SHANGHAI, Nov. 30, 2023 /PRNewswire/ — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading wealth management service provider in China offering comprehensive global investment and asset allocation advisory services primarily for high net worth investors, today announced its unaudited financial results for the third quarter of 2023.

THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS

Net revenues for the third quarter of 2023 were RMB750.0 million (US$102.8 million), a 9.6% increase from the corresponding period in 2022, mainly due to increases in one-time commissions. Net revenues decreased by 20.4% compared with the second quarter of 2023, mainly due to a decrease in distribution of insurance products.

(RMB millions,

except percentages)

Q3 2022

Q3 2023

YoY Change

Wealth management

466.0

548.8

17.8 %

Asset management

200.3

191.4

(4.4 %)

Other businesses

18.2

9.8

(46.2 %)

Total net revenues

684.5

750.0

9.6 %

Income from operations for the third quarter of 2023 was RMB248.9 million (US$34.1 million), a 7.4% increase from the corresponding period in 2022, due to a 9.6% increase in net revenues; income from operations decreased by 28.8% compared with the second quarter of 2023, due to a 50.8% decrease in one-time commissions.

(RMB millions,

except percentages)

Q3 2022

Q3 2023

YoY Change

Wealth management

133.2

154.5

16.0 %

Asset management

117.7

106.5

(9.6 %)

Other businesses

(19.1)

(12.1)

(36.6 %)

Total income from operations

231.8

248.9

7.4 %

Net income attributable to Noah shareholders for the third quarter of 2023 was RMB233.3 million (US$32.0 million), a 27.9% increase from the corresponding period in 2022, mainly due to a 158.0% increase in interest income as a result of higher interest rate for our US dollar cash deposits. Net income attributable to Noah shareholders decreased by 26.0% compared with the second quarter of 2023, mainly due to a 20.4% decrease in net revenues. Non-GAAP[1] net income attributable to Noah shareholders for the third quarter of 2023 was RMB232.4 million (US$31.9 million), a 21.8% increase from the corresponding period in 2022, and a 25.8% decrease from the second quarter of 2023.

THIRD QUARTER 2023 OPERATIONAL UPDATES

Wealth Management Business

We offer investment products and provide value-added services to high net worth investors in China and overseas for our wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB and other currencies.

Total number of registered clients as of September 30, 2023 was 452,222, a 4.4% increase from September 30, 2022, and a 1.3% increase from June 30, 2023. Total number of active clients[2] who transacted with us during the third quarter of 2023 was 9,489, a 58.1% decrease from the third quarter of 2022, and a 17.8% decrease from the second quarter of 2023. Aggregate value of investment products distributed during the third quarter of 2023 was RMB22.3 billion (US$3.1 billion), a 24.2% increase from the third quarter of 2022, and a 21.2% increase from the second quarter of 2023, mainly due to an increase in the distribution of mutual fund products.

Three months ended September 30,

2022

2023

Product type

(RMB in billions, except percentages)

Mutual fund products

11.7

64.8 %

14.9

66.9 %

Private secondary products

3.3

18.5 %

5.7

25.4 %

Private equity products

2.5

13.9 %

0.7

3.1 %

Other products[3]

0.5

2.8 %

1.0

4.6 %

All products

18.0

100.0 %

22.3

100.0 %

Coverage network in mainland China covered 59 cities as of September 30, 2023, compared with 76 cities as of September 30, 2022 and 63 cities as of June 30, 2023, as we continue to streamline our domestic coverages and focus on strengthening our operations in central hub cities. Number of relationship managers was 1,408 as of September 30, 2023, a 12.0% increase from September 30, 2022, and a 2.4% increase from June 30, 2023. Among which, we had 77 overseas relationship managers as of September 30, 2023, a 37.5% increase from June 30, 2023.

Asset Management Business

Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China with overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB and other currencies.

Total assets under management as of September 30, 2023 were RMB154.9 billion (US$21.2 billion), a 1.3% decrease from June 30, 2023 and a 0.9% decrease from September 30, 2022, mainly due to exits in private equity investment products.

Investment type

As of
June 30,
2023

Growth

Distribution/
Redemption

As of
September 30,
2023

(RMB billions, except percentages)

Private equity

132.9

84.7 %

0.2

1.4

131.7

85.0 %

Public securities[4]

11.6

7.4 %

4.2

3.6

12.2

7.9 %

Real estate

6.6

4.2 %

0.3

0.6

6.3

4.0 %

Multi-strategies

4.4

2.8 %

–

0.2

4.2

2.8 %

Others

1.4

0.9 %

–

0.9

0.5

0.3 %

All Investments

156.9

100.0 %

4.7

6.7

154.9

100.0 %

[1] Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

[2] "Active clients" for a given period refers to registered high net worth investors who purchase investment products distributed or receive services provided by us during that given period.

[3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.

[4] The asset distribution/redemption of public securities also includes market appreciation or depreciation.

Other Businesses

Our other businesses segment mainly provides more comprehensive services and investment products to our clients.

Ms. Jingbo Wang, co-founder, Chairwoman and CEO of Noah, said, "I’m pleased to report a strong quarter with net revenues increasing 9.6% year-over-year to RMB750.0 million, primarily driven by one-time commissions from the distribution of insurance products. With a robust balance sheet and nearly RMB5 billion in cash and cash equivalents, ample liquidity, and a standardized product offering, we are well-positioned to fuel future growth and execute on our strategic plans. Our clean Assets Under Advisory (AUA) with no legacy private credit or residential real estate exposure has built us a solid reputation as a trusted advisor to mandarin-speaking HNW clients, which we are leveraging to drive our global expansion, as demand for global asset allocation grows. We continue to recruit Relationship Managers in Hong Kong and Singapore; meanwhile, our client service centre in Los Angeles is up and running, and we are preparing to commence operations in Dubai. We are also offering clients sophisticated market intelligence and asset allocation strategies through our innovative ‘CCI’ model (composed of the Chief Investment Office, Client Strategy Office, and Investment Product & Solution department) and its solutions-driven wealth management approach. As we rapidly approach the end of the year, we are increasingly confident in our abilities to carefully navigate an increasingly complex macroeconomic environment and create value for our shareholders."

THIRD QUARTER 2023 FINANCIAL RESULTS

Net Revenues

Net revenues for the third quarter of 2023 were RMB750.0 million (US$102.8 million), a 9.6% increase from the corresponding period in 2022, mainly due to increases in one-time commissions.

Wealth Management Business Net revenues from one-time commissions for the third quarter of 2023 were RMB198.5 million (US$27.2 million), a 115.5% increase from the corresponding period in 2022, primarily due to an increase in distribution of insurance products. Net revenues from recurring service fees for the third quarter of 2023 were RMB279.7 million (US$38.3 million), an 8.8% decrease from the corresponding period in 2022, due to a shift in product mix and clients’ investment preferences, as well as less recurring service fees generated from private secondary and private equity products. Net revenues from performance-based income for the third quarter of 2023 were RMB8.8 million (US$1.2 million), a 51.3% decrease from the corresponding period of 2022, primarily due to less performance-based income from private secondary products. Net revenues from other service fees for the third quarter of 2023 were RMB61.7 million (US$8.5 million), a 25.5% increase from the corresponding period in 2022, primarily due to more value-added services Noah offered to its high net worth clients. Asset Management Business Net revenues from recurring service fees for the third quarter of 2023 were RMB186.3 million (US$25.5million), a 1.8% increase from the corresponding period in 2022, due to an increase in the amount of real estate investments managed by our Gopher New York team. Net revenues from performance-based income for the third quarter of 2023 were RMB5.1 million (US$0.7 million), a 46.3% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based income from private equity investments managed by Gopher compared with the third quarter of 2022. Other Businesses Net revenues for the third quarter of 2023 were RMB9.8 million (US$1.3 million), compared with RMB18.2 million for the corresponding period in 2022, as we continued to wind down our loan portfolio.

Operating Costs and Expenses

Operating costs and expenses for the third quarter of 2023 were RMB501.1 million (US$68.7 million), a 10.7% increase from the corresponding period in 2022. Operating costs and expenses primarily consisted of compensation and benefits of RMB400.8 million (US$54.9 million), selling expenses of RMB119.7 million (US$16.4 million), general and administrative expenses of RMB67.4 million (US$9.2 million), provision for credit losses of RMB0.5 million (US$0.1 million) and other operating expenses of RMB19.0 million (US$2.6 million).

Operating costs and expenses for the wealth management business for the third quarter of 2023 were RMB394.2 million (US$54.0 million), a 18.5% increase from the corresponding period in 2022, primarily due to an increase in compensation and benefits, selling expenses and general and administrative expenses, as less expenses incurred during the corresponding quarter of the preceding year due to various pandemic restrictions. Operating costs and expenses for the asset management business for the third quarter of 2023 were RMB84.9 million (US$11.6 million), a 2.9% increase from the corresponding period in 2022, primarily due to increased selling expenses. Operating costs and expenses for other businesses for the third quarter of 2023 were RMB21.9 million (US$3.0 million), compared with RMB37.4 million from the corresponding period in 2022, due to decreased other operating expenses.

Operating Margin

Operating margin for the third quarter of 2023 was 33.2%, compared with 33.9% for the corresponding period in 2022.

Operating margin for the wealth management business for the third quarter of 2023 was 28.2%, compared with 28.6% for the corresponding period in 2022. Operating margin for the asset management business for the third quarter of 2023 was 55.6%, compared with 58.8% for the corresponding period in 2022. Loss from operation for other businesses for the third quarter of 2023 was RMB12.1 million (US$1.7 million), compared with an operating loss of RMB19.1 million for the corresponding period in 2022.

Investment Income/loss

Investment income for the third quarter of 2023 was RMB9.6 million (US$1.3 million), compared with investment loss of RMB7.2 million for the corresponding period in 2022.

Income Tax Expenses

Income tax expenses for the third quarter of 2023 were RMB68.5 million (US$9.4 million), a 34.1% increase from the corresponding period in 2022, primarily due to more taxable income compared with the third quarter of 2022.

Loss from Equity in Affiliates

Loss from equity in affiliates for the third quarter of 2023 was RMB3.9 million (US$0.5 million), compared with loss from equity in affiliates of RMB22.4 million for the corresponding period in 2022, as we recorded such loss from decrease in net income of the funds of funds that we manage and invest in as the general partner or fund manager in 2022.

Net Income

Net Income Net income for the third quarter of 2023 was RMB232.0 million (US$31.8 million), a 30.4% increase from the corresponding period in 2022. Net margin for the third quarter of 2023 was 30.9%, up from 26.0% for the corresponding period in 2022. Net income attributable to Noah shareholders for the third quarter of 2023 was RMB233.3 million (US$32.0 million), a 27.9% increase from the corresponding period in 2022. Net margin attributable to Noah shareholders for the third quarter of 2023 was 31.1%, up from 26.7% for the corresponding period in 2022. Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2023 was RMB3.36 (US$0.46) and RMB3.36 (US$0.46), respectively, up from RMB2.64 and RMB2.63 respectively, for the corresponding period in 2022. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the third quarter of 2023 was RMB232.4 million (US$31.9 million), a 21.8% increase from the corresponding period in 2022. Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2023 was 31.0%, compared with 27.9% for the corresponding period in 2022. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2023 was RMB3.35 (US$0.46), up from RMB2.76 for the corresponding period in 2022.

Balance Sheet and Cash Flow

As of September 30, 2023, the Company had RMB4,959.6 million (US$679.8 million) in cash and cash equivalents, compared with RMB4,740.4 million as of June 30, 2023 and RMB4,312.8 million as of September 30, 2022.

Net cash inflow from the Company’s operating activities during the third quarter of 2023 was RMB404.4 million (US$55.4 million), primarily due to operating cash inflow generated by net income and collection of accounts receivables.

Net cash inflow from the Company’s investing activities during the third quarter of 2023 was RMB4.0 million (US$0.5 million), primarily due to collection of loan receivables.

Net cash outflow from the Company’s financing activities was RMB196.3 million (US$26.9 million) in the third quarter of 2023, primarily due to payment of the final dividend.

CONFERENCE CALL

The Company’s senior management will host an earnings conference call to discuss its Q3 Results and recent business activities. Details of the conference call are as follows:

Conference title:

Noah Holdings 3Q23 Earnings Conference Call

Date/Time:

Wednesday, November 29, 2023 at 8:00 p.m., U.S. Eastern Time

Thursday, November 30, 2023 at 9:00 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:

7559504

A telephone replay will be available starting approximately one hour after the end of the conference until December 6, 2023 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 1973272.

A live and archived webcast of the conference call will be available at the Company’s investor relations website under the "Financial Reports" section at http://ir.noahgroup.com.

DISCUSSION OF NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.

When evaluating the Company’s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company’s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. Noah is a Cayman Islands holding company and carries on business in Hong Kong as Noah Holdings Private Wealth and Asset Management Limited. In the first nine months of 2023, Noah distributed RMB57.5 billion (US$7.9 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB154.9 billion (US$21.2 billion) as of September 30, 2023.

Noah’s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah’s network covers major cities in mainland China, as well as offices in Hong Kong (China), Taiwan (China), New York, Silicon Valley and Singapore. A total of 1,408 relationship managers across 59 cities provide customized financial solutions for clients through this network, and meet their international investment needs. The Company’s wealth management business had 452,222 registered clients as of September 30, 2023. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also provides other services.

For more information, please visit Noah at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the third quarter of 2023 ended September 29, 2023 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.296 to US$1.00, the effective noon buying rate for September 29, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board.

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 report 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 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.

Contacts:

Noah Holdings Limited
Melo Xi
Tel: +86-21-8035-8292
[email protected]

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

June 30,

September
30,

2023

RMB’000

USD’000

Assets

Current assets:

Cash and cash equivalents

4,740,434

4,959,550

679,763

Restricted cash

143,255

153,908

21,095

Short-term investments

445,485

407,872

55,904

Accounts receivable, net

534,885

445,386

61,045

Loans receivable, net

341,083

315,785

43,282

Amounts due from related parties

429,202

406,764

55,752

Other current assets

200,588

189,473

25,969

Total current assets

6,834,932

6,878,738

942,810

Long-term investments, net

980,257

995,746

136,478

Investment in affiliates

1,464,702

1,491,173

204,382

Property and equipment, net

2,525,732

2,510,839

344,139

Operating lease right-of-use assets, net

152,040

145,410

19,930

Deferred tax assets

436,240

435,632

59,708

Other non-current assets

169,454

171,083

23,449

Total Assets

12,563,357

12,628,621

1,730,896

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

562,029

545,240

74,731

Income tax payable

141,693

166,959

22,884

Deferred revenues

71,440

88,377

12,113

Dividend payable

177,502

Other current liabilities

584,384

578,296

79,262

Contingent liabilities

592,097

595,137

81,570

Total current liabilities

2,129,145

1,974,058

270,567

Operating lease liabilities, non-current

79,267

77,418

10,611

Deferred tax liabilities

230,797

229,003

31,387

Other non-current liabilities

54,495

45,058

6,176

Total Liabilities

2,493,704

2,325,537

318,741

Equity

10,069,653

10,303,084

1,412,155

Total Liabilities and Equity

12,563,357

12,628,621

1,730,896

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB’000, except for ADS data, per ADS data and percentages)

(unaudited)

Three months ended

September 30,

September
30,

September 30,

Change

2022

2023

Revenues:

RMB’000

USD’000

Revenues from others:

One-time commissions

92,551

199,286

27,314

115.3 %

Recurring service fees

195,429

171,408

23,493

(12.3 %)

Performance-based income

17,658

8,440

1,157

(52.2 %)

Other service fees

71,290

74,355

10,191

4.3 %

Total revenues from others

376,928

453,489

62,155

20.3 %

Revenues from funds Gopher
manages:

One-time commissions

7,846

(99.6 %)

Recurring service fees

296,648

295,982

40,568

(0.2 %)

Performance-based income

10,109

5,543

760

(45.2 %)

Total revenues from funds
Gopher manages

314,603

301,557

41,332

(4.1 %)

Total revenues

691,531

755,046

103,487

9.2 %

Less: VAT related surcharges

(7,063)

(5,088)

(697)

(28.0 %)

Net revenues

684,468

749,958

102,790

9.6 %

Operating costs and expenses:

Compensation and benefits

Relationship managers

(108,971)

(185,748)

(25,459)

70.5 %

Others

(234,055)

(215,047)

(29,475)

(8.1 %)

Total compensation and
benefits

(343,026)

(400,795)

(54,934)

16.8 %

Selling expenses

(75,995)

(119,707)

(16,407)

57.5 %

General and administrative
expenses

(57,511)

(67,407)

(9,239)

17.2 %

Reversal of credit losses

5,274

525

(90.0 %)

Other operating expenses

(25,084)

(18,982)

(2,602)

(24.3 %)

Government subsidies

43,645

105,297

14,432

141.3 %

Total operating costs and
expenses

(452,697)

(501,069)

(68,678)

10.7 %

Income from operations

231,771

248,889

34,112

7.4 %

Other income:

Interest income

16,847

43,465

5,957

158.0 %

Investment (loss) income

(7,233)

9,640

1,321

N.A.

Other income

10,066

2,446

335

(75.7 %)

Total other income

19,680

55,551

7,613

182.3 %

Income before taxes and
income from equity in affiliates

251,451

304,440

41,725

21.1 %

Income tax expense

(51,078)

(68,499)

(9,389)

34.1 %

Loss from equity in affiliates

(22,406)

(3,897)

(534)

(82.6 %)

Net income

177,967

232,044

31,802

30.4 %

Less: net loss attributable to
non-controlling interests

(4,448)

(1,282)

(176)

(71.2 %)

Net income attributable to
Noah shareholders

182,415

233,326

31,978

27.9 %

Income per ADS, basic

2.64

3.36

0.46

27.3 %

Income per ADS, diluted

2.63

3.36

0.46

27.8 %

Margin analysis:

Operating margin

33.9 %

33.2 %

Net margin

26.0 %

30.9 %

Weighted average ADS
equivalent[1]:

Basic

69,212,818

69,472,282

Diluted

69,255,667

69,485,287

ADS equivalent outstanding at
end of period

62,558,122

63,154,215

[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

September
30,

September 30,

September
30,

Change

2022

2023

RMB’000

USD’000

Net income

177,967

232,044

31,802

30.4 %

Other comprehensive income, net of tax:

Foreign currency translation
adjustments

107,640

21,405

2,934

(80.1 %)

Comprehensive income

285,607

253,449

34,736

(11.3 %)

Less: Comprehensive loss attributable
to non-controlling interests

(4,428)

(1,169)

(160)

73.6 %

Comprehensive income attributable to
Noah shareholders

290,035

254,618

34,896

(12.2 %)

Noah Holdings Limited

Supplemental Information

(unaudited)

As of

September 30,
2022

September 30,
2023

Change

Number of registered clients

433,250

452,222

4.4 %

Number of relationship managers

1,257

1,408

12.0 %

Number of cities in mainland China under
coverage

(22.4 %)

Three months ended

September 30,
2022

September 30,
2023

Change

(in millions of RMB, except number of active clients and
percentages)

Number of active clients

22,641

9,489

(58.1 %)

Transaction value:

Private equity products

2,487

693

(72.1 %)

Private secondary products

3,326

5,670

70.5 %

Mutual fund products

11,650

14,929

28.1 %

Other products

507

1,024

102.1 %

Total transaction value

17,970

22,316

24.2 %

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended September 30, 2023

Wealth
Management
Business

Asset
Management
Business

Other
Businesses

Total

RMB’000

Revenues:

Revenues from others

One-time commissions

199,286

–

199,286

Recurring service fees

171,408

–

171,408

Performance-based income

8,440

–

8,440

Other service fees

61,915

–

12,440

74,355

Total revenues from others

441,049

–

12,440

453,489

Revenues from funds Gopher
manages

One-time commissions

–

Recurring service fees

109,368

186,614

–

295,982

Performance-based income

405

5,138

–

5,543

Total revenues from funds Gopher
manages

109,773

191,784

–

301,557

Total revenues

550,822

191,784

12,440

755,046

Less: VAT related surcharges

(2,074)

(389)

(2,625)

(5,088)

Net revenues

548,748

191,395

9,815

749,958

Operating costs and expenses:

Compensation and benefits

Relationship managers

(179,854)

(5,894)

–

(185,748)

Others

(144,256)

(64,041)

(6,750)

(215,047)

Total compensation and benefits

(324,110)

(69,935)

(6,750)

(400,795)

Selling expenses

(94,088)

(18,723)

(6,896)

(119,707)

General and administrative
expenses

(53,401)

(9,217)

(4,789)

(67,407)

(Provision for) reversal of credit
losses

(894)

(400)

1,819

525

Other operating expenses

(11,677)

(298)

(7,007)

(18,982)

Government subsidies

89,925

13,656

1,716

105,297

Total operating costs and expenses

(394,245)

(84,917)

(21,907)

(501,069)

Income (loss) from operations

154,503

106,478

(12,092)

248,889

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended September 30, 2022

Wealth
Management
Business

Asset
Management
Business

Other
Businesses

Total

RMB’000

Revenues:

Revenues from others

One-time commissions

92,551

–

92,551

Recurring service fees

195,429

–

195,429

Performance-based income

17,658

–

17,658

Other service fees

49,368

–

21,922

71,290

Total revenues from others

355,006

–

21,922

376,928

Revenues from funds Gopher
manages

One-time commissions

–

7,846

–

7,846

Recurring service fees

112,636

184,012

–

296,648

Performance-based income

515

9,594

–

10,109

Total revenues from funds Gopher
manages

113,151

201,452

–

314,603

Total revenues

468,157

201,452

21,922

691,531

Less: VAT related surcharges

(2,212)

(1,139)

(3,712)

(7,063)

Net revenues

465,945

200,313

18,210

684,468

Operating costs and expenses:

Compensation and benefits

Relationship managers

(103,275)

(5,696)

–

(108,971)

Others

(165,245)

(58,758)

(10,052)

(234,055)

Total compensation and benefits

(268,520)

(64,454)

(10,052)

(343,026)

Selling expenses

(65,988)

(8,796)

(1,211)

(75,995)

General and administrative
expenses

(39,345)

(10,947)

(7,219)

(57,511)

Reversal of (provision for) credit
losses

931

(14)

4,357

5,274

Other operating expenses

(1467)

(357)

(23,260)

(25,084)

Government subsidies

41,610

2,005

43,645

Total operating costs and expenses

(332,779)

(82,563)

(37,355)

(452,697)

Income (loss) from operations

133,166

117,750

(19,145)

231,771

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Three months ended September 30, 2023

Wealth
Management
Business

Asset
Management
Business

Other
Businesses

Total

RMB’000

Revenues:

Mainland China

333,911

116,355

12,440

462,706

Hong Kong

165,361

42,668

–

208,029

Others

51,550

32,761

–

84,311

Total revenues

550,822

191,784

12,440

755,046

Three months ended September 30, 2022

Wealth
Management
Business

Asset
Management
Business

Other
Businesses

Total

RMB’000

Revenues:

Mainland China

302,088

173,771

21,922

497,781

Hong Kong

125,240

6,945

–

132,185

Others

40,829

20,736

–

61,565

Total revenues

468,157

201,452

21,922

691,531

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB, except for per ADS data and percentages)

(unaudited)

Three months ended

September
30,

September

30,

Change

2022

2023

RMB’000

Net income attributable to Noah shareholders

182,415

233,326

27.9 %

Adjustment for share-based compensation

11,148

(1,161)

N.A.

Less: tax effect of adjustments

2,684

(281)

N.A.

Adjusted net income attributable to Noah shareholders
(non-GAAP)

190,879

232,446

21.8 %

Net margin attributable to Noah shareholders

26.7 %

31.1 %

Non-GAAP net margin attributable to Noah shareholders

27.9 %

31.0 %

Net income attributable to Noah shareholders per ADS,
diluted

2.63

3.36

27.8 %

Non-GAAP net income attributable to Noah shareholders
per ADS, diluted

2.76

3.35

21.4 %

Source : NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2023

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Jayud Enters into Strategic Partnership with Shandong Oranda Logistics

CISION PR Newswire

Nov 30, 2023

SHENZHEN, China, Nov. 29, 2023 /PRNewswire/ — Jayud Global Logistics Limited (NASDAQ: JYD) ("Jayud" or the "Company"), a leading end-to-end supply chain solution provider based in Shenzhen, specializing in cross-border logistics, today announced a Strategic partnership between Jayud and Shandong Oranda Logistics Co., Ltd. ("Oranda").

This partnership will combine Jayud’s expertise in cross-border logistics with Oranda’s robust international logistics network, enhancing both companies’ capabilities in sea, air, and land transportation, reporting, warehousing, and supply chain management through shared resources and expertise.

Key Highlights of the Partnership:

Business Collaboration: Both parties will leverage their individual strengths and expertise in sea, air, and land transportation, reporting, warehousing, and supply chain management to create a cohesive and efficient service offering. Brand Collaboration: Jayud and Oranda will jointly promote their businesses, leveraging the strengths of both brands to expand their market reach and enhance their reputation in the logistics industry. Strategic Framework: This agreement serves as a foundational framework for the partnership, with specific details and deliverables outlined in subsequent contracts throughout the collaboration. Promotional Activities: Unless otherwise specified, both parties have the right to list the other as a "Strategic Partner" (or under a similar name) in relevant promotional activities, ensuring that the partnership benefits both companies’ reputations.

Xiaogang Geng, Chairman of the Board and CEO of Jayud, commented, "We are thrilled to embark on this new collaboration with Shandong Oranda Logistics. This partnership aligns with our vision of expanding our global footprint and enhancing our service offerings. This partnership is a testament to Jayud’s and Oranda’s commitment to growth, innovation, and providing top-tier logistics services globally. Together, we are poised to set new benchmarks in the logistics industry, cultivate mutually beneficial relationships, thereby reshaping the landscape of international logistics. By combining our strengths, we can not only share resources, but also enhance our capabilities to serve our customers better and drive innovation in the logistics industry."

Headquartered in Qingdao, Shandong, Oranda has grown into a leading international logistics enterprise with over ten years of operations. Known for its competitive pricing and strategic use of ship-owner resources, Oranda has built an extensive client base and a mature team. With branches in key ports across China and a global presence through agents in the Americas, Europe, Africa, and Southeast Asia, Oranda specializes in comprehensive logistics services for specialty goods. Its innovative chain-service model and intelligent booking system provide a full range of services, including cargo identification, transportation, reinforcement, warehousing, customs clearance, and insurance.

About Jayud Global Logistics Limited
Jayud Global Logistics Limited is one of the leading Shenzhen-based end-to-end supply chain solution providers in China, focusing on cross-border logistics services. Headquartered in Shenzhen, the Company benefits from the unique geographical advantages of providing a high degree of support for ocean, air, and overland logistics. The Company has established a global operation nexus featuring logistic facilities throughout major transportation hubs in China and globally, with footprints in 12 provinces in Mainland China and 16 countries across six continents. Jayud offers a comprehensive range of cross-border supply chain solution services, including freight forwarding, supply chain management, and other value-added services. With its strong service capabilities and research and development capabilities in proprietary IT systems, the Company provides customized and efficient logistics solutions and develops long-standing customer relationships. For more information, please visit the Company’s website: https://ir.jayud.com.

Forward Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events 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", "is/are likely to", "potential", "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any 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 other filings with the SEC.

For more information, please contact:

Jayud Global Logistics Limited
Investor Relations Department
Email: [email protected]

Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: [email protected]

Source : Jayud Enters into Strategic Partnership with Shandong Oranda Logistics

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iClick Interactive Asia Group Limited Schedules 2023 Annual General Meeting for December 29, 2023

CISION PR Newswire

Nov 30, 2023

HONG KONG, Nov. 29, 2023 /PRNewswire/ — iClick Interactive Asia Group Limited ("iClick" or the "Company") (NASDAQ: ICLK), a leading enterprise and marketing cloud platform in China that empowers worldwide brands with full-stack consumer lifecycle solutions, today announced that it will hold its 2023 annual general meeting on December 29, 2023 at 9:00 a.m. (Hong Kong time) or on December 28, 2023 at 8:00 p.m. (New York time) in Hong Kong, People’s Republic of China.

Date: December 29, 2023 (Hong Kong Time) or December 28, 2023 (New York Time)

Time: 09:00 a.m. (Hong Kong time) or 08:00 p.m. (New York Time)

Location: 15/F Prosperity Millennia Plaza
663 King’s Road, Quarry Bay, Hong Kong, China

Only shareholders of record at the close of business on November 29, 2023 (New York Time) are entitled to receive notice of and to attend the Company’s annual general meeting or any adjournment or postponement thereof.

The notice of the Company’s annual general meeting and the Company’s 2022 Annual Report containing the complete audited financial statements and the report of auditors for the year ended December 31, 2022 are available on the Investor Relations Section of the Company’s website at http://ir.i-click.com.

About iClick Interactive Asia Group Limited

Founded in 2009, iClick Interactive Asia Group Limited (NASDAQ: ICLK) is a leading enterprise and marketing cloud platform in China. iClick’s mission is to empower worldwide brands to unlock the enormous market potential of smart retail. With its leading proprietary technologies, iClick’s full suite of data-driven solutions helps brands drive significant business growth and profitability throughout the full consumer lifecycle. Headquartered in Hong Kong, iClick currently operates in eleven locations across Asia and Europe. For more information, please visit ir.i-click.com.

For investor and media inquiries, please contact:

In China:

In the United States:

iClick Interactive Asia Group Limited

Core IR

Catherine Chau

Tom Caden

Phone: +852 3700 0100

Phone: +1-516-222-2560

E-mail: [email protected]

Source : iClick Interactive Asia Group Limited Schedules 2023 Annual General Meeting for December 29, 2023

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Weibo Corporation Announces Proposed Offering of US$300 Million Convertible Senior Notes

CISION PR Newswire

Nov 30, 2023

BEIJING, Nov. 30, 2023 /PRNewswire/ — Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB; HKEX: 9898), a leading social media in China, today announced a proposed offering (the "Notes Offering") of convertible senior notes in an aggregate principal amount of US$300 million due 2030 (the "Notes"), subject to market conditions and other factors. The Company intends to grant the initial purchaser in the Notes Offering an option, exercisable within a 30-day period, beginning on and including the date of the Notes Offering, to purchase up to an additional US$30 million in aggregate principal amount of the Notes.

The Company plans to use the net proceeds from the Notes Offering to refinance a portion of its outstanding 3.5% senior notes due 2024.

When issued, the Notes will be senior, unsecured obligations of Weibo. The Notes will mature on December 1, 2030, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date.

Holders may convert the Notes at any time prior to the close of business on the fifth scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, the Company’s American depositary shares, each representing one Class A ordinary share (the "ADSs"), or a combination of cash and ADSs, at the Company’s election. Holders may elect to receive Class A ordinary shares in lieu of any ADSs deliverable upon conversion. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes.

If the amount of the Notes that remains outstanding at any time is less than 10% of the aggregate principal amount of the Notes outstanding at the time of initial issuance, the Company may redeem for cash all but not part of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Company may also redeem for cash all but not part of the Notes in the event of certain tax law changes.

Holders of the Notes may require the Company to repurchase for cash all or part of their Notes on December 6, 2027 at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In addition, holders of the Notes have the option, subject to certain conditions, to require the Company to repurchase any Notes held in the event of a fundamental change.

The Company expects that certain purchasers of the Notes may establish a short position with respect to its ADSs by short selling its ADSs or by entering into short derivative positions with respect to its ADSs (including entering into derivatives with an affiliate of the initial purchaser in the Notes Offering), in each case, in connection with the Notes Offering. Any of the above market activities by purchasers of the Notes could increase (or reduce any decrease in) or decrease (or reduce any increase in) the market price of the Company’s ADSs or the Notes at that time, and the Company cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or its ADSs.

In order to facilitate short positions by some holders of the Notes for purposes of hedging their investment in the Notes, concurrently with the Notes Offering, the Company will enter into an ADS lending agreement with an affiliate of the initial purchaser in the Notes Offering (such affiliate being the "ADS Borrower"), pursuant to which the Company will lend a certain number of ADSs (the "Borrowed ADSs") to the ADS Borrower (the "Registered ADS Borrow Facility"). The Borrowed ADSs will be offered in a separate SEC-registered offering by the underwriter in such offering pursuant to a prospectus supplement and an accompanying base prospectus (the "Delta Placement of Borrowed ADSs"). The number of Borrowed ADSs will be determined at the time of pricing of the Delta Placement of Borrowed ADSs. The Company has been informed by the ADS Borrower that it or its affiliates intends to use the short position created by the concurrent sale of the Borrowed ADSs to facilitate privately negotiated derivatives transactions related to the Notes. The Borrowed ADSs are expected to be sold concurrently with the pricing of the Notes. The activity described above could affect the market price of the Company’s ADSs or the Notes otherwise prevailing at that time.

The closing of the Notes Offering and the closing of the Delta Placement of Borrowed ADSs are contingent upon each other.

The ADS Borrower or its affiliate will receive all of the proceeds from the sale of the Borrowed ADSs and the Company will not receive any of those proceeds, but the ADS Borrower will pay the Company a nominal processing fee for the use of those ADSs pursuant to the Registered ADS Borrow Facility.

The Notes, the ADSs deliverable upon conversion of the Notes, if any, prior to the resale restriction termination date (as set forth in the terms of the Notes) and the Class A ordinary shares represented thereby or deliverable upon conversion of Notes in lieu thereof have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or securities laws of any other places. They may not be offered or sold within the United States or to U.S. persons, except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

This press release contains information about the pending Notes Offering, and there can be no assurance that the Notes Offering will be completed.

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. The Company generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Designed with a "mobile first" philosophy, Weibo displays content in a simple information feed format and offers native advertisements that conform to the information feed on its platform. To support the mobile format, Weibo has developed and is continuously refining its social interest graph recommendation engine, which enables its customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Weibo may also make forward-looking statements in the Company’s periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and 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 the Company’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates," "likely to" and similar statements. Forward-looking statements involve inherent risks and uncertainties. Among other things, the terms of the Notes, whether the Company will complete the Notes Offering and a description of various hedging activities contain forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual report on Form 20-Fs and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contacts

Investors Relations
Weibo Corporation
Tel: +86-10-5898-3336
Email: [email protected]

Source : Weibo Corporation Announces Proposed Offering of US$300 Million Convertible Senior Notes

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Weibo Corporation Announces Proposed Offering of American Depositary Shares in connection with the Delta Placement of Borrowed ADSs

CISION PR Newswire

Nov 30, 2023

BEIJING, Nov. 30, 2023 /PRNewswire/ — Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB; HKEX: 9898), a leading social media in China, today announced the commencement of the offering of American Depositary Shares ("ADSs"), each currently representing one Class A ordinary share of Weibo, par value US$0.00025 per share (the "ADS Offering"), which the Company intends to loan (such loaned ADSs, the "Borrowed ADSs") to an affiliate of the underwriter in the ADS Offering (such affiliate, the "ADS Borrower") pursuant to an ADS lending agreement with the ADS Borrower (the "ADS Lending Agreement").

Concurrently with the ADS Offering, the Company announced the offering (the "Notes Offering") of convertible senior notes in an aggregate principal amount of US$300 million due 2030 (the "Notes") pursuant to Rule 144A of the Securities Act of 1933, as amended. The Company intends to grant the initial purchaser in the Notes Offering an option, exercisable within a 30-day period, beginning on and including the date of the Notes Offering, to purchase up to an additional US$30 million in principal amount of the Notes.

Concurrently with the Notes Offering, the ADS Borrower will sell the Borrowed ADSs in a separate offering registered with the U.S. Securities and Exchange Commission (the "SEC") offered by the underwriter pursuant to a prospectus supplement and an accompanying base prospectus, as described below (the "Delta Placement of Borrowed ADSs"). The number of Borrowed ADSs will be determined at the time of pricing of the Delta Placement of Borrowed ADSs. The Delta Placement of Borrowed ADSs is intended to facilitate short sales and/or privately negotiated derivative transactions by which some investors in the Notes may hedge their exposure to the Notes.

The ADS Borrower or its affiliate will receive all of the proceeds from the sale of the Borrowed ADSs. The Company will not receive any proceeds from the ADSs Offering but will receive from the ADS Borrower a nominal lending fee, which will be applied to fully pay up the Class A ordinary shares underlying the Borrowed ADSs. The Company believes that the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting its earnings per ADS under the current U.S. Generally Accepted Accounting Principles and, therefore, the Company believes that no dilution will occur as a result of the Borrowed ADSs.

The Delta Placement of Borrowed ADSs is conditioned on the closing of the Notes Offering. If the Notes Offering is not consummated, the ADS Lending Agreement will terminate, the Delta Placement of Borrowed ADSs will terminate and all Borrowed ADSs (or ADSs fungible with Borrowed ADSs) must be returned to the Company.

The Company has filed an automatic shelf registration statement on Form F-3 with the SEC. A prospectus supplement and the related base prospectus describing the terms of the ADS Offering have been filed with the SEC. When available, the final prospectus supplement for the ADS Offering will be filed with the SEC. The ADS Offering is being made only by means of the prospectus supplement and accompanying base prospectus. Before you invest, you should read the prospectus supplement and the accompanying base prospectus and other documents that the Company has filed with the SEC for more complete information about the Company and the offering. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Copies of the prospectus supplement and the accompanying base prospectus may be obtained by contacting Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected].

This press release contains information about the pending offerings of the Notes and the ADSs, and there can be no assurance that any of the offerings will be completed.

About Weibo

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Weibo may also make forward-looking statements in the Company’s periodic reports to the SEC, in its interim and 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 the Company’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates," "likely to" and similar statements. Forward-looking statements involve inherent risks and uncertainties. Among other things, the terms of the Notes, whether the Company will complete the Notes Offering and a description of various hedging activities contain forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual report on Form 20-Fs and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contacts

Investors Relations
Weibo Corporation
Tel: +86-10-5898-3336
Email: [email protected]

Source : Weibo Corporation Announces Proposed Offering of American Depositary Shares in connection with the Delta Placement of Borrowed ADSs

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Twinny and Hankook Engineering Works Join Hands to Expand Autonomous Robot Development Business

CISION PR Newswire

Nov 30, 2023

DAEJEON, South Korea, Nov. 29, 2023 /PRNewswire/ — On the 13th of last month, Twinny (CEO Cheon Hong-seok and Cheon Young-seok) announced that it has entered into a strategic business agreement with Hankook Engineering Works (CEO Moon Dong-hwan) to advance the development of autonomous robots. The agreement was made at the headquarters in Daejeon.

Twinny Co-CEOs Cheon Hong-seok and Cheon Young-seok, along with Hankook Engineering Works CEO Moon Dong-hwan, commemorate the signing of a business agreement at Twinny’s Daejeon headquarters on the 13th, as they advance efforts to expand the autonomous robot development business.

Both companies will collaborate on the joint development of autonomous robots. To facilitate smooth product supply, Hankook Engineering Works plans to establish a mass production system. Additionally, the two companies plan to cooperate on the expansion of channels, including factories, logistics centers, and other facilities, both domestically and internationally. They also aim to explore new markets in the logistics sector, such as government offices, train stations, terminals, and mixed-use facilities, utilizing autonomous driving robots.

Cheon Hong-seok, CEO of Twinny, stated, "Through collaboration with Hankook Engineering Works, we will develop and supply logistics transportation robots that combine Twinny’s strengths in autonomous driving technology." He added, "Beyond development, through active cooperation in mass production and business, we will significantly increase market awareness and product supply."

Moon Dong-hwan, CEO of Hankook Engineering Works, mentioned, "Hankook Engineering Works possesses capabilities and networks accumulated over decades as a specialized company in manufacturing facilities for various industries, focusing on automation and unmanned systems." He continued, "As a result of this agreement, both companies will spare no effort in finding the sites where robots are needed and making wholehearted efforts towards customerization to expand the autonomous robot business they aim for."

Founded in 2015 by twin brothers Cheon Hong-seok and Cheon Young-seok, Twinny is a specialized robot company that develops autonomous logistics transportation robots. The company has been at the forefront of developing products that enable autonomous driving indoors and outdoors for purposes such as factory automation and logistics center order picking. Recently, Twinny collaborated with the Korea Railroad to develop and deploy autonomous driving robots at Gwangmyeong Station to enhance the convenience of passengers.

Source : Twinny and Hankook Engineering Works Join Hands to Expand Autonomous Robot Development Business

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WiMi Developed An Integrated Multidisciplinary Algorithm—–MultiFeatureEvoCluster

CISION PR Newswire

Nov 30, 2023

BEIJING, Nov. 29, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it developed an integrated multidisciplinary algorithm for clustering heterogeneous datasets, namely, MultiFeatureEvoCluster technology, which not only effectively handles multi-featured datasets, but also assigns explicit semantic meanings to the clustering results.

Traditional clustering methods are based only on attributes, distances, and density values of homogeneous and single-feature datasets, which cannot add clear semantic meaning to the clustering results. WiMi’s MultiFeatureEvoCluster technology is an innovative cluster analysis method designed for processing heterogeneous datasets. The technology integrates advanced techniques and methods from multiple subject areas to ensure efficient processing and accurate clustering of complex datasets.

MultiFeatureEvoCluster employs a recombination evolutionary operator, which is capable of dynamically adjusting the cluster structure of the data during the clustering process, thus improving the adaptability of the clustering algorithm. Second, the technology utilizes Levy on-the-fly optimization, a stochastic search-based optimization method that helps the algorithm quickly find key patterns and clustering features in the data set, accelerating the speed and accuracy of the clustering analysis. In addition, the MultiFeatureEvoCluster incorporates several statistical techniques, including quartiles and percentiles. These can help the algorithm better understand the distribution characteristics and trends of the data, thus improving the accuracy and reliability of the clustering analysis. It also employs the Euclidean distance of the K-mean algorithm as a measure of similarity between data to ensure the validity and stability of the clustering results.

At the core of WiMi’s MultiFeatureEvoCluster technology is a multidisciplinary integration that combines knowledge and techniques from different subject areas to form a unique framework for cluster analysis. By integrating evolutionary algorithms, optimization methods and statistical techniques, MultiFeatureEvoCluster technology can handle complex heterogeneous datasets with different types of data, including text, images, numerical values, etc., and provide users with comprehensive and interpretable cluster analysis results.

The design concept of the technology is to ensure the efficiency and accuracy of the algorithm while making the clustering results have clear semantic meanings. It helps users better understand patterns and associations in data, provides deeper data insights to enterprises and research organizations, and provides powerful support for their decision-making and strategic planning.

Behind the development of MultiFeatureEvoCluster is a multidisciplinary team focused on data analysis and algorithmic innovation, consisting of data experts, statistical specialists and computer scientists. The technology is considered a major advancement over traditional clustering methods, as it breaks through the limitations of single-feature datasets and is capable of handling more complex and diverse data types.

In addition to excelling in clustering accuracy, the MultiFeatureEvoCluster technology demonstrates sensitivity to cluster overlap, number of clusters, cluster dimensionality, cluster structure, and cluster shape. The analysis of these features provides organizations with more dimensional insights into their data, helping them better understand the underlying patterns and trends behind the data. This ability to synthesize and analyze provides a more diversified reference basis for business decision-making, helping companies maintain an edge in a competitive market environment.

Facing the data challenges of the digital era, WiMi has introduced MultiFeatureEvoCluster technology that brings new opportunities and possibilities to enterprises. Its unique multi-feature analysis and evolutionary clustering capabilities make it a rising star in the current data analytics space. For organizations that are eager to mine more value from behind complex data, MultiFeatureEvoCluster technology will surely be a strong partner to help them move towards a data-driven future.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains "forward-looking statements" within the 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," and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, 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. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

Source : WiMi Developed An Integrated Multidisciplinary Algorithm—–MultiFeatureEvoCluster

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China Pharma Holdings, Inc. Announced the Completion of Third Party Testing of Dry Eye Disease Therapeutic Device

CISION PR Newswire

Nov 30, 2023

HAIKOU, China, Nov. 29, 2023 /PRNewswire/ — China Pharma Holdings, Inc. (NYSE American: CPHI) ("China Pharma", or the "Company"), an NYSE American-listed corporation with a fully-integrated specialty pharmaceuticals subsidiary based in China, today announced that its Dry Eye Disease (DED) therapeutic device has passed third-party testing and is preparing to apply for market launch to the National Medical Products Administration (NMPA) of China.

According to a disclosure by the Shanghai Public Health Clinical Center on June 6, 2023, an epidemiological survey of DED showed that approximately 344 million patients are suffering from DED worldwide, accounting for 30% of the total number of ophthalmic outpatient visits, with an annual increase of 10%. There are about 80 million DED patients in China, ranking second in ophthalmic diseases.

This device has a utility model patent; Epidemiological research shows that the incidence rate of DED for all the people in China is about 25% to 30%, and about 75% for people over 65-year-old; In the field of DED and visual fatigue, this product is expected to fill in the market gap of medical therapeutic apparatus; and The Company has established sales channels in more than 30 provincial and municipal hospitals, as well as OTC markets in China for more than 20 years. This sales network may strongly support the launch and promotion of this device.

Ms. Li Zhilin, CEO of China Pharma said: " After passing third-party testing, this product has obtained qualifications to apply for market approval from NMPA. We are actively working to try to launch this product in the first half of next year. We are confident that with the patented technological advantages and our sales channels, the launch of this product will bring excellent treatment experience to every DED patient, which will create value for our shareholders."

About China Pharma Holdings, Inc.

China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company’s cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company’s wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit www.chinapharmaholdings.com. The Company routinely posts important information on its website.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties may include, but are not limited to: the achievability of financial guidance; success of new product development; unanticipated changes in product demand; increased competition; downturns in the Chinese economy; uncompetitive levels of research and development; and other information detailed from time to time in the Company’s filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations, except as required by applicable law or regulation.

Source : China Pharma Holdings, Inc. Announced the Completion of Third Party Testing of Dry Eye Disease Therapeutic Device

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network