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HENDERSON, Nev., Jan. 31, 2024 /PRNewswire/ -- LaiFug, a front-runner in the pet supplies industry, is thrilled to announce the launch of their 4 Family dog beds. The 4 Family is LaiFug's most superior range, with the numerical system designed for easy recall. The family consists of two products: the 422 and the 428, where the number "4" signifies top-of-the-line foam, ensuring ultimate comfort. The numbers "22" and "28" indicate the fabric texture, with higher numbers indicating thicker, more cozy materials. This attention to detail guarantees both superior external quality and exceptional sleep comfort for your pets. LaiFug Star Product 422 Orthopedic Memory Foam Dog Bed: Creating a Comfort Oasis for Your Large Dog Introducing the LaiFug 422 Orthopedic Memory Foam Dog Bed Pillow, an extra-large haven of comfort designed to support your pet's every need. The LaiFug 422 dog bed pillow stands out as the king of Price-performance ratio with its dual-pillow feature, offering an unparalleled combination of comfort and affordability. It's no surprise that this design has become our best-selling pet bed, loved by both pets and their owners. This Slate Grey bed is built to accommodate even the largest of dogs, offering a durable, recycle water-proof liner and a removable, washable cover. The smart unique three-tier structural design of this bed ensures it stands out from the rest, and it also conforms to canine ergonomics, suitable for various needs of dogs, providing both comfort and practicality for you and your furry friend. The smart design of the LaiFug 422 dog bed is truly innovative. It features a higher pillow specifically designed to support your pet's head and neck, providing maximum comfort and support. The additional lower pillow offers a cozy space for your dog to rest its paws, ensuring a restful night's sleep. This unique dual-pillow design addresses the specific needs of your pet, promoting relaxation and reducing strain on their joints. The orthopedic memory foam used in the LaiFug 4 Family dog bed is of superior quality. The combination of top-tier memory foam guarantees maximum comfort and support. Unlike other dog beds, the LaiFug foam will not flatten over time. In fact, it retains at least 90% of its shape and support for the next three years, making it a long-lasting investment for your pet's comfort. The cover design of the LaiFug 422 dog bed is equally impressive. It has a waterproof lining and a premium custom fabric made of 100% microfiber, which is treated with short pile for a strong skin-friendly feel. This water-resistant and tear-resistant cover is removable and machine washable, making it easy to maintain cleanliness and hygiene. The soft touch of the cover ensures your pet's comfort, while the simple spot cleaning and hair removal process make it a breeze to keep the bed looking fresh. The LaiFug 422 dog bed also comes in an extra-large size, accommodating dogs weighing up to 200 pounds. This spacious dimensions make it an ideal choice for your larger furry friends. The LaiFug foam bed is designed to provide a cozy sleeping spot that your pet will adore. In conclusion, the LaiFug 422 dog bed is revolutionizing the pet bed market with its exclusive design and smart features. Its innovative dual-pillow design, superior orthopedic memory foam, and practical cover design make it a standout choice for pet owners looking to provide their furry companions with the ultimate in comfort and support. Give your pet the gift of an exceptional sleeping experience with the LaiFug 422 dog bed. LINK：https://www.LaiFug.com/products/LaiFug-jumbo-memory-foam-dog-bed LaiFug 428 Memory Foam Oval Dog Bed: The Ultimate Orthopedic Sleeping Experience for Your Canine Companion Discover the LaiFug Memory Foam Oval Dog Bed, an orthopedic masterpiece designed to provide your beloved dog with the utmost comfort and support. Featuring a durable waterproof liner, a removable washable cover, and a nonskid bottom, this masterpiece is set to become your dog's favorite sleeping spot.The unique design of this dog bed marks the debut creation of British designer Waqas Zahoor making it a novel addition to LaiFug's esteemed product line. This innovative bed is the new star in our collection, offering both style and comfort for your canine companion. What sets the LaiFug 428 Oval Dog Bed apart is its unique design that perfectly conforms to the shape of your dog's body. The curved pillow not only provides maximum comfort and support but also ensures the safety of your pet during sleep. This cutting-edge design is more durable and practical than ever before, featuring a robust memory foam pillow that perfectly contours to your dog's body, providing a sense of security and relaxation. The memory foam pillow not only supports your dog's body but also helps to relieve stress and tension, allowing them to feel completely at ease.This innovative ergonomic design showcases LaiFug's commitment to delivering products that cater to the specific needs of dogs. Give your dog the gift of comfort and support with the LaiFug Memory Foam Oval Dog Bed. The orthopedic memory foam used in the LaiFug 428 Oval Dog Bed is of exceptional quality. It effectively supports your dog's body, promoting proper alignment and reducing the risk of joint discomfort. The memory foam's quick rebound feature ensures long-term usage without flattening, maintaining the bed's shape and support over time. The cover design of the LaiFug 428 Oval Dog Bed is equally impressive. It features a waterproof liner and a custom fabric made of 100% microfiber. This water-resistant and tear-resistant cover is removable and machine washable, making it easy to maintain cleanliness and hygiene. The soft touch of the cover ensures your pet's comfort, while the simple spot cleaning and hair removal process make it a breeze to keep the bed looking fresh. The LaiFug oval dog bed is not just a place for your pet to sleep; it becomes their favorite sleeping spot, allowing them to sleep soundly,and providing ample space for your dog to stretch, rest their paws, and even lay their head.With its exclusive design, maximum comfort, and practical features, the LaiFug 428 Oval Dog Bed is set to revolutionize the pet bed market. In conclusion, the LaiFug 428 Oval Dog Bed is a true testament to the brand's dedication to providing pets with a comfortable and supportive sleeping environment. Its innovative design, superior orthopedic memory foam, and practical cover design make it a standout choice for pet owners looking to elevate their furry companion's sleep experience. series foam material Applicable Weight Independent Waterproof Cover Pillow Relieves Joint Pain Suitable Dog Age 428 High-quality Memory Foam 50-150 lbs √ √ √ Senior Dogs 422 High-quality Memory Foam 50-150 lbs √ √ √ Senior Dogs 360 Layered Memory Foam 50-150 lbs √ × √ Senior Dogs 328 Layered Memory Foam 25-100 lbs √ √ √ Senior Dogs 318 Layered Memory Foam 25-100 lbs √ × √ Senior Dogs 218 Egg Crate Foam 25-100 lbs × × × Young Dogs 138 sandwich mesh 25-100 lbs × √ × all Caption About LaiFug LaiFug, established in 2015, is a pioneering manufacturer of pet home products, with its products being sold to more than one million customers worldwide. LaiFug, its subsidiary, currently has over 20 best-selling pet products in four countries and has been recognized as an Amazon Best Seller numerous times. Despite its growth into a global company offering a wide range of products to cater to various customer needs, LaiFug remains dedicated to the health and happiness of pets. As of 2024, we have adopted a new philosophy and slogan: "Create a better life for animals." Our mission is to provide your beloved pets with the ultimate in comfort and an exceptional quality of life. At LaiFug, we prioritize innovative design and unwavering commitment to excellence. Choose LaiFug for original, high-quality products that prioritize your pet's comfort and happiness. For more information, visit LaiFug's official website https://www.LaiFug.com/, Walmart, tiktok and Amazon. Stay in touch with LaiFug on social media @laifugvip. CONTACT: Jinx Chenlaifug@laifug.com
BEIJING, Jan. 31, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche", "the Company" or "we"), China's leading auto insurance technology platform, today announced its unaudited financial results for the third quarter ended September 30, 2023. Financial and Operational Highlights Net revenues for the quarter increased 10.5% year-over-year to RMB823.3 million (US$112.8 million), while net revenues for the first nine months of 2023 increased 27.7% over the comparable prior year period to RMB2.4 billion (US$333.6 million). Net loss of RMB55.4million (US$7.6 million) increased by RMB27.6 million over the prior-year quarter, while net loss for the first nine months of RMB127.6 million (USD17.5 million) increased 43.6% over the comparable prior-year period. Adjusted net loss(1) for the quarter decreased by 96.4%, from RMB15.6 million in the prior-year period to RMB0.6 million (US$0.1 million), while adjusted net loss for the first nine months of 2023 decreased by 49.2%, from RMB55.8 million in the prior-year period to RMB28.3 million (US$3.9 million). Total written premiums placed(2) for the quarter grew 30.4% year-over-year to RMB5,639.3 million (US$773.0 million), while total written premiums placed for the first nine months of 2023 increased 40.9% over the comparable prior-year period to RMB16,248.9 million. Total number of policies issued for the quarter increased by 23.5% from 3.3 million for the prior-year quarter to 4.0 million, while the total number of policies issued over the first nine months increased 29.0% over the comparable prior-year period to 10.9 million. Partnerships with New Energy Vehicle (NEV) companies(3) in the quarter have demonstrated considerable growth, with 10 partnerships with NEV manufacturers leading to over 117,000 policies embedded in new NEV deliveries and corresponding premium of RMB399.0 million (US$54.7 million), representing a significant increase as compared to the first and second quarters of 2023. In the first and second quarters of 2023, we collaborated with 7 NEV manufacturers, leading to over 52,000 and 91,000 policies, and corresponding premium of RMB208.0 million and RMB332.0 million, respectively. New referral partners of 50,000+ were added in the quarter, while active intermediaries and commission agreements with insurance companies grew to approximately 4,500 and 1,900, respectively. (1) Adjusted Net Loss is a non-GAAP measure. For further information on the non-GAAP financial measures presented above, see the section "Use of Non-GAAP Financial Measures" below. (2) Referenced in the Registration Statement on Form F-4 (Reg. No. 333-273400) initially filed with the U.S. Securities and Exchange Commission on July 24, 2023 as "gross written premiums." (3) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufactures in 2022 and such collaboration yielded considerable results in 2023. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution by its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business, and presents such operating metrics for investors to better understand and evaluate Cheche's business. Management Comments "Cheche has demonstrated strong top-line growth over the last nine months despite the ongoing economic headwinds. We expect this momentum to accelerate in the fourth quarter as insurers and manufacturers offer promotions to drive volume," said Lei Zhang, Founder, CEO, and Chairman of Cheche Group. "During 2023, we have secured a leadership position providing embedded insurance solutions to the NEV sector, increasing the number of NEV manufacturing partnerships to ten in the third quarter – one of the largest in the industry. We have continued to invest in solutions that take us deeper into the technology stack of insurance providers, NEV manufacturers, and intermediaries to address industry pain points. Cheche is collaborating with government and industry partners to bring greater transparency, consumer choice, and compliance to what has traditionally been a highly fragmented and opaque market." "Our gross margin improved by 70 basis points in the third quarter as we incorporated efficiencies while enhancing our technology and evolving our go-to-market strategies to better serve our partners. Our strategy continues to leverage an unmatched network of insurer relationships and referral partners to capture market share and data that enables intelligent approaches to underwriting, claims management, and pricing. As China's auto industry rapidly shifts towards new energy vehicles, we believe Cheche is uniquely positioned to capitalize on industry tailwinds and drive innovation and value creation." Unaudited Third Quarter 2023 Financial Results Net Revenues were RMB823.3 million (US$112.8 million), representing a 10.5% year-over-year increase from the prior-year quarter. The growth was driven by an increase in insurance transactions conducted through Cheche's platform by referral partners and third-party platform partners. Cost of Revenues increased by 9.8% to RMB784.8 million (US$107.6 million) from RMB715.0 million for the prior-year quarter, which was consistent with the growth of business volume and net revenues. Selling and Marketing Expenses increased by 39.2% to RMB39.0 million (US$5.3 million) from RMB28.0 million in the prior-year quarter. Selling and marketing expenses as a percentage of net revenues were 4.7%, compared to 3.8% for the prior-year quarter, which was primarily due to an increase of RMB19.5 million in share-based compensation expenses. Excluding share-based compensation expenses, the percentage would be 2.3%, compared to 3.6% for the prior-year quarter, which was primarily caused by the decrease of marketing promotion expenses. Research and Development Expenses decreased by 2.7% to RMB13.5 million (US$1.8 million) from RMB13.8 million in the prior-year quarter. The change was mainly driven by a decrease in the number of staff in the department, partially offset by an increase in share-based compensation expenses. Excluding share-based compensation expenses, research and development expenses decreased by 21.5%, primarily due to the decrease in staff costs. General and Administrative Expenses increased by 88.8% to RMB34.8 million (US$4.8 million) from RMB18.4 million for the prior-year quarter. The increase was mainly due to an increase of RMB8.7 million in share-based compensation expenses and an increase of RMB 6.1 million in listing-related professional service fees. Excluding share-based compensation expenses and listing-related professional service fees, general and administrative expenses increased by 11.5%, mainly due to the increase in staff costs. Net Loss increased by RMB27.6 million to RMB55.4 million (US$7.6 million) over the prior-year quarter. Excluding non-GAAP expenses, Adjusted Net Loss was RMB0.6 million (US$0.1 million), which decreased by 96.4% (RMB15.0 million) compared to a net loss of RMB15.6 million for the prior-year quarter. Net Loss attributable to Cheche's shareholders was RMB707.6 million (US$97.0 million), reflecting the impact of a non-cash charge for preferred share accretions caused by the increase of the company's market value, compared to a loss of RMB94.7 million for the prior-year quarter. Adjusted Net Loss attributable to Cheche's shareholders was RMB652.7million (US$89.5 million), reflecting the impact of a non-cash charge for preferred share accretions caused by the increase of the company's market value, compared to a loss of RMB82.4 million for the prior-year quarter. Net Loss Per Share, basic and diluted, was RMB17.52 (US$2.40), compared to a loss of RMB2.98 for the prior-year quarter. Adjusted Net Loss Per Share, basic and diluted, was RMB16.16 (US$2.21), compared to a loss of RMB2.59 for the prior-year quarter. Business Highlights As China continues to experience dramatic NEV sales growth, data streams, dynamic underwriting, and consumer transparency are evolving to enable risk and pricing optimizations that seek to mitigate the high cost of collisions inherent in the industry, reduce the cost of ownership, and broaden access to the market. New products and technologies are reducing fraud, increasing compliance, and creating new product categories, such as embedded auto insurance, that drive new revenue streams. Cheche successfully launched embedded insurance with leading NEV manufacturers and is one of the largest providers of embedded solutions in the industry. With Cheche continuing to capture market share through partnerships with Xpeng, Avatr, and others, the total number of NEV manufacturer partnerships has reached ten as of September 30, 2023. During the third quarter, over 117,000 policies were embedded in new NEV deliveries, an over 500% increase year-over-year, while the premium for this component of the business exceeded RMB399.0 million (US$54.7 million) over the same period. Autonomous driving is a novel factor transforming auto insurance products, and Cheche is actively engaged with insurance carriers and NEV manufacturers to originate products that reflect the evolving risk landscape. As NEVs become more ubiquitous, Cheche will continue to leverage its comprehensive pools of customer, policy, and vehicle data to develop smart pricing solutions. Business Combination On September 14, 2023 (the "Closing Date"), the Company completed the previously announced business combination (the "Business Combination") with Prime Impact Acquisition I ("Prime Impact"). Cheche began trading on the Nasdaq Stock Exchange on September 18, 2023. On the Closing Date, the Company consummated the Business Combination with Prime Impact, pursuant to the Business Combination Agreement dated January 29, 2023, by and among Prime Impact, the Company, Cheche Merger Sub Inc. ("Merger Sub"), and Cheche Technology Inc. ("CCT"). Pursuant to the Business Combination Agreement, the Business Combination was effected in two steps. On September 14, 2023, (1) Prime Impact merged with and into the Company (the "Initial Merger"), with the Company surviving the Initial Merger as a publicly traded entity; and (2) immediately following the Initial Merger, Merger Sub merged with and into CCT (the "Acquisition Merger" and, together with the Initial Merger, the "Mergers," and together with all other transactions contemplated by the Business Combination Agreement, the "Business Combination"), with CCT surviving the Acquisition Merger as a wholly owned subsidiary of the Company. On the Closing Date, (i) Prime Impact converted (a) its issued and outstanding Class A and B ordinary shares into Class A ordinary shares of the Company, and (b) each outstanding warrant to purchase a Prime Impact Class A ordinary share was converted into a warrant to purchase one Company Class A ordinary share, (ii) CCT converted each preferred share of CCT, issued and outstanding immediately prior to the Acquisition Merger, into a certain number of ordinary shares of CCT based on CCT's then effective memorandum and articles of association, and (iii) CCT converted (a) its issued and outstanding ordinary shares (including those converted from the preferred shares of CCT, but excluding the CCT ordinary shares held by Mr. Zhang Lei) into Class A ordinary shares of the Company based on applicable Per Share Merger Consideration (as defined in the Business Combination Agreement), and (b) issued and outstanding ordinary shares of CCT held by Mr. Zhang Lei were converted into Class B ordinary shares of the Company based on applicable Per Share Merger Consideration. On September 11, 2023, Prime Impact, CCT and the Company entered into certain Subscription Agreements and a Backstop Agreement with global institutional investors in connection with the Business Combination. Pursuant to such agreements, the Company issued 634,228; 1,300,000; and 500,000 Class A ordinary shares to Prime Impact Cayman LLC (the "Sponsor"); World Dynamic Limited; and Goldrock Holdings Limited for the consideration of US$10.00 per share, respectively. The consideration from the Sponsor was related to settlement of the Sponsor's obligations with respect to the payment of certain Prime Impact transaction expenses in connection with the Business Combination. The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. As a result of the Business Combination, CCT was deemed the accounting acquirer. This determination is primarily based on the shareholders of CCT comprising the majority of the voting power of the Company and having the ability to nominate the members of our Board, CCT's operations prior to the acquisition comprising the only ongoing operations, and CCT's senior management comprising a majority of our senior management. Accordingly, for accounting purposes, the financial statements of the post-combination company represent a continuation of the financial statements of CCT. Prime Impact was treated as the "acquired" company for accounting purposes. As Prime Impact does not meet the definition of a "business" for accounting purposes, the reverse recapitalization was treated as the equivalent of CCT issuing shares for the net assets of Prime Impact, accompanied by a recapitalization. The financial information included in this earnings release reflects (i) the historical operating results of CCT prior to the reverse recapitalization; (ii) the combined results of the Company and CCT following the closing of the reverse recapitalization; (iii) the assets and liabilities of CCT at their historical cost; and (iv) the Company's equity structure for all periods presented. Transaction costs related to the reverse recapitalization paid to Prime Impact as part of the Business Combination Agreement were charged to equity as a reduction of the net proceeds received in exchange for the shares issued to the shareholders of Prime Impact. In accordance with guidance applicable to these circumstances, the equity structure has been retroactively adjusted in all comparative periods up to the Closing Date, to reflect the number of shares of the Company's ordinary shares issued to CCT's shareholders in connection with the reverse recapitalization transaction. As such, the ordinary shares and corresponding capital amounts and earnings per share related to CCT convertible redeemable preferred shares and ordinary shares prior to the reverse recapitalization have been retroactively restated as shares reflecting the exchange ratio established pursuant to the Business Combination Agreement. In conjunction with the reverse recapitalization, the Company's ordinary shares underwent a 13.6145-for-1 conversion. Note that the consolidated financial statements give retroactive effect as though the conversion of the Company's ordinary shares occurred for all periods presented, without any change in the par value per share. Balance Sheet and Liquidity As of September 30, 2023, the Company had RMB274.5 million (US$37.6 million) in total cash and equivalents and short-term investments, compared to RMB149.8 million as of December 31, 2022. Cheche had working capital of RMB357.0 million (US$48.9 million) as of September 30, 2023, an increase of 39.0% from RMB256.8 million as of December 31, 2022. 2023 Outlook Cheche is updating its 2023 financial outlook based on improved visibility and financial results to date: Net revenues for the full year 2023 are expected to meet or exceed the prior estimation of RMB3.1 billion (US$454.0 million). Total written premiums placed for the full year of 2023 are expected to be between RMB21.0 billion and RMB22.0 billion, up from the previously announced RMB20.8 billion (US$3.0 billion). "The shift in outlook reflects our strategic emphasis on NEV market share as we continue to focus on carefully controlling our operating expenses and positioning ourselves for long-term growth," commented Lei Zhang. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader's convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2960 to US$1.00, the exchange rate on September 29, 2023, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. About Cheche Group Inc. Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 110 branches licensed to distribute insurance policies across 30 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en. Cheche Group Inc.:IR@chechegroup.com Crocker Coulsoncrocker.coulson@aummedia.org (646) 652-7185 Safe Harbor Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by 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. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements. Unaudited Interim Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) December 31, September 30, September 30, 2022 2023 2023 RMB RMB USD ASSETS Current assets: Cash and cash equivalents 114,945 260,171 35,659 Restricted Cash 5,000 5,000 685 Short-term investments 34,823 14,360 1,968 Accounts receivable, net 401,667 445,671 61,084 Prepayments and other current assets 44,412 50,682 6,948 Total current assets 600,847 775,884 106,344 Non-current assets: Property, equipment and leasehold improvement, net 2,171 1,884 258 Intangible assets, net 10,150 8,575 1,175 Right-of-use assets 14,723 7,996 1,096 Goodwill 84,609 84,609 11,597 Total non-current assets 111,653 103,064 14,126 Total assets 712,500 878,948 120,470 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable 227,156 280,115 38,392 Short-term borrowings - 20,000 2,741 Contract liabilities 888 4,243 582 Salary and welfare benefits payable 63,303 69,764 9,562 Tax payable 3,078 1,405 193 Accrued expenses and other current liabilities 40,888 37,235 5,103 Short-term lease liabilities 7,676 3,905 535 Warrant 1,045 2,219 304 Total current liabilities 344,034 418,886 57,412 Non-current liabilities: Deferred tax liabilities 2,538 2,144 294 Long-term lease liabilities 6,226 2,908 398 Amounts due to related party 59,932 65,258 8,944 Deferred revenue 1,432 1,432 196 Warrant - 16,334 2,239 Total non-current liabilities 70,128 88,076 12,071 Total liabilities 414,162 506,962 69,483 Mezzanine equity 1,558,881 - - Ordinary shares (4) 2 5 1 Treasury stock (4) (1,025) (1,025) (140) Additional paid-in capital 25 2,449,283 335,704 Accumulated deficit (1,259,479) (2,081,857) (285,343) Accumulated other comprehensive (loss)/income (66) 5,580 765 Total Cheche's shareholders' (deficit)/equity (1,260,543) 371,986 50,987 Total liabilities, mezzanine equity and shareholders' (deficit)/equity 712,500 878,948 120,470 (4) Shares outstanding for all periods reflect the adjustment for reverse recapitalization. Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, September 30, September 30, 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD Net revenues 744,862 823,269 112,838 1,905,130 2,433,640 333,558 Cost of revenues (714,953) (784,782) (107,563) (1,809,880) (2,336,761) (320,280) Gross profit 29,909 38,487 5,275 95,250 96,879 13,278 Operating expenses: Selling and marketing expenses (28,003) (38,991) (5,344) (106,580) (86,747) (11,890) General and administrative expenses (18,434) (34,809) (4,771) (53,391) (84,503) (11,582) Research and development expenses (13,844) (13,465) (1,846) (37,022) (44,768) (6,136) Total operating expenses (60,281) (87,265) (11,961) (196,993) (216,018) (29,608) Other expenses: Interest income 292 1,212 166 758 2,695 369 Interest expense (240) (329) (45) (2,909) (871) (119) Foreign exchange gains/(losses) 4,123 1,069 146 9,969 (5,265) (722) Government grants 4,319 2,685 368 15,524 9,925 1,360 Changes in fair value of warrant (60) (10,307) (1,413) (100) (10,434) (1,430) Changes in fair value of amounts due to related party (5,711) (1,086) (149) (10,368) (4,922) (675) Others, net (335) (33) (4) (406) (2) - Loss before income tax (27,984) (55,567) (7,617) (89,275) (128,013) (17,547) Income tax credit 131 128 17 393 386 53 Net loss (27,853) (55,439) (7,600) (88,882) (127,627) (17,494) Accretions to preferred shares redemption \value (66,829) (652,178) (89,388) (134,129) (762,169) (104,464) Net loss attributable to the Cheche's \ordinary shareholders (94,682) (707,617) (96,988) (223,011) (889,796) (121,958) Net loss (27,853) (55,439) (7,600) (88,882) (127,627) (17,494) Other comprehensive income/(loss): Foreign currency translation adjustments, \net of nil tax 11,541 (1,433) (196) 20,932 5,977 820 Fair value changes of amounts due to \related party due to own credit risk (9) (104) (14) (430) (404) (56) Total comprehensive loss income/(loss) 11,532 (1,537) (210) 20,502 5,573 764 Comprehensive loss attributable to \Cheche's ordinary shareholders (16,321) (56,976) (7,810) (68,380) (122,054) (16,730) Net loss per ordinary shares outstanding Basic (2.98) (17.52) (2.40) (7.02) (25.21) (3.46) Diluted (2.98) (17.52) (2.40) (7.02) (25.21) (3.46) Weighted average number of ordinary \shares outstanding Basic 31,780,394 40,396,693 40,396,693 31,780,394 35,297,133 35,297,133 Diluted 31,780,394 40,396,693 40,396,693 31,780,394 35,297,133 35,297,133 Non-GAAP Financial Measures Cheche has provided in this press release non-GAAP financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Cheche uses adjusted net loss and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding. Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche's operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. Cheche encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The following table sets forth a reconciliation of our net loss, net loss per share to adjusted net loss, and adjusted net loss per share, respectively. Reconciliation of operating expenses to Non-GAAP operating expenses (Unaudited) (All amounts in thousands) For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, September 30, September 30, 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD Selling and marketing expenses (28,003) (38,991) (5,344) (106,580) (86,747) (11,890) Add:Share-based compensation expenses 881 20,381 2,793 5,505 30,054 4,119 Adjusted Selling and marketing expenses (27,122) (18,610) (2,551) (101,075) (56,693) (7,771) General and administrative expenses (18,434) (34,809) (4,771) (53,391) (84,503) (11,582) Add:Share-based compensation expenses 1,654 10,334 1,416 4,939 25,689 3,521 Listing related professional expenses 3,285 9,435 1,293 10,334 14,972 2,052 Adjusted General and administrative expenses (13,495) (15,040) (2,062) (38,118) (43,842) (6,009) Research and development expenses (13,844) (13,465) (1,846) (37,022) (44,768) (6,136) Add:Share-based compensation expenses 117 2,688 368 287 11,462 1,571 Adjusted Research and development expenses (13,727) (10,777) (1,478) (36,735) (33,306) (4,565) Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (All amounts in thousands, except for share data and per share data) For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, September 30, September 30, 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD Net loss (27,853) (55,439) (7,600) (88,882) (127,627) (17,494) Add: Share-based compensation expenses 2,655 33,517 4,594 10,740 67,392 9,237 Amortization of intangible assets related to acquisition 525 525 72 1,575 1,575 216 Listing related professional expenses 3,285 9,435 1,293 10,334 14,972 2,052 Change in fair value of warrant 60 10,307 1,413 100 10,434 1,430 Changes in fair value of amounts due to related party 5,711 1,086 149 10,368 4,922 675 Adjusted net loss (15,617) (569) (79) (55,765) (28,332) (3,884) Weighted average number of ordinary shares used in computing non-GAAP adjusted net loss per ordinary share Basic 31,780,394 40,396,693 40,396,693 31,780,394 35,297,133 35,297,133 Diluted 31,780,394 40,396,693 40,396,693 31,780,394 35,297,133 35,297,133 Net loss per ordinary share Basic (2.98) (17.52) (2.40) (7.02) (25.21) (3.46) Diluted (2.98) (17.52) (2.40) (7.02) (25.21) (3.46) Non-GAAP adjustments to net loss per ordinary share Basic 0.39 1.36 0.19 1.04 2.81 0.39 Diluted 0.39 1.36 0.19 1.04 2.81 0.39 Adjusted net loss per ordinary share Basic (2.59) (16.16) (2.21) (5.98) (22.40) (3.07) Diluted (2.59) (16.16) (2.21) (5.98) (22.40) (3.07)
Updated proxy to detail recent engagement with Dazheng BEIJING, Jan. 31, 2024 /PRNewswire/ -- The Board of Directors of Hollysys Automation Technologies Ltd. ("Hollysys" or the "Company") today issued a letter to shareholders reiterating its support for the proposed acquisition of the Company by a buyer controlled by Ascendent Capital Partners ("Ascendent") at the upcoming extraordinary general meeting to be held on February 8, 2024. In the letter, the Company also addressed statements published by Dazheng Group Acquisition Limited ("Dazheng"). Also, in a proxy supplement to be filed today, the Company sets out in detail its engagement with Dazheng as part of its rigorous process to maximize value for Hollysys shareholders. Below is the full text of the Board's letter to shareholders: Dear Fellow Shareholders: We write today to reiterate our strong recommendation to vote FOR the proposed acquisition of Hollysys Automation Technologies Ltd. ("Hollysys" or the "Company") by a buyer controlled by Ascendent Capital Partners ("Ascendent"). Compelling Value in an Uncertain Market The Special Committee of independent directors (the "Special Committee") makes this recommendation after careful consideration and deliberation on delivering the compelling transaction for shareholders. Ascendent remains the only bidder that has demonstrated the ability to deliver compelling value that is fully financed and with a viable pathway to closing. An offer at a higher price that is not accompanied by credible financing is not a superior offer. To the point above, we will file today a proxy supplement which details the Special Committee's engagement with Dazheng Group Acquisition Limited ("Dazheng"). We outline why we believe Dazheng's failure to demonstrate financing certainty presents material risks that outweigh the potentially higher price it has offered. Ascendent was chosen after a transparent, competitive and rigorous process The Special Committee formed on September 29, 2023 comprised highly experienced and reputable directors acting in the best interests of Hollysys shareholders. The collective experience of the Special Committee offers a valuable investor perspective when evaluating strategic options to maximize shareholders' interests and enhance value. The Special Committee approached or engaged with ten potential buyers, including the management consortium and the Recco consortium (which became Dazheng), received three unsolicited inbound inquiries and shortlisted two bidders. Following execution of the merger agreement with Ascendent, the Special Committee solicited interest of seven potential buyers during the go-shop period and received two proposals (including the Dazheng proposal), none of which provided the certainty of the Ascendent transaction. Failing to vote FOR the Ascendent transaction on February 8, 2024 could result in a dramatic decline in share price given the current market conditions – as of January 29, 2024, the S&P China Select ADR Index is down 24.77% over a 12-month period. ISS and Glass Lewis focused on the past, and did not give due credit to the rigorous sale process run by the Special Committee The Board strongly disagrees with the recommendations of ISS and Glass Lewis. Neither ISS nor Glass Lewis provided a judgement on the value of the Ascendent offer and their recommendations do not take into account the merits of the Ascendent transaction, and instead focused on corporate governance matters extending back many years. The Special Committee ran a transparent, competitive and rigorous sale process. After a thorough sale process, there can be no assurance that any other credible, well-financed buyers would emerge should the Ascendent transaction be voted down. In its report, ISS itself acknowledges that if there is no transaction the Company's share price is likely to fall significantly, underscoring the risk of a vote against the transaction. The ISS report does not recognize that the US$26.50 per share all-cash consideration offered by Ascendent is the only proposal that offers compelling valuation and is both fully financed and with a viable pathway to closing. The price represents a 42% premium to the unaffected price as of August 23, 2023, and a 52% premium over the 30-day VWAP through the same date. ISS itself reports that the shares "have appreciated by 102.2%" from December 7, 2020 (when the Company received the first unsolicited proposal) to January 23, 2024, "an impressive triple-digit percent point gain", and "the merger consideration represents a 111.8% premium to the unaffected price on the day prior to the announcement." These premiums are substantial compared to similar transactions. Dazheng has not delivered a superior proposal The shifting nature of the equity members of Dazheng is not consistent with a buyer that has fully committed and available capital to consummate a transaction. Since it became the "Dazheng" consortium, when its revised proposal dropped the names of Recco Control Technology Pte. Ltd and Great Wall Capital Co., Ltd., its consortium members have changed four times, as illustrated in the chart. Dazheng Consortium evolution Contrary to its assertion, no credible equity financing has been presented to the Special Committee. In its latest proposal, Dazheng's most significant equity provider is not a well-known institutional investor but an "affiliate" that does not have the financial wherewithal to back up its contractual commitment. Dazheng has repeatedly rejected reasonable requests from the Special Committee for proper financial arrangement to provide certainty of funds. Multiple requests made by the Special Committee over the past weeks to speak with the ultimate equity funders were turned down. To this day, uncertainties related to Dazheng's funding remain. To understand the situation requires a full understanding of who Dazheng is and how they have acted. Full details are provided in the Company's proxy statement and its supplement. The table below illustrates the facts of Dazheng's engagement with the Special Committee. Dazheng Claim Reality "The Consortium's proposal isbacked by secured andcredible financing…The lateststructure of source of fundinginclude an entity associatedwith a well-knowninstitutional investor" • The Consortium's composition has changed four times since the submission of the revised proposal. • The latest "investor" providing more than a majority of the Consortium's equity funding is a special purpose vehicle with no track record of any major acquisitions. • Reasonable requests from the Special Committee for the Dazheng Consortium to put in place appropriate arrangements for certainty of funds have been repeatedly rejected by the Dazheng Consortium. • Dazheng consistently failed to show ability to transact with offshore USD funding and was only willing to put "money on the line" in RMB. "Engaging in good faith, theConsortium aimed to presenta Superior Proposal" • Dazheng took two months to resolve NDA comments with limited attempts to compromise, which was atypical compared to multiple other parties who quickly signed similar agreements to participate in the bidding process. • Dazheng disregarded reasonable requests from the Special Committee to demonstrate financing certainty. • Dazheng did not accommodate a meeting with its primary equity providers until this past weekend, despite multiple requests from the Special Committee over the past weeks. • Dazheng ignored the go-shop outreach until close to the expiry of the go-shop period. • Dazheng's public announcements have been inconsistent with their private engagement with the Special Committee and its advisors. "Buyer Consortium isastonished by thediscrimination, ignorance of shareholder rights andmalfunctioning of the saleprocess to date" • The Special Committee has conducted a transparent, competitive and rigorous process throughout the bidding process, during the go-shop period up to the present time. • Even after the go-shop period, the Special Committee held over ten meetings with its advisors to discuss next steps as to engagements with Dazheng. "The hasty execution of amerger agreement withAscendent" • Ascendent was the only bidder that has emerged after a two-month process with an offer of compelling value that is fully financed and with a viable pathway to closing. • While the Company has been rumoured for sale for more than two years, private equity firms' interest in acquiring ADRs has diminished significantly due to the macroeconomic and geopolitical environment. Ascendent is a credible independent purchaser offering a compelling transaction for shareholders Ascendent is an independent purchaser that is contractually committed and motivated to complete the acquisition of the Company in an expedient manner. Contrary to ISS's characterizations, Ascendent has no affiliation with Dr. Changli Wang, the Company's CEO, and he is not a part of Ascendent's transaction today. The 2021 bid launched by the Ascendent-Wang consortium did not proceed because the Board suspended the sale process after Dr. Wang took the position of the Company's CEO. Since becoming a shareholder of the Company, corporate governance has been a priority to Ascendent, and it has advocated for the introduction of additional independent directors to the board of the company. Under the merger agreement, Ascendent explicitly required the Company to nominate three directors who meet the "independent" requirement for directors under the applicable Nasdaq rules to enhance the governance of the Board. Summary: Vote now for a compelling deal The Board believes that shareholders' interests are best served by the Ascendent transaction and recommends that shareholders vote FOR the Ascendent transaction at the upcoming extraordinary general meeting on February 8, 2024. We and our advisors stand ready to engage with any shareholders that wish to discuss this matter in more detail. If you have any questions, or need assistance in voting, please contact Morrow Sodali LLC, Hollysys' proxy solicitor, at (800) 662-5200 (toll-free in US) or +1 (203) 658-9400 or email at HOLI@info.morrowsodali.com. Thank you for your continued support, Hollysys Board of Directors About Hollysys Automation Technologies Ltd. Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2023, Hollysys had cumulatively carried out more than 45,000 projects for approximately 23,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions. Safe Harbor Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company; growth in financial and operational performance of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," or similar expressions involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. 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. Investors 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 those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its 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 factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. Contact Information Company Contact:Hollysys Automation Technologies Ltd.www.hollysys.com+8610-5898-1386investors@hollysys.com Media Contacts (Hong Kong and New York):Brunswick Grouphollysys@brunswickgroup.com Daniel Del Re (Hong Kong)ddelre@brunswickgroup.com+852 9255 5136 Libby Lloyd (New York)llloyd@brunswickgroup.com+1 347 283 3871
MOU aims to enhance enterprises' supply chain resilience along China-ASEAN investment and trade corridors SINGAPORE, Jan. 31, 2024 /PRNewswire/ -- UOB and the China Council for the Promotion of International Trade (CCPIT) today signed an enhanced Memorandum of Understanding (MOU) to boost foreign investment and trade between China and Southeast Asia. This remains CCPIT's only collaboration with a bank in Southeast Asia. Mr Wee Ee Cheong, UOB’s Deputy Chairman and CEO (left) signed an enhanced MOU with Mr Ren Hongbin, Chairman of the China Council for the Promotion of International Trade at the UOB Plaza on 31 January 2024 to boost foreign investment and trade between China and Southeast Asia. Established under China's State Council in 1952, CCPIT plans and implements policies to promote trade and investment relations between China and foreign countries. CCPIT's affiliated body, the China Chamber of International Commerce (CCOIC), was set up in 1988 to represent its members' interests and support Chinese enterprises in overseas ventures. Through this collaboration with UOB, more than 350,000 Chinese companies which are members of CCOIC can access UOB's comprehensive suite of local and cross-border solutions. They can also tap on an ecosystem of strategic partners across the Bank's Southeast Asian network. Both parties will also facilitate UOB's regional clients' projects and businesses in China. UOB and CCPIT will support enterprises in key industry sectors to build resilient supply chains, drive progress through innovation, and practise sustainable development. Tapping on UOB's strength in the region, the two parties will jointly strengthen services and support for Chinese enterprises investing in the ASEAN region. Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said, "With global supply chains continuing to shift into Southeast Asia, the region remains a bright spot and continues to attract investment flows. With our extensive regional footprint, strong sector solutions capabilities and regional payments, trade, and cash platforms, UOB is well positioned to support Chinese enterprises expanding into ASEAN. This will promote the interconnection of local value chains, create more job opportunities and forge a brighter future for people and communities in this region." UOB and CCPIT first signed an MOU in 2012 and first renewed it in 2014. Since then, the partnership has helped numerous Chinese companies to explore business expansion opportunities in Southeast Asia. China foreign direct investments (FDI) into ASEAN increased 81% from US$10.3 billion in 2016 to US$18.7 billion in 2022, reflecting ASEAN's attractiveness to Chinese companies[1]. This collaboration draws on the strength of UOB's Foreign Direct Investment (FDI) Advisory Unit, which was established in 2011 as a one-stop platform to help companies set up regional operations in Southeast Asia. To date, UOB's FDI Advisory Unit has supported more than 1,500 Chinese companies expand beyond their shores, of which more than 90 per cent moved into Southeast Asia. Since 2020, the FDI Advisory Unit has facilitated more than S$22 billion FDI into Southeast Asia from China and enabled the creation of more than 50,000 job opportunities in the region. UOB has 10 FDI Advisory Centres across the region to help companies lower the barriers as they look to expand across borders. At the MOU signing ceremony held this morning at UOB Plaza, more than 100 delegates from major Chinese corporates and government agencies were present. Before visiting UOB in Singapore, the delegates also participated in the Malaysia-China Business Council meeting yesterday in Kuala Lumpur supported by UOB Malaysia. Ms Ng Wei Wei, UOB Malaysia's Chief Executive Officer, also met CCPIT Chairman Ren Hongbin to discuss collaboration opportunities. [1] MOFCOM, 2022 Statistical Bulletin of China's Outward Foreign Direct Investment About UOB UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world's top banks: Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN. The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer's unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.
SHANGHAI, Jan. 31, 2024 /PRNewswire/ -- Shanghai Electric ("the Company", SEHK:2727, SSE:601727) announced that Nency Solar Technology (Nantong) Co., Ltd. ("Nency Solar"), the solar arm of Shanghai Electric, has been granted the IEC 61215:2021 and IEC 61730:2023 certifications for its n-type dual-glass photovoltaic (PV) module. The certifications were awarded by the global testing, inspection, and certification body TÜV SÜD, following extensive assessments designed to test and verify the performance, safety, service life, and reliability of solar modules, during which the product scored exceptional results. Shanghai Electric’s N-Type Double Glass Module Receives TÜV Süd Certification. The new milestone, which reaffirms Shanghai Electric's prowess in solar technology, adds to the Company's credentials in terms of product quality and functionality as it continues to ramp up investment in R&D to boost its technological innovation and bolster its standing in the renewable energy industry, paving the way for the development of more efficient, reliable, and high-performance solar products that help the world accelerate towards a greener future. Launched in 2023, Nency Solar's n-type dual-glass solar module is the first product made by the company in its latest drive to develop high-efficiency solar modules, marking a significant stride forward in its journey towards advancing solar technology. The module boasts a power output of up to 630W, an efficiency rate of 3%, and high bifaciality, with advantages including a low-temperature coefficient, low light-induced degradation (LID), and low potential-induced degradation (PID), improving its versatility and long service time, as well as durability in extreme weather conditions. Marking a landmark achievement in Shanghai Electric's roadmap for new energy products, the release of the solar module underscores the Company's autonomy in PV production and development, a major step that fuels its drive towards green, low-carbon, and high-quality development and lays an important groundwork for its global expansion. Nency Solar, a fully owned subsidiary of Shanghai Electric, was established in June 2023, following an agreement between Shanghai Electric and the Haimen District Government of Nantong City, allowing the Company to set up its solar production and R&D base in the city. The project ushered in a partnership between Nantong City and the company, aiming to explore new development models that accelerate the growth of the solar sector. With a goal to reach a 4.8GW production capacity for high-efficiency heterojunction (HJT) solar modules, the establishment of Nency Solar is poised to transform Nantong into a PV hub, which is instrumental in empowering the city to achieve industrial upgrades. In August 2023, Nency Solar and TÜV SÜD embarked on a strategic partnership focused on PV innovation, covering projects including product testing, certification, knowledge services, and training. The pair will join hands to also explore carbon-neutral technologies and leverage their respective resources and expertise to collaborate on areas such as the industrial chain, standard systems, and the integration of industry and finance. Together, the business alliance will enable them to develop industrial standards for N-type high-efficiency module technology that helps assess and verify the reliability of the modules in real-world environments. They will also undertake projects that evaluate the application and carbon emissions of N-type modules in outdoor solar power stations. Looking forward, Shanghai Electric aims to build upon its technical breakthroughs to catalyze its innovation in new energy products. Aiming to increase its global footprint by expanding partnerships within the energy sector, the Company is set to invest more resources to explore new technologies to help propel the sector's advancement, empowering countries worldwide to drive towards their carbon targets with its state-of-the-art solutions. For more information, please visit https://www.shanghai-electric.com/group_en/.
Adaptive Shield's SSPM Platform provides customers full visibility, control and mitigation of SaaS threats, saving them time and costs through posture management SAN ANTONIO, Jan. 31, 2024 /PRNewswire/ -- Frost & Sullivan recently assessed the Software-as-a-Service (SaaS) security posture management (SSPM) industry and based on its findings, recognizes Adaptive Shield with the 2023 Global Technology Innovation Leadership Award. Adaptive Shield is a leading SaaS security provider founded in 2019 by Maor Bin and Jony Shlomoff. It offers an SSPM solution that helps customers secure their entire SaaS stack through risk management, threat prevention, detection and response. Adaptive Shield's SSPM platform provides a suite of capabilities with single-pane-of-glass visibility, such as: Continuous misconfiguration and security risk monitoring Compliance mapping Identity security posture management Identity Threat Detection and Response (ITDR) SaaS-to-SaaS access and discovery Device-to-SaaS risk management Adaptive Shield's SSPM platform expanded to enable over 140 out-of-the-box integrations of SaaS applications, making it the first and only SSPM solution provider with such a large number of out-of-the-box integrations. Its comprehensive security coverage of potential threats enhances visibility, security control and application integration. The SSPM platform also allows customers to easily manage sanctioned and unsanctioned applications connected to their core SaaS stack, regardless of the number of applications, thus minimizing the risk of SaaS-to-SaaS or third-party application access. This capability enables customers' security teams to measure the access level to sensitive data across organizations' SaaS stack while having advanced reporting capabilities that complement their risk assessments. Ying Ting Neoh, research analyst for cybersecurity practice at Frost & Sullivan, observed, "With continual enhancements to its SSPM technology offering to address customers' pain points in the SaaS security space, the company is well-positioned as a technology innovation leader in the SSPM market." "Adaptive Shield has established a strong reputation and a steadily growing position in the global SSPM market. It is well positioned for continued growth, with its visionary and innovative platform for SaaS Security coupled with its established strategic partnerships and technology alliances," added Neoh. For its strong overall performance, Adaptive Shield is recognized with Frost & Sullivan's 2023 Global Technology Innovation Leadership Award in the SaaS security posture management industry. "Receiving Frost & Sullivan's 2023 Global Technology Leadership Award in SaaS Security Posture Management is not just an accolade for Adaptive Shield, it's a testament to our commitment in transforming the landscape of SaaS security," said Maor Bin, CEO and co-founder of Adaptive Shield. "This recognition fuels our passion to not only protect, but empower businesses through revolutionizing the way they perceive and manage their SaaS security challenges." Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables. Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses and extensive secondary research to identify best practices in the industry. To read more about this achievement, please click here. About Frost & SullivanFor six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact:Christine SavoieE:christine.savoie@frost.com About Adaptive ShieldAdaptive Shield, leader in SaaS Security, enables security teams to secure their entire SaaS stack through threat prevention, detection and response. With Adaptive Shield, organizations continuously manage and control all SaaS apps, including 3rd-party connected apps, as well as govern all SaaS users and risks associated with their devices. Founded by Maor Bin and Jony Shlomoff, Adaptive Shield works with many Fortune 500 enterprises and has been named Gartner® Cool Vendor™ 2022. For more information, visit us at www.adaptive-shield.com or follow us on LinkedIn. Media ContactChloe AmanteMontner Tech PRcamante@montner.com
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