500.com Limited Announces Unaudited Financial Results For the Fourth Quarter and Full Year ended December 31, 2019
SHENZHEN,China,Feb. 28,2020 -- 500.com Limited (NYSE: WBAI) ("500.com," "the Company," "we," "us," "our company," or "our"),a leading online sports lottery service provider in China,today reported its unaudited financial results for the fourthquarter and full year ended December 31,2019.
Suspension of Online Sports Lottery Sales in China
All provincial sports lottery administration centers to which the Company provided sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales (the "Self-Inspection Notice"),which was jointly promulgated by the Ministry of Finance,the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15,2015. In response to the Self-Inspection Notice,on April 4,2015,the Company decided to voluntarily suspend all online lottery sales services. As a result of the provincial sport lottery administration centers' decision to suspend accepting online lottery orders and the Company's voluntary suspension of all online sports lottery sales services in China,the Company has not generated any revenue from these services since April 2015.
Temporary Suspension of Operations in Sweden
The Multi Group ("TMG"),a Malta-based subsidiary of the Company,has temporarily suspended its operations in Sweden as TMG did not complete the renewal of its e-Gaming license before it expired. The Company has promptly issued 6-K report on January 13,2020 and provided information update through 6-K report on February 20,2020. TMG has submitted all the application materials and is in close communication with Sweden's eGaming regulatory authority to complete the renewal process as quickly as possible. The Company's revenues during the first quarter of 2020 have been materially and adversely impacted by the temporary suspension of TMG's operations in Sweden. Revenue generated by TMG accounted for approximately 89.7% of the Company's total net revenues during the fiscal year ended December 31,2019,of which approximately 61.3% was generated from Sweden.
FourthQuarter 2019Highlights
Net revenues were RMB8.6 million (US$1.2 million),compared with net revenue of RMB9.8 million for the third quarter of 2019,and net revenue of RMB27.2 million for the fourth quarter of 2018.
Operating loss was RMB298.7 million (US$42.9 million),compared with operating loss of RMB98.4 million for the third quarter of 2019,and operating loss of RMB95.3 million for the fourth quarter of 2018.
Non-GAAP[1] operating loss was RMB60.1 million (US$8.6 million),compared with non-GAAP operating loss of RMB52.3 million for the third quarter of 2019,and non-GAAP operating loss of RMB70.1 million for the fourth quarter of 2018.
Net loss attributable to 500.com was RMB307.9 million (US$44.2 million),compared with net loss attributable to 500.com of RMB95.8 million for the third quarter of 2019,and net loss attributable to 500.com of RMB247.7 million for the fourth quarter of 2018.
Non-GAAP net loss attributable to 500.com was RMB64.5 million (US$9.3 million),compared with non-GAAP net loss attributable to 500.com of RMB49.7 million for the third quarter of 2019,and non-GAAP net loss attributable to 500.com of RMB93.2 million for the fourth quarter of 2018.
Basic and diluted losses per ADS were RMB7.16 (US$1.03).
Non-GAAP basic and diluted losses per ADS were RMB1.50 (US$0.22).
[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses,impairment of
acquired intangible assets,impairment of goodwill,impairment of equity investments and deferred tax benefit
relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial
measures are set forth in the table at the end of this release.
Full Year 2019Highlights for Continuing Operations
Net revenues were RMB39.7 million (US$5.7 million),compared with net revenues of RMB126.1 million for full year 2018.
Operating loss was RMB634.4 million (US$91.1 million),compared with operating loss of RMB344.5 million for full year 2018.
Non-GAAP operating loss was RMB243.6 million (US$35.0 million),compared with non-GAAP operating loss of RMB235.9 million for full year 2018.
Net loss attributable to 500.com was RMB636.4 million (US$91.4 million),compared with net loss attributable to 500.com of RMB462.9 million for full year 2018.
Non-GAAP net loss attributable to 500.com was RMB240.8 million (US$34.6 million),compared with non-GAAP net loss attributable to 500.com of RMB225.0 million for full year 2018.
Basic and diluted losses per ADS were RMB14.85 (US$2.13).
Non-GAAP basic and diluted losses per ADS were RMB5.62 (US$0.81).
FourthQuarter 2019Financial Results
Net Revenues
Net revenues were RMB8.6 million (US$1.2 million) for the fourth quarter of 2019,representinga decrease of RMB18.6 million or 68.4% from RMB27.2 million for the fourth quarter of 2018 and a decrease of RMB1.2 million or 12.2% from RMB9.8 millionfor the thirdquarter of 2019. Net revenues during the fourth quarter of 2019 primarily consisted of RMB8.5 million (EUR1.1 million) in revenue contribution fromthe Company's online lottery betting and online casino in Europe through TMG,which accounted for 98.8% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of RMB13.8 million associated with TMG's website migration in connection with the conversion of its Swedish licenseat the beginning of 2019which required users to re-register their accounts and resulted in a decrease in users,and a decrease of RMB4.8 million associated with the ceased operations of sports information services in China in March 2019.
Operating Expenses
Operating expenses were RMB84.1 million (US$12.1 million) for the fourth quarter of 2019,representing a decrease of RMB39.5 million or 32.0% from RMB123.6 million for the fourthquarter of 2018,and an increase of RMB4.9 million or6.2%from RMB79.2 million for the thirdquarter of 2019. The year-over-year decrease wasmainly due to a decrease of RMB10.0 million in share-based compensation expenses associated with share options granted to the Company's employees,a decrease of RMB8.7 million in marketing and promotional expenses relating to a change in TMG's marketing strategy,a decrease of RMB7.5 million in expenses for employees,a decrease of RMB4.4 million in consulting expenses,a decrease of RMB3.2 million in travelling expenses,a decrease of RMB3.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations,a decrease of RMB2.5 million in lottery insurance costs,a decrease of RMB1.5 million in depreciation and amortization associated with leasehold improvements,a decrease of RMB1.4 million in account handling expenses,a decrease of RMB1.0 million in rental expenses and a decrease of RMB0.8 million in server hosting costs,which were partially offset by an increase of RMB5.9 million in bad debt provision of receivables. The sequential increase was mainly due to an increase of RMB5.7 million in bad debt provision of receivables and an increase of RMB4.7 million in expenses for employees,which were partially offset by a decrease of RMB1.4 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations,a decrease of RMB1.1 million in lottery insurance costs,a decrease of RMB1.1 million in rental expenses,a decrease of RMB0.7 million indepreciation associated with physical sales terminalsand a decrease of RMB0.7 million in regulatory and compliance fees.
Cost of services was RMB12.2million (US$1.8million) for the fourth quarter of 2019,representing a decrease of RMB8.4 million or40.8%from RMB20.6million for the fourthquarter of 2018,and a decrease of RMB3.9 million or24.2%from RMB16.1million for thethirdquarter of 2019. The year-over-year decrease wasmainly attributable toa decrease of RMB3.2 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations,a decrease of RMB1.4 million in account handling expenses and a decrease of RMB0.8 million in server hosting costs. The sequential decrease was mainly due to a decrease of RMB1.4 million in platform service costs for TMG associated with its reduction in online lottery and online casino operations,a decrease of RMB0.7 million in regulatory and compliance fees and a decrease of RMB0.7 million indepreciation associated with physical sales terminals.
Sales and marketing expenses were RMB9.1million (US$1.3million) for the fourth quarter of 2019,representing a decrease of RMB13.7 million or 60.1% from RMB22.8million for thefourthquarter of 2018,and a slight increase of RMB0.1 million or 1.1% from RMB9.0 million for the third quarter of 2019. The year-over-year decrease wasmainly attributable to a decrease of RMB8.7 million in marketing and promotional expenses relating to a change in TMG's marketing strategy,a decrease of RMB2.5 million in expenses for employees,a decrease of RMB1.3 million in share-based compensation expenses associated with share options granted to the Company's employees and a decrease of RMB0.6 million in travelling expenses.
General and administrative expenses were RMB50.9 million (US$7.3 million) for the fourth quarter of 2019,representing a decrease of RMB13.1 million or 20.5%from RMB64.0 million for the fourthquarter of 2018,and an increase of RMB7.8million or 18.1% from RMB43.1million for the thirdquarter of 2019. The year-over-year decrease was mainly due to a decrease of RMB6.5 million inshare-based compensation expenses associated with share options granted to the Company's employees,a decrease of RMB4.2 million in consulting expenses,a decrease of RMB3.8 million in expenses for employees,a decrease of RMB2.4 million in travelling expenses anda decrease of RMB1.3 million indepreciation and amortization associated with leasehold improvements,which were partially offset by an increase of RMB5.9 million in bad debt provision of receivables. The sequential increase was mainly due to an increase of RMB5.7 million in bad debt provision of receivables andan increase of RMB2.4 million in expenses for employees,which were partially offset by a decrease of RMB0.5 million in rental expenses.
Service development expenses were RMB11.9million (US$1.7 million) for the fourth quarter of 2019,representing a decrease of RMB4.2 million or 26.1% from RMB16.1 million for the fourth quarter of 2018,and a slight increase of RMB0.8 million or 7.2%from RMB11.1million for the thirdquarter of 2019. The year-over-year decrease was mainly due toa decrease of RMB2.2 million in share-based compensation expenses associated with share options granted to the Company's employees,a decrease of RMB1.2 million in expenses for employees and a decrease of RMB0.6 million in rental expenses. The sequential increase was mainly due to an increase of RMB1.7 million in expenses for employees,which was partially offset by a decrease of RMB0.6 million in rental expenses.
Impairmentsof Goodwill and Acquired Intangible assets
The impairments of goodwill and acquired intangible assets were related to the Company's acquisition of TMG,which were triggered by the TMG's temporary suspension of operations in Sweden.
Impairment of goodwill was RMB41.6 million (US$6.0 million) for the fourth quarter of 2019. Impairment of goodwill was RMB30.9 million for the third quarter of 2019 and there was no impairment of goodwill for the fourth quarter of 2018.
Impairment of acquired intangible assets was RMB181.8 million (US$26.1 million) for the fourth quarter of 2019. There was no impairment of acquired intangible assets for the fourth quarter of 2018 and for the third quarter of 2019.
Operating Loss
Operating loss was RMB298.7 million (US$42.9 million) for the fourth quarter of 2019,compared with operating lossof RMB95.3million for thefourthquarter of 2018,and operating loss of RMB98.4 million for the thirdquarter of 2019. The year-over-year increase was mainly due to an impairment provision of RMB181.8million provided for acquiredintangible assets and an impairment provision of RMB41.6 million provided for goodwill during the fourth quarter of 2019,while no such impairment provision was recorded for the fourth quarter of 2018. The sequential increase was mainly due to an impairment provision of RMB181.8 million provided for acquiredintangible assets and an impairment provision of RMB41.6 million provided for goodwill during the fourth quarter of 2019,compared with an impairment provision of RMB30.9 million provided for goodwill during the third quarter of 2019.
Non-GAAP operating loss was RMB60.1 million (US$8.6 million) for the fourth quarter of 2019,compared with non-GAAP operating lossof RMB70.1million for thefourthquarter of 2018,and non-GAAP operating loss of RMB52.3million for the thirdquarter of 2019.
Net LossAttributable to 500.com
Net loss attributable to 500.com was RMB307.9million (US$44.2 million) for the fourth quarter of 2019,compared with net lossattributable to 500.com of RMB247.7million for thefourthquarter of 2018,and net loss attributable to 500.com of RMB95.8 millionfor the thirdquarter of 2019. The year-over-year increase was mainly due to an impairment provision of RMB181.8million provided for acquiredintangible assets,an impairment provision of RMB41.6 million provided for goodwilland an impairment provision of RMB12.4 million provided for long-term investment during the fourth quarter of 2019,compared with an impairment provision of RMB149.9 million provided for long-term investment during the fourth quarter of 2018,a decrease of RMB18.6 million in revenue,which was partially offset by a decrease in operating expenses of RMB39.5 million. The sequential increase was mainly due to an impairment provision of RMB181.8million provided for acquiredintangible assets and an impairment provision of RMB41.6 million provided for goodwill during the fourth quarter of 2019,compared with an impairment provision of RMB30.9 million provided for goodwill during the third quarter of 2019,and an impairment provision of RMB12.4 million provided for long-term investment during the fourth quarter of 2019,while no such impairment provision provided for the third quarter of 2019.
Non-GAAP net loss attributable to 500.com was RMB64.5 million (US$9.3 million) for the fourth quarter of 2019,compared with non-GAAP net lossattributable to 500.com of RMB93.2million for the fourthquarter of 2018,and non-GAAP net lossattributable to 500.com of RMB49.7 million for thethirdquarter of 2019.
Full Year2019Financial Results for Continuing Operations
Net revenues for full year 2019 were RMB39.7million (US$5.7million),representing a decreaseof RMB 86.4 million or 68.5% from RMB126.1 million for full year 2018. The year-over-year decrease was mainly attributable to TMG's website migration in connection with the conversion of its Swedish licenseat the beginning of 2019 which required users to re-register their accounts and resulted ina decrease of users,and the ceased operation of sports information services in China in March 2019.
Operating loss for full year 2019 was RMB634.4million (US$91.1million),including the impairment of acquiredintangible assets of RMB181.8 million and the impairment of goodwill of RMB129.8 million,representing anincrease ofRMB289.9million or84.2% fromRMB344.5 million forfull year 2018.
Non-GAAP operating loss for full year 2019 was RMB243.6 million (US$35.0 million),representing an increase of RMB7.7 million or 3.3% from RMB235.9 million for full year 2018.
Net loss attributable to 500.com for full year 2019 was RMB636.4 million (US$91.4 million),representing an increaseof RMB173.5 million or 37.5% from RMB462.9 million for full year 2018.
Non-GAAP net loss attributable to 500.com for full year 2019 was RMB240.8 million (US$34.6 million),representing an increaseof RMB15.8 million or 7.0% from RMB225.0 million for full year 2018.
Cash and Cash Equivalents,Restricted Cash,Time Deposits and Short-term Investments
As of December 31,the Company had cash and cash equivalents of RMB361.5million (US$51.9million),restricted cash[2] of RMB4.3million (US$0.6 million) and time deposits[3] of RMB23.8 million (US$3.4 million),compared with cash and cash equivalents of RMB242.7million,restricted cash of RMB4.2 millionand time depositsof RMB165.4 million as of September 30,2019.
[2] Restricted cash represents: (i) government grants received but pending final clearance; and (ii) deposits in
Sata bank in Malta yet to be withdrawn.
[3] Time deposits represent deposits in commercial banks with original maturities of greater than three months
but less than a year.
Prepayments and Other Current Assets
As ofDecember 31,the balance of prepayment and other current assets was RMB38.7million (US$5.6million),compared with RMB53.5 million as of September 30,2019. The balance as of December 31,2019mainly included: (i) the current portion of deferred expenses of RMB2.7million (US$0.4million);(ii) receivables from third party payment providers of RMB5.2 million (US$0.7 million); (iii) deposit receivables of RMB1.2 million (US$0.2million); (iv) receivables of consideration from disposal of subsidiaries of RMB4.3 million (US$0.6million); (v) deductible value added input tax of RMB11.6 million(US$1.7million); and (vi) other receivables of RMB13.7million (US$2.0 million).
Business Outlook
The Company does not expect to issue any earnings forecast until it receives clear instructions as to the resumption date of online sports lottery sales from the Ministry of Finance.
Currency Convenience Translation
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted,all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.9618to US$1.00,as set forth in the H.10 statistical release of the Federal Reserve Board on December31,and all translations from Renminbi to Euros were made at the exchange rate of RMB7.7181to EUR1.00,which was the average of the month-end exchange rates as set forth in the statistical release of State Administration of Foreign Exchange at the end of each monthin 2019.
About 500.com Limited
500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services,information,user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China,and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center,which is the government authority that is in charge of the issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended,and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions,and relate to events that involve known or unknown risks,uncertainties and other factors,all of which are difficult to predict and many of which are beyond the Company's control,which may cause the Company's actual results,performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information,future events or otherwise,except as required under law.
About Non-GAAP Financial Measures
To supplement the Company's financial results presented in accordance with U.S. GAAP,the Company uses non-GAAP financial measures,which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in the Company's consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release,which provide more details on the non-GAAP financial measures.
Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of the Company's continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition,calculations of this non-GAAP financial information may be different from calculations used by other companies,and therefore comparability may be limited.
For more information,please contact:
500.com Limited
ir@500wan.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
500.com Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),except for number of shares)
December 31,
2018
December 31,
2019
December 31,
2019
RMB
RMB
US$
Audited
Unaudited
Unaudited
ASSETS
Current assets:
Cash and cash equivalents
435,133
361,520
51,929
Restricted cash
1,254
4,276
614
Time deposits
-
23,849
3,426
Short-term investments
100,000
-
-
Amounts due from related parties
-
10,401
1,494
Prepayments and other current assets
65,198
38,671
5,555
Total current assets
601,585
438,717
63,018
Non-current assets:
Property and equipment,net
97,195
64,112
9,209
Intangible assets,net
214,962
4,505
647
Deposits
5,152
5,381
773
Long-term investments
194,375
163,546
23,492
Right-of-use assets
36,607
5,258
Other non-current assets
3,563
1,894
272
Goodwill
129,752
-
-
Total non-current assets
644,999
276,045
39,651
TOTAL ASSETS
1,246,584
714,762
102,669
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accrued payroll and welfare payable
9,779
6,879
988
Accrued expenses and other current liabilities
88,149
51,398
7,383
Income tax payable
1,766
2,213
318
Operating lease liabilities - current
-
16,672
2,395
Total current liabilities
99,694
77,162
11,084
Non-current liabilities:
Long-term payables
4,196
2,965
426
Deferred tax liabilities
7,744
59
8
Operating lease liabilities - non-current
-
31,675
4,550
Total non-current liabilities
11,940
34,699
4,984
TOTAL LIABILITIES
111,634
111,861
16,068
Redeemable noncontrolling interest
29,388
29,388
4,221
Shareholders' Equity:
Class A ordinary shares,par value US$0.00005
per share,700,000,000 shares authorized as of
December 31,2018 and December 31,2019;
350,804,532 and 420,001,792 shares issued and
outstanding as of December 31,2018 and
December 31,respectively
121
145
21
Class B ordinary shares,par value US$0.00005
per share; 300,2019;
74,400,299 and 10,099 shares issued and
outstanding as of December 31,respectively
28
6
1
Additional paid-in capital
2,431,924
2,532,754
363,807
Treasury shares
(143,780)
(143,780)
(20,653)
Accumulated deficit
(1,309,424)
(1,945,814)
(279,499)
Accumulated other comprehensive income
137,736
144,263
20,722
Total 500.com Limited shareholders' equity
1,116,605
587,574
84,399
Noncontrolling interests
(11,043)
(14,061)
(2,019)
Total shareholders' equity
1,105,562
573,513
82,380
TOTAL LIABILITIES,NONCONTROLLING
INTEREST AND SHAREHOLDERS' EQUITY
1,669
500.com Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares,per share (or ADS) data)
Three Months Ended
Twelve Months Ended
December 31,
2018
September 30,
2019
December 31,
2018
December 31,
2019
RMB
RMB
RMB
US$
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Operating loss from continuing operations
(95,295)
(98,419)
(298,706)
(42,906)
(344,488)
(634,447)
(91,134)
Adjustment for share-based compensation expenses
25,209
15,175
15,181
2,181
108,628
79,275
11,387
Adjustment for Impairment of intangible assets.
-
181,845
26,120
-
181,120
Adjustment for impairment of goodwill
30,916
41,618
5,978
-
129,752
18,638
Adjusted operating loss from continuing operations (non-
GAAP)
(70,086)
(52,328)
(60,062)
(8,627)
(235,860)
(243,575)
(34,989)
Net loss attributable to 500.com Limited from continuing
operations
(247,726)
(95,789)
(307,868)
(44,223)
(462,917)
(636,390)
(91,412)
Net income attributable to 500.com Limited from discontinued
operations
-
-
-
-
11,244
-
-
Net loss attributable to 500.com Limited
(247,726)
(95,789)
(307,868)
(44,223)
(451,673)
(636,390)
(91,412)
Adjustment for share-based compensation expenses
25,387
Adjustment for Impairment of intangible assets.
-
-
181,120
Adjustment for impairment of goodwill
-
30,638
Adjustment for Impairment of equity investments
149,896
-
12,400
1,781
149,896
12,781
Adjustment for deferred tax benefit relating to valuation allowance
(20,617)
-
(7,669)
(1,102)
(20,617)
(7,102)
Adjusted net loss attributable to 500.com Limited from continuing
operations (non-GAAP)
(93,238)
(49,698)
(64,493)
(9,265)
(225,010)
(240,787)
(34,588)
Adjusted net income attributable to 500.com Limited from
discontinued operations (non-GAAP)
-
-
-
-
11,244
-
-
Adjusted net loss attributable to 500.com Limited (non-GAAP)
(93,238)
(49,698)
(64,493)
(9,265)
(213,766)
(240,787)
(34,588)
Losses per share attributable to 500.com Limited (non-GAAP)-
Basic and diluted
Net loss from continuing operations (non-GAAP)
(0.22)
(0.12)
(0.15)
(0.02)
(0.54)
(0.56)
(0.08)
Net income from discontinued operations (non-GAAP)
-
-
-
-
0.03
-
-
Net loss (non-GAAP)
(0.22)
(0.12)
(0.15)
(0.02)
(0.51)
(0.56)
(0.08)
Losses per ADS* attributable to 500.com Limited (non-GAAP)-
Basic and diluted
Net loss from continuing operations (non-GAAP)
(2.19)
(1.16)
(1.50)
(0.22)
(5.37)
(5.62)
(0.81)
Net income from discontinued operations (non-GAAP)
-
-
-
-
0.27
-
-
Net loss (non-GAAP)
(2.19)
(1.16)
(1.50)
(0.22)
(5.10)
(5.62)
(0.81)
Basic
425,005
429,365
429,761
429,761
418,292
428,305
428,305
Diluted
425,305
* American Depositary Shares,which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.
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