Lucas GC Limited

Lucas GC Limited Received a Significant Invention Patent in Artificial Intelligence Related to Human Resources NEW YORK, December 2, 2024 — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, announced today that it had received an invention patent “Talent Scout-Based Holistic Recruitment System” in China. This is the third patent that Lucas has obtained in the year of 2024, making the total numbers of patents that Lucas holds at nineteen. This patent enables social media influencers to reach out to targeted talents by matching personalized recruitment contents generated based on the job requirements and the profiles and behaviors of the potential candidates. Howard Lee, Chief Executive Officer of Lucas, said “Social media has been increasingly viewed as a professional platform to help business and job seekers get connected. This patent demonstrates Lucas’ leading position in core AI technology in the human resources application using AI and Deep Learning technologies to generate relevant contents that can significantly increase the accuracy of job matching between job requirements and candidates’ profiles, resulting in vast efficiency improvement in the hiring process.” About Lucas GC Limited With 19 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 702,060 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

Lucas GC Limited Participated In Drafting Industry Standard for Green Intelligent Computing Center NEW YORK, November 15, 2024 — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, announced that it has participated in drafting three industry standards for green intelligent smart computing in China, including T/CA 603.1—2024 [Green Intelligent Computing Center Green Electricity Application Evaluation Standards], T/CA 603.2—2024 [Guidelines for the Construction of Green Intelligent Computing Centers] and T/CA 603.3—2024 [Refrigeration Technology Requirements for Green Intelligent Computing Centers], which all have been officially announced and implemented through the China Communications Industry Association. These three Green Intelligent Computing Center standards set the performance thresholds for China's green intelligent computing infrastructure and low-carbon and zero-carbon initiatives that are compatible with international peers. Howard Lee, Chief Executive Officer of Lucas GC Limited, said, “Computing power is a new force in the development of our digital economy and a new engine to drive the digital transformation of the social economy. As climate change has become a global concern, green and low-carbon initiatives have become important factors for the development of a sustainable information technology industry. Green computing initiatives will be critical in sustainable artificial intelligence technologies deployment and proliferation, playing an extremely important strategic role in leading scientific and technological progress, and driving industrial digital transformation and improving productivity. As an AI technology company with applications in various industry verticals, Lucas GC is honored to participate in drafting the standards related to green intelligent computing. This initiative is indeed in line with our commitment to Environmental, Social, and Governance (ESG) excellence, which is one of our corporate missions.” About Lucas GC Limited With 18 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 702,060 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

Lucas GC Limited Announces Status of US$6 Million Share Repurchase Program New York, November 8, 2024 /Globenewswire/ — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, today announced that in terms of the share repurchase program that its board has approved, the Company has made purchases, in the period between October 29, 2024 to November 7, 2024, of 96,243 ordinary shares at an average purchase price per share of US$1.2189 and for an overall price of US$117,312.53 (excluding commissions and all other fees), which is gated by the daily trading volume of LGCL. Per the announcement made on August 8, 2024, the Company’s board of directors had authorized a share repurchase program under which the Company may repurchase up to US$6 million of its ordinary shares, the same gross amount of proceeds that it raised in its initial public offering completed in March 2024.  About Lucas GC Limited With 18 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 702,060 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

Lucas GC Limited Announces 1H 2024 Financial Results: Revenue at US$83.32 million with Increases in Both Gross Margin and Net Income Margin NEW YORK, SEPTEMBER 26, 2024 (GLOBE NEWSWIRE) -- Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, today announced its financial results for 1H fiscal year of 2024. 1H 2024 Financial Highlights ·        Our revenue was RMB605.52 million (US$83.32 million) for the six months ended June 30, 2024, compared with RMB820.07 million for the six months ended June 30, 2023, representing a decrease of 26.16%. ·        We recorded a gross margin of 33.54% for the six months ended June 30, 2024, representing an increase of 516 bps compared with that of the six months ended June 30, 2023. ·        We recorded net income of RMB53.93 million (US$7.42 million) for the six months ended June 30, 2024, compared with RMB53.69 million for the six months ended June 30, 2023. ·        Our net income margin increased to 8.91% for the six months ended June 30, 2024, compared with 6.55% for the six months ended June 30, 2023. 1H 2024 Operational Highlights ·        Increased active registered users by 10% to 702,060 in 1H 2024 as compared to Dec 2023. ·        Obtained two patents related to core Artificial Intelligence (AI) technology, bringing the total number of granted patents to 18. ·        Signed two strategic agreements with publicly traded financial institutions, i.e. Bank of Ningbo and Industrial Securities Co., Limited., to port the AI LLM technology into wealth management vertical.   ·        Signed a strategic agreement with Beijing Fourth Paradigm Technology Co., Limited to develop Artificial Intelligence training programs. ·        Won The 2024 Cberi Prize in The Most Valuable Brand for Investment during the Asian Brand Economy Conference (ABEC).   Management Commentary Howard Lee, Chief Executive Officer of Lucas, said “We adopted a change of strategy in 1H 2024. We decided to position ourselves as a technology company rather than a service company. As a result, we started selling our technology to peers and let them deliver the assignments themselves, rather than compete with them. We tried to reduce our activities in delivering the recruitment assignments directly ourselves, and instead we focused on selling the technology and information to our peers and clients with products that have higher margins than those of assignment delivery services. That’s why we had significant gross margin improvement in 1H 2024 compared to 1H 2023. The revenue decrease was due to our change of strategy to focus on higher-margin products, as well as the effect of one-time post COVID recovery spike in China, making 1H 2023 a higher-than-normal-business-run-rate comparison.”

Lucas GC Limited Announces US$6 Million Share Repurchase Program New York, August 8, 2024 — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$6 million of its ordinary shares, the same gross amount of proceeds that it raised in its IPO closed in March 2024.  This plan is effective immediately for up to a one-year period. “We achieved financial results in 2023 with both record revenue and net profit. Our 2023 revenue reached US$208 million representing 92.3% annual growth, net income reached US$11 million representing 115% annual growth. In 2024 we have obtained two significant patents that further solidify our technological leads in the AI area with wide applications in such verticals as human resources, insurance and wealth management; signed two strategic agreements with publicly traded financial institutions to port our AI LLM technology into wealth management vertical which significantly increases our TAMs (Total Available Markets); and to partner with a leading AI firm publicly traded in the main board of Hong Kong Stock Exchange to develop AI training courses. As a result, we are confident that these initiatives will have positive impacts on both our top and bottom lines going forward. While the macro-economic environment remains uncertain, Lucas’ ordinary shares are currently trading well below our intrinsic valuation. We believe withdrawing the Registration Statement on Form F-1 filed on August 5, together with these repurchases are the prudent measures to maximize our shareholder values.” said Howard Lee, CEO and Chairman of the Board of Lucas. The Company may repurchase ordinary shares from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans, intended to qualify under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The share repurchase program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of stock. The Company expects to utilize its existing cash and cash equivalents to fund any repurchases under the share repurchase program. For more information, please visit: https://www.lucasgc.com/.  

Lucas GC Limited Signed a Strategic Agreement with Industrial Securities Co., Limited to Develop AI Solutions to Boost Productivity in Selling Financial Products August 06, 2024 | Press Releases Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, announced that it has signed a strategic partnership agreement with Industrial Securities Co., Limited, one of the leading financial institutions in China, to develop AI solutions to boost productivity of financial advisors in selling financial products to customers. According to Bain & Company, total size of high net-worth individual investable assets in China reaches RMB 127 trillion in 2024. With total assets over RMB 252 billion and over 9,000 employees, Industrial Securities Co., Limited is keen to further gain market share in its leading position in wealth management business. Lucas’ patent Method And Apparatus For Artificial Intelligence (AI)-Based Computer-Aided Persuasion System (CAPS) (U.S. patent 11,049,510 ) is capable of providing better-fit recommendations based on the customer’s profile and behaviors. Lucas’ Large Language Model (LLM) based AI model, coupled with industry proprietary data, improves accuracy of the financial product recommendations by leveraging its industry-leading machine learning algorithms. Howard Lee, Chief Executive Officer of Lucas, said “Our patented technologies in AI and data analytics are capable of vastly improving the financial product recommendations accuracy. The most imminent application is in the wealth management business. Our technologies will bring benefits to both the financial institution and the customer as the financial institution is more effective on customer interactions and the customer will get better fit recommendations on wealth management products based on the customer’s profile and behaviors.” Mr. Min Zhang, Vice General Manager of Industrial Securities Co., Limited Shanghai Branch, said “Industrial Securities believes that enabling financial advisors’ efficiency and productivity, taking personalized advice to the next level will be critical to delivering world-class services to our customers. We’re glad to engage Lucas to develop Generative AI solutions enabling us to make better-fit recommendations and deliver a higher level of service to our customers.” About Lucas GC Limited With 18 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 638,000 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

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Lucas GC Limited to Announce a Strategic Partnership with Bank of Ningbo to Develop AI solutions to Enhance Wealth Management Business NEW YORK, July 12, 2024 — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, announced that it has reached a strategic partnership agreement with Bank of Ningbo, one of the leading financial institutions in China, to develop AI solutions to enhance its wealth management business. According to Bain & Company, total size of high net-worth individual investable assets in China reaches RMB 127 trillion in 2024.  With total assets of RMB 2.711 trillion at the end of 2023, Bank of Ningbo considers wealth management to be one of its top strategic initiatives. The Lucas’ Large Language Model (LLM) based AI model, coupled with industry proprietary data, improves the advisor’s efficiency and productivity leading to a more meaningful client engagement in wealth management. For example, one of Lucas’ granted patents: Artificial Intelligence (AI) Enabled Prescriptive Persuasion Processes Based on Speech Emotion Recognition and Sentiment Analysis (U.S. patent 11,295,731), is able to better assess customer’s needs and improves the efficiency of customer service. Howard Lee, Chief Executive Officer of Lucas, said “By analyzing industry proprietary data, our generative AI and machine learning can deliver the best-action recommendations that will not only help lead generations but also the closing rate of transactions. I’m glad our technology can be effectively applied to the wealth management vertical.” Ms. Ya Feng, the head of Wealth Management business of Bank of Ningbo Beijing Branch, said “Improvement of advisors’ productivity by using Lucas’ AI technology will be win-win to both the bank and the client as the bank is more effective on new client acquisitions and to increase wallet share of existing clients, and the client will get better fit recommendations on wealth management products based on the client’s profile.” About Lucas GC Limited With 17 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 638,000 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

Lucas GC Limited Awarded The 2024 Most Valuable Brand for Investment June 13, 2024 | Press Releases NEW YORK, June 13, 2024 — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company currently focusing on offering human capital management services, announced today that it won The 2024 Cberi Prize in The Most Valuable Brand for Investment during the Asian Brand Economy Conference (ABEC). The award was given during the Asian Brand Economy Conference (ABEC), one of the most influential marketing events in Asia with over 500 participants from Asian countries including Japan, Korea, China and Hong Kong attended this year. The conference focuses on brand building, digital marketing, cross-cultural communication, social responsibility, and other topics that provides valuable ideas and practical paths for the development of Asia’s brand economy. The theme of the 2024 ABEC was “Innovation, Digital Integration, and Sustainable Development.” “Lucas GC Limited plans to expand its footprint outside China, initially focusing on emerging Asian countries. This award is a great validation of Lucas’ strong foundation in AI technology, which adds much value in forming mutually beneficial partnerships in Asia,” said Howard Lee, founder and CEO of Lucas GC Limited. Lucas, via its Star Career and Columbus platforms, leverages its unique patent protect AI technology along with its 638,000 active users, to disrupt the human resources market. Lucas seeks to deliver the right job candidates, efficiently and expeditiously, to its corporate clients, providing them with a satisfactory experience. About Lucas GC Limited Lucas GC Limited, an AI technology-driven PaaS company currently focusing on offering human capital management services, is the largest AI technology-driven online agent-centric human capital management service provider targeting professionals based on PaaS in China in terms of the number of active users in the human resources industry as of June 30, 2022 and total net revenues for the year ended December 31, 2021. As a company empowered by artificial intelligence, data analytics, and blockchain technologies, Lucas is committed to digitalizing and intellectualizing the entire human capital management process. Lucas provides a platform to support trusted private social networks of professionals, through which it provides services consisting of recruitment services, outsourcing services, and other services such as information technology services and training services. The Company’s users are primarily professionals who work in human resources related functions. The Company’s corporate customers are corporations with recruitment, training, sales leads generation and outsourcing demands. For more information, please visit: https://www.lucasgc.com/.

Lucas Announces Fiscal Year 2023 Financial Results with 92.3% Growth, Reaching Revenue at $208M April 29, 2024 | Press Releases NEW YORK, April 29, 2024 — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company currently focusing on offering human capital management services, today announced its financial results for fiscal year of 2023. Full Year 2023 Financial Highlights Revenues of RMB1,474 million (US$208 million), representing a 92.3% increase versus 2022. Gross margin of 28.4%, representing a 32bps increase versus 2022. Net income of RMB78 million (US$11 million), representing a 115% increase versus 2022. Recent Operational Highlights Active registered users increased by 48% to 638,020 in 2023 as compared to 2022. Grew corporate customers to 582 in 2023, versus 391 in 2022. Pioneered a transformative approach in recruitment services by integrating Large Language Models (LLMs) with proprietary data to create Generative AI contents. Obtained two additional AI related patents in 2023 and one in 2024, bringing the total number of granted patents to 17. In March 2024, successfully closed the IPO with an offering size of $6.0 million and began trading on the NASDAQ. Announced Professor Wang-chan Wong and Dr. Michael Carter as members of the board of directors.