Finance Archives - Page 11 of 75

Fourth Paradigm Announces 2024 Interim Results

– Revenue Increases 27.1% YoY
– Twin Engines Build New Momentum for Extensive Application of AI
– Prospect of Profitability is Bright
– Innovative Model Drives Explosive Business Growth

Financial Highlights:
– In the first half of 2024, the total revenue amounted to RMB1,867 million, representing a year-on-year growth of 27.1%
– The revenue of the 4ParadigmSage AI Platform (the “Sage AI Platform”) business grew by 65.4% year on year to RMB1,251 million, accounting for 67.0% of the total revenue
– The SHIFT Intelligent Solutions business recorded revenue of RMB453 million, accounting for 24.3% of the total revenue
– The revenue of the 4ParadigmSageGPT AIGS Services segment amounted to RMB163 million, accounting for 8.7% of the total revenue
– In the first half of 2024, gross profit amounted to RMB790 million, representing a year-on-year increase of 12.1% and a gross profit margin of 42.3%
– In the first half of 2024, the total R&D expenses further increased to RMB850 million, with a R&D expense ratio of 45.5%
– In the first half of 2024, the adjusted net loss narrowed by 4.0% year-on-year, and the adjusted net loss margin decreased to 9.0% year-on-year

Operation Highlights:
– In the first half of 2024, the Company engaged with 14 industries, serving a total of 185 users, including 86 benchmark users, who contributed an average revenue of RMB11.48 million, representing a 26.9% year-on-year increase
– 4ParadigmSage: During the Reporting Period, the Company launched the “4ParadigmSage AI Platform 5.0”, positioned as an industry-focused model development and management platform aimed at enhancing the core competitiveness of enterprises; In the “Sage Inside Model”, the Company leveraged the core technology within the Sage AI Platform as an engine to develop intelligent products and solutions tailored to the diverse needs of different industries; leveraging the core capabilities of the “Sage AI Platform”, the Company collaborated with “Paradigm Ecology” partners to efficiently develop more than 30 AI products, covering various scenarios across more than 20 industries as of August 1, 2024, including research, production, supply, sales and services
– 4Paradigm SHIFT: During the Reporting Period, the Company has launched “Tianshu”, an integrated platform for search, advertising and promotion, Model Hub, a large model hosting platform, and Copilot, a data query, intelligent number query and software operation assistant, and other products
– 4Paradigm AIGS: During the Reporting Period, the Company continued to iterate and optimize product features, with a greater focus on providing developers with efficient and convenient operation habits and programming experience. At the functional level, the product further optimized the immersive coding experience, allowing developers to directly access the necessary business and technical documentation without leaving the development environment

A leading enterprise AI software company-Beijing Fourth Paradigm Technology Co., Ltd. (Fourth Paradigm or the Company, HKG: 6682) today announced the consolidated interim results for the six months ended June 30, 2024 (the Reporting Period).

In the first half of 2024, Fourth Paradigm recorded robust growth in revenue, riding a clear profitability trajectory. The total revenue amounted to RMB1,867 million, representing a year-on-year growth of 27.1%. The Company’s gross profit amounted to RMB790 million, representing a year-on-year increase of 12.1% and a gross profit margin of 42.3%. While maintaining the high level of R&D investment. the Company continued to reduce losses during the Reporting Period, with an adjusted net loss narrowing by 4.0% year-on-year, and the adjusted net loss margin decreasing to 9.0% year-on-year.

In the first half of 2024, Fourth Paradigm remained committed to diversifying its customer base and reinforcing its dominant presence in key industries such as transportation, energy and power, finance and telecommunications. During the Reporting Period, the Company engaged with 14 industries, serving a total of 185 users, including 86 benchmark users, who contributed an average revenue of RMB11.48 million, representing a 26.9% year-on-year increase.

During the Reporting Period, the Company’s core business, “4ParadigmSage AI Platform”, maintained strong growth momentum, with revenue reaching RMB1.251 billion, representing a 65.4% year-on-year increase and accounting for 67.0% of the total revenue. In the first half of 2024, attaching equal importance to the extensive application and the expansion of its product ecosystem, this business has supported the extensive application of 4Paradigm’s industry-specific large models across 14 industries. Meanwhile, by leveraging AI technology, the business has developed over 30 products for various industries. In the future, the Company will continue to build an AI product ecosystem with top-notch product matrices to drive business growth and bolster the competitiveness of numerous industries.

Two Engines of Industry-specific Large Model + 4ParadigmSage AI Product Ecosystem Drive the Explosive Revenue Growth of Core Business by 65.4% YoY

“Sage Inside” Product Matrix: Expansion of 4Paradigm’s Industrial Ecosystem with High-quality AI Product Capabilities
In the first half of 2024, Fourth Paradigm launched multidimensional and multilayered AI products with high-quality output through the “Sage Inside Model” by innovatively “productizing AI technologies” and leveraging the core capabilities of the Sage AI Platform. This move serves to push the boundaries of AI applications and establish 4Paradigm’s industrial ecosystem.

By implementing the “Sage Inside Model”, the Company leveraged the core technology within the Sage AI Platform as an engine to develop intelligent products and solutions tailored to the diverse needs of different industries. The “Sage Inside Model” transforms the basic AI capabilities of the Sage AI Platform into a matrix of AI products that are adaptable to various scenarios. These AI products serve as the cornerstone of the “Paradigm Ecology”, supporting ecosystem partners and their products to enhance service quality and efficiency and expanding the application of AI technology to empower numerous industries.

In the first half of 2024, drawing on the core capabilities of the Sage AI Platformï¼ŒFourth Paradigm collaborated with “Paradigm Ecology” partners to efficiently develop more than 30 AI products. As of August 1, 2024, the Company covered various scenarios across more than 20 industries, including research, production, supply, sales and services. These products encompass various AI technology areas such as large-model speech synthesis, physical simulation, multimodal generation, AutoML visual inspection, search, advertising and promotion. The AI products the Company has launched (including the AI Digital Human Video Synthesis Platform, vGPU Resource Pooling, 5G Video Marketing, AI Quality Inspection System, and 3D Scanning and Modeling Equipment) have been deployed across various scenarios within enterprise customers

Industry-specific Large Models Extensive Application Across 14 Industries
Over the past decade, the Sage AI Platform has evolved from version 1.0 to 5.0. The “4ParadigmSage AI Platform 5.0”, which was launched this year, is positioned as an industry-focused model development and management platform aimed at enhancing the core competitiveness of enterprises. The platform supports the integration of various types of enterprise data and offers accessible modeling tools for large model training and fine-tuning, an innovative scientist service system, North Star strategy management platform, large model hosting platform, mainstream computing power adaptation and optimization capabilities, thereby enabling end-to-end construction, deployment and management of industry-specific large models.

In the first half of 2024, leveraging the capabilities of the “4ParadigmSage AI Platform 5.0”, Fourth Paradigm efficiently built industry-specific large models for various applications including academic translation, health management, water and electricity management, water conservancy, 3D auxiliary design, supply chain and fluid dynamics across 14 major industries, including transportation, data centers, finance, energy and power, telecommunications, information technology, smart manufacturing and retail sectors. The platform efficiently empowered enterprises in their multi-scenario and high-value digital transformation, and steadily advancing the large-scale application of AI technology across various industries.

In the future, with the continuous improvement of 4ParadigmSage, Fourth Paradigm will continue to deeply explore the high-value application scenarios of the industry-specific large models in the field of enterprise services, and accelerate the landing process of the artificial intelligence industry through extensive application and expansion of product capabilities.

In terms of Strategic Outlooks, Dr. Dai Wenyuan, Chairman of the Board, Executive Director, Chief Executive Officer and General Manager of Beijing Fourth Paradigm Technology Co., Ltd. said, “Founded nearly 10 years ago, Fourth Paradigm adheres to innovation-driven development and is committed to leveraging the ‘4Paradigm’ technology theory to empower numerous industries and advance the evolution of AI technology. During the Reporting Period, we focused on driving the diverse applications of AI technology through innovation and transforming AI technology into productized solutions. In the first half of the year, we efficiently developed more than 30 AI products for various industries.

‘Drawing on the core capabilities of the Sage AI Platform, we collaborated with our ‘Paradigm Ecology’ partners, our products have been deployed across more than 20 industries as of August 1, 2024, covering various scenarios such as research, production, supply, sales and services. We are building a robust AI industry ecosystem with high-quality products. In the future, we will continue supporting technical innovation, developing high-quality product matrices, and fostering an AI product ecosystem, so as to diversify and improve the efficiency and core competitiveness of AI applications across numerous industries while driving business growth.”

Nissin Foods Becomes a Constituent of MSCI Global Micro Cap Index (MSCI Hong Kong Index)

Nissin Foods Company Limited (Nissin Foods or the Company, together with its subsidiaries, the Group; HKG: 1475) is pleased to announce that the Company is selected as a constituent to the MSCI Global Micro Cap Index (MSCI Hong Kong Micro Cap Index), with effect from the market close of 30 August 2024 (Friday).

Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “We are confident that the Group’s inclusion in the MSCI Hong Kong Micro Cap Index reflects the capital market’s appreciation of our business strategy and operational excellence. This development is anticipated to draw increased investor interest in the Group’s growth prospects, potentially leading to a broader shareholder base. Looking ahead, we are actively enhancing our product portfolio and continuing to provide shareholders with greater value.”

The MSCI Global Micro Cap Index captures micro cap representation across 23 developed markets countries. With 6,406 constituents, the index covers approximately 1% of the free float-adjusted market capitalization in each country. Assessments for the index are based on key factors, including minimum market capitalization, free float and liquidity, foreign inclusion factor requirement, and minimum length of trading requirement.

– End –

About Nissin Foods Company Limited
Nissin Foods Company Limited (Nissin Foods, together with its subsidiaries, the Group; HKG: 1475) is a renowned food company in Hong Kong and Mainland China, with a diversified portfolio of well-known and highly popular brands, primarily focusing on the premium instant noodle segment. The Group officially established its presence in Hong Kong in 1984 and is the largest instant noodle company in Hong Kong. The Group primarily manufactures and sells instant noodles, high-quality frozen food products, including frozen dim sum and frozen noodles, and also sells and distributes other food and beverage products, including retort pouches, snacks, mineral water, sauce and vegetable products under its two core corporate brands, namely “NISSIN” and “DOLL” together with a diversified portfolio of iconic household premium brands. The Group’s five flagship product brands, namely “Cup Noodles”, “Demae Iccho”, “Doll Instant Noodle”, “Doll Dim Sum” and “Fuku” are also among the most popular choices in their respective food product categories in Hong Kong. In the Mainland China market, the Group has introduced technology innovation through the “ECO Cup” concept and primarily focuses its sales efforts in first-and second-tier cities. In addition, Nissin Foods operates business in other Asian regions including Vietnam, Taiwan and Korea markets.

Nissin Foods is currently a constituent of five Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Composite SmallCap Index, Hang Seng Composite Industry Index – Consumer Staples, Hang Seng SCHK Consumption Index and Hang Seng SCHK Consumer Staples Index. Nissin Foods is eligible for trading under Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect.

For more information, please visit www.nissingroup.com.hk.

Valuufy Established to Transform Sustainable Business and Investing

Unleashing ValuuCompass to create a new benchmark for sustainability evaluation

Valuufy, a pioneering fintech startup drawn from a decades’ work in measuring and creating sustainable value at Doshisha University’s Value Research Center, has launched with its groundbreaking ValuuCompass, a comprehensive framework set to transform sustainable business practices and sustainability investing by providing a fully transparent and actionable framework for assessing and improving sustainability performance.

The current state of sustainability reporting:
· Confusing and inefficient for companies
· Multiple different standards and metric
· Emphasis on past activities rather than future strategies
· Difficult to capture real impacts on people and the environment
· No reliable benchmark for investors to assess sustainability risks and opportunities

ValuuCompass addresses precisely these challenges.
The ValuuCompass addresses a critical gap in the market: the lack of a holistic, transparent system for assessing a company’s true stakeholder impacts and sustainability risks that arise from these. At the heart of this new product is the Value Model, which has synthesized more than 1,200 individual impact measurements from leading global ESG and sustainability frameworks into a clear goal-based model to measure stakeholder impacts and value creation.

With this new assessment system, Valuufy offers businesses and investors a clear, actionable view of value creation that goes far beyond traditional sustainability and ESG metrics. “In an era where ‘value washing’ – the pretence of sustainable value creation – poses significant financial and reputational risks, both companies and investors need a reliable compass,” said Kyle Barnes, CEO of Valuufy. “Valuufy’s products and services provide these capabilities, offering a level of transparency and insight that goes beyond all other existing solutions.”

Dr. Philip Sugai, Director of Research at Valuufy and Director at the Value Research Center, emphasized the revolutionary approach that Valuufy is taking: “The current systems underlying sustainability and ESG are fundamentally broken, focusing on backwards-looking disclosures rather than forward-looking strategies. Valuufy was established to change this paradigm, helping businesses to shift their focus to creating real, and measurable value across their key stakeholders.”

Valuufy’s ongoing activities aim to bring this important mindset to business strategy creation for businesses of all sizes. “Today, we’re not just launching a new tool; we’re setting a new standard for sustainable business and investing,” added Marco Koeder, Chief Marketing Officer. By 2030, we aim to establish the Value Model as the global benchmark for measuring and creating sustainable value.”

Benefits of ValuuCompass for Companies:
· First universal, objective standard to measure real impact on people and the planet
· Provides actionable recommendations for improvement
· Enhances performance in the sustainability reporting framework
· Transforms complex data into clear, strategic insights

Benefits of ValuuCompass for Investors:
· Enables truly informed decisions on sustainability risks and opportunities
· Offers rigorous, quantifiable metrics for portfolio assessment
· Aligns perfectly with the financial sector’s data-driven approach
· Provides a competitive edge in sustainable investing

Discover how Valuufy is revolutionizing the future of sustainability at www.valuufy.com.

About Valuufy
Valuufy Inc seeks to transform how the world understands and acts on sustainability. Founded in 2024, Valuufy is a registered Japanese startup in Kyoto, Japan, born of 10 years of academic value research at Doshisha University and the Value Research Center. Led by an international team with expertise in value research, sustainability strategies, innovative technologies, business development, and ESG assessments, Valuufy provides a suite of products and services to promote value-creation activities across stakeholders for businesses of all sizes – to set new standards in transparent, data-driven decision-making in the realm of sustainability and value creation. For more, visit www.valuufy.com.

The Value Research Center was officially established at Doshisha University in Kyoto, Japan, in November 2021 to develop a system for measuring, monitoring, assessing, and reporting on organizations’ value creation and destruction impacts on various stakeholder groups. The result is the Value Model, which forms the foundation for ValuuCompass.

Contact:
Press/Media
E: news@valuufy.com
T: +81-90-9742-0860

Marco Koeder
E: marco@valuufy.com
T: +49-175-999-8647

Verofax and NetGreen Announce Strategic Alliance to Accelerate Global Reforestation Efforts

– Expediting the Journey to Net Zero –

In a landmark initiative to combat climate change, Verofax, a leader in blockchain traceability and AI technologies, has partnered with climate tech startup NetGreen to activate retail channels to lead the change in re-greening our planet with trust and transparency.

Wassim Merheby, CEO of Verofax, with Nisreen Shadad, CEO & Co-founder of Netgreen.

This Memorandum of Understanding (MOU) between Verofax’ advanced technological solutions and NetGreen’s platform comes at a crucial time as businesses and consumers increasingly prioritize sustainability.

In fact, 88% of consumers want to make an environmental impact, but lack a trusted platform that is easy and affordable. NetGreen’s platform meets an urgent market need where individuals can purchase a plant-a-tree service from validated reforestation projects to combat climate change.

NetGreen’s unique approach enables participants to directly engage in reforestation through everyday transactions, such as converting loyalty points into tree plantings. This model not only supports carbon sequestration but also enhances biodiversity and fosters a deeper connection between communities and their natural environments.

Preventing Double Counting & Ensuring Validation of Reforestation Projects
With Verofax validating, reforestation projects becomes seamless using Verofax’ Tree Chain technology for identifying, tracking and measuring the carbon capture from trees using computer vision, AI drone feeds, geolocation, and an immutable ledger.

These technologies will automate operations to prevent double counting and ensure their alignment with the latest international standards, including Verra and UNFCCC CDM.

Nisreen Shadad, CEO and Co-Founder of NetGreen, stated, “Partnering with Verofax propels us towards our vision of a greener planet by enhancing the reach and effectiveness of our reforestation projects. Their advanced technology solutions will allow us to provide undeniable proof of impact to our participants, increasing trust and participation rates. This is a game-changer for environmental engagement.”

Wassim Merheby, CEO of Verofax, said, “This partnership is an excellent opportunity to showcase how innovative technology can be harnessed to address some of the most pressing environmental challenges. By supporting NetGreen, we are not only contributing to scaling reforestation but also demonstrating the potential for technology to create significant positive change.”

The MOU between Verofax and NetGreen is poised to set a benchmark for how technology can facilitate more sustainable practices across industries and communities worldwide. It underscores both companies’ commitment to leveraging strengths in promoting an environmental stewardship and global sustainability.

About Verofax
Verofax specializes in providing sustainable solutions with advanced track and trace capabilities through product serialization and blockchain technology. Their solutions enhance compliance and transparency across industries, promoting environmentally responsible practices. For further details, visit https://www.verofax.com.

About NetGreen
NetGreen is a climate action application that empowers individuals and businesses to participate actively in tree-planting projects aimed at re-greening the planet, expediting the journey Net Zero. Led by CEO Nisreen Shadad, the platform enables effective afforestation participation, enhancing biodiversity and fostering community connections to natural habitats. For more information, please visit https://netgreen.live.

For additional information, please register at https://netgreen.live/inquiry, join our community at https://linktr.ee/netgreen.live, or contact us at impact@netgreen.live.

Food Expo Kicks Off Next Week with Four Thematic Days to Explore Infinite Lifestyle Possibilities

– Hosted together with five other concurrent events including Beauty & Wellness Expo, Home Delights Expo, Food Expo PRO, Tea Fair & ICMCM

– Food Expo, Food Expo PRO, Beauty & Wellness Expo, Home Delights Expo, Hong Kong International Tea Fair & the International Conference of the Modernization of Chinese Medicine and Health Products (ICMCM) will be held in mid-August at the Hong Kong Convention and Exhibition Centre (HKCEC) in Wan Chai
– The five fairs will bring together more than 1,840 exhibitors and feature unique delights from global cuisines and trendy lifestyle products
– Four theme days will headline all five fairs for the first time, featuring food from different regions of Mainland China, fine wine collections, and Japanese and Korean Express and a range of activities and products on health and wellness
– Attendees can find flash deals and limited time offers on the ‘August Happy Buy’ website

Organised by the Hong Kong Trade Development Council (HKTDC), the HKTDC Food Expo, HKTDC Beauty & Wellness Expo, and HKTDC Home Delights Expo will run from 15 to19 August at the Hong Kong Convention and Exhibition Centre (HKCEC). The Food Expo PRO and the Hong Kong International Tea Fair will take place from 15 to17 August at the same venue. More than 1,840 exhibitors will attend the five fairs, providing a one-stop sourcing and shopping destination for trade buyers and the public to enjoy global cuisines, tea and lifestyle products.

Additionally, the International Conference of the Modernization of Chinese Medicine and Health Products (ICMCM) will be held on 15-16 August. Organised by the Modernized Chinese Medicine International Association (MCMIA) together with the HKTDC and ten scientific research institutions, the conference will share the latest industry insights and foster the development of Chinese medicine.

Sophia Chong, HKTDC Deputy Executive Director, unveiled the key highlights of the August events at a press conference today and said: “The Food Expo has been a major event in town for more than 30 years and this year, we have introduced four thematic themes across the fairs, each bringing an exciting experience to consumers who enjoy gourmet food, healthy living, and quality home products This year’s exhibitors have gone all out to bring a wider variety of products and engaging activities, to encourage local consumption.”

Food Expo PRO – Create and connect with food business opportunities (15-17 August)
The 2nd Food Expo PRO is open to trade buyers on the first two days, and to the public as well on the last day (17 August). This year, Food Expo PRO welcomes exhibitors from 26 countries and regions who will showcase the newest food trends, services and technology from around the world. Featuring 20 pavilions from neighbouring countries, including Japan and Korea, ASEAN countries including Indonesia, Malaysia, the Philippines and Thailand, countries further afield such as Mexico and Poland, and Mainland China’s diverse provinces including Fujian, Guizhou, Hunan, Sichuan, Zhejiang.

Beyond ready meals and local delicacies, the Food Science and Technology zone will present alternative and future food products, such as vegan health-preserving poached eggs, personalised 3D food products and cooking machines from local exhibitors. These include lactose-free black sesame paste from Singapore as a substitute for chocolate sauce, low-glycaemic index functional flour from Thailand and ready-to-eat rice made from egg white with nearly zero calories.

The Food Tech Symposium will feature two sessions with the Hong Kong Food Professionals Association, Hong Kong Food Innovation & Technology Hub, the Department of Food Science and Nutrition of the Hong Kong Polytechnic University, the Hong Kong University of Science and Technology, discussing food innovation and technology trends alongside food tech start-ups. Topics will include the latest food packaging and refrigeration technology and applications in ready meals, innovative scientific research and recipes, including personal dietary needs analysis by AI, creating special meals by 3D food printing.

In line with the growing interest in Halal food, this year’s fair will indicate the Halal food and beverage label facilitate buyers easier sourcing. More than 90 exhibitors will showcase a diverse range of worldwide Halal food products at Food Expo PRO and Food Expo. Besides fried seaweed from Thailand and coffee from Indonesia, the fairs will introduce Halal food products from other countries. These include sea bream from Japan, instant vermicelli from Korea, agave cactus nectar from Mexico, and products from Mainland China, Hong Kong and the Philippines.

A seminar with the CEO of the Halal Development Corporation Berhad (HDC) of Malaysia will discuss the opportunities and challenges of the Halal food market. Other topics will include optimising Halal food production and supply chains, food certification, monitoring and regulation, the introduction of a scientific verification process within Hong Kong’s existing Halal certification framework, and Hong Kong’s role in facilitating and promoting the development of the Halal food trade.

Hong Kong International Tea Fair — Taste the world’s most famous teas (15-17 August)
The 15th Hong Kong International Tea Fair, also open to trade buyers on the first two days of the fair, and to the public on last day of the fair (17 August), will feature four pavilions: Sri Lanka, Fujian, Hunan, and the first-ever pavilion by the Hong Kong and Kowloon Tea Trade Merchants Association. Attendees can taste local organic teas from Hong Kong’s Kadoorie Farm & Botanic Garden, Wuyi Rock Tea from Fujian, Purple Tea from Kenya and Hadong Black Tea from Korea while exploring speciality tea wares.

This year’s fair will see the Chinese Tea Culture International Exchange Association hosting the inaugural Hong Kong International Tea Culture Forum. Under the theme “Bridging Cultures and Embracing the World with Tea”, international tea culture experts and scholars from Mainland China, Australia and Malaysia will gather to discuss the global development of the tea industry along with its history and heritage. Also new this year is the inaugural International Tea Space Design Competition 2024, which is organised by the Teaism Alliance Hong Kong. Shortlisted designs for tea spaces will be showcased during the Tea Fair giving the public an opportunity to vote for their favourites.

Another highlight of the fair is the Hong Kong International Tea Fair Tea Competition 2024 which will award champion, 1st runner up, 2nd runner up places and “The Best Aroma Award”, and “The Best Taste Award” to teas selected in a blind tasting by professional tea judges. Free tasting will be available in the morning of the public day on 17 August. Other activities include the International KamCha Competition – HK Milk Tea Final (HK Region), seminars, tea tasting sessions and tea art performances.

The Food Expo PRO and the Tea Fair are expecting 110 missions representing 6,000 trade buyers from 26 countries and regions. The two fairs will operate under the hybrid model EXHIBITION+, allowing global food and tea buyers to connect through physical and online platforms. Click2Match, a smart business matching platform, will facilitate online meetings from 8-24 August. Scan2Match enables buyers to scan unique QR codes using the HKTDC Marketplace app to bookmark their favourite exhibitors, browse product information, and chat online during or after the exhibition.

Food Expo – To taste the world and bring a new experience to your taste buds (15-19 August)
The 34th Food Expo, from 15 August to 19 August, gives the public an opportunity to taste the world’s finest cuisines and delicacies. The Gourmet Zone features a stunning seven thematic zones showcasing delicacies like foie gras in French red wine, New Zealand imperial salmon, Greek yoghurts with fruit, 100% Blue Mountain coffee, Japanese Ise vinegar, Thai dried mango, Australian wild blacklip abalone in brown braising sauce, and more. The Premium Food Zone features more than 30 renowned brands, including Chewy, CHOYA, Han Yin Hong, Kee Wah Bakery, Maxims, Nissin, On Kee, Original Taste Home Crafts, Tai Pan, Wing Wah and more, offering the latest products such as the 35th Anniversary edition of Tai Pan Snowy Mooncake, CHOYA Umeshu Gold Edition and more.

13 Star Chef will have cooking demonstrations at the fair, featuring Menex Cheung, Executive Chef of China Tang; Li Yuet Faat, Executive Chef of Ming Court (Cordis Hong Kong); Lai Wei Hung, Founder of Hung’s Delicacies and Master Hung; Sandy Keung, Executive Chef of TABLE by Sandy Keung; Elaine Ma, recipe author; and Marco Antonio Li Voti, Chef de Cuisine of Sabatini Ristorante Italiano (IFC) and more.

Media veteran Jacky Chan will host the Chef’s Dialogue on 17 August, featuring three renowned Hong Kong chefs sharing their cooking and dining tips and culinary secrets with food demonstrations on the same day. Additionally, the fair will offer seminars, talks, wine-tasting workshops, food-related demonstrations and performances, providing a comprehensive culinary experience.

Beauty & Wellness Expo – Discover the beauty of nature and pamper your mind, body and spirit (15-19 August)
The 8th Beauty & Wellness Expo will showcase quality products, including popular home-use beauty devices, skincare brands, hair care products, health supplements, and more. Visitors can enjoy free on-site haircuts and head, shoulder, and neck massage services on first come, first served basis.

This year’s new Body Mind Spirit Zone will offer an oasis for busy city dwellers. Hong Kong Association of Flower Arranging Societies will present over 30 exquisite floral art pieces under the theme “Blossoms – Delights”, along with floral art workshops and demonstrations for the public. They can also join experiential activities such as aromatherapy, singing bowls, art therapy, painting and perfumery that relieve stress and enhance their physical and mental health through diversified guidance. The Beauty & Wellness Expo is also proud to have the continued support of The Federation of Beauty Industry (H.K.), the Hong Kong Hair & Beauty Merchants Association, the International Beauty & Health General Union, The Cosmetic & Perfumery Association of Hong Kong, and Hong Kong China Federation of Bodybuilding & Fitness Limited.

Home Delights Expo – Elevate living vibes through innovation (15-19 August)
Celebrating its 10th year, the Home Delights Expo returns to showcase products and services designed to enhance the quality of life. Buyers and visitors can discover massage chairs, smart home technology, stylish homeware, bedding, furniture, and interior design services. The Avenue of Delights features 30 exhibitors including German Pool, Giormani, LAURASTAR, Osim, Tiger, Towngas, ZWILLING JA Henckels. The Creative Corner will spotlight innovative young start-ups offering unique products, such as carved aromastones, hand-drawn wall plaquesand customised street sign stands.

Four new themes featuring daily activities and product promotions
For the first time, HKTDC has introduced four new cross-fair theme days featuring curated activities and product promotions:

“Delights Across Mainland China” (15 August) – On the first day of the exhibition visitors will be introduced to famous dishes from Mainland China, such as the “Delicious Sichuan” Sichuan cuisine promotion, Jiangsu cuisine promotion, and a tasting of Inner Mongolian mutton paired with wine. Exhibitors will also showcase gold label Fo Tiao Qiang from Guangdong, pork knuckles in ginger vinegar stew, and, a Hong Kong favourite, sauerkraut fish fillet. Visitors will also be able to find quality agricultural products from Mainland China, such as Luochuan apples from Shaanxi, the home of apples and sweet corn grown at high altitude in the Qinba Mountains of Sichuan. The Ministry of Agriculture and Rural Affairs of Mainland China and some mainland provinces and cities will also bring their local products for promotion.

“Happy Friday” (16 August) – The event features award-winning mixologists showcasing their skills in non-alcoholic beverage preparation. Additionally, there will be wine tasting workshops, master chef plating demonstrations, rope skipping performance, and numerous photo opportunities. A number of exhibitors in the Gourmet Zone will be offering special prices for sake tasting, including Wine Spirit Limited’s limited HK$1 Daiginjo tasting, draft beer crafted by Hong Kong’s first Master Brewer and the award winning Japanese Umeshu, keeping visitors entertained and celebrating all day Friday.

“Japan & Korea Express” (17 August) – Visitors can immerse themselves in the latest Japanese and Korean food and lifestyle trends by experiencing live demonstrations of Korean kimchi-making and makeup tips sharing, witnessing the artistry of taekwondo and traditional Japanese kimono dances, and enjoying the energy of Korean dance performances. Culinary delights include the award-winning Japanese croissant Taiyaki, recipient of the 2023 Japan Food Selection Grand Prix, Korean Makgeolli rice wine, raw king crab legs and other local delicacies. Japanese and Korean household products will also include home use beauty gadgets, cold-pressure slow-grinding juicers, and more.

“Wellness Weekend” (17-18 August) – Visitors have the opportunity to embrace a balanced lifestyle over the weekend by attending a series of workshops and seminars, including sessions on healthy tea brewing, food waste management, wood colour painting, cloisonné enamel perfume bottle workshops, and a talk on urban disease prevention and treatment by doctors. There will also be a special performance by an award-winning young latte artist. Visitors can see and try health and well-being products, including Taiwan’s ready-to-eat low-fat and calorie-control meal packs, Thai ketogenic slimming coffee, sleep-aid oils using ancient recipes, and massage chairs.

ICMCM – Discussion on industry-university-research collaboration and clinical research on traditional medicine (15-16 August)
The Modernized Chinese Medicine International Association (MCMIA) is partnering with the HKTDC, and ten scientific research institutions to present at the latest International Conference of the Modernization of Chinese Medicine & Health Products (ICMCM). Themed “The Industry-University-Research Collaboration and Clinical Research on Traditional Medicine“, this conference offers valuable Chinese medicine insights and information.

17 keynote speakers will discuss development trends, scientific research achievements, successful experiences, regulations, and the outlook of Chinese medicine and health products in connection to the “Belt and Road” initiative. The hybrid format of the conference aims to foster the exchange of ideas among speakers and participants, and registered Chinese medicine practitioners in Hong Kong who can apply for Continuing Medical Education (CME) credits.

Lucky draw and various special offers
The fairs will feature daily lucky draws with an impressive prize pool worth HK$500,000. Prizes include kitchenware, furniture, beauty products and treatments, gourmet food, and health products etc. Visitors can enter the lucky draw by spending HK$200 or more on a single receipt, with a maximum of five entries per receipt at at the fairs. The Smart Bidding sessions will also be available, allowing visitors to bid for their favourite products starting from 90% discount. The HKTDC’s “August Happy Buy” promotional website will continue to provide the latest shopping information, including flash sales, limited offers and over 130 shopping coupons designed to enhance visitors’ Hong Kong shopping spree.

Physical ticket sales for the August exhibitions will not be available at the fairground. E-tickets can be purchased in advance through e-Payment Sponsor BoC Pay, offering a 10% discount on ticket purchases and discounts of up to HK$100 on purchases at the fairgrounds, or through AlipayHK’s “Movies/Tickets” and Alipay’s “Exhibition Tickets” applet. Designated number of ticket purchasers will receive a HK$2 discount and a complimentary HK$10 mooncake or fairground cash coupon. Visitors can also purchase tickets at the 01 Space e-ticketing platform, all 7-11 and Circle K convenience stores, and via the Octopus App or use their AlipayHK, Alipay or Octopus card for admission instantly at the toll booths set up at the fair entrance. The HKTDC has also extended the discounted morning and night admission tickets for the public on designated dates.

Photo download: https://bit.ly/3YRugT1

Opening dates and times of the exhibitions:

Media Enquiries

Ogilvy Public Relations:	HKTDC’s Communications and Public Affairs Department:
Cynthia Sit (852) 9425 4547 cynthia.sit@ogilvy.com	Frankie Leung (852) 2584 4298 frankie.cy.leung@hktdc.org
Leanne Pok (852) 9379 9694 leanne.pok@ogilvy.com	Clayton Lauw (852) 2584 4472 clayton.y.lauw@hktdc.org

Media Room: http://mediaroom.hktdc.com

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels.

Research Analysis: Fosun is on Track for Valuation Recovery

Fosun International (HKG: 0656) continues to focus on its core industries and optimize operational capabilities, resulting in increased earnings certainty, stable cash flow improvement, and continuous dividend growth. It is expected that Fosun’s valuation set for gradual recovery.” On 5 August, Fosun International Securities released a research report, providing an in-depth analysis of Fosun International’s investment value from four aspects: core subsidiaries’ performance, globalization and industrial operational capabilities, balance sheet recovery, and dividend expectations. The report issues a “Buy” rating on Fosun International with a target price of HKD13 per share.

The research report points out that after more than 30 years of development, Fosun International has successfully implemented its “investment + operation” strategy. Through globalized and diversified mergers and acquisitions and industry operations, Fosun has formed four major business segments: Health, Happiness (Consumption), Wealth (Finance and Insurance), and Intelligent Manufacturing. In 2019, Fosun positioned itself as an “innovation-driven consumer group”. In early 2020, it proposed a focused strategy, shifting its focus to profound industry operations, accelerating the divestment of non-core assets, and improving financial indicators to effectively focus on its core businesses and strengthen its asset-light operation capabilities.

The report further analyzes from a medium-to-long-term perspective, suggesting that four key drivers will support Fosun International’s significant value recovery.

Firstly, the performance and valuation of Fosun’s core subsidiaries are expected to gradually improve. Fosun International owns high-quality global assets in the pharmaceutical, consumption and financial sectors. Its core subsidiaries continue to deepen their industry operations and steadily increase their market share in their respective sectors. In 2023, the four core subsidiaries, Fosun Pharma, Yuyuan, Fosun Tourism Group, and Fosun Insurance Portugal, contributed a total revenue ratio of 72%, ranking among the top players in their respective industries. They maintained stable revenue and profit growth overall and continued to pay dividends. Since the pandemic, some subsidiaries have been affected by the uncertain macroeconomic environment and weak Hong Kong stock market sentiment. At the same time, short-term profits have been dragged down by the divestment of some investment projects during the market downturn, resulting in their stock prices under pressure. However, after the listed subsidiaries optimize their operations, the significant recovery of their valuations helps boost Fosun International’s valuation. Meanwhile, some subsidiaries’ optimization in capital structure will also help improve valuations. For example, in June 2024, Fosun Pharma announced its plan to privatize its subsidiary Shanghai Henlius through an absorption merger.

Secondly, Fosun’s strong globalization and industrial operational capabilities increase earnings stability and profit growth potential. Fosun International has outstanding globalization capabilities, continuously optimized industrial operational capabilities, and the ability to cooperate with parties who possess abundant resources. It has extensive successful experience in industrial mergers and acquisitions, asset divestment, and an effective organizational management mechanism to ensure execution. The comprehensive competitiveness led by globalization and industrial operational capabilities enables Fosun to grasp the direction of macroeconomic policies, make timely strategic and tactical adjustments to ensure overall operational stability, and enhance operations and performance in core industries, thereby increasing profit growth potential and opportunities for exceeding expectations. Fosun International’s overseas business contributes nearly half of its revenue, demonstrating its profound global operational capabilities, expansion and growth potential, as well as its strong capability to hedge against macro and regional risks. For example, Shanghai Henlius, a holding subsidiary of Fosun Pharma, has received US approval for its independently developed biosimilar HANQUYOU, becoming the Chinese monoclonal antibody biosimilar approved in China, the EU, and the US. Moreover, it has been approved for marketing in over 40 countries and regions. After Fosun’s acquisition, Club Med quickly turned losses into profits and became a leading brand of global resorts. Yuyuan’s Laomiao gold jewelry brand has maintained its market share among the top three in China’s gold jewelry industry since 2019, thanks to its strong new product iteration and differentiated marketing capabilities in recent years.

Thirdly, continuous debt reduction and significant balance sheet recovery support valuation improvement. Since 2021, Fosun International has continuously optimized its capital and asset structure, reduced its debt scale, continuously improved its financial indicators, and significantly reduced its leverage ratio. In May 2023, S&P Global revised Fosun’s rating outlook from “negative” to “stable”. In May 2024, S&P reaffirmed Fosun’s “stable” rating, recognizing the improvement in its balance sheet. Currently, the yield on Fosun International’s offshore bonds maturing between 2025 and 2027 is in a good range of 8.5% to 9.5%, but its stock valuation has fallen to a historical low. It is expected that factors such as rating agency upgrades and steady overall revenue growth will gradually be recognized by equity investors, increasing the opportunity for valuation improvement.

Fourthly, the effective implementation of the focused strategy brings opportunities for exceeding expectations in dividend increases. Fosun International’s core assets are concentrated in leading growth and value-oriented companies in their respective industries. It focuses on supporting core enterprises to achieve long-term strategic goals, driving industry development, complementing industries through mergers and acquisitions, and achieving value realization through timely and balanced investment and divestment, thus creating excess capital returns for shareholders. However, the market continues to overlook the room for improvement in Fosun’s revenues and profitability. At the same time, Fosun optimizes the operations of its subsidiaries through internationalization and ecosystem empowerment, continuously building top-tier business segments, maintaining steady growth in core businesses, and increasing dividends in some mature businesses. In addition to providing investors with stable dividends while optimizing performance, based on the previous dividend payout ratio of 20%, Fosun has the ability to further increase the dividend payout ratio, presenting shareholders with the opportunity for dividend returns to exceed expectations in the future.

The research report also points out that Fosun International was still negatively affected by the macro environment in the first half of 2024, and profits in the short-term are expected to be under pressure. However, the focus on industry operations has led to a gradual improvement in operating conditions and optimization of core asset performance. Leading indicators of Fosun’s improving performance are poised to become positive catalysts for the stock price.

The research report forecasts Fosun International’s revenue growth rate in 2024/25/26 to be 9.4%, 9.6%, and 8.6% respectively, and its profit attributable to owner of the parent to grow by 46.6%, 81.9%, and 55.0% respectively. Based on the sum-of-the-parts (SOTP) valuation method, the target price is set at HKD13 per share, corresponding to 0.7x 2024e P/B, issuing a “Buy” rating on Fosun International.

Hong Kong delegation concludes ASEAN mission in Vietnam

– 50+ MoUs signed over the last week

– A delegation led by Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region, visited Vietnam as part of broader ASEAN mission.
– Hong Kong aims to help Vietnamese businesses leverage its dynamic start-up ecosystem and superconnector role in new sectors, such as innovation and technology (I&T), sustainability and green finance
– 30 MoUs were signed to strengthen bilateral ties

A delegation, organised by the Hong Kong Trade Development Council (HKTDC) and led by the Hong Kong Special Administrative Region (HKSAR) Chief Executive Mr John Lee, successfully concluded a week-long ASEAN mission to Laos, Cambodia and Vietnam.

Over 50 memoranda of understanding (MoUs) were signed, signalling closer bilateral cooperation based on a shared vision of prosperity and growth in Asia.

Over the past week, the delegation comprising some 30 leaders of international, Mainland Chinese and Hong Kong enterprises and conglomerates operating in finance and insurance, I&T, professional services, infrastructure, transport and logistics, energy and hospitality, strengthened ties, expanded networks and discussed collaboration opportunities in Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Belt and Road Initiative (BRI).

Concluding the ASEAN trip on 2 Aug, Mr Lee said: “During our six-day trip, we visited four cities across the three countries and participated in some 30 events. These included meetings with senior leaders and officials, visits to enterprises and Belt and Road projects, exchanges with the business communities in the four cities, and engaging in activities to promote people-to-people connections.”

Mr Lee added that members of the delegation will share their insights and experiences of this visit through their extensive networks.

Dr Peter K N Lam, Chairman of the HKTDC, said the focus of the mission is to strengthen ties between Hong Kong and ASEAN, our second-largest trading partner, by introducing the latest business opportunities offered by Hong Kong.

“In recent years, Hong Kong has been making tremendous advances in new sectors, such as innovation and sustainability. Our advances in greentech, smart manufacturing and supply chain management, reinforced by our world-class R&D and IP infrastructure and robust government support, provide a lot of opportunities for us to collaborate with ASEAN businesses,” he pointed out, adding 55 MoUs signed during the trip paves the way for deeper collaboration in the future.

“We would like to express our appreciation to the Hong Kong SAR Government and all business delegates for their support. Looking ahead, the HKTDC will continue to help businesses connect with opportunities and build a global ecosystem through our worldwide network of 50 offices,” Dr Lam added.

During the visit to Hanoi and Ho Chi Minh City, 30 MoUs were signed by members of the delegation, Vietnamese government bodies and Vietnamese companies in the areas of trade and investment promotion, finance, fintech, transport and logistics and education.

Delegates also met with executives and key members of local chambers of commerce, including the Vietnam Chamber of Commerce and Industry (VCCI), and key corporations, including VinGroup and Tessellation Binh Duong Co Ltd., to explore business opportunities.

To foster collaboration opportunities via the Hong Kong platform, the Hong Kong Economic and Trade Office in Singapore (HKETO Singapore) and HKTDC co-organised a business luncheon in Vietnam, which was attended by some 220 business leaders and key officials.

During the visit, 30 MoUs were signed by the following members of the delegation, Vietnamese government bodies and Vietnamese companies to deepen cooperation across diverse areas:
1.Financial Services and the Treasury Bureau of Hong Kong, China, and Ministry of Finance of the Socialist Republic of Vietnam;
2.Invest Hong Kong and the Foreign Investment Agency (FIA), Ministry of Planning and Investment of the Government of the Socialist Republic of Vietnam;
3.Hong Kong Trade Development Council (HKTDC) and Vietnam Chamber of Commerce and Industry (VCCI);
4.Hong Kong Trade Development Council (HKTDC) and Vietnam Trade Promotion Agency (Vietrade);
5.Airport Authority Hong Kong and Vietnam Airlines JSC;
6.Airport Authority and Airport Corporation of Vietnam;
7.Airport Authority Hong Kong and Sovico Group;
8.Hong Kong General Chamber of Commerce and Vietnam Chamber of Commerce and Industry (VCCI);
9.Invest Hong Kong and Hong Kong Business Association in Vietnam;
10.Hong Kong Tourism Board and Traveloka;
11.Bank of China (Hong Kong) Limited and China Business Association Ho Chi Minh City Branch;China Business Association Guangdong Enterprises Association in Vietnam; Hong Kong Business Association Vietnam;
12.CCB International Capital Limited and VinaCapital Holdings Ltd;
13.Federation of Hong Kong Industries (FHKI) and Vietnam-Singapore Industrial Park J.V. Co., Ltd. (VSIP);
14.FWD Group and Junior Achievement Vietnam;
15.HKU Business School and Ho Chi Minh University of Banking (HUB);
16.HKU Business School and University of Economics Ho Chi Minh City (UEH);
17.Hong Kong Polytechnic University (PolyU) and Viet Nam National University – Ho Chi Minh City;
18.Hong Kong Polytechnic University (PolyU) and Vietnam National University – Ho Chi Minh High School for the Gifted;
19.SF Supply Chain and NTQ;
20.Standard Chartered Bank (Hong Kong) Limited and Computime Group Limited;
21.Standard Chartered Bank (Hong Kong) Limited and Kingboard Holdings Limited;
22.Standard Chartered Bank (Hong Kong) Limited and Stavian Group Joint Stock Company;
23.Sunwah Group (Hong Kong) and Becamex IDC Corp;
24.Tekcent Limited and Locamos Technology;
25.Tekcent Limited and Quickom;
26.The Hongkong and Shanghai Banking Corporation Limited, Hong Kong Office and 315 Medical Joint Stock Company;
27.The Vietnam Association HK (VAHK) and Hong Kong Business Association Vietnam (HKBAV);
28.The Vietnam Association HK (VAHK) and Viet Nam Young Entrepreneur’s Association (VNYEA);
29.VRCN Limited and Hong Kong Business Association Vietnam; and
30.VRCN Limited and Quickom

Earlier during the trip, 25 more MoUs were signed, including 12 signed in Laos:
31.Customs and Excise Department of Hong Kong, China and the Customs Department of the Lao People’s Democratic Republic;
32.Invest Hong Kong and Lao National Chamber of Commerce and Industry;
33.Hong Kong Trade Development Council (HKTDC) and the Lao Chinese Chamber of Commerce (LCCC);
34.Hong Kong Trade Development Council (HKTDC) and the Lao National Chamber of Commerce and Industry (LNCCI);
35.Hong Kong Trade Development Council (HKTDC) and the Lao Ministry of Industry and Commerce;
36.CCB International (Holdings) Limited and Phongsavanh Group Co., Ltd;
37.CLP SEA Infrastructure Limited and CGN Energy Technology (Laos) Co., Ltd and Krittaphong Group Co., Ltd;
38.Federation of Hong Kong Industries (FHKI) and the Vientiane Capital Chamber of Commerce and Industry;
39.Goldford Group and Lao National Digital Technology Group Co., Ltd (LADT);
40.HashKey Capital and Lao National Digital Technology;
41.Hong Kong Polytechnic University (PolyU) and Vientiane Secondary School (VSS); and
42.Hong Kong Shippers’ Council (HKSC) and the Lao National Chamber of Commerce and Industry

And 13 signed in Cambodia:
43.Invest Hong Kong and the Council for the Development of Cambodia (CDC);
44.Hong Kong Trade Development Council (HKTDC) and the Council for The Development of Cambodia (CDC);
45.The Chinese General Chamber of Commerce, Hong Kong and Ministry of Industry, Science, Technology and Innovation of Cambodia;
46.The Chinese General Chamber of Commerce, Hong Kong & Ministry of Commerce of Cambodia;
47.Hong Kong Trade Development Council (HKTDC) and the Cambodia Chamber of Commerce (CCC);
48.The Hong Kong General Chamber of Commerce and the Cambodia Chamber of Commerce;
49.The Federation of Hong Kong Industries (FHKI) and the Hong Kong Business Association of Cambodia (HKBAC);
50.Airport Authority Hong Kong and Societe Concessionnaire de lAeroport;
51.FWD Group Holdings Limited and Department of Media and Communication, Royal University of Phnom Penh;
52.CCB International (Holdings) Limited and ACLEDA Bank Plc.;
53.CCB International (Holdings) Limited and Sihanoukville Special Economic Zone Co., Ltd.;
54.Cathay Pacific Airways Limited and Societe Concessionnaire de lAeroport; and
55.Hong Kong Airlines Limited and Cambodia Airways Co., Ltd.

With the BRI entering its second decade and amid greater regional cooperation facilitated by agreements, like the Regional Comprehensive Economic Partnership (RCEP), Hong Kong will continue to build on its role as superconnector, linking the wider China market with ASEAN and the world at large.

The HKSAR Government and HKTDC will host the Belt and Road Summit on 11-12 September in Hong Kong. At this annual signature conference, which brings together the leading voices from diverse sectors across Belt and Road markets and beyond, Vietnamese companies can seize countless collaboration opportunities.

The visit to three ASEAN member states – Laos, Cambodia and Vietnam – this week aimed to deepen economic and trade relations, enhance cultural exchange and explore collaboration opportunities between ASEAN and Hong Kong, building on the success of previous ASEAN missions to Singapore, Malaysia and Indonesia in 2023 and Thailand in 2022.

Photo Download: https://bit.ly/3YsDt3E

Media enquiries
Vero Vietnam
Yen Tran
Tel.: (84) 932 492 396
Email: yen@vero-asean.com

HKTDC’s Communication & Public Affairs Department:
Agnes Wat Tel.: (852) 2584 4554 Email: agnes.ky.wat@hktdc.org
Sam Ho Tel.: (852) 2584 4569 Email: sam.sy.ho@hktdc.org

Hong Kong delegation strengthens business cooperation with Laos

– 12 MoUs signed to enhance trade relations and cultural exchange
– A delegation led by Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region, visited Laos as part of broader ASEAN mission
– As superconnector, Hong Kong is well- positioned to support Laos’s development, especially in finance, banking, renewable energy and green finance, agriculture and infrastructure development

A delegation led by Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), visited Vientiane on 28-30 July to deepen economic and trade relations, enhance cultural exchange and explore collaboration opportunities between Laos and Hong Kong.

Twelve memoranda of understanding (MoUs) were signed in the areas of trade and investment promotion, finance, fintech, transport and logistics and education, paving the way for mutual prosperity between Hong Kong, Laos and the wider ASEAN region.

The delegation, organised by the Hong Kong Trade Development Council (HKTDC), included some 30 leaders of international, Mainland Chinese and Hong Kong enterprises and conglomerates operating in finance and insurance, innovation and technology, professional services, infrastructure, transport and logistics, energy and hospitality.

The delegates visited Vientiane Saysettha Development Zone and Vientiane Railway Station to understand the business and investment opportunities in Laos, its potential for Hong Kong companies and the impact of the Belt and Road Initiative (BRI).

A visit to Vientiane Secondary School fostered greater people-to-people exchange between Laos and Hong Kong.

The delegation also met with executives and key members of local business chambers, such as the Lao National Chamber of Commerce and Industry (LNCCI) and Lao Chinese Chamber of Commerce (LCCC), to introduce Hong Kong’s latest economic developments, business opportunities and unique advantages as superconnector between China and other Belt and Road markets.

Potential partnerships to support the growth of Lao SMEs were explored in areas, such as finance, banking, renewable energy, green finance, agriculture and forestry, leveraging Hong Kong’s expertise and connections to help them build capacity, find partners and explore new markets.

Dr Peter K N Lam, Chairman of the HKTDC, said: “The objective of our mission is to explore opportunities and forge connections that will enable Laos to achieve its economic ambitions, while fostering stronger cooperation with Hong Kong. Leveraging its superconnector role, Hong Kong is well-positioned to provide assistance, nurture talent and strengthen infrastructure across various sectors in Laos. We believe there are immense opportunities for mutual growth. The cooperation we have witnessed during this visit is just the beginning.”

12 MoUs were signed by the following members of the delegation, Lao government bodies and Lao companies:
1.Customs and Excise Department of Hong Kong, China and the Customs Department of the Lao People’s Democratic Republic;
2.Invest Hong Kong and Lao National Chamber of Commerce and Industry;
3.Hong Kong Trade Development Council (HKTDC) and the Lao Chinese Chamber of Commerce (LCCC);
4.Hong Kong Trade Development Council (HKTDC) and the Lao National Chamber of Commerce and Industry (LNCCI);
5.Hong Kong Trade Development Council (HKTDC) and the Lao Ministry of Industry and Commerce;
6.CCB International (Holdings) Limited and Phongsavanh Group Co., Ltd;
7.CLP SEA Infrastructure Limited; CGN Energy Technology (Laos) Co., Ltd and Krittaphong Group Co., Ltd;
8.Federation of Hong Kong Industries (FHKI) and the Vientiane Capital Chamber of Commerce and Industry;
9.Goldford Group and Lao National Digital Technology Group Co., Ltd (LADT);
10.Lao National Digital Technology and HashKey Capital;
11.Hong Kong Polytechnic University (PolyU) and Vientiane Secondary School (VSS); and
12.The Hong Kong Shippers’ Council (HKSC) and the Lao National Chamber of Commerce and Industry

The HKSAR Government and HKTDC will host the Belt and Road Summit on 11-12 September in Hong Kong, at which Lao companies can make new connections and find new partners.

The Hong Kong delegation’s visit to Laos is part of a broader ASEAN mission taking place from 28 July to 2 August. This mission aims to strengthen ties with Laos, Cambodia and Vietnam, building on the success of previous ASEAN missions to Singapore, Malaysia and Indonesia in 2023 and Thailand in 2022.

Photo Download: https://bit.ly/3ymxliX

A group of people standing on stairsDescription automatically generated

Media enquiries
RDK Group Sole, Co.,Ltd
Jonathan Meadley
Tel.: (856) 205 950 6978
Email: Jonathan.meadley@rdkgroup.la

HKTDC’s Communication & Public Affairs Department:

Agnes Wat	Tel.: (852) 2584 4554	Email: agnes.ky.wat@hktdc.org
Sam Ho	Tel.: (852) 2584 4569	Email: sam.sy.ho@hktdc.org

VCI Global Enters into AI Computing Alliance (AICA) Led by Enlight Corporation and Supermicro

VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (VCI Global, VCIG, or the Company), an AI and technology aggregator, is thrilled to announce its entry into a groundbreaking AI Computing Alliance (AICA). This is a collaborative initiative led by Enlight Corporation (TWSE: 2438) (Enlight), and Super Micro Computer, Inc (NASDAQ: SMCI) (Supermicro) and other alliance partners including Fortinet, Inc. (NASDAQ: FTNT), UNIC Technology Corp. (TPE: 5452), Bingo Group Holdings Limited (HKSE: 8220), J&V Energy Technology Co., Ltd. (TWSE: 6869), Red Building Capital, ZoobeTek, iSpan International Inc., and Bulky Animation Studio. This alliance will jointly establish the AICC and advance the AI ecosystem.

The first AICC is to be established in Taiwan, spearheaded by Enlight in partnership with Supermicro, Chief Telecom Inc. (TWSE: 6561), VMFive, Infinitix Inc., and Inventec Besta Co., Ltd (TPE: 8201). The AICC will be powered by NVIDIA H200 Tensor Core GPUs, which offer 1.43 times the performance speed compared to the NVIDIA H100 Tensor Core GPUs. With 256 units of NVIDIA H200 Tensor Core GPUs generating a total of 93 PFLOPS of AI computing power, this AICC is estimated to rank 15th globally in AI computing power, making it one of the fastest AI data centers in Asia. This AICC will deliver premier services by offering GPU as a Service (GPUaaS) for various entities such as governments, financial institutions, and businesses. The Taiwan AICC is expected to commence operations by the end of 2024.

VCI Global will serve as the strategic partner in the AICA initiatives with plans to establish the first AICC in Malaysia by the second quarter of 2025. This Malaysian AICC, which will be replicate the Taiwan AICC’s model, will act as a central hub for advancing AI research, development, and application, driving industry growth and enhancing Malaysia’s prominence in the global AI landscape.

After establishing AICCs in Taiwan and Malaysia, the AICA intends to develop additional AICCs globally, including in Singapore, Hong Kong, Japan, and Indonesia. This expansion aims to meet the anticipated high demand for computing power driven by Large Language Models (LLMs) and the increasing use of AI applications. Research from Marketsand Markets indicates that the global LLM market is expected to grow rapidly, with a compound annual growth rate (CAGR) of over 30%, projected to increase from approximately US$7 billion in 2024 to over US$35 billion in 2030. This initiative is part of a broader strategy to create AI computing centers worldwide, addressing the growing need for computing power. VCI Global’s involvement supports AICA’s mission to become a leading platform for AI computation, drive technological innovation, and promote the widespread adoption of AI technologies globally.

“We are excited to have VCIG to participate in the alliance to serve our interest in Southeast Asia, where we believe their involvement will further accelerate the success of the alliance. We look forward to developing our next AICC in Malaysia in the near future,” said Mr. Sam Ding, Chief Executive Officer of the AICA Taiwan.

“We are extremely excited about entering this alliance and participating in such a formidable alliance to advance the AI ecosystem to better serve the region,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

About VCI Global Limited
VCI Global is a diversified holding company. Through its subsidiaries, it focuses on consulting, fintech, AI, robotics, and cybersecurity. Based in Kuala Lumpur, Malaysia, our main operations are centered in Asia, with significant visibility across Asia Pacific, the United States, Europe, and the Middle East. VCIG primarily offers consulting services in capital markets, real estate, AI, and technology. In technology businesses, the company operates a proprietary financing platform that serves companies and individuals, as well as a secured messaging platform serving governments and organizations. We also invest, incubate, accelerate, and commercialize businesses and technologies in AI and robotics.

For more information on the Company, please log on to https://v-capital.co/

About Enlight Corporation
Enlight strives to serve the customers by focusing on product design requirements, process and quality enhancement. In May 2019, Enlight launched a brand that provides household appliances in Taiwan through both online and offline. The company expanded into beauty and skincare markets, distributing Swiss salon skincare brand “BelleWave” and its own brand “Jubilux”.

For additional detail, please visit https://www.enlightcorp.com.tw/

About Super Micro Computer, Inc.
Supermicro is a global technology leader committed to delivering first-to-market innovation for Enterprise, Cloud, AI, Metaverse, and 5G Telco/Edge IT Infrastructure. We are a Rack-Scale Total IT Solutions provider that designs and builds an environmentally friendly and energy-saving portfolio of servers, storage systems, switches, software, along with global support services.

For more information, please visit https://www.supermicro.com/en/

Issued By: Swan Consultancy Sdn. Bhd. on behalf of VCI Global Limited

For more information, please contact:
Jazzmin Wan
Tel: +60 17-289 4110
Email: j.wan@swanconsultancy.biz

William Yeo
Tel: +60 16-213 2103
Email: w.yeo@swanconsultancy.biz

Kucingko Berhad Debuts on ACE Market with Clawsome Opening Price of RM0.805

Kucingko Berhad (Kucingko or the Company), the first publicly listed 2D animation production company, made its debut today on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities). The shares opened at RM0.805 per share, showcasing a significant 168.33% premium over the IPO price of RM0.30 per share.

1. Mr. Lim Chor Ghee, Independent Non-Executive Chairman of Kucingko Berhad; 2. Ms. Elaine Law Soh Ying, Independent Non-Executive Director of Kucingko Berhad; 3. Datuk Roslan Hj Tik , Head of Group Investment Banking and Islamic Banking of Kenanga Investment Bank Berhad; 4. Mr. Ooi Kok Hong, Executive Director of Kucingko Berhad; 5. Mr. See Chin Joo, Executive Director of Kucingko Berhad; 6. Mr. Puar Chin Jong, Independent Non-Executive Director of Kucingko Berhad; 7. Mr. Ku Chia Loon, Non-Independent Non-Executive Director of Kucingko Berhad; 8. Ms. Quah Bee Fong, Independent Non-Executive Director of Kucingko Berhad [L-R]

Kucingko is listed under the stock name “KUCINGKO” with the stock code “0315”.

Kucingko specialises in providing high quality 2D animation production for global broadcasters and streaming platforms and is one of the largest animation production company in Malaysia. Kucingko has earned significant recognitions globally, including a BAFTA nomination and several other international awards.

Kucingko Berhad’s initial public offering has successfully raised total gross proceeds of RM30.0 million, which will be utilised based on the following manner:

i. RM17.8 million towards capacity expansion, including the establishment of production branch offices in East Malaysia to tap into the skilled local talent pool and upgrade the existing operational office in Selangor;
ii. RM4.4 million for setting up a sales office in the United States of America to expand market reach;
iii. RM4.2 million for working capital; and
iv. RM3.6 million for listing expenses.

Executive Director of Kucingko Berhad, Mr. See Chin Joo commented: “This successful listing is a major milestone for Kucingko. It reflects the market confidence in the animation industry, and investors’ receptiveness towards unique companies with profitable track record. We are excited about the opportunities this will bring, allowing us to further expand our production capacity and reaching out to more global clientele. The funds raised will enable us to invest in building capacity locally and deepening our presence in the North American market, ensuring that we remain at the forefront of the animation industry.

Executive Director of Kucingko Berhad, Mr. Ooi Kok Hong added: “Our goal is to continue to up our game in delivering high-quality content for traditional television and streaming platform. This listing will support our efforts to achieve that goal. In addition, talent building and continued investment in the best talent is high in our priority. We will soon roll out our plans to collaborate with universities and state government agencies to nurture local talent and empower them with the right skillsets to contribute positively back to the industry. We are building all these initiatives for sustained growth and success in the global animation market.”

1. Mr Leong Yew Loong, Head, Corporate & Institutional Coverage of Kenanga Investment Bank Berhad; 2. Ms. Quah Bee Fong, Independent Non-Executive Director of Kucingko Berhad; 3. Mr. Ku Chia Loon, Non-Independent Non-Executive Director of Kucingko Berhad; 4. Mr. Puar Chin Jong, Independent Non-Executive Director of Kucingko Berhad; 5. Ms. Elaine Law Soh Ying, Independent Non-Executive Director of Kucingko Berhad; 6. Mr. Lim Chor Ghee, Independent Non-Executive Chairman of Kucingko Berhad; 7. Mr. Ooi Kok Hong, Executive Director of Kucingko Berhad; 8. Mr. See Chin Joo, Executive Director of Kucingko Berhad; 9. Ms. Leong Mei Cian, Head of Planning of Kucingko Berhad; 10. Mohd Faizal Bin Mohd Wazir, Head of Animation of Kucingko Berhad; 11. Datuk Roslan Hj Tik , Head of Group Investment Banking and Islamic Banking of Kenanga Investment Bank Berhad; 12. Ms. Ong Sook Ling, Senior Vice President, Corporate Finance of Kenanga Investment Bank Berhad; 13. Mr Alvin Ooi Yet Ming, Head, Corporate Finance of Kenanga Investment Bank Berhad; 14. Ms. Fong Soh San, Head, Equity Capital Markets of Kenanga Investment Bank Berhad [L-R]

Kenanga Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for Kucingko Berhad.

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Kucingko Berhad

For more information, please contact:
William Yeo
Tel: +60 16-213 2103
Email: w.yeo@swanconsultancy.biz