-Third Quarter Total Transaction Volume reached RMB52.2 billion, up 1.8% year-over-year-
-Third Quarter International Transaction Volume reached RMB2.7 billion, up 22.7% year-over-year-
-Third Quarter International Revenues increased to RMB635.5 million, up 8.7% year-over-year, contributing 19.4% of total net revenues-

SHANGHAI, Nov. 18, 2024 /PRNewswire/ — FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading fintech platform in China, Indonesia and the Philippines, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 China Market Operational Highlights

Cumulative registered users[6] reached 166.8 million as of September 30, 2024, an increase of 9.3% compared with September 30, 2023.Cumulative borrowers[7] reached 26.3 million as of September 30, 2024, an increase of 6.0% compared with September 30, 2023.Number of unique borrowers[8] for the third quarter of 2024 was 2.0 million, a decrease of 13.0% compared with the same period of 2023.Transaction volume[2] reached RMB49.5 billion for the third quarter of 2024, an increase of 0.8% compared with the same period of 2023.Transaction volume facilitated for repeat individual borrowers[9] for the third quarter of 2024 was RMB43.0 billion, an increase of 1.4% compared with the same period of 2023.Outstanding loan balance[4] reached RMB66.5 billion as of September 30, 2024, an increase of 2.9% compared with September 30, 2023.Average loan size[10] was RMB10,066 for the third quarter of 2024, compared with RMB8,505 for the same period of 2023.Average loan tenure[11] was 8.0 months for the third quarter of 2024, compared with 8.2 months for the same period of 2023.90 day+ delinquency ratio[12] was 2.50% as of September 30, 2024, compared with 1.67% as of September 30, 2023.

Third Quarter 2024 International Market Operational Highlights

Cumulative registered users[13] reached 32.4 million as of September 30, 2024, an increase of 44.0% compared with September 30, 2023.Cumulative borrowers[14] for the international market reached 6.3 million as of September 30, 2024, an increase of 43.2% compared with September 30, 2023.Number of unique borrowers[15] for the third quarter of 2024 was 1.4 million, an increase of 50.5% compared with the same period of 2023.Number of new borrowers[16] for the third quarter of 2024 was 0.67 million, an increase of 59.5% compared with the same period of 2023.Transaction volume[3] reached RMB2.7 billion for the third quarter of 2024, an increase of 22.7% compared with the same period of 2023.Outstanding loan balance[5] reached RMB1.6 billion as of September 30, 2024, an increase of 23.1% compared with September 30, 2023.International business revenue was RMB635.5 million (US$90.6 million) for the third quarter of 2024, an increase of 8.7% compared with the same period of 2023, representing 19.4% of total revenue for the third quarter of 2024.

Third Quarter 2024 Financial Highlights

Net revenue was RMB3,276.1 million (US$466.8 million) for the third quarter of 2024, compared with RMB3,197.5 million for the same period of 2023.Net profit was RMB624.1 million (US$88.9 million) for the third quarter of 2024, compared with RMB574.7 million for the same period of 2023.Non-GAAP adjusted operating income,[17] which excludes share-based compensation expenses before tax, was RMB599.8 million (US$85.5 million) for the third quarter of 2024, compared with RMB583.8 million for the same period of 2023.Diluted net profit per American depositary share (“ADS”) was RMB2.40 (US$0.34) and diluted net profit per share was RMB0.48 (US$0.07) for the third quarter of 2024, compared with RMB2.05 and RMB0.41 for the same period of 2023 respectively.Non-GAAP diluted net profit per ADS was RMB2.55 (US$0.36) and non-GAAP diluted net profit per share was RMB0.51 (US$0.07) for the third quarter of 2024, compared with RMB2.16 and RMB0.43 for the same period of 2023 respectively. Each ADS of the Company represents five Class A ordinary shares of the Company.

Mr. Tiezheng Li, Chief Executive Officer of FinVolution, commented, “Through strong execution of our Local Excellence, Global Outlook strategy, we have cumulatively served 32.6 million borrowers across China, Indonesia and the Philippines as of the end of the third quarter. We continued to prioritize the acquisition of high-quality borrowers, once again driving the total number of new borrowers across all our platforms beyond the one million mark. Total transaction volume reached RMB52.2 billion, while total outstanding loan balance reached RMB68.1 billion, up 1.8% and 3.3% year-over-year, respectively.

“Our international markets continued to deliver faster growth with solid progress across numerous metrics. The number of new borrowers in the international markets surpassed the number of new borrowers in the China market for the second consecutive quarter, reaching 671 thousand, up 59.5% year-over-year. Also, the international market’s transaction volume and outstanding loan balances rose to RMB2.7 billion and RMB1.6 billion, up 22.7% and 23.1% year-over-year, respectively, validating our deep commitment to international expansion,” concluded Mr. Li.

Mr. Jiayuan Xu, FinVolution’s Chief Financial Officer, continued, “Our financial performance improved progressively with net revenues for the third quarter reaching RMB3,276.1 million (US$466.8 million), up 2.5% year-over-year. Contributions from international revenue grew further to RMB635.5 million (US$90.6 million), up 8.7% year-over-year, and accounted for 19.4% of total revenue. Our total liquidity position as of September 30, 2024 stood at RMB8,970.3 million (US$1,278.3 million), up 13.1% from December 31, 2023, reflecting our ability to deliver consistent growth across all our markets while strengthening our capital return program.

“As part of our commitment to consistently return value to shareholders through business growth and capital return, we deployed US$24.3 million in the third quarter of 2024 to repurchase our shares on the secondary market. For the first nine months of 2024, we deployed US$81.1 million to repurchase our shares on the secondary market, up 23.2% year-over-year. Cumulatively, we have returned a total of US$686.1 million to our shareholders through our capital return program since 2018, demonstrating our dedication to consistent and sustainable shareholder value creation,” concluded Mr. Xu.

Third Quarter 2024 Financial Results

Net revenue for the third quarter of 2024 was RMB3,276.1 million (US$466.8 million), compared with RMB3,197.5 million for the same period of 2023. This increase was primarily due to the increase in loan facilitation service fees, guarantee income and other revenue.

Loan facilitation service fees was RMB1,253.1 million (US$178.6 million) for the third quarter of 2024, compared with RMB1,129.8 million for the same period of 2023. The increase was primarily due to the increase in the transaction volume. 

Post-facilitation service fees was RMB425.3 million (US$60.6 million) for the third quarter of 2024, compared with RMB498.9 million for the same period of 2023. This decrease was primarily due to the rolling impact of deferred transaction fees in the China market.

Guarantee income was RMB1,234.8 million (US$176.0 million) for the third quarter of 2024, compared with RMB1,152.0 million for the same period of 2023. This increase was primarily due to the increased outstanding loan balance of off-balance sheet loans in the international market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB185.7 million (US$26.5 million) for the third quarter of 2024, compared with RMB273.3 million for the same period of 2023.This decrease was primarily due to the decrease in the average outstanding loan balances of on-balance sheet loans in the international markets.

Other revenue was RMB177.1 million (US$25.2 million) for the third quarter of 2024, compared with RMB143.5 million for the same period of 2023. This increase was primarily due to the increase in the contributions from other revenue streams.

Origination, servicing expenses and other costs of revenue was RMB603.1 million (US$85.9 million) for the third quarter of 2024, compared with RMB520.0 million for the same period of 2023. This increase was primarily due to the increase in facilitation costs and loan collection expenses as a result of higher outstanding loan balances. 

Sales and marketing expenses was RMB560.2 million (US$79.8 million) for the third quarter of 2024, compared with RMB530.1 million for the same period of 2023, as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.

Research and development expenses was RMB130.7 million (US$18.6 million) for the third quarter of 2024, compared with RMB132.6 million for the same period of 2023. This decrease was primarily due to our improvements in technology development efficiency.

General and administrative expenses was RMB116.8 million (US$16.6 million) for the third quarter of 2024, compared with RMB98.6 million for the same period of 2023. This increase was primarily due to the increased benefits we provided to our employees. 

Provision for accounts receivable and contract assets was RMB99.0 million (US$14.1 million) for the third quarter of 2024, compared with RMB86.9 million for the same period of 2023. This increase was primarily due to the increase in transaction loan volume in both China and international markets. 

Provision for loans receivable was RMB82.4 million (US$11.7 million) for the third quarter of 2024, compared with RMB176.8 million for the same period of 2023. This decrease was primarily due to the decrease in the loan volume and the outstanding loan balances of on-balance sheet loans in the international markets.

Credit losses for quality assurance commitment was RMB1,123.6 million (US$160.1 million) for the third quarter of 2024, compared with RMB1,099.2 million for the same period of 2023. The increase was primarily due to the increased outstanding loan balances of off-balance sheet loans in the international markets.

Operating profit was RMB560.2 million (US$79.8 million) for the third quarter of 2024, compared with RMB553.4 million for the same period of 2023.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB599.8 million (US$85.5 million) for the third quarter of 2024, compared with RMB583.8 million for the same period of 2023.

Other income was RMB185.5 million (US$26.4 million) for the third quarter of 2024, compared with RMB124.4 million for the same period of 2023. The increase was mainly due to the increase in government subsidies.

Income tax expense was RMB121.7 million (US$17.3 million) for the third quarter of 2024, compared with RMB103.1 million for the same period of 2023. This increase was mainly due to the increase in pre-tax profit and the change in effective tax rate.  

Net profit was RMB624.1 million (US$88.9 million) for the third quarter of 2024, compared with RMB574.7 million for the same period of 2023.

Net profit attributable to ordinary shareholders of the Company was RMB623.6 million (US$88.9 million) for the third quarter of 2024, compared with RMB566.0 million for the same period of 2023.

Diluted net profit per ADS was RMB2.40 (US$0.34) and diluted net profit per share was RMB0.48 (US$0.07) for the third quarter of 2024, compared with RMB2.05 and RMB0.41 for the same period of 2023 respectively.

Non-GAAP diluted net profit per ADS was RMB2.55 (US$0.36) and non-GAAP diluted net profit per share was RMB0.51 (US$0.07) for the third quarter of 2024, compared with RMB2.16 and RMB0.43 for the same period of 2023 respectively. Each ADS represents five Class A ordinary shares of the Company.

As of September 30, 2024, the Company had cash and cash equivalents of RMB5,104.3 million (US$727.4 million) and short-term investments, mainly in wealth management products and term deposits, of RMB3,866.0 million (US$550.9 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company’s platform in China’s Mainland as of September 30, 2024. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart: https://mma.prnewswire.com/media/2560279/Picture1.jpg?p=publish

Shares Repurchase Update

For the third quarter of 2024, the Company deployed a total of US$24.3 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. As of September 30, 2024, in combination with the Company’s historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$361.1 million since 2018.

Business Outlook

While the macroeconomic recovery continued to gain traction with pockets of improvement since the beginning of 2024, uncertainties persist in the markets in which we operate. The Company has observed encouraging signs of recovery and will continue to closely monitor macro conditions across our pan-Asian markets and remain prudent in our business operations. The Company reiterates its full-year 2024 transaction volume guidance for the China market in the range of RMB195.7 billion to RMB205.0 billion, representing year-over-year growth of approximately 5.0% to 10.0%. At the same time, the Company expects its full-year 2024 transaction volume for the international markets to be in the range of RMB9.4 billion to RMB11.0 billion, representing year-over-year growth of approximately 20.0% to 40.0%.

The above forecast is based on the current market conditions and reflects the Company’s current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers’ and institutional partners’ demands, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 7:30 PM U.S. Eastern Time on November 18, 2024 (8:30 AM Beijing/Hong Kong Time on November 19, 2024).

Dial-in details for the earnings conference call are as follows:

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 25, 2024, by dialing the following telephone numbers:

About FinVolution Group 

FinVolution Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of September 30, 2024, the Company had 199.2 million cumulative registered users across China, Indonesia and the Philippines.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press 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 RMB7.0176 to US$1.00, the rate in effect as of September 30, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

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SOURCE FinVolution Group

NEW YORK, Nov. 18, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global content marketing market  size is estimated to grow by USD 654.78 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  16.01%  during the forecast period. Rise in number of users on social media is driving market growth, with a trend towards use of ai with social media management software. However, frauds related to digital advertisements  poses a challenge.Key market players include Adobe Inc., Alma Media, Brafton Inc., ClearVoice Inc., Contentoo B.V., Eucalypt LLC, Hootsuite Inc, HubSpot Inc., Influence and Co., IZEA Worldwide Inc., Rock Content, Seismic Software Inc., Skyword Inc., Sprinklr Inc., Upland Software Inc., Contently Inc., CoSchedule LLC,  Interact Marketing, Kenscio, and Vendasta Technologies Inc..

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Key Market Trends Fueling Growth

Content Marketing is a trending business strategy in the Digital Transformation era, focusing on creating and sharing valuable, relevant, and consistent content to attract and engage a clearly defined audience – Internet users. Enterprises are shifting from Traditional channels to Digital platforms for Marketing strategies, involving more Client involvement efforts. Consumer behavior drives this change, as people spend more time online for Digital communications and Online engagement. Skills like Data analysis, AI-powered automation, and Content marketing systems are essential. Generative AI platforms and Content marketing software streamline Digital content creation. Brands aim for Brand visibility, targeting specific Demographics through various Content formats. Marketing agencies and Advertising agencies adapt, offering Social media posts, Video platforms, and Cloud deployment options. IT providers and Technology journals publish recognized articles by certified authors for a Consumer-centric market, focusing on Customer experience, Retention of customers, and Brand loyalty. AI and Machine Learning (ML) components like Cloud computing, Cybersecurity Ventures, and Streaming platforms are integral to Content Marketing systems. Large-sized Enterprises in sectors like Healthcare and Pharmaceutical, Media and Entertainment, Travel and Tourism, and Charities/nonprofit organizations leverage these tools for On-premise deployment or Cloud deployment. Content Marketing software is a significant Software component in this landscape. In summary, Content Marketing is a vital Digital communications strategy for businesses, focusing on creating valuable content for specific audiences, leveraging AI and ML tools, and adapting to the Consumer-centric market. 

In today’s digital business landscape, companies are focusing on creating connected platforms and generating new revenue streams. To gain a competitive edge, industries invest in IT infrastructure and analytical solutions in real-time. Advanced Business Intelligence (BI) is increasingly important for modern businesses. Artificial Intelligence (AI) significantly enhances content marketing with innovative technologies such as virtual agents, chatbots, targeted advertising, and suggestive web searches. AI offers a comprehensive perspective on business operations and related information, enabling businesses to make informed decisions. 

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Market Challenges

In today’s digital transformation, enterprises face challenges in reaching and engaging their target audience through traditional channels. With over 4.66 billion internet users, digital platforms have become essential for marketing strategies. However, creating high-quality content for various formats like textual, graphical, audio, and video requires specific skills and resources. Client involvement efforts and data analysis are crucial for effective content marketing systems. AI-powered automation through generative AI platforms and content marketing software streamline digital communications and online engagement. Brands aim for brand visibility in a competitive landscape, including marketing agencies and advertising agencies. Understanding consumer behavior, demographics, and content formats is essential. Large-sized enterprises in sectors like healthcare and pharmaceutical, media and entertainment, travel and tourism, and charities/nonprofit organizations leverage technology providers and IT for content marketing software. AI and Machine Learning (ML) components, such as Cloud computing and cybersecurity, ensure data security and efficient on-premise or cloud deployment. In the consumer-centric market, content marketing software retains customers and builds brand loyalty. Stay updated with technology journals, certified publications, recognized authors, and audience preferences to optimize your content advertising strategy.Digital platform content advertisements, a form of online advertising, have evolved over time to promote products or services to consumers. However, concerns regarding digital advertisement fraud have emerged. This issue involves deceitful practices such as displaying advertisements when users are not engaged, utilizing content-scraping websites to generate false traffic, and creating fake delivery mechanisms for advertisements that consumers do not view. Digital advertisement fraud was first recognized over a decade ago with the increasing demand for search engine marketing. Industry professionals must remain vigilant to safeguard their investments from these fraudulent activities.

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Segment Overview 

This content marketing market report extensively covers market segmentation by

End-user 1.1 Retail1.2 Automotive1.3 Financial services1.4 Telecom1.5 OthersPlatform 2.1 Blogging2.2 Videos2.3 Infographics2.4 Case studies2.5 OthersObjective 3.1 Lead generation3.2 Brand awareness3.3 Thought leadership3.4 OthersGeography 4.1 APAC4.2 North America4.3 Europe4.4 South America4.5 Middle East and Africa

1.1 Retail-  The retail segment, including omnichannel companies and traditional retailers, significantly benefits from content marketing. This marketing strategy increases website traffic, establishes authority and trust, creates brand awareness, develops brand personality, fuels social media engagement, supports the conversion funnel, and improves conversion rates. With the growing retail industry and the increasing use of mobile devices for shopping, content marketing becomes essential for retailers to connect with their audience. Retailers can share brand stories and product information, fostering customer engagement and attracting potential customers. Notable retailers, such as Walmart Inc., Costco Wholesale Corp., and Hudson Bay Co., have adopted content marketing, creating demand in the global content marketing market, particularly in North America. The benefits of content marketing will continue to drive growth in the retail sector during the forecast period.

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Research Analysis

The Content Market is a dynamic and ever-evolving landscape where enterprises create and distribute digital content to engage with Internet users. With the digital transformation, traditional channels are being replaced by digital platforms, leading to new marketing strategies and client involvement efforts. Consumer behavior is a key factor in content creation, with skills in digital content creation becoming increasingly important. Cloud computing plays a significant role in content storage and delivery, while cybersecurity is a top concern for content providers. Cybersecurity Ventures predicts that the global cybersecurity workforce shortage will reach 3.5 million by 2021. Technology providers and IT journals are valuable resources for staying informed about the latest trends and best practices in the Content Market. Certified publications, articles from recognized authors, and various forms of content such as textual, graphical, audio, and video, are essential components of a successful content marketing strategy. On-premise deployment remains an option for some enterprises, but the future lies in the cloud.

Market Research Overview

The Content Market is a dynamic and evolving landscape where enterprises meet the demands of Internet users for engaging and personalized digital content. Traditional channels are being replaced by digital platforms, necessitating marketing strategies that prioritize client involvement efforts and consumer behavior. Skills like data analysis and content marketing systems are essential for success in this arena. AI-powered automation and generative AI platforms are revolutionizing content marketing, enabling businesses to create and distribute textual, graphical, audio, and video content at scale. Content marketing software facilitates digital communications and online engagement, enhancing brand visibility and reaching target audiences effectively. Demographics and content formats are crucial considerations for enterprises in various industries, including healthcare and pharmaceutical, media and entertainment, travel and tourism, charities/nonprofit organizations, and IT technology providers. Brand loyalty and customer experience are key drivers in the consumer-centric market, with retention and advertising strategies playing a significant role. Cybersecurity Ventures predicts that the Internet will have 5.3 billion users by 2022, underscoring the importance of a strong online presence. Cloud computing, streaming, and on-premise deployment are popular options for content marketing software, catering to the needs of large-sized enterprises. Marketing agencies and advertising agencies are essential partners in content marketing, offering expertise in social media posts, video platforms, and digital content creation. Technology journals and certified publications are valuable resources for staying informed about the latest trends and best practices in the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userRetailAutomotiveFinancial ServicesTelecomOthersPlatformBloggingVideosInfographicsCase StudiesOthersObjectiveLead GenerationBrand AwarenessThought LeadershipOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

SANTA CLARA, Calif., Nov. 18, 2024 /PRNewswire/ — Tuya, Inc. (“Tuya” or the “Company”, together with its subsidiaries and consolidated affiliated entities, the “Group”) (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced that the board (the “Board”) of directors of the Company has appointed Ms. Zhang Yan (“Ms. Zhang”) to serve as a director with immediate effect.

Ms. Zhang has been serving as the vice president of finance of the Company and several major subsidiaries since January 2021. Ms. Zhang is responsible for the finance of the Group. Prior to joining the Company, Ms. Zhang worked at Ernst & Young Hua Ming LLP from December 2009 to January 2021, where her last position was senior audit manager. Ms. Zhang received a bachelor’s degree in management from Shanxi University of Finance and Economics in the PRC in July 2006, and a master’s degree in management from Dongbei University of Finance and Economics in the PRC in January 2009.

As of the date of this press release, the Board comprises Mr. Wang Xueji, Mr. Chen Liaohan, Mr. Yang Yi and Ms. Zhang Yan as executive directors, and Mr. Huang Sidney Xuande, Mr. Qiu Changheng, Mr. Kuok Meng Xiong (alias Guo Mengxiong) and Mr. Yip Pak Tung Jason as independent directors. The appointment of Ms. Zhang allows the Board to meet the gender diversity requirements outlined by The Stock Exchange of Hong Kong Limited, and promotes a more balanced Board composition.

“We welcome our current vice president of finance, Ms. Zhang, to the Board as an executive director,” said Mr. WANG Xueji, Founder and CEO of Tuya. “With her extensive experience in financial management and her background at the Big Four accounting firm Ernst & Young, Ms. Zhang will bring valuable expertise to the Board, aligning with Tuya’s commitment of diversity.”

The Board also warmly welcomes Ms. Zhang to her new role and looks forward to her continued contributions to Tuya’s success.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness. For more information, please visit https://ir.tuya.com/overview/default.aspx

Disclosure Information

Tuya uses the https://ir.tuya.com/overview/default.aspx website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

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 Tuya’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. 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 Tuya’s filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and Tuya disclaims any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

Investor Relations Contact

Tuya Inc.
Investor Relations
Email: ir@tuya.com

The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.co

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SOURCE Tuya Inc.