Category: Finance

Air T Welcomes Creditor Support for Rex Acquisition

Air T, Inc. (NASDAQ:AIRT) is pleased to announce that a majority of Rex’s creditors-both in number and in value-have voted in favor of our bid to acquire Rex at the second meeting of creditors held on 11 November 2025.

This strong endorsement reflects confidence in our vision for Rex and our commitment to regional aviation in Australia. We take our responsibilities under the proposed Deed of Company Arrangement seriously.

We understand the Administrators intend to close the transaction by year-end, and we are working closely with all parties to ensure a smooth and timely completion.

Air T is grateful for the support shown throughout this process and looks forward to finalizing the acquisition and beginning a new chapter for Rex and regional communities across Australia.

NOTE REGARDING STAKEHOLDER QUESTIONS
If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered “live” and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer.

ABOUT AIR T, INC.
Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground support equipment, commercial aircraft, engines and parts, and digital solutions. We seek to expand, strengthen and diversify Air T’s after-tax cash flow per share. Our goal is to build Air T’s core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.com. The information on our website is available for information purposes only and is not incorporated by reference into this press release.

FORWARD-LOOKING STATEMENTS
Certain statements in this press release, including those contained in “Overview,” are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company’s financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words “believes”, “pending”, “future”, “expects”, “anticipates,” “intends”, “estimates”, “depends”, “will” or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as:

  • An inability to finance our operations through bank or other financing or through the sale or issuance of debt or equity securities;
  • Economic and industry conditions in the Company’s markets;
  • The risk that contracts with FedEx could be terminated or adversely modified;
  • The risk that the number of aircraft operated for FedEx is reduced;
  • The risk that GGS customers will defer or reduce significant orders for deicing equipment;
  • The impact of any terrorist activities or armed conflict on United States soil or abroad;
  • Changes in U.S. and foreign trade regulations and tariffs;
  • The Company’s ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels;
  • The Company’s ability to meet debt service covenants and to refinance existing debt obligations;
  • The risk of injury or other damage arising from accidents involving the Company’s overnight air cargo operations, equipment or parts sold and/or services provided;
  • Market acceptance of the Company’s commercial and military equipment and services;
  • Competition from other providers of similar equipment and services;
  • Changes in government regulation and technology;
  • Changes in the value of marketable securities held as investments;
  • Mild winter weather conditions reducing the demand for deicing equipment;
  • Market acceptance and operational success of the Company’s aircraft asset management business and related aircraft capital joint venture; and
  • Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage.

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT
Tracy Kennedy
Chief Financial Officer
tkennedy@airt.com

SOURCE: Air T, Inc.

Affiliate of Pacific Avenue Capital Partners Completes Acquisition of FLSmidth Cement from FLSmidth & Co. A/S

Pacific Avenue Capital Partners (Pacific Avenue), a leading global private equity firm focused on corporate carve-outs and other complex situations in the middle market, today announced it has completed the acquisition of FLSmidth Cement A/S (FLSmidth Cement or Company), from FLSmidth & Co. A/S (CPH:FLS) (FLSmidth). With the completion of the transaction, FLSmidth Cement will operate under the new name Fuller Technologies (Fuller), marking the beginning of its next chapter as an independent, technology-driven leader serving the global cement sector. Fuller is a leading solutions provider for the cement production industry focused on providing aftermarket parts and services to as well as new and replacement equipment for cement plants around the globe. The Company has manufacturing locations in North America, Europe, and Asia, and its global installed base spans over 1,400 of the world’s approximate 2,700 cement plants.

With more than 140 years of experience, Fuller delivers comprehensive solutions that cover the entire cement production process, from plant entry to final output. The company provides customers with a broad range of equipment and software designed for both conventional and sustainable cement production, including crushers, mills, kilns, feeders, loading systems, pneumatic conveyors, and automation controls. Beyond production, Fuller also supports its long-standing clients with an extensive portfolio of aftermarket parts and services, ensuring full lifecycle coverage for its equipment.

With Pacific Avenue’s support, Fuller will focus on reinforcing its reputation as a trusted partner to its customers by deepening relationships and aligning more closely with their evolving needs. The Company is positioned to execute a broad set of strategic growth initiatives across its capital equipment and service delivery offerings, serving both cement production and complementary industries. By leveraging its technical expertise, innovative products, and services, Fuller will continue to drive value creation and sustainable expansion for its customers across the globe.

“We are proud to welcome Fuller Technologies into our portfolio. This transaction highlights Pacific Avenue’s expertise in executing complex, cross-border carve-outs and supporting global businesses in achieving sustainable, long-term growth. We take pride in being the go-to solution provider for sellers seeking a seamless transition and a strong foundation for their businesses to thrive as independent companies. Under the Fuller name, the team is well-positioned to build on its rich legacy, expand its global reach, and continue delivering the innovative, mission-critical solutions that cement producers around the world rely on.”

-Chris Sznewajs, Founder and Managing Partner of Pacific Avenue

In addition, Pacific Avenue announced Dennis Cassidy as the new CEO of the Company, effective immediately. With a career spanning more than three decades, Mr. Cassidy is a proven industrial executive with a track record of transforming complex, global businesses through disciplined growth, operational efficiency, and large-scale transformation initiatives.

“This is an exciting moment for our company. As Fuller Technologies, we are embracing our legacy while charting a bold path forward as an independent leader in cement production solutions. In partnership with Pacific Avenue, we are energized to deepen our customer relationships, accelerate innovation, and expand our solution offerings. Our commitment to delivering high-performance, sustainable technologies remains unwavering, and we look forward to shaping the future of the industry together with our customers.”

-Dennis Cassidy, CEO of Fuller Technologies

J.P. Morgan served as the buy-side M&A advisor, McDermott Will & Schulte served as the buy-side legal advisor, J.P. Morgan and Citi provided acquisition financing, and KPMG provided buy-side accounting and tax services.

About Pacific Avenue Capital Partners
Pacific Avenue Capital Partners is a global private equity firm, headquartered in Los Angeles with offices in Paris, France. The Firm is focused on corporate divestitures and other complex situations in the middle market. Pacific Avenue has extensive M&A and operations experience, allowing the Firm to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. Pacific Avenue takes a collaborative approach in partnering with strong management teams to drive lasting and strategic change while assisting businesses in reaching their full potential. Pacific Avenue has approximately $3.8 billion of Assets Under Management (AUM) as of August 31, 2025 (based on Q2 2025 valuations presented pro forma for the Fund II and sidecar closings). The members of the Pacific Avenue team have closed over 120 transactions, including over 50 corporate divestitures, across a multitude of industries throughout their combined careers. For more information, please visit www.pacificavenuecapital.com.

About FLSmidth
FLSmidth is a full flowsheet technology and service supplier to the global mining industry. The company enables its customers to improve performance, lower operating costs and reduce environmental impact. MissionZero is its sustainability ambition towards zero emissions in mining by 2030. FLSmidth works within fully validated Science-Based Targets, have a clear commitment to improving the sustainability performance of the global mining industry and aim to become carbon neutral in its own operations by 2030. Visit www.fls.com.

Contact Information
Chris Baddon
Principal
cbaddon@pacificavenuecapital.com

SOURCE: Pacific Avenue

Saudi Arabia Assumes Chairmanship of INTOSAI

Today, the Kingdom of Saudi Arabia solidified its global leadership in public financial auditing and accounting by winning the chairmanship of the International Organization of Supreme Audit Institutions (INTOSAI). The announcement was made during the 25th General Assembly of INTOSAI, held in Sharm El-Sheikh under the patronage of His Excellency President Abdel Fattah El-Sisi of the Arab Republic of Egypt.

Saudi Arabia

Saudi Arabia
Saudi Arabia Assumes Chairmanship of INTOSAI

The General Assembly declared Saudi Arabia, represented by the General Court of Audit (GCA), as the Chair of INTOSAI starting in 2031 for a three-year term. Saudi Arabia will host delegations from over 195 countries, led by the heads of Supreme Audit Institutions, assuming leadership of the world’s foremost organization in financial and performance auditing. This role positions Saudi Arabia to steer global efforts in enhancing transparency, public sector governance, and government performance, while reinforcing public trust in national economies.

On this occasion, His Excellency Dr. Hussam Alangari, President GCA, extended his congratulations to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, acknowledging their unwavering support and empowerment of GCA. He emphasized that this achievement reflects the Kingdom’s international standing and global trust, enabling it to play a pivotal role in advancing auditing and accountability worldwide. Dr. Alangari highlighted the transformative developments in organizational independence, technical and human capacity, and methodological innovation that have enabled GCA to achieve its vision of impactful audit, public sector effectiveness, and quality of life for citizens. He added: “Saudi Arabia welcomes the world in 2031, and we look forward to hosting everyone in Riyadh to shape a global future that promotes transparency, governance, and governmental effectiveness.”

This milestone crowns decades of international engagement led by Saudi Arabia through GCA, starting with its early membership in INTOSAI in 1977. Saudi Arabia has consistently taken leadership roles in international and regional organizations, including serving as Chair of the Arab Organization of Supreme Audit Institutions (ARABOSAI) for two consecutive terms since 2022, and the upcoming Chair of the Asian Organization of Supreme Audit Institutions (ASOSAI) starting in 2027. GCA has also led numerous INTOSAI committees and initiatives focused on capacity building and enhancing the efficiency of peer SAIs in developing countries, reflecting the Saudi Arabia commitment to advancing auditing and accountability globally.

Founded over seventy years ago, INTOSAI is the largest and most prestigious international organization uniting Supreme Audit Institutions worldwide. Today, it comprises over 195 member countries, each represented by its Supreme Audit Institution, working to enhance transparency, governance, and public sector auditing, with the ultimate goal of improving citizens’ lives around the world.

Contact Information
General Court of Audit
Media Center
gca@gca.gov.sa
0114056770

SOURCE: General Court of Audit

Ecological Threat Report 2025: Extreme Wet-Dry Seasons Emerge as Critical Conflict Catalyst

  • Approximately 2 billion people – one quarter of humanity – now live in regions experiencing moderate to severe increases in seasonality

New research from the Institute for Economics & Peace reveals that changing rainfall patterns are significantly amplifying conflict risks worldwide. The 2025 Ecological Threat Report (ETR), released today, finds conflict death rates are substantially higher in areas where rainfall is concentrating into fewer months, compared to regions where rain is spreading more evenly throughout the year.

Ecological Threat Report 2025

Ecological Threat Report 2025
Analysing Ecological Threats, Resilience & Peace

Key Findings

  • On average in areas where wet and dry seasons are becoming more extreme, there are four times as many conflict deaths as areas where it has decreased.
  • In 2024, natural hazards triggered 45 million short-term internal displacements across 163 countries, the highest figure since at least 2008.
  • Western Brazil, including parts of the Amazon, has recorded some of the world’s sharpest increases in ecological threat levels. Temperatures have risen at twice the global rate, triggering drought and wildfires.
  • Sub-Saharan Africa faces the world’s most severe ecological pressures, with Niger registering the worst ETR score.
  • Central and Western Europe recorded substantial overall improvements, in part representing a return to normalcy following Europe’s unusually dry climatic conditions in 2019.
  • Despite fears of looming water wars, there have been no interstate conflicts fought exclusively over water in the modern era. In the second half of the 20th century, at least 157 international freshwater treaties have been signed, offering models for interstate cooperation.
  • This cooperative approach to water somewhat mirrors nuclear deterrence since the Second World War. In both cases, the very threat of catastrophic destruction has created pragmatic cooperation. The destruction of water supply can lead to societal collapse.

Approximately 2 billion people – one quarter of humanity – now live in regions experiencing moderate to severe increases in seasonality. This is where wet seasons are becoming shorter and more intense, while dry seasons are longer and drier. These changes are disrupting agricultural calendars and heightening uncertainty for billions of people who rely on seasonal rains for food and livelihoods.

The Ecological Threat Report, produced by the Institute for Economics & Peace, covers 3,125 sub-national areas in 172 countries and territories representing more than 99% of the world’s population. Between 2019 and 2024, ETR scores deteriorated in 96 countries and improved in 74.

Sub-Saharan Africa Approaching Multiple Critical Tipping Points
In sub-Saharan Africa, conflict risk rises sharply when seasonality combines with rapid population growth. Unpredictable rains trigger agricultural stress. When coupled with demographic pressure, competition over land, water and food intensifies. In regions with weak governance and unresolved grievances, this combination proves combustible.

The Karamoja Cluster in East Africa illustrates this pattern. While total rainfall remains relatively stable, its timing has become less predictable, amplifying both drought and flood hazards, leading to increased conflict. With only 2% of cultivated land irrigated compared to a global average of 20%, East African communities remain highly vulnerable to these shocks. Since 2019, increased rainfall seasonality has coincided with a resurgence of pastoralist violence after years of relative peace.

“Rainfall seasonality is becoming a powerful conflict catalyst,”said Steve Killelea AM, Founder & Executive Chairman of the Institute for Economics & Peace.“Where rains are increasingly concentrated into fewer months, conflict deaths rise sharply. In sub-Saharan Africa, rapid population growth amplifies this effect, turning unpredictable seasons into competition for land, water and food. The issue isn’t water scarcity – it’s our failure to capture and distribute it. Only 2% of Sub-Saharan African farmland is irrigated, compared to 20% globally.”

Water Inequality and the Infrastructure Gap
The world’s renewable freshwater supply is finite and increasingly unevenly distributed. There are 295 subnational areas facing very high water risk and another 780 with high risk, affecting nearly 1.9 billion people.

High-income countries have reduced per capita water use by roughly one-third since 2000 through efficiency gains and slower population growth, while many low-income nations face rising total withdrawals and falling per capita availability as populations outpace supply.

Sub-Saharan Africa highlights this imbalance. Per capita water use has dropped from 113 cubic metres in 2000 to just 89 in 2022 – less than one-fifth of the global average. The result is mounting pressure on limited water sources and intensifying competition among farms, industries and households, heightening the risk of conflict.

The failure to capture and distribute water is most acute in sub-Saharan Africa, which has the lowest irrigation rates in the world. To irrigate 34 million hectares would require only 6% of the region’s annual renewable water resources.

Steve Killelea said: “COP30 must prioritise investment in climate-resilient water systems as a foundation for sustainability and peace. Just as nuclear treaties reduced the risk of annihilation, international cooperation on water can reduce the risk of ecological collapse. Both demonstrate that survival depends less on dominance, than on shared responsibility.”

Interstate Water Cooperation
Popular narratives have warned of looming “water wars”, especially in transboundary river and lake basins. The ETR finds this is not the case. While disputes over shared rivers do occur, no interstate wars have been fought over water in the modern era. This makes the lessons of successful interstate water cooperation even more important. In an era of increasing conflict, understanding why interstate cooperation has been so successful can provide a blueprint for avoiding future conflicts.

Even in tense basins such as the Indus River – shared by India and Pakistan – water-sharing has continued despite repeated episodes of conflict, political confrontations and military tension. Water agreements, by necessity, encourage nations to think beyond immediate political grievances toward long-term survival and shared benefit.

Regional Analysis
Sub-Saharan Africa faces the world’s most severe ecological pressures. However, some southern and eastern African countries, including Lesotho, Rwanda, Eritrea and Eswatini, have improved their ETR scores. More favourable rainfall patterns in these countries resulted in marked reductions in water risk over the past five years.

In contrast, northwest Africa has seen the steepest deterioration in ETR scores over the same period, led by Tunisia, Morocco and Algeria, where persistent drought and rising temperatures have reversed the unusually favourable conditions of 2019.

Central and Western Europe recorded notable improvements, marking a return to normal following the extreme dryness of 2019.

Contact Information
Mike Koslowski
IEP Senior Communications Advisor
mkoslowski@economicsandpeace.org
+61418410531

SOURCE: Institute for Economics & Peace

Related Images

Ecological Threat Report 2025

Yuzhou Group Holdings Company Limited (01628.HK) Announced the Official Effectiveness of Offshore Debt Restructuring, Marking a Key Step Toward Steady Development

On August 29, Yuzhou Group Holdings Company Limited (HKG: 1628) announced that its offshore debt management and restructuring efforts, which spanned over three years, have yielded decisive results. The offshore restructuring has officially taken effect, marking a key step in improving the Company’s liquidity and optimizing its financial structure, laying a solid foundation for future robust operations.

Optimize Capital Structure, Enhance Financial Stability and Achieve Sustainable Development
After multiple rounds of negotiations, the final arrangement encompassed 15 senior notes, one perpetual bond, four secured notes, one syndicated loan, and one bilateral loan. As consideration for the restructuring, Yuzhou Group issued new bonds with an optimized structure, including short-term, medium-term, and long-term bonds. This arrangement significantly reduced financing costs, lowered the Group’s outstanding offshore debt, alleviated financial pressure, optimized its capital structure, and enhanced financial soundness and sustainability.

Gain Support from Shareholders and the Market, Consolidate the Interests of all Parties, and Work Together to Move Forward
As a key component of the plan, certain creditors will receive 5,645 million newly issued shares, representing approximately 37.94% of Yuzhou Group’s issued shares after the restructuring. This further solidified the shared interests of creditors and the Company. In addition, Yuzhou Group raised nearly HK$100 million through a rights issue to cover restructuring-related expenses and replenish working capital. The arrangement not only set a market precedent but also garnered a positive response from minority shareholders, reflecting strong recognition and confidence from shareholders and the market in both the rationale of the plan and the Group’s future development prospects.

The core objective of this restructuring plan was to adjust the scale of Yuzhou Group’s offshore debt to a reasonable level, restore the soundness and sustainability of the capital structure, and ensure the continued operation and healthy development of the business. At the same time, the plan aims to ease liquidity pressure, align the new repayment schedule with the operating environment of China’s real estate industry and the Group, and ensure the fair treatment and protection of all stakeholders’ rights, striving to maximize overall value.

Respond to Policy Calls, Fulfill Social Responsibilities, and Consolidate Corporate Value
Following the completion of the restructuring, Yuzhou Group will continue to respond to policy initiatives, fulfill its commitment to “guaranteeing housing delivery”, strengthen cash flow management, enhance internal revenue generation capabilities, and ensure stable business operations. Structural deleveraging measures are expected to help the Group achieve a long-term sustainable capital structure and reduce overall operational risks. The Company will steadily enhance its operating capacity and remain focused on creating value for all stakeholders.

Industry observers note that the completion of the restructuring not only relieves near-term financial pressure but also represents an important step for Yuzhou Group in pursuing long-term stability and growth amid the ongoing adjustment of China’s real estate sector.

Frost & Sullivan Hosts the 19th Global Growth, Innovation and Leadership Summit in Shanghai

SHANGHAI, Sep 1, 2025 – (ACN Newswire) – 28th August, The 2025 19th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 4th New Investment Event, hosted by Frost & Sullivan and co-organized by LeadLeo, was successfully held at the Jing’an Shangri-La Hotel in Shanghai from August 27 to 28, 2025. With the theme of “Intelligence Initiates a New Journey·Jointly Shaping Global Growth Engines”, the Summit consists of an opening ceremony, eight parallel forums and a series of thematic activities, gathering over 200 heavyweight guests from home and abroad, more than 100 speeches/roundtable discussions, and attracting over 4,000 professional attendees.

Frost & Sullivan has a history of nearly 30 years hosting Growth, Innovation and Leadership Summits worldwide, and this marks the 19th consecutive year of hosting the Summit in China. The 2025 Frost & Sullivan 19th GIL Summit featured in-depth discussions on hot topics such as AI and digital economy, new investments in life sciences, new consumption trends, ESG and new quality productive forces, high-quality development of listed companies, intelligent manufacturing going global and the global development of Chinese enterprises, jointly exploring new growth drivers, new markets and new tracks for China’s economy in the new era. Focusing on cutting-edge industrial trends and capital movements, the Summit covers areas including macroeconomics, technological innovation, healthcare, energy storage, artificial intelligence and ESG practices, and released nearly 20 significant research findings on-site.

Mr. David Frigstad, Global Chairman of Frost & Sullivan, highlighted the importance of the “Transformational Growth Journey,” which Frost & Sullivan defines as a seven-stage process to help companies navigate disruption and achieve sustainable success. He explained that the journey begins with understanding industry ecosystems across nine value chains, then leveraging data through the Growth Generator to enable rapid decision-making. Mr. David Frigstad emphasized that CEOs must view the world through a lens of prioritized growth opportunities and benchmark their organizations against global best practices. He also pointed to the Frost Radar as a tool for measuring future growth potential, built on both execution and innovation. Finally, Mr. David Frigstad underlined the role of community and collaboration, noting that true transformation requires openness to partnerships, new ideas, and global perspectives.

Mr. Aroop Zutshi, Global President and Managing Partner of Frost & Sullivan, centered his speech on “Empowering Enterprises’ Transformational Growth Journey”, delivering an in-depth sharing focusing on global economic changes and corporate development, illuminating the growth path for enterprises seeking breakthroughs. He pointed out that the global economy is currently experiencing an unprecedented wave of change, and most enterprises are trapped in transformation dilemmas. The root causes lie in the difficulty in responding to change, missing hidden strategic opportunities and lacking a clear transformation framework. Only by taking proactive actions and focusing on strategic priorities can enterprises gain a firm foothold in the market reshuffle. To address the transformation challenges of enterprises, Mr. Aroop Zutshi proposed the “Top 5 Strategic Imperatives”, including: 1. Transformation; 2. Ecosystem; 3. Growth Generator; 4. Growth Opportunities; 5. Frost Radar, Best Practices and Companies to Action, forming a systematic solution to support enterprises’ transformational growth.

Mr. Aroop Zutshi also detailed the six phases of Frost & Sullivan’s “Growth Pipeline Engine”, from growth audit and opportunity screening to strategy implementation and dynamic optimization, forming a interlocking systematic growth process to ensure that corporate growth is implementable and sustainable. Facing the Intelligence Revolution that began in 2023, he emphasized that this round of revolution is different from the Agricultural Revolution and the Industrial Revolution. By leveraging intelligent AI architectures, enterprises can deeply integrate deep web data, internal enterprise data and real-time public information. Only by equipping themselves with adaptive systems can enterprises seize technological dividends and occupy competitive high grounds. This sharing not only pointed out a way for enterprises to break through from “survival” to “development”, but also conveyed clear growth value: by unifying team goals, stimulating innovation vitality and transforming strategies into practical actions, enterprises can not only avoid the risks of change, but also enhance their future growth potential, achieve sustainable high-quality development in the era of the Intelligence Revolution, and inject strong momentum into industrial transformation.

Dr. Neil Wang, Global Partner and Greater China Chairman of Frost & Sullivan, stated that the theme of the Frost & Sullivan Summit has always centered on growth, innovation and leadership, adding value to enterprises, empowering industries and contributing to the national socio-economic development. He pointed out that the long-term, sustained and steady growth of China’s economy is one of the greatest positives for the world. Frost & Sullivan not only studies the current growth of China’s economy, but also focuses on predicting the future. At this Summit, Frost & Sullivan once again updated and released the White Paper on China’s Industrial Development Trends in the Next 50 Years (4th Edition), hoping to help enterprises better grasp market opportunities and cope with challenges. According to his introduction, since entering China nearly 30 years ago, Frost & Sullivan has not only served a large number of innovative technology enterprises, but also actively engaged in technological innovation, such as proposing the concept of “AI + HI” (Artificial Intelligence + Human Intelligence) to empower the transformation and upgrading of traditional industries. Dr. Neil Wang believes that the core competitiveness of an enterprise lies in the leadership of entrepreneurs. The mission of Frost & Sullivan China is to convey China’s growth, innovation, and leadership to the world, enabling the world to more clearly understand China’s value and helping China accelerate its embrace of global opportunities.

About Frost & Sullivan

Frost & Sullivan, the Transformational Growth company, enables clients to accelerate their growth and achieve best-in-class positions in growth, innovation, and leadership. The company’s Growth Pipeline as a Service provides the CEO’s Growth Team with transformational strategies and best-practice models to drive the generation, evaluation, and implementation of powerful growth opportunities. Let us be your growth coach on this transformational journey, as we actively support you in fostering collaborative initiatives within your industry’s ecosystem.

About Frost & Sullivan GIL Summit

The Growth, Innovation and Leadership Summit founded by Frost & Sullivan has a history of nearly 30 years and is held in more than 20 countries and regions around the world. It has attracted in-depth participation from a large number of Global 1000 companies, top domestic and foreign financial institutions and other leading enterprises, helping them identify opportunities, continuously innovate, accelerate growth and gain a leading position in an increasingly complex and changing world. Since its launch in China in 2008, the Frost & Sullivan GIL Summit has been held for the 19th time. It has become an important platform for outstanding domestic enterprises, the investment community and regulatory authorities to exchange successful experiences and jointly explore development directions, as well as a key window for the world to understand China’s cutting-edge development trends.

Media Contact

Frost & Sullivan
Shanghai, China
Rachel Zhang
E: rachel.zhang@frostchina.com
T: +86 021-3209-6800
W: http://www.frostchina.com/

Integrated Development of Four Major Businesses to Drive the Financial ‘Five Major Areas’, GF Securities Announces its 2025 Interim Results

HONG KONG, Aug 30, 2025 – (ACN Newswire) – GF Securities Co., Ltd. (“GF Securities”)or the “Company”, together with its subsidiaries within the scope of its consolidated financial statements (“subsidiaries”), the “Group”) announced its interim results for 2025. In the first half of 2025, the Company proactively integrates into the national development, in-depth development of the “Five Major Areas”, sticking to its functional positioning, and actively serves the real economy for both quantity and quality. The Company achieved steady progress in all areas of the work with main operating indicators in the forefront of the industry. During the Report Period, total revenue and other income of the Company was RMB19,916 million and net profit attributable to owners of the Company was RMB6,470 million.

As one of the first batch of pilot comprehensive management brokerages selected by the CSRC, GF Securities possesses licenses for a full range of services involved in four business segments, including investment banking, wealth management, trading and institution, and investment management. The Group has successively set up futures subsidiaries, public fund subsidiaries, private fund subsidiaries, alternative investment subsidiaries and asset management subsidiaries. With its unique value concept and pragmatic entrepreneurial style, the Company has built up a full-service chain with comprehensive layout and strong strength. In respect of regional development, the Company based in Greater Bay Area and serves the whole country, connecting domestically and internationally, forges a leading national brokerage with a long-term vision and an open mind. Against this backdrop, the Company has maintained main operating indicators ranking among the top securities companies in China for many consecutive years.

Steady Operations as the Core, Balanced Growth Across the Four Major Business Segments

GF Securities has a complete business system and a balanced business structure. During the Reporting Period, all four of the Company’s business segments both achieved steady growth.

The Transformation of Wealth Management continues to advance deeply. The Company equipped with excellent financial product research, sales capabilities and professional asset allocation capabilities and more than 4,600 securities investment consultants, ranking No. 2 in the industry (in terms of parent company caliber). The Company is committed to providing precise wealth management services for different types of customers. It has become a first-class trustworthy wealth management institution. As of the end of June 2025, the total balance of financial products sold by Company on a commission basis exceeded RMB300.0 billion, representing an increase of approximately 14.13% as compared to the end of last year; the balance of margin financing and securities lending of the Company was RMB103.638 billion, with a market share of 5.60%. From January to June 2025, the turnover of the Company’s SSE and SZSE stock and funds amounted to RMB15.14 trillion (bilateral statistics), representing a year-on-year increase of 62.12%.

The Investment Banking business maintained its steady and robust development. During the Reporting Period, the Company completed 5 A share equity financing projects with a lead underwritten amount of RMB15.622 billion; and completed 2 listings on the NEEQ. Meanwhile, the Company completed 11 overseas equity financing projects which were Hong Kong IPO projects, with an issue size of HK$42.773 billion, and its equity financing business in Hong Kong ranked fourth among Chinese-based securities companies in terms of the total issuance size of IPOs and refinancing projects equally distributed among all underwriters (Source: Bloomberg, Statistics of the Company). In respect of debt financing, the Company acted as the lead underwriter for 419 tranches of bonds, with a lead underwritten amount of RMB153.721 billion. In respect of Chinese offshore bond business, 29 bonds were issued with an underwritten amount of US$49.865 billion. During the Reporting Period, the Company completed three projects in major asset restructuring and financial advisory business that had industry and regional influence, and the transactions in which the Company acted as listed company’s independent financial advisor involved a total transaction amount of approximately RMB2.272 billion; and won the award of the 2025 New Fortune Best M&A Investment Bank.

The Investment Management business maintained its leading position. In the first half of 2025, the Group carries out public fund management business through its non-wholly owned subsidiary, GF Fund, and investee company, E Fund, collectively managed over RMB3,600 billion in the public funds assets. They ranked third and first respectively in the industry in terms of the size of public funds under management excluding monetary funds, respectively (Source: Wind, Statistics of the Company). The specific asset management schemes under the wholly-owned subsidiary GF Asset Management increased by 39.49% compared to the end of 2024. Another wholly-owned subsidiary, GF Futures, managed 63 asset management schemes with a total asset under management of RMB15.856 billion. The wholly-owned private fund subsidiary GF Xinde focused on such industries as AI, robotics, biomedicine, intelligent manufacturing, new energy and corporate services. As of the end of June 2025, its paid-in funds under management reached approximately RMB19.5 billion. Overseas, the Group’s wholly-owned subsidiary GFHK was one of the first batch of financial institutions in Hong Kong with the PRC background granted with RQFII qualification. Its subsidiary GF Investments (Hong Kong) managed four equity investment fund products focusing on high-end manufacturing, TMT, big consumption and biomedical industries. Several investment projects have exited by way of mergers and acquisitions or been listed on the stock exchanges in Hong Kong, the United States and other regions.

The Trading and Institutional Services business demonstrated steady improvement. As a primary dealer of OTC derivatives business, the market making business of the Company continued to be in the first echelon, and officially launched the market-making business in the STAR Market and the BSE. During the Reporting Period, providing market-making services for more than 900 funds and all ETF options of the SSE and SZSE, market-making services for CSI 300 stock index options and CSI 1000 stock index options of the China Financial Futures Exchange, as well as market-making services for 2 STAR Market-listed companies, 1 BSE-listed company, and 40 NEEQ companies. During the Reporting Period, the Company issued 51,508 private equity products through the China Securities Inter-agency Quotation System and OTC market, with a total amount of RMB501.180 billion, and the scale of FICC investment business continued to grow with multiple strategies.  As of the end of June 2025, 3,707 products were under the custody of the Company and fund operation outsourcing services were provided for 4,380 products. The wholly-owned subsidiary GF Qianhe focused on hard technology, AI+, advanced manufacturing, healthcare, special opportunity investment and other major fields, with a total of 330 projects invested.

Investor-First Strategy, Enhancing Integrated Financial Services

GF Securities insists on being investor-oriented, and continues to improve the quality and efficiency of services to different customer groups such as individual investors, institutional investors, and corporate customers by honing its comprehensive financial service capabilities with the full life cycle across the entire business chain, and rewards investors with outstanding results.

In respect of individual investors, the Company adhered to a “customer-centric” business philosophy and unswervingly accelerated its transformation into a buy-side investment adviser while strengthened its diversified asset allocation capabilities. During the Reporting Period, the Company closely followed its main tone for high-quality development and its digitalization and platform based strategies. It focused on the key development direction for “high-quality customer base and efficient online operation” of the wealth brokerage business, seized any market opportunities to capture the customers’ needs, and continued to consolidate its customer base and standardize operations; and continued to diversify its product supply system and transaction supporting tools, so as to improve the integrated service system for institutional customers to enhance customer experience. The Company also comprehensively developed its artificial intelligence service functions, coordinated to promote the application and empowerment of the AI-enabled wealth brokerage model, and continued to enhance the comprehensive capacity of serving residents’ wealth management.

In respect of institutional clients, the outstanding research capacity of the Company enjoys a high reputation in the industry and received numerous honors. It has won awards from mainstream organizations and ranked among the top: Best Analyst of Securities Times, Best Analyst of New Fortune, Golden Bull Award for China Securities Industry Analysts, etc. As of the end of June 2025, the Group’s equity research covered 28 industries and 997 A-share listed companies in Mainland China, and 207 overseas listed companies.During the Reporting Period, the Company actively promoted the adoption of digital intelligence in research business, further explored AI applications in intelligent investment and research functions, establishing a multi-platform, multi-channel and multi-dimensional customer service system by leveraging the GF research portal and mini programs. At the same time, concentrating on the main theme of Chinese-style modernization and focusing on the development of new quality productive forces, the Company successfully organized large-scale investment strategy conferences such as the “AI+ Industry Forum” and “Dialogue with Leadership”, establishing a platform for exchanges between listed companies and institutional investors.

In respect of corporate clients, the Company focused on serving the high-quality development of the real economy, strengthened industrial resources accumulation and professional capabilities building in key sectors, and endeavored to develop into an industrial investment bank  and a technology investment bank. As of the end of June 2025, the Company sponsored a total of 47 companies listed on the market as the lead brokerage, of which 82.98% were “specialized, sophisticated, distinctive and innovative” enterprises. Meanwhile, the Company accurately served the national strategies, such as scientific and technological innovation, green and low carbon, and made continuous breakthroughs in the innovation of bond products. During the Reporting Period, the Company acted as the lead underwriter for 66 tranches of various science and technology innovation bonds with an underwritten amount of RMB25.663 billion; acted as the lead underwriter for 11 tranches of various low-carbon transformation and green bonds with an underwritten amount of RMB3.850 billion; and acted as the lead underwriter for 4 tranches of rural revitalization bonds with an underwritten amount of RMB1.4 billion. In respect of Chinese offshore bond business, 29 bonds were issued with an underwritten amount of US$49.865 billion.

Moreover, the industrial research institute of the Company continued to build the ecosystem of production, learning, research, investment and financing, focused on the key racing tracks to deepen the building of industrial ecosystem, empowered the development of various business segments of the Company, and provided various research consulting services to support policy formulation and industrial planning of governments at all levels. The Company also deepened the connection with key scientific research academic institutions, scientist groups, professional equity investment institutions, enterprises of various sectors and government departments, and established a cooperation mechanism for transforming scientific research results and coordinating industrial incubation, playing the role of a bridge in process of empowering technology with finance and transforming into productivity.

Anchor in Regional Development, Deliver Full Life Cycle Financial Services

The Guangdong-Hong Kong-Macao Greater Bay Area is one of the four major bay areas in the world with the highest degree of opening-up and the most resilient market economy in China, playing an important strategic position in the overall development of the country. GF Securities has fully supported the implementation of major national regional strategies by being deeply rooted in Guangdong-Hong Kong-Macao Greater Bay Area, the forefront of China’s reform and opening-up, enriched customer foundation, and facilitated technology, capital and virtuous industry circles.

As a professional capital market institution growing up in the Greater Bay Area, the Company has advantages in industrial research and capital operation, actively explores a new model of industry-finance integration and supports the transformation and upgrading of regional economies and industries by deepening the integration of local industry and capital and building industrial fund in various forms; gives full play to the role of capital market in value discovery and resource allocation, and realizes financial services in industries with the full life cycle by building industrial clusters through direct financing.

At the end of June 2025, the Company had 356 branches and business departments nationwide, with a presence in 31 provinces, municipalities, and autonomous regions across the PRC. Its total number of business outlets in the nine cities of the Pearl River Delta in the Guangdong-Hong Kong Macao Greater Bay Area ranked No. 1 in the industry. The extensive market provided wide market reach for the Company’s business development and laid important support for customer accumulation and service.

On the front of main operating development, GF Securities has adopted a strategy deeply rooted in regional development, reinforcing its foundation through steady and sustainable growth. During the Reporting Period, the Company actively fulfilled its role as a “service provider” for direct financing and a “gatekeeper” for the capital market. It deepened business cultivation in key areas, consolidated its market position and competitiveness in the Greater Bay Area, and expanded its presence in key areas within the Yangtze River Delta region. It continued to advance an integrated domestic and international strategy, improved mechanisms for cross-border talent development and collaboration, and enhanced the efficiency of cross-border operations as well as overall service capabilities to effectively support Chinese enterprises in their overseas expansion. Centering its strategy around the guidance of national industrial, financial, and regional development policies, the Company held the AI-themed merger and acquisition forum of the Guangdong Capital Market M&A Alliance, and endeavored to set up a merger and acquisition business ecosystem to provide customers with multi-level and all-round comprehensive services, promoting the orderly circulation of assets and capital.

2025 marks not only the concluding year of the 14th Five-Year Plan, but also a pivotal starting point for laying the groundwork of the  15th Five-Year Plan. GF Securities will adhere to the main line of high-quality development, actively integrating into China’s overall development, and focusing its efforts on implementing the financial “Five Major Areas”. The Company will continue to solidify its outstanding location advantage in the Guangdong-Hong Kong-Macao Greater Bay Area and beyond, deploying long-term strategies with elevated standards and strengthening its core businesses—contributing to the high-quality economic and social development.

Belt and Road Summit Returns in September

– A decade of continuity and progress, leading cooperation into a new era

HONG KONG, Aug 27, 2025 – (ACN Newswire) – The 10th Belt and Road Summit, co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), will take place on 10 and 11 September 2025 at the Hong Kong Convention and Exhibition Centre. Under the theme Collaborate for Change • Shape a Shared Future, the Summit will bring together over 90 key officials and business leaders from 18 Belt and Road countries and regions and feature in-depth discussions on the immense opportunities arising from the Belt and Road Initiative across sectors including finance and investment, innovation and technology, professional services, infrastructure and maritime services. The Belt and Road Summit fosters long-lasting international collaboration and promotes the building of a sustainable future.

Marking its 10th edition this year, the Summit will build on the successes of the past nine editions, by developing further into a leading platform for policy dialogue and business collaboration between Belt and Road economies and other countries and regions. Since the first Belt and Road Summit in 2016, more than 700 distinguished speakers from over 30 countries and regions have shared their insights at the Summit. Over 660 exhibitors have showcased a wide range of professional services and investment projects, attracting more than 45,000 participants from over 120 countries and regions. The Summit has also facilitated around 5,400 business matching meetings and supported over 2,000 projects, originated or facilitated more than 30 deals involving over 50 companies. These agreements span key areas such as infrastructure, finance, technology, and green development, underscoring the Summit’s important role in advancing Belt and Road cooperation.

Algernon Yau, Secretary for Commercial and Economic Development, said: “The Belt and Road Initiative (B&RI) has been put into practice, turning an idea into action and a vision into reality. The HKSAR Government contributes to the B&RI in various areas, and actively participates in the eight major steps to support Belt and Road development. Since 2013, Hong Kong’s merchandise trade with Belt and Road countries and regions has grown substantially by nearly 80%, which is 3.2 times the growth rate of Hong Kong’s external merchandise trade during the same period, reaching about US$280 billion. This demonstrates Hong Kong’s capabilities as an international trade and investment hub, and highlights the growth potential of Belt and Road markets. The theme of this year’s Summit is “Collaborate for change ‧ Shape a shared future”. We will further enhance Hong Kong’s role in taking forward the B&RI, raising the awareness of the B&RI among different sectors of the community and helping them to capture Belt and Road opportunities.”

Nicholas Ho, Commissioner for Belt and Road, Commercial and Economic Development Bureau said: “We will embrace changes and promote greater collaboration at the 10th Belt and Road Summit. New elements of the Summit include sessions featuring signature projects and market spotlights, a roundtable session promoting sustainable development, and more opportunities to exchange in the session for young business leaders. We will also enhance promotion beyond the Summit – over 20 activities in various fields will be organised in different venues over an extended period, including art and cultural exhibitions, Chinese and Western music concerts, a film festival and quizzes for secondary school students, enabling the public to participate in and experience the global collaborative achievements of the B&RI.”

Patrick Lau, Deputy Executive Director of the HKTDC, said: “The HKTDC has a longstanding commitment to leveraging Hong Kong’s unique advantages in connectivity, strengthening the city’s role as both a ‘super connector’ and a ‘super value-adder’. Through its global network of 51 offices, enhanced information platforms and outbound missions, the HKTDC has contributed to advancing the Belt and Road Initiative. As one of the world’s most important platforms for exploring Belt and Road policies and opportunities and fostering concrete cooperation, the Belt and Road Summit has successfully promoted regional connectivity and economic development. Marking its tenth anniversary this year, the HKTDC remains dedicated to enhancing this international cooperation platform, enabling all parties to explore new markets and opportunities, deepen engagement and collaboration along the Belt and Road economies, and continue turning the Initiative’s vision into tangible partnerships and achievements, opening a new chapter together.”

Diverse sessions gather distinguished guests to explore regional cooperation trends

The Belt and Road Summit features various sessions and activities, including the Opening Session, Policy Dialogue, Business Plenary, Keynote Luncheon, Thematic Breakout Session, Project Investment Session and Cocktail Reception.

The Opening Session will feature welcome remarks by Professor Frederick Ma, Chairman of the HKTDC, followed by opening remarks from John Lee, Chief Executive of the HKSAR. Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia, and Serik Zhumangarin, Deputy Prime Minister of Kazakhstan’s Minister of National Economy, will deliver keynote address, officially inaugurating the Summit.

The subsequent Policy Dialogue will be chaired by Algernon Yau, Secretary for Commerce and Economic Development, and will feature contributions from Anthony Loke, Minister of Transport of Malaysia; Ahmed Shide Mohamed, Minister of Finance of Ethiopia; Mehmet Simsek, Minister of Treasury and Finance of Turkey; and Wasantha Samarasinghe, Minister of Trade, Commerce, Food Security and Cooperative Development of Sri Lanka. The session will explore the latest Belt and Road policies and cross-regional economic cooperation. On the second day of the Summit, special remarks will be delivered by Jam Kamal Khan, Federal Minister of Commerce of Pakistan, followed by thematic breakout sessions to enable participants to engage in in-depth discussions on the development of individual markets and industries.

The Keynote Luncheon, themed Building a Connected World with Green and Digital Innovation, will feature welcome remarks by Paul Chan, Financial Secretary of the HKSAR, and opening remarks by Chen Liang, Chairman of the Board of Directors and Chairman of the Management Committee, China International Capital Corporation Limited. Eduardo Pedrosa, Executive Director of the APEC Secretariat, will deliver a keynote address, sharing strategies for sustainable development at the intersection of green initiatives and digitalisation.

Promoting multilateral cooperation with a focus on new opportunities in the Middle East and ASEAN

The Summit has always aimed to provide participants with opportunities to showcase project achievements, exchange the latest information, and establish long-term partnerships. Among the sessions are two business plenaries to explore emerging opportunities and frontier developments across different regions and industries.

In May this year, a business delegation led by John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), and organised by the HKTDC, visited Qatar and Kuwait in the Middle East. This trip marked a significant milestone as it included representatives from mainland enterprises for the first time, aimed at fostering collaboration and creating new business opportunities. The visit has facilitated the signing of an MoU between Dongchao Information Technology (Shanghai) Co., Ltd and Qatari developer Fikri Group, to establish a factory in Qatar, further solidifying Hong Kong’s connections with the Middle Eastern market. Wang Chaoyou, President of Dongchao Technology Group will share his successful experience of “going global” through Hong Kong’s business platform at one of the plenary sessions. Themed Exploring Frontiers in New Markets and Industries, the session will be chaired by Professor KC Chan, Chairman of WeLab Bank. Keynote speakers include H.E. Abdulsalam Al Murshidi, President of Oman Investment Authority; Elton Chan, Director of Jardine Matheson Limited; Ronald Lam, CEO of Cathay Group; and Gansha Wu, Co-founder, Chairman and CEO of UISEE Technologies (Beijing) Co., Ltd.

The other business plenary session, themed ASEAN: Unveiling New Opportunities for Growth and Collaboration, will be chaired by Dr Victor K Fung, Chairman of  Fung Group, and feature speakers Zeng Qi, Vice President of CITIC Group Corporation; Dong Mingzhu, Chairperson and President of Gree Electric Appliance Inc. of Zhuhai; Tony Fernandes, CEO of Capital A; Antony Leung, Chairman of Nan Fung Group; and Dr. Hashim S. Djojohadikusumo, CEO and Chairman of Arsari Group of Companies.

This year, the conference will continue to feature thematic breakout forums focusing on finance, green, and youth. The Youth Chapter will include interactive elements to facilitate deeper engagement between participants and young leaders.

During the Summit, the Project Investment Session, the Belt and Road Deal-Making, and Exhibition will highlight developments from around the world, particularly in the Middle East and ASEAN markets, facilitating interaction among regional opinion leaders and business decision-makers, and promoting substantive cooperation across different sectors.

The Project Investment Session will feature a new segment themed Middle East & ASEAN Market Focus, showcasing high-potential projects from these two fast-growing regions. Additionally, a new Signature B&R Projects-featured Session will feature forward-looking initiatives, underscoring the Belt and Road Initiative’s role in driving economic transformation and innovation. The investment project sessions will continue to cover four popular themes from previous editions – Energy, Natural Resources and Public Utilities; Urban Development; Transport and Logistics Infrastructure; and Innovation and Technology – showcasing over 300 investment projects across these sectors. The Belt and Road Deal-Making will provide participants with key opportunities for negotiation and collaboration. Held concurrently with the Summit and extended online from 15 to 16 September, this will bring together global resources and facilitate long-term partnerships and resource integration through one-to-one project matching meetings.

The Exhibition will bring together global project collaboration opportunities, featuring a newly introduced ASEAN Pavilion highlighting the latest projects across diverse sectors in the region. Also included will be the Hong Kong Zone, Global Investment Opportunities Zone, InnoTech Zone, and Mainland Pavilions, collectively showcasing professional services, innovative technologies, and investment prospects. In addition, the Belt and Road Global Forum Annual Roundtable 2025 will be held on 12 September morning, alongside Belt and Road Week, bringing together Hong Kong, Mainland and international organisations and associations to share information, interact and explore multilateral cooperation.

The 10th Belt and Road Summit is supported by a wide range of partners, including China International Capital Corporation Limited as Strategic Partner, and Bank of China (Hong Kong) Limited as the Banking Partner. Other supporters include The Hongkong and Shanghai Banking Corporation Limited as the Global Connectivity Partner, Standard Chartered Bank (Hong Kong) Limited as Cross-border Business Partner, Huatai International Financial Holdings Company Limited as Innovative Finance Partner, as well as China Mobile International Limited, China Telecom Global Limited and China Unicom Global Limited as Platinum Sponsors.

The 10th Belt and Road Summit

Date10 to 11 September 2025
VenueHall 5B-E, Hong Kong Convention and Exhibition Centre
RemarksVideo and audio recordings at the Summit should be used only in the context of media reporting
Media
Registration		Please contact lsong@yuantung.com.hk or tleung@yuantung.com.hk for media registration
WebsitesBelt and Road Summit: https://www.beltandroadsummit.hk/conference/bnr/en
Programme:
https://www.beltandroadsummit.com/conference/bnr/en/programme
Speaker list:  https://www.beltandroadsummit.com/conference/bnr/en/speaker


Media representatives who would like to conduct interviews with the speakers, please complete the Interview Request Form and email it to lsong@yuantung.com.hk or tleung@yuantung.com.hk.

Photo download: http://bit.ly/41V7v0W

(left to right) Patrick Lau, Deputy Executive Director of HKTDC, Algernon Yau, Secretary for Commerce and Economic Development and Nicholas Ho, Commissioner for Belt and Road shared the latest developments of the Belt and Road Initiative, reviewed the achievements of the Belt and Road Summit, and introduced the upcoming 10th edition of the Summit at a press conference held today
Algernon Yau, Secretary for Commerce and Economic Development, shares Hong Kong’s role in the Belt and Road Initiative, the latest development opportunities, and the Government’s achievements in advancing the Initiative
Nicholas Ho, Commissioner for Belt and Road, shares the highlights of this year’s Belt and Road Summit
Patrick Lau, Deputy Executive Director of HKTDC, reviews the contributions of the past nine editions of the Belt and Road Summit and highlights successful cases
The 10th Belt and Road Summit, themed Collaborate for Change • Shape a Shared Future, will bring together key officials and business leaders from Belt and Road countries and regions and feature in-depth discussions on the immense opportunities arising from the Belt and Road Initiative across a wide range of sectors, including finance and investment, innovation and technology, professional services, infrastructure and maritime services. This will also foster international collaboration and promote the building of a sustainable future (This photo shows the 9th Belt and Road Summit in 2024)


Media Enquiries

Yuan Tung Financial Relations:

Louise SongTel: (852) 3428 5690Email: lsong@yuantung.com.hk
Tiffany LeungTel: (852) 3428 2361Email: tleung@yuantung.com.hk
Fung WongTel: (852) 3428 3122Email: hfwong@yuantung.com.hk

HKTDC’s Communications & Public Affairs Department:

Serena CheungTel: (852) 2584 4272Email: serena.hm.cheung@hktdc.org
Jane CheungTel: (852) 2584 4137Email: jane.mh.cheung@hktdc.org
Sam HoTel: (852) 2584 4569Email: sam.sy.ho@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 over 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.

Kingsoft Announces 2025 Interim and Second Quarter Results

– WPS AI 3.0 Launches to Strengthen Office Software Business
– Online Games Demonstrate Vitality through Classic IP and New Genres Development

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Kingsoft Corporation Limited (Kingsoft or the Company; HKG: 03888), a leading Chinese software and Internet service company, has announced its unaudited 2025 interim results and its second quarter results for the period ended 30 June 2025.

For the first half of 2025, the revenue of Kingsoft increased by 1% year-on-year to RMB 4,645.4 million. Revenue from the office software and services represented 57% and online games and others represented 43% of total revenue. Gross profit reached RMB 3,772.2  million.

For the second quarter of 2025, the Company’s revenue reached RMB 2,307.4 million. Revenue from office software and services and online games and others represented 59% and 41%, respectively, of total revenue for the second quarter of 2025. Gross profit for the second quarter of 2025 was RMB 1,853.6 million.

Mr. Jun LEI, Chairman of the Company, commented: “In the second quarter, we advanced core businesses steadily in line with established strategy and firmly positioned for the future. Kingsoft Office  focused on ‘AI, collaboration, and internationalization’, continued to strengthen the allocation of R&D resources in related fields, and developed solutions deeply aligned with user scenario needs to sustain competitiveness in the field of intelligent office. The online games business continued advancing content innovation and global expansion, achieving the development of flagship IPs and new game genres.”

Mr. Tao ZOU, Chief Executive Officer of the Company, added: “The total revenue for the second quarter amounted to RMB 2,307.4 million, representing a year-on-year decrease of 7%, among which the revenue from the office software and services business was RMB 1,355.7 million, representing a year-on-year increase of 14%. Revenue from the online games and others business was RMB 951.8 million, representing a year-on-year decrease of 26%, primarily due to the high base in the same period last year.”

BUSINESS REVIEW
Office Software and Services
For the first half of 2025, revenue from the office software and services business increased by 10% year-on-year to RMB 2,657.1 million. The increase was mainly attributable to the growth of WPS individual and WPS 365 businesses of Kingsoft Office. Revenue in the second quarter increased by14% year-on-year to RMB 1,355.7 million.

In the second quarter, the office software and services business continued its healthy development. For WPS AI, Kingsoft Office released WPS AI 3.0 and launched the native Office intelligent agent ‘WPS Lingxi’ — the core capability module of WPS AI 3.0. WPS AI 3.0 drove deep integration between AI and office software through bidirectional transformation, achieving native embedding of AI capabilities and deep involvement in office workflows. WPS Lingxi integrated multiple AI functions, marking the transition from tool-based AI applications to collaborative intelligent agents. We also implemented intelligent upgrades to WPS 365 components, and launched messaging, meeting, and email assistants to boost office efficiency.

For WPS individual business, Kingsoft Office expanded AI benefits and rolled out new AI products. In overseas markets, we initiated the development of the new WPS International Edition to gradually migrate domestic high-value features. For WPS 365 business, we continuously deepened penetration into industries and scenarios, actively promoted the implementation of AI projects, and engaged in co-creation with key clients to replicate and scale up typical solutions. For WPS software business, we actively participated in the bidding for domestic office software of central and local governments and enterprises. Our products maintained a leading share in both flow layout and fixed layout document software market.

Online Games and others
For the first half of 2025, revenue from online games and others business reached RMB 1,988.3 million, and revenue for the second quarter of 2025 was RMB 951.8 million. In the second quarter, the online games business continued to enrich the brand value of classic JX series and expand into new game genres.

During the second quarter, JX3 Online, the flagship IP, maintained engaged player base through consistent content updates and technical optimization. The Fate of Sword: Zero was launched, building upon the core gameplay of the classic JX series IP while introducing innovative explorations. The anime shooter game Snowbreak: Containment Zone sustained its long-term operation, keeping stable user base. The self-developed sci-fi mech game Mecha BREAK commenced its global public beta in July. On its launch day, it topped Steam’s lists for both “Most Played” and “Trending Games,” and earned high scores from several international authoritative gaming outlets like IGN.

Additionally, we actively strengthened our collaboration with high-quality overseas IPs, deepening the localized operational capabilities in domestic market. The social deduction game Goose Goose Duck obtained the license approval in June and was expected to launch in the second half of the year. The number of pre-registrations exceeded 5 million, demonstrating its popularity. Cats & Soup: Magic Recipe, the sequel to Cats & Soup, secured its license in May. For the latter half of the year, we will focus on refining the operations of our core titles and continuously optimizing the gaming experience based on players’ feedback.

Mr. Jun LEI concluded, “In the coming quarters, Kingsoft Office will continue to increase its R&D investments in AI and collaboration, and promote the implementation of its products and services across a wider range of office scenarios in various industries. The online games business will remain focused on premium games, continue to cultivate its IP franchise, steadily advance its global expansion and achieve long-term operations. We believe that these efforts will strengthen the Group’s core competitiveness and lay a solid foundation to achieve long-term high-quality growth.”

About Kingsoft Corporation Limited
Kingsoft (HKG: 3888) is a leading Chinese software and internet service company listed on the Hong Kong Stock Exchange. It has three main subsidiaries: Kingsoft Office, Seasun Holdings and Kingsoft Shiyou. With the implementation of the “transformation toward mobile internet” strategy, Kingsoft has completed a comprehensive transformation in its overall business and management model. The Company has established a strategic layout with office software and interactive entertainment as its pillars, and cloud services and artificial intelligence as its new starting points. Kingsoft has more than 8,000 employees worldwide and holds a significant market share domestically. For more details, please refer to http://www.kingsoft.com.

Kingsoft Investor Relations:
Li YinanTel: +86 10 6292 7777Email: ir@kingsoft.com
For further queries, please contact Hill and Knowlton:
Ovina ZhuTel: +852 2894 6315    Email: kingsofthk@hkstrategies.com

FWD Group marks 12th anniversary with 12 community grants

FWD Group Holdings Limited (FWD Group or FWD) today marked its 12th anniversary by announcing 12 charitable grants dedicated to supporting local communities across Asia.

Since its founding in 2013, FWD has grown from its beginnings in Hong Kong SAR, Macau SAR, and Thailand to now span 10 markets across Asia, including Cambodia, Indonesia, Japan, Malaysia, the Philippines, Singapore, Vietnam.

The 12 grants are focused on supporting non-government organisations (NGOs) with initiatives spanning financial literacy, social entrepreneurship, career readiness, and health and wellbeing in communities.

Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “Celebrating our 12th anniversary as a newly listed company makes this milestone especially meaningful. The life insurance business is a deeply personal one, with FWD now touching the lives of 30 million people and their families across Asia. With caring as one of our core values at FWD, giving back in tangible and impactful ways to the wider community is a big part of our vision of changing the way people feel about insurance.”

Earlier this year, FWD extended its regional partnership with JA (Junior Achievement) Worldwide – a youth-focused charity and Nobel Peace Prize 2025 nominee – to reach 40,000 more students across Asia by the end of 2027 with its award-winning financial literacy programme. In the next phase, the programme aims to integrate new tools to strengthen financial literacy, mental wellness, and resilience – while involving more teachers and families in the process.

The 12 NGO grants include:
– Cambodia: Partnering with Cambodia Children’s Fund to launch the “Let’s Save Debate,” a university-level initiative promoting financial literacy through debate and research.

– Hong Kong SAR: Expanding the JA SparktheDream programme with Junior Achievement Hong Kong and introducing the JA SparktheDream Wellness Workshop that blends financial education with social and emotional learning to engage primary school students.

Supporting WISE (Women In Sports Empowered Hong Kong Limited) with its programme to empower teenage girls through sports for mental wellbeing and self-confidence.

– Indonesia: Supporting InnovateHer Academy 3.0 with KUMPUL.ID to equip female entrepreneurs with business skills, mentorship, and investment readiness skills.

Launching a new financial education programme with Prestasi Junior Indonesia on the back of the best practices from the JA SparktheDream programme. The new programme will equip 30 school teachers with the skills and knowledge to deliver engaging and effective financial literacy lessons.

– Japan: Partnering with the National Welfare Beauty and Barber Training Association to provide medical wigs and support for cancer patients during Breast Cancer Awareness month.

– Malaysia: Launching the Bijak Ibu Jaga Anak & Kewangan (B.I.J.A.K.) programme with GivingHub to provide 200 low-income families with health and financial literacy educational workshops as well as 200 health screenings and consultations.

– Philippines: Collaborating with Junior Achievement Philippines on JA Forward Your Success to support graduating college students with financial literacy and career planning.

– Singapore: Supporting Club Rainbow (Singapore) in helping children with chronic illnesses and their families by joining Ride & Ralk for Rainbows 2025, along with a visit to Mandai Wildlife Reserve for children and youths with rare genetic and neurological disorders.

– Thailand: Sponsoring seven hospitality scholarships via Pimali Foundation for disadvantaged youth, helping them build sustainable careers.

Expanding the JA SparktheDream programme with Junior Achievement Thailand by training 30 teachers in financial literacy to deepen their financial management skills and better support students.

– Vietnam: Supporting Be A Finnovator with the Startup Vietnam Foundation on a training and debate competition for university students to build financial leadership, critical thinking, and responsible money habits.

About FWD Group
FWD Group is a pan-Asian life and health insurance business that serves approximately 30 million customers across 10 markets, including BRI Life in Indonesia. FWD’s customer-led and tech-enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance. FWD Group is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code 1828. For more information, please visit www.fwd.com

For media inquiries, please contact: groupcommunications@fwd.com