Category: Daily Finance

Amazfit Elevates Smartwatch Technology with Updated AI-Powered Zepp OS 3.5

Zepp Health (NYSE: ZEPP), a global health technology provider of smart wearables, announced the update of the Zepp OS 3.5 featuring AI-powered Zepp Flow(TM) for the Amazfit Balance models. The groundbreaking advancement is the first operating system to integrate Natural-Language User Interface (LUI) driven by LLM (large language model) AI.

The LUI allows users to interact with the wearable device in natural or normal way via speech.  Zepp Flow(TM) fosters a progression towards AI usage by amalgamating AI with all aspects of Zepp OS 3.5, enabling the device to recognise and execute based on the user’s voice. The progression continues with expanded capabilities offering users an even more personalised experience, taking control of their well-being through AI utilisation. Features of the updated OS include scheduling, reply to notifications, check weather, and much more.

Ms. Chow Kar Mun, Marketing Manager-Malaysia said, “Zepp Flow(TM) will revolutionise health technology. The Natural-Language User Interface, powered by LLM AI, offers a seamless, user-friendly way to monitor and maintain a healthier lifestyle. Users simply describe their needs, and Zepp Flow(TM) will recognise and provide the most appropriate response.”

Additional updated features include:

Marathon Training: Support for half and full marathon training via the Zepp Coach(TM), with new Confidence Index and Plan Completion Rate for training insights.

HRV Recording: Sleep Heart Rate Variability (HRV) tracks heartbeat variations, provides information on user’s recovery state, stress levels and post-exercise recovery. Complete records of the previous night’s HRV data is displayed for better awareness of your holistic well-being.

WhatsApp Integration: View Whatsapp image messages directly on the Amazfit Balance smartwatch when received via WhatsApp for an Android device.

Offline Maps: Enhanced navigation with intuitive road names for better running, hiking, or even finding a new place to eat easier.

New Sports Modes: Includes latest activities in the sports modes list – bouldering and indoor rock climbing.

Running Power tracking: for power performance insights during a run.

Winter Sports: Enhanced experience for snowboarding and skiing, with trail navigation and resort maps.

Malaysia will see the launch of more AI technology, in July 2024, in the form of the Zepp Aura personal wellness assistant. Zepp Aura will feature sleep and stress management, health reporting, soothing soundscapes and sleep analysis. Combined with Zepp Flow(TM), Zepp Aura will be an impressive piece of technology.

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Singapore’s First On-Demand Gig Work Platform, Jod, Reveals 80% of Blue-Collar Gig Workers Lack Benefits, Unveils Rewards Programme Benefitting 60,000 Workers

Jobs on Demand (Jod), Singapore’s first multi-industry flexible on-demand gig work platform, launches JodRewards, an initiative to incentivise its users to complete jobs on the Jod platform while providing worker benefits to the gig economy. This comes in the wake of a local survey conducted among 1000 Jod Members, where eight out of ten surveyed members expressed a lack of access to traditional employment benefits as gig workers.

Calls for implementing changes in work-life balance and mental health recognition surged amidst the COVID-19 pandemic, leading to an increase in employees transitioning to gig work despite sacrificing the stability and security of full-time jobs. According to a 2023 annual survey by DBS, gig workers, often dipping into their savings to cover expenses, are considered the “most financially stretched” group due to the escalating cost of living.

The JodRewards Benefits Program represents a pivotal step forward in ensuring the well-being of gig workers across various industries. Comprising a comprehensive suite of benefits tailored specifically to the needs of gig workers, this program aims to redefine the standards of support and protection within the gig economy by providing the same employment benefits akin to traditional full-time employees. Through a range of sponsored and redeemable rewards on the platform, it fosters an ecosystem that empowers the gig economy to thrive and improve the quality of life.

Speaking about the launch of this program, Sebastian San, Singapore Country Manager of Jod shared, “We are excited to launch JodRewards and play a leading role in empowering Singapore’s gig workforce – an important backbone for today’s economy. Beyond just a conventional hiring platform, Jod caters to flexible on-demand gig work across various sectors. Eight in ten of our members are seeking greater protection and employment benefits. In response to this growing demand, we’re committed to safeguarding the benefits of these gig workers. Since the launch of JodRewards, we’ve sponsored over S$400,000 worth of Group Personal Accident and Group Public Liability coverage for over 300 jobs. We are honoured by the trust and support that our brand partners have placed in us, and will continue to work towards enhancing social protection for our gig workforce.”

JodRewards, which currently has an estimate of 60,000 Jod Members, saw over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$$12,755 worth of rewards) since its soft launch in April, accumulated based on the user’s tiering and the total number of hours completed per job.

The program also saw strong participation in challenges, with close to 800 members participating in challenges throughout April. The points earned could be redeemed for transport, meal, and grocery vouchers worth up to $20 each. It was particularly notable that over 600 vouchers, worth more than S$7,000 in total, were redeemed during the month. The highest number of vouchers redeemed by one Jod member was S$380 worth of grocery vouchers, which is more than the monthly average of S$211 spent by Singaporeans per month.

The JodRewards Benefits Program comprises three tiers: Bronze, Silver and Gold. Jod Members progress through these tiers by accumulating points through the user’s activity level on the platform. The program offers a comprehensive suite of sponsored benefits that members typically pay out-of-pocket. Underwritten by Etiqa Insurance Singapore, this includes personal accident coverage with up to S$3,000 in medical expenses and up to S$100,000 in permanent disability and accidental death coverage. Additionally, members also enjoy public liability coverage of up to S$100,000 per accident, safeguarding gig workers from the financial impact of workplace accidents.

Beyond the insurance-based benefits, the program also provides redeemable rewards. Members can redeem benefits such as paid break time, allowing them to receive payment for up to one hour of break time, and paid annual leave, which provides a S$80 payout for a rest day. Through these tiered benefits, the program aims to provide its members with a comprehensive suite of support, incentives and resources, both personally and professionally.

Ms Pally, a 38-year-old PMET currently undergoing a career shift, recently joined Jod. Reflecting on her membership, she adds, “Discovering the Jod app was a game-changer. As someone seeking flexible and part-time opportunities, it aligned perfectly with my needs. Jod’s prompt payout system significantly bolstered my financial stability, and the introduction of JodRewards served as a strong incentive for me to consistently perform my best, especially with redeemable rewards such as grocery vouchers. I would highly recommend it to anyone seeking reliable part-time job opportunities.”

In the coming months, JodRewards will continue to expand their offerings to include benefits such as Prolonged Medical Leave, and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia. This initiative aims to address the uncertainties inherent in gig work arrangements, fostering a more equitable and sustainable future in the dynamic world of gig work.

Jod remains committed to its mission of empowering the next billion workers by creating an ecosystem that allows them to connect with communities and businesses – unlocking unlimited opportunities through technology and innovation.

How Jod Works

Jod is a re-imagination of the ultimate gig worker hiring platform, built for speed and efficiency with mobile-first innovations such as Attendance Tracker and Daily Earnings Payout. This helps Employers save time and resources to hire fast.

Employers have access to a web-based dashboard to manage candidates and job applications, as well as analytics to hire more effectively.

Jod Members simply need to download the Jod App, register and they can start applying for available jobs. With Jod’s easy-to-use features, it is a quick and simple process for Gig workers to apply for jobs.

The Jod mobile app is now available for download in Singapore, Vietnam and Indonesia at the Android Play store and Apple App store.

About Jod

Jod is a mobile-first digital platform that easily enables employers to find and manage their workforce more effectively & efficiently. Jod deploys technology to make our products simple, flexible, easy to use and accessible.

Started in 2015, Jod launched Southeast Asia’s first gig work platform – JodGig and has since evolved to empower the new workforce as one of the fastest growing HR tech services platform in Southeast Asia.

Jod is a subsidiary of Janakuasa since 2020, a Singaporean energy MNC as part of its newly launched New Ventures division.

The company’s vision is, “To be the pioneering force in shaping a brighter future for the world’s next billion workers”. As Jod expands across Southeast Asia, the company utilises key data insights to support better job matching; promoting greater personal economic growth and improving people’s lives. 

For media enquiries, please contact:
PRecious Communications for Jod
jod@preciouscomms.com

Genetec’s Consistent Performance Delivers Higher Overall Margins in Q4FY2024

Technology leader in providing fully customised, intelligent manufacturing automation solutions, GENETEC TECHNOLOGY BERHAD (“Genetec” or the “Company”) recorded another consistent and solid quarter performance, maintaining a healthy momentum with a 7.5% year-on-year YoY increase in revenue for the quarter to RM70.5 million from RM65.6 million in Q4FY2023. Genetec’s PBT and PAT rose to RM19.1 million and RM17.7 million or by 40.4% and 59.5% respectively, for the quarter under review versus RM13.6 million and RM11.1 million a year ago.

On the overall, the Company’s solid performance for the quarter saw an improvement across all key financial indicators due to continued costs and operational efficiency that allowed the flow through of its top line to boost bottom-line numbers. Performance highlights for the quarter include, a 33.0% gross profit (“GP”) margin versus 29.0% in the preceding year reflecting a 4.0% YoY increase, a 27.1% PBT margin versus a 20.7% margin in Q4FY2023, and a PAT margin of 25.1% versus 16.9% in the preceding year.

Chin Kem Weng, Co-founder and Managing Director of Genetec, commented, “Despite ongoing market volatility, uncertainties and concerns especially in the automotive, Electric Vehicle (“EV”), and renewable energy (“RE”) sectors, Genetec has been consistent in our performance. This is due to the Group’s ability to convert our opportunities to orders, especially in securing recurring orders from existing clients. Our high client retention rate is also a key factor to our success and in building our pipeline. Our teams have been and will continue to work closely with our clients to improve on current solutions, as well as to collaborate on new opportunities with other divisions within our client groups to grow our revenue over the long-term.

The EV and Energy Storage (“ES”) segments remain Genetec’s primary revenue contributors and are expected to anchor our earnings prospects in the coming quarters. We are however, actively looking to diversify our revenue sources within these segments to cater to different areas within automotive manufacturing. As our revenues normalise over time, we are focused on increasing cost efficiencies from recurring orders, whilst ensuring quality delivery across all our projects.”

The Group remains confident in its position as a key solutions provider for manufacturing automation for its key clients in the automotive industry that serve the EV and plug-in hybrids (“PHEV”) platforms. To remain competitive, Genetec is constantly enhancing its capabilities and solutions to cater to either platform. At the same time, the Group is engaging closely with its clients and the industries to remain at the forefront of development and planning.

In closing, Chin highlighted his optimism on the prospects for the RE industry. He added, “Growth for RE storage solutions are expected to rise in tandem with the need for clean energy sources as the world continues to replace fossil-based energy with RE sources for industrial, commercial and residential purposes. The most immediate shift is in the transport system where we see efforts to improve the local and international charging infrastructure for EVs especially. From the manufacturing automation perspective, autonomous robotics and software-defined automation are poised to revolutionise industry operations. As a result, Genetec anticipates an increase in demand for our key solutions in automation and energy storage as clients continue to execute their production plans.”

At the end of the quarter, Genetec’s earnings per share (“EPS”) stood at 2.21 sen (basic) compared to 1.50 sen (basic) in Q4FY2023.

About Genetec Technology Berhad

Genetec Technology Berhad is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the Main Market of Bursa Malaysia Securities Berhad (Stock code: 0104). Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors.

For more information please visit: https://genetec.net/.

Alta Partners with Davidson Kempner to Enhance Investor Access to Multi-Strategy and Asset-Based Lending Strategies

  • Global investment management firm Davidson Kempner Capital Management selects Alta, Asia’s leading digital securities exchange, as a partner in the region
  • Alta’s partnership with Davidson Kempner provides access for investors seeking diversification through alternative investments

Alta Alternative Investments Pte. Ltd. (Alta), Asia’s leading digital securities exchange for alternative assets, has partnered with global investment management firm Davidson Kempner Capital Management LP (Davidson Kempner) to enhance access to the firm’s strategies.

“Alta is proud to partner with Davidson Kempner to bring industry-leading opportunities to our investor community. There’s a growing demand for stable, income-producing portfolios and low-volatility strategies, especially amid persisting uncertainties in the markets, and we are addressing precisely that with this partnership. Alta is pioneering accessible avenues for alternative investments and this collaboration presents a distinctive investment opportunity aimed at breaking down barriers to enter private markets, enabling easy access to alternative assets typically reserved for high-net-worth individuals and institutional investors,” said Muzahir Degani, Head of Private Capital Markets, Alta.

In the past decade, private credit has skyrocketed, jumping from $320 billion in 2010 to $875 billion in 2020 in Assets Under Management (AUM). Now, major firms predict even more growth in Asia-Pacific lending for 2024, with a focus on top-tier borrowers over distressed cases. A Bloomberg survey anticipates a market expansion of over 10% this year.

In response to this surge, Alta has teamed up with global investment firms with unique access to opportunities. First, with Hamilton Lane to offer access to a senior private credit fund across the region. Second, collaborating with Scenic to introduce the Scenic Private Access Fund, providing direct venture secondaries.

Melanie Levine, Partner and Global Head of Sales & Client Service at Davidson Kempner, added, “At Davidson Kempner, we’re committed to partnering with investors through innovative solutions tailored to their unique needs with an emphasis on strong downside protection and capital preservation. Our partnership with Alta marks an important step forward in catering to the growing investor demand in Asia for multi-strategy and asset-based lending strategies.”

In an era marked by evolving investor demands for liquidity and portfolio diversification, Alta provides diverse investment opportunities in private capital markets, including a wide range of alternative assets. Most recently, Alta announced the inaugural trade for the first tranche of shares from shareholders of Income Insurance Limited. This marked the listing of Singapore’s top general insurance provider on a private securities exchange, enabling institutional and accredited investors to trade shares of a non-publicly listed company.

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies and wines, to include fund management and digital custody. Visit us on https://alta.exchange/   

About Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has over $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.

For media inquiries, please contact:

For Alta Alternative Investments
Deeksha Kakkar
Marketing Communications Specialist, Alta
deeksha.kakkar@alta.exchange

For Davidson Kempner
Rob White and Teresa Berezowski
Greenbrook
davidsonkempner@greenbrookadvisory.com

Perfios Technology Solutions Titled Indonesia Winner of Zurich Innovation Championship for Health Claims Analytics Solution

Perfios was honored for its innovative solution, Perfios Acclaim, at a ceremony hosted by Zurich Asuransi Indonesia in Jakarta on April 30, 2024. Distinguished attendees included Benny Jioe (Head of Digital Transformation, Zurich), Daniel Susanto (Digital Project Manager, Zurich), Amitabh Singh (Chief Business Officer, APAC & EMEA), and Mahendra Ramaiyyah (Director, Insurance Business Acquisition, APAC).

The Zurich Innovation Championship

The Zurich Innovation Championship is a global competition conducted by Zurich Insurance, one of the world’s largest insurers with a significant presence in over 215 countries. This annual event seeks startups that not only aim for profitability but also strive to make a substantial social impact. The championship emphasizes creating new value propositions and delivering innovative services beyond mere product distribution. By winning this prestigious competition, Perfios has established itself as a key player in shaping the insurance industry through impactful solutions.

Criteria and Qualifications for the Award

The selection process for the Zurich Innovation Championship is rigorous and globally oriented, focusing on companies that demonstrate a dual purpose: profitability and social betterment. Participants are evaluated on their ability to address significant industry issues with innovative solutions that have the potential to revolutionize market practices.

Significance of the Award

Benny Jio, Head of Digital Transformation, Zurich Asuransi Indonesia presents the award to Amitabh Singh, Chief Business Officer, EMEA & APAC Insurance, Perfios

The significance of winning the Zurich Innovation Championship cannot be understated. It underscores Perfios’ role as a transformative force in the insurance sector, particularly in combating claims fraud, which is a major contributor to the inflation of insurance premiums globally.

What Sets Perfios Apart

Founded in 2019, Perfios Technology Solutions Sdn Bhd has rapidly expanded throughout the Southeast Asia region. Supported by top-tier investors like Bessemer Venture Partners, Warburg Pincus, Kedaara Capital, and Ontario Teacher’s Venture Growth, Perfios recently raised $80 million in its latest funding round. Their clientele includes leading global banks and insurers who rely on Perfios for seamless digital transformations.

Supporting Quote

Amitabh, Chief Business Officer, Perfios Insurance International stated: “We are honored to receive this recognition from Zurich Asuransi Indonesia. Perfios Acclaim embodies our vision to provide insurers with cutting-edge technology that simplifies their operations and protects against fraud.”

Future Goals

Winning the Zurich Innovation Championship aligns perfectly with Perfios’ mission to empower insurers with innovative, reliable technology. Perfios Acclaim aims to expand its impact across Asia and further solidify its presence as a leader in the insurance technology space.

About Perfios Acclaim

Perfios Acclaim tackles the pressing challenge of claims leakages in health insurance, which cost the industry up to $28 billion annually due to fraudulent or ineligible claims. Traditional methods fall short, as human assessors struggle to correlate data across extensive documents to detect fraud. Perfios Acclaim integrates claims digitization and fraud detection into a unified solution, enabling Straight Through Processing (STP) and automatic adjudication. This reduces processing times from over a week to just 30 minutes and has saved up to 5% in claims payouts in regions like Vietnam, Malaysia, and Indonesia. For more information, visit https://perfios.ai/acclaim/. 

This press release can also be viewed at Marketing in Asia (https://shorturl.at/eGWLs).

Media contact:
Komaldeep Kaur Dhir
Marketing in Asia
komal@mianext.com 

Sri Trang (SET: STA) announces delivery of EUDR rubber to customers

Affirms readiness for traceability moves by Europe and the world

Sri Trang Agro-Industry PCL (SET: STA) has begun delivering EUDR rubber in May this year to several major branded tire manufacturers in Europe, South Korea, China and other countries, reinforcing the Company’s readiness to support the European measures to trace back the origin of natural rubber – the procedures are expected to come into force by the end of this year. Similar measures are also set to be implemented by countries in other regions around the world in the near future.

Mr. Veerasith Sinchareonkul, Managing Director & Executive Director of Sri Trang Agro-Industry Public Company Limited (STA), the world’s leader and largest integrated natural rubber business operator and Thailand’s largest rubber glove manufacturer, announced that, in April-May 2024, the Company has begun to deliver natural rubber complaint with EUDR (EU Deforestation Regulation) to customers who placed their orders by May 2024. STA’s “Traceable Natural Rubber (GPS)” commands higher selling prices than most other sources, with customers consisting of many nationalities from Europe, South Korea, China and other Asian countries where there is a demand for EUDR rubber to be processed into products that will be exported to countries in the European Union in response to upcoming EUDR enforcement expected by the end of 2024. The EUDR will regulate the export of natural rubber and products processed from natural rubber to Europe, requiring traceability verification to ensure that the sources of natural rubber are not involved in deforestation and are not an encroachment of forested areas.

Mr. Veerasith Sinchareonkul, Managing Director and Executive Director of Sri Trang Agro-Industry PCL
Mr. Veerasith Sinchareonkul, STA’s Executive Director & Managing Director

Currently, the Company is fully ready to export all types of EUDR rubber, such as latex concentrates, rubber blocks, rubber sheets, etc., This readiness results from ongoing preparations to support these measures. More importantly, the database management system has been developed in collaboration with farmers and rubber dealers to identify land designated for rubber plantations. This system inputs data into the “Sri Trang Friends” application allowing 100-percent traceability of rubber sources. Additionally, the launch of “Traceable Natural Rubber (GPS)” enables direct tracing of produce back to its origins. These initiatives demonstrate the Company’s full readiness to comply with the EUDR requirements from Europe, as well as from other regions in the near future for full traceability of the sources of natural rubber.

“We have been preparing in advance for some time for the exportation of EUDR rubber to countries in the European Union or their trading partners. Our operations place full emphasis on the policy that prioritizes environmental, society, and good corporate governance, together with our stance on conducting business sustainably and transparently, and in compliance with regional regulations. The Traceable Natural Rubber (GPS) will enhance the competitiveness of the Sri Trang Group of Companies while also elevating Thailand’s standards on rubber production above those of other countries’. This initiative will also open up the opportunity to increase Thailand’s trade advantage and leverage higher prices for Thailand-sourced rubber,” Mr. Veerasith added.

Released by Public Relations Dept., MT Multimedia Co., Ltd. for Sri Trang Agro-Industry PLC
For additional information, please contact: Wasana “Jeab” Wongsiri
Tel: +66 84 359 0659, +66 2 612 2081 ext.131; E: wasana.w@mtmultimedia.com

About Sri Trang Agro-Industry PC

Sri Trang Agro-Industry PCL (STA) was established in 1987. With determination and intention, STA has grown and become a fully integrated natural rubber company. For the upstream business, the Company invested in large-scale rubber plantations and currently has an area of 7,500 hectares for rubber and other economic crop plantations in 19 provinces of Thailand. As the world’s largest fully integrated producer and distributor of natural rubber, STA is committed to growing in lockstep with the economic development of the local communities of Thailand.

Sri Trang Agro-Industry PCL: www.sritranggroup.com/en/home [SET: STA][SGX: NC2][FRA: YTAA][OTCPK: SLJUY]

SMEIC Proposal to Acquire Shanghai Prime: A Catalyst for Developing a New Dual-Wheel Driver Pattern

Upon completion of the transaction, Shanghai Prime will become a wholly-owned subsidiary of SMEIC.

On the evening of 13 May 2024, Shanghai Mechanical & Electrical Industry Co., Ltd. (SMEIC or the Company, HKG: 600835) announced that in order to enhance the sustainable development capability of the Company and to increase the return to shareholders, SMEIC proposed to acquire the 100% equity interests held by Shanghai Electric Group Company Limited (Shanghai Electric), Shanghai Electric Hong Kong Co., Ltd. (SEHK) and Shanghai Electric Group Hongkong Company Limited (SEG HK) jointly in Shanghai Prime Mingyu Machinery Technology Co., Ltd. (hereinafter referred to as Shanghai Prime, the Target Company), the appraised value of the relevant equity interests was RMB5,318 million, and the final transaction price will be subject to the confirmation by the competent state-owned assets administration department. Upon completion of the transaction, Shanghai Prime will become a wholly-owned subsidiary of SMEIC.

It is understood that Shanghai Prime is a large-scale industrial group specialising in the manufacturing of industrial basic parts and key components and parts and related services, and is a subsidiary of Shanghai Electric, a Chinese equipment manufacturing group, which integrates multiple advantages such as R&D, production and trade and is dedicated to provision of mechanical components and parts and overall solutions for various industrial markets and areas, boasting business segments such as bearings, fasteners, blades and metal cutting tools. Shanghai Prime subdivides its business segments into various sub-segments and cultivates them strenuously, and its main subsidiaries/branches at home have been recognised as “professional, refined, featured and innovative” enterprises at national, provincial and municipal levels, while its blade and industrial fastener segments have been awarded the title of “Championship in Single’s in National Manufacturing Industry” for consecutive times. Through years of development, Shanghai Prime’s business footprint has expanded to over 10 countries, with its products being exported to more than 70 countries and regions around the world, and it has accumulated a rich and high-quality customer base in energy, industrial application and service, automotive, aerospace, rail transit, railway and other industries.

With the accelerating reshaping of global industrial chain, adhering to innovation-driven development and consolidating the independent and controllable capability of the key and core technologies of industrial chain has become increasingly important for the security and stability of manufacturing industry. Furthermore, the rapid development of the digital economy and the promotion of the “dual-carbon” goal have also brought forward new requirement for the development of China’s manufacturing industry. Against such backdrop, the traditional manufacturing industry is accelerating its transformation towards being independent, high-end, intelligent and green, and new development opportunities have been created. SMEIC’s acquisition of Shanghai Prime will significantly enhance SMEIC’s overall business scale and core competitiveness in industrial basic parts business, enabling it to actively grasp the opportunities for transformation and development in the manufacturing industry.

This transaction will boost the strategic upgrade of SMEIC, clarify the positioning of the Company as a “professional, refined, featured and innovative” industrial platform, further broaden its industrial basic parts, key components and parts, sub-system and mechatronics products, build a diversified product portfolio, and give full play to the attribute of SMEIC as a listed company capital platform as well as the advantageous position of Shanghai Prime in the field of industrial basic parts and key components and parts, to help the Company to rapidly realise the product extension for its “professional, refined, featured and innovative” businesses along the current industrial chain, reinforce the industrial basic parts business portfolio, push the “professional, refined, featured and innovative” industrial segment of the Company’s industrial basic parts business to develop towards being high-end, serialised and integrated, and accelerate the upgrade of the domestic industrial basic parts industry, serving the manufacturing power strategy of our country.

Besides, this transaction will help SMEIC to gradually expand its business scope from lift industry with stable development to basic parts aerospace, new energy automobile, robotics, medical equipment and other industries with more promising growth prospects. After the resource integration, SMEIC will strive to achieve the “three new” development, namely new technology, new products and new markets, through continuous technological innovation, the extension of upstream “professional, refined, featured and innovative” business line, and the development of domestic strategic application and overseas “new” markets of the Belt and Road Initiatives, helping SMEIC to build the “second growth curve” based on the “professional, refined, featured and innovative” with the synergy through the diversification of the products and markets while maintaining the healthy and steady development of the primary industry, forming a new development pattern featuring dual-wheel driver.

Furthermore, this transaction will also be conducive to the adjustment and optimisation of the Company’s industrial structure. After the completion of this transaction, SMEIC will become one of the world’s largest comprehensive industrial basic parts conglomerates by virtue of a relatively wide range of products offerings and a relatively large scale of operation, continuously improving its assets quality and profitability, creating further room for its future development as a listed company, further enhancing its value in the capital market and creating more returns to shareholders.

According to the data, Shanghai Prime has sound main business and operating condition. In 2022 and 2023, the revenue of Shanghai Prime amounted to RMB8,980 million and RMB9,585 million, respectively, and its net profit attributable to parent company amounted to RMB349 million and RMB237 million, respectively. As at 31 December 2023, the total assets of Shanghai Prime amounted to RMB11,263 million.

If Shanghai Prime is merged into SMEIC, the earnings per share of SMEIC for 2022 and 2023 will represent an increase of 35.42% and 23.47% respectively over that before the merger. In terms of revenue sources, in 2022 and 2023, the proportion of revenue of SMEIC from its “professional, refined, featured and innovative” related businesses will significantly increase from 1.94% and 2.61% before the merger to 29.00% and 31.87% after the merger, resulting in obvious optimisation of its business structure.

SMEIC said that in the future, the Company will fully leverage the integration and synergy effect with Shanghai Prime, to achieve seamless business connection and consolidate its leading position in the industry. In terms of market development collaboration, it will focus on the common downstream market for the two sides, through joint development, improve the overall performance of products, while expand common customers and services, forming a package of comprehensive solutions, to enhance customer stickiness and improve the value of services. In terms of scientific and technological innovation collaboration, it will strengthen the research on common technologies and processes of the two sides, to deepen the scientific and technological research and development reserves, and enhance the digital and intelligent synergy. In terms of resource allocation, it will actively promote the sharing of high-quality resources between the two sides, and leverage the listing platform to select upstream and downstream strategic investment opportunities for capital operation, etc., to continuously enhance the global competitiveness of the Company’s industrial basic parts business.

Creation Business Consultants Expands Presence with New Office in Hong Kong

Creation Business Consultants, a leading corporate services provider, tax, compliance advisory, and business consultancy firm, is thrilled to announce the opening of its new office in Hong Kong. This strategic expansion marks an exciting milestone for Creation and represents a significant opportunity for Hong Kong and Chinese clients seeking to establish their commercial presence in the Middle East.

With its rich history as a global financial hub, Hong Kong serves as an ideal gateway for businesses looking to expand into new markets. The launch of Creation’s Hong Kong office solidifies the company’s commitment to providing comprehensive support to clients in the region and beyond.

“Our decision to open an office in Hong Kong was driven by the increasing demand from our clients in the region and the growing importance of Hong Kong as a business destination,” said Scott Cairns, Managing Director of Creation Business Consultants. “This expansion allows us to better serve our clients by providing localized expertise and support, while also offering a seamless transition for businesses looking to enter the Middle Eastern market.”

The Hong Kong office will offer a wide range of services tailored to the needs of Hong Kong and Chinese companies seeking to expand into the Middle East. These services include company formation, tax advisory, and ongoing business, and compliance support. By establishing a physical presence in Hong Kong, Creation aims to streamline the process for clients and provide them with access to a dedicated team of experts with in-depth knowledge of the Middle Eastern market.

“We believe that our presence in Hong Kong will not only benefit our clients but also contribute to the growth and development of the local business community,” added Cairns. “We are excited about the opportunities that this new office will bring and look forward to helping our clients achieve their business objectives in the Middle East.”

Neil Wilson, Director of Strategy and Commercial at Creation Business Consultants, commented on the timing of the office launch, stating, “This is an excellent time for Hong Kong and Chinese companies to capitalize on the opportunities in the UAE and Saudi markets. By establishing a presence in Hong Kong, we aim to forge stronger partnerships with trade bodies and strategic allies, ultimately streamlining support and fostering stronger business ties for companies from Hong Kong and China in the MENA region”

Gary Hales, Head of International Business, emphasized the significance of the Hong Kong office launch, stating, “This is a part of our on-going expansion to our service offering and delivering exceptional superior service to our clients. The launch of the Hong Kong office will complement the Chinese-speaking team we have working in Dubai and Riyadh, providing a comprehensive suite of services to our clients.”

Creation Business Consultants is dedicated to empowering businesses to succeed in today’s booming global marketplace. The opening of the Hong Kong office underscores Creation’s commitment to providing unparalleled service and support to clients worldwide.

For more information about Creation Business Consultants and its services, please visit  www.creationbc.com

ABOUT CREATION BUSINESS CONSULTANTS:

Creation Business Consultants is a leading MENA and APAC corporate services provider, tax, compliance advisory, and management consultancy firm, assisting multinational corporations, family offices, SMEs, and entrepreneurs worldwide. With a team of highly skilled professionals and a client-centric approach, the company offers comprehensive solutions in company structuring, company formation, tax planning, accounting, and other corporate services. Creation safeguards their clients’ corporate entities and maximizes their business returns through the United Arab Emirates, Saudi Arabia, and the wider GCC region. Creation Business Consultants is dedicated to delivering excellence, value, and tailored solutions to empower businesses worldwide.

MEDIA CONTACT:
Creation Business Consultants
Marketing Team
+971 4 878 6240
marketing@creationbc.com 
www.creationbc.com

This press release is issued through AsiaNewswire.Net™ (https://www.asianewswire.net) – a newswire service with press release distribution to media in Asia Pacific, East Asia, South and South East Asian countries.

Spritzer EcoPark Taiping Brightens up the Sky with an Enchanting Aurora Light Show at Food, Arts and Music Carnival

Spritzer EcoPark enchants visitors by bringing home the northern lights through an Aurora light show that illuminates the night sky in Taiping over the last weekend, 27th  April to 1st May 2024. This breathtaking show is a standout feature of Spritzer’s Foods, Art & Music (“F.A.M.”) Carnival, an event generously supported by Perak Tourism.

The F.A.M. Carnival delivers a whirlwind of activities from 27th April to 1st May 2024, running daily from 1:00pm to 12:00am. Attendees enjoy the vibrant atmosphere, which commenced with an opening ceremony on 27th April. At the heart of this extravaganza lies the breathtaking Aurora Light Show, illuminating the skies of Taiping each night with dazzling moving streams, ripples, to arcs of colours, leaving attendees mesmerized.

For food lovers, the F.A.M. Carnival offers enticing local food stalls for visitors to choose from. Foodies can also take part in the Big Eater Challenge, challenging the influencer, Amoi Saka, on day two of the carnival to eat the most satay within 8 minutes. Once again, Amoi Saka emerged victorious by consuming 80 pieces of satay within the time limit.

In addition to the Aurora Light Show, art enthusiasts immersed themselves in colourful installations and exhibitions showcasing the works of local and regional artists. These creative expressions will ignite the imagination.

As the sun sets, the F.A.M. Carnival will come alive with the rhythms of local music acts. Visitors will be entertained by the performances of Shidi Data, Azzaraband, Han Budak Cina, Amoi Saka, Ukays, and Bueh, among others, as they take the stage and command the audience with their infectious melodies and captivating stage presence. Throughout the carnival, visitors can add a splash of fun to their carnival day at the daily foam party experience.

On Tuesday, April 30th, YB Loh Sze Yee, State Tourism, Industry, Investment, and Corridor Development Committee chairman, paid a surprise visit to grace the event, highlighting the significance of this celebration. YB Mr Loh Sze Yee expressed, “It is truly heartwarming to see such a dynamic fusion of food, arts, and music bringing vibrant energy to Taiping. Events like the F.A.M. Carnival not only showcase the cultural richness and creative spirit of our community but also play a crucial role in boosting local tourism and economic development. This Aurora Light Show, mimicking the magical northern lights, is not just a feast for the eyes but a symbol of how innovation and tradition can blend to create something truly spectacular. As we celebrate 150 years of Taiping, it is our commitment to continue supporting such initiatives that enrich our community and enhance Taiping’s appeal as a must-visit destination in Malaysia.

Winnie Chin, Spritzer’s Head of Public Relations, shared, “Taiping, the Home of Spritzer, holds a special place in our hearts. As Taiping celebrates its 150 years, our company is dedicated to revitalizing this enchanting town by organizing a diverse range of events and enriching Taiping’s tourism. We aim to provide local residents with plentiful opportunities to savour and indulge in unforgettable experiences.”

The event offered a fusion of food, arts and music for an unforgettable experience for all. Nestled in the lush greenery of Taiping, Spritzer EcoPark invites visitors to explore its breathtaking natural surroundings, from leisurely walking trails to the ancient 214-million-year-old Cactus Rock and an 18-hole Mini-Golf course. Visitors can also purchase souvenirs and Spritzer products or unwind at the STG café, soaking in the serene ambience.

Spritzer EcoPark is open daily from 10:00 AM to 9:30 PM. During special event, the park extends its operating hours to coincide with the event schedule. We are located at Lot 898, Jalan Reservoir, Off Jalan Air Kuning, 34000 Taiping, Perak.

For more details, please visit our website at Spritzer Mineral Water Malaysia.

About Spritzer:

Established in 1989, Spritzer Group has been a pioneer in providing Malaysians with natural mineral water sourced from a 440-acre green rainforest. Committed to innovation, Spritzer Group leads the Malaysian bottled water industry through manufacturing, distribution, marketing, and sales of its diverse product line. From renowned natural mineral water to refreshing non-carbonated fruit-flavoured drinks, each product is carefully crafted to meet consumer needs.

Comprising eight business subsidiaries, Spritzer Group specializes in the production and distribution of silica-rich natural mineral water, sparkling natural mineral water, distilled drinking water, carbonated fruit-flavoured drinks, and non-carbonated fruit-flavoured drinks.

With over 30 years of experience, Spritzer Group is Malaysia’s largest and only listed bottled water producer. For more information, please visit www.spritzer.com.my.

Singapore’s top general insurer debuts trading on Asia’s leading digital exchange, AltaX

Alta, a leading private markets digital securities exchange in Asia and Phillip Securities Pte. Ltd (PSPL), the largest retail broker in Singapore, today announced the inaugural trade for the first tranche of shares from Income Insurance Limited (Income Insurance) shareholders.

The trade was part of the Income Insurance Share Liquidity Program launched by Alta, through Alta’s exchange arm AltaX, and PSPL in January this year. The program provides a liquidity solution to almost 16,000 shareholders holding shares valued as much as S$840 million (US$619 million).

Additional windows for Income Insurance shareholders to sell their shares to PSPL will follow this first window, later this year.

This liquidity program enables all shareholders of Income Insurance to reach out to PSPL to sell their shares. PSPL would then sell these shares on AltaX where they then become available to investors for trading.

Investors will be able to trade these shares seamlessly on AltaX, taking advantage of the digital exchange’s market participants, which includes an active global community of traders and market makers.

Kelvin Lee, Chief Executive Officer, Alta said, “Today’s inaugural trade for Income Insurance, marks a significant milestone in the evolution of private market liquidity. Shareholders, who have predominantly held Income Insurance shares for decades, now have a means to monetize their investments—a possibility that simply did not exist prior to the launch of this liquidity program.”

“Platforms such as Alta are reshaping the trajectory of private companies, providing them with the means to prolong their private status while accessing a diverse array of capital sources. Since the program’s inception in January, we’ve witnessed an overwhelming influx of inquiries from major unlisted entities worldwide. This surge underscores the profound impact of our technology-driven exchange, not only in fostering value creation but also in promoting financial inclusivity across the global economy,” added Kelvin.

Luke Lim, Managing Director, Phillip Securities added, “We are proud to pioneer the Income Insurance Share Liquidity Program in partnership with Alta. This collaboration not only underscores our dedication to delivering value to our clients but also reinforces our position as a leader in driving positive change in the industry. Through this partnership, Phillip Securities has enabled Income Insurance shareholders to seamlessly monetise their investments while AltaX provides institutional and accredited investors with unprecedented access to Income Insurance shares, along with a host of other alternative assets. Together with Alta, we’re shaping the future of trading alternative investments.”

Since inception, Alta has aimed to solve the issue of private market illiquidity by providing a secure exchange for buyers and sellers to trade in private shares. Besides Income Insurance, shares or funds of companies like SpaceX, Open AI, Epic Games, Discord, Bytedance, Hamilton Lane etc. have listed and traded on AltaX.

To date, Alta completed transactions worth US$700 million and enabled investments into over 100 unique companies. Trading volumes on Alta have shown a significant year on year growth, with an increase of over 300 per cent in order volume, from US$32 billion in 2022 to US$141 billion in 2023.

[1] Net Asset Value as of 2022

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies, wines,  to include fund management and digital custody.

Visit us on https://alta.exchange/    

About PhillipCapital

Since inception in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence, offering a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.

Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.

NOTE TO EDITORS
For media inquiries, please contact:
PRecious Communications for Alta
alta@preciouscomms.com