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PR

Urban Tea, Inc. Announces Pricing of Approximately $4.6 Million Registered Direct Offering

By | EN, PR

NEW YORK, May 24, 2019 /PRNewswire/ — Urban Tea, Inc. (the "Company") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, announced today it has entered into a securities purchase agreement with certain institutional investors to purchase approximately $4.6 million worth of its ordinary shares and warrants to purchase ordinary shares in a registered direct offering.

Under the terms of the securities purchase agreement, the Company has agreed to sell 2,845,000 ordinary shares and to issue warrants to purchase up to 1,809,420 ordinary shares. The warrants will be exercisable immediately following the date of issuance for a period of five years at an exercise price of $1.86 per share. The purchase price for one ordinary share and a corresponding warrant will be $1.62. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $4.6 million before deducting the placement agent’s fees and other estimated offering expenses. The registered direct offering is expected to close on or about May 29, 2019, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. acted as sole placement agent for the offering.

The offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-227211), previously filed with the Securities and Exchange Commission (the "SEC") on September 6, 2018 and declared effective on September 19, 2018. The securities are being offered only by means of a prospectus supplement pursuant to the Company’s effective shelf registration statement and base prospectus contained therein. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC.

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

About Urban Tea, Inc.

Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China’s new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. We expect to start selling our products in our managed and JV stores in mid-2019. For more information, please visit: ir.h-n-myt.com.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC’s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact investor relations:       

Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: [email protected]

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New Power System with Canadian Solar Modules Helps a Medical Center in Sierra Leone

By | EN, PR

GUELPH, Ontario, May 24, 2019 /PRNewswire/ — Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced today that through its module donation, a new solar power system has been successfully energized at the Evans Medical Center at Kirma, Lungi, Sierra Leone.

The charity project was initiated a year ago by Melanie Evans from the ‘Lungi Sierra Leone Charity’ and was realized with Canadian Solar MaxPower CS6U-P 330W solar modules for a 4 KW solar system.

Four other industry partners donated additional equipment, including storage and control systems. SegenSolar (Pty) Ltd. supplied the inverter, charge controller and electrical components. The Schletter Group contributed the mounting system, while Bonus Solar provided batteries, cables and isolators. The installation and commissioning was carried out by Electric Future, who specializes in design and delivery of solar installations. They provided the expertise and manpower along with Canadian Solar to deliver a safe and reliable solution. The solar power system provides the clinic with a sustainable energy source that enables a constant power supply for vaccine refrigerators, a blood bank and many other medical accessories and emergency lighting.

A reliable power supply is a fundamental prerequisite for adequate medical care. The solar system will directly improve the quality of medical care in the region. A new blood bank, which is the first in the Lungi area, will provide patients with vital bloods, where they previously had to rely on a suitable donor and wait for screening. The solar power system not only provides energy for the blood bank but also powers the vaccine refrigerators, fetal monitor and labor ward ultrasound, along with other critical equipment. A constant power supply is required as any power outage would destroy vital bloods and vaccines. Before the solar power system was installed, the Medical Center had to rely on an ageing generator, which would incur prohibitive costs if it operated for 24 hours a day. Now the generator is used as a backup generator.

"The realization of the solar power system for the clinic in Lungi shows how our industry can sustainably improve the situation for newborn babies, children, and the local population in a developing country," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

The project is also an example of how different companies from the same industry can consolidate their resources to achieve positive results. 

Sierra Leone is one of the least electrified countries with a nationwide electrification rate of just 5%, and in outlay rural areas this drops to 1% – the use of photovoltaics therefore provides greatly needed electricity.

Today, May 24, 2019, the clinic has its official opening ceremony to thank all donors and staff. The ceremony will be attended by the Vice President of Sierra Leone Mohamed Juldeh Jalloh and other dignitaries including the Ministers of Health and Education.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to customers in over 150 countries around the world. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Canadian Solar’s Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 25, 2019. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

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Global Leaders Call for a New Playbook to Accelerate Progress on Gender Equality at P&G WeSeeEqual Summit

By | EN, PR

  1. Private and Public sector opinion leaders gathered in Singapore to share on dispelling ‘myths’ that hold women back at work and insights on how to level the field with men as allies
  2. Distinguished attendees include former Australia Prime Minister Julia Gillard and UN Women Regional Director for Asia and the Pacific, Mohammad Naciri
  3. The graduation ceremony for the 2019 cohort of P&G and WEConnect Int’l Women Entrepreneurs Development Program, was also held at the summit

SINGAPORE, May 24, 2019 /PRNewswire/ — Procter & Gamble (NYSE:PG) today hosted the second annual Asia Pacific #WeSeeEqual Summit, bringing together eminent figures from private and public sectors to share their point of view on the underrepresentation of women in leadership roles, and call out on the need as leaders to impact change and accelerate progress for gender equality.

This year, the focus of the #WeSeeEqual discussion centered on leaders’ key role in changing the narrative about women by challenging the assumptions that still exist — "myths" around women’s leadership skills, their representation in science, technology, engineering and mathematics (STEM), or their ambitions — and creating a new playbook that goes beyond re-writing talent systems, driving equality-based policies and practices, to broadening  the current definition of leadership through the attention and action of both women and men alike.

The long-day program saw the participation of  illustrious speakers, influential personalities and leaders from around the world, including Julia Gillard, former Prime Minister of Australia, Mohammad Naciri, UN Women Regional Director for Asia and the Pacific, Tiffany Dufu, author of Drop the Ball: Achieving More By Doing Less, Pocket Sun, Co-Founder and Managing Partner of SoGal Ventures, P&G executives and gender equality advocates Magesvaran Suranjan, P&G President, APAC and IMEA, Karl Preissner, P&G Leader, Global Diversity and Inclusion, and Balaka Niyazee, P&G VP of  Korea and Executive Sponsor, Gender Diversity, APAC.

Balaka Niyazee, Vice President, P&G Korea, and Gender Equality Sponsor officiated the P&G APAC #WeSeeEqual Summit 2019 with a powerful speech on gender myths.


Balaka Niyazee, Vice President, P&G Korea, and Gender Equality Sponsor officiated the P&G APAC #WeSeeEqual Summit 2019 with a powerful speech on gender myths.

Opening the session, Magesvaran Suranjan, said, "As a leader, it is imperative that we write a new playbook for a gender equal workplace and world. At P&G, I am proud that we have always been a strong advocate for gender equality and, today, we have a significant number of women in leadership positions in APAC and around the world. Gender equality goes beyond targets, quotas and sponsorship of women’s development programs. We need new interventions to "Fix the System" and include men as inclusive and equality-minded leaders. The focus is on workplaces where men champion equality together with women. When more corporations and organizations commit to championing equality, then we will see equal."

Magesvaran Suranjan, President, P&G Asia Pacific and Indian Subcontinent, Middle East and Africa, making his opening remarks at the P&G APAC #WeSeeEqual Summit 2019.


Magesvaran Suranjan, President, P&G Asia Pacific and Indian Subcontinent, Middle East and Africa, making his opening remarks at the P&G APAC #WeSeeEqual Summit 2019.

Julia Gillard, who made history as the first female Prime Minister of Australia, says, "I am very pleased and honoured to support the gender equality commitment by P&G APAC to strengthen success for women in business and life.  I believe the WeSeeEqual movement is a force for change and progress towards gender equity and stronger communities."

To encourage and inspire more men in their support of gender equality, the #WeSeeEqual Summit hosted male allies, including Ralph Haupter, President of Microsoft Asia and Tsuyoshi Morioka, CEO, Katana Inc to share their experiences in overcoming bias, spearheading greater diversity and equality, and being equal partners in the workplace and at home.

Mohammad Naciri, UN Women Regional Director for Asia and the Pacific, says, "Gender equality is not only the right thing to do, it is the smart thing to do. We know when equality increases economies and communities do better. In order to achieve a more gender-equal society, the corporate sector plays a crucial role alongside governments and civil society in implementing policies and initiatives that support women. This is not a women’s-only fight, but men, too, must play an active role in advocating for inclusivity and change."

The various panel sessions covered gender equality in its many facets, including the importance of women’s economic empowerment to reach to the UN Sustainable Development Goal (SGD) on Gender Equality, the role of advertising and media in changing bias, the benefits of professional and personal support groups in positively impacting work-life balance, and the importance of a new narrative with a broader definition of leadership that is not limited to the male leadership prototype.

As a flagship event that highlights P&G’s continued commitment to lead the change in gender equality both within the organization and outside in the community, the 2019 #WeSeeEqual Summit also hosted a milestone event for select women entrepreneurs in Singapore as they celebrated their graduation from P&G and WEConnect International Women Entrepreneurs Development Program. The ten-course capability training program, is part of P&G’s long-term commitment to support women’s economic empowerment by promoting a more diverse supply network under the global initiative ‘Supplier Diversity Program’ and ensure local businesses, especially those owned and led by women, are a growing part of P&G’s partner ecosystem and global value chain.

Please click on this link for more event photos in high-resolution: here

About Procter & Gamble

P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands.

Photo – https://photos.prnasia.com/prnh/20190524/2476538-1-a
Photo – https://photos.prnasia.com/prnh/20190524/2476538-1-b

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明大嘉和创续签万科西庐项目房地产代理服务合同

By | PR, SC

天津2019年5月24日 /美通社/ — 中国新兴的整合房地产服务公司明大嘉和(纳斯达克股票代码:MDJH,以下简称:该公司)今日宣布,该公司分别与天津万科西庐(南及北)项目的地产开发商 — 天津万安建创置业股份有限公司(“万安”)及天津万顺金安置业有限公司(“万顺”)续签了房地产代理服务合同(“合同”)。

合同续约为期3个月,从2019年4月1日到2019年6月30日。该公司起初分别与万安万顺签订的是2019年1月1日至2019年3月31日为期为3个月的房地产代理服务合同。

依据合同万安万顺已经同意授权该公司天津万科西庐(南及北)项目房地产服务代理。该公司同意为万安提供综合房地产代理服务,包括驻场人员管理市场调研营销策划销售前台售后后台及其他相关服务。  

公司董事会主席兼CEO许斯平先生评论:“我们很高兴宣布在在我们的主场天津与万安万顺续签合同,我们很高兴万安万顺欣赏与我们合作的经济价值,我们将继续提供他们期待应得的高水准服务。”

明大嘉和简介

明大嘉和是一个新兴的整合房地产服务公司,总部位于中国天津,为房地产开发商提供房地产代理服务,业务涵盖整合市场营销规划以及广告规划和战略。该公司业务还包括根据需求提供房地产咨询服务和独立培训服务。目前该公司主要业务市场位于天津,自2014年起已将业务拓展至成都、苏州和扬州等其他城市。同时,公司的战略部署包括通过喜舍/喜舍乡邻连同现有核心业务成为一体化的城乡生活多元服务商。有关公司更多详情,请访问http://ir.mdjhchina.com

前瞻性声明

本新闻稿包含《1995年美国私人证券诉讼改革法案》安全港条款所界定的前瞻性陈述。本声明中除历史事实陈述以外的所有陈述均为前瞻性陈述。这些前瞻性陈述涉及已知和未知的风险和不确定性,是基于该公司认为可能影响其财务状况、经营业绩、经营战略和财务需求的未来事件和财务趋势所做的当前预期和预测。投资者可以通过诸如可能将要预期预计目标估计打算计划相信潜在继续可能/也许等词语或短语或其他类似表述来识别这些前瞻性陈述。该公司不承担任何义务来更新前瞻性陈述,以反映随后发生的事件或情况,或预期的变化,除外法律另有规定。虽然该公司认为,这些前瞻性陈述中所表达的期望是合理的,但不能向您保证,这种期望将是正确的,该公司提醒投资者,实际结果可能与预期结果大相径庭,因此鼓励投资者审查公司在注册说明书和向证券交易委员会提交的其他文件中可能影响公司未来业绩的其他因素。

详情请垂询:

埃森德投资者关系公司
Tina Xiao
电话:+1-917-609-0333
电邮:[email protected]

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JMU Receives Notification of Deficiency From Nasdaq Relating to Delayed Filing of Annual Report on Form 20-F

By | EN, PR

SHANGHAI, May 24, 2019 /PRNewswire/ — JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced it has received a notice from Nasdaq stating that, as a result of not having timely filed its annual report on Form 20-F for the year ended December 31, 2018, JMU is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission (the "Commission").

The Company is required by Nasdaq to submit its plan to regain compliance no later than May 31, 2019. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the Form 20-F’s due date, or until November 11, 2019, to regain compliance.

On April 30, 2019, the Company filed a Notification of inability to timely file Form 20-F on Form 12b-25 due to the Company’s need for additional time to finalize Form 20-F due to the change of Company’s independent auditor.

JMU continues to work diligently to complete the Form 20-F and file it with the Commission as soon as reasonably practicable. The Company expects to submit a plan to regain compliance or file its Form 20-F within the timeline prescribed by Nasdaq.

In addition, Nasdaq is requesting information regarding changes to the Company’s independent auditor, which the Company announced in a press release dated April 9, 2019.

About JMU Limited

JMU Limited is a B2B e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China. For more information, please visit: http://ir.ccjmu.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbour" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to," and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JMU’s strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JMU’s plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JMU might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contact:

Zhengzhen Li
JMU Limited
[email protected]
Tel: +86 (021) 6015-1166, ext. 8904

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Sangfor Technologies Demonstrates Live Disaster Recovery at Cloud Expo Asia 2019

By | EN, PR

HONG KONG, May 24, 2019 /PRNewswire/ — Sangfor Technologies’ visit to the Cloud Expo Asia in Hong Kong on May 22-23 was a massive success. As the largest cloud-dedicated event in North Asia, the Cloud Expo Asia brings together the world’s leading IT industry leaders to share emerging trends, tech education, best practices and future trends.

Sangfor’s aCloud data protection capabilities were a highlight at the expo. Disaster recovery has often been criticized for being costly, highly technical and complicated to operate and manage. Sangfor has developed its Enterprise Cloud Solution, aCloud, based on their hyper-converged infrastructure (HCI) to provide multi-copy storage, automatic backup and CDP (Continuous Data Protection) technology – everything a business needs to deploy an easy to use, cost-effective, and highly reliable DR solution.

In a partnership with DCL Communications Ltd., Sangfor demonstrated their disaster recovery capabilities between the Sangfor booth (G21) and the DCL booth (N09). Server power was turned off at Sangfor booth to simulate a production site going down during disaster, and aCloud servers at DCL booth simulating a DR site successfully restored the "downed" VMs in 3 minutes. The Sangfor aCloud solution is designed to provide customers with a wide range of RPO choices ranging from as minimum as 1 second. Sangfor arranged for 2 DR demonstrations per day, but due to the interested and enthusiastic crowd, Sangfor was pleased to arrange for the demonstration to be done 4 times per day – live at the Expo.

While disaster recovery capabilities were certainly the highlight, Sangfor’s representatives were on hand at the Cloud Expo Asia to answer questions about Data Centre Consolidation, VDI, ROBO capabilities and Private Cloud. 

Sangfor sends thanks to the Cloud Expo Asia 2019 Hong Kong, DCL Communications Ltd. and all those who visited and participated in Sangfor’s live DR demonstration this week. Visit Sangfor at www.sangfor.com for more information on products, services and solutions today, and let Sangfor help customers optimize, simplify and grow with the times.

About Sangfor

Founded in 2000 and a publicly traded company as of 2018 (SANGFOR STOCK CODE: 300454 (CH)) Sangfor Technologies is the global leading vendor of IT infrastructure solutions specializing in Network Security and Cloud Computing.

For more information, please contact:

Tanya Quan
+86-139-2383-5656
[email protected]

Related Links :

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Are you a Corporate Representative of Sangfor Technologies, an investor, or a member of the Business Press?



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

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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 :

http://ir.cmcm.com

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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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