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SHANGHAI, Dec. 7, 2020 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management, today announced that it will hold its 2020 annual general meeting of shareholders at Building 16, Sky SOHO, 968 Jin Zhong Road, Shanghai 200335, People’s Republic of China, at 09:30 a.m.Shanghai/Hong Kong Time on December 21, 2020. No proposal will be submitted to shareholders for approval at the meeting. Instead, the meeting will serve as an open forum for shareholders and beneficial owners of the Company’s American depositary shares (“ADSs”) to discuss Company affairs with management. Holders of record of ordinary shares of the Company at the close of business on December 10, 2020 are entitled to receive notice of and attend the annual general meeting or any adjournment or postponement thereof in person. Beneficial owners of the Company’s ADSs are welcome to attend the meeting in person.

The notice of the annual general meeting is available on the Investor Relations section of the Company’s website at http://investors.trip.com. Trip.com Group has filed its annual report on Form 20-F, including its audited financial statements for the fiscal year ended December 31, 2019, with the U.S. Securities and Exchange Commission. Trip.com Group’s Form 20-F can be accessed on the above-mentioned website, as well as on the SEC’s website at http://www.sec.gov. Shareholders and ADS holders may request a hard copy of the Company’s annual report, free of charge, by contacting Investors Relations Department, Trip.com Group Limited, Building 16, Sky SOHO, 968 Jin Zhong Road, Shanghai 200335, People’s Republic of China, or by email to [email protected].  

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM) is a leading one-stop travel service provider consisting of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group enables local partners and travelers around the world to make informed and cost-effective bookings for travel products and services, through aggregation of comprehensive travel-related information and resources, and an advanced transaction platform consisting of mobile apps, Internet websites, and 24/7 customer service centers. Founded in 1999 and listed on Nasdaq in 2003, Trip.com Group has become one of the largest travel companies in the world in terms of gross merchandise value.

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SOURCE Trip.com Group Limited

WUHAN, China, Dec. 7, 2020 /PRNewswire/ — China Automotive Systems, Inc. (Nasdaq: CAAS) (“CAAS” or the “Company”), a leading power steering components and systems supplier in China, today announced that a settlement hearing will be held on February 5, 2021 at 11:00 a.m. EST at the Court of Chancery in the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, DE 19801.

The purpose of the hearing is to determine among other things, (i) whether the proposed Stipulation of Settlement (“Settlement”) should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice and the releases specified and described in the Settlement (and in the Long-Form Notice) should be granted; and (iii) whether Plaintiffs’ Counsel’s application for an award of attorneys’ fees and reimbursement of litigation expenses should be approved.

If the Settlement is approved by the Court, no further action is required by current CAAS stockholders. Because the Settlement is non-monetary, CAAS stockholders do not have to submit a claim form or take any other action in connection with the Settlement. Management expects the impact of the suit on the Company’s consolidated financial statements to be immaterial.

Any objections to the proposed Settlement and/or Plaintiffs’ Counsel’s application for an award of attorneys’ fees and reimbursement of litigation expenses, must be filed with the Register in Chancery and delivered to Plaintiffs’ Counsel and Defendants’ counsel and received no later than January 26, 2021, in accordance with the instructions set forth in the Long-Form Notice.

Plaintiffs’ Counsel is Eric L. Zagar, Esq., Kessler Topaz Meltzer & Check, LLP, 280 King of Prussia Road, Radnor, PA 19087.  Defendants’ counsel is c/o Winston & Strawn LLP, 42nd Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.

On January 7, 2019, three purported stockholders of the Company filed a stockholder derivative complaint on behalf of the Company against the Company’s directors Hanlin Chen, Qizhou Wu and Guangxun Xu and former directors Arthur Wong and Robert Tung in the Delaware Court of Chancery. The complaint alleged that the directors had (a) breached their fiduciary duties by approving and paying excessive compensation to the non-employee directors of the Company, Arthur Wong, Guangxun Xu and Robert Tung, and (b) failed to make full and accurate disclosure of all material information with respect to director qualification and director compensation paid in 2017 in the Company’s annual proxy statement on Schedule 14A filed on October 10, 2018. The directors have engaged their own counsel to answer this complaint. The directors of the Company will continue to answer this complaint.

Postcards have been mailed to all shareholders regarding this hearing and each shareholder has the right to attend this hearing. Copies of the Settlement and the Long-Form Notice are available for review at the “News Release” section of www.caasauto.com.

About China Automotive Systems, Inc.

Based in Hubei Province, the People’s Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through ten Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 6 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com.

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company’s review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company’s actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s Form 10-K annual report filed with the Securities and Exchange Commission on March 28, 2019, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for automobile sales, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

For further information, please contact:

Jie Li

Chief Financial Officer
China Automotive Systems, Inc.
Email: [email protected]

Kevin Theiss

Awaken Advisors
+1-212-521-4050
Email: [email protected]

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SOURCE China Automotive Systems, Inc.

SANTA CLARA, Calif., Dec. 7, 2020 /PRNewswire/ — Millennial homebuyers, relative affordability, and strong local economies will drive realtor.com^®‘s Top Markets of 2021 to lead the nation in a year when real estate is expected to be strong coast to coast. This year’s list in rank order includes: Sacramento, Calif., San Jose, Calif., Charlotte, N.C., Boise, Idaho, Seattle, Phoenix, Harrisburg, Pa., Oxnard, Calif., Denver, and Riverside, Calif. (see below for full 100 market ranking). 

Based on realtor.com^®‘s local market forecast, the areas on this list are expected to see the strongest home price and sales growth in the U.S. in 2021. In fact, home prices across the top 10 markets are forecasted to increase by 6.9% and sales by 13.1% year-over-year, which is significantly higher than the national projection of 5.7% price appreciation and 7.0% sales growth.

“This past year, we’ve all become more reliant on technology to work, learn, and maintain personal connections. The technology hubs that make this possible are thriving, as are their housing markets,” said realtor.com^®‘s Chief Economist, Danielle Hale. “Additionally, the relative stability of government jobs in the past year has driven home prices and sales in several state capitals to the top. Home buyers, particularly younger first-time buyers, looking in one of these markets should expect rising prices and heavy competition. Meanwhile, sellers will remain in a position of power, but will find themselves on the other side of the bargaining table when buying their next home.”

Tech Titans
A common driver of this year’s top markets is the prevalence of high paying tech jobs. Tech salaries in Sacramento, San Jose, Boise, Denver, and Seattle have driven home prices through the roof over the last several years and this trend is expected to continue in 2021. Additionally, areas such as Charlotte and Phoenix are quickly establishing themselves as rising tech hubs with a plethora of jobs in technology, as well as education, government and healthcare. In fact, the projected unemployment rate for 2021’s top markets is 7.9% compared to the national average of 8.2%. Tech-related jobs make up an average of 8.7% of the workforce in this year’s top markets list compared to 6.4% of the U.S. as a whole.

Relative Affordability  
Home prices in eight of the top 10 markets are more expensive than the average of the top 100 markets. But many are relatively affordable when compared to their nearby counterparts or offer significantly more square footage for a similar price. For example, buyers priced out of New York ($216 per sq.ft.) can find increased space and affordability in Harrisburg ($122 per sq.ft.), while buyers in Sacramento ($284 per sq.ft.) can get more bang for their buck than nearby San Francisco ($679 per sq.ft.). This is also true when comparing Oxnard ($413 per sq.ft.) and Riverside ($247 per sq.ft.) with Los Angeles ($556 per sq.ft.). 

Millennial Magnets
On average, the top 10 markets have a larger share of millennials (14.1%) than the U.S. as a whole (13.5%). A market’s ability to lure millennials is a good indicator of the livability of the area including: job opportunities, dining, and entertainment. However, when it comes to millennials purchasing homes in the top 10, two trends are emerging. In half of this year’s top markets, including: Charlotte, Boise, Phoenix, Harrisburg and Riverside, millennials are already homeowners and expected to make the majority of the home purchases that drive home price growth and sales. In the other group of markets, such as San Jose, Seattle, and Denver, the high cost of living has made homeownership a difficult accomplishment, not only for millennials but for all generations. The high number of millennials in the market shows how popular these markets have become, but older, more financially established generations will be the ones purchasing the majority of the homes next year.

State Capitals
Half of the top markets are state capitals, including: Sacramento, Boise, Phoenix, Harrisburg and Denver. The strong government presence in these areas offers stability for their local economy and jobs markets. This is especially important after a year when a global pandemic has significantly disrupted local economies across the nation. On top of the government jobs, these areas also have strong job diversity in both the public and private sectors, including education, healthcare, technology, manufacturing and military, which is positioning them for solid growth in the future. The average GDP growth rate for the top markets is forecasted to be 5.34% in 2021, versus 4.85% for the top 100 metros.

2021 Top Markets

Sacramento takes first place on this year’s top markets list. Due to the increased freedom to work remotely, buyers from the San Francisco Bay Area are flocking to California’s state capital for the increased affordability, without having to completely uproot their lives in Northern California. The area draws a diverse crowd ranging from first time homebuyers to empty nesters looking to downsize. Many young families are also drawn to Sacramento for the area’s strong school system, including West Campus high school which has a 99% graduation rate and received a 10/10 on greatschools.org. When residents want a change of scenery, it’s a short trip to Lake Tahoe, wine country or San Francisco.

Also located in Northern California, San Jose is the largest city in Silicon Valley. Apple, Google, Facebook, Linkedin and even realtor.com^® are all within commuting distance of San Jose. Unsurprisingly, the area’s strong economy and top notch school system, including Lynbrook High School (10/10 greatschools.org), lure top tech talent from all over the country. Those looking for a change of scenery can easily drive to San Francisco or the nearby mountains. Without a ton of room for new construction, inventory in the area is tight, so serious buyers should expect to pay above asking price. 

Rounding out the top three on this year’s top markets list is Charlotte. The area’s high quality of life, great weather, strong school system including Providence High (10/10 greatschools.org) and rich history draw a diverse mix of both young and old buyers. Millennials are beginning to transition from the downtown city center toward the suburbs as they raise families and take advantage of the increased affordability and extra space. With access to both the beach and mountains, Charlotte has something for everyone, including kayaking along the Catawba River and hiking the Carolina Thread Trail. Housing supply has been tight, but new construction is booming as builders try to meet current demand. Charlotte was No. 7 on 2018’s top markets list.

Idaho’s capital city is firmly establishing itself as a rising tech hub in the U.S. The area’s high quality of life and strong economy draw people from all over the country, with the biggest influx coming from Washington, Oregon and California. This trend has accelerated as the ability to work remotely has drawn many young workers looking for a slower pace of life, increased affordability, and access to the area’s many outdoor amenities. Boise offers residents a mild four season climate, a vibrant revitalized downtown with plenty of entertainment, as well as a plethora of restaurants and boutique shopping. Outdoor enthusiasts are drawn to the area’s adrenaline pumping outdoor activities such as white water rafting and four different ski resorts. New construction has been booming in Boise over the past few years as builders scramble to keep up with rising demand. Boise is no stranger to realtor.com^®‘s Top Markets list, it was No. 1 in 2020 and No. 8 in 2019.

Coming in fifth is Seattle, which is home to some of America’s largest and most well known companies including: Amazon, Starbucks, Costco, Microsoft and Nordstrom. The area’s booming tech scene, high quality of life, and access to both the water and mountains draws a crowd from all over the country. New and growing families will find a strong school system, including Greenwood Elementary School which scored a perfect 10/10 on greatschools.org, as well as four other schools which received scores of 9/10. Driven by high home prices and the desire for more space, buyers are beginning to search for homes further from the downtown center. This is especially true for first time homebuyers.

Arizona’s state capital has become a magnet for both younger buyers looking to take advantage of the affordable cost of living, as well as retirees who want to soak up the sun. Recently, the area has seen a large influx of people from pricey West Coast markets — San Francisco, Seattle and Portland. While builders have struggled to meet the rising demand for housing, Phoenix set a record for new home permits in March, April and May, so new inventory is on the way. Phoenix offers residents all the big city amenities of shopping, dining and entertainment, without the traffic of larger metropolitan cities. Additionally, those who want to get out and hit the golf course have over 400 courses to choose from. Phoenix is a business friendly city and has a diverse list of large employers in both the public and private sectors from education, government and healthcare to technology, manufacturing and military. Phoenix was No. 5 on 2019’s top markets list.

The state capital of Pennsylvania has become a hot spot for buyers looking for the quiet suburban lifestyle, more space, and increased affordability. Harrisburg is centrally located near New York, Baltimore, Washington D.C., Pittsburgh and Philadelphia. Millennials in particular have been drawn to the area as both first time homebuyers and move-up buyers looking for more space for their growing families. Harrisburg boasts a strong job market not only for government employees working at the state capital, but those in healthcare and shipping industries as well. One of the biggest draws to the area is the ability to go from downtown, to the suburbs, to more rural areas, in under 15 minutes. 

Located north of Los Angeles on the Pacific Coast is Oxnard, Calif. The area is a mix of farmland and Pacific Coast beaches, such as Hollywood Beach — a second home market for wealthy Angelanos looking for a break from the hustle and bustle of city life. Farmers in the area grow strawberries and lima beans and the annual Strawberry Festival is a big draw for Southern California locals. Thanks to its affordability, the area has seen a boost in demand from buyers seeking relief from Los Angeles and Orange County home prices. Beach homes in the area are significantly more affordable than those in Malibu or Santa Monica, making this a popular alternative for buyers hoping to get more bang for their buck.

Colorado’s state capitol is located just outside of the Rocky Mountains. The area’s housing market has been red-hot for the last several years and builders have struggled to keep up with the high demand for housing. Though the city is rapidly expanding, it still holds much of its Old West charm, and its cost of living remains relatively affordable compared to other Western markets. Many of Denver’s residents are outdoor enthusiasts who love to take advantage of the area’s easy access to mountains, rivers and lakes. No matter the season, there is an outdoor activity closeby. Denver’s high quality of life is a major draw for many residents, as well as all the amenities of downtown. With boutique shopping, dining, and endless entertainment, the area has been supremely popular with millennials. Due to the area’s spike in demand, home prices have grown rapidly, causing many first time home buyers to search further out from the downtown center.

Located in the Inland Empire, Riverside, Calif., is named for its location along the Santa Ana River. Riverside draws many people who want to take advantage of Southern California’s temperate weather, but don’t want to pay Los Angeles or Orange County home prices. Riverside is centrally located, just 30 minutes to the beach, mountains or desert, making it a great location for anyone that loves to be outdoors. Additionally, it’s in close proximity to Southern California’s attractions of Disneyland in Anaheim, skiing in the San Bernardino Mountains, wine tasting in Temecula or the endless entertainment in Los Angeles. Due to Southern California’s high cost of living, Riverside’s relative affordability and strong school system including Riverside Stem Academy (9/10 greatschools.org), have made it a popular destination for first time homebuyers, growing families, and retirees.  

For more information and methodology, click here.

2021 Top Housing Markets Ranked

About realtor.com
^®
Realtor.com^® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com^® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com^® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com^® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS^®. For more information, visit realtor.com^®.

Media Contacts: 
Cody Horvat, [email protected]

 

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SOURCE realtor.com

BEIJING, Dec. 7, 2020 /PRNewswire/ — Gridsum Holding Inc. (“Gridsum” or the “Company”) (NASDAQ:GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence (“AI”) solutions in China, today reported its unaudited financial results for the six months ended June 30, 2020.

First Half of 2020


 Highlights

• Net revenues increased 1% to RMB129.4 million (US$18.3 million), from RMB128.4 million in the comparable period of 2019.
• Net loss attributable to Gridsum’s ordinary shareholders was RMB180.7 million (US$25.6 million), compared with RMB284.9 million in the same period of 2019.

First Half of 2020


 Financial Results

REVENUES:
 Net revenues increased 1% to RMB129.4 million (US$18.3 million) from RMB128.4 million in the comparable period of 2019.

Enterprise revenues were RMB81.9 million (US$11.6 million), representing a decrease of 31% compared with the comparable period in 2019, primarily due to the Company’s ongoing strategic restructuring towards a focus on higher growth and ultimately higher margin solutions such as Legal and IIoT solution services. Enterprise revenues were also impacted by a softening Chinese macroeconomic environment and a decrease in consumer demand.

E-Government and other revenues increased 307% to RMB48.5 million (US$6.9 million) from RMB11.9 million in the comparable period of 2019. The increase was primarily due to the rapid growth of the Company’s Legal solutions business, which accounted for a double-digit percentage of total revenues in the first half of 2020, compared to a low single-digit percentage of total revenues in the comparable period of 2019.

COST OF REVENUES:
 Cost of revenues increased 18% to RMB44.6 million (US$6.3 million), compared with RMB37.8 million in the comparable period of 2019.

GROSS PROFIT AND GROSS MARGIN:
 Gross profit decreased 6% to RMB84.8 million (US$12.0 million) from RMB90.6 million in the comparable period of 2019. Gross margin decreased to 65.5% from 70.6%, mainly due to the change in revenue mix from our strategic restructuring combined with the inherently time-lagged nature of costs versus revenues.

OPERATING EXPENSES:
 Total operating expenses decreased 38% to RMB232.4 million (US$32.9 million) from RMB374.8 million in the comparable period of 2019, reflecting the Company’s continued change in business mix and other impacts associated with the Company’s continued strategic restructuring. 

• Sales and marketing expenses decreased 36% to RMB48.3 million (US$6.8 million) from RMB75.0 million in the comparable period of 2019. The decrease was primarily due to a RMB18.3 million decrease in staff costs, a RMB4.3 million decrease in entertainment expenses, and a RMB2.3 million decrease in travel expenses.
• Research and development expenses decreased 49% to RMB94.1 million (US$13.3 million) from RMB183.1 million in the comparable period of 2019. The decrease primarily reflected the Company moving past the peak of front-end investment into its industrial AI and IIoT platforms.
• General and administrative expenses decreased 23% to RMB90.0 million (US$12.7 million) from RMB116.8 million in the comparable period of 2019. The decrease was primarily due to a RMB9.8 million decrease in staff costs.

LOSS FROM OPERATIONS:
 Loss from operations was RMB147.6 million (US$20.9 million), compared with RMB284.2 million in the comparable period of 2019.

NET LOSS ATTRIBUTABLE TO GRIDSUM’S ORDINARY SHAREHOLDERS:
 Net loss attributable to Gridsum’s ordinary shareholders was RMB180.7 million (US$25.6 million), compared with RMB284.9 million in the comparable period of 2019.

NON-GAAP NET LOSS ATTRIBUTABLE TO GRIDSUM’S ORDINARY SHAREHOLDERS:
 Non-GAAP net loss attributable to Gridsum’s ordinary shareholders, which is defined as net loss attributable to Gridsum’s ordinary shareholders before share-based compensation expenses, was RMB159.7 million (US$22.6 million), compared with RMB253.5 million in the comparable period of 2019.

EBITDA:
 Loss before interest, income tax, depreciation and amortization was RMB125.5 million (US$17.8 million), compared with RMB275.4 million in the comparable period of 2019.

ADJUSTED EBITDA:
 Adjusted loss before interest, income tax, depreciation and amortization, which excludes share-based compensation expenses, was RMB104.4 million (US$14.8 million), compared with RMB244.0 million in the comparable period of 2019.

NET LOSS PER ADS ATTRIBUTABLE TO GRIDSUM’S ORDINARY SHAREHOLDERS:
 Net loss per ADS attributable to Gridsum’s ordinary shareholders was RMB5.22 (US$0.74), compared with RMB8.30 in the comparable period of 2019.

NON-GAAP NET LOSS PER ADS ATTRIBUTABLE TO GRIDSUM’S ORDINARY SHAREHOLDERS:
 Non-GAAP net loss per ADS attributable to Gridsum’s ordinary shareholders was RMB4.61 (US$0.65), compared with RMB7.39 in the comparable period of 2019.

Each ADS represents one Class B ordinary share. For purposes of determining net loss per ADS attributable to Gridsum’s ordinary shareholders, the weighted average number of ordinary shares for the first half of 2020 was 34,622,313. As of June 30, 2020, the total number of ordinary shares outstanding was 34,658,013.

Balance Sheet

As of June 30, 2020, the Company had cash and cash equivalents of RMB10.4 million (US$1.5 million), and restricted cash of RMB0.04 million (US$0.006 million).

Recent Developments

Going-Private Transaction

On October 1, 2020, the Company announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gridsum Corporation (“Parent”), and Gridsum Growth Inc., a wholly owned Subsidiary of Parent (“Merger Sub”), pursuant to which the Company will be acquired by an investor consortium led by Mr. Guosheng Qi (the “Chairman”), chairman of the board of directors of the Company (the “Consortium”) in an all-cash transaction that values the Company’s equity at approximately US$75.5 million (the “Merger”).

Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each ordinary share of the Company (each, a “Share”) issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive US$2.00 in cash without interest, and each outstanding American depositary share of the Company (each, an “ADS,” representing one class B ordinary share of the Company) will be cancelled in exchange for the right to receive US$2.00 in cash without interest, except for (a) Shares (including Shares represented by ADSs), Company’s options and restricted share unit awards owned by the Chairman, Mr. Guofa Yu and their affiliates (the “Rollover Securityholders”) which will be rolled over in the transaction, (b) Shares (including Shares represented by ADSs ) owned by Parent, Merger Sub, the Company (as treasury shares, if any) or any of their direct or indirect wholly-owned subsidiaries, (c) Shares (including Shares represented by ADSs ) reserved (but not yet allocated) by the Company for settlement upon exercise or vesting of Company’s options and/or restricted share unit awards, and (d) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands, which will be cancelled and cease to exist in exchange for the right to receive the payment of fair value of those dissenting shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

KANG BO SI NAN (BEIJING) TECHNOLOGY CO., LTD., a company formed by the Consortium and the sole shareholder of Parent (“KBSN”), and the Rollover Securityholders intend to fund the Merger with a combination of rollover equity and cash, and KBSN has delivered copy of an executed equity commitment letter to the Company.

The Board, acting upon the unanimous recommendation of a committee of independent directors established by the Board (the “Special Committee”), approved the Merger Agreement and the Merger and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The Merger is currently expected to close in the first quarter of 2021 and is subject to customary closing conditions, including the receipt of certain PRC governmental approvals and the approval of the Merger Agreement by an affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a meeting of the Company’s shareholders. The Rollover Securityholders have each agreed to vote all of the Shares and ADSs they beneficially own, which represent approximately 68% of the voting rights attached to the outstanding Shares as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the Merger. If completed, the Merger will result in the Company becoming a privately held company, and its ADSs will no longer be listed on The Nasdaq Global Select Market.

On November  24, 2020 The Company filed with the U.S. Securities and Exchange Commission a Schedule 13E-3 transaction statement, which attached as an exhibit a preliminary proxy statement of the Company which, subject to completion, will be used in connection with the extraordinary general meeting of the Company’s shareholders to be convened to vote on the Merger. Please refer to the preliminary proxy statement for more information about the Merger, the Company and the other participants in the Merger, including the effects of the Merger on the Company and the effects on it if the Merger is not completed.

Convertible Note Settlement

On May 5, 2018, the Company issued to FutureX Innovation SPC (the “FutureX”) a convertible note in the principal amount of $40.0 million due November 5, 2019 (the “Original Note”), and bearing interest at the rate of 2.80% per year. On March 3, 2020, the Company entered into an extension agreement with FutureX, pursuant to which the parties agreed, among other things, to extend the maturity date of the Note to May 31, 2020 (the Original Note as so amended and supplemented, the “Note”). The Company has not yet repaid the Note.

On October 22, 2020, the Company entered into a settlement agreement (the “Settlement Agreement”) in respect of the Note with FutureX, Parent, Merger Sub and KBSN.

Pursuant to the Settlement Agreement, the Company shall pay or cause to be paid to FutureX a lump sum amount in cash equal to US$46,000,000 (the “Settlement Amount”) on the earliest of (i) the closing of the Merger pursuant to the Merger Agreement, or any other transaction having a similar effect, (ii) the termination of the Merger Agreement, and (iii) March 31, 2021, which may be extended to June 30, 2021 by mutual written consent of the Company and FutureX solely for the purpose of satisfying certain closing conditions set forth in the Merger Agreement (such earliest date, the “Settlement Date”). The equity commitment by KBSN under the equity commitment letter issued by KBSN on September 30, 2020 to Gridsum Group Limited and Parent in connection with the Merger Agreement is permitted to be used to fund the Settlement Amount. Upon full payment of the Settlement Amount in accordance with the Settlement Agreement, the Company will be deemed to have satisfied and discharged in full and be released from its obligations under the Note.

Under the Settlement Agreement, FutureX agrees that, between October 22, 2020 and the Settlement Date, it will not initiate any arbitration proceedings in Hong Kong or serve any statutory demand on the Company in the Cayman Islands, or engage in any other punitive legal or other action against the other parties to the Settlement Agreement which would prevent the consummation of the Merger in accordance with the Merger Agreement, in each case based on any claim arising from any event of default or breach for non-payment of principal or interest under the Note.

COVID-19

Since the beginning of 2020, China has experienced an outbreak of COVID-19, a disease caused by a novel and highly contagious form of coronavirus, which then spread throughout China and other parts of the world, including the United States. On January 30, 2020, the World Health Organization declared the outbreak of COVID-19 a “Public Health Emergency of International Concern,” and on March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic.”

Government efforts to contain the spread of the coronavirus through lockdowns of cities, business closures, travel restrictions and emergency quarantines, among others, and responses by businesses and individuals to reduce the risk of exposure to infection, including reduced travel, cancellation of meetings and events, and implementation of work-at-home policies, among others, have caused significant disruptions to the global economy and normal business operations across a substantial list of sectors and countries. The foregoing adversely affected business confidence, consumer sentiment and economic activity, and have been, and may continue to be, accompanied by significant volatility in financial and commodity markets. The spread of the coronavirus is also likely to have broader macroeconomic implications, including reduced levels of economic growth and possibly a global recession, the effects of which will likely be felt well beyond the time the spread of infection is contained.

Substantially all of the Company’s operations are conducted in China and substantially all of the Company’s revenues are generated in China. In response to the intensifying efforts to contain the spread of COVID-19, the Chinese government took certain emergency measures, including extension of the Lunar New Year holidays, implementation of travel bans, blockade of certain roads and closure of factories and businesses, and may continue to take further measures to keep this epidemic outbreak in check. From January 2020 to February 2020, the Company temporarily closed all of its corporate offices and requested all employees to work remotely. This outbreak of communicable diseases has caused, and may continue to cause companies, including the Company and certain of its customers, and other stakeholders, to implement temporary adjustment of work schemes allowing employees to work from home and adopt remote collaboration.

In particular, the outbreak of COVID-19 has caused a significant number of the Company’s marketing automation customers to reduce their marketing budgets, which has negatively affected the Company’s marketing-related solutions revenues and financial performance generally. Consequently, the COVID-19 outbreak and any measures to combat the spread of the virus, and their aftermath, has adversely affected, and may continue to adversely affect, the Company’s business operations, financial condition, operating results and cash flow.

Following the outbreak of COVID-19, the Company has seen particular and immediate impacts in its operations, including a significant slowdown in the customer sales origination and renewal cycle, increased timeframes to accomplish key tasks and incremental challenges in collecting accounts receivable in a timely manner. It has hence caused material negative impacts to the Company’s net revenues and liquidity position. The Company expects these and other negative impacts as a result of COVID-19 to continue to adversely affect our business operations, results of operation and financial position through 2020 and potentially in future periods, and the magnitude of the impact will depend on future developments, which are highly uncertain and cannot be predicted.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. Dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.0651 to US$1.00, the noon buying rate in effect on June 30, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Use of Non-GAAP Financial Measures

In evaluating the Company’s business, the Company considers and uses the following non-GAAP financial measures as supplemental measures to review and assess the Company’s operating performance: non-GAAP net loss attributable to Gridsum’s ordinary shareholders, non-GAAP net loss per share attributable to Gridsum’s ordinary shareholders, non-GAAP net loss per ADS attributable to Gridsum’s ordinary shareholders, EBITDA and adjusted EBITDA. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with U.S. GAAP. Non-GAAP net loss attributable to Gridsum’s ordinary shareholders is net loss attributable to Gridsum’s ordinary shareholders before share-based compensation, non-GAAP net loss per share attributable to Gridsum’s ordinary shareholders is the per share equivalent and non-GAAP net loss per ADS attributable to Gridsum’s ordinary shareholders is the per ADS equivalent, EBITDA is net loss before interest income and expenses, income tax expenses and depreciation expenses, and adjusted EBITDA is EBITDA before share-based compensation.

The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s operating performance and formulate the Company’s business plans. These non-GAAP financial measures enable the Company’s management to assess the Company’s operating results without considering the impact of non-cash charges, including depreciation expenses and share-based compensation, and without considering the impact of non-operating items such as interest income and expenses and income tax expenses. The Company also believes that the use of these non-GAAP measures facilitates investors’ assessment of the Company’s operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Interest income and expenses, income tax expenses, depreciation expenses and share-based compensation have been and may continue to be incurred in the Company’s business and are not reflected in the presentation of adjusted EBITDA. Further, these non-GAAP financial measures may differ from the non-GAAP financial measures used by other companies, including Gridsum’s peer companies, so their utility for comparison purposes may be limited.

The Company compensates for these limitations by reconciling the Company’s non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating the Company’s performance. Investors are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure. A reconciliation of these non-GAAP financial measures to their closest U.S. GAAP financial measures appears at the end of this release.

About Gridsum

Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum’s core technology, the Gridsum Big Data Platform and the Gridsum Prophet: Enterprise AI Engine, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum’s customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named “Gridsum” to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company’s mission is to help enterprises and government organizations in China use data in new and powerful ways to make better-informed decisions and be more productive.

For more information, please visit http://www.gridsum.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Forward-looking statements involve inherent risks and uncertainties. Many factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the substantial doubt about our ability to continue as a going concern, duration and impact of the COVID-19 pandemically, general economic conditions in China, unexpected difficulties in pursuit of our business strategy, unpredictable demand for solutions we have developed, difficulties keeping and strengthening relationships with existing customers or expanding our customer base, availability of additional capital when needed, uncertainties associated with our repayment or settlement of indebtedness, and uncertainties as to how the Company’s shareholders will vote at the extraordinary general meeting in connection with the Merger, the possibility that competing offers will be made, the possibility that financing for the Merger may not be available, the possibility that various closing conditions for the Merger may not be satisfied or waived, and other risks and uncertainties discussed in documents filed with the U.S. Securities and Exchange Commission by the Company. Further information regarding these and other risks is included in Gridsum’s annual report on Form 20-F and other reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.

Investor Relations

Gridsum
[email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548 
Email: [email protected]

In U.S. 
Mr. Tip Fleming 
Phone: +1 917 412 3333 
Email: [email protected]

 

 

 

 

 

 

 

 

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SOURCE Gridsum Holding Inc.

STAMFORD, Conn., Dec. 7, 2020 /PRNewswire/ — ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the sale of a portfolio of ground-mounted solar parks to Modus Asset Management, a Vilnius, Lithuania-based investment management company specialized in renewable energy investments.

The portfolio was developed and constructed by ReneSola Power and comprises 16 state-of-the-art projects equipped with bifacial solar panels and a combined capacity of 16 MW.  All of the projects have been awarded a 15-year contract-for-difference (“CfD”) support mechanism in Poland, ensuring stability of revenue for the projects.

Mr. Josef Kastner, CEO of ReneSola Power’s European Region, commented, “We are excited to partner with Modus Asset Management, and look forward to future collaboration.  Despite ongoing challenging macro conditions related to COVID-19, our European team continues to execute on our strategy and optimize our solar assets through strategic sales across different geographies.  We remain optimistic about our opportunities in Eastern Europe, where a supportive regulatory and financing environment will enable us to grow in the region over the next several years.”

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, stated, “Over the past several years, we have demonstrated our expertise in developing and operating solar projects, closing financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe. Poland is a key market for solar power in Europe, and Renesola Power has become a leading project developer in the region. We are proud of our team, and believe we are well-positioned to drive more growth in the years ahead.”

Povilas Pečiulis, CEO of Modus Asset Management, said, “Having started an active investment phase in mid-2020, we have already completed several acquisitions and built valuable partnerships with a number of experienced solar developers in the region. I am delighted that an agreement has been reached with ReneSola Power, a widely known and respected developer, for acquisition of their 16 MW turnkey solar portfolio in Poland. We have ambitious investment plans for the Polish solar sector and are eager to work with project developers, support the local solar ecosystem and drive the country’s transition to clean energy generation.”

Modus Asset Management actively invests in the Polish solar market and is committed to building the portfolio in excess of 100 MW. Its investment strategy is to partner with solar project developers in Poland and acquire turnkey or operational projects with CfD support mechanism.

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

About Modus Asset Management

Modus Asset Management is a licensed and regulated asset manager with a focus on renewable energy sector. We strive to expedite clean energy transition in the countries we operate in and create attractive investment opportunities for our investors. Our current investment geography includes Poland, Baltic States and selected Central European countries.  For more information, please visit: www.modusam.com.

 

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SOURCE ReneSola Ltd.

HOUSTON, Dec. 7, 2020 /PRNewswire/ — KBR (NYSE: KBR) announced today the successful startup of Sinochem Quanzhou Petrochemical Co., Ltd.’s (Sinochem Quanzhou) 1,000 KTA ethylene plant in Quanzhou, Fujian Province, China. The ethylene plant is part of Sinochem Quanzhou’s grassroots integrated refining and petrochemical complex.

In addition to licensing KBR’s Selective Cracking Optimum Recovery (SCORE™) ethylene technology, KBR supplied key proprietary components of the SCORE SC-1 furnaces, which deliver high product yields.

“We congratulate Sinochem Quanzhou on achieving this milestone, especially during the global COVID-19 pandemic,” said Doug Kelly, KBR President, Technology. “We are especially proud of the strong collaboration between both teams that allowed us to achieve a smooth startup within 24 hours of introduction of feedstock.”

KBR has been a leader in olefin plant design, construction and technology development for more than 50 years. KBR has licensed more than 100 grassroots ethylene plants utilizing its cost-effective and energy efficient cracking technologies and flexible plant designs to produce ethylene, propylene and other byproducts from a variety of feedstocks.

About KBR

KBR is a global provider of differentiated professional services and solutions across the asset and program life cycle within the government and technology sectors. KBR employs approximately 28,000 people worldwide with customers in more than 80 countries and operations in 40 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com  

Forward Looking Statement

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the significant adverse impacts on economic and market conditions of the COVID-19 pandemic; the company’s ability to respond to the challenges and business disruption presented by the COVID-19 pandemic; the recent dislocation of the global energy market; the company’s ability to realize cost savings and efficiencies relating to the streamlining of its Energy Solutions business; the company’s ability to manage its liquidity; the company’s ability to continue to generate anticipated levels of revenue, profits and cash flow from operations during the COVID-19 pandemic and any resulting economic downturn; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company’s indemnities from its former parent; changes in capital spending by the company’s customers, including as a result of the COVID-19 pandemic; the company’s ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company’s ability to control its cost under its contracts; claims negotiations and contract disputes with the company’s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.

KBR’s most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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SOURCE KBR, Inc.

BEIJING, Dec. 7, 2020 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a cross-border e-commerce platform that delivers products directly to consumers around the world, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Thir
d Quarter and First Nine Months 2020 Financial Highlights

 

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, “During the quarter, we continued to deliver healthy and stable growth operationally and financially. Total revenues were $100.0 million in the third quarter, compared with $59.9 million in the same quarter of 2019. At the same time, we achieved adjusted EBITDA of $12.7 million and $23.3 million for the third quarter and the first nine months ended September 30, 2020, respectively, in comparison with adjusted EBITDA of $0.5 million and a loss of $6.5 million in the same periods of last year. These results reflect the growing success of our revamped strategy, which is to focus on optimizing product and category mix, enhancing supply chain management and driving customer engagement. Looking ahead, we will continue to execute our growth strategy, further enhance our partnership with key suppliers and improve customer experience within the regions we operate. We are confident that our sound strategy and solid execution positions us well to consistently achieve growth in profit and create long-term value for our shareholders.”

Third Quarter 2020 Financial Results

Total revenues increased by 67.0% year-over-year to $100.0 million from $59.9 million in the same quarter of 2019. Revenues generated from product sales were $95.4 million, compared with $58.1 million in the same quarter of 2019. Revenues from service and others were $4.6 million, compared with $1.8 million in the same quarter of 2019.

Total cost of revenues was $56.9 million in the third quarter of 2020, compared with $34.6 million in the same quarter of 2019. Cost for product sales was $53.9 million in the third quarter of 2020, compared with $33.8 million in the same quarter of 2019. Cost for service and others was $3.1 million in the third quarter of 2020, compared with $0.8 million in the same quarter of 2019.

Gross profit in the third quarter of 2020 was $43.1 million, compared with $25.3 million in the same quarter of 2019. Gross margin was 43.1% in the third quarter of 2020, compared with 42.3% in the same quarter of 2019. The increase in gross margin was a result of the Company’s continuous efforts to optimize the supply chain and product mix.

Total operating expenses in the third quarter of 2020 were $41.5 million, compared with $25.7 million in the same quarter of 2019.

• Fulfillment expenses in the third quarter of 2020 were $6.7 million, compared with $6.8 million in the same quarter of 2019. As a percentage of total revenues, fulfillment expenses were 6.7% in the third quarter of 2020, compared with 11.3% in the same quarter of 2019 and 6.5% in the second quarter of 2020.
• Selling and marketing expenses in the third quarter of 2020 were $26.9 million, compared with $12.4 million in the same quarter of 2019. As a percentage of total revenues, selling and marketing expenses were 26.9% for the third quarter of 2020, compared with 20.8% in the same quarter of 2019 and 23.3% in the second quarter of 2020.
• G&A expenses in the third quarter of 2020 were $7.9 million, compared with $6.5 million in the same quarter of 2019. As a percentage of total revenues, G&A expenses were 7.9% for the third quarter of 2020, compared with 10.8% in the same quarter of 2019 and 6.6% in the second quarter of 2020. Included in G&A expenses, R&D expenses in the third quarter of 2020 were $3.5 million, compared with $4.9 million in the same quarter of 2019 and $3.3 million in the second quarter of 2020.

Income from operations was $1.6 million in the third quarter of 2020, compared with a loss from operations of $0.4 million in the same quarter of 2019.

Net income was $7.3 million in the third quarter of 2020, compared with $10.0 million in the same quarter of 2019.

Net income per American Depository Share (“ADS”) was $0.07 in the third quarter of 2020, compared with $0.15 in the same quarter of 2019. Each ADS represents two ordinary shares. The diluted net income per ADS was $0.07 in the third quarter of 2020, compared with the diluted net loss per ADS of $0.00 in the same quarter of 2019.

In the third quarter of 2020, the Company’s basic weighted average number of ADSs used in computing the net income per ADS was 110,299,994 and the diluted weighted average number of ADSs was 111,910,060.

Adjusted EBITDA, which represents a gain / (loss) from operations before share-based compensation expense, change in fair value of convertible promissory notes, interest income, interest expense, income tax expense and depreciation and amortization expenses, was $12.7 million in the third quarter of 2020, compared with $0.5 million in the same quarter of 2019.

As of September 30, 2020, the Company had cash and cash equivalents and restricted cash of $48.2 million, compared with $55.0 million as of June 30, 2020.

First Nine Months 2020 Financial Results

Total revenues increased by 57.1% year-over-year to $265.4 million from $168.9 million in the same months of 2019. Revenues generated from product sales were $252.6 million, compared with $165.0 million in the same months of 2019. Revenues from service and others were $12.8 million, compared with $3.9 million in the same months of 2019.

Total cost of revenues was $148.9 million in the first nine months of 2020, compared with $101.5 million in the same months of 2019. Cost for product sales was $139.7 million in the first nine months of 2020, compared with $100.2 million in the same months of 2019. Cost for service and others was $9.2 million in the first nine months of 2020, compared with $1.3 million in the same months of 2019.

Gross profit in the first nine months of 2020 was $116.5 million, compared with $67.4 million in the same months of 2019. Gross margin was 43.9% in the first nine months of 2020, compared with 39.9% in the same months of 2019. The increase in gross margin was a result of the Company’s continuous efforts to optimize the supply chain and product mix.

Total operating expenses in the first nine months of 2020 were $110.0 million, compared with $79.1 million in the same months of 2019.

• Fulfillment expenses in the first nine months of 2020 were $19.1 million, compared with $16.9 million in the same months of 2019. As a percentage of total revenues, fulfillment expenses were 7.2% in the first nine months of 2020, compared with 10.0% in the same months of 2019.
• Selling and marketing expenses in the first nine months of 2020 were $68.2 million, compared with $33.2 million in the same months of 2019. As a percentage of total revenues, selling and marketing expenses were 25.7% in the first nine months of 2020, compared with 19.7% in the same months of 2019.
• G&A expenses in the first nine months of 2020 were $22.7 million, compared with $29.0 million in the same months of 2019. As a percentage of total revenues, G&A expenses were 8.6% in the first nine months of 2020, compared with 17.1% in the same months of 2019. Included in G&A expenses, R&D expenses in the first nine months of 2020 were $10.4 million, compared with $13.2 million in the same months of 2019.

Income from operations was $6.6 million in the first nine months of 2020, compared with loss from operations of $11.7 million in the same months of 2019.

Net income was $16.5 million in the first nine months of 2020, compared with a net loss of $11.4 million in the same months of 2019.

Net income per American Depository Share (“ADS”) was $0.15 in the first nine months of 2020, compared with net loss per ADS of $0.17 in the same months of 2019. Each ADS represents two ordinary shares. The diluted net income per ADS for the first nine months of 2020 was $0.15, compared with the diluted net loss per ADS of $0.17 in the same months of 2019.

In the first nine months of 2020, the Company’s basic weighted average number of ADSs used in computing the net income per ADS was 108,562,216, and 112,389,708 in diluted weighted average number.

Adjusted EBITDA, which represents a gain / (loss) from operations before share-based compensation expense, change in fair value of convertible promissory notes, interest income, interest expense, income tax expense and depreciation and amortization expenses, was earnings of $23.3 million in the first nine months of 2020, compared with loss of $6.5 million in the same months of 2019.

Business Outlook

For the fourth quarter of 2020, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $120 million and $135 million, which would represent an increase of between 61% and 81% compared with the fourth quarter of 2019.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:

“Adjusted EBITDA” represents a gain /(loss) from operations before share-based compensation expense, change in fair value of convertible promissory notes, interest income, interest expense, income tax expense and depreciation and amortization expenses. Although other companies may calculate adjusted EBITDA differently or not present it at all, we believe that the adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

Conference Call

The Company will hold a conference call to discuss the results at 8:00 a.m. Eastern Time on December 7, 2020 (9:00 p.m. Beijing Time on the same day).

Preregistration Information

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/8653739. Once preregistration has been complete, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through December 14, 2020. The dial-in details are:

Additionally, a live and archived webcast of the conference call will be available on the Company’s Investor Relations website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a cross-border e-commerce platform that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.com and other websites and mobile applications, which are available in 25 major languages and cover more than 140 countries.

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

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email:  [email protected]

OR
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
Email: [email protected]

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements.

LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. 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: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

 

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SOURCE LightInTheBox Holding Co., Ltd.

EVANSVILLE, Ind., Dec. 7, 2020 /PRNewswire/ — Escalade Sports^®, a wholly owned subsidiary of Escalade, Inc. (NASDAQ: ESCA) and global leader in sports, indoor and outdoor recreational equipment and games, today announced that it has acquired substantially all of the business and assets of Revel Match LLC, dba RAVE Sports, a brand known for its innovative and high-quality water recreation products. Adding this business to Escalade’s existing portfolio expands its powerful stable of recreational brands and positions the Company for continued revenue and profit growth.

RAVE Sports was founded in September 1996 by a team of entrepreneurs with a vision to build a marketing and distribution platform that could quickly take innovative, alternative sport products to the worldwide recreation market. The current RAVE Sports line consists of several consumer and commercial water sports product categories that complement the original mission of the company.

“We see RAVE Sports as a perfect fit for Escalade and look forward to accelerating the brand and enhancing shareholder value by leveraging our knowledge and expertise in design, distribution, manufacturing, and our powerful supply chain network”, said Scott Sincerbeaux, Escalade’s President and Chief Executive Officer. “This transaction provides dynamic portfolio expansion and signals our entry into the growing water sports market. Category expansion is a critical part of our growth agenda and we view water sports as a significant opportunity. We expect the RAVE acquisition to be accretive to earnings in 2021, while further establishing Escalade as a dominant force in the sports recreation marketplace.”

“We are excited to join the Escalade family as we take RAVE Sports to the next level. Our shared values and consistent focus on quality and innovation provide us with significant growth potential”, said Steve Friswold co-owner of RAVE Sports. “We believe that by combining forces, we will be able to expand our brand awareness and build upon our 25-year history of making water fun.”

Escalade will continue to operate the RAVE Sports business out of Eagan, MN.

Escalade is a leading manufacturer and marketer of sporting goods products sold worldwide. To obtain more information on the Company and its products, visit our website at: www.EscaladeInc.com or contact Patrick Griffin, Vice President of Corporate Development & Investor Relations at 812-467-1358.

ABOUT ESCALADE SPORTS

Headquartered in Evansville, IN, Escalade Sports is a global manufacturer and distributor of sports and outdoor recreational equipment.  Leaders in their respective categories, Escalade Sports’ brands include Bear® Archery, Bear X™, Trophy Ridge®, Rocket®, SIK® and Cajun Bowfishing™ archery equipment; STIGA® and Ping-Pong® table tennis; Accudart® and Unicorn® darting; Atomic®, Victory Tailgate®, Triumph™ Sports, Viva Sol®, Zume Games® recreational games; DURA® and Onix® pickleball equipment; Goalrilla™, Goalsetter® residential in-ground basketball systems, Goaliath® and Silverback® residential in-ground and portable basketball goals; Lifeline® and the STEP® fitness products; Woodplay® premium playsets; American Heritage Billiards® – premium billiards and game room assortment; and Cue&Case® – a leader in specialty billiard accessories. Escalade Sports’ products are available at sporting goods dealers and independent retailers nationwide.  For more information on Escalade Sports, its brands, instruction manuals, retailers, warranty, replacement parts or customer service, please call 1-888-784-4288 or visit www.escaladesports.com

FORWARD-LOOKING STATEMENTS 

This report contains forward-looking statements relating to present or future trends or factors that are subject to risks and uncertainties. These risks include, but are not limited to: specific and overall impacts of the COVID-19 global pandemic on Escalade’s financial condition and results of operations; Escalade’s plans and expectations surrounding the transition to its new Chief Executive Officer and all potential related effects and consequences; the impact of competitive products and pricing; product demand and market acceptance; new product development; Escalade’s ability to achieve its business objectives, especially with respect to its Sporting Goods business on which it has chosen to focus; Escalade’s ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and of divestitures or discontinuances of certain operations, assets, brands, and products; the continuation and development of key customer, supplier, licensing and other business relationships; the ability to successfully negotiate the shifting retail environment and changes in consumer buying habits; the financial health of our customers; disruptions or delays in our business operations, including without limitation disruptions or delays in our supply chain, arising from political unrest, war, labor strikes, natural disasters, public health crises such as the coronavirus pandemic, and other events and circumstances beyond our control; Escalade’s ability to control costs; Escalade’s ability to successfully implement actions to lessen the potential impacts of tariffs and other trade restrictions applicable to our products and raw materials, including impacts on the costs of producing our goods, importing products and materials into our markets for sale, and on the pricing of our products; general economic conditions; fluctuation in operating results; changes in foreign currency exchange rates; changes in the securities markets; Escalade’s ability to obtain financing and to maintain compliance with the terms of such financing; the availability, integration and effective operation of information systems and other technology, and the potential interruption of such systems or technology; risks related to data security of privacy breaches; and other risks detailed from time to time in Escalade’s filings with the Securities and Exchange Commission. Escalade’s future financial performance could differ materially from the expectations of management contained herein. Escalade undertakes no obligation to release revisions to these forward-looking statements after the date of this report.

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SOURCE Escalade, Incorporated