"We achieved success in stabilizing our core business in the second half of the year, despite continued challenges from HPCC platform issues in the first half of 2016. During the third and fourth quarters of 2016, we improved the performance of our CDN platforms, launched our
"Our strategy is to capitalize on our strengths by integrating our resources to provide a unique, three-layer structured network total solution package that clearly distinguishes
"Finally, I'd like to take this opportunity to announce the hiring of Ms.
Fourth Quarter Financial Summary:
- Net revenues were
RMB263.3 million (US$37.9 million ), compared withRMB311.4 million in the fourth quarter 2015. - Gross profit was
RMB5.7 million (US$0.8 million ), compared withRMB44.1 million in the fourth quarter 2015. - Adjusted EBITDA (non-GAAP) was a loss of
RMB78.6 million (US$11.3 million ), compared with an adjusted EBITDA (non-GAAP) ofRMB3.9 million in the fourth quarter 2015. - Net loss attributable to ordinary shareholders was
RMB155.2 million (US$22.4 million ), compared with a net loss ofRMB36.8 million in the fourth quarter 2015.
Full Year Financial Summary:
- Net revenues
were
RMB1.1 billion (US$151.8 million ), compared withRMB1.4 billion in 2015. - Gross loss was
RMB5.3 million (US$0.8 million ), compared with a gross profit ofRMB312.2 million in 2015. - Adjusted EBITDA (non-GAAP) was a loss of
RMB236.9 million (US$34.1 million ), compared with an adjusted EBITDA (non-GAAP) ofRMB120.2 million in 2015. - Net loss attributable to ordinary shareholders was
RMB496.9 million (US$71.6 million ), compared with a net loss ofRMB88.7 million in 2015.
Fourth Quarter 2016 Financial Results
Net revenues
for the fourth quarter of 2016 were
Cost of revenues for the fourth quarter increased by 1.0% quarter-over-quarter and decreased by 3.6% year-over-year to
Gross margin was 2.2%, compared with 2.5% in the previous quarter and 14.2% in the corresponding period in 2015. Non-GAAP gross margin, which excludes share-based compensation, was 2.4%, compared with 2.6% in the third quarter and 14.5% in the corresponding period in 2015.
Sales and marketing expenses for the fourth quarter of 2016 were
General and administrative expenses for the fourth quarter of 2016 were
Research and development (R&D) expenses for the fourth quarter of 2016 were
Operating loss was
Income tax
expense was
Net loss was
Adjusted EBITDA (non-GAAP), defined as EBITDA excluding share-based compensation expenses, foreign exchange gain (loss), transaction tax on assets transfer and impairment of long term investments, was a loss of
Adjusted net loss (non-GAAP), defined as net loss before share-based compensation expenses, foreign exchange gain (loss), transaction tax on assets transfer, impairment of long term investments and penalties on uncertain
tax positions, was
Full Year 2016 Financial Results
For the full year ended
Gross loss in 2016 was
Adjusted EBITDA (non-GAAP) in 2016 was a loss of
Net loss in 2016 was
Adjusted net loss (non-GAAP) was
Balance Sheet
As of
2017 Revenue Guidance
This forecast reflects
Conference Call Information
The Company has scheduled a conference call to discuss these results at
The dial-in details for the live conference call are as follows:
U.S. dial-in number: +1 (845) 675-0438Hong Kong dial-in number: +852 3018-6776- International dial-in number: +65 6713-5440
China dial-in number: 400-1200-654- Conference ID: 88613056
A live and archived webcast of the
conference call will be available on the Investor Relations section of
A replay of the conference call will also be available approximately two hours after the conclusion of the live call until
U.S. dial-in number: +1 (855) 452-5696- International dial-in number: +61 (2) 9003-4211
China dial-in number: 400-632-2162- Conference ID: 88613056
About
*Use of Non-GAAP Financial Measures
In evaluating its business,
To present non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses and non-GAAP research and development expenses, the Company excludes share-based compensation expense.
To present non-GAAP operating income (loss), the Company excludes share-based compensation expense, transaction tax on assets transfer and impairment of long term investments.
The Company defines adjusted net income (loss) as net income (loss) before share-based compensation expense, foreign exchange gain (loss), transaction tax on assets transfer, impairment of long term investments and penalties on uncertain tax positions.
The Company uses EBITDA to assist in reconciliation to adjusted EBITDA. The Company defines EBITDA as net income (loss) before interest expense, interest income, income tax expense and penalties on uncertain tax positions and depreciation and amortization. The Company defines adjusted EBITDA as EBITDA before share-based compensation expense, foreign exchange gain (loss), transaction tax on assets transfer and impairment of long term investments that the Company does not consider reflective of its ongoing operations. The Company believes that the use of adjusted EBITDA facilitates investors' use of operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in items such as capital structure (affecting relative interest expense and share-based compensation expense), the book amortization of intangibles (affecting relative amortization expense), the age and book value of facilities and equipment (affecting relative depreciation expense) and other non-cash or non-recurrent expenses. The Company also presents adjusted EBITDA because it believes it is frequently used by securities analysts, investors and other interested parties as a measure of the financial performance of companies in its industry.
Those non-GAAP financial measures are not defined under
- Adjusted net income, EBITDA and adjusted EBITDA do not reflect the Company's cash expenditures or future requirements for capital expenditures or contractual commitments;
- They do not reflect changes in, or cash requirements for, the Company's working capital needs;
- They do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on the Company's debt;
- They do not reflect income taxes or the cash requirements for any tax payments;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and adjusted net income, EBITDA and adjusted EBITDA do not reflect any cash requirements for such replacements;
- While share-based compensation is a component of cost of revenues and operating expenses, the impact on the Company's financial statements compared to other companies can vary significantly due to such factors as assumed life of the options and assumed volatility of the Company's ordinary shares; and
- Other companies may calculate adjusted net income, EBITDA and adjusted EBITDA differently than the Company does, limiting their usefulness as comparative measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
FINANCIAL TABLES
Condensed Consolidated Balance Sheets | ||||||||
(amounts in thousands) | ||||||||
As of | As of | As of | ||||||
2015 | 2016 | 2016 | ||||||
RMB | RMB | US$ | ||||||
(Audited) | (Unaudited) | (Unaudited) | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 606,796 | 134,924 | 19,433 | |||||
Accounts receivable, net | 243,431 | 190,587 | 27,450 | |||||
Prepaid expenses and other current assets | 31,560 | 56,976 | 8,206 | |||||
Short term investments | 26,169 | - | - | |||||
Deferred tax assets | 17,923 | - | - | |||||
Amount due from a subsidiary held for sale | 435 | 53,169 | 7,658 | |||||
Assets held for sale | 1,060,543 | 1,270,483 | 182,988 | |||||
Total current assets | 1,986,857 | 1,706,139 | 245,735 | |||||
Non-current assets | ||||||||
Property and equipment, net | 499,946 | 387,940 | 55,875 | |||||
Intangible assets, net | 10,898 | 11,728 | 1,689 | |||||
Long term investments | 50,157 | 34,159 | 4,920 | |||||
Deferred tax assets | 11,368 | - | - | |||||
Long term deposits and other non-current assets | 59,390 | 36,525 | 5,261 | |||||
Total non-current assets | 631,759 | 470,352 | 67,745 | |||||
Total Assets | 2,618,616 | 2,176,491 | 313,480 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term loan | - | 29,311 | 4,222 | |||||
Accounts payable | 205,593 | 301,569 | 43,435 | |||||
Accrued employee benefits | 44,690 | 46,233 | 6,659 | |||||
Accrued expenses and other payables | 76,409 | 34,419 | 4,957 | |||||
Income tax payable | 13,513 | 13,924 | 2,005 | |||||
Liabilities for uncertain tax positions | 11,337 | 10,020 | 1,443 | |||||
Amounts due to related parties | 18 | 18 | 3 | |||||
Current portion of long term loan | 7,180 | 3,840 | 553 | |||||
Current portion of capital lease obligations | 70,615 | 72,851 | 10,493 | |||||
Deferred government grant | 16,360 | 13,000 | 1,872 | |||||
Amount due to a subsidiary held for sale | 319,536 | 18,063 | 2,602 | |||||
Liabilities held for sale | 1,014,449 | 1,302,658 | 187,622 | |||||
Total current liabilities | 1,779,700 | 1,845,906 | 265,866 | |||||
Non-current liabilities | ||||||||
Long-term loan | 4,340 | - | - | |||||
Non-current portion of capital lease obligations | 104,450 | 43,951 | 6,330 | |||||
Deferred government grant | 8,439 | 11,208 | 1,614 | |||||
Total non-current liabilities | 117,229 | 55,159 | 7,944 | |||||
Total Liabilities | 1,896,929 | 1,901,065 | 273,810 | |||||
Total Shareholders' equity | 721,687 | 275,426 | 39,670 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,618,616 | 2,176,491 | 313,480 |
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||||
(amounts in thousands, except for number of shares, per share and per ADS data) | |||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net revenues | 311,447 | 261,643 | 263,312 | 37,926 | 1,353,627 | 1,054,235 | 151,842 | ||||||||||||||||||||
Cost of revenues | (267,339 | ) | (255,133 | ) | (257,650 | ) | (37,109 | ) | (1,041,412 | ) | (1,059,533 | ) | (152,604 | ) | |||||||||||||
Gross profit (loss) | 44,108 | 6,510 | 5,662 | 817 | 312,215 | (5,298 | ) | (762 | ) | ||||||||||||||||||
Other operating income (loss) | 13,911 | 3,260 | (28,895 | ) | (4,162 | ) | 13,911 | (19,044 | ) | (2,743 | ) | ||||||||||||||||
Sales & marketing expenses | (30,145 | ) | (23,009 | ) | (22,467 | ) | (3,236 | ) | (115,621 | ) | (93,603 | ) | (13,482 | ) | |||||||||||||
General & administrative expenses | (61,062 | ) | (62,202 | ) | (50,264 | ) | (7,240 | ) | (198,626 | ) | (265,017 | ) | (38,170 | ) | |||||||||||||
Research & development expenses | (25,530 | ) | (24,037 | ) | (25,102 | ) | (3,615 | ) | (103,110 | ) | (104,018 | ) | (14,982 | ) | |||||||||||||
Transaction tax on assets transfer | (5,394 | ) | - | - | - | (27,733 | ) | - | - | ||||||||||||||||||
Impairment of long term investments | - | - | (18,240 | ) | (2,627 | ) | - | (18,240 | ) | (2,627 | ) | ||||||||||||||||
Operating loss | (64,112 | ) | (99,478 | ) | (139,306 | ) | (20,063 | ) | (118,964 | ) | (505,220 | ) | (72,766 | ) | |||||||||||||
Interest income | 1,940 | 1,627 | 261 | 38 | 4,618 | 4,669 | 672 | ||||||||||||||||||||
Interest expense | (2,473 | ) | (2,932 | ) | (2,091 | ) | (301 | ) | (13,158 | ) | (11,647 | ) | (1,678 | ) | |||||||||||||
Other income (expense) | 141 | 5,171 | (263 | ) | (38 | ) | 2,991 | 5,336 | 769 | ||||||||||||||||||
Foreign exchange gain, net | 4,845 | 915 | 8,015 | 1,154 | 13,164 | 14,209 | 2,047 | ||||||||||||||||||||
Loss before income taxes | (59,659 | ) | (94,697 | ) | (133,384 | ) | (19,210 | ) | (111,349 | ) | (492,653 | ) | (70,956 | ) | |||||||||||||
Income tax benefit (expense) | 22,861 | 384 | (21,805 | ) | (3,141 | ) | 22,614 | (4,229 | ) | (609 | ) | ||||||||||||||||
Net loss | (36,798 | ) | (94,313 | ) | (155,189 | ) | (22,351 | ) | (88,735 | ) | (496,882 | ) | (71,565 | ) | |||||||||||||
Net loss attributable to the noncontrolling interest | (44 | ) | (152 | ) | (463 | ) | (67 | ) | (44 | ) | (776 | ) | (112 | ) | |||||||||||||
Net loss attributable to the Company's shareholders | (36,754 | ) | (94,161 | ) | (154,726 | ) | (22,284 | ) | (88,691 | ) | (496,106 | ) | (71,453 | ) | |||||||||||||
Foreign currency translation | 249 | (196 | ) | (426 | ) | (61 | ) | 264 | (666 | ) | (96 | ) | |||||||||||||||
Unrealized holding gain on available-for-sale investments | 1,106 | 36 | - | - | 1,853 | 36 | 5 | ||||||||||||||||||||
Reclassification adjustments for gains included in net income | - | (3,741 | ) | - | - | - | (3,741 | ) | (539 | ) | |||||||||||||||||
Total other comprehensive income (loss), net of tax | 1,355 | (3,901 | ) | (426 | ) | (61 | ) | 2,117 | (4,371 | ) | (630 | ) | |||||||||||||||
Comprehensive loss | (35,443 | ) | (98,214 | ) | (155,615 | ) | (22,412 | ) | (86,618 | ) | (501,253 | ) | (72,195 | ) | |||||||||||||
Comprehensive loss attributable to the noncontrolling interest | (44 | ) | (152 | ) | (463 | ) | (67 | ) | (44 | ) | (776 | ) | (112 | ) | |||||||||||||
Comprehensive loss attributable to the Company's shareholders | (35,399 | ) | (98,062 | ) | (155,152 | ) | (22,345 | ) | (86,574 | ) | (500,477 | ) | (72,083 | ) | |||||||||||||
Loss per ordinary share: | |||||||||||||||||||||||||||
Basic | (0.09 | ) | (0.23 | ) | (0.37 | ) | (0.05 | ) | (0.22 | ) | (1.22 | ) | (0.18 | ) | |||||||||||||
Diluted | (0.09 | ) | (0.23 | ) | (0.37 | ) | (0.05 | ) | (0.22 | ) | (1.22 | ) | (0.18 | ) | |||||||||||||
Loss per ADS*: | |||||||||||||||||||||||||||
Basic | (1.45 | ) | (3.68 | ) | (5.92 | ) | (0.80 | ) | (3.49 | ) | (19.52 | ) | (2.88 | ) | |||||||||||||
Diluted | (1.45 | ) | (3.68 | ) | (5.92 | ) | (0.80 | ) | (3.49 | ) | (19.52 | ) | (2.88 | ) | |||||||||||||
Weighted average number of ordinary shares used in earnings per share computation: | |||||||||||||||||||||||||||
Basic | 404,344,939 | 412,253,323 | 421,522,374 | 421,522,374 | 407,149,509 | 408,189,722 | 408,189,722 | ||||||||||||||||||||
Diluted | 404,344,939 | 412,253,323 | 421,522,374 | 421,522,374 | 407,149,509 | 408,189,722 | 408,189,722 | ||||||||||||||||||||
* | Note1:1 ADS = 16 shares |
Supplementary Metrics - Reconciliations of Non-GAAP to GAAP Financial Measures | ||||||||||||||||||||||||
(amounts in thousands, except for percentages, number of shares, per share and per ADS data) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||
Adjusted EBITDA — defined as EBITDA before share-based compensation expense, foreign exchange gain, transaction tax on assets transfer and impairment of long term investments | ||||||||||||||||||||||||
Net loss | (36,798 | ) | (94,313 | ) | (155,189 | ) | (22,351 | ) | (88,735 | ) | (496,882 | ) | (71,565 | ) | ||||||||||
Depreciation | 40,872 | 38,653 | 38,090 | 5,486 | 153,313 | 155,225 | 22,357 | |||||||||||||||||
Amortization | 1,151 | 1,102 | 1,253 | 180 | 4,298 | 3,869 | 557 | |||||||||||||||||
Interest expense | 2,473 | 2,932 | 2,091 | 301 | 13,158 | 11,647 | 1,678 | |||||||||||||||||
Interest income | (1,940 | ) | (1,627 | ) | (261 | ) | (38 | ) | (4,618 | ) | (4,669 | ) | (672 | ) | ||||||||||
Income tax (benefit) expense | (22,861 | ) | (384 | ) | 21,805 | 3,141 | (22,614 | ) | 4,229 | 609 | ||||||||||||||
Share-based compensation | 18,259 | 8,601 | 2,685 | 387 | 48,606 | 85,025 | 12,246 | |||||||||||||||||
Foreign exchange gain | (4,845 | ) | (915 | ) | (8,015 | ) | (1,154 | ) | (13,164 | ) | (14,209 | ) | (2,047 | ) | ||||||||||
Penalties on uncertain tax positions | 2,206 | - | 658 | 95 | 2,206 | 658 | 95 | |||||||||||||||||
Transaction tax on assets transfer | 5,394 | - | - | - | 27,733 | - | - | |||||||||||||||||
Impairment of long term investments | - | 18,240 | 2,627 | - | 18,240 | 2,627 | ||||||||||||||||||
Adjusted EBITDA | 3,911 | (45,951 | ) | (78,643 | ) | (11,326 | ) | 120,183 | (236,867 | ) | (34,115 | ) | ||||||||||||
Margin% | 1.3 | % | (17.6 | %) | (29.9 | %) | (29.9 | %) | 8.9 | % | (22.5 | %) | (22.5 | %) | ||||||||||
Adjusted net loss— defined as net loss before share-based compensation, foreign exchange gain (loss), penalties on uncertain tax positions, transaction tax on assets transfer and impairment of long term investments | ||||||||||||||||||||||||
Net loss | (36,798 | ) | (94,313 | ) | (155,189 | ) | (22,351 | ) | (88,735 | ) | (496,882 | ) | (71,565 | ) | ||||||||||
Share-based compensation | 18,259 | 8,601 | 2,685 | 387 | 48,606 | 85,025 | 12,246 | |||||||||||||||||
Foreign exchange gain | (4,845 | ) | (915 | ) | (8,015 | ) | (1,154 | ) | (13,164 | ) | (14,209 | ) | (2,047 | ) | ||||||||||
Penalties on uncertain tax positions | 2,206 | - | 658 | 95 | 2,206 | 658 | 95 | |||||||||||||||||
Transaction tax on assets transfer | 5,394 | - | - | - | 27,733 | - | - | |||||||||||||||||
Impairment of long term investments | - | - | 18,240 | 2,627 | - | 18,240 | 2,627 | |||||||||||||||||
Adjusted net loss | (15,784 | ) | (86,627 | ) | (141,621 | ) | (20,396 | ) | (23,354 | ) | (407,168 | ) | (58,644 | ) | ||||||||||
Margin% | (5.1 | %) | (33.1 | %) | (53.8 | %) | (53.8 | %) | (1.7 | %) | (38.6 | %) | (38.6 | %) | ||||||||||
Loss per ordinary share: | ||||||||||||||||||||||||
Basic | (0.05 | ) | (0.21 | ) | (0.34 | ) | (0.05 | ) | (0.13 | ) | (1.00 | ) | (0.14 | ) | ||||||||||
Diluted | (0.05 | ) | (0.21 | ) | (0.34 | ) | (0.05 | ) | (0.13 | ) | (1.00 | ) | (0.14 | ) | ||||||||||
Loss per ADS: | ||||||||||||||||||||||||
Basic | (0.84 | ) | (3.36 | ) | (5.44 | ) | (0.80 | ) | (2.01 | ) | (16.00 | ) | (2.24 | ) | ||||||||||
Diluted | (0.84 | ) | (3.36 | ) | (5.44 | ) | (0.80 | ) | (2.01 | ) | (16.00 | ) | (2.24 | ) | ||||||||||
Non-GAAP gross profit (loss) - defined as gross profit (loss) before share-based compensation expense | ||||||||||||||||||||||||
Gross profit (loss) | 44,108 | 6,510 | 5,662 | 817 | 312,215 | (5,298 | ) | (762 | ) | |||||||||||||||
Plus: Share-based compensation | 945 | 378 | 623 | 90 | 3,670 | 5,961 | 859 | |||||||||||||||||
Non-GAAP gross profit | 45,053 | 6,888 | 6,285 | 907 | 315,885 | 663 | 97 | |||||||||||||||||
Margin% | 14.5 | % | 2.6 | % | 2.4 | % | 2.4 | % | 23.3 | % | 0.1 | % | 0.1 | % | ||||||||||
Non-GAAP operating expense - defined as operating expense before share-based compensation expense | ||||||||||||||||||||||||
Sales & marketing expenses | 30,145 | 23,009 | 22,467 | 3,236 | 115,621 | 93,603 | 13,482 | |||||||||||||||||
Minus: Share-based compensation | (693 | ) | 131 | (7 | ) | (1 | ) | (2,882 | ) | (2,753 | ) | (397 | ) | |||||||||||
Non-GAAP sales & marketing expenses | 29,452 | 23,140 | 22,460 | 3,235 | 112,739 | 90,850 | 13,085 | |||||||||||||||||
% of net revenues | 9.5 | % | 8.8 | % | 8.5 | % | 8.5 | % | 8.3 | % | 8.6 | % | 8.6 | % | ||||||||||
General & administrative expenses | 61,062 | 62,202 | 50,264 | 7,240 | 198,626 | 265,017 | 38,170 | |||||||||||||||||
Minus: Share-based compensation | (15,876 | ) | (8,092 | ) | (1,854 | ) | (267 | ) | (38,796 | ) | (72,483 | ) | (10,440 | ) | ||||||||||
Non-GAAP general & administrative expenses | 45,186 | 54,110 | 48,410 | 6,973 | 159,830 | 192,534 | 27,730 | |||||||||||||||||
% of net revenues | 14.5 | % | 20.7 | % | 18.4 | % | 18.4 | % | 11.8 | % | 18.3 | % | 18.3 | % | ||||||||||
Research & development expenses | 25,530 | 24,037 | 25,102 | 3,615 | 103,110 | 104,018 | 14,982 | |||||||||||||||||
Minus: Share-based compensation | (745 | ) | (262 | ) | (201 | ) | (29 | ) | (3,258 | ) | (3,828 | ) | (551 | ) | ||||||||||
Non-GAAP research & development expenses | 24,785 | 23,775 | 24,901 | 3,586 | 99,852 | 100,190 | 14,431 | |||||||||||||||||
% of net revenues | 8.0 | % | 9.1 | % | 9.5 | % | 9.5 | % | 7.4 | % | 9.5 | % | 9.5 | % | ||||||||||
Non-GAAP operating loss — defined as GAAP operating loss before share-based compensation expense, transaction tax on assets transfer and impairment of long term investments | ||||||||||||||||||||||||
Operating loss | (64,112 | ) | (99,478 | ) | (139,306 | ) | (20,063 | ) | (118,964 | ) | (505,220 | ) | (72,766 | ) | ||||||||||
Share-based compensation | 18,259 | 8,601 | 2,685 | 387 | 48,606 | 85,025 | 12,246 | |||||||||||||||||
Transaction tax on assets transfer | 5,394 | - | - | - | 27,733 | - | - | |||||||||||||||||
Impairment of long term investments | - | - | 18,240 | 2,627 | - | 18,240 | 2,627 | |||||||||||||||||
Non-GAAP operating loss | (40,459 | ) | (90,877 | ) | (118,381 | ) | (17,049 | ) | (42,625 | ) | (401,955 | ) | (57,893 | ) | ||||||||||
Margin% | (13.0 | %) | (34.7 | %) | (45.0 | %) | (45.0 | %) | (3.1 | %) | (38.1 | %) | (38.1 | %) |
For investor and media inquiries please contact: Investor RelationsSource:ChinaCache International Holdings Tel: +86 (10) 6408 5307 Email: ir@chinacache.com Mr.Ross Warner The Piacente Group | Investor Relations Tel: +86 10 5730-6200 Email: chinacache@tpg-ir.com Ms.Brandi Piacente The Piacente Group | Investor Relations Tel: +1 212-481 2050 Email: chinacache@tpg-ir.com
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