TIAN RUIXIANG Holdings Ltd - TIRX STOCK NEWS

Tian Ruixiang Holdings Ltd (NASDAQ: TIRX) reported a 14.1% decrease in revenue for fiscal year 2021, totaling $2.79 million, down from $3.25 million in 2020. This revenue decline was mainly due to reduced commissions from individual accidental insurance and a drop in risk management services. Operating expenses surged by 87.6% to $5.04 million, leading to a net loss of $1.94 million compared to net income of $0.63 million in the previous year. Despite challenges, the company opened a new branch and plans to expand its insurance offerings.

TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) announced the adoption of a new performance incentive plan (the '2021 Plan') aimed at motivating employees based on their performance. To support this, the company filed a registration statement on Form S-8 to register 5 million Class A ordinary shares to be issued under the plan. CEO Zhe Wang emphasized that this initiative is designed to enhance employee commitment and attract talent, ultimately creating value for stakeholders.

TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) has signed a strategic cooperation agreement with Yunnan Anhua Disaster Prevention and Mitigation Technology Co., Ltd. to enhance disaster mitigation and risk management services in Yunnan, China. This partnership aims to develop consulting and training services while establishing a professional team to facilitate insurance management and related products, including liability insurance for carbon emissions. The company's CEO expressed optimism about expanding into the southwestern market of China, aiming to leverage expertise in risk management.

TIAN RUIXIANG Holdings Ltd (TIRX) announced a total premium generation of RMB3.3 million (approximately US$0.5 million) from its new school campus liability insurance offerings. This insurance aims to protect students and schools while ensuring smooth school operations. Since entering the education sector in August 2021 via a partnership with People's Insurance Company of China, TIRX has successfully serviced 38 education institutions. The company expects continued growth and expansion in this sector across China.

TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) received the Insurance Customer Experience Award at the 4th China Insurance Analytics and AI Innovation Summit 2021 in Shanghai on August 17-18. This accolade highlights the Company's commitment to customer service excellence, underpinned by its ongoing innovation efforts. The summit attracted over 300 participants, including leading executives from major insurance firms like China Life Insurance and Ping An Life. TIRX aims to enhance customer satisfaction and market coverage while creating long-term value for shareholders.

TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) announced a strategic partnership with Beijing Puyuan Technology Co., Ltd. on August 2, 2021. The agreement focuses on developing intelligent sales and customer service systems, leveraging TIRX's insurance management platform and BPTC's AI services. The collaboration aims to enhance customer satisfaction, maximize profitability, and improve operational efficiency amidst the digital transformation in the insurance sector. The companies may establish additional service contracts to detail specific terms.

Tian Ruixiang Holdings Ltd (Nasdaq: TIRX) reported a 131.3% revenue increase to $1.64 million for the first half of fiscal year 2021, driven by enhanced marketing in China. However, net loss rose 71.4% to $0.40 million due to higher professional fees linked to its IPO. Operating expenses surged 95.5% to $2.10 million, leading to an operating margin improvement to (28.4)% from (52.0)% year-on-year. The company holds cash and cash equivalents of $18.16 million. Management aims for sustainable growth by focusing on customer needs and operational efficiency.

TIAN RUIXIANG Holdings Ltd (TIRX) announced plans to enter the healthcare management industry in China. The Company aims to collaborate with various sectors, including governments and pharmaceutical companies, to cater to high-net-worth families and address the needs of the aging population. Chairman Zhe Wang emphasized that this move aligns with favorable government policies and increasing healthcare demands, particularly in anti-cancer and elderly care management. This strategy is expected to provide long-term value to shareholders amidst a growing market.

TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) announced a strategic cooperation agreement with the Anqing Road Transport Administrative Center on June 15, 2021. This partnership aims to provide risk management services to enhance safety and operational efficiency in Anqing city, which has around 824,000 vehicles and 1.24 million drivers. Zhe Wang, CEO of TIRX, emphasized the mutual benefits of this collaboration, stating a commitment to seek further opportunities with government entities for customized solutions in risk management.