Kandi Technologies (KNDI) Q2 2021 Earnings Call Transcript

Kandi Technologies (KNDI 8.11%)
Q2 2021 Earnings Call
Aug 09, 2021, 8:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Greetings. Welcome to Kandi Technologies second quarter 2021 financial results call. [Operator instructions] Please note, this conference is being recorded. At this time, I'll now turn the conference over to Kewa Luo.

You may now begin Kewa.

Kewa Luo -- Investor Relations

Thank you very much. Hello, everyone. Thank you all for joining us on today's conference call to discuss Kandi's results for the second quarter of year 2021. We issued a press release covering the results earlier today.

On the call with me today are Mr. Hu Xiaoming, chief executive officer; and Mr. Alan Lim, chief financial officer. Mr.

Hu will deliver prepared remarks in Chinese, which I will then translate. After that, we will have a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

Please note that unless otherwise stated, all figures mentioned during the conference call are in the U.S. dollars. With that, let me now turn the call over to our CEO, Hu Xiaoming. Go ahead, Mr.

Hu.

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Hello, everyone, and welcome to our conference call today. We're excited about second-quarter results. First and foremost, revenue was strong, driven primarily by growing sales in the intelligent mobility sector. Recall that the last year when COVID-19 broke out, we made a strategic decision to find new markets for our technology.

We identified the intelligent mobility sector has a great opportunity especially since we believe our technology is better than our peers for this application. Today, you can see the wisdom of this decision in our sales number of the second quarter.

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Of equal influence was the completion of the Jinhua Facility relocation, which entitles us to the final payments resulting in a significant increase in net income. This was a substantial inflow of cash, which we will deploy to grow our business. As a reminder in March 2020, we entered into this repurchase agreement with Xiaoshan Jinhua development zone. In the second quarter of this year, we patented our old property and returned it to Jinhua development zone on schedule.

We also completed the move into our new facility, thanks to the efforts of our team members. This funding will support our R&D and other efforts to capture new growth opportunities. We believe that with a solid strategy and government support our business can stimulate the local economy creating new jobs for the people. We are proud to operate in the socially responsible manner.

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Talking about growth opportunities. I mentioned in our first quarter conference call, that we see huge market potential in short-distance electric vehicles in China and UTVs in the U.S. market. We have been investing in R&D to further develop these two product lines and made progress in the second quarter.

In May, we announced our K32 premier fully enclosed electric four-wheel drive Utility Terrain Vehicles. Early prototypes were produced at our factory in Hainan, China. The fully enclosed cock-pit creates delightful comfort, not typical for UTV, including a building intelligent interruptive system, integrated infotainment and refreshing strong air conditioning, we intend to sell these K32 in the U.S. by the end of this year.

We will provide updates later this year.

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Last, but not least, I would like to update you on acquisitions. As you know, for our last call, we were looking for targets suited to Kandi's long-term development road map and who shares the same vision. In July, we closed the acquisition of Jiangxi Huiyi headquarters in Jiangxi, Xinyu even though they are not large, they are one of the leading battery cell products in the industry. Jiangxi Huiyi's core technology of lithium iron phosphate is among the industry's most advanced level, the acquisitions sets Kandi's vertical integration strategy and is a good channel to expand our battery sales footprint.

We will focus on EV and power battery for now, while keeping our eye on other consumer applications and acquisition targets that align with our strategies and long-term growth.

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Let's now start the Q&A session. And the CFO and I will answer your questions. Operator, please go ahead.

Questions & Answers:

Operator

Thank you. [Operator instructions] Our first question coming from the line of Walter Hill with Garden Company.

Unknown speaker

In recent announcements, Kandi's U.S., Kandi America has released both an electric mountain bike, the Trail King and a high-end air conditioned premium K32 UTV. My question. The electric mountain bikes are very hot items. Is the Trail King still being developed or is it available right now? And if so, what is the MSRP? And secondly, the PR stated that the K32 would be on the market later this year, and I believe Mr.

Hu just referred to that. The specs reported in the PR, such as a weight of over 5,000 pounds 18 feet long, but only a range of 60 miles seem confusing if not problematic. If it's over 5,000 pounds, it seemingly would be too heavy to toe. So the short range would seem problematic to get to the wilderness.

And what would the MSRP be for the K32? Thank you. 

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

OK. So first of all, the question about the electronic mountain bike. Our U.S. subsidiary, SC has indeed conduct the research of the marketing about the mountain bikes, and we noticed that this market is really hot indeed.

So currently, there are two models, one is for the adult market. Another one is for the children's market. Both models have already been developed and would be available through in the market. As for the first model for the adult market, the production is done and expected to be launched in the U.S.

market in September this year. As a matter of fact, it's available for customers to order at the moment already. So as for the adult model, the MSRP will be USD 3,599. As for the junior version means for the student model, the MSRP USD 2,099.

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

OK. So as for our model K32, that stat you mentioned, they are not finalized. As a matter of fact, we are still currently optimizing the K32 UTV. Our U.S.

subsidiary has been working on the market research and collecting the feedback from the market so that we can have certain parameters and the functions to be adjusted. But then we thought that usually, from our point of view, UTV the range should be fine for around 100 kilometers, which is roughly over 60 miles. So we believe that should be enough, although we are still trying to collect enough data so we can finalize all the parameters and the functions. So after all the parameters have and the functions to be finalized based on the market research, then we will come up with the final MSRP based on the adjustments.

So that should be it for your last two questions.

Unknown speaker

Thank you.

Operator

The next question is from the line of Mike Pfeffer with Oppenheimer.

Mike Pfeffer -- Oppenheimer & Co. Inc. -- Analyst

Thanks for taking my call. A few questions regarding full-speed passenger EVs in both China and the U.S. There have been several articles recently out in China that report a renewed interest by smaller EV companies to step into the ride-hailing business since DiDi's proprietary rider app has been at least temporarily restricted and likely going to have to be significantly modified. While Kandi has nothing to do with the rideshare app for the 300,000 government-accredited EV-only ride-hailing program, its partner Ruibo might be involved.

Is what happened to DiDi going to be a plus, minus or a nonevent for the program that Kandi will provide cars? And then I have a few other questions. Thanks. 

Kewa Luo -- Investor Relations

OK. So let me repeat your question to Mr. Hu. [Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

OK. So for Mr. Hu, that is definitely a positive to us. Our car hailing platform company, Ruiheng is involved in the whole market.

And because DiDi used to occupy over 80% or 90% of the whole market, which is rather a monopoly in the China PLC market. but now it's more open to different other platforms to involve in this business. So definitely it's positive to us.

Mike Pfeffer -- Oppenheimer & Co. Inc. -- Analyst

OK. Thank you. And then where does the overall program stand? And then I have a second question, please. Thank you. 

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

OK. So our accredited car hailing platform program is progressing in an orderly manner. And later this year, we plan to have a launch event about this program. So please stay tuned.

Mike Pfeffer -- Oppenheimer & Co. Inc. -- Analyst

OK. And then the kandiamerica.com website seems to now have under vehicles, both the K23 and K27, NEV plus, the K23 and K27 full road speed passenger car available for a deposit. Is this a sign that Kandi is close to releasing the new 2022 model passenger EVs for U.S. sales? And is this the reason there has not been an official grand opening for the new 60,000 square foot Dallas showroom bought by Kandi?

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

As for our new venue in Dallas, it's already in use. And due to the pandemic, we did not hold an official grand opening ceremony but then it's not correlated to any launch event of our upcoming models, it's definitely the pandemic that's why we didn't have the ceremony earlier of this year.

Mike Pfeffer -- Oppenheimer & Co. Inc. -- Analyst

OK. And then one last question. What is the status of the Kandi design new sports car costing Kandi close to $40 million in R&D this year?

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So as to your last question, the $40 million R&D expense as we spend this year is not solely about the sports car model. Indeed, apart from the sports car, we also invest our R&D amount into different other models such as UTV such as the compact, the EV models. So we expect, for example, the upgraded version of the K23 should be available by end of the year. So basically, our R&D for different models is progressing in an orderly manner.

Operator

Next question is from the line of Carl Share with Region Consulting.

Unknown speaker

Good morning or good evening, everybody. Regarding the hoverboard parts business, when Kandi first got into the sector late 2019. It was manufacturing the complete hoverboard for U.S. exports for Walmart and others.

As of last year, it appears Kandi saw its subsidiary was making parts and became a supplier to an assembler a few questions. Is Kandi still just making parts? Or is it still in the complete assembly business, b, referring to the parts are they just the battery, just the motor or both? And this Kandi be still on track for three million units to be delivered this year? Any idea or projection for next year already?

Kewa Luo -- Investor Relations

OK. Thank you for your question. [Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

OK. So regarding our company's hoverboard parts business. We are still primarily making the parts instead of the complete assembly business. As for the part, they are both the battery and the motors.

So finally, about our sales target. As you may know, last year, our company has sold over 500,000 pieces of the motors. And this year, our three million units motor target, we are underway to achieve and we are trying very hard to do so. Considering there are some constraints about the global shipping issues that maybe slowed down our sales a little bit.

However, we are our trying our very best to meet the three million unit motor sales target. And based on this fundamental, we expect the sales will be more for next year. And thank you for your question.

Unknown speaker

Thank you. Could I add another question to that, please?

Kewa Luo -- Investor Relations

Sure, please.

Unknown speaker

So for the third quarter, do you have any projections of how many units you will deliver for those hoverboards?

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So for this current quarter, the third quarter, we estimate the sales for the unit of the parts may probably as much as a one million unit of...

Unknown speaker

It's impressive. That's impressive. And touching on what Mike from Oppenheimer have already asked about DiDi it since DiDi it seems to be having obstacles in its continuing growth. Do you think this would help Kandi to roll out their QBX quick battery exchange model in any better speed than so far?

Kewa Luo -- Investor Relations

OK. You mean our models but not the whole -- you mean the battery swap system, right?

Unknown speaker

Yes. The QBX for the electric vehicles for the ride-hailing business.

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So as for your question, if that will help. Again, because of the constraint from the DiDi, it opens the market opportunity for different other car hailing platforms. Like us, we are primarily focused in the exchange battery car hailing platform. So that will help us, although it will take a while and take some time for such progress.

But definitely, it will help.

Unknown speaker

Thank you. 

Operator

Next question is from the line of Mark Kahnau with Swiss Liquid Future.

Kahnau Mark -- Swiss Liquid Future AG -- Analyst

Good morning. Good evening, everybody. My question has to do with Kandi's grossly undervalued share price. Despite the massive EV sector correction underway from early irrational enthusiasm for any company, toting EV affiliation at current price level.

There's only one company in the EV sector that stock is trading below quarter 1 2021 book value. Kandi, with $5.33 per share and that book value includes around $2.42 a share of cash and short-term investments. Visionary Kandi has no debt. The next closest is still trading over two times book value with an average of three to six times book.

likely the reason why in this current market environment, we have not heard of any EV company or their top management buying back their shares. In Kandi's case, a couple of years ago when it had negative working capital and a $3.50 a share book value, both the company and Mr. Hu, individually, bought open market shares at a high as mid-$5. Here's my question to Mr.

Hu. Does Mr. Hu think Kandi stock is a good buy at $5? And if so, will either Mr. Hu or Cash-rich, Kandi itself buy stocks at least below book value levels? Is buying under the book value is not a good deal for the company.

Why would any shareholder want to buy the stock here right higher?

Kewa Luo -- Investor Relations

Thank you for your question. [Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So as per question, Mr. Hu think that definitely, the Kandi stock is a good buy at $5. And depending on the upcoming market condition and situation, the company will definitely consider the issues related to the stock buyback at the appropriate timing. So basically, our whole consideration based on upcoming condition, and we will definitely consider in the appropriate time.

And thank you for your question.

Operator

My next question is from the line of Frank Blatterman, private investor.

Frank Blatterman -- Private Investor

Yes. As I understand it, the Jinhua factory is being used to manufacture all pro vehicles, battery and motor assemblies for hover boards as well as doing battery assembly for the electric vehicles. Is this correct and are automotive and controllers for electric vehicles being made at the Yongkang facility. Also are any automobiles presently being manufactured at the Hainan facility? And if so, how many per month? And then I'll have a second question when this is answered.

Kewa Luo -- Investor Relations

My question to confirm your summer -- our understanding is that you're asking about the products being made at our Hainan, Yongkang and Jinhua facilities. And if that's the case, what is about the monthly output and export plan from our high Hainan facilities. Is that your question?

Frank Blatterman -- Private Investor

Yes. That's basically it. What product...

Kewa Luo -- Investor Relations

We can answer your next question after the first input from Mr. Hu. [Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So as for your questions. Our Hainan facility, first of all, mainly manufactured the whole vehicles, such as the electric vehicles, like K23, K27 and our UTVs, the Utility Terrain Vehicles. And as for Yongkang facilities, it mostly manufactures the motor parts and the products. And as for Jinhua facilities, it mainly manufactured the battery packs, the ATVs and the equipment for the smart battery swap system and some other old products that we have in the past.

Frank Blatterman -- Private Investor

OK. And my second question, Google Earth is showing a major highway under construction from the Industrial Park in which the Kandi factory is located to the Seaport Haikou about 15 kilometers away. Do you have plans to hit from that port to other Southeast Asian countries or only to China and the U.S. at this time?

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Noted. So we definitely have a plan to have our sales expanded to the Southeastern Asian market in the future. Currently, we are working on some market research because of the demand and the regulation is different from the China and U.S. market.

So it will take us some time to finalize our research at those regions. And although our sales or the export will not have entirely relationship with the water port. The deep water port from the Haikou, but that will be handy for us to do so. But it's not really -- there's a definite correlation between the export and then the port at Haikou And hopefully, that address your questions.

Frank Blatterman -- Private Investor

Yes. How many vehicles to be manufactured right now, motor vehicles at the Hainan facility. That's a per month.

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

[Interpreted] Although our production capacity is quite large as our Hainan facilities. However, the different models is being on the production initiation process. So at the moment, our production is not in line with the capacity yet. So the figures is not -- is uncertain at the moment.

So for upcoming sales, you may refer to our financial statements to be released in the future timing. Thank you.

Frank Blatterman -- Private Investor

Thank you. 

Operator

Our next question is from the line of Urge Suresh with private investor. The next question is from Arthur Porcari with Corporate Strategies.

Arthur Porcari -- Corporate Strategies

Mr. Hu and all members of the company, there are pleasant surprise on the numbers today, though maybe not so surprising if people who've just been following what you've been saying the rest of the year. OK. My question is somewhat brief here because you've already kind of covered part of it in your opening.

About three weeks ago, the company announced the acquisition of Jiangxi Huiyi, a young lithium battery producer, which according to their own website. And by the way, they have a very nice website. I wish you would have put a link to it. Already has over 300 employees to improve 40-plus researchers and some 50 battery-related patents producing, as you did say in your press release, I think, 90 million batteries a year.

Most important though, correct me if I'm wrong, but this brings the coveted China battery manufacturers license along with it, which I don't believe that Kandi had up to this point. Plus the company's website is loaded with awards in just a few years since it started in 2016. What's amazing is how Kandi was able to acquire this gem so cheap for a price of only $7.7 million in cash. And what appears to be by contract that you have on your SEC side, a strict 3-year earn-out, which they could get up to 2.5 billion Kandi shares, but would require a minimum annual net profit contribution of $2.3 million each year, including this year or else each year they miss, they lose a third of the $2.5 million.

With that said, a couple of questions. Will Jiangxi be joined in the recently formed battery subsidiary, along with Jinhua Ankao and Yongkang Scrou, which is the sub you intend to spin off as a separate trading entity as previously announced? And I'll ask two parts, four questions here, but I'll put the second one, too, about how much revenues is Jiang expected to generate this year for the balance of this year? The first part of my questions.

Kewa Luo -- Investor Relations

OK. [Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So as for your question, the newly acquired company, Jiangxi Huiyi will not be joined into the recent list on company. which is the Zhejiang Smart Battery Swap Technology Company Limited, which include our timer office subsidiary, Ankao Energy Co. And of course, the Zhejiang Smart Battery Swap Technology come limited. We plan to list on the China import market ongoing.

And as for the Jiangxi, it would not be part of this plan. However, we have a strong belief in the upcoming future of Jiangxi Huiyi. In about three to four years, based on the expansion of the production capacities, we believe that it will manage to be listed in the main board market in China individually in the future. And as for the revenue expected to be generated in this year, we expect that the total revenue for this year is roughly around RMB 250 million.

Arthur Porcari -- Corporate Strategies

OK. which is, let's see, if we do a quick calculation about USD 40 million?

Kewa Luo -- Investor Relations

Yes. More or less USD 40 million.

Arthur Porcari -- Corporate Strategies

Which is more than the total revenues that Kandi itself has. So from this quarter on, we're going to finally see some serious revenues coming into Kandi. And the company you just were able to acquire for $7.7 million in cash and promising profitability even so far as to have their own CEO, put a quote in the press release, which, by the way, the press release on their website is even more bullish about the acquisition. But let me move on.

OK. How soon before Jiangxi Huiyi will be expanding its current battery line for the announced current 18650 lithium ion rechargeable cells to actual road certified EV batteries. And the second part of that, you kind of somewhat answered this already. Speaking of the battery spin-off, what's the latest intentions for bringing public the actual subsidiary, the first subsidiary.

Now it looks like you may be doing two subsidiaries, which is great. It's been in them off. But this first one. I need to repeat that if I got confused on it, too.

The main question is, again, how soon before Jiangxi Huiyi will be expanding its battery line from the 18650 small charges to actually road certified EV batteries for railcars? And speaking of the battery spin-off, what's the latest intention such as timing for the public battery subsidiary spin-off?

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

As for your -- the first question in the time section, it would take roughly half a year to expand the battery line from the current 18650 lithium ion rechargeable cells to the actual road certified EV batteries, so roughly half a year. As for the second question, the purpose and intention to bring our battery subsidiary go public, of course, it will expedite and promote our company's development and operation in the future.

Arthur Porcari -- Corporate Strategies

OK. I just -- these were -- just a couple of follow-ups on stuff. These have already been said or appeared in the numbers that came out today. I can easily see why this is the first time you guys asked this question a lot about the company buying back shares or he himself.

A few times in the past, he's given a similar type of announcement he actually has bought stock either for himself and/or the company. So -- but I could see why earlier one of the questioners made the comment about how undervalued we were, and talked about having about $2.45 a share in cash in the company. According to the numbers you just put out today, it jumped to $3.90 per share of cash and the book value jumped to $5.76 per share. Now that's pretty impressive numbers considering we're grossly trading under book value considerably.

And then to tie all that in, you got an analyst out there that estimated that we're going to do about $20 million in revenues this year, which was easily beat by over 50%, but was estimating for this quarter to lose $0.18 a share. I think that's because the company doesn't give guidance. And it's hard to get analysts to come on board a stock until the company is willing to at least commit to some type of a number, so they don't create an embarrassment, like this analyst probably has just been hit with. I mean even without the extraordinary, we blew away our numbers easily.

So any comment on that. And he was the Chief Financial Officer as well.

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So as for a question, well, our company's model is always trying to do our best in our own operations or probably we have not paid too much attention or exposure to different market analysts, even though we are working with some. However, probably the communication may not suffice in the past. So we will try to do better communication with different parties in the market ongoing. That will be our plan.

Arthur Porcari -- Corporate Strategies

OK. Just really just short one here. You mentioned the K23 later this year in a subsequent question, not in the question that kind of alluded to releasing it into the U.S. market just for clarification purposes to those that don't understand, the K23 is the U.S.

car. And I believe it's for U.S. and China, but are you talking about the K23 release this year for China? Or are you talking about the K23 later this year for the U.S. market or both?

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

So apart from asking for the clinical area, we actually meant the K32 may be confusing. But K32, that's the UTV we have finished on developing, and we plan to promote the sales and launch the K32 model in the U.S. market. this UTV basically is for the U.S.

market, and we plan to launch by the end of the year.

Arthur Porcari -- Corporate Strategies

OK. Just one last comment. Earlier on this quality of this conference call has been very poor. At least it has been for me.

A lot of times I can't even hear either side of it, as just going blank. If that's the way it is across the board, apparently, you all can hear it then I think you should go back to doing your own transcripts again because I can't even imagine what this transcript is going to look like, if Seekingalpha is left alone to just be the only provider of this. So for the few extra minutes involved and taking the automated transcript, I think you really should go back to the company version of the transcript as well. And with that, I will just say it was a great quarter and it looks like the rest of the year is going to look pretty strong as well.

Hopefully, the analysts will realize it and give the major upgrade it deserves. And great job.

Kewa Luo -- Investor Relations

[Foreign language]

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Mr. Hu would like to thank you again for your comment and question. As for the transcript, we will consider that ongoing and how to adjust to a better version to be circulated online. And thanks again for your question and comment and your support.

Operator

We've reached end of our question-and-answer session, and I'll hand the floor back to management for closing remarks.

Xiaoming Hu -- Chief Executive Officer

[Foreign language]

Kewa Luo -- Investor Relations

Thank you again for attending today's conference call. We are confident that we are going closer to the multiple targets spreading over EV product, battery swap business and the market expansion. I look forward to sharing with you more positive news in our next call. This concludes our call today.

Thank you very much.

Operator

[Operator signoff]

Duration: 65 minutes

Call participants:

Kewa Luo -- Investor Relations

Xiaoming Hu -- Chief Executive Officer

Unknown speaker

Mike Pfeffer -- Oppenheimer & Co. Inc. -- Analyst

Kahnau Mark -- Swiss Liquid Future AG -- Analyst

Frank Blatterman -- Private Investor

Arthur Porcari -- Corporate Strategies

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