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Artprice: The 10 Top-selling Artworks Created After the 2008 Financial Crisis

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The year 2008 marked a turning point for the Art Market and for the global economy as a whole. In retrospect, Sotheby’s 15 September 2008 sale Beautiful Inside My Head Forever dedicated to works by Damien Hirst – just hours before the collapse of Lehman Brothers Bank and its repercussions on art sales throughout the world – now looks like the swan song of a different era.

However, as thierry Ehrmann, Founder/CEO of Artprice tells us, “The impact of the financial crisis did not affect artistic creation; the significant changes we have seen since 2008 are essentially due to changes within the internal structure of the Art Market.

“The main development is of course the growth of the Chinese market, but we have also seen the growth of Art as a financial investment. Negative or near-zero interest rates, which undermine the value of savings, have increasingly pushed capital towards alternative investments… and Art generates very attractive returns. The large number of artworks created over the last ten years that have already sold in public auctions prove that Contemporary Art represents a sensational market.”

Global Fine Art auction turnover

Artprice presents 10 artists who have already marked the secondary market with works created after the 2008 financial crisis.

1. Cui Ruzhuo (b. 1944): The Grand Snowing Mountains (2013)

$39,577,000 – 4 April 2016, Poly Auction, Hong Kong

The Chinese painter Cui Ruzhuo is one of the most successful living artists in the Art Market, on a par with Gerhard Richter and David Hockney. However, unlike the latter two, his best works – those for which demand is the strongest – are his most recent. The result hammered for a mountain-scene panorama measuring over 8 meters wide and 3 meters high – The Grand Snowing Mountains (2013) – illustrates the immense success of this new giant of Chinese painting who remains far too unknown in the West.

2. Jeff Koons (b. 1955): Popeye (2009/11)

$28,165,000 – 14 May 2014, Sotheby’s, New York

A month before his retrospective began at the Whitney Museum (27 June 27 – 19 October 2014), the Prince of Kitsch Jeff Koons saw his Popeye sculpture (2009/11) become the subject of furious bidding at an evening sale at Sotheby’s New York. The sculpture,  the first in a series of three, was to be one of the highlights of the Jeff Koons exhibition at the Whitney Museum, and was also shown at the Centre Pompidou in Paris and the Bilbao Guggenheim.

3. Mark Grotjahn (b. 1968): Untitled (S III Released to France Face 43.14) (2011)

$16,767,500 – 17 May 2017, Christie’s, New York

Represented by the Gagosian Gallery since 2008, the American painter Mark Grothjahn saw his prices rise gradually until 2017. Then, in the space of just twelve months, his price index shot up 75%… before falling back again the following year. In 2018, another of his large format paintings, Untitled (Black over Red Orange “Mean as a Snake” Face 842)(2010), fetched $7,073,000.

4. Gerhard Richter (b. 1932): Abstraktes Bild (2009)

$9,093,300 – 5 March 2019, Sotheby’s, London

Large abstract paintings by Gerhard Richter are among the most expensive artworks in the world. In February 2015Abstraktes bild (1986) fetched over $46 million setting a sensational record for Germany’s Art Market leader. The sale of Abstraktes Bild (2009) shows that collectors are increasingly valuing his recent production, which could be as valuable as his earlier works (1965 – 1990) in the long run.

5. Rudolf Stingel (b. 1956): Untitled (2012)

$7,939,000 – 8 March 2018Phillips London

Rudolf Stingel is also supported Larry Gagosian and has also greatly benefited from the dealer’s international power and standing. In 2015, the Gagosian presented Stingel’s work in Asia for the first time with a series of paintings Untitled(2012) that reproduced wall fragments from his double exhibition at the Chicago Museum of Contemporary Art and the Whitney Museum in New York in 2007. During those shows, visitors were invited to write inscriptions of all kinds on the walls of the two prestigious museums. Stingel reproduced certain details using electro-formed copper which he subsequently covered with gold.

6. Jin Shangyi (b. 1934): Peony Pavilion (2013)

$7,829,400 – 31 May 2014China Guardian, Canton

Chinese painter Jin Shangyi is a master oil painter. Known for his portraits (including female nudes in the late 1980s), he is one of the most original Chinese artists of his generation. His work was much in demand in 2013, as shown by the value of his 1999 canvas Monk Painter Kun Can:

– $2,088,500, 13 May 2007 – China GuardianBeijing

– $6,326,500, 1 June 2013 – Poly Auction, Beijing

– $4,436,500, 16 June 2018 – China GuardianBeijing

7. Yayoi Kusama (b. 1929): Pumpkin (TWPOT) (2010)

$6,937,500 – 1 April 2019, Sotheby’s, Hong Kong

She is the most successful female artist on the global Art Market, all periods of creation combined. The 707 works by Yayoi Kusama auctioned around the world in 2018 generated $103 million, covering more than sixty years of artistic creation from the early 1950s to canvases painted in the past 5 years, which are already being resold.

8. Adrian Ghenie (b. 1977): Boogeyman (2010)

$6,354,000 – 5 October 2018, Sotheby’s, London

The youngest artist in this ranking and the figurehead of new European expressionism, the Romanian painter Adrian Ghenie joined the Pace Gallery in 2013 and his work has already been purchased by some of the world’s leading Contemporary Art museums, including the Centre Georges Pompidou. Both tenebrous and colorful, his paintings do not hide the influence of Van Gogh and Francis Bacon, sometimes with quite direct references.

9. George Condo (b. 1957): Nude and forms (2014)

$6,162,500 – 17 May 2018, Christie’s, New York

In 2018, George Condo conquered the world. With more than $55 million in auction turnover between New York (56%), London (30%) and Hong Kong (12%), Condo is one of the top 50 most successful artists of all time. His market is now more active than that of Jasper Johns or Frank Stella.

10. Mark Tansey (b. 1949): Hedge (2011)

$5,653,000 – 14 May 2015, Phillips, New York

Although Mark Tansey’s works rarely appear at auction (a total of just 103 lots over the last 30 years), demand is ever-stronger for his work. Today his market is entirely divided between New York (90%) and London (10%), but he is very likely to be sold in Asia soon.


SOURCE Artprice.com

Technology Association of Georgia Names Brightwell 2019 FinTech ADVANCE Award Winner

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Brightwell Payments, Inc., a FinTech company that helps global workers get paid as well as send and spend money safely and easily worldwide, announced today the Technology Association of Georgia (TAG), the foremost organization devoted to the advancement of Georgia’s technology industry, has selected Brightwell as a 2019 TAG FinTech ADVANCE Award winner. Brightwell is among six companies with proven innovative fintech solutions selected to receive this year’s award and will be recognized on stage during the FinTech South conference April 22 – 23, 2019 in Atlanta.

In addition to the FinTech ADVANCE award, Brightwell was recently recognized by the Atlanta Business Chronicle as one of Georgia’s 25 Largest FinTech Companies and by the Atlanta Journal-Constitution as one of the city’s 2019 Top Workplaces.

“We are passionate about improving the lives of global workers by giving them a safe and easy way to manage, save and send money while working away from home — a level of financial freedom that was previously unobtainable,” said Mike Gaburo, CEO of Brightwell. “The FinTech ADVANCE award and other recent honors are a testament to our commitment to innovation that solves real problems for our customers and end users. My hat goes off to our diverse, passionate and dynamic team. We have more than tripled the size of our company over the past three years and look forward to continuing to grow and serve new markets.”


SOURCE Brightwell

Banks Learn How to Tap Sustainable Profit From The Gold Rush In Transaction Banking

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Intellect Global Transaction Banking (iGTB), part of Intellect Design Arena, the fastest growing financial tech product company with a CAGR of more than 21% over three years, today announced that its fifth iGTB Oxford School of Transaction Banking proved a phenomenal success with overwhelmingly positive feedback, an unprecedented NPS score of 94.4% and an average 4.6/5 session rating. 67% of the participants (2 in every 3) giving the maximum 10/10 for recommending this course is testament to the recognition the Oxford School now has as the benchmark corporate course on global transaction banking for banking leaders.This senior, by-invitation school, with a curriculum including maturity levels and design thinking set by Andrew England, Strategy Director, iGTB, attracted a cohort of senior bankers from 21 banks worldwide, who join the existing community of now over 175 alumni.

In the words of the participants:

Delighted to join Andrew England and iGTB in Oxford to open their Transaction Banking course. It’s important to design this business well because the best transaction businesses adopt leading edge technology and work with the top partners in the market to power the earnings of their banks.” Ann Cairns, Executive Vice Chairman, Mastercard

It was amazing, it far exceeded my expectations…this was an amazing introduction.  I got to see some of the world’s leaders in transaction banking speak.  Someone like Andrew – to teach transaction banking in three days – almost impossible!” Vipul Lalka, VP Enterprise Payments Platform & Capabilities, TD Bank.

Inspirational and insightful speakers…excellent content that is extremely engaging and real world applicable.” Holly Caetano Alves de CastroHead of Commercial Operations, Investec.

I learned that there is elegance in simplicity in TB and I found that the group activities were an excellent way of drawing in different experiences…we could tackle a particular problem in perhaps a unique way that not any of us individually would have discovered on our own.” JD Penner, Senior Director, Cash Management and Payment Solutions, Commercial Solutions, CIBC.

It was a wonderful experience; I learnt a lot and met many interesting people. Thank you!” Henrik Lang, Managing Director, Head of Liquidity, Global Transaction Services, EMEA, Bank of America Merrill Lynch.

The School is one of the most unbelievable experiences of any banker’s life!  It takes us to new heights, it stretches our creativity and it definitely makes us think differently.”Mirka SkrzypczakHead of Working Capital & Trade Products, NatWest.

Power of networking, before everything else, probably the best training I’ve ever been on.” Katarzyna BajerowskaPresident of the Management Board, mFactoring.

Great experience!…You’ve done a great job putting this programme in place, so I strongly recommend it.” Patrik Havander, Head of TxB Strategy & Commercial Excellence, Nordea.

The need for skilled execution has never been higher with transaction banking growth in 2019 still strong at 9% and double digits in major banks.*The course brought forthintensely practical considerations for banks to help them capitalise on the opportunity. As well as the taught curriculum and participant exercises, the School, again helmed by Ted Roosevelt Malloch, CEO, The Roosevelt Group, was made more powerful through the insightful opening address by Ann Cairns, Executive Vice Chairman, Mastercard, from practitioner case studies and insights shared by Barclays, ING, Nordea, CIBCand Emirates NBD, from sessions led by Dr Tobias Miarka, MD, Greenwich Associates, Graham Hutchings, CEO, Oxford Analytica, Rupert Gather, Executive Chairman, InvestUK and closing graduation dinner speaker Michael Harte, COO, Santander UK.

Manish Maakan, CEO of iGTB, said: “With fintechs coming up with numerous ideas, innovations happening rapidly around the world both in developing and developed countries and bank specialisation on the increase, it has become imperative to have and share best practice worldwide for executing a complex, high potential business like Transaction Banking where technology is a serious enabler. The School’s curriculum addresses this square on, equipping senior transaction bankers with an edge in successfully running their franchise.”iGTB are committed to raising best practice intransaction banking, and are looking ahead to the next two Schools, starting on 19 June, 2019 in Singapore and 22 April, 2020, again back in Oxford.


SOURCE Intellect Design Arena Limited

Alt Thirty Six Secures $10 Million In Series A Funding For Cannabis Payment Solution Platform

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Alt Thirty Six, a first-of-its-kind digital payment and compliance platform designed to help the cannabis industry go cashless, announces $10 million in Series A funding to help accelerate company growth and enhance development capabilities. The round was led by a private equity firm to support Alt Thirty Six‘s digital payment solution.

The company’s innovative platform eliminates the need for cash in the cannabis industry by using blockchain technology and Dash, a decentralized digital asset, to facilitate the transfer of funds at dispensaries and cannabis businesses.

Alt Thirty Six will use the funding to further drive company expansion, advance the platform’s technical functions and abilities, expand proper licensing in target states across the U.S., while maintaining focus on compliance and regulation. Ultimately, the capital will be used to help Alt Thirty Six achieve mass consumer adoption throughout the cannabis industry.

“We are committed to revolutionizing the cannabis space by increasing access to compliant digital payments, making transactions easier and faster for all cannabis businesses,” said Ken Ramirez, co-founder and CEO of Alt Thirty Six. “This new Series A funding round provides us access to the resources we need to help facilitate our vision for one of the fastest growing industries in the country.”

Alt Thirty Six‘s recent company announcements include a partnership with CannTrade, a leading provider of cannabis software technology, and the hiring of Chief Architect Jason Breidis, a payments expert whose work led to the acceptance of electronic payments at McDonald’s restaurants and is used to process billions of dollars in transactions.

“We fully support Alt Thirty Six‘s innovative payment technology and dedication to providing the cannabis industry with an alternative to cash,” says the private equity firm. “We are thrilled to lead this funding round. Alt Thirty Six brings a new, payments-focused element to our portfolio, adding tremendous value to the cannabis businesses.”


SOURCE Alt Thirty Six

Ideanomics Announces Q1 2019 Earnings Call

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Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global Fintech and AI catalyst for transformative industries, is pleased to announce the release of its 2019 first-quarter financial results on Tuesday, April 30, 2019. A press release will be issued at approximately 8am EDT, followed by a conference call at 8:30am (8:30pm Beijing/Hong Kong Time). Members of the company’s senior management team will give prepared remarks followed by a short questions and answer period.

Webcast Link:
 Via ‘Events & Presentation’ section of Ideanomics corporate website or here: Earnings Call Website Link

Dial-in Number: (Toll-Free US & Canada): 877-407-3107 or 201-493-6796; for China: +86-400-1202840 Ideanomics management encourages investors to email their questions in advance of the webcast/call and time permitting, management will answer the submitted questions during the live Q&A session. Please email ir@ideanomics.com

A replay of the earning call will be available soon after the conclusion of the event.


SOURCE Ideanomics

CWCBExpo Announces Cannabis Week in New York – May 28-June 2

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The New York tri-state area cannabis market is emerging and evolving everyday.  Bringing all sectors and communities of the industry together, Cannabis World Congress & Business Exposition (CWCBExpo) announces Cannabis Week, an unprecedented learning, sharing, connecting, and business-building experience.

Local and national cannabis advocacy groups, legislators, entrepreneurs, non- profits, academics, healthcare professionals, influencers and more will be invested in Cannabis Week and will put the spotlight on this plant and all the facets of business, health, and lifestyle it touches.

Anchored by the 6th Annual CWCBExpo NY, May 29-June 1, trade show and conference at the Javits Center, this industry-defining week will be the main event on the East Coast for charity and social events, educational programs, new product introductions, town halls, and networking.

Cannabis Week, premiering in May, features:

  • Industry Update with Vivien Azer, Managing Director, Consumer-Beverage, Tobacco, & Cannabis, Cowen Inc., highlighting data around consumption, commercialization, industry, investment, capital raise and spend, and the trends going forward.
  • Cannabis 2030: Back to the Future, a unique presentation exploring how our world will look with cannabis available, legal and accessible to all adults.
  • Women in cannabis and how they are breaking boundaries and taking on business projects and social issues.
  • Warrior Wellness, retired elite military operatives speaking candidly about their transition to civilian life and their wellness paths with alternative therapies.
  • The Autism community discussing how CBD and THC interacts with the body’s receptors and why it matters. Progress being made to information and material before and after the Farm Bill as well as the potential under the States Act from a research perspective will be discussed.
  • Market leading focus on Hemp with a dedicated educational track, an innovative workshop sponsored by the National Hemp Association on “Hemp: The Dawning of a New Day in the USA,” and the return of the show floor Hemp Pavilion.
  • Cannabis and Hemp Academia Town Hall is a groundbreaking assembly of college professionals and students discussing the wave of cannabis and hemp curricula taking hold in many universities and colleges across the country. Participants include New York State Senator Diane Savino moderating panelists from Brown, CornellStockton and the University of Connecticut.
  • Advanced workshops on “The Cannabis Landscape—Deconstructed for the Seasoned Investor;” “How to Purchase or Open a Cannabis Business;” and “Clinical & Therapeutic Applications of Medical Cannabis;” providing CME/CEU credits.
  • Social activities and networking include Cannabis Week kick-off cocktails, press preview, networking mixer, industry party and cultural exhibits throughout NYC.
  • High level Keynotes, special guest presentations, fund-raisers and more events and activities taking place during Cannabis Week will be announced soon.

CWCBExpoMay 29-June 1, at the Javits Center in New York, is one of the largest and most comprehensive educational and business development events on the East Coast for the legalized and medical cannabis industry. The conference program includes sessions, workshops, and thought-leadership panels that are progressive and relevant to New York as well as the nation and globally.

The expansive sold-out exhibit floor also includes a Technology Pavilion and top suppliers and brands in the industry showcasing cutting-edge products and services to those in the business, entrepreneurs looking to enter the market, cultivators, dispensary owners, medical professionals, investors, and providers of professional services.

To download the Cannabis Week event guide go to: https://www.cwcbexpo.com/cannabis-week-event-guide. To register and stay up to date on CWCBExpo and Cannabis Week activities go to www.cwcbexpo.com.


SOURCE Cannabis World Congress & Business Expositions

Auxesis Launched Blockchain Certificate Issuance Platform on Auxledger Network

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The Government of India has been looking into possible solutions of growing academic certificate counterfeiting issues for over a decade now. A major initiative was taken when NITI Aayog, the policy think tank for the Government of India signed an SoI agreement with Auxesis Group, the country’s leading enterprise blockchain infrastructure company on Feb 2nd, 2018. Further, the initiative was followed by a number ofpilots done with E-Cell, IIT Bombay. Following successful results, Auxesis today announced the launch of a full-blown certificate management solution, Certify, for Indian Universities to issue their degrees on blockchain.

“Counterfeiting of university certificates is a global problem. Increasingly this is becoming a big issue also in our country. Aryan, as a full stack blockchain solution, offers a compelling resolution to certificate forgery problem. I also liked the DApp frontend layer which provides an intuitive way of issuing as well as verifying these certificates.” – Prof. Chandan Chowdhury, Associate Dean, Indian School of Business

Certify is designed as the world’s most advanced blockchain certificate solution which is focused not only towards certificate anti-counterfeiting & security but also towards providing premium user experience and convenience to all the stakeholders. Certify ensures easy issuance of blockchain certificates with low cost and high reliability. The verification app enables corporate recruiters to verify a candidate’s university and degree within seconds where earlier it used to take over weeks. Students can also store and share their certificates to their prospective employers or other recipients via the Certify Vault app in an easy and secure way.

The platform is built on a complete “trust-free” approach demonstrating the real capability of smart contracts. The Certify platform doesn’t store any key, password or certificate data and thus empowers platform users to have complete ownership on their certificates. All data resides in a cryptographically encrypted format inside the distributed data layer. Certificate verification is done by testing the document through multiple entities ensuring no central failure point.

“We started working with Certify as we saw great potential in resolving the fake degree problem. We were also excited to witness an application for the first time which acts purely as service facilitator while does not try to control any data as an intermediary. That’s true decentralization!” – Kushal Agrawal, OC, E-Cell, IIT Bombay

Certify is powered by Auxledger technology, a high performing blockchain infrastructure which has previously been implemented for Indian State Governments and many Fortune 500 companies. Auxledger has also worked with India’spremium institutes including IIT Bombay, IIM Lucknow, Indian School of Business, Amity & SP Jain to facilitate blockchain training and ecosystem. Auxledger public network was launched in February at the country’s biggest blockchain summit. The summit was supported by DST, Govt. of India and State Govt. of Uttar Pradesh to build a stronger blockchain ecosystem in the country.

To get started on Certify, please visit: Auxesisgroup


SOURCE Auxesis Group

New Survey from vIRL Reveals Sneakerheads Concerned with Fraud

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The sneaker industry is worth roughly $55 billionglobally. Aficionados will wait hours and drop thousands of dollars on new releases. This craze has led to a booming resale market where enthusiasts can get rare sneakers after they are released – estimated to be worth over $1 billion.

However, the secondary sneaker market is especially vulnerable to fraud due to a lack of transparency within the industry. To understand more about the sneaker resale industry, vIRL, the easiest way to trade products like sneakers, electronics and other collectibles, surveyed 1,000 sneakerheads and found a growing concern over authenticity in the marketplace and opportunity to solve it.

While the large majority (81%) of those surveyed primarily purchase their sneakers online, avid collectors are gravely concerned with the authenticity of online marketplaces and the sneakers being sold. According to vIRL’s survey, 69% said they worry about purchasing fake sneakers online and roughly a third (31%) have been scammed. Of those who were scammed, 73% purchased a counterfeit item under the impression it was an authentic pair of sneakers and 41% purchased an item they never received.

Of those surveyed by vIRL, half said they have flipped sneakers for a profit.  This subgroup of collectors is even more cautious about buying sneakers from online marketplaces, 8 out of 10 said they worry about purchasing inauthentic sneakers online and they’ve been scammed 2.5x more times than more casual buyers. This segment is also more active in the sneaker trading space overall, as they trade 3x more than other sneaker aficionados and over half (54.2%) trade internationally. In addition to trading more frequently, those who flip for profit spend 3x more money on shoes than those who purchase causally. This group views their sneakers as an investment, as two-thirds believe their shoes will be more valuable in the future.

As the secondary sneaker market grows, e-commerce sites will need to meet the demand for a trusted marketplace. Of respondents, 82% would be more inclined to purchase sneakers online if the website could guarantee the items were authentic, and almost two-thirds (64%) said it’s important for a pair of sneakers to have a certificate of authenticity from a trusted third-party. Blockchain’s immutable and transparent nature is ideal for ensuring authenticity in the sneaker marketplace. Once a pair of sneakers is authenticated, its ownership and transaction history cannot be altered due do blockchain’s chain of custody tracking thus ensuring the sneakers will always be authentic on the marketplace. With blockchain, transactions are instant and there is no need to wait for shipping or processing until they’re redeemed to a buyer.

vIRLs trade on the WAX Blockchain. The Worldwide Asset eXchange (WAX)™ has created a free and instant peer-to-peer marketplace that exceeds the demands of this growing industry. With vIRL, customers can create digital versions of their sneakers and other apparel and confidently sell or trade to anyone, anywhere in the world instantly on WAX’s Blockchain. Customers can see an item’s transaction history, view high-resolution 360º images of an item and be assured of its authenticity using WAX’s third-party authentication which includes blacklight inspection. WAX gives anyone the necessary tools to create a global marketplace, making it easier for buyers to find coveted rare items and much faster for sellers to match with suitable customers. This could be the answer that the community has been asking for.

Recently, the vIRL team partnered with the go-to sneaker authenticator, Yeezy Busta to verify sneakers. “Packing and shipping deadlines make reselling impossible on the go,” said Yeezy Busta. “vIRL holds it, packs it and ships it – which means you can sell from anywhere. It’s just better.”

To join the vIRL beta program, visit https://try.govirl.io/virl-beta-program/.

Other interesting facts:

  • Nearly 37% do not trust independent resellers on eBay or Amazon are selling the authentic shoes they claim
  • Sneakerheads who flip for profit spend 3x more money on shoes than other enthusiasts
  • Sneaker flippers primarily sell their shoes on social media (33%) followed by eBay (27%) and Amazon (15%)
  • Roughly 40% Sneaker flippers buy shoes at least once a week
  • Of those who do not trade with other sneakerheads, almost half (49.3%) cited the hassle as the primary reason they don’t and 45% said they are worried about being scammed


Posera and UEAT Partner to Bring Online and In-Store Ordering Solutions to Hospitality Industry Merchants

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Posera Ltd. (TSX : PAY) (“Posera”), a leading provider of software solutions for the hospitality industry, and UEAT Technologies Inc. (UEAT), a Food-Tech company that prides itself on revolutionizing the way customers order in restaurants, jointly announced an integration  partnership that offers merchants powerful yet simple management of the restaurant ordering process.

The UEAT software integrates with Posera’s flagship POS brand, Maitre’D. UEAT’s online ordering solution employs the latest in software technology, including Artificial Intelligence, to upsell menu items, foster customer loyalty, reduce cost and waste while aggregating valuable data critical to restaurant operations.

Posera and UEAT’s collaboration equips restaurateurs with two distinct, feature-rich products:


A fully-customizable online ordering platform that integrates effortlessly to any website; and


An array of self-service kiosks for a restaurant of any concept or size, powered by UEAT’s powerful 

The online ordering solution facilitates simplified user experiences to customers, removing the need for cumbersome mandatory account creation. The solution enables easy placement and retrieval of orders to go, delivery right from the customer’s table, and the innovative capability of ordering and delivery to a specific hotel room. Concurrently, the solution focuses on streamlining restaurant kitchen operations by communicating directly with the Maitre’D POS, eliminating double data entries, and sending the order straight to the kitchen printer.

“We couldn’t be more thrilled about our partnership with UEAT, a fellow Canadian technology company, that’s making great headway in developing disruptive technology for the restaurant industry,” said Dan Poirier, Chief Executive Office at Posera. “With Posera’s global reach, together we can bring UEAT’s innovative ordering solutions to wider markets.”

The emphasis on facilitating customer experience and merchant operations is also demonstrated with the self-service ordering kiosks. Programmed with the UEAT command online application, the kiosks are fully customizable and are available in multiple design options to suit any hospitality concept. The kiosk solution eliminates register wait lines, increases the average bill up to 30%, sends orders directly to the kitchen printer, is integrated fully with the Maitre’D POS, and offers 24/7 customer support.

UEAT’s online ordering platform utilizes AI capabilities and smart marketing tools for a value-added experience for customers and merchants. Addressing the need for personalizing the customer experience, the platform comprises advanced statistics reports, single-click order reprocessing, loyalty programs management, and customer-specific special offers creation.

”We are really proud of the journey we have made so far,” said Martin Lafrance, Chairman at UEAT. “It is obvious that a partnership with a major company such as Posera is an incredible opportunity for UEAT to establish its traction in the North American market. Maitre’D customers who want the best online ordering solution available on the market now know where to turn!”


SOURCE Posera Ltd.

China Finance Online Reports Fourth Quarter and Full Year 2018 Unaudited Financial Results

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China Finance Online Co. Limited (“China Finance Online”, or the “Company”, “we”, “us” or “our”) (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese retail investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 Financial Highlights

  • Net revenues were $10.7 million, up from $8.6 million in the third quarter of 2018
  • Revenues from advertising grew 85.5% year-over-year and 109.7% quarter-over-quarter
  • Gross margin was 65.1%, up from 58.2% in the third quarter of 2018
  • Net loss attributable to China Finance Online was $4.4 million, compared with a net loss of $8.4 million in the fourth quarter of 2017

Full Year 2018 Highlights

  • Net revenues were $45.5 million, up 6.7% year-over-year
  • Revenues from the financial information and advisory business grew 45.0% year-over-year
  • Revenues from advertising increased by 103.8% year-over-year
  • According to the Company’s asset allocation system, our Robo-Advisor product, Lingxi, significantly outperformed all Chinese market key indices and most of its peer products in the Chinese market with 95% of all its strategies posting positive returns in 2018. For the full year, the defensive strategy designed by Lingxi yielded an annual return of 5.28%.

Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented, “Our top line further improved from the third quarter while our net loss was narrowed. Through the efforts of controlling cost and improving efficiency, for 2018, our net revenue increased year-over-year and our bottom line losses were reduced by $16.8 million. With the priority of strengthening future growth potential, we will continue to improve efficiency.

While the stock market suffered major losses in China and Hong Kong during the fourth quarter, our equity-brokerage related business maintains a strong growth momentum and our intelligent-finance driven fintech business continued to lock in contracts with leading brokerage firms in China. We are pleased that we have established strategic partnerships with influential financial institutions in China and are developing systems to empower their wealth management services.”

“Our other operations have also been making solid progress. Our website “JRJ.com.cn” remains a popular destination for news and analysis on the economy and capital markets, and its unique visitors all year in 2018 rose to 253 million from 236 million in 2017 and 169 million in 2016. The strong growth of traffic to our site was attributable to the improvement of our fact-based journalism, breaking news coverage and proprietary deep dive content,” Mr. Zhao concluded.

Fourth Quarter 2018 Financial Results

Net revenues were $10.7 million, compared with $13.6 million during the fourth quarter of 2017 and $8.6 million during the third quarter of 2018. During the fourth quarter of 2018, revenues from financial services, the financial information and advisory business, and advertising services contributed 53%, 19% and 28% of the net revenues, respectively, compared with 66%, 21% and 12%, respectively, for the corresponding period in 2017.

Revenues from financial services were $5.7 million, compared with $8.9 million during the fourth quarter of 2017 and $4.7 million during the third quarter of 2018. Revenues from financial services consist mainly of equity brokerage services. The year-over-year decrease of revenues from financial services was mainly due to the reduced revenue from the equity brokerage business. The quarter-over-quarter increase was mainly driven by the strengthening of Rifa’s equity brokerage business.

Revenues from the financial information and advisory business were $2.0 million, compared with $2.9 million during the fourth quarter of 2017 and $2.4 million in the third quarter of 2018. Revenues from the financial information and advisory business were comprised of subscription services from individual and institutional customers and financial advisory service. During the fourth quarter, subscription revenue from individual investors decreased by 12.3% year-over-year, mainly due to the effects of streamlining sales team and upgrading business operation for long-term healthy growth during the fourth quarter.

Revenues from advertising services were $3.0 million, compared with $1.6 million in the fourth quarter of 2017 and $1.4 million in the third quarter of 2018. The increased traffic to our site also helped elevate our advertising revenues on both a year-over-year and quarter-over-quarter basis.

Gross profit was $6.9 million, compared with $6.8 million in the fourth quarter of 2017 and $5.0 million in the third quarter of 2018. Gross margin in the fourth quarter of 2018 was 65.1%, compared with 49.7% in the fourth quarter of 2017 and 58.2% in the third quarter of 2018. The year-over-year and quarter-over-quarter increases in gross margin were mainly due to increased revenue contribution from advertising which carries a higher gross margin.

General and administrative expenses were $4.9 million, compared with $4.1 million in the fourth quarter of 2017, and $3.1 million in the third quarter of 2018. The year-over-year and quarter-over-quarter increases were mainly attributable to increased bad debt provisions.

Sales and marketing expenses were $4.4 million, compared with $6.8 million in the fourth quarter of 2017, and $4.8 million in the third quarter of 2018. The year-over-year decrease of 35.1% was mainly attributable to the reduction of consulting fees related to commodities brokerage business and sales commissions. The quarter-over-quarter decrease of 7.4% was mainly attributable to the reduction in advertising.

Research and development expenses were $2.9 million, compared with $3.8 million in the fourth quarter of 2017 and $3.5 million in the third quarter of 2018. The year-over-year and quarter-over-quarter decreases were mainly attributable to improved efficiency after the consolidation of the R&D team throughout different business units. The Company continues to maintain a team of senior software engineers, data scientists and capital market professionals to support further development in its fintech capabilities.

Total operating expenses were $12.3 million, compared with $14.7 million in the fourth quarter of 2017, and $11.3 millionin the third quarter of 2018. The year-over-year decrease was mainly due to improved efficiency and effective cost controls. The quarter-over-quarter increase was mainly due to bad debt provisions.

Loss from operations was $5.4 million, compared with a loss from operations of $8.0 million in the fourth quarter of 2017 and a loss from operations of $6.3 million in the third quarter of 2018.

Net loss attributable to China Finance Online was $4.4 million, compared with a net loss of $8.4 million in the fourth quarter of 2017 and a net loss of $6.0 million in the third quarter of 2018.

Fully diluted loss per American Depository Shares (“ADS”) attributable to China Finance Online was $0.19 for the fourth quarter of 2018, compared with fully diluted loss per ADS of $0.37 for the fourth quarter of 2017 and fully diluted loss per ADS of $0.26 for the third quarter of 2018. Basic and diluted weighted average numbers of ADSs for the fourth quarter of 2018 were 22.8 million, compared with basic and diluted weighted average number of ADSs of 22.7 million for the fourth quarter of 2017. Each ADS represents five ordinary shares of the Company.

Full Year 2018 Financial Results

Net revenues for full year 2018 were $45.5 million, an increase of 6.7% compared with $42.6 million for 2017.

Revenues from financial services for the full year 2018 were $23.1 million, a decrease of 18.3% compared with $28.2 million for 2017.

Revenues from the financial information and advisory business for the full year 2018 were $14.9 million, an increase of 45.0% compared with $10.3 million for 2017.

Revenues from advertising services for the full year 2018 were $7.3 million, an increase of 103.8% compared with $3.6 million for 2017.

Gross profit for the full year 2018 was $28.6 million, an increase of 38.4% compared with $20.7 million in the full year 2017. Gross margin was 63.0% compared with 48.5% in 2017.

Net loss attributable to China Finance Online for the full year 2018 was $20.0 million, compared with $36.7 million in 2017.

Fully diluted loss per ADS attributable to China Finance Online was $0.88 for the full year 2018, compared with $1.62 in 2017. Basic and diluted weighted average numbers of ADSs for the full year 2018 were 22.8 million.

Recent Developments

  • Lingxi Robo-Advisor recorded strong performance in the fourth quarter of 2018 and full year of 2018

According to our proprietary asset allocation system, our Robo-Advisor product, Lingxi, provides Chinese retail investors with a wide array of investment combinations and personalized global asset allocations through Chinese domestic mutual funds.

Since its inception, Lingxi significantly outperformed all Chinese market key indices and most of its peer products in the Chinese market. In 2018, the Shanghai Composite Index experienced a loss of 24.6%. However, 95% of the strategies in the Company’s Robo-Advisor product, Lingxi, posted positive returns, with a defensive strategy yielding an annual return of 5.28% in 2018. Since its inception in 2017 to the end of 2018, the accumulative returns of Lingxi’s high-risk, medium-risk and low-risk strategies were 16.94%, 13.91% and 10.79%, respectively.

  • China Finance Online Launched its Turnkey Asset Management Platform (TAMP)

In late 2018, the Company launched the i-TAMP platform (Turnkey Asset Management Platform) to provide financial advisors consultation and advice on stocks, mutual funds, wealth management products, insurance, trust and other financial products. Featuring best-in-class TAMP, this platform has already attracted hundreds of financial advisors to open their online offices to provide services to mass retail investors. The key benefits of the i-TAMP platform are the superior user experience and robust product functionalities which empower financial advisors to better serve their clients.

  • China Finance Online Forms Strategic Partnership with Leading Futures Brokerage Firm CIFCO

In January 2019, the Company signed a strategic partnership agreement with Founder CIFCO Futures Co. Ltd (“Founder CIFCO Futures”), a leading futures brokerage firm in China. Pursuant to the partnership agreement, both parties will collaborate in the development of more advanced trading system, smart market news alert, cloud-based research platform and industry forums.

  • China Finance Online Entered into Multiple Contracts from Leading Brokerage Firms

In January 2019, the Company announced it had entered into a contract from Orient Securities Co., Ltd. (“Orient Securities”), a Top 10 leading brokerage firm in China according to Securities Association of China, to construct an intelligent, contextual, pragmatic online nationwide investor education center to equip Orient Securities with industry-leading comprehensive intelligent solution for investor education. In addition to Orient Securities, the Company also entered into contracts with other leading brokerage firms such as BOCI International (China) Limited (BOCI) and Southwest Securities to develop smart and customized solutions for investor education.

  • 2018 Fintech & Leading China Annual Forum

In December 2018, the Company hosted the “2018 Fintech Forum & Leading China Annual Awards” in Beijing. The key discussions were artificial intelligence, data security, big data, risk management, IoT and blockchain. The conference is committed to promoting the long-term health of the financial industry in China and has received high recognition from financial regulators and institutions.

  • Awards and Letters of Appreciation from the China Banking Association, China Banking Regulatory Commission, China Securities Investment Association and National Internet Finance Association of China.

In 2018, the Company’s media content department received a slew of awards and letters of appreciation from the China Banking Association, China Banking Regulatory Commission, Securities Investment Association and National Internet Finance Association of China for its outstanding media coverages on the Chinese banking industry and stock markets. These accolades are government endorsements of our efforts in promoting rational and long-term investment philosophy. As the No. 2 most popular financial news website in China by Sina, the Company has 253 million unique visitors in 2018 along with a robust presence in large Chinese social media domains including 2.7 million followers on Weibo, 1 million followers on Wechat, and 1.8 million followers on TikTok. In recent months, the Company has been consistently ranked No. 1 on Baidu’s financial institutions value board for its 500,000 followers and accumulative reads of 410 million.

Conference Call Information

The management will host a conference call on April 23, 2019 at 8:00 p.m. U.S. Eastern Time (8:00 a.m. Beijing/Hong Kong time April 24, 2019). Dial-in details for the earnings conference call are as follows:

US: 1-800-742-9301
Hong Kong: 800-906-648
Singapore: 800-616-2313
China: 800-870-0210 or 400-120-3170
Conference ID: 8985259

Please dial in 10 minutes before the call is scheduled to begin and provide the conference ID to join the call.

A recording of the call will be available on China Finance Online’s website under the investor relations section.

In addition, a live and archived webcast of the conference call will be available at https://edge.media-server.com/m6/p/mr48xpx3.


SOURCE China Finance Online Co., Ltd.