NEW YORK, March 16, 2024 /PRNewswire/ — Dehua county in southeast China’s Fujian Province kicked off a five-day event on Thursday to showcase masterpieces of white porcelain in Midtown, New York City.

A total of 105 masterpieces of Dehua porcelain will be exhibited during the event.

Dehua white porcelain is famous for its creamy whiteness, subtle jade-like radiance, paper-thin delicacy, and clear, chime stone-like sound, said Fang Junqin, county chief of Dehua.

Dehua boasts a ceramic production history exceeding 3,700 years and the county is recognized for compiling the world’s earliest craftmanship work on ceramics and for mapping the Meiling Layout, the world’s first ceramic factory planning and design map, said Fang at the opening ceremony of the show.

The Dehua kiln site is inscribed in the World Heritage List, and Dehua porcelain firing techniques are among the first to be included in China’s national list of intangible cultural heritage, added Fang.

Huang Ping, the Chinese Consul General in New York, said it’s hoped that the porcelain show would become a new bond which deepens people-to-people friendship between the United States and China.

Huang added that porcelain carries Chinese time-honored history and culture and serves as an important window to understand Chinese civilization.

“This exhibition offers us a unique opportunity to experience the elegance and sophistication of Dehua white porcelain firsthand, bringing to life the shared history and friendship between our two great nations,” said Li Suosheng, vice chair of China General Chamber of Commerce – USA and general manager of China Construction Bank New York.

Speaking at the opening ceremony, Li said the promotion of Dehua porcelain not only enriches the cultural landscape of the United States but also serves as a vital bridge in fostering deeper connections and cooperation between Chinese and American enterprises.

The porcelain industry in Dehua now has a total annual output value of 57.7 billion yuan or 8 billion U.S. dollars, and harbors specialized clusters such as traditional porcelain carving, export craft porcelain, and daily-use porcelain, Fang said.

Statistics show that porcelain products from Dehua are shipped to over 190 countries and regions in the world with the United States taking nearly 39 percent share of total export revenues in 2023.

Dehua’s ceramic enterprises are adept at researching, designing, and manufacturing a wide array of ceramic products tailored to the diverse cultural needs of different countries and regions worldwide, said Fang.

It’s hoped that the show would demonstrate rich cultural heritage and exquisite craftsmanship and allow visitors to have a close contact with white porcelain, said Fang.

The exhibits drew interests and admiration from visitors on Thursday and some collectors lost no opportunity to enlarge their collections.

The simplicity, delicacy, transparency and attention to details make the porcelain exhibits special, according to Isabel Barnard Biderman, an art dealer.

“There are so many options taking place around the city… this is the best Asian art I’ve seen today,” said Biderman.

“I feel very lucky to be able to see these beautiful art pieces myself, and I’m very much impressed and happy I was able to make it,” said Daria Shevchenko, who works in the fashion industry in New York for a long time.

Shevchenko told Xinhua that she would share some most important moments of the event on social media and would definitely encourage her followers to come and see themselves with their own eyes.

“I will encourage some of my friends to purchase some of the pieces in their collection,” said Shevchenko.

New York is the first stop for this year’s “BLANC de CHINE – Porcelain from Dehua” international itinerant exhibition following similar events in six other countries in 2023, according to Fang.

Dehua white porcelain was regarded as the prominent export product during the Song Dynasty and the Yuan Dynasty. In the Ming Dynasty, Dehua white porcelain used to be dubbed “Blanc de CHINE” by the French and gained worldwide fame.

Original link: https://en.imsilkroad.com/p/339226.html

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SINGAPORE, March 15, 2024 /PRNewswire/ — ZEGOCLOUD, a leading global cloud communication service provider, has made significant strides in delivering seamless, ultra-low latency experiences for live streaming and real-time video interactions.

With rigorous R&D and accumulated know-how in serving customer needs in real-time communication (RTC), ZEGOCLOUD has achieved a 90% success rate of millisecond-level experience in TTFF (Time to First Frame) globally. This translates into an exceptional TTFF of 79 milliseconds on average for live video calling and streaming platforms, supporting them in avoiding revenue losses associated with latency issues.

This optimization is crucial as it fosters positive first impressions, as the speed and fluidity of video loading and real-time engagement are pivotal for user satisfaction and retention on live streaming apps. “Studies show in live streaming, if it takes over two seconds to start, viewers start dropping off, and with each extra second, the platform is losing another 6% of the audience,” stated Kuk Jiang, co-founder of ZEGOCLOUD.

ZEGOCLOUD’s industry-leading TTFF optimization has proven successful in enabling businesses to enhance user connections, minimize churn rates, and ultimately increase revenue. With a success rate of over 95% for TTFF within 2 seconds in critical regions such as Europe, America, and Southeast Asia, ZEGOCLOUD’s solutions are poised to help platforms attract and retain users and drive substantial increases in revenue across various industries.

Purpose-built for industries from social entertainment to interactive live commerce, ZEGOCLOUD offers a full suite of real-time video engagement capabilities, including animated virtual gifts, in-app mini games, in-app chat, content moderation, beauty filters, cloud recording, and more. “By integrating ZEGOCLOUD, businesses can concentrate on their core operations and deliver high-quality live video to global audiences, streamlining the user experience and cutting down on costs and complexities associated with multiple third-party service integrations,” added Kuk.

ZEGOCLOUD’s specialized SDKs address common pain points like network complexity across regions and diverse device compatibility. Advanced features such as CDN live streaming, L3 acceleration, and customizable regional service settings provide robust, flexible solutions for different business scenarios.

About ZEGOCLOUD

ZEGOCLOUD revolutionizes virtual engagement with real-time interaction services for hassle-free cloud communication, connecting enterprises, teams, customers, and users. It lays the groundwork for businesses and developers to build RTI into their apps across the mobile internet and the metaverse.

Follow ZEGOCLOUD – https://www.linkedin.com/company/zegocloud/

Media Contact
Tanya Quan
tanya.quan@zegocloud.com 

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Yiwugo Vendors Export Over 1 Million Boxes Weekly

YIWU, China, March 15, 2024 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. “Do you have press-on nails?” Yesterday, in Zone 3 of Yiwu International Trade City (also known as the Yiwu Market), two live-stream influencers on e-commerce platforms were scouting for suppliers. “We need handmade ones, approximately 1,000 boxes per week…” Zhejiang Fashion Cosmetics Co., Ltd, a highly recommended store on Yiwugo.com, consistently attracts a significant number of proactive customers. Among these inquiries, an order of 1,000 boxes per week may not seem substantial, considering that many customers place orders for tens of thousands of boxes. Nevertheless, the sheer volume of orders underscores the current popularity and demand for press-on nails.

Press-on nails are both convenient and flexible, causing no harm to your natural nails. Indeed, some businesses have introduced enticing promotional offers, such as “experience it for the price of a cup of coffee”. Consequently, these nail wraps have rapidly gained popularity, particularly when compared to traditional nail art, which often costs a few dozen dollars and requires a significant time investment. With their quick application and removal, coupled with their excellent value for money, these press-ons have gone viral.

Recent statistics reveal a remarkable surge in sales of press-on nails on Tmall, with a staggering year-on-year growth of 200% since March. This upward trend shows no signs of slowing down. On a popular social media platform, there are over 4.63 million posts discussing these emerging nail wraps. The demand for press-ons has skyrocketed, making it another hot trend in the beauty industry. Particularly on e-commerce platforms, there has been a continuous release of highly popular and sought-after press-on nail products.

Zhejiang Fashion Cosmetics is frequented by e-commerce vendors. “The fast-paced nature of e-commerce demands us to maintain a swift and constant supply,” states Yang Yan, Sales Director of Zhejiang Fashion Cosmetics. As a professional enterprise specializing in the development, design, production, and sale of nail supplies, Zhejiang Fashion Cosmetics takes advantage of its in-house design research, development and manufacturing capabilities. “Every day, we launch 10 to 15 new product designs, and so far, we have successfully developed tens of thousands of products across more than 100 nail types,” says Yang Yan. She emphasizes that the entire process, from design to pattern making and sampling, can be completed within a single day.

Earlier, a top live-streaming influencer on a certain e-commerce platform made a request to Zhejiang Fashion Cosmetics for a type of press-on nail product with a festive ambiance. “We initiated communication on the first night, and by the third day, the influencer had already received 10 sample designs,” explains Yang Yan. It was this particular product line that achieved a remarkable sales record of over 8 million yuan (about 1.23 million USD) within just five minutes during her livestream.

Press-on nails are not only thriving domestically, but their popularity remains equally strong in overseas markets. At Zhejiang Fashion Cosmetics, the factory consistently fulfills orders for European and American clients, dispatching shipments of approximately 400,000 boxes of press-on nails per week. “Our customers are so eager to receive their orders that they often prompt as soon as the products are ready for shipping,” shares a representative from the company. It is worth noting that many clients place bulk orders for an entire year’s supply of press-on nails.

Last year, the company unveiled a revolutionary product that combines the best features of nail gel and press-on nails—a wearable soft nail solution. “With just a brief exposure to nail lamp, the adhesive patches transform into durable and beautiful nail extensions within a minute. The convenience, durability, and enhanced beauty of this product have garnered significant interest from international customers. We receive daily inquiries, with particularly strong demand coming from the South American market, where sales have been quite impressive,” says Yang Yan.

Foreign businessmen from not just Europe, America, and South America, but also from the Middle East, Africa, and beyond have flocked to Yiwu. Among them is Amir Makram, an Egyptian merchant who visited Zone 3 of Yiwu International Trade City yesterday with a clear purpose: to explore nail beauty products. As he stood in front of a store specializing in press-on nails, his curiosity was piqued. After a store attendant provided a detailed introduction, Amir Makram’s interest intensified, leading to an exchange of WeChat contacts between both parties, setting the stage for further negotiations.

According to data analysis from the Yiwugo platform, there has been a significant surge in search volume for press-on nails since the beginning of this year. As of early March, the platform recorded a 2.34-fold yoy increase in the number of press-on nails orders and a 2.64-fold yoy increase in transaction value.

Nails may be small, but they hold great potential within the realm of beauty. To capitalize on this “beauty economy” surrounding nails, businesses in the Yiwu market are exerting their full efforts in production and striving to stay ahead by introducing new products. With relentless innovation and market expansion, many companies now face production lead times of 45 to 60 days as they endeavor to meet the soaring demand.

“To meet the market demands, we have upgraded our equipment. With the addition of 15 new machines, we can now produce over 200,000 boxes of press-on nails per day, doubling our previous production capacity. While fulfilling current orders, we have also intensified our investment in new product development. Presently, we are collaborating with clients to delve into the research and development of new products for the year 2025,” said Yang Yan.

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Focusing on Lower-tier Markets and Opening a New Chapter of International Growth

HONG KONG, March 15, 2024 /PRNewswire/ — From March 13^th to 14^th, the Hotel Investment Conference Asia Pacific Update 2024 (“HICAP UPDATE”) was successfully held in Hong Kong. This conference focused on the dynamics and future prospects of the hospitality and travel industry in the Asia-Pacific region, discussing the latest development and investment opportunities and challenges in a variety of the region’s hot markets. Nearly 75 leading industry experts were invited to speak at the 2024 conference. Ms. He Jihong, the Chief Strategy Officer of H World Group Limited(“H World” or “the Group“) attended the conference and delivered speeches on the Group’s business and the development of the travel industry.

As one of the fastest-growing hotel groups globally, H World ranks sixth in terms of the number of hotel rooms. With the resurgence of China’s economy in 2023, the Group witnessed promising signs of recovery, commencing from February of the previous year. For the full year of 2023, the RevPAR of Legacy-Huazhu (refers to H World’s business in China) reached 122% of the 2019 level. Addressing the trajectory of the Chinese economy and its tourism sector, Ms. He underscored a discernible trend of robust demand emanating from lower-tier cities, with a notable increase in RevPAR observed in lower-tier cities, as well as strong franchisee interest in investment in these locations. H World’s portfolio consisting of over 80% limited-service hotels, is well-suited to meet the requirements of franchisees in third and fourth-tier cities, thereby further contributing to the favorable outlook for H World’s business.

Regarding international business development, Ms. He emphasized that Southeast Asia emerges as a nascent market for H World, signaling a promising frontier ripe with untapped potential and strategic opportunities. While the Group’s operations span Europe, the Middle East, India, Africa, and the Asia Pacific region, including the Ji Hotel in Singapore and Steigenberger in Bangkok, Southeast Asia stands out as a pivotal focus area, given its proximity to H World’s home market. The Group also expresses keen interest in nations such as Vietnam, Indonesia, Cambodia, and the Philippines. Moreover, with the official rebranding of Deutsche Hospitality as H World International, the Group embarks on a journey to expand its footprint in overseas markets, signaling the commencement of a new chapter in its international growth.

Furthermore, Ms. He stated that H World has consistently embraced technological innovation. With its in-house operational system and analytical tools, the Group has significantly enhanced its ability to engage loyal members and forge meaningful connections with customers while deciphering their preferences. Presently, the self-developed platform boasts over 200 million members, with projections indicating further growth in the coming year. H World’s strategic vision encompasses the cultivation of a robust ecosystem through development of technology and data analytics as well as increasingly targeted customer service applications.

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GUANGZHOU, China, March 15, 2024 /PRNewswire/ — In anticipation of the 135^th China Import and Export Fair (“Canton Fair”), Chu Shijia, the event’s Vice President and Secretary General, also the Director General of China Foreign Trade Centre, has embarked on a promotional journey to Greece, UK and Ireland. Chu’s discussions with local business leaders in these nations highlighted the ongoing high-quality growth of China’s economy and its move towards Chinese modernization, which he believes will open up new global opportunities. He stressed that the Canton Fair serves as a vital platform not just for China but for the entire world.

In Athens, during an exchange with the Greek business community, Chu reviewed the history and stated, “China and Greece, both ancient civilizations, have witnessed a long-standing friendship through the ancient Silk Road. Under the strategic guidance of our leaders, China–Greece economic cooperation has achieved significant results. The Canton Fair opens a window to the world, and we look forward to active participation from the Greek business community to promote China–Greece economic and trade development, contribute to the global economic recovery, and build an open world economy.”

The promotional event in London was of significant scale, where Chu and his team held discussions with the 48 Group Club and the China-Britain Business Council. Chu introduced that the 135^th Canton Fair will feature an optimized exhibition structure, a concentration of high-quality enterprises, and a wealth of innovative products. Jack Perry, Chairman of the 48 Group Club, expressed his intention to lead a delegation to the 135^th Canton Fair and explore establishing a strategic partnership with the event.

During the promotion conference in Dublin, Chu mentioned, “China’s recent announcement of unilateral visa exemption for Ireland will further promote cooperation between businesses of both countries.” In light of the 45th anniversary of diplomatic relations between China and Ireland, he invited the Irish business community to actively partake in the fair, access the Chinese market, take advantage of Chinese opportunities, and amplify bilateral economic and trade collaboration.

The business communities of Greece, the UK, and Ireland have responded positively to the promotional activities of the Canton Fair. Local enterprises and institutions have expressed eagerness to attend the event, expand cooperation with Chinese companies, promote trade development, and continue the beautiful friendship.

The delegation signed partnership agreements with Hellenic Chinese Business Chamber and Industry and Commerce Association of Ireland (ICAOI) in this tour, adding Canton Fair’s global partners to 195 covering 103 countries and regions.

For more information about the upcoming 135^th Canton Fair, please visit: https://www.cantonfair.org.cn/en-US

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GUANGZHOU, China, March 15, 2024 /PRNewswire/ — Viomi Technology Co., Ltd (“Viomi” or the “Company”) (NASDAQ: VIOT), a leading IoT@Home technology company in China, recently held the Company’s Spring New Home Water Solution Product and AIoT@Home Solution Product Launch Events. The series of new products was unveiled at the China Home Appliance and Consumer Electronics Expo (AWE) in Shanghai from March 14 to March 17.

Kunlun, the new Viomi AI mineral water purifier released this time, carefully selects high-quality mineral sources and utilizes advanced techniques for intelligent system adjustments based on water temperature, flow, flow rate, and water pressure, ensuring a steady and durable release of mineral elements. The water filtered by Kunlun contains six beneficial minerals, including strontium (Sr2+) and metasilicic acid (H2SiO3), similar to natural mineral water. Notably, the Sr2+ content ranges from 0.4-1.4mg/L, surpassing the national standard of 0.2mg/L by two-fold. This innovation enables health-conscious individuals and families with infants and young children to continuously replenish beneficial minerals, ushering in a new era of healthier water purification.

Mr. Xiaoping Chen, Founder and CEO of Viomi, commented: “We have been participating in the field of water purification for nearly a decade, leading the industry with 2000G ultra-large flux as well as ten years of long-lasting RO filter, cumulatively applied for over 1,300 related patents, and possessing the industry’s most extensive manufacturing and R&D facilities. Going forward, we will further deepen our investment in the water purification industry chain, bringing more comprehensive residential water solutions to more families.”

Regarding our AIoT@Home business, we launched Alpha X, a cardiorespiratory detection radar equipped with millimeter-wave radar technology. This product adhered to the principle of ‘AI: Helpful’ and concentrated on monitoring and safeguarding family health. Equipped with our 60GHz millimeter-wave radar AI module, Alpha X is capable of scanning across an ultra-wideband frequency range. This, combined with the ability of AI deep learning algorithms, enables Alpha X to be contactless, detect heart/thorax micro-movement frequency in real-time, and recognize anomalies, thus solving the many inconveniences and difficulties older people face at home. We also introduced Super 3, the Viomi all-space AI air-conditioner 2.0, which intelligently adjusts the ambient temperature according to different sleep stages, providing enhanced comfort and helping to improve users’ sleep quality. Meanwhile, as the demand for improved living increases throughout the housing market, we have further upgraded our one-stop IoT@Home solution with the launch of our multimillion-dollar Space series, which provides consumers with a stylish, customized, and more intelligent product experience.

“During the AWE fair, our new products received widespread praise from the public. After tasting the mineral water purified from our new water purifier, Kunlun, the audiences were amazed at its outstanding taste. The real-time water quality feedback and the accurate display of filtration status offer a reassuring experience for the audience through technology. In Alpha X’s on-site experience area and our AIoT@Home full-scene immersive space, audiences truly experienced the application of AI technology in the living environment, realized that technology not only provides a more convenient and intelligent user experience but also emphasizes the long-term companionship of health, eco-friendliness, and home security. We currently boast two major business segments, AI Water and AIoT@Home, enabling synergistic development. We will continue to advocate a healthy and ‘AI: Helpful’ life philosophy to provide users with more abundant ‘healthy water’ solutions and more caring and intelligent AIoT@Home solutions,” Mr. Chen concluded.

About Viomi Technology

Viomi’s mission is to redefine the future home via the concept of IoT @ Home.

Viomi has developed a unique IoT @ Home platform consisting of an ecosystem of innovative IoT-enabled smart home products, together with a suite of complementary consumable products and value-added businesses. This platform provides an attractive entry point into the consumer home, enabling consumers to intelligently interact with a broad portfolio of IoT products in an intuitive and human-like manner to make daily life more convenient, efficient, and enjoyable, while allowing Viomi to grow its household user base and capture various additional scenario-driven consumption events in the home environment.

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

For investor and media inquiries, please contact:

In China:

Viomi Technology Co., Ltd
Claire Ji
E-mail: ir@viomi.com.cn 

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: viomi@tpg-ir.com 

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: viomi@tpg-ir.com 

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Source: Infinitus (China) Company Ltd.

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JINAN, China, March 15, 2024 /PRNewswire/ — On 8 March local time, during the 25th European Society of Gynecological Oncology (ESGO) Conference (ESGO 2024) in Spain, Qilu Pharmaceutical unveiled the Phase II clinical trial results for iparomlimab and tuvonralimab (QL1706) in an oral presentation. This trial, known as DUBHE-C-206, recruited patients with recurrent or metastatic cervical cancer who failed first-line standard treatments. The findings were presented by Professor Jihong Liu from the Sun Yat-sen University Cancer Center in China.

Study Background and Design

Cervical cancer is one of the most prevalent malignancies among women and a leading cause of cancer-related death. For those who have failed the first-line standard therapy, the currently available treatment options are inadequate. The objective response rate (ORR) for pembrolizumab was 12.2%, with an ORR of 0% in the PD-L1-negative population^[1]. Additionally, the median progression-free survival (PFS) and median overall survival (OS) were reported to be 2.1 months and 9.4 months, respectively. Similarly, cemiplimab showed an ORR of 16.4%, with a median PFS of 2.8 months and a median OS of 12.0 months^[2]. This highlights the unmet need for effective and safe clinical treatments for patients with cervical cancer who failed first-line therapy. By targeting and inhibiting two immune checkpoint pathways (anti-PD-1 IgG4 and anti-CTLA-4 IgG1), Qilu Pharmaceutical’s proprietary drug QL1706 has shown a favorable safety profile and preliminary efficacy in patients with cervical cancer in early studies. The DUBHE-C-206 study aimed to evaluate the efficacy and safety of QL1706 in patients with recurrent or metastatic cervical cancer.

This study was a multi-center, single-arm, open-label phase II clinical trial which enrolled patients with recurrent or metastatic cervical cancer who failed first-line platinum-based chemotherapy (with or without bevacizumab) and without prior immunotherapy. Participants received QL1706 at a dose of 5.0 mg/kg once every three weeks (Q3W). The primary endpoint of the trial was the ORR as assessed by an Independent Evaluation Committee (IRC). Secondary endpoints included the ORR as evaluated by investigators, duration of response (DoR) and disease control rate (DCR) as assessed by both IRC and investigators, PFS, 6-month and 12-month PFS rates, OS, 12-month OS rate, as well as safety, pharmacokinetics, and immunogenicity.

Study Results

As of April 28, 2023, the study had enrolled 148 patients with a median age of 53.0 years, including 132 (89.2%) diagnosed with squamous cell carcinoma. Of these participants, 109 (73.6%) had an Eastern Cooperative Oncology Group Performance Status (ECOG PS) score of 1. Additionally, 105 (70.9%) patients had a combined positive score (CPS) of ≥1, while 43 (29.1%) had a CPS of <1. Notably, 39.9% of the participants had been treated with bevacizumab, and 37.2% had received second-line and subsequent therapy. The median follow-up duration of the study was 11.0 months.

In terms of efficacy, the ORR as assessed by IRC was 33.8% (95% CI: 26.2%-42.0%), and the DCR reached 64.9% (95% CI: 56.6%-72.5%). The median PFS was 5.4 months (95% CI: 3.9-6.9), with 6-month and 12-month PFS rates of 45.0% and 16.1%, respectively. The median OS had not been reached, with 6-month and 12-month OS rates standing at 83.9% and 65.4%, respectively. In subgroup analyses, the ORR for patients with a CPS of ≥1 was 37.1%, compared to 25.6% for those with a CPS of <1. Furthermore, the ORR for patients who had previously received bevacizumab was 28.8%, whereas it was 37.1% for those who had not undergone such treatment.

Regarding safety, among all the participants, 104 (70.3%) experienced treatment-related adverse events (TRAEs), with the most common being hypothyroidism (20.9%) and hyperthyroidism (18.9%). TRAEs of grade 3 or higher were observed in 36 individuals (24.3%), with anemia (4.1%), increased gamma-glutamyl transferase (GGT) (2.7%), and increased lipase level (2.7%) being the most frequently reported. Three patients (2.0%) discontinued treatment due to TRAEs. There were no reported deaths resulting from TRAEs. In the study, 65 participants (43.9%) experienced immune-related adverse events (irAEs), with grade 3 or higher irAEs reported in 21 (14.2%).

In conclusion, QL1706 has shown promising efficacy and acceptable safety profile in patients with recurrent or metastatic cervical cancer who failed first-line standard therapy, regardless of their PD-L1 expression. This positions QL1706 as a more effective and safer therapeutic option for patients with cervical cancer whose disease progressed after first-line standard therapy. A phase III clinical trial is currently in progress, evaluating the use of QL1706 in combination with chemotherapy (with or without bevacizumab) as a first-line treatment option.

Prof. Liu from the Sun Yat-sen University Cancer Center commented, “The findings from the DUBHE-C-206 study offer new evidence to support the use of dual immunotherapy in the second- and late-line treatment of recurrent or metastatic advanced cervical cancer (ACC). They also affirm QL1706’s potential as a promising new treatment option for ACC patients. The study’s results have shown the efficacy benefits of QL1706 across the whole ACC patient population while demonstrating its considerable safety advantages. These findings suggest that QL1706 has the potential to significantly enhance the quality of life for patients and provide superior clinical benefits. We eagerly anticipate the outcomes of the Phase 3 trial for QL1706, which is now in progress to assess the efficacy and safety of QL1706 in combination with chemotherapy, with or without bevacizumab, as a first-line treatment for recurrent or metastatic ACC.”

Professor Hanmei Lou from Zhejiang Cancer Hospital stated, “For ACC patients who have failed first-line therapy, the available treatment options are still limited and exhibit unsatisfactory efficacy, highlighting substantial unmet clinical needs. The efficacy and safety data from the DUBHE-C-206 study are promising. Compared with the previously reported combination therapy involving PD-1 and CTLA-4 inhibitors, QL1706 has demonstrated reduced toxicity and offers notable advantages in both safety and efficacy. This further supports the use of dual immunotherapy for the treatment of recurrent or metastatic ACC. Consequently, the data from the DUBHE-C-206 study holds significant clinical value and implications.”

Ms Xiaoyan Kang, Executive Deputy General Manager of Qilu Pharmaceutical’s Clinical Research & Development Center and Chief Medical Officer (CMO) for Oncology, explained, “QL1706 represents the world’s first dual-functional MabPair antibody targeting both PD-1 and CTLA-4 pathways. Data from several clinical studies of this novel drug have been released. The inclusion of the latest clinical trial results in the oral presentation at the ESGO conference underscores the international academic community’s interest in and recognition of the clinical potential of this novel product. Currently, multiple Phase III clinical trials involving QL1706 are in progress, covering various disease indications. Going forward, we plan to further accelerate the clinical development of QL1706 to ensure that this treatment can reach and benefit patients as soon as possible.”

References:

1. J Clin Oncol. 2019;37(17):1470-1478.
2. N Engl J Med. 2022;386(6):544-555.

Source: Qilu Pharmaceutical Co., Ltd.

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• Recently announced agreement to divest assets and business operations in China marks an important milestone for the Company; the transaction is expected to close by the end of March 2024
• Uliledlimab (CD73 antibody) on track to file an IND in combination with chemotherapy and checkpoint inhibitors for patients with newly diagnosed NSCLC in 1H 2024
• First patient dosed in an ongoing, triplet combination, dose escalation study of givastomig (CLDN18.2×4-1BB bispecific antibody) in 1Q 2024
• RMB2.3 billion (US$321.8 million) in cash and cash equivalents, and short-term investments as of December 31, 2023

ROCKVILLE, Md., March 15, 2024 /PRNewswire/ — I-Mab (the “Company”) (NASDAQ: IMAB), a U.S.-based, global biotech company, exclusively focused on the development and potential commercialization of highly differentiated immunotherapies for the treatment of cancer, today announced financial results for the full year ended December 31, 2023, and highlighted recent business updates.

“2023 was a transitional year for I-Mab and we were pleased to report encouraging clinical results in our two lead global assets in oncology, uliledlimab and givastomig. As we prepare for the closing of the strategic divestiture, we look forward to providing investors with a road map to value creation and believe that our differentiated clinical assets, uliledlimab, givastomig, and ragistomig will achieve critical milestones and trial initiations this year,” said Raj Kannan, Director and Chief Executive Officer of I-Mab.

Pipeline Overview and Upcoming Milestones:

Uliledlimab: Phase 2, with a focus on non-small cell lung cancer (NSCLC)

Uliledlimab is designed to target CD73 and promote stronger activation of the patient’s immune system against cancer cells. Uliledlimab is potentially differentiated from other products in development due to its non-competitive binding with adenosine monophosphate and the potential for complete inhibition of CD73’s immune dampening function. Encouraging results from a Phase 2 study of uliledlimab in combination with toripalimab, presented at the American Society for Clinical Oncology (ASCO 2023) in patients with advanced NSCLC, provided compelling support for further development of uliledlimab. In particular, the subset of patients with both high CD73 expression and PD-L1 TPS>1% showed an impressive 63% overall response rate. Additionally, enrollment of patients with treatment resistant ovarian cancer has been completed, and ongoing efforts will be streamlined to focus on expediting NSCLC development.

• Upon the receipt of the investigational new drug (IND) approval, the Company plans to initiate the triplet study for uliledlimab in combination with chemotherapy and checkpoint inhibitors in newly diagnosed patients with advanced NSCLC in the second half of 2024.

Givastomig (Claudin 18.2 x 4-1BB bispecific antibody): Phase 1b, with a focus on gastric cancer and esophageal adenocarcinoma  

Givastomig was designed as a bispecific antibody to target Claudin 18.2-positive tumor cells, with conditional activation of pro-immune 4-1BB in the tumor microenvironment. Phase 1 monotherapy data presented at the European Society of Medical Oncology (ESMO 2023) showed encouraging objective responses in patients with gastric cancer and esophageal adenocarcinoma whose tumors progressed or recurred after prior standard treatments, including those with low levels of Claudin 18.2 expression. This program is being jointly developed with ABL Bio. I-Mab owns 50% of the global rights of givastomig.  

• The enrollment of patients from the U.S. and China with newly diagnosed (frontline treatment) gastric and esophageal cancer in combination with chemotherapy and a checkpoint inhibitor began in the first quarter of 2024.

Ragistomig (PD-L1 x 4-1BB bispecific antibody): Phase 1 dose escalation, with a focus on solid tumors

Ragistomig was designed as a bispecific antibody to address PD-L1 resistant tumors, differentiated by the conditional activation of 4-1BB’s pro-immune stimulation when it binds to its PD-L1 target. Early observations reported by our development partner, ABL Bio, showed promising objective responses in patients with various solid tumors whose tumors progressed or recurred after prior standard treatments, including in patients with relapsed or refractory cancer after prior PD-L1 inhibitors. These early signs of efficacy are encouraging, and enrollment in the Phase 1 study continues. This program is being jointly developed with ABL Bio. I-Mab owns 50% of the global rights of ragistomig (TJ-L14B/ABL503).

• Top-line Phase 1 dose escalation and dose expansion results are expected to be presented at a major medical conference in the first half of 2024.

Impact of Strategic Transaction on Pipeline

The agreement to divest assets and business operations in China, previously announced in a press release on February 7, 2024, is expected to be completed by the end of March 2024. Upon the closing of the transaction, the Greater China rights for assets including eftansomatropin alfa, felzartamab, uliledlimab, and givastomig will be transferred to I-Mab Biopharma (Hangzhou) Co., Ltd., an unconsolidated affiliate (the “Hangzhou Company“). I-Mab will no longer bear future development costs of these divested assets in China and may receive an aggregate consideration of the RMB equivalent of up to US$80 million, contingent on the Hangzhou Company group’s achievement of certain future regulatory and sales-based milestone events relating to these divested assets in China. The transaction, if closed, will also extinguish existing repurchase obligations owed by a wholly-owned subsidiary of the Company in the amount of approximately US$183 million.

As a result of the closing of the transaction, the Company will cease consolidation of the divested entities, assets, and businesses as well as their corresponding financial results. The Company’s financial condition and results of operations will be materially affected and the Company’s historical results will not be indicative of future financial condition or results of operations.

Full-Year 2023 Financial Results

Cash Position

As of December 31, 2023, the Company had cash, cash equivalents, and short-term investments of RMB2.3 billion (US$321.8 million), compared with RMB3.5 billion as of December 31, 2022.

Share Buyback

In August 2023, the Board of Directors of the Company authorized a new share repurchase program under which the Company may repurchase up to US$40 million of American Depository Shares (“ADSs”), each ten ADSs representing 23 ordinary shares of the Company, or ordinary shares in aggregate over a 12-month period. During the period ended December 31, 2023, the Company repurchased US$8.6 million of its ADSs, equating to 4,633,386 ADSs or 10,656,794 ordinary shares. As of December 31, 2023, the Company had issued and outstanding ordinary shares of 185,613,662, representing the equivalent of 80,701,592 ADSs assuming the conversion of all ordinary shares into ADSs.

Net Revenues

Total net revenues for the full year of 2023 were RMB27.6 million (US$3.9 million), compared with RMB-221.6 million (US$-32.1 million) for the full year of 2022. Total net revenues in 2023 consisted of revenues recognized in connection with the strategic collaboration with AbbVie Inc. (AbbVie) and revenues generated from the supply of investigational products to AbbVie and Human Immunology Biosciences, Inc. The negative figure for net revenue in 2022 was primarily due to a one-time, non-cash accounting treatment of US$-48.0 million (equivalent to RMB-314.2 million) recorded in the second half of 2022 following the amendment to the original license and collaboration agreement with AbbVie in August 2022. This amendment led to a reduced probability of achieving a key milestone that was included in the consideration of revenue recognition in prior years.

Research & Development Expenses

Research and development expenses for the full year of 2023 were RMB810.6 million (US$114.2 million), compared with RMB904.9 million (US$131.2 million) for the full year of 2022. The decrease was primarily due to reduced payroll expenses related to headcount optimization as a result of asset prioritization and reduced share-based compensation expenses. Share-based compensation expense was RMB66.8 million (US$9.4 million) for the full year of 2023, compared with RMB117.9 million (US$17.1 million) for the full year of 2022.

Administrative Expenses

Administrative expenses for the full year of 2023 were RMB453.0 million (US$63.8 million), compared with RMB815.8 million (US$118.3 million) for the full year of 2022. The decrease was primarily due to reduced payroll expenses related to decreased headcount as a result of resource optimization and reduced share-based compensation expenses for management personnel, reduced expenses for professional services, and reduced legal expenses in relation to the disputes with Tracon Pharmaceuticals, Inc. of RMB95.5 million (US$13.5 million). Share-based compensation expense was RMB126.2 million (US$17.8 million) for the full year of 2023, compared with RMB239.3 million (US$34.7 million) for the full year of 2022.

Other Expenses, Net

Net other expenses for the full year of 2023 were RMB38.1 million (US$5.4 million), compared with RMB126.6 million (US$18.4 million) for the full year of 2022. The change was primarily driven by unrealized exchange rate losses due to the significant fluctuation in the exchange rate of the Renminbi against the U.S. dollar in 2022.

Equity in Loss of Affiliates

Equity in loss of affiliates for the full year of 2023 was RMB80.0 million (US$11.3 million), compared with RMB437.5 million (US$63.4 million) for the full year of 2022. The loss was mainly recognized in relation to the operating loss of the Company’s investee, I-Mab Biopharma (Hangzhou) Co., Ltd.

Impairment of Goodwill

For the full year of 2023, the Company recognized an impairment of goodwill of RMB162.6 million (US$22.9 million). The goodwill impairment resulted from the Company’s annual impairment analysis, and reflects the continued disconnect between I-Mab’s anticipated future performance and present uncertainty reflected in its market valuation.

Net Loss

Net loss for the full year of 2023 was RMB1,465.7 million (US$206.4 million), compared with RMB2,507.3 million (US$363.5 million) for the year 2022. Net loss per share attributable to ordinary shareholders for the full year of 2023 was RMB7.19 (US$1.01), compared with RMB13.21 (US$1.92) for the full year of 2022. Net loss per ADS attributable to ordinary shareholders for the full year of 2023 was RMB16.54 (US$2.33), compared with RMB30.38 (US$4.41) for the full year of 2022.

Non-GAAP Net Loss

Non-GAAP adjusted net loss, which excludes share-based compensation expenses and impairment of goodwill, for the full year of 2023 was RMB1,105.3 million (US$155.7 million), compared with RMB2,136.3 million (US$309.7 million) for the full year of 2022. Non-GAAP adjusted net loss per share attributable to ordinary shareholders for the full year of 2023 was RMB5.42 (US$0.76), compared with RMB11.26 (US$1.63) for the full year of 2022. Non-GAAP adjusted net loss per ADS attributable to ordinary shareholders for the full year of 2023 was RMB12.47 (US$1.76), compared with RMB25.90 (US$3.75) for the full year of 2022.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are presented in accordance with U.S. GAAP, the Company uses adjusted net income (loss) as a non-GAAP financial measure. Adjusted net income (loss) represents net income (loss) before share-based compensation and impairment of goodwill. The Company’s management believes that adjusted net income (loss) facilitates understanding of operating results and provides management with a better capability to plan and forecast future periods. For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using adjusted net income (loss) is that adjusted net income (loss) excludes share-based compensation expense and impairment of goodwill that has been and may continue to be incurred in the future.

Exchange Rate Information

This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars of the financial results for the year of 2023 are made at a rate of RMB7.0999 to US$1.00, the rate in effect as of December 29, 2023, published by the Federal Reserve Board. All translations from Renminbi to U.S. dollars of the financial results for the year of 2022 are made at a rate of RMB6.8972 to US$1.00, the rate in effect as of December 30, 2022 published by the Federal Reserve Board.

Notes:

(1) Includes share-based compensation expense of RMB117,876 thousand (US$17,090 thousand) and RMB66,758 thousand (US$9,403 thousand) for the years ended December 31, 2022 and 2023, respectively.

(2) Includes share-based compensation expense of RMB239,272 thousand (US$34,691 thousand) and RMB126,244 thousand (US$17,781 thousand) for the years ended December 31, 2022 and 2023, respectively.

(3) Includes share-based compensation expense of RMB13,852 (US$2,008 thousand) and RMB4,815 thousand (US$678 thousand) for the years ended December 31, 2022 and 2023, respectively.

(4) Each ten ADSs represents twenty-three ordinary shares.

About I-Mab

I-Mab (NASDAQ: IMAB) is a U.S.-based, global biotech company, exclusively focused on the development and potential commercialization of highly differentiated immunotherapies for the treatment of cancer. I-Mab has established operations in the U.S. in Rockville, Maryland, and in San Diego, California. For more information, please visit https://www.i-mabbiopharma.com and follow us on LinkedIn, X, and WeChat.

I-Mab Forward Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “believes”, “designed to”, “anticipates”, “future”, “intends”, “plans”, “potential”, “estimates”, “confident”, and similar terms or the negative thereof. I-Mab may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about I-Mab’s beliefs and expectations, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the timing of the completion of the expected divestiture of the Company’s assets and business operations in China and its anticipated impact on the Company (including the transfer of Greater China rights for assets, including eftansomatropin alfa, felzartamab, uliledlimab, and givastomig to the Hangzhou Company, the expected consideration to be received by I-Mab and the expected extinguishment of an existing repurchase obligation of US$183 million); the Company’s expectations regarding providing a road map to value creation and its belief that its clinical oncology programs will achieve critical milestones and trial initiations this year; the Company’s pipeline overview and upcoming anticipated milestones, including with respect to uliledlimab, givastomig, and ragistomig, and the intended impact and the Company’s plans with respect thereto. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to the following: I-Mab’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may or may not support further development or New Drug Application/Biologics License Application (NDA/BLA) approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of I-Mab’s drug candidates; I-Mab’s ability to achieve commercial success for its drug candidates, if approved; I-Mab’s ability to obtain and maintain protection of intellectual property for its technology and drugs; I-Mab’s reliance on third parties to conduct drug development, manufacturing and other services; and I-Mab’s limited operating history and I-Mab’s ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates, as well as those risks more fully discussed in the “Risk Factors” section in I-Mab’s most recent annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in I-Mab’s subsequent filings with the SEC. All forward-looking statements are based on information currently available to I-Mab. I-Mab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.

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