China TechFaith Wireless Communication Technology Limited, the developer, owner and operator of commercial real estate properties across China and China-based mobile solutions provider for the global mobile handsets market, announced that it will change the ratio of its American Depositary Shares to ordinary shares, par value US$0.01 per share. The change from 1 ADS to 15 ordinary shares to 1 ADS to 75 ordinary shares will be effective on March 1, 2016.
No new shares will be issued as a result of the ratio change, and company’s ADS will continue to be traded on the NASDAQ stock exchange. After the ratio change, the ADS price is expected to automatically increase proportionally. It will assist TechFaith in regaining compliance with the minimum bid price continued listing requirement of the NASDAQ Stock Market.
BVI-registered and NASDAQ-listed Origin Agritech Limited announced unaudited financial results for the first quarter of the fiscal year ended December 31, 2015. According to the published results, the company generated revenues of US$1.3 million (RMB8.6 million), as compared with RMB 15.6 million in the same period ended December 31, 2014. Deferred revenues of Origin Agritech were US$47.1 million (RMB306.1 million) as of December 31, 2015, compared with RMB329.0 million in the same period last year.
For the reported three months period, gross profit of the company was US$0.6 million (RMB 3.7 million), compared with RMB7.8 million in the previous year. Total operating expenses were US$4.0 million (RMB25.9 million), compared with RMB 30.3 million reported for the three months ended December 31, 2014.
Operating loss for the reported period was US$3.4million (RMB22.2 million), compared with RMB 22.5 million for the first quarter of fiscal year 2015. Net loss of the BVI company for the first quarter of fiscal year 2016 was US$4.4 million (RMB28.8 million), or US$0.19 per basic and diluted share, compared with RMB29.5 million, or RMB1.30 per basic and diluted share in the same period of fiscal 2015.
Luxoft Holding, Inc., a leading provider of software development services and innovative IT solutions, reported financial results for the three and nine months periods ended December 31, 2015. For the three months ended December 31, 2015, company’s revenue increased and made US$171.9 million, 18 per cent up as compared to US$145.8 million in the same period last year. Adjusted EBITDA was US$32.8 million with corresponding margins of 19.1 per cent, as compared to US$35.6 million and 24.4 per cent, respectively, in the same quarter last year.
For the nine months ended December 31, 2015, revenue of the BVI company increased by 25.7 per cent, from US$383.2 million in the same period a year ago to US$481.5 million this year.
According to company’s outlook for the year ending March 31, 2016, revenue is expected to reach at least US$645.5 million, which is 24 per cent increase year over year. Also, the financial year is epected to be finished with the effective tax rate between 14.3 per cent and 15 per cent.