Artificial Intelligence
Puyi Inc. Announces Unaudited Financial Results for the First Half of the Fiscal Year 2021
GUANGZHOU, China, March 29, 2021 (GLOBE NEWSWIRE) — Puyi Inc. (“Puyi”, “we” or the “Company”) (NASDAQ: PUYI), a leading third-party wealth management service provider in China focusing on affluent and emerging middle class population, today announced its unaudited financial results for the first half of its fiscal year 2021 from July 1, 2020 to December 31, 2020 (“reporting period”).
FINANCIAL HIGHLIGHTS FOR THE FIRST HALF OF THE FISCAL YEAR 2021
| • | Net revenues increased by 33.9% to RMB83.5 million (US$12.8 million) from RMB62.4 million for the same period of the fiscal year 2020; and | |
| • | Net loss was RMB13.4 million (US$2.0 million) and net loss attributable to Puyi’s shareholders was RMB13.7 million (US$2.1 million), while Puyi recognized net loss of RMB22.6 million and net loss attributable to Puyi’s shareholders of RMB22.0 million for the same period of the fiscal year 2020. |
Mr. Yong Ren, Chief Executive Officer of Puyi, commented,
“In the first half of the fiscal year 2021, despite the impact caused by the COVID-19 pandemic, Puyi has still achieved satisfactory operation results. For the reporting period, our revenue was RMB83.5 million, an increase of 33.9% compared with the same period of the fiscal year 2020.
Packaged fund products are Puyi’s representative products, which are also one of the core competitive strength of the Company. We have cooperated with a leading public fund management company, by leveraging its strong investment and research capabilities in the field of public funds, we issued Puyi customized packaged fund products, and received positive feedback from the market. In the future, we will cooperate with more leading fund management companies in terms of products and investment and research capabilities, in order to provide our clients with products with better quality.
In this reporting period, the Company’s client base continued to grow rapidly. The number of clients that had investments of publicly raised fund products as of December 31, 2020 was 315,000, increased by 86.4% from 169,000 as of December 31, 2019. The total transaction value of publicly raised fund products was RMB7.0 billion, representing a 213.5% increase from RMB2.2 billion for the same period of the last fiscal year. As of December 31, 2020, the ending balance of publicly raised fund products was RMB5.9 billion, representing a 216.0% increase from RMB1.9 billion as of December 31, 2019. The average client acquisition cost was approximately RMB190 per client, which remained relatively stable compared with the same period of the last fiscal year.
We take digital operation as our core driving force. Supported by client insight and artificial intelligent algorithm, we are able to engage targeted and smart interactions with our clients, thereby enhancing clients satisfaction with us and increasing client conversion rates and repeat investment.
In order to provide more professional and client-oriented services, we officially started the establishment of branches in central cities, and directly recruited professional financial advisors in the more developed regions in China in this reporting period. These newly recruited financial advisors can provide financial wealth management services to our clients with the support from our middle-and-back offices.
We never forget why we started and we are always open to hear from our clients. Puyi will continue its vales of “client-oriented, honesty, frank, sharing, equality, openness, practical and keep moving-forward”, we will continue to create value for our clients, financial advisors and shareholders.”
FINANCIAL RESULTS FOR THE FIRST HALF OF THE FISCAL YEAR 2021
Net revenues
Net revenues for the first half of the fiscal year 2021 were RMB83.5 million (US$12.8 million), representing a 33.9% increase from RMB62.4 million for the same period of the fiscal year 2020.
| • | Net revenues generated from our wealth management services for the first half of the fiscal year 2021 were RMB73.2 million (US$11.2 million), representing a 26.8% increase from RMB57.7 million for the same period of the fiscal year 2020. In particular, | |||
| • | Net revenues generated from distribution of privately raised fund products for the first half of the fiscal year 2021 were RMB20.2 million (US$3.1 million), representing a 36.8% decrease from RMB32.0 million for the same period of the fiscal year 2020. The decrease was primarily due to (i) the decrease in transaction value of privately raised fund products as we only distributed privately raised fund products that invest in publicly traded securities, and ceased to distribute privately raised fund products that invest in private companies which we distributed in the same period of the fiscal year 2020; and (ii) we recognized performance-based fees of RMB4.6 million in the first half of the fiscal year 2020, while we had no such income in the first half of the fiscal year 2021; | |||
| • | Net revenues generated from distribution of publicly raised fund products for the first half of the fiscal year 2021 were RMB52.7 million (US$8.1 million), representing a 304.5% increase from RMB13.0 million for the same period of the fiscal year 2020. The increase was primarily due to an increase in commissions generated from the distribution of publicly raised fund products (including packaged fund products); and | |||
| • | Net revenues generated from distribution of other financial products for the first half of the fiscal year 2021 were RMB299,000(US$46,000), representing a 97.6% decrease from RMB12.7 million for the same period of the fiscal year 2020. The decrease was primarily because we have focused on distribution of fund products and ceased to offer new exchange administered products since October 2019, and we only received management fees in this reporting period from the existing products. | |||
| • | Net revenues generated from our asset management services for the first half of the fiscal year 2021 were RMB10.3 million (US$1.6 million), representing a 123.5% increase from RMB4.6 million for the same period of the fiscal year 2020. The increase was primarily due to (i) the increase in performance-based fees to RMB6.9 million (US$1.1 million) generated by our actively managed FOFs, representing a 177.0% increase from RMB2.5 million for the same period of the fiscal year 2020; and (ii) an increase in management fees as a result of the increase in the asset scale under our management. | |||
| • | Net revenues generated from our corporate finance services for the first half of the fiscal year 2021 were nil, compared to RMB6,000 for the same period of the fiscal year 2020. The decrease was because we have ceased to provide corporate finance services and further consolidated our resources to mainly focus on the development of wealth management services. | |||
Operating costs and expenses
Operating costs and expenses for the first half of the fiscal year 2021 were RMB112.9 million (US$17.3 million), representing a 15.3% increase from RMB98.0 million for the same period of the fiscal year 2020. In particular,
| • | Cost of sales for the first half of the fiscal year 2021 were RMB22.1 million (US$3.4 million), representing a 16.9% increase from RMB18.9 million for the same period of the fiscal year 2020. The increase was primarily due to an increase in commission expenses as a result of the significant increase in the distribution of publicly raised fund products; | |
| • | Selling expenses for the first half of the fiscal year 2021 were RMB52.3 million (US$8.0 million), representing a 6.4% increase from RMB49.2 million for the same period of the fiscal year 2020. This increase was due to our increased marketing and sales promotion activities on publicly raised fund products (including packaged fund products); and | |
| • | General and administrative expenses for the first half of the fiscal year 2021 were RMB38.5 million (US$5.9 million), representing a 28.9% increase from RMB29.9 million for the same period of the fiscal year 2020. The increase was primarily due to (i) increases in the salary level and scale of staffs; (ii) increases in the expenses of upgrading our IT infrastructure; and (iii) increases in staff training. |
Investment Income
Our investment Income for the first half of the fiscal year 2021 was RMB1.9 million (US$0.3 million), representing a 450.4% increase from RMB345,000 for the same period of the fiscal year 2020, which was mainly due to investment income from the disposal of our subsidiary.
Interest Income
Interest income for the first half of the fiscal year 2021 was RMB6.2 million (US$1.0 million), representing a 20.1% increase from RMB5.2 million for the same period of the fiscal year 2020, which was primarily due to interest income from a short-term RMB50 million loan to an unrelated third party, which had been fully repaid as of December 31, 2020.
Other Income
Other income for the first half of the fiscal year 2021 was RMB4.5 million (US$0.7 million), compared to RMB4.7 million for the same period of the fiscal year 2020. Other income in these two fiscal years was mainly government grants.
Income Tax Benefit
We recognized income tax benefit of RMB3.4 million (US$0.5 million) for the first half of the fiscal year 2021 due to deferred tax assets generated from net loss, while we recognized income tax benefit of RMB2.8 million for the same period of the fiscal year 2020.
Net Loss
We recognized net loss of RMB13.4 million (US$2.0 million) for first half of the fiscal year 2021, while we recognized net loss of RMB22.6 million for the same period of the fiscal year 2020.
Net Loss Attributable to Puyi’s Shareholders
We recognized net loss attributable to Puyi’s shareholders of RMB13.7 million (US$2.1 million) for the first half of the fiscal year 2021, while we recognized net loss of RMB22.0 million for the same period of the fiscal year 2020.
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS for the first half of the fiscal year 2021 was RMB0.227(US$0.035) and RMB0.227 (US$0.035), respectively. We recognized basis and diluted loss per ADS of RMB0.366 and RMB0.366, respectively, for the same period of the fiscal year 2020.
Cash, Cash Equivalents and Restricted Cash
As of December 31, 2020, we had cash, cash equivalents and restricted cash of RMB341.2 million (US$52.3 million), increased from RMB288.9 million as of June 30, 2020.
OPERATING DATA FOR THE FIRST HALF OF THE FISCAL YEAR 2021
Wealth Management Services
For the first half of fiscal year 2021, the total transaction value of publicly raised fund products was RMB7.0 billion (US$1.1 billion), representing a 213.5% period-on-period increase from RMB2.2 billion. The number of clients purchasing publicly raised fund products increased by 87.3%, increasing to 304,000 from 162,000 for the same period of the last fiscal year.
As of December 31, 2020, the outstanding balance of privately raised fund products was RMB6.6 billion (US$1.0 billion), which was basically consistent with RMB6.8 billion as of December 31, 2019.
Asset Management Services
For the first half of fiscal year 2021, we distributed three new actively managed FOFs. The newly-raised capital of our actively managed FOFs totaled RMB294.7 million (US$45.2 million). As of December 31, 2020, the net asset value of our existing actively managed FOFs totaled RMB913.9 million (US$140.1 million), representing a 7.6% increase from RMB849.0 million as of June 30, 2020.
Corporate Structure Update
In December 2020, we sold all of our 51% equity holdings of Shenzhen Qianhai Zhonghui Huiguan Investment Management Co., Ltd. (“Zhonghui”) to an unrelated third party. Zhonghui was engaged in the non-performing loan(s) business. Zhonghui is insignificant to the Company in terms of total asset, revenue and net income compared to those of the Company. The disposal of Zhonghui was due to the reason that we consolidated our resources to mainly focus on the development of wealth management services. Zhonghui has been divested from our consolidated financial statement since December 31, 2020.
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company’s unaudited financial results and business development for the first half of the fiscal year 2021 ended December 31, 2020.
Details for the conference call are as follows:
| Date/Time: | Monday, March 29, 2021 at 9:00 PM U.S. Eastern Daylight Time |
| (Tuesday, March 30, 2021 at 9:00 AM Beijing/Hong Kong Time) |
Conference Title: Puyi Inc. Six Months Ended December 31, 2020 Earnings Call
Conference ID #: 9297930
The conference call will be a Direct Event call, which requires online registration in advance. Please use the link http://apac.directeventreg.com/registration/event/9297930 to complete the online registration at least 15 minutes prior to the commencement of the conference call. You will receive a confirmation email containing the Direct Event Passcode, Registrant ID, list of dial in numbers and a brief description of how to join the call. Please call the dial in number associated with your location of the conference call and follow the relevant instructions to enter the Direct Event Passcode and Registrant ID, then you will join the conference call.
Additionally, a live and archived webcast of the conference call will be available at Puyi’s investor relations website http://ir.puyiwm.com/news-events/events.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the first half of fiscal year 2021 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise indicated, all translations from RMB to US$ are made at a rate of RMB6. 5250 to US$1.00, the effective central parity rate for December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Puyi Inc.
Unaudited Condensed Consolidated Statements of Financial Position
(in thousands)
| As of | As of | |||||||||||||
| June 30, | December 31, | December 31, | ||||||||||||
| 2020 | 2020 | 2020 | ||||||||||||
| RMB’000 | RMB’000 | USD’000 | ||||||||||||
| ASSETS: | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | 285,924 | 327,622 | 50,210 | |||||||||||
| Restricted cash | 2,970 | 13,620 | 2,087 | |||||||||||
| Accounts receivable, net | 39,812 | 35,819 | 5,490 | |||||||||||
| Short-term Investments | 4,000 | – | – | |||||||||||
| Other receivables | 6,376 | 11,809 | 1,810 | |||||||||||
| Short-term loans receivable | 52,893 | – | – | |||||||||||
| Amount due from related parties | 1,247 | – | – | |||||||||||
| Total current assets | 393,222 | 388,870 | 59,597 | |||||||||||
| Property and equipment, net | 4,776 | 4,853 | 744 | |||||||||||
| Intangible assets, net | 363 | 2,014 | 309 | |||||||||||
| Long-term prepayments | 1,269 | 42 | 6 | |||||||||||
| Deferred tax assets | 10,909 | 12,616 | 1,933 | |||||||||||
| Right-of-use assets | 22,172 | 22,742 | 3,486 | |||||||||||
| Total assets | 432,711 | 431,137 | 66,075 | |||||||||||
| LIABILITIES AND EQUITY: | ||||||||||||||
| LIABILITIES: | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | 9,037 | 12,107 | 1,855 | |||||||||||
| Investors’ deposit | 2,970 | 13,620 | 2,087 | |||||||||||
| Other payables and accrued expenses | 15,755 | 19,026 | 2,916 | |||||||||||
| Lease liabilities, current | 7,401 | 8,373 | 1,283 | |||||||||||
| Income taxes payable | 2,637 | – | – | |||||||||||
| Other tax liabilities | 9,300 | 10,500 | 1,609 | |||||||||||
| Advance receipts | 421 | – | – | |||||||||||
| Total current liabilities | 47,521 | 63,626 | 9,750 | |||||||||||
| Lease liabilities, non-current | 14,709 | 14,382 | 2,205 | |||||||||||
| Total liabilities | 62,230 | 78,008 | 11,955 | |||||||||||
| Commitments and contingencies | ||||||||||||||
| EQUITY: | ||||||||||||||
| Ordinary shares | 600 | 600 | 92 | |||||||||||
| Additional paid-in capital | 224,702 | 224,694 | 34,436 | |||||||||||
| Statutory reserves | 21,873 | 22,541 | 3,455 | |||||||||||
| Retained earnings | 120,314 | 105,968 | 16,240 | |||||||||||
| Accumulated other comprehensive income | 467 | (674 | ) | (103 | ) | |||||||||
| Total Puyi Inc.’s equity | 367,956 | 353,129 | 54,120 | |||||||||||
| Non-controlling interests | 2,525 | – | – | |||||||||||
| Total equity | 370,481 | 353,129 | 54,120 | |||||||||||
| Total liabilities and equity | 432,711 | 431,137 | 66,075 | |||||||||||
Puyi Inc.
Unaudited Condensed Consolidated Statements of
Operations and Comprehensive Loss
(In thousands, except for percentages)
| Six months ended | |||||||||||||||||
| December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|||||||||||||||
| RMB’000 | RMB’000 | USD’000 | Change (%) |
||||||||||||||
| Net Revenues: | |||||||||||||||||
| Wealth management | 57,729 | 73,188 | 11,217 | 26.8 | % | ||||||||||||
| Asset management | 4,625 | 10,338 | 1,584 | 123.5 | % | ||||||||||||
| Corporate finance | 6 | – | – | (100 | %) | ||||||||||||
| Total net revenues | 62,360 | 83,526 | 12,801 | 33.9 | % | ||||||||||||
| Operating costs and expenses: | |||||||||||||||||
| Cost of sales | (18,915 | ) | (22,106 | ) | (3,388 | ) | 16.9 | % | |||||||||
| Selling expenses | (49,205 | ) | (52,333 | ) | (8,020 | ) | 6.4 | % | |||||||||
| General and administrative expenses | (29,874 | ) | (38,509 | ) | (5,902 | ) | 28.9 | % | |||||||||
| Total operating costs and expenses | (97,994 | ) | (112,948 | ) | (17,310 | ) | 15.3 | % | |||||||||
| Loss from operations | (35,634 | ) | (29,422 | ) | (4,509 | ) | (17.4 | %) | |||||||||
| Other income: | |||||||||||||||||
| Interest income | 5,184 | 6,225 | 954 | 20.1 | % | ||||||||||||
| Investment income | 345 | 1,899 | 291 | 450.4 | % | ||||||||||||
| Other, net | 4,747 | 4,486 | 688 | (5.5 | %) | ||||||||||||
| Loss before income taxes | (25,358 | ) | (16,812 | ) | (2,576 | ) | (33.7 | %) | |||||||||
| Income tax benefit | 2,771 | 3,438 | 527 | 24.1 | % | ||||||||||||
| Net loss | (22,587 | ) | (13,374 | ) | (2,049 | ) | (40.8 | %) | |||||||||
| Less: net income (loss) attributable to non-controlling interests | (552 | ) | 304 | 47 | NA | ||||||||||||
| Net loss attributable to Puyi Inc.’s shareholders | (22,035 | ) | (13,678 | ) | (2,096 | ) | (37.9 | %) | |||||||||
Puyi Inc.
Unaudited Condensed Consolidated Statements of
Operations and Comprehensive Loss (Continued)
(In thousands, except for shares, income per share, income per ADS)
| Six months ended | |||||||||||||||
| December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|||||||||||||
| RMB’000 | RMB’000 | USD’000 | |||||||||||||
| Net loss per share: | |||||||||||||||
| Basic and diluted | (0.244 | ) | (0.151 | ) | (0.023 | ) | |||||||||
| Net loss per ADS: | |||||||||||||||
| Basic and diluted | (0.366 | ) | (0.227 | ) | (0.035 | ) | |||||||||
| Weighted average number of shares used in computation: | |||||||||||||||
| Basic and diluted | 90,472,014 | 90,472,014 | 90,472,014 | ||||||||||||
| Net loss | (22,587 | ) | (13,374 | ) | (2,049 | ) | |||||||||
| Other comprehensive income (loss) | 227 | (1,141 | ) | (175 | ) | ||||||||||
| Total Comprehensive loss | (22,360 | ) | (14,515 | ) | (2,224 | ) | |||||||||
| Less: Comprehensive income (loss) attributable to the non-controlling interests | (552 | ) | 304 | 47 | |||||||||||
| Comprehensive loss attributable to Puyi Inc.’s shareholders | (21,808 | ) | (14,819 | ) | (2,271 | ) | |||||||||
Puyi Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
| Six months ended | |||||||||||||||
| December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|||||||||||||
| RMB’000 | RMB’000 | USD’000 | |||||||||||||
| Net cash used in operating activities | (49,609 | ) | (2,970 | ) | (455 | ) | |||||||||
| Net cash provided by (used in) investing activities | (28,912 | ) | 56,459 | 8,653 | |||||||||||
| Net cash provided by financing activities | – | – | – | ||||||||||||
| Net increase (decrease) in cash and cash equivalents, and restricted cash | (78,521 | ) | 53,489 | 8,198 | |||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 430,268 | 288,894 | 44,275 | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 1,751 | (1,141 | ) | (175 | ) | ||||||||||
| Cash, cash equivalents and restricted cash at end of period | 353,498 | 341,242 | 52,298 | ||||||||||||
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html
Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html
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