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Children’s Development Expert Wang Hongzhe Appointed as Brand Consultant for TutorABC Junior to Ignite Children’s “English Brain”

TAIPEI, Feb. 18, 2025 /PRNewswire/ — TutorABC, a global leader in online language education, proudly announces the appointment of renowned children’s development expert Wang Hongzhe as Brand Consultant and Ambassador for TutorABC Junior. Drawing on decades of trusted expertise, Wang will help refine TutorABC Junior’s scientifically driven, highly effective approach to English instruction—enhancing a platform already endorsed by Oxford and Cambridge Universities and trusted by over 100 million learners across 100 countries. This strategic partnership sets a new industry benchmark and offers parents a reliable seal of quality.

Esteemed children’s development expert Wang Hongzhe becomes Brand Consultant and Ambassador for TutorABC Junior, championing a more scientific and effective way for kids to learn English.
Esteemed children’s development expert Wang Hongzhe becomes Brand Consultant and Ambassador for TutorABC Junior, championing a more scientific and effective way for kids to learn English.

【Activate the “English Brain” for More Effective Learning】

“In my 20 years in education, I’ve repeatedly seen children lose motivation, struggle to find sound study methods, and score well on tests yet fail to communicate in real-world scenarios,” Wang explains. “I encountered these same obstacles as a parent—until I discovered TutorABC Junior, which tackles all these issues through a remarkably holistic approach.”

Wang credits the platform’s AI-powered matching system, which adapts lessons to each child’s interests and current proficiency, igniting genuine engagement. His own son, a basketball fan, was paired with a native-speaking teacher who shares his passion for sports. “That personal connection keeps my son excited and immersed in English,” Wang says.

“Every lesson is guided by inquiry-based learning (Big Question) that aligns with a child’s cognitive development, prompting active thinking and expression. The spiral teaching method provides continuous review to reinforce what’s been learned, and CLIL (Content and Language Integrated Learning) introduces science, culture, and other diverse topics. This blend not only refines language skills but also broadens a child’s overall learning horizon.”

【Premium Quality Teaching and Robust Curriculum as the Foundation】

“As a children’s development expert, I believe high-quality instruction is the foundation of effective learning,” Wang emphasizes. “TutorABC Junior’s teacher training is the most rigorous I’ve encountered: each of its 35,000 global native-speaking educators is fully trained under the Cambridge English Teaching Framework, holds TESOL/TEFL certification, and has more than five years of experience teaching children.”

Beyond that, the platform’s AI-personalized courses, Oxford-based curriculum, alignment with Taiwan’s 108 Curriculum Guidelines, and GEPT exam prep ensure that students not only excel on tests but also gain the confidence to use English in real-life settings.”

【Why TutorABC Junior?】

  • Four-Teacher Premium Support
    An industry-first model featuring a native-speaking teacher, a bilingual teacher, a tutor for post-class reinforcement, and a learning advisor—ensuring comprehensive, personalized guidance.
  • Internationally Accredited Instructors
    All teachers are fully trained under the Cambridge English Teaching Framework, TESOL/TEFL-certified, and have at least five years of experience using TPR (Total Physical Response) methods.
  • kidSAFE & COPPA Certified
    The only platform in the industry with both kidSAFE and COPPA approvals, guaranteeing online safety, privacy protection, 24/7 flexible scheduling, and a dedicated parent monitoring app.
  • Synchronized British and American Curricula
    High-quality UK and US materials help children seamlessly integrate into global education systems, focusing on practical language skills and international perspectives.
  • Aligned with the 108 Curriculum Guidelines
    Covers all key competencies with structured preview and review sessions, boosting classroom confidence and engagement through regularly updated content.
  • Noticeable Progress in Just Seven Weeks
    Inquiry-based, spiral, and CLIL methodologies drive a 21% average proficiency boost—often propelling students to high school–level English before they finish elementary school.

【Limited-Time Offer: Personalized Consultation with Wang Hongzhe】

Widely celebrated for his pioneering educational philosophy and proven parenting strategies, Wang’s appointment as TutorABC Junior’s Brand Consultant underscores the platform’s capacity to truly “activate the English brain.”

To commemorate this partnership, TutorABC Junior is offering a limited-time promotion: parents who register for a trial lesson before the end of this month will receive a one-on-one evaluation from Wang Hongzhe himself, along with complimentary online English lessons.

This exclusive opportunity provides parents with a clear understanding of their child’s learning needs and the most effective roadmap to English mastery.

>Register Now for a Free One-on-One Trial Lesson and English Proficiency Analysis!

https://www.tutorjr.com/count.asp?code=pCoGE6fB8r

About TutorABC
TutorABC (www.tutorabc.com.), a global leader in online education, is authorized by Oxford and Cambridge and recognized as “The Only Premium and Professional Online Education, Powered by Oxford and Cambridge.” Since 2004, it has also partnered with world-class institutions like Barron’s, Kaplan, and over 400 leading international universities to offer English, Chinese, exam prep, and study abroad services. With AI-powered matching technology, certified teachers, and professional materials, TutorABC delivers personalized, high-quality learning. Over 100 million students, 3,000 corporations and 35,000 teachers worldwide trust TutorABC for language education.

Tencent Cloud Brings Flagship Cloud Day to Indonesia to Showcase Local Enterprises’ Transformation with Cloud, AI and Media Technologies

JAKARTA, Indonesia, Feb. 18, 2025 /PRNewswire/ — Tencent Cloud, the cloud arm of the global tech company Tencent, hosted its first-ever Tencent Cloud Day in Indonesia, highlighting the transformative impact of its cloud, AI, media, and fintech solutions through success stories with local enterprises and partners.

The inaugural flagship event welcomed close to 500 guests. Joined by subject matter experts from senior leadership across Tencent Cloud’s key industry partners such as GoTo, Telkomsel, Allo Bank, Bank DKI, DANA, Ruangguru, Everywhere.id, and more; the event spotlighted insightful discussions on the impact of AI, fintech, media services, and gaming solutions in Indonesia.

Tencent Cloud reinforced its commitment to supporting local enterprises and expanding cloud capacity by announcing the development plan of its third data center in the country. The new infrastructure service will complement its existing data centers, joining Tencent Cloud’s global network of over 50 availability zones spanning 21 regions, including Indonesia.

Dowson Tong, Senior Executive Vice President of Tencent and CEO of Cloud and Smart Industries Group (CSIG) highlighted, “Tencent Cloud remains dedicated to empowering local enterprises to drive innovation, enhance competitiveness, and achieve business goals with cutting-edge cloud, AI and media solutions. Our decision to develop a third data center in Indonesia is driven by its dynamic economy and digitally savvy population, positioning the country as a future-ready hub for business and innovation.”

Strengthening Indonesia’s Digital Economy across Key Sectors

Today, Indonesia’s financial services sector is at the forefront of digital transformation, leveraging technology to enhance financial inclusion and cross-border interoperability, while addressing challenges with legacy systems and transaction security.

The growth of Indonesia’s digital ecosystem is reflective of Tencent Cloud’s continued development in the market, underscoring its expertise in supporting enterprise digital transformation for its partner network across financial services, digital media and entertainment, as well as telecommunications and service sectors.

As a pioneer in the superapp space, GoTo has set an industry benchmark for digital ecosystems in Indonesia. Speaking at the event’s fireside chat on empowering Indonesia’s digital economy, GoTo CEO Patrick Walujo emphasized the company’s vision for a collaborative digital landscape, and mentioned that, “Building a synergetic digital ecosystem requires strong partnerships and innovation. Our collaboration with Tencent Cloud enables us to harness cutting-edge cloud technologies to drive operation efficiency, enhance user experience, and create new opportunities for businesses across Indonesia.”

Beyond superapps, Tencent Cloud Day Indonesia also marked new collaborations with Mega Buana Teknologi and Noctua, while reestablishing its legacy partnerships with local partner networks.

For instance, Bank Neo Commerce leverages Tencent Cloud’s distributed SQL database to securely manage customer data and scale operations, handling over 5 million transactions daily. Telkomsel also utilizes Tencent Cloud’s SuperApp-as-a-Service and AI-powered palm verification for seamless e-commerce and secure transactions. In entertainment, Everywhere.ID integrates Tencent’s Real-Time Communication and AI tools for an enhanced live streaming experience.

Supporting the International Growth Aspirations of Indonesian Enterprises 

Indonesian businesses have grown to become active contributors to Tencent Cloud’s global partner ecosystem, which now has over 11,000 partners offering more than 400 solutions across 30 industries globally. Tencent Cloud continues to recruit local and regional partners to support our growing international business, particularly across the media, entertainment, and live-streaming sectors.

Tencent Cloud is also well-positioned to facilitate the expansion of Indonesian companies and capture cross-border business opportunities in China. Having supported similar expansions for Fortune 500 companies like Mercedes-Benz and Sanofi, the Chinese consumer market is a diverse and compelling proposition for Indonesian businesses with international aspirations.

About Tencent Cloud

Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.

Champasack Plans to Upgrade the Million-Year-Old Volcano Tourist Attraction from District to Provincial Level

Phu Katae, located in Nongyathueng village the Million-Year-Old Volcano in Paksong District. (Photo: tomotom)

Champasack Province is planning an upgrade for one of its most unique tourist destinations: the Million-Year-Old Volcano in Paksong District. 

IGA Morphett Vale Embraces Energy Independence with GoodWe and Solaring

ADELAIDE, Australia, Feb. 18, 2025 /PRNewswire/ — A local IGA supermarket in Morphett Vale has taken a major step towards energy independence with the installation of a GoodWe energy storage system, installed by South Australian retailer, Solaring. This milestone project not only reduces the store’s reliance on the grid but also ensures uninterrupted operations, safeguarding perishable goods even during power outages.

GoodWe ET29.9kW Hybrid Inverter paired with 102.4kWh Lynx F G2 batteries
GoodWe ET29.9kW Hybrid Inverter paired with 102.4kWh Lynx F G2 batteries

At the core of this installation is the GoodWe GW29.9k-ET Hybrid Inverter, paired with 102.4kWh of GoodWe’s Lynx F G2 batteries, comprising of four 25.6kWH stacks in parallel. ET Series Hybrid Inverter allows for up to 200% oversizing, enabling the store to maximise energy production and optimise solar power consumption. With 60kW of solar panels paired with the 30kW inverter, IGA Morphett Vale can generate significantly more power than the inverter’s nominal rating, resulting in substantial cost savings and greater energy autonomy.

One of the standout benefits of this system is its ability to provide seamless backup power in the event of a grid outage. The Lynx F G2 batteries ensure that critical operations including security systems, payment tills, food storage, lighting, and refrigeration continue running, allowing the store to operate without disruption and maintain essential services for the community.

The installation was completed by Solaring, a South Australia-based commercial solar specialist, ensuring minimal disruption to IGA’s operations. Rajan Kumar Katkam from Solaring highlighted the project’s impact:

The system is saving approximately 68 megawatt-hours of power annually—equivalent to preventing 20,000 kilograms of coal from being burned. We are proud to help businesses become more sustainable and contribute to Australia’s net-zero mission. This installation not only reduces energy costs but also makes a real difference to the environment and the local community.”

Dean Williamson, Country Manager at GoodWe Australia, emphasised the value of this innovative solution:

“This project showcases how businesses can harness the power of solar and storage to drive long-term sustainability and financial benefits. The ET Series Hybrid Inverter’s oversizing capability, combined with the Lynx F G2 battery, ensures businesses can maximise self-consumption and reduce their reliance on the grid. By integrating high-performance solar and storage, IGA Morphett Vale is future-proofing its operations and reinforcing its commitment to sustainability.”

Since the installation, IGA Morphett Vale has already seen a 50% reduction in monthly power costs. The success of the initial system has prompted plans for an expansion, with the store set to add more battery storage and a second ET30 Hybrid Inverter. By storing excess solar energy in the Lynx F G2 battery system instead of exporting it to the grid for minimal compensation, the store is saving 45 cents per kilowatt-hour, a significant increase compared to the 5 cents per kWh they would otherwise receive.

About GoodWe:
GoodWe is a world-leading PV inverter and energy storage systems manufacturer listed on the Shanghai Stock Exchange (Stock Code: 688390). The company has more than 5000 employees located in 15 different countries and a team of over 1000 engineers working at its R&D centres to continuously optimise and advance energy storage technology. GoodWe storage inverters were ranked in the top 3 globally by Wood Mackenzie in 2022, the company was ranked 2nd in the top Australian inverter suppliers by Sunwiz and the most financially stable inverter company by BloombergNEF. Having achieved over seven consecutive TÜV Rheinland “All Quality Matters” awards and consistently being ranked at the top in terms of overall product quality, GoodWe’s comprehensive portfolio of products and solutions for residential, commercial, and utility-scale PV systems is guaranteed to deliver high performance and reliable quality across the board. For more information, please visit www.goodwe.com.au

 

Coway Unveils Corporate Value-Up Plan with Revenue Target of KRW 5 Trillion in 2027

  • In its Corporate Value-Up Plan, Coway has identified four key indicators to enhance sustainable shareholder value: continuous growth, shareholder returns improvement, strengthened financial stability and governance sophistication.
  • The company aims to generate revenue of over KRW 5 trillion in 2027 through core business expansion, new brand development and new business initiatives.
  • A total shareholder return rate of 40% will be maintained for three years by means of cash dividends, and acquisition and retirement of treasury stocks.
  • Coway will also manage its net debt-to-EBIT ratio up to 2.5 and will reinforce sophistication of governance.

SEOUL, South Korea, Feb. 18, 2025 /PRNewswire/ — Coway Co., Ltd., the “Best Life Solution Company,” has officially launched its Corporate Value-Up Plan, reaffirming its commitment to the sustainable enhancement of shareholder value. Following the announcement last month of increasing its total shareholder return rate from 20% to 40%, Coway is now introducing additional strategic initiatives aimed at bolstering corporate value.

In a board meeting held on February 13th, Coway identified four key indicators for enhancing sustainable shareholder value: continuous growth, shareholder returns improvement, appropriate capital structure, and governance sophistication. Based on these indicators, the company has formalized its corporate value enhancement strategy, namely its Corporate Value-Up Plan.

Driving Continuous Growth: Setting Revenue Goals Exceeding KRW 5 Trillion in 2027

Coway is aiming for a compound annual growth rate (CAGR) of 6.5% from 2025 to 2027, with the goal of exceeding KRW 5 trillion in revenue in 2027.

To achieve this target, the company will focus on core business advancements, global business expansion, new brand growth and new business initiatives.

Coway plans to enter new markets and establish local subsidiaries, implementing tailored marketing strategies in order to enhance global brand recognition. The company will also develop localized products and services to strengthen its competitiveness within the global market.

Coway will also expand its product lineups and enhance its customer experience marketing through its sleep and wellness brand, BEREX. The company aims to increase its offline channel offering in order to strengthen customer experience in South Korea, as well as to enhance overall BEREX brand awareness through targeted marketing campaigns.

Furthermore, Coway is set to enter the silver care (elderly care) sector in South Korea in order to explore various new business opportunities for sustainable growth. Through its new subsidiary Coway Life Solutions, established in October of 2024, the company will introduce next-generation elder care services within the first half of 2025. Coway will also be actively pursuing strategic partnerships and technological collaborations to further expand new business opportunities.

Coway will continue to enhance its core offerings by developing innovative products and expanding its investments in R&D, IT, marketing, and consumer services. The company will also drive advancements in the digital space in order to strengthen its channel competitiveness and operational efficiency. 

Improving Shareholder Returns: Increasing the Total Shareholder Return Rate to 40%

Coway is committed to balancing sustainable shareholder returns, corporate growth, and financial stability by maintaining a well-balanced allocation between shareholder returns and reinvestments in future growth.

The company will significantly increase its total shareholder return rate from the previous 20% of consolidated net income to 40%. This includes cash dividends and treasury stock purchase/retirement. Specifically, in FY2024, Coway will allocate 33% to cash dividends and 7% to treasury stock purchase/retirement, based on the 40% total shareholder return ratio. From FY2025 to FY2027, the company will maintain the 40% shareholder return rate while adjusting the proportion of cash dividends and treasury stock purchase/retirement in consideration of total shareholder return.

A Coway official stated, “The 40% shareholder return rate was derived by forecasting actual expected cash inflows and outflows from this year through 2027. Based on these projections, we identified an optimal balance between operating cash flow and financial leverage while also considering various factors, such as the balance between shareholder returns and investments for future growth.”

Optimized Capital Structure: Maintaining an Appropriate Net Debt-to-EBIT Ratio

Coway has also established new financial guidelines designed to ensure the company’s financial stability. 

Coway plans to utilize an appropriate level of financial leverage, taking into account its repayment capabilities based on operating performance and accelerating the timing of shareholder returns on investment outcomes. Accordingly, the company plans to manage its net debt-to-EBIT ratio up to 2.5 to ensure financial stability while keeping financial burdens at a manageable level.

Enhanced Governance: Strengthening Board Independence and Diversity

Coway is committed to advancing its corporate governance practices. The company will seek to raise its key governance indicator from 53% in 2024 to 87% by 2026, significantly exceeding the 2023 market average of 49.5%. Key governance indicators, particularly those related to shareholder interests, will be prioritized for improvement.

Coway is committed to further enhancing the independence of its board of directors (BoD) while promoting greater diversity. Since 2023, the company has implemented board independence guidelines to strengthen transparency and accountability. Going forward, Coway plans to increase both the number and proportion of outside directors and appoint highly qualified individuals with diverse expertise to advance corporate governance standards.

“Coway’s Corporate Value-Up Plan provides a robust foundation for sustainable growth, benefiting both the company and its shareholders,” said Jangwon Seo, CEO of Coway. “We are committed to reinforcing shareholder-friendly management while simultaneously implementing a range of strategies aimed at enhancing corporate value and securing sustainable growth.”

For additional details about Coway’s Corporate Value-Up Plan, please visit the company’s Investor Relations page.

About Coway Co., Ltd.

Established in Korea in 1989, Coway, the “Best Life Solution Company,” is a leading environmental home appliances company making people’s lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company’s most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.

SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 UNAUDITED FINANCIAL RESULTS

BEIJING, Feb. 18, 2025 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter Highlights

  • Total revenues were US$135 million, down 5% year-over-year and 11% quarter-over-quarter.
  • Brand advertising revenues were US$19 million, down 7% year-over-year and up 1% quarter-over-quarter.
  • Online game revenues were US$110 million, down 4% year-over-year and 14% quarter-over-quarter.
  • GAAP net loss attributable to Sohu.com Limited was US$21 million, compared with a net loss of US$13 million in the fourth quarter of 2023 and a net loss of US$16 million in the third quarter of 2024.
  • Non-GAAP[1] net loss attributable to Sohu.com Limited was US$15 million, compared with a net loss of US$11 million in the fourth quarter of 2023 and a net loss of US$12 million in the third quarter of 2024.

Fiscal Year 2024 Highlights[2]

  • Total revenues were US$598 million, flat compared with 2023. 
  • Brand advertising revenues were US$73 million, down 17% compared with 2023. 
  • Online game revenues were US$502 million, up 5% compared with 2023.
  • GAAP net loss attributable to Sohu.com Limited was US$100 million, compared with a net loss of US$66 million in 2023.
  • Non-GAAP net loss attributable to Sohu.com Limited was US$83 million, compared with a net loss of US$51 million in 2023.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the fourth quarter of 2024, our brand advertising revenues hit the high end of our previous guidance, while both our online game revenues and bottom line performance were much better than expected. For Sohu media platform, we continued to refine our products, optimized algorithms, and strictly controlled budgets. By integrating the advantages of the Sohu product matrix with our unique IPs and high energy events, we were able to promote the generation and social distribution of premium content, effectively enhance user experience to attract more users, and further unlock monetization potential. The online games business delivered solid performance, thanks to relentless efforts to produce high-quality new games and revitalize legacy games.”

Fourth Quarter Financial Results 

Revenues

Total revenues were US$135 million, down 5% year-over-year and 11% quarter-over-quarter.

Brand advertising revenues were US$19 million, down 7% year-over-year and up 1% quarter-over-quarter.

Online game revenues were US$110 million, down 4% year-over-year and 14% quarter-over-quarter.

Gross Margin

Both GAAP and non-GAAP gross margin were 73%, compared with 76% in the fourth quarter of 2023 and 74% in the third quarter of 2024.

Both GAAP and non-GAAP gross margin for the brand advertising business were 6%, compared with 16% in the fourth quarter of 2023 and 9% in the third quarter of 2024.

Both GAAP and non-GAAP gross margin for online games were 83%, compared with 87% in the fourth quarter of 2023 and 84% in the third quarter of 2024.

Operating Expenses

Both GAAP and non-GAAP operating expenses were US$123 million, down 8% year-over-year and 2% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in Changyou’s product development expenses.

Operating Loss

GAAP operating loss was US$25 million, compared with an operating loss of US$25 million in the fourth quarter of 2023 and an operating loss of US$13 million in the third quarter of 2024.

Non-GAAP operating loss was US$25 million, compared with an operating loss of US$26 million in the fourth quarter of 2023 and an operating loss of US$13 million in the third quarter of 2024.

Income Tax Expense

GAAP income tax expense was US$14 million, compared with income tax expense of US$14 million in the fourth quarter of 2023 and income tax expense of US$15 million in the third quarter of 2024.

Non-GAAP income tax expense was US$10 million, compared with income tax expense of US$10 million in the fourth quarter of 2023 and income tax expense of US$11 million in the third quarter of 2024.

Net Loss

GAAP net loss attributable to Sohu.com Limited was US$21 million, or a net loss of US$0.69 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$13 million in the fourth quarter of 2023 and a net loss of US$16 million in the third quarter of 2024.

Non-GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.49 per fully-diluted ADS, compared with a net loss of US$11 million in the fourth quarter of 2023 and a net loss of US$12 million in the third quarter of 2024.

Liquidity and Capital Resources

As of December 31, 2024, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Fiscal Year 2024 Financial Results

Revenues

Total revenues were US$598 million, flat compared with 2023. 

Brand advertising revenues were US$73 million, down 17% compared with 2023. 

Online game revenues were US$502 million, up 5% compared with 2023.

Gross Margin

Both GAAP and non-GAAP gross margin were 72%, compared with 76% in 2023.

Both GAAP and non-GAAP gross margin for the brand advertising business were 9%, compared with 20% in 2023.

Both GAAP and non-GAAP gross margin for online games were 82%, compared with 86% in 2023.

Operating Expenses

For 2024, both GAAP and non-GAAP operating expenses totaled US$542 million, flat compared with 2023.

Operating Loss

Both GAAP and non-GAAP operating loss were US$109 million, compared with an operating loss of US$87 million in 2023.

Income Tax Expense

GAAP income tax expense was US$52 million, compared with income tax expense of US$60 million in 2023.

Non-GAAP income tax expense was US$37 million, compared with income tax expense of US$48 million in 2023.

Net Loss

GAAP net loss attributable to Sohu.com Limited was US$100 million, or a net loss of US$3.13 per fully-diluted ADS, compared with a net loss of US$66 million in 2023.

Non-GAAP net loss attributable to Sohu.com Limited was US$83 million, or a net loss of US$2.60 per fully-diluted ADS, compared with a net loss of US$51 million in 2023.

Supplementary Information for Changyou Results[3]

Fourth Quarter 2024 Operating Results

  • For PC games, total average monthly active user accounts[4] (MAU) were 2.3 million, an increase of 2% year-over-year and 9% quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 1.0 million, an increase of 9% year-over-year and 14% quarter-over-quarter. The quarter-over-quarter increase in MAU, and the year-over-year and quarter-over-quarter increases in APA were mainly because the content updates that Changyou launched for TLBB PC during the quarter were well received by players.
  • For mobile games, total average MAU were 2.6 million, an increase of 53% year-over-year and a decrease of 20% quarter-over-quarter. Total quarterly APA were 0.4 million, an increase of 25% year-over-year and a decrease of 61% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from new games launched during recent quarters, including Journey Renewed: Fate Fantasy, which is the international version of New Westward Journey and was launched in Southeast Asia during the fourth quarter of 2024. The quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of New Westward Journey in the Chinese mainland market.

Fourth Quarter 2024 Unaudited Financial Results

Total revenues were US$111 million, a decrease of 5% year-over-year and 14% quarter-over-quarter. Online game revenues were US$110 million, a decrease of 4% year-over-year and 14% quarter-over-quarter. Online advertising revenues were US$1 million, a decrease of 29% year-over-year and 8% quarter-over-quarter.

Both GAAP and non-GAAP gross profit were US$92 million, compared with US$100 million for the fourth quarter of 2023 and US$108 million for the third quarter of 2024.

GAAP operating expenses were US$45 million, a decrease of 15% year-over-year and 2% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in outsourcing and licensing fees related to product development.

Non-GAAP operating expenses were US$44 million, a decrease of 17% year-over-year and 2% quarter-over-quarter.

GAAP operating profit was US$48 million, compared with US$48 million for the fourth quarter of 2023 and US$62 million for the third quarter of 2024.

Non-GAAP operating profit was US$48 million, compared with US$47 million for the fourth quarter of 2023 and US$62 million for the third quarter of 2024.

Fiscal Year 2024 Unaudited Financial Results

Total revenues were US$506 million, an increase of 4% year-over-year. Online game revenues were US$502 million, an increase of 5% year-over-year. Online advertising revenues were US$4 million, a decrease of 25% year-over-year.

Both GAAP and nonGAAP gross profit were US$415 million, compared with US$418 million for 2023.

GAAP operating expenses were US$219 million, an increase of 1% year-over-year.

Non-GAAP operating expenses were US$219 million, an increase of 2% year-over-year.

GAAP operating profit was US$196 million, compared with US$202 million for 2023.

Non-GAAP operating profit was US$196 million, compared with US$203 million for 2023.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 4,180,158 ADSs for an aggregate cost of approximately US$52 million as of February 13, 2025.

Business Outlook

For the first quarter of 2025, Sohu estimates:

  • Brand advertising revenues to be between US$13 million and US$14 million; this implies an annual decrease of 13% to 19%, and a sequential decrease of 26% to 31%.
  • Online game revenues to be between US$105 million and US$115 million; this implies an annual decrease of 2% to 11%, and a sequential decrease of 4% to a sequential increase of 5%. 
  • Non-GAAP net loss attributable to Sohu.com Limited to be between US$16 million and US$26 million; and GAAP net loss attributable to Sohu.com Limited to be between US$20 million and US$30 million.

For the first quarter 2025 guidance, the Company has adopted a presumed exchange rate of RMB7.18=US$1.00, as compared with the actual exchange rate of approximately RMB7.10=US$1.00 for the first quarter of 2024, and RMB7.15=US$1.00 for the fourth quarter of 2024.

This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and the impact of income tax related to changes in the fair value of the Company’s investments do not involve subsequent cash outflow or are reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, the impact of income tax related to changes in the fair value of the Company’s investments, and interest expense recognized in connection with the Toll Charge.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense and interest expense recognized in connection with the Toll Charge is that share-based compensation expense and interest expense recognized in connection with the Toll Charge have been and can be expected to continue to be significant recurring expenses in Sohu’s business. It is also possible that changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and the impact of income tax related to changes in the fair value of the Company’s investments, will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.

Notes to Financial Information

Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that 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, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in video content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; Sohu’s reliance on online advertising sales and online games for its revenues; and the impact of the U.S. TCJA. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2023, and other filings with and information furnished to the U.S. Securities and Exchange Commission.

Conference Call and Webcast 

Sohu’s management team will host a conference call at 4:30 a.m. U.S. Eastern Time, February 18, 2025 (5:30 p.m. Beijing/Hong Kong time, February 18, 2025) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/

About Sohu

Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/

As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content such as news, information, text, picture, video and live broadcasting. Sohu also attracts users to be highly engaged in content generation and distribution, and actively interact with each other on the platform. Sohu’s online game business is conducted by its subsidiary Changyou which develops and operates a diverse portfolio of PC and mobile games, such as the well-known Tian Long Ba Bu (“TLBB”) PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

In China:

Ms. Huang, Pu
Sohu.com Limited
Tel: +86 (10) 6272-6645
E-mail: ir@contact.sohu.com

In the United States:

Ms. Bergkamp, Linda
Christensen
Tel:  +1 (480) 614-3004
E-mail:  linda.bergkamp@christensencomms.com

[1] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the one-time transition tax (the “Toll Charge”) imposed by the U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the “U.S. TCJA”). Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

[2] The bankruptcy proceedings of Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, were concluded by a Chinese mainland bankruptcy court in the third quarter of 2023. The Company recognized a US$35 million disposal gain within discontinued operations in the condensed consolidated statements of operations for the third quarter of 2023. Unless indicated otherwise, results presented in this press release are related to continuing operations only, and exclude the disposal gain related to Shanghai Jingmao.

[3] “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.

[4] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

[5] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

 

 

 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended

Twelve Months Ended

Dec. 31, 2024

Sep. 30, 2024

Dec. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Revenues:

    Brand advertising

$

18,865

$

18,677

$

20,195

$

73,465

$

88,689

    Online games

109,859

127,721

114,759

502,389

479,697

    Others

5,960

5,594

6,405

22,545

32,286

Total revenues

134,684

151,992

141,359

598,399

600,672

Cost of revenues:

Brand advertising (includes share-based compensation
expense of nil, nil, nil, $1, and $7, respectively)

17,787

17,040

16,966

66,579

71,103

Online games (includes share-based compensation
expense of nil, nil, $-44, nil, and $10, respectively)

18,133

20,292

15,123

88,495

65,029

Others 

1,113

2,283

1,733

10,759

9,625

Total cost of revenues

37,033

39,615

33,822

165,833

145,757

Gross profit

97,651

112,377

107,537

432,566

454,915

Operating expenses:

Product development (includes share-based
compensation expense of nil, $6, $-572, $19, and $156,
respectively) 

61,584

62,231

69,553

255,233

279,842

Sales and marketing (includes share-based
compensation expense of $-1, $9, $4, $22, and $26,
respectively) 

48,588

48,494

50,813

235,824

213,449

General and administrative (includes share-based
compensation expense of $243, $29, $-393, $-72, and
$509, respectively)

12,672

14,692

12,450

50,910

48,934

Total operating expenses

122,844

125,417

132,816

541,967

542,225

Operating loss

(25,193)

(13,040)

(25,279)

(109,401)

(87,310)

Other income, net

8,448

3,635

15,949

22,144

35,746

Interest income

8,632

9,074

11,578

38,625

45,222

Exchange difference

1,240

(988)

(823)

464

692

Income/(loss) before income tax expense

(6,873)

(1,319)

1,425

(48,168)

(5,650)

Income tax expense

14,387

15,028

14,044

52,070

60,420

Net loss from continuing operations

(21,260)

(16,347)

(12,619)

(100,238)

(66,070)

Net income from discontinued operations, net of tax [6]

35,426

Net loss

(21,260)

(16,347)

(12,619)

(100,238)

(30,644)

Less: Net income/(loss) from continuing operations
attributable to the noncontrolling interest shareholders

31

(1)

31

(265)

Net loss from continuing operations attributable to
Sohu.com Limited

(21,291)

(16,347)

(12,618)

(100,269)

(65,805)

Net income from discontinued operations attributable to
Sohu.com Limited

35,426

Net loss attributable to Sohu.com Limited

(21,291)

(16,347)

(12,618)

(100,269)

(30,379)

Basic net loss from continuing operations per share/ADS
attributable to Sohu.com Limited [7]

$

(0.69)

$

(0.52)

$

(0.37)

(3.13)

$

(1.93)

Basic net income from discontinued operations per
share/ADS attributable to Sohu.com Limited

$

$

$

$

1.04

Basic net loss per share/ADS attributable to Sohu.com
Limited

$

(0.69)

$

(0.52)

$

(0.37)

(3.13)

$

(0.89)

Shares/ADSs used in computing basic net income/(loss)
per share/ADS attributable to Sohu.com Limited

30,799

31,729

34,061

32,009

34,109

Diluted net loss from continuing operations per share/ADS
attributable to Sohu.com Limited

$

(0.69)

$

(0.52)

$

(0.37)

(3.13)

$

(1.93)

Diluted net income from discontinued operations per
share/ADS attributable to Sohu.com Limited

$

$

$

$

1.04

Diluted net loss per share/ADS attributable to Sohu.com
Limited

$

(0.69)

$

(0.52)

$

(0.37)

(3.13)

$

(0.89)

Shares/ADSs used in computing diluted net income/(loss)
per share/ADS attributable to Sohu.com Limited

30,799

31,729

34,061

32,009

34,109

[6] See Footnote 2.

[7] Each ADS represents one ordinary share.

 

 

 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS 

(UNAUDITED, IN THOUSANDS)

As of Dec. 31, 2024

As of Dec. 31, 2023

ASSETS

Current assets:

           Cash and cash equivalents

$

159,927

$

362,504

           Restricted cash

3,184

           Short-term investments

744,498

597,770

           Accounts receivable, net

53,762

71,618

           Prepaid and other current assets 

83,575

81,971

Total current assets

1,041,762

1,117,047

Fixed assets, net

252,860

269,058

Goodwill 

46,944

47,163

Long-term investments, net

43,120

45,198

Intangible assets, net

7,695

2,226

Long-term time deposits

331,290

388,613

Other assets

10,995

12,793

Total assets

$

1,734,666

$

1,882,098

LIABILITIES 

Current liabilities:

           Accounts payable 

$

36,043

$

44,609

           Accrued liabilities

97,138

103,779

           Receipts in advance and deferred revenue

51,007

50,829

           Accrued salary and benefits

47,232

50,330

           Taxes payables

14,225

11,363

           Other short-term liabilities

76,322

81,482

Total current liabilities

$

321,967

$

342,392

Long-term other payables

2,807

3,924

Long-term tax liabilities

485,545

474,374

Other long-term liabilities

1,659

2,130

Total long-term liabilities

$

490,011

$

480,428

                         Total liabilities

$

811,978

$

822,820

SHAREHOLDERS’ EQUITY:

          Sohu.com Limited shareholders’ equity

922,335

1,058,956

          Noncontrolling interest

353

322

                     Total shareholders’ equity

$

922,688

$

1,059,278

         Total liabilities and shareholders’ equity  

$

1,734,666

$

1,882,098

 

 

 

SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended Dec. 31, 2024

Three Months Ended Sep. 30, 2024

Three Months Ended Dec. 31, 2023

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

(a)

(a)

(a)

Brand advertising gross profit

$

1,078

$

$

1,078

$

1,637

$

$

1,637

$

3,229

$

$

3,229

Brand advertising gross margin

6 %

6 %

9 %

9 %

16 %

16 %

(a)

(a)

(44)

(a)

Online games gross profit 

$

91,726

$

$

91,726

$

107,429

$

$

107,429

$

99,636

$

(44)

$

99,592

Online games gross margin

83 %

83 %

84 %

84 %

87 %

87 %

(a)

(a)

(a)

Others gross profit 

$

4,847

$

$

4,847

$

3,311

$

$

3,311

$

4,672

$

$

4,672

Others gross margin

81 %

81 %

59 %

59 %

73 %

73 %

(a)

(a)

(44)

(a)

Gross profit

$

97,651

$

$

97,651

$

112,377

$

$

112,377

$

107,537

$

(44)

$

107,493

Gross margin

73 %

73 %

74 %

74 %

76 %

76 %

Operating expenses

$

122,844

$

(242)

(a) $

122,602

$

125,417

$

(44)

(a) $

125,373

$

132,816

$

961

(a) $

133,777

242

(a)

44

(a)

(1,005)

(a)

Operating loss

$

(25,193)

$

242

$

(24,951)

$

(13,040)

$

44

$

(12,996)

$

(25,279)

$

(1,005)

$

(26,284)

Operating margin

-19 %

-19 %

-9 %

-9 %

-18 %

-19 %

Income tax expense

$

14,387

$

(3,961)

(c)$

10,426

$

15,028

$

(3,883)

(c)$

11,145

$

14,044

$

(3,667)

(c)$

10,377

242

(a)

44

(a)

(1,005)

(a)

2,087

(b)

(827)

(b)

3,961

(c)

3,883

(c)

3,667

(c)

Net loss before non-controlling
interest

$

(21,260)

$

6,290

$

(14,970)

$

(16,347)

$

3,927

$

(12,420)

$

(12,619)

$

1,835

$

(10,784)

242

(a)

44

(a)

(1,005)

(a)

2,087

(b)

(827)

(b)

3,961

(c)

3,883

(c)

3,667

(c)

Net loss attributable to Sohu.com
Limited for diluted net loss per
share/ADS

$

(21,291)

6,290

(15,001)

$

(16,347)

3,927

(12,420)

$

(12,618)

1,835

(10,783)

Diluted net loss per share/ADS
attributable to Sohu.com Limited

$

(0.69)

(0.49)

$

(0.52)

(0.39)

$

(0.37)

(0.32)

Shares/ADSs used in computing
diluted net loss per share/ADS
attributable to Sohu.com Limited

30,799

30,799

31,729

31,729

34,061

34,061

Note:

(a) To eliminate the impact of share-based awards.

(b) To adjust for changes in the fair value of the Company’s investments.

(c) To adjust for the effect of the Toll Charge.

 

 

 

SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Twelve Months Ended Dec. 31, 2024

Twelve Months Ended Dec. 31, 2023

GAAP

Non-GAAP
Adjustments

Non-GAAP

GAAP

Non-GAAP
Adjustments

Non-GAAP

1

(a)

7

(a)

Brand advertising gross profit

$

6,886

$

1

$

6,887

$

17,586

$

7

$

17,593

Brand advertising gross margin

9 %

9 %

20 %

20 %

(a)

10

(a)

Online games gross profit

$

413,894

$

$

413,894

$

414,668

$

10

$

414,678

Online games gross margin

82 %

82 %

86 %

86 %

(a)

(a)

Others gross profit 

$

11,786

$

$

11,786

$

22,661

$

$

22,661

Others gross margin

52 %

52 %

70 %

70 %

1

(a)

17

(a)

Gross profit

$

432,566

$

1

$

432,567

$

454,915

$

17

$

454,932

Gross margin

72 %

72 %

76 %

76 %

Operating expenses

$

541,967

$

31

(a)$

541,998

$

542,225

$

(691)

(a)$

541,534

(30)

(a)

708

(a)

Operating loss

$

(109,401)

$

(30)

$

(109,431)

$

(87,310)

$

708

$

(86,602)

Operating margin

-18 %

-18 %

-15 %

-14 %

Income tax expense

$

52,070

$

(15,299)

(d)$

36,771

$

60,420

$

(12,297)

(c,d)$

48,123

(30)

(a)

708

(a)

1,820

(b)

1,391

(b)

(555)

(c)

15,299

(d)

12,852

(d)

Net loss before non-controlling interest

$

(100,238)

17,089

(83,149)

$

(66,070)

$

14,396

$

(51,674)

(30)

(a)

708

(a)

1,820

(b)

1,391

(b)

(555)

(c)

15,299

(d)

12,852

(d)

Net loss from continuing operations
attributable to Sohu.com Limited for
diluted net loss per share/ADS

$

(100,269)

$

17,089

$

(83,180)

$

(65,805)

$

14,396

$

(51,409)

Net income from discontinued operations
attributable to Sohu.com Limited for
diluted net income per share/ADS [9]

$

$

35,426

35,426

Net loss attributable to Sohu.com Limited
for diluted net loss per share/ADS

$

(100,269)

17,089

(83,180)

$

(30,379)

14,396

(15,983)

Diluted net loss from continuing operations
per share/ADS attributable to Sohu.com
Limited

$

(3.13)

$

(2.60)

$

(1.93)

$

(1.51)

Diluted net income from discontinued
operations per share/ADS attributable to
Sohu.com Limited

$

$

1.04

1.04

Diluted net loss per share/ADS attributable
to Sohu.com Limited. 

$

(3.13)

(2.60)

$

(0.89)

(0.47)

Share/ADS used in computing diluted net
income/(loss) per share/ADS attributable to
Sohu.com Limited 

32,009

32,009

34,109

34,109

Note:

(a) To eliminate the impact of share-based awards.

(b) To adjust for changes in the fair value of the Company’s investments.

(c) To adjust for the impact of income tax related to changes in the fair value of the Company’s investments.

(d) To adjust for the effect of the U.S. TCJA.

[9] See Footnote 2.

 

 

 

Clarification on MetaComp Pte Ltd’s Media Releases dated 29 April 2024 and 7 May 2024 Regarding Cryptocurrency Spot ETF Promotion

SINGAPORE, Feb. 18, 2025 /PRNewswire/ — In reference to the announcements titled “MetaComp Announces Strategic Partnership with Harvest Global Investments to Explore Bringing HK-Listed ETFs to Investors in Singapore and Beyond” dated 29 April 2024 and “MetaComp and Bosera Strengthen Collaboration to Promote Bosera Cryptocurrency ETFs Among Global Investors” dated 7 May 2024, we would like to provide further clarifications on some inaccuracies and potentially misleading statements that were made. For the ease of reference, the aforesaid ETFs shall be collectively referred to herein as “Spot Cryptocurrency ETFs“.

In the 29 April 2024 and 7 May 2024 media releases, MetaComp Pte Ltd (MetaComp) had stated that it has established a strategic cooperation with Bosera and Harvest Global Investments for the promotion of the Spot Cryptocurrency ETFs. This is inaccurate because the partnerships with Bosera and Harvest Global Investments are, in fact, with Metaverse Green Exchange Pte Ltd (MVGX), the parent company of MetaComp. MVGX is a holder of a Capital Markets Services licence and a Recognised Market Operator. To clarify, MetaComp’s role in these two partnerships is solely as the digital payment token service provider and technological enabler.

MetaComp wishes to emphasise that it does not offer Spot Cryptocurrency ETFs. Through its online Platform, MetaComp offers investors off-ramping solutions and provides the technological infrastructure to facilitate these services. It is important to note that any page or domain relating to the Spot Cryptocurrency ETFs are operated and managed solely and directly by MVGX and these products are only offered to accredited investors, expert investors or institutional investors.

Note to Editors: Please note that this is a clarification issued by MetaComp Pte. Ltd. to address some inaccuracies in two earlier media releases, namely, “MetaComp Announces Strategic Partnership with Harvest Global Investments to Explore Bringing HK-Listed ETFs to Investors in Singapore and Beyond” dated 29 April 2024 and “MetaComp and Bosera Strengthen Collaboration to Promote Bosera Cryptocurrency ETFs Among Global Investors” dated 7 May 2024. If you have published articles on either of the two media releases, we kindly request that you make a file note on your articles indicating that some information has been corrected or include our clarification alongside the earlier articles to show a subsequent correction. This is to prevent further publication of articles based on any wrong information. Many thanks for your cooperation. 

About MetaComp Pte Ltd (https://www.mce.sg/)

MetaComp is a leading Singapore-based digital asset platform, licensed and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Operating under a P2B2C (platform-to-business, partners-to-clients) model, MetaComp delivers a seamless, end-to-end suite of services designed to empower clients to confidently navigate the digital asset landscape. Focused on safety, security, and regulatory compliance, MetaComp enables businesses and institutions to scale their digital asset strategies through services such as OTC and exchange trading services, fiat payment solutions, digital asset custody, and prime brokerage.

As a wholly owned entity of Metaverse Green Exchange Pte Ltd (a holder of a capital markets services licence and recognised market operator regulated by the MAS), MetaComp’s flagship solution, CAMP (Client Assets Management Platform), offers a regulated and innovative ecosystem for digital asset management. MetaComp integrates the stability of traditional fiat-based financial systems with the transformative power of digital assets. By enabling seamless transitions between fiat currencies and digital assets, MetaComp provides businesses with secure, compliant, and efficient solutions to manage payments, custody, and trading in the evolving digital economy.

Binance Named “Best Crypto App” at Sensor Tower APAC Awards 2024

SINGAPORE, Feb. 18, 2025 /PRNewswire/ — Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and users, is proud to announce that it has been awarded the title of “Best Crypto App” at the prestigious Sensor Tower APAC Awards 2024. Binance was recognized as the top application in the cryptocurrency taxonomy, earning the award based on its leading performance among all other applications in the category. This recognition highlights Binance’s exceptional performance, leadership, and impact in the cryptocurrency industry.

Each year, the Sensor Tower APAC Awards recognizes leading apps and games in their respective categories, using insights from Sensor Tower Intelligence. These rankings are based on a variety of key metrics, including Downloads, IAP Revenue, Active Users, Reviews, Ratings, and overall impact on society and the industry.

“With Bitcoin’s price reaching new highs in 2024, Binance, the leading global app in the Cryptocurrency category, saw its downloads soar once again. It stands out as the premier all-in-one crypto solution for trading, staking, earning, and learning. With over 225 million downloads worldwide, it has earned an impressive average rating of 4.8 stars and has led the monthly active user rankings in its category globally since 2022, with particularly strong growth in Asia,” said Donny Kristianto, Principal Market Insights Manager at Sensor Tower APAC Awards.

Andy Goldin, Binance’s Head of Data and Analytics, commented on the achievement: “We are honored to receive the Best Crypto App award at the Sensor Tower APAC Awards 2024. This recognition is a testament to our team’s dedication to providing the best possible experience for our users and is in alignment with recent data showcasing Binance’s strong performance. According to DefiLlama, Binance safeguards $150 billion in crypto assets for our users, while CCData reported we’ve facilitated over $100 trillion in trading volumes since 2017. We remain committed to innovation and excellence in the cryptocurrency space, and we are excited about the future as we continue to grow and evolve.”

In addition to the Sensor Tower APAC Awards, 2024 was a milestone year for Binance, marked by multiple industry recognitions. Binance was ranked as the most visited cryptocurrency platform of 2024 by Cloudflare’s web traffic report and secured the 6th spot globally in the financial services sector. Fortune also named Binance the No.1 Asia FinTech Innovator in 2024, by virtue of its leadership and ongoing innovation in the fintech space.

ABOUT BINANCE

Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 250 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com