Tag: asset management
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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").
Rolaz Group Announces the Launch Date of their IEO and Listing
The team at Rolaz Group is pleased to announce to the financial community that it has set aside a date for its token IEO and listing on P2PB2B and Coinsbit. The IEO will kick-start from April 1 at 00.00 GMT and run until May 31 with a 30% discount on P2PB2B. The token listing will take place on June 1 on P2PB2B and COINSBIT exchanges. Rolaz Group is the world's leading asset management firm that uses digital technologies to create immersive experiences for traders and investors.
About Rolaz Group
Rolaz Group is an international holding company and asset management firm that's well established in Europe, the United States, and South America. They are known for leveraging the latest digital and Defi technologies to find the best available investment opportunities for maximizing returns on all stakeholder's investments—this is the key behind their success.
The Rolaz Hedge Fund
In a nutshell, the Rolaz Hedge fund is the first tokenized hedge fund that will be powered by its own blockchain decentralized investment protocol. It has introduced a tokenized product, Rolaz Gold (rGLD), which has each token backed by actual gold. This revolutionary step is expected to disrupt a trillion-dollar industry thanks to what it brings and its one-of-a-kind secure, 360° financial ecosystem.
rGLD aims to help users facilitate their access into the hedge fund industry. With the rGLD token, users can get early access to projects high on potential.
The Rolaz business model and protocol
The Rolaz business model is centered around a pretty simple idea: To introduce Defi technology to the world hedge funds to improve the performance rate for all involved investors.
As for their protocol, it's called the Rolaz Decentralized Investment Protocol. It is currently under development and the Rolaz team plans to have it fully functional by the end of this year. This protocol will be essential for everything that works within the Rolaz Ecosystem. It will be designed and developed in a way that will allow it to orderly tokenize different investment assets to allow investors to navigate through different investment markets, including the gold market, real estate, fintech, and more.
The Rolaz project was born based on the idea to create an ecosystem that can protect the assets of the users. To help get the technological wheels rolling in the hedge fund industry, Rolaz introduced the revolutionary rGLD—the first asset issued by the Rolaz hedge fund, tokenizing the already operational gold mining projects.
The Rolaz Gold (rGLD) Token
rGLD is a token that's used to power the Rolaz Group ecosystem. This asset-backed token was developed in September 2021 to deepen Rolaz Group.
Gold NFT Marketplace
The team at Rolaz is also working towards the development of a Gold NFT Marketplace, it will be the FIRST of its kind and will open up various opportunities for the users.
The features of rGLD token
The Rolaz Group token comes with the following features:
ROI From Different Investments
Stakers, those who commit their tokens to a liquidity pool for a specific period, will generate revenue from multiple investments. rGLD offers several staking opportunities, including the ability to tailor their portfolios based on their risk appetite.
CoinMarketCap: https://coinmarketcap.com/currencies/rolaz-gold/
IEO
P2PB2B: https://p2pb2b.com/token-sale/392
P2PB2B: https://p2pb2b.com
COINSBIT: https://coinsbit.io
Social links
Telegram: http://t.me/rgldcommunity
Twitter: https://twitter.com/RolazHedgeFund
Facebook: https://www.facebook.com/Rolaz-Hedge-Fund-108899818093256
LinkedIn: https://www.linkedin.com/company/74515823/
Media contact
Company: Rolaz Group
E-mail: support@rolaz.io
Website: https://rolaz.io/
Former Polychain Partner Charts Radical Course for New $125M Venture Fund
Tekin Salimi, has a twist on the venture capital fund: it should convert to a DAO
The post Former Polychain Partner Charts Radical Course for New $125M Venture Fund appeared first on Blockworks.
Kingsoft Announces 2021 Annual and Fourth Quarter Results
For the year 2021, the revenue of Kingsoft increased 14% year-on-year to RMB6,371.4 million. Revenue from the office software and services and online games and others represented 51% and 49%, respectively, of the Company's total revenue for the year of 2021. Gross profit for the year 2021 increased 11% year-on-year to RMB 5,214.3 million, while operating profit amounted to RMB1,360.6 million.
For the fourth quarter of 2021, the Company's revenue increased 13% year-on-year and 21% quarter-on-quarter to RMB1,822.1 million. Revenue from the office software and services and online games and others represented 50% and 50%, respectively, of the Company's total revenue for the fourth quarter of 2021. Gross profit for the fourth quarter of 2021 increased 8% year-on-year and 17% quarter-on-quarter to RMB1,449.6 million, while operating profit amounted to RMB331.4 million.
Mr. Jun LEI, Chairman of Kingsoft, commented, "In 2021, we are poised to achieve a steady growth in our core businesses leveraging our continuous investment in technological innovation. Kingsoft Office Group understands user needs and has further enhanced its products and services. It has also continued to pursue the ecosystem strategy of "multi-screen, cloud, content, artificial intelligence ("AI") and collaboration" and achieved an excellent operation performance. Meanwhile, our online games business has launched several new mobile games during the year while continuing to focus on the development of premium games, long-term operation and enrichment of core game IPs."
Mr. Tao ZOU, Chief Executive Officer of Kingsoft, added, "The Group's business continued to achieve steady growth, with revenue reaching RMB6,371.4 million, increasing by 14% year-on-year. Our office software and services business maintained a solid growth momentum and its revenue increased 45% year-on-year."
BUSINESS REVIEW
Office Software and Services
In 2021, revenue from office software and services business increased 45% year-on-year to RMB3,264.8 million. Revenue in the fourth quarter increased 19% year-on-year and 12% quarter-on-quarter to RMB903.9 million.
In 2021, Kingsoft Office Group continued to enhance its products and services for cloud office and collaboration office scenarios. With increasing user activeness and user stickiness in individual and enterprise users, cloud migration of both domestic individual and institutional subscriptions has accelerated. With the stable growth in the number of monthly active devices of its key products, Kingsoft Office Group has continued to optimize its user experience and products functions, promote cloud migration, increase usage of its value-added functions and further drove the growth in its number of paying users. In addition, the significant increase in the number of uploaded cloud documents and the increase in the proportion of long-term paying users have also laid a solid foundation for the development of the individual subscription business in the future.
Regarding the government and enterprise market, Kingsoft Office Group took advantage of the industry trend on the demands of government and enterprise users for data asset management and office efficiency improvement and has actively improved product systems, enhanced user experience and expanded eco-systems, to promote the cloud office migration of government and enterprise users. This has also set a solid foundation for its subsequent promotion of digital office platform solutions. As the cloud migration of government and enterprise users continues, Kingsoft Office Group is expected to increase its presence in the government and enterprise market.
In addition, Kingsoft Office Group has witnessed a strong demand growth from the government and enterprise users, as localization projects enter a booming stage with a fast-growing market leveraging the favourable policies. Moreover, Kingsoft Office Group also received substantial orders for its re-flowable and fixed-layout document format products which lead to the robust growth of its domestic institutional licensing business.
Online Games and others
Revenue from the online games and other businesses for 2021 was RMB3,106.6 million. Revenue for the fourth quarter of 2021 increased 8% year-on-year and 30% quarter-on-quarter to RMB 918.2million. The steady year-on-year growth in the fourth quarter was mainly due to the successful launch of several mobile games which diversified the Company's game portfolio. In the fourth quarter, revenue from the flagship JX Online III PC game and the classic JX 2D PC game grew steadily quarter-on-quarter. Moreover, we have also achieved breakthroughs in product development demonstrating the vitality of the core IP and our strong R&D and operational capabilities.
Following the successful release of the JX I Pocket mobile game in Vietnam in April 2021, JX I: Gui Lai, the domestic version of JX I Pocket mobile game was released in October. Upon its debut, JX I: Gui Lai was ranked third in the top free charts and first in the top-grossing role-playing game (RPG) charts for iOS. In November, Wu Lin Xian Xia, our self-developed mobile game, was released in China with the highest-ranking sixth in the top-grossing charts for iOS, demonstrating our successful strategic cooperation with Nuverse. In December, JX World III, the third generation of the JX World series mobile games, was launched. Upon its launch, JX World III ranked first in the top free charts and ninth in the top-grossing charts for iOS. In addition, the mobile game was also recommended on the front page of Apple Today and was recognized as a superstar product by the Mobile Hardcore Alliance.
Mr. Jun LEI concluded, "Looking forward, Kingsoft Office Group will ride on the trend of cloud and collaboration office and continue to invest in product research and development. It will also further explore the opportunities in the enterprise market and strive to empower the digital transformation of large-scale organizations. Regarding our online games business, we will maintain the development of our core IP while focusing on bringing new game genres and new IPs. Looking ahead, we will continue to invest in R&D, promote technological innovation and upgrades, and pursue social responsibility to ensure long-term sustainable growth of our business."
About Kingsoft Corporation Limited
Kingsoft is a leading software and Internet services company based in China listed on the stock exchange of Hong Kong. It has two subsidiaries including Kingsoft Office and Seasun. Following the implementation of its "mobile internet transformation" strategy, Kingsoft has completed the comprehensive transformation of its overall business and management models and formed a strategic platform with office software and interactive entertainment as the pillars and cloud services and AI as the new directions. The Company has more than 7,000 staff around the world and enjoys an important market share in China. For more information, please visit http://www.kingsoft.com.
Kingsoft Investor Relations:
Francie Lu Tel: (86) 10 6292 7777 Email: ir@kingsoft.com
For further queries, please contact Hill+Knowlton Strategies Asia:
Ovina Zhu Tel: (852) 2894 6315 Email: kingsoft@hkstrategies.com
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comKingsoft Corporation Limited ("Kingsoft" or the "Company"; HKEx stock code: 3888), a leading Chinese software and Internet service company, has announced its 2021 annual results and fourth-quarter results for the period ended 31 December 2021.
Grayscale’s Latest Fund Focuses on Smart Contract Platforms
The world’s largest digital currency asset manager introduced its 18th investment product
The post Grayscale’s Latest Fund Focuses on Smart Contract Platforms appeared first on Blockworks.
LBank Crypto Exchange Weekly Listing Report — March 21, 2022
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