The Company believes the appointment of the JPLs will provide a stable platform to allow the Company and its advisors, including
Houlihan Lokey (China) Limited (financial advisors to the Company), to
facilitate the negotiation and restructuring of the Company’s financial
obligations. The Company will continue to operate its business under the
day-to-day control of its Board of Directors with the supervision of
the JPLs. The Company is and will continue to be committed to offering
products with high quality, high affordability and high convenience to
its customers.
As of June 30, 2020, the Company’s estimated preliminary unaudited cash and cash equivalents (excluding restricted cash and illiquid
short-term investments) amounted to approximately USD780 million, with
the majority of the cash located within the People’s Republic of China.
This amount is based on the information currently available to the
Company and has not been audited or reviewed by the Company’s auditor.
Accordingly, the Company’s actual cash and cash equivalents as of June
30, 2020 may differ from the preliminary balance presented here.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform Act
of 1995. These statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,”
“guidance” and similar statements. The Company 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. Any statements that are not historical facts, including
statements about the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve inherent
risks and uncertainties. A number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement, including but not limited to the following: the Company’s
growth strategies; its future business development, results of
operations and financial condition; its ability to understand buyer
needs and provide products and services to attract and retain buyers;
its ability to maintain and enhance the recognition and reputation of
its brand; its ability to rely on merchants and third-party logistics
service providers to provide delivery services to buyers; its ability to
maintain and improve quality control policies and measures; its ability
to establish and maintain relationships with merchants; trends and
competition in China’s e-commerce market; changes in its revenues and
certain cost or expense items; the expected growth of China’s e-commerce
market; PRC governmental policies and regulations relating to the
Company’s industry, and general economic and business conditions
globally and in China and assumptions underlying or related to any of
the foregoing. Further information regarding these and other risks,
uncertainties or factors is included in the Company’s filings with the
SEC. All information provided in this press release and in the
attachments is as of the date of this press release, and the Company
undertakes no obligation to update any forward-looking statement, except
as required under applicable law.
