Technology
DouYu International Holdings Limited Reports Second Quarter 2024 Unaudited Financial Results
Published
4 months agoon
By
WUHAN, China, Sept. 12, 2024 /PRNewswire/ — DouYu International Holdings Limited (“DouYu” or the “Company”) (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial and Operational Highlights
Total net revenues in the second quarter of 2024 were RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023.Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023.Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023.Adjusted net loss[1] in the second quarter of 2024 was RMB45.5 million (US$6.3 million), compared with adjusted net income of RMB61.4 million in the same period of 2023.Average mobile MAUs[2] in the second quarter of 2024 were 44.1 million, compared with 50.3 million in the same period of 2023.The number of quarterly average paying users[3] in the second quarter of 2024 was 3.4 million, compared with 4.0 million in the same period of 2023.
The interim management committee of DouYu commented, “In the second quarter of 2024, we further enriched our content ecosystem and enhanced our diversified commercialization capabilities. In deepening our collaboration with streamers and game developers on content innovation and product upgrades, we successfully introduced diverse cooperative models that bring DouYu users more exceptional content experiences and an expanded array of gaming services. Our long-term development strategy remains centered on fostering a vibrant, diverse, game-centric content ecosystem by harnessing the strengths of DouYu’s deep-rooted streamer resources and premium content. We will continue to dynamically adapt our operating strategies amid the evolving macroeconomic and industry shifts, proactively addressing challenges and optimizing our platform’s content ecosystem to serve our overarching goal of long-term, sustainable growth.”
Mr. Hao Cao, Vice President of DouYu, commented, “Our strategic revenue diversification initiatives yielded encouraging results in the second quarter. Revenue from Innovative business, advertising and others (formerly known as advertising and other revenues) steadily increased to RMB242 million, contributing 23.4% of our total revenue, a significant improvement from 9.6% in the same period of 2023. Despite short-term financial pressure from macroeconomic headwinds and an evolving business landscape, we remain committed to rewarding the trust and support of our shareholders. In addition to our US$20 million share repurchase program announced in December 2023, which was successfully completed in July, we announced a US$300 million special cash dividend in early July. Looking ahead, we will continue to explore commercial diversification pathways, prioritizing the Company’s long-term, healthy growth to deliver value to our shareholders.”
Second Quarter 2024 Financial Results
Total net revenues in the second quarter of 2024 decreased by 25.9% to RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023.
Livestreaming revenues in the second quarter of 2024 decreased by 37.2% to RMB790.1 million (US$108.7 million) from RMB1,258.3 million in the same period of 2023. The decrease was primarily due to the soft macroeconomic environment, in response to which we offered lower-priced products and reduced promotional events focused on paying user acquisition. As a result, there was a year-over-year decrease in both average revenue per paying user and the number of total paying users.
Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the second quarter of 2024 increased by 80.7% to RMB242.0 million (US$33.3 million) from RMB133.9 million in the same period of 2023. The increase was primarily driven by an increase in other revenues generated through our other innovative business, such as the voice-based social networking service.
Cost of revenues in the second quarter of 2024 decreased by 21.2% to RMB947.8 million (US$130.4 million) from RMB1,203.3 million in the same period of 2023.
Revenue-sharing fees and content costs in the second quarter of 2024 decreased by 18.1% to RMB803.4 million (US$110.6 million) from RMB981.3 million in the same period of 2023. The decrease was primarily due to a decrease in revenue-sharing fees aligned with decreased livestreaming revenues, as well as a decline in content costs resulting from improved cost management in streamer payments and copyrighted content, and partially offset by the increase in costs related to the innovative business.
Bandwidth costs in the second quarter of 2024 decreased by 33.0% to RMB79.6 million (US$11.0 million) from RMB118.8 million in the same period of 2023. The decline was primarily due to a year-over-year decrease in peak bandwidth usage.
Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023. The decline in gross profit was primarily due to the decrease in livestreaming revenues outpacing the decline in cost of revenues. Gross margin in the second quarter of 2024 was 8.2%, compared with 13.6% in the same period of 2023.
Sales and marketing expenses in the second quarter of 2024 decreased by 11.5% to RMB77.0 million (US$10.6 million) from RMB87.0 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses.
Research and development expenses in the second quarter of 2024 decreased by 29.4% to RMB50.1 million (US$6.9 million) from RMB71.0 million in the same period of 2023. The decrease was primarily due to a decrease in staff-related expenses.
General and administrative expenses in the second quarter of 2024 increased by 3.4% to RMB48.5 million (US$6.7 million) from RMB46.9 million in the same period of 2023. The increase was primarily due to increased expenses related to our employee streamlining initiatives.
Other operating expenses, net in the second quarter of 2024 were RMB28.2 million (US$3.9 million), compared with other operating income of RMB8.6 million in the same period of 2023.
Loss from operations in the second quarter of 2024 was RMB119.6 million (US$16.5 million), compared with RMB7.5 million in the same period of 2023.
Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023.
Adjusted net loss, which excludes the share of loss in equity method investments, and impairment loss of investments, was RMB45.5 million (US$6.3 million) in the second quarter of 2024, compared with adjusted net income of RMB61.4 million in the same period of 2023.
Basic and diluted net loss per ADS[4] in the second quarter of 2024 were both RMB1.58 (US$0.22). Adjusted basic and diluted net loss per ADS in the second quarter of 2024 were both RMB1.46 (US$0.20).
Cash and cash equivalents, restricted cash and bank deposits
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB6,561.3 million (US$902.9 million), compared with RMB6,855.5 million as of December 31, 2023.
Updates of Share Repurchase Program
On December 28, 2023, the Company announced that its board of directors had authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of ADSs during a period of up to 12 months commencing on January 1, 2024. As of June 30, 2024, the Company had repurchased an aggregate of US$11.2 million of its ADSs in the open market under this program. The allotment of US$20 million was used in full by July 18, 2024.
Conference Call Information
The Company will hold a conference call on September 12, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:
International:
+1-412-317-6061
United States Toll-Free:
+1-888-317-6003
Mainland China Toll-Free:
4001-206115
Hong Kong Toll Free:
800-963976
Singapore Toll Free:
800-120-5863
Conference ID:
8687804
The replay will be accessible through September 19, 2024, by dialing the following numbers:
International:
+1-412-317-0088
United States Toll Free:
+1-877-344-7529
Conference ID:
1678388
A live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.douyu.com.
[1] “Adjusted net loss” is defined as net loss excluding share of loss in equity method investments, and impairment loss of investments. For more information, please refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period by (ii) the number of months in such period.
[3] “Quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period by (ii) the number of quarters in such period. “Paying user” refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.
[4] Every one ADS represents one ordinary share for the relevant period and calendar year.
About DouYu International Holdings Limited
Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.
Use of Non-GAAP Financial Measures
Adjusted net income (loss) is calculated as net income (loss) adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share of loss in equity method investments, (ii) impairment loss of investments to understand and evaluate the Company’s core operating performance. The non-GAAP financial measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” near the end of this release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars, at that rate on June 28, 2024, or at any other rate.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and 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: the Company’s results of operations and financial condition; the Company’s business strategies; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company’s business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
Lingling Kong
DouYu International Holdings Limited
Email: ir@douyu.tv
Tel: +86 (10) 6508-0677
Andrea Guo
Piacente Financial Communications
Email: douyu@tpg-ir.com
Tel: +86 (10) 6508-0677
In the United States:
Brandi Piacente
Piacente Financial Communications
Email: douyu@tpg-ir.com
Tel: +1-212-481-2050
Media Relations Contact
In China:
Lingling Kong
DouYu International Holdings Limited
Email: pr_douyu@douyu.tv
Tel: +86 (10) 6508-0677
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share and per ADS data)
As of December 31
As of June 30
2023
2024
2024
ASSETS
RMB
RMB
US$ (1)
Current assets:
Cash and cash equivalents
4,440,131
4,061,140
558,831
Restricted cash
–
21
3
Short-term bank deposits
1,716,540
1,974,461
271,695
Accounts receivable, net
73,453
52,279
7,194
Prepayments
38,181
26,085
3,589
Amounts due from related parties
68,994
61,859
8,512
Other current assets, net
348,129
482,012
66,327
Total current assets
6,685,428
6,657,857
916,151
Property and equipment, net
13,808
8,525
1,172
Intangible assets, net
120,694
141,671
19,495
Long-term bank deposits
630,000
450,000
61,922
Investments
436,197
431,112
59,323
Right-of-use assets, net
22,792
5,925
815
Other non-current assets
163,184
138,797
19,099
Total non-current assets
1,386,675
1,176,030
161,826
TOTAL ASSETS
8,072,103
7,833,887
1,077,977
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable
534,428
464,509
63,919
Advances from customers
12,911
10,194
1,403
Deferred revenue
315,969
271,061
37,299
Accrued expenses and other current liabilities
246,601
191,607
26,366
Amounts due to related parties
251,392
382,574
52,644
Lease liabilities due within one year
14,768
4,523
622
Total current liabilities
1,376,069
1,324,468
182,253
Lease liabilities
6,701
563
77
Total non-current liabilities
6,701
563
77
TOTAL LIABILITIES
1,382,770
1,325,031
182,330
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the
H.10 statistical release of the Federal Reserve Board.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
As of December 31
As of June 30
2023
2024
2024
RMB
RMB
US$ (1)
SHAREHOLDERS’ EQUITY
Ordinary shares
23
23
3
Treasury shares
(911,217)
(991,370)
(136,417)
Additional paid-in capital
10,670,287
10,670,287
1,468,280
Accumulated deficit
(3,485,007)
(3,622,129)
(498,422)
Accumulated other comprehensive income
415,247
452,045
62,203
Total DouYu Shareholders’ Equity
6,689,333
6,508,856
895,647
Total Shareholders’ Equity
6,689,333
6,508,856
895,647
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
8,072,103
7,833,887
1,077,977
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the
H.10 statistical release of the Federal Reserve Board.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$ (1)
RMB
RMB
US$ (1)
Net revenues
1,392,193
1,039,684
1,032,041
142,014
2,875,253
2,071,725
285,079
Cost of revenues
(1,203,294)
(930,678)
(947,823)
(130,425)
(2,509,888)
(1,878,501)
(258,490)
Gross profit
188,899
109,006
84,218
11,589
365,365
193,224
26,589
Operating income (expense)
Sales and marketing expenses
(87,047)
(75,570)
(76,963)
(10,590)
(177,733)
(152,533)
(20,989)
General and administrative expenses
(46,938)
(42,797)
(48,496)
(6,673)
(106,731)
(91,293)
(12,562)
Research and development expenses
(71,043)
(54,150)
(50,135)
(6,899)
(143,354)
(104,285)
(14,350)
Other operating income (expense), net
8,615
(103,428)
(28,189)
(3,879)
27,661
(131,617)
(18,111)
Total operating expenses
(196,413)
(275,945)
(203,783)
(28,041)
(400,157)
(479,728)
(66,012)
Loss from operations
(7,514)
(166,939)
(119,565)
(16,452)
(34,792)
(286,504)
(39,423)
Other expenses, net
(24,431)
–
(943)
(130)
(32,431)
(943)
(130)
Interest income
67,252
81,094
75,972
10,454
121,679
157,066
21,613
Foreign exchange gain, net
1,641
153
604
83
245
757
104
Income (loss) before income taxes and share of loss
in equity method investments
36,948
(85,692)
(43,932)
(6,045)
54,701
(129,624)
(17,836)
Income tax expense
–
–
(2,510)
(345)
–
(2,510)
(345)
Share of loss in equity method investments
(30,100)
(2,261)
(2,727)
(375)
(33,336)
(4,988)
(686)
Net income (loss)
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Net income (loss) attributable to ordinary
shareholders of the Company
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Net income (loss) per ordinary share
Basic
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Diluted
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Net income (loss) per ADS(2)
Basic
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Diluted
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Weighted average number of ADS used in calculating net income (loss) per ADS(2)
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical
release of the Federal Reserve Board.
(2) Every one ADS represents one ordinary share.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$ (1)
RMB
RMB
US$ (1)
Loss from operations
(7,514)
(166,939)
(119,565)
(16,452)
(34,792)
(286,504)
(39,423)
Adjusted operating loss
(7,514)
(166,939)
(119,565)
(16,452)
(34,792)
(286,504)
(39,423)
Net income (loss)
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Add:
Share of loss in equity method investments
30,100
2,261
2,727
375
33,336
4,988
686
Impairment loss of investments(2)
24,431
–
943
130
32,431
943
130
Adjusted net income (loss)
61,379
(85,692)
(45,499)
(6,260)
87,132
(131,191)
(18,051)
Net income (loss) attributable to DouYu
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Add:
Share of loss in equity method investments
30,100
2,261
2,727
375
33,336
4,988
686
Impairment loss of investments
24,431
–
943
130
32,431
943
130
Adjusted net income (loss) attributable to DouYu
61,379
(85,692)
(45,499)
(6,260)
87,132
(131,191)
(18,051)
Adjusted net income (loss) per ordinary share
Basic
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Diluted
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Adjusted net income (loss) per ADS(3)
Basic
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Diluted
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Weighted average number of ordinary shares used in calculating Adjusted net income (loss) per ordinary share
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Weighted average number of ADS used in calculating net income (loss) per ADS(2)
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical
release of the Federal Reserve Board.
(2) Impairment loss of investments was included in line item “Other expenses, net” of condensed consolidated statements of income (loss).
(3) Every one ADS represents one ordinary share.
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SOURCE DouYu International Holdings Limited
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UL verification: Micromobility Performance Range, Energy Consumption and Acceleration
During CES, UL awarded the ST3 Pro-U and GT3 Pro-U with the “Micromobility Performance Range/Energy Consumption/Acceleration” verification. This recognition validates NAVEE’s engineering excellence, with both scooters exceeding rigorous standards for range, energy efficiency, and acceleration. Bryan Bai, NAVEE’s Vice President and Head of North American Sales, and Sherry He, vice president and general manager of Consumer, Medical and Information Technologies at UL Solutions, presided over the award ceremony.
TÜV Rheinland Certification: Range at Max. Speed
Simultaneously, TÜV Rheinland granted the ST3 Pro its “Range at Max. Speed” certification, verifying that the scooter delivers on its promised maximum speed range capabilities. Jay Yang, Vice President of Greater China Electrical at TÜV Rheinland, presented the certification to NAVEE, underscoring the scooter’s exceptional performance standards.
“These launches at CES 2025 represent a significant milestone in our mission to advance smart mobility technology for consumers worldwide,” said Lu Jian, Brand Representative of NAVEE. “The UL verification and TÜV Rheinland certification demonstrate our unwavering commitment to excellence and validate the real-world performance our customers can expect.”
ST3 Pro and GT3 Pro: Redefining Smart Mobility
The ST3 Pro and GT3 Pro represent the next evolution in urban transportation. Engineered for the demands of modern city commuting, these premium electric scooters combine exceptional range and acceleration with sophisticated smart features. The prestigious UL verification and TÜV Rheinland certification affirm NAVEE’s position as an industry pioneer in electric mobility innovation.
About NAVEE
Founded in 2021, NAVEE has quickly emerged as a leader in the global electric mobility market. With a presence in over 30 countries and more than 200,000 users, NAVEE is revolutionizing urban commuting with stylish, reliable electric scooters. The company continues to invest heavily in research and development, ensuring it remains at the forefront of innovation in the electric mobility sector.
For more information, visit: NAVEE Official Website https://www.naveetech.com/
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SOURCE NAVEE
Technology
Fintech nsave launches investment platform, offering people from distressed economies protection from inflation with compliant and safe investments abroad
Published
5 minutes agoon
January 10, 2025By
nsave offers trusted dollar, sterling or euro accounts abroad to people from high inflation countries.Customers can now access a range of US equities, ETFs and funds.TQ Ventures leads $18mn financing, with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton.
LONDON and GENEVA, Jan. 10, 2025 /PRNewswire/ — nsave, the provider of trusted, compliant accounts abroad to people from countries with high inflation, has today announced the launch of an investment product, enabling people at risk of financial exclusion to protect and grow their wealth.
The company also confirmed an $18mn Series A investment led by TQ Ventures with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton Foundation, to accelerate their growth.
Today’s means customers can access US equities, ETFs and soon funds managed by some of the world’s largest asset managlaunchers via the nsave app, subject to onboarding and compliance checks.
By working with regulated financial institutions and banking partners in the UK and Switzerland, nsave offers safe and compliant accounts abroad, democratising offshore services to millions of people affected by high inflation or economic uncertainty in their home countries.
nsave’s customers include young professionals who move abroad and face exclusionary and outdated compliance processes due to their country of birth, alongside people from high inflation economies, who fear their life savings will be wiped out.
Based in London and Geneva, nsave is led by former Rhodes Scholars Amer Baroudi and Abdallah AbuHashem.
nsave CEO Amer Baroudi said: “Our vision is to go beyond just protecting everyday people’s wealth by enabling safe and compliant accounts abroad, but to enable them to grow it, too.”
“For some of our customers, this is the first time they can access trusted investment services securely. We believe your passport shouldn’t determine your path to prosperity. Our compliance-by-design approach enables us to offer services safely to many more people.”
TQ Ventures co-founder and co-managing partner, Schuster Tanger, said: “nsave is tapping into a massive market of individuals underserved by existing financial services who need secure, stable financial solutions.”
“From the outset, I was impressed by nsave’s unique approach and the strength of their team, no doubt a function of Amer and Abdallah’s own lived experience of these challenges. We’re thrilled to roll up our sleeves with nsave to create a more inclusive financial system.”
Contact:
press@nsave.com
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Technology
Vietnam’s Youth Rally Behind Blockchain: KuCoin Reveals Groundbreaking Insights at VTIS 2024
Published
5 minutes agoon
January 10, 2025By
HANOI, Vietnam, Jan. 10, 2025 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to share the findings from its second edition of the KuCoin Campus Survey, conducted during the Vietnam Technology & Investment Summit (VTIS) 2024. With 926 participants surveyed from December 3rd to December 4th, 2024, the results underscore the vibrant interest in blockchain technologies among Vietnam’s youth, reinforcing KuCoin’s commitment to nurturing this vital market.
The survey, a key initiative under KuCoin Campus, highlights a strong, positive sentiment towards cryptocurrencies, with 92% of participants optimistic about the future of digital assets. Remarkably, 82% of respondents are considering blockchain-related careers, signaling a burgeoning talent pool eager for development and opportunities within the industry.
Vietnam’s strategic importance to both KuCoin and the broader crypto community is evident as 68% of participants expressed a “very high interest” in blockchain, making it a critical hub for crypto innovations and community engagement. Additionally, 73% of respondents currently hold cryptocurrencies, demonstrating a mature market ready for further expansion and adoption.
The survey also uncovered a significant inclination towards diverse blockchain roles, with data analysis (24%), marketing (22%), and business development (21%) being the most coveted. These insights are invaluable as they highlight the areas of highest potential and interest among the future workforce.
“Vietnam has been and will continue to be a key market for us,” said Alicia Kao, the Managing Director of KuCoin. “As the People’s Exchange, we are committed to empowering and equipping this new generation with the tools they need to succeed in the evolving digital landscape.”
View the full report here (EN version, VN Version), or visit KuCoin’s official website for further information.
About KuCoin
Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.
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View original content:https://www.prnewswire.co.uk/news-releases/vietnams-youth-rally-behind-blockchain-kucoin-reveals-groundbreaking-insights-at-vtis-2024-302347817.html
NAVEE Launches ST3 Pro and GT3 Pro at CES 2025, Receives UL and TÜV Rheinland Certifications
Fintech nsave launches investment platform, offering people from distressed economies protection from inflation with compliant and safe investments abroad
Vietnam’s Youth Rally Behind Blockchain: KuCoin Reveals Groundbreaking Insights at VTIS 2024
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