The question in Saturday’s Jockey Challenge isn’t so much who the most likely winner is, but rather how to extract maximum value from backing Zac Purton on a day when the Australian seems to have the strongest book of rides. While Hong Kong Jockey Club oddsmakers obviously disagree with that assessment, rating Joao Moreira ($1.80) a slight favourite over Purton ($1.90) in early betting, the championship leader has the edge. Perhaps those odds are, in part, based on the fact Moreira... Reported by S.China Morning Post 7 hours ago.

Hong Kong’s stock market posted its biggest weekly drop in over two months on Friday while the Shanghai Composite Index fell to a 20-month closing low, ahead of an expected announcement by US President Donald Trump of a revised list of tariffs worth about US$50 billion on Chinese goods. The list will contain 800 product categories, down from 1,300 previously, Reuters reported, citing sources familiar with the list. The Chinese government’s top diplomat, State Councillor Wang Yi,... Reported by S.China Morning Post 7 hours ago.

KUNMING, China, June 15, 2018 /PRNewswire/ -- The Coca-Cola Company and Swire Group jointly celebrated the opening of a new plant in Yunnan today. The facility, which is the largest Coca-Cola production plant south of the Yangtze River in China, is a world-class operation that received a gold certification of Leadership in Energy and Environmental Design (LEED). The investment is another example of the Coca-Cola system's commitment to investing and growing in China.

The inauguration of the new plant included a visit from James Quincey, president and CEO of The Coca-Cola Company; and Merlin Swire, CEO of John Swire & Sons Limited, along with representatives from local government, The Coca-Cola Company and Swire Beverages.

"Yunnan is promoting three provincial propositions: Green Energy, Green Food, and Healthy Living Place," said Wang Qingmei, Deputy Director of the Provincial Merchant Bureau. "This new plant coincides with our 'Green Food' proposition and contributes to the industry development in Yunnan."James Quincey, President and CEO of The Coca-Cola Company

"Coca-Cola has been part of the tremendous changes in China since the opening of the market in 1979," Quincey said. "We started our business in China with a single brand, and we've gone on to build a portfolio of more than 20 brands in the market today. The new Yunnan plant marks a milestone in celebrating the upcoming 40th anniversary of Coca-Cola's return to China. Together with our bottling partners, we offer a growing portfolio to Chinese consumers, in addition to playing an important role in the communities where we operate."

To meet the needs of the fast-growing market, Swire Coca-Cola Beverages Yunnan Limited decided to build a much larger production facility to replace the previous one. "Swire has significantly increased investment in our global Coca-Cola bottling business in recent years, and this new bottling plant is a good example of that. The increased capacity will help us satisfy millions of consumers and continue to drive sustainable growth throughout Yunnan," said Merlin Swire.

The design and construction of the new Yunnan plant followed LEED standards:

· Photovoltaic power generators are located on the roof of the main building. The power generated will be integrated into the State Grid at an estimated annual capacity of 5 million kWh. To reduce summer heat and save energy, the plant uses natural lighting, intelligent lighting systems, two-way heat-protective glass and highly reflective materials that cover 75% of the roof.

· The plant includes a 600-cubic-meter rainwater collection facility for irrigation and street cleaning, which helps conserve water. The water treatment system can handle 3,120 cubic meters of water each day to meet national discharge standards. Some treated water is reused for irrigation and restrooms in the plant.

Yunnan Swire Coca-Cola Beverages Company Ltd. is dedicated to adopting "green" concepts in local communities. Together with the China Women's Development Foundation, the Ministry of Commerce's Economic and Technical Exchange Center and the United Nations Development Program (UNDP), Coca-Cola will launch a regional, sustainable development program in Honghe Hani and Yi Autonomous Prefecture. The program will cover water replenishment, natural resource protection and women's empowerment to build a more sustainable, eco-economy on top of green farming and tourism initiatives.

The Yunnan location has been involved in local community development since 1995. Eleven Project Hope Schools were built, and 10,000 women have been empowered by retail and internet skill trainings in the province. Meanwhile, 144 clean water facilities were installed in 128 rural schools, providing more than 37,000 students and teachers with clean drinking water. Nine million bottles of water were sent to 24 disaster impacted areas, and 3,000 college volunteers were trained for handling emergency situations.

*About The Coca-Cola Company*

The Coca-Cola Company (NYSE: KO) is a total beverage company, offering over 500 brands in more than 200 countries. In addition to the company's Coca-Cola brands, our portfolio includes some of the world's most valuable beverage brands, such as the AdeS soy-based beverages, Ayataka green tea, Dasani waters, Del Valle juices and nectars, Fanta, Georgia coffee, Gold Peak teas and coffees, Honest Tea, Innocent smoothies and juices, Minute Maid juices, Powerade sports drinks, Simply juices, smartwater, Sprite, vitaminwater and ZICO coconut water. We're constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to the market. We're also working to reduce our environmental impact by replenishing water and promoting recycling. With our bottling partners, we employ more than 700,000 people, bringing economic opportunity to local communities worldwide. Learn more at Coca-Cola Journey at www.coca-colacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.

*About Coca-Cola China *

Coca-Cola is one of the most well-known international brands in China. We have more than 20 brands and offer over 60 beverage choices to Chinese consumers. From returning to China in 1979 until 2017, the Coca-Cola system has invested $13 billion and established a total of 45 plants in China. The Coca-Cola system today employs more than 45,000 people in China, 99% of whom are local hires. At the same time, Coca-Cola and its bottling partners have been actively participating in educational and philanthropic initiatives, supporting environmental protection and contributing to the development of local communities. Coca-Cola is also the only company that has sponsored the Special Olympics, Olympic Games, Paralympic Games, EXPO, Universiade and Youth Olympics in China. For more information, please visit www.coca-cola.com.cn or follow our corporate account "Coca-Cola China" on Weibo or WeChat.

*About Swire Group *

Swire is a highly diversified global group, with principal business activities grouped into five categories: Property, Aviation, Beverages & Food Chain, Marine Services and Trading & Industrial. Many of its core businesses can be found within the Asia Pacific region, where traditionally Swire's operations have centred on Hong Kong and Mainland China. Within Asia, Swire's activities come under the Group's publicly quoted arm, Swire Pacific Limited. For more information, please visit Swire's website at www.swire.com.

*About Swire Beverages *

Swire Beverages is a division of Swire Pacific Limited. The division has the exclusive right to manufacture, market and distribute products of The Coca-Cola Company in 12 provincial areas on mainland China, Hong Kong, Taiwan and 13 states in the Midwest of the United States, serving over 700 million people. On Mainland China, the company owns 18 factories scattered in Henan, Anhui, Jiangsu, Zhejiang, Fujian, Guangdong, Hubei, Jiangxi, Guangxi, Hainan, Yunnan and Shanghai. The close partnership with The Coca-Cola Company began in 1965, with the acquisition by Swire of the majority shareholding in the Hong Kong bottling company. Since then, Swire Beverages has become one of the largest bottling partners of The Coca-Cola Company.

View original content with multimedia:http://www.prnewswire.com/news-releases/coca-cola-system-celebrates-opening-of-new-leed-certified-production-facility-in-yunnan-300666959.html Reported by PR Newswire Asia 6 hours ago.

Raging Blitzkrieg is yet to land his first Hong Kong victory but can turn that around in the Class Three Hong Kong Riding for the Disabled Association Cup at Sha Tin (1,200m) on Saturday. The John Size-trained gelding won two of his six races in France when known as Ajmal before arriving at his new home where he has accumulated a record of two seconds from nine starts. But while the record doesn’t look flash, he has shown glimpses and it generally takes European horses a little bit longer... Reported by S.China Morning Post 6 hours ago.

--Gross Billings Up 90% Y-o-Y, Driven by Organic Growth of Recurring Borrowers--
--Cash Balance over $70 million--
--Reorganization into Business Units Enabling Loan Product Expansion & Operational Efficiency--
--Expect Significantly Improved Operational Performance in Upcoming Quarters--

SHANGHAI, June 15, 2018 /PRNewswire/ -- China Rapid Finance Limited ("China Rapid Finance" or the "Company") (NYSE: XRF), operator of one of China's largest consumer lending marketplaces, today reported its unaudited financial results for the first quarter ended March 31, 2018.

*Highlights*

· Facilitated 2.5 million loans with total loan volume of $491 million
· Average loan size for consumption loans increased to $167, up from $101 in Q1 2017
· Total revenue grew 60% year-on-year to $16.7 million
· Non-GAAP adjusted net revenue doubled year-on-year to $21.2 million
· Net loss was $30.2 million, compared to a net loss of $14.9 million in Q1 2017
· Non-GAAP adjusted loss before income tax was $15.3 million, compared to $14.0 million in the prior year period

Dr. Zane Wang, Chief Executive Officer, Founder and Chairman of the Company, commented: "Our top priority in the first quarter was to reorganize CRF into a business unit structure that makes us a more nimble, adaptive company.  The reorganization accomplished three goals.  First, we built a more responsive and competitive new product development structure.  Second, we have a suite of new loan products that better serve our core market of emerging middle-class mobile active consumers.  Finally, we streamlined operations, improving the efficiency of many corporate functions while reducing costs.  With the new operating structure and test results on many products, we anticipate an acceleration of our own growth in gross billings and revenue.  Combined with a reduced and more efficient cost structure, we believe we can operate profitably towards the end of the year."

Dr. Wang continued, "We remain fully focused on the consumer credit market in China, one of the largest market opportunities globally in our industry.  CRF was the pioneer in identifying the emerging middle-class mobile active consumers, and we still lead the industry in meeting the lifetime financial needs of these customers.  We pioneered big data-enabled underwriting, and are pleased to have proven the scalability of our 'low & grow' approach.  As our customers continue to increase their average loan size over time, we look forward to updating you on our continued progress in the quarters to come."

*Operating Highlights*

Please note that all figures refer to the first quarter of 2018, unless stated otherwise.

· *New borrowers *added were 31 thousand, as compared to 544 thousand in the same period last year, reflecting the Company's proactive decision to narrow our focus to our most established long-term borrowers during a period of market uncertainty and to enable the Company to successfully implement its business unit structure and new loan product innovations.  
· *Number of loans facilitated* totaled 2.5 million, down 37% from the prior year period.  The decline was due to a 37% decrease in the number of consumption loans, a result of the reduction in new borrower additions.
· *Total loan volume* of $491 million was slightly up from the prior year period.
· *Average loan size *for all loans increased 61% to $195 from $121 in the prior year period.  The average size of consumption loans increased 65% to $167 from $101 in the prior year period, the result of nearly all new loans going to more seasoned borrowers, who borrow more under the Company's "low & grow" approach.
· *Cumulative loan volume per borrower *continued to grow.  All cohort groups increased their cumulative loan volume per borrower, with no signs of slowing.  Notably, the most seasoned cohort (36 months on the platform) continued to grow at a steady pace.  The stability of growth demonstrates the value of established long-term relationships with borrowers, further confirming our customer loyalty.
· *Annualized loss rate* of consumption loans as of March 31, 2018 was 4.8%.
*For the Three Months Ended*


*March 31,
2017*


*December 31,
2017*


*March 31,
2018*


*YoY *

Number of loans facilitated ('000)









Consumption loans...............

3,996


6,235


2,507


-37%

Lifestyle loans........................

6


11


6


0%

*Total*.........................................

*4,002*


*6,246*


*2,513*


*-37%*

Number of new borrowers ('000)









Consumption loans................

539


617


26


-95%

Lifestyle loans.........................

5


10


5


0%

*Total*.........................................

*544*


*627*


*31*


*-94%*







Repeat borrower rate[1] .............

73%


76%


76%


4%







Loan volume (in US$ millions)









Consumption loans...............

405.6


900.3


417.4


3%

Lifestyle loans........................

80.4


127.3


73.1


-9%

*Total*.........................................

*486.0*


*1,027.6*


*490.5*


1%







Chief Financial Officer Kerry Shen noted: "We are gratified to have nearly doubled our gross billings, which means that demand for our loan products is robust.  In Q1 we proactively focused our efforts on repeat borrowers by mainly extending loans to proven borrowers that have been on our platform for some time.  This caused the jump in average loan size, which offset the anticipated decline in the number of loans.

"As one of the first companies to have fully prepared to meet all the current regulatory requirements for registration, we are poised to resume growth in the near future based on our more efficient operating structure and learnings from many test results.  Our efforts included designing, testing and launching a series of new loan products that better address the lifetime credit needs of our target customers.  We expect our work in the first half to position the Company for noticeably improved operational performance in the second half of this year."

*Financial Highlights*

Please note that all figures refer to the first quarter of 2018, unless stated otherwise.

*Gross Billings and Revenue*

· *Total gross billings on transaction and service fees*[2]** were $31.9 million, up 90% from $16.8 million in the first quarter of 2017.

· Gross billings from consumption loans were $19.7 million, up 194% from $6.7 million in the prior year period.  Gross billings include increased transaction and service fees from consumption loans and value-added service fees of $8.3 million, of which $2.8 million was recognized as revenue, with the remaining being deferred over the service period.
· Gross billings from lifestyle loans were $12.2 million, up 20% from $10.1 million in the prior year period.

· *Total revenue* was $16.7 million, up 60% year-on-year mainly due to growth in consumption loans.  The growth is after adoption of the new GAAP standard for revenue recognition (ASC 606 – see below), which resulted in $5.3 million of revenue being recognized in the fourth quarter of 2017, and $0.8 million being accrued in the first quarter of 2018.  Without the effect of ASC 606, total revenue would have been $21.2 million, up 102% year-on-year.
·  *Net revenue*^^[3] was $7.6 million, down 27% year-on-year.  This was mainly due to: 1) a non-recurring provision of $9.1 million associated with a pilot funding program that was discontinued due to regulatory changes; and 2) non-cash accounting charges of $4.5 million related to adoption of the new GAAP standard for revenue recognition (ASC 606 – see below).  Excluding these impacts, net revenue would have been $21.2 million, up 102% year-on-year. Customer acquisition incentives ("CAI") were $4.1 million, down 33% from $6.2 million in the prior year period. 
· *Accounting Policy Change: *Effective January 1, 2018, China Rapid Finance adopted the new revenue recognition policy ASC 606 — Revenue from Contracts with Customers, using the modified retrospective method in accordance with US GAAP ("ASC 606").  Income statement and balance sheet adjustments arose primarily from the earlier recognition of revenue related to transaction fees on loan products.  The initial cumulative effect of the new recognition policies resulted in a reclassification of approximately $5.3 million from revenue to retained earnings, as well as an increase in first quarter 2018 revenue of approximately $0.8 million.  The net effect was thus a reduction in first quarter revenue of $4.5 million.

*Operating Expenses*

· *Servicing expenses *were $3.4 million, up 3% year-on-year from $3.3 million in the first quarter of 2017.*  *
· *Sales and marketing expenses* were unchanged at $10.3 million.  This was primarily due to lower new borrower acquisition payments to channel partners, offset by increased promotional expenses related to our wealth management unit.
· *General and administrative expenses *were $19.9 million, up 110% year-on-year from $9.5 million in the first quarter of 2017.  The increase in G&A was mainly due to the expansion of infrastructure to support consumption loan growth, non-recurring expenses associated with preparing for registration, $3.5 million of increased costs associated with third-party collection services, and a $1.3 million write-off of other receivables and unamortized cost. 
· *Product development expenses*[4]* *were $4.2 million, up 83% year-on-year from $2.3 million in the first quarter of 2017.  The increase was due principally to increased investment in technology for loan matching and data analysis, as well as improvements to the transaction processing and servicing platform. 

*Net Income*

· *GAAP net loss* was $30.2 million, as compared to a net loss of $14.9 million in the first quarter of 2017.  Net loss widened partially due to non-cash negative impact of $4.5 million related to the new GAAP standard for revenue recognition (ASC 606) and one-time costs of $9.1 million associated with the pilot funding program that was discontinued due to regulatory changes.
· *Non-GAAP adjusted loss before income tax expense* was $15.3 million, as compared to $14.0 million in the first quarter of 2017.  Compared to GAAP results, this loss excludes share-based compensation, the one-time provision for the discontinued pilot funding program, and the non-cash impact from adoption of the new GAAP revenue recognition standard.
· *GAAP net loss attributable to ordinary shareholders* was $30.2 million, as compared to a net loss of $16.9 in the prior year period.
· *GAAP EPS *was ($0.46) per share, as compared to ($1.01) per share in the prior year period.
· *Adjusted EPS *was ($0.24) per share, as compared to ($0.83) per share in the prior year period.

*Balance Sheet and Cash Flow*

As of March 31, 2018, the Company had cash and cash equivalents of $71.7 million and restricted cash of $2.9 million.  Operating cash flow was negative $22.9 million, which compares to negative $12.4 million in the prior year period, comprised primarily of non-recurring payments for a discretionary provision and extra collection costs of approximately $8 million.

*Outlook*

Based on the information available as of the date of this press release, the Company provides the following outlook, which reflects the Company's current and preliminary view and is subject to change.

As a result of its business unit reorganization as well as increasing contributions from new loan products and improving operating efficiencies, the Company expects noticeably improved operational performance in the second half of 2018, including achieving profitability towards the end of the year.

*Conference Call:*

The Company will hold a conference call on Friday, June 15, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. China Standard Time) to discuss its financial results.

Participants may access the call by dialing the following numbers:

International:                         +1 (412) 902-4272
United States Toll Free:       +1 (888) 346-8982
China Toll Free:                    +86 4001-201203
Hong Kong Toll Free:          +852 800-905945
Conference ID:                     China Rapid Finance call

A replay will be accessible through June 22, 2018 by dialing the following numbers:

United States:                       +1 (877) 344-7529
International:                         +1 (412) 317-0088
Replay Access Code:          10121011

A live and archived webcast of the conference call will be available through the Company's investor relations website at http://chinarapidfinance.investorroom.com.

*About China Rapid Finance *

China Rapid Finance operates a leading online consumer finance marketplace in China, facilitating millions of loans annually. The Company deploys machine learning and proprietary decisioning technology to facilitate affordable digital credit for one of the world's largest untapped consumer credit markets: China's 500 million emerging middle-class mobile active consumers. China Rapid Finance operates a pure play marketplace, and does not take credit risk. The Company utilizes its proprietary, mobile-first technology to efficiently select creditworthy consumers for its platform. China Rapid Finance facilitates smaller, shorter-term initial loans to these qualified consumers and then enables larger, longer-term loans for repeat borrowers who demonstrate positive credit behavior. This differentiated strategy positions the platform to attract and retain high quality consumers who generate significant customer lifetime value. China Rapid Finance was founded by Dr. Zane Wang, who has decades of consumer credit experience in the U.S. and China, and is governed by a global board of directors.  For more information, please visit http://ChinaRapidFinance.InvestorRoom.com.

*Use of Non-GAAP Financial Measures*

We use non-GAAP adjusted profit/(loss) before income tax expense, a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that this measurement helps identify underlying trends in our business by excluding the impact of share-based compensation expenses and discretionary payments. We believe that it also provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted profit/(loss) before income tax expense is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an 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 profit/(loss) or other consolidated statements of comprehensive profit/(loss) 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 "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement.

*Statement Regarding Unaudited Condensed Financial Information*

The unaudited financial information set forth below is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

*Safe Harbor Statement*

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "may,""will,""expects,""anticipates,""aims,""future,""intends,""plans,""believes,""estimates,""likely to" and similar statements. Among other things, quotations from management in this announcement, China Rapid Finance's financial outlook as well as China Rapid Finance's strategic and operational plans contain forward-looking statements. China Rapid Finance may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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 China Rapid Finance'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: unexpected difficulties in China Rapid Finance's pursuit of its goals and strategies; the unexpected developments, including slow growth, in the consumer lending market; reduced demand for, and market acceptance of, China Rapid Finance's products and services; difficulties keeping and strengthening relationships with borrowers or investors; difficulties of expanding data and channel partnerships, potentially costly servicing activities; competition in the consumer lending market; PRC governmental regulations and policies; and general economic and business conditions in the regions where China Rapid Finance provides products and services. Further information regarding these and other risks is included in China Rapid Finance's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this announcement and in the attachments is as of the date of this announcement, and China Rapid Finance undertakes no duty to update such information except as required under applicable law.

--------------------

[1] Repeat borrower rate is defined as the total number of customers who borrowed more than once divided by the total number of borrowers on our marketplace.  Both numbers are calculated since inception.

[2]Gross billings on transaction and service fees is defined as transaction and service fees billed to customers and value-added service fees, inclusive of related value-added taxes, before deduction of customer acquisition incentives ("CAI").

[3]CAI are amounts paid to marketplace investors who lend to first-time borrowers.

[4] Product development expenses include expenses incurred to facilitate the loan matching business, to gather historical data and borrowing behaviors, as well as to maintain, monitor and manage our transaction and service platform. We recognize website, software and mobile applications development costs in accordance with ASC 350-50 "Website development costs" and ASC 350-40 "Software — internal use software," respectively.

*Investor Relations Contacts:*

In China:

China Rapid Finance  
Joseph Wang 
Tel: +86 (21) 6032-5999 
Email: IR@crfchina.comOr

The Blueshirt Group
Gary T. Dvorchak, CFA 
Tel: +86 (138) 1079-1480 
Email: gary@blueshirtgroup.com In the US:

The Blueshirt Group
Ralph Fong 
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com 

*CHINA RAPID FINANCE LIMITED *

*UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF *

*COMPREHENSIVE LOSS *

*(US$ in thousands, except share data and per share data, or otherwise noted) *

*For the Three Months Ended* *March  31,
2017*


*December  31,
2017*


*March  31,
2018*



*USD*


*USD*


*USD*

*Revenue:*







Transaction and service fees (net of
     customer acquisition incentive)...............................................

10,416


39,696


16,329

Other revenue.....................................................................................................................................

39


255


351



10,455


39,951


16,680

Reversal/(Provision) for loan losses ..................................................................................................

1


4


8

Discretionary payments

-


(4,576)


(9,052)

Business related taxes and surcharges.............................................................................................

(5)


(465)


(3)





*Net revenue*          

10,451


34,914


7,633





*Operating expense:*







Servicing expenses.............................................................................................................................

(3,314)


(3,424)


(3,401)

Sales and marketing expenses...........................................................................................................

(10,216)


(13,740)


(10,283)

General and administrative expenses................................................................................................

(9,459)


(17,377)


(19,896)

Product development expenses

(2,292)


(4,494)


(4,188)





*Total operating expenses*...........................................................................................................................

(25,281)


(39,035)


(37,768)





*Other income (expense):*







Other income (expense), net..............................................................................................................

(23)


247


291





*Loss before income tax expense*..............................................................................................................

(14,853)


(3,874)


(29,844)

Income tax expense............................................................................................................................

-


(44)


(345)





*Net loss*.........................................................................................................................................................

(14,853)


(3,918)


(30,189)

Accretion on Series A convertible
     redeemable preferred shares to
     redemption value......................

(72)


-


-

Accretion on Series B convertible
     redeemable preferred shares to
     redemption value......................

(405)


-


-

Accretion on Series C convertible
     redeemable preferred shares to
     redemption value......................

(1,579)


-


-





Deemed dividend to Series C convertible
     redeemable preferred shares at
     modification…...

-


-


-

Deemed dividend to Series C convertible
     redeemable preferred shares upon Initial
     Public Offering

-


-


-

*Net loss attributable to ordinary shareholders*.......................................................................................

(16,909)


(3,918)


(30,189)





*Net loss*.........................................................................................................................................................

(14,853)


(3,918)


(30,189)

Foreign currency translation adjustment, net
     of nil tax.......................................................................

(50)


177


288





*Comprehensive loss*...................................................................................................................................

(14,903)


(3,741)


(29,901)





*Weighted average number of ordinary shares
     used in computing net loss per share*







Basic....................................................................................................................................................

16,798,776


64,699,758


65,131,066

Diluted..................................................................................................................................................

16,798,776


64,699,758


65,131,066

*Loss per share attributable to ordinary
     shareholders*







Basic....................................................................................................................................................

(1.01)


(0.06)


(0.46)

Diluted..................................................................................................................................................

(1.01)


(0.06)


(0.46)

 

 

 

*CHINA RAPID FINANCE LIMITED *

*UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS *

* (US$ in thousands, except share data and per share data, or otherwise noted) *

*As of*

*March 31,*
*2017*


*December 31,*
*2017*


*March 31,*
*2018*



*USD*


*USD*


*USD*

*Assets*







Cash and cash equivalents..............................................................................................................

24,524


94,881


71,661

Restricted cash................................................................................................................................

11,321


14,673


2,913

Loans receivable, net of allowance for loan losses US$111 thousand, US$99 thousand and
     US$122 thousand as of March 31, 2017, December 31, 2017 and March 31, 2018, respectively.................................................................................................................................

411


627


605

Safeguard Program receivable........................................................................................................

5,570


7,212


16,987

Receivables from issuance of Series C redeemable convertible preferred shares

1,750


-


-

Receivables, prepayments and other assets..................................................................................

15,529


14,305


16,801

Property equipment and software, net.............................................................................................

5,040


5,830


6,029





*Total assets*...............................................................................................................................................

64,145


137,528


114,996





*LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY*







*Liabilities:*







Safeguard Program payable............................................................................................................

17,248


17,950


17,310

Accrued liabilities..............................................................................................................................

25,270


51,895


49,414

Income tax payable..........................................................................................................................

1,900


2,008


2,087

Deferred revenue.............................................................................................................................

793


6,637


10,910





*Total liabilities*...........................................................................................................................................

45,211


78,490


79,721





*Mezzanine equity*







Series A preferred shares (US$0.0001 par value; 4,912,934 shares issued and outstanding as
     of March 31, 2017, and nil outstanding as of December 31, 2017 and of March 31, 2018).....

6,868


-


-

Series B preferred shares (US$0.0001 par value; 14,084,239 shares issued and outstanding as of
     March 31, 2017, and nil outstanding as of December 31, 2017 and of March 31, 2018)......

35,537


-


-

Series C preferred shares (US$0.0001 par value; 2,858,394 shares issued and outstanding as of
     March 31, 2017, and nil outstanding as of December 31, 2017 and of March 31, 2018)......

94,816


-


-





*Total mezzanine equity*............................................................................................................................

137,221


-


-





*Shareholders' (deficit)/equity:*







Ordinary shares, US$0.0001 par value, 500,000,000 shares authorized, 16,954,453 shares and
     64,702,673 issued and 65,356,887 outstanding as of March 31, 2017, December 31, 2017 and
     March 31, 2018 respectively...............................................................................................

2


6


6

Additional paid-in capital

-


281,471


282,435

Accumulated other comprehensive income.....................................................................................

(963)


(743)


(455)

Accumulated deficit..........................................................................................................................

(117,326)


(221,696)


(246,711)





*Total shareholders' (deficit)/equity*........................................................................................................

(118,287)


59,038


35,275





*Total liabilities, mezzanine equity and shareholders' (deficit)/equity*...............................................

64,145


137,528


114,996



 

*CHINA RAPID FINANCE LIMITED*

*UNAUDITED CONDENSED CONSOLIDATED **CASH FLOW DATA*

*(US$ in thousands, except share data and per share data, or as otherwise noted) *

*For the Three Months Ended*

*March  31,
2017*


*December  31,
2017*


*March  31,
2018*



*USD*


*USD*


*USD*





Net cash (used in)/generated from operating activities.......................

(12,373)


15,757


(22,910)

Net cash used in investing activities....................................................

(139)


(950)


(332)

Net cash provided by/(used in) financing activities.............................

17,986


(601)


-

Effect of exchange rate changes on cash and cash equivalents.......

67


(767)


22

Net increase/(decrease) in cash and cash equivalents......................

5,541


13,439


(23,220)

Cash and cash equivalents at beginning of period..............................

18,983


81,442


94,881

Cash and cash equivalents at end of period.......................................

24,524


94,881


71,661

 

 

*CHINA RAPID FINANCE LIMITED*

*UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS*

*(US$ in thousands, except share data and per share data, or as otherwise noted) *

*For the Three Months Ended*

*March  31,
 2017*

 


*December  31,
2017*

 


*March  31,
2018*

  *USD*


*USD*


*USD*





*Loss before income tax expense*.........................................................

(14,853)


(3,874)


(29,844)





Add: share-based compensation expense..............................................

827


433


964

Add: provision for discretionary payments...............................................

-


4,576


9,052

Add: impact from new revenue standard.................................................

-


-


4,490

*Non-GAAP adjusted profit/(loss) before income tax expense*

(14,026)


1,135


(15,338)

 

View original content:http://www.prnewswire.com/news-releases/china-rapid-finance-reports-first-quarter-2018-unaudited-financial-results-300666963.html Reported by PR Newswire Asia 6 hours ago.

Building an offshore gas facility in Hong Kong waters would be environmentally acceptable even if 2.5 hectares (6.2 acres) of porpoise habitat are affected, according to a report by one of two power companies in the city. The Hong Kong public has 30 days to vet an environmental impact assessment, which has been submitted to authorities by project proponent CLP Power. The company said the installation was needed to increase the percentage of relatively cleaner natural gas in its energy mix by... Reported by S.China Morning Post 6 hours ago.

PRESS RELEASE 14 JUNE 2018

*Italeaf: Independent auditors EY unable to express an audit opinion on the 2017 financial statements*

Italeaf SpA, following the press release issued on 14 June 2018 on the dissemination of the reports of the independent auditors EY SpA accompanying the consolidated annual financial report as at and for the year ended 31 December 2017 and the separate financial statements as at and for the year ended 31 December 2017 of Italeaf SpA, hereby announces that:

1. The Independent Auditors acknowledge that the directors of Italeaf, in the note "Assessments on the going concern" report that on April 16, 2018 was approved by the subsidiary TerniEnergia S.p.A. a new recovery plan and relaunch for the period 2018-2022. TerniEnergia S.p.A., main asset of the Italeaf Group, outlines a path towards achieving a balanced economic, equity and financial position;
2. in regard to this Plan, the Independent Auditors points out that there are, however, still many and significant profiles of uncertainty on the capacity of the TerniEnergia Group to continue to operate as a going concern related to (i) the actual ability of the Group to achieve the liquidity required by the recovery plan through the disposal of assets, (ii) the effective achievement of operating and economic-financial results substantially in line with the forecasts of growth in revenues and margins of the Smart Solution and Service business, (iii) the ability of the TerniEnergia Group to finalise positively the contacts in progress with the financing institutions to obtain the moratoria and renegotiate the financial debts and to complete the complex procedures necessary to reschedule the existing bond;
3. due to uncertainties related to the ability of the subsidiary TerniEnergia S.p.A. to generate cash flows, as well as uncertainties related to the outcome of extraordinary transactions aimed at the sale of industrial areas and buildings owned by Italeaf, functional to the recovery from the current bank debt-exposure, the independent auditors EY SpA notes that the assumption of business continuity is subject to many significant uncertainties with potential interactions and possible cumulative effects on the financial statements;
4. for these reasons, the reports of the auditing firm EY conclude that it is impossible to issue an opinion on the financial statements as at 31 december 2017.
5. The Independent Auditors EY also included in their report a reference to Information for the Shareholders of Italeaf SpA on the explanatory note "Assets held for sale" of the consolidated financial statements as at December 31, 2017, which describes, among other things, the reasons on the basis of which the directors consider receivables totalling Euro 9 million claimed by the subsidiary TerniEnergia S.p.A. from the purchasers of some of its subsidiaries sold during 2014 to be recoverable. In particular, the directors report that the disposals of these equity investments are transactions with L&T City Real Estate Ltd (in relation to the sale of Solter S.r.l. and Energia Alternativa S.r.l.) and Ranalli Immobiliare S.r.l. (for the sale of the company Soltarenti S.r.l.), companies referable to a lawyer who has judicial assignments from the same subsidiary TerniEnergia S.p.A., as well as indirect shareholder of the same; in particular, on March 12, 2018 the subsidiary TerniEnergia S.p.A. and the above mentioned parties signed a deed of fulfilment of the termination conditions with the consequent repurchase by the Group of control of these companies, instrumental to a sale of the same to third parties, under a complex transaction of establishment of a newco and contribution of assets, details of which are provided in the notes. This will make it possible to offset the credit of Euro 9 million and to collect the proceeds from the a new sale, currently being defined, for some of the assets held for sale and estimated at approximately Euro 6 million.

The Reports of the Independent Auditors are available to the public at the Company's registered office and on the Company's website www.italeaf.com in the Investor Relations/Shareholders' Meetings section, where the Consolidated Annual Financial Report as at 31 December 2017 and the Separate Financial Statements as at 31 December 2017 of Italeaf SpA are available too.

This press release is also available on the Company website: www.italeaf.com

Italeaf SpA is obliged to make public this information pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 23.30 CET on 14 June 2018.

*Certified Adviser*

Mangold Fondkommission AB, +46 (0)8 5030 1550, is the Certified Adviser of Italeaf SpA on Nasdaq First North.

*For further information please contact:** *
Claudio Borgna
CFO - Italeaf S.p.A.
E-mail: borgna@italeaf.com  

*Italeaf SpA, *established in December 2010, is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech. Italeaf operates as a company builder, promoting the creation and development of industrial startups in the fields of cleantech, smart energy and technological innovation. Italeaf has headquarters and plants in Italy at Nera Montoro (Narni), Terni, Milano and Lecce; has international offices in London and Hong Kong. 
The company controls TerniEnergia, listed on the STAR segment of the Italian Stock Exchange and active in the fields of renewable energy, energy efficiency and waste management, and Skyrobotic, in the business development and manufacture of civil and commercial drones in mini and micro classes for the professional market, Numanova, operating in the field of innovative metallurgy and additive manufacturing, and Italeaf RE, a real estate company. Italeaf holds a minority stake in Vitruviano LAB, a research center active in the R&D sector for special materials, green chemistry, digital transformation and cleantech.

*Attachment*

· PRESS RELEASE.pdf Reported by GlobeNewswire 5 hours ago.

Watered-down government proposals to regulate electronic cigarettes and other new smoking alternatives have failed to impress either the tobacco industry or health experts, with both sides saying they will lobby lawmakers for changes ahead of a Legislative Council debate next week. Among the measures, the move to tax these new products in the same way as cigarettes has prompted much discussion as the government paper’s did not detail the duty size or how it would be implemented. In 2015,... Reported by S.China Morning Post 5 hours ago.

HONG KONG, CHINA - Media OutReach - 15^th June, 2018* *- Madame Tussauds Hong Kong brought Famous Fun to life as President Donald Trump made a surprise visit to The Peak. The exciting introduction of Trump LIVE in Hong Kong -- a first across the brand's Asian estate -- marks Madame Tussauds's ongoing commitment to bring a "real life experience" to visitors.    

 

During his surprise visit, President Trump tried his first ride on the Peak Tram. Amazed by the stunning Hong Kong skyline, President Trump also met the incredibly lifelike wax figure of himself at Madame Tussauds Hong Kong. After greeting his friends President Xi of China and Indian Prime Minister Narendra Modi, Trump also jumped at the opportunity to discuss "social media strategy" with American supermodel, Kendall Jenner.

 

Jenny You, General Manager at Madame Tussauds Hong Kong said: "We're constantly looking for ways to bring truly immersive experiences to our visitors. The launch of President Trump LIVE allows our visitors to experience the unique brand of famous fun and become the STARS of the story. We will continuously create unforgettable moments for our guests with our lifelike figures."

 

In welcoming the newly unveiled President Donald Trump figure, Madame Tussauds talented sculptors brought the figure to life using the latest technology, giving our visitors a truly extraordinary experience on their visit.  

 

The new President Trump figure is dressed in his recognisable Republican red silk-tie, navy power suit and Made in American flag lapel pin. Visitors to Madame Tussauds Hong Kong will have a chance to tweet support "him" back on the new interactive social media wall inside the famed attraction by hashtagging #RealWaxDonaldTrump on Facebook, Twitter and Instagram. Reported by Media OutReach 5 hours ago.

PLEASANTON, Calif., June 15, 2018 (GLOBE NEWSWIRE) -- Blackhawk Network Holdings, Inc. (“Blackhawk”), a global financial technology company and a leader in prepaid gift, reward and incentive technologies and solutions, Silver Lake, the global leader in technology investing, and P2 Capital Partners, a New York-based investment firm, today announced the successful completion of the acquisition of Blackhawk by Silver Lake and P2 Capital Partners.  The acquisition was previously announced on January 16, 2018, and the transaction closed and became effective today.

Under the terms of the transaction, Blackhawk stockholders are entitled to receive $45.25 per share in cash.  As a result of the completion of the acquisition, Blackhawk’s common stock will cease trading as of today on the NASDAQ Stock Market.

*About Blackhawk Network Holdings, Inc.*
Blackhawk Network Holdings, Inc. is a global financial technology company and a leader in connecting brands and people through branded value solutions. Blackhawk platforms and solutions enable the management of stored value products, promotions and incentive programs in retail, ecommerce, financial services and mobile wallets. Blackhawk’s Hawk Commerce division offers technology solutions to businesses and direct to consumers. The Hawk Incentives division offers enterprise, SMB and reseller partners an array of platforms and branded value products to incent and reward consumers, employees and sales channels. Headquartered in Pleasanton, Calif., Blackhawk operates in the United States and 25 other countries. For more information, please visit blackhawknetwork.com, hawkcommerce.com, hawkincentives.com or our product websites giftcards.com, giftcardmall.com, cardpool.com, giftcardlab.com, omnicard.com and cashstar.com.

*About Silver Lake*
Silver Lake is the global leader in technology investing, with about $39 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London, Hong Kong and Tokyo. Silver Lake’s portfolio of investments collectively generates more than $160 billion of revenue annually and employs more than 320,000 people globally. The firm’s current portfolio includes leading technology and technology-enabled businesses such as Alibaba Group, Ancestry, Broadcom Limited, Cast & Crew, Ctrip, Dell Technologies, Endeavor, Fanatics, Global Blue, GoDaddy, Motorola Solutions, Red Ventures, Sabre, SoFi, SolarWinds, Symantec, Unity, Weld North Education and WP Engine. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.

*About P2 Capital Partners*
P2 Capital Partners is a New York-based investment firm that applies a private equity approach to investing in the public market. P2 Capital Partners manages a concentrated portfolio of significant ownership stakes in high quality public companies in which it is an active shareholder focused on creating long-term value in partnership with management. The firm will also lead private equity transactions within its public portfolio. P2 Capital Partners’ limited partners include leading public pension funds, corporate pension funds, endowments, foundations, insurance companies, and high net worth investors.

*Contacts*

Blackhawk Network Holdings, Inc.:

*Investors*
Patrick Cronin
Patrick.Cronin@bhnetwork.com
+1-925-226-9939

*Media*
Daphne Borromeo
Daphne.Borromeo@bhnetwork.com
+1-925-738-4685

Silver Lake and P2 Capital Partners:

*Media*
Patricia Graue / Alice Gibb
silverlake@brunswickgroup.com
+1-212-333-3810 Reported by GlobeNewswire 5 hours ago.

Hong Kong developer Swire Properties said on Friday that it had agreed to sell two office towers at its development in the east of Hong Kong Island for HK$15 billion (US$1.9 billion), using the money for other projects in Hong Kong and Shanghai. It will sell the 21-storey Cityplaza Three and the 24-storey Cityplaza Four in the Taikoo Shing residential and commercial development in Quarry Bay to Henglilong Investments Limited, the company said in a filing to the Hong Kong stock exchange late on... Reported by S.China Morning Post 5 hours ago.

Madame Tussauds Hong Kong

15-Jun-2018 / 14:30 GMT/BST
--------------------

*President Donald Trump appears at The Victoria Peak! *
*Madame Tussauds Hong Kong launches Asia's First Live Figure*

HONG KONG, CHINA - Media OutReach - 15^th June, 2018* - *Madame Tussauds Hong Kong brought Famous Fun to life as President Donald Trump made a surprise visit to The Peak. The exciting introduction of Trump LIVE in Hong Kong - a first across the brand's Asian estate - marks Madame Tussauds's ongoing commitment to bring a "real life experience" to visitors.

During his surprise visit, President Trump tried his first ride on the Peak Tram. Amazed by the stunning Hong Kong skyline, President Trump also met the incredibly lifelike wax figure of himself at Madame Tussauds Hong Kong. After greeting his friends President Xi of China and Indian Prime Minister Narendra Modi, Trump also jumped at the opportunity to discuss "social media strategy" with American supermodel, Kendall Jenner.

Jenny You, General Manager at Madame Tussauds Hong Kong said: "We're constantly looking for ways to bring truly immersive experiences to our visitors. The launch of President Trump LIVE allows our visitors to experience the unique brand of famous fun and become the STARS of the story. We will continuously create unforgettable moments for our guests with our lifelike figures."

In welcoming the newly unveiled President Donald Trump figure, Madame Tussauds talented sculptors brought the figure to life using the latest technology, giving our visitors a truly extraordinary experience on their visit.

The new President Trump figure is dressed in his recognisable Republican red silk-tie, navy power suit and Made in American flag lapel pin. Visitors to Madame Tussauds Hong Kong will have a chance to tweet support "him" back on the new interactive social media wall inside the famed attraction by hashtagging #RealWaxDonaldTrump on Facebook, Twitter and Instagram.

Media Contact:
BoBo Yu
Madame Tussauds Hong Kong
Tel: (852) 2849 2183 / 6427 1212
Email: bobo.yu@madame-tussauds.com.hk

Image download link:
http://release.media-outreach.com/i/Download/13230
http://release.media-outreach.com/i/Download/13231
http://release.media-outreach.com/i/Download/13232
http://release.media-outreach.com/i/Download/13233
 
Video:
https://vimeo.com/275227996/086523b182
 
--------------------

Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
--------------------

End of Announcement - EQS News Service Reported by EQS Group 4 hours ago.

Gas pipeline group APA has come under the spotlight of Hong Kong infrastructure company CKI, but who's the man who has led APA to become a virtual monopoly. Reported by Brisbane Times 3 hours ago.

GUANGZHOU, China, June 15, 2018 (GLOBE NEWSWIRE) -- Fanhua Inc. (Nasdaq:FANH) (the "Company" or "Fanhua"), a leading independent financial services provider operating in China, today announced that Mr. Chunlin Wang, chairman & CEO and Mr. Peng Ge, CFO will host a conference call to discuss about its “521 Development Plan” previously announced on June 14, 2018 and take questions from investors at:Time: 9:00 p.m. Eastern Daylight Time on June 18, 2018
or 9:00 a.m. Beijing/Hong Kong Time on June 19, 2018

The toll free dial-in numbers:
United States                          1-855-500-8701
United Kingdom                      0800-015-9724
France                                    0800-918-648
Germany                                0800-184-4876
Australia                                 1-300-713-759
Canada                                  1-855-757-1565
Taiwan                                    0080-665-1951
Hong Kong                             800-906-606
India                                       1-800-301-060-20
Japan                                      0120-9254-93

The toll dial-in numbers:
China (Mainland)                     400-120-0654
Singapore & Other Areas         65-6713-5440

Conference ID #: 5092906

Additionally, a live and archived web cast of this call will be available at:
https://edge.media-server.com/m6/p/2gvyfruu

*About* *Fanhua Inc.*

Fanhua Inc., formerly known as CNinsure Inc., is a leading independent online-to-offline financial services provider. Through our online platforms and offline sales and service network, we offer a wide variety of financial products and services provided by over 90 insurance companies to individuals and businesses, including property and casualty and life insurance products. We also provide insurance claims adjusting services, such as damage assessments, surveys, authentications and loss estimations, as well as value-added services, such as emergency vehicle roadside assistance.

Our online platforms include:(1) CNpad, a mobile sales support application; (2) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China and (4) Lan Zhanggui, an all-in-one platform which allows our agents to access and purchase a wide variety of insurance products, including life insurance, auto insurance, accident insurance, travel insurance and standard health insurance products from multiple insurance companies on their mobile devices.

As of March 31, 2018, our distribution and service network consisted of 683 sales and service outlets covering 30 provinces.

For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/. 

*Forward-looking Statements*

This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will,""expects,""believes,""anticipates,""intends,""estimates" and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, Fanhua’s ability to attract and retain key personnel and productive agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control and macroeconomic conditions in China and their potential impact on the sales of insurance products. All information provided in this press release is as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/.

*Source:* Fanhua Inc.

 CONTACT: Contact: Oasis Qiu
Investor Relations Manager
Tel: (8620) 83883191
Email: qiusr@fanhuaholdings.com Reported by GlobeNewswire 4 hours ago.

Paris, 15 June 2018 - 16h30

*COFACE SA: *

*François Riahi is appointed Chairman of the Board of COFACE SA*

The Board of Directors of COFACE SA met today and elected François Riahi, Chief Executive Officer of Natixis, as the Chairman of the Board of Directors.

He succeeds Laurent Mignon who is leaving COFACE SA's Board to focus on his new responsibilities within Groupe BPCE.

The Board wishes to acknowledge Laurent Mignon's exceptional contribution as Chairman of COFACE SA's Board of Directors. His chairmanship was marked by the Group's successful IPO and the launch of the Fit to Win strategic plan.

"I would like to thank the Coface directors for their confidence. I am optimistic about Coface's future, it is a company with strong competitive positions, a clear strategic vision, an affirmed purpose and whose financial results are beginning to reflect the successes of the Fit to Win plan. François Riahi will be able to drive the Group's future development ambitions, notably by relying on Xavier Durand's general management", said Laurent Mignon.

"I am very honoured by the confidence placed in me today by the Board of Directors. Together with Xavier Durand and the teams across Coface, we will continue to execute the Fit to Win strategic plan", said François Riahi.

*François Riahi* began his career as an Inspecteur des Finances (auditor at the French Treasury) at the Inspection Générale des Finances from 2001 to 2005. He was then appointed to the Government's Budget Department, first as a chargé de mission reporting to the Budget Director and subsequently as Head of the Budget Policy Office. In 2007, he was appointed as an advisor to the President of the French Republic, responsible for the reform of State institutions and Public Finance.
In March 2009, François Riahi joined Groupe BPCE as Deputy CEO and Chief Strategy Officer. In May 2012, he was appointed Head of Corporate & Investment Banking's Asia Pacific Platform for Natixis, based in Hong Kong and became member of the Natixis Executive Committee. In February 2016, he joined Natixis' Senior Management Committee as Co-Head of Corporate and Investment Banking.
On 1st January 2018, François Riahi became a member of the Groupe BPCE
Management Board, in charge of Finance, Strategy and Corporate Secretariat.
Since 1st June 2018, François Riahi has been CEO of Natixis.

* *

*François Riahi* (45) is a graduate of the Ecole Centrale de Paris
school of engineering, the Paris Institute of Political Science (Sciences Po),
the Stanford Executive Program, as well as a former student of the
Ecole Nationale d'Administration (ENA).
 

*CONTACTS*

* *
*MEDIA RELATIONS*

 

Monica COULL
T. +33 (0)1 49 02 25 01
monica,coull@coface,com

 

Maria KRELLENSTEIN
T. +33 (0)1 49 02 16 29
maria,krellenstein@coface,com

* * *ANALYSTS / INVESTORS*

 

Thomas JACQUET
T. +33 (0)1 49 02 12 58
thomas,jacquet@coface,com

 

Ana Cecilia URIBE ARCE DE BREANT
T. +33 (0)1 49 02 22 40
anacecilia.uribearce@coface,com

* *

*FINANCIAL CALENDAR 2018 **(subject to change)*
H1-2018 results: 26 July 2018, before market opening
9M-2018 results: 24 October 2018, after market close

*FINANCIAL INFORMATION*
This press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM)
please refer to our Interim Financial Report for S1-2017 and our 2017 Registration Document.

* *

*Coface: for trade - Building business together*
70 years of experience and the most finely meshed international network have made Coface a reference in credit insurance, risk management and the global economy.  With the ambition to become the most agile, global trade credit insurance partner in the industry, Coface's experts work to the beat of the world economy, supporting 50,000 clients in building successful, growing and dynamic businesses. The Group's services and solutions protect and help companies take credit decisions to improve their ability to sell on both their domestic and export markets. In 2017, Coface employed ~4,100 people and registered turnover of
€1.4 billion.

 

www,coface,com
 COFACE SA is quoted in Compartment A of Euronext Paris
Code ISIN : FR0010667147 / Mnémonique : COFA

 

DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 "Main risk factors and their management within the Group" of the Coface Group's 2017 Registration Document filed with AMF on 5 April 2018 under the number No. D.18-0267 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance. 

*Attachment*

· Francois Riahi president.pdf Reported by GlobeNewswire 3 hours ago.

Shanghai, China, June 15, 2018 (GLOBE NEWSWIRE) -- CLPS Incorporation (the "Company" or Nasdaq: CLPS), a leading information technology consulting and solutions service provider focusing on the banking, insurance and financial sectors in China and globally, today announced that The Benchmark Company, LLC, the representative of the underwriters in connection with and the book running manager of the Company’s U.S. firm commitment underwritten initial public offering (“IPO”), has exercised in full its over-allotment option to purchase an additional 300,000 common shares at the IPO price of $5.25 per share.As a result, the Company has raised gross proceeds of approximately $1.58 million, in addition to the IPO gross proceeds of approximately $10.5 million, or combined gross proceeds in this IPO of approximately $12.08 million, before underwriting discounts and commissions and offering expenses. The closing of this over-allotment option exercise took place on June 8, 2018.

The Company’s shares trade on The Nasdaq Capital Market under the trading symbol “CLPS.”

The Benchmark Company, LLC acted as the book running manager and Cuttone & Co., LLC acted as co-manager for the offering.

A registration statement on Form F-1 relating to this offering was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC as of May 23, 2018. The offering of these securities was made only by means of a prospectus, forming a part of the registration statement. The registration statement on Form F-1 and the final prospectus relating to this offering are available on the SEC’s website at www.sec.gov. Copies of the final prospectus relating to this offering may be obtained from The Benchmark Company, LLC by calling 212-312-6700 or prospectus@benchmarkcompany.com.

*This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.*

*About CLPS Incorporation*

Headquartered in Shanghai, China, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology (“IT”), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company has served as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains eleven delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining four global centers are located in Hong Kong, Taiwan, Singapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com/*.*

*Forward-Looking Statements*

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, among other factors. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

*For more information, please contact Investor Relations at:*

*In China:*

CLPS Incorporation

Tian van Acken
Phone: +86-158-0198-4357
Chief Financial Officer
Email: ir@clpsglobal.com

*In the United States:*

Ascent Investor Relations LLCNicolas Palar
Phone: +1-646-932-7202
Email: npalar@ascent-ir.com

Tina Xiao
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com Reported by GlobeNewswire 3 hours ago.

A team of AIDS researchers in Hong Kong says its new research, tested on mice, indicates a functional cure for HIV, the virus that causes AIDS, eventually leading to a new antibody that could be used for both prevention and treatment. Reported by Newsmax 2 hours ago.

MACAU, June 15, 2018 (GLOBE NEWSWIRE) -- The grand opening of Morpheus by Melco Resorts & Entertainment Limited, was celebrated today with a host of distinguished guests and partners in Macau. The opening ceremony was attended by the Honorable Mr. Chui Sai On, Chief Executive of the Macau SAR and Mr. Ho Hau Wah, Vice-Chairman of the Chinese People’s Political Consultative Conference and officiating guests. The ceremony marked the official opening of the new, ultra-luxurious City of Dreams icon for Macau and Asia.At the press conference, Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Resorts & Entertainment, was joined by world renowned partners on the project, Mr. Alain Ducasse, Mr. Pierre Hermé and Mr. Peter Remedios who shared their passion in developing the food concepts and interior design for Morpheus. Celebrations concluded with a festive gala dinner, attended by local and international guests.

*About Melco Resorts & Entertainment Limited*

The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MLCO), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. The Company currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about the Company, please visit www.melco-resorts.com.

The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

*For investment community, please contact:
Melco Resorts & Entertainment Limited
*Richard Huang
Director, Investor Relations
T: +852 2598 3619
E: richardlshuang@melco-resorts.com

*For media enquiries, please contact:*
*Melco Resorts & Entertainment Limited*
Chimmy Leung
Executive Director, Corporate Communications
T: +852 3151 3765
E: chimmyleung@melco-resorts.com

*Brunswick Group*

Joseph Lo
T: +852 9850 5033
E: jlo@brunswickgroup.com

Stacey Chow
T: +852 9137 3378
E: schow@brunswickgroup.com

Anne Bark
T: +86 158 2133 0577
E: abark@brunswickgroup.com

Photos accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/3c975703-4e44-4e9d-bbe3-722e0b818d87

http://www.globenewswire.com/NewsRoom/AttachmentNg/7dfe90da-9a53-4a54-b701-c4a57ad84444 Reported by GlobeNewswire 1 hour ago.

Hong Kong travel agents are reporting that all their customers in Osaka are safe after a deadly earthquake struck Japan’s second city on Monday during the height of rush hour. A nine-year-old girl was killed when a wall collapsed at her school, an 80-year-old man is also believed to have died, and 200 people have reportedly been injured in the quake, which was measured at 5.3 on the Richter scale by the United States Geological Survey. The Japan Meteorological Agency measured the tremor... Reported by S.China Morning Post 12 hours ago.

Prudential's PRUbiz beyond customers to enjoy exclusive services offered by Colony

KUALA LUMPUR, MALAYSIA - Media OutReach - 18^th June 2018 - Colony, a co-working space and serviced office provider, today announced a partnership with Prudential Assurance Malaysia Berhad (Prudential) through which *PRU*biz beyond customers will enjoy exclusive services offered by Colony.

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*PRU * biz beyond is a business solution offered by Prudential that focuses on protecting a company's assets, including its business and people, from uncertainty and risk. Under the partnership, Prudential's *PRU*biz beyond customers will be able to enjoy exclusive business lifestyle services offered by Colony under the *PRU*biz beyond Privilege Loyalty programme.

The provided complimentary service includes:

· Three months of open hotdesk membership with unlimited access to work in Colony's common areas -- the Lounge and Café Area available at Colony@KLCC, as well as Colony's newest branch located at KL Eco City, opening in July 2018.
· Wireless high-speed internet for unlimited devices while at Colony
· Preferred rates for event lounge and meeting room reservations

Becoming prevalent in major cities in the world, co-working spaces are widely regarded as the future of offices and work environments. Launched in July 2017, Colony has thrived in its prime KL city centre location. The company offers service plans ranging from reserved desks, private suites, hot desks and prepaid passes as well as exceptional amenities such as rooftop swimming pool access, massage room, nap rooms, along with an in-house Espressolab. With additional plans to expand its presence in the local co-working space industry, Colony wishes to expand their brand by bringing forth a second division of serviced offices based at KL Eco City by July this year.

 "This partnership is very exciting for both companies. We look forward to working with Prudential by taking care of their customers during their time here at Colony. We are devoted in expressing excellence to our guests by delivering an all-encompassing service. This relationship with Prudential represents a strong opportunity for Colony to fortify our presence in the co-working industry." -- Nitaya Pirinyuang, General Manager, Colony

 "Prudential is continuously seeking opportunities to provide more value to its customers. We are excited to have Colony on-board as a partner to offer our *PRU*biz beyond customers who are primarily SME (small and medium enterprise) owners a conducive and fully-serviced co-working space to take their business to the next level." -- Bernard Chang- Chief Officer, Partnership Distribution of Prudential Assurance Malaysia Berhad.

 

* About Colony *

Situated in the bustling city centre of Kuala Lumpur, Colony is a co-working space and serviced office with plans and pricing that is constructed to reduce substantial set-up costs, maintenance difficulties, and long-term rental contracts. Acclaimed as a workspace with swanky and Instagram-worthy interiors, we at Colony seek to assist guests to focus on their work and be productive while everything else is overseen by us. Colony is set to launch their second branch at KL Eco City by July 2018.

https://www.colony.work

 

* About Prudential Assurance Malaysia Berhad *

Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924. As a leading and innovative insurer, PAMB serves the savings, protection and investment needs of Malaysians by offering a full range of financial solutions through its 45 branches and bancassurance distribution partners network nationwide. With more than 1,700 employees, PAMB is committed to helping people achieve their ambitions for a brighter and financially secure future.

 

PAMB is an indirect wholly owned subsidiary of UK-based Prudential plc. Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups serving over 26 million customers and has £669 billion of assets under management (as at 31 December 2017). Prudential plc is listed on the stock exchanges in London, Hong Kong, Singapore and New York.

 

Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America. Reported by Media OutReach 12 hours ago.