Technology
51Talk Online Education Group Announces Second Quarter 2024 Results
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1 month agoon
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SINGAPORE, Aug. 23, 2024 /PRNewswire/ — 51Talk Online Education Group (“51Talk” or the “Company”) (NYSE American: COE), a global online education platform with core expertise in English education, announced its unaudited results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial and Operating Highlights
Gross billings1 for the second quarter of 2024 were US$15.9 million, a 61.3% growth from the second quarter of 2023.
Net revenues were US$11.0 million for the second quarter of 2024, a 75.1% increase from US$6.3 million for the second quarter of 2023.
The number of quarterly active students with attended lesson consumption was approximately 54,400 in the second quarter of 2024, representing a 83.2% increase from approximately 29,700 for the second quarter of 2023.
Key Financial and Operating Data
For the three months ended
June 30,
June 30,
Y-o-Y
2023
2024
Change
Net Revenues (in US$ millions)
6.3
11.0
75.1 %
Gross Margin
78.4 %
78.1 %
-0.3ppt
Gross Billings (in US$ millions)
9.8
15.9
61.3 %
Active students with attended lesson consumption2
(in thousands)
29.7
54.4
83.2 %
“We have achieved strong growth in Q2, exceeding our Q2 guidance, and anticipate sustained momentum in the foreseeable future, as reflected in our Q3 guidance. Our strategic investments across a diverse portfolio of markets are yielding positive results, propelling us towards our objective of becoming a globally leading EdTech company.” stated Jack Jiajia Huang, Founder, Chairman, and Chief Executive Officer of 51Talk.
“Through our localization efforts, we have gained a deeper understanding of individual markets, allowing us to meet specific local needs. This approach has improved our product market fit. Additionally, we actively explore new market opportunities that align with our strategic direction and existing product offerings.”
“Our strategy hinges on global expansion based on local needs and platform strength enabled by AI. We make targeted investments to enhance team efficiency and local customer experience, aiming to drive higher retention rates and more customer referrals.” Jack Jiajia Huang concluded.
1 Gross billings for a specific period, which is one of the Company’s key operating data, is defined as the total amount of cash received and receivable from third party payment platforms for the sale of course packages and services in such period, net of the total amount of refunds in such period. The gross billings data included herein was from the Company’s business system and converted with quarterly corresponding exchange rate, which may lead to differences with bank records
2 An “active student with attended lesson consumption” for a given period refers to a student who attended at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons.
Second Quarter 2024 Financial Results
Net Revenues and Gross Margin
Net revenues for the second quarter of 2024 were US$11.0 million, a 75.1% increase from US$6.3 million for the same quarter last year. The number of active students with attended lesson consumption was approximately 54,400 in the second quarter of 2024, a 83.2% increase from 29,700 for the same quarter last year.
Cost of revenues for the second quarter of 2024 was US$2.4 million, a 77.3% increase from US$1.4 million for the same quarter last year. The increase was primarily due to the increase in total service fees paid to teachers, mainly resulting from an increased number of paid lessons.
Gross profit for the second quarter of 2024 was US$8.6 million, a 74.5% increase from US$4.9 million for the same quarter last year.
Gross margin for the second quarter of 2024 was 78.1%, compared with 78.4% for the same quarter last year.
Operating Expenses
Total operating expenses for the second quarter of 2024 were US$11.0 million, a 39.7% increase from US$7.9 million for the same quarter last year. The increase was mainly due to the increase in sales and marketing expenses.
Sales and marketing expenses for the second quarter of 2024 were US$7.3 million, a 43.6% increase from US$5.1 million for the same quarter last year. The increase was mainly due to higher sales personnel costs related to increases in the number of sales and marketing personnel. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the second quarter of 2024 were US$7.3 million, a 44.0% increase from US$5.1 million for the same quarter last year.
Product development expenses for the second quarter of 2024 were US$0.9 million, a 22.6% increase from US$0.7 million for the same quarter last year. The increase was primarily due to higher product development personnel costs. Excluding share-based compensation expenses, non-GAAP product development expenses for the second quarter of 2024 were US$0.8 million, a 25.7% increase from US$0.7 million for the same quarter last year.
General and administrative expenses for the second quarter of 2024 were US$2.8 million, a 35.8% increase from US$2.1 million for the same quarter last year. The increase was primarily due to higher general and administrative personnel costs. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the second quarter of 2024 were US$2.6 million, a 35.4% increase from US$1.9 million for the same quarter last year.
Loss from Operations
Operating loss for the second quarter of 2024 was US$2.4 million, compared with operating loss of US$3.0 million for the same quarter last year.
Non-GAAP operating loss for the second quarter of 2024 was US$2.2 million, compared with non-GAAP operating loss of US$2.8 million for the same quarter last year.
Net loss attributable to the Company’s ordinary shareholders
Net loss attributable to the Company’s ordinary shareholders for the second quarter of 2024 was US$1.2 million, compared with net loss of US$2.9 million for the same quarter last year.
Excluding share-based compensation expenses of US$0.2 million, non-GAAP net loss for the second quarter of 2024 was US$1.0 million, compared with non-GAAP net loss of US$2.7 million for the same quarter last year.
Basic and diluted net loss per share attributable to ordinary shareholders for the second quarter of 2024 was US$0.004, compared with basic and diluted net loss per share of US$0.01 for the same quarter last year.
Excluding share-based compensation expenses of US$0.2 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the second quarter of 2024 was US$0.003, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders of US$0.01 for the same quarter last year.
Basic and diluted net loss per American depositary share (“ADS”) attributable to ordinary shareholders for the second quarter of 2024 was US$0.22, compared with basic and diluted net loss per ADS of US$0.51 for the same quarter last year. Each ADS represents 60 Class A ordinary shares.
Excluding share-based compensation expenses of US$0.2 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the second quarter of 2024 was US$0.18, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of US$0.48 for the same quarter last year.
Balance Sheet
As of June 30, 2024, the Company had total cash, cash equivalents and time deposits of US$21.0 million, compared with US$23.4 million as of December 31, 2023.
The Company had advances from students3 of US$34.5 million as of June 30, 2024, compared with US$27.2 million as of December 31, 2023.
3 “Advances from students” is defined as the amount of obligation to transfer goods or service to students or business partners for which consideration has been received from students in advance. The deposits from students are also presented in the total amount of “advances from students”
Outlook
For the third quarter of 2024, the Company currently expects net gross billings to be between $17.0 million and $18.0 million, which would represent a sequential growth of 7.2% to 13.5%.
The foregoing outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
Conference Call
The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 23, 2024 (8:00 PM Singapore/Hong Kong time on August 23, 2024).
Dial-in details for the earnings conference call are as follows:
United States (toll free):
1-888-346-8982
International:
1-412-902-4272
Singapore (toll free):
800-120-6157
Mainland China (toll free):
4001-201203
Hong Kong (toll free):
800-905945
Hong Kong (local toll):
852-301-84992
Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “51Talk Online Education Group.”
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.51talk.com.
A replay of the conference call will be accessible until August 30, 2024, by dialing the following telephone numbers:
United States (toll free):
1-877-344-7529
International:
1-412-317-0088
Replay Access Code:
1167367
About 51Talk Online Education Group
51Talk Online Education Group (NYSE American: COE) is a global online education platform with core expertise in English education. The Company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms enable students to take live interactive English lessons, on demand. The Company connects its students with a large pool of highly qualified teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.
Use of Non-GAAP Financial Measures
In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this press release.
51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to 51Talk’s historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “likely to” and similar statements. Among other things, 51Talk’s quotations from management in this announcement, as well as 51Talk’s strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“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 statements about 51Talk’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: 51Talk’s goals and strategies; 51Talk’s expectations regarding demand for and market acceptance of its brand and platform; 51Talk’s ability to retain and increase its student enrollment; 51Talk’s ability to offer new courses; 51Talk’s ability to engage, train and retain new teachers; 51Talk’s future business development, results of operations and financial condition; 51Talk’s ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in its international markets; the expected growth of, and trends in, the markets for 51Talk’s course offerings in its international markets; relevant government policies and regulations relating to 51Talk’s corporate structure, business and industry; general economic and business condition in the Philippines, its international markets and elsewhere; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
51TALK ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
As of
Dec. 31,
Jun. 30,
2023
2024
US$
US$
ASSETS
Current assets
Cash and cash equivalents
21,298
16,686
Time deposits
2,091
4,311
Inventory
–
29
Prepaid expenses and other current
assets
6,394
10,424
Total current assets
29,783
31,450
Non-current assets
Property and equipment, net
138
181
Intangible assets, net
92
86
Right-of-use assets
723
1,413
Deferred tax assets
72
69
Other non-current assets
348
340
Total non-current assets
1,373
2,089
Total assets
31,156
33,539
LIABILITIES AND SHAREHOLDERS’
DEFICITS
Current liabilities
Advances from students
27,214
34,497
Accrued expenses and other current
liabilities
6,189
6,353
Amounts due to related parties
4,077
3,620
Lease liabilities
590
820
Taxes payable
1,060
741
Total current liabilities
39,130
46,031
Non-current liabilities
Lease liabilities
41
519
Other non-current liabilities
176
274
Total non-current liabilities
217
793
Total liabilities
39,347
46,824
Total shareholders’ deficits
(8,340)
(13,617)
Noncontrolling interests
149
332
Total deficits
(8,191)
(13,285)
Total liabilities and shareholders’
deficits
31,156
33,539
51TALK ONLINE EDUCATION GROUP
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands except for number of shares and per share data)
For the three months ended
For the six months ended
Jun. 30,
Mar. 31,
Jun. 30,
Jun. 30,
Jun. 30,
2023
2024
2024
2023
2024
US$
US$
US$
US$
US$
Net revenues
6,260
9,446
10,960
11,812
20,406
Cost of revenues
(1,354)
(2,128)
(2,400)
(2,596)
(4,528)
Gross profit
4,906
7,318
8,560
9,216
15,878
Operating expenses
Sales and marketing expenses
(5,109)
(7,728)
(7,335)
(9,550)
(15,063)
Product development expenses
(694)
(945)
(851)
(1,356)
(1,796)
General and administrative expenses
(2,053)
(2,589)
(2,789)
(3,812)
(5,378)
Total operating expenses
(7,856)
(11,262)
(10,975)
(14,718)
(22,237)
Loss from operations
(2,950)
(3,944)
(2,415)
(5,502)
(6,359)
Interest income
36
82
63
69
145
Other (expenses)/income, net
(45)
141
1,131
(120)
1,272
Loss before income tax benefit/(expenses)
(2,959)
(3,721)
(1,221)
(5,553)
(4,942)
Income tax benefit/(expenses)
61
(22)
(41)
52
(63)
Net loss
(2,898)
(3,743)
(1,262)
(5,501)
(5,005)
Net loss attributable to noncontrolling
interests
–
(19)
(15)
–
(34)
Net loss attributable to the Company’s
ordinary shareholders
(2,898)
(3,724)
(1,247)
(5,501)
(4,971)
Weighted average number of ordinary shares
used in computing basic and diluted loss per
share
340,329,892
345,124,338
346,701,530
339,836,750
345,913,731
51TALK ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands except for number of shares and per share data)
For the three months ended
For the six months ended
Jun. 30,
Mar. 31,
Jun. 30,
Jun. 30,
Jun. 30,
2023
2024
2024
2023
2024
US$
US$
US$
US$
US$
Net loss per share attributable to ordinary shareholders
Basic and diluted
(0.01)
(0.01)
(0.00)
(0.02)
(0.01)
Net loss per ADS attributable to ordinary shareholders
Basic and diluted
(0.51)
(0.65)
(0.22)
(0.97)
(0.86)
Share-based compensation expenses are included in the operating expenses as follows:
Sales and marketing expenses
(37)
(29)
(31)
(85)
(60)
Product development expenses
(36)
(33)
(24)
(90)
(57)
General and administrative expenses
(126)
(225)
(180)
(246)
(405)
51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
For the three months ended
For the six months ended
Jun. 30,
Mar. 31,
Jun. 30,
Jun. 30,
Jun. 30,
2023
2024
2024
2023
2024
US$
US$
US$
US$
US$
Sales and marketing expenses
(5,109)
(7,728)
(7,335)
(9,550)
(15,063)
Less: Share-based compensation expenses
(37)
(29)
(31)
(85)
(60)
Non-GAAP sales and marketing expenses
(5,072)
(7,699)
(7,304)
(9,465)
(15,003)
Product development expenses
(694)
(945)
(851)
(1,356)
(1,796)
Less: Share-based compensation expenses
(36)
(33)
(24)
(90)
(57)
Non-GAAP product development
expenses
(658)
(912)
(827)
(1,266)
(1,739)
General and administrative expenses
(2,053)
(2,589)
(2,789)
(3,812)
(5,378)
Less: Share-based compensation expenses
(126)
(225)
(180)
(246)
(405)
Non-GAAP general and administrative
expenses
(1,927)
(2,364)
(2,609)
(3,566)
(4,973)
Operating expenses
(7,856)
(11,262)
(10,975)
(14,718)
(22,237)
Less: Share-based compensation expenses
(199)
(287)
(235)
(421)
(522)
Non-GAAP operating expenses
(7,657)
(10,975)
(10,740)
(14,297)
(21,715)
Loss from operations
(2,950)
(3,944)
(2,415)
(5,502)
(6,359)
Less: Share-based compensation expenses
(199)
(287)
(235)
(421)
(522)
Non-GAAP loss from operations
(2,751)
(3,657)
(2,180)
(5,081)
(5,837)
51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
For the three months ended
For the six months ended
Jun. 30,
Mar. 31,
Jun. 30,
Jun. 30,
Jun. 30,
2023
2024
2024
2023
2024
US$
US$
US$
US$
US$
Income tax benefit/(expenses)
61
(22)
(41)
52
(63)
Less: Tax impact of Share-based compensation
expenses
–
–
–
–
–
Non-GAAP income tax benefit/(expenses)
61
(22)
(41)
52
(63)
Net loss attributable to the Company’s ordinary
shareholders
(2,898)
(3,724)
(1,247)
(5,501)
(4,971)
Less: Share-based compensation expenses
(199)
(287)
(235)
(421)
(522)
Non-GAAP net loss attributable to the
Company’s ordinary shareholders
(2,699)
(3,437)
(1,012)
(5,080)
(4,449)
Weighted average number of ordinary shares used
in computing basic and diluted loss per share
340,329,892
345,124,338
346,701,530
339,836,750
345,913,731
Non-GAAP net loss per share attributable to ordinary shareholders
Basic and Diluted
(0.01)
(0.01)
(0.00)
(0.01)
(0.01)
Non-GAAP net loss per ADS attributable to ordinary shareholders
Basic and Diluted
(0.48)
(0.60)
(0.18)
(0.90)
(0.77)
View original content:https://www.prnewswire.com/news-releases/51talk-online-education-group-announces-second-quarter-2024-results-302229388.html
SOURCE 51Talk Online Education Group
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Presenting Achievements in Open Cooperation and Development in Multiple Dimensions
This CIFTIS’s Shougang Park venue is composed of nine thematic exhibitions, including telecommunications, computer and information services; financial services; culture & tourism services; education services; sports services; supply chain & business services; engineering consulting & construction services; health services; and environmental services. It circles around cultivating new quality productive forces while showcasing the latest achievements, technologies, and applications in the digitalization, intelligentization, and greening of services trade, creating a “debut stage” for global services trade.
Shijingshan leverages its strengths by organizing five thematic exhibitions and four promotional booths on-site. The culture & tourism services exhibition promoted Shijingshan’s rich culture and tourism resources, while also building a support area for paired assistance to highlight its revitalization efforts to a global audience. The financial services exhibition showcased its achievements in economic development across five sectors, that is, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The exhibition of telecommunications, computer and information services highlighted the growth of Shijingshan’s the artificial intelligence large model industry cluster and key humanoid robot enterprises. In addition, the primary and secondary school science education experimental zone invited participation from six national-level science education centers, including Shijingshan District, to display their accomplishments. Four schools, including the Beijing National Day School Shijingshan, showcased their scientific research and learning outcomes through visual presentations and videos, while also engaging visitors in interactive science experiments.
The AIES Beijing Open is made up of four competition areas, virtual cycling, virtual rowing, virtual dance, and virtual table tennis. The event welcomed international competitors, domestic professional athletes, high-level amateurs, and university students, while showing the achievements of the “digital + sports” industry. Besides, four promotional booths focused on taxation, justice, investment, and commerce showcases Shijingshan’s tax and judicial policies, offering one-stop policy guidance for participating businesses and visitors. These booths also clarified investment promotion policies, creating a unique event that integrates commerce, tourism, culture, and sports.
Working Together for Global Open Cooperation and Development
The Open Cooperation Forum 2024 was held on the afternoon of September 13. Experts, scholars, government representatives, and business leaders from both domestic and international backgrounds gathered at the Shougang Park to engage in in-depth discussions on promoting high-level open cooperation and supporting regional economic development. Shijingshan District is committed to taking industrial transformation as the strategic foundation for its initiatives, establishing several distinctive industrial parks, including the Intelligent Technology Park, Industrial Internet Park, Virtual Reality Park, Science Fiction Industry Cluster, and Artificial Intelligence Large Model Cluster. What’s more, the district is focusing on new opportunities in future information, future health, future manufacturing, and future space, continually enhancing its innovation capacity, development vitality, economic strength, and overall competitiveness.
It is dedicated to expanding openness as a key driver for integrating into the capital’s new development pattern. The district capitalizes on a range of policy opportunities, including the construction of Beijing’s two zones, effectively leveraging the role of expanding services and deepening economic reforms. It continues to optimize the business environment, actively participates in organizing the CIFTIS, and develops high-standard international cooperation zones to provide a broad platform and efficient services for enterprises to settle and cluster. Shijingshan aims to implement high-level openness to promote high-quality development, enhance mechanisms for foreign openness, innovate and elevate services trade, and align with international economic and trade standards, creating a premier business environment characterized by marketization, rule of law, and internationalization.
Three parallel forums took place during this CIFTIS. With the theme of “Leveraging Overseas Strength for Development • Pursuing Broad Horizons Through Innovation”, the Dream Incubator of Overseas Chinese Beijing Forum set up ten sub-venues abroad, aiming to enhance the involvement of overseas Chinese’s capital and expertise in Beijing’s high-quality development. The Artificial General Intelligence Computility Forum focused on “Releasing New Quality Productive Forces with Unbounded Intelligence and Computational Foundations”, where industry experts and scholars explored new possibilities in artificial general intelligence computility. The Digital Energy Development Forum 2024, themed as “Energizing the Future with Digital Innovation”, showcased a range of quality development achievements and finalized partnerships for several high-quality projects, uniting all parties to advance digital innovation and development.
The rich array of side events is one of the highlights of this CIFTIS. The International Open Cooperation Promotion Conference circled around developing the international open cooperation zone, drawing representatives from international organizations, leading global companies, and prospective businesses seeking to establish a presence in these areas. It centered on the advantages of Shijingshan’s key industries to attract target enterprises. Furthermore, the Roundtable Discussion of Foreign-Funded Enterprises engaged representatives from international organizations, business associations, and foreign-funded companies from countries like Malaysia, Singapore, and France to explore collaboration in aligning with high-standard international economic and trade rules, as well as market access in the service sector, sharing the successes of modernization with Chinese characteristics.
To enhance the consumer experience for attendees of the CIFTIS, Shijingshan has expanded its comprehensive service offerings in areas such as food, accommodation, transportation, tourism, entertainment and shopping. The Second “Here I Am for CIFTIS” Shijingshan Culture and Tourism Carnival has been significantly upgraded, evidenced by the “Divine Beasts Ascend to Immortal Mountain”: Enchanting Night Tour in Shijing Mountain. The “Surprises Await in Shijingshan. Hey There, CIFTIS!” promotional event was held during the 14th Shijingshan Consumption Festival. This included online surprise announcements and a consumption map showcasing quality shopping venues. Special surprise floats were on display, with oversized themed shopping bags distributed. Shopping centers like Joy City, Xirondo Plaza, Modern Plaza, and Chang’an Mills in Shijingshan also launched supporting promotional activities. Business tours in Shijingshan offered three dedicated routes, inviting exhibitors from digital technology, finance and insurance, culture and tourism, and sports related industries to explore relevant industrial parks and attractions for in-depth exchanges.
The China International Fair for Trade in Services 2024 has successfully concluded. Utilizing this platform, Shijingshan has once again showed its high-quality development achievements and favorable business environment to a global audience. We look forward to collaborating with more partners in an open and inclusive manner to create a win-win future.
View original content:https://www.prnewswire.com/news-releases/shijingshan-committed-to-high-level-openness-302254872.html
SOURCE Open Cooperation Forum
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