Tag: FIN

Health Care

China Pharma Holdings, Inc. Reports Full Year 2014 Financial Results

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HAIKOU CITY, China, March 31, 2015 /PRNewswire/ — China Pharma Holdings, Inc. (NYSE MKT: CPHI) (“China Pharma” or the “Company”), an NYSE MKT listed corporation with its fully-integrated specialty pharmaceuticals subsidiary based in China, today announced financial results for the year ended December 31, 2014.

Full Year Highlights

  • Revenue decreased 24% to $24.9 million in fiscal year 2014 from $32.8 million in fiscal year 2013;
  • Gross margin was 21.9% in fiscal year 2014, compared to gross loss margin of (1.5)% in fiscal 2013. Without the effect of inventory obsolescence, management estimates that our gross profit would have been approximately 30.9% in fiscal year 2014 and 28.7% in fiscal year 2013;
  • Loss from operations was $25.3 million in fiscal year 2014 compared to $18.6 million in 2013, an increase of $6.7 million;
  • Net loss was $26.0 million in fiscal year 2014 compared to $20.0 million in 2013. Loss per common share was $(0.60) per basic and diluted share in fiscal 2014 compared with $(0.46) per basic and diluted share in fiscal year 2013.

“We have experienced tough challenges and made remarkable achievements in 2014: we completed the construction of a 20,000 square meters new factory, installed with four (4) sterilization production lines (two liquid injectables and two dry powder injectables production lines) after nearly two years of construction. In November 2014, we obtained new GMP certificate issued by CFDA, and commenced the manufacturing at our dry powder injectables and liquid injectables production lines; We also sustained the loss brought by once-in-forty-year 16 grade super typhoon.” said Ms. Zhilin Li, China Pharma’s Chairman and CEO. Ms. Li continued, “During the period from January 1, 2014 to November 3, 2014, we suspended two production lines as they did not then meet the GMP upgrading deadline. In this production-suspended period, we limited our credit sales and executed a prudent marketing strategy by screening our existing and potential distributors and hospital customers based on the speed of their payment in order to gradually improve our trade turnover, especially the collection of our accounts receivable. This strategy has temporarily impacted our sales in the current period by limiting our credit sales.”

Full Year Results

Revenues for the year ended December 31, 2014 were $24.9 million, a decrease of 24% from revenues of $32.8 million for the year ended December 31, 2013. This decrease primarily resulted from decreases in sales throughout all our product categories, especially our CNS Cerebral &Cardio Vascular products (decreased by approximately $2.8 million) and our Anti-Viro/Infectious & Respiratory products (decreased by approximately $1.8 million).

We had decreases in the sales estimates between the time when raw materials were purchased and the time when the sales performance is realized for certain products. We assessed the fair value of our raw material and determined that certain inventory was slow moving or obsolete. Based on the developed estimates as of December 31, 2014 and 2013, we recognized an additional inventory obsolescence expense of $2.3 million and $9.9 million for the years ended December 31, 2014 and 2013, respectively.

Gross profit for the year ended December 31, 2014 was $5.5 million, compared to gross loss of $0.5 million in 2013. Our gross profit margin in 2014 was 21.90% compared to gross loss margin of (1.5%) in 2013. Without the effect of inventory obsolescence, management estimates that our gross profit would have been approximately 30.9% in 2014 and 28.7% in 2013.

Selling, general and administrative expenses in 2014 were $5.1 million, or 20.3% of sales, compared to $5.7 million, or 17.3% of sales in 2013. For the year ended December 31, 2014, the Company’s research and development expense was $2.8 million, compared to $1.7 million in 2013. The change in research and development expenses was mainly due to the costs related to testing of our new production lines. In addition, we commenced leading formulation screening, new technology exploration and technical criteria improvement activities since 2013. As a result, the expenses related to such activities increased in 2014.

For the year ended December 31, 2014, the Company’s bad debt expense was $20.6 million, compared to a bad debt expense of $10.5 million in 2013. The increase in bad debt expense in 2014 was mainly due to the increase in our long-aging accounts receivable.

We suffered losses of $2.3 million relating to a tropical typhoon during the twelve months ended December 31, 2014. There was no comparable expense in the prior year period.

Operating loss was $25.3 million in 2014 compared to operating loss of $18.6 million in 2013. The main reasons for the increase in loss were lower revenue and higher bad debt expenses in 2014.

For the years ended December 31, 2014 and 2013, our income tax rate was 15%. Income tax expense was ($0.8) million and ($1.1) million for the years ended December 31, 2014 and 2013, respectively. We renewed our “National High-Tech Enterprise” status from the PRC government in the third quarter of 2013. With this designation, for the years ending December 31, 2014, 2015 and 2016, we will continue to enjoy a preferential tax rate of 15% which is notably lower than the statutory income tax rate of 25%.

Net loss for the year 2014 was $26.0 million, or $(0.60) per basic and diluted share, compared to net loss of $20.0 million, or $(0.46) per basic and diluted share for the year 2013. The decrease in net income was mainly due to the decrease in revenue, increase in bad debt expense, and losses from natural disaster.

Financial Condition

As of December 31, 2014, the Company had cash and cash equivalents of $5.3 million compared to $6.0 million as of December 31, 2013. Year-over-year, working capital decreased to $40 million in 2014 from $72 million in 2013 and the current ratio was 3.8 times in 2014, decreased from 7.0 times in 2013.

Our accounts receivable balance decreased to $24.9 million as of December 31, 2014 from $45.1 million as of December 31, 2013. The decrease was due to our enhanced collection efforts, the increased allowance, the decrease in sales, and the trade receivables collection discount program implemented in the third quarter of 2014 to encourage the collection of accounts receivable aged over one year.

For the year ended December 31, 2014, cash flow from operating activities was $4.6 million, as compared to $8.6 million in 2013.

Pipeline Update

As of December 31, 2014, China Pharma had various pipeline drugs in different stages of active development. Some of these are highlighted below:

  • Antibiotic Combination – We completed the Phase I clinical trials of our novel cephalosporin-based combination antibiotic. We are currently in Phase II of the clinical trial, due to the higher regulatory requests for clinical works.
  • Rosuvastatin – Rosuvastatin is a generic form of Crestor, a drug for the treatment of high blood cholesterol levels. Clinical trials for this generic drug were completed in the fourth quarter of 2010 and we have submitted an application for production approval, and are performing supplemental trials of related materials pursuant to the new criteria.
  • Heart Disease Drug – We have an oral solution for the treatment of coronary heart disease in our new product pipeline. This product comes with a patented Traditional Chinese Medicine (TCM) formula and is currently approaching the end point of Phase III clinical trials.

Conference Call

The Company will hold a conference call at 8:30 am ET on March 31, 2015 to discuss the results of fiscal year 2014. Listeners may access the call by dialing 1-866-519-4004 or 65-672-393-81 for international callers, Conference ID # 6732010. A webcast will also be available through CPHI’s website at http://www.chinapharmaholdings.com. A replay of the call will be accessible through April 8, 2015 by dialing 1-855-452-5696 or 61-281-990-299 for international callers, Conference ID # 6732010.

About China Pharma Holdings, Inc.

China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products focused on conditions with a high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company’s cost-effective, high-margin business model is driven by market demand and supported by eight scalable GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company’s wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit http://www.chinapharmaholdings.com. The Company routinely posts important information on its website.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as the achievability of financial guidance, success of new product development, unanticipated changes in product demand, increased competition, downturns in the Chinese economy, uncompetitive levels of research and development, and other information detailed from time to time in the Company’s filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations except as required by applicable law or regulation.

Contact:

China Pharma Holdings, Inc.
Phone: +86-898-6681-1730 (China)
Email: hps@chinapharmaholdings.com

– FINANCIAL TABLES FOLLOW –

CHINA PHARMA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2014

2013

ASSETS

Current Assets:

Cash and cash equivalents

$ 5,295,790

$ 5,993,139

Banker’s acceptances

458,233

336,003

Trade accounts receivable, less allowance for doubtful

accounts of $33,350,109 and $13,301,622, respectively

24,851,086

45,147,602

Other receivables, less allowance for doubtful

accounts of $60,325 and $43,064, respectively

272,199

175,739

Advances to suppliers

7,889,009

7,626,716

Inventory, less allowance for obsolescence

of $6,934,044 and $8,027,126, respectively

15,321,856

24,677,120

Prepaid expenses

404,370

–

Total Current Assets

54,492,543

83,956,319

Advances for purchases of intangible assets

42,390,186

41,701,505

Property and equipment, net of accumulated depreciation of

$6,640,718 and $5,264,350, respectively

33,881,878

30,241,337

Intangible assets, net of accumulated amortization of

$4,186,273 and $3,812,992, respectively

1,317,221

1,711,793

TOTAL ASSETS

$ 132,081,828

$ 157,610,954

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Trade accounts payable

$ 2,550,816

$ 1,877,437

Accrued expenses

269,870

323,651

Other payables

1,401,470

1,312,361

Advances from customers

2,078,866

2,228,238

Other payables – related parties

1,354,567

1,354,567

Current portion of construction loan facility

1,629,062

–

Short-term notes payable

4,887,187

4,909,662

Total Current Liabilities

14,171,838

12,005,916

Non-current Liabilities:

Construction loan facility

11,403,438

12,484,183

Long-term deferred tax liability

252,707

176,414

Total Liabilities

25,827,983

24,666,513

Stockholders’ Equity:

Preferred stock, $0.001 par value; 5,000,000 shares authorized;

no shares issued or outstanding

–

–

Common stock, $0.001 par value; 95,000,000 shares authorized;

43,579,557 shares and 43,579,557 shares outstanding, respectively

43,580

43,580

Additional paid-in capital

23,590,204

23,590,204

Retained earnings

62,848,901

88,896,276

Accumulated other comprehensive income

19,771,160

20,414,381

Total Stockholders’ Equity

106,253,845

132,944,441

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 132,081,828

$ 157,610,954

CHINA PHARMA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS

For the Year

Ended December 31,

2014

2013

Revenue

$ 24,927,707

$ 32,806,678

Cost of revenue

17,215,576

23,405,886

Inventory obsolescence

2,250,130

9,881,711

Gross profit (loss)

5,462,001

(480,919)

Operating expenses:

Selling expenses

3,346,511

3,284,905

General and administrative expenses

1,716,760

2,404,338

Research and development expenses

2,798,557

1,683,244

Bad debt expense

20,643,035

10,752,991

Losses from natural disaster

2,276,519

–

Total operating expenses

30,781,382

18,125,478

Subsidy income

65,113

–

Loss from operations

(25,254,268)

(18,606,397)

Other income (expense):

Interest income

69,739

8,457

Interest expense

(785,804)

(348,696)

Net other expense

(716,065)

(340,239)

Loss before income taxes

(25,970,333)

(18,946,636)

Income tax expense

(77,402)

(1,061,413)

Net loss

(26,047,375)

(20,008,049)

Other comprehensive income (loss) – foreign currency

translation adjustment

(643,221)

4,435,923

Comprehensive loss

$ (26,690,596)

$ (15,572,126)

Loss per share:

Basic

$ (0.60)

$ (0.46)

Diluted

$ (0.60)

$ (0.46)

CHINA PHARMA HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2014

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Retained

Comprehensive

Stockholders’

Shares

Amount

Capital

Earnings

Income

Equity

Balance, December 31, 2012

43,579,557

43,580

23,590,204

108,904,325

15,978,458

148,516,567

Net loss for the year

–

–

–

(20,008,049)

–

(20,008,049)

Foreign currency translation adjustment

–

–

–

4,435,923

4,435,923

Balance, December 31, 2013

43,579,557

43,580

23,590,204

88,896,276

20,414,381

132,944,441

Net loss for the year

–

–

–

(26,047,375)

–

(26,047,375)

Foreign currency translation adjustment

–

–

–

–

(643,221)

(643,221)

Balance, December 31, 2014

43,579,557

$ 43,580

$ 23,590,204

$ 62,848,901

$ 19,771,160

$ 106,253,845

CHINA PHARMA HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year

Ended December 31,

2014

2013

Cash Flows from Operating Activities:

Net loss

$ (26,047,375)

$ (20,008,049)

Depreciation and amortization

1,785,835

1,612,830

Bad debt expense

20,643,035

10,752,991

Deferred income taxes

77,042

1,061,413

Inventory obsolescence reserve

(1,055,529)

6,121,655

Changes in assets and liabilities:

Trade accounts and other receivables

(3,443,329)

3,633,180

Advances to suppliers

(296,979)

(2,625,629)

Inventory

12,780,457

11,155,810

Trade accounts payable

634,673

(1,183,733)

Accrued taxes payable

84

(2,499,949)

Other payables and accrued expenses

37,584

356,640

Advances from customers

(139,066)

218,656

Prepaid expenses

(404,060)

–

Net Cash Provided by Operating Activities

4,572,372

8,595,815

Cash Flows from Investing Activities:

Advances for purchases of intangible assets

(714,697)

(298,631)

Purchases of property and equipment

(5,128,699)

(18,794,261)

Net Cash Used in Investing Activities

(5,843,396)

(19,092,892)

Cash Flows from Financing Activities:

Proceeds from construction term loan

605,002

12,322,648

Net Cash Provided by Financing Activity

605,002

12,322,648

Effect of Exchange Rate Changes on Cash

(31,327)

137,860

Net (Decrease) Increase in Cash and Cash Equivalents

(697,349)

1,963,431

Cash and Cash Equivalents at Beginning of Period

5,993,139

4,029,708

Cash and Cash Equivalents at End of Period

$ 5,295,790

$ 5,993,139

Supplemental Cash Flow Information:

Cash paid for interest

$ 1,230,800

$ 569,855

Cash paid for income taxes

–

2,481,164

Supplemental Noncash Investing and Financing Activities:

Accounts payable for purchases of property and equipment

$ 46,780

$ 144,243

Accounts receivable collected with banker’s acceptances

2,777,579

8,317,045

Inventory purchased with banker’s acceptances

2,489,698

4,626,165

Advances for purchases of equipment paid with banker’s acceptances

–

2,564,790

Advances for purchases of intangibles paid with banker’s acceptances

164,208

897,820

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-pharma-holdings-inc-reports-full-year-2014-financial-results-300058259.html

Health Care

GO Scale Capital Investment Consortium Leads 80.1% Acquisition of Lumileds From Philips

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AMSTERDAM, March 31, 2015 /PRNewswire/ — GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners has announced today that it will acquire an 80.1% interest in Philips’ combined LED components and Automotive lighting business, with Philips retaining the remaining 19.9%* interest. The transaction values the business at an enterprise value of approximately USD 3.3 billion. The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals.

Following the transaction, the new company will continue under the name Lumileds, led by CEO Pierre-Yves Lesaicherre. Philips will remain an important customer of Lumileds and will continue the existing innovation and supply partnership. The transaction includes the transfer of a broad patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting from Philips to Lumileds.

Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, who will serve as interim Chairman of Lumileds following the completion of the transaction, stated that “the Lumileds acquisition will be a perfect example of how GO Scale turns cutting edge technologies into world class companies. GO Scale Capital will focus on expanding Lumileds’ opportunities by investing in its global centers of operation and in the fast growing general lighting and automotive industries. Through Lumileds’ world-leading technology in key verticals such as LED chips, LED mobile flash and automotive lighting, together with a customer base including the likes of BMW, Volkswagen and Audi, we expect to see significant growth and unparalleled inroads into new opportunities such as electric vehicles.”

GO Scale Capital is a new investment fund sponsored by GSR Ventures and Oak Investment Partners. The consortium partners are Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital. The GO Scale Capital team has deep technology expertise and a track record in scaling up disruptive technologies in China. Current investments include Boston Power, a leading manufacturer of electric vehicle batteries and Xin Da Yang, a fast growing Eco-EV company in China. The team brings deep knowledge of the technology and new energy sectors. Through their past investments in the LED industry, they have access to complementary technologies and manufacturing capacity. This uniquely complements Lumileds’ high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale through the GO Scale model.

“Philips is very positive about this transaction with GO Scale Capital as its principals are long-term, growth-oriented investors with a track record of building and expanding technology companies,” said Frans van Houten, CEO of Royal Philips. “We have significantly improved the performance of the LED components business and optimized the industrial footprint in the Automotive lighting business over the last few years, and established a strong management team and innovation pipeline. We are therefore convinced that together with GO Scale Capital, Lumileds can grow faster, attract more customers and increase scale as a stand-alone company.”

“I am convinced that together with the new investors led by GO Scale Capital, Lumileds will extend its leading product portfolio of lighting components and continue to achieve robust growth,” said Pierre-Yves Lesaicherre, CEO of Lumileds. “With our strong technology leadership, we are ready to address the future needs of our customers. We will work closely with our industry partners and customers to lead innovation and the transformation of our industry.”

Lumileds is a leading supplier of lighting components to the general illumination, automotive and consumer electronics markets with operations in more than 30 countries and has approximately 8,300 employees worldwide. In 2014, it generated sales of approximately USD 2 billion and a double-digit EBITA margin.

* including a 34% interest in the Lumileds US operations

About GO Scale Capital 

Sponsored by GSR Ventures and Oak Investment Partners GO Scale Capital is a growth stage fund under the GSR Capital families of funds, with offices in Beijing, Hong Kong and Silicon Valley. The fund’s team brings together years of cross border operating experience and successful co-investment history in mature and cutting edge technologies. The fund’s goal is to scale up its investments in China for global markets.  

About Philips 

Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people‘s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2014 sales of EUR 21.4 billion and employs approximately 105,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at  http://www.philips.com/newscenter.

ERN Fashion HOU

Natural Beauty Announces 2014 Annual Results

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— Turnover increased by 15.1% to HK$505.8 million

— Profit before taxation up by 40% to HK$116.3 million and Net Profit up by 22.3% to HK$71.5 million

— Strengthen In Spa operations yielding strong same store productivity drove the growth

HONG KONG, March 31, 2015 /PRNewswire/ — Natural Beauty Bio-Technology Limited (“Natural Beauty” or the “Group”; Stock Code: 00157), the leading professional skin-care, and spa services provider in mainland China, announced today its annual results for the year ended 31 December 2014.

For the year ended 31 December 2014, turnover of the Group grew 15.1% to HK$505.8 million year-on-year (2013: HK$439.4 million), driven by an increase in product sales as a result of higher store productivity in mainland China and Taiwan. Overall gross profit margin improved to 76.9%, as contribution from higher-margin products increased within the Group’s sales mix (2013: 75.8%). Profit for the year increased by 22.3% to HK$71.5 million (2013: HK$58.5 million). Earnings per share were HK3.6 cents (2013: HK2.9 cents). The Board recommended to distribute a final dividend of HK3.188 cents per share.

Despite the economic growth slowdown in mainland China, turnover in the mainland China market rose by 16.9% to HK$420.3 million for the year ended 31 December 2014. The growth was primarily driven by increase in sales of products, mainly due to the pilot-testing of “direct-own retail” management system to exercise better control over franchisees in order to drive higher store productivity. During the year under review, gross margin of this segment was up 1.8 percentage points to 78.7%. Turnover for the Taiwan market also registered growth of 7.9% to HK$80.6 million, as the Group adopted door-by-door management via franchisee differentiation to utilize company resources efficiently. Gross margin of this segment expanded 4.7 percentage points to 67.7%. The gross margin improvement in both mainland China and Taiwan was a result of higher sales contribution from higher-margin products such as NB-1, and lower promotion discounts during the year under review. On the other hand, sales in other regions, including Hong Kong, Macau and Malaysia, decreased by 8.5% to HK$4.8 million for the year ended 31 December 2014, accounting for an insignificant 0.9% of the Group’s turnover.  

The Group derives its income principally from its network of distribution channels, including spas and concessionary counters in department stores. As at 31 December 2014, there were 1,364 spas and 14 concessionary counters. A total of 35 new stores were opened and 74 stores were closed during the year ended 31 December 2014.

During the year under review, average sales per store in mainland China grew 21.5% while average sales per store in Taiwan rose by 15.2%.

The Group puts significant emphasis on discovering the insights of consumer needs. During the year ended 31 December 2014, the Group’s flagship NB-1 products generated HK$217 million in sales, accounting for more than 40% of the Group’s total product sales during the year. With effective product line rationalization plan, NB-1 Revital series was successfully re-launched as home care product line in order to boost product sales and enhance brand loyalty. Among which, NB-1 Revital Sleeping Mask was well-received by customers in product efficacy.

Ms. Karen Chang, Chief Executive Officer of the Group said, “Looking ahead, we will press on with our prudent growth strategy to sustain the growth momentum while mitigating the escalating rental and labor cost pressure in mainland China. We will continuously implement “direct-own retail” management system with an aim to boost the franchisees’ productivity as our major growth driver in near future. We will enhance our operational efficiency by streamlining organizational structure, implementing a more integrated go-to-market process and improving cost-control measures. We will also focus our marketing and promotional efforts to drive more sell-through by franchisees. Leveraging our position as a leading skin care brand and spa operator in the Greater China Region, we strive to strengthen our competitive edges by implementing the aforesaid strategies, so as to satisfactory returns for our shareholders.”

About Natural Beauty Bio-Technology Limited
Natural Beauty is a leading beauty and spa services and products provider in Greater China. The Group principally offers tailor-made beauty and skin care solutions through its trained professional beauticians. The Group is engaged in research and development, manufacture and sale of skin care, aroma-therapeutic and beauty products, marketed under the brandname “NB®”. The products are distributed through a distribution network of over 1,300 NB’s SPAs and dedicated counters in Greater China.

For further information, please contact:
iPR Ogilvy & Mather
Natalie Tam/ Juliana Li
Tel: +852-2136–6182/ +852-2169–0467
Fax: +852-3170–6606
Email: naturalbeauty@iprogilvy.com

Fashion HOU

Ever-Glory Schedules Full Year 2014 Earnings Release and Conference Call

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NANJING, China, March 30, 2015 /PRNewswire/ — Ever-Glory International Group, Inc. (the “Company,” “Ever-Glory”) (NASDAQ-GM: EVK), today announced that the Company will report its full year 2014 financial results on Tuesday, March 31, 2015 before the market opens.

The Company will hold a conference call with senior management to discuss the financial results the same day at 8:00 a.m. Eastern Time. Listeners can access the conference call by dialing # 1-913-312-1403 and referring to the confirmation code 7993658. The conference call will also be broadcast live over the Internet and can be accessed at the Company’s web site at the following URL: http://www.everglorygroup.com.

A replay of the call will be available from 11:00 a.m. March 31, 2015 through April 7, 2015 Eastern Time by calling # 1-858-384-5517; pin number: 7993658.

About Ever-Glory International Group, Inc.

Based in Nanjing, China, Ever-Glory International Group, Inc. is a retailer of branded fashion apparel and a leading global apparel supply chain solution provider. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange (now named as NYSE MKT) in July 2008 and then transferred to The NASDAQ Global Market on December 31, 2014. Ever-Glory offers apparel to woman under its own brands “La go go”, “Velwin” and “Sea To Sky” and currently operates over 1,201 retail locations in China. Ever-Glory is also a leading global apparel supply chain solution provider with a focus on middle-to-high end casual wear, outerwear, and sportswear brands. Ever-Glory services a number of well-known brands and retail stores by providing a complete set of services of supply chain management on fabric development and design, sampling, sourcing, quality control, manufacturing, logistics, customs clearance and distribution etc.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this release and other written or oral statements made by or on behalf of Ever-Glory International Group, Inc. (the “Company”) are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including, without limitation, market acceptance of the Company’s products and offerings, development and expansion of the Company’s wholesale and retail operations, the Company’s continued access to capital, currency exchange rate fluctuation and other risks and uncertainties. The actual results the Company achieves (including, without limitation, the results stemming from the future implementation of the Company’s strategies and the revenue, net income and new retail store projections set forth herein) may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties (many of which are beyond the Company’s control). These statements are based on management’s current expectations and speak only as of the date of such statements. Readers should carefully review the risks and uncertainties described in the Company’s latest Annual Report on Form 10-K and other documents that the Company files from time to time with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ever-glory-schedules-full-year-2014-earnings-release-and-conference-call-300057470.html

ENT Fashion

Wanda Hotels & Resorts Officially Launching its Call Center

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BEIJING, March 30, 2015 /PRNewswire/ — The Wanda Hotels & Resorts Call Center was formally launched in Beijing on March 27, 2015, will fully operate from April 1. With its advanced facilities, this brand-new Call Center will provide hotel information and reservation services for all owned and managed hotels under Wanda Hotels & Resorts (including the five-star hotel brand – Wanda Realm, the upscale five-star hotel brand – Wanda Vista and the luxury hotel brand – Wanda Reign) for guests, as well as exclusive telephone service for members of Wanda Club.

Wanda Hotels & Resorts Officially Launching its Call Center

Wanda Hotels & Resorts Officially Launching its Call Center

Wanda Hotels & Resorts has been rapidly developing in comprehensive way since its establishment. By the end of 2015, Wanda will have 85 five-star hotels in China, including 38 hotels and resorts under the management of over a dozen international hotel brands, and 47 owned and managed international branded hotels. By the end of 2020, Wanda Hotels & Resorts will own and manage over 150 hotels around the world, including Wanda Vista Hotels in London, Madrid, Chicago, Sydney and the Gold Coast.

“Wanda Club” is a highly-praised loyalty program offered by Wanda Hotels & Resorts. It encourages members to consume in self-owned hotels with diversified bonus point strategies and to exchange their points for other quality services in Wanda Cinemas and Wanda Department Stores. Meanwhile, the Club has established strategic partnerships with several international well-known airlines to allow for points exchange including: Air China, China Eastern Airlines, China Southern Airlines, Hainan Airlines, Dragonair, Cathay Pacific, and ANA.

The official launch of the Call Center of Wanda Hotels and Resorts has indicated another step taken by Wanda in the course of internationalization. The 4000888899 hot line of the Center will help to provide more personalized and timely service for business and leisure travelers.

About Wanda Hotels and Resorts

As owner and operators, Wanda Hotels & Resorts is an international luxury hotel management company incorporating hotel ownership, hotel operations and marketing that is dedicated to providing a profound Chinese cultural experience and considerate guest services to global travelers. Currently, there are three premium five-star hotel brands under the umbrella of Wanda Hotels & Resorts, namely the renowned five-star hotel brand Wanda Realm, upscale five-star hotel brand Wanda Vista and premium luxury hotel brand Wanda Reign. By the end of 2015, Wanda will have 85 five-star hotels in China, including 38 hotels and resorts under the management of over ten international hotel brands, and 47 self-owned international brand hotels. By the end of 2020, Wanda Hotels & Resorts will own and manage over 150 hotels around the world, including Wanda Vista Hotels in London, Madrid, Chicago, Sydney and on the Gold Coast in Australia. The “Wanda Club” loyalty program is also under the unified management of the company. For more information or for reservations, please visit http://www.wandahotels.com

Photo – http://photos.prnasia.com/prnh/20150327/0861502372

Health Care

Yale University and Novogen Release Data on Cantrixil Mode of Action

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Key data confirming Cantrixil kills ovarian cancer stem cells

Unique action of inhibiting pro-survival mechanisms and promoting pro-death mechanisms

SYDNEY, March 30, 2015 /PRNewswire/ — US-Australian drug discovery company, Novogen Ltd, (ASX:NRT; NASDAQ:NVGN) and its subsidiary, CanTx, Inc., and Yale University, on March 27 released pre-clinical data on experimental anti-cancer drug, Cantrixil. The data was presented as an oral presentation by Professor Gil Mor MD PhD of Yale Medical School to the 62nd Annual Scientific Meeting of the Society of Reproductive Investigation in San Francisco, CA.

In both in vitro and in animal studies, Cantrixil, has proved highly effective at killing human ovarian stem (tumor-initiating) cells, cells that otherwise are highly resistant to standard of care cytotoxic drugs and which generally are believed to be responsible for diseases recurrence following initial therapy. Researchers have been keen to understand how the active ingredient in Cantrixil, TRXE-002, is able to achieve this effect where other drugs have failed.

The data shows that Cantrixil specifically activates the JNK-Jun pathway leading to mitochondrial damage and the induction of genes associated with cell death (apoptosis). In addition, Cantrixil blocks the survival pathway pERK.  The combination of these two cellular effects (down-regulation of pro-survival and up-regulation of pro-death pathways) provides a unique advantage to target chemo-resistant cancer stem cells.

Cantrixil is due to enter its first-in-man study in late-2015.  The study will enroll patients with the terminal condition, malignant ascites, associated with late-stage abdominal carcinomatosis of various types of cancer, but mainly targeting ovarian cancer and colo-rectal cancer.

About Cantrixil

Cantrixil is a cyclodextrin envelope containing the active ingredient, TRXE-002. The construct has been designed as an intra-cavity chemotherapy to be injected directly into the peritoneal and pleural cavities without causing local irritation or toxicity. Its purpose is to achieve high drug levels in the environment in which the cancer is spreading through the migration of the cancer stem cells are spreading. The ultimate primary indication of Cantrixil to be sought is first-line therapy of early-stage cancers of the abdominal cavity (eg. ovarian, uterine, colo-rectal and gastric carcinomas). Cantrixil will enter the clinic in later-stage cancers where the abdominal carcinomatosis has resulted in the terminal condition of malignant ascites.

Cantrixil is owned by CanTx, Inc.

About TRXE-002

TRXE-002 is a small molecule cytotoxic belonging to a family of compounds whose anti-cancer function is based on various biological effects including inhibition of trans-membrane electron-transfer mechanisms. TRXE-002 is pan anti-cancer acting, resulting in caspase-dependent apoptosis of both stem cell-like cancer cells and their daughter cancer cells. The compound has a high therapeutic index with little cytotoxic effect on non-tumor cells.

About CanTx, Inc.

CanTx is a joint venture company between Novogen and Yale University. Novogen has licensed the drug candidate, TRXE-002, to CanTx for use in Cantrixil. CanTx is based in New Haven, CT.

Further information is available on www.can-tx.com

About Novogen Limited

Novogen is a public, Australian-US drug-development company whose shares trade on both the Australian Securities Exchange (‘NRT’) and NASDAQ (‘NVGN’). The Novogen group includes US-based, CanTx Inc, a joint venture company with Yale University.

Novogen has two main drug technology platforms: super-benzopyrans (SBPs) and anti-tropomyosins (ATMs). SBP compounds have been designed to kill the full heterogeneity of cells within a tumor, but with particular activity against the cancer stem (tumor-initiating) cell.

The ATM compounds target the micro-filament component of the cancer cell’s cytoskeleton and have been designed to combine with anti-microtubule drugs (taxanes, vinca alkaloids) to produce comprehensive and fatal destruction of the cancer cell cytoskeleton.

The Company pipeline comprises two SBP drug candidates (TRXE-002, TRXE-009) and one ATM drug candidate (Anisina).

Further information is available on our website www.novogen.com

For more information please contact:

Corporate Contact

Dr. Graham Kelly

Executive Chairman & CEO

Novogen Group

Graham.Kelly@novogen.com           

+61 (0) 2 9472 4100

Media Enquiries

Cristyn Humphreys

Chief Operating Officer

Novogen Group

Cristyn.Humphreys@novogen.com

+61 (0) 2 9472 4111

Forward Looking Statement

This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934.  The Company has tried to identify such forward-looking statements by use of such words as “expects,” “appear,” “intends,” “hopes,” “anticipates,” “believes,” “could,” “should,” “would,”  “may,” “target,”  “evidences” and “estimates,” and other similar expressions, but these words are not the exclusive means of identifying such statements.  Such statements include, but are not limited to any statements relating to the Company’s drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company’s drug development program, including, but not limited to, Cantrixil and TRXE-002, and any other statements that are not historical facts.  Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company’s drug components, including, but not limited to Cantrixil and TRXE-002, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug compounds, including, but not limited to, Cantrixil and TRXE-002, that could slow or prevent products coming to market, the uncertainty of patent protection for the Company’s intellectual property or trade secrets, including, but not limited to, the intellectual property relating to Cantrixil and TRXE-002, and other risks detailed from time to time in the filings the Company makes with Securities and Exchange Commission including its annual reports on Form 20-F and its reports on Form 6-K.  Such statements are based on management’s current expectations, but actual results may differ materially due to various factions including those risks and uncertainties mentioned or referred to in this press release.  Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.

ENT Fashion

Tian Ge Establishes Sponsored Level 1 American Depository Receipt (ADR) Program

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HONG KONG and HANGZHOU, China, March 27, 2015 /PRNewswire/ — Tian Ge Interactive Holdings Limited (“Tian Ge” or the “Company”, 1980.HK), the largest “many-to-many” live social communities platform in China, is pleased to announce the establishment of a sponsored Level 1 ADR program in the United States. The ADRs can be traded on the US over-the counter (“OTC”) market effective as of March 26, 2015 under the ticker symbol TGRVY.

The Bank of New York Mellon is acting as the depositary bank. Tian Ge ADRs are US dollar negotiable certificates representing ordinary shares of the Company. Each ADR represents twenty ordinary share of the Company. The total number of outstanding shares of Tian Ge will not increase and there will be no dilution of share value.

1. Purpose of establishing a sponsored ADR program

The purpose of establishing a sponsored ADR program is to enhance the convenience of U.S. investors and to develop new investors, thus expanding the overall investor base. Tian Ge also expects that the establishment of a sponsored ADR program will lead to greater name recognition and enhanced market reputation for Tian Ge in the U.S.

2. Details of the sponsored ADR program

？？？1？？？Type of ADR program : Sponsored Level I program
？？？2？？？Trading market : OTC (Over-The-Counter)
？？？3？？？Trading effective date : 26 March, 2015 (U.S. Eastern Standard Time)
？？？4？？？ADR ratio : 1ADR = 20 share of common stock (1:20)
？？？5？？？CUSIP number : 88631U105
？？？6？？？Ticker symbol : TGRVY
？？？7？？？Depositary bank : The Bank of New York Mellon
？？？8？？？Local custodian : Hong Kong and Shang Hai Banking Corporation

About ADRs

ADRs (American Depositary Receipts) are receipts which are issued by a depositary bank in the U.S., and represent ownership interests in the underlying securities of a non-U.S. company. When registered with the SEC, an ADR may be traded, settled and held in the same manner as shares of U.S. companies.

Sponsored ADRs are issued by a specified depositary bank under a depositary agreement entered into between the issuer of the underlying shares and depositary bank. The agreement defines the rights and obligations of the issuer, ADR holders and the depositary bank. Sponsored ADR programs are classified into three types; Level I, Level II, and Level III, depending on whether the program is listed, or a public offering of new or existing shares is conducted. The level of disclosure required by the SEC changes based upon these types. Level I ADR programs are unlisted programs, Level II ADR programs are listed programs (e.g., on the New York Stock Exchange), and Level III ADR programs are listed programs accompanied by the raising of new capital through an issuance of new shares.

About Tian Ge

Tian Ge (1980.HK) is one of the largest live social online video community platforms in China. The Company was founded in Hangzhou, China in 2008 and went public on the main board of the stock exchange of Hong Kong in July 2014. It currently operate eight “many-to-many” live social video communities on both mobile and PC, including 9158 and Sina Show, the two largest communities; and one “one-to-many” community, Sina Showcase.

Our communities offer diverse selection of user-generated content in the live social online video community industry. Through our “many-to-many” ecosystem where multiple users can simultaneously stream to other viewers in the same real-time video room, Tian Ge enables users to interact, socialize, share interest, send virtual items & gifts, and encourages our users to showcase their talents or knowledge for open and public exposure. Recently, we expanded our ecosystem to the online-to-offline (O2O) karaoke, live social mobile & PC games and emerging healthcare mobile application.

For more information, please visit www.tiange.com

To visit our communities:
9158: www.9158.com; Sina Show: http://show.sina.com.cn/; Sina Showcase: http://ok.sina.com.cn

For media inquiries, please feel free to contact:

LBS Communications Consulting Limited
Joanne Chan (852-9616 2676), Janice Liu (852-9859 0513), Ian Fok (852-9348 4484)
Tel : (852) 3679 3671 / (852) 3752 0428 / (852) 3752 0432 |
Fax : (852) 3753 2899
Email: jchan@lbs-comm.com / jliu@lbs-comm.com / ifok@lbs-comm.com

For investor inquiries, please contact:

Kenneth Ke
Tel: +86 (571) 88108686 Ext. 8103
Email: kenneth@9158.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tian-ge-establishes-sponsored-level-1-american-depository-receipt-adr-program-300056888.html

ERN Health Care

Kerry Logistics’ FY2014 Core Net Profit up 10% to HK$976 million

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Solid Growth in All Segments Driven by Successful Business Integration

HONG KONG, March 26, 2015 /PRNewswire/ — Kerry Logistics Network Limited (“Kerry Logistics” or  together with its subsidiaries,  the “Group”; Stock Code 636), a leading logistics service provider in Asia, today announced the Group’s annual results for 2014.

Group’s Financial Highlights

  • Turnover increased by 6% to HK$21,115 million (2013: HK$19,969 million)
  • Core operating profit increased by 14% to HK$1,612 million (2013: HK$1,413 million)
  • Core net profit increased by 10% to HK$976 million (2013: HK$886 million)
  • Integrated Logistics (“IL”) business achieved a 12% increase in segment profit to HK$1,409 million (2013: HK$1,258 million)
  • International Freight Forwarding (“IFF”) business recorded a 11% increase in segment profit to HK$378 million (2013: HK$342 million)
  • All segments recorded improved margins in 2014
  • Full-year dividend payout ratio increased to 24% (2013: 21%)
  • Final dividend of 8 HK cents per share recommended

William MA, Group Managing Director of Kerry Logistics, said, “2014 was a year of consolidation and integration for Kerry Logistics. Through organic growth, investments and strategic acquisitions, we continued to expand our operating scale, strengthen our service capabilities and extend our network coverage during the year. Resources were deployed to integrate newly acquired businesses into our existing network and system, enhancing service offerings and increasing efficiencies. These efforts produced double-digit growth in both our core operating profit and core net profit, as well as improved margins in all our business segments.”

Expanding Scale through Continued Investments

The Group continued to enrich its logistics facility portfolio during the year. As at 31 December 2014, it managed a logistics facility portfolio of 45 million square feet, of which 23 million square feet were self-owned.

In Mainland China, the Group completed the development of two new logistics centres in Zhengzhou and Kunshan, and commenced construction of two other facilities in Chengdu and Xi’an, adding a total of 1.6 million square feet of logistics facilities to its portfolio in the country. It also purchased a parcel of land with a site area of 728,000 square feet in Shanghai for the development of a new flagship facility of 1.1 million square feet to cope with the expansion of its IL business in the city.  Upon completion, it will be the largest logistics facility of the Group in Mainland China.

Within ASEAN, the Group has been building new facilities in Thailand to capture rising opportunities in this dynamic market. Phase 2 of the new logistics centre in Rayong was completed during the year.  Phase 1 of the Kerry Bangna Logistics Centre is currently under construction and will serve as a new sorting centre for Kerry Express and a fulfilment centre for e-commerce customers upon completion.  In addition, the Group added a new warehouse and a new Inland Container Depot in Kerry Siam Seaport to develop the port into a key cargo gateway for the growing trade in the region. In Cambodia, the Group is planning to construct a 160,000 square feet bonded warehouse on its newly acquired land at a Free Trade and Special Economic Zone in 2015.

Enhancing Capabilities by Service Scope Extension

In 2014, the Group’s IL segment maintained solid growth on the back of expanding network and coverage in Greater China and ASEAN countries, with more higher-margin value-added services and new customer wins. The Group’s logistics operations achieved a segment profit margin of 10% in 2014. Turnover and segment profit of the logistics operations in Hong Kong also increased by 22% and 28% year-on-year respectively.

In Hong Kong, the Group launched Kerry Pharma to tap into the ever-growing pharmaceutical and healthcare market by setting up a brand-new GMP compliant secondary packaging facility and obtaining the WHO GDP certificate for the provision of warehousing, distribution and secondary packaging services for pharmaceutical products.  It also expanded into the automotive sector in Hong Kong and was appointed to provide parts logistics services to several internationally renowned automotive brands. Across the Taiwan Strait, the Group has built a service network supported by ten service hubs that covers the whole island, and became the only logistics company attained SGS WHO GDP international quality accreditation as well as GDP from the Taiwan Food and Drug Administration. 

Riding on the success of the fast-growing Kerry Express (Thailand), the Group took further steps to build an ASEAN-wide regional express platform through acquiring a local express company in Cambodia and expanding the business into Singapore, Malaysia, Indonesia and the Philippines.  To strengthen its ASEAN-wide cross-border road transportation network, Kerry Logistics took full control of the KART business in Malaysia and Thailand, further integrating the operations in the two countries into its KART network. The Group also formed a new joint venture with shareholders of PT Puninar Saranaraya, one of Indonesia’s largest logistics companies, in March 2015 for growth of IL business in Indonesia.

Extending Coverage through New Market Expansion

During the year, the Group restructured its business in Europe which contributed to satisfactory results in tandem with the gradual economic recovery in the region. As part of the Group’s long-term IFF strategy to build a global network across six continents, it has also expanded the reach and capacity of its IFF business through acquisitions and the formation of new joint-ventures in the Middle East, Canada, New Zealand and Senegal. The stable growth of the IFF business was accompanied by increased profitability and volume. While the segment profit increased by 11%, the segment profit margin rose to 3%, bringing it closer to the international average.

Hong Kong Warehouse — Unlocking Asset Values and Maximising Returns

Kerry Logistics’ Hong Kong warehouse portfolio comprised nine warehouses with a combined GFA of 5.1 million square feet. It maintained nearly full occupancy with segment profit margin increased to 59.7% and achieved double-digit growth in rentals for successful contract renewals. The Group expects to see continuous stable growth from this business riding on its 9% growth in segment profit in 2014.

In a bid to unleash the potential of its facility portfolio and to address actual community needs, the Group submitted an application to the Town Planning Board of Hong Kong in the first quarter of 2015 to convert one of its Hong Kong warehouse facilities into a columbarium. Subject to approval, the investment, excluding land premium to be paid to the government, is estimated to be around HK$2 billion.

George YEO, Chairman of Kerry Logistics, said, “The integration of China’s economy with its neighbours is a major trend seen by the increasing intra-Asian trade and growing cross-border logistics.  The combined economy in the region is becoming the central growth pole in the world.  With our unique position as ‘Asia Specialist, China Focus, Global Network’, we aspire to be a major logistics provider for the new Silk Road. We will continue to grow our IL and IFF businesses through continuous improvements in operating efficiencies, service offerings, network coverage, and securing suitable acquisition opportunities in target markets. Our extensive exposure in the region and a broader international customer base will enable us to ride economic cycles and sustain long-term growth to reward our shareholders.”

About Kerry Logistics Network Limited (Stock Code 636)

Kerry Logistics is a leading logistics service provider in Asia with extensive operations across Greater China and other countries in the region. It is principally engaged in the integrated logistics and international freight forwarding businesses and currently has more than 550 office locations in 39 countries and territories. By managing 45 million sq. ft. of logistics facilities, it provides customers with reliability and flexibility to support their expansion and long-term growth. Kerry Logistics Network Limited is listed on the Hong Kong Stock Exchange. For more information, please visit www.kerrylogistics.com.

ERN Health Care

Insurance + Investment Model Achieved Uprising Success

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Fosun’s implementation of the Buffett model accomplished significant impact

HONG KONG, March 26, 2015 /PRNewswire/ — Fosun International Limited (together with the subsidiaries, “Fosun” or the “Group”, SEHK stock code: 00656) announced its results of 2014. For the year ended 31 December 2014, Fosun’s net assets attributable to owners of the parent reached RMB 49.408 billion, up 24.7% from end-2013. Profit attributable to owners of the parent was RMB 6.854 billion, up 24.2% year on year from 2013.

With the “insurance + investment” twin-driver core strategy, Fosun has accomplished major improvements on both the financing end and asset end as well as the optimization of the overall asset structure. The twin-driver empowered by the “Insurance-oriented Comprehensive Financial Capability” and “Global Industrial Integration Capability Taking Roots in China” has been much strengthened than ever and has established advantages unique to ourselves, like all other world-class investment groups.

Persistent efforts on the financing end: Insurance float approached RMB100 billion, improving ROIC-WACC and EVA generation capability

In 2014, insurance segment profit grew significantly, and the scale of insurance float surpassed the RMB100 billion mark (attributable investible assets at RMB 79.8 billion). Benefiting from the contribution of a large scale of insurance float, ROIC-WACC (after adjustment) and capital employed (after adjustment) started to widen, Economic Value Added (“EVA”) of investible assets continued to enlarge and it will become a critical growth engine for Fosun in the future.

Fosun continued to speed up its development on the foundation comprising Yong’an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance. In May 2014, Fosun completed its acquisition into an 80% interest in Fosun Insurance Portugal (comprising the three insurance companies namely Fidelidade, Multicare and Cares), the leading insurer in Portugal with a 30% local market share, at a consideration of EUR1.038 billion.  In early 2015, Fosun further increased its equity interest in Fosun Insurance Portugal to 84.986%.  This is one of the most important acquisitions for Fosun over the last 23 years, adding more than EUR 13 billion of new total assets to our Group, including in excess of EUR12 billion of investible assets. With the same logic, from the second half of 2014 to date, Fosun invests in the global insurer Ironshore which specializes in specialty insurance, and an US P&C insurer Meadowbrook Insurance Group (NYSE:MIG) which has rich experiences in labor insurance businesses.

As at 31 December 2014, the assets of insurance segment under management by Fosun exceeded RMB 113.085 billion, comprising 34.8% of the Group’s total assets. Upon completion of the Ironshore and MIG transactions, this proportion and scale are expected to climb up further.  

Insurance has become the most important segment for Fosun and has exerted a fundamental impact on the overall business operation and profit generation for the Group. In 2014, the operating revenue from the insurance segment hit RMB 7.868 billion, up 2,742.3% year-on-year, and contributed to 12.7% of the Group’s total revenue. Profit attributable to owners of the parent generated from the insurance segment stood at RMB1.149 billion, up 119.4% and contributed to 16.8% of the Group’s profit attributable to owners of the parent. Fosun’s ratio of net debt over shareholder equity declined to 73.3% in 2014 from 86.0% in 2013, and it is anticipated that it will decline stably in the future.

In 2014, Fosun’s attributable investible assets generated from the insurance segment reached RMB 79.81 billion in 2014, up 1,335.6% year-on-year. Thus, the investible capital (after adjustment) was also increased to RMB 214.703 billion, up 57.2% year-on-year. Meanwhile, the ROIC-WACC (after adjustment) reached 2.2% in 2014, up 0.6 percentage point year-on-year. In the future, as insurance assets eligible for consolidation for the year expanded, the ROIC-WACC (after adjustment) and investible capital (after adjustment) is expected to continue to increase, so EVA generation is also expected to expand.

Thanks to the efforts made by the insurance business team and the rapid, deep and persistent impact of Fosun’s investment capabilities on the return on assets of the invested insurance enterprises, the invested insurance enterprises saw their premium income and return on assets grow rapidly and healthily. Taking Fosun Insurance Portugal as an example, its consolidated return on assets climbed to 8.4% in 2014 from 4.3% in 2013. For the domestic invested insurance enterprise, Yong’an P&C Insurance, its consolidated return on assets also climbed to 12.6% in 2014 from 5.4% in 2013.

It is worth mentioning that the increased return on assets had not only been a result of any aggressive asset allocation that Fosun has adopted. In fact Fosun had been a bit biased towards the conservative end. For instance, 81.3% of Fidelidade’s assets were allocated to fixed income investments and cash last year. Only the remaining 18.7% were appropriated to equity and infrastructure real estate assets.

Investments focused health and happy & fashionable lifestyle industries, rolled out ecosystem planning and sped up participation in industry consolidation around the world with China momentum

In 2014, Fosun focused more on planning the ecosystem layout for the healthcare and happy & fashionable lifestyle and participate in consolidation of industries around the world, including cases like the privatization of Chindex, our acquisition into the whole of Luz Saude healthcare group of Portugal, the establishment of Studio 8 as a controlling shareholder, the privatization of Club Med and our investment in Thomas Cook which have just been concluded. These famous enterprises are all in the healthcare and happy & fashionable lifestyle industry ecosystem.

The healthcare and happy & fashionable lifestyle segment achieved revenue of RMB11.94 billion in 2014, up 20.3% year-on-year and contributed to 19.3% of the Group’s total revenue. Profit attributable to owners of the parent reached RMB1.702 billion, up 53.6% year-on-year and contributed to 24.8% of the Group’s profit attributable to owners of the parent. Segment net assets reached RMB26.747 billion, up 19.5% year-on-year and contributed to 35.3% of the Group’s net assets.

Currently, the healthcare industry of Fosun consists of strong and industry-leading participants, including Fosun Pharma, Alma Lasers, Luz Saude, United Family Hospital, Chancheng Hospital, Multicare Healthcare Insurance, all of which Fosun has controlling interests in. Fosun is also joint venture partners in Sinopharm, Starcastle Senior Living and Pramerica Fosun Life Insurance. Enterprises on Fosun’s happy & fashionable lifestyle industry platform include strong and industry-leading players including Yuyuan, tourism destination enterprises such as Club Med, Atlantis in Sanya, the creative film producer Studio 8, etc. In early of this year, Fosun shall put particular emphasis on supporting participation of these platform enterprises in consolidation of industries around the world. Fosun seeks to bridge the value mismatches between the robust China’s consumption momentum and these brands and services preferred by customers around the world. Fosun seeks to integrate resources, meet the need for good life from customers around the world, especially those in China, with the best products and services, building a healthcare and happy & fashionable lifestyle ecosystem that is based on the China’s growth momentum and the capability of integrating industries around the world.

Asset allocation: the health and happy & fashionable lifestyle businesses of high growth and weak cyclicality had taken over the dominant position

Following years of determined transformation, Fosun’s integrated financial segment assets expanded rapidly. Apart from enhancing investment in insurance business, Fosun acquired Hani Securities of Hong Kong last year, invested in 2 financial leasing companies, i.e. Chuangfu Financial Leasing and Hangzhou Financial Investment Leasing. Ali Small Loan, which Fosun had participated in its establishment and operation for many years, has become a showcase model of clientele expansion driven by scalable internet financial services. In 2014 the China Banking Regulatory Commission (CBRC) officially approved Fosun’s eligibility as one of the main co-founders of the Internet commercial bank “Zhejiang Internet Commerce Banking Co., Ltd.”

In early 2015, Fosun has announced that the Group has collaborated with Fidelidade to invest EUR 59.14 million to increase its interests in RHJI (which wholly owns BHF-Bank, one of the largest independent private banks in Germany and the UK time-honored private bank Kleinwort Benson specialized in commercial banking). Upon approval by relevant regulatory authorities, Fosun will hold indirectly a 28.61% interest in RHJI versus previous 19.49%, enabling the Group to bring to customers in China the world’s best-in-class private banking services and allow the invested enterprises to reap benefits from prosperity and growth of the financial market in China.

The growth in integrated financial businesses, together with the previously mentioned healthcare and happy & fashionable lifestyle businesses, constitute two segments of high growth and weak cyclicality. These two segments achieved revenue of RMB 20.954 billion in 2014, up 95.1% year-on-year and contributed to 33.9% of the Group’s total revenue. Profit attributable to the owners of the parent was RMB 5.279 billion, up 73.4% and contributed to 77.0% of the Group’s profit attributable to owners of the parent.

To develop “Insurance + Industry + Hive 1+1+1” cross-industry integration innovation closed loop

Leveraging Fosun’s established capabilities in healthcare, happy & fashionable lifestyle, logistics and commodity industries, the Group encouraged cross-industry integration and proactively promoted connection of industries with insurance and finance, capabilities of creating environment that facilitated integration of industries and insurance into hive cities, creating one cross-industry integration operation platform unique to Fosun after another.

In 2014, Fosun put great efforts in pursuing the establishment and development of Hive cities and sped up the transformation of upgrading traditional property businesses. Hive cities is a product integrating Fosun’s industrial resources to assist local governments in the construction of core urban functions, with a key feature of “industry-backed urban development and urban-industry integration”. Through providing core urban functions required by the cities, Fosun is able to take a lead in introducing its core industrial resources and to further introduce ancillary industries that support the core industries, with a view to promoting “Urban-Industry integration” by establishing a 24-hour plus 3-in-1 vibrant community for work, consumption and living, as well as introducing living and consumption services industries.

As at 31 December 2014, Fosun launched a cumulative total of 12 hive cities in 5 major categories. The Group initiated the five city functions with multi-industry operations including the healthcare hive, culture & entertainment, travel & leisure, logistics & trade and financial services. Total construction areas for hive cities invested by our managed funds and participating and controlling companies exceed 4.7 million sqm.

As for Fosun’s travel & leisure hive project in Sanya, Hainan, the world’s third Atlantis hotel that integrates tourism, properties and financial industries, its GFA of construction area aggregating around 510,000 sqm. By the end of 2014, we already invested RMB 2.35 billion. The construction work has been progressing smoothly and will be completed by the end of 2016. It will become the benchmarking product as a 3.0 upgrade version of tourism resort in Hainan. Meanwhile, we has also facilitated the cooperation of Starcastle Senior Living, Forte, Pramerica Fosun Life Insurance in the Shanghai Starcastle Zhonghuan Community, establishing a senior living community of the highest quality in Shanghai with medical and senior care services. Furthermore, Fosun will also make use of its “Fosun healthcare + Insurance + Leasing + StarHealth Hive” cross-industrial integration model to promote a countrywide healthcare and senior care system. It will launch a pilot scheme of “Club Med + Insurance + Overseas properties” cross-industrial integration to promote development of tourism destinations around the world both on a sale or rental basis. It will also launch a pilot scheme of the “Overseas properties + Insurance + Industries (rental by function)” cross industrial integration model to promote office properties ownership around the world.

Fosun has not been lagging behind the mobile Internet innovation trend

The mobile Internet, with its vast user base, accessibility anytime anywhere, connectivity with the rapidly developing Internet of the Things, has imposed thorough changes to everything in the environment. Fosun firmly believes that mobile Internet will allow the Chinese market to perform on par, if not better, than the US market. Mobile Internet will force every traditional industry to make a choice between pursuing full integration into mobile Internet, or to delineate from mobile Internet. Every industry is forced to find an ultimate way of survival under the mobile Internet environment.

In 2014, the Group’s Internet investment team and venture capital platform continued to focus on innovations on traditional industries brought about by the mobile Internet and mobile Internet related technologies (Internet Plus), persisting in “first or unique in the industry” as the guideline in identifying projects. Its existing investment portfolio has already covered digital healthcare, Internet finance, Internet tourism, online education, mobile social industries, etc.  Our showcase projects including Ali Small Loan, Perfect World, Linekong Interactive, guahao.com, Ali’s Dream Castle and My Money, etc. As at 31 December 2014, Fosun has invested HKD 836 million in VC area, and more than USD 500 million in the entire Internet area over the year.

The Group is also building the layout of connecting traditional industries with mobile Internet and Internet of the Things. Fosun proactively pursues connection of Yong’an P&C Insurance, Great China Financial Leasing and Internet P2P business for a pilot P2P Internet financial leasing program under credit insurance; also new scenario O2O app, e.g. guahao.com + Fosun Pharmacy. The Group is also fully prepared to promote Internet financial services based on real-world logistics and warehousing control and connecting with the Internet, such as “Hainan Mining + Finance + Internet Ore Trading Platform + Logistics”, “Nanjing Steel + Finance + Internet Steel Trading Platform + Logistics”, “Yuyuan Gold + Finance + Internet Gold Trading Platform”, “ROC + Finance + Internet Oil Product Trading Platform + Logistics”. Accordingly, the Group has invested heavily in medical cold chain logistics, participated in Cainiao Logistics, commissioned construction of Tianmiao Logistics cities, and established cold chain logistics, etc. In the future, Fosun will further promote industries integrating Internet and finance for upgrading and transformation, e.g. environmental transformation of “Nanjing Steel + Environmental Investment + Insurance + Leasing”.

In 2014, Fosun persistently implemented its “Mobile Fosun” strategy and successfully developed its instant chatting & communications apps/system, namely “Fosun Chat”.  Fosun also actively explored its O2O business. Fosun wishes to fully promote and establish its “Cloud + Terminal” within the organization based on this system. Through developing mobile Internet technologies and adopting a mobile Internet mentality and methodologies, Fosun can integrate and survive in mobile Internet era by upgrading and transforming all Fosun staff and businesses and systems with mobile internet technologies. We encourage every enterprise to develop user terminals and improve our product and user experiences, facilitating more frequent transactions among the offline customer results, and getting connected and transformed into online users. With its unreserved integration with mobile internet, Fosun will not be lagging behind the Internet and mobile Internet innovation trend. You will see Fosun on the cutting edge of mobile Internet and Internet of the Things in the future.

Looking ahead: Adhering to investment discipline, persisting in value investing, dancing with cyclicality on the value floor

Adhering to the basic logic and discipline of value investing is always the most important principle of Fosun. Value investing is both you need to be disciplined and also you have to dance with cyclicality. In the future, we need to persistently apply the most stringent investment discipline on ourselves. We need to learn day after day, accumulate and improve so as to become an intelligent vital entity. In the future, Fosun will continue to adhere to its value investing principles, integrate and combine global resources,  combining and integrating global resources, continue to strengthen its investments with insurance funds, expand the comprehensive financial assets and health & happy lifestyle industries, and fully embrace with mobile internet, with the aim to becoming a world-class investment group underpinned by the twin drivers of “insurance-oriented comprehensive financial capability” and “industrial-rooted global investment capability”. We believe that the world will be different because of Fosun. Life will become better because of Fosun.

ENT Fashion GAM MEN

Taomee Announces Extension of Share Repurchase Plan

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SHANGHAI, March 24, 2015 /PRNewswire/ — Taomee Holdings Limited (NYSE: TAOM) (“Taomee” or the “Company”), a leading children’s entertainment and media company in China, today announced that its Board of Directors approved and ratified the extension of the Company’s previous share repurchase plan (the “Share Repurchase Plan”), which was dated March 28, 2014, for another 12 months from March 29, 2015 to March 28, 2016. Upon such extension, Taomee is authorized, but not obligated, to continue to repurchase, through open market purchase or privately negotiated transactions, up to US$4.9 million, the remaining balance of the US$10 million under the Share Repurchase Plan, of American Depositary Shares of Taomee over the next 12 months, depending on market conditions, share price and other factors, subject to relevant rules and regulations under the U.S. securities laws. The Share Repurchase Plan may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice.

The Share Repurchase Plan will be funded by the Company’s cash flow from operations as well as existing cash and cash equivalents. As of December 31, 2014, the Company had cash and cash equivalents of approximately US$103.2 million. On January 26, 2015, the Company declared a special cash dividend of US$24.6 million, which has been paid in full by February 17, 2015.

About Taomee Holdings Limited

Taomee Holdings Limited (“Taomee” or “the Company”) is a leader in China’s children’s entertainment and media. Its award winning content offerings are both engaging and educational, endearing it to children, as well as to parents and teachers. The Company was founded in 2007 with the mission to bring joy and inspiration to children. Its popular character franchises, including SEER and MOLE’S WORLD, are distributed online via virtual worlds, web games and mobile applications, as well as through traditional media, including animated box office films, TV series, books and consumer products, most notably toys and trading cards. Its online community regularly achieves top search ranking in China, Hong Kong and Taiwan. Taomee has been consistently recognized for its leadership and innovative contributions to the children’s market, including accolades from China’s Ministry of Culture and the China Animation Association.

For more information, please visit: http://www.taomee.com/en_taomee.html

– Visit online virtual world communities at www.61.com
– Watch animations and films at http://v.61.com
– Download mobile games and applications at http://m.61.com
– Share with other parents and caregivers at http://mama.61.com

Safe Harbor Statements

This press release contains statements that may constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified 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. Among other things, the management’s quotations and outlook information contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Potential risks and uncertainties include, but are not limited to: the Company’s business strategies and initiatives as well as business plans; future business development, results of operations and financial condition; expected changes in revenues and certain cost or expense items; expectations with respect to increased revenue growth and the Company’s ability to sustain profitability; the Company’s services and products under development or planning; the Company’s ability to attract users and further enhance the Company’s brand recognition; and trends and competition in the children’s entertainment and media market and industry, including those for online entertainment. Further information regarding these and other risks is included in Taomee’s annual report on Form 20-F and other documents filed with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as required under applicable law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, the Company cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

For further information, please contact

Angela Wang
Taomee Holdings Limited
+86-21-61280056 Ext 8651
ir@taomee.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/taomee-announces-extension-of-share-repurchase-plan-300054991.html