEC") and complying with the periodic reporting and related obligations of the Exchange Act.

As such, SMIC intends to file a Form 25 with the SEC on or about June 3, 2019 to de-list its ADSs from the NYSE. The delisting of the ADSs from the NYSE is expected to become effective ten days thereafter. The last day of trading of the ADSs on the NYSE will be on or about June 13, 2019. From and after that, SMIC will no longer list its ADSs evidenced by American Depositary Receipts ("ADRs") on the NYSE.

Once the delisting has become effective and SMIC has met the criteria for deregistration, SMIC intends to file a Form 15F with the SEC on or about June 14, 2019 to deregister its ADSs and the underlying ordinary shares under the Exchange Act. Thereafter, all of SMIC’s reporting obligations under the Exchange Act will be suspended unless the Form 15F is subsequently withdrawn or denied. Deregistration with the SEC and termination of SMIC’s reporting obligations under the Exchange Act are expected to become effective 90 days after its filing of Form 15F with the SEC. Once the Form 15F is filed, SMIC will publish the information required under Rule 12g3-2(b) of the Exchange Act on its website, www.smics.com. SMIC will also continue to comply with its financial reporting and other obligations as a listed-issuer under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

After delisting its ADSs from the NYSE, SMIC remains committed to serve its investor and intends to maintain its ADR program as a Level I program, which will enable American investors and current holders of SMIC ADSs to continue to hold and trade SMIC ADSs in the US over-the-counter market. As a result of the delisting of the ADSs, the trading of SMIC’s securities will be concentrated on SMIC’s primary market (The Stock Exchange of Hong Kong Limited).

SMIC reserves its rights in all respect to delay or withdraw the aforementioned filings prior to their effectiveness and will issue any further announcement if required under the Listing Rules or other applicable laws.

SMIC has filed with the SEC its annual report on Form 20-F for the year ended December 31, 2018.  The annual report is available on its website at www.smics.com.  SMIC will provide hard copies of the annual report, free of charge, to its shareholders and ADS holders upon request.

About SMIC

Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 981), one of the leading foundries in the world, is Mainland China’s largest foundry in scale, broadest in technology coverage, and most comprehensive in semiconductor manufacturing services. SMIC provides integrated circuit (IC) foundry and technology services on process nodes from 0.35 micron to 28 nanometer. Headquartered in Shanghai, China, SMIC has an international manufacturing and service base. In China, SMIC has a 300mm wafer fabrication facility (fab) and a 200mm fab in Shanghai; a 300mm fab and a majority-owned 300mm fab for advanced nodes in Beijing; 200mm fabs in Tianjin and Shenzhen; and a majority-owned joint-venture 300mm bumping facility in Jiangyin; additionally, in Italy SMIC has a majority-owned 200mm fab. SMIC also has marketing and customer service offices in the U.S., Europe, Japan, and Taiwan, and a representative office in Hong Kong.

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release may contain, in addition to historical information, "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward- looking statements are based on SMIC’s current assumptions, expectations and projections about future events. SMIC uses words like "believe", "anticipate", "intend", "estimate", "expect", "project" and similar expressions to identify forward looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting judgment of SMIC’s senior management and involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC’s actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, risks associated with cyclicality and market conditions in the semiconductor industry, intense competition, timely wafer acceptance by SMIC’s customers, bad debt risk, timely introduction of new technologies, SMIC’s ability to ramp new products into volume, supply and demand for semiconductor foundry services, industry overcapacity, shortages in equipment, components and raw materials, availability of manufacturing capacity and financial stability in end markets.

Except as required by law, SMIC undertakes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, please visit www.smics.com.

Contact:
Investor Relations
+86-21-2081-2804
[email protected]

Related Links :

http://www.smics.com

Are you a Corporate Representative of Semiconductor Manufacturing International Corporation, an investor, or a member of the Business Press?



GreenTree Hospitality Group Ltd. Reports First Quarter of 2019 Financial Results

By | EN, PR
  • A total of 2,829 hotels with 225,757 hotel rooms were in operation as of  March 31, 2019, compared to 2,757 hotels and 221,529 hotel rooms as of December 31, 2018.
  • Total revenues increased 20.1% from the first quarter of 2018 to RMB235.3 million (US$35.1 million)[1] for the first quarter of 2019.
  • Adjusted EBITDA (non-GAAP) increased 20.0% from the first quarter of 2018 to RMB133.9 million (US$19.9 million)[1] for the first quarter of 2019.
  • Net income increased 58.8% from the first quarter of 2018 to RMB134.0 million (US$20.0 million)[1] for the first quarter of 2019.
  • Core net income (non-GAAP) increased 18.0% from the first quarter of 2018 to RMB92.3 million (US$13.7 million)[1] for the first quarter of 2019.
  • Basic and diluted net income per ADS were RMB1.33 (US$0.20)[1] for the first quarter of 2019.
  • Basic and diluted core net income per ADS (non-GAAP) were RMB0.91 (US$0.14)[1] for the first quarter of 2019.
  • As of March 31, 2019, the Company had a strong pipeline with a total of 481 hotels contracted for or under development. During the first quarter of 2019, the Company opened 101 F&M hotels and one L&O hotel, compared to 80 F&M hotels for the first quarter of 2018.
  • As of March 31, 2019, the Company had approximately 33 million individual loyal members (of which approximately 23 million are paid members) and over 1,320,000 corporate members, compared to approximately 29 million (of which approximately 21 million are paid members) and over 1,270,000 corporate members respectively, as of December 31, 2018.
  • The Company sold approximately 94.2% of its room nights through its direct sales channels, including its individual loyal members and corporate members.
  • The Company reaffirms guidance for growth in full year 2019 total revenues of 20-25% from 2018.

SHANGHAI, May 24, 2019 /PRNewswire/ — GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading franchised hotel operator in China, today announced its unaudited financial results for the first quarter ended March 31, 2019.

First Quarter of 2019 Operational Highlights

  • As of March 31, 2019, GreenTree had 30 leased-and-operated ("L&O") hotels and 2,799 franchised-and-managed ("F&M") hotels in operation in 292 cities across China, compared to 29 L&O hotels and 2,728 F&M hotels in operation in 290 cities as of December 31, 2018. The geographical coverage of cities grew by 26 year-over-year, representing an increase of 9.8%.
  • The Company opened 101 F&M hotels and one L&O hotel, 44 in the mid-scale segment, 14 in the business to mid-to-up-scale segment, 44 in the economy segment. Of the hotels opened, 6 hotels were in Tier 1 cities[2], 20 in Tier 2 cities[3] and the remaining 76 hotels in other cities in China, while the Company closed a total of 30 F&M hotels in the quarter.
  • As of March 31, 2019, the Company had a strong pipeline with a total of 481 hotels contracted for or under development.
  • The average daily room rate, or ADR, for all hotels in operation, was RMB162 in the first quarter of 2019, an increase of 3.9% year-over-year.
  • The occupancy rate for all hotels in operation was 78.1% in the first quarter of 2019, a decrease of 1.1% year-over-year.
  • The revenue per available room, or RevPAR, which is calculated by multiplying our hotels’ ADR by its occupancy rate, was RMB127 in the first quarter of 2019, representing a 2.5% year-over-year increase.

 

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.7112 on March 29, 2019 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20190401/.

[2] "Tier 1 cities" refers to the term used by the National Bureau of Statistics of China and refer to Beijing, Shanghai, Shenzhen and Guangzhou.

[3] "Tier 2 cities" refers to the 32 major cities, other than Tier 1 cities, as categorized by the National Bureau of Statistics of China, including provincial capitals, administrative capitals of autonomous regions, direct-controlled municipalities and other major cities designated as "municipalities with independent planning" by the State Council.

"Thanks to our team’s efforts, we delivered a strong first quarter with improved operating and financial performances, and strong execution on our expansion and strategic growth objectives. As of March 31, 2019, we were operating in 292 cities, further increasing of our geographical coverage across China. During the quarter we opened 102 new hotels, continued to grow our pipeline, and remained on track to open more new hotels in the remaining part of this year," commented Mr. Alex Xu, Chairman and Chief Executive Officer of GreenTree. "We took a number of strategic steps to strengthen our solid foundation for further growth in 2019 and beyond with a number of investments and strategic partnerships that complement our existing business. Beyond these, we remain engaged in exploring appropriate value-enhancing acquisition opportunities to help strengthen our hotel platform and increase long-term shareholder value."

First Quarter of 2019 Financial Results

Quarter Ended

March 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

Revenues

Leased-and-operated hotels

45,615,096

51,833,041

7,723,364

Franchised-and-managed hotels

150,343,349

183,460,067

27,336,403

Total revenues

195,958,445

235,293,108

35,059,767

Total revenues  for the first quarter of 2019 were RMB235.3 million (US$35.1 million)[1], representing a 20.1% increase over the first quarter of 2018.The increase in the first quarter of 2019 was primarily attributable to the 101 F&M hotels new addition to our network, the addition of a new L&O hotel and the conversion of three F&M hotels to L&O during the third quarter of 2018, improved RevPAR for both F&M and L&O hotels as well as contribution from membership growth; and was partially offset by the renovation of seven L&O hotels during this quarter and the conversion of one L&O hotel to F&M during the fourth quarter of 2018.

  • Total revenues from leased-and-operated hotels for the first quarter of 2019 were RMB51.8 million (US$7.7 million)[1], representing a 13.6% year-over-year increase. The year-over-year increase in the first quarter of 2019 was primarily attributable to RevPAR growth of 2.1%, moderate sublease revenue growth, the addition of a new L&O hotel during this quarter and the conversion of three F&M hotels to L&O since the Third quarter of 2018; and was partially offset by the renovation of seven L&O hotels during this quarter and the conversion of one L&O hotel to F&M in the fourth quarter of 2018.
  • Total revenues from franchised-and-managed hotels for the first quarter of 2019 were RMB183.5 million (US$27.3 million)[1], representing a 22.0% year-over-year increase. Initial franchise fees increased 44.2% year-over-year in the first quarter of 2019, primarily due to the gross opening of 101 hotels in the first quarter of 2019 as compared to 80 hotels opened in the first quarter of 2018. The 20.6% increase from the first quarter of 2018 in recurring franchisee management fees and others was primarily due to RevPAR growth of 2.5% as well as growth in central reservation system ("CRS") usage fees, annual IT and marketing fees and hotel manager fees, which in turn resulted from the increased number of hotels and hotel rooms in operation.

Quarter Ended

 March 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

 Initial franchise fee

8,843,441

12,752,949

1,900,249

 Recurring franchise management fee and
others

141,499,908

170,707,118

25,436,154

 Revenues from franchised-and-managed
hotels

150,343,349

183,460,067

27,336,403

Total operating costs and expenses

Quarter Ended

 March 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

Operating costs and expenses

Hotel operating costs

63,745,544

79,999,844

11,920,349

Selling and marketing expenses

10,468,855

24,676,102

3,676,854

General and administrative expenses

20,400,857

25,732,486

3,834,260

Other operating expenses

143,262

42,624

6,351

Total operating costs and expenses

94,758,518

130,451,056

19,437,814

Hotel operating costs for the first quarter of 2019 were RMB80.0 million (US$11.9 million)[1], representing a 25.5% increase from the same quarter of 2018. The increase in the first quarter of 2019 was mainly attributable to costs associated with the expansion of our F&M hotels; one time cost related to the renovation of seven L&O hotels; higher rental costs, consumables, personnel costs, depreciation and amortization associated with the four new L&O hotels added to our portfolio since the third quarter of 2018 and one new L&O hotel opened in this quarter.

Quarter Ended

 March 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

Rental

17,632,067

20,608,265

3,070,727

Utilities

5,111,000

6,154,563

917,058

Personnel cost

7,231,850

8,794,274

1,310,388

Depreciation and amortization

4,820,413

6,524,205

972,137

Consumable, food and beverage

4,436,637

6,837,151

1,018,767

Costs of general managers of franchised-and-
managed hotels

15,585,608

22,444,643

3,344,356

Other costs of franchised-and-operated hotels

5,384,508

5,686,583

847,327

Others

3,543,461

2,950,160

439,589

Hotel Operating Costs

63,745,544

79,999,844

11,920,349

Selling and marketing expenses for the first quarter of 2019 were RMB24.7 million (US$3.7 million)[1], compared to RMB10.5 million in the first quarter of 2018. The increase of 135.7% in the first quarter of 2019 was mainly attributable to one-time expenses for the Annual Conference for Celebrating the First Anniversary of our Listing on NYSE; and other minor expenses such as increased advertising and promotion expenses to improve our brands’ market recognition including celebrity endorsement; and increased personnel, compensation and other costs (i.e. travel expenses) of business development personnel, as a result of the increased hotel openings.

General and administrative expenses for the first quarter of 2019 were RMB25.7 million (US$3.8 million)[1], compared to RMB20.4 million in the first quarter of 2018. The increase of 26.1% in the first quarter of 2019 was primarily attributable to increased share-based compensation expenses, and increased R&D costs.

Gross profit for the first quarter of 2019 was RMB155.3 million (US$23.1 million)[1], representing an increase of 17.5% from the same quarter of 2018. Gross margin in the first quarter was 66.0%, compared to 67.5% a year ago. The decrease was primarily due to increased operating costs mainly caused by rising staff numbers, and one-time cost related to the renovation of seven L&O hotels.

Income from operations for the first quarter of 2019 was RMB111.7 million (US$16.7 million)[1], representing a decrease of 2.8%. Operating margin in the first quarter declined to 47.5%, compared to 58.7% a year ago. The decreases were mainly attributable to one-time expenses for the Annual Conference for Celebrating the First Anniversary of our Listing on NYSE.

Adjusted EBITDA (non-GAAP) for the first quarter of 2019 was RMB133.9 million (US$19.9 million)[1], an increase of 20.0% from the same quarter of 2018. The adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 56.9% in the first quarter of 2019, compared to 57.0% in the first quarter of 2018. The margin decrease was mainly attributable to one-time expenses for the Annual Conference for Celebrating the First Anniversary of our Listing on NYSE.

Net income for the first quarter of 2019 was RMB134.0 million (US$20.0 million)[1], representing an increase of 58.8% from the same quarter of 2018. Net margin in the first quarter was 56.9%, compared to 43.1% a year ago.

Core net income (non-GAAP) for the first quarter of 2019 was RMB92.3 million (US$13.7 million)[1], representing a 18.0% increase from the same quarter of 2018. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 39.2% in the first quarter of 2019, compared to 39.9% in the first quarter of 2018.

Basic and diluted earnings per ADS for the first quarter of 2019 was RMB1.33 (US$0.20)[1], representing a 44.6% increase from the same quarter of 2018. Basic and diluted core net income per ADS (non-GAAP) was RMB0.91 (US$0.14)[1] for the first quarter of 2019, representing a 7.1% increase from the same quarter of 2018.

Cash flow. Operating cash inflow for the first quarter of 2019 was RMB122.2 million (US$18.2 million)[1], primarily due to improved operating performance across our hotel portfolio. Investing cash outflow for the first quarter of 2019 was RMB106.5 million (US$15.9 million)[1], which was attributable primarily to changes in short-term investments,  and partially offset by purchase of property and equipment and other investments, mainly including short-term investments and long-term deposits. Financing cash outflow for the first quarter of 2019 was RMB197.6 million (US$29.4 million)[1], which was attributable primarily to RMB208.0 million distributed to shareholders.

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities[4] and time deposit[5]. As of March 31, 2019, the Company had a total balance of cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposit of RMB2,180.8 million (US$325.0 million)[1], as compared to RMB2,260.5 million as of December 31, 2018, primary due to net operating cash flow and investments in equity securities, offset by dividend paid.

[4] Investments in equity securities include securities and investment in Gingko and New Century which is recorded in Long-term investments account.

[5] Time deposits are the time deposit certificates last over three months, which is recorded in Long-term time deposits.  

Recent Developments

In 2019, we intend to develop more hotels under the Wumian and GreenTree Apartment brands to meet the taste of young business travelers. During the first quarter, one Wumian hotel was under construction. GreenTree Apartment aims to provide long-term apartment rental services to urban white collars, especially newcomers to cities. Different from a standard mid-scale hotel, our apartments provide a more family-friendly living space and more community space. As of March 31, 2019, we opened 2 apartment hotels, of which one is L&O. For the first quarter of 2019, we added 8 more apartment hotels in our pipeline, and we plan to add total 30 apartment hotels into our pipeline during the rest of this year.

Yibon contributed one million paid members after the launch of our membership integration with them during March 2019. This year, we will continue to launch our membership integration with Argyle.

M&A and strategic investments are key growth strategies for GreenTree and the Company completed a number of strategic initiatives during the first quarter of 2019. First, on January 18, 2019, the Company invested in China Gingko Education Group Company Limited, or Gingko, a public company listed on the Hong Kong Stock Exchange ("HKSE") that had approximately 10,000 students enrolled in its university studying accredited 4 years full time BA/BS degrees all related to hospitality during the 2017/2018 school year. Gingko is currently ranked as China’s No.1 hospitality university by the "Gaosan Web Association", a website with introductions to and rankings of universities in China. We will work together to cultivate professional talent for us and the hospitality industry in China.

Second, on January 28, 2019, the Company announced a strategic investment to become a major shareholder in Argyle. The Argyle hotel network consists of eight mid-scale and upscale brands, with footprints mainly in South West China, South East China, and Southeast Asia. Argyle’s highly distinguished brand portfolio and geographic coverage are highly complementary to GreenTree’s business.

Third, on March 11th, 2019, the Company acquired 4.95% in Zhejiang New Century Hotel Management Co., Ltd., or New Century, a company also listed on the HKSE. New Century operates and manages 150 hotels, ranging from mid-scale to upscale brands, with over 34,000 hotel rooms in 22 provinces. The two companies will explore opportunities for future strategic cooperation.

Fourth, on May 1, 2019, the Company announced an acquisition agreement to acquire a 70% equity stake in Urban Hotel Group. The Urban Hotel Group is a leading franchised hotel operator in China with strong brand portfolio and geographic coverage in China. It has more than 600 hotels in economy to mid-scale segment in Eastern and Northern China. The company plans to complete the transaction subject to customary closing conditions.

Adoption of New Revenue Recognition Accounting Standards

The Company adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2019 on a full retrospective basis in the condensed consolidated financial statements. As such, prior period results have been adjusted to reflect the adoption of ASU 2014-09.

The most meaningful impacts of the adoption of ASU 2014-09 are as follows:

Under previous guidance, initial one-time franchise fee was recognized when the hotels opened for business and the Company had fulfilled its commitments and obligations. Upon adoption of new revenue standards the one-time franchise fee will be recognized over the term of the franchise contract.

Under previous guidance, the Company adopted the incremental cost model to account for membership program. The estimated incremental costs, net of the reimbursement received from the franchisees, are accrued and recorded as accruals for membership program as members accumulate points and are recognized as cost and expense in the accompanying consolidated statements of comprehensive income. Under new revenue standards, membership program is considered a separate performance obligation and the consideration allocated to the membership program will be recognized as revenue upon point redemption, net of any cost paid to the franchisees and other third parties.

Guidance
For the full year 2019, the Company expects growth in total revenues of 20-25% from 2018.

The guidance set forth above reflects the Company’s current and preliminary view based on our estimates, may not be indicative of our financial results for the full year ended December 31, 2019 and is subject to change.

Conference Call

GreenTree’s management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on May 24, 2019 (8:00 PM Beijing/Hong Kong Time on May 24, 2019). 

Dial-in numbers for the live conference call are as follows:

International

+1-412-902-4272

China 

+4001-201203

US

+1-888-346-8982

Hong Kong

+800-905-945 or 852-3018-4992

Singapore

+800-120-6157

Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.

A telephone replay of the call will be available after the conclusion of the conference call until May 31, 2019.

Dial-in numbers for the replay are as follows:

International Dial-in

+1-412-317-0088

U.S. Toll Free

+1-877-344-7529

Canada Toll Free

+855-669-9658

Passcode:

+10131559

Additionally, a live and archived webcast of this conference call will be available at http://ir.998.com.

Use of Non-GAAP Financial Measures

We believe that Adjusted EBITDA and core net income, as we present it, is a useful financial metric to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements.

The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.

The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income does not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

The term Adjusted EBITDA and core net income is not defined under U.S. GAAP, and Adjusted EBITDA and core net income is not a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do.

Reconciliations of the Company’s non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.

About GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company") (NYSE: GHG) is a leading franchised hotel operator in China. As of March 31, 2019, GreenTree had 2,829 hotels, among which 2,799 are franchised and managed hotels. The Company had the highest proportion of franchised-and-managed hotels among the top four economy to mid-scale hotel networks in China. In 2018, GreenTree was the fourth largest economy to mid-scale hotel group in China in terms of the number of hotels according to a report from Shanghai Inntie Enterprise Management Consulting Co., Ltd. The Company has built a strong suite of brands including its flagship "GreenTree Inns" brand as a result of its long-standing dedication to the hospitality industry in China and consistent quality of its services, signature hotel designs, broad geographic coverage and convenient locations. GreenTree has positioned its brands to appeal to value-and-quality-conscious business travelers and leisure travelers.

For more information on GreenTree, please visit http://ir.998.com

Safe Harbor Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995.  In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," "confident," "future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree’s current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree’s goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. 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. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.

— Financial Tables and Operational Data Follow —

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Balance Sheets

 December 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

1,264,025,785

1,062,188,750

158,271,062

Short-term investments

685,512,063

159,646,908

23,788,131

Investments in equity securities

307,693,782

253,822,369

37,820,713

Accounts receivable, net of allowance for
doubtful accounts 

64,864,184

81,990,976

12,217,037

Amounts due from related parties 

228,600

10,225,000

1,523,573

Prepaid rent 

4,478,413

3,766,832

561,275

Inventories 

2,547,729

1,098,846

163,733

Other current assets 

53,969,039

46,472,250

6,924,581

Loans receivable, net

67,196,568

98,198,518

14,632,036

Total current assets

2,450,516,163

1,717,410,449

255,902,141

Non-current assets:

Restricted cash

3,300,000

11,457,077

1,707,158

Long-term time deposits

60,000,000

500,000,000

74,502,324

Loan receivable, net

39,352,863

37,127,516

5,532,172

Property and equipment, net 

222,389,573

222,430,063

33,143,113

Intangible assets, net

27,213,391

26,520,809

3,951,724

Goodwill

5,787,068

5,787,068

862,300

Long-term investments

112,219,460

365,780,509

54,502,996

Other assets

25,701,523

57,391,152

8,551,549

Deferred tax assets

133,300,966

132,873,516

19,798,772

 TOTAL ASSETS

3,079,781,007

3,076,778,159

458,454,249

LIABILITIES AND EQUITY

Current liabilities:

Short-term bank loans

60,000,000

60,000,000

8,940,279

Accounts payable 

9,182,058

13,380,723

1,993,790

Advance from customers 

36,370,325

34,699,543

5,170,393

Amounts due to related parties 

285,578

218,814

32,604

Salary and welfare payable 

42,767,219

35,403,626

5,275,305

Deferred rent 

4,421,427

4,626,821

689,418

Deferred revenue 

217,668,659

206,866,473

30,824,066

Accrued expenses and other current
liabilities 

241,407,979

254,959,378

37,990,132

Income tax payable 

104,988,638

128,871,701

19,202,483

Total current liabilities

717,091,883

739,027,079

110,118,470

Deferred rent 

20,519,682

20,021,717

2,983,329

Deferred revenue 

373,090,530

379,499,640

56,547,211

Other long-term liabilities 

96,573,810

97,621,536

14,546,062

Deferred tax liabilities 

43,538,624

52,225,820

7,781,890

Unrecognized tax benefits 

169,619,409

175,666,160

26,175,075

 Total liabilities

1,420,433,938

1,464,061,952

218,152,037

Shareholders’ equity:

Class A ordinary shares 

217,421,867

218,478,686

32,554,340

Class B ordinary shares 

115,534,210

115,534,210

17,215,134

Additional paid-in capital

1,003,026,803

1,033,819,435

154,043,902

Retained earnings

252,617,450

179,505,188

26,747,108

Accumulated other comprehensive income

62,367,692

47,565,174

7,087,432

Total GreenTree Hospitality Group Ltd.
shareholders’ equity

1,650,968,022

1,594,902,693

237,647,916

Non-controlling interests

8,379,047

17,813,514

2,654,296

Total shareholders’ equity

1,659,347,069

1,612,716,207

240,302,212

TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY

3,079,781,007

3,076,778,159

458,454,249

 

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

Quarter Ended

March 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

Revenues

Leased-and-operated hotels

45,615,096

51,833,041

7,723,364

Franchised-and-managed hotels

150,343,349

183,460,067

27,336,403

Total revenues

195,958,445

235,293,108

35,059,767

Operating costs and expenses

Hotel operating costs

(63,745,544)

(79,999,844)

(11,920,349)

Selling and marketing expenses

(10,468,855)

(24,676,102)

(3,676,854)

General and administrative expenses

(20,400,857)

(25,732,486)

(3,834,260)

Other operating expenses

(143,262)

(42,624)

(6,351)

Total operating costs and expenses

(94,758,518)

(130,451,056)

(19,437,814)

Other operating income

13,825,401

6,906,453

1,029,094

Income from operations

115,025,328

111,748,505

16,651,047

Interest income and other, net 

4,703,862

16,469,011

2,453,959

Interest expense

(685,125)

(102,087)

(Losses) gains on investments in equity securities

(5,173,627)

59,934,470

8,930,515

Other income, net

829,781

123,641

Income before income taxes and share of loss of equity method investments

114,555,563

188,296,642

28,057,075

Income tax expense

(29,286,411)

(54,165,392)

(8,070,895)

Income before share of loss in equity method investments

85,269,152

134,131,250

19,986,180

Share of losses in equity investees, net of tax

(907,036)

(173,231)

(25,812)

Net income

84,362,116

133,958,019

19,960,368

Net loss attributable to non-controlling interests

29,519

955,533

142,378

Net income attributable to ordinary shareholders

84,391,635

134,913,552

20,102,746

Net earnings per share

Class A ordinary share-basic and diluted

0.92

1.33

0.20

Class B ordinary share-basic and diluted

0.92

1.33

0.20

Net earnings per ADS

Class A ordinary share-basic and diluted

0.92

1.33

0.20

Class B ordinary share-basic and diluted

0.92

1.33

0.20

Weighted average shares outstanding

Class A ordinary share-basic and diluted

50,856,151

67,015,625

67,015,625

Class B ordinary share-basic and diluted

40,949,391

34,762,909

34,762,909

Other comprehensive income, net of tax

-Foreign currency translation adjustments

(169,882)

(14,802,518)

(2,205,644)

Comprehensive income, net of tax

84,192,234

119,155,501

17,754,724

Comprehensive loss attributable to non-controlling interests

29,519

955,533

142,378

Comprehensive income attributable to ordinary shareholders

84,221,753

120,111,034

17,897,102

 

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

 Quarter Ended 

  March 31,2018 

  March 31,2019 

  March 31,2019 

 RMB 

 RMB 

 USD 

Operation activities:

Net (loss) income 

84,362,116

133,958,019

19,960,368

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

Depreciation and amortization

5,394,502

7,670,772

1,142,981

Share of loss in equity method investments

907,036

173,231

25,812

Interest income 

(4,703,862)

(7,961,638)

(1,186,321)

Bad debt expense 

319,258

891,369

132,818

Loss (Gain) from investments in equity securities 

5,173,627

(59,934,470)

(8,930,515)

Foreign exchange losses (gains)

725,206

(204,117)

(30,414)

Share-based compensation 

159,839

4,849,451

722,591

Income tax expenses related to dividend distribution 

3,844,492

572,847

Changes in operating assets and liabilities:

Accounts receivable 

(11,222,590)

(18,018,161)

(2,684,790)

Prepaid rent 

1,586,377

711,581

106,029

Inventories 

775,180

1,448,883

215,890

Amounts due from related parties 

(416,358)

3,600

536

Other current assets 

(6,803,749)

7,196,789

1,072,355

Other assets 

(4,689,629)

(698,777)

Accounts payable 

4,696,940

4,198,665

625,621

Amounts due to related parties 

326,696

(66,764)

(9,948)

Salary and welfare payable 

(1,679,085)

(7,363,593)

(1,097,210)

Deferred revenue 

22,243,661

(4,393,076)

(654,589)

Advance from customers 

(8,488,483)

(1,670,782)

(248,954)

Accrued expenses and other current liabilities 

3,487,779

25,592,668

3,813,428

Income tax payable 

19,733,840

23,883,063

3,558,687

Unrecognized tax benefits 

3,751,152

6,046,751

900,994

Deferred rent 

(1,014,448)

(292,571)

(43,594)

Other long-term liabilities 

1,773,389

1,047,726

156,116

Deferred taxes 

(5,046,994)

5,270,154

785,277

Net cash provided by operating activities 

116,041,029

122,192,413

18,207,238

Investing activities:

Purchases of property and equipment 

(58,332,109)

(9,059,949)

(1,349,975)

Proceeds from disposal of property and equipment 

300,000

44,701

Acquisitions, net of cash received 

(10,000,000)

(1,490,046)

Purchases of short-term investments 

(516,561,589)

(182,229,182)

(27,152,995)

Proceeds from short-term investments 

745,000,000

716,055,975

106,695,669

Increase of long-term time deposits 

(440,000,000)

(65,562,046)

Purchases of investments in equity securities 

(4,795,838)

(1,976,351)

(294,485)

Purchases of long term investments in equity securities 

(249,464,401)

(37,171,355)

Proceeds from disposal of investments in equity securities 

11,267,910

108,603,914

16,182,488

Loan to related parties 

(10,000,000)

(1,490,046)

Loan to third parties 

(5,000,000)

(15,940,000)

(2,375,134)

Loan to franchisees 

(15,000,000)

(18,130,000)

(2,701,454)

Repayment from franchisees 

3,500,000

5,293,397

788,740

Net cash (used in) provided by investing activities 

160,078,374

(106,546,597)

(15,875,938)

Financing activities:

Distribution to the shareholders

(39,691,103)

(208,025,814)

(30,996,813)

Income tax paid related to the above distribution 

(3,000,000)

Contribution from noncontrolling interest holders 

10,390,000

1,548,158

Proceeds from issuance of Class A ordinary shares 

837,505,007

Payment for initial public offering costs 

(4,302,762)

Net cash provided by (used in) financing activities 

790,511,142

(197,635,814)

(29,448,655)

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

(895,088)

(11,689,960)

(1,741,859)

Net increase (decrease) in cash and cash equivalents and restricted cash

1,065,735,457

(193,679,958)

(28,859,214)

Cash, cash equivalents and restricted cash at the beginning of the period

164,963,665

1,267,325,785

188,837,434

Cash, cash equivalents and restricted cash at the end of the period

1,230,699,122

1,073,645,827

159,978,220

* Upon the adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, restricted cash was included within cash and cash
equivalents in the consolidated statement of cash flows for the three months period ended March 31, 2019 and the comparative disclosure had been
restated to conform to the current period presentation.

 

 

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

Quarter Ended

 March 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

Net income 

84,362,116

133,958,019

19,960,368

 Deduct: 

Other operating income

13,825,401

6,906,453

1,029,094

Gains on investments in equity securities

59,934,470

8,930,515

Other income, net

829,781

123,641

 Add: 

Other operating expenses

143,262

42,624

6,351

Income tax expense 

29,286,411

54,165,392

8,070,895

Share of loss in equity investees, net of tax 

907,036

173,231

25,812

Interest expense

685,125

102,087

Share-based compensation

159,839

4,849,451

722,591

Depreciation and amortization 

5,394,502

7,670,772

1,142,981

Losses on investments in equity securities

5,173,627

 Adjusted EBITDA (Non-GAAP) 

111,601,392

133,873,910

19,947,835

Quarter Ended

 March 31, 2018

 March 31, 2019

 March 31, 2019

RMB

RMB

USD

Net income 

84,362,116

133,958,019

19,960,368

Deduct:

Government subsidies (net of 25% tax)

10,236,002

4,815,000

717,457

Gains on investments in equity securities (net of 25% tax)

44,950,853

6,697,886

Other income (net of 25% tax)

622,336

92,731

Add:

Share-based compensation

159,839

4,849,451

722,591

Losses on investments in equity securities (net of  25% tax)

3,880,220

Income tax expenses related to dividend distribution

3,844,492

572,847

Losses from joint venture closure

Core net income (Non-GAAP)

78,166,173

92,263,773

13,747,732

Core net income per ADS (Non-GAAP)

Class A ordinary share-basic and diluted

0.85

0.91

0.14

Class B ordinary share-basic and diluted

0.85

0.91

0.14

 

 

 

Operational Data

As of March 31, 2018

As of March 31, 2019

Total hotels in operation:

2,354

2,829

     Leased and owned hotels

26

30

     Franchised hotels

2,328

2,799

Total hotel rooms in operation

195,552

225,757

     Leased and owned hotels

3,301

3,790

     Franchised hotels

192,251

221,967

Number of cities

266

292

Quarter Ended

As of March 31, 2018

As of March 31, 2019

Occupancy rate (as a percentage)

     Leased-and-owned hotels

60.5%

59.6%

     Franchised hotels

79.6%

78.4%

     Blended

79.2%

78.1%

Average daily rate (in RMB)

     Leased-and-owned hotels

193

200

     Franchised hotels

155

162

     Blended

156

162

RevPAR (in RMB)

     Leased-and-owned hotels

117

119

     Franchised hotels

124

127

     Blended

124

127

 

 

 

 Number of Hotels in Operation 

 Number of Hotel Rooms in Operation 

As of March 31,2018

As of March 31,2019

As of March 31,2018

As of March 31,2019

 Economy hotels 

287

508

15,810

25,639

 Vatica                                      

111

121

8,280

8,923

 Shell  

176

387

7,530

16,716

 Mid-scale 

2,012

2,198

173,456

187,462

 GreenTree Inn  

1,755

1,901

152,821

164,181

 GT Alliance  

257

294

20,635

23,090

 Wumian Hotel

1

62

 GreenTree Apartment 

2

129

 Business to Mid-to-up-scale 

55

123

6,286

12,656

 GreenTree Eastern  

55

91

6,286

9,732

 GMe 

14

1,337

 Geya 

5

445

 VX 

13

1,142

  Total  

2,354

2,829

195,552

225,757

For more information, please contact:

GreenTree

Ms. Selina Yang
Phone: +86-21-3617-4886 ext. 7999
E-mail: [email protected]

Mr. Nicky Zheng
Phone: +86-21-3617-4886 ext. 6708
E-mail: [email protected]

Christensen

In Shanghai
Ms. Constance Zhang
Phone: +86-138-1645-1798
E-mail: [email protected]

In Hong Kong 
Ms. Karen Hui 
Phone: +852-9266-4140 
E-mail: [email protected]

In US 
Ms. Linda Bergkamp 
Phone: +1-480-614-3004
Email: [email protected]

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Cheetah Mobile to Report First Quarter 2019 Financial Results on June 14, 2019

By | EN, PR

BEIJING, May 24, 2019 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile internet company with global market coverage, today announced that it plans to release its first quarter 2019 financial results before the market opens on Friday, June 14, 2019. The earnings release will be available on the Company’s investor relations website at http://ir.cmcm.com.

Cheetah Mobile’s management will hold a conference call on Friday, June 14, 2019 at 8:00 A.M. Eastern Time or 8:00 P.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:             

+1-412-902-4272

United States Toll Free:      

+1-888-346-8982

China Toll Free:            

4001-201-203

Hong Kong Toll Free:       

800-905-945

Conference ID:            

Cheetah Mobile

The replay will be accessible through June 21, 2019 by dialing the following numbers:

International:             

+1-412-317-0088

United States Toll Free:      

+1-877-344-7529

Access Code:              

10131962

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

About Cheetah Mobile Inc.

Cheetah Mobile is a leading mobile Internet company with global market coverage. It has attracted hundreds of millions of monthly active users through its mobile utility products such as Clean Master and Cheetah Keyboard, casual games such as Piano Tiles 2, Bricks n Balls, and live streaming product Live.me. The Company provides its advertising customers, which include direct advertisers and mobile advertising networks through which advertisers place their advertisements, with direct access to global promotional channels. The Company also provides value-added services to its mobile application users through the sale of in-app virtual items on selected mobile products and games. Cheetah Mobile is committed to leveraging its cutting-edge artificial intelligence technologies to power its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

Investor Relations Contact
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Email: [email protected]

ICR, Inc.
Jack Wang
Tel: +1 (646) 417-5395
Email: [email protected]

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Related Links :

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Openwave Mobility, an Enea Company, Scores Double Win at Virtualization Awards

By | EN, PR

Leading Industry Analysts Recognize Openwave Mobility’s Virtualization Leadership with Two Accolades

STOCKHOLM, Sweden, May 24, 2019 /PRNewswire/ — Underscoring its place as the preeminent provider of solutions that enable mobile operators to manage and monetize encrypted traffic in virtualized networks, Openwave Mobility, an Enea company, won two awards at Network Virtualization & SDN Europe this week. The company’s AI-based RAN Congestion Manager won Most Innovative NFV & SDN Solution. In addition Stratum Cloud Data Manager took the prize for Cutting-Edge Virtualization Proof of Concept (PoC).

Sponsored by Informa, Network Virtualization & SDN Europe focuses on the future of network virtualization. Award categories were judged by an independent panel of industry analysts and specialists, and honors were presented at a gala awards ceremony on May 22.

As the Most Innovative NFV & SDN Solution, RAN Congestion Manager was chosen because it adapts to traffic in real time, enabling operators to leverage machine learning to manage congestion in the radio access network and deliver outstanding quality of experience. Judges recognized the unique capabilities of the solution, which is fully virtualized and dynamically detects and predicts localized congestion at each network attachment point. Openwave Mobility’s solutions were chosen as the clear winners over products from some of the world’s largest network equipment providers.

Judges then awarded the Most Innovative Virtualization POC to Stratum Cloud Data Manager. This cloud native solution gives operators a 5G virtualized common data layer that securely stores and accesses data from any virtualized application. Stratum provides the agile 5G data layer that eliminates data siloes and vendor lock-in and supports the seamless 5G vision of high-value services that can be activated on demand for any user or entity.

"It’s extremely gratifying to have our solutions recognized as the best in the industry by an independent panel of experts who clearly understand the impact of our solutions for today’s operators," said John Giere, President and CEO of Openwave Mobility. "We are committed to an aggressive strategy of continual innovation to introduce solutions that support operators as they digitally transform and deploy next-generation networks."

Media Contacts:  
For APAC and EMEA Inquiries:
Chevaan Seresinhe
Sonus PR
[email protected] 
Tel: +44-797-1967-644 

For Americas Inquiries:
Micah Warren
[email protected]
Tel: +1 (609) 247-6525 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/enea-ab/r/openwave-mobility–an-enea-company–scores-double-win-at-virtualization-awards,c2824037

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Dahai one-to-one & Cornell University Customize Educational Training Courses

By | EN, PR

13 Top Teachers Selected to Participate in U.S. Course

BEIJING, May 24, 2019 /PRNewswire/ — TAL Education Group’s subsidiary Dahai, the online 1-to-1 education brand, has customized a teacher training program to the U.S. The Cornell University hosted Dahai’s Haishi Teacher Team, which consisted of 13 outstanding college student teachers selected nationwide, for this specialized 2-day education training course.

During their trip, the team visited other Ivy League schools, such as Harvard University and Columbia University. However, to achieve a more thorough perspective on American teaching methods, the Haishi Team visited a local middle school in New York (Boynton Middle School). There, they sat in on a class with students to gain a further perspective on American teaching methods. On their last stop, the group went to TAL’s R&D department in Silicon Valley to acquire an in-depth understanding of "AI+ Education" and share online teaching experience with R&D personnel. At the facility, each person examined the empowering effects and potential a personalized online education can provide, exploring the future development of online education.

Dahai’s Haishi Teacher Team Visits Harvard
Dahai’s Haishi Teacher Team Visits Harvard

Haishi American Education and Training is one of Dahai’s top teacher training programs. With the development of the modern era, today’s education is no longer a traditional model of blackboards and chalk. Modern teaching methods not only enhances classroom content, but can also improve teaching efficiency between teachers and their students’ interest in learning. Making teachers more adept to internet development has become a focus of teacher training. Dahai is dedicated to improving teachers’ abilities and personal accomplishments, helping teachers to adapt to new technological changes, such as AI and ICT (Information and Communication Technology). By doing so, teachers can make online one-to-one teaching more effective.

Huang Bainan, head of Dahai’s Haishi Teacher Team, believes the event is intended to allow our teachers to gain a deeper understanding of American politics, culture, education and technology, while obtaining hands-on experience from some of the world’s leading universities. These accomplishments will expand their horizons and enhance their knowledge for future career, educational, and personal development.

This time, Cornell University specifically tailored the training program for the Haishi team. Bryan Duff, a professor and Senior Lecturer from the University, gave a detailed introduction to the American education system, analyzing the differences between Chinese and American education models. As he discussed the advantages and disadvantages of the two, the professor explained common methods and techniques used by American teachers. Importance is given to a students’ self-thinking abilities and students are encouraged to ask brave questions. Students should be praised for any question asked as "There is no stupid question, only imperfect answers."

Similarly, the Dahai advocates a parallel educational philosophy focused on "stimulating learning interest, developing learning habits, and building a knowledge system". Encouragement based reward inspires children’s interest in learning. By learning to simulate interest, a teacher can guide questions actively in class, encouraging children to ask questions and participate. When students ask questions, the teacher gives praise and look to motivate other students to find their own answers. Dahai’s AI classroom monitoring system can intelligently detect students’ question answering and summarize the whole class as visual reports. The feedback is then used to cultivate students’ good learning habits. Dahai hopes to advance its intelligent system and learning efficiency by combining these methods, improving its student’s learning approach and framework.

After the training course, the group also visited Boynton Middle School, a prominent local school. They took classes with the students and closely observed, studying the method and manner of which the teachers gave instructions. The participants found it greatly rewarding, having a renewed understanding of the teacher-student relationship and the full advantages of student participation.

During the shared teaching experience, several team members found that honing students’ independent learning interest is the cornerstone for nurturing students’ learning abilities. A "Haishi" teacher from Beijing Jiaotong University said, "Students always have in mind of which teaching style they prefer. If the style works for them, they will gradually become more willing to ask questions and become more outgoing. From passive learning to active learning, enthusiasm will gradually progress."

The use of AI technology will intelligently record students’ classroom questions, answers, notes, and provide a summary of the class. This will help children develop good learning habits like "willing expression, diligent writing, and leading to a successful conclusion". Dahai one-to-one hopes to promote learning efficacy through after-school coaching, allowing for visible changes.

The Director of TAL Silicon Valley R&D Department said: "As TAL’s first overseas team, we will take advantages of regional development of science, technology, and talents in Silicon Valley to integrate cognitive science with educational psychology and surveying data. These innovation in areas, such as voice and language technology, can increase Dahai’s scientific potential. Therefore, providing a driving force for the exploration of new educational models. By relying on scientific technique, we may also be able to solve the imbalance of education resources, allowing more children to enjoy high-quality personalized content.

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ResearchTech Heats Up, Even as Research Budgets Shrink

By | Press Coverage

Excerpt: Others include Airex, Bloomberg, Deep Bench, SmartKarma, and Visible Alpha.

David Easthope • (Opens in a new window) ⧉

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Veoneer Recognized by General Motors as a 2018 Supplier of the Year Winner

By | EN, PR

STOCKHOLM, May 24, 2019 /PRNewswire/ — Veoneer, Inc. (NYSE: VNE) (SSE: VNE SDB), the world’s largest pure-play company focused on Advanced Driving Assistance Systems, Collaborative and Automated Driving was named a GM Supplier of the Year by General Motors during its 27th annual Supplier of the Year awards ceremony held May 15 in Detroit. 

During the event, GM recognized 133 of its best suppliers from 15 countries that have consistently exceeded GM’s expectations, created outstanding value or introduced innovations to the company.

While this is the first time Veoneer has received the award, Veoneer is built on close to 70 years of developing safety systems within Autoliv, a pioneer in automotive safety.

"We hold our suppliers to a high bar," said Steve Kiefer, GM senior vice president, Global Purchasing and Supply Chain. "They went above and beyond to deliver the innovations and quality that will help us earn customers for life."

More than half of the suppliers are repeat winners from 2017.

The Supplier of the Year award winners were chosen by a global team of GM purchasing, engineering, quality, manufacturing and logistics executives. Winners were selected based on performance criteria in Product Purchasing, Global Purchasing and Manufacturing Services, Customer Care and Aftersales, and Logistics.

"We are extremely honored to receive the 2018 General Motors Supplier of the Year Award for Electronic Modules," said Jan Carlson, Chairman, President and CEO, Veoneer. "We are proud to be recognized by our longtime partner for our commitment to performance, quality and innovation and to support their ambition of zero crashes, zero emissions and zero congestion with our products that are creating trust in mobility."

About Veoneer
Veoneer designs and manufactures products and solutions for active safety, autonomous driving, occupant protection and brake control. Our purpose is to create trust in mobility. Veoneer is a new technology company that is building on a heritage of close to 70 years of automotive safety development. Veoneer has 9,200 employees in 13 countries. Headquartered in Stockholm, Sweden, Veoneer is listed on the New York Stock Exchange and on Nasdaq Stockholm.

About General Motors
(NYSE:GM) is committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the CadillacChevrolet, BaojunBuickGMCHoldenJiefang and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand, and Cruise, its autonomous vehicle ride-sharing company, can be found at http://www.gm.com.

For more information please contact:
Thomas Jonsson
EVP Communications & IR
Tel +46-8-527-762-27 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/veoneer/r/veoneer-recognized-by-general-motors-as-a-2018-supplier-of-the-year-winner,c2823858

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Menicon Announces Launch of Menicon Bloom Myopia Control Management System

By | EN, PR

– Launch Features Initial Introduction of Menicon Bloom Night, First and Only CE-approved Orthokeratology Contact Lens in Europe for Myopia Control –

NAGOYA, Japan, May 24, 2019 /PRNewswire/ — Menicon Co., Ltd. announced on May 24 the launch of the Menicon Bloom Myopia Control Management System, a holistic approach for myopia control management. The launch features the initial introduction of Menicon Bloom Night, an orthokeratology contact lens therapy for myopia control  management.

(Logo: https://kyodonewsprwire.jp/img/201905216625-O1-4k0Q106r)

Myopia, also known as near- or short-sightedness, is the most common refractive error and the major cause of vision impairment worldwide. It affects approximately 30% of the world’s population and its prevalence has been forecast to affect about 50% of the world’s population by 2050. The prevalence of myopia in young adolescents has been increasing in recent decades to about 30% in industrialized societies of the West and epidemic levels of over 90% in some parts of Far East Asia. Globally, it is recognized as a significant public health concern associated with increased ocular-related morbidity and considerable healthcare costs.

Menicon Bloom Night therapy involves the overnight wear of a specially designed reverse geometry orthokeratology contact lens, manufactured in hyper oxygen-permeable Menicon Z rigid material that ensures optimal corneal oxygenation for comfortable and safe contact lens wear. The treatment temporarily changes the shape of the cornea, which results in reduction of refractive error, thus eliminating the need to wear contact lenses throughout the waking hours after lenses are removed. The new corneal shape provides a particular optical path for incoming light that counters the ocular growth response associated with myopia development. Through this mechanism, Menicon Bloom Night is indicated for the correction of refractive myopia and for control of myopia when prescribed and managed by a qualified eye care professional.

Menicon Bloom Night contact lenses have been reviewed and validated via numerous comprehensive, peer-reviewed studies related to myopia control management. Menicon Bloom Night therapy has proven to be well accepted by parents and to improve children’s self-esteem in terms of physical appearance, participation in activities, academic performance and peer perception. With the accumulation of long-term and comprehensive scientific evidence over the years, Menicon Bloom Night has met the highest standards of safety, efficacy and quality required to grant the treatment CE approval for myopia control management in Europe.

The fitting of Menicon Bloom Night is optimized by the use of Easyfit software, a sophisticated, user-friendly tool which accurately guides the eye care professional through the fitting process. Additionally, a specially designed mobile phone application, Menicon’s Virtual Dr., has been developed to enhance the monitoring and communication process between eye care professionals and patients. Menicon Bloom Night is only available for certified eye care professionals. With the launch of this groundbreaking myopia care therapy, Menicon has become one of the few companies to have devices officially approved for myopia control management in Europe and demonstrates the company’s continued commitment to the field of myopia control.

Menicon Bloom Night will be launched initially in The Netherlands, followed soon thereafter with launches in other European markets. Further information about the product and availability will be forthcoming soon.

Dr. Hidenari Tanaka, CEO, Menicon Co., Ltd., commented: "We are delighted with the major breakthrough achieved with the approval and launch of our Menicon Bloom Myopia Control Management System. We are confident that our continuing commitment to myopia control management will position Menicon as a key contributor in this field and strengthen our position as a global vision care company. It is our belief that the growing prevalence of worldwide myopia progression requires a comprehensive and educated response and we have identified this as a major initiative within our development programs. As a pioneer of contact lenses, we will develop our myopia control business based on our accumulated technology, products and services and contribute to society by supporting eye care professionals in managing the fast growing incidence of myopia."

About Menicon:

Menicon Co., Ltd. (7780: Tokyo), founded by Mr. Kyoichi Tanaka in 1951, is Japan’s first and largest contact lens manufacturer, and now is represented in over 30 countries. Menicon is a manufacturer dedicated to all areas of soft and gas-permeable contact lens-related businesses, including manufacture, sales, export and import of contact lenses and other medical goods; manufacture and sales of medical instruments; sales of medical supplies; and research and development of intraocular lenses. For more information, visit www.menicon.com.

*"Bloom", "Bloom Night", "Menicon Z" and "Easyfit" are trademarks of Menicon Co., Ltd.

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Natura &Co dan Avon bergabung untuk menciptakan pemimpin industri kecantikan global yang bergerak secara Direct-to-Consumer

By | ID, PR

SÃO PAULO dan LONDON, 24 Mei 2019 /PRNewswire/ — Natura &Co (B3: NATU3) mengumumkan langkahnya untuk mengakuisisi Avon Products, Inc. (NYSE: AVP) dalam transaksi yang seluruhnya berbentuk saham, menciptakan kelompok usaha yang secara khusus bergerak di sektor kecantikan dan menjadi yang terbesar keempat di dunia, serta menjadi penggerak penting bagi kemajuan industri.

Kombinasi kedua perusahaan menciptakan grup usaha terbaik di sektor kecantikan dengan berbagai merek dan kanal, memiliki hubungan langsung dengan berbagai konsumen setiap hari. Grup ini akan memiliki sejumlah posisi terkemuka dalam hal penjualan berbasiskan hubungan (relationship selling) melalui kalangan Konsultan serta Perwakilan Avon dan Natura yang berjumlah lebih dari 6,3 juta, jangkauan global melalui 3.200 gerai, serta jangkauan digital yang lebih luas di seluruh perusahaan. Grup hasil gabungan kedua perusahaan ini diperkirakan memiliki omzet kotor tahunan senilai lebih dari US$10 miliar, lebih dari 40.000 rekanan dan menjangkau 100 negara.

Mengandalkan merek ikonisnya, semangat yang sama untuk menjalin hubungan, dan keahlian omnichannel, grup usaha yang lebih besar ini akan menghadirkan kecantikan kepada lebih dari 200 juta konsumen di seluruh dunia, kapan pun, di mana pun, setiap hari. Dengan menambahkan Avon ke portofolio yang sebelumnya telah mencakup Natura, The Body Shop dan Aesop, Natura &Co akan meningkatkan keahliannya agar bisa lebih baik lagi melayani beragam profil konsumen dan kanal distribusi, serta memperluas usaha ke beberapa wilayah baru.

Avon dan Natura sama-sama didirikan oleh sejumlah individu yang tergerak oleh misi, menjangkau konsumen lewat gerakan wirausaha mikro yang mandiri dan sebagian besar terdiri atas kaum wanita. Kalangan tersebut berperan sebagai duta merek dan penasihat kecantikan. Avon ialah merek ikonis dengan warisan selama lebih dari 130 tahun, dan menjadi platform kecantikan dengan penjualan berbasiskan hubungan (relationship selling) yang terkemuka di dunia. Berbagai mereknya yang piawai dalam seluruh kategori kecantikan penting dan posisi kompetitif di sejumlah pasar, memberikan peluang signifikan untuk pertumbuhan mendatang.

Natura &Co memperkirakan kombinasi usaha ini akan menghasilkan sinergi sasaran sekitar US$150 juta hingga US$250 juta setiap tahun, sebagian dari nilai itu akan diinvestasikan kembali demi peningkatan keahlian dalam penjualan digital dan sosial, penelitian & pengembangan, serta berbagai inisiatif merek, dan terus mengembangkan jangkauan kewilayahan Grup tersebut.

Luiz Seabra, Salah Satu Pendiri Natura, menyatakan: "Kami selalu memandang Avon dengan rasa hormat dan kagum. Natura didirikan dengan semangat tentang kecantikan dan hubungan, dan transaksi hari ini menghasilkan kekuatan besar dalam sektor direct-to-consumer. Penjualan langsung adalah jaringan sosial, bahkan sebelum istilah ini diciptakan, dan kedatangan teknologi serta globalisasi hanya melipatgandakan berbagai peluang untuk menghubungkan konsumen dengan cara yang lebih bermakna. Model penjualan antarteman (peer-to-peer) berkembang menuju penjualan sosial (social selling), dan kekuatan media digital membuat grup bisa berkiprah lebih dari sekadar menyediakan berbagai produk dan nasihat, memajukan pemberdayaan wanita, melalui kemandirian finansial serta kepercayaan diri yang lebih baik. Kami yakin, bisnis bisa menjadi kekuatan yang baik. Bersama Avon, kami akan memperkuat berbagai langkah pionir untuk menghadirkan nilai sosial, lingkungan, dan ekonomi ke jaringan yang semakin berkembang."

Roberto Marques, Executive Chairman, Natura &Co, mengatakan: "Setelah akuisisi Aesop pada 2013 dan The Body Shop pada 2017, Natura &Co kembali mengambil langkah yang menggembirakan dan menentukan, guna membangun sebuah Grup global, memiliki banyak merek dan kanal, serta berorientasi pada tujuan. Avon ialah perusahaan luar biasa, sebuah merek ikonis, dengan berbagai rekanan yang penuh semangat dan memiliki lebih dari lima juta Perwakilan yang juga memercayai kekuatan hubungan. Secara berbarengan, kami kelak meningkatkan keahlian digital yang kian berkembang, jaringan sosial yang terdiri atas Konsultan dan Perwakilan, serta mengandalkan jangkauan gerai global dan merek-merek istimewa kami, sehingga kami dapat menghubungkan, menjangkau, dan memengaruhi jutaan konsumen dengan beraneka ragam profil setiap hari, membuat Grup kami tampil beda, serta menciptakan platform tangguh untuk pertumbuhan."

Jan Zijderveld, CEO, Avon, bilang: "Gabungan usaha ini menjadi awal dari babak baru yang menggembirakan dalam sejarah Avon selama 130 tahun. Akuisisi tersebut juga membuktikan perkembangan dari upaya kami untuk ‘Menampilkan Avon yang Lebih Terbuka’ (Open Up Avon), dan kami yakin, langkah ini akan membantu percepatan strategi kami secara signifikan, serta terus memperluas usaha ke kanal daring. Selama setahun terakhir, kami telah merintis transformasi demi memperkuat daya saing Avon. Hal itu ditempuh dengan memperbarui fokus kami terhadap Kaum Wanita, memperingkas kegiatan operasional, serta memodernisasikan dan mendigitalisasikan merek kami. Bersama Natura, kami segera memperoleh akses yang lebih luas terhadap inovasi dan portofolio produk, platform e-commerce dan digital yang lebih baik, serta data dan perangkat yang lebih piawai untuk para Perwakilan sehingga mereka bisa meningkatkan pertumbuhan dan nilai tambah bagi para pemegang saham. Lebih lagi, dengan dukungan Natura, kami akan terus berinvestasi pada teknologi mutakhir guna meningkatkan keahlian digital dan produktivitas para Perwakilan kami. Baik Avon dan Natura adalah lembaga yang mengutamakan tujuan, dan kombinasi tersebut akan membuat kami bisa lebih baik lagi melayani jutaan Perwakilan, mengandalkan jangkauan internasional Avon, dengan komitmen kuat dalam peningkatan pengalaman dan pendapatan Kaum Wanita."

Chan Galbato, Non-Executive Chairman, Avon berkata: "Fokus kami ialah meningkatkan pengalaman berbagai Perwakilan perusahaan, mempercepat ekspansi internasional, membenahi struktur biaya, memperbesar fleksibilitas keuangan, dan pada akhirnya, menempatkan perusahaan untuk pertumbuhan dan kesuksesan jangka panjang. Direksi bertekad memperbesar nilai tambah bagi para pemegang saham, dan perpaduan dengan Natura mencerminkan era baru dari pertumbuhan masa depan Avon. Direksi Avon optimistis bahwa Natura akan menjadi mitra yang piawai bagi merek Avon, dan menjadi mitra yang memberikan skala lebih besar, berbagai operasional dan peluang yang lebih luas bagi para pegawai dan Perwakilan, serta potensi besar untuk kedua pemegang saham perusahaan. Kami gembira mendukung kombinasi yang transformasional ini."

Sebagai bagian dari transaksi ini, induk usaha baru di Brazil, Natura Holding S.A., telah terbentuk. Berdasarkan rasio peralihan saham yang telah ditentukan, yakni 0,300 saham Natura Holding setara dengan setiap lembar saham biasa Avon. Para pemegang saham Avon kelak menguasai sekitar 76% kepemilikan pada perusahaan gabungan, sementara, para pemegang saham biasa Avon akan memiliki sekitar 24% saham grup. Berdasarkan harga penutupan saham Natura yang bersifat final pada 21 Maret 2019, sehari sebelum Natura menerbitkan Fakta Material yang memastikan negosiasi antara Avon dan Natura, transaksi ini mencerminkan premium sebesar 28% bagi para pemegang saham Avon dan setara dengan 9,5x atau 5,6x EBITDA pada tahun 2018, dengan asumsi dampak positif yang sepenuhnya terwujud dalam sinergi Natura sesuai dengan target. Berdasarkan harga penutupan saham pada 21 Mei 2019, transaksi ini memberikan valuasi terhadap Avon sebesar US$3,7 miliar, dan grup yang menjadi hasil gabungan usaha akan memiliki valuasi perusahaan sekitar US$11 miliar. Setelah penyelesaian transaksi, saham Natura Holding S.A. akan didaftarkan di B3, dengan 55% saham mengambang (public float), dan saham ini juga terdaftar sebagai ADR di NYSE. Para pemegang saham Avon akan memiliki pilihan (option) untuk memperoleh ADR yang diperdagangkan di NYSE atau saham yang terdaftar di B3. Informasi lebih lanjut tersaji dalam Fakta Material yang bisa diakses di tautan berikut https://natu.infoinvest.com.br/ptb/7085/19550_691987.pdf

Setelah penyelesaian transaksi, Direksi dari perusahaan gabungan akan terdiri atas 13 anggota, 3 di antaranya akan ditunjuk oleh Avon. Transaksi ini masih bergantung pada sejumlah ketentuan dari pihak berwenang di masing-masing negara, termasuk persetujuan dari para pemegang saham Natura &Co dan Avon, serta pihak berwenang dalam bidang antimonopoli usaha di Brazil dan beberapa wilayah hukum tertentu. Penyelesaian transaksi diperkirakan terwujud pada awal 2020.

UBS Investment Bank dan Morgan Stanley bertindak sebagai penasihat keuangan bagi Natura &Co. Goldman Sachs bertindak sebagai penasihat keuangan bagi Avon dan PJT Partners bertindak sebagai penasihat keuangan bagi Direksi Avon.

Telewicara dan Webcast

NATURA &Co akan mengadakan telewicara (conference call) dan webcast pada Kamis, 23 Mei, pukul 09.00 pagi BRT, pukul 08.00 pagi EST untuk mengulas transaksi tersebut.

Telewicara ini bisa diakses dengan menelepon nomor +55 11 3193-1001 atau +55 11 2820-4001 untuk Brazil, +1-646-828-8246 atau nomor Bebas Pulsa: 1-800-492-3904 untuk Amerika Serikat dan Kanada serta nomor +44 20 7442-5660 atau nomor Bebas Pulsa 0-808-111-0152 untuk Inggris. Kode konfirmasi adalah Natura. Para peserta harus menelepon 10 menit sebelum dimulainya telewicara pada jadwal yang telah ditentukan.

Tayangan langsung webcast untuk telewicara ini dan sejumlah materi presentasi terkait akan disediakan di laman hubungan investor pada setiap situs web perusahaan di http://choruscall.com.br/natura/extramay.htm

Tentang NATURA &CO

Sebagai gabungan dari Natura, Aesop dan The Body Shop, merek korporat Natura &Co menyatukan upaya pembentukan grup kosmetik global, dengan berbagai kanal dan merek yang mengutamakan tujuan. Tiga perusahaan ini membentuk sebuah grup usaha yang bertekad menghasilkan dampak positif di sektor ekonomi, sosial, dan lingkungan hidup. Berdiri pada 1969, Natura adalah perusahaan multinasional asal Brazil di sektor kosmetik dan perawatan tubuh, menjadi pemimpin dalam penjualan langsung. Didirikan pada 1976 di Brighton, Inggris, oleh Anita Roddick, The Body Shop adalah merek kecantikan global yang ingin membuat perubahan positif di dunia. Merek kecantikan dari Australia Aesop terbentuk pada 1987 dengan ambisi untuk menciptakan serangkaian produk terbaik untuk kulit, rambut, dan tubuh.

Tentang Avon Products, Inc.

Selama 130 tahun Avon mengutamakan kaum wanita: menyediakan berbagai produk kecantikan inovatif dan bermutu yang sebagian besar dijual ke wanita, melalui wanita. Jutaan Perwakilan independen di dunia menjual sejumlah merek Avon yang ikonis seperti Avon Color dan ANEW lewat jaringan sosial mereka, membangun bisnis kecantikannya sendiri secara paruhwaktu atau purnawaktu. Avon mendukung pemberdayaan, kewirausahaan dan kesejahteraan wanita, serta telah menyumbangkan lebih dari $1 miliar bagi gerakan wanita melalui Avon dan Avon Foundation. Pelajari lebih lanjut tentang Avon dan berbagai produknya di www.avonworldwide.com. #Stand4Her.

Pertanyaan dari Media untuk Natura &Co: 
Marcelo Behar, Corporate Affairs Officer, Natura &Co
[email protected]

Hubungan Investor bagi Natura &Co:
Viviane Behar de Castro, Investor Relations Director, Natura &Co
[email protected]

Pertanyaan dari Media untuk Avon:
Natalie Deacon, Executive Director Communications, Avon Products, Inc. 
+ 44(0) 7725 150853
Surel: [email protected]  / [email protected]

Hubungan Investor Avon:
Amy Greene, Vice President, Investor Relations, Avon Products, Inc.
+ 001 212 282 5320
Surel: [email protected]

BUKAN PENAWARAN ATAU AJAKAN UNTUK MEMBELI

Sarana komunikasi ini bertujuan untuk menyajikan informasi dan bukan merupakan penawaran untuk menjual atau ajakan membeli surat-surat berharga apa pun atau ajakan memberikan suara atau persetujuan, jangan pula ada penjualan surat berharga di wilayah yurisdiksi mana pun yang menyatakan penawaran, ajakan membeli, atau penjualan tersebut sebagai pelanggaran hukum sebelum registrasi atau pemeriksaan dilakukan menurut undang-undang sekuritas di wilayah yurisdiksi itu.

INFORMASI TAMBAHAN DAN CARA UNTUK MEMPEROLEHNYA

Sarana komunikasi ini dibuat sehubungan dengan transaksi yang tengah diusulkan dan melibatkan Natura Holding S.A. (secara berbarengan dengan Natura Cosmeticos S.A., "Natura") dan Avon Products, Inc. ("Avon"). Terkait dengan transaksi yang tengah diusulkan tersebut, Natura akan mengajukan pernyataan registrasi kepada Securities and Exchange Commission ("SEC") dalam Formulir F-4 yang mencakup proxy statement dari Avon dan prospektus dari Natura. Natura dan Avon juga berencana untuk mengajukan sejumlah dokumen lain kepada SEC sehubungan dengan transaksi yang tengah diusulkan tersebut, dan proxy statement/prospektus bersama akan dikirimkan kepada para pemegang saham Avon. Komunikasi ini tidak menggantikan proxy statement, pernyataan registrasi, proxy statement/prospektus apa pun, atau beberapa dokumen lain yang dapat diajukan Natura dan/atau Avon kepada SEC sehubungan dengan transaksi yang tengah diusulkan. SEBELUM MEMBERIKAN HAK SUARA ATAU KEPUTUSAN INVESTASI APA PUN, KALANGAN INVESTOR DIMINTA AGAR MEMBACA FORMULIR F-4 DAN PROXY STATEMENT/PROSPEKTUS BERSAMA SEHUBUNGAN DENGAN TRANSAKSI YANG TENGAH DIUSULKAN SERTA DOKUMEN-DOKUMEN RELEVAN LAINNYA SECARA HATI-HATI DAN UTUH SAAT NANTI TERSEDIA KARENA BERBAGAI DOKUMEN TERSEBUT AKAN MEMUAT INFORMASI PENTING TENTANG TRANSAKSI YANG TENGAH DIUSULKAN. Formulir F-4 dan proxy statement/prospektus bersama, serta sejumlah dokumen lain yang mengandung informasi tentang Natura dan Avon, akan tersedia secara gratis pada situs internet SEC (www.sec.gov). Salinan proxy statement/prospektus bersama juga dapat diperoleh, saat tersedia, tanpa biaya, pada situs web Natura di www.NaturaeCo.com. Salinan proxy statement/prospektus bersama juga dapat diperoleh, saat tersedia, tanpa biaya, pada situs web Avon di www.AvonWorldwide.com.

KEIKUTSERTAAN DALAM PENAWARAN SAHAM

Natura dan Avon, bersama masing-masing direksi, pejabat eksekutif dan sejumlah anggota manajemen serta pegawai dapat dianggap sebagai para peserta dalam penawaran saham sehubungan dengan transaksi yang tengah diusulkan tersebut. Informasi tentang pihak-pihak yang bisa, menurut ketentuan SEC, dianggap sebagai para peserta dalam penawaran saham sehubungan dengan transaksi yang tengah diusulkan tersebut, memuat gambaran mengenai saham yang dimiliki secara langsung atau tidak langsung, melalui kepemilikan surat-surat berharga atau sebaliknya, akan diperjelas dalam proxy statement/prospektus bersama serta beberapa material relevan lainnya ketika diajukan kepada SEC. Informasi tentang direksi dan sejumlah pejabat eksekutif Natura tercantum di dalam Formulir Rujukan Natura pada tahun 2018, versi 15, diajukan kepada Komisi Sekuritas Brazil pada 24 April 2019. Informasi tentang direksi dan sejumlah pejabat eksekutif Avon tercantum dalam proxy statement Avon yang bersifat definitif dalam rangka rapat umum pemegang saham tahunan pada 2019, diajukan kepada SEC pada 2 April 2019. Dokumen-dokumen tersebut bisa diperoleh secara gratis dari sumber-sumber yang tercantum di atas.

PERINGATAN TENTANG SEJUMLAH PERNYATAAN YANG MENGANDUNG PROYEKSI

Sejumlah pernyataan dalam sarana komunikasi ini (atau di dalam sejumlah dokumen yang dilampirkan dengan rujukan) bukan merupakan fakta historis atau informasi yang dapat merupakan pernyataan yang mengandung proyeksi (forward-looking statements), sesuai ketentuan Private Securities Litigation Reform Act tahun 1995. Beberapa di antaranya, sejumlah pernyataan yang mengandung proyeksi ini bisa mencakup beberapa pernyataan sehubungan dengan transaksi yang tengah diusulkan, melibatkan Natura dan Avon; meyakini hal-hal tentang penciptaan nilai bisnis sebagai hasil dari transaksi yang tengah diusulkan serta melibatkan Natura dan Avon; jangka waktu yang diharapkan untuk menyelesaikan transaksi; manfaat dan sinergi dari transaksi; sejumlah peluang bagi perusahaan gabungan; serta pernyataan-pernyataan lain yang terkait dengan keyakinan, harapan, rencana, niat, kondisi atau kinerja keuangan Avon dan Natura di masa mendatang. Dalam beberapa kasus, kata-kata seperti "memperkirakan", "memproyeksikan", "memperhitungkan", "merencanakan", "meyakini", "mungkin", "menargetkan", "mengantisipasi", "bermaksud", "direncanakan", "berpotensi", "dapat", "ekspektasi", "bisa", "akan", "kelak", serta sejumlah istilah serupa, atau bentuk negatif dari istilah-istilah tersebut, bisa dianggap sebagai pernyataan-pernyataan yang mengandung proyeksi. Sejumlah pernyataan yang mengandung proyeksi dibuat berdasarkan harapan serta keyakinan Natura dan Avon tentang kejadian-kejadian yang akan datang, sehingga menyimpan berbagai risiko dan ketidakpastian yang bisa menyebabkan kinerja sesungguhnya berbeda secara material dari harapan-harapan saat ini. Sejumlah faktor ini sulit diprediksi dengan cermat, dan bisa berada di luar kendali Natura dan Avon. Sejumlah pernyataan yang mengandung proyeksi dalam sarana komunikasi ini atau yang lainnya, hanya berlaku ketika diterbitkan. Ada berbagai ketidakpastian dan risiko baru yang muncul secara berkala, dan tidaklah mungkin bagi Natura dan Avon untuk memprediksi kejadian-kejadian tersebut atau bagaimana dampaknya terhadap Natura atau Avon. Untuk itu, Anda sebaiknya tidak bergantung pada pernyataan yang mengandung proyeksi apa pun sebagai dasar untuk memperkirakan kejadian-kejadian mendatang. Di luar dari ketentuan undang-undang, baik Natura atau Avon tak berkewajiban untuk, dan tidak bermaksud untuk, memperbarui atau merevisi sejumlah pernyataan yang mengandung proyeksi di dalam sarana komunikasi ini atau materi lainnya, setelah sarana komunikasi ini diterbitkan. Sehubungan dengan sejumlah risiko dan ketidakpastian tersebut, kalangan investor harus mengingat bahwa kinerja, kejadian atau perkembangan yang dibahas di dalam sejumlah pernyataan yang mengandung proyeksi pada sarana komunikasi ini, mungkin tidak terwujud. Faktor-faktor ketidakpastian dan risiko yang bisa memengaruhi kinerja Natura dan/atau Avon di masa depan, dan menyebabkan kinerja tersebut berbeda dari sejumlah pernyataan yang mengandung risiko dalam sarana komunikasi ini, termasuk namun tidak terbatas pada, (a) kesanggupan dari kedua pihak untuk menyelesaikan transaksi atau memenuhi ketentuan penyelesaian transaksi, termasuk memperoleh persetujuan dari para pemegang saham dan izin dari pihak berwenang yang diperlukan untuk transaksi ini, sesuai dengan ketentuan yang diharapkan atau jadwal yang ditargetkan; (b) kemampuan kedua pihak dalam memenuhi target terkait jangka waktu, penyelesaian transaksi serta akuntansi, dan penanganan perpajakan dalam transaksi; (c) kemungkinan tak terwujudnya keuntungan yang diharapkan dari transaksi yang tengah diusulkan atau tidak terwujud dalam jangka waktu yang ditargetkan; (d) risiko dari integrasi kegiatan operasional Avon dengan Natura yang secara material tertunda atau akan berbiaya lebih besar atau menyulitkan ketimbang yang diharapkan; (e) gagalnya penyelesaian transaksi yang tengah diusulkan karena sebab-sebab lain; (f) efek dari pengumuman transaksi terhadap hubungan pelanggan dan konsultan serta kinerja operasional (termasuk, tanpa batasan, sejumlah kesulitan dalam menjaga hubungan dengan pegawai atau pelanggan); (g) dilusi yang disebabkan penerbitan saham biasa Natura sehubungan dengan transaksi ini; (h) kemungkinan timbulnya biaya yang lebih mahal untuk menyelesaikan transaksi daripada yang diharapkan, termasuk karena sejumlah faktor atau kejadian yang tidak diperkirakan; (i) pengalihan waktu manajemen pada isu-isu yang terkait dengan transaksi; (j) kemungkinan tak tercapainya akuntansi dan penanganan perpajakan yang diinginkan; (k) risiko-risiko yang dijelaskan di Bagian 4 dari Formulir Rujukan Natura pada 2018, versi 15, diajukan kepada Komisi Sekuritas Brazil pada 24 April 2019; serta (l) risiko-risiko yang dijelaskan di dalam Poin 1A pada Laporan Tahunan Avon pada Formulir 10-K yang baru-baru ini diajukan, serta beberapa laporan selanjutnya pada Formulir 10-Q dan 8-K.

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Elekta Unity MR-linac Receives Regulatory Approval From Japanese Ministry of Health, Labour and Welfare

By | EN, PR

With the potential to transform how clinicians treat cancer, Japan enters a new era of precision radiation medicine with magnetic resonance radiation therapy

TOKYO, May 24, 2019 /PRNewswire/ — Elekta (EKTA-B.ST) announced today that its Elekta Unity magnetic resonance radiation therapy system has been approved for clinical use in Japan.

Elekta Unity combines two technologies: a state-of-the-art 1.5T MRI scanner and a best-in-class 7 MV linear accelerator, driven by breakthrough real-time adaptive radiotherapy software. It provides the ability to reshape the dose based on daily changes in shape, size and position of the tumor and surrounding healthy anatomy, as visualized with MRI, and then enables accurate dose delivery with real-time visualization of the tumor. 

"With the introduction of Unity, hospitals and clinicians in Japan now have access to unsurpassed precision radiation medicine," said Charles Schanen, President of Elekta K.K. (Japan). "More importantly, we anticipate this innovative technology to improve the outcomes for the more than one million people diagnosed with cancer in Japan."

To learn more, visit elekta.com/Unity.

Elekta Unity is CE marked and 510(k) cleared. It is not commercially available in all markets. 

About Elekta
For almost five decades, Elekta has been a leader in precision radiation medicine. Our nearly 4,000 employees worldwide are committed to ensuring everyone in the world with cancer has access to – and benefits from – more precise, personalized radiotherapy treatments. Headquartered in Stockholm, Sweden, Elekta is listed on NASDAQ Stockholm Exchange. Visit elekta.com or follow @Elekta on Twitter.

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https://news.cision.com/elekta/r/elekta-unity-mr-linac-receives-regulatory-approval-from-japanese-ministry-of-health–labour-and-welf,c2823641

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For further information, please contact:
Oskar Bosson, Global EVP Corporate Communications and Investor Relations
Tel: +46 70 410 7180, e-mail: [email protected]
Time zone: CET: Central European Time 

Raven Canzeri, Global Public Relations Manager
Tel: +1 770 670 2524, e-mail: [email protected]
Time zone: EST: Eastern Standard Time

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