Technology

Youdao Reports Second Quarter 2024 Unaudited Financial Results

Published

2 years ago

August 22, 2024

HANGZHOU, China, Aug. 22, 2024 /PRNewswire/ — Youdao, Inc. (“Youdao” or the “Company”) (NYSE: DAO), an intelligent learning company with industry-leading technology in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial Highlights

Total net revenues were RMB1.3 billion (US$181.9 million), representing a 9.5% increase from the same period in 2023.
– Net revenues from learning services were RMB643.8 million (US$88.6 million), representing a 5.5% decrease from the same period in 2023.
– Net revenues from smart devices were RMB166.7 million (US$22.9 million), representing a 25.0% decrease from the same period in 2023.
– Net revenues from online marketing services were RMB511.2 million (US$70.3 million), representing a 68.4% increase from the same period in 2023.Gross margin was 48.2%, compared with 47.0% for the same period in 2023.

“In the second quarter, our financial performance was robust, with operating cash inflow reaching an all-time high and operating loss narrowing significantly year-over-year. Leveraging our advanced large language model capabilities and data advantages, we upgraded our college admission consultation services in Youdao Lingshi to AI-based College Admission Advisers, enhancing both the timeliness and personalization of our services. Driven by RTA (Real-Time API) and AI tools advertising, our online marketing services achieved record net revenues of RMB511.2 million in the second quarter, an increase of 68.4% year-over-year. AI-driven subscription services continued to expand, with the introduction of new applications, including Mr. P AI Tutor, marking a nearly 200% year-over-year increase of total sales in the second quarter. Overall, in the first half of this year, our strategic focus on digital content services, online marketing services, and AI-driven subscription services has yielded significant results, with major financial indicators showing year-over-year improvement,” said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao.

“Looking ahead, with our teams’ continued execution and barring unexpected market changes, we expect the business to achieve full-year positive operating income in the near future. Youdao’s strength lies in our unique ability to advance AI empowerment across business lines, combining technical strength with operational excellence. The rapid development of our online marketing and AI subscription services proves this and will continue to drive our growth. Our online courses, underpinned by high-quality content and differentiated services, are another pillar of our future growth. In the long term, the future of AI + education looks incredibly bright and we will strive to lead the charge,” Dr. Zhou concluded.

Second Quarter 2024 Financial Results

Net Revenues

Net revenues for the second quarter of 2024 were RMB1.3 billion (US$181.9 million), representing a 9.5% increase from RMB1.2 billion for the same period of 2023.

Net revenues from learning services were RMB643.8 million (US$88.6 million) for the second quarter of 2024, representing a 5.5% decrease from RMB680.9 million for the same period of 2023.

Net revenues from smart devices were RMB166.7 million (US$22.9 million) for the second quarter of 2024, representing a 25.0% decrease from RMB222.2 million for the same period of 2023, which was mainly attributable to the decreased unit price due to the change of product mix.

Net revenues from online marketing services were RMB511.2 million (US$70.3 million) for the second quarter of 2024, representing a 68.4% increase from RMB303.6 million for the same period of 2023. The year-over-year increase in revenues from online marketing services was primarily due to the increase in the sales of performance-based advertisements through third parties’ internet properties, which was driven by our continued investments in cutting-edge AI technology.

Gross Profit and Gross Margin

Gross profit for the second quarter of 2024 was RMB636.8 million (US$87.6 million), representing a 12.3% increase from RMB567.2 million for the same period of 2023. Gross margin was 48.2% for the second quarter of 2024, compared with 47.0% for the same period of 2023.

Gross margin for learning services was 60.0% for the second quarter of 2024, compared with 57.4% for the same period of 2023.

Gross margin for smart devices was 30.3% for the second quarter of 2024, compared with 35.8% for the same period of 2023. The decrease was mainly attributable to a lower revenue base of smart devices.

Gross margin for online marketing services was 39.1% for the second quarter of 2024, compared with 31.9% for the same period of 2023. The increase was mainly attributable to the improved gross margin profile of performance-based advertisements through third parties’ internet properties compared with the same period of last year.

Operating Expenses

Total operating expenses for the second quarter of 2024 were RMB709.3 million (US$97.6 million), compared with RMB856.3 million for the same period of last year.

Sales and marketing expenses for the second quarter of 2024 were RMB515.7 million (US$71.0 million), representing a decrease of 12.2% from RMB587.7 million for the same period of 2023. This decrease was attributable to the reduced marketing expenditures and outsourcing labor service fees in learning services in the second quarter of 2024.

Research and development expenses for the second quarter of 2024 were RMB153.0 million (US$21.1 million), representing a decrease of 25.4% from RMB205.1 million for the same period of 2023. The decrease was primarily due to the decreased headcount for research and development employees, leading to payroll savings in the second quarter of 2024.

General and administrative expenses for the second quarter of 2024 were RMB40.6 million (US$5.6 million), representing a decrease of 36.1% from RMB63.6 million for the same period of 2023. The decrease was primarily due to decreased expected credit losses on our accounts receivables, as well as the decreased headcount for general and administrative employees, leading to payroll savings in the second quarter of 2024.

Loss from Operations

As a result of the foregoing, loss from operations for the second quarter of 2024 was RMB72.6 million (US$10.0 million), compared with RMB289.1 million for the same period in 2023. The margin of loss from operations was 5.5%, compared with 24.0% for the same period of last year.

Net Loss Attributable to Youdao’s Ordinary Shareholders

Net loss attributable to Youdao’s ordinary shareholders for the second quarter of 2024 was RMB99.5 million (US$13.7 million), compared with RMB299.2 million for the same period of last year. Non-GAAP net loss attributable to Youdao’s ordinary shareholders for the second quarter of 2024 was RMB96.0 million (US$13.2 million), compared with RMB283.6 million for the same period of last year.

Basic and diluted net loss per American depositary share (“ADS”) attributable to ordinary shareholders for the second quarter of 2024 was RMB0.85 (US$0.12), compared with RMB2.45 for the same period of 2023. Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders was RMB0.82 (US$0.11), compared with RMB2.32 for the same period of 2023.

Other Information

As of June 30, 2024, Youdao’s cash, cash equivalents, current and non-current restricted cash, time deposits and short-term investments totaled RMB568.5 million (US$78.2 million), compared with RMB527.1 million as of December 31, 2023. For the second quarter of 2024, net cash provided by operating activities was RMB250.2 million (US$34.4 million), capital expenditures totaled RMB3.8 million (US$0.5 million). Youdao’s ability to continue as a going concern is dependent on management’s ability to implement an effective business plan amid a changing regulatory environment, generate operating cash flows, and secure external financing for future development. To support Youdao’s future business, NetEase Group has agreed to provide financial support for ongoing operations. As of June 30, 2024, Youdao has received various financial support from the NetEase Group, including, among others, RMB878.0 million short-term loans, and US$126.5 million long-term loans with maturity dated March 31, 2027 drawn down under the US$300.0 million revolving loan facility.

As of June 30, 2024, the Company’s contract liabilities, which mainly consisted of deferred revenues generated from Youdao’s learning services, were RMB1.0 billion (US$142.9 million), compared with RMB1.1 billion as of December 31, 2023.

Share Repurchase Program

On November 17, 2022, the Company announced that its board of directors had authorized the Company to adopt a share repurchase program in accordance with applicable laws and regulations for up to US$20.0 million of its Class A ordinary shares (including in the form of ADSs) during a period of up to 36 months. This amount was subsequently increased to US$40.0 million in August 2023. As of June 30, 2024, the Company had repurchased a total of approximately 7.5 million ADSs for around US$33.8 million in the open market under the share repurchase program.

Conference Call

Youdao’s management team will host a teleconference call with simultaneous webcast at 6:00 a.m. Eastern Time on Thursday, August 22, 2024 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, August 22, 2024). Youdao’s management will be on the call to discuss the financial results and answer questions.

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong (toll free):

800-905-945

Hong Kong:

+852-3018-4992

Conference ID:

8395069

A live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.youdao.com.

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

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

8395069

About Youdao, Inc.

Youdao, Inc. (NYSE: DAO) is an intelligent learning company with industry-leading technology in China dedicated to developing and using technologies to provide learning content, applications and solutions to users of all ages. Building on the popularity of its online knowledge tools such as Youdao Dictionary and Youdao Translation, Youdao now offers smart devices, STEAM courses, adult and vocational courses, and education digitalization solutions. In addition, Youdao has developed a variety of interactive learning apps. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.

For more information, please visit: http://ir.youdao.com.

Non-GAAP Measures

Youdao considers and uses non-GAAP financial measures, such as non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders and non-GAAP basic and diluted net income/(loss) per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Youdao defines non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding share-based compensation expenses and impairment of long-term investments. Non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders enables Youdao’s management to assess its operating results without considering the impact of these items, which are non-cash charges in nature. Youdao believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company’s current operating performance and prospects in the same manner as management does, if they so choose.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial measures Youdao uses may differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability may be limited.

For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and non-GAAP Results” set forth at the end of this release.

The accompanying table has more details on the reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial measures. Youdao encourages you to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release 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. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. The announced results of the second quarter of 2024 are preliminary and subject to adjustments. 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:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: IR@rd.netease.com

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: youdao@thepiacentegroup.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: youdao@thepiacentegroup.com

YOUDAO, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(RMB and USD in thousands)

As of December 31,

As of June 30,

2023

2024

RMB

USD (1)

Assets

Current assets:

Cash and cash equivalents

454,536

500,811

68,914

Time deposits

277

282

Restricted cash

395

1,719

237

Short-term investments

71,848

62,501

8,600

Accounts receivable, net

354,006

393,111

54,094

Inventories

217,067

195,726

26,933

Amounts due from NetEase Group

26,117

68,104

9,371

Prepayment and other current assets

175,705

176,881

24,340

Total current assets

1,299,951

1,399,135

192,528

Non-current assets:

Property, equipment and software, net

70,906

59,513

8,189

Operating lease right-of-use assets, net

89,022

89,252

12,281

Long-term investments

51,396

77,469

10,660

Goodwill

109,944

15,129

Other assets, net

44,976

46,196

6,357

Total non-current assets

366,244

382,374

52,616

Total assets

1,666,195

1,781,509

245,144

Liabilities, Mezzanine Equity and Shareholders’ Deficit

Current liabilities:

Accounts payables

159,005

110,644

15,225

Payroll payable

282,679

194,622

26,781

Amounts due to NetEase Group

82,430

74,164

10,205

Contract liabilities

1,052,622

1,038,676

142,927

Taxes payable

52,781

47,482

6,534

Accrued liabilities and other payables

591,770

743,511

102,310

Short-term loans from NetEase Group

878,000

120,817

Total current liabilities

3,099,287

3,087,099

424,799

Non-current liabilities:

Long-term lease liabilities

49,337

42,265

5,816

Long-term loans from NetEase Group

630,360

905,553

124,608

Other non-current liabilities

16,314

16,879

2,323

Total non-current liabilities

696,011

964,697

132,747

Total liabilities

3,795,298

4,051,796

557,546

Mezzanine equity

37,961

38,532

5,302

Shareholders’ deficit:

Youdao’s shareholders’ deficit

(2,186,736)

(2,329,034)

(320,486)

Noncontrolling interests

19,672

20,215

2,782

Total shareholders’ deficit

(2,167,064)

(2,308,819)

(317,704)

Total liabilities, mezzanine equity and shareholders’ deficit

1,666,195

1,781,509

245,144

Note 1:

The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.2672 on the last
trading day of June (June 28, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

YOUDAO, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(RMB and USD in thousands, except share and per ADS data)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

2023

2024

2023

2024

RMB

USD (1)

RMB

Net revenues:

Learning services

680,920

717,996

643,762

88,585

1,413,341

1,361,758

Smart devices

222,157

181,198

166,722

22,942

434,906

347,920

Online marketing services

303,557

492,665

511,237

70,348

521,657

1,003,902

Total net revenues

1,206,634

1,391,859

1,321,721

181,875

2,369,904

2,713,580

Cost of revenues (2)

(639,459)

(710,356)

(684,942)

(94,251)

(1,200,879)

(1,395,298)

Gross profit

567,175

681,503

636,779

87,624

1,169,025

1,318,282

Operating expenses:

Sales and marketing expenses (2)

(587,651)

(455,440)

(515,711)

(70,965)

(1,152,856)

(971,151)

Research and development expenses (2)

(205,076)

(146,723)

(152,987)

(21,052)

(387,906)

(299,710)

General and administrative expenses (2)

(63,579)

(49,416)

(40,634)

(5,591)

(113,185)

(90,050)

Total operating expenses

(856,306)

(651,579)

(709,332)

(97,608)

(1,653,947)

(1,360,911)

(Loss)/Income from operations

(289,131)

29,924

(72,553)

(9,984)

(484,922)

(42,629)

Interest income

2,154

975

917

126

4,448

1,892

Interest expense

(17,087)

(20,334)

(20,816)

(2,864)

(32,850)

(41,150)

Others, net

5,730

2,892

(909)

(125)

12,108

1,983

(Loss)/Income before tax

(298,334)

13,457

(93,361)

(12,847)

(501,216)

(79,904)

Income tax (expenses)/benefits

(4,890)

1,028

(7,053)

(970)

(8,091)

(6,025)

Net (loss)/income

(303,224)

14,485

(100,414)

(13,817)

(509,307)

(85,929)

Net loss/(income) attributable to noncontrolling interests

4,065

(2,053)

939

129

5,795

(1,114)

Net (loss)/income attributable to ordinary shareholders of the Company

(299,159)

12,432

(99,475)

(13,688)

(503,512)

(87,043)

Basic net (loss)/income per ADS

(2.45)

0.11

(0.85)

(0.12)

(4.12)

(0.74)

Diluted net (loss)/income per ADS

(2.45)

0.10

(0.85)

(0.12)

(4.12)

(0.74)

Shares used in computing basic net (loss)/income per ADS

122,247,009

118,317,220

117,173,272

122,257,874

117,745,253

Shares used in computing diluted net (loss)/income per ADS

122,247,009

118,928,848

117,173,272

122,257,874

117,745,253

Note 1:

The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.2672 on the last trading day of June (June 28, 2024)
as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

Note 2:

Share-based compensation in each category:

Cost of revenues

1,049

778

727

100

2,308

1,505

Sales and marketing expenses

2,416

1,136

337

3,547

1,473

Research and development expenses

5,618

3,503

939

129

10,403

4,442

General and administrative expenses

3,261

2,479

1,506

208

6,582

3,985

YOUDAO, INC.

UNAUDITED ADDITIONAL INFORMATION

(RMB and USD in thousands)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

2023

2024

2023

2024

RMB

USD

RMB

Net revenues

Learning services

680,920

717,996

643,762

88,585

1,413,341

1,361,758

Smart devices

222,157

181,198

166,722

22,942

434,906

347,920

Online marketing services

303,557

492,665

511,237

70,348

521,657

1,003,902

Total net revenues

1,206,634

1,391,859

1,321,721

181,875

2,369,904

2,713,580

Cost of revenues

Learning services

290,155

264,759

257,482

35,431

568,280

522,241

Smart devices

142,544

122,060

116,274

16,000

271,132

238,334

Online marketing services

206,760

323,537

311,186

42,820

361,467

634,723

Total cost of revenues

639,459

710,356

684,942

94,251

1,200,879

1,395,298

Gross margin

Learning services

57.4 %

63.1 %

60.0 %

59.8 %

61.6 %

Smart devices

35.8 %

32.6 %

30.3 %

37.7 %

31.5 %

Online marketing services

31.9 %

34.3 %

39.1 %

30.7 %

36.8 %

Total gross margin

47.0 %

49.0 %

48.2 %

49.3 %

48.6 %

YOUDAO, INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(RMB and USD in thousands, except per ADS data)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

2023

2024

2023

2024

RMB

USD

RMB

Net (loss)/income attributable to ordinary shareholders of the Company

(299,159)

12,432

(99,475)

(13,688)

(503,512)

(87,043)

Add: share-based compensation

12,344

7,896

3,509

483

22,840

11,405

impairment of long-term investment

3,240

–

3,240

–

Non-GAAP net (loss)/income attributable to ordinary shareholders of the
Company

(283,575)

20,328

(95,966)

(13,205)

(477,432)

(75,638)

Non-GAAP basic net (loss)/income per ADS

(2.32)

0.17

(0.82)

(0.11)

(3.91)

(0.64)

Non-GAAP diluted net (loss)/income per ADS

(2.32)

0.17

(0.82)

(0.11)

(3.91)

(0.64)

View original content:https://www.prnewswire.com/news-releases/youdao-reports-second-quarter-2024-unaudited-financial-results-302228349.html

SOURCE Youdao, Inc.

Technology

Galaxy Digital Inc. Announces Pricing of $3.507 Billion of Senior Secured Notes

Published

36 minutes ago

July 24, 2026

NEW YORK, July 23, 2026 /PRNewswire/ — Galaxy Digital Inc. (NASDAQ: GLXY) (“Galaxy” or the “Company”), a global leader in digital assets and data center infrastructure, today announced that its indirect wholly owned subsidiary, Galaxy Helios Data Centers II LLC (the “Issuer”), has priced a $3.507 billion private offering (the “Offering”) of 9.875% senior secured notes due 2031 (the “Notes”). The Offering is expected to close on July 28, 2026, subject to market and other conditions.

The Issuer intends to use the net proceeds from the Offering to finance a portion of the development and construction of two buildings containing eight data halls with a combined total of 400 megawatts (“MW”) of utility capacity and 260 MW of critical IT capacity (the “Project”) to be built on an approximately 260-acre property in Dickens County, Texas and to fund debt service reserves.

The Notes will bear interest at a rate of 9.875% per annum payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027 and will mature on August 1, 2031. The Notes will amortize at a rate of 4.00% per annum of the original principal amount subject to adjustment, with amortization payments payable semi-annually with the first payment date to occur at least ten months after the completion of the Project.

The Notes will be fully and unconditionally guaranteed by Galaxy Helios II LLC, a wholly owned direct subsidiary of the Issuer (the “Guarantor”), and will constitute the senior secured obligations of the Issuer and the Guarantor. The Notes and related note guarantee will be secured by first-priority liens on (i) substantially all assets of the Issuer and the Guarantor, other than certain excluded property and (ii) all equity interests of the Issuer held by the direct parent company of the Issuer.

The Offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the Offering may be completed.

The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Galaxy

Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.63 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.

Forward Looking Statements

This press release includes forward-looking statements, including statements relating to the completion, size and timing of the Offering, the terms of the Notes and the intended use of proceeds. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements represent the Company’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the satisfaction of the closing conditions related to the Offering and risks relating to the Company’s business, including those described in periodic reports that the Company files from time to time with the SEC. The Issuer may not consummate the proposed Offering described in this press release and, if the proposed Offering is consummated, cannot provide any assurances regarding the final terms of the Offering or the Notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and the Company does not undertake to update the statements included in this press release for subsequent developments, whether as a result of new information, future events, or otherwise, except as may be required by law.

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SOURCE Galaxy Digital Inc.

Technology

The Finish Line that Changed China: Retracing the Long March to Yan’an

Published

36 minutes ago

July 24, 2026

BEIJING, July 23, 2026 /PRNewswire/ — A news report from China.org.cn on the Long March, and what it means for China today:

Every journey has a destination.

But some destinations become the beginning of something even greater.

This is Yan’an.

Over 90 years ago, an army of soldiers embarked from Yudu, Jiangxi Province, on a journey that would go down in history.

They crossed snow-capped mountains, vast grasslands and raging rivers, eventually arriving in northern Shaanxi.

Across this grueling 12,500-kilometer journey, they wrote a magnificent epic in human history with willpower and courage.

Here, their Long March came to a victorious end. But a new chapter of history was only beginning.

In Yan’an, the Red Army found time to recover and rebuild, and the Central Committee of the Communist Party of China regrouped, gathering strength for the next chapter.

Here, new ideas were debated, new strategies were shaped, and a vision for China’s future gradually took form.

Today, while preserving its revolutionary legacy, Yan’an has grown into a vibrant, modern city — with a greener environment, thriving industries and happier lives for its people.

Nearly 90 years ago, American journalist Edgar Snow came to northern Shaanxi, seeking to uncover a story that few outside China knew. He later chronicled it in his book “Red Star Over China,” which carried the story of the Long March to the world.

Today, people from around the world are once again retracing those steps.

As part of China International Communications Group (CICG)’s “Together on the Long March” international communication project, participants have spent more than a month retracing the route across six key regions.

From Jiangxi to Shaanxi, they followed the Red Army’s journey and witnessed the remarkable changes that have taken place along the way.

I asked them one simple question: What does this journey mean to you?

Zhavier Harris, marketing and communications manager at the Springfield Urban League, said conversations with local residents and descendants of the Red Army made history feel far more immediate than he had expected.

He said history isn’t as distant as we often think. “We’re only one or two generations from these great sacrifices that led to the development and the greatness that we see from the Communist Party of China and China as a whole.”

David Ferguson, honorary chief English editor at Foreign Languages Press under CICG and a recipient of the 2021 Chinese Government Friendship Award, said the journey deepened his understanding of the Long March.

He said the journey helped him understand not only the historical facts, but also what the Red Army endured. “If you see the Long March merely as a military campaign, it ended in Yan’an. But as a spirit, it has never truly come to an end.”

We came to retrace history. We leave with something more: a deeper understanding of China’s past, a clearer view of its present, and perhaps a greater appreciation for the stories that connect us across cultures.

Edgar Snow called the Long March “an Odyssey unequalled in modern times.” He believed that what sustained it was a flame — consisting of an undimmed ardor, an undying hope and an amazing revolutionary optimism.

Ninety years later, that flame still burns.

Passed down through generations, the spirit of the Long March continues to light China’s path forward.

And as it crosses borders and cultures, it offers the world a glimpse of a nation defined by resilience, perseverance and an enduring drive to move forward.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

The Finish Line that Changed China: Retracing the Long March to Yan’an
http://www.china.org.cn/video/2026-07/23/content_118614941.shtml

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SOURCE China.org.cn

Technology

Visa and Lianlian Advance Trusted B2B Agentic Commerce Through LoopXPay’s First Live B2B Agentic Transaction

Published

36 minutes ago

July 24, 2026

First live B2B agentic transaction in Greater China highlights how AI-enabled commerce can help SMBs streamline purchasing and payments, supported by Visa’s Agentic Directory for trusted AI agent interactions

SINGAPORE, July 24, 2026 /PRNewswire/ — Visa (NYSE: V), a global leader in digital payments, and Lianlian DigiTech Co., Ltd. (“Lianlian”), an AI-native global financial infrastructure provider, today announced the first live B2B agentic transaction completed using LoopXPay, Lianlian’s AI agent.

Small and medium sized businesses (SMBs) often lack dedicated procurement teams and spend valuable time sourcing, purchasing and making payments themselves. In the transaction, the LoopXPay agent was used to source a product sample from a supplier and complete the purchase in a single workflow. The agent identified the purchasing requirement, recommended suitable suppliers, compared options, placed the order and securely executed the payment within a single workflow, while operating within pre-defined spending controls and approval parameters.

The milestone highlights how AI-powered commerce experiences can help SMBs simplify purchasing and payment activities while maintaining appropriate controls and oversight. By enabling AI agents to operate within pre-defined spending parameters and approval controls, businesses can reduce manual effort while retaining visibility into commercial decision-making.

As AI agents become more involved in purchasing and payment activities, businesses will require confidence that transactions are being executed by verified participants, within approved parameters and with appropriate oversight. Capabilities aligned with Visa’s Trusted Agent Protocol can help provide the identity, transparency and controls needed to support these interactions.

As part of the collaboration, LoopXPay has been registered in Visa’s Agentic Directory, enabling participating businesses and merchants to identify verified AI agents within the ecosystem. Supporting the implementation of Visa’s Trusted Agent Protocol, the Agentic Directory helps provide greater transparency into agent-driven interactions and confidence that participating agents have met Visa’s requirements.

“AI-powered commerce experiences can help businesses simplify purchasing and payments while maintaining the controls and oversight they require,” said Darren Parslow, Global Head, Visa Commercial Solutions, Visa. “For SMBs, that means less complexity in managing day-to-day commercial activities and more time focused on growth. As businesses increasingly look to embed intelligence into purchasing and payment experiences, trust will become a critical enabler of adoption. Through our collaboration with Lianlian, we are helping advance the trusted foundations that businesses will need to participate in this next era of commerce with confidence.”

Building on this milestone, Visa and Lianlian are exploring how AI agents can support a broader range of commercial activities, including procurement, digital advertising optimisation and B2B platform payments, helping advance trusted commerce through greater efficiency, transparency and control.

Zhang Zhengyu, Founder, Chairman of the Board and CEO, Lianlian DigiTech, said, “AI is reshaping the entire commercial value chain, where a growing number of business activities will be autonomously executed by AI agents, with payments serving as the critical infrastructure connecting them to global commerce. Leveraging its experience in global cross-border payments, compliance, as well as payment network, LianLian is actively building AI-native financial infrastructure, delivering an integrated suite of capabilities for the Agent Economy, spanning identity verification, transaction authorisation, intelligent payment, and global fund settlement. Through this collaboration with Visa, we aim to combine Lianlian’s AI-native capabilities with Visa’s trusted global network and commercial payment expertise to help businesses transact more securely, intelligently and efficiently in an increasingly agent-driven commerce environment.”

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About Lianlian

Lianlian DigiTech Co., Ltd. (“Lianlian DigiTech” or “Lianlian”) was founded in 2009 and listed on the Main Board of the Hong Kong Stock Exchange in 2024 (stock code: 2598.HK). As China’s leading global provider of digital and intelligent payment services, Lianlian adheres to its mission of “Connecting the world, empowering global commerce” and pursues an “AI-Native + Globalization” strategy. The Company is committed to building a trusted global intelligent financial infrastructure, enabling seamless connectivity between Chinese enterprises and global businesses. As of now, Lianlian has established a global licensing portfolio comprising 68 payment licenses and related qualifications, and holds a VATP license issued by the Hong Kong SFC. It supports services in more than 200 countries and regions and enables transaction settlement in over 140 currencies, connecting over 180 global e-commerce platforms and serving a cumulative total of over 13.3 million customers. Learn more at www.lianlian.com.

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SOURCE Visa Worldwide Pte. Limited