Category: Finance

CPIC Announces 2019 Annual Results

Gave priority to business quality; Delivered solid business results; Sustained increase in overall strength

China Pacific Insurance (Group) Co., Ltd. (the “CPIC” or the “Group”; Stock code: 2601.HK, 601601.SH) is pleased to announce the annual results of the Group for 2019.

The year 2019 was special in many ways. It marked the 70th anniversary of the founding of the People’s Republic of China, represented a critical period in China’s effort to build itself into an all-around moderately prosperous society, and marked the 3rd fiscal year of the 8th Board of Directors of CPIC. In the past 3 years, the board demonstrated the resolve to pursue transformation, the readiness to embrace changes and the focus on delivery. Under its leadership, and with the hard work of all our employees, CPIC embarked on a new journey of development.

Focused on transformation and have never slackened in our steps.
In the past 3 years, we adhered to high-quality development, vigorously pursued transformation and delivered steady growth of business results. We were listed on the Fortune Global 500 for the 9th consecutive year, ranking 199th. CPIC Life and CPIC P/C won the top AA rating for the 3rd successive year in the regulatory evaluation of customer service.

– Group gross written premiums (GWPs) increased from RMB234.018 billion in 2016 to RMB347.517 billion.
– Group net profits1 amounted to RMB27.741 billion, a sharp increase of 54.0% from 2018 and doubling the level 3 years ago.
– Group total assets grew by 14.4% on an annual compound basis in the past 3 years, amounting to RMB1,528.333 billion.
– Group embedded value reached RMB395.987 billion, with embedded value per share rising from RMB27.14 three years ago to RMB43.70 in 2019.
– Group comprehensive solvency margin ratio stood at 295%, maintaining a strong capital position.
– Number of Group customers climbed to 139 million, adding over 10 million annually for the 4th year on end.

Pressed ahead with change and have never felt complacent.
The new model of “products + services” achieved breakthroughs. We pushed forward the model to help drive the development of individual customer business of CPIC Life. “CPIC Home”, the high-end retirement communities, was gaining traction, with locations in Chengdu, Dali, Hangzhou, Shanghai, Nanjing and Xiamen, evenly distributed across the country. “CPIC Blue Passport”, a program at the core of our health management service system, gradually expanded into health counselling, green channel for critical illnesses, on-line diagnosis and high-end medical service.

Property and casualty business2 delivered high-quality development. While improving the combined ratio in the last 3 years, the business segment achieved a top-line growth higher than the industry, with GWPs increasing to RMB134.650 billion in 2019 from less than RMB100 billion 3 years ago. Automobile insurance enhanced customer retention, and renewed business has become the key growth driver. Emerging business lines such as agricultural insurance, guarantee insurance and liability insurance maintained rapid development, with the share of non-auto business increasing considerably to 30.7%.

Asset management stayed focused on serving the insurance business. We persisted in prudent, value and long-term investing. Based on profiles of liabilities, we continuously optimized asset allocation, seized market opportunities and reported solid investment performance. In 2019, the growth rate of Group investments’ net asset value reached 7.3%, up 2.2pt. Group assets under management (AuM) continued to grow, with faster growth of third-party AuM, pointing to increased market competitiveness.

Digital empowerment improved responsiveness. The cloud-based core business systems considerably enhanced insurance policy issuance capacity, supporting response to up to hundreds of millions of customers. The data center in Luojing, Shanghai went into operation, marking the establishment of a technological support system underpinned by “3 centers in 2 locations”. The “CPIC App”, the integrated customer interface, achieved initial success in smart operation, supporting personalized recommendation of services, products and programs, binding over 30 million users. The “Jiayuan” individual customer account cumulatively responded real-time to over 100 million inquiries.

The concept of “Collaborative Development” resonated throughout the organization. Better governance framework and work mechanisms greatly enhanced our capability in collaboration. The share of automobile premiums from cross-sell by life insurance agents reached double digits for the first time; health premiums from cross-sell by life insurance agents grew by 105.5%, much higher than expected; we have signed agreements with 77 strategic clients, while entering into strategic partnerships with 63.8% of China’s provinces, municipalities and autonomous regions, capable of providing one-stop integrated services; Changjiang Pension, with the support of CPIC Life and CPIC P/C, successfully qualified as manager of occupational annuity of all the 30 provinces/municipalities which started the bidding.

Served the needs of national strategies and China’s real economy. We signed a strategic cooperation agreement with the Ministry of Industry and Information Technology to serve the high-end manufacturing industry, provided a total of over RMB500 billion in sum assured of comprehensive insurance coverage for the 2nd CIIE, supported the national initiatives of “Integration of the Yangtze River Delta Region” and “New Area of Shanghai Free Trade Zone”, and participated in the private placement of Shanghai Lingang. Our employees donated over RMB20 million for the afforestation effort in Sanjiangyuan, the origin of China’s main rivers. In the face of the coronavirus outbreak, we developed customized insurance solutions to help with resumption of business of medical supply manufacturers and pharmaceutical companies.

Deepened long-term mechanism for targeted poverty reduction. In 2019, our poverty reduction programs covered around 5.133 million impoverished people on the dossier and provided RMB2.32 trillion in sum assured to the poverty-stricken areas. We dispatched 255 staff members to 180 designated villages in 27 provinces of China to help with poverty reduction. CPIC P/C’s innovative “Fang Pin Bao” anti-poverty program provided a total of RMB2.77 trillion in protection to vulnerable people in 160 counties of 16 provinces, and won the Award in Organizational Innovations of the 2019 National Poverty Alleviation Awards, the top prize of its kind. We were also the only insurance company winning the award.

Continue to explore and plan for the future.
In 2020, Transformation 2.0 will enter an all-around overdrive before its accomplishment. CPIC, under the leadership of the Board of Directors, will unswervingly follow the path of high-quality development. On the one hand, we will adhere to the basics, i.e., fulfilling annual business objectives and stabilizing the fundamentals; on the other hand, we will continue with reform, namely, seeking new progress of transformation in key areas.

We will advance the upgrade of the agency force to re-balance our value growth drivers, persist in bench-marking against industry’s best to improve underwriting profitability, optimize asset allocation to strengthen investment capabilities in the face of lower long-term interest rates, increase digital empowerment to effectively support the company’s high-quality development, and deepen collaborative development based on our huge customer base to promote value creation.

We are now half-way through Transformation 2.0. We will not waver in our determination, or relent in our effort. We will work even harder towards the vision of “industry leadership for healthy and steady development”, and the objective of being the “best in customer experience, business quality and risk control capabilities”.

Appendix 1: Key performance indicators of the core businesses

Life insurance business maintained a stable NBV margin, with steady growth of residual margin.
– CPIC Life realized RMB24.597 billion in NBV, down by 9.3%, due to the impact of new business sales decline. The NBV margin stood at 43.3%, down by 0.4pt from 2018.
– The residual margin of life insurance amounted to RMB329.559 billion, a growth of 15.5% from the end of 2018. Life insurance OPAT reached RMB22.176 billion, a growth of 14.7%.
– CPIC Life reported renewed premium growth of 11.5%, driving a GWP growth of 5.0% for 2019, reaching RMB212.514 billion.

Property and casualty business2 maintained a stable combined ratio, with rapid top-line growth.
– Property and casualty business intensified control of expenses, and recorded a combined ratio of 98.4%, the same as that for 2018. Of this, loss ratio stood at 60.4%, up 4.1pt, and expense ratio 38.0%, down by 4.1pt.
– GWPs amounted to RMB134.650 billion, an increase of 12.9%. Of this, non-auto business grew by 32.6% and accounted for 30.7% of total property and casualty GWPs, up 4.5pt.
– Automobile insurance saw improved customer loyalty and in turn a shift of growth drivers. Emerging business lines such as agricultural and guarantee insurance maintained rapid development. Of this, agricultural business realized RMB6.778 billion in direct business premiums3, with a fast increase in market share.

Persisted in asset allocation based on profiles of liabilities, with solid investment results.
– The share of fixed income investments stood at 80.4%, down by 2.7pt from the end of 2018; that of equity investments 15.7%, up 3.2pt, and of this, core equity investments4 accounted for 8.3% of total investment assets, up 2.7pt.
– Group growth rate of investments’ net asset value reached 7.3%, up 2.2pt. Total investment yield was 5.4%, an increase of 0.8pt from 2018, with net investment yield of 4.9%, staying stable.
– Group AuM5 amounted to RMB2,043.078 billion, an increase of 22.7% from the end of 2018. Of this, third-party AuM5 amounted to RMB623.815 billion, an increase of 44.3%.

Notes:
1. Attributable to equity holders of the parent.
2. Including CPIC P/C, Anxin Agricultural and CPIC HK.
3. Based on direct business premiums, excluding premium income ceded-in, with consolidation of CPIC P/C and Anxin Agricultural.
4. Equity securities and equity funds included.
5. Numbers as of the end of last year were restated.

Appendix 2: Honors and awards
– CPIC Group was listed on Fortune Global 500 for the 9th consecutive year, ranking 199th, up 21 places from 2018.
– CPIC Group ranked 6th among the World’s 100 Most Valuable Insurance Brands in 2019 released by Brand Finance, with its brand value exceeding USD10 billion for the first time.
– CPIC P/C and CPIC Life both won the top A rating for the 4th consecutive year in the regulatory evaluation of business operation of insurance companies, and the top AA rating for the 3rd consecutive year in the regulatory evaluation of customer services.
– CPIC P/C’s “Fang Pin Bao” anti-poverty program won the Award in Organizational Innovation of the National Poverty Alleviation Awards by the Poverty Reduction Stewardship Panel of the State Council.
– The Pacific Elderly Care Investment Management Co. Ltd., a subsidiary of CPIC Life, received the 2019 Award in Model Innovation of Integration of Healthcare and Retirement Services for Insurance Companies at the 14th Innovation Award Gala of China’s Insurance Industry for its “CPIC Home” retirement communities.
– CPIC AMC won the 2019 Ark Awards in Categories of Insurance Asset Management Companies and Investment Teams at the 2019 China’s Insurance Asset Management Annual & 2019 Ark Awards Competition of China’s Insurance Companies hosted by the Securities Daily.
– CPIC Allianz Health was awarded the 2019 Customer Satisfaction Brand for March 15th the Consumer Rights Protection Day by China’s Foundation of Consumer Rights Protection.
– Changjiang Pension was honoured the Asian Pension Company of the Year 2019 at the 21st Century Ranking for Competitiveness of Asian Financial Firms.

About Company
China Pacific Insurance (Group) Co. Ltd. (referred to as CPIC hereafter) was an insurance group company formed on the basis of China Pacific Insurance Company Limited which was incorporated on May 13, 1991. Headquartered in Shanghai, it is a leading comprehensive insurance group in China listed in both Shanghai and Hong Kong, on 25 December 2007 and 23 December 2009 respectively, with a total share capital of 9.062 billion shares. CPIC is a leading comprehensive insurance group, the Company provides a broad range of risk solutions, financial planning and asset management services to over 100 million customers via its nationwide network of distribution and diversified services platforms.

VCREDIT Revenue in 2019 Increased by 41.2% Amidst Downturn, Successfully Transformed into a Pure Online Customer Finance Platform

VCREDIT Holdings Limited (“VCREDIT” or the “Group”; stock code: 2003.HK), a leading independent online consumer finance provider in China, is pleased to announce its audited consolidated annual results for the 12 months ended 31 December 2019 (“the Year”).

During the Year, the Group’s total income increased by 41.2% to RMB3,864.4 million, underpinned by the Group’s strategy to shift completely to a pure online consumer finance platform while transitioning to a more balanced funding split between direct lending, trust lending and loan facilitation. 40.4% new registered users increased during the Year. The Group’s highly automated and intelligent credit and risk management and transaction processing systems allow the Group to market products which gain popular acceptance by the market. Loan facilitation service fees surged 362.3% to RMB1,247.4 million. Net profit increased to RMB64.8 million. Adjusted net profit increased by 24.5% to RMB368.2 million.

In 2019, the number of loan transactions received by the Group increased by 71.7% to RMB 3,833.2 thousands. The amount of loans also increased by 62.6% to RMB33.75 billion. The Group’s newly established customer acquisition algorithm has further bolstered its customer reachability, while the credit card balance transfer products and consumption credit products are both purely originated and assessed online through an automated process utilizing its proprietary Hummingbird system. The Group applied its own advanced fintech technology to online consumer finance business, to further boost its nationwide recognition and gain market share.

The Group has successfully transformed into a pure online consumer finance service provider, and it overcame numerous difficulties by leveraging on its leading industry fintech capabilities. The Group primarily offers two credit products through its pure online loan origination processes: (1) credit cards balance transfer products, and (2) consumption credit products, both of which are installment based.

The Year saw a significant tightening-up of the regulatory framework of China’s consumer finance industry, raising the qualification requirements and codes of conduct of industry participants that are becoming almost exclusively funded by licensed financial institutions. The Group’s long-standing track record of working with licensed financial institutions enables it to maintain a high standard of business setup that can withstand regulatory changes and challenges. During the Year, in order to expand its consumer finance ecosystem, the Group has successfully established mutually beneficial cooperation with 15 new institutional funding partners with diversified backgrounds, including commercial banks, consumer finance companies and trusts. With its institutional funding partners, which now number 45 and are expected to grow, the Group aims to leverage its stable funding sources to better serve its customers. Moreover, the Group has cooperated with third-party guarantee companies and has begun to establish strategic cooperation with asset management companies, which offered added flexibility and protection to its institutional funding partners.

The Group’s fintech strength has been further upgraded during the Year. Through the collaborations for joint modeling with leading Chinese internet companies, a new comprehensive scorecard was successfully constructed which can effectively enable the Group to differentiate risk between new and repeat borrowers, thereby enhancing its risk underwriting ability vis-a-vis prospective borrowers. For example, the Group has been working closely with Beijing Baidu Wangxun Technology Co., Ltd. (“Baidu”) in developing big data incorporated borrowers’ credit scores which assist the Group in making credit decisions. These scores have the potential to be commercially licensed to other financial institutions and third parties to the financial benefit of the Company and Baidu, respectively. In June 2019, the Group has established a subsidiary, Chengdu Vcredit Jiaozi Digital Technology Co., Ltd. (“Vcredit Jiaozi”) in Chengdu, which was jointly invested in by Chengdu Financial DreamWorks Investment Management Co., Ltd. Chengdu Vcredit Jiaozi was designed to provide one-stop risk management solutions for data collection, third-party data integration, machine learning, business intelligence analytics and model building to equip traditional financial institutions with more comprehensive and intelligent risk prevention capabilities.

In 2019, the cooperation between the Group and China Telecom Co., Ltd. (“China Telecom”) has continuously strengthened. Through the collaboration with China Telecom, the Group offered products to help China Telecom customers purchase mobile phones with its financing. During the Year, the Group offered credit lines to more than 1.5 million China Telecom customers from 230 different cities in China, with more than 60% of them eventually using the collaboration loan products accounting for a total loan volume of RMB873.2 million. At the same time, the Group has built a strategic relationship with China Mobile Communications Group Co., Ltd. (“China Mobile”) to develop installment loan products. In cooperation with China Mobile, the Group introduced China Foreign Economy and Trade Trust Co., Ltd. as the new funding partner and re-launched the collaborative products with China Mobile in December 2019.

In early 2020, the outbreak of novel coronavirus pneumonia (COVID-19) hit China, causing disruptions to business and economic activity. The Group will continue to monitor the development of the COVID-19 outbreak and market situation, assess the impact on its operations and taking measures to best protect its employees from being infected. Looking forward, the Group is committed to further build and expand its online consumer finance business to better serve its borrowers, funding partners and business partners, as well as to bring value to the shareholders. In the meantime, the Group will keep a foothold on fintech, to further develop its risk-based pricing and risk management capabilities. The internet finance industry is still in the period of survival of the fittest while the Group has successfully transformed into a pure online business platform and its business scale has grown steadily. Operational efficiency continues to improve. Furthermore, the Group will continue to invest proactively in fintech to strengthen its own business, provide customers with higher quality and enriched products.

About VCREDIT Holdings Limited (2003.HK)
VCREDIT Holdings Limited (“VCREDIT”) is a leading player in China’s consumer finance industry with over 10 years of track record. The Company caters to prime and near-prime borrowers underserved by traditional financial institutions by offering credit card balance transfer products, and consumption credit products. To match the funding needs for these products, the Company primarily engages institutional funding partners through three types of sustainable and scalable funding structures: trust lending, credit-enhanced loan facilitation and pure loan facilitation. Through such funding structures, VCREDIT provides institutional funding partners with solutions at varying levels of risk discretion and flexible profit-sharing arrangements.

Website: http://www.vcredit.com/

Bank of Tianjin Announces 2019 Annual Results

Realization of Financial Innovation;
Attaining Remarkable Achievements in Operating income

Bank of Tianjin Co., Ltd. (“Bank of Tianjin” or the “Bank”; Stock Code: 1578.HK) hereby announces the audited consolidated annual results of the Company for the twelve months ended December 31, 2019 (the “Reporting Period”).

Financial Summary
– The bank materialized an operating income of RMB17.053 billion in 2019, representing an increase of 40.5% as compared to 2018, achieving a record high;
– The Bank materialized net interest income of RMB14.65 billion (including “investment income”), representing an increase of 39.6% as compared to 2018;
– Profit before provision of RMB13.06 billion, 50.2% higher than the same period in 2018;
– Net profit achieved of RMB4.609 billion increased by 8.9% as compared to 2018;
– Net interest margin increased by 62 basis points to 2.21% in 2019. Net interest spread increased by 65 basis points to 1.88% in 2019.
– Return on average assets increased by 7 basis points to 0.69% while Return on average equity increased by 17 basis points to 9.32% as compared to 2018. Earnings per share are up to RMB0.75, 8.7% higher than the same period in 2018.
– Capital adequacy ratio reached 15.24%, representing an increase of 0.71 percentage point as compared to 2018; Tier-one capital adequacy ratio reached 10.63%, representing an increase of 0.79 percentage point as compared to 2018. Capital adequacy ratio reaching 10.62%, representing an increase of 0.79 percentage point as compared to 2018;
– For the year ended December 31, 2019, interest income from loans and advances to customers increased by 44.7% from RMB14,038.3 million for the year ended 31 December 2018 to RMB20,311.1 million for the year ended 31 December 2019;
– Total equity reached RMB669.4 billion as of 31 December 2019, representing an increase of 1.5% compared to 2018. Total loans and advances to customers reached RMB618.22 billion as of 31 December 2019, representing an increase of 1.5% compared to 2018.
– Total liabilities of RMB618.22 billion increased by 1.1% as compared to 2018. Total due to customers of RMB351 billion increased by 2.4% as compared to 2018.

In 2019, the Bank materialized an operating income of RMB17.05 billion, representing an increase of 40.5% as compared to 2018. Profit before provision increased by 50.2% to RMB13.06 billion as compared to 2018. Impairment provisions for the year amounted to RMB7.43 billion, representing an increase of 113.4% as compared to 2018. Net profit reached RMB4.61 billion, representing an increase of 8.9% as compared to 2018. Return on average total assets reached 0.69%, representing an increase of 0.07 percentage point as compared to 2018. Return on average equity reached 9.32%, representing an increase of 0.17 percentage point as compared to 2018. Capital adequacy ratio reached 15.24%, representing an increase of 0.71 percentage point as compared to 2018. Tier-one capital adequacy ratio reached 10.63% with core tier-one capital adequacy ratio reaching 10.62%, both representing an increase of 0.79 percentage point as compared to 2018. Other major regulatory indicators also showed steady increment, suggesting the Bank’s transformation and innovative measures during the past two years were effective.

Promote the strategy of “transformation + innovation”

In 2019, we further realized our six core strategic visions of becoming the “mainstream bank in Beijing-Tianjin-Hebei region, dual-track bank, value-driven bank, bank proud of compliance and integrity, bank offering superior experience, bank that cares for employees”. The Bank strictly complied with the requirements of the Hong Kong Listing Rules and the Articles of Association in a manner responsible to all the shareholders. Under the leadership of the Board of Directors, the Board of Supervisors and the senior management, all staff members worked together to push through adversity, and have established the new development concept of “putting quality first and giving priority to performance” solidly through determination on strategic goals. The Bank firmly promoted the dual-track development strategy of “transformation + innovation” and strived to implement each of the measures under the “Ten Major Projects (2.0)”,adhering to its blueprint all along.

Our corporate banking business adhered to the “Four Tailor-made Approaches”. A “Corporate Customer Account Management” mechanism was set up across the Bank to strengthen management of group customers and government customers, and thus enhanced the quality and efficiency of the Bank’s corporate banking business while serving the real economy. Our personal banking continued to priorities boundless connections. With the aim of bringing convenience to people, the Bank has developed a new model which enables it to acquire customers in massive number through utilizing financial technologies and product innovation. The Bank promoted the intelligent reformation of its outlets and optimized its personnel layout at its outlets and its business structure, which thoroughly enhanced the service capability of its outlets. The Bank continued to insist on returning to the origins for its financial market business, and it had further optimized its asset portfolio and continued to increase the allocation of assets with high credit rating and standard securities in this regard, achieving enhanced quality and efficiency.

Asset and liability structure optimization and Sources of financing expansion

In 2019, total assets and total liabilities increased by 1.5% and 1.1% as compared to the same period of last year. As our focus turned back to real instead of virtual assets, our support to real economy further strengthened. The average balance of loans and advances to customers increased by 18.8% as compared to 2018. We continued to squeeze and reduce our investment assets while adjusting the investment portfolio. The average balance of our investment securities and other financial assets decreased by 9.6% as compared to 2018. Among them, the average balance of investment in assets, such as trust beneficiary rights, wealth management products, and asset management plans, decreased by 19.9% as compared to 2018, and the average balance of standard assets such as security investments increased by 3.2% as compared to 2018. In terms of liabilities, the Bank stepped up its marketing effort for deposit-taking business, with the average amount due to customers increased by 0.9% as compared to 2018. Taking full advantage of various financing instruments, we broadened our liability sources, hence further optimizing our liability structure and reducing our financing costs. Our ratio of interbank borrowings to total liabilities (measured in accordance with the standards of the PBoC and CBIRC, excluding subsidiaries) decreased from 30.09% as at the end of 2018 to 26.72% as at the end of 2019.

The Bank further strengthened its pricing management while adjusting its asset-liability structure. Average yield of the loans and advances to the Bank’s customers reached 6.76%, representing a significant increase of 121 basis points as compared to the same period in 2018. The Bank’s net interest margin increased by 62 basis points from 1.59% in 2018 to 2.21% in 2019. Net interest spread increased by 65 basis points from 1.23% in 2018 to 1.88% in 2019. Net interest margin and net interest spread demonstrated a “double increment” for two consecutive years.

Keep financial risks at bay and deepen the financial reform

Looking forward to 2020, it is expected that the world economic growth will continue to slow and remain in a period of deep adjustment following the international financial crisis. Sources of global turbulence and risk will increase noticeably. In the face of the challenges and opportunities, while based on the regional economic development, the Bank will closely abide by the State’s policy, “improve the real economy, keep financial risks at bay and deepen the financial reform”, in order to provide diversified and differentiated financial services for the coordinated development of the Beijing-Tianjin-Hebei region and actively promote the transformation and paradigm shift in the development of the region. We will continue to uphold the dual-track strategy of “transformation + innovation”, consolidate our core competitiveness with an aim to comprehensively enhance the economic efficiency and overall strength of Bank of Tianjin.

About Bank of Tianjin Co., Ltd.
Bank of Tianjin Co., Ltd. (“Bank of Tianjin” or the “Company”) is the only city commercial bank headquartered in Tianjin (one of the four municipalities in China). The company is one of the first urban commercial Banks in China to realize trans-regional operation. Bank of Tianjin listed in Hong Kong in March 2016, it became the largest listed company with the highest capital and assets of the state-owned enterprise in Tianjin city. Bank of Tianjin created a business network headquartered in Tianjin, with strong presence in the Beijing-Tianjin-Hebei region, covering the Bohai Economic Zone, the Yangtze River Delta and the western China, through which, the Company is able to successfully implement cross-region business operations in China. The Company has received a number of honors and awards for its excellent business performance and sound management capability. The Bank ranked 197th in Top 1,000 World Banks 2019 published by the Banker, a UK publication. The Bank was successfully among the 2019 Top 500 Chinese Enterprises, and ranked 170th in the 2019 Top 500 China Service Industry Enterprises, up 2 places from that of the previous year. The Bank has been granted “AAA” rating by China Lianhe Credit Rating Co.,Ltd. for three consecutive years.

Bittrex Global lists first Euro Stablecoin

The Universal Protocol Alliance, a coalition of leading blockchain organizations including Bittrex Global, Cred (mycred.io), Uphold (uphold.com), Blockchain at Berkeley, and CertiK (certik.org), today announced the listing of three tokens on Bittrex Global: the Universal Dollar (UPUSD), the Universal Euro (UPEUR), and the Universal Protocol Token (UPT).

The Universal Dollar (UPUSD) is a USD-pegged stablecoin collateralized 1:1 with the US Dollar, the Universal Euro (UPEUR) is a EURO-pegged stablecoin collateralized 1:1 with the EURO, and the Universal Protocol Token (UPT) is the Alliance utility token that will offer holders valuable benefits from Alliance members. Bittrex Global will be offering a lower fee structure for UPT holders.

The Universal Dollar and Universal Euro: Transparency, Low Fees, and Returns

The Universal Dollar and Euro stablecoins are aimed at users looking for an alternative to existing stablecoin products, and those looking for low volatility and a competitive annual rate of return. In countries with high inflation or limited access to traditional banking, users can now lend their EURO and USD-pegged assets and earn interest. To earn a return, users can stake their UPUSD via the CredEarn application on Uphold. In developed countries, UPUSD and UPEUR provide a transparent and secure way for users to store their digital assets held on a 1:1 basis licensed and insured banks.

“We’re thrilled to join an Alliance of like-minded blockchain companies dedicated to incubating blockchain-based technologies and helping projects like the Universal Dollar and Universal Euro go mainstream,” said Tom Albright, CEO of Bittrex Global. “The blockchain industry needs technology that can build trust and transparency, and the platform the Alliance has built should help drive mass utility and adoption.”

“Unlike other Stablecoins, the Alliance seeks to flood the value substantiation process with daylight so it doesn’t operate as a black box. We provide customers verifiable confidence that they are buying a fully-reserved Universal Dollar or Euro,” said Dan Schatt, Chairman of the Universal Protocol Alliance.

UPUSD and UPEUR will trade freely on Bittrex Global. For those wishing to mint or redeem their stablecoins using USD or EUROs, customers may open an account at Uphold (uphold.com), a member of the Universal Protocol Alliance.

The technology underlying the UP Platform also enables the Universal Dollar to inherit some unique attributes, including:

– Key recovery: Users can recover funds should they lose their Private Keys. The key will be split into multiple shares and the corresponding address embedded into the wallet. When two out of three constituents (wallet owner and one of the third parties) agree to recover the shares, the assets can be ‘called’ from the lost wallet.

– Inheritability: Users can nominate beneficiaries who may ‘call’ the assets after prolonged account dormancy. The exact period of dormancy and the address will be configured during wallet set up.

– Detachability: Users can ‘delegate’ control over their assets to a centralized exchange in order to facilitate a temporary trading session. After a session, the user can immediately take back custody and hold them in the safety of their private wallet.

– Dynamic code generation: The Universal Protocol Platform employs smart contracts to generate tokens in a generic fashion. If you trust one UP token instantiation, you can trust the code integrity of all UP token instantiations since the underlying code is dynamically generated in the same manner.

“This is the first of many tokenized digital assets we intend to introduce that will facilitate the instant and seamless conversion of different forms of value,” said JP Thieriot, Co-founder of the Alliance. “In doing so, the UP Platform will unlock the vast and untapped full potential of blockchain to transform how individuals and businesses store and transfer value, with Universal Tokens representing the next generation of digital money.”

The Universal Protocol Alliance: Mass Adoption Through Collaboration

The Universal Protocol (UP) Alliance is a growing coalition of the biggest and most respected organizations in the world of blockchain that have united around a new universal transparent reserve standard that aims to attract the next 100 million users to cryptocurrency. The combined expertise of each member organization has enabled the Universal Protocol Platform to create unique digital currency products designed to appeal to mainstream users on a massive scale.

The Universal Protocol Platform allows for the minting, custody, and storage of digital assets that allow for better digital asset products, and the introduction of a set of safeguards required for the mainstream adoption of cryptocurrency.

About the Universal Protocol Alliance

A coalition of cryptocurrency companies and blockchain pioneers, the Universal Protocol Alliance seeks to accelerate the adoption of blockchain as a mainstream financial technology by making digital assets more accessible, secure and convenient to own.

– Alliance: www.universalprotocol.io
– Cred: https://mycred.io/
– Uphold: https://uphold.com/
– CertiK: https://certik.org/
– Blockchain at Berkeley: https://blockchain.berkeley.edu/

About Bittrex Global

Bittrex Global has one of the most secure trading platforms and digital wallet infrastructures in the world where customers can access exciting new products. Built on Bittrex’s cutting-edge technology, Bittrex Global provides a high-level experience for professional and novice customers alike. Bittrex Global is headquartered in the Principality of Liechtenstein near the financial center of Zurich. Learn more at: https://global.bittrex.com/

Media Contact
Tom Albright
tom@bittrex.com
Bittrex International GmbH

Vextrader Group Limited (Vextrader) Eyes Expansion In Asia

Vextrader Group Limited (Vextrader) has ventured into establishing a leadership position in the forex and wealth management industry in Asia with the release of a suite of investment products tailored for the China market, and subsequently expanding to other Asia countries before the end of the year.

Patrick Reid, Marketing Director, told reporters yesterday in a closed event that going forward, the focus would be on growing their position in the financial services space across Asia.

“We will put the majority of our efforts into expanding into China in the first half of the year, and subsequently India. China may be the largest emerging market in the world, but India has a rapidly growing population and dynamic economy that could eventually usurp China’s primacy to become the largest emerging market in the world. India is also actively encouraging the entrance of foreign players into the market and its positive demographics and rapidly growing economy make it a great opportunity for international investors,” Patrick noted.

China’s foreign exchange reserves rose more than expected in December as the yuan rebounded after Washington and Beijing reached a partial trade deal. China’s foreign exchange reserves, the world’s largest, rose US$12.3 billion in December to $3.108 trillion, central bank data showed on Tuesday. Economists had expected China’s reserves to rise by US$7.4 billion to US$3.103 trillion.

India’s forex kitty is the sixth-largest in the world behind China, Japan, Russia, Saudi Arabia, Taiwan and Hong Kong. Apart from foreign currency assets, the Reserve Bank of India also comprise gold, special drawing rights and reserve position in the IMF. Experts said that with the end of political uncertainty in the country after the general elections, India has become a favourable market for foreign investments.

Vextrader will increase its budget and manpower to prepare for the coming increase in demand and aims to provide exceptional customer service and tailored solutions to customers.

Company Profile

Vextrader was established in Belize in 2011. Vextrader is a pioneer in the forex world, with over 10 years of experience, offering forex & CFD trading to the best traders around the world. Vextrader provides superior trading conditions, a perfect trading system and advanced trading tools in the financial industry. We have successfully cooperated with talented and experienced groups from all over the world. Today, Vextrader has rapidly grown into a global brand.

Our mission is to keep pace with the global market demand and achieve the investment goals of our clients and investors. Vextrader offers foreign exchange, stock, index, futures, precious metals and commodities trading. Vextrader Group Limited is regulated under the supervision of FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

Company Philosophy and Customer Care

Vextrader’s goal is to benefit each client by providing the tools and assistance required for success in the financial markets. The company’s client service professionals are meticulously trained to deliver the highest level of customer service – more comparable to the worlds of banking and hospitality than of traditional brokers. Account managers are hand-picked to serve individual clients and customized trading packages are available for clients at every level, from novices to professional investors.

Vextrader’s support staff is available by telephone, live chat or e-mail 24/5 to help open accounts and answer questions regarding trading platforms and asset classes. Forex experts staffing the call center have the ability to field questions about the Vextrader’s MT5 trading platform as well as the ability to assist with important tasks such as fund transfers.

Services Available: A Complete Suite of Financial Products

Vextrader has chosen 50 of the most popular currency pairs and commodities like Gold, Crude oil and CFDs. The company serves its clients via the award-winning Meta Trader 5 trading platform and provides up-to-date market analysis for fast trades.

Vextrader offers world-class service fueled by the founders’ combined expertise, which they gained in the investment banking sector not just on the exclusive trading floors of private banks, but in the online trading world as well. Vextrader has implemented the most advanced and trusted technologies, used by corporate 500 companies, to protect its client’s funds and privacy.

Media Contact
Company: Vextrader Group Limited
Contact Person: Patrick Reid
Email: support@vextrader.com
Website: https://www.vextrader.com

BitDeer.com Launches Massive Early Spring Event

SINGAPORE – (ACN Newswire) – BitDeer.com is launching a massive event for new users and its loyal mining community starting from today to celebrate the arrival of spring. BitDeer.com is poised to bring something special to the table with an early spring event to remember between March 3rd, 2020, 12 PM (UTC+8) to March 17th, 2020, 12 PM (UTC+8).

As we approach the earliest first day of spring in 100 years, BitDeer.com will begin its Early Spring promotion with 3 events worth millions of dollars in hash rate coupons, electricity bills, and vouchers. Each user will have the opportunity to gain up to $6000 in gifts as BitDeer remains a low-risk solution to the mining world. This comes after what was an exemplary performance during the January and Lunar New Year Festival Event, which saw new highs in computer power leasing.

On March 1st, BitDeer.com announced that it will be starting mining packages for CKB coins as it adds to its already stellar lineup of mainstream currencies such as BTC, LTC, ETH, ETC, ZEC, DASH, and DCR. With this addition, BitDeer.com looks to accommodate its diverse user base with a wide array of options for varying risk appetites. Released on March 2nd, the mining algorithm Eaglesong uses the latest Antminer K5 mining machine sought after by CKB miners. This plan pioneers the use of the newly-released antminer. The launch of the CKB mining plan by BitDeer.com was met with great enthusiasm, with all 3 replenishments sold out within 12 hours.

Red Envelope Extravaganza Worth Over $1 Million

By simply logging into the BitDeer.com account, customers can earn some great rewards during the early spring event. Upon successfully logging in, the free red envelopes given each time can contain plan extension coupons and electricity coupons of up to $2,000 in total. The prize amount for each red envelope varies and will be automatically issued to the user’s account.

Main Model S17PRO & T17 Mining Package Power Giveaway

By purchasing either of these packages during the event, users will be eligible to win free computing power fee coupons of up to $4000 from BitDeer.com. If the user has purchased the plan and accumulates between $1000 – $1999 in computing power fees during the event they will receive a $50 coupon. These coupons vary and maximize at a $4000 coupon for accumulating more than $50000 in computing power fees. These coupons can be used universally for mining other currencies in different pools and will be issued 30 business days after the event’s completion.

New User Bonus

It is a great time for new users to come on board as BitDeer.com will be shelling out some great gifts for first-time customers. Up to 10000 new users who register to BitDeer.com will take part in a free trial mining experience. Newly registered customers can simply send an email to support@bitdeer.com with their registered account to redeem the free mining plan.

In light of the recent announcement of Bitmain launching the new Antminer S19, BitDeer.com has plans to purchase these machines and announce sale details in the near future. BitDeer.com will continue to innovate and look to bring a multitude of quality options for its customers. For interested parties looking to participate in the Early Spring Event promotions, please visit the official website for more information.

About BitDeer

BitDeer is the world’s leading computing power sharing platform, enabling global users to mine cryptocurrencies in a transparent, reliable, and convenient way. It saves users from the complicated process of purchasing, installing, and hosting mining machines. Individual miners can enjoy the service with just one click.

For more information, please visit

Website: https://www.BitDeer.com

Facebook: https://www.facebook.com/BitDeerplatform

Twitter: https://twitter.com/BitDeerOfficial

YouTube: https://www.youtube.com/watch?v=lu95K9N5CM4

VK: https://vk.com/public174640639

Media Contact:

MagicFew

Email: hello@magicfew.com

Shape Capital Advises SQID Technologies Ltd Listing on CSE

MELBOURNE, AU / ACCESSWIRE, Feb 12, 2020 – (ACN Newswire) – Corporate advisory and investment firm Shape Capital announced today that its Brisbane based client SQID Technologies Limited successfully completed listing on the Canadian Securities Exchange “CSE” on January 21, 2020 under the symbol CSE:SQID.

SQID is a payment processor enabling merchants to receive debit or credit card payments. For the fiscal year ended June 2019, SQID reported total transaction value of $163 million and revenues of $5,403,525 and profit before income tax of $1,147,722 reflecting a 72% increase in revenues and 85% increase in its profit before income tax over the same period for the fiscal year 2018.

A team of advisors handled the listing with Shape Capital acting as the Australian corporate advisor to the transaction in collaboration with TriPoint Global Equities/BANQ(R) in NY and Australian based First Growth Funds Limited.

“Listing Australian companies on the CSE is cost effective and a more streamlined process compared to listing on the ASX. The CSE provides Australian companies with a great launch pad into North America to gain market exposure, access to new investors and help create shareholder value, said Anoosh Manzoori, CEO of Shape Capital.”

SQID’s technology provides merchant services and transaction processing to business merchants and ecommerce customers across both ‘Business to Business’ (B2B) and ‘Business to Consumer’ (B2C) segments to bridge both retail and wholesale transactions through its platform. Its technology is powerfully structured to allow layered access to payment and merchant transaction data, and integrates these retail and wholesale layers (creating many separate customer nodes within the network), providing split settlements between each layer. This provides a broad platform for commission structures and transaction-based rewards that are settled at the same time as the underlying transaction is settled. The business model is applicable to significant business channels including affiliate marketing, rewards programs, franchises, marketplace apps, agencies, etc.

SQID has established itself as a relationship payment provider and payment facilitator in the Payment Processing industry, which specialises in delivering ecommerce solutions to businesses that have their ‘card-not-present’ commercial outcomes dependent on two or more businesses. This has delivered sizeable growth in revenue as the model is based on engaging one referrer who then refers additional merchants. The Company has concentrated on building relationships with merchants and providing incentives to merchants for referrals to new business opportunities. This has resulted in substantial growth with minimal overhead and resources.

The SQID business has a proven business model of delivering sustained profitability over time. Revenue growth has been achieved through strong growth from merchants in industries related to training and education.

For further information please visit the company’s corporate website at www.sqidpay.com.

About Shape Capital

Shape Capital is an investment and corporate advisory firm that positions, prepares and shapes clients for specific events, including mergers and acquisitions, capital raisings and IPOs. As an independent advisory firm, Shape Capital advises private and public companies and has extensive experience in cross-boarder transactions with a strong focus on the technology sector. Shape Capital works with high growth companies to assist with strategy, timing, structure, valuation, and provides access to a large global network of investors. Shape Capital holds an Authorised Corporate Representative of an Australian Financial Services License (AFSL) with head office in Melbourne, Australia. For more information, please visit http://www.shape.capital

For further information please contact:

Anoosh Manzoori

CEO

Shape Capital Pty Ltd

Level 8, 90 Collins Street,

Melbourne, Victoria, 3000, Australia

m. +61.3.966 6338

e. anoosh@shape.capital

or:

SQID Directors: Peter Hall / John O’Connor

investors@sqidpay.com

SOURCE: SQID Technologies Limited (SQID)

JCBI and Far Eastern Bank announced the launch of JCB and MIR-JCB cards

Far Eastern Bank, which marks 30 years of successful financial activity this year, became the fourth bank in Russia to start issuing cards JCB cards.

PJSC Far East Bank is one of the largest banks in the financial market of the Far East and Eastern Siberia. According to the national rating agency Expert RA, Far Eastern Bank is included in the top 100 Russian banks.

JCB, originated in Japan, is one of the largest payment systems in the world. There are more than 130 million JCB cardholders in 24 countries and regions, also the cards are accepted in 33 million retail and service enterprises around the world.

Far Eastern Bank is launching the issuance of JCB Standard and Platinum cards, as well as co-branded MIR-JCB Standard cards. Cardholders can enjoy various exclusive privileges and discounts at restaurants, shops, airports and travel agencies around the world. In addition to the main privileges from JCB payment system, JCB Standard cardholders will receive 5% cashback on purchases in the duty free, taxi and fast food categories and 0.5% cashback on all other transactions. JCB Platinum cardholders will be able to get cashback up to 7% when shopping in duty free, gift shops and restaurants.

“The implementation of new development vectors using the advantages of modern international payment instruments is a natural growth stage of the retail business of Far Eastern Bank. The first in Primosrky krai to start servicing and issuing payment cards, for 30 years we have maintained and strengthened our leadership. Today, over the entire territory of our presence, the total number of cards issued by the bank exceeds one million, and our many years of experience in issuing and servicing bank cards allows us to offer our customers high-quality products and services that provide enhanced functionality and ease of settlements both in Russia and abroad,” emphasized the President of PJSC Far Eastern Bank Valery Pavlyuk.

“The number of Russian tourists from the Far East region to Japan, as well as the number of Japanese tourists to Vladivostok, continues to grow, so this region is one of the most highly-promising for the JCB payment system,” commented Kimihisa Imada, President and COO of JCB International Co., Ltd. We are confident that the issuance of JCB and MIR-JCB cards by the Far Eastern Bank meets the needs of residents of the Far East who can use all the privileges of JCB cards in such popular destinations as Japan, South Korea, Thailand, Vietnam and other countries of Southeast Asia.”

About JCB

JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and card member base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.ru.jcb/ru/ or www.global.jcb/en/.

About Far Eastern Bank

PJSC Far Eastern Bank is a universal financial institution, which keeps a leading position in the Far East and Eastern Siberia. It was founded in Vladivostok in 1990 and is the same age as the banking system of Russia. The international agency Moody’s Investors Service assigned Far Eastern Bank long-term deposit rating in foreign and national currency – B2. The rating agency RAEX (Expert RA) assigned to Far Eastern Bank a credit rating at the level of ruBBB. The rating set a stable outlook. Far Eastern Bank serves more than 17,000 corporate clients, small and medium-sized enterprises engaged in all major sectors of the economy, as well as about 240,000 private clients. Today the Bank has a network of 42 branches in 10 regions of Russia. Additional information about the Bank is available on the website http://www.dvbank.ru.

CONTACT
JCB
Kumiko Kida
Corporate Communications
Tel: +81-3-5778-8353
Email: kumiko.kida@jcb.co.jp

Trintech Extends Global System of Accounting Intelligence Leadership with Release of Cadency 8.0

Trintech, a pioneer and leading provider of Financial Close software, today announced the release of Cadency 8.0. The latest update to Cadency’s comprehensive System of Financial Controls(TM) offers new, innovative support for transaction and account reconciliation, journal entry, audit preparation and integration with the office of finance’s software ecosystem.

Cadency is the only System of Financial Controls that combines all financial close activities into a single, seamless process, including operational matching, intercompany transaction management, balance sheet reconciliations, journal entry management, close task management, compliance, and reporting. Through the combination of a System of Financial Controls, strong integration, and advanced automation, organizations will achieve a System of Accounting Intelligence that will ultimately allow them to shift their focus away from repetitive tasks to higher value work that helps drive the strategic directions of their organizations.

“The financial close process is a highly interconnected operation and with 8.0 we’ve continued to heavily invest in Cadency’s System of Financial Controls to ensure our customers have the visibility and control to manage every aspect of the financial close from one central platform,” says Michael Ross, Trintech’s Chief Product Officer. “With these enhancements, our customers can leverage emerging technologies, such as Artificial Intelligence (AI), Risk Intelligent RPA(TM), and ERP Bots to enable a close and dynamic integration of Cadency’s close activities with other systems, such as ERPs, extending their System of Accounting Intelligence.”

As a central part of the update, Cadency 8.0’s transaction and account reconciliation enhancements are designed to enhance speed, organization and transparency for what ultimately creates the foundation of a reliable financial statement. Now, with the solution’s new reviewer user groups, along with its enhanced preparer and reviewer configuration options, it offers additional workflow flexibility and visibility, while still reinforcing risk mitigation through a segregation of duties.

“In order to complete JE postings, the office of finance must have timely and complete visibility throughout the Record to Report (R2R) process,” continues Ross. “Fortunately, Artificial Intelligence can play a powerful role in providing greater efficiency and effectiveness in reducing risk.” Now with AI Risk Rating for JE, the appropriate personnel will have greater visibility and control over areas of high risk. Also helping create greater efficiency and transparency for SAP(R) customers, Journal Entry drill-back with a direct Cadency JE hyperlink significantly reduces the clicks and steps necessary for SAP(R) users to review supporting evidence for Journal Entries created in Cadency.

Knowing that many F&A teams still face a significant burden supporting the audit process, Cadency’s eBinders contain comprehensive electronic documentation of a company’s financial close process for a specified period. With 8.0, the eBinders also offer bulk management for General Ledger binders. Additionally, Cadency’s Dynamic Account Maintenance(TM) (DAM) capabilities now provide a brand new User Interface for additional diligence and audit, by logging changes and updates to DAM jobs and associated steps. These details can also be exported for deeper analysis when necessary.

Lastly, with 8.0, the solution’s SAP(R) Certified ERP Connector automates the closure of tasks between SAP(R) and Cadency, and enables its ERP Bots to automatically handle all of the related details (e.g. depreciation and posting of Journal Entries for fixed assets), providing deeper integration capabilities and greater efficiencies for SAP(R) customers. In addition, because Cadency is ERP agnostic, we provide pre-built ERP connectors and APIs for any ERP, including SAP(R), Oracle(R) and NetSuite(R).

About Trintech

Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, 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 and Twitter.

Media Contact:
Kelli Shoevlin
+1-972-739-1680
Kelli.Shoevlin@trintech.com

SOURCE: Trintech, Inc.

China Tonghai Financial is Honoured with Best Privatization at The Asset Triple A Country Awards 2019

Tonghai Financial is pleased to announce that China Tonghai Capital was presented with the Best Privatization at the The Asset Triple A Country Awards 2019 Dinner in recognition of its extraordinary achievements in financial services.

China Tonghai Capital was identified for the honor in a rigorous and extensive benchmarking process, it shows the Company is well appreciated by the industry and the capital market. Benny Chung, Chief Executive Officer of corporate finance was invited to receive the honour at the award ceremony, says “The awards honour Tonghai with significant recognition and encouragement. In pursuit of continuous excellence, China Tonghai Capital will keep up with providing high quality of financial services and take good care of every client’s needs. In the future, the Company will devote to engage sustainable and stable benefits, together we will drive China Tonghai Financial to the next level of growth.

The Asset’s annual Triple A recognition represents the prestigious awards for banking, finance, treasury and the capital markets. As the financial publishing group in Asia with the widest reach among Asian issuers and global institutional investors active in the region, The Asset takes particular care in producing its annual awards. Issuers and investors, who constitute the bulk of The Asset’s readership base, are consulted in the process either through the Asset Benchmark Surveys or in the course of the Triple A selection; their views and comments are taken into consideration and given weight in addition to the other selection criteria outlined in the rulebook.

About China Tonghai International Financial Limited
China Tonghai International Financial Limited (the “Company”, Stock Code: 00952.HK) is a Hong Kong-based financial services group which is listed on the Main Board of The Stock Exchange of Hong Kong Limited. The Company was publicly listed in Hong Kong in 1997 and joined the big family of Oceanwide Holdings Co., Ltd. (Stock Code: 000046.SZ) in 2017. Tonghai Financial is committed to building a comprehensive, full-licensed integrated financial platform. The core businesses of the Company are brokerage business, interest income business, corporate finance business, asset management business and investments and others businesses. The Company strives to become the ideal partner for both corporate and individual investors in Hong Kong and China. The Company also offers premier one-stop financial services to its clients. The Company continued to provide capital markets services through its representative office or the wholly-owned foreign enterprise in Shenzhen, Shanghai, Shenyang, Ningbo, Dalian, Beijing, Chengdu, Hangzhou and Xiamen of the PRC and through its networks of Global Alliance Partners network and Oaklins International.

For further information, please contact:
China Tonghai International Financial Limited – PR and Communications
Jane Chan Tel: (852) 2217-8888 Email: jane.chan@tonghaifinancial.com
Mandy Lo Tel: (852) 2217-2753 Email: mandy.lo@tonghaifinancial.com
Charlie Chan Tel: (852) 2217-2504 Email: charlie.chan@tonghaifinancial.com