ASTI Holdings (ASTI or the Company) said today that any attempt to overhaul the composition of its current board of directors would potentially disrupt operations and financial performance after a recent turnaround, and be counter-productive to ongoing efforts to secure an exit offer to unlock value for shareholders.
The directors were responding to the 53-page 3 April 2023 Circular released by four shareholders – Mr. Ng Yew Nam (“Mr. Ng”), Mr. Lim Chee San, Mr. Toh Cheng Hai and Mr. Ng Kok Hian – who had requisitioned to replace the current board of SGX Mainboard-listed ASTI with new directors. The directors consider several statements in the circular to be “wrong or misleading or give an incomplete picture”.
While the requisitioners had highlighted “adverse developments… and the deteriorating value of the Company’s shares”, the directors said ASTI had declared an interim dividend of 0.45 Singapore cent for the financial year ended 31 December 2022 (“FY2022”) – its first from operating profits in a decade – after recording a profit after tax of S$3.0 million that reversed a pre-tax loss of S$8.1 million in FY2021.
The Board said the FY2022 turnaround led by Mr. Anthony Loh (the CFO who was given additional duties on 31 December 2021 as Acting CEO) was achieved after retrenchments at ASTI and its 40.9%-held subsidiary Dragon Group International Limited (“DGI”), ceasing loss-making units, downsizing corporate and administrative functions and relocating to a smaller office.
Notably, the Directors added, the cost-cutting included reducing the remuneration of the then CEO, Dato’ Michael Loh and the then Group Business Development Director Mr. James Soh (“Mr. Soh”) which reduced total employee remuneration by S$3.3 million per year. The latter is one of two candidates proposed by the requisitioners as incoming executive directors.
Mr. Soh was ASTI’s Vice President of Business Development from 2019 up to his retrenchment in 2021, a tenure which coincided with the Company’s recent loss-making years. He was concurrently the Vice President of Business Development at DGI. In FY2020, Mr. Soh was ASTI Group’s highest-earning employee (excluding the CEO and directors) with an annual remuneration range of S$500,000 to S$599,999. In FY2019, he was one of the top four earners in the Group, with annual remuneration of between S$250,000 to S$499,999, ASTI said.
Despite the FY2022 performance, ASTI could not meet the deadline of 5 June 2022 to exit the SGX-ST Watch-list as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI’s shares were suspended from 5 July 2022 pending the completion of an exit offer. ASTI is currently in discussions with Thailand-listed Capital Engineering Network Public Company Limited on a potential exit offer.
“The Company’s positive performance in FY2022 puts it in a stronger position to secure a fair and reasonable exit offer for shareholders as part of its directed delisting. This remains the Board’s immediate priority, and it is presently working hard to secure the same in order to maximise value to the Company’s shareholders,” ASTI said.
An overhaul of the management team and the removal of Acting CEO Mr. Anthony Loh “would potentially disrupt the Company’s operations and affect the Group’s financial performance moving forward. The Proposed Resolutions would also be counter-productive to the Board’s efforts to secure an exit offer in the near future” ASTI added.
ASTI also expressed concerns relating to the two persons that the requisitioners had proposed as incoming executive directors – Mr. Ng and Mr. Soh.
ASTI directors believe Mr. Ng has limited experience managing a listed company and “in navigating the company through the delisting and exit offer processes.” While the requisitioners’ circular had cited Mr. Ng as the current managing director of iTrue Technologies Pte. Ltd. and iTrue China Private Limited, a search of the ACRA business registry did not find any company registered under the latter name. ASTI urged shareholders to seek clarification as to whether there may be any other omissions, errors, or inconsistencies in the information provided by Mr. Ng in the Circular.
As to the other proposed executive director, Mr. Soh – a former Vice President of Business Development of the Company – who is now a business consultant to ASTI “had on several occasions declined the Board’s various invitations to familiarise himself with the Company’s business”. Also, he has no prior understanding of the Company’s tape and reel business operations in the Philippines, the Directors said.
The Directors also asked if the Proposed Directors including Mr. Soh and Mr. Ng had “a reasonable timeframe in which they aim to achieve a successful exit offer should they be appointed, whether they currently already have viable leads on an exit offer and whether they would be prepared to share these with the Company now that the Requisitioning Members have failed to call the Proposed EGM.”
The Board announced last week that the Extraordinary General Meeting originally proposed to be held on 5 May 2023 (“Proposed EGM”) was invalid and does not and cannot constitute a proper EGM as the requisitioners had failed to despatch relevant documents to shareholders on time.
The Board warned requisitioners “not to take any further step towards any purported ‘postponement’ of the Proposed EGM”, and that such actions “would be treated as deliberatively disruptive… as well as an attempt to sow confusion on the other shareholders.”
The Board also “exhorts the Requisitioning Shareholders as well as Mr. Soh to be “transparent and forthcoming”, and requested that Mr. Ng “should be transparent as to his possession or control of, or access to, one or more shareholding list(s) of the Company, or else he should issue an unequivocal denial. He should also explain the several sale and purchase agreements he entered into in February 2023… the price(s) he agreed to pay for the shares in question, and his motivations for so doing despite the fact that the trading of shares in the Company is suspended.”
Media & Investor Contact
Isaac Tang
WhatsApp (Text): +65 9748 0688
asti@wer1.net
Category: Finance
Aneka Jaringan Awarded RM30.28 Million Melaka Project
- Group to undertake bored piling works involving two serviced apartment blocks and one office block
Aneka Jaringan Holdings Berhad, a basement and foundation construction specialist, is pleased to announce that the Group has received a letter of award from Reliacon Sdn. Bhd. for bored piling works worth RM30.28 million related to a serviced apartment and office project located in Bandar Melaka.
The project involves bored piling works for one 41-storey block of serviced apartments, one 40-storey block of serviced apartments, one 15-storey office block, a seven-storey car park and one level of commercial space.
The project commences in May and is expected to take eight months to complete.
Managing Director of Aneka Jaringan, Pang Tse Fui said, “The Group is steadily getting jobs as we focus on our markets in Malaysia and Indonesia. This will replenish our order book and assist the Group in improving the topline and bottomline performance while contributing positively to the financial years ending 31 August 2023 (FYE2023) and 31 August 2024 (FYE2024).
“We will continue to seek projects from the government and private sectors of both Malaysia and Indonesia and are anticipating a strong pipeline of projects.”
Aneka Jaringan has an order book of RM137 million as of 30 November 2022, with Malaysian operations contributing RM124 million and Indonesian operations contributing RM13 million.
As of 31 March 2023, the Group’s tender book stood at RM1.19 billion, with tenders in Malaysia valued at RM1.12 billion and tenders in Indonesia valued at RM68 million.
Aneka Jaringan Holdings Berhad: 226 [BURSA: ANEKA], http://www.anekajaringan.com/
Amplifidor Closes Pre-Seed Funding Round to Disrupt the Influencer Industry
Amplifidor, the forthcoming web and mobile platform that aims to transform the influencer industry by bridging the gap between creators, brands, and fans, has successfully closed on its pre-seed funding. The funding round was led by multiple institutional and value-add angel investors who recognized the potential of the platform’s innovative approach to influencer marketing automation and network relations management.
The Amplifidor platform has been designed as a space for open collaboration between influencers and their communities, along with brands and their stockholders. The platform’s amplified discovery algorithms suggest collaboration candidates based on users’ interests and shared values, making it easier than ever to find new opportunities, and join ongoing campaigns, which are called “missions”.
Creators can manage their network, track their growth, and find new creators or brands to work with, while brands are able to search for the perfect creators or communities that fit their needs, track their influencer ROI, and manage their collaborations all in one place. Brands can also unleash their internal influence by discovering and engaging internal influencers and stakeholders, like employees, investors, advisors and others.
Mr. Adel Alsubeaei is also announced to be joining the board of directors, bringing extensive entrepreneurial & financial expertise, and ecosystem connections. Mr. Adel has more than 20 years of experience in the financial industry while serving on boards of directors at various institutions and other committees. Mr. Adel had this to say about the future of Amplifidor: “This investment will enable a truly industry-shaking platform to enter public beta, first in the MENA region and then throughout the world. Social marketing is very siloed at the moment – a platform that makes collaborative relationships more fluid is a very big deal.”
Chief Vision Officer and founder of Amplifidor, Faisal Alqahtani, a recognized thought-leader on social influence, and the mastermind behind many influencer marketing industry innovations and standards, such as “The Fair Market Pricing Initiative”, “The Social Influence Matrix” and the “Direct Influence Strategy Format”, has led strategy and execution with multiplied ROI and cost savings for over 500 high-profile startups, brands, and government programs (G20, Riyadh Season, Hungerstation, etc). Faisal recognized that the concept of “influencers” was becoming less and less accessible, while the influence of the average social networker continued to grow. This led to his co-founding of the company alongside co-founder Waleed Alqahtani to enable a more inclusive and collective economy of influence.
Speaking on the close of the funding round, Faisal commented, “Our vision is to be the enabler of more meaningful and purposeful human connection, communication and collaboration, with more collective creation of wealth and culture. The world needs less individualistic and reactive social influencers and content creators, and more proactive impact amplifiers and inclusive community ambassadors – thus the name Amplifidor. We are at a moment in history between the no-more and not-yet, transitioning to a whole new reality – and we’re well positioned to shape the future and the narrative of our industry and adjacent markets, leveraging the significant shift in social and business norms.”
Co-founder Waleed Alqahtani is also excited about what this round of funding will mean for Amplifidor, stating: “This round will enable us to build the platform, the services and the ecosystem that will empower each social media user to grow their influence and become part of something bigger, and each organization to achieve sustainable growth with the support of their extended networks, regardless of their size, budget and objectives.”
The founder also notes the impact that this round will have on continued team growth – stating, “We’ve got great leadership in place and a full plan to scale with a new round of partnerships and hiring starting today. We really want everyone to be part of the Amplifidor movement and ecosystem, with so many collaborations, partnerships and incubation programs to be announced soon, to co-shape and co-own the future of influence. We believe that everyone can positively influence and be influenced, given the empowering tools, opportunities and platform.”
A private alpha test of the platform is already well underway, and excited users won’t have to wait long to finally install Amplifidor on their iOS and Android devices – the web app and public beta are planned to launch early this summer. The company encourages anyone interested in staying updated on development progress and beta announcements to sign up at www.amplifidor.com
Media Kit: https://bit.ly/3lBxUPC
Contact Information
Chad Hagan
Marketing Manager
chad@amplifidor.com
609-970-8079
SOURCE: Amplifidor
Lufax Holding lists on the Hong Kong Stock Exchange: Improving Industry Demand and Focusing on Small and Micro Business (“SMBs”) Financing
Recently, Lufax Holding Limited (Lufax Holding or the Company, HKG: 6623. lists by way of introduction on the Hong Kong Stock Exchange, realizing dual primary listing on HKEX and the NYSE.
Lufax Holding now mainly provides small business owners (“SBOs”) and other highquality borrowers with tailored financing products. As of end of 2022, the total outstanding balance of enabled loans of the Company amounted to RMB576.5 billion (RMB, same as below), serving more than 6.6 million SBOs in China.
Cutting-edge technology helps solve industry pain points
SMBs are an important foundation for China’s economic and social development, contributing over 60% of China’s GDP and over 80% of its job creation. Traditional financial institutions encounter significant challenges in risk assessment of SMBs due to small scale and high turnover, making it difficult for SMBs to obtain the amount of financing required for their business development.
To address the financing pain points of SMBs, non-traditional financial service providers, represented by Lufax Holding, have fused their financial genes with advanced technology and leveraged their extensive traffic and data technology advantages to effectively solve the financing difficulties of SMBs. By combining data-driven algorithms, Lufax can comprehensively analyze customer risks and offer loan products with flexibility in structure, size and tenor for small and micro businesses based on different levels of user risk to meet the needs of SBOs. Meanwhile, Lufax continuously improved its algorithm model through continuous feedback from the monitoring data of post-origination, thereby optimizing the system and helping it better serve SME owners.
As of the end of 2020 and 2022, the outstanding balance of loans granted by Lufax to SBOs increased from RMB370.9 billion to RMB448.9 billion, with a compound annual growth rate of 10%. According to CIC, we ranked second among non-traditional financial service providers for SBOs in China in terms of total outstanding balance of inclusive SMB loans as of June 30, 2022, with a market share of 17.6%.
Bright industry prospects with U-shaped recovery potential
In October 2020, Lufax was listed on the New York Stock Exchange in the United States. Since its listing, the Company has always maintained compliant and prudent operation. In 2022, the Company achieved a total revenue of RMB58.1 billion and a net profit of RMB8.8 billion. At the same time, the Company focuses on creating value for its shareholders by starting to pay dividends in its second year of listing. The amount of dividends paid and to be paid in 2021 and 2022 represents approximately 29.4% and 40.0% of the net profit of the year, respectively.
Lufax Holding has a strong balance sheet position. As of December 31, 2022, the net assets of the Company increased to RMB94.8 billion from RMB83.2 billion as of December 31, 2020, of which cash at bank increased from RMB24.2 billion to RMB43.9 billion.
Recently, China’s economy has been on a clear upward trend, which has expanded room for growth for leading enterprises such as Lufax Holding. On the one hand, domestic fundamentals remain a strong recovery. According to financial data in March, new short-term corporate loans increased by RMB 1.08 trillion, an increase of over RMB 270 billion year-on-year, which objectively reflects that demand from SMEs also improved in March. On the other hand, Lufax Holding itself is actively adjusting its business to focus on higher quality customers and continues to push forward its cost control measures to improve operational efficiency. Listing filings indicate that as new loan vintages replace older ones, the Company’s financial performance is expected to achieve a U-shaped recovery, supported by a macroeconomic rebound and improved loan quality.
In the medium to long term, the credit market for SMBs still has great potential for growth. According to CIC, the total outstanding balance of inclusive SMB loans in China is expected to grow from RMB20.8 trillion as of the end of 2021 to RMB42.7 trillion by the end of 2026, representing a CAGR of 15.5%. The balance of such loans enabled by non-traditional financial service providers will grow at a CAGR of 17.7%, and the percentage of such loans will increase from 12.9% in 2021 to 14.1% in 2026.
The return of Lufax Holding to the Hong Kong stock market will help it realize its long-term growth strategy by synergizing with its business centred on China, and helping it to better capture the growth opportunities of the credit market in China’s micro and small enterprises. At the same time, a dual listing will also widen the investor base of the Company and increase the liquidity of the Shares. There is a possibility that company’s valuations will be reshaped in anticipation of a U-shaped recovery.
Aquilius Investment Partners Closes Its Maiden Secondaries Fund at over US$400 Million
- Aquilius Investment Partners is announcing the final close of its maiden AIP Secondary Fund I at over US$400 million of client commitments.
- The fund targets investments in secondaries transactions across the Asia Pacific, with the aim of building broadly diversified asset portfolios at attractive risk-return profiles.
- Founded by long-time Asia industry veterans Bastian Wolff and Christian Keiber, Aquilius seeks to capitalize on the fast growing and largely untapped Asian secondaries market.
Aquilius Investment Partners (Aquilius or the Firm), a Singapore based investment manager focused on secondaries in the Asia Pacific region, has announced the final closing of its maiden AIP Secondary Fund I, LP. (AIP SF I), at over US$400 million in client commitments. Alongside these commitments, the Firm has raised an additional US$200m of managed accounts available for co-investments from its investors. AIP SF I’s limited partners include global institutional investors such as sovereign wealth funds, endowments, and family offices.
Christian Keiber, Founding Partner, said: “We have seen strong institutional demand for our dedicated Asia secondaries strategy and are grateful for the trust that our clients have placed in us with the closing of our maiden fund. As investment managers, we seek to provide our clients with a differentiated, lower-risk access to Asia’s private markets and we are excited by the market opportunity, which continues to grow rapidly across both traditional LP secondaries and more complex GP-led secondaries transactions.”
Through AIP SF I, Aquilius is targeting investments in traditional and non-traditional secondaries transactions across the fast-growing and largely untapped Asia Pacific region. To date, the fund has made existing investments across a comprehensive set of secondary solutions ranging from the acquisition of limited partnership interests to recapitalization of closed-ended funds and joint ventures, and seeks to capitalize on the liquidity needs across Asia’s private markets landscape.
Bastian Wolff, Founding Partner, said: “We created Aquilius to provide custom-tailored liquidity solutions for both Limited and General Partners across their private market investments in the region. We are seeing an increasing need for our product, driven by a slow-down in overall exit activity, a significant tail of unrealized NAV across older fund vintages, and a changing regulatory environment. Our approach is focused on solving investors’ headaches through flexible, patient, and solutions-oriented capital and our deep local experience and network position us well to do so.”
ABOUT AQUILIUS INVESTMENT PARTNERS
Founded by Bastian Wolff and Christian Keiber, Aquilius is a specialized provider of secondaries solutions in the Asia Pacific region. Headquartered in Singapore, Aquilius’ platform is designed to serve the entirety of the Asian secondaries market, with capabilities spanning across LP fund transfers, GP-led transactions, and secondary direct transactions. Aquilius’ team consists of senior professionals with long tenures in investment management at leading global private markets organizations and have executed over US$2 billion of transactions through market cycles. www.aquilius.com
MEDIA CONTACT
PRecious Communications
Email: aquilius@preciouscomms.com
Tel: +65 6303 0567
Synergy House Berhad Obtains Approval for ACE Market Listing, Engages Kenanga IB as Underwriter
- Synergy House Berhad’s IPO will comprise an IPO of 130.0 million shares comprising a public issue of 80.0 million new shares and offer for sale of 50.0 million existing shares
- Kenanga IB will manage the underwriting of 37.5 million shares comprising 25.0 million new shares allocated for the public and 12.5 million existing shares allocated for eligible persons
SYNERGY HOUSE BERHAD, a cross-border e-commerce seller and furniture exporter of ready-to-assemble (RTA) home furniture, has entered into an underwriting agreement with Kenanga Investment Bank Berhad (Kenanga IB) for the Group’s upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad.
Prior to entering into the agreement, the Group had earlier obtained the approval from Bursa Securities for admission to the Official List as well as the listing of its shares on the ACE Market of Bursa Securities.
In conjunction with its listing, Synergy’s IPO exercise will comprise a total of 130.0 million shares including a public issue of 80.0 million new shares representing 16.0% of the enlarged issued share capital. The IPO shares from the public issue will be allocated in the following manner:
1. 25.0 million shares representing 5.0% of the enlarged issued share capital to be allocated via balloting to the Malaysian public;
2. 12.5 million shares representing 2.5% of the enlarged issued share capital to be allocated to eligible directors, employees and persons who have contributed to the Group (“Eligible Persons”);
3. 30.0 million shares representing 6.0% of the enlarged issued shares to be allocated to selected investors by way of private placement; and
4. 12.5 million shares representing 2.5% of the enlarged issued shares capital to be allocated to Bumiputera investors approved by the Ministry of International Trade and Industry (“MITI”).
The IPO exercise also includes an offer for sale of 50.0 million existing shares representing 10.0% of the enlarged issued share capital which will be made available by way of private placement to Bumiputera investors approved by the MITI.
Under the underwriting agreement, Kenanga IB will underwrite the 25.0 million new shares made available to the Malaysian public and the 12.5 million existing shares made available to Eligible Persons.
Executive Director of Synergy House, Mr. Tan Eu Tah said, “The signing of the underwriting agreement marks an important milestone for us as it brings us one step closer towards being a listed company. We would like to extend our gratitude to Bursa Securities for granting the approval for our listing. We are also pleased to have Kenanga IB on board as our Principal Adviser, Sponsor, Underwriter and Placement Agent. Our IPO will provide us the capital to grow our business which business model we have adopted since 2004. Since 2004, we have focused solely on the design, development and sales of RTA home furniture and outsource all manufacturing works to third party manufacturers.”
Executive Director of Synergy House, Mr. Teh Yee Luen said, “The funds raised via the IPO will enable us to continue to grow our business-to-consumer (“B2C”) segment which we started in 2012. Our sales from our B2C segment have increased from RM1.99 million in the financial year ended (“FYE”) 31 December 2019 to RM24.78 million in FYE 31 December 2021 at a compound annual growth rate of 252.88%. In tandem with our strategy to continue growing our B2C segment, part of our IPO proceeds will be used to purchase inventories for our B2C segment as well as for the implementation of e-commerce advertising and promotion strategies.
Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga IB, Datuk Roslan Hj Tik said, “We would like to thank Synergy House for having us onboard for the Group’s IPO exercise. The Group’s decision to focus solely on design, development and sales of RTA home furniture has been pivotal for its growth. We believe that the Group will be able to continue to leverage its design and development capabilities to further expand its business through the listing. Our best wishes to the Group on this new journey and we look forward to supporting Synergy House in its future endeavours.”
Synergy House Bhd: https://www.synergyhouseberhad.com/
Cutting-edge technologies at Hong Kong tech fairs attract over 66,000 buyers worldwide
- Inaugural InnoEX promoting city’s strengths in innovation and tech
Hong Kong showcased its strengths in innovation and technology (I&T) at a series of innovation and tech fairs, including the first-ever InnoEX co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), held concurrently with the Hong Kong Electronics Fair (Spring Edition) and Hong Kong International Lighting Fair (Spring Edition).
The three tech fairs attracted over 66,000 buyers from some 160 countries and regions, including Mainland China, the Association of Southeast Asian Nations (ASEAN), Korea, Taiwan, USA, Japan, India and Russia. The overwhelming response and lively exchange of ideas at the events highlighted Hong Kong’s rapid development into an international I&T hub, which connects the world with Mainland China and ASEAN.
The three exhibitions took place in hybrid format, offering access in-person and online via the HKTDC’s EXHIBITION+ platform, which enables exhibitors and buyers from around the world to continue conducting business online until 22 April. With the Click2Match smart business matching platform, the fairs have facilitated over 3,000 business meetings so far.
Sophia Chong, HKTDC Deputy Executive Director, said, “It is encouraging to see that the three tech fairs brought together nearly 3,000 exhibitors from 20 countries and regions to present a wide range of innovative solutions, cutting-edge technologies and electronic products, to create business opportunities across regions and industries and to explore the unlimited potential of innovation and technology cooperation.”
“Many exhibitors were pleased to receive orders on the spot and secure business partnerships. We are pleased to see the three tech fairs playing a major role in the innotech ecosystem of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which attracts the participation of ASEAN and Asia markets, and those further afield in Europe and the Americas. The success of these events reflects Hong Kong’s determination to develop at full speed into an international centre for innovation and technology and reaffirms the status of the city as an international trade and exhibition centre,” she added.
InnoEX and the Hong Kong Electronics Fair were flagship events of the inaugural Business of Innovation & Technology Week (BITWeek), which also included the Digital Economy Summit, co-organised by the HKSAR Government and Cyberport. Together, the three BITWeek events recorded a total attendance of over 50,000 local and overseas visitors.
The three tech fairs of the HKTDC featured more than 100 innovative solutions to drive smart city development in Hong Kong presented by the Smart Hong Kong Pavilion, artificial intelligence (AI) and robotics projects undertaken by 14 research laboratories in collaboration with world-renowned universities introduced by the InnoHK initiative under the Innovation and Technology Commission, the latest electronics and smart lighting solutions as well as a series of forums, panel discussions and seminars featuring distinguished experts to share their insights on the latest technological trends.
AI, smart city and metaverse dominating the conversation
More than 50 events were held during the fairs, including the InnoEX Forum, Under 30 – Tech Trends Symposium for the Next Generation, Asian Lighting Forum, and the “France in the Game – Sustainable Development for the Cities of Tomorrow” organised by So French So Innovative pavilion, and the “Collaborate & Build Data Ecology between Twin Cities” event organised by the Office of the Government Chief Information Officer (OGCIO) and Shanghai Municipal Commission of Economy and Informatization. Robust discussions on trending topics, such as AI, smart city and metaverse attracted a large number of industry participants.
Over 80% of I&T industry expects sales to grow in the next one to two years
The majority of the over 1,000 exhibitors and buyers, responding to independent surveys commissioned by the HKTDC at the fairs, held optimistic views on their upcoming business development and sales. They agreed that Hong Kong offers the advantage of connecting the world with the GBA and ASEAN.
According to the survey, 75% of respondents at InnoEX believe that overall sales will increase in the next six months to a year. A total of 86% of respondents expect their overall sales to increase in the next one to two years.
Respondents believe that the biggest advantage of Hong Kong’s innovation sector lies in the city’s highly skilled and multicultural talent pool (26%), creative technology solutions (25%) and its unique role as an intermediary between Mainland China and the world (21%).
In addition, with the support of policies, many companies are committed to expanding into ASEAN markets. 38% of local exhibitor respondents are trying or planning to expand into the ASEAN countries, while 31% of respondents plan to expand into the GBA and 89% of them were optimistic about opening up their businesses in the GBA market. 21% of respondents plan to expand into other non-GBA Chinese cities.
Furthermore, around 50% and some 30% of local exhibitor respondents, respectively, believe that policy support from the Hong Kong and mainland governments and/or assistance from other organisations in both places, the willingness to cooperate by mainland and international corporations as well as leveraging the complementary advantages of Hong Kong and other GBA cities are favourable for Hong Kong innovation companies to explore the GBA mainland cities market.
Among the respondents of the Hong Kong Electronics Fair (Spring Edition) and Hong Kong Lighting Fair (Spring Edition), 58% of the respondents believed that overall sales would increase in the next six months to one year. A total of 72% of respondents expect their overall sales to increase in the next one to two years. In terms of product trends, respondents at the Hong Kong Electronics Fair (Spring Edition) identified household appliances (21%), audio-visual products (21%) and electronic or electrical accessories (20%) as having the greatest growth potential in key sales markets this year.
As for the Hong Kong Lighting Fair, more than 51% of the respondents believe that LED type of lighting products have the greatest growth potential among the major sales markets, followed by commercial lighting (33%), outdoor & public lighting (27%) and residential lighting (20%).
Smart products demand drives engaging business negotiations at tech fairs
Shanghai Yuweia Technology Co., Ltd. promoted its virtual reality products at InnoEX. Mr Ryan Zhu, Chief Marketing Officer of the company, stated: “This fair was a huge success! Buyers from both domestic markets and abroad highly praised our products. In addition to meeting hundreds of potential clients, we received orders from Japan, Canada, the United States, Indonesia, Singapore and other places. We intend to take part in the fair again next year and bring our latest products to consumers worldwide.”
During the fairs, government officials from ASEAN countries, Mainland China and Hong Kong met with exhibitors from various countries and regions at the ASEAN Smart City Development Roundtable to exchange ideas. Mr Lim Chinn Hwa, Senior Director of GovTech of Singapore, said, “Hong Kong and Singapore can potentially collaborate on investing in technologies relevant to smart cities. Together, we can also work on aspects, like handling the different data collected, dealing with the differences in the two places’ governance approach, identifying talents who can serve the needs of both places and facilitating knowledge exchange. Sharing ideas and policies in these areas is highly beneficial.”
Hong Kong exhibitor Doss (H.K.) Limited promoted its Bluetooth speakers at the Hong Kong Electronics Fair (Spring Edition). According to Ms Vivian Liang, Sales Manager of the company, “We aim to explore new markets and strengthen relationships with existing customers through the fair. Face-to-face interactions with customers during the fair helped us foster long-lasting relationships and generate more orders. This fair produced positive outcomes. We met with about 50 new buyers, mostly from Europe and the United States. We anticipate receiving orders totalling US$100,000.”
Robust global purchasing power through Hong Kong
The resumption of customs clearance between the mainland, Hong Kong and the world attracted buyers from all over the world to the fairs, with robust sales activity generated on-site and online . Mr Arvine Quizon, Head of Technology of Leading Edge based in Australia travelled to Hong Kong and sourced at the Electronics Fair. He highly appreciated the fair, saying “It’s a great place for horizon scanning, finding new trends and the focus for the industry. I’ve always loved the fair in Hong Kong. It’s the best in the world for sourcing new products. It’s great to be back since the pandemic and I’ll certainly be back more often.”
Exhibitor Ms Vivian Wu, General Manager of Zhongshan Obals Lighting & Electric Co., Ltd from Mainland China obtained a huge order at the fair. She said, “We are thrilled to have received an onsite order worth US$3 million for our LED commercial lighting products from a long-term customer from Australia on the first day of the fair. Buyer traffic has been heavy at the fair. We have established more than 300 new contacts with quality buyers from new markets, such as Africa, Asia and the Middle East. And about 30 new buyers came from large companies, which have their own brands.”
Websites
– InnoEX: https://www.hktdc.com/event/innoex/en
– Hong Kong Electronics Fair (Spring Edition): https://www.hktdc.com/event/hkelectronicsfairse/en
– Hong Kong International Lighting Fair (Spring Edition): https://www.hktdc.com/event/hklightingfairse/en
– The HKTDC’s Media Room: http://mediaroom.hktdc.com/en
– Photo download link: https://bit.ly/3UBGlaG
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.
Media enquiries
For more information, please contact Raconteur:
Molisa Lau, Tel: +852 6187 7786, Email: molisalau@raconteur.hk
Betsy Tse, Tel: +852 9742 7338, Email: betsytse@raconteur.hk
The HKTDC’s Communications and Public Affairs Department:
Eric Wong, Tel: +852 2584 4575, Email: eric.ks.wong@hktdc.org
Clementine Cheung, Tel: +852 2584 4514, Email: clementine.hm.cheung@hktdc.org
Dr Peter K N Lam reappointed as HKTDC Chairman
- Continued commitment to create business opportunities for Hong Kong
The Hong Kong Special Administrative Region (HKSAR) Government announced today that Dr Peter K N Lam has been reappointed as Chairman of the Hong Kong Trade Development Council (HKTDC) for two years with effect from 1 June 2023.
Dr Lam said: “I am honoured to be reappointed as Chairman of the HKTDC. In the past four years, the global economy has faced unprecedented challenges. While preparing for the resumption of business in Hong Kong, the HKTDC has also been working hard to help companies, especially SMEs, continue connecting with partners around the world through our online-offline hybrid platforms. With the recent re-opening of Hong Kong, we immediately rolled out several major international conferences and exhibitions and outreach activities, including a delegation to the Middle East led by HKSAR Chief Executive Mr John Lee in February this year. We are pleased to see from the international business community not only their continued enthusiasm for Hong Kong, but also their interest in opportunities such as the Guangdong-Hong Kong-Macao Greater Bay Area and Asia in general.”
Dr Lam further added, “The HKTDC team and I will continue to leverage Hong Kong’s position as the international gateway of Mainland China to support national policies such as the Belt and Road Initiative and the Greater Bay Area. Through our 50 offices around the world, we will strengthen our overseas promotion activities to promote the Hong Kong city brand, and we will also continue to attract businesses and talent to Hong Kong through our anchor fairs and conferences and digital information platforms. I am optimistic about the future, and will lead the HKTDC team to continue creating opportunities for the business community in Hong Kong and around the world.”
The HKTDC’s Media Room: http://mediaroom.hktdc.com/en
Photo download: https://bit.ly/3zURmdw
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.
Media enquiries
HKTDC’s Communications and Public Affairs Department:
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Trintech Announces Appointment of Darren Heffernan as New CEO
- Teresa Mackintosh to become Executive Chair of Board of Directors
Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced that Darren Heffernan, President & Chief Operating Officer, will become the company’s next Chief Executive Officer, effective May 1, 2023. Heffernan will succeed Teresa Mackintosh, who will transition to Executive Chair of the Trintech Board of Directors, after a successful seven-year tenure leading the company.
Heffernan, who has been with Trintech since 2001, has held a number of strategic and corporate development roles throughout his tenure at the company. He has been instrumental in driving significant growth in his capacity as CFO and President & COO, as well as through his involvement in the company’s international business expansion. Heffernan’s diverse experience and deep industry knowledge will inform his stewardship of Trintech’s continued focus on the company’s operational excellence and commitment to client service, partnership and growth.
Prior to Trintech, Heffernan held various finance and operational positions, driving innovation with companies like GE, Paramount / Universal Studios, IAWS and Anglo American.
As Executive Chair, Mackintosh will continue to work closely with Heffernan and Trintech’s leadership team to ensure a smooth and successful transition. She is steadfast in her commitment to advancing Trintech’s position as a leading global SaaS provider for the Office of Finance.
“I am incredibly proud of all that we have accomplished over the past seven years,” said Mackintosh. “The team’s unwavering commitment to serving our customers and supporting our partners has been astounding. I am excited to now welcome Darren as Trintech’s next CEO. Darren has been critical in driving Trintech’s growth for over twenty years, and his passion for innovation and deep understanding of our company culture is unmatched. Darren’s focus on operational excellence will help us to meet and exceed the evolving needs of our expanding client base while also driving Trintech’s growth trajectory. I look forward to our continued partnership in my new role as Executive Chair.”
“On behalf of the Board of Directors, I want to extend my sincerest gratitude to Teresa for her exemplary leadership throughout these past seven years,” said Pete Rottier, Managing Director of Summit Partners. “Under her leadership, Trintech tripled its revenue, solidifying its position as a leader and trusted partner in the global SaaS market for the Office of Finance. The Board is looking forward to Trintech’s continued growth under Darren’s leadership. With his strong strategic, financial, and operational background, and clear dedication to the company’s business and customers, we believe Darren is the ideal person to lead Trintech forward in the years to come.”
“It is a tremendous honor to serve as Trintech’s next CEO,” said Heffernan. “Teresa has been an incredible leader and colleague, and I am privileged to have worked alongside her for the past several years. I want to thank both Teresa and the entire Board for their support and confidence. I look forward to continuing our commitment to deliver better solutions and innovative services for our clients, collaborating with our global partners, expanding our business with exciting new opportunities for growth and building the company with the help of our tremendous employees.”
About Trintech
Trintech, a leading global provider of cloud-based, integrated reconciliation and financial close solutions for Finance & Accounting departments. From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, close management tasks, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including its Cadency(R) Platform (for large enterprises) and Adra(R) Suite (for mid-market organizations), help manage all aspects of the reconciliation and financial close processes. Trintech’s excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently “Easiest to Do Business With” and “Fastest Implementation” in G2’s Fall 2022 Report. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on Trintech’s solutions to enable their F&A operation to become a strategic partner to the business by controlling risk, driving efficiencies, and providing strategic insights.
Headquartered in Plano, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordics, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook, Twitter and Instagram.
Media Contact:
Kelli Shoevlin
Director, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com
SOURCE: Trintech
Axiata Foundation Launches Back To School Programme and All-Star Bestari Scholarship to Promote Equitable Education
Axiata Foundation, the philanthropic arm of Axiata Group Berhad, has launched two programmes under its Axiata Equity-In-Education Fund (AEiEF) earlier today. In line with its mission to provide education support and financial assistance to top-performing students from low-income backgrounds, Axiata Foundation’s Back To School (BTS) 2023 Programme was unveiled in partnership with Majlis Amanah Rakyat (MARA) and Sekolah Berasrama Penuh (SBP) as a means of widening the programme’s reach nationwide. In addition, Axiata Foundation announced the launch of its All-Star Bestari Scholarship Programme (ASBS) for high-potential students from underprivileged families (B40) who wish to pursue their pre-university and undergraduate studies in local public institutions.
AXIATA FOUNDATION’S BACK TO SCHOOL PROGRAMME
Axiata Foundation debuted its Back To School Programme in 2022, consisting of two phases. In phase one, Axiata Foundation spent RM250,000 to provide school supplies and cash assistance to 700 top- performing students from low-income families across 48 Maktab Rendah Sains MARA (MRSM) schools nationwide. In phase two, Axiata Foundation invited these select students to join its School Leadership Development Programme, valued at RM160,000, in an effort to create greater value and longer-lasting impact for them.
This year, Axiata Foundation is more than doubling its pledge for the BTS 2023 Programme. In phase one, Axiata Foundation will distribute a total of RM490,000 to 700 MRSM students and 700 SBP students across the nation in the form of providing essential school supplies worth RM250 and cash assistance worth RM100 per beneficiary. Meanwhile, in phase two, the identified students will be invited to participate in Axiata Foundation’s School Leadership Development Programme (SLDP) and the Axiata Digital Leaders Programme (ADLP) later this year.
Both programmes, valued together at RM520,000, aim to equip the students with essential leadership skills and digital capabilities in order to develop them into effective leaders of the future and empower them as agents of positive change. Therefore, in 2023, Axiata Foundation’s commitment to provide quality education in an inclusive and equitable manner has amounted to above RM1 million.
AXIATA FOUNDATION’S ALL-STAR BESTARI SCHOLARSHIP PROGRAMME
Axiata Foundation’s long-standing dedication to nurturing young scholars has seen a renewed, and expanded, commitment. Since 2011, the Foundation has provided scholarships to top-performing secondary students in partnership with Kolej Yayasan Saad (KYS). The Foundation’s support throughout these years will now be extended to pre-university and undergraduates with the launch of Axiata Foundation’s All-Star Bestari Scholarship Programme.
This scholarship programme provides financial aid to high potential students from B40 communities to empower them in their pursuit and completion of their pre-university and undergraduate studies at local public institutions in Malaysia. ASBS will also provide these beneficiaries with structured interventions to nurture their personal and professional development in the spirit of the programme’s motto “Scholarship Beyond Academics”.
This year’s instalment sees Axiata Foundation providing scholarships to 20 pre-university and 20 undergraduate beneficiaries. There will also be a reserve quota for specific marginalised groups such as Orang Asli and Persons with Disabilities (OKU), in line with the mission to provide inclusive and equitable education. Applications can be made through the Axiata Foundation website which will be open to the public on 10th May 2023.
FUTURE-PROOFING MALAYSIA THROUGH SOCIAL EMPOWERMENT
In equipping future generations of Malaysians, the Foundation fulfils its ethos to move successive generations of Malaysians up the social ladder. Responding to the recent call of the Government to provide more initiatives and education opportunities through Technical and Vocational Education Training (TVET), Axiata Foundation aims to broaden its scholarship programme in the near future by paving the way for scholars pursuing education in TVET. The Foundation will also provide increased opportunities for Professional Certificates in technology and digital-core subjects such as Data Analytics, Software Development, Artificial Intelligence (AI) and others to develop future-ready digital leaders.
Axiata Foundation’s CEO, Mohamad Kamal Bin Nawawi said “Axiata Foundation intends to benefit more students this year through Back To School, All-Star Bestari Scholarship Programme and to increase the allocation for both programmes for the benefit of less fortunate students. At Axiata Foundation, we are grateful for the opportunity to collaborate with Ministry of Education, Majlis Amanah Rakyat, and the management of SBP and in providing assistance to these students in continuing their education.”
“Through the Education pillar, Axiata Foundation also aims to nurture young generations with critical thinking skills to develop them into future digital leaders.”
“Axiata Foundation is determined to continue playing an important role in the development of future corporate leaders and digital leaders of the country.”
In addition to the Ministry of Education, MARA, MRSM and BPSPB representatives, 100 beneficiaries from MRSM and SBP were present during the launch event and received a mock cheque for their schools and a token of appreciation from Axiata Foundation.
“Thank you, Axiata Foundation, for the school supplies and for the valuable skills that I have gained from the leadership programme. Thank you for everything and I really hope that I can apply my learnings from the programme throughout my life journey,” shared one of the SBP beneficiaries of Back To School 2023.
Axiata Foundation: www.axiata-foundation.com