Category: Finance

China Success Finance Announces 2020 Interim Results

Persistently Devises Strategies in Financial Technology
Steadily Developing Traditional Businesses

China Success Financial Group Holdings Limited (“China Success Finance” or the “Company”, together with its subsidiaries the “Group”, stock code: 03623) is pleased to announce its unaudited interim results for the six months ended 30 June 2020.

During the reporting period, faced with challenges brought by the outbreak of Coronavirus Disease 2019 (“COVID-19”), the Group paid close attention to the market trend and adopted prudent and steady development strategies. While steadily developing its traditional guarantee business, the Group sustained its other businesses pragmatically. However, operating environment in various industry remained weary while the global economy continued to suffer from uncertainties, the steady development of the Group’s major operations was unable to offset the negative impact of abovementioned factors. During the reporting period, the Group’s loss before taxation and loss for the period were approximately RMB 2.7 million and RMB 17.5 million respectively (2019 Interim: approximately RMB19.9 million and RMB 20.8 million respectively). The Board did not recommend to distribute an interim dividend for 2020.

Mr. Zhang Tiewei, Chairman and Executive Director of China Success Finance indicated, “In the first half of the year, COVID-19 brought unprecedented shocks to the global economy. Faced with the difficult time, the Group focused on the prevention and control of epidemic, meanwhile grasping the opportunities brought by the government’s financial support to micro, small and medium sized enterprises and prosperous development in the Greater Bay Area. Through giving full play to its own advantages, the Group provided customers with more professional and efficient comprehensive financial services, while assisting customers to overcome hardships during the epidemic.”

In terms of guarantee business, with innovation and technology as its focus, the Group actively enhanced the development of financial technology business through investing resources, meanwhile exploring new service models to satisfy customers’ demand on personalized financial services during the reporting period. Capitalizing on the opportunities brought by the government’s financial support to micro, small and medium sized enterprises and the establishment of Foshan Financing Guarantee Fund, the Group further optimized its guarantee business, thereby enhancing its market competitiveness and laying a solid foundation for future business expansion.

Regarding financial leasing, factoring and asset management businesses, due to the increase of market uncertainty, the group continued to review its businesses in a prudent and pragmatic manner, in order to reduce cost and improve efficiency. Meanwhile, capitalizing on the government’s favorable policies, the Group made good use of its existing resources and actively explored opportunities in the field of integrated financial services in the Greater Bay Area, whilst strengthening its partnership with financial institutions and financial technology companies to jointly explore diversified cooperation models, thus providing customers with more comprehensive, efficient integrated financial services.

In the first half of 2020, a provision for impairment loss was recognized in the reporting period. Additionally, since the Group’s investment in associated enterprises recorded losses and operating expenses increased, a net loss was reported despite a substantial revenue growth in the Group’s major operations.

Looking forward, Mr. Zhang Tiewei said, “While the government has doubled its efforts in supporting micro, small and medium sized enterprises and the development of inclusive finance, the Group will seize the occasion to steadily develop its traditional guarantee business, while promoting the development of its financial technology business, in order to respond to market demand. In the future, the Group will continue to take root in the Greater Bay Area. With regards to market opportunities and its long-term development strategy, the Group will continue to explore new investment opportunities in agricultural projects by investments, equity purchases and acquisitions, in hopes of improving business flexibility and profitability, thus maximizing returns for investors and shareholders.”

About China Success Finance Group Holdings Limited
China Success Finance Group Holdings Limited is a leading private financial group in China, and the first financial group with guarantee service as a major business in China to be listed on the Main Board of The Stock Exchange of Hong Kong Limited. The Group has elevated from its traditional business in guarantee and microcredit since its listing, to a diversified and comprehensive financial service platform with services including asset management, fund management, investment and acquisition, financial leasing, financial guarantee, overseas capital, housing finance, and microcredit. Meanwhile, the Group maintained its business foundation in the Pearl River Delta Region with Foshan as the center, and provide comprehensive and professional financial services to the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

For more information, please visit the website of China Success Finance Group Holdings Limited: http://www.chinasuccessfinance.com/

Media Enquiries:
Anli Financial Communications Limited
Ms. Judith Cheung 852-3956 1646 judith.cheung@anli.com.hk
Ms. Kenix Luk 852-3616 0807 kenix.luk@anli.com.hk

Redsun Services 2020 Interim Adjusted Attributable Profit Surges 64.3% to RMB37.3 Million

GFA Under Property Management Services Increases 46.5% to 18.7 Million sq.m.;
Collaborates Balanced Development of Residential and Commercial Projects;
Continues to Provide a Full Range of Diversified Services

Redsun Services Group Limited (“Redsun Services” or the “Group”), a fast-growing comprehensive community services provider focusing on the Yangtze River Delta, announced its interim results for the six months ended 30 June 2020 (“1H2020”). With strong and balanced property management capability in terms of managing residential and commercial properties, the Group continued to develop steadily in terms of scale and performance. The group delivered an outstanding first interim results after its successful listing on the main board of the HKEX on 7 July 2020.

(From left to right): Chief Financial Officer – Mr. Jia Jie​; Executive Director and Executive President – Mr. Yang Guang; Vice President – Mr. Cheng Jian​

Highlights:
– Total revenue was RMB323.2 million, representing an increase of 60.4% as compared with RMB201.5 million for the corresponding period of 2019
– Revenue from property management services was RMB225.8 million, accounting for 69.9% of total revenue, representing an increase of 52.9% as compared with RMB147.7 million for the corresponding period of 2019
– Revenue from value-added services to non-property owners was RMB69.0 million, accounting for 21.3% of total revenue, representing an increase of 50.1% as compared with RMB46.0 million for the corresponding period of 2019
– Revenue from community value-added services was RMB28.4 million, accounting for 8.8% of total revenue, representing a significant increase of 261.3% as compared with RMB7.9 million for the corresponding period of 2019
– The Group’s GFA under property management services as at 30 June 2020 was approximately 18.7 million sq.m., representing an increase of approximately 46.5% as compared with approximately 12.8 million sq.m. as at 30 June 2019
– Gross profit margin was 26.3%, representing an increase of 1.1 percentage points as compared with 25.2% for the corresponding period of 2019
– Excluding the listing expenses, the adjusted profit for the period attributable to equity shareholders of the Company was RMB37.3 million, representing an increase of 64.3% as compared with RMB22.7 million for the corresponding period of 2019

Collaborated balanced development of residential and commercial projects
Community value-added services drove gross profit margin
The Group maintained sustainable growth in 1H2020. The Group’s revenue reached RMB323.2 million, an increase of 60.4% from RMB201.5 million in the same period in 2019. The Group’s gross profit margin was 26.3%, representing an increase of 1.1 percentage points from 25.2% for the corresponding period in 2019. The increase was mainly attributable to the further optimization of the Group’s business structure and active promotion on the development of community value-added services which have higher gross profit margin. Excluding listing expenses, the adjusted profit for the period attributable to the equity owners of the company was RMB37.3 million, a significant increase of 64.3% as compared to the same period in 2019.

The business of the Group covers a variety of property types, including residential properties and non-residential properties such as commercial buildings, school and public buildings, and also covers other specialized high-quality consulting services, resulting in collaborated balanced development of residential and commercial projects. As of 30 June 2020, the Group had provided property management services and value-added services to 41 cities in China, with 112 projects under management and contracted GFA of approximately 31.0 million sq.m., which included GFA under management of approximately 18.7 million sq.m., representing an increase of approximately 46.5% as compared with 30 June 2019.

During the period under review, the Group’s revenue from providing property management services reached RMB225.8 million. This was mainly attributable to the rapid increase in total GFA under management in line with the Group’s business expansion. In terms of GFA under management, as of 30 June 2020, the GFA of residential properties and commercial properties under management increased 39.1% and 73.4% respectively, reached 14.9 million sq.m. and 3.5 million sq.m. respectively; the GFA of other properties under management surged 675.0%, reached 312,000 sq.m.

The Group’s revenue from value-added services to non-property owners reached RMB69.0 million, representing an increase of 50.1% for the corresponding period in 2019 (2019: RMB46.0 million). The increase in revenue from value-added services to non-property owners was mainly attributable to the increase in the revenue from sales assistance services at sales venues. The Group’s community value-added services recorded a significant increase during the period under review. The revenue during the period reached RMB28.4 million, representing a significant increase of 261.3% for the corresponding period in 2019 (RMB7.9 million). The Group’s assets management business developed rapidly during the period, bringing a revenue of RMB16.7 million.

The Group has a healthy cash position with cash and equivalents amounted to RMB381.2 million, representing an increase of 112.8% as at 31 December 2019 (31 December 2019: RMB179.1 million). The Group was at a sound level of liquidity during the period with a current ratio of 1.66 times as at 30 June 2020, representing an increase from 1.57 times as at 31 December 2019.

Further expansion of business scale and market share
Looking forward, the Group will maintain quality growth and increase the number of properties and GFA under management, in order to further consolidate market position in Jiangsu Province and expand market share in the cities they operate and to further expand the types of property management. The Group will continue to build up brand reputation of the Group and leverage the brand image, in order to establish extensive strategic cooperation with real estate development companies and provide property management services to their property projects. The Group will also seek development opportunities brought by the expansion of business coverage of Hong Yang Group, its parent company, actively participate in bidding, expand management radius, and ensure stable growth in scale.

Further building happy lives covering the whole life cycle for customers
On the other hand, the Group will further diversify the offerings of value-added services to major customers, achieve vertical expansion in the industry to create more opportunities of obtaining property management projects. While providing property developers with the type of value-added services to non-property owners, the Group also plan to provide consultancy services to local property management companies to expand its business and enhance brand recognition. Through building product line covering the whole life cycle of property service and creating online images of panoramic plan, the Group accurately capture the demand for service based on the actual demands of property owners, which allow it to build happy lives for customers.

Further realization of the establishment of intelligent technology community
The Group will further increase investment in intelligent technology to improve quality and operational efficiency of the community. The Group intend to optimize the intra-enterprise ultra-smart system, management and control platform of panoramic plan, community commercial online mall and online management and control platform of investment and development, continue to improve product standardization, centralization, digitalization and automation to ensure consistent provision of high-quality services, and improve management efficiency while controlling operation costs.

Looking forward to the future, Redsun Service will adhere to the original vision of “making lives warmer” and make the company a venerable good life operator by providing customers with high-quality services with sincerity.

About Redsun Services Group Limited
Established in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of “making lives warmer,” the Group has provided and endeavor to continue to “provide customers with high-quality services with sincerity” to serve its customers. The Group has established the regional leading position in the property management market of Jiangsu province and is well-recognised nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 25th among the 2020 Top 100 Property Management Companies in terms of overall strength.

Champion REIT Announces 2020 Interim Results

– The office portfolio delivered stable growth from rental income
– Challenging retail environment impacted interim results
– Agile measures to react swiftly and embrace new normal

Champion Real Estate Investment Trust (stock code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for the six months ended 30 June 2020.

Champion Real Estate Investment Trust (stock code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for the six months ended 30 June 2020.

Ms. Ada Wong, Chief Executive Officer, Champion REIT
Ms. Amy Luk, Investment and Investor Relations Director, Champion REIT

Overview
The COVID-19 pandemic in the first half of 2020 has put the global economy on pause, and posing unprecedented challenges to all walks of life. Various social distancing regulations and cross-border controls have resulted in significant slowdown in economic activities and brought tourism to a standstill. Amid the sluggish market sentiment, the Trust’s base rental income recorded a slight increase but turnover rent vanished. As a result, the Trust recorded a 7.5% decline in distributable income to HK$804 million (2019: HK$869 million) and a 7.7% decline in distribution per unit (“DPU”) to HK$0.1229 (2019: HK$0.1332).

Three Garden Road
Leasing activities and demand of the office market in Central were subdued in the midst of the pandemic. Despite the precarious market environment, rental reversion for Three Garden Road remained positive in the first half of 2020, bolstering the rental income to HK$770 million (2019: HK$738 million). Passing rents of the property increased to HK$109.5 per sq. ft. (based on lettable area) as at 30 June 2020, compared with HK$107.8 per sq. ft. as at 31 December 2019. Occupancy stood at 90.2% as at 30 June 2020.

Langham Place Office Tower
As 60% of the Office Tower’s tenants are in the lifestyle category, their business operations had been suspended intermittently under the social distancing regulations imposed by the government. Total rental income of Langham Place Office Tower increased by 4.8% to HK$194 million (2019: HK$185 million) mainly due to positive rental reversion as some of the leases were signed before the pandemic outbreak. Passing rents edged up moderately to HK$47.1 per sq. ft. (based on gross floor area) while occupancy remained at a high level of 97.8% as at 30 June 2020.

Langham Place Mall
The Hong Kong retail market has experienced an extremely detrimental operating environment since the outbreak of COVID-19 in end of January. Total rental income dropped by 20.6% to HK$378 million mainly due to the drop in turnover rent. Our leasing strategy maintains a focus on keeping high occupancy rates, as such, the Mall remained fully occupied as at 30 June 2020.

Financing
The Trust continued to take a proactive approach in liability management. With the uncertainties ahead, we have diversified our funding source and enhanced the financial flexibility of the Trust. A total of USD300 million 10-year medium term notes were issued and standby banking facilities of HK$2.0 billion have been arranged during 1H 2020.

Distribution
The Trust recorded a 7.5% decline in distributable income to HK$804 million (2019: HK$869 million) and a 7.7% decline in distribution per unit (“DPU”) to HK$0.1229 (2019: HK$0.1332) amid the sluggish market sentiment. This represents an annualised distribution yield of 6.4% based on the closing price of HK$4.03 as at 30 June 2020.

Outlook
The outlook of the second half of the year is bleak. The coronavirus pandemic could continue to affect economic activities amid a persistent spread of COVID-19 globally and locally. In addition, geopolitical tensions and deteriorating local economic situation would deal another blow to our tenants.

To adapt to the new normal, we have launched an online shop to sell vouchers of the retail tenants in the mall and lifestyle tenants in the office tower respsectively. In addition, we have made available pionereering virtual tours for Three Garden Road and Langham Place Office Tower to facilitate potential overseas tenants to view our properties remotely.

We will continue to adopt a prudent approach on investment opportunities with long-term growth potentials for unitholders. We are committed to working shoulder to shoulder with tenants and stakeholders to pursue long-term sustainability and ride out difficult times together.

About Champion REIT (stock code: 2778)
Champion Real Estate Investment Trust is a trust formed to own and invest in income- producing office and retail properties. The Trust focuses on Grade-A commercial properties in prime locations. It currently offers investors direct exposure to 2.93 million sq. ft. of prime office and retail properties by way of two landmark properties, Three Garden Road and Langham Place, one on each side of the Victoria Harbour.

Website: www.championreit.com

Jaguar Mining Reports Second Quarter 2020 Financial Results

– Consolidated Gold Production Increased 28%
– Gross Profit increased 312%
– Strong Treasury Position of $30.2M
– COC Decreased by 25% to $586/oz Au and AISC Decreased 35% to $882/oz Au

Jaguar Mining Inc. (“Jaguar” or the “Company”) (TSX:JAG) today announced financial and operating results for the three months (“Q2 2020”) and six months ended June 30, 2020. All figures are in US Dollars, unless otherwise expressed.

Q2 2020 Operating Summary

– Consolidated gold production increased 43% with 23,483 ounces produced (208,000 tonnes milled, average grade of 4.00 g/t) in Q2 2020 compared to 16,365 ounces produced in Q1 2019 and 28% compared to 18,366 ounces produced in Q2 2019.
– Pilar mine gold production increased 17% with 13,452 ounces produced compared to 11,521 ounces produced in Q1 2020 and increased 28% compared to 10,543 ounces produced in Q2 2019.
– Turmalina mine gold production of increased 6% with 10,031 ounces produced compared to 9,487 ounces produced in Q1 2020 and increased 28% compared to 7,823 ounces produced in Q2 2019.
– Primary development increased 30% to 1,707 meters compared to 1,310 meters completed in Q2 2019.
– Sustaining capital expenditures of $6.1 million invested in mining equipment and development.

Q2 2020 Financial Results Summary

– Gross profit increased 312% to $23.9 million compared to $5.8 million in Q2 2019.
— Increased profitability in Q2 2020 reflects higher operating production quarter-over-quarter, and also an increase in the average realized gold price of $1,703/oz in Q2 2020 compared to $1,286/oz for Q2 2019.
– Consolidated Cash operating costs (“COC”) decreased 25% to $586 per ounce of gold sold for Q2 2020, compared to $786 during Q2 2019.
– Consolidated all-in sustaining costs (“AISC”) decreased 35% to $882 per ounce of gold sold in Q2 2020, compared to $1,366 during Q2 2019.
— Decrease in costs is mainly due to increase in production, higher head-grade and devaluation of the BRL currency.
– Operating cash flow of $27.5 million; adjusted EBITDA of $27.2 million.
– Net income of $19.2 million, or net income per share of $0.03.
– Free cash flow was $21.4 million for Q2 2020 based on operating cash flow, less sustaining capital, compared to negative $0.9 million in Q2 2019. The free cash flow for the quarter includes approximately $3.2M of sales proceeds from Q1 2020 which was received in Q2 2020.
— Free cash flow was $858 per ounce sold in Q2 2020 compared to negative $47 per ounce sold in Q2 2019.
– Strong treasury as of June 30, 2020, with cash of $30.2 million compared to cash of $12.1 million on March 31, 2020, demonstrating significant generation of pre-tax free cash flow.

Vern Baker, President and CEO of Jaguar Mining stated: “These strong second quarter results reflect our steady progression to reach our sustainable goal of 25,000 ounces per quarter. The financials reflect both improving production performance and strong tailwinds in the form of a weaker Brazilian Real and improving prices for gold. We are pleased to report that this is now our fifth quarter in a row with increasing ounce production. All the members of our Brazilian team of miners have demonstrated a commitment to moving our company through this current COVID-19 crisis and building a sustainable organization.

COVID-19 remains our key risk in terms of maintaining momentum. Cases in Brazil have been on the increase and our team has now reported its first few cases with our people. However, the team has remained calm and focused, and people who have confirmed positive with the virus, have now returned to work after appropriate quarantining. All our people are working to manage our way through the COVID-19 issue, and we have developed plans to deal with various potential scenarios as the situation continues to unfold.

Vern added, “We are pleased to report that Pilar Gold Mine reached a new production record for the quarter with 13,452 ounces produced. Turmalina Gold Mine production continues to improve, and this quarter reported a 6% increase from the prior quarter with 10,031 ounces produced, and development rates at Turmalina are sufficient to augment production in the second half of the year.

Jaguar enters the second half of the year with a very strong balance sheet, a sustainable production platform, excellent exploration opportunities, an impressive position in the Iron Quadrangle; both in hectares and in available infrastructure, and an outstanding cash flow position. With this strong performance, our supportive board have approved additional expenditures in 2020 for exploration and project evaluation.”

Q2 2020 Financial Results
Table 1: https://pr.report/j4AyQ9v2
Table 2: https://pr.report/OSPNrpw7

Cash Position and Use of Funds

– Strong treasury as of June 30, 2020, with cash of $30.2 million compared to cash of $12.1 million on March 31, 2020. Brazilian Bank debt of $1 million was also paid down and $0.7 million of common shares were bought back through the Normal Course Issuer Bid program.
– As at June 30, 2020, working capital was $25.8 million, compared to $9.4 million as at December 31, 2019, which includes $3.5 million in loans from Brazilian banks, which mature every six months and are expected to be rolled forward.

Qualified Persons

Scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology – UCT), Senior Expert Advisor Geology and Exploration to the Jaguar Mining Management Committee, who is also an employee of Jaguar Mining Inc., and is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million-ounce gold deposits such as Morro Velho, Cuiaba, and Sao Bento. Jaguar holds the second largest gold land position in the Iron Quadrangle with just over 25,000 hectares.

About Jaguar Mining Inc.

Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims covering an area of approximately 64,000 hectares. The Company’s principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caete Mining Complex (Pilar and Roca Grande Mines, and Caete Plant). The Company also owns the Paciencia Gold Mine Complex, which has been on care and maintenance since 2012. The Roca Grande Mine has been on temporary care and maintenance since April 2019. Additional information is available on the Company’s website at www.jaguarmining.com.

For further information please contact:

Vernon Baker
Chief Executive Officer
Jaguar Mining Inc.
vernon.baker@jaguarmining.com
416-847-1854

Hashim Ahmed
Chief Financial Officer
Jaguar Mining Inc.
hashim.ahmed@jaguarmining.com
416-847-1854

Forward-Looking Statements

Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “are expected,” “is forecast,” “is targeted,” “approximately,” “plans,” “anticipates,” “projects,” “anticipates,” “continue,” “estimate,” “believe” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will” be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline for the development of its mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.

For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Jaguar Mining Inc.” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Non-IFRS Measures

This news release provides certain financial measures that do not have a standardized meaning prescribed by IFRS. Readers are cautioned to review the below stated footnotes where the Company expands on its use of non-IFRS measures.

1. Cash operating costs and cash operating cost per ounce are non-IFRS measures. In the gold mining industry, cash operating costs and cash operating costs per ounce are common performance measures but do not have any standardized meaning. Cash operating costs are derived from amounts included in the Consolidated Statements of Comprehensive Income (Loss) and include mine-site operating costs such as mining, processing and administration, as well as royalty expenses, but exclude depreciation, depletion, share-based payment expenses, and reclamation costs. Cash operating costs per ounce are based on ounces produced and are calculated by dividing cash operating costs by commercial gold ounces produced; US$ cash operating costs per ounce produced are derived from the cash operating costs per ounce produced translated using the average Brazilian Central Bank R$/US$ exchange rate. The Company discloses cash operating costs and cash operating costs per ounce, as it believes those measures provide valuable assistance to investors and analysts in evaluating the Company’s operational performance and ability to generate cash flow. The most directly comparable measure prepared in accordance with IFRS is total production costs. A reconciliation of cash operating costs per ounce to total production costs for the most recent reporting period, the quarter ended June 30, 2020, is set out in the Company’s second quarter 2020 Management Discussion and Analysis (MD&A) filed on SEDAR at www.sedar.com.

2. All-in sustaining cost is a non-IFRS measure. This measure is intended to assist readers in evaluating the total costs of producing gold from current operations. While there is no standardized meaning across the industry for this measure, except for non-cash items the Company’s definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance note dated June 27, 2013. The Company defines all-in sustaining cost as the sum of production costs, sustaining capital (capital required to maintain current operations at existing levels), corporate general and administrative expenses, and in-mine exploration expenses. All-in sustaining cost excludes growth capital, reclamation cost accretion related to current operations, interest and other financing costs, and taxes. A reconciliation of all-in sustaining cost to total production costs for the most recent reporting period, the quarter ended June 30, 2020, is set out in the Company’s second quarter 2020 MD&A filed on SEDAR at www.sedar.com.

SOURCE: Jaguar Mining Inc.

ECXX Secures RMO Sandbox Approval from MAS; to Launch Asset-based Digital Securities Exchange

SINGAPORE, Aug 4, 2020 – (ACN Newswire) – ECXX Global Pte. Ltd. (ECXX), a pioneer in operating digital asset exchange using blockchain technology, is pleased to announce that it has secured admission by the Monetary Authority of Singapore (MAS) to the Fintech Sandbox Express as a Recognised Market Operator (RMO).*

With the approval, ECXX targets the launch of blockchain-based digital securities exchange platform ecxx.co, which offers various asset-based digital securities such as real estate, private equity, venture capital and investment funds to institutional and accredited non-individual investors.

These digital securities could represent a share in the ownership of a real estate, a share in the ownership of a company or participation in an investment fund, and can then be traded on a secondary market. Tokenisation of assets refers to the process of issuing a blockchain token (specifically, a security token) that digitally represents a real tradable asset (such as real estate) – in many ways similar to the traditional process of securitisation.

With its own in-house proprietary system, ECXX has been operating a digital asset exchange that allows both professional traders and retail investors to buy, sell and store digital assets. Its digital exchange platform is integrated with MyInfo, the one-stop Singapore government identity platform, which allows seamless Know-Your-Customer checks on members of MyInfo, who can log-in to ECXX’s digital asset exchange using their SingPass.

ECXX has also applied for a license under the Payment Services Act and once approved, it will be the first exchange in Singapore to offer both digital payment tokens and digital securities under two different platforms.

Commenting on this milestone, Mr Branson Lee, Chief Executive Officer of ECXX, said: “There are a multitude of applications of blockchain technology within the financial industry, and the tokenisation of assets has the potential to fundamentally change how we invest in assets.

“With S$3.4 trillion of assets under management in Singapore, we aim to utilise the Recognised Market Sandbox admission to develop our securities exchange platform and create asset-based securitised tokens that can be regulated and traded, paving the way for mainstream adoption.”

Led by an experienced management team well versed in digital assets and the blockchain ecosystem, ECXX has been backed by prominent venture capital firms CapitalX, Epsilon Investment, Ariki Asia and ChainUp. In June 2020, Hatten Land announced a proposed investment of US$6 million for a 20% equity stake in ECXX.

Issued on behalf of ECXX Global Pte. Ltd. by 8PR Asia Pte Ltd.

Media & Investor Contacts:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com

*https://www.mas.gov.sg/development/fintech/sandbox-express

Fitch Revises Redco’s Outlook to Positive

REDCO PROPERTIES GROUP LIMITED (the “Group” or the “Company”; stock code: 1622.HK) is pleased to announce that the international credit rating agency Fitch Ratings has revised the Company’s outlook to Positive from Stable.

Fitch indicates in its report that the Outlook revision reflects the Company’s consistent growth in its sales and scale, as well as its geographical diversification. Fitch believes that the Company can maintain a low leverage ratio as the company continues to boost its land bank size to sustain rising contracted sales, and the company has saleable resources for around four years of development. Fitch has maintained the Group’s long-term foreign-currency issuer default rating (IDR) and senior unsecured rating at “B”.

In 1H2020, the Group registered record-high contracted sales of RMB13.02 billion with year-on-year growth of 19.3%. This indicates the Group has successfully resumed the construction and sales of properties while maintaining prudent operations after the pandemic, assuring the market of its sales performance for 2H2020 with high certainty. Additionally, multiple top-tier international financial institutes are optimistic about the Group’s business and comments that Redco’s has a sound credit profile and refinancing risks are controllable. As of the end of 2019, the Company had a land bank presence of 89 projects over 25 cities, amounted to 14.6 million sq. m. of GFA which included core regions such as Nanchang, Tianjin, Jinan and the Greater Bay Area. The Company’s quality products, ample land bank, and outstanding leverage ratio allowed the Company to achieve high growth during the pandemic.

The Group provides a wide variety of products, ranging from residential buildings, office buildings, to commercial buildings and hotels which are under four product lines, i.e. “Yong”, “Jun”, “Yue”, and “Hua” to cater home purchasers’ individual needs. Also, benefiting from the Group’s department of diversified business, the Company has the advantages in land acquisition channels and costs, which, coupled with a premium product mix and relatively stable costs, the Group has transitioned into a fast-churn model developer while maintaining a stable and healthy gross profit margin. Meanwhile, the Group has launched an online house purchase platform “Redco UG” to create a new model of sales and introduce the “New Oriental Green Architecture” concept to diversify its product differentiation and advance the quality growth of the Group.

About REDCO PROPERTITIES GROUP LIMITED
The Group is an integrated property developer focusing on property development with efforts in diverse business portfolio including health care, commercial properties, technology, property management, culture tourism and education. The Group has been upholding the brand philosophy of “quality architecture lays the foundation of quality life” and has successfully entered the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, Bohai Rim, as well as high-value and high-growth areas such as Wuhan and Nanchang through its sound and pragmatic approach to business, forward-looking investment strategy, quality products and high operational efficiency. The Group successfully entered the Australian market in 2016. To date, the Group has made into the list of China’s top 100 developers and continued to expand rapidly, becoming a leading property developer with high competitiveness and a reputable brand image. In January 2014, the Group was listed on the Main Board of the Hong Kong Stock Exchange.

China Tonghai IR Announces Winners of Quam IR Awards 2019, Honouring Businesses for Achieving IR Excellence

China Tonghai IR has announced the winners of Quam IR Awards 2019.

Quam IR Awards is proud to recognize and reward the very best listed company in investor relations industry. The winners of the QIRA have opened the door of communication through diversified channels, representing the tact and professionalism of investor relations. As in previous years, award winners were selected based on judging criteria including Corporate transparency, Investor Relations Performance and Interactions with shareholders.

The keen enthusiasm for the 5th Quam IR Awards can be seen from the entries. A total of 12 companies have differentiated themselves from their competitors to won the Awards. 11 winners came from various categories, ranging from Hang Seng Index Constituents, Main Board and First Year After Listing companies, representing multi-national enterprises to local companies.

Furthermore, to honour outstanding achievements on the Environmental, Social and Governance issue, winners were also announced for the New Sustainable Development Category, a scheme added last year in recognition of the excellence in tackling environmental challenges using new ideas that will benefit the environment.

Tonghai IR was honored to invite Mr. Anthony Fan, Founding President of Hong Kong Independent Non-Executive Director Association; Mr. Francis Fong, Founding and Honorary Chairman of Hong Kong Association of Interactive Marketing; Ms. Lucia Cheung, Executive Director of Hong Kong Institute of Marketing, and Mr. Mike Wong, Executive Officer of Chamber of Hong Kong Listed Companies as our guests of honor to witness the grand occasion.

In addition to recognize outstanding achievements, the Awards also brings prestige to the winning companies and help build positive corporate images in the markets. With China Tonghai IR’s extensive network of investment community and financial media, the Awards is widely recognized beyond doubt.

Winners of the 5th Quam IR Awards include the following companies (arrange in alphabetical order):
Stock Code Company
3383 Agile Group Holdings Limited
1761 Babytree Group
0267 CITIC Limited
1846 EuroEyes International Eye Clinic Limited
1286 Impro Precision Industries Limited
0173 K. Wah International Holdings Limited
0992 Lenovo Group Limited
0017 New World Development Company Limited
0242 Shun Tak Holdings Limited
2382 Sunny Optical Technology (Group) Company Limited
6811 Tai Hing Group Holdings Limited
6158 Zhenro Properties Group Limited

Website: http://eventedm.tonghaiir.com/QIRA2019-20/
Phone: 2217 2753 / 2217 2504
E-mail: thir@tonghaifinancial.com

Organizer: China Tonghai IR
Supporting Organization: China Tonghai Financial
Supporting Media: The Standard, Caiguu, Fx678, OTCbeta

JCB and Nexi in partnership to increase security for international e-commerce spend

– Nexi has become the first payment provider to acquire JCB’s online security protocol in Europe, which will strengthen global transactions between Asian-Pacific buyers and luxury Italian e-commerce brands.
– JCB’s J/Secure™ 2.0 is compliant with the EMV® 3-D Secure Protocol and Core Functions Specification and protects cardmembers from identity theft and security fraud when buying online.
– JCB is one of the top 10 B2C e-commerce market players, and forecasts indicate that Asia-Pacific region will be one of the fastest growing regions for transactions towards 2025.

Nexi and JCB have collaborated to reduce the stress of social distancing and travel restrictions caused by the recent healthcare emergency by making it easier for merchants to ‘get close’ to their customers – specifically Asian-Pacific buyers – by securely facilitating online payments.

J/Secure™ 2.0, which is JCB’s payment authentication programme, will enable safe online shopping from a merchant’s website, or mobile application and will be live for the first time in Europe. It will be available to JCB’s 140+ million cardmembers, while they check out virtually from their favourite Italian brand.

Dirk Pinamonti, Head of ecommerce di Nexi comments, “Introducing J/Secure 2.0 to our platform is yet another step toward furthering our commitment to evolve security measures and further pave the way to enable more innovative measures with payment partners, with an international profile, in Italy. This hi-tech JCB technology will safeguard the global online shopping experience at such a critical time – when travelling into Italy and Europe to purchase luxury items may not otherwise be an option.”

J/Secure 2.0 is compliant with the EMV® 3-D Secure Protocol and Core Functions Specification and protects cardmembers from identity deception. It will also act as a major gateway into Asia for high-value Italian merchants wanting to expand their customer base across geographical borders and to ‘virtual’ tourists.

Mr. Tsuyoshi Notani, Managing Director, JCB International (Europe) Ltd., adds, “The payment industry is fulfilling an increasingly important role in the economic development of an uncertain era, where diversifying the way in which we meet customer needs is essential. This partnership with Nexi has enabled JCB to use our advanced technologies to find an innovative way to open the door for the increased exchange of global e-commerce transactions between Europe and our 140+ million cardmembers. Though the SCA compliant deadline was postponed to June 2021 by EU authorities, the secured e-commerce is consumer demand and emerging in the current age. This initiative with NEXI, a European scale payment leader, can drive Asian consumer spending, including mobile payment, at Italian merchants, which will be followed by European merchants. We are proud to commence it together with NEXI, and overcome challenges under the recent severe situation.”

About EMV®

EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo.

About NEXI

Nexi is the leading PayTech company in Italy, listed on MTA of Borsa Italiana. They operate in strong partnership with 150 partner banks. Nexi’s integrated end-to-end omni-channel technology connects banks, merchants and consumers enabling digital payments. They help simplify payments for their clients and digitalise the Italian economy. Nexi operates in three market areas: Merchant Services & Solutions, Cards & Digital Payments and Digital Banking Solutions.

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes over 34 million merchants and over a million cash advance locations in the world. JCB cards are now issued in 24 countries and territories, with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and Cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en/

Press Contacts:

JCB International/Europe
Contact: India Stone
Email: istone@jcbeurope.eu
Phone: +44 020 7087 4754

JCB (Head Office in Japan)
Contact: Kumiko Kida, Ayaka Nakajima
Email: jcb-pr@jcb.co.jp
Phone: +81 3 5778 8353

A Free Bitcoin Tax Solution for This Season

Accointing Services AG is offering a free crypto tax package for its users

ACCOINTING, a crypto tax, and portfolio tracking platform, has launched a free crypto tax solution that allows users to track Bitcoin and over 4,500 cryptocurrencies via mobile or desktop, manage their crypto transactions in over 300 exchanges and wallets and generate a tax report of up to 25 transactions at no cost.

ACCOINTING has decided to launch its free package just in time for the re-scheduled tax submission date (July 15th) in the United States providing an accurate and wholesome solution to the American taxpayers. Offering the most accurate and affordable packages in the market. ACCOINTING tax solutions start at $49.99 and offer a 30-day money-back guarantee for the US (restrictions apply).

ACCOINTING underwent several infrastructure updates throughout this year, which allowed them to add new features to the platform. This includes a new bitcoin and altcoin portfolio tracking app available on iOS and Android that allows users to get an overview of their portfolio, set price alerts for token value fluctuations as well as get a summary of their transaction history, all from a very intuitive platform.

ACCOINTING hopes that this will only add to their global growth, as they have recently partnered with one of Germany’s top legal firms in the cryptocurrency sector, Winheller Attorneys at Law and Tax Advisors. Winheller is the pioneer on cryptocurrency taxation law in Germany as well as one of the few taxation firms with a sole branch dedicated to cryptocurrency taxation and arbitrage. The partnership establishes and solidifies ACCOINTINGs presence in the DACH region by showing that not only is ACCOINTING an easy-to-use tool, but precise and dependable from a legal standpoint.

ACCOINTING has also established some very fruitful partnerships with key players in the market. With that, ACCOINTING looks forward to working with numerous stakeholders in the crypto space to increase the users’ experience in the platform, by bringing new and exciting tools, allowing users to easily integrate their favorite trading platform and track, manage and report their transactions.

“Long term, we want to be the most user-friendly platform in the crypto space,” states Dennis Wohlfarth, COO of ACCOINTING. “We decided to tackle cryptocurrency taxes first as it was one of the biggest pain points for us as traders and we wanted to create an amazing user experience to generate a tax report, without losing accuracy,” points out Alexander Lindenmeyer, CXO of ACCOINTING.

ACCOINTING is an all-in-one solution trusted by thousands of crypto traders around the world, changing the way people handle their crypto taxes and providing relevant insights and information about the crypto trader’s portfolio through an intuitive platform with modern design, great customer service and overall user experience that adapts to the life cycle of their users, regardless of their level of experience. ACCOINTING offers a crypto portfolio tracking app and desktop as well a crypto tax solution, focusing on easing the onboarding process into crypto of the trader as well as increasing the understanding of the users’ portfolio behavior and performance.

TO LEARN MORE ABOUT ACCOINTING:

Accointing Services AG
Bahnhofplatz, Zug, Switzerland, 6300
Dennis Wohlfarth
+41 41 481 04 04
dennis@accointing.com
www.accointing.com

Advanced “YES UA” mobile app supports the authentication of identity of new smart HKID

UA “Click to Loan” service in the “YES UA” app marks UA as the first in the consumer lending industry of Hong Kong that provides full support of real-time identity authentication covering the new smart HKID of latest version 2018, enabling all customers to enjoy the simple and convenient loan service on mobile anytime and anywhere!

United Asia Finance Ltd (UA), a leader in the personal loan market in Hong Kong, is pleased to announce an enhanced YES UA Mobile APP. Thanks to multi-layered identity authentication, artificial intelligence (AI) and microservices technologies, the latest app supports real-time identity verification with both the old HKIDs and the New Smart (2018) ID Cards. UA is first money lender in Hong Kong to introduce the advanced technology to loan services with a “Click” on the mobile app, enabling customers to enjoy secure, fast and hassle-free loan service anytime, anywhere.

Since the ‘Territory-wide Identity Card Replacement Exercise’ began in Dec. 2018, more than 2.1 million citizens have replaced their old HKIDs with the new smart IDs. Yet, there are only a handful of financial and wealth management services (including personal loan services) who can provide full support for instant ID verification with New Smart ID Cards. With the advanced AI technology in the latest YES UA Mobile APP, we’ve added real-time identity verification to the UA “Click to Loan” service, making it possible for all customers, regardless of old or new HKIDs, to enjoy a secure, reliable and innovative loan experience.

Mr Akihiro Nagahara, Managing Director and Chief Executive Officer of UA, said, “Since our establishment in 1993, UA has been committed to offering the most caring loan services and answering our customers every need, driving us to pioneer the industry with the creation of many innovative and milestone services in the market. In 2019, we launched the original Yes UA APP, and were encouraged with the positive feedback from the market and customer experiences offered by the easy operation. Now in 2020, we are introducing the enhanced YES UA Mobile APP with instant identity authentication, featuring advanced technology for real-time identity verification. The AI in the new YES UA APP elevates the user experience as customers can complete the whole loan process with a simple “Click”. The entire loan process from application, identity authentication, approval, confirmation to automatic cash transfer can be completed in the UA “Click to Loan” Service. Adhering to our customer-oriented service philosophy, UA will continue to provide innovative products and services in future. Customers know they can always enjoy the best and most suitable loan services with UA.”

Real-time identity verification with AI technology:
Enjoy the “Click to Loan” Service on mobile anytime, anywhere

To complete the loan application with the “Click to Loan” service on the YES UA Mobile APP is as simple as a “Click”: First, take a photo of your HKID card, then take selfies, and the system will automatically extract and enter the relevant information for you; with the HKID image and selfie photos the instant identity authentication will process, with customer data fully protected. Finally, when the customer confirms the approved loan, the loan amount will be credited to the customer via FPS immediately. “Click to Loan” is that simple and easy!

UA set up its FinTech and Innovation Department in January 2019, aiming to further enhance its innovation capability in financial services and reflecting its determination to pioneer and lead the industry. In the future, UA will remain abreast of the most advanced FinTech developments and market trends enabling customers to enjoy the most thoughtful and convenient loan services, let go of their worries and live their ideal lives.

For more information about UA and loan services, please call our service hotline 2681 8888 or visit www.uaf.com.hk.

Remarks
[i] Currently supporting iOS system only, and will extend to Android system later.
[ii] Compared with major money lenders in Hong Kong.

About United Asia Finance Limited
United Asia Finance Limited (UA) is a member company of Sun Hung Kai & Co. Limited, listed on The Stock Exchange of Hong Kong Limited (HKG:086). Since its establishment in 1993, UA has served Hong Kong citizens, for more than a quarter of a century led by Mr Akihiro Nagahara, Managing Director and Chief Executive Officer of the Company, who has more than 40 years of experience in the consumer loan market and is well known as “Father of Personal Loan” of Hong Kong. UA is devoted to offering diverse loan services along with all-round loan platform for customers. Popular loan services include “i-Money Internet Personal Loan”, “NO SHOW” Personal Loan, “Debts Consolidation Loan”, “Property Owner’s Loan”, “e-Cash Revolving Loan” and others.

Customers can reach UA anytime anywhere to enjoy the most professional, caring and all-rounded loan services via online and offline platforms including the Mobile YES UA APP, internet service, hotline or the 49 branches in Hong Kong to solve their financial needs easily. In 2007, United Asia Finance (Shenzhen) Limited (UAF SZ) was formed, marking UA’s foray into the Mainland China market. Today, UAF SZ has extended its business to 15 mainland cities. In recent years, coping with the development of IT and internet finance, UAF SZ has been active in developing its electronic and online platforms to offer even more quality and comprehensive online and offline loan services to the public and SME customers in Mainland China. See www.uaf.com.hk.

Media Enquiry:
Strategic Financial Relations Limited
Yoko Li, +852 2864 4813, yoko.li@sprg.com.hk
Jennifer Wong, +852 2114 4915, jennifer.wong@sprg.com.hk