Yunji Inc

NASDAQ:YJUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

Mar 21, 2024

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• Yunji Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results, from 6:00AM ET on Thursday Mar 21, 2024 by PR Newswire

  6:00AM ET on Thursday Mar 21, 2024 by PR Newswire
  Companies Mentioned: YJ

  Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023[1].

• Yunji Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results, from 6:00AM ET on Thursday Mar 21, 2024 by Dow Jones

  6:00AM ET on Thursday Mar 21, 2024 by Dow Jones
  Companies Mentioned: YJ
  ([1]) This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. ([2]) "Repeat purchase rate" in a given period is calculated as the number of transacting members who purchased not less than twice divided by the total number of transacting members during such period. "Transacting member" in a given period refers to a member who successfully promotes Yunji's products to generate at least one order or places at least one order on Yunji's platform, regardless of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. "Repeat purchase rate" only considers orders placed through the Company's app. Repeat purchases made through the Company's mini-programs are excluded from the calculation. ([3]) Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expense. See "Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures" set forth at the end of this press release. ([4]) As of December 31, 2023, Short-term loan receivables of amount RMB80,897 were included in the prepaid expenses and other current assets balance, which represent the principal and interest to be collected on loans provided by the Group to third-party companies. ([5]) As of December 31, 2023, the decrease in incentive payables was primarily due to derecognition of long-aged payables to inactive members. ([6]) As of December 31, 2023, the Group, as one of the five co-defendants, was involved in an on-going legal proceeding that arose in the ordinary course of business (the "Case"). The plaintiff sought monetary damages jointly and severally from all co-defendants. As of the date of this earnings release, the Case is still under the appeal trial process and subject to final judgment by the Guangzhou Intermediate People's Court, and the amount involved is approximately RMB23.1 million. Based on the currently available information, management believes that the claims by the plaintiff have no merit and the Group has valid defence and will defend vigorously in the Case. Accordingly, the Group has not made accrual for the Case as of December 31, 2023.
  

• Press Release: Yunji Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results, from 6:00AM ET on Thursday Mar 21, 2024 by Dow Jones

  6:00AM ET on Thursday Mar 21, 2024 by Dow Jones
  Companies Mentioned: YJ