Kobe Steel, Ltd. announces today that its wholly owned subsidiary Kobelco Power Kobe No. 2, Inc., has begun commercial operation of the No. 4 unit at the Kobe Power Plant in Kobe, Japan to supply power to Kansai Electric Power Co., Inc.
Prior to the start of commercial operation, Kobelco Power Kobe No. 2 has completed all necessary legal procedures and confirmed that the performance of the No. 4 unit meets the prescribed conditions. The No.3 unit began commercial operation in February last year and has been supplying power to Kansai Electric Power. The power generation capacity of No. 3 and No. 4 units combined is 1.3 GW (650 MW x 2 units).
Under the national energy policy, Japan has been promoting the transition to higher efficiency thermal power plants to ensure a stable energy supply, economic efficiency, and environmental compliance with priority on safety. The Kobe Power Plant’s No. 3 and No. 4 units, located close to Kobe City and the surrounding Hanshin area with high demand for electricity, will contribute to the improvement of power supply efficiency with the introduction of the ultra-supercritical pressure power generation system, which is the most advanced power generation technology. In addition, it will also contribute to the development of the region through the stable supply of economically efficient electricity.
While ensuring the highest level of environmental compliance in Japan, Kobelco Power Kobe No. 2 will fulfill its role as an urban power plant operator with due consideration for the local community, as required by the Environmental Conservation Agreement concluded with Kobe City pursuant to the Kobe City’s ordinance to protect the environment of Kobe citizens. In the commissioning before the start of commercial operation, it was confirmed that the No. 4 unit satisfies the requirements as provided in the agreement.
The Kobe Steel Group, also known as the KOBELCO Group, promotes sustainability management based on the Group Corporate Philosophy. In accordance with the national energy policy, we will improve the efficiency of thermal power generation facilities and provide a stable supply of economically efficient electricity. Toward carbon neutrality in 2050, we will strive to further improve the efficiency of thermal power generation and reduce carbon emissions with the aim of realizing a world in which people, now and in the future, can fulfill their hopes and dreams while enjoying safe, secure, and prosperous lives.
| Company name: | Kobelco Power Kobe No.2, Inc. |
| Representative: | Soichi Kimoto |
| Capital: | 300 million yen (wholly owned by Kobe Steel, Ltd.) |
| Location: | 2 Nadahama Higashicho, Nada-ku, Kobe, Hyogo |
| Power generation capacity: | 1,300 MW (650 MW x 2 units) |
| Power generation method: | Pulverized coal-fired, ultra-supercritical (USC) pressure power generation |
| Fuel: | Coal |
| Start of commercial operation： |
No. 3 unit: Feb. 1, 2022 No. 4 unit: Feb. 1, 2023 |
Reference: Power plant overview
| Company name | Kobelco Power Kobe, Inc. | Kobelco Power Moka, Inc. | Kobelco Power Kobe No. 2, Inc. |
|---|---|---|---|
| Location |
Kobe, Hyogo Prefecture (within the Kobe Wire Rod & Bar Plant) |
Moka, Tochigi Prefecture (adjacent to Moka Works) |
Kobe, Hyogo Prefecture (within the Kobe Wire Rod & Bar Plant) |
| Fuel | Coal | City gas | Coal |
| Power generation capacity |
1,400 MW (700 MW x 2 units) |
1,248 MW (624 MW x 2 units) |
1,300 MW (650 MW x 2 units) |
| Power generation method | Pulverized coal-fired, supercritical (SC) pressure power generation | Gas turbine combined cycle (GTCC) | Pulverized coal-fired, ultra-supercritical (USC) pressure power generation |
| Start of commercial operation |
No. 1 unit: Apr. 2002 No. 2 unit: Apr. 2004 |
No. 1 unit: Oct. 2019 No. 2 unit: Mar. 2020 |
No. 3 unit: Feb. 2022 No. 4 unit: Feb. 2023 |
Disclaimer
Kobelco – Kobe Steel Ltd. published this content on 01 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2023 07:07:37 UTC.
Publicnow 2023
|
|
|
|
|
|
||||
Technical analysis trends KOBE STEEL, LTD.
| Short Term | Mid-Term | Long Term | |
| Trends | Bullish | Bullish | Bullish |
Income Statement Evolution
|
Sell  Buy |
|
| Mean consensus | UNDERPERFORM |
| Number of Analysts | 6 |
| Last Close Price | 697,00 JPY |
| Average target price | 657,50 JPY |
| Spread / Average Target | -5,67% |
FOR IMMEDIATE RELEASE
World’s biggest commercial EV trial accelerates move to all-electric fleets
- Optimise Prime, the world’s biggest commercial electric vehicle project, which trialled over 8,000 electric vehicles from fleets in the UK including Centrica and Uber has concluded
- The trials unveiled many considerations for fleet managers to ensure a successful transition to EVs and new products that DNOs can offer fleets, which will help use grid infrastructure more efficiently
- The trials indicated that fleets participating in flexibility services could save network customers millions of pounds by 2030 across the UK, and cover up to 20% of fleet charging costs
London, 19 January 2023 – The trials for Optimise Prime, the world’s biggest trial of commercial electric vehicles (EVs) have come to an end, and demonstrated how barriers, such as cost and energy demand, can be overcome through digitisation and new product offerings. The outcomes of this landmark study follow a year-long trial, and could help unlock the mass rollout of EV fleets across UK and beyond.
The fast roll out of electric vehicle fleets is vital for the UK to meet its net zero goals. The sixth carbon budget requires that all new cars and vans are low-carbon and largely electric by the early 2030s 1. The Climate Change Committee also advises that companies lead the transition to electric vehicles in the UK by switching their vehicle fleets to EVs in the 2020s.
The Optimise Prime trials began in July 2021 and have been led by Hitachi Europe and electricity distributor UK Power Networks. The trial saw over 8,000 electric vehicles from Centrica, Uber and a large UK depot based parcel carrier take to the roads across the UK, supported by distribution networks including Scottish and Southern Electricity Networks, and partners Hitachi Vantara and Novuna Vehicle Solutions. The trials included depot, home, and on-the-road charging.
The project delivered an end-to-end overview of what the switch to EVs means for the cables and substations that deliver electricity to the community, for the businesses that need to invest in new infrastructure, and for the fleet owners that need to power their vehicles. Advice was also provided to fleet operators to ensure they were getting the most out of the project.
Key interim findings of the trial found that:
- EV models can cover the typical range requirements for all three types of fleets, making electrification feasible and achievable
- To enable the private hire EV transition, a London Borough such as Tower Hamlets alone will need around 3,200 more chargers by 2025
- In the longer term, the trials highlight how EV fleets can generate revenue and support network operators by offering ‘turn-down’ services where fleets can be charged only when needed, and stop charging during peak times on the electricity network
- https://www.theccc.org.uk/publication/sixth-carbon- budget/#:~:text=The%20Sixth%20Carbon%20Budget%2C%20required,during%20the%20period%202033%2D2
1 / 4
- Digitalisation can allow for charging to be forecast by fleet and network operators to help manage demand at peak times on the network
“With road vehicles being the biggest producer of the UK’s transport emissions, it is clear that individuals and businesses need to make the move to more sustainable transport.” said John Whybrow, Optimise Prime Business Lead at Hitachi Europe Ltd. “Our work alongside key partners in this trial has shown that the ambitious EV rollout is possible, and with the use of data, we can overcome the challenges being faced by businesses such as costs and charging availability. Making the transition to EVs easier and cheaper is key in accelerating the road to net zero, not just in the UK but globally.”
Ian Cameron, Director of Customer Service and Innovation at UK Power Networks said: “Electrifying your vehicle fleet is a big step to take, but we are making it cheaper, quicker and easier than you ever thought possible; our project has proved that. We set out to come up with practical solutions to cut the cost of fleets going electric and that’s exactly what we have done – along with a mass of insights and learnings to help fleet managers. Just one example is how using smart charging can go a long way to lowering your up-front costs. And perhaps the best feedback we’ve had is from a fleet manager in the trial who said they had no idea of all the clever things happening in the background because it happened seamlessly without impacting on operations.”
Careful planning is essential for fleet managers as they consider transitioning to EVs. Hitachi has put together a comprehensive guidebased on the experiences of Optimise Prime which considers business needs, site constraints (both physical and electrical) and the management of changes to business processes.
This, plus the final results and datasets on commercial EV charging and use will be shared openly on the UK Power Networks’ open data platform in the coming months to help the wider industry be better prepared for making the switch.
To find out more about Hitachi’s Zero Carbon offerings for Fleet Optimisation visit: https://zerocarbon.hitachi.com/
-End-
About the partners:
About Hitachi Europe Ltd:
Hitachi Europe Ltd., a subsidiary of Hitachi, Ltd., is headquartered in Stoke Poges, UK. The company is focused on its Social Innovation Business – delivering innovations that answer society’s challenges. Hitachi Europe and its subsidiary companies offers a broad range of information & telecommunication systems; rail systems, power and industrial systems; industrial components & equipment; automotive systems, digital media & consumer products and others with operations and research & development Laboratories across EMEA. For more information, visit http://www.hitachi.eu.
About Hitachi Vantara:
Hitachi Vantara, a wholly owned subsidiary of Hitachi, Ltd., helps data-driven leaders find and use the value in their data to innovate intelligently and reach outcomes that matter for business and society. We combine technology, intellectual property and industry knowledge to deliver data-managing solutions that help enterprises improve their customers’
2 / 4
experiences, develop new revenue streams, and lower the costs of business. Only Hitachi Vantara elevates your innovation advantage by combining deep information technology (IT), operational technology (OT) and domain expertise. We work with organizations everywhere to drive data to meaningful outcomes. Visit us at www.hitachivantara.com.
About Novuna Vehicle Solutions:
Novuna Vehicle Solutions is one of the UK’s top 10 largest leasing companies and has more than 25 years’ experience in providing bespoke fleet finance and fleet management services for businesses across the UK. Novuna Vehicle Solutions has a fleet size of over 67,000 vehicles ranging from cars, small, medium and large vans to HGVs, with a combined asset value of more than £880m. The business provides all forms of funding, maintenance, accident and daily rental management, supporting customers across every stage of the vehicle life cycle. Novuna Vehicle Solutions is unique in the market in being able to offer every kind of asset, including large trucks and plant machinery, as well as car-based employee benefits for employees of medium and large corporates and a market-leading personal lease offering both directly and via a network of brokers.
About UK Power Networks:
UK Power Networks is the country’s biggest electricity distributor, making sure the lights stay on for more than eight million homes and businesses across London, the South East and the East of England. Network operators aren’t the same as energy suppliers; network operators manage local power lines and substations, while energy suppliers sell the electricity that runs through the power lines. UK Power Networks is the first electricity distributor to be named in the Sunday Times’ ‘Top 25 Best Companies to Work For’, and made industry history by becoming first company to win Utility of the Year two years running (2015 and 2016, also 2012). We are committed to providing excellent service to the over 18m people who use our network every day. We plan to invest more than £600m a year in our network, and spend over £6.6bn over eight years to 2023 to maintain a safe and reliable electricity supply. We also offer extra help to vulnerable customers at times of need, are undertaking trials to ensure that electricity networks support the transition to a low carbon future, move cables and connect new electricity supplies. If you have a power cut ring 105, see www.ukpowernetworks.co.uk or tweet us @UKPowerNetworks
About Centrica:
Centrica is a leading energy services and solutions provider founded on a 200-year heritage of serving people. We are the UK’s biggest retailer of zero carbon electricity, serving around 10 million customers across the UK, Ireland and Continental Europe through brands such as British Gas, supported by around 9,000 highly trained engineers and technicians. Centrica’s purpose of helping customers live sustainably, simply and affordably drives our strategy and our People and Planet Plan.
About Uber:
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 25 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
3 / 4
About Scottish and Southern Electricity Networks:
Scottish and Southern Electricity Networks (SSEN), operating as Scottish Hydro Electric Power Distribution (SHEPD) and Southern Electric Power Distribution (SEPD) under license, is responsible for operating and maintaining the electricity distribution networks supplying over 3.7 million homes and businesses across central southern England and north of the central belt of Scotland, the Mull of Kintyre and the Scottish islands. Scottish and Southern Electricity Networks is the trading name of Scottish and Southern Energy Power Distribution Limited, Scottish Hydro Electric Transmission plc, Scottish Hydro Electric Power Distribution plc and Southern Electric Power Distribution plc
4 / 4
——————————————————————————————————————-
Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
——————————————————————————————————————-
Disclaimer
Hitachi Ltd. published this content on 19 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2023 00:20:06 UTC.
Publicnow 2023
|
|
|
|
|
|
||||
Technical analysis trends HITACHI, LTD.
| Short Term | Mid-Term | Long Term | |
| Trends | Bearish | Neutral | Bullish |
Income Statement Evolution
|
Sell Buy |
|
| Mean consensus | BUY |
| Number of Analysts | 13 |
| Last Close Price | 6 536,00 JPY |
| Average target price | 8 425,00 JPY |
| Spread / Average Target | 28,9% |
SHI invested in
In addition to individual contracts with Power Transmission and Distribution companies, this LAES plant operates in the wholesale power and capacity markets as well as in the supply and demand adjustment markets. Through focus on energy storage market foreseen in the future, and by providing energy storage solutions contributing to the effective use of resources and reduced environmental impact of energy, SHI will contribute to stable supply of clean electricity and the realization of a decarbonized society.
Purpose of the commercial demonstration project
Show compliance with relevant laws and regulations for designing and construction
Demonstrate operation with grid and with power market
Verify process efficiency increase and energy saving by use of external cold
From perspective of decarbonization, the plant stores valuable renewable energy (wind, solar, etc.) and contributes to provision of clean energy when discharged to power the society when needed.
(C) 2023 Electronic News Publishing, source
January 18, 2023
Sumitomo Heavy Industries, Ltd. (“SHI”) (Head Office: Shinagawa-ku, Tokyo, President and CEO: Shinji Shimomura) has established a partnership with Hiroshima Gas Co., Ltd. (Head Office: Hiroshima City, Hiroshima, President: Kensuke Matsufuji) and decided to construct a commercial Liquid Air Energy Storage (“LAES” *1) demonstration plant adjacent to Hatsukaichi LNG Terminal.
SHI invested in Highview Enterprise Limited (“Highview” *2 ), industry leader in Liquid Air Energy Storage technology in February 2020 and acquired a license for Highview’s Liquid Air Energy Storage technology. This first commercial demonstration plant is utilizing Highview’s Liquid Air Energy Storage technology. The external cold for increasing the LAES plant’s efficiency will be provided from the LNG plant adjacent to the commercial demonstration plant.
In addition to individual contracts with Power Transmission and Distribution companies, this LAES plant operates in the wholesale power and capacity markets as well as in the supply and demand adjustment markets. Through focus on energy storage market foreseen in the future, and by providing energy storage solutions contributing to the effective use of resources and reduced environmental impact of energy, SHI will contribute to stable supply of clean electricity and the realization of a decarbonized society.
[Purpose of the commercial demonstration project]
① Show compliance with relevant laws and regulations for designing and construction
② Demonstrate operation with grid and with power market
③ Verify process efficiency increase and energy saving by use of external cold
From perspective of decarbonization, the plant stores valuable renewable energy (wind, solar, etc.) and contributes to provision of clean energy when discharged to power the society when needed.
[Outline of the facility]
LAES System: CryoBattery ™
Capacity: 4.99MW x 4hours Storage (Charging 4MW)
Commercial market:
①Wholesale market: 2MW (minimum load expected)
②Supply and Demand Adjustment Market: 3MW
③Capacity Market: 4.99MW
Commencement of Commercial Operation: 2024 (Plan)
Construction site: 12-20, Mokuzaikou-minami, Hatsukaichi, Hiroshima (Plan)
[Outline of Hiroshima Gas]
| Company name | Hiroshima Gas Co., Ltd. |
|---|---|
| Established | 1909 |
| Location of Head office | 2-7-1, Minami-machi, Minami-ku, Hiroshima |
| Business Description | Gas business, Sales of gas appliances, Sales of LNG |
(*1) The Liquid Air Storage System consists of three main processes (or functions);
1) Charging: A charging device which uses excess renewable electricity at the off-peak periods to power an industrial liquefier to produce liquified air.
2) Storaging: An energy storage where liquid air is held in an insulated tank at low pressure.
3) Discharging: A power-recovery unit where liquid air is expanded to gas and used to drive a turbine/generator and to generate electricity.
(*2) [Outline of Highview]
| Company name | Highview Enterprise Limited. |
|---|---|
| Established | 2005 |
| Location of Head office | London, U.K. |
| Business Description | Development and Designing of LAES technology |
MT Newswires 2023
|
|
|
|
|
|
|
||||
|
||||
Technical analysis trends JIANGSU JIANGYIN RURAL COMMERCIAL BANK CO.,LTD.
| Short Term | Mid-Term | Long Term | |
| Trends | Bullish | Bearish | Bearish |
Income Statement Evolution
|
Sell Buy |
|
| Mean consensus | BUY |
| Number of Analysts | 5 |
| Last Close Price | 4,07 CNY |
| Average target price | 5,71 CNY |
| Spread / Average Target | 40,2% |
MT Newswires 2023
|
|
|
|
|
|
|
||||
|
||||
Technical analysis trends BETTER LIFE COMMERCIAL CHAIN SHARE CO.,LTD
| Short Term | Mid-Term | Long Term | |
| Trends | Neutral | Neutral | Bearish |
Income Statement Evolution
| Mean consensus | – |
| Number of Analysts | 0 |
| Last Close Price | 6,66 |
| Average target price | |
| Spread / Average Target | – |
MT Newswires 2022
|
|
|
|
||||
|
||||
Technical analysis trends ANZHENG FASHION GROUP CO., LTD.
| Short Term | Mid-Term | Long Term | |
| Trends | Bullish | Bullish | Bearish |
Income Statement Evolution
MT Newswires 2022
|
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
|
|
|
|
||||
|
||||
Technical analysis trends QILU BANK CO., LTD.
| Short Term | Mid-Term | Long Term | |
| Trends | Bullish | Bearish | Bearish |
Income Statement Evolution
The following discussion and analysis should be read in conjunction with our
financial statements and related notes thereto.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, our management as well as estimates and assumptions made by our management. When used in the report the words "anticipate", "believe", "estimate", "expect", "future", "intend", "plan" or the negative of these terms and similar expressions as they relate to us or our management identify forward-looking statements. Such statements reflect the current view of our management with respect to future events and are subject to risks, uncertainties, assumptions and other factors as they relate to our industry, our operations and results of operations, and any businesses that we may acquire. Should one or more of the events described in these risk factors materialize, or should our underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including theU.S. federal securities laws, we do not intend to update any of the forward-looking statements to conform them to actual results unless required by applicable securities regulations or rules. The following discussion should be read in conjunction with our financial statements and the related notes
filed herein. Overview We, through our wholly owned subsidiary, NFT Exchange, operate an electronic online platform located at https://www.nftoeo.com/ for artists, art dealers and art investors to offer and trade valuable artwork. We offer online listing and trading services that allow artists, art dealers and owners to access a much bigger art trading market where they can engage with a wide range of investors that they might not encounter without our platform.
In
direction with three initiatives to develop our blockchain and NFT related
businesses.
In
NFT Market Insights Digital artwork based on NFT technology is becoming a hot asset. The earliest NFT projects can be traced back to the 2017 bull market CryptoKitties (the encrypted cats), which had the properties of scarcity and value anchoring of ownership. At its peak, a virtual cat could sell for more than$100,000 . In terms of NFT artwork, inMarch 2021 , artist Beeple's NFT work "Every Day: The First 5,000 Days" sold for$69.346 million , making it the third-highest price for a living artist. According to a report by Invezz, the NFT market was worth$338 million in 2020, and it has grown to reach$490 million in 2021. With the help of the bull market wave, NFT has grown rapidly., As of the first quarter of 2021, the total transaction volume of the NFT market has exceeded1.5 billion US dollars , an increase of more than 2627% from the previous quarter. InApril 2021 , the total market value of NFTs exceeded$30 billion for the first time, setting a new all-time high. Currently, NFTs can be used in the fields including games, artworks, domain names, insurance, collectibles, virtual assets, real assets, identities, etc. With the vigorous development of the digital world, many businesses will appear in the form of digital original ecology, and the huge application space and technological imagination of NFT are expected to become more and more attractive in the new digital economy world. New Business Model TKAT's business model revolves around the theme of "free circulation of value and creation of a unique digital work exchange platform," allowing each user to create, buy and sell various irreplaceable digital works to realize the value of works. 20 New Business Services A. Providing consulting services such as artwork valuation/appreciation potential TKAT taps into the needs of users to provide comprehensive consulting services such as labor cost, artist influence, artistic value of works, and channels for obtaining works, which not only serves customers but also creates value for
the company. B. NFT trading service
TKAT has built a fully functional NFT trading platform, which was launched inMay 2022 . The platform carries the categories of digital works including artwork, music videos, collectibles, game props, sports, metaverse, virtual world, social tokens, and meet the needs of various users as much as possible. Users are able to complete the whole business process including user registration, certification, work uploading, work casting, and work trading through the platform. The platform was launched and placed in service inMay 2022 . In the transaction process, it not only meets the needs of customers for uploading and purchasing digital works, but the company also extracts a portion of the handling fee (including token minting, first sale, and second sale)
to create value. C. Advertising service Once the TKAT platform has accumulated a larger user base, it can provide advertising and publicity services for users or the company itself. The business model is not limited to categories and industries, such as investment promotion, work promotion, and industry promotion. New Strategic Direction TKAT is committed to creating a digital original ecological platform that integrates games, artworks, domain names, insurance, collectibles, virtual assets, real assets, identity and other fields, and changes the market status of traditional industries through its own efforts. Strategic goals include basic platform building, targeted population entry, providing services (consulting services, transaction services, advertising services), optimizing the platform and expanding the scope of services. Competitor Analysis
Opensea is an NFT market exchange. It has more than 20,000 users. Compared with
projects in the popular decentralized finance ("DeFi") field, it is second only
to Uniswap, kyber and Compound, and higher than maker, 0x, etc. As a trading
platform with a relatively high status in the NFT field, OpenSea has a complete
range of collections, equivalent to Taobao in the NFT world. At present, the
trading market of OpenSea has nearly 40,000 users, and the monthly transaction
volume exceeds 5 million US dollars . Coinbase's new NFT platform hits 1.4
million signups. The Coinbase platform has an active population of 50,000 users.
The service rates for each service are as follows: 1. Rarible's minting fees are
borne by the creators themselves, and the royalties are also set by the creators
themselves, with default amounts of 10%, 20% and 30%. 2. VIV3's NFT minting
costs and profits come from the 12.5% service fee it collects on the first and
second sales. 3. OpenSea does not need gas fee to mint NFT. 4. Rarible charges a
2.5% service fee on the first sale. On the SuperRare platform, a 15% commission
is charged on the first sale and a 3% fee (paid by the buyer) is charged on
the
second sale.
21
Competitive Advantages
The advantages of Takung in the NFT transaction and blockchain market are as
follows:
A. Innate industry advantages In recent years, digital artworks of NFT technology based on blockchain technology are becoming popular assets. The NFT online platform the Company built can effectively solve the current situation such as unclear ownership of property, difficulty in distinguishing authenticity and low efficiency of artwork circulation. Converting the business development from offline to online operation, so that the value of digital works can be freely circulated online.
B. Advantages of the core management team
The core team members of Takung have experience in blockchain technology
development and NFT trading platform operation, which can ensure a smoother
development and business operation in the later stage.
C. Takung’s platform advantages
The currently developed and launched NFT online trading platform supports multi-category product uploads, including Digital art, Digital oil painting, Produced by Gallery, Personal products, Artist signature, Oil on canvas, Print, Paper ink, Device, Comprehensive media, Derivative, and it will be continuously enriched and improved according to customer interests. The NFT trading platform has stable performance, high security and is easy to maintain. At the front end of the system, the Company will continuously improve the operability and user experience of the system focusing on improving the user experience. D. Technical advantages
Takung's digital works exchange platform that has been launched is built by a professional technical team. Each technician has rich industry experience, can work under a short development cycle or high pressure, and has a number of relevant industry benchmarking projects experience. The capability of the technical team ensures the strong technical support in later system optimization and iterative updates. E. Marketing advantages The Company has a professional marketing team. After the platform goes online, it can be promoted online and offline simultaneously, so as to quickly increase the popularity of the platform, and use professional marketing solutions to attract more creators and purchasers to join in the platform.
We expect that we will generate revenue from the offering and trading of NFT on
the Company’s system, primarily consisting of membership fee, trading
commissions, and advertising fees.
22
THREE MONTHS ENDED
30, 2021
The following tables set forth our interim condensed consolidated statements of
income data with a percentage:
Three Months Ended September 30,
% of % of
2022 Revenue 2021 Revenue
(Unaudited) (Unaudited)
Revenue-Continuing operations$ 1,634,960 100 $ - - Revenue-Discontinued operations - - 2,608,677 100 Cost of revenue-Continuing operations (216,930 ) (13 ) - - Cost of revenue-Discontinued operations - - (719,826 ) (28 ) Selling expenses-Continuing operations - - - - Selling expenses-Discontinued operations - - (48,511 ) (2 ) General and administrative expenses-Continuing operations (330,535 ) (20 ) (910,817 ) - General and administrative expenses-Discontinued operations (60,729 ) - (2,906,818 ) (111 ) Total costs and expenses-Continuing operations (547,465 ) (33 ) (910,817 ) - Total costs and expenses-Discontinuing operations (60,729 ) - (3,675,155 ) (141 ) Loss from continuing operations 1,087,495 67 (910,817 ) - Other(expenses)income - Continuing operations (175 ) 0 57,635 - Other(expenses)income - Discontinuing operations 8,552 - 10,872 1 Loss before income taxes -Continuing operations 1,087,320 67 (853,182 ) - Income tax expense 190,762 12 0 - Net loss from Continuing operation$ 896,558 55$ (853,182 ) - Loss before income tax-Discontinued operations (52,177 ) - (1,055,606 ) (40 ) Income tax expenses-Discontinued operations - - 83,892 3 Net loss from Discontinued operations (52,177 ) -
(1,139,498 ) (44 ) Net loss 844,381 52 (1,992,680 ) (74 ) Revenue
For the three months ended
revenues in an amount of
The following table sets forth our interim condensed consolidated revenue by
revenue source:
Three Months Ended
September 30,
2022 2021
(Unaudited) (Unaudited)
Listing fee-Continuing operations $ – $ –
Listing fee-Discontinued operations
- 320,173 Commission-Continuing operations 1,634,960 - Commission-Discontinued operations - 1,083,976 Management fee-Continuing operations - - Management fee-Discontinued operations - 1,124,528 Consultancy fee-Continuing operations Consultancy fee-Discontinued operations - 80,000
Total Revenue-Continuing operations
Total Revenue-Discontinued operations
- 2,608,677
23
(i) Listing fee revenue
Listing fee revenue is calculated based on a percentage of the listing value and
transaction value of artworks.
Listing value is the total offering price of an artwork when the ownership units are initially listed on our trading platform. We utilize an appraised value as a basis to determine the appropriate listing value for each artwork, or portfolio of artworks. For the three months endedSeptember 30, 2021 and 2022, listing fee was$320,173 and $nil from discontinued and continued operations respectively. (ii) Commission fee revenue For non-VIP Traders, the commission revenue was calculated based on a percentage of transaction value of artworks, which we charge trading commissions for the purchase and sale of the ownership shares of the artworks. The commission is typically 5% of the total amount of each transaction. The commission is accounted for as revenue and immediately deducted from the proceeds from the sales of artwork units when a transaction is completed.
Commission revenue for the three months ended
respectively.
(iii) Management fee revenue Our legacy online trading platform from discontinued operations charges Traders a management fee to cover the costs of insurance, storage, and transportation for an artwork and trading management of artwork units. The management fee is recognized when the artwork is sold and is deducted from proceeds from the sale of artwork ownership shares when there is a purchase and sale transaction. Our operations did not generate management fee revenue from our legacy trading platform for the three months endedSeptember 30, 2022 and had$1,124,528 for the three months ended September,30, 2021. Revenue by customer type
The following table presents our revenue by customer type:
Three months ended
September 30,
2022 2021
(Unaudited) (Unaudited)
Artwork owners $ - $ 320,173
Non - VIP Traders 1,634,960 1,153,367
VIP Traders 1,055,137
Corporate advisee - 80,000
Total $ 1,634,960 $ 2,608,677
24
Cost of Revenue
Three months ended
September 30,
2022 2021
(Unaudited) (Unaudited)
Commissions paid to service agents $ - 609,752
Depreciation - $ 35,854
Internet service charge 216,930 43,661
Artwork insurance - 12,710
Artwork storage - 17,849
Total $ 216,930 $ 719,826
Cost of revenue of our continued and discontinued operations for the three
months ended
respectively. The cost of revenue for the three months ended
was incurred related to the revenue generated by our NFT online trading system.
Gross Profit
Gross profit for our operations was
ended
Operating Expenses General and administrative expenses for the three months endedSeptember 30, 2022 were$391,264 compared to$3,817,635 for the three months endedSeptember 30, 2021 . The following table sets forth the main components of the Company's general and administrative expenses for the three months endedSeptember 30, 2022 andSeptember 30, 2021 . Three months endedSeptember 30, 2022 % of Total
2021 % of Total
(Unaudited)
(Unaudited)
Salary and welfare$ 141,113 36.1$ 288,820 7.6 Office, insurance and rental expenses 0 0 205,203 5.4 Legal and professional fees 89,586 22.9 622,912 16.3 Non-deductible input VAT expense - - 62,525 1.6 Travel and accommodation fees 3 0
24,865 0.7 Consultancy fee 108,081 27.6 159,304 4.2 Depreciation 52,481 13.4 21,893 0.6
Share based compensation expense - - 1,897,600 49.6 Others - - 534,513 14.0 Total general and administrative expense$ 391,264 100.0$ 3,817,635 100.0 Deduct: General and administrative expense-Discontinued operations 60,729 15.5 (2,906,818 ) 76.1 General and administrative expense-Continuing operations 330,535 84.5
910,817 23.9
25
Other (expenses) income
Other expenses for the operations for the three months ended
and 2021 were
Loss before income taxes
Our continuing operations incurred profit or loss before income taxes
respectively.
Our discontinued operations incurred loss before income taxes,
Income tax expense
For the three months ended
operations incurred income tax expense as
The income tax expense from the discontinued operations for the three months
ended
Net Loss As a result of our operations aforementioned, our net profits or losses after income taxes for continuing operations for the three months endedSeptember 30, 2022 and 2021 were$896,558 and$(853,182) , respectively. Our discontinued operations generated net loss after income tax$52,177 and$1,139,498 for the three months endedSeptember 30, 2022 and 2021, respectively.
Foreign currency translation gain (loss)
We had a foreign currency translation loss for the three months ended
30, 2022
Comprehensive loss
As a result of the above, we posted a comprehensive profit or loss of
and
respectively.
26
NINE MONTHS ENDED
2021
The following tables set forth our condensed consolidated statements of income
data:
Nine Months Ended September 30,
% of % of
2022 Revenue 2021 Revenue
(Unaudited) (Unaudited)
Revenue-Continuing operations 2,329,135 100 - - Revenue-Discontinued operations - - 4,531,280 100 Cost of revenue-Continuing operations (367,860 ) (16 ) - - Cost of revenue-Discontinued operations (1,424,528 ) (31 ) Selling expenses-Continuing operations - - - - Selling expenses-Discontinued operations - - (284,980 ) (6 ) General and administrative expenses-Continuing operations (8,142,254 ) (349 ) (8,453,469 ) - General and administrative expenses-Discontinued operations (691,927 ) - (4,329,638 ) (96 ) Total costs and expenses-Continuing operations (8,510,114 ) (365 ) (8,453,469 ) - Total costs and expenses-Discontinued operations (691,927 ) - (6,039,146 ) (133 ) Loss from continuing operations (6,180,979 ) (265 ) (8,453,469 ) -
Other(expenses)income-Continuing
operations (451 ) - 219,345 -
Other(expenses)income-Discontinued
operations 8,387 - 41,376 1 Loss before income taxes-Continuing operations (6,181,430 ) (265 ) (8,234,124 ) - Income tax expenses-Continuing operations 239,758 10 - -
Net loss from Continuing operations
- Loss before income tax-Discontinued operations (683,540 ) - (1,466,490 ) (32 ) Income tax expenses-Discontinued operations - - 90,485 2 Net loss from Discontinued operations (683,540 ) -
(1,556,975 ) (34 )
Net loss (7,104,728 ) (305 ) (9,791,099 ) (216 )
Revenue
The following table sets forth our condensed consolidated revenue by revenue
source:
Nine months ended
September 30,
2022 2021
(Unaudited) (Unaudited)
Listing fee-Continuing operations $ - $ -
Listing fee-Discontinued operations - 877,267
Commission-Continuing operations 2,329,135 -
Commission-Discontinued operations - 2,090,372
Management fee-Continuing operations - -
Management fee-Discontinued operations - 1,483,641
Consultancy fee-Continuing operations - -
Consultancy fee-Discontinued operations - 80,000
Revenue-Continuing operations $ 2,329,135 $ -
Revenue-Discontinued operations - 4,531,280
(i) Listing fee revenue
Listing fee revenue is calculated based on a percentage of the listing value and
transaction value of artworks.
Listing value is the total offering price of an artwork when the ownership units are initially listed on our trading platform. We utilize an appraised value as a basis to determine the appropriate listing value for each artwork, or portfolio of artworks. For the nine months endedSeptember 30, 2021 and 2022, listing fee was$877,267 and $nil from discontinued and continued operations respectively. 27 (ii) Commission fee revenue For non-VIP Traders, the commission revenue was calculated based on a percentage of transaction value of artworks, which we charge trading commissions for the purchase and sale of the ownership shares of the artworks. The commission is typically 5% of the total amount of each transaction. The commission is accounted for as revenue and immediately deducted from the proceeds from the sales of artwork units when a transaction is completed.
Commission revenue for the nine months ended
respectively.
(iii) Management fee revenue Our legacy online trading platform charges Traders a management fee to cover the costs of insurance, storage, and transportation for an artwork and trading management of artwork units. The management fee is recognized when the artwork is sold and is deducted from proceeds from the sale of artwork ownership shares when there is a purchase and sale transaction. Our operations did not generate management fee revenue from our legacy trading platform for the nine months endedSeptember 30, 2022 , but generate$1,483,641 management fee revenue for the nine months endedSeptember 30, 2021 . Revenue by customer type
The following table presents our revenue by customer type:
Nine months ended
September 30,
2022 2021
(Unaudited) (Unaudited)
Artwork owners $ - $ 877,267
Non - VIP traders 2,329,135 2,111,960
VIP traders - 1,462,053
Corporate advisee - 80,000
Total $ 2,329,135 $ 4,531,280
Cost of Revenue
Nine months ended
September 30,
2022 2021
(Unaudited) (Unaudited)
Commissions paid to service agents $ - $ 1,096,278
Depreciation - 150,398
Internet service charge 367,860 89,638
Artwork insurance - 38,185
Artwork storage - 50,029
Total $ 367,860 $ 1,424,528
Cost of revenue for the nine months endedSeptember 30, 2022 andSeptember 30, 2021 was$367,860 and$1,424,528 , respectively. The decline in cost of revenue for the nine months endedSeptember 30, 2022 compared toSeptember 30, 2021 was mainly due to the continuing operations from the new NFT business is on the start stage and legacy business is treated as discontinued operations. Gross Profit Gross profit was$1,961,275 or 84.2% of the total revenue for the nine months endedSeptember 30, 2022 , compared to$3,106,752 or 68.6% of the total revenue for the nine months endedSeptember 30, 2021 . Gross profit amount was reduced by$1,145,477 while the gross profit margin was increased by 15.6%. 28
Overall total revenue for the nine months endedSeptember 30, 2022 dropped by$2,202,145 or 48.6% compared to the same period in 2021, due to new NFT business is in the initial stage. Operating Expenses
General and administrative expenses for the nine months endedSeptember 30, 2022 were$8,834,181 , compared to$12,783,107 , for the nine months endedSeptember 30, 2021 . The following table sets forth the main components of the Company's general and administrative expenses for the nine months endedSeptember 30, 2022 andSeptember 30, 2021 . Nine months endedSeptember 30, 2022 % of Total
2021 % of Total
(Unaudited)
(Unaudited)
Salary and welfare$ 998,379 11.3$ 749,133 5.9 Legal and professional fees 734,455 8.3 1,123,575 8.8 Office, insurance and rental expenses 123,888 1.4 504,447 3.9 Consultancy fee 405,807 4.6 709,449 5.5 Non-deductible input VAT expense - - 147,406 1.2 Depreciation 52,946 0.6 74,991 0.6 Traveling and accommodation fees 3 0.0 58,071 0.5 Share Based Compensation Expense - -
8,765,467 68.6 Impairment loss 6,265,686 70.9 - - Others 253,017 2.9 650,568 5.0
Total general and administrative expense$ 8,834,181 100.0$ 12,783,107 100.0 Deduct: General and administrative expense-Discontinued operations (691,927 ) 7.8 (4,329,638 ) 33.9 General and administrative expense-Continuing operations 8,142,254 92.2
8,453,469 66.1 Other income (expenses)
During the nine months ended
income in an amount of
29
Income tax expense
The Company's effective tax rate varies due to the multiple jurisdictions in
which it books its pretax income or losses. The Company was subject to a U.S.
income tax rate of 21%, Hong Kong profits tax rate of 8.25% for the first HK$ 2
million (approximately $257,676 ) assessable profits and at 16.5% for assessable
profits above HK$ 2 million (approximately $257,676 ) and PRC enterprise income
tax rate of 25%.
The effective tax rates for the nine months ended
were 10.3% and 2.0 %, respectively.
The income tax expense were
Net loss
We recorded a net loss for the nine months ended
The decrease in the net loss by
to the same period ended
Liquidity and Capital Resources
The following tables set forth our consolidated statements of cash flow:
Nine months ended
September 30,
2022 2021
(Unaudited) (Unaudited)
Net cash provided by operating activities-continuing
operations $ 4,216,434 $ 1,148,367
Net cash provided by operating activities- discontinued
operations 814,295 42,322,860
5,030,729 43,471,227
Net cash provided by investing activities- continuing
operations -
(500,000 )
Net cash provided by investing activities- discontinued
operations
85,236
388,229
85,236 (111,771 )
Proceeds from a short-term borrowing from a third party 300,000 -
Net cash provided by financing activities-continuing
operations 60,000,007 -
Net cash provided by financing activities-discontinued
operations - 5,180,485
60,300,007 5,180,485
Effect of exchange rate change on cash and cash equivalents,
and restricted cash from continuing operations
(15,888 ) -
Effect of exchange rate change on cash and cash equivalents,
and restricted cash from discontinued operations
(3,579
) (281,110 )
(19,467
) (281,110 )
Net increase in cash and cash equivalents - continuing operations 64,500,553
648,367
Net increase in cash and cash equivalents and restricted
cash- discontinued operations
895,952
47,610,464
65,396,505
48,258,831
Cash, cash equivalents and restricted cash, beginning
balance- continuing operations
1,503,153
31,188
Cash and cash equivalents and restricted cash, beginning
balance- discontinued operations
338,542
13,811,557
1,841,695
13,842,745
Cash and cash equivalents and restricted cash, ending
balance- continuing operations
$ 66,003,706
Cash and cash equivalents and restricted cash, ending
balance- discontinued operations
1,234,494 61,422,021
67,238,201 62,101,576
30
Sources of Liquidity
The cash and cash equivalent and the restricted cash balances from the
continuing operations as of
The cash and cash equivalent balance from the discontinued operations as of
For the nine months endedSeptember 30, 2022 , net cash provided by operating activities from continuing operation was$4,216,434 . While there was nil cash outflow from investing activities from our continuing operations during the nine months endedSeptember 30, 2022 , our continuing operations incur net cash provided by financing activities,$60,000,007 , as TKAT obtained two PIPE financing from investors. For the nine months endedSeptember 30, 2022 , net cash provided by in operating activities by our discontinued operations was$814,295 , which was a result of net loss from discontinued operations. Net cash provided in investing activities by our discontinued operations was$85,236 . Our discontinued operations did not incur cash inflow or outflow from financing activities.
As of
operations were
operations amount to
As ofSeptember 30, 2022 , the continuing operations of the Company had cash, restricted cash and cash equivalents of$66,003,707 , a working capital in an amount of$60,097,620 and the total assets of$69,040,332 . The Company's discontinued operations has total assets of$1,428,781 .
As of
equivalents of
primarily related to Hong Kong Takung, had cash and cash equivalents of
In order to continue to maintain the liquidity requirements, the Company introduced NFT business in the fourth quarter of 2021 to developed service fee on NFT projects and has generated commission revenue of$2,329,135 by the end ofSeptember 30, 2022 . The Company also seeks to negotiate and extend financing arrangements with the related party and the third party. The Company is aware of events or uncertainties which may affect its future liquidity because of capital controls in the PRC. The RMB is only currently convertible under the "current account," which includes dividends, trade and service-related foreign exchange transactions, but not under the "capital account," which includes foreign direct investment and loans, including loans we may secure from our onshore subsidiaries or variable interest entities. Currently, our PRC subsidiaries, which are wholly-foreign owned enterprises, may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, without the approval of theState Administration of Foreign Exchange ("SAFE") by complying with certain procedural requirements. However, the relevant PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. The existing and future restrictions on currency exchange may limit our ability to utilize revenue generated in Renminbi to fund our business activities outside of the PRC or pay dividends in foreign currencies to our shareholders, including holders of our shares of common stock. Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with, SAFE and other relevant PRC governmental authorities. This could affect our ability to obtain foreign currency through debt or equity financing for our PRC subsidiaries. Applicable PRC law permits payment of dividends to us by our operating subsidiaries inChina only out of their net income, if any, determined in accordance with PRC accounting standards and regulations. Our operating subsidiaries inChina are also required to set aside a portion of their net income, if any, each year to fund general reserves for appropriations until such reserves have reached 50% of the subsidiary's registered capital. These reserves are not distributable as cash dividends. In addition, registered share capital and capital reserve accounts are also restricted from withdrawal in the PRC, up to the amount of net assets held in each operating subsidiary. In contrast, there is no foreign exchange control or restrictions on capital flows into and out ofHong Kong . Hence, ourHong Kong operating subsidiary is able to transfer cash without any limitation to theU.S. under normal circumstances. 31 If our operating subsidiaries were to incur additional debt on their own behalf in the future, the instruments governing the debt may restrict the ability of our operating subsidiaries to transfer cash to our U.S. investors.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements, including arrangements that would affect our liquidity, capital resources, market risk support, and credit risk support or other benefits. Future Financings We may sell our common stock in order to fund our business growth. Issuances of additional shares will result in dilution to existing shareholders. There is no assurance that we will achieve sales of the equity securities or arrange for debt or other financing to fund our growth in case it is necessary, or if we are able to do so, there is no guarantee that existing shareholders will not be
substantially diluted. Critical Accounting Policies
We regularly evaluate the accounting policies and estimates that we use to make budgetary and financial statement assumptions. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management. The discussion of our critical accounting policies contained in Note 2 to our consolidated financial statements, "Summary of Significant Accounting Policies", is incorporated herein by reference.
Recent Accounting Pronouncements
The discussion of the recent accounting pronouncements contained in Note 2 to
our consolidated financial statements, “Summary of Significant Accounting
Policies”, is incorporated herein by reference.
© Edgar Online, source
MT Newswires 2022
|
|
|
|
|
|
|
||||
|
||||
Technical analysis trends CHINA EVER GRAND FINANCIAL LEASING GROUP CO., LTD.
| Short Term | Mid-Term | Long Term | |
| Trends | Bearish | Bearish | Bearish |
Income Statement Evolution