Tag: 10
VCREDIT Announces a Final Dividend of HK15 cents
During the Year, the Group's total income increased significantly by 34.4% year-on-year to RMB3,458 million (2020: RMB2,573 million). The Group successfully achieved a turnaround, with net profit of RMB1,179 million (2020: net loss of RMB870 million). The Group is committed to creating sustainable investment returns for its shareholders, sharing the fruits of success in its operations. Therefore, following the declaration of dividend for the first time during its interim results, the Board has recommended a final dividend of HK15 cents per share for the Year. Together with the interim dividend and special dividend totalling HK20 cents per share already paid out, the full year dividend was HK35 per share.
Although the COVID-19 pandemic and evolving macro-economic environment brought challenges and uncertainties, VCREDIT delivered an outstanding operating performance and promising financial results during the Year driven by its technology-focused risk management and dynamic operational strategies. As a result of the recovery of the macro economy in China, the loan origination volume achieved significant growth, coupled with the Group's strategies in migrating to a higher-quality borrower and borrower acquisition model, the Group successfully improved its overall asset quality, leading to a significant increase in loan facilitation service fees by 115.9% to RMB1,540 million. The interest income amounted to RMB1,972 million, remained at a stable level as compared to the previous year.
The Group primarily offers two credit products through its pure online loan origination processes, including credit cards balance transfer products and consumption credit products, both of which are installment-based. For the Year, the total number of transactions was 3.4 million. The average term of the Group's credit products was approximately 9.4 months and the average loan size was approximately RMB11,965. The Group constantly adjusted its risk management and credit policies to maintain a prudent risk approach and efficiency of operations, so as to deliver outstanding business growth and a controllable credit risk performance.
Both quantity and quality of the customer base witnessed remarkable growth
As a result of its proactive management, enhanced communication channels, focused marketing and higher profile brand recognition, the Group successfully expanded its user base. The number of registered users of VCREDIT reached the level of "over 100 million" and increased to 112.5 million during the Year, which also led to a significant increase in its loan facilitation volume. Meanwhile, with the application of big data customer acquisition models driven by artificial intelligence, the Group improved its operational efficiency and enhanced the target customer identification and market penetration. In addition, the Group continued to refine its online APPs and system to enhance customer experience, which has improved the loyalty and retention rate of customers. Benefitting from this, the Group has successfully transitioned its customer base towards higher quality near-prime and prime borrowers, resulting in a significant improvement in its delinquency levels.
Optimising risk management to enhance asset quality
The Group places great emphasis on technology-focused risk management, iterating its credit risk models through the introduction of multi-dimension data sources, deep analytics of credit risk performance, and sophisticated testing. The Group also constantly adjusted its risk management and credit policies to maintain a prudent risk approach and efficiency of operations to deliver outstanding business growth and a controllable credit risk performance. In addition, the Group's credit risk management capability enables it to maintain its core competitiveness and well positions it to sustain healthy business growth and defend macroeconomic uncertainties. During the Year, through adjusting policy timely and optimising risk models, the Group managed to maintain its first payment delinquency ratio at an industry-wide low level of around 0.42%, which is conducive to improving the Group's asset quality.
Win-win collaboration and close partnership with funding partners
To support the rapid and sustainable development of its businesses, the Group worked closely with 69 external funding partners during the Year, including nationwide joint-stock commercial banks, consumer finance companies and trusts, that constituted a diverse and affluent funding pool. These long-term and stable collaborative relationships have allowed the Group to improve its funding costs. Furthermore, the Group's guarantee companies, third-party guarantee companies and asset management companies form an ecosystem that ensures the Group's funding flexibility and provides protection to its funding partners.
Outlook
Looking ahead, to create sustainable investment returns for its shareholders, the Group will seek to provide shareholders with regular dividends with a normal target payout ratio of between 20% to 30% of the Group's audited consolidated net profits each year, subject however to factors that the Board deems relevant namely the Group's financial results, available distributable reserves and cash position, etc.
At the same time, in order to contribute to further growth in its consumer finance business and fulfilling the financial needs of high-quality customers, the Group will strive to proactively hone its business strategies and upscale its technology, in order to better serve its customers to improve brand recognition. While enhancing risk management capability through ceaselessly evolving technology and artificial intelligence, the Group will strengthen regulated and long-term collaborations with licensed financial institutional partners and other business partners, in hopes of building a wide moat for business development. In addition to growing its existing consumer finance operation organically, the Group will also seek to expand and diversify its business through actively identifying suitable investment and acquisition targets, thus maintaining its competitiveness in an ever-changing macro environment.
About VCREDIT Holdings Limited (2003.HK)
VCREDIT Holdings Limited ("VCREDIT") is a leading player in China's consumer finance industry with over 10 years of track record. The Group caters to prime and near-prime borrowers underserved by traditional financial institutions by offering online consumption products. To match the funding needs for these products, the Group primarily engages institutional funding partners through three types of sustainable and scalable funding structures: trust lending, credit-enhanced loan facilitation and pure loan facilitation. Through such funding structures, VCREDIT provides institutional funding partners with solutions at varying levels of risk discretion and flexible profit-sharing arrangements.
Website: http://www.vcredit.com/
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comVCREDIT Holdings Limited ("VCREDIT" or the "Group"; stock code: 2003.HK), a leading independent online consumer finance provider in China, is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
Federal Appeals Court Affirms the Role of ‘Balance’ in Scheme for Extending Term of Pharmaceutical Patents
On 18 March 2022, the Full Court of the Federal Court of Australia issued decisions relating to term extensions of patents covering pharmaceutical products: Commissioner of Patents v Ono Pharmaceutical Co. Ltd [2022] FCAFC 39 (‘Ono’); and Merck Sharp & Dohme Corp. v Sandoz Pty Ltd [2022] FCAFC 40 (‘MSD’). The two decisions have (at least) three things in common. First, both were decided unanimously by a panel comprising Chief Justice Alsop and Justices Yates and Burley. Second, both found against the patentee, with the court reversing the primary judge’s decision in Ono granting an extension of term, and confirming the primary judge’s decision in MSD nullifying a previously granted extension of term. And, third, both referred to the principle set out in the objects clause (section 2A) of the Patents Act 1990 that ‘the patent system balances over time the interests of producers, owners and users of technology and the public’ (emphasis added).
The scheme for extending the term of pharmaceutical patents inherently involves a balancing act. Its primary purpose is to ensure that patentees are not excessively disadvantaged by delays in securing regulatory approval to market patented products. For example, if a drug is not approved for use until 10 years or more after a patent application is filed, the patentee may have less than half of the standard 20 year patent term remaining to compensate for its investment in discovery and development before becoming exposed to generic competition. On the other hand, an extended period without competition necessarily exposes the wider public to higher costs of medical treatment. In an effort to balance these competing interests, the relatively complex provisions of the Patents Act aim to ensure that a ‘typical’ pharmaceutical patentee benefits from up to 15 years of exclusivity, by granting extensions of the patent term of up to five years, i.e. to a maximum of 25 years from filing. (A 2013 review of pharmaceuticals patents – which the government initially declined to release – found that 53% of such patents have an effective life of 15 years, while 89% have an effective life of over 10 years.)
The primary provisions of the Patents Act governing extensions of patent term are:
- section 70, which sets out the conditions that must be satisfied before a patentee can apply for an extension of the term of its patent;
- section 71, which sets time limits for filing of applications for extensions of term; and
- section 77, which specifies how the duration of an extension of term is to be calculated.
In each of Ono and MSD, the patentee sought to obtain an advantage, or avoid disadvantage, by arguing for beneficial interpretations of the extension of term provisions. In each case they failed. And in both cases the Full Court upheld the principle that the purpose of the extension of term scheme is to balance the competing interests of the patentee of a pharmaceutical substance against the public interest in the unrestricted use of the pharmaceutical invention after expiry of the patent. In Ono, in particular, the Full Court rejected the proposition that sections 70, 71, and 77 should be construed to achieve a commercial outcome for the patentee. In MSD the Full Court again invoked the principle of ‘balance’ in declining to permit an extension of term based on a later Australian marketing approval, in circumstances where the patentee had already obtained the benefit of an ‘export only’ approval of a substance falling within its patent claims with an effective life of over 15 years.
The relevance of the Full Court’s focus on balancing of interests, and its references to the objects clause, could extend beyond these cases. The three judges here are all among the five who recently heard the appeal in the Thaler ‘AI inventor’ case, in which the competing interests of developers and owners of ‘invention machines’, and of the broader public (who might not see the same benefit in granting patent monopolies on automatically-generated inventions), are potentially at stake. It will be interesting to see whether they adopt a similar approach to weighing up the balance of interests in that case, also.
Read more »Kronos DAO Announces Public Sale Date
Rome, Italy, Mar 24, 2022 - (ACN Newswire) - Kronos DAO, the next evolution of reserve currency protocol, has announced its public sale date. Scheduled for March 28th, 2022, the public sale will be a good opportunity for prospective token holders to participate in the project. In addition to a public token sale, Kronos DAO has slated April 8, 2022, as its partnership date with CORENODE.
In anticipation of the public sale, Kronos DAO has garnered over $540k.
Kronos DAO introduces a Future Fund facet that will see the next-generation DAO reserve protocol invest 15% of profits in its treasury in emerging start-ups in the blockchain space. Through Future Fund, Kronos DAO will hope to accelerate the growth of these nascent start-ups, ergo transforming the DAO protocol into an on-chain venture capital firm.
Kronos DAO is committed to generating interest in investments for investors by building, incubating, and investing in start-ups at their early stages.
The $KRONOS Token
Kronos DAO has launched a native token, $KRONOS. The token will govern the DAO project - -acting as a governance token for making and implementing significant decisions on the ecosystem. $KRONOS has launched on Binance Smart Chain [BSC]. It is also available for exchange and swap on PancakeSwap. Currently, talks are underway to expand it to cross-chains in the coming months.
A total of 10 million $KRONOS, Kronos DAO has set aside 40% for the public sale as it seeks to build its treasury.
Kronos DAO will offer token holders a sustainable passive income source for staking $KRONOS on its staking platform. Through auto-compounding, Kronos DAO will reward token holders with $KRONOS.
The DHP (Diamond Hands Protocol) will allow community members to earn $KRONOS on the staked amounts according to different reward levels. Members will receive enhanced tips once Diamond Hands Protocol is activated. The corresponding bonus level, eventually reached, will be applied to each single staked amount.
Kronos DAO incorporates an additional earning opportunity for community members: the Diamond Hands Node (DHN). This program of 3 days to 30 days reward accumulation time. will allow community members to earn an extra profit of $KRONOS to add to the rewards when you claim them in relation to the bonus level reached.
An Ambitious Roadmap
The Kronos DAO team has planned out a strategic, ambitious, and feasible project roadmap. Split into five phases - each scheduled for completion in a month - Kronos DAO will, after the public sale, hire Cyberscope and Certik to audit its smart contract. Furthermore, Kronos DAO will hope to have its token, $KRONOS, listed on CoinMarketCap and CoinGecko - two leading crypto analytics websites.
An Open NFT Kronos DAO whitelist will also take place.
About Kronos DAO
The next evolution of a reserve protocol, Kronos DAO, is a project that aims at generating enormous returns for investors through the building, incubating, and investing in crypto start-ups in their embryonic stages. Kronos DAO has introduced a suite of modern features as it seeks to accelerate the growth of emerging start-ups while rewarding users for committing their tokens to the platform.
Public Sale
KronosDAO: https://bsc.kronosdao.ai
Pinksale: https://www.pinksale.finance
Social Links
Telegram: https://t.me/KRONOS_community
Twitter: https://twitter.com/dao_kronos
GitHub: https://github.com/Kronos-DaoDefi
Discord: https://discord.com/invite/CrUeCMBPFp
Medium: https://medium.com/@kronos_dao
Media Contact
Brand: Kronos DAO
Contact: Tommy
Email: admin@kronosdao.ai
Website: https://kronosdao.ai
SOURCE: Kronos DAO
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com
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