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BEIJING, Aug. 30, 2024 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (NasdaqGM: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced the closing of its initial public offering (the "Offering") of 2,500,000 Class A ordinary shares at a public offering price of US$4 per Class A ordinary share. The Class A ordinary shares began trading on Nasdaq Capital Market under the ticker symbol "AZI" on August 28, 2024. The Company received aggregate gross proceeds of US$10 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriter of the Offering an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 375,000 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering was conducted on a firm commitment basis. Net proceeds from the Offering will be used for enhancing our supply chain management capabilities, expanding the size and coverage of our MBS stores network, investment in technology innovations, and general corporate purposes. Kingswood Capital Partners, LLC acted as sole book runner for the Offering. DLA Piper UK LLP served as U.S. counsel to the Company. VCL Law LLP served as U.S. counsel to the underwriter. A registration statement on Form F-1 (File No. 333-281215), relating to the Offering was previously filed with the U.S. Securities and Exchange Commission ("SEC") by the Company, and was declared effective by the SEC on August 27, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained from Kingswood Capital Partners, LLC, 126 E 56th St, Suite 22S, or by telephone at +1 732-910-9692. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities described herein, nor shall there be any sale of the Company's securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Autozi Internet Technology (Global) Ltd. Autozi Internet Technology (Global) Ltd. is one of the leading and fast-growing lifecycle automotive service providers in China. Autozi, founded in 2010, provides high-quality, affordable and professional one-stop automotive products and services through online and offline channels nationwide. Our business segments include (i) new car sales, (ii) auto parts and auto accessories sales, and (iii) automotive insurance related services. Leveraging our online supply chain cloud platform, SaaS platforms, and the network of multiple-brand-service (MBS) stores, we have established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufactures, and insurance companies with MBS stores and various automotive owners. For more information, visit the Company's website at https://www.autozi.com/en/investor. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. For more information, please contact: Investor Relations: Sherry ZhengWeitian Group LLCPhone: 718-213-7386Email: shunyu.zheng@weitian-ir.com
BEIJING, Aug. 28, 2024 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. ("Autozi" or the "Company") (NasdaqGM: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced the pricing of its initial public offering (the "Offering") of 2,500,000 Class A ordinary shares at a public offering price of US$4 per Class A ordinary share for total gross proceeds of approximately $10 million, before deducting underwriting discounts and commissions and offering expenses. The Offering is being conducted on a firm commitment basis. The Class A ordinary shares have been approved for listing on the Nasdaq Global Market under the symbol "AZI", and are expected to commence trading on August 28, 2024. The Company has granted the underwriter of the Offering an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 375,000 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on August 29, 2024, subject to customary closing conditions. Kingswood Capital Partners, LLC is acting as sole book runner for the Offering. DLA Piper UK LLP is acting as U.S. counsel to the Company. VCL Law LLP is acting as U.S. counsel to the underwriter with respect to the Offering. A registration statement on Form F-1 (File No. 333-281215), relating to the Offering was previously filed with the U.S. Securities and Exchange Commission ("SEC") by the Company, and subsequently declared effective by the SEC on August 27, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained, when available, from Kingswood Capital Partners, LLC, 126 E 56th St, Suite 22S, or by telephone at +1 732-910-9692. Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities described herein, nor shall there be any sale of the Company's securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Autozi Internet Technology (Global) Ltd. Autozi Internet Technology (Global) Ltd. is one of the leading and fast-growing lifecycle automotive service providers in China. Autozi, founded in 2010, provides high-quality, affordable and professional one-stop automotive products and services through online and offline channels nationwide. Our business segments include (i) new car sales, (ii) auto parts and auto accessories sales, and (iii) automotive insurance related services. Leveraging our online supply chain cloud platform, SaaS platforms, and the network of multiple-brand-service (MBS) stores, we have established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufactures, and insurance companies with MBS stores and various automotive owners. For more information, visit the Company's website at https://www.autozi.com/en/investor. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's proposed Offering and the listing of its securities. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. For more information, please contact: Investor Relations:Sherry ZhengWeitian Group LLCPhone: 718-213-7386Email: shunyu.zheng@weitian-ir.com
HANOI, Vietnam, Sept. 14, 2024 /PRNewswire/ -- Mox Capital, a trailblazer in alternative investments with AUM of US$1.4 billion, is announcing its strategic support for a vast array and variety of regional high-potential startups. According to COO Nguyen Dinh Giang, Mox Capital seeks to reinforce its commitment to nurturing rapid growth in Vietnam and Southeast Asia, especially those that fit the funds' fast pace and alternative mandate. Accompanied by comprehensive backing from Mox Capital, fledgling enterprises should be empowered to thrive in an increasingly competitive regional landscape. The two owners of Steermans, Ben Nguyen and Wayne Su Among these promising startups are Steerman Brewery and 1Long, which exemplify the potential and innovation Mox Capital seeks to foster. Steerman Brewery has quickly made a name for themselves in the Vietnamese beverage industry since they were founded in late 2019. Their launch of their first Hard Soda (brewed & fermented from fruit juice) in mid-2021 and subsequent recognition with the October 2022 by receiving a silver medal underscore their rapid trajectory. By 2023, the company opened its taproom and expanded its market presence by entering the GS25 convenience store chain in January 2024. Steerman Brewery is now available in over 100 locations in addition to 200+ GS25 stores throughout Vietnam and boasts a year-over-year growth of over 35%. According to Steerman's co-founder Ben, the company is one of the only two Vietnamese-owned companies in the top 10 craft beer companies in Vietnam. Their unique beverages, the Hard Soda line, reflect this as its sweet and juicy taste is catered towards local palate – and they seek to maintain their uniqueness to further the growth pace and product offering that Steerman has been proud of. On the other hand, in the fintech sector, 1Long stands as a beacon of flexibility and transparency. The AI-backed financial management platform has forged strong partnerships with top-tier investors such as Iterative, Monk's Hill Ventures, R2VP, and Orionis Capital, securing US$500,000 in seed investment. 1Long's commitment to transparency and streamlined operations has earned it a reputation as Vietnam's second-fastest-growing startup. With their goal of addressing the challenges faced by the country's 1 million brokers who struggle with data management and client engagement, 1Long has secured over US$1,000,000 in AUM and 6,000+ users in mere months after launch. By combining simplified asset management with cutting-edge AI technology, 1Long aims to reshape financial services delivery in Vietnam's rapidly evolving fintech landscape. Mox Capital's involvement with these companies extends to a broad spectrum of other emerging businesses. By providing access to extensive distribution channels across Southeast Asia, facilitating significant capital sourcing and supporting with industry-specific expertise, Mox Capital ensures the startups that the fund is accompanying are well equipped to scale effectively. The firm's regional views and thesis also prove invaluable, offering startups the peace of mind necessary for navigating a complex globalising market. This strategic model aligns perfectly with Mox Capital's thesis of rapid alternative investments and COO Nguyen Dinh Giang's dedication to uplifting Vietnamese enterprises. This announcement marks another important milestone in Mox Capital's mission to drive blitzscaling growth and sustainable innovation in Southeast Asia's and especially Vietnamese entrepreneurial sector. By steadfastly supporting a diverse range of promising startups, Mox Capital not only catalyzes the success of companies like Steerman Brewery and 1Long but also shapes the future of Vietnamese entrepreneurship. Through these efforts, Mox Capital is positioned to lead the charge in fostering regional growth and paving the way for the next generation of industry innovators. For more information about Mox Capital's unique investment strategies, visit https://mox.capital/
GUIYANG, China, Sept. 13, 2024 /PRNewswire/ -- This is a report from Discover Guizhou: ASEAN countries are closely connected and enjoy cultural proximity. A grand friendship meeting came as scheduled in Guizhou in late August. 2024 was designated as the ASEAN-China Year of People-to-People Exchanges. Since the vision of building a closer ASEAN-China community with a shared future was proposed in 2013, the cultural exchanges between ASEAN and China have been expanding in such areas as culture, tourism, education and youth. Amity between the people holds the key to sound China-ASEAN relations, becoming a dramatic example of promoting the building of a community with a shared future for mankind. As one of the important activities of the 2024 China-ASEAN Education Cooperation Week, the Second Tsinghua Global Youth Dialogue took place in Guizhou from August 22 to 26. More than 30 outstanding youth representatives from 17 countries and regions delved into Guiyang, Anshun, and Qiandongnan to experience the practice of Chinese-style modernization in Guizhou so as to crack the code of mutual learning among civilizations. Implementing the Global Civilization Initiative and promoting exchanges and mutual learning among civilizations. Young people are the inheritors and innovators of the world's cultural diversity, and they are also the ties and bridges for in-depth dialogue across cultures and mutual understanding. With great openness to the outside world, Guizhou is advancing a broader agenda of higher-level exchanges and cooperation with ASEAN across more areas and in greater depth. During the event, youth representatives from 10 ASEAN countries met in Guizhou for a good talk about the economic and cultural exchanges and integration between China and ASEAN. They also traveled together and took selfies at Guizhou's Village T (i.e. runway show), Village Super League, Huangguoshu Waterfall, and Baling River Bridge in order to discover the unique beauty of different civilizations and obtain cultural resonance. Moreover, they had discussions on China-ASEAN friendship to chart the course for the future.
SHANGHAI, Sept. 13, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today was informed by co-founders of the Company, Dr. Gang Yu and Mr. Junling Liu, that they have started purchasing shares from time to time from their personal funds during the trading window and intend continue to purchase additional shares. The purchases will be executed on the open market at prevailing market prices, and the co-founders have sole discretion as to how much ADSs they will purchase. The co-founders currently beneficially own 42.7% of the total issued share capital of the Company. Alongside this announcement, 111 has continued to demonstrate strong financial performance, driven by its continuous innovation to strengthen its value. In August, the Company reported operational profitability for the second consecutive quarter, driven by increased operational efficiency that mitigated macroeconomic challenges. For the second quarter of 2024, 111's income from operations reached RMB3.3 million (US$0.5 million), compared to a loss from operations of RMB41.4 million in the same quarter of 2023. Non-GAAP income from operations was RMB8.5 million (US$1.2 million), up from non-GAAP loss from operations of RMB17.2 million in the same quarter of 2023. The Company also reported positive operating cash flow for the second consecutive quarter, reinforcing its financial stability. For more information about 111's financial performance for the second quarter of 2024 and a reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures, see the Company's earnings release for the second quarter ended June 30, 2024 published on August 29, 2024. Furthermore, 111's recent acquisition of four new patents, bringing its total to 28, enhances its competitive advantages in operational efficiency as well as support for long-term growth prospects. These technological advancements are critical in driving the digital transformation of the pharmaceutical industry, a core component of 111's strategic vision to reshape the healthcare value chain. The co-founders expressed their strong belief in the Company's potential, stating, "I am confident that the current market price of our ADSs does not accurately reflect the intrinsic value of our core businesses. I believe in the Company's vision of transforming healthcare through technology and innovation and am confident in the Company's continued future growth and development. I believe the stock price should better represent both the achievements we've made and the future opportunities we aim to capitalize on." The specific timing and amount of the purchases of the Company's shares by the co-founders may be made from time to time and it will be determined by the market and other conditions, securities law limitations and other applicable rules and regulations, including Rule 10b-5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, to the extent applicable. Forward-Looking Statements This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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," "target," "confident" and similar statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: http://ir.111.com.cn/.
RIYADH, Saudi Arabia, Sept. 13, 2024 /PRNewswire/ -- The third edition of the Global AI Summit (GAIN) closed today, after a series high profile collaborations poised to drive AI innovation and growth. Hosted by the Saudi Data and AI Authority (SDAIA), GAIN has brought together AI experts and business leaders from across the globe. The final day kicked off with a session exploring the technical foundations of Explainable AI – systems helping humans to interpret the predictions made by machine learning models – featuring representatives from The Alan Turing Institute, Thales, and Cognizant Technology Solutions. It also saw the next generation of AI talent celebrated on stage following this week's International AI Olympiad, in which students from 25 countries competed to solve problems using the latest technologies. The competition was launched as a platform to help the next generation of AI experts and enthusiasts keep pace with the rapid changes in AI technology and exchange ideas. The final day also focused on AI and education, with dedicated sessions on personalized learning with generative AI, as well as a discussion on how we bridge the innovation gap between academia and industry. Several landmark Memoranda of Understanding (MoU) and partnerships were secured, including: Microsoft: signed an MoU with SDAIA to develop a joint Center of Excellence dedicated to accelerating innovation in the field of Generative AI, with a special focus on Arabic Large Language Models. The enhanced partnership will also see "ALLaM" – SDAIA's Arabic LLM - generally available on Microsoft Azure. Dell: signed an MoU with SDAIA to develop talent in the Kingdom, which will include equipping citizens with practical experience and knowledge about AI concepts and applications. Oracle: signed an MoU with SDAIA to raise citizens' awareness of AI and enhance skills to support the Saudi Arabian labor market. This will be achieved through several collaborative initiatives, including workshops and comprehensive training programs that provide professional certifications in data and AI. IBM: and SDAIA have joined forces to host the watsonX platform and the "ALLaM" model – a specialized Arabic language model – on the government cloud "Deem." By combining IBM's expertise in AI with Deem's secure infrastructure, the collaboration provides a high-performance environment for government agencies to leverage AI technologies. KloudSpot: signed an MoU with SDAIA to implement advanced cloud services that support AI and Internet of Things technologies. The partnership is expected to contribute significantly to Saudi Arabia's digital transformation goals. Saudi Arabia Ministry of Tourism: also partnered with SDAIA to create an AI Center of Excellence dedicated to transforming the tourism sector. Additionally, the summit saw the establishment of key partnerships with ST Engineering for smart city solutions. The summit is due to return in Riyadh in 2026. Media@GlobalAISummit.org
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