Artificial Intelligence
Huize Holding Limited Reports Third Quarter 2020 Unaudited Financial Results
SHENZHEN, China, Nov. 19, 2020 (GLOBE NEWSWIRE) — Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading independent online insurance product and service platform in China, today announced its unaudited financial results for the three months ended September 30, 2020.
Third Quarter 2020 Operational and Financial Highlights:
- Total Gross Written Premiums (“GWP”) facilitated on our platform increased by 41.2% to a record quarterly high of RMB779.0 million, compared to RMB551.8 million in the third quarter of 2019.
- Total operating revenue increased by 22.9% to a record quarterly high of RMB348.5 million (US$51.3 million), compared to RMB283.6 million in the third quarter of 2019.
- GWP of long-term life and health insurance products accounted for approximately 92.9% of total GWP facilitated, compared to 87.5% in the third quarter of 2019.
- Cumulative number of insurance clients served was approximately 6.7 million, and cumulative number of insured clients was approximately 56.0 million as of September 30, 2020.
- Net profit was RMB14.7 million (US$2.2 million). Non-GAAP net profit1 was RMB20.4 million (US$3.0 million).
1 Non-GAAP net profit is a non-GAAP financial measure. For more information, please see the section of “Use of Non-GAAP Financial Measure Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Mr. Cunjun Ma, Founder, Chairman and Chief Executive Officer of Huize, commented, “As China gradually recovers from the COVID-19 epidemic, the year-over-year growth rate of per capita disposable income in China reversed from negative to positive in the third quarter of 2020. At the same time, we continued to observe a steady increase of people’s insurance awareness, as well as increasing adoption of online purchase of insurance products by consumers. In line with this trend and the ongoing revitalization of the broader economy, we achieved robust year-over-year growth and record highs for both total GWP facilitated and total operating revenue in the third quarter. Moreover, we continued to deliver solid execution through the third quarter and generated positive cash flow from operations, achieving a net profit of RMB14.7 million and a non-GAAP net profit of RMB20.4 million. Such solid financial results further demonstrates the viability of our business model and our strategic focus on developing first-rate digital capabilities in providing quality long-term insurance solutions to our users.”
“We also continued to gain recognition for our industry leadership during the third quarter. In September, we were included in Hurun’s ‘China Digital Insurance Agencies 2020’ list, wherein we were ranked fourth in terms of market performance and innovation capabilities. Moreover, in September, our critical illness insurance product, ‘Darwin 3,’ won the ‘Popular Health Insurance Product of 2020’ award, marking the sixth time that our ‘Darwin’ critical illness series of insurance products has won such an industry award.”
“Looking ahead, as many of the insurance clients we have served come from families in first and second tier cities with high customer lifetime value potential, we will be rolling out offline service centers in select first and second tier cities in order to better serve their differentiated demands for higher-quality products and premium insurance services.”
“Over the next three years, we will take the opportunity to invest in a comprehensive strategic upgrade for the core Huize platform as we evolve into the post-COVID era where consumers demand further innovation in insurance products and digital transformation of the insurance purchase and service experience, by targeting to build an insurance product and service cloud platform incorporating core technologies such as cloud computing, big data analytics and artificial intelligence. We envisage the upgraded platform will accelerate the integration of online and offline channels, further empower upstream and downstream partners in our ecosystem with data and technology, and ultimately enable the industry as a whole to reach insurance clients in all scenarios and provide them with a fuller range of personalized insurance products and services throughout their entire life cycle more efficiently.”
Third Quarter 2020 Financial Results
Total operating revenue
Total operating revenue in the third quarter of 2020 increased by RMB64.9 million, or 22.9%, to RMB348.5 million (US$51.3 million) from RMB283.6 million in the same period of 2019. The increase in total operating revenue was primarily driven by an increase in brokerage income, which increased by 23.6% year over year to RMB346.8 million (US$51.1 million) in the third quarter of 2020. The increase in brokerage income was primarily driven by the 41.2% increase in total GWP facilitated, which amounted to RMB779.0 million during the third quarter of 2020, of which first year premiums accounted for RMB358.1 million and renewal premiums accounted for RMB420.9 million.
Total operating costs
Cost of revenue in the third quarter of 2020 increased by RMB45.4 million, or 24.0%, to RMB234.7 million (US$34.6 million) from RMB189.3 million in the same period of 2019, which was primarily attributable to increased service fees paid to user traffic channels.
Total operating costs in the third quarter of 2020 increased by RMB45.5 million, or 24.0%, to RMB235.3 million (US$34.7 million) from RMB189.8 million in the same period of 2019, primarily attributable to the increase in cost of revenue.
Operating expenses
Selling expenses in the third quarter of 2020 increased by RMB17.7 million, or 43.9%, to RMB57.9 million (US$8.5 million) from RMB40.2 million in the same period of 2019. This increase was primarily attributable to increased advertising and marketing expenses, an increase in personnel costs as the Company increased its headcount, and, to a lesser extent, an increase in share-based compensation expenses.
General and administrative expenses in the third quarter of 2020 decreased by RMB0.1 million, or 0.6%, to RMB30.5 million (US$4.5 million) from RMB30.6 million in the same period of 2019. This decrease was primarily attributable to the decrease in share-based compensation expenses, which amounted to RMB2.8 million in the third quarter of 2020, compared to RMB10.5 million in the same period of 2019. Excluding the impact of share-based compensation expenses, general and administrative expenses in the third quarter of 2020 increased by 37.1% year over year, primarily due to an increase in general and administrative headcount.
Research and development expenses in the third quarter of 2020 increased by RMB3.4 million, or 41.7%, to RMB11.5 million (US$1.7 million) from RMB8.1 million in the same period of 2019, primarily attributable to an increase in the number of R&D personnel.
Net profit and Non-GAAP net profit for the period
Net profit in the third quarter of 2020 was RMB14.7 million (US$2.2 million), compared to a net profit of RMB16.1 million in the third quarter of 2019. Non-GAAP net profit in the third quarter of 2020 was RMB20.4 million (US$3.0 million), compared to RMB29.7 million in the third quarter of 2019.
Cash and cash equivalents
As of September 30, 2020, the combined balance of the Company’s cash and cash equivalents amounted to RMB446.1 million (US$65.7 million), compared to RMB88.1 million as of December 31, 2019. The increase was primarily due to the cash proceeds raised from the Company’s initial public offering in February 2020.
Business Outlook
Based on the Company’s preliminary assessment of the current market conditions, the Company currently expects total operating revenue for the fourth quarter of 2020 to be in the range of RMB330 million to RMB350 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change as a result of various market uncertainties, including those related to the continued outbreak of COVID-19 globally.
Share Repurchase Program
As of September 30, 2020, the Company had purchased an aggregate of 6,647 ADSs for a total amount of approximately US$0.04 million, under its share repurchase program pursuant to which the Company has been authorized to repurchase up to US$10 million ADSs by April 15, 2021, as previously announced on April 15, 2020.
Conference Call
The Company’s management team will hold a Direct Event conference call on Thursday, November 19, 2020, at 7:00 A.M. Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss the financial results. Details for the conference call are as follows:
Event Title: | Huize Holding Limited Third Quarter 2020 Earnings Conference Call |
Conference ID: | #3687648 |
Registration Link: | http://apac.directeventreg.com/registration/event/3687648 |
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.
A replay of the conference call will be accessible through November 27, 2020, by dialing the following numbers:
International: | +61-2-8199-0299 |
Mainland China Toll Free: | 400-632-2162 |
United States Toll Free: | +1-855-452-5696 |
Hong Kong, China Toll Free: | 800-963-117 |
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at ir.huize.com.
About Huize Holding Limited
Huize Holding Limited is a leading independent online insurance product and service platform in China. Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs. Leveraging its online platform, Huize offers a wide variety of insurance products with a focus on long-term life and health insurance products, and empowers its insurer partners to reach a large fragmented client base in the insurance retail market efficiently and enhance their insurance sales. Huize provides insurance clients with digitalized insurance experience and services, including suitable product recommendations, consulting service, intelligent underwriting and assistance in claim application and settlement, which significantly improve transaction experience.
For more information, please visit http://ir.huize.com.
Use of Non-GAAP Financial Measure Statement
In evaluating our business, we consider and use non-GAAP net profit/(loss) as a supplemental measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP net profit/(loss) as net profit/(loss) excluding share-based compensation expenses and interest on convertible bond. Such adjustments have no impact on income tax because either the non-GAAP adjustments were recorded at entities located in tax free jurisdictions, such as the Cayman Islands or because the non-GAAP adjustments were recorded at operating entities located in the PRC for which the non-GAAP adjustments were not deductible for tax purposes.
We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net profit/(loss) enables our management to assess our operating results without considering the impact of share-based compensation expenses and the interest on convertible bond. We also believe that the use of this non-GAAP financial measure facilitates investors’ assessment of our operating performance.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net profit/(loss) is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP financial measure may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.
The non-GAAP financial measure should not be considered in isolation or construed as an alternative to net profit/(loss) or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP measure, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7896 to US$1.00, the exchange rate on September 30, 2020 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, business outlook and quotations from management in this announcement, contain forward-looking statements. Huize may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huize’s goal and strategies; Huize’s expansion plans; Huize’s future business development, financial condition and results of operations; Huize’s expectation regarding demand for, and market acceptance of, its online insurance products; Huize’s expectations regarding its relationship with insurer partners and insurance clients and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks is included in Huize’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Huize does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Investor Relations
Harriet Hu
Investor Relations Director
+852 3180 9207
[email protected]
Media Relations
[email protected]
Huize Holding Limited
Unaudited Consolidated Balance Sheets
(all amounts in thousands, except for share and per share data)
As of December 31 | As of September 30 | ||||||||
2019 | 2020 | ||||||||
RMB | RMB | USD | |||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 88,141 | 446,068 | 65,699 | ||||||
Restricted cash | 161,186 | 255,807 | 37,676 | ||||||
Accounts receivable, net of allowance for doubtful accounts | 180,393 | 195,590 | 28,807 | ||||||
Insurance premium receivables | 2,329 | 2,051 | 302 | ||||||
Amounts due from related parties | 280 | 169 | 25 | ||||||
Prepaid expense and other receivables | 29,196 | 39,162 | 5,767 | ||||||
Total current assets | 461,525 | 938,847 | 138,276 | ||||||
Non-current assets | |||||||||
Property, plant and equipment, net | 8,006 | 8,511 | 1,254 | ||||||
Intangible assets, net | 1,652 | 2,158 | 318 | ||||||
Deferred tax assets | 64 | 194 | 29 | ||||||
Long-term investments | 23,395 | 25,353 | 3,734 | ||||||
Other assets | 14,163 | 1,862 | 274 | ||||||
Operating lease right-of-use assets | – | 10,517 | 1,549 | ||||||
Total non-current assets | 47,280 | 48,595 | 7,158 | ||||||
Total assets | 508,805 | 987,442 | 145,434 | ||||||
Current liabilities | |||||||||
Short-term borrowings | 36,880 | 72,000 | 10,604 | ||||||
Accounts payable | 124,441 | 163,749 | 24,118 | ||||||
Insurance premium payables | 125,587 | 115,659 | 17,035 | ||||||
Other payables and accrued expenses | 30,211 | 20,260 | 2,984 | ||||||
Payroll and welfare payable | 43,993 | 51,822 | 7,633 | ||||||
Income taxes payable | 206 | 2,874 | 423 | ||||||
Operating lease liabilities | – | 7,854 | 1,157 | ||||||
Amounts due to related parties | 465 | – | – | ||||||
Total current liabilities | 361,783 | 434,218 | 63,954 | ||||||
Non-current liabilities | |||||||||
Long-term borrowings | – | 40,000 | 5,891 | ||||||
Deferred tax liabilities | 530 | 605 | 89 | ||||||
Operating lease liabilities | – | 2,742 | 404 | ||||||
Payroll and welfare payable | – | 5,335 | 786 | ||||||
Other non-current liabilities | 518 | – | – | ||||||
Total non-current liabilities | 1,048 | 48,682 | 7,170 | ||||||
Total liabilities | 362,831 | 482,900 | 71,124 | ||||||
Mezzanine equity | |||||||||
Series A redeemable preferred shares | 84,072 | – | – | ||||||
Series B redeemable preferred shares | 261,272 | – | – | ||||||
Series B+ redeemable preferred shares | 81,654 | – | – | ||||||
Series B++ redeemable preferred shares | 27,629 | – | – | ||||||
Total mezzanine equity | 454,627 | – | – | ||||||
Shareholders’ (deficit)/equity | |||||||||
Common shares | 33 | – | – | ||||||
Class A common shares | – | 62 | 9 | ||||||
Class B common shares | – | 10 | 1 | ||||||
Treasury stock | – | (319 | ) | (47 | ) | ||||
Additional paid-in capital | 64,882 | 879,310 | 129,508 | ||||||
Accumulated other comprehensive income | 414 | (9,208 | ) | (1,356 | ) | ||||
Accumulated deficit | (373,982 | ) | (365,313 | ) | (53,805 | ) | |||
Total shareholders’ (deficit)/equity | (308,653 | ) | 504,542 | 74,310 | |||||
Total liabilities, mezzanine equity and shareholders’ equity |
508,805 | 987,442 | 145,434 | ||||||
Huize Holding Limited
Unaudited Consolidated Statements of Comprehensive Income
(all amounts in thousands, except for share and per share data)
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||
2019 | 2020 | 2019 | 2020 | |||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
Operating revenue | ||||||||||||||||||
Brokerage income | 280,563 | 346,773 | 51,074 | 728,517 | 828,639 | 122,045 | ||||||||||||
Other income | 3,027 | 1,677 | 247 | 6,539 | 3,509 | 517 | ||||||||||||
Total operating revenue | 283,590 | 348,450 | 51,321 | 735,056 | 832,148 | 122,562 | ||||||||||||
Operating costs and expenses | ||||||||||||||||||
Cost of revenue | (189,306 | ) | (234,658 | ) | (34,561 | ) | (469,618 | ) | (522,303 | ) | (76,927 | ) | ||||||
Other cost | (499 | ) | (649 | ) | (96 | ) | (1,314 | ) | (2,184 | ) | (322 | ) | ||||||
Total operating costs | (189,805 | ) | (235,307 | ) | (34,657 | ) | (470,932 | ) | (524,487 | ) | (77,249 | ) | ||||||
Selling expenses | (40,201 | ) | (57,857 | ) | (8,521 | ) | (102,850 | ) | (158,929 | ) | (23,408 | ) | ||||||
General and administrative expenses | (30,649 | ) | (30,475 | ) | (4,488 | ) | (127,284 | ) | (112,938 | ) | (16,634 | ) | ||||||
Research and development expenses | (8,101 | ) | (11,478 | ) | (1,691 | ) | (22,006 | ) | (33,292 | ) | (4,903 | ) | ||||||
Total operating costs and expenses | (268,756 | ) | (335,117 | ) | (49,357 | ) | (723,072 | ) | (829,646 | ) | (122,194 | ) | ||||||
Operating income | 14,834 | 13,333 | 1,964 | 11,984 | 2,502 | 368 | ||||||||||||
Other income | ||||||||||||||||||
Interest expenses | (3 | ) | (193 | ) | (28 | ) | (265 | ) | (812 | ) | (120 | ) | ||||||
Unrealized exchange (loss) /income | (4 | ) | – | – | 365 | (38 | ) | (6 | ) | |||||||||
Investment income | 675 | 137 | 20 | 675 | 137 | 20 | ||||||||||||
Others, net | 901 | 3,278 | 483 | 10,220 | 9,261 | 1,365 | ||||||||||||
Profit before income tax, and share of income of equity method investee | 16,403 | 16,555 | 2,439 | 22,979 | 11,050 | 1,627 | ||||||||||||
Income tax expense | (232 | ) | (1,794 | ) | (264 | ) | (376 | ) | (2,613 | ) | (385 | ) | ||||||
Share of (loss)/income of equity method investee | (67 | ) | (67 | ) | (10 | ) | (90 | ) | 232 | 34 | ||||||||
Net profit | 16,104 | 14,694 | 2,165 | 22,513 | 8,669 | 1,276 | ||||||||||||
Net (loss)/profit attributable to non-controlling interests | (25 | ) | – | – | 66 | – | – | |||||||||||
Net profit attributable to Huize Holding Limited | 16,129 | 14,694 | 2,165 | 22,447 | 8,669 | 1,276 | ||||||||||||
Redeemable preferred shares redemption value accretion | (7,868 | ) | – | – | (22,976 | ) | (4,274 | ) | (629 | ) | ||||||||
Allocation to redeemable preferred shares | (7,981 | ) | – | – | (11,157 | ) | 1,074 | 158 | ||||||||||
Net profit/(loss) attributable to common shareholders | 280 | 14,694 | 2,165 | (11,686 | ) | 5,469 | 805 | |||||||||||
Net profit | 16,104 | 14,694 | 2,165 | 22,513 | 8,669 | 1,276 | ||||||||||||
Foreign currency translation adjustment, net of tax | 112 | (13,117 | ) | (1,932 | ) | 116 | (9,622 | ) | (1,417 | ) | ||||||||
Comprehensive income/(loss) | 16,216 | 1,577 | 233 | 22,629 | (953 | ) | (141 | ) | ||||||||||
Comprehensive (loss)/income attributable to non- controlling interests | (7 | ) | – | – | 87 | – | – | |||||||||||
Comprehensive income/(loss) attributable to Huize Holding Limited | 16,223 | 1,577 | 233 | 22,542 | (953 | ) | (141 | ) |
Weighted average number of common shares used in computing net profit per share | |||||||||||||
Basic | 459,501,183 | 1,021,608,313 | 1,021,608,313 | 459,501,183 | 943,959,644 | 943,959,644 | |||||||
Diluted | 459,501,183 | 1,029,852,116 | 1,029,852,116 | 459,501,183 | 951,064,828 | 951,064,828 | |||||||
Net income/(loss) per share attributable to common shareholders | |||||||||||||
Basic | 0.00 | 0.01 | 0.00 | (0.03 | ) | 0.01 | 0.00 | ||||||
Diluted | 0.00 | 0.01 | 0.00 | (0.03 | ) | 0.01 | 0.00 |
Huize Holding Limited
Unaudited Reconciliations of GAAP and Non-GAAP Results
(all amounts in thousands, except for share and per share data)
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
2019 | 2020 | 2019 | 2020 | |||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
Net profit | 16,104 | 14,694 | 2,165 | 22,513 | 8,669 | 1,276 | ||||||
Share-based compensation expenses | 13,567 | 5,719 | 842 | 81,341 | 48,045 | 7,076 | ||||||
Non-GAAP net profit | 29,671 | 20,413 | 3,007 | 103,854 | 56,714 | 8,352 | ||||||
Artificial Intelligence
Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan
The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”
With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky.
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
Logo: https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg
FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cayman-enterprise-city-publishes-socio-economic-impact-assessment-by-economist-and-leading-advisor-on-the-caribbean-marla-dukharan-302148206.html
Artificial Intelligence
Strava Unveils New Chapter of Accelerated Product Development at Brand’s Flagship Event
The Company introduces increased product velocity, leveraging advancements in Artificial Intelligence, in service of its vision of a world connected through movement
LOS ANGELES, May 16, 2024 /PRNewswire/ — Strava, the leading digital community for active people with more than 125 million athletes, today showcased its latest initiatives and product developments at its annual event, Camp Strava. With the theme of Progress, Together company leaders announced how the platform will empower its global community to make progress in the way they explore, move, and connect on Strava.
“Strava is gaining momentum to realize our vision of a world connected through movement,” said Michael Martin, chief executive officer of Strava. “We are focused on two fundamental shifts to accelerate how we deliver value to 125 million people globally– building for women and leveraging Artificial Intelligence – which will unlock new community-and-partner-powered experiences across the platform.”
A New Era of Product VelocityStrava, with new leaders at the helm, is ushering in its next era of product velocity. The company listened closely to feedback from its global community and announced three of the most requested features coming to the platform by the end of the year.
The first of these updates, AI-enabled Leaderboard Integrity, will harness machine learning to automatically flag irregular, improbable, or impossible activities recorded to the platform. Trained by millions of activities, this feature allows all users on Strava to play fair and have more fun.
Additionally, the company announced a new Family Plan Subscription, the sister of the company’s Student Plan. With Family Plan, it’s easier to make a fitness commitment with your community by sharing an annual subscription with up to three other people – friends, family, or fitness family. Launching in select countries this summer, with plans to roll out globally by the end of the year, Strava’s newest annual subscription option offers the best value for groups (up to four), with a discount off the regular subscription price for each member.
Strava also implemented an updated design system, an initiative that is integral in driving a heightened pace of product innovation at the company. Through this work, Strava announced the launch of one of the company’s most requested features, Dark mode. Dark mode will improve the in-app experience for all users, reducing eye strain and improving accessibility while they record activity or scroll through the feed. Athletes can expect a rollout later this summer with options to keep their mobile settings always dark, always light, or match their device settings.
Company leaders highlighted several other features and updates to current products like Flyover, with its next iteration offering an overlay with activity stats and off-platform sharing capabilities. The overlay is available today for Strava subscribers and an off-platform sharing option will be released later this year.
Build for Her, Build for ManyStudies show that women of all ages participate in sports at a far lower rate than men, and overall, despite wanting to be active, find less time to dedicate to an active lifestyle. As the company continues on its mission to motivate people to live their best active lives, building for women on the platform will ultimately serve everyone in the Strava community. Several new features and initiatives were announced as a part of this strategic focus, which includes:
Night Heatmaps: Night Heatmaps show only activities between sundown and sunrise – so athletes can get an idea of which roads, trails, and paths are well-trafficked after hours. Since Night Heatmaps filter for after-hours routes, it can be a helpful tool for female athletes training before sunrise and after sunset.Quick Edit: For active women, having control over what is shared with the Strava community that cheers them on – like what time a run is logged – is important. Quick Edit makes it easier to make the most common edits – like activity name, and privacy settings so you can hide your start time, your map, or other workout stats.Strive for More®: The company announced a new phase of its Strive for More® initiative, created in 2022 to promote and support women in movement and sport. Today, Strava unveiled an official partnership with media company TOGETHXR to encourage more women to watch – and play – women’s sports. As part of the partnership, Strava will also donate $100,000 to the Alex Morgan Foundation, started by co-founder of TOGETHXR, Alex Morgan, to support their mission to help girls and women find confident paths forward in sports and life.Athlete IntelligenceToday, Strava announced the start of an accelerated product roadmap, outlining how Strava will implement the latest technological enhancements in AI and machine learning, to transform the athlete experience.
One key advancement to the platform includes the company’s latest development, Athlete Intelligence. Strava is introducing its beta AI-powered feature which turns each subscriber’s training data into an easily digestible summary that contextualizes their accomplishments and fitness goals. Unlike other AI-powered training services, Strava connects with thousands of devices, wearables, and fitness apps, so an athlete’s insights can consider their entire fitness story across multiple sports and modalities.
The features shared at Camp Strava will be released on a rolling basis through the end of the year. To view the full list of product releases and further details, visit www.press.strava.com.
For more information on Strava, to create a free account, or to start a free subscription trial visit www.strava.com.
About Strava Strava is the leading digital community for active people with more than 125 million athletes, in more than 190 countries. The platform offers a holistic view of your active lifestyle, no matter where you live, which sport you love and/or what device you use. Everyone belongs on Strava when they are pursuing an active life. Join the community, find motivation and discover new experiences with a Strava subscription.
Visit www.strava.com for more information and connect with Strava on Instagram, Twitter, Facebook, YouTube and LinkedIn.
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Artificial Intelligence
Japan Data Center Market Investment to Reach $14.48 Billion by 2028 – Watch Out Exclusive Insight on Japan & Hong Kong Data Center Market – Arizton
CHICAGO, May 16, 2024 /PRNewswire/ — Arizton publishes the latest research report on the Japan data center market and Hong Kong data center market.
The Japan Data Center Market to Witness Investments of $14.48 Billion by 2029.
Get Insights on 107 Existing Data Centers and 41 Upcoming Facilities across Japan.
The data center market in Japan is experiencing the emergence of self-built hyperscale data center facilities by major operators such as Google, Microsoft, and Amazon Web Services (AWS). This development is expected to impact the colocation market in Japan. Since these hyperscale operators store workloads in their own data center facilities, it may reduce the source of revenue generation for colocation operators.
Japan is a well-established data center market in the APAC region. The country supports investments with its macroeconomic policies and other incentives for investors. The market is witnessing several investments from local and global data center operators, further expanding its presence. Tokyo and Osaka are Japan’s major destinations for data center development, accounting for over 90% of the existing data center facilities. The government announced the offer of subsidies in Hokkaido and Kyushu for data center development and decentralize data centers from Tokyo and Osaka.
Investment Opportunities
In October 2023, SoftBank and its subsidiary, IDC Frontier, announced the plan to develop a new data center facility in Tomakomai City, Hokkaido. The company invested around $420 million toward the project, for which it received subsidies worth $190 million from the Ministry of Economy, Trade, and Industry. In July 2023, Internet Initiative Japan (IIJ) launched its second data center building at the Shiroi data center campus in Chiba Prefecture, Greater Tokyo. Once fully built, the campus will house four data center buildings. Furthermore, the company is involved in a third expansion initiative in its Matsue City campus (which will likely go live in 2025).In June 2023, Digital Edge, in partnership with Hulic, a real estate developer, announced the start of the construction of a new data center facility, TY07, in Tokyo. The facility is expected to go online by 2025.In April 2024, GDS Services partnered with Gaw Capital to develop a new data center campus in Fuchu City, Tokyo. Both companies will jointly invest toward developing a new data center facility, with the first phase slated to go online by 2026.To Buy this Research Now, Click: https://www.arizton.com/market-reports/japan-data-center-market-investment-analysis
Existing Vs. Upcoming Data Centers
Existing Facilities in the Region (Area and Power Capacity)TokyoOsakaOther CitiesList of Upcoming Facilities in the Region (Area and Power Capacity)TokyoOsakaOther CitiesVendor Analysis
IT Infrastructure Providers: Arista Networks, Atos, Broadcom, Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise (HPE), Hitachi Vantara, Huawei Technologies, IBM, Inspur, Lenovo, NEC, NetApp, and Oracle.
Data Center Construction Contractors & Sub-Contractors: Arup, AECOM, Daiwa House Industry, Fuji Furukawa Engineering & Construction, Hibiya Engineering, ISG, Kajima Corporation, Keihanshin Building, Linesight, MARCAI DESIGN, Meiho Facility Works, Nikken Sekkei, NTT FACILITIES, Obayashi Corporation, SHINRYO Corporation, TAISEI Corporation.
Support Infrastructure Providers: 3M, ABB, Alfa Laval, Caterpillar, Cummins, Delta Electronics, Eaton, Fuji Electric, HITEC Power Protection, Johnson Controls, Kawasaki Heavy Industries, KOHLSER-SDMO, Legrand, Mitsubishi Electric, Rittal, Rolls-Royce, Schneider Electric, STULZ, Siemens, Vertiv.
Data Center Investors: AirTrunk, Alibaba Cloud, Amazon Web Services, AT TOKYO, Colt Data Centre Services, Digital Edge, Equinix, Fujitsu, Goodman, Google, IDC Frontier, Internet Initiative Japan (IIJ), MC Digital Realty, Microsoft, NTT Communications, SCSK Corporation (NETXDC), Telehouse, Tencent Cloud, TIS INTEC Group.
New Entrants: Ada Infrastructure, Edge Centres, CyrusOne, ESR, GDS Services, Keppel Data Centres, NEXTDC, Princeton Digital Group (PDG), SC Zeus Data Center, STACK Infrastructure, ST Telemedia Global Data Centres, Vantage Data Centers, Yondr.
The Hong Kong Data Center Market will Witness Investments of $4.80 Billion by 2029.
Get Insights on 54 Existing Data Centers and 12 Upcoming Facilities across Hong Kong.
The Hong Kong data center market is booming, driven by the increasing demand for digital services. The data center investments in Hong Kong over the next two to three years are expected to remain high due to the surge in demand and the significant boost due to the advancements in AI technologies. Investors are actively investing in this market.
Hong Kong is a mature and thriving market for data center development in the APAC region. Investors find it an attractive market owing to the high internet and social media usage levels, a robust business ecosystem, and excellent connectivity through both inland and submarine cables. Additionally, the deployment of 5G technology further enhances its appeal.
Hong Kong stands out globally for the incredibly high rates of cell phone and home broadband service usage. With around 300 licensed internet service providers, there is robust competition, providing data center operators with a wide range of choices.
Hong Kong is considered an attractive destination for businesses due to various reasons. Its proximity to mainland China and its import-export relations with major markets, such as China and the US, make it easier for businesses to operate. Additionally, the market has experienced significant growth in Foreign Direct Investment (FDI), ranking after countries like the UK, the US, and China.
Investment Opportunities
In December 2023, the company completed the core and shell construction of phase-1 of the MEGA IDC data center campus. The facility has already signed lease agreements with cloud service providers and international banks for its available space. The company plans to expand the campus through phase-2 during the forecast period.In March 2023, the company launched its seventh data center facility, MEGA Gateway, in Tsuen Wan. The facility is part of its connected MEGA campus.Goodman is among the major investors in the Hong Kong market, and it is continuously expanding its data center presence. In March 2024, the company announced the construction of the new Texaco data center facility in Tsuen Wan. The facility is a brownfield construction that involved the conversion of an industrial building into a data center facility. The facility is likely to go online by 2026.Over 60% Of Future Demand to Come from Cloud Service Providers
The Hong Kong data center market has the presence of on-premises data centers operated by educational institutions, the government, and financial services such as HSBC Bank. A significant decline in on-premises data centers will occur in the next three to five years owing to the increase in digitalizing initiatives across sectors and the strong growth in demand for colocation and cloud services. In addition, most existing service providers offer managed solutions to enterprise customers, which will likely grow in the market from 2024-2029.
The market has the presence of all global cloud operators, such as Amazon Web Services (AWS), Google, Microsoft, Alibaba Cloud, Huawei Cloud, and Tencent Cloud. This will propel the demand for wholesale colocation services through these service providers’ continuous expansion initiatives. The cloud segments will likely dominate capacity take-up over the next five years. In addition, the market will witness the entry of multiple global organizations to service customers through a local presence.
To Buy this Research Now, Click: https://www.arizton.com/market-reports/hong-kong-data-center-market-size-analysis
Existing VS. Upcoming Data Centers
Existing Facilities in the Region (Area and Power Capacity)Tseung Kwan OKwai ChungTsuen WanFanlingFo TanChai WanTai PoOther LocationList of Upcoming Facilities in the Region (Area and Power Capacity)Tseung Kwan OKwai ChungTsuen WanFanlingFo TanChai WanTai PoOther LocationVendor Analysis
IT Infrastructure Providers: Arista Network, Atos, Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise (HPE), Huawei Technologies, IBM, Inspur, Lenovo, NetApp.
Data Center Construction Contractors & Sub-Contractors: Arup, AtkinsRéalis, Aurecon, BYME Engineering, Chung Hing Engineers Group, Cundall, DSCO Group, Gammon Construction, ISG, Studio One Design.
Support Infrastructure Providers: ABB, Airedale, Caterpillar, Cummins, Delta Electronics, Eaton, Fuji Electric, KOHLER, Legrand, Mitsubishi Electric, Piller Power Systems, Rittal, Schneider Electric, Siemens, STULZ, Sumber, Vertiv.
Data Center Investors: AirTrunk, BDx, CITIC Telcom International, China Mobile International (CMI), China Unicom, Digital Realty, Equinix, ESR, GDS Services, Global Switch, Goodman, iTech Towers Data Centre Services, NTT DATA, SUNeVision Holdings (iAdvantage), Telehouse, Towngas Telecom (TGT), Vantage Data Centers.
New Entrants: Angelo Gordon and Mapletree Investments
Japan & Hong Kong Data Center Market Segmentation
IT Infrastructure
Servers
Storage Systems
Network Infrastructure
Electrical Infrastructure
UPS Systems
Generators
Transfer Switches & Switchgears
PDUs
Other Electrical Infrastructure
Mechanical Infrastructure
Cooling Systems
Rack Cabinets
Other Mechanical Infrastructure
Cooling Systems
CRAC & CRAH Units
Chiller Units
Cooling Towers, Condensers & Dry Coolers
Economizers & Evaporative Coolers
Other Cooling Units
General Construction
Core & Shell Development
Installation & Commissioning Services
Engineering & Building Design
Fire Detection & Suppression Systems
Physical Security
DCIM
Tier Standard
Tier I & Tier II
Tier III
Tier IV
Check Out Some of the Top Selling Research Reports:
Malaysia Data Center Market – Investment Analysis & Growth Opportunities 2024-2029https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Singapore Data Center Market – Investment Analysis & Growth Opportunities 2024-2029https://www.arizton.com/market-reports/singapore-data-center-market-size-analysis
Southeast Asia Data Center Construction Market – Industry Outlook & Forecast 2024-2029https://www.arizton.com/market-reports/southeast-asia-data-center-construction-market
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