6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2023

Commission file number: 001-39177

LIZHI INC.

(Exact Name of Registrant as Specified in Its Charter)

Yangcheng Creative Industry Zone,

No. 309 Middle Huangpu Avenue,

Tianhe District, Guangzhou 510655,

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 Form 20-F or Form 40-F.      Form 20-F x      Form 40-F ¨

SIGNATURE

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.

	LIZHI INC.
Date: August 29, 2023	By:	/s/ Jinnan (Marco) Lai
		Name:	Jinnan (Marco) Lai
		Title:	Chief Executive Officer, Director

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release

Exhibit 99.1

LIZHI INC. Reports Second Quarter 2023 UnauditedFinancial Results

GUANGZHOU, China, Aug. 29, 2023 /GLOBE NEWSWIRE/ - LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ: LIZI), an audio-based social and entertainment platform, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial and OperationalHighlights

·	Net revenues were RMB592.9 million (US$81.8 million) in the second quarter of 2023, representing<br>a 15% increase from RMB515.7 million in the second quarter of 2022.
·	Average total mobile MAUs^1^<br>in the second quarter of 2023 was 45.6 million, compared with 49.7 million in the second quarter of 2022.
---	---
·	Averagetotal monthly paying users^2^ in the second<br>quarter of 2023 was 433.7 thousand, compared with 485.1 thousand in the second quarter of 2022.
---	---

Mr. Jinnan (Marco) Lai, Founder and CEO of LIZHI, commented, “In the second quarter of 2023, we continued to integrate pioneering technologies to drive innovation and optimization across our global business. Despite the macro challenges, we remained committed to deepening the application of advanced technologies, promoting a healthy ecosystem and enhancing our competitiveness through cutting-edge products and refined operations.”

Ms. Chengfang Lu, Acting Chief Financial Officer of LIZHI, stated, “We maintained year-over-year revenue growth in the second quarter of 2023 while focusing on building a sustainable and innovation-driven ecosystem. Moving forward, we will continue strengthening core technologies to spur ongoing product development and promote global business expansion over the long-term.”

^1^Refers to the average monthly number of active users across our platforms and Apps in a given period, calculated by dividing (i) the sum of mobile active users for each month of such period, by (ii) the number of months in the same period.

^2^Refers to the average monthly number of paying users in a given period, calculated by dividing (i) the total number of paying users in each month of such period by (ii) the number of months in the same period.

1

Second Quarter 2023 Unaudited Financial Results

Netrevenues were RMB592.9 million (US$81.8 million) in the second quarter of 2023, representing a 15% increase from RMB515.7 million in the second quarter of 2022, as we diversified our audio entertainment product matrix.

Costof revenues was RMB418.4 million (US$57.7 million) in the second quarter of 2023, representing a 23% increase from RMB340.1 million in the second quarter of 2022, mainly attributable to (i) the increased revenue sharing fees to our content creators as the Company’s revenues grew, and the increased percentage of the revenue sharing fees to incentivize our content creators, (ii) the increased salary and welfare benefits expenses related to the increased average salary, and (iii) the increased payment handling costs.

Grossprofit was RMB174.4 million (US$24.1 million) in the second quarter of 2023, compared with RMB175.6 million in the second quarter of 2022.

Non-GAAPgross profit^3^ was RMB175.6 million (US$24.2 million) in the second quarter of 2023, compared with RMB176.8 million in the second quarter of 2022.

Grossmargin in the second quarter of 2023 was 29%, compared with 34% in the second quarter of 2022.

Non-GAAPgross margin in the second quarter of 2023 was 30%, compared with 34% in the second quarter of 2022.

Operatingexpenses were RMB166.6 million (US$23.0 million) in the second quarter of 2023, compared with RMB161.6 million in the second quarter of 2022.

R**esearchand development expenses were RMB75.2 million (US$10.4 million) in the second quarter of 2023, representing a 7% increase from RMB70.3 million in the second quarter of 2022, primarily due to (i) the increased salary and welfare benefits expenses related to the increase in the number of our research and development staff, (ii) the increased rental expenses, and (iii) partially offset by the decreased share-based compensation expenses and expenses related to research and development services provided by third parties.

Sellingand marketing expenses were RMB67.5 million (US$9.3 million) in the second quarter of 2023, representing an 11% increase from RMB60.8 million in the second quarter of 2022, primarily attributable to the (i) increased branding and marketing expenses, and (ii) the increased salary and welfare benefits expenses related to the increase in the number of our sales and marketing staff. The Company will monitor its discretionary advertising and promotion expenses and adjust accordingly depending on market conditions.

G**eneraland administrative expenses were RMB23.9 million (US$3.3 million) in the second quarter of 2023, compared to RMB30.6 million in the second quarter of 2022, mainly driven by the decreased provision for litigation contingencies, professional service fees, share-based compensation expenses and other miscellaneous expenses, partially offset by the increased salary and welfare benefits expenses related to the increased average salary.

Operatingincome was RMB7.8 million (US$1.1 million) in the second quarter of 2023, compared with RMB14.1 million in the second quarter of 2022.

Non-GAAPoperating income^4^ was RMB13.6 million (US$1.9 million) in the second quarter of 2023, compared with RMB21.2 million in the second quarter of 2022.

Netincome was RMB11.6 million (US$1.6 million) in the second quarter of 2023, compared with RMB18.9 million in the second quarter of 2022.

^3^Non-GAAP gross profit is a non-GAAP financial measure, which is defined as gross profit excluding share-based compensation expenses. This adjustment amounted to RMB1.2 million (US$0.2 million) and RMB1.2 million in the second quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

^4^Non-GAAP operating income is a non-GAAP financial measure, which is defined as operating income excluding share-based compensation expenses. This adjustment amounted to RMB5.8 million (US$0.8 million) and RMB7.1 million in the second quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

2

Non-GAAPnet income was RMB17.3 million (US$2.4 million) in the second quarter of 2023, compared with RMB26.0 million in the second quarter of 2022.

Netincome attributable to LIZHI INC.’s ordinary shareholders was RMB13.2 million (US$1.8 million) in the second quarter of 2023, compared with RMB18.8 million in the second quarter of 2022.

Non-GAAPnet income attributable to LIZHI INC.’**s ordinary shareholders^5^**was RMB19.0 million (US$2.6 million) in the second quarter of 2023, compared with RMB26.0 million in the second quarter of 2022.

Basicand diluted net income per ADS^6^ were RMB0.25 (US$0.03) and RMB0.24 (US$0.03), respectively, in the second quarter of 2023, compared with RMB0.37 and RMB0.36 in the second quarter of 2022, respectively.

Non-GAAPbasic and diluted net income per ADS^7^ were both RMB0.35 (US$0.05) in the second quarter of 2023, compared with RMB0.50 per ADS in the second quarter of 2022.

Balance Sheets

As of June 30, 2023, the Company had cash and cash equivalents and restricted cash of RMB697.1 million (US$96.1 million).

^5^Non-GAAP net income attributable to LIZHI INC.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income attributable to LIZHI INC.’s ordinary shareholders, excluding share-based compensation expenses. These adjustments amounted to RMB5.8 million (US$0.8 million) and RMB7.1 million in the second quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

^6^ADS refers to American Depositary Share. Each ADS represents twenty Class A ordinary shares of the Company. Basic and diluted net income per ADS is net income attributable to LIZHI INC.’s ordinary shareholders divided by the weighted average number of ADS.

^7^Non-GAAP basic and diluted net income per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to LIZHI INC.’s ordinary shareholders divided by the weighted average number of ADS used in the calculation of basic and diluted net income per ADS.

3

Conference Call

The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on August 29, 2023 (9:00 AM Beijing/Hong Kong Time on August 30, 2023).

For participants who wish to join the call, please access the link provided below to complete the online registration 20 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Registration Link:	https://register.vevent.com/register/BI99e37448e7294f288c09c8cc9b3ac447

Once registration is completed, please dial in 10 minutes before the scheduled start time of the earnings call and enter the personal PIN as instructed to connect to the call.

Additionally, a live webcast of the conference call and a replay of the webcast will be available on the Company’s investor relations website at http://ir.lizhi.fm.

About LIZHI INC.

LIZHI INC. has created a comprehensive audio-based social ecosystem with a global presence. The Company aims to cater to users’ interests in audio entertainment and social networking through its product portfolios. LIZHI INC. envisions an audio ecosystem where everyone can be connected and interact through voices. LIZHI INC. has been listed on Nasdaq since January 2020.

For more information, please visit: http://ir.lizhi.fm.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

LIZHI uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss/income, non-GAAP net loss/income, non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders and non-GAAP basic and diluted net loss/income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses. Non-GAAP gross margin is non-GAAP gross profit as a percentage of net revenues. Non-GAAP operating loss/income is operating loss/income excluding share-based compensation expenses. Non-GAAP net loss/income is net loss/income, excluding share-based compensation expenses. Non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders is net loss/income attributable to LIZHI INC.’s ordinary shareholders, excluding share-based compensation expenses. Non-GAAP basic and diluted net loss/income per ADS is non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders divided by the weighted average number of ADS used in the calculation of basic and diluted net loss/income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of the above reconciling item adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of share-based compensation expenses.

However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures in isolation from, superior to, or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

4

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” near the end of this release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2513 to US$1.00, the exchange rate on June 30, 2023, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollar or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and 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: LIZHI’s goals and strategies; LIZHI’s future business development, results of operations and financial condition; the expected growth of the online audio market; the expectation regarding the rate at which to gain active users, especially paying users; LIZHI’s ability to monetize the user base; fluctuations in general economic and business conditions in China and overseas markets; the impact of the COVID-19 to LIZHI’s business operations and the economy in China and elsewhere generally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to LIZHI; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

LIZHI INC.

IR Department

Tel: +86 (20) 8381-8791

E-mail: ir@lizhi.fm

The Piacente Group, Inc.

Jenny Cai

Tel: +86 (10) 6508-0677

E-mail: Lizhi@tpg-ir.com

In the United States:

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: Lizhi@tpg-ir.com

5

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

	December<br> <br>31,<br> <br>2022		June<br> <br>30,<br> <br>2023		June 30, 2023
	RMB		RMB		US
ASSETS
Current assets
Cash and cash equivalents		568,192		686,627
Short-term investments		111,353		-
Restricted cash		10,323		10,428
Accounts receivable, net		3,233		2,437
Prepayments and other current assets		30,391		25,809
Total current assets		723,492		725,301
Non-current assets
Property, equipment and leasehold improvement, net		26,546		21,228
Intangible assets, net		1,183		1,595
Right-of-use assets, net		25,116		17,204
Total non-current assets		52,845		40,027
TOTAL ASSETS		776,337		765,328
LIABILITIES
Current liabilities
Accounts payable		53,832		51,408
Deferred revenue		35,677		29,435
Salary and welfare payable		136,837		122,685
Taxes payable		5,421		5,657
Short-term loans		73,765		7,226
Lease liabilities due within one year		18,372		14,141
Accrued expenses and other current liabilities		47,622		50,780
Total current liabilities		371,526		281,332
Non-current liabilities
Lease liabilities		8,195		3,750
Other non-current liabilities		3,952		3,627
Total non-current liabilities		12,147		7,377
TOTAL LIABILITIES		383,673		288,709

All values are in US Dollars.

6

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(CONTINUED)

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

			June<br> <br>30,<br> <br>2023			June 30, 2023
			RMB			US
SHAREHOLDERS’ EQUITY
Class A Ordinary shares (US0.0001 par value, 1,268,785,000 shares authorized, 818,962,260 shares issued and 803,607,050 shares outstanding as of December 31, 2022; 1,268,785,000 shares authorized, 838,962,260 shares issued and 816,105,590 shares outstanding as of June 30, 2023).	543			557
Class B Ordinary shares (US0.0001 par value, 231,215,000 shares authorized, issued and outstanding as of December 31, 2022 and June 30, 2023, respectively).	168			168
Treasury stock	(10	)		(16	)		)
Additional paid in capital	2,657,433			2,675,783
Statutory reserves	529			529
Accumulated deficit	(2,280,543	)		(2,217,974	)		)
Accumulated other comprehensive income	14,557			21,952
TOTAL LIZHI Inc.’s shareholders’ equity	392,677			480,999
Non-controlling interests	(13	)		(4,380	)		)
TOTAL SHAREHOLDERS’ EQUITY	392,664			476,619
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	776,337			765,328

All values are in US Dollars.

7

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

	Three<br> Months Ended											Six<br> Months Ended
	June<br> <br>30,<br> <br>2022			March<br> <br>31,<br> <br>2023			June<br> <br>30,<br> <br>2023			June 30, 2023		June<br> <br>30**,**<br> <br>2022			June<br> <br>30,<br> <br>2023			June 30, 2023
	RMB			RMB			RMB			US		RMB			RMB			US
Net revenues
Audio entertainment<br> revenues		513,018			628,766			590,530					1,027,040			1,219,296
Podcast,<br> advertising and other revenues		2,676			2,225			2,327					5,367			4,552
Total net revenues		515,694			630,991			592,857					1,032,407			1,223,848
Cost<br> of revenues ^(1)^		(340,063	)		(434,559	)		(418,446	)		)		(688,684	)		(853,005	)		)
Gross<br> profit		175,631			196,432			174,411					343,723			370,843
Operating expenses ^(1)^
Selling and marketing expenses		(60,756	)		(58,848	)		(67,522	)		)		(120,765	)		(126,370	)		)
General and administrative expenses		(30,550	)		(22,968	)		(23,934	)		)		(52,928	)		(46,902	)		)
Research and development expenses		(70,262	)		(71,911	)		(75,184	)		)		(141,356	)		(147,095	)		)
Total operating expenses		(161,568	)		(153,727	)		(166,640	)		)		(315,049	)		(320,367	)		)
Operating<br> income		14,063			42,705			7,771					28,674			50,476
Interest income, net		480			856			1,022					425			1,878
Foreign exchange losses		(424	)		(259	)		(352	)		)		(810	)		(611	)		)
Investment income		146			1,609			1,397					240			3,006
Government grants		4,169			3,189			2,005					6,795			5,194
Others, net		480			268			142					51			410
Income<br> before income taxes		18,914			48,368			11,985					35,375			60,353
Income tax<br> expenses		(61	)		(39	)		(424	)		)		(104	)		(463	)		)
Net<br> income		18,853			48,329			11,561					35,271			59,890
Net<br> (income)/loss attributable to the non-controlling interests shareholders		(7	)		1,033			1,646					3			2,679
Net<br> income attributable to LIZHI INC.’s ordinary shareholders		18,846			49,362			13,207					35,274			62,569

All values are in US Dollars.

8

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

	Three<br> Months Ended									Six<br> Months Ended
	June<br> <br>30,<br> <br>2022			March<br> <br>31,<br> <br>2023			June<br> <br>30,<br> <br>2023		June 30, 2023	June<br> <br>30**,**<br> <br>2022		June<br> <br>30,<br> <br>2023		June 30, 2023
	RMB			RMB			RMB		US	RMB		RMB		US
Net<br> income		18,853			48,329			11,561			35,271		59,890
Other<br> comprehensive income/(loss):
Foreign currency<br> translation adjustments		15,344			(3,225	)		10,428			14,126		7,203
Total<br> comprehensive income		34,197			45,104			21,989			49,397		67,093
Comprehensive<br> (income)/loss attributable to non-controlling interests shareholders		(7	)		1,060			1,811			3		2,871
Comprehensive<br> income attributable to LIZHI INC.’s ordinary shareholders		34,190			46,164			23,800			49,400		69,964
Net<br> income attributable to LIZHI INC.’s ordinary shareholders per share
—Basic		0.02			0.05			0.01			0.03		0.06
—Diluted		0.02			0.05			0.01			0.03		0.06
Weighted<br> average number of ordinary shares
—Basic		1,031,036,519			1,058,873,983			1,074,052,668			1,026,970,940		1,066,505,256
—Diluted		1,035,130,441			1,067,721,922			1,079,619,876			1,030,795,632		1,070,735,706
Net<br> income attributable to LIZHI INC.’s ordinary shareholders per ADS
—Basic		0.37			0.93			0.25			0.69		1.17
—Diluted		0.36			0.92			0.24			0.68		1.17
Weighted average number of ADS
—Basic		51,551,826			52,943,699			53,702,633			51,348,547		53,325,263
—Diluted		51,756,522			53,386,096			53,980,994			51,539,782		53,536,785

All values are in US Dollars.

9

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

(1)            Share-based compensation was allocated in cost of revenues and operating expenses as follows:

	Three<br> Months Ended							Six<br> Months Ended
	June<br> <br>30,<br> <br>2022		March<br> <br>31,<br> <br>2023		June<br> <br>30,<br> <br>2023		June 30, 2023	June<br> <br>30**,**<br> <br>2022		June<br> <br>30,<br> <br>2023		June 30, 2023
	RMB		RMB		RMB		US	RMB		RMB		US
Cost of revenues		1,211		1,748		1,219			3,817		2,967
Selling and marketing expenses		267		625		456			1,274		1,081
General and administrative expenses		2,644		3,494		1,912			5,433		5,406
Research and development expenses		2,993		4,290		2,194			5,354		6,484

All values are in US Dollars.

10

LIZHI INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAPRESULTS

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

	Three Months Ended							Six Months Ended
	June<br> <br>30,<br> <br>2022		March<br> <br>31,<br> <br>2023		June<br> <br>30,<br> <br>2023		June 30, 2023	June<br> <br>30**,**<br> <br>2022		June<br> <br>30,<br> <br>2023		June 30, 2023
	RMB		RMB		RMB		US	RMB		RMB		US
Gross profit		175,631		196,432		174,411			343,723		370,843
Share-based compensation expenses		1,211		1,748		1,219			3,817		2,967
Non-GAAP gross profit		176,842		198,180		175,630			347,540		373,810
Operating income		14,063		42,705		7,771			28,674		50,476
Share-based compensation expenses		7,115		10,157		5,781			15,878		15,938
Non-GAAP operating income		21,178		52,862		13,552			44,552		66,414
Net income		18,853		48,329		11,561			35,271		59,890
Share-based compensation expenses		7,115		10,157		5,781			15,878		15,938
Non-GAAP net income		25,968		58,486		17,342			51,149		75,828
Net income attributable to LIZHI INC.’s ordinary shareholders		18,846		49,362		13,207			35,274		62,569
Share-based compensation expenses		7,115		10,157		5,781			15,878		15,938
Non-GAAP net income attributable to LIZHI INC.’s ordinary shareholders		25,961		59,519		18,988			51,152		78,507
Non-GAAP net income attributable to LIZHI INC.’s ordinary shareholders per share
—Basic		0.03		0.06		0.02			0.05		0.07
—Diluted		0.03		0.06		0.02			0.05		0.07
Weighted average number of ordinary shares
—Basic		1,031,036,519		1,058,873,983		1,074,052,668			1,026,970,940		1,066,505,256
—Diluted		1,035,130,441		1,067,721,922		1,079,619,876			1,030,795,632		1,070,735,706
Non-GAAP net income attributable to LIZHI INC.’s ordinary shareholders per ADS
—Basic		0.50		1.12		0.35			1.00		1.47
—Diluted		0.50		1.11		0.35			0.99		1.47
Weighted average number of ADS
—Basic		51,551,826		52,943,699		53,702,633			51,348,547		53,325,263
—Diluted		51,756,522		53,386,096		53,980,994			51,539,782		53,536,785

All values are in US Dollars.

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