UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2024
Commission File Number: 001-35224
Xunlei Limited
3709 Baishi Road
Nanshan District, Shenzhen, 518000
The People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Exhibit Index
Exhibit 99.1—Press Release—Xunlei Announces Unaudited Financial Results for the Third Quarter Ended September 30, 2024
Exhibit 99.2—Press Release—Xunlei Announces Changes of Board of Directors
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Xunlei Limited |
| |
|
| |
By: |
/s/ Naijiang (Eric) Zhou |
| |
Name: |
Naijiang (Eric) Zhou |
| |
Title: |
Chief Financial Officer |
Date: November 14, 2024
Exhibit 99.1
XUNLEI ANNOUNCES
UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2024
Shenzhen,
China, November 14, 2024 (GLOBE NEWSWIRE) - Xunlei Limited ("Xunlei" or the "Company") (Nasdaq: XNET), a leading
technology company providing distributed cloud services in China, today announced its unaudited financial results for the third quarter
ended September 30, 2024.
Third
quarter 2024 Financial Highlights:
| · | Total
revenues were US$80.1 million, representing a decrease of 4.9% year-over-year. |
| · | Cloud
computing revenues were US$25.3 million, representing a decrease of 14.4% year-over-year. |
| · | Subscription
revenues were US$33.2 million, representing an increase of 15.6% year-over-year. |
| · | Live
streaming and other internet value-added services (“Live streaming and other IVAS”)
revenues were US$21.6 million, representing a decrease of 16.7% year-over-year. |
| · | Gross
profit was US$40.5 million, representing an increase of 7.8% year-over-year, and gross
profit margin was 50.8% in the third quarter, compared with 44.6% in the same period of 2023. |
| · | Net
income was US$4.4 million in the third quarter, same as US$4.4 million in the same period
of 2023. |
| · | Non-GAAP
net income1 was US$4.9 million in the third quarter, compared with US$5.5
million in the same period of 2023. |
| · | Diluted
earnings per ADS was approximately US$0.07 in the third quarter, same as US$0.07 in the
same period of 2023. |
“We achieved continued
profitability and positive operating cash flows in the third quarter of 2024, while the revenue performance from each business line was
mixed. The third quarter performance was led by double-digit growth in subscription business. While the total revenues decreased year-over-year
due to the downsizing of our domestic audio live streaming business last year and lower cloud computing sales, we have successfully carried
out diversified measures to mitigate their impact,” said Mr. Jinbo Li, Chairman and CEO of Xunlei.
“We are confident
in our business outlook and have been actively implementing our new share repurchase plan announced in June this year. Looking ahead,
we will continue to push boundaries, explore untapped potential and ultimately create values for our shareholders,” concluded
Mr. Li.
Third
Quarter 2024 Financial Results
Total
Revenues
Total
revenues were US$80.1 million, representing a decrease of 4.9% year-over-year. The decrease in total revenues was mainly attributable
to the decrease in our revenues from live streaming and cloud computing businesses.
Revenues
from cloud computing were US$25.3 million, representing a decrease of 14.4% year-over-year. The decrease in cloud computing revenues
was mainly due to the reduced sale of our cloud computing services and a decline in sales of cloud computing hardware devices as a result
of heightened competition and evolving regulatory environment.
1 Non-GAAP
net income is a Non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures”
and the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
Revenues
from subscription were US$33.2 million, representing an increase of 15.6% year-over-year. The increase in subscription revenues was mainly
driven by the increase in the number of subscribers. The number of subscribers was 5.51 million as of September 30, 2024, compared
with 5.02 million as of September 30, 2023. The average revenue per subscriber for the third quarter was RMB40.9, compared with
RMB39.9 in the same period of 2023. The higher average revenue per subscriber was mainly attributable to an increase in the proportion
of users who signed up for our premium membership services.
Revenues
from live streaming and other IVAS were US$21.6 million, representing a decrease of 16.7% year-over-year. The decrease of live streaming
and other IVAS revenues was mainly due to the downsizing of our domestic audio live streaming operations since June 2023, which
was partially offset by the increase in the revenues from our overseas audio live streaming business.
Costs
of Revenues
Costs
of revenues were US$39.4 million, representing 49.1% of our total revenues, compared with US$46.4 million, or 55.1% of the total revenues,
in the same period of 2023. The decrease in costs of revenues was mainly attributable to the decrease in bandwidth costs as well as revenue-sharing
costs for our live streaming business incurred during the quarter.
Bandwidth
costs, as included in costs of revenues, were US$24.8 million, representing 31.0% of our total revenues, compared with US$28.1 million,
or 33.4% of the total revenues, in the same period of 2023. The decrease was primarily due to the enhanced utilization efficiency and
decrease in revenues from cloud computing services during the quarter.
The
remaining costs of revenues mainly consisted of costs related to the revenue-sharing from our live streaming business, payment handling
charges and cost of inventories sold.
Gross
Profit and Gross Profit Margin
Gross
profit for the third quarter of 2024 was US$40.5 million, representing an increase of 7.8% year-over-year. Gross profit margin was 50.5%
in the third quarter, compared with 44.6% in the same period of 2023. The increase in gross profit was mainly driven by the increased
gross profit from our subscription business. The increase in gross profit margin was primarily due to the higher weighting of subscription
revenues in our total revenue mix, which have a higher gross profit margin.
Research
and Development Expenses
Research
and development expenses for the third quarter were US$17.7 million, representing 22.1% of our total revenues, compared with US$19.5
million, or 23.1% of our total revenues, in the same period of 2023. The decrease was primarily due to the decrease in labor cost.
Sales
and Marketing Expenses
Sales
and marketing expenses for the third quarter were US$11.5 million, representing 14.3% of our total revenues, compared with US$9.5 million,
or 11.3% of our total revenues, in the same period of 2023. The increase was primarily due to more marketing expenses incurred for our
subscription and overseas audio live streaming businesses.
General
and Administrative Expenses
General
and administrative expenses for the third quarter were US$11.4 million, representing 14.2% of our total revenues, compared with US$11.1
million, or 13.2% of our total revenues, in the same period of 2023. The increase was primarily due to the increase in labor costs, partially
offset by the decrease in one-off impairment of servers and network equipment.
Operating
Loss
Operating
loss was US$0.2 million, compared with an operating loss of US$2.5 million in the same period of 2023. The decrease in operating loss
was primarily attributable to the increase in gross profit of subscription and overseas audio live streaming businesses, partially offset
by the increase in marketing expenses during the quarter.
Other
Income, Net
Other
income, net was US$4.8 million, compared with other income, net of US$7.3 million in the same period of 2023. The decrease was primarily
due to less reversal of payables with low payment probability as compared with the same period of 2023.
Net
Income and Earnings Per ADS
Net
income was US$4.4 million, same as US$4.4 million in the third quarter of 2023. Non-GAAP net income was US$4.9 million in the third quarter
of 2024, compared with US$5.5 million in the same period of 2023.
Diluted
earnings per ADS in the third quarter of 2024 was approximately US$0.07, same as US$0.07 in the third quarter of 2023.
Cash
Balance
As
of September 30, 2024, the Company had cash, cash equivalents and short-term investments of US$272.0 million, compared with US$263.4
million as of June 30, 2024. The increase was mainly due to the net cash inflow from operating activities, partially offset by the
repayment of bank loans and spending on share buybacks.
Share
Repurchase Program
On
June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of
its ADSs or shares over the next 12 months. As of September 30, 2024, the Company had spent approximately US$1.5 million on share
buybacks under the new share repurchase program.
During
the quarter ended September 30, 2024, the Company had repurchased a total of 588,025 ADSs for a total of US$1.0 million.
Guidance
for the Fourth Quarter of 2024
For the fourth quarter
of 2024, Xunlei estimates total revenues to be between US$77 million and US$82 million, and the midpoint of the range represents a quarter-over-quarter
decrease of approximately 0.7%. This estimate represents management's preliminary view as of the date of this press release, which is
subject to change and any change could be material.
Conference Call Information.
Xunlei's management
will host a conference call at 7:00 a.m. U.S. Eastern Time on November 14, 2024 (8:00 p.m. Beijing/Hong Kong
Time), to discuss the Company's quarterly results and recent business developments.
Participant
Online Registration: https://register.vevent.com/register/BI548168feaf884dee90e66d28f4bee648
Please
register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered,
the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In
or Call Me. A kindly reminder that "Call Me" does not work for China number.
The
Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following
the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/y5ezeqng
About
Xunlei
Founded
in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides
a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient,
smart and safe internet experience.
Safe
Harbor Statement
This
press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions
of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as
"will," "expects," "believes," "anticipates," "future," "intends," "plans,"
"estimates" and similar statements. Among other things, the management's quotations and the "Guidance" section in
this press release, as well as the Company's strategic, operational and acquisition plans, contain forward-looking statements. These
forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates
and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but
not limited to: the Company's ability to continue to innovate and provide attractive products and services to retain and grow its user
base; the Company's ability to keep up with technological developments and users' changing demands in the internet industry; the Company's
ability to convert its users into subscribers of its premium services; the Company's ability to deal with existing and potential copyright
infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet
content in China and the Company's ability to compete effectively. Although the Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties
faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided
in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
About
Non-GAAP Financial Measures
To
supplement Xunlei's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles
("GAAP"), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange
Commission: (1) non-GAAP operating income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share
for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is
not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
GAAP.
Xunlei
believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company's operating
performance by excluding share-based compensation expenses, which is not expected to result in future cash payments. These non-GAAP financial
measures also facilitate management's internal comparisons to Xunlei's historical performance and assist the Company's financial and
operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude share-based
compensation charge that has been and will continue to be for the foreseeable future a recurring expense in Xunlei's results of operations.
Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP
measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial
measures that are most directly comparable to the non-GAAP financial measures the Company has presented.
XUNLEI LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
| | |
September30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | |
| Assets | |
| | | |
| | |
| | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
| 133,436 | | |
| 170,802 | |
| Short-term investments | |
| 138,596 | | |
| 101,078 | |
| Accounts receivable, net | |
| 32,173 | | |
| 31,210 | |
| Inventories | |
| 1,465 | | |
| 2,219 | |
| Due from related parties | |
| 31,884 | | |
| 12,644 | |
| Prepayments and other current assets | |
| 10,827 | | |
| 9,423 | |
| Total current assets | |
| 348,381 | | |
| 327,376 | |
| | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | |
| Restricted cash | |
| 523 | | |
| - | |
| Long-term investments | |
| 30,768 | | |
| 32,134 | |
| Deferred tax assets | |
| 784 | | |
| 478 | |
| Property and equipment, net | |
| 57,975 | | |
| 60,028 | |
| Intangible assets, net | |
| 8,999 | | |
| 5,697 | |
| Goodwill | |
| 21,050 | | |
| 20,826 | |
| Due from a related party, non-current portion | |
| - | | |
| 19,619 | |
| Long-term prepayments and other non-current assets | |
| 3,155 | | |
| 1,953 | |
| Operating lease assets | |
| 349 | | |
| 575 | |
| Total assets | |
| 471,984 | | |
| 468,686 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
| 24,933 | | |
| 24,430 | |
| Due to related parties | |
| 18 | | |
| - | |
| Contract liabilities, current portion | |
| 38,493 | | |
| 36,375 | |
| Lease liabilities | |
| 162 | | |
| 276 | |
| Income tax payable | |
| 8,170 | | |
| 6,391 | |
| Accrued liabilities and other payables | |
| 47,457 | | |
| 53,708 | |
| Short-term bank borrowings and current portion of long-term bank borrowings | |
| 71 | | |
| 6,906 | |
| Total current liabilities | |
| 119,304 | | |
| 128,086 | |
| | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | |
| Contract liabilities, non-current portion | |
| 516 | | |
| 846 | |
| Lease liabilities, non-current portion | |
| 134 | | |
| 229 | |
| Deferred tax liabilities | |
| 988 | | |
| 513 | |
| Bank borrowings, non-current portion | |
| 14,270 | | |
| 15,539 | |
| Total liabilities | |
| 135,212 | | |
| 145,213 | |
| | |
| | | |
| | |
| Equity | |
| | | |
| | |
| Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 323,525,556 shares outstanding as at December 31, 2023; 375,001,940 issued and 316,960,156 shares outstanding as at September 30, 2024) | |
| 79 | | |
| 81 | |
| Additional paid-in-capital | |
| 480,939 | | |
| 482,484 | |
| Accumulated other comprehensive loss | |
| (16,221 | ) | |
| (18,913 | ) |
| Statutory reserves | |
| 8,142 | | |
| 8,142 | |
| Treasury shares (51,476,384 shares and 58,041,784 shares as at December 31, 2023 and September 30, 2024, respectively) | |
| 15 | | |
| 12 | |
| Accumulated deficits | |
| (135,955 | ) | |
| (146,944 | ) |
| Total Xunlei Limited's shareholders' equity | |
| 336,999 | | |
| 324,862 | |
| Non-controlling interests | |
| (227 | ) | |
| (1,389 | ) |
| Total liabilities and shareholders' equity | |
| 471,984 | | |
| 468,686 | |
XUNLEI LIMITED
Unaudited Condensed Consolidated Statements of Income
(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
| | |
Three months ended | |
| | |
Sep 30, | | |
Jun 30, | | |
Sep 30, | |
| | |
2024 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Revenues, net of rebates and discounts | |
| 80,141 | | |
| 79,603 | | |
| 84,235 | |
| Business taxes and surcharges | |
| (303 | ) | |
| (270 | ) | |
| (286 | ) |
| Net revenues | |
| 79,838 | | |
| 79,333 | | |
| 83,949 | |
| Costs of revenues | |
| (39,380 | ) | |
| (38,632 | ) | |
| (46,409 | ) |
| Gross profit | |
| 40,458 | | |
| 40,701 | | |
| 37,540 | |
| | |
| | | |
| | | |
| | |
| Operating expenses | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (17,744 | ) | |
| (17,470 | ) | |
| (19,483 | ) |
| Sales and marketing expenses | |
| (11,453 | ) | |
| (10,867 | ) | |
| (9,507 | ) |
| General and administrative expenses | |
| (11,362 | ) | |
| (11,231 | ) | |
| (11,093 | ) |
| Credit loss expenses, net | |
| (73 | ) | |
| (166 | ) | |
| 28 | |
| Total operating expenses | |
| (40,632 | ) | |
| (39,734 | ) | |
| (40,055 | ) |
| | |
| | | |
| | | |
| | |
| Operating (loss)/income | |
| (174 | ) | |
| 967 | | |
| (2,515 | ) |
| Interest income | |
| 1,233 | | |
| 1,265 | | |
| 1,163 | |
| Interest expense | |
| (165 | ) | |
| (182 | ) | |
| (361 | ) |
| Other income, net | |
| 4,817 | | |
| 2,535 | | |
| 7,329 | |
| Income before income taxes | |
| 5,711 | | |
| 4,585 | | |
| 5,616 | |
| Income tax expenses | |
| (1,335 | ) | |
| (2,065 | ) | |
| (1,251 | ) |
| Net income | |
| 4,376 | | |
| 2,520 | | |
| 4,365 | |
| Less: net loss attributable to non-controlling interest | |
| (219 | ) | |
| (235 | ) | |
| (30 | ) |
| Net income attributable to common shareholders | |
| 4,595 | | |
| 2,755 | | |
| 4,395 | |
Earnings per share for common shares | |
| | | |
| | | |
| | |
| Basic | |
| 0.0145 | | |
| 0.0086 | | |
| 0.0134 | |
| Diluted | |
| 0.0145 | | |
| 0.0086 | | |
| 0.0134 | |
| | |
| | | |
| | | |
| | |
| Earnings per ADS | |
| | | |
| | | |
| | |
| Basic | |
| 0.0725 | | |
| 0.0430 | | |
| 0.0670 | |
| Diluted | |
| 0.0725 | | |
| 0.0430 | | |
| 0.0670 | |
| | |
| | | |
| | | |
| | |
| Weighted average number of common shares used in calculating: | |
| | | |
| | | |
| | |
| Basic | |
| 317,410,168 | | |
| 320,688,429 | | |
| 328,229,170 | |
| Diluted | |
| 317,921,168 | | |
| 320,922,960 | | |
| 328,738,450 | |
| | |
| | | |
| | | |
| | |
| Weighted average number of ADSs used in calculating: | |
| | | |
| | | |
| | |
| Basic | |
| 63,482,034 | | |
| 64,137,686 | | |
| 65,645,834 | |
| Diluted | |
| 63,584,234 | | |
| 64,184,592 | | |
| 65,747,690 | |
XUNLEI LIMITED
Reconciliation of GAAP and Non-GAAP Results
(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
| | |
Three months ended | |
| | |
Sep 30, | | |
Jun 30, | | |
Sep 30, | |
| | |
2024 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| GAAP operating (loss)/income | |
| (174 | ) | |
| 967 | | |
| (2,515 | ) |
| Share-based compensation expenses | |
| 531 | | |
| 631 | | |
| 1,106 | |
| Non-GAAP operating income/(loss) | |
| 357 | | |
| 1,598 | | |
| (1,409 | ) |
| | |
| | | |
| | | |
| | |
| GAAP net income | |
| 4,376 | | |
| 2,520 | | |
| 4,365 | |
| Share-based compensation expenses | |
| 531 | | |
| 631 | | |
| 1,106 | |
| Non-GAAP net income | |
| 4,907 | | |
| 3,151 | | |
| 5,471 | |
| | |
| | | |
| | | |
| | |
| GAAP earnings per share for common shares: | |
| | | |
| | | |
| | |
| Basic | |
| 0.0145 | | |
| 0.0086 | | |
| 0.0134 | |
| Diluted | |
| 0.0145 | | |
| 0.0086 | | |
| 0.0134 | |
| | |
| | | |
| | | |
| | |
| GAAP earnings per ADS: | |
| | | |
| | | |
| | |
| Basic | |
| 0.0725 | | |
| 0.0430 | | |
| 0.0670 | |
| Diluted | |
| 0.0725 | | |
| 0.0430 | | |
| 0.0670 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP earnings per share for common shares: | |
| | | |
| | | |
| | |
| Basic | |
| 0.0161 | | |
| 0.0106 | | |
| 0.0168 | |
| Diluted | |
| 0.0161 | | |
| 0.0105 | | |
| 0.0167 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP earnings per ADS: | |
| | | |
| | | |
| | |
| Basic | |
| 0.0805 | | |
| 0.0530 | | |
| 0.0840 | |
| Diluted | |
| 0.0805 | | |
| 0.0525 | | |
| 0.0835 | |
| | |
| | | |
| | | |
| | |
| Weighted average number of common shares used in calculating: | |
| | | |
| | | |
| | |
| Basic | |
| 317,410,168 | | |
| 320,688,429 | | |
| 328,229,170 | |
| Diluted | |
| 317,921,168 | | |
| 320,922,960 | | |
| 328,738,450 | |
| | |
| | | |
| | | |
| | |
| Weighted average number of ADSs used in calculating: | |
| | | |
| | | |
| | |
| Basic | |
| 63,482,034 | | |
| 64,137,686 | | |
| 65,645,834 | |
| Diluted | |
| 63,584,234 | | |
| 64,184,592 | | |
| 65,747,690 | |
CONTACT:
Investor Relations
Xunlei Limited
Email: ir@xunlei.com
Tel: +86 755 6111 1571
Website: http://ir.xunlei.com
Exhibit 99.2
Xunlei
Announces Changes of Board of Directors
SHENZHEN,
China, November 14, 2024 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a
leading technology company providing distributed cloud services in China, today announced that Mr. Ya Li has resigned from his role
as the Company’s independent director for personal reasons, effective as of November 14, 2024. Followed by his resignation,
the Board has appointed Mr. He Huang as an independent director of the Company effective as of November 14, 2024. Mr. Huang
will also serve as a member of the compensation committee, the audit committee and the corporate governance and nominating committee.
Mr. Huang
founded and has served as the chief executive officer of Beijing Duwo Technology Co., Ltd., an online education company operated
under the brand name of Ipalfish, since 2015. He received a bachelor's degree in computer science and a master's degree in the same field
from Beijing University of Technology in 2000 and 2003, respectively.
“I
would like to extend my sincere gratitude and appreciation to Mr. Ya Li for his invaluable contributions and expertise to the Company.
We are truly grateful for his unwavering commitment and the positive impact he has made during his tenure with us. I wish him continued
success in all his future endeavors,” said Mr. Jinbo Li, Chief Executive Officer of Xunlei. “In addition, it is with
great pleasure that we welcome Mr. He Huang as a new member of our Board. With his extensive background in corporate governance and
management, we are confident that he will bring fresh perspectives and valuable insights to further enhance our strategic decision-making
processes. We eagerly anticipate working closely with Mr. He Huang as we strive towards creating long-term value for our shareholders.”
About
Xunlei
Founded
in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides
a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient,
smart and safe internet experience.
Safe
Harbor Statement
This
press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions
of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as
"will," "expects," "believes," "anticipates," "future," "intends," "plans,"
"estimates" and similar statements. Among other things, the management's quotes in this press release, as well as the Company's
strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown
risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry.
Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company's ability to continue to
innovate and provide attractive products and services to retain and grow its user base; the Company's ability to keep up with technological
developments and users' changing demands in the internet industry; the Company's ability to convert its users into subscribers of its
premium services; the Company's ability to deal with existing and potential copyright infringement claims and other related claims; the
Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company's ability to
compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable,
it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially
from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's
filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press
release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Investor
Relations
Xunlei
Limited
Email:
ir@xunlei.com
Tel:
+86 755 6111 1571
Website:
http://ir.xunlei.com
Xunlei (NASDAQ:XNET)
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Xunlei (NASDAQ:XNET)
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