Tag: Hong Kong

CITIC Telecom Announces 2020 Annual Results

  • Reports stability and progress in overall performance with continuous growth in profit
  • Profit attributable to equity shareholders reaches HK$1,023 million
  • Total dividends per share rises by 5.0% yoy to HK21.0 cents
(from left to right): Mr. Esmond LI, Chief Financial Officer, Mr. XIN Yue Jiang, Chairman and Mr. CAI Dawei, Chief Executive Officer

CITIC Telecom International Holdings Limited (HKG:1883), a leading international integrated telecommunications and information and communications technologies services provider in Asia, reported profit attributable to equity shareholders of HK$1,023 million for the year ended 31 December 2020, representing a year-on-year increase of 2.1%, or a 4.4% increase if the effect of investment property valuation is excluded.

The Group generated revenue from telecommunications services of HK$7,978 million, representing an approximate 7.9% growth over the corresponding period in the previous year. The Group’s total revenue amounted to HK$8,923 million. Basic earnings per share was up 1.5% year-on-year to HK27.9 cents.

The Board has recommended a final dividend of HK16.0 cents per share for 2020. Together with the 2020 interim dividend of HK5.0 cents per share, total dividends per share for 2020 amounted to HK21.0 cents, representing 5.0% growth over the corresponding period in the previous year.

Mr. XIN Yue Jiang, Chairman of CITIC Telecom, said, “The year 2020 has been undoubtedly marked by great challenges, during which the sudden outbreak of COVID-19 devastated economies across the globe, and its unprecedented impact has brought grave difficulties to business operations. Amidst the difficult situation and under the management’s leadership, our staff advanced qualitative corporate development in the persistent implementation of the new philosophy for development, while addressing the risks and challenges in a composed and robust manner. The Group was engaged in efforts to continuously improve its service quality and drive up scientific research and new product development, while protecting the health of all of its employees and maintaining the stable operation of our telecommunications network platform, as well as ensuring the uninterrupted provision of our services. The Group reported stability and progress in its overall operations with continuous growth in profit.”

The Group has maintained a healthy financial position and a strong cash flow. As at 31 December 2020, the Group recorded cash and bank deposits of approximately HK$1,519 million, which was sufficient to meet its financial obligations and contractual capital commitments in the coming 12 months.

Business Highlights
Enterprise solutions enhanced its market development with better SD-WAN coverage. The Group’s enterprise solutions in Mainland China, Hong Kong, Macau and Southeast Asia has achieved sound development. Revenue from enterprise solutions rose by 4.5% year-on-year to HK$3,227 million. The Group continued to deploy PoPs around the world to expand the coverage of the network. The private networks services have expanded to around 150 PoPs in over 130 countries. The Group also continued to keep up with the market and technology development trends, enhanced the level of network intelligence, and expanded the service area with better SD-WAN (software-defined wide-area network) coverage. During the year, the Group’s global SD-WAN gateways have increased to 45.

Rising broadband users boosted revenue from internet business. The Group greatly developed the fibre broadband service in Macau, the number of broadband users grew by approximately 1.7% from the corresponding period in the previous year to over 196,200 users, resulting in an increase in revenue from fibre broadband services. Revenue from internet services amounted to HK$1,123 million for the year, representing a year-on-year increase of 5.4%. In addition, the construction of CITIC Telecom Tower Data Centre Phase III (B) progressed smoothly in 2020 and completion and commissioning are scheduled in June 2021.

Companhia de Telecomunicacoes de Macau, S.A.R.L. (“CTM”) completed construction of 5G networks in Macau that will contribute to Macau’s smart city development. The Group maintained its leading position in Macau with approximately 44.4% market share of Macau’s mobile market and around 45.8% market share in the 4G subscribers of Macau’s mobile market as at 31 December 2020. However, revenue from mobile services has fallen by 23.0% to HK$957 million compared to the previous year mainly as a result of various lockdown measures ordered by many governments in different countries around the world during the year and this has adversely impacted the Group’s revenue from roaming-related services. During the year, the Group overcame difficulties brought about by the pandemic with the use of united efforts and it advanced the construction of the 5G network which was in full swing. Preparation work for the deployment of the 5G SA network was completed at the end of 2020. The Group is working towards providing full coverage of Macau with the 5G SA network by June 2021 and will strive for the commercial launch as soon as possible.

Embark on business innovation, seize market opportunities, International telecommunications services grew rapidly. Revenue from international telecommunications services increased by 39.8% year-on-year to HK$2,481 million. The Group continued to seize new business market opportunities that came about from the increasing demand in corporate messaging based engagement with customers, revenue from messaging services increased by 86.6% to HK$1,258 million from last year. The Group closely followed market changes, consolidated the scale of its international voice services, and recorded revenue growth in voice services.

Development Strategies
Looking ahead in 2021, the world’s economy will continue to be subjected to the adverse impacts of the epidemic and other developments. Prospects for economic recovery are less than certain, and this will exert certain pressure on the Group’s business development. However, the development and application from a global perspective of information technologies relating to the internet, Internet of Things, 5G, Artificial Intelligence, Cloud Computing, Big Data and others, will continue dominating the scene and offering abundant business opportunities. Pivoting to the latest trends, the Group will enhance technological innovations and new product R&D to advance business development.

The Group will continue to pivot towards the mobile services business and the internet business as the main direction of its development as it seeks further growth in the scale and revenue contribution of the mobile services business, further increase its market share of enterprise services, as well as further consolidate the leading position of its products. Robust measures will be adopted in a bid to sustain the stable development of its current businesses, while its international services will undergo strategic transformation into mobile and internet-based operations to cement its position in the mobile market and further enhance our development standards as an integrated internet-based telecommunications enterprise.

CTM will facilitate its 5G network construction and business development as it anticipates for 5G commercial launch in 2021. The Group will continue to actively participate in Macau’s development as a smart city, as it strives to become a prime operator in a smart city and to ensure the provision of superior experience in integrated information services to customers.

The Group will continue to organise construction work with meticulous care as it proceeds to complete CITIC Telecom Tower Data Centre Phase III (B) in a move to bolster the Group’s data centre business. It will also plan for the development of other floors in the building as it closely tracks market demands.

In the meantime, the Group will seize the major opportunity for development presented by China’s new macro-economic landscape of enhanced internal circulation and dual domestic and international circulation, with a special focus on driving cooperation with advanced technology partners and carrier partners to provide information and communication technology (ICT) services to foreign companies looking to establish their presence in China, especially members of the Global 500, offering assistance in their digital transformation.

The Group will execute plans for the development of the Southeast Asian Company, which include stronger efforts in brand building and the expansion of service categories and business scope, as it strives to develop itself into a one-stop ICT service provider in Southeast Asia to generate a new driving force for the Group’s business growth. With the official signing of the Regional Comprehensive Economic Partnership (RCEP) of Southeast Asia, the region is expected to attract further investments from multinational corporations and global pioneers in technology, presenting new opportunities and driving force for our business growth.

Mr. CAI Dawei, Chief Executive Officer of CITIC Telecom, said, “In 2021, the Group will continue driving scientific and technological innovation, and promote the internet-oriented, intelligent and digital transformation of enterprises, persist in its development strategy of expansion and coverage of the international market from its foundation in the Mainland China market, taking Hong Kong and Macau as the base and connection, grasp 5G business development opportunities, greatly expand the integrated information services, resolutely implement new development philosophy and strive for further achievements on the way forward.”

Financial Reporting Amidst the Coronavirus Outbreak

The Hong Kong Institute of Directors (HKIoD) calls on listed company directors to faithfully discharge their duty as they tackle financial reporting tasks amidst the outbreak.

On 4 February, the Securities and Futures Commission and the Stock Exchange of Hong Kong issued a Joint Statement in relation to results announcements in light of travel restrictions related to the severe respiratory disease associated with a novel infectious agent.

The coronavirus outbreak will likely affect some issuers’ plan and progress in preparing financial information for their results announcements. Many of our fellow directors are facing a difficult situation.

HKIoD had the opportunity to have an in-depth joint discussion with teams from the SFC (led by Mr Brian Ho, Executive Director, Corporate Finance), the Stock Exchange (led by Ms Bonnie Y Chan, Head of Listing) and the Financial Reporting Council (led by Dr Kelvin Wong, Chairman). From the discussion, HKIoD gained some insights and has some comfort and assurance to bring to our fellow directors.

The very purpose of the Joint Statement is to keep as much as possible the orderly and continuous running of the Hong Kong financial market. A blanket delay for financial reporting can have serious detrimental effect on the credibility of the Hong Kong market.

Under the Joint Statement, an issuer’s board may have to release financial information before the auditor can perform work. Based on our understanding, however, the regulators are fully mindful that this is a difficult situation affecting many. Directors need not become too worried so long as they have faithfully performed and discharged their duties.

We have the following guidance and advice for directors.
Link: www.hkiod.com/document/7Feb2020_final.pdf

About The Hong Kong Institute of Directors
The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. Website: http://www.hkiod.com.

For more News Releases & Responses to Public Issues by HKIoD, please visit: https://www.hkiod.com/newsrelease.html
.
Media Enquiries
Ms Moni Ching (+852 2889 1414; moni.ching@hkiod.com)

Swallowing difficulty may be caused by spinal disease, says study by Hong Kong Chiropractors

A stiff neck or difficulties swallowing could be caused by spinal degeneration, a new study suggests. Researchers found that changes in the spinal curvature could cause changes in swallowing, according to a study in the latest Journal of Clinical Medicine Insight, Case Studies.

The study finds that “changes in spinal structure and functional dimension can impact the dimensions of the pharynx and cervical esophagus,” said study leader Eric Chun-Pu Chu, chairman of Chiropractic Doctors Association of Hong Kong.

“The possible mechanisms of cervicogenic dysphasia, or difficulty in swallowing, include direct compression of the esophagus, impeded closure of the laryngeal inlet due to epiglottic tilt, paraesophageal inflammation, and upper esophageal sphincter spasms.

“Bad posture, such as kyphosis and scoliosis, could also be causing dysphagia,” Chu said. “The predisposing factors include increasing age, short stature, and spinal abnormalities.”

An elderly woman with neck stiffness and difficulty in swallowing solid foods and even liquids for 3 years sought chiropractic treatment in Hong Kong. She demonstrated a moderate hunch back and limited neck movement; her X-ray indicated misalignment of the first and second vertebrae and degeneration of the cervical spine.

The woman was diagnosed cervical spondylosis with a vertical atlantoaxial subluxation. Her therapeutic treatment consisted of stabilizing cervical subluxation and restoring joint mobility, with emphasis on cervical mobilization and strengthening exercises. After 20 sessions of chiropractic therapy, the woman had complete relief from neck problems and difficulty in swallowing.

Swallowing is a complex sensorimotor function. It is controlled by the brain stem (the medulla oblongata) and reflexes of the pharynx and esophagus. The aim of chiropractic treatment for this patient was to relieve the brainstem compression, stabilize the joint subluxation, stretch the shortened muscles, and mobilize the joint stiffness.

Still, the researchers note, it was possible that the woman experienced spontaneous recovery. However, the long-term clinical course prior to chiropractic intervention, the significant improvement of symptoms, and post-treatment radiographic parameters weigh against such coincidental effects.

The study finds that, though an interpretation of the findings, patients experiencing swallowing difficulty and cervical subluxation respond well to chiropractic treatment.

SOURCE: Journal of Clinical Medicine Insight: Case Reports, December 2019.
www.cda.org.hk/index.php/news_f/detail?lang=en&id=309

Dr Eric Chun-Pu Chu
Chairman@cda.org.hk
Chiropractic Doctors Association of Hong Kong

Dr. Eric Chun-Pu Chu, chairman of Chiropractic Doctors Association of Hong Kong.

Circle Fund Poised to Capitalize on Renewed Market Strength in 2020 and Beyond

Asia’s first fully compliant crypto hedge fund, Circle Fund, is poised to capitalize on renewed strength in the global cryptocurrency markets. Circle employs a unique hybrid approach, day-trading the public crypto markets based on a multi-factor strategy and investing into earlier-stage projects based on a venture strategy. With an international team of experienced industry professionals, the firm provides investors a one-stop shop for exposure to the entire market class.

2020 is only a few weeks old, yet the clear change in market sentiment manifests as similar to the first quarter of 2017. During that time, many crypto funds took advantage of what became the largest public bull market since the dotcom boom. Over these last three years, institutional interest has grown rapidly, forcing financial industry giants, such as Fidelity Asset Management and the Intercontinental Exchange, to enter the space.

As the mainstream gradually embraces crypto-based applications, intelligent institutional investors are anticipating a new surge of speculators in the market. With more than five years of experience in both the primary and secondary markets, Circle continues to significantly outperform its peers. The team has roots in Shanghai, Hong Kong, New York, and San Francisco, combining its international deal flow with an in-depth understanding of cryptography and distributed systems in making investment decisions.

The approach undertaken by Circle Fund differs from prominent American hybrid funds, which are known for thesis-driven approaches to the public crypto markets. Instead, Circle Fund implements a multifactor strategy. Factor investing, if executed correctly, has the potential to significantly outperform thesis-driven strategies in public markets, as shown both in crypto and other public markets.

About Circle Fund
Circle Fund is a crypto-asset hedge fund with more than five years of professional experience over both the primary and secondary markets in the blockchain industry. The team strives to cultivate the crypto-asset ecosystem by supporting bold entrepreneurs and innovative ideas that will further disrupt humans’ exchange of value and trust.

For further information:
Circle Fund: https://www.circlefund.com/
Facebook: https://www.facebook.com/circlefundofficial/
Twitter: https://twitter.com/circle_fund
Linkedin: https://www.linkedin.com/company/circle-fund-official/
Medium: https://medium.com/@circlefundofficial

Contact:
Circle Fund
press@circlefund.com

3,500+ finance, business leaders join Asian Financial Forum

Survey shows over half of respondents gloomy on global economy

More than 3,500 distinguished speakers and influential global financial experts, policymakers, business leaders, economists and investors attended the 13th Asian Financial Forum (AFF), a two-day event that concluded yesterday. Under the theme “Redefining Growth: Innovation, Breakthrough, Inclusiveness”, the forum enabled participants to examine the current global economic landscape, gauging their views through on-site real-time polling on issues ranging from prospects for the global economy and sustainability challenges to investment opportunities and the risks brought by technology and innovation. Close to 700 one-on-one matchmaking meetings were arranged during the AFF Deal Flow Matchmaking session, helping investors and project owners to explore investment and business opportunities.

Business sector negative on economy, protectionism stifles global trade
Real-time polling conducted through HKTDC mobile apps at various sessions during the AFF enhanced interactivity and gauged the views of participants on a broad range of subjects. When asked about the outlook for the global economy in 2020, 22% of respondents were optimistic, 38% were neutral, while 40% of respondents expressed pessimism, reflecting a generally negative view on the overall economic outlook. When asked about the major challenge for global growth in 2020, 38% of respondents believed it would be Sino-US trade tensions, followed by intensifying geopolitical risks (36%) and limited headroom for monetary and fiscal policies to support growth (19%).

Regarding the outlook for global trade in 2020, a total of 53% of respondents expressed optimism and neutrality, while for the key driver for the growth of global trade in 2020, most respondents (50%) thought it would be an effective multilateral system.

AI to bring biggest breakthroughs in development of financial services
In response to the AFF’s theme this year, “Redefining Growth: Innovation, Breakthrough, Inclusiveness”, the poll asked participants how likely it was that innovative solutions, such as the development of fintech and sustainable finance, would help address structural issues and bolster global growth. A total of 61% respondents felt it was very likely and likely, while 31% of respondents believed artificial intelligence (AI) would lead to the greatest breakthroughs in the development of financial services, followed by big data analytics (21%), blockchain (17%) and the rise of virtual banks and virtual insurers (15%).

Financial inclusion promotes reform in developing countries
Prof Abhijit Banerjee, joint winner of the 2019 Nobel Prize in Economics and Ford Foundation Professor of Economics at the Massachusetts Institute of Technology, addressed delegates at the keynote luncheon on the second day and shared his studies on how financial inclusion can benefit poorer people in developing countries by providing them with a mechanism to access credit and investment services to help them achieve financial self-reliance. “In this world there are lots of talents. Some of these people are the future of the world and some people are going to do nothing. Somehow what finance needs to do is find ways to identify them, bring them forward, give them what they need, and that way finance can really change the world.”

This year’s AFF also examined environmental, social and governance (ESG) issues for businesses. Most survey respondents (38%) expected climate change and carbon-related issues would be the most prominent ESG issues, followed by environmental regulations (27%) and changing consumer preferences towards more responsible products and services (19%).

Around 700 meetings organised through AFF Deal Flow Matchmaking session
This year’s forum once again featured the AFF Deal Flow Matchmaking session to provide one-to-one deal-sourcing and matchmaking meetings for project owners and investors. Investors taking part in the session included Beyond Ventures, Mizuho Bank and Betatron. Close to 700 meetings were held, covering projects including manufacturing, green technology, the Internet of Things (IoT), fintech and healthtech. The sessions sought to foster more concrete cooperation between participants.

Launched last year, the Fintech Showcase returned in 2020, together with the inaugural FintechHK Startup Salon, to present a plethora of innovations and next-generation business ideas from close to 90 fintech start-ups as well as leading financial institutions and technology firms from Hong Kong and beyond. The InnoVenture Salon was back for the third time on an expanded scale and with enriched content, making it the ideal platform to connect start-ups with potential investors and partners. Through the Startup Zone, Fireside Chat, Pitching, Startup Clinic, one-to-one matchmaking meetings as well as meetups with Hong Kong regulators and market facilitators, comprehensive support was provided to facilitate the development of start-ups.

Overview of 2020 Asian Financial Forum participants’ polling results

1. Global economic outlook in 2020: Polling result
– Optimistic 22%
– Neutral 38%
– Pessimistic 40%

2. Major challenge for global growth in 2020: Polling result
– Limited headroom for monetary and fiscal policies to support growth 19%
– China-US tensions on trade, technology and cross-border investment 38%
– Intensifying geopolitical risks 36%
– Elevated corporate debt restraining business spending 6%

3. Outlook for global trade in 2020: Polling result
– Optimistic 25%
– Neutral 28%
– Pessimistic 47%

4. Key driver for the growth of global trade in 2020: Polling result
– Fair and appropriate treatment of capital for trade 18%
– Digitalisation of trade 26%
– An effective multilateral system 50%
– Commercialisation of blockchain 6%

5. How likely would innovative solutions help address structural issues and bolster global growth?: Polling result
– Very unlikely 8%
– Unlikely 28%
– Likely 40%
– Very likely 21%
– Don’t know 2%

6. ESG issues for businesses in 2020: Polling result
– Environmental regulations 27%
– Climate change and carbon-related issues 38%
– Changing consumer preferences towards more responsible products and services 19%
– Labour rights and regulations 4%
– Gender equality in the workforce 3%
– Product Safety 3%
– Corruption 6%

Websites
– Asian Financial Forum: http://www.hktdc.com/ncs/aff2020/en/main/index.html
– International Financial Week Website: http://www.internationalfinancialweek.com
– Photo download: https://bit.ly/2TwHgeK

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 trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.

Contact:

Christine Kam, Tel: +852 2584 4514, Email: christine.kam@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Clayton Lauw, Tel: +852 2584 4116, Email: clayton.y.lauw@hktdc.org

NetDragon Wins “The Best Value Education Stock” at Golden Hong Kong Stocks Awards 2019

NetDragon Wins “The Best Value Education Stock” at Golden Hong Kong Stocks Awards 2019

NetDragon Websoft Holdings Limited (“NetDragon” or “the Company”, Hong Kong Stock Code: 777), a global leader in building internet communities, is pleased to announce that the Company wins “The Best Value Education Stock” award at Golden Hong Kong Stocks Awards 2019. The Fourth Golden Hong Kong Stocks Awards was co-hosted by China-based leading Hong Kong and US stock information platforms Zhitongcaijing and Royalflush Finance. This award represents the capital market’s recognition and support on NetDragon’s achievements in education business.

“Golden Hong Kong Stocks Awards Ceremony” is one of the global leading professional assessors of Hong Kong and US-listed companies, which is also the benchmark for selecting the best value stocks and growth stocks for the year. “The Best Value Education Stock” award aims to recognise HK-listed education stocks with healthy corporate governance structure, leading industry position, excellent operation, sustainable and stable investment returns. NetDragon winning this award highlights the industry and investors’ recognition of the Company’s education business. “The Fourth Golden Hong Kong Stocks Awards” attracted more than 860 participating Hong Kong listed companies, with a total market value of over HK$18 trillion. Over 200 financial institutions including banks, securities firms, insurance companies, trust funds and asset management companies, and over a thousand professional investors attended this event. The final list of winners was selected by an expert committee based on factors over the past year, including revenue growth, industry rankings, corporate governance, business model, market presence and capital markets performance, as well as voting from the public.

After affirming the strategy of entering the education sector, NetDragon has developed a wide spectrum of education products which are highly-recognised by users, and created an one-stop online education platform which integrates tools, content, resources and services through strategizing proprietary R&D and M&A in parallel. NetDragon continues to expand its education businesses simultaneously in China and overseas markets. Up till now, in addition to sustaining its leading position in developed markets across Americas and Europe, NetDragon has partnered with Russia, Egypt, Nigeria, Kenya, Serbia and other countries along the “Belt and Road”, and will further extend its global footprint in the future. In recent years, the Company has strengthened the development in the China market, including winning multiple bids of “Smart Campus” project in Fuzhou, strategic collaboration with Beijing Language and Culture University Press to build a global Chinese language learning platform, and cooperation with China Unicom to promote “5G + Smart Education”. On the other hand, NetDragon’s education subsidiary recently received a US$150 million strategic investment from Ascendent Capital Partners with a post-money valuation of US$1.35 billion. To date, NetDragon’s extensive education business footprint covers over 2 million classrooms in more than 190 countries and regions, benefiting over 100 million users.

NetDragon winning “The Best Value Education Stock” reflects capital markets and professional investors’ acknowledgement about the development strategies and investment value of Company’s education business, which is encouraging and motivational to the Company. In future, NetDragon will continue to innovate within education with advanced technologies, enhance product penetration and bring China’s education technologies, products and services to more “Belt and Road” countries, in order to achieve its mission of creating the “future classroom”.

About NetDragon Websoft Holdings Limited
NetDragon Websoft Holdings Limited (HKSE: 0777) is a global leader in building internet communities with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users. These include China’s number one online gaming portal, 17173.com, and China’s most influential smartphone app store platform, 91 Wireless, which was sold to Baidu for US$1.9 billion in 2013 as the largest Internet M&A transaction in China.

Established in 1999, NetDragon is one of the most reputable and well-known online game developers in China with a history of successful game titles including Eudemons Online, Heroes Evolved and Conquer Online. In recent years, NetDragon has also started to scale its online education business on the back of management’s vision to create the largest global online learning community, and to bring the “classroom of the future” to every school around the world. For more information, please visit www.netdragon.com.

For investor enquiries, please contact:
NetDragon Websoft Holdings Limited
Ms. Maggie Zhou
Senior Director of Investor Relations
Tel.: +852 2850 7266 / +86 591 8390 2825
Email: maggie@nd.com.cn
Website: ir.netdragon.com

NetDragon Aids Smart Education Construction in Serbia

NetDragon Websoft Holdings Limited (“NetDragon” or “the Company”, Hong Kong Stock Code: 777), a global leader in building internet communities, is pleased to announce that NetDragon and Ministry of Education, Science and Technological Development of Serbia (“MOESTD of Serbia”) signed a memorandum of understanding (“MOU”) on cooperation in smart education program for Serbia. Leveraging the Company’s advanced educational information technologies, NetDragon will work with MOESTD of Serbia to set up a smart learning environment including SaaS cloud platform, education software and hardware, value-added services, to achieve smart education, information connectivity as well as comprehensive education equality.

Serbia plays a prominent role in countries along the “The Belt and Road”. In recent years, Serbia has valued technological innovation and development, and has committed to digital education reform. Mladen Sarcevic, Minister of MOESTD of Serbia commented that Serbia is willing to learn from Chinese internet companies and will strongly support NetDragon in promoting nation-wide smart education construction in Serbia. Meanwhile, the Country will also cooperate with NetDragon to cultivate technical talents in order to upgrade Serbia’s innovation capabilities.

In accordance with the MOU, NetDragon will leverage advanced technologies such as cloud computing and AI to help Serbia build a national management and teaching system and a national development and service system for smart education. At the same time, NetDragon and Serbia will jointly build a smart education demonstration center to showcase leading education technological applications. In future, the center will serve as an example of a localized model, which includes experience center, content production center, R&D center, service center and informatized training center, and will represent the outcome of the joint effort between the Serbian Government, enterprises, universities and research institutions from Serbia. Through this smart education center, NetDragon will demonstrate to educators and the society different learning scenarios and will also provide resources and platform services for technological information and knowledge sharing in Serbia, in order to enhance user experiences from educators and learners, and to meet the needs of the public for smart education.

In addition, NetDragon will leverage and combine advanced technologies including Promethean’s education solutions including ActivPanel, smart classroom, VR classroom and STEAM classroom, to build an integrated digital learning platform that comprises teaching management, environment and resources & application for Serbia. And based on the Company’s learning platform, management platform (One Stop Learning) and mobile device management platform (MDM), NetDragon will build a national cloud platform for education services for the Country. On the other hand, Serbia plans to purchase tens of thousands units of smart classroom solutions in the next 2 years, which may become one of the collaborations between NetDragon and Serbia.

Liu Dejian, Founder and Chairman of NetDragon, and Advisor to Minister without Portfolio of Serbia in charge of Innovation and Technological Development said that the Company will continue to work on R&D with the Serbian Government, enterprises, universities and scientific research institutions, to foster research and application of smart education, and to fully assist in the development of smart education in Serbia via collaboration in education training and services.

NetDragon and Serbia have multiple interactions in recent years. NetDragon invited Mr. Nenad Popovic, Minister without Portfolio of Serbia in charge of Innovations and Technological Development, to participate in the Digital China Summit in the past two consecutive years, and Liu Dejian was hired as Advisor of Minister. In October 2019, NetDragon, Ministry for Education, Science and Technological Development of Serbia and Cabinet of the Minister in charge of Innovations and Technological Development signed a memorandum of understanding on cooperation in developing the Serbian Public Innovation Platform at the “The Fourth China-CEEC Conference on Innovation Cooperation”.

Under the “Belt and Road Initiative”, NetDragon, as a leading enterprise in Internet + Education, integrates advanced technologies including AI and VR to help developing countries upgrade smart education and promote digital education innovation based on the countries’ specific circumstances and needs. Up till now, NetDragon has been working with countries along “The Belt and Road” including Russia, Egypt, Nigeria and Kenya. The signing of this MOU with MOESTD of Serbia marks another new step for the Company which will act as the starting point for international digital education cooperation for the 17 countries in Central and Eastern Europe.

About NetDragon Websoft Holdings Limited
NetDragon Websoft Holdings Limited (HKSE: 0777) is a global leader in building internet communities with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users. These include China’s number one online gaming portal, 17173.com, and China’s most influential smartphone app store platform, 91 Wireless, which was sold to Baidu for US$1.9 billion in 2013 as the largest Internet M&A transaction in China.

Established in 1999, NetDragon is one of the most reputable and well-known online game developers in China with a history of successful game titles including Eudemons Online, Heroes Evolved and Conquer Online. In recent years, NetDragon has also started to scale its online education business on the back of management’s vision to create the largest global online learning community, and to bring the “classroom of the future” to every school around the world. For more information, please visit www.netdragon.com.

For investor enquiries, please contact:
NetDragon Websoft Holdings Limited
Ms. Maggie Zhou
Senior Director of Investor Relations
Tel.: +852 2850 7266 / +86 591 8390 2825
Email: maggie@nd.com.cn
Website: ir.netdragon.com

China Re HK Commences Business Operation, Opening a New Chapter for Global Presence of China Re Group

Following the successful acquisition of Chaucer in late 2018, good news came in again for China Re Group at the end of this year as China Reinsurance (Hong Kong) Company Limited (China Re HK) formally obtained the licence from Hong Kong Insurance Authority on 16 December 2019. A business launch and strategic cooperation signing ceremony was held on 19 December 2019. Yuan Linjiang, Chairman of China Re Group, He Chunlei, President of China Re Group, together with senior leadership of over 20 insurance companies and financial institutions from Hong Kong and Mainland China attended the ceremony to witness this great moment for the global development of China Re Group and the commencement of business operation of China Re HK.

China Re HK is the first wholly-owned reinsurance subsidiary of China Re Group established in Hong Kong in response to the Belt and Road Initiative (BRI) and the development of Guangdong-Hong Kong-Macau Greater Bay Area. Under the wise leadership of higher authorities and the firm guidance from China Re Group’s “going global” strategy, China Re HK has become the first insurance institution approved to be incorporated in Hong Kong by domestic insurers, since the establishment of China Banking and Insurance Regulatory Commission (CBIRC). China Re Group resumed the application process for China Re HK at the beginning of this year, completed all domestic and overseas approval procedures and preparatory work in just eight months, and successfully commenced operation at the end of this year. In addition, China Re HK was granted “A” rating from Standard & Poor’s and “A-” rating from A. M. Best respectively on 16 and 17 December 2019, demonstrating its solid capital base in the market.

Yuan Linjiang, Chairman of China Re Group, expressed his ardent hopes for China Re HK at the business commencement ceremony that, “China Re HK shall make use of the risk coverage, technical cooperation and financial facility functions of reinsurance, provide world-class services with China Re characteristics to Chinese insurers who seek internationalization, and provide insurers in Hong Kong and other countries and regions with China’s experiences and China Re’s wisdom! “

FORGING AHEAD WHILE FIRMLY INPLEMENTING GLOBALIZATION STRATEGY

Going global, and the world is in front of us. As the only reinsurance group in Mainland China, China Re Group has been unswerving in its “going global” strategy to continuously improve the ability and influence of China’s reinsurance industry in providing technical services overseas and become a major player in the international reinsurance market.

China Re Group is a pioneer of domestic insurer globalization, and had established a global presence prior to the 12th Five-Year Plan Period. In 2011, it took the lead in entering the Lloyd’s market and established China Re Syndicate 2088, setting a precedent of Chinese insurer joining Lloyd’s, a global insurance “elite club” with over 300 years of history and a special risk business hub market. In 2013, it held the 23rd meeting of the Federation of Afro-Asian Insurers and Reinsurers (FAIR), which facilitated further communication and cooperation between Chinese insurers and the international insurance industry. In 2015, it was successfully listed on the Hong Kong Stock Exchange, ushering in a new chapter for China Re Group’s globalization.

During the 13th Five-Year Plan Period, China Re Group’s globalization scaled new heights. Under the strategic guidance of “One Core, Three Breakthroughs and Five Leaps” (“One Three Five” strategy), its Singapore branch was set up in 2016. The company then wholly-acquired Chaucer Insurance Group in 2018, which is the biggest overseas core business acquisition project of state-owned insurers to date. Up to now, China Re Group has successively established overseas institutions in nine countries and regions including the United Kingdom, Ireland, Denmark, United Arab Emirates, Australia and Singapore, and owns the widest overseas presence among domestic insurers. On 26 August 2019, the establishment of China Re HK was approved by CBIRC. On 16 December 2019, China Re HK obtained the licence granted by the Hong Kong Insurance Authority, opening a new chapter for the global presence of China Re Group. As at the end of the third quarter of 2019, China Re Group’s overseas premium income accounted for more than 13% of its gross written premiums, and its overseas investment assets size represented 18% of its total investable assets size. It occupies a leading position in globalization among Chinese insurers, and rose in the global reinsurance ranking to No. 7, all the while maintaining its NO.1 position in Asia.

As the world’s third largest international finance centre and a key junction for the BRI, Hong Kong is one of the four central cities in the Guangdong-Hong Kong-Macau Greater Bay Area, and serves as a hub in finance, shipping, trade, international aviation and global offshore RMB business. With a highly developed life insurance market, Hong Kong is a strategic location for the global presence of major financial institutions. China Re HK project was launched early in July 2016. As a result of market, regulatory and other objective factors, however, the resumption of this application was not approved until the beginning of this year. China Re Group’s globalization strategic philosophy remains unchanged and maintains a strong and firm strategic focus. Through effectively coordinating various resources to overcome one difficulty after another, it has finally break new grounds and starts the business operation of China Re HK. This has put together a key piece for China Re Group to implement its “One Three Five” strategy and signals a breakthrough in the “going global” of life reinsurance segment.

PERFORMING REINSURANCE FUNCTIONS WHILE INNOVATING, AND ACTIVELY SERVING NATIONAL STRATEGIES

Facing the missions of the insurance industry conferred by the new era, China Re Group shares the fate and breath with China and the era and actively follows national strategies. By adhering to the innovation-driven development strategy, China Re Group led the establishment of China Nuclear Insurance Pool (CNIP) and China Agricultural Reinsurance Pool (CARP), developed China’s first rescue insurance policy, led multiple basic researches on mortality table and critical illness table, facilitated the analysis of the BRI Insurance Pool, and published China’s first self-developed earthquake catastrophe model. As at the end of 2018, China Re Group had established cooperation under the BRI framework with 31 overseas insurance institutions, ready to provide local services for China’s overseas interest and business across 135 countries and regions. With its continuous efforts, China Re Group has made its own contribution to China’s national strategies such as “Manufacturing Power”, “BRI”, disaster relief and “Healthy China” initiatives.

Currently, China’s economic growth has entered a new era of transition from rapid growth to high-quality development, which has created a new landscape of comprehensive two-way opening. China’s key regional strategic integrated development measures, represented by the development of Guangdong-Hong Kong-Macau Greater Bay Area, have become important driving forces for economic growth. China Re Group is taking an active part by expanding its presence in model innovation, product innovation and digital innovation, and further strengthening Hong Kong’s functions as global offshore RMB business hub, international asset management centre and risk management centre. Early in 2010, China Re Life under China Re Group pioneered in a comprehensive RMB cross-border reinsurance business model in Hong Kong and achieved cross-border reinsurance settlement in RMB for the first time, filling the gap in Hong Kong insurance market for RMB-denominated products. It has successively established cooperation in reinsurance business with nearly 20 companies in Hong Kong, generated a total written premium income of approximately RMB60 billion, accelerating the RMB internationalization process.

Facing the opportunities and challenges for development, He Chunlei, President of China Re Group and Chairman of China Re Life pointed out that, “Hong Kong has international and institutional advantages in financial services. China Re HK shall pay close attention to financial technology innovations and play its roles well in recommending international products and sharing experiences. It shall focus on core business, make practical innovations, diversify risks and maintain a solid foundation for Hong Kong and Asian insurance industry through professional technical services, and contribute to the stability and prosperity of Hong Kong insurance market.”

“RE” OPENING A NEW CHAPTER AND JOINING HANDS FOR A WIN-WIN FUTURE

The establishment of China Re HK has received strong help from Hong Kong Insurance Authority, as well as the keen attention and support from China Investment Corporation, the Ministry of Finance, the National Development and Reform Commission, the State Administration of Foreign Exchange, customers, partners, rating agencies, custodian banks and Chinese institutions in Hong Kong.

Following its establishment, China Re HK will carry on the solid cooperation established between China Re Life and Hong Kong customers in the past decade and effectively overcome the problems in offshore services, and better cultivate Hong Kong market. With its entrepreneurial mission of “being a trail blazer in opening up virgin lands” and craftsmanship spirit of “serving the industry with professional expertise”, it will provide customers with professional reinsurance services such as data analysis, product research and development, risk evaluation, underwriting and claim settlement, capital management and brand training, and give back to its partners which it has worked together for years.

At the business launch and strategic cooperation signing ceremony, China Re HK entered into the first batch of business contracts with China Life Insurance (Overseas) Company Limited, China Taiping Life Insurance (Hong Kong) Company Limited and BOC Group Life Assurance Company Limited, respectively, and executed strategic cooperation memorandums of understanding in the hope of achieving strategic cooperation and business development at higher levels and in deeper areas, and creating a new win-win situation. Wang Xin, Director and Chief Executive Officer of China Taiping Life Insurance (Hong Kong) Company Limited stressed in his speech that, after knowing the approval of China Re HK, China Taiping Life immediately initiated business connections to support China Re Group’s globalization strategy with practical actions. China Taiping Life hopes that both parties can fulfil their responsibilities as central state-owned insurance enterprises, care for people’s wellbeing in Hong Kong, serve Hong Kong’s economic development, and mutually contribute to the stability and prosperity of Hong Kong. Jiang Tao, Vice President of China Life Insurance (Overseas) Company Limited said that, China Re Group and China Life share the same origin and background and have worked together for years. They pursue “China Life Dream” and “China Re Dream” of developing international first-class financial and insurance groups and occupies leading positions among Chinese insurance companies in home and abroad. China Life Insurance (Overseas) firmly believes that China Re HK is a trustworthy partner and expects both parties to work together in all areas to create value, serve national strategies and “Re” open a new chapter for cooperation in the future.

With the coming of spring, everything takes on a new look. As its globalization process accelerates, China Re Group is playing a leading role in more international markets and innovative areas and marching towards an international first-class integrated reinsurance group.

China Re HK has just embarked on its journey to prosperity, and China Re Group will have a promising future.

Chen Hsong Wins Two Awards at Hong Kong Awards for Industries

Chen Hsong Holdings Limited (“Chen Hsong” or the “Group”; HKEX: 00057), one of the largest manufacturers of injection moulding machines in the world, has received two awards – “Grand Award” and “Certificate of Merit” – for its SPARK Series All Electric Injection Molding Machine and the Super Master Two Platen Series 6,500 Tons Clamping Force with Two Injection Unit System respectively in the Equipment and Machinery Design category of the Hong Kong Awards for Industries (“the Awards”) organised by The Chinese Manufacturers’ Association of Hong Kong.

The awards acknowledge the outstanding capability and achievement of the Group in equipment and machinery design, and also its leadership and trail-blazing technological standard in the industry. The award presentation ceremony was held at the Hong Kong Science & Technology Parks on 2 December 2019, with Dr. Bernard Chan, the Under Secretary for Commerce and Economic Development, and Ms. Salina Yan, Chairperson of the Organising Committee of the 2019 Hong Kong Awards for Industries as the officiating guests.

The SPARK Series All Electric Injection Molding Machine, which won the “Grand Award” was developed by Chen Hsong’s top-notch technical team guided by the Group’s philosophy of “Quality is of Paramount Importance, Technology is Core Competence”. The series boasts sophisticated mechanical structure, a high-speed control system operating with the support of a real-time intelligent programme, plus an operating software with molding control big data gathered by the Group over the years put in. All combined, the system has molding protection and stress relief functions more intelligent to ensure every production step takes place at high speed and with precision consistently. With those features, SPARK has bridged the performance gap and torn down the technological barrier between China’s all-electric machines and their high-end Japanese counterparts, taking the lead among all-electric machine products in China.

Expressing her heartfelt appreciation to the organiser and judges of the Awards, Ms. Lai Yuen CHIANG, Chairman of Chen Hsong, said, “Both Chen Hsong and I are very happy that the Group won the two awards. They represent the strong recognition earned again by our R&D and production teams for their hard work and contribution to the machine manufacturing industry these two years. We have remained loyal to the operational philosophy of our founder Dr Chen Chiang, focusing on developing industrial technologies, investing continuously in developing high-tech and high quality moulding machines, ensuring the Group can lead development of the industry, and keep improving service standard, in its strive for perfection. In the future, the Group will continue to fulfil the corporate mission of ‘Enriching Livelihood of People by Industry, Strengthening the Country through a Prosperous Society’, innovate persistently and push for breakthroughs, so that it may reach new heights on the technology front in the moulding machine manufacturing industry in China.”

With full government backing, the Hong Kong Awards for Industries was established in 2005, merging the former Hong Kong Awards for Industry and Hong Kong Awards for Services established in 1989 and 1997 respectively. It aims to recognise the achievements of Hong Kong enterprises moving forward on the high-tech and high-value development track, as well as their outstanding performance in different areas. The “equipment and machinery design” category of the Awards is organised by The Chinese Manufacturers’ Association of Hong Kong, for the purposes of encouraging efforts to improve the design and production of local equipment and machinery and their competitiveness, and also commending excellent products. The entries are judged on aspects including innovation, new technology application, functionality, ease of use, cost effectiveness, safety, environmental impact and marketability.

About Chen Hsong Holdings Limited
Chen Hsong Holdings Limited (“Chen Hsong” or the “Group”; HKEX: 00057) is one of the largest manufacturers of injection moulding machines in the world. Chen Hsong was founded in 1958 by Dr Chen Chiang, and has been listed on the Hong Kong Stock Exchange since 1991, with a customer base covering more than 80 countries worldwide, including China, U.S.A., Canada, France, U.K., Germany, Turkey, India, Brazil, Argentina, Mexico and most S.E. Asian countries.

Chen Hsong’s leading position in the industry is secured through relentless pursuit of technological advancements, manufacturing innovations, no-compromise service levels and single-minded pursuit for excellence.

Chen Hsong, headquartered in Hong Kong, has multiple manufacturing facilities in Mainland China and Taiwan to gain access to top talent and technologies in Greater China as well as the world. The Chen Hsong Industrial Park in Shenzhen, and the large-scale manufacturing facilities in Shunde and Taoyuan, are the R&D and manufacturing centres of the Group. Chen Hsong also operates manufacturing facilities in Ningbo.

Media Enquiries:
Strategic Financial Relations Limited
Iris Lee Tel: +852 2864 4829 Email: iris.lee@sprg.com.hk
Veron Ng Tel: +852 2864 4831 Email: veron.ng@sprg.com.hk
Antonio Y Tel: +852 2114 4319 Email: antonio.yu@sprg.com.hk
www.sprg.com.hk

Mr. Dennis Lee Seng Jin, CEO of Samson Paper Garners “Directors of the Year Awards 2019” from The Hong Kong Institute of Directors

Mr. Dennis Lee Seng Jin, Chief Executive Officer of Samson Paper Holdings Limited (“Samson Paper”, and together with its subsidiaries, the “Group”) (stock code: 0731), has been awarded “Directors of the Year Awards 2019” (Listed Companies – Executive Directors) by The Hong Kong Institute of Directors (“HKIoD”). The award acknowledges his outstanding performance in leading the Group in business transformation and development and also recognises his engagement of new ideas in corporate governance practices and value building, as well as his effort and contribution in enhancing the efficiency of corporate governance.

The Directors of the Year Awards 2019 is organized by HKIoD, aiming to recognize outstanding boards and directors, to publicise the significance of good corporate governance and to promote good corporate governance and professionalism among directors. This year’s main theme is “Embracing Innovation for Sustainable Growth”. The award winners are selected through a stringent set of procedures. As the first-of-the-kind in Asia, the Directors of the Year Awards has become an annual honor with strong influence in the society.

Mr. Lee said, “Over the years, Samson Paper has developed into a multi-national company with diversified portfolios that encompasses paper manufacturing, FMCG and property development businesses. I believe that we have managed to keep up with shifting megatrends in this highly competitive environment because we have been proactively innovating our operational strategies, implementing stringent accountability frameworks, and always ensuring compliance to our rigorous risk management standards across the board. This award is a huge encouragement for the Group and myself. We will continue to work together to manage business risks in the turbulent market and preserve the Group’s competitive capabilities. We are certain that Samson Paper will continually innovate to create new and sustainable income sources, while always upholding the gold standard of corporate governance.”

About Samson Paper Holdings Limited (Stock code: 0731)
Samson Paper is the largest paper merchant in Hong Kong. It has over 20 sales offices in major coastal industrial and inland cities in the PRC, and branches in Singapore, Korea and Malaysia, helping it distribute products of over 100 global paper brands. Building on its solid foundation, the Group has been evolving, turning itself from a paper trader into an integrated distribution services provider with capability in diverse business pursuits including paper manufacturing, trading, logistics solution, property development and investment, wholesale and franchise distribution.

Media Enquiries
Strategic Financial Relations Limited
Mandy Go +852 2864 4812 mandy.go@sprg.com.hk
Alice Yip +852 2864 4862 alice.yip@sprg.com.hk
Vivian Lee +852 2114 4950 vivian.lee@sprg.com.hk
Website: http://www.sprg.com.hk