EX-99.1 2 tm2211028d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

 

SHANGHAI, March 31, 2022 – 51job, Inc. (Nasdaq: JOBS) (“51job” or the “Company”), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the fourth quarter and fiscal year of 2021 ended December 31, 2021.

 

Fourth Quarter 2021 Financial Highlights:

 

·Net revenues increased 15.7% over Q4 2020 to RMB1,345.2 million (US$211.1 million)
  
·Online recruitment services revenues increased 12.0%
  
·Other human resource related revenues increased 19.0%
  
·Income from operations was RMB304.6 million (US$47.8 million)
  
·Fully diluted earnings per share was RMB5.23 (US$0.82)
  
·Non-GAAP adjusted fully diluted earnings per share1 was RMB5.99 (US$0.94)

 

Fiscal Year 2021 Financial Highlights:

 

·Net revenues increased 19.8% from 2020 to RMB4,420.4 million (US$693.7 million)
  
·Online recruitment services revenues increased 11.6%
  
·Other human resource related revenues increased 31.3%
  
·Income from operations was RMB551.3 million (US$86.5 million)
  
·Fully diluted earnings per share was RMB9.40 (US$1.47)
  
·Non-GAAP adjusted fully diluted earnings per share was RMB13.12 (US$2.06)

 

Fourth Quarter 2021 Unaudited Financial Results

 

Net revenues for the fourth quarter ended December 31, 2021 were RMB1,345.2 million (US$211.1 million), an increase of 15.7% from RMB1,163.1 million for the same quarter in 2020.

 

Online recruitment services revenues for the fourth quarter of 2021 increased 12.0% to RMB617.7 million (US$96.9 million) compared with RMB551.6 million for the same quarter in 2020, primarily due to an improvement in hiring sentiment, demand and activity from employers in 2021.

 

Other human resource related revenues for the fourth quarter of 2021 increased 19.0% to RMB727.5 million (US$114.2 million) from RMB611.5 million for the same quarter in 2020. The growth was primarily driven by robust employer demand for seasonal campus recruitment, business process outsourcing and training services in 2021.

 

 

1Adjusted fully diluted earnings per share is a non-GAAP financial measure, which excludes share-based compensation expense, loss from foreign currency translation, and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items. Please refer to the “Use of Non- GAAP Financial Measures” section and “Reconciliation of GAAP and Non-GAAP Results” tables contained in this press release.

 

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Cost of services for the fourth quarter of 2021 increased 29.1% to RMB535.2 million (US$84.0 million) from RMB414.5 million for the same quarter in 2020, primarily due to higher employee compensation expenses, headcount additions and greater direct costs, such as venue rental, media production and technology support, incurred in providing campus recruitment services to employers. Gross profit for the fourth quarter of 2021 increased 8.2% to RMB810.0 million (US$127.1 million) from RMB748.6 million for the same quarter in 2020. Gross margin, which is gross profit as a percentage of net revenues, was 60.2% in the fourth quarter of 2021 compared with 64.4% for the same quarter in 2020.

 

Operating expenses for the fourth quarter of 2021 increased 28.9% to RMB505.4 million (US$79.3 million) from RMB392.0 million for the same quarter in 2020. Sales and marketing expenses for the fourth quarter of 2021 increased 34.3% to RMB403.6 million (US$63.3 million) from RMB300.6 million for the same quarter in 2020, primarily due to higher employee compensation expenses, staff additions and greater spending on advertising and brand awareness campaigns. Advertising and promotion expenses increased 27.7% to RMB90.0 million (US$14.1 million) for the fourth quarter of 2021 from RMB70.5 million for the same quarter in 2020.

 

General and administrative expenses for the fourth quarter of 2021 increased 11.3% to RMB101.8 million (US$16.0 million) from RMB91.4 million for the same quarter in 2020, primarily due to higher employee compensation expenses.

 

Income from operations for the fourth quarter of 2021 was RMB304.6 million (US$47.8 million) compared with RMB356.6 million for the fourth quarter of 2020. Operating margin, which is income from operations as a percentage of net revenues, was 22.6% for the fourth quarter of 2021 compared with 30.7% for the same quarter in 2020. Excluding share-based compensation expense, operating margin would have been 24.9% for the fourth quarter of 2021 compared with 33.7% for the same quarter in 2020.

 

The Company recognized a loss from foreign currency translation of RMB10.9 million (US$1.7 million) in the fourth quarter of 2021 compared with RMB33.9 million in the fourth quarter of 2020, primarily due to the impact of the change in exchange rate between the Renminbi and the U.S. dollar on the Company’s U.S. dollar cash deposits.

 

The Company recognized a mark-to-market, non-cash loss of RMB10.7 million (US$1.7 million) in the fourth quarter of 2021 compared with RMB9.4 million in the fourth quarter of 2020 associated with a change in fair value of listed equity securities investment in Huali University Group Limited, which is traded on the Hong Kong Stock Exchange. The Company also recognized RMB3.4 million (US$0.5 million) in professional services fees and administrative expenses related to the proposed going-private transaction in the fourth quarter of 2021.

 

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Other income in the fourth quarter of 2021 included local government financial subsidies of RMB98.6 million (US$15.5 million) compared with RMB14.9 million in the fourth quarter of 2020.

 

Net income attributable to 51job for the fourth quarter of 2021 was RMB355.2 million (US$55.7 million) compared with RMB342.0 million for the same quarter in 2020. Fully diluted earnings per share for the fourth quarter of 2021 was RMB5.23 (US$0.82) compared with RMB5.01 for the same quarter in 2020.

 

In the fourth quarter of 2021, total share-based compensation expense was RMB29.9 million (US$4.7 million) compared with RMB35.0 million in the fourth quarter of 2020.

 

Excluding share-based compensation expense, loss from foreign currency translation and change in fair value of listed equity securities investment, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job for the fourth quarter of 2021 was RMB406.7 million (US$63.8 million) compared with RMB420.1 million for the fourth quarter of 2020. Non-GAAP adjusted fully diluted earnings per share was RMB5.99 (US$0.94) in the fourth quarter of 2021 compared with RMB6.16 in the fourth quarter of 2020.

 

Fiscal Year 2021 Unaudited Financial Results

 

Net revenues in 2021 were RMB4,420.4 million (US$693.7 million), an increase of 19.8% from RMB3,689.0 million in 2020.

 

Online recruitment services revenues in 2021 increased 11.6% to RMB2,396.2 million (US$376.0 million) from RMB2,147.3 million in 2020. The increase was primarily due to the improvement in business activity and more recruitment needs of employers in China in 2021.

 

Other human resource related revenues in 2021 increased 31.3% to RMB2,024.2 million (US$317.6 million) from RMB1,541.6 million in 2020, primarily due to resilient customer demand and usage of the Company’s training, campus recruitment, placement and business process outsourcing services.

 

Cost of services in 2021 increased 32.9% to RMB1,676.7 million (US$263.1 million) from RMB1,261.7 million in 2020, primarily due to higher employee compensation expenses and headcount additions. Gross profit in 2021 increased 13.0% to RMB2,743.7 million (US$430.5 million) from RMB2,427.2 million in 2020. Gross margin was 62.1% in 2021 compared with 65.8% in 2020.

 

Income from operations in 2021 decreased 36.4% to RMB551.3 million (US$86.5 million) from RMB867.1 million in 2020, primarily due to the significant increase in sales and marketing expenses in 2021. Operating margin was 12.5% in 2021 compared with 23.5% in 2020. Excluding share-based compensation expense, operating margin would have been 15.9% in 2021 compared with 27.4% in 2020.

 

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51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

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Net income attributable to 51job in 2021 was RMB640.7 million (US$100.5 million) compared with RMB1,097.3 million in 2020. Fully diluted earnings per share in 2021 was RMB9.40 (US$1.47) compared with RMB16.12 in 2020.

 

Excluding share-based compensation expense, loss from foreign currency translation, and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job in 2021 was RMB894.4 million (US$140.4 million) compared with RMB1,243.9 million in 2020. Non-GAAP adjusted fully diluted earnings per share was RMB13.12 (US$2.06) in 2021 compared with RMB18.28 in 2020.

 

As of December 31, 2021, cash and short-term investments totaled RMB10,587.0 million (US$1,661.3 million) compared with RMB10,761.9 million as of December 31, 2020.

 

Currency Convenience Translation

 

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.3726 to US$1.00, the noon buying rate on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

 

Use of Non-GAAP Financial Measures

 

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), 51job uses non-GAAP financial measures of income before income tax expense, income tax expense, adjusted net income, adjusted net income attributable to 51job and adjusted earnings per share, which are adjusted from results based on GAAP to exclude share-based compensation expense, loss from foreign currency translation and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items. The Company believes excluding share-based compensation expense and its related tax effect from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company’s core operating results as such expense is not directly attributable to the underlying performance of the Company’s business operations and do not impact its cash earnings. The Company believes excluding loss from foreign currency translation and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect, from its non-GAAP financial measures is useful for its management and investors as such translation, mark-to-market gain or loss is not indicative of the Company’s core business operations and will not result in cash settlement nor impact the Company’s cash earnings. 51job also believes these non-GAAP financial measures excluding share-based compensation expense, loss from foreign currency translation and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items, are important in helping investors to understand the Company’s current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.

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March 31, 2022

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About 51job

 

Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company’s main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, http://www.lagou.com, and http://www.51mdd.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.

 

Safe Harbor Statement

 

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,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “confident” and similar statements. Among other things, statements that are not historical facts, including statements about 51job’s beliefs and expectations, as well as 51job’s strategic and operational plans, are or contain forward-looking statements. 51job may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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. All forward-looking statements are based upon management’s expectations at the time of the statements and 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: execution of 51job’s strategies and business plans; growth and trends of the human resource services industry in China; market acceptance of 51job’s products and services; competition in the industry; 51job’s ability to control costs and expenses; 51job’s ability to retain key personnel and attract new talent; relevant government policies and regulations relating to 51job’s industry, corporate structure and business operations; seasonality in the business; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; and fluctuations in general economic and business conditions in China and globally, including the impact of the coronavirus or other pandemic. Further information regarding these and other risks are included in 51job’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.

 

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51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

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Contact

 

Investor Relations, 51job, Inc.

Tel: +86-21-6879-6250

Email: ir@51job.com

 

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51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

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51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
             
   For the Three Months Ended 
   December 31,
2020		   December 31,
2021		   December 31,
2021		 
(In thousands, except share and per share data)  (unaudited)   (unaudited)   (unaudited) 
   RMB   RMB   US$ (Note 1) 
Revenues:               
Online recruitment services   551,562    617,703    96,931 
Other human resource related revenues   611,545    727,480    114,157 
Net revenues   1,163,107    1,345,183    211,088 
Cost of services (Note 2)   (414,504)   (535,189)   (83,983)
Gross profit   748,603    809,994    127,105 
Operating expenses:               
Sales and marketing (Note 3)   (300,583)   (403,604)   (63,334)
General and administrative (Note 4)   (91,439)   (101,786)   (15,972)
Total operating expenses   (392,022)   (505,390)   (79,306)
Income from operations   356,581    304,604    47,799 
Loss from foreign currency translation   (33,851)   (10,917)   (1,713)
Interest and investment income, net   59,482    56,142    8,810 
Change in fair value of listed equity securities investment   (9,404)   (10,715)   (1,681)
Fees and expenses related to proposed going-private transaction   —    (3,357)   (527)
Other income, net   11,691    98,335    15,431 
Income before income tax expense   384,499    434,092    68,119 
Income tax expense   (52,695)   (83,210)   (13,057)
Net income   331,804    350,882    55,062 
Net loss attributable to non-controlling interests   10,244    4,273    671 
Net income attributable to 51job, Inc.   342,048    355,155    55,733 
Net income   331,804    350,882    55,062 
Other comprehensive income (loss)   22,745    (269)   (42)
Total comprehensive income   354,549    350,613    55,020 
Earnings per share:               
Basic   5.07    5.27    0.83 
Diluted   5.01    5.23    0.82 
Weighted average number of common shares outstanding:               
Basic   67,402,582    67,437,209    67,437,209 
Diluted   68,245,670    67,941,118    67,941,118 

 

 

Notes:          
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
(2) Includes share-based compensation expense of RMB6,307 and RMB4,933 (US$774) for the three months ended  December 31, 2020 and 2021, respectively.
(3) Includes share-based compensation expense of RMB5,422 and RMB4,241 (US$666) for the three months ended December 31, 2020 and 2021, respectively.
(4) Includes share-based compensation expense of RMB23,280 and RMB20,717 (US$3,251) for the three months ended December 31, 2020 and 2021, respectively.

 

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51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
             
   For the Year Ended 
   December 31,
2020		   December 31,
2021		   December 31,
2021		 
(In thousands, except share and per share data)  (unaudited)   (unaudited)   (unaudited) 
   RMB   RMB   US$ (Note 1) 
Revenues:               
Online recruitment services   2,147,334    2,396,209    376,017 
Other human resource related revenues   1,541,617    2,024,219    317,644 
Net revenues   3,688,951    4,420,428    693,661 
Cost of services (Note 2)   (1,261,731)   (1,676,727)   (263,115)
Gross profit   2,427,220    2,743,701    430,546 
Operating expenses:               
Sales and marketing (Note 3)   (1,182,677)   (1,790,535)   (280,974)
General and administrative (Note 4)   (377,438)   (401,827)   (63,055)
Total operating expenses   (1,560,115)   (2,192,362)   (344,029)
Income from operations   867,105    551,339    86,517 
Loss from foreign currency translation   (53,442)   (15,793)   (2,478)
Interest and investment income, net   228,500    212,690    33,376 
Change in fair value of listed equity securities investment   10,760    (88,296)   (13,856)
Fees and expenses related to proposed going-private transaction   —    (87,544)   (13,738)
Change in fair value of long-term investment   39,614    —    — 
Other income, net   167,308    192,233    30,166 
Income before income tax expense   1,259,845    764,629    119,987 
Income tax expense   (188,417)   (155,721)   (24,436)
Net income   1,071,428    608,908    95,551 
Net loss attributable to non-controlling interests   25,848    31,775    4,986 
Net income attributable to 51job, Inc.   1,097,276    640,683    100,537 
Net income   1,071,428    608,908    95,551 
Other comprehensive income (loss)   22,451    (415)   (65)
Total comprehensive income   1,093,879    608,493    95,486 
Earnings per share:               
Basic   16.35    9.50    1.49 
Diluted   16.12    9.40    1.47 
Weighted average number of common shares outstanding:               
Basic   67,101,601    67,429,296    67,429,296 
Diluted   68,056,724    68,185,891    68,185,891 

 

 

Notes:          
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
(2) Includes share-based compensation expense of RMB23,648 and RMB24,019 (US$3,769) for the year ended December 31, 2020 and 2021, respectively.
(3) Includes share-based compensation expense of RMB20,329 and RMB20,648 (US$3,240) for the year ended December 31, 2020 and 2021, respectively.
(4) Includes share-based compensation expense of RMB99,829 and RMB104,889 (US$16,460) for the year ended December 31, 2020 and 2021, respectively.

 

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51job, Inc.
Reconciliation of GAAP and Non-GAAP Results
             
   For the Three Months Ended 
   December 31,
2020		   December 31,
2021		   December 31,
2021		 
(In thousands, except share and per share data)  (unaudited)   (unaudited)   (unaudited) 
   RMB   RMB   US$ (Note 1) 
GAAP income before income tax expense   384,499    434,092    68,119 
Add: Share-based compensation   35,009    29,891    4,691 
Add: Loss from foreign currency translation   33,851    10,917    1,713 
Add: Change in fair value of listed equity securities investment   9,404    10,715    1,681 
Non-GAAP income before income tax expense   462,763    485,615    76,204 
GAAP income tax expense   (52,695)   (83,210)   (13,057)
Tax effect of non-GAAP line items   (208)   (7)   (1)
Non-GAAP income tax expense   (52,903)   (83,217)   (13,058)
Non-GAAP adjusted net income   409,860    402,398    63,146 
Non-GAAP adjusted net income attributable to 51job, Inc.   420,104    406,671    63,817 
Non-GAAP adjusted earnings per share:               
Basic   6.23    6.03    0.95 
Diluted   6.16    5.99    0.94 
Weighted average number of common shares outstanding:               
Basic   67,402,582    67,437,209    67,437,209 
Diluted   68,245,670    67,941,118    67,941,118 

 

   For the Year Ended 
    December 31,
2020		    December 31,
2021		    December 31,
2021		 
(In thousands, except share and per share data)   (unaudited)    (unaudited)    (unaudited) 
    RMB    RMB    US$ (Note 1) 
GAAP income before income tax expense   1,259,845    764,629    119,987 
Add: Share-based compensation   143,806    149,556    23,469 
Add: Loss from foreign currency translation   53,442    15,793    2,478 
Add (Less): Change in fair value of listed equity securities investment   (10,760)   88,296    13,856 
Less: Change in fair value of long-term investment   (39,614)   —    — 
Non-GAAP income before income tax expense   1,406,719    1,018,274    159,790 
GAAP income tax expense   (188,417)   (155,721)   (24,436)
Tax effect of non-GAAP line items   (279)   79    12 
Non-GAAP income tax expense   (188,696)   (155,642)   (24,424)
Non-GAAP adjusted net income   1,218,023    862,632    135,366 
Non-GAAP adjusted net income attributable to 51job, Inc.   1,243,871    894,407    140,352 
Non-GAAP adjusted earnings per share:               
Basic   18.54    13.26    2.08 
Diluted   18.28    13.12    2.06 
Weighted average number of common shares outstanding:               
Basic   67,101,601    67,429,296    67,429,296 
Diluted   68,056,724    68,185,891    68,185,891 

 

 
Note (1): The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

 

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51job, Inc.
Consolidated Balance Sheets

 

   As of 
   December 31,
2020		   December 31,
2021		   December 31,
2021		 
(In thousands, except share and per share data)  (unaudited)   (unaudited)   (unaudited) 
   RMB   RMB   US$ (Note 1) 
ASSETS               
Current assets:               
Cash   3,292,698    10,539,923    1,653,944 
Restricted cash   2,258    —    — 
Short-term investments   7,469,213    47,116    7,394 
Accounts receivable (net of allowance of RMB26,798 and RMB27,522 as of December 31, 2020 and 2021, respectively)   290,480    382,164    59,970 
Prepayments and other current assets   492,980    561,677    88,139 
Total current assets   11,547,629    11,530,880    1,809,447 
Non-current assets:               
Time deposits   719,189    745,450    116,977 
Long-term investments   1,576,250    1,474,928    231,448 
Property and equipment, net   273,157    755,789    118,600 
Goodwill   1,036,124    1,036,124    162,590 
Intangible assets, net   163,503    126,497    19,850 
Right-of-use assets   307,869    1,839,143    288,602 
Other long-term assets   13,946    14,065    2,207 
Deferred tax assets   38,013    52,793    8,284 
Total non-current assets   4,128,051    6,044,789    948,558 
Total assets   15,675,680    17,575,669    2,758,005 
LIABILITIES, MEZZANINE EQUITY AND EQUITY               
Current liabilities:               
Current portion of long-term bank loan   —    52,500    8,238 
Accounts payable   83,087    136,999    21,498 
Salary and employee related accrual   182,565    221,890    34,819 
Taxes payable   172,254    212,873    33,404 
Advances from customers   1,158,604    1,163,615    182,598 
Lease liabilities, current   34,952    42,093    6,605 
Other payables and accruals   1,178,955    1,132,921    177,780 
Total current liabilities   2,810,417    2,962,891    464,942 
Non-current liabilities:               
Long-term bank loan   —    997,500    156,530 
Lease liabilities, non-current   44,949    37,776    5,928 
Deferred tax liabilities   232,087    224,571    35,240 
Total non-current liabilities   277,036    1,259,847    197,698 
Total liabilities   3,087,453    4,222,738    662,640 
Mezzanine equity:               
Redeemable non-controlling interests   189,811    156,880    24,618 
Shareholders' equity:               
Common shares (US$0.0001 par value: 500,000,000 shares authorized, 67,406,657 and 67,437,209 shares issued and outstanding as of December 31, 2020 and 2021, respectively)   54    54    8 
Additional paid-in capital   5,206,154    5,363,570    841,661 
Statutory reserves   18,474    18,840    2,956 
Accumulated other comprehensive income   276,975    276,560    43,398 
Retained earnings   6,871,090    7,511,407    1,178,704 
Total 51job, Inc. shareholders' equity   12,372,747    13,170,431    2,066,727 
Non-controlling interests   25,669    25,620    4,020 
Total equity   12,398,416    13,196,051    2,070,747 
Total liabilities, mezzanine equity and equity   15,675,680    17,575,669    2,758,005 

 

 
Note (1): The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

 

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