Technology
InsurTech Market to Grow by USD 77.41 Billion (2024-2028), Driven by the Need to Improve Business Efficiency, with AI Redefining Market Landscape – Technavio
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NEW YORK, Nov. 19, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global insurtech market size is estimated to grow by USD 77.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.35% during the forecast period. Increasing need to improve business efficiency is driving market growth, with a trend towards investors collaborating with insurtech firms. However, high cost of investment poses a challenge.Key market players include Acko Technology and Services Pvt. Ltd., Allianz SE, Berkshire Hathaway Inc., Charles Taylor Ltd., Cuvva Ltd., Cytora Ltd., DeadHappy Ltd., Flock Ltd., Friendsurance, Kin Insurance Technology Hub LLC, KYND Ltd., Laka Ltd., Massachusetts Mutual Life Insurance Co., Milvik AB, Nimbla Ltd., Quantemplate Technologies Inc., simplesurance GmbH, Slice Insurance Technologies Inc., Uinsure Ltd., Urban Jungle Services Ltd., Wrisk Ltd., ExtraCover Ltd., and F2X Group Ltd..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Application (Marketing and distribution, IT support, Claim management, Policy administration and management, and Others), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)
Region Covered
North America, Europe, APAC, Middle East and Africa, and South America
Key companies profiled
Acko Technology and Services Pvt. Ltd., Allianz SE, Berkshire Hathaway Inc., Charles Taylor Ltd., Cuvva Ltd., Cytora Ltd., DeadHappy Ltd., Flock Ltd., Friendsurance, Kin Insurance Technology Hub LLC, KYND Ltd., Laka Ltd., Massachusetts Mutual Life Insurance Co., Milvik AB, Nimbla Ltd., Quantemplate Technologies Inc., simplesurance GmbH, Slice Insurance Technologies Inc., Uinsure Ltd., Urban Jungle Services Ltd., Wrisk Ltd., ExtraCover Ltd., and F2X Group Ltd.
Key Market Trends Fueling Growth
InsurTech, the fusion of Insurance and Technology, is creating waves in the industry. This innovation is revolutionizing the creation, distribution, and administration of insurance products. From social insurance to life & health, auto, marine, liability, buildings, and commercial buildings insurance, InsurTech is transforming business lines and product lines. Machine learning and artificial intelligence are driving personalized solutions for niche customers. Real-time tracking and monitoring information enable better risk monitoring and decision making. Customer data is the new currency, with predictions based on purchase quantity and consumer needs. Cloud computing, blockchain, IoT, and digital solutions are the new norm. InsurTech is transforming insurance planning with big data, chatbots, and on-premise solutions. Insurance carriers are embracing digital transformation, leveraging technology to streamline operations and enhance customer experience. The future of InsurTech lies in continuous innovation and meeting evolving customer needs.
Investors are showing heightened enthusiasm towards partnering with InsurTech firms, as evidenced by the recent conference where 1,500 investors, entrepreneurs, and insurance executives convened. The primary objective of the event was to explore how technology is revolutionizing the insurance sector. Technological advancements have significantly impacted the insurance value chain, streamlining costing processes, enhancing consumer experience, increasing transparency, reducing fraud through data analysis, and simplifying claims for customers. InsurTech companies are prioritizing the growing consumer demand for tailored insurance products and personalized services.
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Market Challenges
The InsurTech market is revolutionizing the insurance industry by creating and distributing innovative insurance products using technology. Challenges in insurance creation and administration are being addressed through the use of machine learning and artificial intelligence. Social insurance and customer data analysis help insurers make accurate predictions and personalized decisions for insurance planning. Real-time tracking and monitoring information are crucial for risk monitoring and customer satisfaction. Insurance carriers are embracing digital solutions to meet consumer needs, including cloud computing, IoT, and blockchain. Business lines and product lines are catering to niche customers with specific risk profiles. Machine learning algorithms help insurers assess purchase quantity and make informed decisions. Big data and chatbots streamline customer interaction and improve decision-making processes. Solutions providers are leading the digital transformation in insurance, offering cloud-based and on-premise solutions for life & health, auto, marine, liability, buildings, and commercial buildings insurance. IoT devices provide real-time data for dwelling coverage, contents coverage, and risk monitoring. The integration of technology in insurance is a game-changer, enabling insurers to provide customized solutions and improve overall customer experience.Insurance firms are embracing the sale of products through the latest technology, known as InsurTech. However, this new approach necessitates specialized training for insurance staff to effectively use the technology and understand the insurance offerings. Retraining is essential to ensure that employees can provide clients with suitable insurance solutions. Many firms are integrating technology with banking and broking services, but managing these systems effectively requires technical expertise, which some firms may lack. Therefore, investing in trainers for staff and brokers is crucial for successful implementation of InsurTech solutions.
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Segment Overview
This insurtech market report extensively covers market segmentation by
Application 1.1 Marketing and distribution1.2 IT support1.3 Claim management1.4 Policy administration and management1.5 OthersDeployment 2.1 On-premises2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America
1.1 Marketing and distribution- The InsurTech market’s marketing and distribution segment is poised for significant growth during the forecast period. The widespread use of smartphones and easy internet access have fueled digital marketing and distribution of insurance policies through advanced technologies. Regulations mandating electronic promotion system certifications ensure security. Mobile point-of-sales in e-retail is gaining acceptance, providing insurance companies with opportunities to cater to busy customers. InsurTech platforms offer chatbots for live customer interaction and resolution of queries, enhancing the digital experience. Customer-centricity and high ROI are driving segment growth. InsurTech startups disrupt traditional financial services with increased access, transparency, and lower costs. Automation through pattern recognition algorithms and predictive coding reduce industry overheads and improve process efficiency. Deregulation of equity crowdfunding and private startup investments attract investors, further fueling market growth.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
Insurance Technology, or InsurTech, refers to the use of technology to create, distribute, and administer insurance products. This innovative sector is revolutionizing the industry by enabling the creation of ultra-customized policies tailored to individual needs. Social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance are just a few areas benefiting from InsurTech. Machine learning and artificial intelligence are key technologies driving personalized offerings. Customer data is analyzed to provide accurate risk assessments and pricing. Cloud computing and deployment models allow for flexible and scalable solutions. Blockchain ensures secure and transparent transactions. Business analytics and IoT devices provide real-time data for risk assessment and claims processing. InsurTech is transforming various insurance sectors, including life & health, auto, marine, liability, buildings, and home insurance. Dwelling coverage and contents coverage are now offered with greater precision and efficiency. The future of insurance is technology-driven, offering customized policies and improved customer experiences.
Market Research Overview
The InsurTech market refers to the use of technology to create, distribute, and administer insurance products. This includes social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance. Customer data is a crucial element, with machine learning and artificial intelligence used for predictions based on consumer needs, purchase quantity, and decision making. Real-time tracking and monitoring information are essential for insured parties, and businesses are leveraging digital solutions to streamline insurance planning. Cloud computing, blockchain, IoT, and big data are transforming the industry, with solutions providers offering digital transformation through on-premise and cloud-based platforms. Chatbots and insurance carriers are also part of this landscape, enhancing customer experience and enabling efficient claim processing. Overall, InsurTech is revolutionizing the insurance industry by providing innovative digital solutions for various business lines and niche customers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ApplicationMarketing And DistributionIT SupportClaim ManagementPolicy Administration And ManagementOthersDeploymentOn-premisesCloudGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
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
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Arize AI Collaborates with Microsoft to Enable More Effective Enterprise Deployment of Generative AI
Published
1 hour agoon
November 20, 2024By
Arize AI now offers an integrated development experience on Microsoft Azure AI Foundry portal, SDK, and Command Line Interface (CLI)
CHICAGO, Nov. 19, 2024 /PRNewswire/ — Arize AI, a leader in AI observability and LLM evaluation, debuted a deeper collaboration with Microsoft and a raft of new integrations at Microsoft Ignite today.
The updates come at a critical inflection point for enterprise adoption of generative AI. Despite the fact that most enterprises are planning production deployments of LLMs, over half still cite issues like data privacy and difficulty pinpointing issues (i.e. accuracy of responses) as barriers standing in the way of moving from prototype to successful real-world deployment.
Azure AI’s advanced AI and cloud capabilities and Arize’s deeply integrated platform are helping enterprise teams – including Fortune 500 airlines, financial services firms, retailers, and technology companies – overcome these barriers.
With Arize embedded directly in Azure AI Studio and available on Azure Marketplace, AI teams at enterprises can easily launch essential LLM evaluation and observability tools from Arize while keeping data within Azure.
In addition to this push-button integration, the Arize platform has several new integration points with Azure. These include:
Azure AI App Template Gallery: Azure developers now have access to prebuilt Arize templates to help monitor models and LLM applications, troubleshoot retrieval and tool execution issues, and improve the RAG pipeline – all in a gallery that is regularly tested and used by thousands of developers across the globe, with built-in security including keyless authentication to reduce the risk of leaked API keys.Azure Native Integrations: Announced in private preview, developers now have an integrated development experience in the Azure portal, SDK, and CLI for Arize AI with integrated identity management and and seamless billing.Azure AI model catalog: Azure AI model catalog offers several pay-as-you-go inference APIs through Models-as-a-Service (MaaS); Arize’s integration with Azure MaaS enables teams to objectively evaluate LLM systems and trace complex issues.
“Microsoft Azure AI platform is relied on by top enterprises to deploy cutting edge generative AI applications, and we’re pleased to offer fully integrated tracing and evaluation tools to ensure safe and effective production deployments,” says Jason Lopatecki, CEO and Co-Founder of Arize AI.
“We are pleased to collaborate with Arize AI as they expand their integration of Azure to drive AI innovation for their customers. Evaluation and tracing are essential tools for anyone building systems with generative AI and Arize – particularly with its open-source Phoenix library – has been a leader in this area,” says Amanda Silver, Corporate Vice President, Developer Division at Microsoft Corp.
About Arize AI
Arize AI is an AI observability and LLM evaluation platform that helps teams deliver and maintain more successful AI in production. Arize’s automated monitoring and observability platform allows teams to quickly detect issues when they emerge, troubleshoot why they happened, and improve overall performance across both traditional ML and generative use cases. Arize is headquartered in Berkeley, CA
Media Contact: David Burch, press@arize.com
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SOURCE Arize AI
Technology
BioCatch partners with Australian banks on launch of fraud and scams intelligence-sharing network
Published
1 hour agoon
November 20, 2024By
ANZ, CBA, NAB, Suncorp Bank, Westpac form inaugural core of BioCatch Trust™ partners
SYDNEY, Nov. 20, 2024 /PRNewswire/ — Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Suncorp Bank (Norfina Limited), and Westpac today announced they’d joined BioCatch Trust™ Australia, a pilot of the world’s first inter-bank, behavior- and device-based, fraud and scams intelligence-sharing network.
BioCatch Trust™ adds an additional layer of behavioural- and device-based protection for customers at the above-named banks against fraud and scams, by assessing in real time the potential risks associated with the accounts to which customers direct their domestic online payments within BioCatch Trust™ Australia. If the network identifies risks associated with a receiving account, BioCatch provides this intelligence to the sending bank in real time, allowing the sending institution to review the transaction before any money leaves the sender’s account.
“Fraud and scam payments are nearly always transferred to mule accounts through which the criminal funnels their profits before withdrawing them,” BioCatch CEO Gadi Mazor said. “When the sending and receiving banks involved in these transactions share intelligence to identify potential money mules, it should reduce the number of customers who fall victim to scams and make a substantial dent in the ability of criminals to move their illegally attained money. We know the criminals behind these attacks swap tactics, strategies, intelligence, and technology with other rival cybercriminals. We’re proud to now offer Australian banks an opportunity to join their own intelligence-sharing network to fight back.”
BioCatch Trust™ combines behavioral intelligence with digital session, payment, account, device, and non-monetary event intelligence to assess the potential risks of receiving accounts on the network before an eligible payment is processed. This helps financial institutions prevent those types of scams where the fraudster manipulates the victim outside of a digital banking session (many scams originate via an email, text message, or social media post). BioCatch Trust™ accomplishes this while utilising proven pseudonymisation technology to help protect the identities of those customers within the BioCatch Trust™ network.
The strength of the BioCatch Trust™ network improves with each new financial institution that joins. As more banks contribute account intelligence, the system grows smarter and more effective, offering deeper insights and broader coverage. This collective intelligence helps to protect against existing, unknown, and emerging threats, significantly enhancing fraud detection across the Australian banking ecosystem.
BioCatch Trust™ complements existing networks that share information after a scam has taken place, assisting the sending bank to make real-time risk assessments of receiving accounts before the sender transfers away any money.
Commentary from participating banks:
“Scams are a widespread issue and a scourge on our community,” ANZ Head of Customer Protection Shaq Johnson said. “At ANZ, and across the banking sector, we must continue to invest in prevention and detection measures to help keep our customers safe from cybercriminals. BioCatch Trust™ is another capability we can adopt to help us in the continued fight against scams and fraud. We’re pleased to be part of the pilot and look forward to seeing how we can leverage the risk indicators and insights this tool offers to complement our existing anti-scam capabilities.”
“There’s always more we can do to protect Australians from scammers, and joining BioCatch Trust™ builds on the anti-scam innovations that CBA has already implemented to better protect Australians,” CBA Head of Group Fraud James Roberts said. “BioCatch Trust™ is the first time banks have been able to share information in real time before a payment is made. In a world-first, this will help protect Australians from losing money to scammers. CBA welcomes the continued sharing of anti-scam intelligence – both with other banks and also across broader industry, including social media companies and telcos through the anti-scam intelligence loop.”
“Scams are the plague of our times,” NAB General Manager of Group Investigations Chris Sheehan said. “We must take action to make Australia a tougher place for criminals to be successful. This is a global first and a great example of how Australia is embracing innovation and strategic partnerships to stop criminals in their tracks. We look forward to seeing this technology in action to help us protect customers and detect scams at scale, in real time.”
“Suncorp Bank is proud to be part of this innovative collaboration, which highlights the investment being made to protect banking customers from scammers,” Suncorp Bank Executive Manager of Financial Crime Operations and Strategy Paul Gardner said. “All financial institutions have a critical role to play in the fight against scammers, and the work delivered as part of this project is another important step towards further protection for all Australians.”
“Stopping scams is one of our highest priorities,” Westpac Head of Fraud Prevention Ben Young said, “so we’re pleased to add an extra layer of protection for customers. Working closely with other banks and providers in the ecosystem is our best bet for making Australia a harder place for scammers to operate.”
About BioCatch:
BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, 34 of the world’s largest 100 banks and 237 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch’s Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 93 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.
PR contacts:
Mac King
BioCatch senior communications manager
Mac.King@BioCatch.com
Amanda Schultz
ANZ media and public relations manager
Amanda.Schultz@anz.com
CBA Media
media@cba.com.au
Amelia Harris
NAB senior communications advisor
Amelia.Harris@nab.com.au
Emily Arnold
Suncorp Bank
Suncorp senior corporate affairs advisor
Emily.Arnold@suncorpbank.com.au
Brooke Davie
Westpac media
Brooke.Davie@westpac.com.au
Logo – https://mma.prnewswire.com/media/1843699/biocatch_logo_rgb_2x_Logo.jpg
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SOURCE BioCatch
Technology
The9 Limited to Hold Annual General Meeting on December 27, 2024, and to Issue Class B Ordinary Shares to its Chief Executive Officer
Published
1 hour agoon
November 20, 2024By
SHANGHAI, Nov. 19, 2024 /PRNewswire/ — The9 Limited (Nasdaq: NCTY) (the “Company”), an established Internet company, today announced that it has called an extraordinary general meeting (the “AGM”) of shareholders and has approved the issuance of Class B ordinary shares to its chairman of the Board of Directors and chief executive officer Mr. Jun Zhu.
AGM
The AGM will be held at the BNY Mellon Office, Room No. 4, 26/F Three Pacific Place, 1 Queen’s Road East, Hong Kong on December 27, 2024 at 2:00 p.m., Hong Kong time to consider and vote on the following proposals (the “Proposals”) as further detailed in the notice of the AGM (the “Notice”):
1. “THAT:
Mr. Davin Alexander Mackenzie, whose term of office shall expire on the date of this Annual General Meeting, be re-elected and appointed as a Class II Director of the Company, effective from the closing of this Annual General Meeting, to serve for a three (3) year term ending at the 2027 Annual General Meeting or until his successor is duly elected and qualified.”
“THAT:
Mr. Chau Kwok Keung, whose term of office shall expire on the date of this Annual General Meeting, be re-elected and appointed as a Class II Director of the Company, effective from the closing of this Annual General Meeting, to serve for a three (3) year term ending at the 2027 Annual General Meeting or until his successor is duly elected and qualified.”
“THAT:
Mr. Ka Keung Yeung, whose term of office shall expire on the date of this Annual General Meeting, be re-elected and appointed as a Class II Director of the Company, effective from the closing of this Annual General Meeting, to serve for a three (3) year term ending at the 2027 Annual General Meeting or until his successor is duly elected and qualified.”
“THAT:
Mr. George Lai (Lai Kwok Ho), whose term of office shall expire on the date of this Annual General Meeting, be re-elected and appointed as a Class III Director of the Company, effective from the closing of this Annual General Meeting, to serve for a three (3) year term ending at the 2027 Annual General Meeting or until his successor is duly elected and qualified.”
Directors’ biography is set forth on page 126 of the 2023 Annual Report on Form 20-F available at http://www.the9.com/.
2. “THAT the authorized share capital of the Company shall be increased and amended to US$500,000,000 divided into (i) 43,000,000,000 Class A ordinary shares of a par value of US$0.01 each (“Class A Ordinary Shares”), (ii) 6,000,000,000 Class B ordinary shares of a par value of US$0.01 each (“Class B Ordinary Shares”) and (iii) 1,000,000,000 shares of a par value of US$0.01 each of such class or classes as the Board may determine in accordance with the Amended M&AA (as defined below), in each case having rights, preferences, privileges and restrictions set forth in the Amended M&AA, through the following variation and amendment:
by the creation of an additional 45,000,000,000 shares of a par value of U$0.01 each, consisting of (i) 38,700,000,000 Class A Ordinary Shares, (ii) 5,400,000,000 Class B Ordinary Shares, and (iii) 900,000,000 shares of a par value of US$0.01 each of such class or classes as the Board may determine in accordance with the Amended M&AA.
3. “THAT the Company’s Third Amended and Restated Memorandum and Articles of Association (the “Current M&AA”) be amended and restated by their deletion in their entirety and by the substitution in their place of the Fourth Amended and Restated Memorandum and Articles of Association in the form as attached as Exhibit A to the Notice (the “Amended M&AA”). The material amendments of the Amended M&AA to the Current M&AA are set forth as the Exhibit B to the Notice.
The detailed Proposals and additional information regarding the AGM can be found in the Notice and the form of proxy for the AGM. The Notice and form of proxy for the AGM are available on the Company’s website at https://www.the9.com/newsroom, and will also be furnished to the Securities and Exchange Commission on Form 6-K on or about November 20, 2024. In addition, the Company’s proxy materials (including the final proxy statement) will be mailed to shareholders and ADS holders.
The Board of Directors of the Company recommends that the Company’s shareholders and ADS holders vote FOR the Proposals.
The Board of Directors of the Company has fixed the close of business on November 25, 2024 as the record date (the “Record Date”) for determining the shareholders entitled to receive the Notice or any adjournment or postponement thereof. Holders of record of ordinary shares of the Company at the close of business on the Record Date are entitled to notice of, to attend and vote at, the AGM or any adjournment or postponement thereof. Holders of the Company’s American depositary shares (“ADSs”) who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, The Bank of New York Mellon.
Issuance of Class B Ordinary Shares
The Board of Directors of the Company has approved the issuance of 50,000,000 Class B ordinary shares to its chairman of the Board of Directors and chief executive officer Mr. Jun Zhu, in light of the Company’s expected revival of its online gaming business and its business expansion strategies of investing into, and creating joint ventures with, various companies in the artificial intelligence and online gaming industries potentially through share-based payments, which may lead to a substantial increase in the total issued and outstanding ordinary shares of the Company. The Board of Directors approved this issuance of Class B ordinary shares to ensure continuous control over the Company by its current management and retain long standing professional expertise and resources of Mr. Zhu in the online gaming industry.
Safe Harbor Statement
This current report contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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,” “potentially,” “expected,” 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 The9’s control. The9 may also make written or oral forward-looking statements in its periodic reports to the U.S. 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 The9’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: The9’s goal and strategies; The9’s expansion plans; The9’s future business development, financial condition and results of operations; The9’s expectations regarding demand for, and market acceptance of, its products and services; The9’s expectations regarding keeping and strengthening its relationships with business partners it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in The9’s filings with the SEC. All information provided in this current report is as of the date hereof, and The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About The9 Limited
The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 has aimed to become a diversified high-tech Internet company.
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SOURCE The9 Limited
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The9 Limited to Hold Annual General Meeting on December 27, 2024, and to Issue Class B Ordinary Shares to its Chief Executive Officer
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