A 17-year-old Lao girl, identified only as Dao – a pseudonym to protect her identity, was reportedly harassed by a taxi driver on 19 April, shortly after Lao New Year. She was on her way to her employer’s house in Nongtha Tai village, Chanthabouly District, Vientiane Capital, where she works as a babysitter.
Connecting Care With Clicks Announces Partnership with Prince Court Medical Center and 8 CPD Points for HCPs
KUALA LUMPUR, Malaysia, April 21, 2025 /PRNewswire/ — Ahead of Connecting Care With Clicks 2025, Medical Channel Asia (MCA) has unveiled an expanded speaker lineup and announced Prince Court Medical Centre as the event’s official Healthcare Professional (HCP) Engagement Partner Hospital. Taking place on 21 June 2025 at InterContinental Kuala Lumpur, this one-day conference is shaping up to be the largest digital healthcare marketing event in Asia.
Expanded Speaker Lineup
Attendees can expect fresh perspectives from speakers like Dr. Colin Lee, Founder of Alpha IVF Group & KL Wellness City, and Datuk Dr. Kuljit Singh, President of Association Private Hospitals Malaysia (APHM). Overseas speakers such as Mr. Samuel Ho, Director of Market Development (APAC), Pulsenmore, from Australia, will also offer their insights.
Returning speakers like Dr. Mahesh Appannan, Head of Digital Health, Ministry of Health Malaysia, and Dr. Lim Ing Kien (Dr. Ingky), local skincare medi-influencer, will also join the stage.
Partnership with Prince Court Medical Centre
As the HCP Engagement Partner, Prince Court will spotlight their leadership in healthcare innovation and outreach throughout the event. As one of the most trusted and exclusive hospitals in Asia, they are dedicated to serving patients via modern facilities, technology, and devoted service.
New Opportunities for Professional Development
Attendees will be conferred 8 CPD points, in addition to exclusive networking opportunities, digital healthcare marketing insights, and interactive workshops.
Register now at https://medicalchannelasia.com/events/ccwc2025/. The limited-time Early Bird promotion of RM80 per ticket ends 31 May. This event is for healthcare professionals only.
Media passes and interview opportunities with key speakers available upon request.
About Connecting Care With Clicks:
Launched in 2024, Connecting Care With Clicks is Medical Channel Asia’s flagship conference bridging healthcare and digital marketing. Emphasising the importance of collaboration and knowledge-sharing, the event is dedicated to helping healthcare professionals stay on top of medical trends, and build a strong digital presence in the ever-evolving world of technology.
About Medical Channel Asia:
Founded in 2020, Medical Channel Asia was created to help consumers access medical information from trustworthy sources and healthcare professionals. Since then, Medical Channel Asia has reached more than 65 million users over social media and digital platforms, establishing itself as the largest healthcare media platform in the region.
Shanghai to launch visa-free business zone near Pudong airport
SHANGHAI, April 21, 2025 /PRNewswire/ –– A news report from english.shanghai.gov.cn
A designer’s sketch of Shanghai Eastern Hub International Business Cooperation Zone. [Photo/WeChat account: pdnews]
Shanghai will open a new international business zone near Pudong airport with visa-free access by the end of this year to boost global connectivity and economic openness.
The Shanghai Eastern Hub International Business Cooperation Zone, approved by China’s State Council, or the nation’s Cabinet, in February 2024, is set to streamline cross-border commerce through relaxed visa rules, integrated transit links, and pro-business policies.
The 880,000-square-meter zone, equivalent to about 120 standard soccer pitches, will connect Pudong airport and the under-construction Shanghai East Railway Station.
Foreign visitors arriving through Pudong airport will be able to enter the zone without a standard Chinese visa if invited by a registered business.
The visa-free stay lasts 30 days and can be extended. On-site port visa service is also available for visitors who wish to explore more of the country.
The zone will use a two-tier border system. The entry from abroad allows quicker clearance into the zone. The exit into the rest of the Chinese mainland requires full customs processing.
Facilities will include conference centers, exhibition venues, and offices for legal, financial, and consulting firms.
The zone will work in synergy with the China International Import Expo, allowing year-round business activities beyond the annual event.
Shops will support foreign bank cards, mobile payments, and tax refunds for international visitors. The zone will also offer international-standard medical services.
The Shanghai Pudong International Airport, the country’s top international air hub, handled 70 million passengers last year, with international travelers accounting for half. The airport’s T3 terminal, scheduled to open in 2028, will increase capacity to 130 million passengers annually.
The Shanghai East Railway Station is expected to manage 60 million passengers a year. A shuttle service will link the terminal to the business zone in 10 minutes.
Shanghai is currently home to 75,000 foreign-invested companies, 1,027 regional headquarters of multinational firms, and 597 foreign R&D centers. Its ports manage over 3 percent of global trade, and the city ranks first in China for international traveler volume.
The Yangtze River Delta, which produces about 24 percent of China’s GDP, adds further demand for cross-border services.
All buildings in the zone will meet ultra-low energy standards. A digital system will manage energy, traffic, and security. Most parts of the area will be covered by pedestrian paths and green spaces. Passenger and freight traffic will be separated to reduce congestion.
It will be the first of its kind in China to integrate free trade of goods and services, cross-border mobility of individuals, and professional business services under a unified system.
“This project continues Shanghai’s legacy as a reform pioneer,” an official from the zone’s administration said.
“It meets global business demand for efficient logistics, talent flow, and transparent rules.”
Construction of the zone’s first phase is set to finish by late 2025, aligning with the 35th anniversary of Pudong’s development, and it is expected to become fully operational by 2030.
For more information: https://english.shanghai.gov.cn/en-EasternHubIBCZ/
FinPrime Wins Dual Honors at Global Brand Awards 2025
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PORT LOUIS, Mauritius, April 21, 2025 /PRNewswire/ — FinPrime, a global prime brokerage, is proud to announce its double victory at the prestigious Global Brand Awards 2025. The firm has been recognized as the Best New Prime Broker for Institutional Clients, Asia 2025 and the Best New Liquidity Solutions Provider, Asia 2025. These accolades highlight FinPrime’s rapid rise as a trusted partner for institutional clients in the Asia-Pacific region and its innovative approach to delivering cutting-edge liquidity solutions.
Organised by Global Brand Magazine (GBM), a leading publication in the field of brand excellence, the Global Brand Awards celebrate companies that demonstrate exceptional service, innovation, and performance. Now in its 13th edition, the awards are a testament to FinPrime’s commitment to excellence and its ability to stand out in a highly competitive industry.
A Celebration of Innovation and Excellence
The Forex Awards, conducted by Global Brands Magazine, are designed to honour companies that excel in performance, branding, and customer experience. FinPrime’s dual wins reflect its remarkable achievements in innovation, quality, and client-centric solutions, particularly in the Asia-Pacific market.
Jay Reddy, CEO of Global Brands Magazine commented:
“At Global Brands Magazine, we recognise innovation that truly makes an impact. FinPrime’s achievement as Best New Prime Broker for Institutional Clients, Asia 2025 and Best New Liquidity Solutions Provider, Asia 2025 reflects its dedication to delivering seamless financial solutions. Their focus on efficient, innovative, and client-driven services is shaping the future of institutional finance. Congratulations to the FinPrime team on this well-deserved recognition.”
Best New Prime Broker for Institutional Clients, Asia 2025
This award recognises FinPrime’s success in establishing itself as a trusted prime brokerage for institutional clients across Asia. By offering a comprehensive suite of services, including deep liquidity access, advanced trading platforms, and sophisticated risk management tools, FinPrime has quickly become a go-to partner for banks, financial institutions, and traders in the region.
Best New Liquidity Solutions Provider, Asia 2025
FinPrime’s recognition as the Best New Liquidity Solutions Provider underscores its ability to deliver customised liquidity solutions that empower clients to optimise trade execution and navigate complex market conditions. By leveraging cutting-edge technology and deep market expertise, FinPrime has set itself apart as a leader in liquidity provision.
The CEO of FinPrime shared: “We are incredibly honored to be recognized as the Best New Prime Broker for Institutional Clients in Asia. This award is a testament to our team’s dedication to delivering exceptional service and innovative solutions that meet the unique needs of our clients. We are committed to building long-term partnerships and helping our clients achieve their strategic goals.”
Looking Ahead
FinPrime’s dual wins at the Global Brand Awards 2025 mark a significant milestone in the firm’s journey. As it continues to expand its presence in Asia and beyond, FinPrime remains committed to delivering exceptional value.
For more information about FinPrime’s award-winning services, visit finprimegroup.com.
About FinPrime
FinPrime is a global prime brokerage that empowers institutional clients with the tools, technology, and expertise needed to thrive in today’s dynamic financial markets. Regulated by the Mauritius Financial Services Commission (FSC), FinPrime offers a comprehensive suite of services, including deep liquidity access, advanced trading platforms, and sophisticated risk management solutions.
MEXC Announces the Listing of Balance (EPT) with 6,000,000 EPT and 50,000 USDT in Rewards
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VICTORIA, Seychelles, April 21, 2025 /PRNewswire/ — MEXC, a leading global cryptocurrency exchange, has announced that it will list Balance (EPT) on April 21, 2025 (UTC). To celebrate the listing, the platform has launched a series of events featuring a total reward of 6,000,000 EPT and 50,000 USDT for users.
Balance is an innovative Web3 platform that integrates AI and blockchain technologies to create immersive digital interaction experiences. Developed by the team behind E-PAL, the world’s largest game companion platform. Balance offers services such as Human Epal, AI Epal, AI-Driven Battle Report System, and more. These features effectively address key challenges in blockchain gaming, including security, scalability, and development efficiency.
$EPT is the native utility token of the Balance ecosystem, with a total supply of 10 billion tokens. It functions as the core medium powering payments, governance participation, and on-chain transactions across the platform, forming a highly synergistic and sustainable internal economy.
In celebration of the Balance (EPT) listing, MEXC is launching a series of events to offer users exclusive opportunities to earn generous rewards.
The key details are as follows:
- Event 1: EPT Launchpool – Stake USDT, MX and EPT to Share 4,800,000 EPT
Event Period: April 21, 2025, 12:00 – April 24, 2025, 10:00 (UTC)
Users can stake USDT, MX, or EPT to earn valuable rewards through MEXC’s EPT Launchpool. - Event 2: Join Airdrop+ to Share 1,200,000 EPT & 50,000 USDT Bonus
Event Period: April 21, 2025, 12:00 – May 1, 2025, 10:00 (UTC)
Benefit 1: Deposit and share 960,000 EPT (New user exclusive)
Benefit 2: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (For all users)
Benefit 3: Invite new users and share 240,000 EPT (For all users) - Event 3: Spread the Word & Win
Event Period: April 21, 2025, 10:00 – April 27, 2025, 23:59 (UTC)
Users who share the EPT events on social media during the event period can win extra rewards.
As a global exchange, MEXC drives innovation across emerging sectors such as Web3 gaming, AI, and DePIN by offering deep liquidity, streamlined market access, and performance-based incentive programs. The listing of EPT opens new investment avenues in the rapidly evolving AI-driven gaming space.
MEXC has established itself as a leading exchange by consistently offering users early access to high-potential crypto assets. In 2024 alone, the platform listed 2,376 new tokens, including 1,716 initial listings. According to the latest TokenInsight report, MEXC led the industry with 461 spot listings between November 1, 2024, and February 15, 2025. During this period, the exchange maintained a high listing frequency, consistently ranking among the top six platforms, demonstrating its agility in capturing emerging market trends. Looking ahead, MEXC remains committed to expanding its asset offerings and helping users seize timely opportunities in the fast-moving crypto market.
For full event details and participation rules, please visit here.
About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website| X | Telegram |How to Sign Up on MEXC
Risk Disclaimer:
The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.
CityGreen Sports Appoints Croatian Football Legend Davor Suker as Global Brand Ambassador
GUANGZHOU, China, April 21, 2025 /PRNewswire/ — CityGreen Sports Group Co., Ltd. (CityGreen), a leading Chinese manufacturer of artificial turf and sports facility solutions, has officially named international football icon Davor Suker as its Global Brand Ambassador. The partnership marks a major step in CityGreen’s international growth strategy and reflects the company’s ambition to advance high-quality development across the global sports industry.
Joining Forces for Global Growth
Recognized for his legendary career and winning the Golden Boot at the 1998 FIFA World Cup, Suker brings with him decades of experience in both elite football and sports administration, including his tenure on UEFA’s Executive Committee. His global perspective and influence will support CityGreen’s mission to expand brand recognition and strengthen its position in the international sports market.
“I’m honored to join CityGreen Sports as their Global Brand Ambassador,” said Suker. “Their innovation in artificial turf and commitment to sustainability are truly impressive. I look forward to working with CityGreen to enhance sports infrastructure worldwide and deliver premium playing experiences for athletes and fans alike.”
Championing Sustainability in Sports
Mr. Xu Liang, Vice President of CityGreen, added: “Davor Suker‘s legendary status and dedication to football development align perfectly with our brand values. This collaboration will accelerate our growth in Europe, the Americas, and emerging markets, while also promoting eco-friendly sports field solutions around the world.”
As Global Brand Ambassador, Suker will support a range of CityGreen’s initiatives, including:
- International sports partnerships and events
- Youth football development programs
- Promotion of sustainable sports technologies
About CityGreen Sports
CityGreen Sports Group Co., Ltd. is a top-tier Chinese provider of artificial turf systems, sports equipment, and smart sports solutions. Its products are used in professional leagues, schools, and community facilities in over 120 countries and regions.
Media Contact
CityGreen Sports – International Marketing Department
Contact: Rachel Chen
Email: sales@city-green.com
Website: www.citygreenturf.com
About Davor Suker
Davor Suker is widely regarded as one of Croatia’s greatest footballers, with an illustrious career at clubs such as Real Madrid and Arsenal. Post-retirement, he served as President of the Croatian Football Federation and a UEFA Executive Committee member, playing a key role in the global growth of the sport.
Yunji Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
HANGZHOU, China, April 21, 2025 /PRNewswire/ — Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024[1].
Fourth Quarter 2024 Highlights
- Total revenues in the fourth quarter of 2024 were RMB97.1 million (US$13.3 million), compared with RMB149.1 million in the same period of 2023. The change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales.
- Repeat purchase rate[2] in the twelve months ended December 31, 2024 was 71.9%.
Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, “As we navigate the current market landscape, we are making progress in repositioning Yunji as the leading platform for organic health products. We have focused our operations on high-margin, high-repeat purchase categories, particularly organic health foods and nutritional products. In 2025, we aim to transform Yunji into an experiential health and wellness destination through our expanding health-focused ecosystem.”
“In the fourth quarter, we optimized our cost structure by refining our staff structure and significantly reducing fulfillment and technology expenses year-over-year. As we enter 2025, we will maintain financial discipline while investing strategically to drive sustainable growth and improve profitability.” said Mr. Yeqing Cui, Senior Financial Director of Yunji.
Fourth Quarter 2024 Unaudited Financial Results
Total revenues were RMB97.1 million (US$13.3 million), compared with RMB149.1 million in the same period of 2023. This change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales.
- Revenues from sales of merchandise were RMB75.5 million (US$10.3 million), compared with RMB112.3 million in the same period of 2023.
- Revenues from the marketplace business were RMB19.4 million (US$2.7 million), compared with RMB34.3 million in the same period of 2023.
- Other revenues were RMB2.2 million (US$0.3 million), compared with RMB2.5 million in the same period of 2023.
Total cost of revenues decreased by 36.9% to RMB50.2 million (US$6.9 million), or 51.7% of total revenues, from RMB79.6 million, or 53.4% of total revenues, in the same period of 2023. The decrease was primarily attributable to the change in merchandise sales, for which revenues and cost of revenues are recognized on a gross basis. Total cost of revenues, which primarily comprises the costs related to the sales of merchandise, decreased accordingly in the fourth quarter of 2024.
Total operating expenses increased by 14.9% to RMB126.2 million (US$17.3 million) from RMB109.8 million in the same period of 2023.
- Fulfillment expenses decreased by 33.9% to RMB16.4 million (US$2.3 million), or 16.9% of total revenues, from RMB24.8 million, or 16.6% of total revenues, in the same period of 2023. The decrease was primarily due to (i) reduced personnel costs as a result of staffing structure refinements, (ii) reduced warehousing and logistics expenses due to lower merchandise sales, and (iii) decreased service fees charged by third-party payment settlement platforms.
- Sales and marketing expenses increased by 6.0% to RMB30.2 million (US$4.1 million), or 31.1% of total revenues, from RMB28.5 million, or 19.1% of total revenues, in the same period of 2023. The increase was primarily due to an increase in business promotion expenses.
- Technology and content expenses decreased by 29.2% to RMB8.5 million (US$1.2 million), or 8.8% of total revenues, from RMB12.0 million, or 8.1% of total revenues, in the same period of 2023. The decrease was primarily due to (i) the reduction in personnel costs as a result of staffing structure refinements, and (ii) reduced server costs.
- General and administrative expenses increased by 59.8% to RMB71.1 million (US$9.7 million), or 73.2% of total revenues, from RMB44.5 million, or 29.8% of total revenues, in the same period of 2023. The increase was primarily due to (i) an increase in severance pay as a result of staffing structure refinements, and (ii) an impairment of long-lived assets other than goodwill, partially offset by a decrease in an allowance for credit losses.
Loss from operations was RMB77.7 million (US$10.6 million), compared with RMB39.5 million in the same period of 2023.
Financial loss, net was RMB2.6 million (US$0.4 million), compared with financial loss, net of RMB23.4 million in the same period of 2023, primarily due to a decrease in the fair value changes of equity securities investments.
Net loss was RMB85.0 million (US$11.7 million), compared with RMB65.9 million in the same period of 2023.
Adjusted net loss (non-GAAP)[3] was RMB84.5 million (US$11.6 million), compared with RMB65.0 million in the same period of 2023.
Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.04 (US$0.01), compared with RMB0.03 in the same period of 2023.
Fiscal Year 2024 Unaudited Financial Results
Total revenues were RMB417.7 million (US$57.2 million), compared with RMB640.2 million in the full year of 2023. The decrease was primarily due to the same factors that led to the quarterly decrease.
- Revenues from sales of merchandise were RMB330.5 million (US$45.3 million), compared with RMB500.7 million in the full year of 2023.
- Revenues from the marketplace business were RMB79.5 million (US$10.9 million), compared with RMB130.2 million in the full year of 2023.
- Other revenues were RMB7.7 million (US$1.0 million), compared with RMB9.3 million in the full year of 2023.
Total cost of revenues decreased by 36.5% to RMB211.3 million (US$28.9 million) from RMB332.8 million in the full year of 2023. This decrease was primarily attributable to the same factors that led to the quarterly decrease.
Total operating expenses were RMB349.2 million (US$47.8 million), compared with RMB403.0 million in the full year of 2023.
- Fulfillment expenses decreased by 29.2% to RMB76.1 million (US$10.4 million), or 18.2% of total revenues, from RMB107.5 million, or 16.8% of total revenues, in the full year of 2023. The decrease was primarily due to the same factors that led to the quarterly decrease.
- Sales and marketing expenses decreased by 19.8% to RMB97.0 million (US$13.3 million), or 23.2% of total revenues, from RMB121.0 million, or 18.9% of total revenues, in the full year of 2023. The decrease was mainly due to the reduction in member management fees.
- Technology and content expenses decreased by 14.8% to RMB45.6 million (US$6.3 million), or 10.9% of total revenues, from RMB53.5 million, or 8.4% of total revenues, in the full year of 2023. The decrease was primarily due to the same factors that led to the quarterly decrease.
- General and administrative expenses increased by 7.9% to RMB130.5 million (US$17.9 million), or 31.2% of total revenues, from RMB121.0 million, or 18.9% of total revenues, in the full year of 2023. The increase was primarily due to the same factors that led to the quarterly decrease.
Loss from operations was RMB136.3 million (US$18.7 million), compared with RMB80.6 million in the full year of 2023.
Financial income, net was RMB17.3 million (US$2.4 million), compared with financial loss, net of RMB60.2 million in the full year of 2023, primarily due to an increase in the fair value changes of equity securities investments.
Net loss was RMB123.1 million (US$16.9 million), compared with RMB165.1 million in the full year of 2023.
Adjusted net loss[3] was RMB120.7 million (US$16.5 million), compared with RMB166.0 million in the full year of 2023.
Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.06 (US$0.01), compared with RMB0.08 in the full year of 2023.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses adjusted net loss as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding share-based compensation.
The Company presents adjusted net loss because it is used by management to evaluate operating performance and formulate business plans. Adjusted net loss enables management to assess operating performance without considering the impact of share-based compensation recorded under ASC 718, “Compensation-Stock Compensation.” The Company also believes that the use of this non-GAAP measure facilitates investors’ assessment of operating performance.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net loss is that it does not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in Yunji’s business and is not reflected in the presentation of adjusted net loss. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Yunji encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures” set forth at the end of this press release.
Conference Call
The Company will host a conference call on Monday, April 21, 2025 at 7:30 A.M. Eastern Time or 7:30 P.M. Beijing/Hong Kong Time to discuss its earnings. Listeners may access the call by dialing the following numbers:
International: |
1-412-902-4272 |
United States Toll Free: |
1-888-346-8982 |
Mainland China Toll Free: |
4001-201203 |
Hong Kong Toll Free: |
800-905945 |
Conference ID: |
Yunji Inc. |
A telephone replay of the call will be available after the conclusion of the conference call for one week.
Dial-in numbers for the replay are as follows:
United States Toll Free |
1-877-344-7529 |
|
International |
1-412-317-0088 |
|
Replay Access Code |
1068073 |
Safe Harbor Statements
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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as Yunji’s strategic and operational plans, contain forward-looking statements. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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. Statements that are not historical facts, including but not limited to statements about Yunji’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Yunji’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Yunji’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About Yunji Inc.
Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company’s e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices.
For more information, please visit https://investor.yunjiglobal.com/
Investor Relations Contact
Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
ICR, LLC
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
YUNJI INC. |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||
As of |
||||||
December 31, 2023 |
December 31, 2024 |
|||||
RMB |
RMB |
US$ |
||||
ASSETS |
||||||
Current Assets |
||||||
Cash and cash equivalents |
517,542 |
219,365 |
30,053 |
|||
Restricted cash |
27,169 |
23,467 |
3,215 |
|||
Short-term investments |
7,195 |
– |
– |
|||
Accounts receivable, net |
64,312 |
56,233 |
7,704 |
|||
Advance to suppliers |
14,058 |
9,810 |
1,344 |
|||
Inventories, net |
42,716 |
29,448 |
4,034 |
|||
Amounts due from related parties |
1,361 |
662 |
91 |
|||
Prepaid expenses and other current assets[4] |
134,247 |
177,187 |
24,275 |
|||
Total current assets |
808,600 |
516,172 |
70,716 |
|||
Non-current assets |
||||||
Property and equipment, net |
175,451 |
205,450 |
28,147 |
|||
Land use rights, net[5] |
– |
174,437 |
23,898 |
|||
Long-term investments |
364,159 |
364,534 |
49,941 |
|||
Operating lease right-of-use assets, net |
16,507 |
13,809 |
1,892 |
|||
Other non-current assets[6] |
189,067 |
78,050 |
10,692 |
|||
Total non-current assets |
745,184 |
836,280 |
114,570 |
|||
Total assets |
1,553,784 |
1,352,452 |
185,286 |
|||
YUNJI INC. |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||
As of |
||||||
December 31, 2023 |
December 31, 2024 |
|||||
RMB |
RMB |
US$ |
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||
Current Liabilities |
||||||
Accounts payable |
96,782 |
54,678 |
7,491 |
|||
Deferred revenue |
9,412 |
8,596 |
1,178 |
|||
Incentive payables to members[7] |
124,889 |
66,039 |
9,047 |
|||
Member management fees payable |
4,373 |
1,263 |
173 |
|||
Other payable and accrued liabilities |
109,200 |
126,177 |
17,286 |
|||
Amounts due to related parties |
3,535 |
1,645 |
225 |
|||
Operating lease liabilities – current |
3,376 |
3,845 |
527 |
|||
Total current liabilities |
351,567 |
262,243 |
35,927 |
|||
Non-current liabilities |
||||||
Operating lease liabilities |
11,122 |
7,808 |
1,070 |
|||
Other non-current liabilities |
– |
4,355 |
597 |
|||
Total non-current liabilities |
11,122 |
12,163 |
1,667 |
|||
Total Liabilities |
362,689 |
274,406 |
37,594 |
YUNJI INC. |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||
As of |
||||||
December 31, 2023 |
December 31, 2024 |
|||||
RMB |
RMB |
US$ |
||||
Shareholders’ equity |
||||||
Ordinary shares |
70 |
70 |
10 |
|||
Less: Treasury stock |
(116,108) |
(113,334) |
(15,527) |
|||
Additional paid-in capital |
7,328,680 |
7,328,336 |
1,003,978 |
|||
Statutory reserve |
16,254 |
16,726 |
2,291 |
|||
Accumulated other comprehensive income |
85,291 |
93,145 |
12,761 |
|||
Accumulated deficit |
(6,123,971) |
(6,247,557) |
(855,911) |
|||
Total Yunji Inc. shareholders’ equity |
1,190,216 |
1,077,386 |
147,602 |
|||
Non-controlling interests |
879 |
660 |
90 |
|||
Total shareholders’ equity |
1,191,095 |
1,078,046 |
147,692 |
|||
Total liabilities and shareholders’ equity |
1,553,784 |
1,352,452 |
185,286 |
YUNJI INC. |
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
||||||||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||||||||
For the Three Months Ended |
For the Year Ended |
|||||||||||
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
|||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Revenues: |
||||||||||||
Sales of merchandise, net |
112,330 |
75,499 |
10,343 |
500,651 |
330,535 |
45,283 |
||||||
Marketplace revenue |
34,259 |
19,451 |
2,665 |
130,188 |
79,466 |
10,887 |
||||||
Other revenues |
2,558 |
2,173 |
298 |
9,370 |
7,650 |
1,048 |
||||||
Total revenues |
149,147 |
97,123 |
13,306 |
640,209 |
417,651 |
57,218 |
||||||
Operating cost and expenses: |
||||||||||||
Cost of revenues |
(79,613) |
(50,240) |
(6,883) |
(332,774) |
(211,311) |
(28,949) |
||||||
Fulfilment |
(24,845) |
(16,372) |
(2,243) |
(107,472) |
(76,126) |
(10,429) |
||||||
Sales and marketing |
(28,478) |
(30,173) |
(4,134) |
(121,039) |
(96,965) |
(13,284) |
||||||
Technology and content |
(12,033) |
(8,492) |
(1,163) |
(53,490) |
(45,627) |
(6,251) |
||||||
General and administrative |
(44,477) |
(71,146) |
(9,747) |
(120,951) |
(130,462) |
(17,873) |
||||||
Total operating cost and expenses |
(189,446) |
(176,423) |
(24,170) |
(735,726) |
(560,491) |
(76,786) |
||||||
Other operating income |
780 |
1,650 |
226 |
14,898 |
6,544 |
896 |
||||||
Loss from operations |
(39,519) |
(77,650) |
(10,638) |
(80,619) |
(136,296) |
(18,672) |
||||||
Financial (loss)/ income, net |
(23,427) |
(2,578) |
(353) |
(60,226) |
17,333 |
2,375 |
||||||
Foreign exchange income/(loss), net |
723 |
(2,608) |
(357) |
(6,743) |
2,127 |
291 |
||||||
Other non-operating income/(loss), net |
31 |
158 |
22 |
(2,405) |
785 |
108 |
||||||
Loss before income tax expense, and |
(62,192) |
(82,678) |
(11,326) |
(149,993) |
(116,051) |
(15,898) |
||||||
Income tax expense |
(1,328) |
(368) |
(50) |
(7,851) |
(2,009) |
(275) |
||||||
Equity in loss of affiliates, net of tax |
(2,331) |
(1,998) |
(274) |
(7,276) |
(5,061) |
(693) |
||||||
Net loss |
(65,851) |
(85,044) |
(11,650) |
(165,120) |
(123,121) |
(16,866) |
||||||
Less: net income/(loss) attributable to |
11 |
9 |
1 |
9 |
(11) |
(2) |
||||||
Net loss attributable to YUNJI INC. |
(65,862) |
(85,053) |
(11,651) |
(165,129) |
(123,110) |
(16,864) |
YUNJI INC. |
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) |
||||||||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||||||||
For the Three Months Ended |
For the Year Ended |
|||||||||||
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
|||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Net loss attributable to ordinary shareholders |
(65,862) |
(85,053) |
(11,651) |
(165,120) |
(123,110) |
(16,864) |
||||||
Net loss |
(65,851) |
(85,044) |
(11,650) |
(165,120) |
(123,121) |
(16,866) |
||||||
Other comprehensive income |
||||||||||||
Foreign currency translation adjustment |
(10,302) |
12,023 |
1,647 |
22,178 |
7,854 |
1,076 |
||||||
Total comprehensive loss |
(76,153) |
(73,021) |
(10,003) |
(142,942) |
(115,267) |
(15,790) |
||||||
Less: total comprehensive income/(loss) attributable to non- |
11 |
9 |
1 |
9 |
(11) |
(2) |
||||||
Total comprehensive loss attributable to YUNJI INC. |
(76,164) |
(73,030) |
(10,004) |
(142,951) |
(115,256) |
(15,788) |
||||||
Net loss attributable to ordinary shareholders |
(65,862) |
(85,053) |
(11,651) |
(165,129) |
(123,110) |
(16,864) |
||||||
Weighted average number of ordinary shares used in computing |
1,966,998,532 |
1,968,797,989 |
1,968,797,989 |
1,971,108,505 |
1,967,498,669 |
1,967,498,669 |
||||||
Net loss per share attributable to ordinary shareholders |
||||||||||||
Basic |
(0.03) |
(0.04) |
(0.01) |
(0.08) |
(0.06) |
(0.01) |
||||||
Diluted |
(0.03) |
(0.04) |
(0.01) |
(0.08) |
(0.06) |
(0.01) |
YUNJI INC. |
||||||||||||
NOTES TO UNAUDITED FINANCIAL INFORMATION |
||||||||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||||||||
For the Three Months Ended |
For the Year Ended |
|||||||||||
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
|||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Share-based compensation expenses included in: |
||||||||||||
Technology and content |
401 |
349 |
48 |
1,554 |
1,450 |
198 |
||||||
General and administrative |
377 |
164 |
22 |
503 |
774 |
106 |
||||||
Fulfillment |
46 |
35 |
5 |
(2,525) |
92 |
13 |
||||||
Sales and marketing |
57 |
35 |
5 |
(417) |
114 |
16 |
||||||
Total |
881 |
583 |
80 |
(885) |
2,430 |
333 |
YUNJI INC. |
||||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES |
||||||||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) |
||||||||||||
For the Three Months Ended |
For the Year Ended |
|||||||||||
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
|||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Reconciliation of Net Loss to Adjusted Net Loss: |
||||||||||||
Net loss |
(65,851) |
(85,044) |
(11,650) |
(165,120) |
(123,121) |
(16,866) |
||||||
Add: Share-based compensation |
881 |
583 |
80 |
(885) |
2,430 |
333 |
||||||
Adjusted net loss |
(64,970) |
(84,461) |
(11,570) |
(166,005) |
(120,691) |
(16,533) |
[1]. This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.
[2]. “Repeat purchase rate” in a given period is calculated as the number of transacting members who purchased not less than twice divided by the total number of transacting members during such period. “Transacting member” in a given period refers to a member who successfully promotes Yunji’s products to generate at least one order or places at least one order on Yunji’s platform, regardless of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. “Repeat purchase rate” only considers orders placed through the Company’s app. Repeat purchases made through the Company’s mini-programs are excluded from the calculation.
[3]. Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expense. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures” set forth at the end of this press release.
[4]. As of December 31, 2024, Short-term loan receivables of amount RMB149,570 were included in the prepaid expenses and other current assets balance, which represent the principal and interest to be collected on loans provided by the Group to third-party companies.
[5]. In June 2024, the Company won the bid for a parcel of land located in Xiaoshan District, Hangzhou, China, covering approximately 10 thousand square meters (the “Hangzhou Land Parcel”) and entered into an agreement with the local government to acquire the land use right of the Hangzhou Land Parcel for an aggregate consideration of approximately RMB171.5 million. In July 2024, the Company obtained the certificate of the land use right and carried the land use right at cost less accumulated amortization and impairment losses, if any. The Company intends to construct a new office building on the Hangzhou Land Parcel to use it as its new headquarters and also lease offices to external parties. The total amount for the land acquisition and office building construction is expected to be approximately RMB600.0 million. The Company intends to fund the land acquisition and building construction through cash on hand and bank financing.
[6]. Impairment of long-lived assets other than goodwill recognized for the years ended December 31, 2023 and 2024 was nil and RMB26.1 million, respectively, which was recorded in general and administrative expenses.
[7]. As of December 31, 2024, the decrease in incentive payables was primarily due to derecognition of long-aged payables to inactive members.
Boeing Jet Bound for China Sent Back to United States Amid Tariff Tensions
A Boeing jet originally built for China’s Xiamen Airlines flew back to the United States (US) on 20 April, caught in the crossfire of rising trade tensions between Washington and Beijing.
The aircraft, still painted in Xiamen’s colors, landed in Seattle on Sunday evening after an 8,000-km journey from Boeing’s Zhoushan facility in China, making fuel stops in Guam and Hawaii.
The Civil Aviation Administration of China announced on 15 April that Chinese airlines must stop placing new orders for Boeing jets from the US.
Industry sources confirmed to Reuters that this directive is direct retaliation for the Trump administration’s recent imposition of tariffs reaching up to 145 percent on Chinese products.
The aviation industry now finds itself at the center of the ongoing trade conflict that has seen both nations implementing retaliatory measures against each other’s exports.
Instead of moving forward with deliveries, China asked its airlines to pause purchases of American-made aviation parts and equipment. Since China represents roughly 20 percent of projected global aircraft demand over the next two decades, this decision puts significant pressure on Boeing’s international business.
Boeing, as one of America’s largest exporters, stands to face substantial financial implications from China’s decision.
The American company had over 130 planes lined up for delivery to Chinese airlines and leasing companies as of March.
Now, those deals face delays or cancellations. Neither Boeing nor Xiamen Airlines has confirmed who initiated the jet’s return.