SHANGHAI, July 8, 2020 /PRNewswire/ -- On July 6, 2020, the New Development Bank (NDB) successfully placed a RMB 2 bln bond in the China Interbank Bond Market, with a maturity of 5 years and a coupon rate of 3%. By issuing the Bond, the Bank completed the quota of its RMB 10 bln Bond Programme registered in January, 2019.

The final book size closed in excess of RMB 4 bln, representing an oversubscription of 2.1 times. Notably, the Bond was priced at 16 bps lower than the valuation of China Development Bank Bonds on the same day. The Bond received extraordinary support from investors, despite high volatility demonstrated by the China Interbank Bond Market, with the China Government Bond jumping quite significantly across the curve.

"We are honored by the recognition and support received from investors during the RMB 2 bln bond issuance. The final coupon rate of 3% is a remarkable achievement for the NDB, under the current market conditions. The NDB is a regular issuer in China and the Bank will continue to build its RMB bond curve," said Mr. Leslie Maasdorp, NDB Vice President and Chief Financial Officer. "The Bank is committed to actively exploring opportunities in the domestic capital markets of its member countries. We will actively participate in both onshore and offshore markets in pursuit of cost-effective sources of funding, in line with the NDB's comprehensive funding strategy which aims to ensure that enough resources are available to meet the Bank's liquidity needs, driven by the expanding loan portfolio, as well as operating and other expenses."

"The NDB will continue to contribute to the development of the China Interbank Bond Market. The NDB has just submitted a request for registering the second RMB 20 bln Bond Programme to National Association of Financial Market Institutional Investors," he added.

The Industrial and Commercial Bank of China Limited acted as the lead underwriter and bookrunner of the issuance. The Bank of China Limited, Agricultural Bank of China Limited and China Construction Bank Limited acted as the joint lead underwriters for the Bond.

Bond Summary Terms

Background information

In July 2016, the NDB issued its first Green Financial Bond with an issue size of RMB 3 bln and tenor of 5 years in the China Interbank Bond Market. In February 2019, the NDB issued its first Panda Bond with a size of RMB 3 bln in the China Interbank Bond Market. On April 2, 2020, the NDB successfully issued an RMB 5 bln Coronavirus Combating Bond in the China Interbank Bond Market, which became the first RMB-denominated Coronavirus Combating Bond issued by a multilateral development bank in China. As of today, the NDB has reached an RMB bond outstanding amount of RMB 13 bln.

The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. To fulfill its purpose, the NDB will support public or private projects through loans, guarantees, equity participation and other financial instruments. According to the NDB's General Strategy, sustainable infrastructure development is at the core of the Bank's operational strategy for 2017-2021. In August 2018, the Bank received AA+ long-term issuer credit ratings from S&P and Fitch.

NEW YORK, July 8, 2020 /PRNewswire/ -- "It is hard to imagine the Equiteq team of Adam Tindall, Dan Kim, Ravi Dosanjh, and Tom Tartaglia delivering a deal under more difficult circumstances. The COVID pandemic was breaking out as we signed the LOI – Adam and the team steered us through tremendous uncertainty with dogged persistence, extraordinary effort, real creativity, and integrity." – Geoff Walker, Co-Founder Water Street Partners

Water Street Partners, LLC ("Water Street"), a premier joint venture and alliance advisory firm, announced on July 2, 2020 that it has been acquired by Washington, D.C.-based global business and expert advisory firm, Ankura. 

"We are excited to join the Ankura team, and we share a commitment to serving clients and a common culture focused on collaboration and respect," said James Bamford, a Co-Founder and Managing Director of Water Street. David Ernst, also a Co-Founder and Managing Director of Water Street, added, "We look forward to working together with our new colleagues and helping them grow our combined businesses through a continued commitment to exceeding our clients' expectations."

"We continue to grow our business by attracting top talent in defined and attractive market segments and fostering a collaborative environment that encourages these leaders to leverage one another's insights and expertise to deliver high-quality, customized solutions to our clients," said Kevin Lavin, Chief Executive Officer of Ankura. "Water Street is a proven leader in the joint venture and alliance advisory sector. This combination extends our delivery of expert advice to an expanding global client base facing complex and challenging situations."

Regarding Equiteq's role in the transaction, Geoff Walker said, "It was clear to us that Equiteq were deeply experienced in our space. Adam and the team did not disappoint. We are thrilled with the value they helped us capture, and more importantly, the home they found us at Ankura to continue to grow our business, serve our clients, and create opportunities for our team."     

Adam Tindall, Managing Director of Equiteq's North America practice, commented, "It has been an honor representing the world's premier joint venture and alliance advisory firm in this transaction. The Water Street team have done a fantastic job at building a highly specialized and successful practice, and Ankura will be a great home to support the company's growth."  

Related Links :

https://www.equiteq.com/home/

Executive Team Strengthens with New Appointments

LOS ANGELES, July 8, 2020 /PRNewswire/ -- Fisker Inc. – designer and manufacturer of the world's most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions – is announcing the successful completion of a $50 million Series C financing round funded by Moore Strategic Ventures, LLC, the private investment vehicle of Louis M. Bacon. The proceeds will be used to support the next phase of engineering work on the Fisker Ocean all-electric luxury SUV – due for launch in 2022.  Cowen acted as the company's sole advisor and placement agent on the financing.

Commenting on the strategic importance of this latest investment, Henrik Fisker, chairman and CEO of Fisker Inc. said: "Since we first showed the car at CES earlier this year, reaction from customers and investors has been extremely positive. We are radically challenging the conventional industry thinking around developing and selling cars and this capital will allow us to execute our planned timeline to start producing vehicles in 2022."

As the company continues to progress the Fisker Ocean towards its planned production launch, the organization is also announcing today key executives joining the company in permanent and advisory capacities.

Burkhard Huhnke named chief technology officer (CTO) of Fisker Inc.

Huhnke comes with an extensive background working for both automakers and technology companies – having served as the former vice president of e-mobility for Volkswagen America and vice president of automotive at chip maker, Synopses. Huhnke will lead Fisker's R&D activities in Los Angeles as well as the newly established Fisker Innovation Lab in Silicon Valley, home to the company's investments in software related innovations for future vehicles and services.

Huhnke joins a growing Fisker Inc. executive team that includes Martin Welch, senior vice president of engineering, who has been leading the company's engineering function and, since early 2019, development for the Fisker Ocean program. Welch has also worked extensively across the automotive industry, including positions at McLaren cars and Aston Martin.

Also announced today is the appointment of Simon Sproule as communications advisor to the CEO. Sproule is the vice president of communications for Toptal, an elite network of the world's top talent in business, design and technology. Sproule will support Henrik Fisker and the company in an advisory capacity.

"As we accelerate the development of the Fisker Ocean, I am excited to keep building an executive team capable of delivering our brand, product and service experiences," added Fisker. "We are seeing a profound disruption in the automotive industry, where digital customer experiences and software will join emotive design to become major brand pillars for any future car company. Fisker Inc. is ideally positioned to take full advantage of this transformation."

About Fisker Inc. 

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

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http://www.fiskerinc.com

With close to 80% of consumers in Asia Pacific having made an eCommerce transaction in the past three months^[1], clicking to pay with Visa will help redefine the online shopping experience as more businesses and consumers migrate online.

SINGAPORE, July 8, 2020 /PRNewswire/ -- Visa today announced the expansion of the click to pay experience in Asia Pacific, which provides online shoppers with a fast, simple and secure online checkout option.

Speed through checkout when you click to pay with Visa

Built on the EMV® Secure Remote Commerce (SRC) industry specification, click to pay has started to roll out across participating Australian and New Zealand businesses, with more markets such as Hong Kong, Mainland China, Malaysia and Singapore to follow later in the year.

With 41% of consumers in Asia Pacific making five or more eCommerce transactions in the past three months^[2], the click to pay experience launches at a crucial time as businesses and consumers in the region embrace a rapid shift towards eCommerce. Clicking to pay with Visa enables shoppers to speed through the checkout process by eliminating the need to manually key-in personal account numbers and passwords. Nearly half of Asia Pacific consumers say these manual processes are the key barrier to completing the checkout process^[3], leading to abandoned carts and lost sales for businesses.

"Clicking to pay with Visa is designed to be as easy and consistent an experience as when you tap to pay in a physical store," said Chris Clark, regional president, Asia Pacific, Visa. "When you see the click to pay icon, you know you can pay online with any card and your transaction will be quick, seamless and secure. This is in keeping with Visa's strategy to enable open, interoperable payments for consumers and businesses in all the places they choose to shop." 

Shopping online and paying with the click to pay button provides the following benefits:

• Ease: shoppers no longer need to enter 16-digit account numbers, look up passwords or fill out long billing and shipping forms to make a purchase
• Security: each transaction is backed by Visa's advanced technologies and multiple layers of security to help protect the transaction against fraud
• Speed: shoppers activate their account once at a participating business and choose to be remembered. They will then be setup for a streamlined experience whenever they see choose to click to pay with Visa

The interoperability of click to pay benefits businesses too, as a single integration enables them to offer shoppers the option to pay with multiple networks. Previously, businesses had to integrate with each individual payment network, which resulted in multiple payment network buttons on a checkout page. This made it difficult for a third of consumers in Asia Pacific to locate the appropriate checkout button to complete a purchase^[4].

Since American Express, Discover, Mastercard and Visa announced the e-checkout solution based on the EMV® Secure Remote Commerce industry standard in October 2019, more than 10,000 merchants in the U.S. are offering the click to pay experience.

About Visa Inc.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

The EMV® SRC payment icon, consisting of a pentagon design oriented on its side with a stylized depiction of a fast forward symbol on the right, formed by a continuous line, is a trademark owned by and used with permission of EMVCo, LLC.

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https://usa.visa.com

Enhancing ADBC's capability on blockchain financial services and cloud banking technology

Exploring collaborations in cloud-based joint innovations towards a data-driven digital bank

SINGAPORE, July 8, 2020 /PRNewswire/ -- Tencent Cloud, the cloud computing arm of Tencent – a leading provider of internet value added services in China, today announced the signing of a Memorandum of Understanding (MoU) with Asia Digital Bank Corporation (ADBC) in Singapore, kicking off collaborations on cloud-based financial services and joint innovations towards a data-driven digital bank to boost local businesses in Singapore through innovative technology and hands-on digital banking operations.

The agreement was signed in a virtual conference attended by Elong Huang, General Manager of Tencent Cloud South East Asia Region; Carlos Hu, General Manager of Tencent Finance Cloud; and Dr. Li Shan, Chairman of ADBC. It sets ADBC off to discuss utilizing Tencent's financial cloud platform in providing best-in-class digital banking services to small and medium enterprises (SMEs), while Tencent Cloud looks to offer top-notch capabilities and solutions to power up Asia Digital Bank Corporation's digital banking initiative.

The recent spread of COVID-19 has exposed the need for updated banking services to complement traditional banking processes. With the demand for tailored financial solutions and money management tools higher than ever, ADBC must innovate further around its customers' financial well-being.

In the most customer-centric era, fostering digital empathy is one of the top priorities for ADBC. Aiming to create tailored offerings according to customer profiles and to offer intelligent advice and recommendations to its customers whenever they need it, ADBC, with support from Yincubator Private Limited, a Singapore-based innovation advisory firm, is exploring its collaboration with Tencent Cloud to design and setup a technically advanced cloud platform in order to trigger and orchestrate new and existing workflows and processes in a dynamic and flexible way. This will allow ADBC to detect crucial events in customers' lives – so-called "business moments" – to identify customers' challenges, desires, and goals.

Strategically implemented cloud services will allow ADBC to use resources in an extremely flexible and efficient way using data analysis, data storage, and batch processing. Tencent Cloud's proven cloud technology will strengthen ADBC's security and compliance as well as introduce automation to deliver improved efficiency and cost savings.

Bolstering the agreement with ADBC, Tencent Cloud has achieved the Outsourced Service Provider Audit Report (OSPAR) attestation as further proof of its commitment to meeting the high standards for cloud service providers set by Singapore's financial services industry. It demonstrates Tencent Cloud's ability to deliver any requirement in its collaborations and assures that it maintains the same level of governance, rigor and consistency as financial institutions in Singapore.

Poshu Yeung, Vice President of Tencent International Business Group, said, "We are excited to explore our collaboration with Asia Digital Bank Corporation in creating cloud-based financial services, and together innovate in building a data-driven digital bank in Singapore. With our recent achievement of attaining the OSPAR standard, we are much more confident that our cooperation with Asia Digital Bank Corporation will showcase our capability to provide secure, high-quality cloud services."

Nelson Goh, Board Director of Asia Digital Bank Corporation, said , "We are grateful to be given the chance to explore with Tencent Cloud in utilizing its OSPAR-attested cloud services in building our vision for innovative digital banking operations in Singapore. ADBC believes in delivering contextualised personal experiences to its customers. To achieve this level of digital journey and customer-centricity, we need to automate the thousands of processes that underpin the customer journey. Doing this via cloud-based technology will result in an end-to-end, frictionless, and seamless process that connects internal core banking and legacy systems, complementary products, and cognitive system providers."

"ADBC is committed to providing best-in-class digital banking services to its small- and medium-sized enterprise clients once it is successfully granted the wholesale banking license in Singapore. More importantly, ADBC aims to be an empathic digital bank that exceeds customer expectations. Our proposed collaboration will undoubtedly help us achieve our goal of serving SMEs in the country, focusing on inclusive and green finance and creating a regional flagship, Singapore-based digital bank," added Nelson.

Operating in 25 regions and 53 availability zones worldwide, Tencent Cloud is a secure, reliable and high-performance public cloud service provider that integrates Tencent's infrastructure-building capabilities with the advantages of its massive user platform and ecosystem. Tencent Cloud provides global access and a rich array of services to organizations that need advanced infrastructure and a resilient environment, such as those in the online games, live broadcast, and financial services sectors.

In addition to the achievement of OSPAR, Tencent Cloud has acquired the Multi-Tier Cloud Security Standard (MTCS SS), an international security standard essential to the adoption of cloud computing services in Singapore, in addition to more than 20 international certifications related to public cloud information protection. Complying with the guidelines of The Association of Banks in Singapore, the OSPAR certification covers entity-level controls including risk assessment, information and communication, information security policies, as well as human resources policies and practices, general IT controls and service controls.

Partners are now helping parents leverage full-scale end-to-end IoT solutions

LONDON, July 8, 2020 /PRNewswire/ -- In its recent analysis ranking 637 companies on their IoT service capabilities and partner programs, global tech market advisory firm, ABI Research, finds that parents of partner programs are continuing their long history of partnering with system integrators and professional services providers to enable offering full-scale end-to-end IoT solutions.

"The research shows that over the 70% of the analyzed partnerships provide data-enabled solutions, such as edge intelligence, streaming analytics, advanced analytics, and data science consulting services. IoT data is increasing in value, contributing to operational insights and data-driven decision making. So far in 2020, there is an increasing number of IoT edge suppliers partnering with the partner program parents, such as AWS, Cisco, SAP, IBM, and Microsoft. This indicates a departure from the traditional cloud-centric model and greater accessibility of edge technology in the IoT ecosystem," explains Kateryna Dubrova, Research Analyst at ABI Research.

Of the 637 companies ranked, several new IoT suppliers have been added, which has expanded the number of firms in the tracker with a very low or low IoT offering maturity grade. There is an emergence of new technologies and solutions, such as edge AI and Streaming Analytics, which are poised to bring significant value to existing infrastructure and accelerate access to operational insights across a broad range of vertical markets and application segments. ABI Research also observed an increasing number of partnerships with IoT companies targeting the self-service, drag-and-drop, and hosted services segment," Dubrova adds.  

Traditionally, healthcare, manufacturing, and energy are the most targeted verticals within these partner program ecosystems. "But now, there is a notable increase in the number of partners offering solutions targeted to the wearables, hospitality, and smart home markets," says Dubrova. The 2020 market data shows that 16.1% of companies now have a "B2C" or "B2B2C" component, compared to 2017's 3.5%.

Ultimately, partnership programs have become a strategic priority for some of the dominant brands serving the IoT market. "Fundamentally, these programs allow enterprises to benefit from end-to-end solutions with greater ecosystem interoperability," Dubrova concludes.

These findings are from ABI Research's SI/VAR and Partner Program IoT Ecosystem market data report. This report is part of the company's M2M, IoT, & IoE research service, which includes research, data, and analyst insights.  Market Data spreadsheets are composed of in-depth data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight where opportunities lie.

About ABI Research

ABI Research provides strategic guidance to visionaries, delivering actionable intelligence on the transformative technologies that are dramatically reshaping industries, economies, and workforces across the world. ABI Research's global team of analysts publish groundbreaking studies often years ahead of other technology advisory firms, empowering our clients to stay ahead of their markets and their competitors. 

For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.

Global 
Deborah Petrara                                                           
Tel: +1.516.624.2558                                                    
pr@abiresearch.com        

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SINGAPORE, July 8, 2020 /PRNewswire/ -- FinxFlo, a global crypto brokerage, was launched today to help traders access the best prices with an unparalleled level of transparency and efficiency. The platform aims to reduce the complexity of crypto trading by facilitating access to multiple crypto exchanges with one account, one wallet, and one KYC process, coupled with an easy-to-use interface.

The platform offers a suite of professional-grade trading tools and features. Its proprietary smart order routing algorithm distributes users' orders across multiple exchanges simultaneously to achieve the optimum buy or sell price. The introduction of a dark pool trading feature allows traders with bigger positions to move in an out of trades without revealing their interests. FinxFlo's integration with TradingView provides for an intuitive platform, enabling traders to trade through a one-click trading module and multi-charting screen.

"As active crypto traders, we wish to trade across multiple platforms but found that the process is tedious and frustrating as it requires a separate registration for each platform. This prompted us to come together to create an exchange aggregator that is not only efficient, but also transparent in offering the best price for traders. At FinxFlo, we believe in a cryptocurrency market built on the values of legitimacy and trust, fully accepted by the mainstream. Ultimately, our goal is to foster a level playing field for all participants, with market distortions and unfair trading practices eliminated," said Liam Jones, FinxFlo's CEO.

"Through our comprehensive suite of trading tools and features, we seek to elevate the crypto-trading experience into a more streamlined and intuitive one for all users. We want to empower both retail and institutional users with the confidence to create equitable trades on their own terms," added James Gillingham, FinxFlo's Managing Director and Co-Founder.

FinxFlo's infrastructure is underpinned by industry-leading security and compliance standards, ensuring that users' assets and data are well-protected. By partnering Fireblocks, a cutting-edge third-party custodian, users' funds are never placed directly on underlying exchanges – only the margin is placed – which significantly reduces hacking risks. FinxFlo also partners with Passbase for its Customer Identity Program which adopts industry-leading customer due diligence practices.

FinxFlo will be launching an Initial Coin Offering on July 15^th, 2020. Those interested in the token sale can participate by registering here: https://ico.finxflo.com/. For more details on the project, please refer to FinxFlo's whitepaper: https://ico.finxflo.com/wp-content/uploads/2020/06/FXF-White-Paper_May-13-06-20.pdf.

Related Links :

https://ico.finxflo.com/

SINGAPORE, July 8, 2020 /PRNewswire/ -- A recent "opinion poll" found that the Budget Direct Insurance sock puppet is a hit with Singaporeans who were more likely to buy when familiar with its playful mascot.

The 'true blue kiasu' Singaporean puppet is the driving force behind many of Budget Direct Insurance's marketing campaigns, leading the search for better value and helping consumers save money on car, motorcycle and travel insurance.

Budget Direct’s mascot, Budsy, is a hit among Singaporeans according to recent brand study.

The brand mascot, named Budsy, has also provided a useful vehicle through which the award-winning insurer has been able to tackle issues which confuse consumers, by cutting through industry jargon.

And now it appears Budsy's role as a strong marketing tool is secured following results from a recent market research study by independent firm 2CV Research, which found that the fun mascot continues to have positive associations for the brand.

Simon Birch, CEO of Budget Direct Insurance, said: "The brand health survey results are encouraging; our message is clear and is cutting through. Budsy shows we're an insurer who likes to do things differently. He's a friendly value-seeker helping Singaporeans find a better deal and make smart and intelligent choices when it comes to their insurance."

Cohort Communications, the Singapore advertising agency behind the creative for Budget Direct Insurance, added: "We're delighted that Budsy is winning the hearts and minds of Singaporeans and is perceived as an icon of good budget insurance who at the same time is cheeky and fun. The concept helps redefine the traditional tone of insurance advertising in Singapore."

Budsy features in a series of online commercials, as well as print, outdoor billboards and radio adverts around town. He encourages motorists to compare their current car insurance renewal premium with a quote from Budget Direct Insurance. If the renewal premium is cheaper than a quote from Budget Direct, consumers get $100, even if they don't buy.

Budget Direct insurance says that by shopping around and being smarter, consumers really can save money on their insurance. "Many customers have told us they've saved hundreds on car insurance when they switched to comparable cover with Budget Direct Insurance," added Birch.

His words are backed up by the results of a separate independent study conducted by a consumer research firm that showed Budget Direct Insurance offers one of the most competitive deals on car insurance in Singapore. In 2020, ValueChampion named the Budget Direct Comprehensive plan as their top pick for Cheapest Car Insurance for the third consecutive year.

In addition to low prices, Budget Direct Insurance consistently maintains high customer service ratings of 4.6 out of a possible 5 stars on independent reviews platform, Feefo. As a result, the digital insurer has won multiple awards over the years based on over 3,100 verified reviews. Recently, it received the Feefo Platinum Trusted Service 2020 award for achieving the Feefo Gold standard for three consecutive years.

Budget Direct Insurance is part of an international group which provides insurance solutions for millions of policyholders worldwide. Their brands include Compare the Market in the UK, Budget Direct in Australia and Telesure in South Africa.

About Budget Direct Insurance

Budget Direct Insurance is the trading name of Auto & General Insurance (Singapore) Pte. Limited, which is licensed by the Monetary Authority of Singapore, and bound by the regulations and requirements for insurers.

Budget Direct Insurance was built as a digital start-up in Singapore, and is part of a privately owned global group of companies, whose principal businesses are engaged in insurance underwriting, direct insurance distribution, brokering and related services, online comparison and property development.

The Group, which provides insurance solutions for millions of policyholders worldwide, includes one of the largest direct personal lines insurers in South Africa and one of the largest personal lines insurance intermediaries in the United Kingdom.

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BEIJING, July 8, 2020 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates a leading premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) ("Kaixin") as well as several U.S.-based SaaS businesses, today announced the filing of its annual report on Form 20-F for the year ended December 31, 2019 with the Securities and Exchange Commission (the "SEC"). The annual report was filed with the SEC on July 7, 2020.

The Company received a notice from NYSE Regulation on July 1, 2020 indicating that the Company was not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its annual report with the SEC.

The Company was not able to file the annual report by its due date primarily due to (i) the impact of the outbreak of COVID-19, as set forth in the Form 6-K furnished to the SEC on April 28, 2020, (ii) the internal review to complete its financial data, as set forth in the Form 12b-25 submitted to the SEC on June 12, 2020, and (iii) additional  time required after June 29, 2020 to prepare its 2019 financial statements and annual report.

The annual report on Form 20-F, which contains the Company's audited consolidated financial statements, can be accessed on the SEC's website at http://www.sec.gov as well as through the investor relations section of the Company's website at http://www.renren-inc.com. Holders of the Company's securities may request a hard copy of the Company's annual report free of charge by contacting the Investor Relations department by mail at:

Renren Inc.
Investor Relations Department
5/F, North Wing
18 Jiuxianqiao Middle Road, Chaoyang District
Beijing 100016
People's Republic of China

About Renren Inc.

Renren Inc. (NYSE: RENN) operates a leading premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several US-based SaaS business. Renren's ADSs, each currently representing forty-five (45) Class A ordinary shares of the Company, are traded on NYSE under the symbol "RENN".

For investor and media inquiries please contact:

Investor Relations Department
Renren Inc.
Tel: (86 10) 8448 1818 ext. 1300
Email: ir@renren-inc.com

Related Links :

http://www.renren-inc.com/

BEIJING, July 8, 2020 /PRNewswire/ -- Golden Bull Limited (NASDAQ: DNJR) announced today it has completed its $17.2 Million Financing and is delayed in filing its Annual Report on Form 20-F for the year ended December 31, 2019.

On July 6, 2020, Golden Bull Limited ( the "Company") completed the sale of 21,500,000 shares of common stock at $0.80 per share, for gross proceeds of $17,200,000. The offering was made pursuant to a Securities Purchase Agreement ("SPA") dated as of May 27, 2020, a copy of which form was filed as an exhibit to the Company's Form 6-K filed on May 28, 2020. The sale was made to twenty-five (25) unaffiliated investors. Each investor signed a SPA which contained non-U.S. Person Representations pursuant to Regulation S under the Securities Act of 1933, as amended (the "Act"). There were no underwriters or placement agents involved in the transaction. Exemption from registration is claimed under Rule 903 of Regulation S under the Act based upon the representations and warranties in the SPA.

On July 1, 2020, the Company was in receipt of a notice of delinquency letter from Nasdaq Regulation. The letter states that the Company has not yet filed its Form 20-F for the year ended December 31, 2019 (the "Filing") and is no longer in compliance with Listing Rule 5250 c(1)  .The Company has 60 calendar days to submit a plan to regain compliance. The Company was prepared to file on a timely basis by June 30, 2020 and expects to do so in the very near future. The delay was solely a result of the delays in obtaining and compiling information to be included in its Form 20-F, primarily as a result of the effects of Covid-19 in China where the Company's operations are located, which delay could not be eliminated by the Company without unreasonable effort and expense.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Golden Bull Limited and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.