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VADUZ, Liechtenstein, Aug. 19, 2024 /PRNewswire/ -- LGT, the international Private Banking and Asset Management group owned by the Princely Family of Liechtenstein, continued its international growth path and achieved a good result in the first half of 2024, mainly driven by higher income from services (+15%). Group profit was CHF 174.6 million, down 22% on the exceptionally strong result for the prior-year period, as the interest rate environment normalised and growth-related investments in personnel and digitalisation continued. Net asset inflows remained strong in the first half of 2024 totalling CHF 8.0 billion (annualised growth of 5%). Compared with year-end 2023, assets under management increased 13% to CHF 356.0 billion as at the end of the first half of 2024. LGT is well positioned to achieve further profitable growth. International financial markets performed well overall in the first half of 2024, despite persistent geopolitical and economic uncertainties. LGT was able to further expand its client business in this environment and benefited from the steady increase in its asset base over the past few years. In line with its international growth strategy, LGT continued to invest in its client offering, advisory services and technology platform. Sustainable investments remain one of LGT's main focus areas, where as a pioneer LGT is continuously expanding its expertise and product range. Since September 2023, the results of the UK wealth management business acquired from abrdn have been reflected in LGT's results. In the first half of 2024, the Group's total operating income increased 4% to CHF 1.28 billion compared with the prior-year period. Income from services in the core business rose 15% to CHF 852.4 million on the back of higher brokerage income and increased investment and administration fees. After the strong positive effect of the rise in interest rates seen in 2023, net interest income fell 30% to CHF 192.3 million in the normalised interest rate environment. Income from trading activities and other operating income rose 10% to CHF 239.1 million, reflecting interest rate and valuation effects on the bond portfolio, increased client activity and the higher asset base. Personnel expenses rose 12% to CHF 767.2 million on the back of continued staff growth in the areas of client advisory as well as products, services and technology, while accruals for long-term compensation were lower than in the prior-year period. The 11% rise in business and office expenses to CHF 224.5 million is due in particular to higher IT costs for digitalisation projects. Depreciation, amortisation and provisions decreased 9% to CHF 68.0 million, mainly reflecting lower provisions. The cost-income ratio increased to 77.3% as at the end of June 2024, compared with 74.2% as at the end of 2023. Group profit for the first half of 2024 was CHF 174.6 million, down 22% compared with the prior-year period. LGT is very well capitalised with a tier 1 capital ratio of 19.0% as at the end of June 2024 and has a high level of liquidity. Strong net asset inflows and positive market performance Organic net asset inflows totalled CHF 8 billion in the first half of 2024, which corresponds to an annualised growth rate of 5%. Both Private Banking and Asset Management contributed to this strong result. The reason for the year-on-year decrease in net new assets is a substantial one-off inflow from a major pension fund client of LGT Capital Partners in the first half of 2023, as previously communicated. Assets under management increased 13% to CHF 356.0 billion as at 30 June 2024, compared with CHF 316.0 billion as at year-end 2023. In addition to the net asset inflows, this reflects positive market performance and foreign currency effects. Outlook LGT is well positioned to achieve further growth and to strengthen profitability, leveraging its significantly increased asset base over the past few years while making further targeted investments, particularly in digitalisation. LGT has a strong global private banking and asset management presence in key global markets. Its recent expansion in Germany, where it now has offices in Hamburg, Frankfurt, Cologne and Düsseldorf, is progressing very well. With the integration of abrdn's UK wealth management business, LGT has reinforced its presence in the UK and is well-positioned to expand in high-growth areas outside of London. LGT is also developing very favourably in Australia as well as in Asia, where it established Private Banking locations in India, Thailand and Japan. To ensure high-quality and efficient service on its international platform, LGT is further investing in its IT infrastructure as part of its current digitalisation initiative. This includes the allocation of additional resources for the development of new digital tools, such as generative AI-based tools, that support operational processes. In the first half of 2024, LGT's expertise was once again recognised with a number of awards. These include the World's Best for Family Office Services award, which it received at the Euromoney Global Private Banking Awards 2024, and the global awards in the ESG Investing and Philanthropy Service Offering categories at WealthBriefing's Wealth for Good Awards 2024. H.S.H. Prince Max von und zu Liechtenstein, Chairman LGT, says: "LGT achieved a good result in the first half of the year and continued to invest in areas we believe will be very relevant in the future. Our growth is testimony to the high level of trust placed in us. Today's markets are fraught with uncertainty, and investors and private individuals face a whole range of unknowns, from possible global political upheavals to the fundamental effects of climate change. These realities make it all the more important for us to use our long-standing wealth management expertise and the stability of our family business for the benefit of our clients. We aim to further develop LGT in a forward-looking manner to provide our clients with the best possible resources and solutions for their wealth." LGT in brief LGT is a leading international private banking and asset management group that has been fully controlled by the Liechtenstein Princely Family for over 90 years. As at 30 June 2024, LGT managed assets of CHF 356.0 billion (USD 396.2 billion) for wealthy private individuals and institutional clients. LGT employs over 5800 people who work out of more than 30 locations in Europe, Asia, the Americas, Australia and the Middle East. www.lgt.com Key figures as per 30.06.2024 01.01. - 30.06.2024 01.01. - 30.06.2023 Change in % Consolidated income statement (in CHF m) Net interest income and credit losses 192.3 275.9 -30 Income from services 852.4 741.5 15 Income from trading activities and other operating income 239.1 217.1 10 Total operating income 1 283.8 1 234.5 4 Personnel expenses 767.2 687.0 12 Business and office expenses 224.5 202.0 11 Total operating expenses 991.7 889.0 12 Depreciation, amortization and provisions 68.0 74.6 -9 Tax and minority interests 49.5 47.4 4 Group profit 174.6 223.6 -22 Net asset inflow (in CHF bn) 8.0 15.8 30.06.2024 31.12.2023 Assets under management (in CHF bn) 356.0 316.0 13 Total assets (in CHF bn) 59.8 58.1 3 Group equity capital (in CHF m) 6 099 5 987 2 Ratios Cost/income ratio 77.3 % 74.2 % BIS/Basel III leverage ratio 7.8 % 7.7 % Common equity tier 1 capital ratio (CET 1)[1] 19.0 % 19.9 % Liquidity coverage ratio (LCR) 214.3 % 235.9 % Headcount 5 852 5 638 4 Rating Moody's/Standard & Poor's der LGT Bank AG Aa2/A+ Aa2/A+ [1] LGT's CET 1 ratio equals tier 1 capital ratio and total capital ratio. The half-year figures are unaudited.
HONG KONG, Aug. 16, 2024 /PRNewswire/ -- On August 15, 2024, RoboSense (2498.HK)，an AI-driven robotic technology company, reported its "2024 INTERIM RESULTS". A few operational highlights and recent developments are presented below. In the first half of 2024, RoboSense's total revenue reached RMB727 million, representing a year-on-year increase of approximately 121.0%. The overall gross margin was 13.6%, representing an increase of approximately 9.7 percentage points as compared to the same period in 2023. As of June 30, 2024, RoboSense's cumulative sales volume of LiDAR have reached approximately 583,500 units, with LiDAR for ADAS approximately 518,300 units. For the six months ended June 30, 2024, RoboSense's sales volume of LiDAR products, LiDAR products for ADAS applications, and LiDAR products for robotics and others amounted to approximately 243,400, 234,500 and 8,900 units, respectively, representing an increase of 415.7%, 487.7% and 21.9% respectively compared to the same period in 2023. According to the forecast of the motor vehicles sales volume in China market and the global market, RoboSense expects that the overall global market demand for LiDARS will increase significantly. In order to embrace such an opportunity, RoboSense has introduced two new products in the first half of this year, namely, our extremely cost-effective MX, and ultimate performance M3. LiDAR for ADAS application in automotive industry is the first market where RoboSense's products have accomplished mass-production, and that is just the beginning. RoboSense believes that more industries similar to the automotive industry will be gradually emerging in the global robotics technology market. In addition to the gradual expansion of scale and size of the robotics market, with the rapid advancement in AI large model and embodied artificial intelligence, there will be robotic intelligent unmanned transformation for the traditional industrial and commercial fields and exponential growth potential for the demand for robotics in new consumer markets. Hence, as a core component of robotics, 3D perception sensors, as represented by LiDARs, are expected to experience a significant growth. To date, RoboSense products platform have been accumulatively serving more than 2,400 customers in the robotics and other business sectors. As an AI-driven robotics technology company, we will continue to invest substantially in three technological fields, namely, AI algorithms, chips, and hardware. RoboSense will continue to maintain as a major player in the automotive and robotics industries, and to provide the markets with more diversified products or solutions in addition to LiDARs.
Second Quarter Revenue Increased 75% YoY and 54% Sequentially to $3.4 Million New Distribution Agreements for Complementary Products and Product Launches Enhance Portfolio ONTARIO, Calif., Aug. 16, 2024 /PRNewswire/ -- Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today reported its financial and operational update for the second quarter ended June 30, 2024. Second Quarter 2024 and Subsequent Business Updates Revenue of $3.4 million, a 75% increase from the same period in 2023, and a 54% increase compared to the first quarter of 2024. Gross margin improved 800 basis points to 13.3% from the same period in 2023. Launched and completed first shipment of Efinity brand Smart Dehumidifier product. Developed a strong pipeline of grow light orders within the energy rebate market with total grow light purchase orders of $5 million in July. Management Commentary James Li, Chairman and Chief Executive Officer of Nature's Miracle, commented, "During the first full quarter as a public company, Nature's Miracle recognized significant revenue growth, strong new order trends for our existing products and diversification of our portfolio with the launch of new products and new distribution partners. In the second quarter, we achieved revenue growth of 75% from the prior year period, which was driven by strong demand from the energy rebate market for LED grow light products and increases in our marketing team and efforts. Our 800-basis point expansion of gross margin was the result of higher margins realized through the Company's Efinity brand products, favorable pricing trends from Asian manufacturers and incentive costs to the Company for operating in the energy rebate market. Taken together, we are rapidly growing our footprint across the North American market with our vertically integrated approach of products and solutions for the CEA market." "We are pleased with our progress through the first half of 2024, and at this early stage of development as a public company. Our strategic focus is on continuing to build a foundation of existing, new and licensed products as catalysts for revenue growth in the second half of 2024 and beyond. The record purchase orders received in July are an indication that Nature's Miracle is well positioned in the market and with our effective sales and marketing channels, we will seek to further capitalize on this momentum. A defining component of our sales and marketing efforts focuses on reinforcing our distinct position as a fully integrated provider of comprehensive vertical farms," concluded Mr. Li. Second Quarter 2024 Financial Summary For the second quarter of 2024, revenue totaled $3.4 million, increasing 75% from $1.9 million in the prior year period. The increase was primarily attributable to an increase in demand of our Efinity LED light products from the energy rebate market and the increases in our sales force as catalyst for this growth. Gross profit for the second quarter of 2024 totaled $0.5 million or 13.3% of revenue, as compared to $0.1 million or 5.2% of revenue in the prior year period. The increase in gross profit as a percentage of revenue was primarily attributable to the higher margin component of our Efinity brand products and the finance structure of the energy rebate market. Selling, general and administrative expenses increased to $1.5 million compared to $0.5 million in the prior year period. The increase was primarily due to public company costs, higher spend on staffing related, legal, accounting and other professional fees as well as stock compensation charges. Net loss for the second quarter of 2024 totaled $1.8 million, or $(0.07) per share, and net loss of $0.4 million, or $(0.02) per share in the prior year period. Cash and cash equivalents totaled $30,532 at June 30, 2024, compared to $221,760 at December 31, 2023. Subsequent to quarter end, on July 29, 2024, the company closed a public offering for aggregate gross proceeds of $1.2 million. About Nature's Miracle Holding Inc. Nature's Miracle (NASDAQ: NMHI) is a growing agriculture technology company providing equipment and services to growers in the Controlled Environment Agriculture ("CEA") industry which also includes vertical farming in North America. Nature's Miracle offers hardware to design, build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature's Miracle, through its two wholly-owned subsidiaries Visiontech Group, Inc. and Hydroman, Inc., provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America. For more information visit www.Nature-Miracle.com. Forward-Looking Statements The information in this press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intends," "may," "will," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example: the intended use of proceeds from the offering; successful launch and implementation of Nature's Miracle's joint projects with manufacturers and other supply chain participants of steel, rubber and other materials; changes in Nature's Miracle's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; Nature's Miracle's ability to develop and launch new products and services; Nature's Miracle's ability to successfully and efficiently integrate future expansion plans and opportunities; Nature's Miracle's ability to grow its business in a cost-effective manner; Nature's Miracle's product development timeline and estimated research and development costs; the implementation, market acceptance and success of Nature's Miracle's business model; developments and projections relating to Nature's Miracle's competitors and industry; and Nature's Miracle's approach and goals with respect to technology. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company's shares on Nasdaq; changes in applicable laws or regulations; the effects of the coronavirus (COVID-19) and any future outbreaks on Nature's Miracle's business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which Nature's Miracle's operates; the risk that Nature's Miracle's and its current and future collaborators are unable to successfully develop and commercialize Nature's Miracle's products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that Nature's Miracle's is unable to secure or protect its intellectual property; the possibility that Nature's Miracle's may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in Nature's Miracle's filings from time to time with the SEC. ContactsGeorge YutucChief Financial OfficerGeorge.Yutuc@nature-miracle.com MZ North AmericaShannon Devine / Rory RumoreMain: 203-741-8811NMHI@mzgroup.us NATURE'S MIRACLE HOLDING INC., SUBSIDIARIES AND VIE UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) REVENUE $ 3,404,967 $ 1,943,528 $ 5,609,687 $ 4,910,200 COST OF REVENUE 2,952,747 1,843,257 4,845,150 4,512,669 GROSS PROFIT 452,220 100,271 764,537 397,531 OPERATING EXPENSES: Selling, general and administrative 1,540,983 458,037 2,684,120 1,015,046 Stock compensation expenses 195,908 - 367,805 - Total operating expenses 1,736,891 458,037 3,051,925 1,015,046 LOSS FROM OPERATIONS (1,284,671) (357,766) (2,287,388) (617,515) OTHER EXPENSES Interest (expense) income, net (486,586) 38,890 (788,975) (360,020) Non cash finance expense - - (1,000,000) - Loss on loan extinguishment - (233,450) - (233,450) Other expenses 3,738 6,716 3,738 6,346 Total other expense, net (482,848) (187,844) (1,785,237) (587,124) LOSS BEFORE INCOME TAXES (1,767,519) (545,610) (4,072,625) (1,204,639) PROVISION FOR (BENEFIT OF) INCOME TAXES 800 (139,040) 2,500 (230,690) NET LOSS $ (1,768,319) $ (406,570) $ (4,075,125) $ (973,949) OTHER COMPREHENSIVE LOSS Foreign currency translation adjustment (83) (65) (33) 791 COMPREHENSIVE LOSS $ (1,768,402) $ (406,635) $ (4,075,158) $ (973,158) WEIGHTED AVERAGE NUMBER OF COMMON STOCK* Basic and diluted 26,458,515 22,272,478 24,793,466 22,272,478 LOSS PER SHARE Basic and diluted $ (0.07) $ (0.02) $ (0.16) $ (0.04) UNAUDITED CONDENSED BALANCE SHEET As of June 30, As of Dec 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalent $ 30,532 $ 221,760 Accounts receivable, net 2,053,678 1,236,248 Accounts receivable - related parties, net 717,835 305,669 Inventories, net 4,169,333 5,046,084 Prepayments and other current assets 347,465 139,734 Loans receivable - related parties - 460,000 Total Current Assets 7,318,843 7,409,495 NON-CURRENT ASSETS Security deposit 27,633 47,633 Right-of-use assets, net 578,179 503,089 Cost method investment 1,000,000 1,000,000 Property and equipment, net 4,326,552 4,406,272 Deferred offering costs - 833,932 Total Assets $ 13,251,207 $ 14,200,421 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Short-term loans $ 2,928,183 $ 509,443 Short-term loans - related parties 908,255 783,255 Current portion of long-term debts 284,493 268,805 Accounts payable 8,875,916 8,034,044 Accounts payable - related parties 2,713,074 2,758,074 Other payables and accrued liabilities 3,385,079 1,351,951 Other payables - related parties 292,157 257,954 Operating lease liabilities - current 460,311 359,459 Tax accrual 452,725 340,628 Deferred income - Contract liabilities 64,069 118,909 Total Current Liabilities 20,364,262 14,782,522 NON-CURRENT LIABILITIES Long-term debts, net of current portion 5,833,562 5,979,939 Operating lease liabilities, net of current portion 184,147 157,897 Total Non-Current Liabilities 6,017,709 6,137,836 Total Liabilities 26,381,971 20,920,358 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' DEFICIT Preferred Stock ($0.0001 par value, 1,000,000 shares authorized, none issued and outstanding at June 30, 2024 and December 31, 2023, respectively) - - Common Stock ($0.0001 par value,100,000,000 shares authorized, 26,456,764 and 22,272,478 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)* 2,645 2,227 Additional paid-in capital 1,894,563 1,526,773 Accumulated deficit (15,026,864) (8,247,862) Accumulated other comprehensive loss (1,108) (1,075) Total Stockholders' Deficit (13,130,764) (6,719,937) Total Liabilities and Stockholders' Deficit $ 13,251,207 $ 14,200,421 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended For the Six Months Ended June 30, June 30, 2024 2023 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (4,075,125) $ (973,949) Adjustments to reconcile net income to net cash used in operating activities: Depreciation expense 79,720 83,388 Allowance for credit losses 24,391 789 Amortization of operating right-of-use asset 155,295 204,732 Amortization of debt issuance cost - 73,782 Deferred taxes benefits - (242,908) Loss on loan extinguishment - 233,450 Loss on early termination of right-of-use asset - 33,423 Stock compensation expenses 367,805 - Non cash finance expense 1,000,000 - Change in operating assets and liabilities: Accounts receivable (1,253,986) (105,364) Inventories 876,751 2,242,101 Prepayments and other current assets (207,731) 89,676 Security deposit 20,000 49,960 Accounts payable 796,876 (1,775,240) Other payables and accrued liabilities 485,314 (68,251) Accrued interest payable - related parties 34,203 26,033 Operating lease liabilities (103,284) (260,484) Tax accrual 112,097 12,597 Deferred income - Contract liabilities (54,841) (121,006) Net cash used in operating activities (1,742,515) (497,271) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from the reverse recapitalization 1,120,177 - Payments of transaction costs incurred by Lakeshore (1,044,980) - Repayments of promissory note – related party of Lakeshore (75,000) - Loan to related parties - (150,000) Loan to Lakeshore (40,000) - Loan repayment from third parties - 132,913 Net cash used in investing activities (39,803) (17,087) CASH FLOWS FROM FINANCING ACTIVITIES: Payments of deferred offering costs (266,925) (533,929) Long-term loan borrowing - 3,338,546 Repayments on long-term loan (130,689) (54,999) Short-term loan borrowing from third parties 2,487,500 4,812 Repayments on short-term loan from third parties (498,760) (1,763,814) Short-term loan borrowing from related parties - 773,255 Repayments on short-term loan from related parties - (700,000) Borrowings from other payables - related parties - 1,000 Net cash provided by financing activities 1,591,126 1,064,871 EFFECT OF FOREIGN EXCHANGE ON CASH (36) 792 CHANGES IN CASH (191,228) 551,305 CASH AND CASH EQUIVALENT, beginning of period 221,760 810,371 CASH AND CASH EQUIVALENT, end of period $ 30,532 $ 1,361,676
SHANGHAI, Aug. 16, 2024 /PRNewswire/ -- Lufax Holding Ltd ("Lufax" or the "Company") (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced that it plans to release its second quarter 2024 financial results after the market closes on Wednesday, August 21, 2024, U.S. Eastern Time. The Company's management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Wednesday, August 21, 2024 (9:00 A.M. Beijing Time on Thursday, August 22, 2024) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call. Registration Link: https://dpregister.com/sreg/10191825/fd49d1bf63 A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.lufaxholding.com. The replay will be accessible through August 28, 2024, by dialing the following numbers: United States: 1-877-344-7529 International: 1-412-317-0088 Conference ID: 8154019 About Lufax Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years. Investor Relations ContactLufax Holding LtdEmail: Investor_Relations@lu.com ICR, LLCRobin YangTel: +1 (646) 308-0546Email: lufax.ir@icrinc.com
SHANGHAI, Aug. 16, 2024 /PRNewswire/ -- Noah Holdings Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for Mandarin speaking high-net-worth investors, today announced that it will report its unaudited financial results for the second quarter and half year ended June 30, 2024, after U.S. markets close on August 28, 2024. Noah's management team will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Wednesday, August 28, 2024 (8:00 a.m. Beijing/Hong Kong Time on Thursday, August 29, 2024). The conference call may be accessed with the following details: Dial-in details: Conference title: Noah Second Quarter and Half Year 2024 Earnings Conference Call Date/Time: Wednesday, August 28, 2024, at 8:00 p.m., U.S. Eastern Time Thursday, August 29, 2024, at 8:00 a.m., Hong Kong Time Dial in: – Hong Kong Toll Free: 800-963976 – United States Toll Free: 1-888-317-6003 – Mainland China Toll Free: 4001-206115 – International Toll: 1-412-317-6061 Participant Password: 3101709 A telephone replay will be available starting approximately one hour after the end of the conference until September 4, 2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 3826921. A live and archived webcast of the conference call will be available on the Company's investor relations website under the "News & Events" section at http://ir.noahgroup.com. ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors. In 2024 Q1, Noah distributed RMB18.9 billion (US$2.6 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB153.3 billion (US$21.2 billion) as of March 31, 2024. Noah's wealth management business primarily consists of the distribution of RMB, USD and other currency-denominated private equity, private secondary, mutual funds, as well as providing comprehensive services. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. A total number of 1,109 relationship managers provide customized wealth management solutions for clients through this network and meet their investment needs. The Company's wealth management business had more than 450,000 registered clients as of March 31, 2024. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy, and other investments denominated in RMB, USD and other currencies. For more information, please visit Noah at ir.noahgroup.com. SAFE HARBOR STATEMENT 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," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.
HONG KONG, Aug. 16, 2024 /PRNewswire/ -- OSL Group (863.HK), Hong Kong's only publicly listed company fully dedicated to digital assets, today announced its interim results for the six months ended June 30, 2024. The Group's interim results reveal a significant boost in digital assets and blockchain platform business, with IFRS income skyrocketing by 17.7% year-over-year (YoY). This impressive growth, coupled with a 90.2% reduction of losses from continuing operations, demonstrates the success of the Company's drive towards long term revenue growth and operational efficiency. "Despite market volatility and macroeconomic uncertainties, OSL has continued to maintain a strong performance in our digital asset trading and blockchain platform businesses," said Patrick Pan, Chairman of the Board at OSL. "Not only have we stood our ground, we've once again demonstrated our strength and resilience." Key highlights for the period include: Digital assets and blockchain platform business Group's IFRS income was HK$123.8 million, up HK$18.6 million on YoY from HK$105.2 million. Operating performance improved significantly, with a 90.2% reduction in loss from continuing operations. OSL: Driving Digital Asset Growth in 1H2024 Entrusted as the virtual asset trading platform and sub-custodian for both ChinaAMC's and Harvest Global's inaugural spot BTC/ETH ETFs. Inclusion in the MSCI Hong Kong Index reflecting OSL's substantial growth and pivotal role in global financial markets. Two esteemed awards – "Best Digital Assets Service Provider" at the 2024 HFM Asia Services Awards and the "Best Investment & Wealth Management - Virtual Asset Trading Platform" award from Metro Finance – acknowledging its excellence in the digital asset space. First AMLO Licence granted by the SFC, demonstrating its commitment to regulatory compliance and enhancing the security and credibility of the digital asset market. "Looking ahead, we remain focused on expanding our product offerings, enhancing customer experience, and exploring new business opportunities in the blockchain space," added Kevin Cui, Group CEO at OSL. "We are confident that our long-term strategy will continue to drive growth and value for our shareholders." About OSL, visit: group.osl.com
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