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China Commercial Credit Inc. (Nasdaq: GLG) is an emerging used luxurious car rental service provider in China. The used luxurious car business is conducted under the brand name “BatCar” by the Company’s VIE entity, Beijing Youjiao Technology Limited, from its headquarters in Beijing. Utilizing a streamlined, digital, transaction process, the Company ensures the best possible rental experience for its customers. For more information please visit https://www.imbatcar.com.
GLG~~MONSTA HUGE~~~China Commercial Credit, Inc. Reports Second Quarter 2018 Financial Results
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China Commercial Credit (NASDAQ:GLG)
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Today : Friday 17 August 2018
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China Commercial Credit, Inc. (Nasdaq: GLG) (the "Company"), an emerging used luxurious car rental service provider in China, today announced its financial results for the second quarter ended June 30, 2018.
Mr. Long Yi, the Chief Financial Officer of the Company, stated, “The first half of 2018 was marked by our successful disposition of subsidiaries and our continued strategic transformation. Going forward we expect our new business to provide greater shareholder value. Our second quarter results reflect these changes, with a net income of $9.50 million and a balance sheet with positive net asset value, reversing our long trend of losses. We expect our new pre-owned luxury car rental business under the “BatCar” brand to benefit from our extensive experience in financial services as we position ourselves to drive investment to our largest growth opportunities with a revitalized balance sheet.”
Currently, the Company has six used luxurious cars, and intends to purchase thirty pre-owned luxurious vehicles by the end of 2018. These cars can be rented by customers from the Company’s store in Beijing, on a daily, weekly, and monthly basis.
The Company’s entrance to the luxury car rental market is intended to take advantage of the growing demand for luxury cars driven by the China’s rapid expansion of its middle class. Overall, the revenue of China's car rental market is to be 78.3 billion yuan (US$12.5 billion) in 2018, representing a 15% year-over-year increase, and revenue in the market will rise to 89.9 billion yuan in 2019, according to latest estimates by iResearch Consulting Group, a professional market research and consulting company focused on China's Internet industry.
Second Quarter 2018 Operational Highlights
Launched a used luxurious car leasing business under the brand name “BatCar” in May 2018.
Second Quarter 2018 Financial Highlights
Total lease income and other interest income reached $97,036.
Net income from discontinued operations was $9.90 million, compared with net loss from discontinued operations of $1.88 million for the second quarter of 2017.
Net income was $9.50 million, compared with net loss of $4.92 million for the second quarter of 2017.
Basic and diluted earnings per share was $0.428, compared with basic and diluted loss per share of $0.284 for the second quarter of 2017.
Six Months Ended June 30, 2018 Financial Highlights
Total lease income and other interest income reached $97,036.
Net income from discontinued operations was $10.07 million, compared with net loss from discontinued operations of $2.67 million for the six months ended June 30, 2017.
Net income was $9.12 million, compared with net loss of $6.15 million for the six months ended June 30, 2017.
Basic and diluted earnings per share was $0.432, compared with basic and diluted loss per share of $0.361 for the six months ended June 30, 2017.
Shareholders’ equity was $4.13 million as of June 30, 2018, compared with shareholders’ deficit of $4.57 as of December 31, 2017.
Second Quarter 2018 Financial Results
Total Lease income and other interest
Total lease income and other interest income was $97,036 for the three months ended June 30, 2018. The operating lease income is recognized on a straight-line basis over the scheduled lease term, income from operating lease was $96,721 for the three months ended June 30, 2018. Because the Company just launched its new business of lease services of used luxury cars in May 2018 and it did not have any operations, the Company did not generate any revenues for the three months ended June 30, 2017. Interests on deposits with banks was $315 for the three months ended June 30, 2018.
Net depreciation expense on operating lease assets
The net depreciation expense on operating lease assets represents the depreciation expenses of used luxurious cars. For the three months ended June 30, 2018, net depreciation expense on operating lease assets was $12,458.
Non-interest Expenses
Non-interest expenses decreased by $2.58 million, or 85%, to $0.46 million for the three months ended June 30, 2018 from $3.04 million for the same period of last year. Non-interest expenses primarily consisted of salary and employee surcharge, office rental expense, business tax and surcharge, changes in fair value of other noncurrent liabilities, professional service fees, and other office supplies. The decrease was mainly attributable to combined effects of a decrease of $2.03 million of changes in fair value of noncurrent liabilities, as the changes in share price during the period between April 1, 2018 and the date of share settlement is far less than that during the three months ended June 30, 2018; and a decrease of legal and consulting expenses of $0.62 million as the Company engaged advisors for seeking financial support during the period ended three months ended June 30, 2017.
Net income (loss) from discontinued operations
For the three months ended June 30, 2018, net income from discontinued operations was $9.90 million, compared with net loss from discontinued operations of $1.88 million for the same period of last year. The net income from discontinued operation was comprised of a net income of $0.10 million from discontinued operations and a gain of $9.79 million from disposal of the discontinued operations.
Net income (loss)
Net income was $9.50 million for the three months ended June 30, 3018, compared with net loss of $4.92 million for the same period of last year. Basic and diluted earnings per share was $0.428 for the three months ended June 30, 2018, compared with basic and diluted loss per share of $0.284 for the same period of last year.
Six Months Ended June 30, 2018 Financial Results
Total lease income and other interest
Total lease income and other interest income was $97,036 for the six months ended June 30, 2018. The operating lease income is recognized on a straight-line basis over the scheduled lease term, income from operating lease was $96,721 for the six months ended June 30, 2018. Because the Company just launched its new business of lease services of used luxury cars in May 2018 and it did not have any operations, the Company did not generate any revenues for the six months ended June 30, 2017. Interests on deposits with banks decreased by $34,685 or 99%, to $315 for the six months ended June 30, 2018 from $35,000 for the same period of last year.
Net depreciation expense on operating lease assets
The net depreciation expense on operating lease assets represents the depreciation expenses of used luxurious cars. For the six months ended June 30, 2018, net depreciation expense on operating lease assets was $12,458.
Non-interest Expenses
Non-interest expenses decreased by $2.48 million, or 71%, to $1.03 million for the six months ended June 30, 2018 from $3.51 million for the same period of last year. Non-interest expenses primarily consisted of salary and employee surcharge, office rental expense, business tax and surcharge, changes in fair value of other noncurrent liabilities, professional service fees, and other office supplies. The decrease was mainly attributable to combined effects of a decrease of $1.83 million of changes in fair value of noncurrent liabilities, as the changes in share price during the period between January 1, 2018 and the date of share settlement is far less than that during the three months ended June 30, 2018; and a decrease of legal and consulting expenses of $0.51 million as the Company engaged advisors for seeking financial support during the period ended six months ended June 30, 2017.
Net income (loss) from discontinued operations
For the six months ended June 30, 2018, net income from discontinued operations was $10.07 million, compared with net loss from discontinued operations of $2.67 million for the same period of last year. The net income from discontinued operations was comprised of a net income of $0.28 million from discontinued operations and a gain of $9.79 million from disposal of the discontinued operations.
Net income (loss)
Net income was $9.12 million for the six months ended June 30, 3018, compared with net loss of $6.15 million for the same period of last year. Basic and diluted earnings per share was $0.432 for the six months ended June 30, 2018, compared with basic and diluted loss per share of $0.361 for the same period of last year.
Financial Conditions
As of June 30, 2018, the Company had cash and cash equivalents of $1.36 million, compared with $1.36 million as of December 31, 2017.
Net cash used in operating activities was $0.81 million for the six months ended June 30, 2018, compared to $1.82 million for the same period of last year.
Net cash used in investing activities was $2.73 million for the six months ended June 30, 2018, compared to net cash provided by investing activities of $1.24 million for the same period of last year.
Net cash provided by financing activities was $3.27 million for the twelve months ended March 31, 2018, compared to $0.56 million for the same period of last year.
About China Commercial Credit, Inc.
China Commercial Credit Inc. (Nasdaq: GLG) is an emerging used luxurious car rental service provider in China. The used luxurious car business is conducted under the brand name “BatCar” by the Company’s VIE entity, Beijing Youjiao Technology Limited, from its headquarters in Beijing. Utilizing a streamlined, digital, transaction process, the Company ensures the best possible rental experience for its customers. For more information please visit https://www.imbatcar.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Commercial Credit, Inc. 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 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.
CHINA COMMERCIAL CREDIT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2018 2017
(unaudited)
ASSETS
Cash $ 1,362,718 $ 1,359,630
Other current assets 909,242 -
Assets of discontinued operations - 5,805,654
Total current assets 2,271,960 7,165,284
Operating lease assets, net 1,870,983 -
Property and equipment, net 5,076 -
Total Assets $ 4,148,019 $ 7,165,284
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Liabilities
Other current liabilities $ 15,246 $ -
Liabilities of discontinued operations - 10,426,771
Total current liabilities 15,246 10,426,771
Other noncurrent liabilities - 1,311,000
Total Liabilities 15,246 11,737,771
Shareholders’ Equity (Deficit)
Series A Preferred Stock (par value $0.001 per share, 1,000,000 shares authorized at June 30, 2018 and December 31, 2017, respectively; nil and nil shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively) $ - $ -
Series B Preferred Stock (par value $0.001 per share, 5,000,000 shares authorized at June 30, 2018 and December 31, 2017, respectively; nil and nil shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively) - -
Common stock (par value $0.001 per share, 100,000,000 shares authorized; 24,445,612 and 19,250,915 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively) 24,446 19,251
Subscription fee advanced from a shareholder 524,974 699,974
Additional paid-in capital 27,906,598 71,424,031
Accumulated deficit (23,986,877 ) (81,534,396 )
Accumulated other comprehensive (loss) income (336,368 ) 4,818,653
Total Shareholders’ Equity (Deficit) 4,132,773 (4,572,487 )
Total Liabilities and Shareholders’ Equity (Deficit) $ 4,148,019 $ 7,165,284
CHINA COMMERCIAL CREDIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended
June 30, For the Six Months Ended
June 30,
2018 2017 2018 2017
(unaudited) (unaudited) (unaudited) (unaudited)
Lease income and other interest income
Income from operating lease $ 96,721 $ - $ 96,721 $ -
Interests on deposits with banks 315 - 315 35,000
Total lease income and other interest income 97,036 - 97,036 35,000
Net depreciation expense on operating lease assets (12,458 ) - (12,458 ) -
Net Revenue 84,578 - 84,578 35,000
Non-interest expense
Salaries and employee surcharge (103,946 ) (125,093 ) (225,599 ) (428,204 )
Rental expenses (14,250 ) (7,370 ) (26,389 ) (14,780 )
Business taxes and surcharge (144 ) - (144 ) -
Class action settlement expenses – changes in fair value of stock portion (19,000 ) (2,052,000 ) (166,540 ) (1,995,000 )
Other operating expenses (326,046 ) (857,257 ) (607,141 ) (1,070,166 )
Total non-interest expense (463,386 ) (3,041,720 ) (1,025,813 ) (3,508,150 )
Loss from acquisition of a variable interest entity (14,004 ) - (14,004 ) -
Net loss from continuing operations before income taxes (392,812 ) (3,041,720 ) (955,239 ) (3,473,150 )
Income tax expense (20 ) - (20 ) -
Net loss from continuing operations $ (392,832 ) $ (3,041,720 ) $ (955,259 ) $ (3,473,150 )
Net income (loss) from discontinued operations 9,896,100 (1,876,655 ) 10,072,629 (2,673,302 )
Net income (loss) $ 9,503,268 $ (4,918,375 ) $ 9,117,370 $ (6,146,452 )
Income (loss) per share- basic and diluted 0.428 (0.284 ) 0.432 (0.361 )
Net loss per share from continuing operations – basic and diluted (0.018 ) (0.176 ) (0.045 ) (0.204 )
Net income (loss) per share from discontinued operations – basic and diluted 0.446 (0.108 ) 0.478 (0.157 )
Weighted Average Shares Outstanding-Basic and Diluted 22,211,600 17,308,319 21,080,665 17,004,613
Net income (loss) $ 9,503,268 $ (4,918,375 ) $ 9,117,370 $ (6,146,452 )
Other comprehensive (loss) income
Foreign currency translation adjustment (117,085 ) 7,673 (242,305 ) 29,288
Comprehensive income (loss) $ 9,386,183 $ (4,910,702 ) $ 8,875,065 $ (6,117,164 )
CHINA COMMERCIAL CREDIT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Six Months Ended
June 30,
2018 2017
(unaudited) (unaudited)
Cash Flows from Operating Activities:
Net income (loss) $ 9,117,370 $ (6,146,452 )
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation of operating leased assets 12,458 -
Depreciation of property and equipment 98 -
Gain on disposal of discontinued operations (9,794,873 ) -
Loss on acquisition of a variable interest entity 14,004 -
Shares issued for settlement against legal proceedings 943,860 -
Shares issued to executive officers and professional services - 913,180
Changes in fair value of noncurrent liabilities 166,540 1,995,000
Changes in operating assets and liabilities:
Other current assets (945,180 ) -
Other current liabilities (1,460 ) -
Other noncurrent liabilities (1,311,000 ) -
Net cash provided by operating activities from discontinued operations 992,334 1,417,164
Net Cash Used in Operating Activities (805,849 ) (1,821,108 )
Cash Flows from Investing Activities:
Proceeds from disposal of discontinued operations 500,000 -
Acquisition of subsidiary, net of cash acquired 245 -
Purchase of operating lease assets (1,957,391 ) -
Purchase of property and equipment (5,376 ) -
Net cash (used in) provided by investing activities from discontinued operations (1,270,070 ) 1,238,159
Net Cash (Used in) Provided by Investing Activities (2,732,592 ) 1,238,159
Cash Flows From Financing Activities:
Cash raised in private placement 3,265,371 560,000
Net Cash Provided by Financing Activities 3,265,371 560,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents 276,158 17,979
Net Increase (Decrease) In Cash and Cash Equivalents 3,088 (4,970 )
Cash and Cash Equivalents at Beginning of Period 1,359,630 697,866
Cash and Cash Equivalents at End of Period $ 1,362,718 $ 692,896
For more information, please contact:
GLG~~will rock monday,open above $1.00 and towards $1.60
Which one is your favorite?
Well, I latched onto GLG since it was bouncing earlier than its peers due to a change in mgt and some oddball restructuring. Basically they ran themselves through the cleaners -- I have yet to see another hedgie do that. It's cleaning up... slow, but there and the price was right.
There are so many companies in this sector that some have had to rebound. There are probably others that are going to make a name for themselves pretty soon. GLG can't be the only one.
Not many... GLG is somewhat alone at the moment.
I understand that GLG is invested in hedge funds, but what about private equity and mutual funds. What other companys in the investment banking sector have also rebounded along with GLG?
Industry rebounds in first half after grim 2008
Citadel, Jabre up more than 30% as convertible arbitrage recovers
By Alistair Barr, MarketWatch
Last Update: 7/8/2009 3:21:00 PM
SAN FRANCISCO (MarketWatch) - Hedge funds generated strong returns in the first
half of 2009 as the $1.3 trillion industry rebounded strongly from record losses
last year.
Funds run by Ken Griffin's Citadel Investment Group and Jabre Capital Partners,
headed by GLG Partners (GLG) co-founder Phillippe Jabre, were up more than 30% in
the first half as convertible arbitrage came roaring back.
Other big hedge fund firms including Paulson & Co., Brevan Howard, Moore Capital
Management, Viking Global and Tudor Investment generated solid gains after making
money or dodging most of the carnage last year.
Other firms weren't so lucky. Horseman Capital Management's main fund lost more
than 16% in the first half after a strong 2008. Ursus, a short selling fund run
by Jim Chanos' Kynikos Associates, lost more than 10% through June this year.
Trend-following funds including BlueTrend and Winton Futures also lost money.
An index of hedge funds run by consulting firm Hennessee Group LLC rose 0.64% in
June, leaving it up 11.74% in the first half of 2009, easily out-pacing equity
and bond market benchmarks.
Another index compiled by Absolute Return gained 0.43% last month, leaving it up
6.33% in the first half, according to estimates based on a third of managers
reporting.
The Standard & Poor's 500 index rose 0.02% in June and was up 1.78% in the first
half, while the Barclays Aggregate Bond Index gained 0.57% last month, leaving it
up 1.90% in the first half, Hennessee said.
"If you don't take into account what happened last year, hedge funds had a
fantastic first half," said Bradley Alford, head of Atlanta-based Alpha Capital
Management LLC. "A lot of this was reversion to the mean because managers lost so
much money last year. Things had gotten so out of whack that there had to be a
snap back."
Hedge funds use a wider range of strategies, such as short selling, to try to
make money no matter what's happening in broader markets. Other investors in the
industry expect gains to exceed benchmarks like the S&P 500 or the return on safe
assets such as U.S. Treasury bonds. For such performance, investors have been
willing to pay hefty fees of 2% of assets and 20% of annual profits.
However, last year's financial crisis crushed the industry as plunging stock and
bond prices, regulatory limits on short selling and massive investor redemptions
left hedge funds with record losses of 19% on average. That still beat slumping
equity markets, but it undermined the assumption that hedge funds make money in
any environment.
By beating the market in the first half of 2009, hedge funds got back to doing
one of the things their supposed to do.
"The industry did very well by and large," said Chris Jackson, president of SFG
Asset Advisors, which invests in hedge funds. "Many managers were up
substantially more than the indices. They're continuing to add value."
Managers focused on convertible arbitrage performed the best in the first half of
2009, returning more than 21%, according to Absolute Return. Short-biased hedge
funds performed the worse in the period, losing 5.2% on average, Hennessee
reported.
GLG@FINVIZ: One Stop DD
http://www.finviz.com/quote.ashx?t=glg
Well, if you got in during March (when this forum opened), you've done pretty well...
Cya tom. Going to watch Paul Bart, Mall Cop.
Maybe Q is magical. Hey, I never said it was for the better or worse.
- To each his own.
You really do warp time.
Mary produced a nice chart for the forum:
Yeah!! Killer big board flip today! Nearly 30%!
And I forgot to play it after Twittering the alert... I know... moron.
*** GLG Partners Completes Acquisition of Société Générale Asset Management UK
NEW YORK, Apr 03, 2009 (BUSINESS WIRE) -- GLG Partners, Inc. ("GLG") (NYSE: GLG), the U.S.-listed asset manager, today announced that it has completed its previously announced acquisition of Société Générale Asset Management UK ("SGAM UK"), Société Générale's UK long-only asset management business. SGAM UK and its subsidiaries will be renamed under the GLG Partners brand.
About GLG:
GLG is a U.S.-listed asset management company offering its base of long-standing prestigious clients a diverse range of alternative and traditional investment products and account management services. GLG's focus is on preserving client's capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world's largest and most recognized alternative investment managers with a growing presence in the traditional long-only investment product market. As of December 31, 2008, GLG managed net AUM of over $15 billion.
About SGAM UK:
Launched in the UK in 1998, as part of the Société Générale Group, one of Europe's leading financial institutions, SGAM UK is a provider of specialist investment strategies to retail and institutional clients. The company offers a number of equity strategies, including UK, European, Global Emerging Markets, Middle East, North Africa, Technology and Japan.
SOURCE: GLG Partners, Inc.
Investors/analysts:
GLG:
Jeffrey Rojek, 212-224-7245
Chief Financial Officer
jeffrey.rojek@glgpartners.com
or
Michael Hodes, 212-224-7223
Director of Public Markets
michael.hodes@glgpartners.com
or
Media:
Finsbury:
Rupert Younger / Talia Druker
+44 (0)20 7251 3801
GLG@finsbury.com
or
Andy Merrill / Stephanie Linehan
212-303-7600
GLG@finsbury.com
thanks soapy, on the list.
lets see what we can dig up
Placing GLG on a long watchlist. As usual, do the DD -- especially when Hedge Funds are concerned. One word of warning -- the management at GLG tend to fight amongst themselves a bit.
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