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MAY
21
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China Biologic Reports Financial Results for the First Quarter of 2020

BEIJING, May 21, 2020 /PRNewswire/ -- China Biologic Products Holdings, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced its unaudited financial results for the first quarter of 2020.

First Quarter 2020 Financial Highlights

  • Total sales in the first quarter of 2020 increased by 29.4% in RMB terms and 25.3% in USD terms to $162.6 million from $129.8 million in the same quarter of 2019.
  • Gross profit increased by 18.0% to $101.0 million from $85.6 million in the same quarter of 2019. Gross margin decreased to 62.1% from 65.9% in the same quarter of 2019.
  • Income from operations increased by 54.5% to $68.0 million from $44.0 million in the same quarter of 2019. Operating margin increased to 41.8% from 33.9% in the same quarter of 2019.
  • Non-GAAP adjusted income from operations increased by 52.1% in RMB terms and 47.3% in USD terms to $76.9 million from $52.2 million in the same quarter of 2019.
  • Net income attributable to the Company increased by 41.6% to $53.4 million from $37.7 million in the same quarter of 2019. Diluted earnings per share increased to $1.36 compared to $0.94 in the same quarter of 2019.
  • Non-GAAP adjusted net income attributable to the Company increased by 42.3% in RMB terms and 38.0% in USD terms to $61.4 million from $44.5 million in the same quarter of 2019. Non-GAAP adjusted earnings per diluted share increased to $1.56 from $1.11 in the same quarter of 2019.

NOTE: Detailed financial statements and information are available through this link: https://photos.prnasia.com/prnk/20200520/2809099-1?lang=0

"This quarter's exceptionally strong performance was mainly driven by a substantial growth in IVIG sales volume due to a rise in demand in connection with the COVID-19 outbreak," said Joseph Chow, Chairman and CEO of China Biologic. "More than 40% of the IVIG sales growth came from Hubei province, the epicenter of the outbreak and an area in which we prioritized our sales efforts in late 2019 and subsequently brought on key local distributors that had previously worked with our competitors. In addition to IVIG, the sales of most of our other products have been negatively impacted by the outbreak, showing either a decline or only a marginal growth. Our strong operating income growth was also attributable to reduced operating costs in the first quarter as a result of delays in our normal operational activities caused by COVID-19 related quarantine regulations."

"Looking ahead to the rest of 2020, given the limited volume of available plasma inventory and the oversold IVIG in the first quarter, we expect the overall growth rate of IVIG sales will slow down in the remaining quarters of 2020. We will make proactive adjustments to our operational strategies in the face of lower anticipated demand for most of our products, as well as lower-than-expected plasma collection volume and intensified competition."

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MAY
20
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The University of Texas System Tackles GASB 87 Compliance With Planon

BRIGHTON, England, May 20, 2020 /PRNewswire/ -- Planon, a leading global provider of integrated software solutions to enhance real estate and facility management processes, announced that The University of Texas System has selected Planon's Lease Accounting solution to adhere to the GASB 87 lease accounting standard for public organisations in the United States.

The software solution will support the UT System, which is one of the largest systems of higher education in the nation with 14 institutions, student enrolment of almost 240,000 and an annual operating budget of $21.1 billion.

The UT System was in search of a common platform with the ability to calculate the amounts required by the new accounting standards and to integrate with its ERP. The UT System examined several vendors and solutions for GASB 87 (GASB 87 is legislation for public organisations and universities in the United States, related to the standards for ASC 842 and IFRS16) to find a dependable long-term partner.

In 2019, new lease accounting standards were introduced, altering the way that leases are recognised, measured and reported. The main change is that lease payments are no longer recognised as expenses, but assets and corresponding liabilities are calculated and reported on the balance sheet (except for low-value assets or lease terms of 12 months or less) using the single accounting model. GASB 87 has removed the distinction between finance and operating leases for lessees.  

'The UT System is committed to maximising efficiencies at its eight academic universities and six health institutions,' said Fred Guelen, President of North American Operations at Planon. 'Planon is proud to support the UT System with our GASB 87 Lease Accounting solution.'

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MAY
20
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VolitionRx Announces Pricing of Underwritten Public Offering of Common Stock

AUSTIN, Texas, May 20, 2020 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition"), a multi-national epigenetics company that applies its NucleosomicsTM platform through its subsidiaries to develop simple, easy to use, cost-effective blood tests to help diagnose a range of cancers and other diseases, announced today the pricing of its previously announced underwritten public offering. Volition is offering 4,365,000 shares of common stock, par value $0.001 per share, at a price to the public of $2.75 per share. In connection with the offering, Volition has also granted the underwriters a 30-day option to purchase up to an additional 654,750 shares of its common stock offered in the public offering, at the same public offering price per share, to cover overallotments, if any.  All shares of common stock in the offering are being offered by Volition.

National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD), is acting as sole book-running manager in connection with the offering. The Benchmark Company, LLC  and Maxim Group LLC have acted as financial advisors in the offering.

Volition expects to receive gross proceeds from the offering, excluding the exercise of the over-allotment option, if any, of $12 million, before deducting underwriting discounts and commissions and other offering-related expenses payable by Volition. Assuming the full exercise of the over-allotment option, total gross proceeds to Volition would be $13.8 million.

Volition intends to use the net proceeds of the offering for continued product development, clinical studies, product commercialization, working capital, and other general corporate purposes, including potential strategic acquisitions.

The offering is expected to close on May 22, 2020, subject to customary closing conditions.

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MAY
20
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Cheetah Mobile Announces Dividend of US$1.44 per American Depositary Share and Disposal of Equity Ownership in Bytedance Ltd.

BEIJING, May 20, 2020 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile internet company with global market coverage, today announced that the Company's board of directors (the "Board") approved a special cash dividend of US$1.44 per American Depositary Share ("ADS"), or US$0.14 per ordinary share.

The cash dividend will be paid on July 9, 2020, to shareholders of record at the close of business on June 23, 2020. The aggregate amount of cash dividends to be paid is approximately US$200 million, which will be funded by cash on the Company's balance sheet.

Meanwhile, Cheetah Mobile has entered into an agreement to sell all its remaining equity ownership in Bytedance Ltd on May 20, 2020. This transaction is expected to result in a disposal gain of investment of approximately US$66 million in the second quarter of 2020. This transaction will also result in a cash inflow of approximately US$130 million. As of December 31, 2019, the Company had cash and cash equivalents, restricted cash, and short-term investments of US$338.2 million. This transaction is expected to close by the end of June 2020, subject to customary closing conditions.

Cheetah Mobile has continued to return to our shareholders. In September 2018, its board of directors had approved a share repurchase program of up to US$100 million of our outstanding ADSs for a period not to exceed 12 months. The Company funded repurchases made under this program from its available cash balance. In 2019, the Company had repurchased approximately 4.5 million ADSs for approximately US$32 million under this program. The Company cancelled all the repurchased Cheetah ADSs. In 2019, its board of directors approved a special cash dividend of US$0.50 per ADS, or US$0.05 per ordinary share in August 2019. The aggregate amount of cash dividends was approximately US$72 million, which was funded by cash on its balance sheet.

About Cheetah Mobile Inc.

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MAY
20
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China Ceramics Announces Second Half and Full Year Financial Results for Fiscal 2019

JINJIANG, China, May 20, 2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) ("China Ceramics" or the "Company"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its financial results for the second half and fiscal year ended December 31, 2019.

Second Half 2019 Summary

  • Revenue was RMB 150.2 million (US$ 21.4 million) as compared to RMB 142.6 million (US$ 20.8 million) for the same period of 2018.
  • Net profit was RMB 183.7 million (US$ 26.1 million) as compared to a net loss of RMB 346.8 million (US$ 50.6 million) for the same period of 2018.
  • Earnings per share were RMB 30.67 (US$ 4.36) as compared to a loss per share of RMB 75.95 (US$ 11.07) for the same period of 2018.
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), deducting for non-cash deductions, was RMB 8.0 million (US$ 1.1 million), as compared to RMB 10.3 million (US$ 1.5 million) for the same period of 2018.

Operating Results for Second Half 2019 were Affected by the Following Significant Items:

  • In October 2019, we decreased the pricing of our ceramic tile products by an average of 15%. This resulted in a 26% increase in our sales volume for the second half of 2019 as compared to the same period of 2018.
  • A provision for a reversal of inventory impairment was RMB 56.8 million (US$ 8.1 million) as compared to an inventory impairment of RMB 56.0 million (US$ 8.2 million) for the same period of 2018.
  • A provision for a reversal of bad debt was RMB 125.2 million (US$ 17.8 million) as compared to bad debt of RMB 210.1 million (US$ 30.6 million) for the same period of 2018.

Ms. Meishuang Huang, Chief Executive Officer of China Ceramics, commented, "During the second half of 2019, we continued to experience challenging market conditions as we did in the same period of 2018. However, as a result of a 15% average price decrease of our products in October 2019, our revenue increased modestly in the second half of 2019 due to a robust increase in our sales volume."

"For fiscal year 2019, we utilized production facilities capable of producing 12.4 million square meters of ceramic tiles per year out of our effective total annual production capacity of 51.6 million square meters of ceramic tiles. Consistent with our practices in past quarters, we maintained a reduced utilization of existing plant capacity based on the current market environment to keep our operating costs low. We intend to bring additional capacity online as the business environment improves."

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MAY
20
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Daqo New Energy Announces Unaudited First Quarter 2020 Results

SHIHEZI, China, May 20, 2020 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the first quarter of 2020.

First Quarter 2020 Financial and Operating Highlights

  • Polysilicon production volume was 19,777 MT in Q1 2020, compared to 16,204 MT in Q4 2019
  • Polysilicon sales volume was 19,101 MT in Q1 2020, compared to 13,291 MT in Q4 2019
  • Polysilicon average total production cost(1) was $5.86/kg in Q1 2020, compared to $6.38/kg in Q4 2019
  • Polysilicon average cash cost(1) was $5.01/kg in Q1 2020, compared to $5.47/kg in Q4 2019
  • Polysilicon average selling price (ASP) was $8.79/kg in Q1 2020, compared to $8.77/kg in Q4 2019
  • Revenue from continuing operations was $168.8 million in Q1 2020, compared to $118.9 million in Q4 2019
  • Gross profit from continuing operations was $56.6 million in Q1 2020, compared to $35.1 million in Q4 2019. Gross margin from continuing operations was 33.5% in Q1 2020, compared to 29.5% in Q4 2019
  • EBITDA (non-GAAP)(2) from continuing operations was $63.1 million in Q1 2020, compared to $45.4 million in Q4 2019. EBITDA margin (non-GAAP)(2) from continuing operations was 37.4% in Q1 2020, compared to 38.2% in Q4 2019
  • Net income attributable to Daqo New Energy Corp. shareholders was $33.2 million in Q1 2020, compared to $20.1 million in Q4 2019
  • Earnings per basic American Depositary Share (ADS) was $2.37 in Q1 2020, compared to $1.45 in Q4 2019
  • Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $37.7 million in Q1 2020, compared to $24.5 million in Q4 2019
  • Adjusted earnings per basic ADS (non-GAAP)(2) was $2.69 in Q1 2020, compared to $1.77 in Q4 2019

Three months ended

US$ millions

except as indicated otherwise

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MAY
20
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CNFinance to Report First Quarter of 2020 Financial Results on Tuesday, May 26, 2020

GUANGZHOU, China, May 19, 2020 /PRNewswire/ -- CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the "Company"), a leading home equity loan service provider in China, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2020, before U.S. markets open on Tuesday, May 26, 2020.

CNFinance's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, May 26, 2020 (8:00 PM Beijing/ Hong Kong Time on the same day).

Dial-in numbers for the live conference call are as follows:

International:

+1-412-902-4272

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MAY
20
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XTransfer: Build industry core competitiveness with intelligent risk management

SHANGHAI, May 20, 2020 /PRNewswire/ -- Recently, CRO Ms. Yao Weichun said XTransfer conducted profile analysis on customers of different industries according to their different behavioral characteristics in transaction flow, logistics, fund flow and so on, to therefore build an innovative intelligent risk management system and realize data-based decisions.

XTransfer, a one-stop cross-border financial service provider for foreign trade enterprises, cooperated with banks of various countries to set up a globally unified B2B financial network and intelligent risk management, and launched comprehensive solutions for various cross-border financial services, such as global account opening, foreign currency exchange, and foreign exchange declaration.

Compared with large exporters, SMEs feature small transaction volume and unstable behavior characteristics, hence evident pain-points in basic cross-border services like cross-border payment, foreign currency exchange, and foreign exchange settlement. Based on comprehensive assessment of revenue and risk management costs, traditional financial institutions from home and abroad have to shut them out.

Risk management is the lifeline and core competitiveness of finance. For SMEs with weak awareness of risk, risk and compliance management appears essential.

Build an intelligent risk management system to protect SME exporters

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MAY
20
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China Metal Resources Utilization Limited (1636.HK) Issued a Clarification Announcement

HONG KONG, May 20, 2020 /PRNewswire/ -- China Metal Resources Utilization Limited ("CMRU" or "the Company", and together with its subsidiaries, the "Group") (Stock Code: 1636.HK), made a clarification announcement with regards to the incorrect and misleading allegations stated in a research report (the ''Research Report'') issued by Hindenburg Research (''Hindenburg'') on 17 May 2020.

Comments Concerning the Group in the Research Report

Whilst the Research Report contains a certain amount of information and references to matters which were ostensibly previously published by the Company, the Research Report attempts to portray or lead readers to draw certain conclusions about the Company, which in the Company's view, is either incorrect or misleading in nature. On a number of occasions, selective information and possibly misleading when considering these selective information in isolation was used in the Research Report ignoring other information which has been published by the Company. On some other occasions, the Company takes the view that the analysis presented was simply illogical or wrong. In this connection, the Board would like to state the following:

1.    Allegations against Gushan Environmental Energy Limited

The Research Report set out certain allegations against Gushan Environmental Energy Limited (''Gushan''), a company which was previously listed on the New York Stock Exchange (''NYSE'') until it was privatized by our the chairman of the Company, Mr. Yu Jianqiu, in 2012. The Research Report, based on various media reports the facts nor basis of which did not appear to be verified or substantiated by the author of the Research Report, attempted to point to suggestions of possible fraud on the part of Gushan.

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MAY
20
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AlphaLoan reminds potential borrowers to select the lender with care in consideration of credit complexity

AlphaLoan reminds potential borrowers to select the lender with care in consideration of credit complexity

TAIPEI, May 20, 2020 /PRNewswire/ -- AlphaLoan, the largest firm in Taiwan providing loan comparison services, published a report detailing the results of its analysis of the Loan Application Questionnaire that it had sent out to borrowers. The report demonstrated that the forecasts offered by AlphaLoan's website in terms of the availability of personal credit, interest rates and probability of obtaining approval for a loan had achieved a 94% accuracy. The report also revealed the findings from several other consumer surveys.


Bank credit data analysis

AlphaLoan supports consumers through a feedback program in response to the COVID-19 epidemic and in celebration of the firm's fourth anniversary

As part of the firm's efforts to respond to the COVID-19 epidemic and to celebrate its fourth anniversary, AlphaLoan launched a special borrower feedback program last month, providing qualified individuals with a shopping voucher worth of NT$ 2,000 (approx. US$ 67) on the condition that they complete a loan application with AlphaLoan and fill in the feedback questionnaire. The program helps generate over 200,000 visits to the website within one month. An executive from AlphaLoan said, "The initiative aims to support individuals who need a loan in these difficult times. The revealing insights derived from the information we collected will help us further validate and modify our artificial intelligence (AI) models as well as convey the voices of our users to ten of our bank partners with the aim of helping them improve customer services."

AlphaLoan adopts AI to streamline the application process, passing on the time and cost savings to borrowers

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