Fourth Quarter 2016 Financial Highlights
- Net revenues were
$19.2 million , down 42.8% year-over-year, but up 12.7% quarter-over-quarter - Equity brokerage business grew 508.8% year-over-year and 57.9% quarter-over-quarter
- Commodities brokerage business declined by 54.7% year-over-year but increased by 2.1% quarter-over-quarter
- Yinglibao’s users purchased wealth management products with a total value of
RMB 4.0 billion in the fourth quarter, up 57.5% quarter-over-quarter - Gross margin was 62.5%
- Total cash and cash equivalents, restricted cash and short-term investments were
$85.1 million as ofDecember 31, 2016
Full Year 2016 Highlights
- Net revenues were
$83.1 million , down 22.7% year-over-year - Equity brokerage business grew 184.7% year-over-year
- Commodities brokerage business declined by 25.0% year-over-year
- Yinglibao’s users purchased wealth management products with a total value of
RMB 8.1 billion - Net income attributable to
China Finance Online was$1.0 million
Mr.
“Yinglibao’s operations ended the year on a high note as the purchase of various wealth management products rose to
Mr.
Fourth Quarter 2016 Financial Results
Net revenues were
Revenues from financial services were
Revenues from the financial information and advisory business were
Revenues from advertising were
Gross profit was
General and administrative expenses (“G&A”) were
Sales and marketing expenses were
Research and development expenses were
Total operating expenses were
Loss from operations was
Net loss attributable to China Finance Online was
Fully diluted loss per American Depository Shares (“ADS”) attributable to China Finance Online was
As of
Total shareholders’ equity of
Full Year 2016 Financial Results
Net revenues for full year 2016 were
Revenues from financial services for the full year 2016 were
Revenues from financial information and advisory business for the full year 2016 were
Revenues from advertising for the full year 2016 were
Gross profit for the full year 2016 was
Net income attributable to China Finance Online for the full year 2016 was
Fully diluted earnings per ADS attributable to China Finance Online was
Recent Developments
- Robo-advisory Service
In early
- 2016 Leading China Fintech Companies Award
Recently Yinglibao won the “2016 Annual Leading FinTech Companies” award.
Conference Call Information
The management will host a conference call on
US: 1-800-742-9301
Conference ID: 6436105
Please dial in 10 minutes before the call is scheduled to begin and provide the conference ID to join the call.
A recording of the call will be available on
In addition, a live and archived webcast of the conference call will be available at http://edge.media-server.com/m/p/oshjirbq.
About
Safe Harbor Statement
This press release contains forward-looking statements which constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
- our prospect and our ability to attract new users;
- our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
- our prospect on stabilization in cash attrition and improvement of our financial position;
- our initiatives to address customers’ demand for intuitive online investment platforms and alternative investment opportunities; and
- the market prospect of the business of securities-trading, securities investment advisory and wealth management.
Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, changing customer needs, regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market,
For more information, please contact:
+86-10-8336-3100
ir@jrj.com
— Tables Follow —
|
|
||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||
|
(In thousands of |
||
|
|
|
|
|
Assets |
||
|
Current assets: |
||
|
Cash and cash equivalents |
66,152 |
85,734 |
|
Restricted cash |
2,484 |
– |
|
Trust bank balances held on behalf of customers |
33,174 |
14,168 |
|
Accounts receivable, net – others |
14,411 |
12,008 |
|
Accounts receivable, net – Margin clients |
7,557 |
4,367 |
|
Short-term investments |
16,444 |
– |
|
Prepaid expenses and other current assets |
8,241 |
3,489 |
|
Deferred tax assets, current |
1,370 |
969 |
|
Total current assets |
149,833 |
120,735 |
|
Long-term investments, net |
2,561 |
1,782 |
|
Property and equipment, net |
7,398 |
5,790 |
|
Acquired intangible assets, net |
396 |
1,539 |
|
Rental deposits |
1,292 |
1,423 |
|
|
109 |
6,700 |
|
Deferred tax assets, non-current |
33 |
20 |
|
Other deposits |
6,002 |
6,076 |
|
Total assets |
167,624 |
144,065 |
|
Liabilities and equity |
||
|
Current liabilities: |
||
|
Deferred revenue, current (including deferred revenue, current of the |
6,526 |
6,659 |
|
Accrued expenses and other current liabilities (including accrued |
29,621 |
15,655 |
|
Contingent liability (including contingent liability of the consolidated |
3,000 |
– |
|
Amount due to customers for trust bank balances held on behalf of |
33,174 |
14,168 |
|
Accounts payable (including accounts payable of the consolidated |
8,746 |
5,494 |
|
Deferred tax liabilities, current (including deferred tax liabilities, current |
236 |
15 |
|
Income taxes payable (including income taxes payable of the |
330 |
1,768 |
|
Total current liabilities |
81,633 |
43,759 |
|
Deferred tax liabilities, non-current (including deferred tax liabilities, |
90 |
385 |
|
Deferred revenue, non-current (including deferred revenue, non-current |
609 |
692 |
|
Total liabilities |
82,332 |
44,836 |
|
Noncontrolling interests |
(3,455) |
11,191 |
|
Total |
88,747 |
88,038 |
|
Total liabilities and equity |
167,624 |
144,065 |
|
|
|||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||
|
(in thousands of |
|||||
|
Three months ended |
The year ended |
||||
|
|
|
|
|
|
|
|
Net revenues |
19,237 |
33,634 |
17,062 |
83,058 |
107,405 |
|
Cost of revenues |
(7,215) |
(6,119) |
(4,454) |
(20,380) |
(19,739) |
|
Gross profit |
12,022 |
27,515 |
12,608 |
62,678 |
87,666 |
|
Operating expenses |
|||||
|
General and administrative (includes |
(4,505) |
(5,712) |
(4,766) |
(19,837) |
(17,994) |
|
Sales and marketing (includes |
(14,426) |
(16,362) |
(12,927) |
(50,083) |
(46,474) |
|
Product development (includes |
(5,009) |
(2,716) |
(3,652) |
(14,485) |
(10,739) |
|
Loss from impairment of intangible |
– |
(250) |
– |
(1,111) |
(250) |
|
Loss from impairment of goodwill |
(18) |
– |
– |
(6,660) |
– |
|
Total operating expenses |
(23,958) |
(25,040) |
(21,345) |
(92,176) |
(75,457) |
|
Government subsidies |
– |
– |
650 |
1,195 |
252 |
|
Income (loss) from operations |
(11,936) |
2,475 |
(8,087) |
(28,303) |
12,461 |
|
Interest income |
217 |
1,336 |
212 |
1,051 |
2,648 |
|
Interest expense |
(2) |
– |
– |
(2) |
(1) |
|
Short-term investment income, net |
510 |
79 |
(389) |
379 |
216 |
|
Gain on the interest sold and retained |
– |
10,000 |
2,246 |
20,568 |
10,000 |
|
Gain from sale of cost method investment |
– |
– |
– |
– |
4,648 |
|
Loss from equity method investment |
(7) |
(47) |
(21) |
(138) |
(67) |
|
Other income (loss), net |
(408) |
15 |
47 |
(305) |
(937) |
|
Exchange gain (loss), net |
26 |
(161) |
4 |
(55) |
(766) |
|
Income (loss) before income tax expenses |
(11,600) |
13,697 |
(5,988) |
(6,805) |
28,202 |
|
Income tax expenses (provision) |
238 |
(752) |
2,265 |
(614) |
(1,384) |
|
Net income (loss) |
(11,362) |
12,945 |
(3,723) |
(7,419) |
26,818 |
|
Less: Net income (loss) attributable |
(1,157) |
2,933 |
(96) |
(8,373) |
4,335 |
|
Net income (loss) attributable to |
(10,205) |
10,012 |
(3,627) |
954 |
22,483 |
|
Net income (loss) |
(11,362) |
12,945 |
(3,723) |
(7,419) |
26,818 |
|
Changes in foreign currency |
(2,486) |
(1,424) |
(524) |
(4,392) |
(3,467) |
|
Other comprehensive loss, net of tax |
(2,486) |
(1,424) |
(524) |
(4,392) |
(3,467) |
|
Comprehensive income (loss) |
(13,848) |
11,521 |
(4,247) |
(11,811) |
23,351 |
|
Less: comprehensive income (loss) |
(1,157) |
2,933 |
(96) |
(8,373) |
4,335 |
|
Comprehensive income (loss) |
(12,691) |
8,588 |
(4,151) |
(3,438) |
19,016 |
|
Net income (loss) per share attributable |
|||||
|
Basic |
(0.09) |
0.09 |
(0.03) |
0.01 |
0.20 |
|
Diluted |
(0.09) |
0.08 |
(0.03) |
0.01 |
0.18 |
|
Net income (loss) per ADS |
|||||
|
Basic |
(0.45) |
0.45 |
(0.16) |
0.04 |
1.01 |
|
Diluted |
(0.45) |
0.40 |
(0.16) |
0.04 |
0.90 |
|
Weighted average ordinary shares |
|||||
|
Basic |
113,465,823 |
111,152,526 |
113,345,348 |
113,213,912 |
110,997,871 |
|
Diluted |
113,465,823 |
125,948,776 |
113,345,348 |
127,348,028 |
125,129,763 |
|
Weighted average ADSs |
|||||
|
Basic |
22,693,165 |
22,230,505 |
22,669,070 |
22,642,782 |
22,199,574 |
|
Diluted |
22,693,165 |
25,189,755 |
22,669,070 |
25,469,606 |
25,025,953 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-finance-online-reports-fourth-quarter-and-full-year-2016-unaudited-financial-results-300439363.html
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