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Gome Fin Tech Announced Annual Results of 2023

Commercial Factoring Progresses Despite Stability Diversified Businesses Ready for Development

Gome Finance Technology Co Ltd. (HKG: 628, Gome Fin Tech or the Company,with its subsidiaries,the Group), announced its audited annual results for the year ended 31 December, 2023 (the Reporting Period).

In 2023, the global geopolitical risks are frequent, the lack of economic recovery momentum and the widening trend of differentiation among countries are highlighted, and the risk spillover from European and US banks under the global high interest rate environment also casts a shadow over the global growth outlook. In the face of the risky international environment and the arduous task of domestic reform, development and stabilisation, the Chinese government has coordinated domestic and international situations, effectively responded to the impact of the unexpected factors, strengthened support for the real economy, continuously optimised the structure of loan investment, improved the quality and efficiency of credit services, and developed supply chain finance with the strong support of national policies.

During the Reporting Period, the Group continued to focus on technology-based finance as its strategic main line, further explored the integration and development path between emerging technology industry and supply chain finance industry, and continued to strengthen its support to the real economy. The Group’s revenue increased by 2.24% to RMB82.0 million (2022: RMB80.2 million), which was mainly attributable to the increase in revenue from commercial factoring business. The Group recorded a profit after taxation of RMB37million (2022: loss after taxation of RMB5.6 million).

Optimizing asset and liability structure, commercial factoring progressing steadily

The commercial factoring business, as the Group’s principal business with a well-established risk management system, grew steadily in 2023 and contributed 92% of the Group’s operating revenue, despite the challenging external environment. In 2023, the Group repaid bank borrowings in a timely manner and used the Company’s own funds as working capital, resulting in a significant reduction in the gearing ratio,and the working capital was more more sufficient. In addition, in recent years, the Group started to grant longer loan period to certain high-quality customers in order to increase its profitability and at the same time to maintain credit risk at a low level. In 2023, the Group’s commercial factoring business steadily expanded its scale of operation, with the average net loan balance increasing to RMB1.01 billion (2022: RMB890 million), revenue increasing by 8.16% year-on-year to RMB75.8 million, and segment profit increasing to RMB68.2 million (2022: RMB58.4 million).

Additionally, during the Reporting Period, other financial services within the Group were impacted by restrictions imposed by certain mobile app stores on the content of deployed applications (Apps). As a result, service fees for referral services decreased by 38.65% to RMB6.2 million, while the other financial services segment achieved a profit of RMB2.6 million.

The acquisition process was progressing systematically, and the diversified synergy was poised for development

In addition, the Company is advancing the Proposed CashBox Acquisition subject to, among others, the approval of the Company’s independent shareholders. The management expects to, through the Proposed CashBox Acquisition, rely on the large and multi-regional user resources of CashBox, combining with the Company’s advantages in internet technology, to create synergies for the Group’s business. The management believes that the Proposed CashBox Acquisition will enable the Group to diversity its business, expand its income stream and maximise returns for the shareholders.

Looking ahead, the Federal Reserve is expected to initiate an interest rate reduction cycle around mid-year. In an external macro environment characterized by easing inflation and stable growth, global economic growth is poised for a “soft landing”. China continues to adhere to the principles of seeking progress while maintaining stability, focusing on high-quality development, and continuously fostering new productive forces. With frequent macro policy adjustments and a flexible and precise monetary policy, China provides robust support for stable economic operations. Against this backdrop, we believe that the industry’s development in the coming year will benefit from additional favorable policies driven by national strategies.

The management of GOME Financial Technology stated: “In 2024, the macroeconomic situation is expected to improve. The relatively relaxed financing environment is poised to inject more vitality into the national economy and create opportunities for the development of the Group. We will further explore the integration and development paths of emerging technology industries and supply chain financial industries. Additionally, we will continue to enhance support for the real economy and private economy, leveraging financial services to contribute to high-quality development. While consolidating our core financial business, we will also advance the Proposed CashBox Acquisition, enabling diversified transformation and creating greater benefits for shareholders.”

About Gome Finance Technology Co., Ltd.
Gome Finance Technology Co., Ltd. (HKG: 628) is a publicly listed company on the Hong Kong Stock Exchange. The Company’s vision is to “drive technological development through innovation and revolutionize finance through technology.” It actively expands its strategic layout in the field of financial technology, continuously enriches its product portfolio, gradually extends its risk control services driven by big data and artificial intelligence, and further enhances its comprehensive financial services to provide efficient, convenient, and high-quality financial services for customer.

Turning Loss into Profit in 2023: IGG Achieved over HK$430 million in 2H23

“Doomsday: Last Survivors” Achieves Record Monthly Gross Billing

IGG Inc (IGG or the Group, HKG: 799), a leading global developer and publisher of mobile games and applications, is pleased to announce the audited consolidated financial results of the Group for the year ended 31 December 2023.

In 2023, the Group ushered in a new chapter marked by a breakthrough in business and a remarkable turnaround from loss. Drawing on over a decade of experience and expertise in the strategy games genre, the Group developed two highly-rated strategy games, “Doomsday: Last Survivors” and “Viking Rise”, following the success of “Castle Clash” and “Lords Mobile”. “Lords Mobile”, IGG’s flagship title launched nearly eight years ago, continued to generate stable revenue, contributing over HK$3.1 billion. Throughout the year, intensive marketing campaigns for “Doomsday: Last Survivors” and “Viking Rise” yielded strong growth momentum, with “Doomsday: Last Survivors” generating nearly HK$700 million in revenue and “Viking Rise” contributing HK$400 million. Adding to the Group’s growth trajectory, the APP Business contributed HK$580 million, accounting for 11% of IGG’s revenue. The combination of two new strategy games and the APP Business not only propelled the Group to an impressive HK$5.3 billion in revenue – a remarkable15% year-on-year increase – but have also contributed a net profit of over HK$160 million in the second half of 2023, marking a new era of growth and diversification. During the year, revenue from Asia, Europe and North America accounted for 44%, 28% and 23%, respectively, of the Group’s total revenue.

With the contribution of the aforementioned businesses and continuous resource optimization, the Group successfully turned its losses around, resulting in a net profit of over HK$430 million in the second half of 2023 and an annual net profit of HK$73 million. After experiencing losses in previous stages, the Group’s core business turned the tide and generated a net profit of approximately HK$380 million in the second half of 2023 and an annual net profit of over HK$17 million. The Group’s investments recorded a net profit of over HK$55 million due to fair value gains. As at 31 December 2023, the Group’s mobile games were available in 23 different languages worldwide, with over 1.7 billion users in total and over 25 million monthly active users (“MAU”)[1] across more than 200 countries and regions.

“Lords Mobile”, IGG’s blockbuster title with innovative features, is the Group’s first cross-platform, multi-language, real-time game designed for global gamers. Since its launch in 2016, the game has garnered widespread acclaim from gamers, recognized for its longevity[2] and ability to generate stable revenue for the Group. As at 31 December 2023, it has amassed 670 million registered users worldwide and has 9 million MAU. Leveraging its previous successful collaborations with “Saint Seiya” and “Kung Fu Panda”, “Lords Mobile” further expanded its user base this year through collaborations featuring “How to Train Your Dragon”, “Armored Combat Worldwide”, and “Dreamworks Shrek”. Entering 2024, the Group remains dedicated to releasing exciting new game content, including a new feature “Guild Expedition”, thereby ensuring that monthly gross billing stays above HK$240 million.

“Doomsday: Last Survivors” has become a favorite for 33 million gamers with its distinctive post-apocalyptic survival theme, deep integration of “real-time” and “strategy” gameplay, and epic 3D visuals. Following a marketing campaign that began in early 2023, the game’s monthly gross billing reached a noteworthy milestone of HK$82 million and experienced a subsequent increase to HK$100 million in March 2024. The Group continued to release new content for the game, including features such as “New Immigration Decree”, a “Bounty Ground” Battle Royale gameplay, and “Archipelago Raid”, a large-scale cross-kingdom event, to provide players a truly unique battle experience. During 2023, “Doomsday: Last Survivors” garnered multiple awards, including five awards at the NYX Game Awards: “Mobile Game – Strategy”, “Mobile Game – Best Gameplay”, “Mobile Game – Best Character Design”, “Mobile Game – Best Game Design”, and “Mobile Game – Best Art Direction”, and “Best Overseas Game” by Youxi Tuoluo. These awards are a testament to the game’s exceptional quality and global appeal.

“Viking Rise”, a Viking-themed strategy game, received widespread acclaim when it was launched in late 2022. Through continuous improvement, the gaming experience was elevated to new heights. The introduction of a “Mounts” system, along with a large-scale battle event “Kingdom Mayhem – Expedition to England”, and the addition of “Mystic Realm”, was well-received by the game’s 21 million players and earned it the “Best of 2023 Awards — Best for Tablets” by Google Play.

The APP Business’s continued success in the second half of 2023 led to remarkable revenue of HK$580 million. This constituted 11% of total revenue, and emerged as a pivotal force driving the Group’s revenue growth and diversification. As at 31 December 2023, the APP Business has over 350 million registered users worldwide and approximately 9.5 million MAU. The Group is committed to the ongoing promotion and diversification of its product portfolio to take the APP Business to the next level.

By adhering to its long-term operational strategy, the Group will drive steady growth in both its core game business and the APP Business. Additionally, the Group will continue to embrace and adopt Artificial Intelligence Generated Content (“AIGC”) technology to optimize costs and enhance profitability. In the first quarter of 2024, the game business demonstrated continued growth, with the Group’s total gross billing estimated to approach HK$1.4 billion, representing an approximate 20% increase compared to the first quarter of 2023. As the Group seizes opportunities to drive growth, aggressive marketing campaigns may lead to a short-term volatility in profits. Nonetheless, IGG remains confident of its overall financial performance for the full year and long-term growth. Embracing the corporate spirit of “Innovators at Work, Gamers at Heart”, the Group will continue to strengthen its global R&D and operation capabilities, to relentlessly pursue its strategy of quality, innovation, and excellence in creating innovative yet timeless games.

About IGG Inc
Established in 2006, IGG Inc is a leading global mobile games and applications developer and operator with headquarters in Singapore and local offices in the United States, China, Canada, Japan, South Korea, Thailand, the Philippines, Indonesia, Brazil, Türkiye, Italy and Spain. IGG offers multi-language and multifarious games to users around the world. The Group has established long-term partnerships with over 100 business partners, including global platforms, advertising channels, and vendors such as Apple, Google and Meta. IGG’s most popular games include “Lords Mobile”, “Doomsday: Last Survivors”, “Viking Rise”, “Castle Clash”, and “Time Princess”.

[1] The Group’s users in total and monthly active users include users of mobile games and apps.

[2] Source: Sensor Tower, a third-party analytics platform

Steady Growth and Enhanced Value: Sunshine Insurance’s ‘New Sunshine Strategy’ Sets Sail

In recent years, the insurance industry has embarked on a new cycle of high-quality development and transformation. Standing out as a private insurance service group founded and grown solely through market mechanisms, and the only listed traditional insurance enterprise among the 205 insurance companies established in mainland China in this century, Sunshine Insurance (HKG: 6963) demonstrates exceptional foresight, precision in decision-making, high degree of strategic determination and robust execution capabilities on the journey towards high-quality development. Consequently, it has emerged as a pioneer and representative force of innovation within the financial industry.

Based on scientifically analyzing the macroeconomic situation and market industry trends, and deeply summarizing its development experience over the past nineteen years, Sunshine Insurance proposed the “New Sunshine Strategy” with “Sunshine of Technology,” “Sunshine of Value,” and “Sunshine of Caring” as its three core components on the first anniversary of its listing on May 19th, 2023. With a clear blueprint and solid implementation, the Company has gradually transformed and achieved significant success. As of December 31, 2023, the Company has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 13 consecutive years and has been entitled as one of the “Top 500 Valuable Brands in China” by the World Brand Lab for 12 consecutive years. It is worth noting that recently, the globally renowned brand valuation consultancy, Brand Finance, released the Insurance 100 2024. Sunshine Insurance, which has just been listed for over a year, made it onto the list, becoming the seventh insurance enterprise in mainland China to be listed. With vibrant vitality and profound value, it has won brand recognition.

Building “Sunshine of Technology” with Data Intelligence and continuing to deepen transformation

In 2023, Sunshine Insurance seized the opportunity brought by the rapid development of digital productivity and focused on “Sunshine of Technology”. With mechanism innovation as a breakthrough, it constructed a dual-drive technological innovation system for internal independent innovation and external collaborative innovation, and continued to deepen digital transformation, driving the Company’s high-quality development through digital and intelligent transformation.

Sunshine Insurance has fully grasped the trend of AI innovation and development, and listed self-developed AI large models as a strategic project of the Company. It has taken the lead in the R&D of the Sunshine Zhengyan GPT large model with independent intellectual property rights, which has already been applied in the fields of customer service, sales support, and intelligent claims, and so on. Sunshine Insurance has also taken the lead in publishing the first white paper on large models in the financial industry in China, titled “Large-Model Technology Deeply Empowers the Insurance Industry”.

Sunshine Insurance’s subsidiary, Sunshine Life, has been focusing on deepening the application of intelligent technologies to enhance core capabilities such as customer service, sales support, and risk management. For example, the sales robot has initially achieved the output of the four capabilities in “introducing products, providing advice, answering questions, and impressing customers”, providing strong support for the intelligent upgrade of frontline business scenarios. Customer service has been continued to expand the application channels and scenarios for service robots, with the help of Consonance Experience Plan to promptly respond to customer needs, which achieved seamless connection between business consultation and handling, significantly improved service efficiency and customer satisfaction, and continued to optimize the one-off completion rate of customer service.

Sunshine Insurance’s subsidiary, Sunshine P&C, has been focusing on deepening the application of intelligent technologies and strengthening IT infrastructure construction to continuously improve customer experience and operational efficiency. The upgrade of customer service includes the development of a lightweight service platform, the “Sunshine Auto•Life” mini-program, targeting individual customers. It also included the establishment of a lightweight corporate customer service platform, the “Sunshine Partner” mini-program, integrating “disaster warning, online services, and risk control safety.” Continual optimization of platforms such as the “Sunshine Auto•Life” APP and Sunshine P&C’s WeChat official account enhanced functionality to provide customers with more convenient online one-stop services. Management empowerment has been focusing on the core capabilities of Sunshine’s automobile insurance. This included deepening the construction and application of the “Intelligent Automobile Insurance Life Table”, creating the “Claims Digital Intelligence Platform” and “Claims Risk Control Platform,” and upgrading the “Digital Intelligence Operation Platform”.

Building “Sunshine of Value” with Model Innovation and Promoting Sustainable Value Development

With “Valuable Sunshine” as the core, in 2023 Sunshine Life promoted the project themed “One Body, Two Wings, continuously optimized business structure and enhanced business quality. Through initiatives such as product and service system development, strategic channel layout and team capability enhancement, core capabilities in customer operation and value development were further strengthened, with the path to the differentiation of “One Body” and value application of “Two Wings” growing increasingly clear. The annual FYRPs from individual insurance channels were RMB4.30 billion, a year-on-year increase of 46.5%; FYRPs from worksite marketing achieved an increase of over 100%; indicators such as team education level, active manpower, the value ratio of products, the persistency ratio at the 13-month and salesperson’s income all showed all-round improvement.

Sunshine P&C, with “intelligent life table of automobile insurance”, “data life table of non-automobile insurance” and “life table of credit insurance” as the fundamental strategies, aimed to truly position automobile insurance as the foundation for stable profitability in property and casualty insurance, while achieving balanced development in non-automobile businesses. In 2023, the life table for automobile insurance project met the “last mile” target and achieved industry-leading risk pricing capabilities with intelligent risk cost control and optimal resources allocation, providing technological model support for Sunshine P&C to build automobile insurance into a stable profit source. The data life table of non-automobile insurance and life table of credit insurance also made substantive progress and gradually entered into operations.

Creating “Sunshine of Caring” with A Goodness Culture of “Love and Responsibility” and Do A Good Job in Customer Operation.

The introduction of “Sunshine of Caring” is a strategic move by Sunshine Insurance to realize its original goal of “Finance for the People”. In 2023, Sunshine Insurance continued to build a customer-driven development model and orderly promoted the “Matrix Plan” and “Partnership Action”, gradually promoting the customer-oriented action and taking customer operation to a new level. By the end of 2023, the number of active customers reached approximately 31.54 million.

In terms of specific strategies, Sunshine Life has further promoted the “Matrix Plan” by conducting in-depth customer surveys and focusing on the full life cycle of customers and their families, and has successfully launched the product allocation concept and insurance policy system of “Three insurance policies for your lifetime of safety and security, Five insurance policies for the whole family, and Seven insurance policies of Sunshine Insurance bring you a promising future” (“Three/Five/Seven”). For customers, the launch of “Three/Five/Seven” allowed customers to have a clear picture of their family’s insurance planning and configuration, which did not cost customers a penny more, and allowed customers to maximize the effect of every premium paid. This made Sunshine Insurance one of the few companies in the industry that explained the protection needs of customers to the society in a clear and easy-to-understand manner from the perspective of the whole customer.

Meanwhile, Sunshine P&C, centered on the “Partnership Action” business model and with an aim of creating a trustworthy enterprise risk management partner, has successfully created exclusive risk management solutions for a number of fields through the form of “insurance + service + technology”. In 2023, it provided technology disaster mitigation and professional risk consulting services to 14,000 corporate clients.

In addition, in terms of customer service, adhering to the principles of “Three Cares” (loving, attentiveness and thoughtfulness) and “Four Features” (value, characteristics, practicality and usability), Sunshine Insurance constantly strengthened the operational efficiency of basic insurance services, the ability to provide value-added services to customers, and the ability to engage directly with them.

Embracing its “New Sunshine Strategy,” Sunshine Insurance has tirelessly worked, day and night, to forge a new path. This comprehensive strategy has now borne fruit, with “Technology Sunshine,” “Value Sunshine,” and “Compassionate Sunshine” synergistically enhancing each other, creating a balanced and forward-moving force, Mr Zhang Weigong, Chairman of Sunshine Insurance, pointed out in the press conference that Sunshine Insurance has never forgotten its original intention and remained committed to itself during different stages of industry transformation. In particular, in the midst of blindly aggressive expansion, the Company has maintained a high degree of certainty and kept a clear head to maintain its steady and sustainable development. A sound path that is sustainable and stable development was thus paved along the way.

The steady growth in performance, continuous enhancement of value creation ability, and solid implementation of customer management in 2023 are the best proof of the Company’s adherence to strategic consistency, robust corporate governance, and rigorous risk control. With the further advancing of the New Sunshine Strategy, this insurance company, which is about to celebrate its 20th anniversary, is bound to embrace fruitful results in time.

ZhongAn Online Announces 2023 Annual Results

The Group achieved significant topline growth with strong earnings in 2023; gross written premiums (GWP) reached RMB29,501 million, with a year-on-year increase of 24.7%, and achieved underwriting profits for three consecutive years
Net profit attributable to owners of the Company achieved RMB4,078 million, adjusted profit attributable to owners of the Company reached RMB294 million, turning to profitable in 2023
“Insurance + Tech” dual-engine strategy made sustained breakthroughs; total revenue from technology export business reached RMB829 million, with a year-on-year increase of 40%
Developing a one-stop digital bank in Hong Kong; net revenue of ZA Bank grew by 42.9% year-on-year to HK$366 million in 2023

On March 26, 2024, ZhongAn Online (HKG: 6060) released its 2023 annual results. For the year ended December 31, 2023, ZhongAn Online achieved gross written premiums (GWP) of RMB29,501 million, with a year-on-year increase of 24.7%. ZhongAn remained as the 9th largest P&C insurance company in the Chinese market as measured by GWP in 2023, and the fastest growing company among the top 10 P&C insurance companies in China, with underwriting profits for three consecutive years. The Group has adopted the new accounting standard for insurance contracts, HKFRS 17, starting from January 1, 2023. Insurance revenue from the P&C insurance business under HKFRS 17 amounted to RMB27,521 million, an increase of 24.2% year-on-year.

In 2023, we celebrated ZhongAn’s 10th anniversary. With a decade of dedicated cultivation, ZhongAn has always adhered to “Insurance + Tech” dual-engine strategy, and has achieved high-quality growth by adopting a customer-centric approach and focusing on its core insurance business. During the past decade, ZhongAn has been dedicated to improving its technology, product, service and brand strengths, thereby achieving numerous breakthroughs from scratch, and contributing its one-of-a-kind strengths to accelerating the digital and intelligent transformation of the insurance industry. In 2023, as the only InsurTech company selected, ZhongAn Online was included in the 2023 China 500 list published by Fortune with honor, demonstrating the market’s recognition to ZhongAn’s decade-long brand and technology.

For a long term, ZhongAn Online adhered to the strategy of “sustainable growth with quality” as well as technology-driven cost-efficiency. In 2023, our underwriting combined ratio for 2023 was 95.2%, achieving underwriting profit for three consecutive years, and beyond the industry average performance. The Group recorded net profit attributable to owners of the parent of RMB4,078 million, this included a one-off investment gain of approximately RMB3,784 million as ZA International ceased to be a subsidiary of the Company and was accounted for as a joint venture under the equity method with effect from August 14, 2023. Excluding this one-off investment gain, the Group’s adjusted net profit to owners of the Company amounted to RMB294 million, a turnaround from the previous year.

Benefiting from the domestic economic recovery and the ongoing digital transformation in the global financial industry, the Group’s technology segment recorded technology export revenue of RMB829 million, representing a year-on-year increase of 40.0%., of which domestic revenue grew by more than 73% year-on-year.

Building user-centric proprietary channels
In 2023, the Company stayed focused on multi-scenario and multi-dimensional touchpoints with potential customers around the “ZhongAn” brand, continuously exploring and grasping online traffic dividend from mainstream content platforms via short video and livestreaming. Through AI customer service and Enterprise WeChat customer service, we delivered efficient cross-guidance and customized product recommendation, and continuously optimizing the contents of live streaming. This year, ZhongAn also stayed focused on cross-penetration between ecosystems, provided comprehensive insurance protection around four ecosystems, and increased value proposition to users through upgraded medical health, family, and pets related services. In 2023, the GWP of our proprietary channels increased by 31.0% year-on-year to RMB7,614 million, whose growth rate is higher than the company’s overall GWP growth, and accounted for 25.8% of the total GWP. The number of paying users of our proprietary channels increased by 47.6% year-on-year to 11.36 million. Renewal rate reached 88.3%, with year-on-year improvement of 3.3 percentage points; and the average premium per user reached RMB670.

Diversified product offerings of health ecosystem provide medical coverage for over 100 million people and digital lifestyle ecosystem innovates to lead the way

In 2023, China’s commercial health insurance market reported GWP of RMB903.5 billion, representing a year-on-year increase of 4.4%. As China’s multi-level healthcare protection system continued to penetrate and improve, there is a growing demand for multi-level, diversified and personalized health protection. Adhering to our original aspiration of provide medical insurance for 100 million people, our health ecosystem provided health insurance to approximately 28.80 million insured customers in 2023, recorded GWP of RMB9,806 million in 2023, representing a year-on-year increase of 9.2%. The health ecosystem had approximately 19.96 million individual insurance paying users, representing an increase of 23.6% as compared with the corresponding period of last year. Meanwhile, the company also published the customized products for the chronic disease patients, elderly, children, and female, as well as critical illness policy, outpatient policy, and other types of productions to meet the diversified needs of users under different scenarios.

For digital lifestyle ecosystem, ZhongAn capitalized on the booming growth of the domestic e-commerce industry, the strong recovery of the air travel business, and the explosive growth of innovative business including pet insurance. The GWP of the digital lifestyle ecosystem reached RMB12,563 million, representing a year-on- year increase of 41.6%. Among them, the e-commerce business segment amounted to RMB6,593 million, representing a year-on-year increase of 25.3%. The travel business segment provided travel protection for nearly 70 million users, recording GWP of RMB3,242 million in 2023, representing a year-on-year increase of 89.0%.

In the innovation business segment, ZhongAn closely follow the trends of emerging consumer behavior, continuously leverage technology empowerment, and rapidly launch various innovative insurance products to meet evolving insurance protection needs of users. In 2023, we launched a brand new sports accident insurance named Zhong Participation covering general sports and high-risk sports, and enriched our pet insurance product matrix, serving over 4.65 million pet owners nationwide and consolidating our highly leading position in the domestic pet insurance market.

Beyond that, along with the continued recovery of the domestic economy in all sectors, and the emergence of new hotspots such as AI and NEV, the Company ushered in a new era in the consumer finance ecosystem and the auto ecosystem. With the recovery of the consumer finance industry, ZhongAn consumer finance ecosystem recorded GWP of RMB5,551 million, representing a year-on-year increase of 22.5%. We also seized the opportunities for the NEV insurance and embracing government support, bringing new momentum to auto insurance, with GWP of NEV auto insurance increased by approximately 196.1% year-on-year in 2023 and total GWP of auto ecosystem increased by 24.7% year-on-year to RMB1,580 million in 2023

Tech segment grows fast with innovations powered by AIGC
In the long term, ZhongAn continues to focus on the development of cutting- edge technologies including artificial intelligence, blockchain, cloud computing, and big data, aiming to reshape every stage throughout the insurance value chain with technology, creating a value delivery system of “technology + service”. In 2023, ZhongAn launched “Lingxi”, an AIGC middle platform, EasyCreation, the pioneering intelligent content creation platform with AIGC application covering scenarios of insurance verticals, and CWisdom, the operational analysis platform (AI upgraded version) with conversational AI. ZhongAn empowers the finance and insurance industry with AI, promotes high-quality development for financial industries with core technologies and reshapes the landscape of digital finance.

In 2023, ZhongAn’s technology segment continued to expand both domestically and internationally, helping many clients across the globe with their digital transformation processes. During the reporting period, ZhongAn recorded technology export revenue of RMB829 million, representing a year-on-year increase of 40.0%.

Benefiting from the industry’s demand for continued digital upgrading and transformation brought by Digital China and the digital economy, our domestic technology export business recorded revenue of RMB504 million, representing a year-on-year increase of 73.2%. Number of newly contracted clients along the insurance industrial chain reached 91, of which more than 40 clients had a contracted amount of more than RMB1 million and 4 clients had a contracted amount of more than RMB10 million. ZhongAn’s tech segment also made breakthroughs in expanding business into diversified sectors, serving 12 clients from the banking and securities industries, and further expanded to cover manufacturing and other high-tech industries.

For overseas technology export, ZA Tech, under ZhongAn International, founded in 2018 and headquartered in Singapore, focuses on exporting new insurance core systems and digital insurance technology experience to overseas insurance companies and insurance intermediary platforms, aiming to build a new digital operating system of the global insurance industry. As of now, ZA Tech’s footprints have covered regional markets such as Japan, Hong Kong, Southeast Asia, and Europe. In 2023, ZA Tech recorded technology export revenue of RMB325 million, of which sustainable revenue accounted for 51%, and the gross margin increased to 46% from 40% for the corresponding period of 2022.

ZA Bank continues to build a leading financial services platform In Hong Kong
As one of the first banks in Hong Kong granted a virtual banking license, ZA Bank has become one of the virtual banks with the most comprehensive product matrix in Hong Kong market. By the end of 2023, ZA Bank had total deposits of approximately HKD11.7 billion and gross loans of approximately HKD 5.4 billion.

ZA Bank became the first virtual bank in Hong Kong to be granted a Type 1 regulated activity (dealing in securities) license by the Securities and Futures Commission (SFC) in January 2022, and has been actively expanding its product matrix for investment business since then. The Bank officially launched mutual fund services in August 2022, successfully onboard over 100 investment fund products, and officially launched its US stock trading services in February 2024 for Hong Kong users. By the end of 2023, retail users’ AUM amounted to nearly HKD 1 billion. Meanwhile, benefiting from the interest rate hike cycle and the diversification of loan products, ZA Bank’s net interest margin further improved to 1.94% from 1.84% in the corresponding period of 2022. In 2023, ZA Bank recorded net revenue of approximately HKD 370 million, representing a year-on-year increase of 42.9%; With the Bank’s focus on business quality and operationalefficiency improvement, the net loss margin narrowed by approximately 85.6 percentage points

The General Manager of ZhongAn Online Simon Jiang says, “In the past decade , ZhongAn had been growing on the background of FinTech development and diversification trend across the globe. In the wave of digital transformation, we remain true to our original aspirations and adhere to the concept of “insurance + technology” so as to offer more inclusive products to users, bring warm experience of ZhongAn and contribute to the building of a high-quality inclusive financial system.”

About ZhongAn Online P&C Insurance Co., Ltd. (HKG: 6060)
Founded in October 2013, ZhongAn Online P & C Insurance Co., Ltd. (ZhongAn Online, ZhongAn or the Company) is a leading digital-only insurance company in China. On September 28, 2017, ZhongAn became the first FinTech company listed on the Stock Exchange of Hong Kong. ZhongAn offers insurance products and solutions within four ecosystems, which include health, digital lifestyle, consumer finance, and auto. Focusing on InsurTech, ZhongAn leverages its advanced InsurTech experience and technological capability to facilitate the digital transformation of companies along the insurance industry value chain through the development of new digital infrastructure.

For further information, please contact ZhongAn Online IR team

Email: IR@ZhongAn.com

Inaugural HKTDC Export Confidence Index: Rising expectations of export uptick

The Hong Kong Trade Development Council (HKTDC) released its inaugural HKTDC Export Confidence Index today.

An upgrade to the well-established HKTDC Export Index, the new quarterly HKTDC Export Confidence Index will provide a more nuanced and comprehensive overview of business sentiment among Hong Kong-based exporters.

Derived from a survey of more than 500 Hong Kong exporters, the Export Confidence Index comprises five sub-indices – Sales and New Orders, Trade Value, Cost, Procurement and Inventory. These findings are evaluated in terms of Current Performance (how they represent present market sentiment) and Expectation (a measure of exporter sentiment with regard to the coming quarter).

For the first quarter of 2024 (January-March), the overall Expectation score was 47.4. This figure is close to the 50 benchmark (the dividing point between contractionary and expansionary trends) indicating an improved near-term export outlook. It was also notable that the Expectation scores for all sub-indices comfortably exceeded the Current Performance reading of 39.6, which, again, suggests exporters are confident that better times lie ahead.

Commenting on the thinking behind the new index, HKTDC Director of Research Irina Fan said: “Multiple elements impact exporter confidence and we now have an evaluation system that allows us to factor them all in. This will ensure that our quarterly assessment of this key component of Hong Kong’s economy is more versatile, more relevant and more insightful than ever before.

“The success of this initiative to date has allowed us to confidently report a likely uptick in orders from Mainland China, as well as a gradual overall recovery in exports that looks set to be led by the electronics sector.”

Optimistic prospects in Mainland China and US
Among the other key findings, the Sales and New Orders sub-index highlighted rising confidence in export growth, with its 49.9 reading close enough to 50 to suggest a high likelihood of stabilisation.

On the market front, exporters are generally more optimistic with regard to Mainland China and the United States, with exporters anticipating resumed growth in mainland orders in the second quarter.

Of the six key export sectors, electronics enjoyed the most positive outlook, followed by timepieces, equipment/materials, clothing, toys and jewellery.

There are also signs of stronger procurement activity in the electronics, toys and equipment/materials sectors as the corresponding Expectation indices approach or exceed the 50 level.

Overseas markets to regain growth momentum
For survey respondents, economic risks remained the primary concern among the external market issues that could potentially impact exports over the next 12 months. For 83.3% of respondents, an economic slowdown/recession in their primary markets was considered the biggest potential obstacle to export growth.

Putting the findings into perspective, Cherry Yeung, the HKTDC Senior Economist with oversight of the new Index, said: “Despite such concerns, there are many positive takeaways from the Q1 survey. Some 70% of traders, for instance, are anticipating resumed growth in their core overseas markets, while 37.1% are expecting a rapid upturn in mainland market demand. Looking beyond that, 36.4% of respondents are confident that e-commerce will provide new impetus for many export businesses in the course of the coming year.

“It is also reassuring that 55.9% of exporters believe their future profitability will remain unchanged or actually improve, with 40.9% expecting their profit levels to stay stable and 15% seeing an upturn on the horizon.”

References
HKTDC Export Confidence Index: https://research.hktdc.com/en/article/MTY0Nzc3MTE3OQ
HKTDC Research website: https://research.hktdc.com/en/

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

Media enquiries

Please contact the HKTDC’s Communication and Public Affairs Department:

Jane Cheung

Tel: (852) 2584 4137

Email: jane.mh.cheung@hktdc.org

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. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Noah Holdings Posts Solid Q4 and Full-Year Financial Performance

Noah Holdings Limited (the Company, or Noah) (NYSE: NOAH and HKG: 6686), a leading wealth management service provider offering comprehensive global investment and asset allocation advisory services primarily for high-net-worth investors, today announced its unaudited financial results for the fourth quarter and the financial results for the full year ended December 31, 2023.

Despite a challenging year for the global wealth management industry and a sluggish post-pandemic economic recovery, Noah continued to drive revenue and non-GAAP net income growth and keep a healthy operating margin. This robust performance was driven by Noah’s strategic foresight and adaptability as it transitioned from a product-focused model to a solution-driven approach. This strategic shift allowed Noah to assist in building portfolios that are resilient in the face of challenging market cycles, earning it significant trust from existing and prospective clients.

Ms. Jingbo Wang, co-founder and Chairwoman of Noah, said “Noah’s relentless focus on client needs, spearheaded our transition from a product-focused model to a solutions-driven approach over the past year, strengthening our ability guide clients through this challenging market environment. The pace of our international expansion continues to increase as our clients’ demand for global asset allocation grows. Our balance sheet is robust, clean and is generating sufficient capital to support Noah’s overseas expansion. By enhancing operational efficiency, attracting top talent, and strategically cutting costs while simultaneously investing in new international markets, channels, technologies and the development of a global product and service matrix, we are ideally positioned to help clients traverse this market.”

Noah generated total net revenues of RMB 3.3 billion in 2023, an increase of 6.3% from 2022, with RMB 2.5 billion from wealth management and RMB 766.2 million from asset management. Operating profit for the year achieved a slight increase of 0.9% YoY, while operating profit margin for the year remained at a healthy level of 33.3%.

Noah made significant progress in expanding its international presence in 2023. As demand for asset security and global diversification grows, Noah is directly aligning itself with client priorities and investing in overseas products and services. Through its enriched product offerings and enhanced cooperation with top global primary and secondary market funds and insurance companies, Noah drove increases of 10.7% in overseas AUM, 73% in overseas net revenues, 14.2% and 38.0% in overseas registered clients and active clients, respectively. As a percentage of total net revenues, overseas net revenues accounted for 43.5% in 2023.

Noah’s international footprint also expanded in 2023. Following extensive research to identify overseas markets with high concentrations of HNW Chinese-speaking investors, Noah opened an office in Los Angeles. To support this expanding presence, Noah onboarded 89 overseas relationship managers as of the end of 2023, ramped up campus recruitment to ensure a steady pipeline of highly qualified graduates, offered overseas relocation opportunities to high-performing employees, and continued to recruit capable professionals from global top tier private banks in our target markets. This diverse and highly skilled professional team will better serve clients with overseas assets and deepen Noah’s share of their USD wallet, allowing it to attract new clients across the globe.

The Company’s performance in 2023 was widely acknowledged by the industry with numerous awards, including ‘Best Independent Wealth Manager – China’ by Asian Private Banker for the seventh straight year, ‘Best Wealth Manager for Overseas Asset Management’ by Asiamoney, and ‘Best Wealth Manager’ by Euromoney in 2023, underscoring its status as a leader in overseas wealth management. Recently, Noah achieved a notable milestone by receiving full membership to the Private Wealth Management Association (PWMA), becoming the first non-bank institution to be welcomed into this distinguished organization.

The Company’s CIO house view and CCI model reflect this international focus and combine it with the latest asset allocation advice and a full suite of wealth management products and services. This strategic approach has further resonated with clients during recent market volatility. At the end of the fourth quarter of 2023, Diamond Card clients decreased by 2.8% from the same period last year and 1.2% sequentially. However, the number of Black Card clients increased by 8.8% year-over-year and 1.7% sequentially, reflecting a growing trend of Diamond clients upgrading to Black Card status. This underscoring the trust and loyalty clients place in Noah, especially in these challenging market conditions. Starting from 2024, the semi-annual CIO report begins issuing both domestic and overseas versions to provide clients with strengthened overseas investment advice.

Noah continued to invest in its technology stack throughout the year to improve the client experience globally and maximize internal efficiency. iNoah One Account, the Company’s wealth management platform, expanded in 2023 with cash management, hedge funds, structured products, and one-click access to research and recommendations. It also gave clients access to one-click CCI portfolio reports, enhanced its CRM system to generate significant time savings for relationship managers, and streamlined insurance services in Hong Kong as it works to extend those improvements globally. These efforts were widely recognized by the industry, with Noah being named “Best Wealth Management Platform for Investments and Digital Innovation” in 2023.

In March 2024, the Company’s Board of Directors approved an annual dividend of approximately RMB 509 million (USD 71.7 million) in total, equivalent to 50% of 2023 non-GAAP net income attributable to Noah shareholders, and a non-recurring special dividend of approximately RMB 509 million (USD 71.7 million) in total for 2023. Thus, the amount of total shareholder returns for 2023 will be RMB 1 billion, equivalent to 100% of 2023 non-GAAP net income, subject to final approval of AGM in June 2024. The dividends reflect Noah’s confidence in its future business prospects and commitment to returning capital to shareholders while ensuring that it has the resources necessary to fuel future growth.

Noah’s full financial results for the fourth quarter and year ended December 31, 2023 are available at ir.noahgroup.com.

ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKG: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. In 2023, Noah distributed RMB 74.1 billion (US$10.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB 154.6 billion (US$21.8 billion) as of December 31, 2023.

Noah’s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah’s network covers 44 cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Los Angeles and Singapore. A total of 1,252 relationship managers provide customized financial solutions for clients through this network, and meet their international investment needs. The Company’s wealth management business had 455,827 registered clients as of December 31, 2023. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. The Company also provides other businesses.

For more information, please visit Noah at ir.noahgroup.com.

SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

Contact info:

Noah Holdings Limited E-mail: in_communication@noahgroup.com

Sunshine Insurance Announces 2023 Annual Results

Sunshine Insurance Group Company Limited (Sunshine Insurance or the Company, and its subsidiaries collectively the Group; HKG: 6963) is pleased to announce the audited consolidated results for the year ended 31 December 2023 (the Reporting Period).

2023 Annual Results Highlights:

GWPs increased by 9.3% YoY to RMB118.91 billion;
Insurance revenue increased by 7.5% to RMB59.90 billion;
Net profit attributable to equity owners of the parent reached RMB3.74 billion;
Embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis;
Comprehensive investment yield was 4.8%;
As of December 31, 2023, the number of active customers was approximately 31.54 million.

In 2023, with the overall recovery in China’s economy and steady progress in high-quality development, the Group actively seized the development opportunities arising from the economic recovery, the rising awareness of insurance protection among residents, the increasing diversity of insurance needs and the growing demand for pension insurance brought about by the ageing population. With in-depth research, development and innovation, the Group effectively formulated and fully activated the “New Sunshine Strategy” with “Sunshine of Technology” created by data intelligence, “Sunshine of Value” created by model innovation, and “Sunshine of Caring” created by a culture of goodness with love and responsibility as its three core elements, and achieved steady development in core business of insurance industry with a high level of strategic determination and solid execution, resulting in continuous improvement in value creation and effective implement of customer idea.

During the Reporting Period, the gross written premiums (GWPs) of the Group were RMB118.91 billion, representing a year-on-year increase of 9.3%, and the insurance revenue reached RMB59.9 billion, representing a year-on-year increase of 7.5%. The net profit attributable to equity owners of the parent was RMB3.74 billion. The embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis. The total investment yield was 3.3% and the consolidated investment yield was 4.8%. As the end of 2023, the Group had approximately 31.54 million active customers.

Positive Development in Core Business with Remarkable Results in Value Creation Project

In 2023, based on its core business of insurance, Sunshine Insurance has laid a solid foundation for its high-value growth by continuing to promote the innovation and value development of life insurance business, strengthening core competency and doing a good job in asset management and risk management with a clear strategic consistency.

In terms of life insurance, the path of differentiation and value realization for Sunshine Life Insurance is becoming increasingly clear with its “one body” and “two wings” project. The business value ratio and persistency ratio have been steadily improved, and the pursuit of the “five highs” of “high-morality, high-productivity, high-value, high-income, and high-quality” has initially been achieved, highlighting the industry’s comparative advantages. During the Reporting Period, the Group’s total life insurance premium income reached RMB74.60 billion, a year-on-year increase of 9.2%. The first-year regular premiums (“FYRPs”) reached RMB18.10 billion, a year-on-year increase of 22.7%. The value of one year’s new business was RMB3.60 billion, a year-on-year increase of 44.2% on a comparable basis. FYRPs from individual insurance channel for the year reached RMB4.30 billion, a year-on-year increase of 46.5%. FYRPs with Sunshine’s characteristics from worksite marketing achieved more than double. The Company’s operating indicators, including the education level of its workforce, productivity per person, product value ratio, 13-month persistency ratio, and agent income, have been improved in an all-round way.

In terms of property insurance, Sunshine P&C has made breakthroughs in all “three life table” projects. The intelligent automobile insurance life table has achieved the “last mile” connectivity, truly establishing industry-leading risk pricing capabilities. Full intelligence of rigid risk cost management and optimal allocation of resources provided a technological model guarantee for auto insurance to become a stable and profitable business. The non-auto data life table and credit insurance life table have also witnessed substantial progress and have been gradually applied to the operation side. During the Reporting Period, Sunshine P&C witnessed rapid growth in business scale, continuous optimization of business structure and quality. It achieved a premium income of RMB44.24 billion, a year-on-year increase of 9.6%. The underwriting combined ratio was 98.7%, a year-on-year optimization of 0.7 percentage point, indicating sustained enhancement in profitability.

In the area of asset management, facing challenges brought by market fluctuations, the Group has ensured the healthy and steady development of the core business through clear strategic consistency, appropriate choices align with the reality, and exceptional asset correlation. It has also closely followed the national development strategy, continuously improving its capabilities and allocation ratio of investment for future-oriented industries, and seizing the initiative in strategic implementation. During the Reporting Period, the Group’s asset management business maintained healthy development, with a total investment income of RMB14.62 billion, a total investment yield of 3.3% and a consolidated investment yield of 4.8%.

Building New Strategy of “Technological Sunshine” with Data Intelligence, Enhancing Overall Technological Capabilities

The Central Financial Work Conference held in 2023 clearly put forth the goal of “building a strong financial nation and making great strides in technological finance, green finance, inclusive finance, pension finance and digital finance”. During the Reporting Period, the Group, focusing on the two initiatives, “technological finance” and “digital finance”, improved innovative mechanisms, fostered innovative culture, deepened product orientation and intensified efforts in “three robots” project, namely sales robot, service robot and management robot. AI products gradually took shape and began testings in institution businesses.

The Group also embraced the trend of AI innovation and listed the independently developed AI large models as its strategic project. It also pioneered developing the Sunshine GPT large model with independent intellectual property rights, which has already been applied in customer service, sales support, intelligent claims and other scenarios.

Meanwhile, the Group continued to strengthen digital customer insights, marketing, operations, risk control and product innovation, gaining remarkable results. In terms of customer insights, the customer conversion rate has increased by 99.5% year-on-year through big data integration and customer portrait applications. In terms of marketing support, the use of big data and text exploration facilitated sales, empowering an increase in per capita productivity. In terms of operational services, intelligent businesses handling like intelligent consultation and assessment are provided to customers, with a 91% of Online self-service processing rate of property and life insurance business customers and 90.2% of customer satisfaction for intelligent services. In terms of risk prevention, 210 new risk monitoring and identification indicators have been launched, with 147 optimizations, effectively monitoring, identifying and controlling risks. In terms of product innovation, the “Mileage-based New Energy Vehicle Model” utilized data exploration technology to significantly enhance the capabilities of the new energy vehicle business.

Furthermore, the Group actively promoted the digital and intelligent transformation of the entire industry. With a great sense of responsibility and mission, it took the initiative in holding the first InsurTech Digital Intelligence Conference which gathered more than 150 industry insiders and outsiders, and published the first white paper on the application of large model technology in the insurance industry. It also initiated the establishment of the InsurTech Digital Intelligence Innovation Consortium, gathered industry forces of insurtech intelligence, and promoted innovative all-round breakthroughs in Sunshine Technology.

Building “Sunshine of Caring” with a Culture of Love and Responsibility and Moving Customer Operation Capabilities to a New Level

Grounded and focused on the ideology of “finance for the people and the culture of love and responsibility”, the Group effectively implemented the “customer-centered” core value and built a customer-driven development mode in 2023 from strategic deployment to business implementation, remaining committed to building the “Sunshine of Caring”.

Sunshine Life took the implementation of “Matrix Plan” as the first step to ensure that customers’ thoughts and actions can be put into practice. Focusing on the needs of the whole life cycle of customers’ families, based on the large-scale research of more than 20,000 customers, and through in-depth research and thorough analysis of multi-dimensional issues such as life stages, categorization of needs, and product correspondences, Sunshine Life has creatively introduced the truly customer-centric product allocation philosophy of “3 insurance policies for your lifetime of safety and security, 5 policies for the whole family, and 7 policies of Sunshine Insurance bring you a promising future” (“3/5/7”), making the Group the first company in the industry to make it clear to society in a simple and clear way that one needs a few insurance policies for one’s whole life, which is not easy to explain.

Aiming at its advantageous areas, Sunshine P&C continued to promote the implementation of “Partnership Action” risk management services, focused on the innovation and practice of the “insurance + service + technology” model, created exclusive risk management solutions for a number of industries, and built the “Sunshine Partnership” applet, a lightweight enterprise customer service platform that combines “disaster warning, online service, risk control and security”, to effectively help customers identify and dispose of hidden security risks, and manage risks from the perspective of customers in real sense. In 2023, it provided technology disaster mitigation and professional risk consulting services to 14,000 corporate clients.

In accordance with the “four features” principle of “value, characteristics, practicality and usability”, the Group was making new strives to reshape its value-added service system and upgrade its unique team of “customer experience officers” to better “advocate for customers”. With the continuous enhancement of customer operation capabilities, the number of Group’s active customers has been growing steadily, reaching 31.54 million by the end of 2023.

Serving “National Priorities” and Conducting In-depth Practice of Social Responsibility

Finance is the bloodline of the real economy. As the only traditional insurance company being listed among 205 insurance companies established in this century, the Group actively plays a leading role in the response to national policy and regulatory requirements with stable corporate governance and scientific risk control, integrates with national strategies, enhances the quality of service to the real economy, and provides targeted and strong support for the development of real economy.

Throughout the year of 2023, the Group provided risk coverage of RMB61 trillion for the real economy. It also worked to assist in the green and low-carbon transformation by providing green insurance coverage of RMB12.2 trillion, with a sustainable investment balance exceeding RMB50 billion; promoted rural revitalization by launching comprehensive insurance assistance, expanding insurance coverage for agricultural products and providing a package of products such as “Poverty Prevention Insurance” and supplementary medical insurance to key assistance groups. In 2023, the Group provided agricultural risk coverage of RMB 28.60 billion for 917,000 farmer and paid out RMB 460 million in claims, delivering benefits to 368,000 farmers; served the construction of the Belt and Road Initiative by providing risk coverage of RMB98.16 billion for 402 related projects and long-term financial support of RMB 60.07 billion for large-scale investment projects; focused on the actual needs of SMEs by providing risk coverage of RMB304.02 billion for about 26,000 SMEs and helping about 68,200 SMEs obtain financing of RMB11.3 billion.

In addition, the Group actively fulfilled its social responsibilities and participated in public welfare. The Group gave full play to its advantages in financial technology and medical resources, and actively organized and participated in various public welfare activities such as education, elderly assistance and poverty alleviation. By the end of 2023, the Group had supported the construction of 73 schools in 24 provinces; provided training to 19,478 rural doctors; and granted parental maintenance allowances to 40,716 employees.

The year 2024 is crucial for achieving the goals and tasks outlined in China’s “14th Five-Year Plan”. With multiple favorable factors such as the long-term upward trend of China’s economy, the country’s policy orientation to support the development of the insurance industry, the market environment created by financial regulatory authorities, and the continuous advancement of high-quality development in the industry, the development space for the insurance industry is expected to further expand, and the long-term upward trend will remain unchanged. This year’s government work report clearly states that “vigorously developing technology finance, green finance, inclusive finance, aging finance, and digital finance” is a continuation of the emphasis on doing a good job in the five major areas of financial work, and it also points out the direction for the industry to assist in the implementation of the “14th Five-Year Plan” with high-quality development and serve the construction of Chinese-type modernization.

Looking ahead, the Group will uphold the original intention and entrepreneurial spirit, adhere to strategic determination and scientific corporate governance, and firmly hold the bottom line of preventing systemic financial risks, and continue to deepen the implementation of the New Sunshine Strategy rooted in high-quality development, and use it as a pivotal force for growth. The Group keeps breast of the service objectives of “Five Major Areas of Financial Work” and execute targeted innovative strategies accordingly. The ultimate aspiration is to achieve “technological leadership, robust value creation, and customer-centered thought”, thereby sustainably contributing to the construction of a strong financial nation and fostering high-quality financial growth.

About Sunshine Insurance Group Company Limited
Sunshine Insurance Group Company Limited is a fast-growing private insurance service group in China. Since its establishment, the Group has demonstrated unwavering commitment to its core business, embracing an industrial mindset within the financial industry. It prioritizes value creation and strives to emerge as a premier provider of family insurance services, while simultaneously serving as a dependable partner for enterprise risk management. The Group carries out life and health insurance business through Sunshine Life, property and casualty insurance business through Sunshine P&C, and manages insurance funds through Sunshine AMC. As of December 31, 2023, the Group has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 13 consecutive years and has been entitled as one of the “Top 500 Valuable Brands in China” by the World Brand Lab for 12 consecutive years.

DC Healthcare Continues Growth Momentum with Second DC Body Outlet Opening in USJ Taipan

Group’s Expansion Reflects Growing Demand for Aesthetic and Wellness Services

DC Healthcare Holdings Berhad (DC Healthcare or the Group), an aesthetic medical services provider specialising in the provision of non-invasive and minimally invasive procedures, continues the Group’s growth momentum to announcing the opening of the latest DC Body outlet in USJ Taipan. This opening mark a significant stride in DC Healthcare’s mission to make superior aesthetic and wellness services more accessible while continuing to cater to the diverse needs of its growing clientele.

Managing Director of DC Healthcare, Dr. Chong Tze Sheng

DC Body – USJ Taipan represent an innovative leap for DC Healthcare, extending the Group’s offerings into specialised weight management, personalised nutrition counselling and body contouring. DC Body – USJ Taipan is designed in harmony with the Group’s philosophy of personalised, holistic care, developed in collaboration with esteemed medical professionals from Dr. Chong Clinic and certified nutritionists. By integrating cutting-edge technology with tailor-made wellness programs, DC Body aims to redefine the wellness journey for individuals seeking comprehensive body care and transformative health solutions.

Dr. Chong Tze Sheng, Managing Director of DC Healthcare expressed his enthusiasm for the Group’s expansion, “We are thrilled to introduce our DC Body centres, broadening our spectrum of health and aesthetic services. This expansion into USJ Taipan not only demonstrates our commitment to excellence and innovation but also signifies our response to the growing demand for holistic aesthetic and wellness solutions. We believe in empowering our clients on their journey to wellness and aesthetic, and the new outlet is a testament to our dedication to providing comprehensive, client-centered care.”

As DC Healthcare continues to extend its geographical reach, the strategic placement of new outlets is anticipated to significantly contribute to the Group’s growth trajectory. With a steadfast commitment to quality, innovation, and patient satisfaction, DC Healthcare is well-equipped to lead in the ever-evolving landscape of aesthetic medicine and wellness, promising a future where aesthetic and health go hand in hand.

DeepGlint Igniting AI Aspirations amongst Malaysian New Generation

Group to Setup New Company in Malaysia, Bridging Talent and Technology Through DeepGlint’s Initiatives

China listed company DeepGlint Technology Co. Ltd., (DeepGlint or the Group), the first visionary artificial intelligence (AI) listed on the Shanghai Stock Exchange, conducted a seminar in collaboration with Tunku Abdul Rahman University of Management and Technology at Setapak (TAR UMT) to introduce the advancement of DeepGlint’s AI technology to 120 computer science students.

Deep Glint Group Photo with Students: [L-R] Zhou Rui (DeepGlint Technology Co., Ltd. CTO); Pakern Wong (DeepCore Technology Sdn Bhd, Director); Representative of DeepGlint Technology Co., Ltd.); Zhao Yong (DeepGlint Technology Co., Ltd. CEO); Dr. Wong Thein Lai (Deputy Dean of Research and Development at the Faculty of Computing and Information Technology cum Assistant Professor of TAR UMT); Ng Jun Lip (DeepCore Technology Sdn Bhd, Founder); Representative of TAR UMT

Token of appreciation presentation: Dr. Wong Thein Lai (Deputy Dean of Research and Development at the Faculty of Computing and Information Technology cum Assistant Professor of TAR UMT); Zhao Yong (DeepGlint Technology Co., Ltd. CEO)

DeepGlint, a frontrunner in AI, computer vision, and big data analysis, showcased the Group’s innovative solutions across various domains, including the metaverse, intelligent sports, and traffic management. The seminar provided a platform for students to gain insights into cutting-edge technologies and the company’s impactful projects. The event marked a significant step towards strengthening Malaysia’s foothold in the global AI landscape, aligning with Malaysia’s vision for greater talent exchange with China.

In a pivotal move, DeepGlint also announced the cooperation with a Malaysian AI company, DeepCore Sdn. Bhd. (“DeepCore”). In a combined effort, both companies will focus on leveraging local talent and resources to further advance AI technologies and solutions, reinforcing Malaysia’s strategic role in the global technology ecosystem.

DeepCore, is currently exploring with TAR UMT to recruit students for a talent exchange program where the selected students will undergo training and hands-on experience within a mature AI business environment at DeepGlint’s headquarter in Beijing, China. Successful candidates will be given full-time employment with DeepCore or be granted scholarships for further education.

Mr. Zhao Yong, Founder and Chief Executive Officer of DeepGlint said, “We are pleased to see so many talents in Malaysia. DeepGlint is committed to empowering young minds and bridging the gap between academia and industry. Our partner, DeepCore is a testament to our belief in Malaysia’s potential as a key player in the AI revolution across the ASEAN and the Middle Eastern market. The talent exchange program will allow us to find talents and at the same time, to contribute to the AI development in Malaysia and ASEAN.”

Dr. Wong Thein Lai, Deputy Dean of Research and Development at the Faculty of Computing and Information Technology cum Assistant Professor of TAR UMT added, “The seminar with DeepGlint was an eye-opening experience for our students, providing them with a rare glimpse into the future of technology and their place within it. We are grateful for this opportunity and the prospects for the future it presents for our students’ professional growth.”

Quam Plus Financial Hosts Hong Kong Conference of Global Alliance Partners on Mar 18-19

Quam Plus International Financial Limited (Quam Plus Financial or the Group), recently hosted a two-day conference of Global Alliance Partners (GAP) on 18 to 19 March 2024.

GAP is an international network of regulated financial services companies that focuses on the capital midmarket. Established in 2008, Gap has been bringing together nearly a hundred local corporate leaders and professionals from around the world regularly to facilitate the exchange of investment opportunities.

The annual conference of this year is led by Chairman Mr. David Grayson, and invited Mr. Joseph H. L. CHAN, JP, Under Secretary for Financial Services and the Treasury, representing the Government of Hong Kong SAR, and Governor Hermilando Mandanas of Batangas in the Philippines, as special guests. The two guests shared their valuable insights on the investment markets in China, Hong Kong, and the Philippines during the conference.

In addition to the local participants, the conference welcomed overseas partners such as Capital Partners Securities from Japan, Petra Capital based from Australia, Quadrillion from Dubai, WeCap Financial from Philippines, Pi Securities from Thailand and Southern Bridge Capital from Latin American.

During his opening remarks, Dr. Kenneth Lam, Chief Executive Officer of Quam Plus Financial, addressed the current market conditions, acknowledging the volatility and weak sentiment that some believe may lead to a pessimistic outlook. However, he also highlighted that others see attractive market valuations and investment opportunities “I still believe that the current situation presents a combination of challenges and opportunities.”

With GAP’s extensive network of global financial services companies and their dedication to providing innovative solutions made the conference a driving force in establishing connections between prominent and emerging markets. By facilitating closer communication, the conference demonstrated the tremendous value of collaboration and knowledge exchange in successfully navigating the dynamic realm of finance.

About Global Alliance Partners
Global Alliance Partners (GAP) is a network organization of international, mid-market financial services companies dedicated to delivering innovative solutions for our clients across private equity, corporate fund raising, stock broking and fund management. Partner firms have completed over 1,000 corporate transactions worth a total of almost US$34 billion in 60 countries; and manage or advise close to US$6 billion worth of individual and institutional funds. Global Alliance Partners bridges the gap between investment opportunities in leading, emerging, and frontier markets, and key sources of investment risk capital. It is composed of 14 fully licensed Member Firms whose scope and reach, including their respective affiliate companies, span 28 countries in strategic markets in Asia, Europe, the Middle East, North America, and Sub-Saharan Africa, providing a truly global reach.

About Quam Plus International Financial Limited
Quam Plus International Financial Limited (the Company, HKG: 0952) is a Hong Kong based financial services group which is listed on the Main Board of the Stock Exchange of Hong Kong Limited. The Company was publicly listed in Hong Kong in 1997, it is committed to building a comprehensive, full-licensed integrated financial platform. The core businesses of the Company are brokerage business, interest income business, corporate finance business, asset management business and investments and others businesses. The Company strives to become the ideal partner for both corporate and individual investors in Hong Kong and China. The Company also offers premier one-stop financial services to its clients. The Company continued to provide capital markets services through its representative office or the wholly-owned foreign enterprise in Shenzhen, Shanghai, Shenyang, Ningbo, Beijing, Chengdu, Hangzhou and Xiamen of the PRC and through its networks of Global Alliance Partners network and Oaklins International.

For further information, please contact:
Quam IR Limited
Mandy Lo Tel: (852) 2217-2753 Email: mandy.lo@quamgroup.com
Charlie Chan Tel: (852) 2217-2504 Email: charlie.chan@quamgroup.com