MOGU Inc. American Depositary Shares, each representing three-hundred (300) - MOGU STOCK NEWS

MOGU announced its unaudited financial results for the six months and fiscal year ending March 31, 2024. For the six months, total revenues decreased by 34.3% to RMB77.0 million. The loss from operations was RMB27.1 million, significantly reduced from RMB139.4 million in the same period of 2023. Key metrics include a 6% drop in GMV to RMB3.04 billion and a net loss of RMB23.9 million. For the fiscal year, total revenues fell 30.9% to RMB160.3 million, with an operational loss of RMB79.2 million, down from RMB187.4 million in 2023. The company also reported a new share repurchase program worth up to US$8 million. Despite a challenging competitive environment, MOGU aims to optimize costs and enhance operational efficiency to achieve sustainable growth.

MOGU, a KOL-driven online fashion and lifestyle destination in China, announced a share repurchase program authorized by its board of directors. The company plans to repurchase up to US$8 million worth of its ordinary shares in the form of American Depositary Shares until May 13, 2025. This initiative will be funded from MOGU’s existing cash balance. The repurchases can occur on the open market, in privately negotiated transactions, block trades, or other legally permissible means based on market conditions. The board will periodically review and potentially adjust the program’s terms and size.

MOGU Inc. (NYSE: MOGU) reported a 27.5% decrease in total revenues for the six months ended September 30, 2023, and a 22.3% decrease in gross merchandise value (GMV) compared to the same period in 2023. The company also experienced a 20.9% decrease in live video broadcast (LVB) associated GMV. Additionally, the loss from operations was RMB 52.1 million, and the net loss attributable to MOGU Inc. was RMB 35.4 million for the same period. The company is focusing on cost reduction and efficiency enhancements to achieve sustainable growth.

Baijiayun Group Ltd announces change in management

MOGU Inc. (NYSE: MOGU) announced significant management changes effective April 19, 2023. Mr. Yibo Wei and Mr. Xuqiang Yue resigned as directors due to personal reasons. No disagreements with the Board were reported. Following this, Ms. Qi Feng and Mr. Yiming Fan were appointed as directors on April 21, 2023. Ms. Feng, who has been with the company since 2013, served as the financial controller and has extensive industry experience. Mr. Fan, the current CEO since 2014, previously held positions including brand director and marketing vice president. The Compensation Committee will consist of Mr. Andrew Hong Teoh and Ms. Feng, deviating from the NYSE's requirement for all independent members. These changes aim to strengthen the leadership as MOGU continues to enhance its KOL-driven online fashion platform.

MOGU Inc. has announced the resignation of CEO Qi Chen effective March 17, 2023, citing personal reasons. Mr. Chen will remain as chairman and confirmed no disagreements with the Board. Replacing him, Yiming Fan, a long-time company executive, will take over as CEO on the same date. Fan brings extensive experience, having held various leadership positions within MOGU since 2014 and has been integral to its marketing and branding efforts. The Board believes Fan’s leadership will support MOGU's mission in the competitive online fashion space in China.

MOGU Inc. (NYSE: MOGU) reported its financial results for the six months ending September 30, 2022, showing a 32.2% decrease in total revenues to RMB114.8 million (US$16.1 million) compared to the previous year. The company faced challenges due to COVID-19 and competition, resulting in a 48.1% decline in Gross Merchandise Value to RMB2,828 million (US$397.6 million). Loss from operations was RMB48.1 million, significantly improving from the previous year's RMB430.1 million. Adjusted EBITDA also improved, recording a loss of RMB17.1 million compared to RMB72.7 million last year. Cash and equivalents stood at RMB604.8 million.