Technology

Zhihu Inc. Reports Unaudited Second Quarter 2024 Financial Results

Published

2 years ago

August 22, 2024

BEIJING, Aug. 22, 2024 /PRNewswire/ — Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended June 30, 2024.

Second Quarter 2024 Highlights

Total revenues were RMB933.8 million (US$128.5 million) in the second quarter of 2024, compared with RMB1,044.2 million in the same period of 2023.Gross margin expanded to 59.6% in the second quarter of 2024 from 53.8% in the same period of 2023.Net loss was RMB80.6 million (US$11.1 million) in the second quarter of 2024, narrowed by 71.1% from the same period of 2023.Adjusted net loss (non-GAAP)[1] was RMB44.6 million (US$6.1 million) in the second quarter of 2024, narrowed by 79.9% from the same period of 2023.Average monthly active users (MAUs)[2] were 80.6 million in the second quarter of 2024. Average monthly subscribing members[3] were 14.7 million in the second quarter of 2024.

“Our strategic decisions and effective execution yielded impressive financial results in the second quarter of 2024,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “At the same time, we made substantial strides in enhancing our core user experience, evidenced by the continued growth in user retention and DAU time spent. Building on our community’s enhanced trustworthiness, we launched Zhihu Zhida (知乎直答) in late June, marking a major advancement in our AI search initiatives. Further improvements in user retention and the positive user feedback Zhihu Zhida has received demonstrate our unique advantages and ability to capture the tremendous opportunities in this field.”

Mr. Han Wang, chief financial officer of Zhihu, added, “The second quarter marked our lowest quarterly loss since our U.S. IPO. During the quarter, we maintained disciplined spending while achieving a high ROI across all business lines. Additionally, we are committed to enhancing shareholder returns through various means. Moving forward, we will continue to emphasize strong strategic execution as we pursue long-term sustainable profitability.”

Second Quarter 2024 Financial Results

Total revenues were RMB933.8 million (US$128.5 million) in the second quarter of 2024, compared with RMB1,044.2 million in the same period of 2023.

Marketing services revenue was RMB344.0 million (US$47.3 million), compared with RMB412.7 million in the same period of 2023. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement.

Paid membership revenue was RMB432.7 million (US$59.5 million), compared with RMB449.1 million in the same period of 2023. The slight decrease was primarily attributable to a marginal decline in our average revenue per subscribing member.

Vocational training revenue was RMB133.6 million (US$18.4 million), compared with RMB144.5 million in the same period of 2023. The decrease was primarily driven by lower revenue contributions from our acquired businesses.

Other revenues were RMB23.5 million (US$3.2 million), compared with RMB37.9 million in the same period of 2023.

Cost of revenues decreased by 21.8% to RMB377.3 million (US$51.9 million) from RMB482.1 million in the same period of 2023. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues.

Gross profit was RMB556.5 million (US$76.6 million), compared with RMB562.1 million in the same period of 2023. Gross margin expanded to 59.6% from 53.8% in the same period of 2023, primarily attributable to our monetization enhancements and improvements in our operating efficiency.

Total operating expenses decreased by 16.7% to RMB740.4 million (US$101.9 million) from RMB889.3 million in the same period of 2023.

Selling and marketing expenses decreased by 22.9% to RMB417.0 million (US$57.4 million) from RMB540.6 million in the same period of 2023. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.

Research and development expenses decreased by 11.4% to RMB209.3 million (US$28.8 million) from RMB236.2 million in the same period of 2023. The decrease was primarily attributable to more efficient spending on technology innovation.

General and administrative expenses were RMB114.1 million (US$15.7 million), compared with RMB112.5 million in the same period of 2023.

Loss from operations narrowed by 43.8% to RMB183.9 million (US$25.3 million) from RMB327.2 million in the same period of 2023.

Adjusted loss from operations (non-GAAP)[1] narrowed by 45.4% to RMB147.1 million (US$20.2 million) from RMB269.4 million in the same period of 2023.

Net loss narrowed by 71.1% to RMB80.6 million (US$11.1 million) from RMB279.1 million in the same period of 2023.

Adjusted net loss (non-GAAP)[1] narrowed by 79.9% to RMB44.6 million (US$6.1 million) from RMB222.3 million in the same period of 2023.

Diluted net loss per American depositary share (“ADS”) [4] was RMB0.89 (US$0.12), compared with RMB2.76 in the same period of 2023.

Cash and cash equivalents, term deposits, restricted cash and short-term investments

As of June 30, 2024, the Company had cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB5,061.5 million (US$696.5 million), compared with RMB5,462.9 million as of December 31, 2023.

Share Repurchase Programs

As of June 30, 2024, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company’s existing US$100 million share repurchase program (the “2022 Repurchase Program”), established in May 2022 and extended until June 26, 2025. In addition, a concurrent share repurchase program (the “2024 Repurchase Program”) was established in June 2024, effective until June 26, 2025. The maximum number of shares (including shares underlying the ADSs) that can be repurchased under the 2024 Repurchase Program, together with the remaining number of shares (including shares underlying the ADSs) that can be repurchased under the 2022 Repurchase Program, will not exceed 10% of the total number of issued shares of the Company (excluding any treasury shares) as of June 26, 2024, the date of the resolution granting the general unconditional mandate to purchase the Company’s own shares approved by shareholders.

[1] Adjusted loss from operations and adjusted net loss are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

[2] MAUs refers to the sum of the number of mobile devices that launch our mobile apps at least once in a given month, or mobile MAUs, and the number of logged-in users who visit our PC or mobile website at least once in a given month, after eliminating duplicates.

[3] Monthly subscribing members refers to the number of our Yan Selection members in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period.

[4] On May 10, 2024, we effected a change in the ratio of our ADSs to Class A ordinary shares from two ADSs representing one Class A ordinary share to a new ratio of one ADS representing three Class A ordinary shares. Basic and diluted net loss per ADS have been retrospectively adjusted to reflect this ADS ratio change for all periods presented.

Conference Call

The Company’s management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on August 22, 2024 (8:00 a.m. Beijing/Hong Kong time on August 23, 2024).

All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers, a passcode, and a unique registrant ID which can be used to join the conference call. Participants may pre-register at any time, including up to and after the call start time.

Participant Online Registration: https://dpregister.com/sreg/10191716/fd413a8bd8

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.zhihu.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call, until August 29, 2024, by dialing the following telephone numbers:

United States (toll free):

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

4215305

About Zhihu Inc.

Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive online content communities and the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted loss from operations and adjusted net loss, to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company’s management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as they help the Company’s management.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider it in isolation from, or as a substitute for analysis of, our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Zhihu Inc.
Email: ir@zhihu.com

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
Email: zhihu@tpg-ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Phone: +1-212-481-2050
Email: zhihu@tpg-ir.com

ZHIHU INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

For the Three Months Ended

For the Six Months Ended

June 30,

2023

March 31,

2024

June 30,

2024

June 30,

2023

June 30,

2024

RMB

US$

RMB

US$

Revenues:

Marketing services

412,740

330,542

343,979

47,333

804,877

674,521

92,817

Paid membership

449,098

449,724

432,652

59,535

903,867

882,376

121,419

Vocational training

144,520

145,436

133,633

18,389

251,518

279,069

38,401

Others

37,851

35,161

23,546

3,240

78,167

58,707

8,078

Total revenues

1,044,209

960,863

933,810

128,497

2,038,429

1,894,673

260,715

Cost of revenues

(482,131)

(417,384)

(377,266)

(51,914)

(964,132)

(794,650)

(109,347)

Gross profit

562,078

543,479

556,544

76,583

1,074,297

1,100,023

151,368

Selling and marketing expenses

(540,593)

(477,954)

(416,985)

(57,379)

(986,158)

(894,939)

(123,148)

Research and development expenses

(236,245)

(197,356)

(209,323)

(28,804)

(419,205)

(406,679)

(55,961)

General and administrative expenses

(112,460)

(92,917)

(114,107)

(15,702)

(212,898)

(207,024)

(28,487)

Total operating expenses

(889,298)

(768,227)

(740,415)

(101,885)

(1,618,261)

(1,508,642)

(207,596)

Loss from operations

(327,220)

(224,748)

(183,871)

(25,302)

(543,964)

(408,619)

(56,228)

Other income/(expenses):

Investment income

11,793

16,902

21,811

3,001

17,799

38,713

5,327

Interest income

39,987

30,763

26,754

3,681

79,480

57,517

7,915

Fair value change of financial instruments

(9,016)

9,408

31,412

4,322

(12,598)

40,820

5,617

Exchange gains

7,076

120

289

1,427

409

Others, net

644

3,043

15,947

2,194

6,977

18,990

2,613

Loss before income tax

(276,736)

(164,512)

(87,658)

(12,064)

(450,879)

(252,170)

(34,700)

Income tax (expenses)/benefits

(2,330)

(1,284)

7,063

972

(7,159)

5,779

795

Net loss

(279,066)

(165,796)

(80,595)

(11,092)

(458,038)

(246,391)

(33,905)

Net (income)/loss attributable to
noncontrolling interests

(775)

950

(2,144)

(295)

(3,158)

(1,194)

(164)

Net loss attributable to Zhihu Inc.’s
shareholders

(279,841)

(164,846)

(82,739)

(11,387)

(461,196)

(247,585)

(34,069)

Net loss per share

Basic

(0.92)

(0.59)

(0.30)

(0.04)

(1.52)

(0.88)

(0.12)

Diluted

(0.92)

(0.59)

(0.30)

(0.04)

(1.52)

(0.88)

(0.12)

Net loss per ADS (One ADS represents
three Class A ordinary shares)

Basic

(2.76)

(1.76)

(0.89)

(0.12)

(4.55)

(2.65)

(0.36)

Diluted

(2.76)

(1.76)

(0.89)

(0.12)

(4.55)

(2.65)

(0.36)

Weighted average number of ordinary
shares outstanding

Basic

304,068,362

281,549,707

279,241,647

304,052,681

280,403,026

Diluted

304,068,362

281,549,707

279,241,647

304,052,681

280,403,026

ZHIHU INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

For the Three Months Ended

For the Six Months Ended

June 30,

2023

March 31,

2024

June 30,

2024

June 30,

2023

June 30,

2024

RMB

US$

RMB

US$

Share-based compensation expenses included in:

Cost of revenues

2,146

2,497

750

103

6,546

3,247

447

Selling and marketing expenses

6,384

3,272

(6,063)

(834)

15,142

(2,791)

(384)

Research and development expenses

14,941

3,680

4,439

611

36,146

8,119

1,117

General and administrative expenses

28,976

16,363

33,515

4,612

50,531

49,878

6,863

ZHIHU INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands)

As of December 31,

2023

As of June 30,

2024

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

2,106,639

3,159,325

434,738

Term deposits

1,586,469

1,204,062

165,684

Short-term investments

1,769,822

646,321

88,937

Restricted cash

–

51,774

7,124

Trade receivables

664,615

532,929

73,333

Amounts due from related parties

18,319

41,236

5,674

Prepayments and other current assets

232,016

201,338

27,705

Total current assets

6,377,880

5,836,985

803,195

Non-current assets:

Property and equipment, net

10,849

9,670

1,331

Intangible assets, net

122,645

61,698

8,490

Goodwill

191,077

126,344

17,386

Long-term investments, net

44,621

51,176

7,042

Right-of-use assets

40,211

21,959

3,022

Other non-current assets

7,989

372

Total non-current assets

417,392

271,219

37,322

Total assets

6,795,272

6,108,204

840,517

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable and accrued liabilities

1,038,531

913,225

125,664

Salary and welfare payables

342,125

219,681

30,229

Taxes payables

21,394

16,967

2,335

Contract liabilities

303,574

283,465

39,006

Amounts due to related parties

26,032

10,685

1,470

Short-term lease liabilities

42,089

24,834

3,417

Short-term borrowings

–

51,774

7,124

Other current liabilities

171,743

159,014

21,881

Total current liabilities

1,945,488

1,679,645

231,126

Non-current liabilities

Long-term lease liabilities

3,642

2,071

285

Deferred tax liabilities

22,574

8,030

1,105

Other non-current liabilities

121,958

18,253

2,512

Total non-current liabilities

148,174

28,354

3,902

Total liabilities

2,093,662

1,707,999

235,028

Total Zhihu Inc.’s shareholders’ equity

4,599,810

4,312,294

593,392

Noncontrolling interests

101,800

87,911

12,097

Total shareholders’ equity

4,701,610

4,400,205

605,489

Total liabilities and shareholders’ equity

6,795,272

6,108,204

840,517

ZHIHU INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands)

For the Three Months Ended

For the Six Months Ended

June 30,

2023

March 31,

2024

June 30,

2024

June 30,

2023

June 30,

2024

RMB

US$

RMB

US$

Loss from operations

(327,220)

(224,748)

(183,871)

(25,302)

(543,964)

(408,619)

(56,228)

Add:

Share-based compensation expenses

52,447

25,812

32,641

4,492

108,365

58,453

8,043

Amortization of intangible assets resulting from
business acquisitions

5,365

4,115

566

8,855

9,480

1,304

Adjusted loss from operations

(269,408)

(193,571)

(147,115)

(20,244)

(426,744)

(340,686)

(46,881)

Net loss

(279,066)

(165,796)

(80,595)

(11,092)

(458,038)

(246,391)

(33,905)

Add:

Share-based compensation expenses

52,447

25,812

32,641

4,492

108,365

58,453

8,043

Amortization of intangible assets resulting
from business acquisitions

5,365

4,115

566

8,855

9,480

1,304

Tax effects on non-GAAP adjustments

(1,069)

(756)

(104)

(1,669)

(1,825)

(251)

Adjusted net loss

(222,323)

(135,688)

(44,595)

(6,138)

(342,487)

(180,283)

(24,809)

View original content:https://www.prnewswire.com/news-releases/zhihu-inc-reports-unaudited-second-quarter-2024-financial-results-302229121.html

SOURCE Zhihu Inc.

Technology

Mox Breaks Even in Q1 2026 amid Strengthening Profitability Outlook, Launches Mox+ Wealth Solutions and Mox Invest Upgrades

Published

23 minutes ago

May 6, 2026

Bringing Wealth Within Reach of all in Hong Kong

HONG KONG, May 6, 2026 /PRNewswire/ — Mox Bank Limited (“Mox” or “the Bank”), on the back of delivering a financial breakeven quarter for Q1 2026, today announced the launch of Mox+. This wealth solution is engineered for Hong Kong’s young professionals and emerging affluent and will be a driver of sustainable profitability for the Bank. Mox+ combines wealth capabilities with curated lifestyle benefits, marking Mox’s evolution from everyday banking to a comprehensive wealth partnership.

The financial achievement was driven by robust momentum across all business lines and achieving a significant milestone demonstrates the success of the accessible business model which after 5 years is now used and valued by over 750,000 customers in Hong Kong.

Barbaros Uygun, CEO of Mox, said, “Achieving financial breakeven for the first quarter of 2026 on the back of a strong 2025 set of results, shows our direction of travel. We have the momentum to drive positive change, providing wealth opportunities to all in Hong Kong and do so in a profitable manner. Our client-centric business model is proving that it is the right one for sustainable profitability.

Our digital wealth management platform serves as a trusted partner for our over 750,000 customers at every stage of life, empowering them to manage their finances with confidence and unlock new possibilities. We are entering a new chapter of growth as we continue to expand our product portfolio and wealth management offerings, with the launch of Mox+ being one such initiative.”

He continued, “To support this evolution, we are evolving into an AI-native bank, doubling our operational capacity through a strategic human-bot partnership, equipping every staff member with a personalised AI assistant to deliver even greater service and efficiency.”

Mox+ members enjoy preferential fees and charges on Mox Invest and preferential pricing on foreign exchange, enhanced deposit rates (3.5% p.a. up to HKD5 million), as well as priority customer support and early access to experiences and new products. These benefits can be gained simply by maintaining an average daily balance of HKD 600,000 or above across all deposits and investments which will lead to automatic qualification for Mox+ for the following month. The programme integrates financial advantages with lifestyle benefits—including curated dining rebates, free hotel stays, Starbucks coffee vouchers, health benefits and exclusive member experiences—reflecting Mox’s belief that wealth building should be both strategic and rewarding.

Jayant Bhatia, Chief Business Officer of Mox, commented, “At Mox, we are dedicated to establishing the financial well-being of Hongkongers. Designed and tailored for Hong Kong’s young professionals and emerging affluent segment, which is underserved in Hong Kong, Mox+ offers solutions for daily savings and preferential wealth management service fees for long-term wealth creation as well as rewarding lifestyle benefits. This is strategically significant as one of our key initiatives to drive business growth and make Wealth Within Reach for Hongkongers.”

Throughout 2025, Mox has already strengthened its product portfolio with new solutions in Mox Invest. The Mox Invest platform saw trading volumes increasing to 2.4 times and assets under management (AUM) growing to 2.6 times that of last year. More than 10% of Mox customers have opened a Mox Invest account, reflecting strong demand for its wealth solutions driven by new products and services. In 2026, we will continue our momentum in launching new and innovative products and services and are already scaling up to serve the next generation of wealth builders in Hong Kong. Having already recently launched a crypto trading service, Mox Invest is set to introduce an IPO subscription service later this year.

The Bank has clear reasons for continuing to develop wealth management products. The “Wealth Behaviours: Insights into how individuals are saving and investing” survey conducted by Mox in collaboration with Ipsos revealed that Hongkongers continue to take a conservative approach to investing, with 63% of their liquid assets kept in cash and deposits – a trend that contributes to “cash drag” and limits potential wealth growth. More than two-thirds of respondents indicated they require an average of 5.6 months to save up to their desired investment threshold and typically delay investing their savings by a further 2.75 months on average, resulting in missed opportunities for long-term wealth accumulation[1]. This survey will continue as an ongoing research initiative to deepen our understanding of Hongkonger’s wealth management behaviours and enable the Bank to develop tailored solutions that puts wealth within reach.

After Mox was amongst the first wave of banks in Asia to offer a crypto trading service, Mox Invest now further offers One Click Investments (a simplified process for buying equities based on themes such as AI, technology, amongst others), Trading Signals, and gives customers access to professional fund strategies including Signature CIO funds developed in partnership between Standard Chartered Bank CIO office and Amundi. The Signature CIO funds offer four different type of funds based on individuals’ risk appetite which could be Conservative, Income, Balanced or Growth. Customers also have options amongst a wide range of funds offered by other world-class fund houses.

A Track Record of Rapid Scale and Adoption in the Last 5 Years

Since its launch in September 2020, Mox has brought to the market more than 15 market-first products or services and achieved significant scale with over 750,000 customers, reflecting the trust and growing preference of Hong Kong consumers for a seamless digital banking experience. To date, Mox customers have driven a cumulative spend of HKD70 billion, supported by a robust volume of 176 million card transactions and approximately 2 billion Asia Miles earned through Mox Card and other banking services. Its commitment to delivering tangible value to customers is further evidenced by the HKD2 billion distributed in cash rewards.

Beyond daily spending, Mox has become central to its customers’ financial lives, facilitating approximately 50 million outward FPS transfers and more than 5 million bill payments. As a preferred companion for travelers, the Mox Card has been used over 31 million times in overseas transactions, contributing to a total of 250 million app engagements as we continue to redefine digital banking for the Hong Kong community.

To learn more about Mox, please visit: mox.com.

About Mox Bank Limited (“Mox”)
Mox is a pioneering digital bank licensed in Hong Kong, and a registered institution (CE number: BNO808) powered by Standard Chartered in partnership with PCCW, HKT and Trip.com. Launched in September 2020, Mox is reimagining banking, unlock more of life’s possibilities, and setting global benchmarks for digital banking from Hong Kong.

Mox is well on track to be the number one digital bank for cards, lending and wealth. In 2026, it was awarded as Best Pure-Play Digital Bank for CX in Hong Kong and Outstanding Digital CX in Banking App/ Platform by The Digital Banker Digital CX Awards. It was also recognised as NeoBank of the Year, Retail Banking, Hong Kong and Best Retail Banking Experience, Hong Kong by The Asset Triple A Digital Finance Awards. In 2025, Mox is ranked as the number one digital bank in Hong Kong in Neobank Ranking 2025 by The Banker, a publication by Financial Times. It was also awarded the Best Digital Bank in Hong Kong by The Asian Banker for three consecutive years, and the Digital Bank of the Year in Hong Kong by Asian Banking & Finance for two years in a row. It was also recognised as one of Asia’s Top 5 mobile banking app and the number one Hong Kong digital banking app in Sia Partners’ 2025 International Mobile Banking Benchmark. Mox Credit Card held its position as the seventh-largest credit card portfolio among all retail banks in Hong Kong[2]. Through a scalable platform, lower cost-to-serve, top-notch customer experience and the unique promise of safe, simple, smart, and fun banking, Mox has found immense affinity among Hong Kong customers: Mox app is the top-rated Hong Kong digital banking app in Apple App Store in Hong Kong[3], scoring 4.8 out of 5. Mox’s influence extends beyond Hong Kong, as shown by the company’s technology and know-how being transferred to Trust Bank in Singapore.

Join us in shaping the future of banking.

Follow Mox on mox.com, Facebook, Instagram, Threads, LinkedIn and YouTube for our latest updates.

[1] The “Wealth Behaviours: Insights into how individuals are saving and investing” study was conducted in collaboration with Ipsos and it surveyed 2,500 working adults with a monthly household income above HKD15,000 in Hong Kong between August 2025 and April 2026.

[2] According to TransUnion’s Market Insights and Intelligence Dashboard (MIID) for the period from January to December 2025.

[3] As of the period from 28 January 2025 to 5 May 2026.

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SOURCE Mox Bank Limited

Technology

UK Students Recognised in National AI Investment Challenge

Published

23 minutes ago

May 6, 2026

University teams apply AI to real-world investment problems, with Lancaster University team taking the top prize.

LONDON, May 6, 2026 /PRNewswire/ — CFA Institute, the global association of investment professionals, has announced the winner of its inaugural AI Investment Challenge, with the top prize awarded to a student team from Lancaster University.

Some 28 teams from 15 universities took part in the competition.

Delivered by CFA Institute and CFA Society UK, the competition brought together students from universities across the United Kingdom to tackle real investment challenges using artificial intelligence. The focus was on practical application, responsible use, and real-world relevance.

Finalists came from Durham University, Heriot-Watt University, Lancaster University, University of Exeter, and University of Manchester.

Teams presented AI-powered solutions to a range of industry challenges, from assessing how carbon pricing affects portfolio values to analysing large volumes of company disclosures and extracting insights from company earnings calls. The winning team from Lancaster University impressed judges with its design of a Disclosure Degradation Detection System – an early-alert tool for analysts that monitors upstream exposure to disclosure risk by analysing company and supplier filings for increasingly vague, complex, or weakening language.

Peter Watkins, Head of University Relations, CFA Institute, said:

“It’s encouraging to see how quickly students can apply technical skills to real investment problems. The strongest teams combined solid analysis with a clear understanding of how AI can be used responsibly in practice. This reflects where the investment industry is heading, with professionals expected to use new technologies effectively while continuing to apply sound human judgement.”

Nick Bartlett, CFA, ASIP, Chief Executive, CFA Society UK, adds:

“It’s been great to see students from across the UK take part. Opportunities like this help people build practical skills, make connections in the industry, and gain confidence in applying what they’ve learned. Bridging that gap between education and industry is increasingly important, as the skills needed for a career in the investment profession continue to evolve.”

The winning team members from Lancaster University are Connor O’Keeffe, Ebro Dossajee, and Bradley McCann.

Connor O’Keeffe, speaking on behalf of the winning team, said:

“The CFA Institute AI Investment Challenge gave us the chance to work on a real investment problem and engage directly with industry professionals. Presenting our work and receiving feedback has been invaluable, and we’re proud to bring first place back to Lancaster. It’s been a great experience for the whole team.”

Steve Young, Professor of Accounting at Lancaster University Management School, commented:

“The AI Investment Challenge is a fabulous initiative from CFA Institute that helps students formulate and execute artificial intelligence solutions to assist investment analysis professionals, and we are thrilled that Brad, Connor, and Ebro have been able to make such a positive contribution to the competition. Congratulations to all teams involved and thank you to CFA Institute and CFA Society UK for organising such an inspiring event.”

The competition was judged on practical relevance, quality of analysis, innovation in the use of AI, responsible use of technology, and clarity of presentation. The final was judged by a panel of six investment industry professionals based in the UK.

University representatives and students can opt-in to be the first to hear about future AI Investment Challenge events via Information Waitlist.

Notes to Editors

The AI Investment Challenge was held on Thursday 30 April 2026 in London.

First, second, and third-place teams received prizes of £2,000, £1,200, and £800, respectively. In addition, all finalist team members received a CFA Program Access Scholarship and the opportunity to showcase their work on CFA Institute platforms.

More information about the AI Investment Challenge is available here: CFA Institute AI Investment Challenge.

About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn, and subscribe on YouTube.

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Technology

Huawei SPN Helps Yunnan Power Grid Build a Next-Gen High-Speed Bearer Network

Published

23 minutes ago

May 6, 2026

KUNMING, China, May 6, 2026 /PRNewswire/ — As a key energy hub in Southwest China, Yunnan Power Grid Co., Ltd. (Yunnan Power Grid) is tasked with large-scale clean energy transmission and smart grid development. However, the region’s complex terrain and long transmission lines have made this transformation challenging, rendering the digital and intelligent upgrade increasingly urgent. The explosion of production data and the rise of complex service scenarios further amplify this urgency, imposing ever-stricter requirements on the underlying communication bearer network.

Network Transport Challenges in the Digital and Intelligent Transformation of the Power Industry
To tackle these issues, Yunnan Power Grid has chosen SPN to drive the evolution of its next-gen bearer network, incorporating it into both the 14th and 15th Five-Year Plans. The company has progressively rolled out the technology on a large scale across 16 cities, laying a communication foundation for the next two decades. In this strategic upgrade of electric power services, Huawei has emerged as a key partner.

Dual Dividends: Ultimate Experience and Long-Term Value
Since the pilot in 2022, SPN has evolved from a technical trial to a standard architecture across Yunnan Province. With SPN now being deployed in Zhaotong and Pu’er, the full value of the next-gen bearer network is being unleashed.

First, the bandwidth bottleneck has been resolved. The next-gen SPN bearer network resolves bandwidth bottlenecks by breaking the 155 Mbit/s–10 Gbit/s capacity limit. SPN devices boost access layer (substations, power stations, customer centers) bandwidth to 1 Gbit/s, meeting China Southern Power Grid standards. Aggregation and core layers scale up to 50 Gbit/s or 100 Gbit/s based on site and service size. The solution enables 10 Mbit/s fine-granularity hard pipes for end-to-end isolation of power private lines, supporting high-bandwidth services like transmission video surveillance and ensuring smooth evolution.

Second, the bandwidth upgrade has significantly improved inspection and maintenance efficiency. Huawei’s SPN solution enables real-time SLA monitoring (latency, packet loss) and fault localization within minutes, cutting maintenance costs linked to SDH equipment failures. At Qujing Power Supply Bureau, single inspection time dropped from 30 to 3 minutes, and full-cycle maintenance from over 7 hours to 21 minutes. The O&M center now detects major defects 15 days earlier via preset monitoring points. Over six months, site visits fell from 112 to 61—a 45.54% reduction.

Third, the intelligence level of service transport has been greatly improved. Huawei’s SPN solution supports diverse electric power services—from latency-sensitive teleprotection and dispatching to high-traffic video—with reliable transmission. Using FlexE hard and soft slicing, it ensures rigid isolation between services while enhancing bandwidth reuse. IPv4/IPv6 dual stack enables flexible local forwarding and easy IoT access, such as transmission line monitoring and source-grid-load-storage integration.

Finally, SPN provides long-term investment protection. The evolution to 25 Gbit/s to 400 Gbit/s rates can be supported through low-cost upgrades, avoiding repeated construction.

For detailed solutions, please visit our official website:
https://e.huawei.com/en/case-studies/industries/grid/202604-yunnan-power-grid-spn

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