UOB aims to more than double its Lady's Card membership in the next five years by giving women more choice in how they earn rewards
Accenture #EqualityDrivesInnovation 2019 Reveals Culture of Equality in Indonesia can Increase Workplace Innovation up to Three Times
Rhenus establishes its own network in South Africa by acquiring World Net Logistics
The9 Limited Signs Joint Venture Agreement with Faraday&Future Inc.
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The Classic Fusion Ferrari GT Watch Opens a New and Innovative Chapter in the Partnership of Excellence Between Hublot and Ferrari
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WeChat Pay Supports Merchants Expanding Businesses by Bringing its Ecosystem to the World
HONG KONG, March 22, 2019 /PRNewswire/ -- WeChat Pay today unveils its latest strategy for cross-border payment business at the WeChat Pay Overseas Partner Conference 2019. Themed 'One for Billion', the conference encourages service providers and merchants across the world to expand their businesses by reaching out and engaging Chinese travelers through WeChat ecosystem. Close to 1,600 guests, including representatives from global merchants and outstanding service providers from China and overseas, gathered in Hong Kong to explore the new opportunities with WeChat Pay's smart ecosystem. WeChat Pay smart life scenarios experience at the conference. "In the past five years, the progress of mobile payment technology development in China has received global attention, and the digitization of all walks of life has continued at a rapid pace. The real driving force behind this is not just a payment tool, but also the support of third-party service providers from the various industries. They are the true representatives of digital innovation in China," said Li Peiku, Vice-President of WeChat Pay. The wide variety of functions available within the WeChat Ecosystem will help overseas merchants to smoothly accelerate the digitalization process, in order to better serve Chinese tourists overseas. According to the latest data released at the conference, in 2018, the monthly average transaction volume saw an increase of 500% year-on-year, while the total transaction value increased 400%. Meanwhile, the number of service providers witnessed a year-on-year increase of 300%, and the number of merchants accepting WeChat Pay increased 700%. In Korea, the number of merchants accepting WeChat Pay increased over 300% in 2018. WeChat Pay is now available in 49 markets outside of the Chinese mainland, supporting cross-border payment transactions in 16 currencies. WeChat Pay Unveils Five Key Areas of its Cross-Border Business Making a purchase is not only about payment. The entire experience throughout the consumer journey is important to conclude the transaction. WeChat Pay is looking closely into the overall customer experience, and exploring more smart living solutions to cover retail, F&B, and fashion, municipal services and many other aspects of daily life. At the conference, WeChat Pay unveils five key areas of its cross-border business: To expand its cross-border payment into more markets and to support more currencies. To promote smart checkout solutions and improve the shopping experience for consumers. To promote self-service F&B ordering solutions to ease the communication that involves different and multiple languages. To promote the usage of AI-based solutions in the fashion and beauty industries that enable virtual fitting and makeup testing. To explore more solutions in areas such as overseas consular services, medical care, education and other social services. WeChat Pay has successfully developed many case studies in offering smart living solutions. For example, at Heytea Hong Kong, users can order through its WeChat's Mini Programs to avoid the queue and collect their orders in store when it is ready. For another scenario in Japan, Fuji-Q Highland guests can purchase tickets and check queuing times via its WeChat's Mini Programs to better plan their visit for different rides and activities, ensuring a smoother visitor's experience. WeChat Pay is also expanding its scope in other tourism and travel-related solutions. Today, close to 20 Chinese embassies and foreign consulates around the world are offering WeChat Pay services, which means that Chinese citizens can now make payments using WeChat Pay at these embassies and consulates if they encounter an emergency, for instance, replacement requests of their travel documents. WeChat - Connect People to Businesses Across Multiple Scenarios With outbound travel becoming easier and an increase in personal income levels, the Chinese outbound travel market continues to expand. In 2018, more than 149 million Chinese tourists travelled abroad, a 14.7% increase on the same period for the previous year[1]. Meanwhile, the consumption of outbound Chinese tourists exceeded US$120 billion, and per capita overseas consumption exceeded RMB 13,000[2]. While WeChat Pay is assisting the domestic service providers in mainland China to expand overseas, WeChat Pay also continues to optimize its overall training system to help overseas service providers and merchants to achieve a two-way communication with the Chinese travelers for better customer experience. [1] "2018 Tourism Market Overview", Ministry of Culture and Tourism of the People's Republic of China [2] "2018 Chinese Tourist Outbound Travel Report", China Tourism Academy and Ctrip Photo - https://photos.prnasia.com/prnh/20190322/2411483-1
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MINISO Cooperates with Marvel Studios, Releasing 2000 Superheroes Peripheral Products
GUANGZHOU, China, March 22, 2019 /PRNewswire/ -- On March 13, with the theme of "Meeting the Heroes", MINISO's new product release meeting was held in Guangzhou, China. The world's well-known retail brand MINISO officially announced the cooperation with globally renowned top IP Marvel to develop a series of peripheral products, which will be put on sale in over 100 countries. MINISO announced the official cooperation with the world’s top IP Marvel. The MINISO x MARVEL products exhibition area was set up at the new product release meeting. There were as many as 2000 Marvel products on display, including Spider-man, Captain America, Iron Man, Hulk, Captain Marvel, Thor and Black Widow. This time, the copyright owner of Marvel has granted authorization to MINISO in 123 countries, covering five continents. The licensed products covered 13 product categories of MINISO, which was unprecedented for Marvel. Mr. Ye Guofu, the global co-founder and CEO of MINISO, said that Marvel is the world's top IP with a wide range of influence and appeal. He loved the Marvel movies personally, and watched almost every movie of Marvel. Ye believed that good products should serve the masses instead of serving a small part of people. This is the reason why MINISO would cooperate with Marvel after developing cooperation with Hello Kitty, Adventure Time, We Bare Bears, Pink Panther, Pantone and Sesame Street. MINISO will continue to follow the principle of high quality and affordable price, and bring authentic peripheral products with first-class quality and affordable price to marvel fans around the world. Ada Dou, the executive vice-president of MINISO Commodity Center, indicated that there were three major factors for Marvel to cooperate with MINISO: the retail terminal covering the whole world; the principle of high quality and affordable price; and the high standard product design and quality control. Marvel has formed a subtle complementary relationship with the main consumer groups of MINISO. With this cooperation, Marvel can open up the female market, while MINISO can attract more male consumers through its series of products at the same time, Ada said. The peripheral products launched by MINISO in cooperation with Marvel are not only excellent in product design and quality, but also very competitive in price. An exquisite mug, for example, costs as little as RMB 7.9 on the market, while a Marvel superhero ornament only costs RMB 10 in MINISO, which is almost one tenth of the similar products in some boutiques. As for MINISO, cost-effective products are always a powerful weapon to open up the global market. With this concept, MINISO was able to quickly enter the retail market in more than 80 countries within 5 years. According to MINISO's official data, there are more than 3500 MINISO stores throughout the world so far, with RMB 17 billion turnover in 2018. Photo - https://photos.prnasia.com/prnh/20190322/2411390-1
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WeChat Pay Supports Merchants Expanding Businesses by Bringing its Ecosystem to the World
HONG KONG, March 22, 2019 /PRNewswire/ -- WeChat Pay today unveils its latest strategy for cross-border payment business at the WeChat Pay Overseas Partner Conference 2019. Themed 'One for Billion', the conference encourages service providers and merchants across the world to expand their businesses by reaching out and engaging Chinese travelers through WeChat ecosystem. Close to 1,600 guests, including representatives from global merchants and outstanding service providers from China and overseas, gathered in Hong Kong to explore the new opportunities with WeChat Pay's smart ecosystem. WeChat Pay smart life scenarios experience at the conference. "In the past five years, the progress of mobile payment technology development in China has received global attention, and the digitization of all walks of life has continued at a rapid pace. The real driving force behind this is not just a payment tool, but also the support of third-party service providers from the various industries. They are the true representatives of digital innovation in China," said Li Peiku, Vice-President of WeChat Pay. The wide variety of functions available within the WeChat Ecosystem will help overseas merchants to smoothly accelerate the digitalization process, in order to better serve Chinese tourists overseas. According to the latest data released at the conference, in 2018, the monthly average transaction volume saw an increase of 500% year-on-year, while the total transaction value increased 400%. Meanwhile, the number of service providers witnessed a year-on-year increase of 300%, and the number of merchants accepting WeChat Pay increased 700%. In Japan, the transaction volume, the total transaction value and the number of merchants accepting WeChat Pay in June 2018 increased more than 6 times compared with the same period of 2017. WeChat Pay is now available in 49 markets outside of the Chinese mainland, supporting cross-border payment transactions in 16 currencies. WeChat Pay Unveils Five Key Areas of its Cross-Border Business Making a purchase is not only about payment. The entire experience throughout the consumer journey is important to conclude the transaction. WeChat Pay is looking closely into the overall customer experience, and exploring more smart living solutions to cover retail, F&B, and fashion, municipal services and many other aspects of daily life. At the conference, WeChat Pay unveils five key areas of its cross-border business: To expand its cross-border payment into more markets and to support more currencies. To promote smart checkout solutions and improve the shopping experience for consumers. To promote self-service F&B ordering solutions to ease the communication that involves different and multiple languages. To promote the usage of AI-based solutions in the fashion and beauty industries that enable virtual fitting and makeup testing. To explore more solutions in areas such as overseas consular services, medical care, education and other social services. WeChat Pay has successfully developed many case studies in offering smart living solutions. For example, at Heytea Hong Kong, users can order through its WeChat's Mini Programs to avoid the queue and collect their orders in store when it is ready. For another scenario in Japan, Fuji-Q Highland guests can purchase tickets and check queuing times via its WeChat's Mini Programs to better plan their visit for different rides and activities, ensuring a smoother visitor's experience. WeChat Pay is also expanding its scope in other tourism and travel-related solutions. Today, close to 20 Chinese embassies and foreign consulates around the world are offering WeChat Pay services, which means that Chinese citizens can now make payments using WeChat Pay at these embassies and consulates if they encounter an emergency, for instance, replacement requests of their travel documents. WeChat - Connect People to Businesses Across Multiple Scenarios With outbound travel becoming easier and an increase in personal income levels, the Chinese outbound travel market continues to expand. In 2018, more than 149 million Chinese tourists travelled abroad, a 14.7% increase on the same period for the previous year[1]. Meanwhile, the consumption of outbound Chinese tourists exceeded US$120 billion, and per capita overseas consumption exceeded RMB 13,000[2]. While WeChat Pay is assisting the domestic service providers in mainland China to expand overseas, WeChat Pay also continues to optimize its overall training system to help overseas service providers and merchants to achieve a two-way communication with the Chinese travelers for better customer experience. [1] "2018 Tourism Market Overview", Ministry of Culture and Tourism of the People's Republic of China [2] "2018 Chinese Tourist Outbound Travel Report", China Tourism Academy and Ctrip Photo - https://photos.prnasia.com/prnh/20190322/2411482-1
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PJAM requested a meeting with the independent directors of SinoPac FHC (2890 TT) to explain its Ethical Management Committee's responsibility and
- As well as its compensation structure and employment strategy - The meeting request was denied 10 days later by the Investor Relations Department of SinoPac FHC TAIPEI, Taiwan, March 22, 2019 /PRNewswire/ -- PJ Asset Management Company Limited ("PJAM") and its affiliates, currently own more than 5% of the outstanding shares of SinoPac Financial Holdings Company Limited ("SinoPac FHC" or "Company"), issued a meeting invitation to the independent directors of SinoPac FHC on March 11, 2019. The main purpose of the invitation is to hold a face-to-face meeting between PJAM's management team and three independent directors of SinoPac FHC, and to help PJAM understand the efforts of SinoPac FHC 's corporate governance reinforcement and independent directors' involvement in the implementation process. The meeting agendas include (1) SinoPac FHC's Ethical Management Committee's responsibility and performance; (2) SinoPac FHC and its subsidiaries' compensation structure; (3) SinoPac FHC and its subsidiaries' employment strategy and hiring policy. The original letter in Chinese can be found on PJAM's official website http://www.pjam.com.tw/. On Mar 20 2019, PJAM received the response letter from the Department of Investor Relations of SinoPac FHC, which has clearly rejected PJAM's meeting request. The letter, which is reproduced below, provided the Company's explanation of the refusal to PJAM. While SinoPac FHC emphasized its commitment to a better corporate governance, PJAM is disappointed with the result and shall continue to urge the Company's board to proactively participate in investor communication, rather than put Department of Investor Relations sole steward of shareholders' communication. The original letter in Chinese can be found on PJAM's official website http://www.pjam.com.tw/. Dear PJAM, The set-up of Department of Investor Relations within SinoPac FHC is to be responsible for investor communication and to ensure that all shareholders' suggestions, concerns and disputes can be dealt properly by the department. The aforementioned subjects including our Ethical Management Committee's responsibility and performance, the subsidiaries' employment strategy and hiring policy were put forth to our audit committee. The audit committee members in accordance with the Company's past practice will assign and delegate the Department of Investor Relations to take charge the matters and respond to your request in due course. Media contact: Pamela Wu+886-2-2791-6668 #712pamela.wu@pjam.com.tw View original content:http://www.prnewswire.com/news-releases/pjam-requested-a-meeting-with-the-independent-directors-of-sinopac-fhc-2890-tt-to-explain-its-ethical-management-committees-responsibility-and-performance-300816917.htmlRelated Links :http://www.pjam.com.tw/
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Lear Invests in Israel-Based Maniv Mobility Venture Capital Fund
SOUTHFIELD, Mich. and SHANGHAI, March 22, 2019 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced it has invested in an Israel-based venture capital fund managed by Maniv Mobility that is focused on advancing mobility technology. Lear Invests in Israel-Based Maniv Mobility Venture Capital Fund The investment, which is being made through Lear Innovation Ventures (LIV), enables future collaboration and deepens Lear's involvement in the mobility technology ecosystem. Maniv Mobility's portfolio and investing activities are largely focused on Israeli start-up companies in the connected, autonomous, ridesharing and mobility sectors, as well as on investments in the U.S. and other markets. "Maniv is recognized as one of the premier investment funds focusing on the key trends in the automotive market, which makes it a great opportunity for LIV," said John Absmeier, Lear's Chief Technology Officer. "This is an exciting time of transformation for the industry, and Israel is at the forefront of the flourishing auto tech sector. We look forward to this strategic partnership and the innovations that will come from both start-ups and established companies that are driving the future of mobility." The partnership is not Lear's first mobility investment in Israel. In 2017, Lear acquired EXO Technologies, an Israeli developer of high accuracy vehicle positioning technology designed to meet the demands of the industry and drive change through increased accuracy, reliability and functional safety for ADAS and Autonomous driving applications. About Lear Corporation Lear Corporation Lear is one of the world's leading suppliers of automotive seating systems and electrical systems (E-Systems). Lear serves every major automaker in the world, and Lear content can be found on more than 400 vehicle nameplates. Lear's world-class products are designed, engineered and manufactured by a diverse team of approximately 169,000 employees located in 39 countries. Lear currently ranks #148 on the Fortune 500. Lear's headquarters are in Southfield, Michigan. Further information about Lear is available at lear.com or follow us on Twitter @LearCorporation. Lear is where passion drives possibilities. About Maniv Mobility Maniv Mobility is a leading venture capital fund dedicated exclusively to a new mobility future. Investing in early-stage startups, Maniv seeks out ideas around automotive connectivity and data, autonomous vehicle technologies such as sensors and software, and novel business models. With deep connections throughout the global automotive industry, policy and technology communities, Maniv leverages its network to provide hands-on support to its growing portfolio. For more information, visit www.maniv.com Photo - https://photos.prnasia.com/prnh/20190315/2404664-1 Related Links :https://www.lear.com/
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Canon celebrates 10 successful years in Macau serving enterprises across the Guangdong-Hong Kong-Macao Greater Bay Area
HONG KONG, March 22, 2019 /PRNewswire/ -- Canon Hongkong Company Limited (Macau Branch) (CMAC), celebrated its 10th anniversary with a special "Meet the Future" event at Wynn Macau, where the company unveiled Canon's vision for the future of imaging technology and its role in helping Macau achieve its goals under the "one centre, one platform" strategy. Officiating the event were Mr. Shunichi Morinaga, President & CEO of Canon Hongkong, and Mr. Philip Chan, Director and General Manager of Business Imaging Solution & Production Printing Group, Canon Hongkong, who also expressed their gratitude to the honorable guests, dealers and business partners in attendance. Emphasizing his confidence in the Macau market, Mr. Morinaga said, "Canon will continue to pursue innovation in longstanding business segments such as cameras, inkjet printers and multifunctional devices, focusing on four new businesses: commercial printing, network cameras, healthcare and industrial equipment." Grand vision, high expectations The Macau SAR Government's "one centre, one platform" strategy -- which calls for the dual transformation of Macau into a global tourism centre as well as a commercial and trade platform between China and Portuguese-speaking countries -- demonstrates the importance of information-sharing in today's world, one in which images are playing an increasingly important role. Canon Optical Technology, for example, is being widely applied not only in cameras that are designed for daily use, but also in broadcasting lenses for TV stations around the world. While the Cinema EOS System combines 4K image quality and Canon Color Science, future technology will feature even sharper 8K resolution, revealing the smallest details through exceptionally high-quality images and enabling more production freedom than ever. Mr. Morinaga said, "For the past 10 years, Canon has participated in the growth of this vibrant city through its distinctive imaging technology. By integrating our propriety imaging technology with the latest IT technology, and following our unique definition of IoT -- 'Imaging of Things' -- CMAC is poised to serve Macau with innovative products and solutions well into the future." The "Imaging of Things" approach is embedded in Canon's product designs to enhance connectivity between the physical and virtual worlds. Through the company's imaging technologies, from scanning and capturing to processing and output, it aims to strengthen bonds between people and objects and increase interaction. Such a transformative journey involves a huge amount of digitalization to reshape every aspect of a business. Mr. Chan said, "While we expect enterprises the Greater Bay Area (GBA) can transform at a gradual pace overall, we will accelerate this process with our professionals for enhanced business mobility and efficiency. The ultimate goal is to elevate the customer experience by aligning with the government's 'one centre, one platform' initiative and helping corporations -- especially the hospitality and tourism industries -- achieve digital transformation." He added that by applying advanced technologies such as artificial intelligence and robotic process automation (RPA), businesses will be able to focus more on critical decision-making and better prepare for future expension. Utilizing the latest Canon technologies to "Meet the Future" Canon's Unified Business Platform (UBP) intelligent business management solutions are designed to help enterprises in the GBA to achieve digitalization, manage their businesses more effectively and facilitate cross-border operation. Intelligent business solutions for hospitality and tourism Hospitality and tourism, the cornerstones of the Macanese economy, are two industries that stand to benefit from integrating intelligent solutions for higher levels of optimization and standardization. Canon pointed to the example of a major multinational hotel management group that successfully boosted its efficiency through UBP Antelope, which acts as a single platform connecting various systems, synchronizing data from different departments and coordinating workflows across branches. As a result, the company was able to reduce its human resource costs by 70% and additional delivery service costs by 80%, while the average time it spent on managing documents decreased from 20 manpower days to just eight. Canon said UBP Antelope can also help hospitality and tourism enterprises to enhance the customer experience. Antelope helps hotels streamlining their reservation processing by automatically importing reservation data received through existing booking systems for digital form generation. This means customers no longer need to sign paper forms during check-in; instead, digital forms and e-signatures result in a more systematic document management and help companies to achieve a higher level of environmental sustainability. Enhanced workplace mobility Another UBP solution, the mobile business platform MobileWork 3.0, allows data from multiple sources to be consolidated into a single database so that staff can collaborate and communicate across locations and departments via the platform. Colleagues can connects mobile devices with the platform to execute multiple tasks, such as human resources, workflow and document management, anytime and anywhere. Besides, important activities can be monitored via the platform's My Task feature, which enables multiple tasks to be assigned to particular staff and makes it simplier for project managers to keep track of working status and progress at once. With MobileWork 3.0, all tasks can be ensured to be completed on time, leading to optimized business operations and stronger cross-border management. The MobileWork 3.0 platform is also directly connected to Canon multifunctional device (MFD) imageRUNNER ADVANCE GEN 3 III Edition user interface which automatically uploads scanned documents to the platform and initiates digital workflow for further handling by relevant departments. The integration of MobileWork 3.0 with Robotic Process Automation (RPA) results in the elimination of manual operations for tedious, repetitive tasks, helping documents reach departments instantly and reducing work completion lead times through digitalized workflow, better business mobility and enhanced cross-departmental collaboration. High level of security Data security is another chief area of Canon's focus that can never be neglected. For businesses to take advantage of cross-border collaboration, their data protection standards must adhere to stringent international guidelines. Canon's advanced technology offers comprehensive security and ensures that corporate data is well protected. Its Antelope platform also allows users to customize access for individual staff members and provides audit log analysis for accurate document tracking. Canon's MFDs verify systems at the device startup stage. The identification of any unauthorized program keeps the MFD from powering on, eliminating the risk of malicious hacking. In addition, MFD syslog information is synchronized with Security Information and Event Management (SIEM) solutions, providing administrators with real-time alerts about abnormal activities. With improved device usage transparency, enterprises can design defensive strategies and ensure a high level of security. Efficient cloud platform Another feature of Canon UBPs, Capture +, further enhances the MFD user experience. The automated data capturing technology of this cloud-based feature helps with time-consuming administration works. Capture + extracts valuable data from scanned documents via the cloud platform and automatically names the file. By replacing manual operations and minimizing the potential for manual input error, Capture + expedites the entire document management process, enabling human resourcesto focus on decision-making, strategic planning and creative works and enhance business efficiency. Mr. Shunichi Morinaga, President and CEO of Canon Hongkong delivered his opening speech at the Macau 10th Anniversary Luncheon, “Meet The FUTURE – Creating Possibilities in The Greater Bay Area”. Mr. Shunichi Morinaga, President and CEO of Canon Hongkong and Mr. Philip Chan, Director and General Manager of Business Imaging Solution & Production Printing Group, Canon Hongkong, toasted to the guests to celebrate the 10th anniversary of Canon Macau. Mr. Shunichi Morinaga interacted with guests and exchanged opinions about how to best utilize innovative technologies, embracing the future of Greater Bay Area. About Canon Hongkong Company Limited Canon Inc. (TSE:7751 / NYSE:CAJ) was founded in 1937 in Japan. Its predecessor, Precision Optical Instruments Laboratory, produced Japan's first 35 mm focal-plane-shutter camera "Kwanon" in 1934. Canon Inc. eventually expanded into the photocopying and printing industries, launching Japan's first plain-paper copier NP-1100 in 1970 and the world's first inkjet printer BJ-80 in 1985. Through the years, Canon Inc. has acquired in-depth experience in digital imaging product manufacturing, and research and development. It is a leader in the development of innovative products and holds the most technology patents in the imaging industry. Canon Inc. also makes a significant contribution to the promotion of photography. Today, Canon Inc. has a strong global presence and is one of the most important market players in the imaging, office and industrial product categories. As of 31 December 2018, Canon's global revenue was US$35.6 billion. One of the company's first offices in Asia, Canon Hongkong Co., Ltd. (CHK) was established in 1971. It is responsible for the sales, marketing and after-sales services for all Canon product lines in Hong Kong and Macau. With the solely owned subsidiary Canon Business Solutions (Guangdong) Co., Ltd." established in 2018, the company can also provide intelligent total business solutions and professional services to companies in the Greater Bay Area. CHK adheres to Canon's corporate philosophy of "kyosei", which encourages the company and its staff to participate in social, charitable and environmental activities in the community. CHK implements internationally-recognized management systems and has achieved ISO 9001, ISO 14001, ISO 27001 (Canon Digital Production Center) and OHSAS 18001 certification. For more information about Canon Hongkong, please visit our website: https://hk.canon/. Photo - https://photos.prnasia.com/prnh/20190322/2411419-1-a Photo - https://photos.prnasia.com/prnh/20190322/2411419-1-b Photo - https://photos.prnasia.com/prnh/20190322/2411419-1-c Logo - https://photos.prnasia.com/prnh/20190322/2411419-1LOGORelated Links :https://hk.canon/
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Tencent Announces 2018 Fourth Quarter and Annual Results
HONG KONG, March 21, 2019 /PRNewswire/ -- Tencent Holdings Limited ("Tencent" or the "Company", 00700.HK), a leading provider of Internet value added services in China, today announced the unaudited consolidated results for the fourth quarter of 2018 ("4Q2018") and audited consolidated results for the year ended December 31, 2018 ("FY2018"). FY2018 Key HighlightsRevenues: +32% YoY, non-GAAP profit attributable to equity holders of the Company: +19% YoY Total revenues were RMB312,694 million (USD45,561 million[1]), an increase of 32% over the year ended December 31, 2017 ("YoY"). Operating profit was RMB97,648 million (USD14,228 million), an increase of 8% YoY. Operating margin was 31%, down from 38% last year. Profit for the year was RMB79,984 million (USD11,654 million), an increase of 10% YoY. Net margin decreased to 26% from 30% last year. Profit attributable to equity holders of the Company for the year was RMB78,719 million (USD11,470 million), an increase of 10% YoY. Basic earnings per share were RMB8.336. Diluted earnings per share were RMB8.228. On a non-GAAP[2] basis, which excludes certain non-cash items and certain impact of M&A transactions: Operating profit was RMB92,481 million (USD13,475 million), an increase of 13% YoY. Operating margin decreased to 30% from 34% last year. Profit for the year was RMB80,292 million (USD11,699 million), an increase of 21% YoY. Net margin decreased to 26% from 28% last year. Profit attributable to equity holders of the Company for the year was RMB77,469 million (USD11,288 million), an increase of 19% YoY. Basic earnings per share were RMB8.203. Diluted earnings per share were RMB8.097. 4Q2018 Key Highlights Revenues: +28% YoY, non-GAAP profit attributable to equity holders of the Company: +13% YoY Total revenues were RMB84,896 million (USD12,370 million), an increase of 28% over the fourth quarter of 2017 ("YoY"). Operating profit was RMB17,288 million (USD2,519 million), a decrease of 33% YoY. Operating margin decreased to 20% from 39% last year. Profit for the period was RMB14,026 million (USD2,044 million), a decrease of 35% YoY. Net margin decreased to 17% from 33% last year. Profit attributable to equity holders of the Company for the quarter was RMB14,229 million (USD2,073 million), a decrease of 32% YoY. Basic earnings per share were RMB1.505. Diluted earnings per share were RMB1.489. On a non-GAAP basis, which excludes certain non-cash items and certain impact of M&A transactions: Operating profit was RMB22,388 million (USD3,262 million), an increase of 2% YoY. Operating margin decreased to 26% from 33% last year. Profit for the quarter was RMB20,240 million (USD2,949 million), an increase of 10% YoY. Net margin decreased to 24% from 28% last year. Profit attributable to equity holders of the Company for the quarter was RMB19,730 million (USD2,875 million), an increase of 13% YoY. Basic earnings per share were RMB2.087. Diluted earnings per share were RMB2.065. Mr. Ma Huateng, Chairman and CEO of Tencent, said, "In 2018, we continued to enhance our services within our established Consumer Internet domain, and strengthened our initiatives in capturing the emerging Industrial Internet opportunities, while sustaining healthy financial metrics. Users and enterprises embraced the powerful functionalities of our Mini Programs, which became the largest and most vibrant ecosystem of their kind in China. We expanded our mobile game publishing presence globally and extended our digital content capabilities in China. We widened our leadership in mobile payment and enriched our FinTech service offerings. Our organizational upgrade, together with our ongoing investments and innovations, position us to drive the evolution of Consumer Internet and to unleash the potential of Industrial Internet for both our partners and ourselves." 4Q2018 Financial Review Revenues from our VAS business increased by 9% to RMB43,651 million for the fourth quarter of 2018 on a year-on-year basis. Online games revenues were RMB24,199 million, broadly stable compared to the fourth quarter of 2017. Social networks revenues grew by 25% to RMB19,452 million. The increase mainly reflected growth in revenues from digital content services such as live broadcast services and video streaming subscriptions. Revenues from our online advertising business increased by 38% to RMB17,033 million for the fourth quarter of 2018 on a year-on-year basis. Social and others advertising revenues increased by 44% to RMB11,846 million, primarily contributed by an increase in advertising revenues derived from Weixin Moments, Mini Programs and QQ KanDian. Media advertising revenues grew by 26% to RMB5,187 million, mainly reflecting contributions from our media platforms such as Tencent Video and Tencent News. Revenues from our other businesses increased by 72% to RMB24,212 million for the fourth quarter of 2018 on a year-on-year basis. The increase mainly reflected higher revenues from our FinTech and cloud services, as well as film and television production business. Profit attributable to equity holders of the Company decreased by 32% to RMB14,229 million for the fourth quarter of 2018 on a year-on-year basis. The decrease was greatly affected by non-cash expenses related to capital raising at a subsidiary in the fourth quarter of 2018, coupled with substantial deemed disposal gains relating to the capital activities of certain investee companies (such as the IPOs of Yixin, Sea and Sogou) in the fourth quarter of 2017. Non-GAAP profit attributable to equity holders of the Company increased by 13% to RMB19,730 million. Other Key Financial Information for 4Q2018 Share-based compensation was RMB2,459 million, up 31% YoY. EBITDA was RMB27,180 million, up 17% YoY. Adjusted EBITDA was RMB29,701 million, up 18% YoY.Capital expenditure was RMB4,564 million, down 8% YoY.Free cash flow was RMB28,623 million, up 18% YoY. As at December 31, 2018, net debt position totalled RMB12,170 million. Fair value of our stakes in listed investee companies (excluding subsidiaries) totalled RMB238,040 million as at December 31, 2018. Business Review and Outlook 1. Company Strategic Highlights 2018 marked the 20th anniversary of the founding of the Group. Throughout our history, we have constantly been embracing changes in users' needs, technologies and market conditions to stay at the forefront of our industry. In October, we initiated a strategic organisational upgrade to extend our strengths in the Consumer Internet and to capture the opportunities of the Industrial Internet. This strategic upgrade is intended to enable us to drive the convergence of social, content and technology trends, and to better serve enterprises, as well as consumers. During the year, we stepped up our investment in innovation and technologies to stay competitive in the evolving Internet industry. We enriched our social platforms with a broader portfolio of digital content, as well as online and offline services, thus deepening our connection with our users, advertisers, merchants and enterprise partners. Through these initiatives, we strengthened our market leadership in social, games, digital content, and payment, contributing to continuing growth across our core business segments. We made the following key achievements in our core businesses: Our social communications platforms, Weixin and QQ, represent the largest social communities in China in terms of MAU. The combined MAU of Weixin and WeChat increased to approximately 1,098 million by the end of 2018. Weixin further penetrated lower tier cities and covered a wider age group of users. On average, over 750 million Weixin users read friends' posts on Moments per day. Mini Programs are now widely adopted by users and enterprises, setting the industry trends for connecting online users to offline scenarios. DAU grew rapidly and daily visits per user increased by 54% year-on-year. Mini Programs cover more than 200 service sectors and connect with our users via multiple channels, including shortcuts in the chat interface, our in-app search function and offline Mini Programs QR Codes. In addition to connecting with online users, Mini Programs enable developers to achieve cross-platform development and instantaneous deployment for their products and services. We empower developers with cloud-based development kits, enhancing the development efficiency, particularly for long-tail developers. Daily visits to long-tail Mini Programs increased significantly, accounting for 43% of the total daily visits to Mini Programs. Overall MAU of QQ increased to 807 million by the end of 2018. We stayed engaged with young users as QQ introduced innovative and AI-empowered features to make its chat experience more fun and interactive. We offer entertainment-oriented content in verticals including eSports, comics and live streaming services to cater to the entertainment needs of millennial users. In particular, we further increased the user engagement of QQ KanDian, a popular news feed service among young users, through enriching its content with video feeds. We have built up a content ecosystem covering online games, literature, video, music, news and comics. For online games, we are the leading platform globally by revenue and users. Our technical strength supports the operation of multiple PC and mobile blockbuster game titles, serving hundreds of millions of active users every day. Internationally, our subsidiary Riot Games operates the highest-MAU PC game, League of Legends, and we operate the highest-MAU smart phone game, PUBG MOBILE. Through our partnerships with and investments in global leaders such as Epic Games (creator of Fortnite) and Supercell (creator of Clash of Clans), we support the innovation and growth of the global game industry. In China, our popular smart phone games expanded our user base and increased time spent. We have taken the lead in introducing the Healthy Gameplay System to assist parents in managing the amount of time their children spend playing games. We upgraded the system last September by introducing measures to strengthen real-name verification, and implementing game time limits for children players, as well as spending alerts to their parents. Our Tencent Game Guardian Platform enables parents to engage with their children and track their in-game activities online. We recently provided teachers access to this platform to enhance their engagement with their students who play games. These initiatives built a pilot case for the China game industry and, we believe, help position it for sustainable and healthy growth in the long run. Leveraging our rich IP portfolio, we provide digital content to our users across online media platforms. Our total digital content subscription counts exceeded 100 million by the end of 2018, up 50% year-on-year. High quality content, better IP protection, enhanced streaming capabilities and convenience of mobile payment were the growth drivers for our digital content subscription business. Tencent Video is the leading online video streaming platform in China in terms of mobile DAU and subscriptions, generating the highest revenues in the online video market in China through subscriptions and advertising. TME is the leading online music entertainment platform in China, operating the country's most popular and innovative music apps – QQ Music, Kugou Music, Kuwo Music and WeSing. In December 2018, we listed TME on the New York Stock Exchange. News feeds, short videos and mini videos contributed substantially to traffic on our media and distribution platforms including Tencent News, QQ KanDian, Mobile QQ Browser and Weishi. During 2018, we enhanced the monetisation potential of our platforms through connecting more advertisers, across more platforms, with more accurate user targeting capabilities. For social advertising, we increased our advertising inventory through adding the second ad unit in Weixin Moments, and we started to insert ad units into Mini Programs. For media advertising, we completed the system revamp of our news advertising in early 2018. Leveraging our enhanced recommendation algorithms, steady traffic growth and rising fill rates, our news feed business significantly grew its advertising revenues. Our video advertising outpaced the industry in terms of its revenue amount and revenue growth rate, due to the popularity of our content, especially self-commissioned content, and the strong growth in sponsorship advertising revenue. As part of the Company's strategic reorganisation, we merged our advertising sales teams to provide better marketing solutions, data analytics, and ad placement processes for our advertisers, thus enhancing their ROIs. Payment is one of the key infrastructure platforms of the Company, enabling us and our merchant partners to complete transactions for online and offline services. We extended our market leadership as the leading mobile payment platform by active users and number of transactions in China. Our total daily payment transaction volume exceeded 1 billion for 2018, driven by rapid growth in commercial payments, which represented more than half of the number of transactions. Our commercial payment revenue more than doubled year-on-year in 2018. Our payment platform connects with tens of millions of merchants and monthly active merchants increased over 80% year-on-year in the fourth quarter of 2018. We boosted our payment penetration in the food and retail industries thanks to features such as our Mini Programs and Scan-to-Pay solution. In Hong Kong, we launched the first-of-its-kind cross-border mobile payment service in October 2018, which enables WeChat Pay Hong Kong users to conduct RMB-denominated transactions funded by Hong Kong dollars. This cross-border mobile payment service now covers approximately 1 million merchants in Mainland China, including taxi-hailing, food ordering, and high-speed railway ticketing services. The transaction volume of WeChat Pay Hong Kong increased more than 10 times year-on-year. We launched WeChat Pay Malaysia services in August, offering online transactions such as mobile credit top-ups, flight and bus ticket purchases, and offline transactions at retail outlets, such as supermarkets, fashion and beauty stores. Globally, we are expanding our footprint by supporting China outbound travelers to make cross-border payments in overseas destinations, and we now offer real-time tax refund services for Weixin Pay users in over 80 airports. Weixin Pay is now available in 49 markets outside Mainland China, supporting cross-border payment transactions in 16 currencies. Building on our payment user base, we offer FinTech services to under-served consumers, conveniently and at low cost. LiCaiTong, our wealth management platform, helped manage over RMB600 billion of customer assets as of the end of 2018. WeBank, our associate with an online banking business, achieved rapid growth in the outstanding loan balance of its micro-loan product for consumers, WeiLiDai. WeBank also expanded its loan services to enterprises, serving the financing needs for small and micro businesses customers through WeiYeDai. Tencent Cloud is the foundation for our smart industry solutions. We integrate our cloud computing technology with AI and data analytics capabilities, to assist the digital transformation of various industries. Our online security capabilities enhance the stability and reliability of our cloud solutions. During 2018, Tencent Cloud maintained market leadership in verticals such as online games and streaming video leveraging our industry know-how and solid infrastructure. We now serve over half of the China-based games companies and are expanding overseas. We expanded our customer base rapidly for Internet services via strategic partnership in verticals. Key categories include eCommerce, social media and community, handset manufacturer app stores and smart transportation. We have further expanded our presence in other key industries such as financial and retail sectors. We are the partner of choice for top banks including BOC, CCB and CMB. Majority of top online finance companies and insurance firms are our clients. Our retail cloud solutions build on our unique properties such as Official Accounts and Mini Programs to increase retailers' consumer engagement, enhance their marketing ROI via our consumer targeting and anti-fraud technologies, and upgrade internal operations using AI, LBS and big data technologies. In addition to growing our core businesses organically, we make strategic investments in best-in-class companies so we can focus our management attention and company resources on our own core platforms, while capturing emerging opportunities in adjacent verticals through investee companies. We have invested in more than 700 companies. More than 100 investees were valued at over USD1 billion each. Among which, over 60 went public. We enrich our IP portfolio including games, video, music and literature via upstream investments, and broaden user reach and engagement via investments in vertical platforms. We work with businesses that can expand our offerings to meet evolving user needs, and accelerate the adoption of our enterprise services and products, such as O2O and smart retail companies, which has helped our payment service penetration and advertiser base expansion. And, we use investments as a tool for better understanding frontier technologies which will become important to our future, such as connected cars, Internet-facilitated healthcare, and quantum computing. Our investments have created value for our investee companies by offering them access to our large user base, and providing them infrastructure, technology and capital support to bolster their growth. 2. Company Financial Performance In fiscal year 2018 Revenues increased by 32% year-on-year, primarily driven by FinTech services, social and video advertising, and digital content subscriptions and sales. Operating profit increased by 8% year-on-year. Non-GAAP operating profit increased by 13% year-on-year. Profit attributable to equity holders of the Company increased by 10% year-on-year. Non-GAAP profit attributable to equity holders of the Company increased by 19%. 3. Company Business Highlights Operating Information As at 31 December 2018 As at 31 December 2017 Year- on-year change As at 30 September 2018 Quarter- on-quarter change (in millions, unless specified) MAU of QQ 807.1 783.4 3.0% 802.6 0.6% Smart device MAU of QQ 699.8 683.0 2.5% 697.9 0.3% Combined MAU of Weixin and WeChat 1,097.6 988.6 11.0% 1,082.5 1.4% Smart device MAU of Qzone 532.4 554.0 -3.9% 531.1 0.2% Fee-based VAS registered subscriptions 160.3 134.6 19.1% 154.1 4.0% Communication and Social Weixin and WeChat: Combined MAU was 1,098 million, up by 11.0% year-on-year. Hundreds of millions of social videos are uploaded and shared on the Weixin platform every day. We enriched our user experience via a new video function that allows users to share 15-second mini video clips with AI-recommended background music with friends. WeChat Work, an enterprise application integrated with Weixin, allows companies to deepen engagement with customers, digitalise user profiles for data analytics, facilitate office administration and enhance internal communication. It is seeing particularly rapid adoption by large enterprises, providing a showcase for SMEs. Approximately 80% of the top 500 enterprises in China are now registered as WeChat Work corporate users. QQ: Smart device MAU was 699.8 million, up by 2.5% year-on-year. Smart device MAU for users aged 21 years or below increased by 13% year-on-year. We further increased young user stickiness by enhancing the video recording functions and news feed features. We launched AI-powered filters and stickers for video chat, increasing the number of short and mini videos shared by young users by over 50% year-on-year. For QQ KanDian, we added a bullet chatting function within video and enhanced video feed recommendation algorithms, boosting the click-through volume and increasing user time spent. QQ KanDian daily video views rose over 300% year-on-year. Online Games For 2018, our smart phone games business achieved RMB77.8 billion revenues (including smart phone games revenues attributable to our social networks business), up 24% year-on-year; for the fourth quarter, it achieved RMB19.0 billion revenues, up 12% year-on-year. We released 9 licensed games in the fourth quarter, most of which were role playing games. The industry regulator re-started issuing game monetisation license ("banhao") approvals in December 2018, after a nine-month suspension. A total of 8 Tencent games (including 7 smart phone games and 1 PC game) have received approval so far, including role playing games, strategy, casual and functional genres. Since there is a sizeable backlog for the banhao applications in the industry, our scheduled game releases will initially be slower than in some prior years. We have implemented our upgraded Healthy Gameplay System in 39 smart phone games, including our most popular titles such as Honour of Kings, QQ Speed Mobile, Cross Fire Mobile, Naruto OL Mobile and MT4. The system has resulted in minors spending significantly less time in the affected games, but immaterial impact on time spent by adult players. In China, we increased our market share in smart phone games in terms of active users. We enhanced user engagement across multiple genres. For action titles, QQ Speed Mobile's anniversary promotions increased its DAU sequentially. Cross Fire Mobile introduced a season pass to encourage in-game engagement. For role playing games, we launched several IP-based games that attracted fans of popular anime and comic franchises such as Battle through the Heavens, Naruto OL Mobile and Samurai Spirits. For MOBA, Honour of Kings organised its flagship eSports event KPL Fall Final in December, attracting over 75 million unique viewers for the live broadcast. In international markets, PUBG MOBILE achieved breakout success, becoming the most popular game globally by MAU, and was named the Best Game of 2018 by Google Play. Our investee companies' success added to our proven track record of working with category leaders in the games industry. For example, Supercell's new MOBA game Brawl Stars was the most downloaded game in 50 markets after its global launch in December 2018. And, Epic Games' Fortnite continued its phenomenal success, topping US iOS Grossing Chart in the fourth quarter. Sea's first self-developed game, Free Fire, was the fourth most downloaded game globally in 2018, according to App Annie. Our PC client games business achieved approximately RMB50.6 billion revenues, down 8% year-on-year, for 2018, and approximately RMB11.2 billion revenues for the fourth quarter, down 13% year-on-year as users continue to shift time to mobile. League of Legends introduced its first season pass and increased average user time spent, with active users growing sequentially after a China team won the World Championship in November 2018. We released a sequel to NBA2K in China, significantly expanding the total user base of this popular basketball franchise. We launched two new internally developed PC games, Iris Fall and Bladed Fury, to better serve niche audience interests. Digital Content Our fee-based VAS subscriptions were up by 19.1% year-on-year to 160.3 million, mainly attributable to growth in video and music subscriptions. Tencent Video expanded its subscription counts to 89 million, up 58% year-on-year, driven by premium content and cross-promotions. We released sequels to popular self-commissioned IPs, extending the longevity and monetisation opportunities of these IPs. These included Candle in the Tomb Season 3 in the drama category, the Land of Warriors Season 2 in Chinese anime, and Once Upon A Bite in documentary (whose related IP program, Flavorful Origins, we licensed to Netflix for distribution outside China). We upgraded our VIP loyalty program to offer subscribers different tiers of privileges. We maintained healthy engagement trends with video views per DAU up over 40% year-on-year, as consumers watched more short-form videos. We are the leading streaming platform for sports fans in China, featuring 40 top global sports IPs, including the 4 major sports leagues in the US. We distribute sports content in live programs, news feeds and short videos formats across Tencent Sports, Tencent News, Tencent Video, Mobile QQ Browser and WeiShi. Since we began licensing NBA live streaming rights in 2015, we have expanded the total audience size for NBA games in China. Over the period, average daily unique visitors per live-streamed NBA game in China have tripled. Online Advertising Our online advertising business achieved RMB58.1 billion revenues, up 44% year-on-year, for 2018, and RMB17.0 billion revenues, up 38% year-on-year, for the fourth quarter. Social and Others advertising grew to RMB39.8 billion, up 55% year-on-year for the full year, and RMB11.8 billion, up 44% year-on-year for the fourth quarter, driven by Weixin Moments, Mini Programs, QQ KanDian and our mobile advertising network. We received positive feedback from advertisers after the launch of the second daily ad unit for Moments, and the overall ad fill rates remained high. About 50% of Moments' DAU were shown the second ad unit, and Moments ad click-through rates remained at healthy levels. Media advertising revenues amounted to RMB18.3 billion, up 23%, for the full year, and RMB5.2 billion, up 26%, for the fourth quarter. Among which, video advertising revenues increased by 34% year-on-year for 2018 and 21% year-on-year for the fourth quarter. The increase in the fourth quarter was driven by more video views and sponsorship advertising for our popular self-commissioned variety shows. Our news advertising revenues picked up year-on-year in the latter half of the year, recovering from our system revamp. Media feed advertising revenues grew by over 10 times year-on-year. Others Our other businesses grew revenues by 80% year-on-year for the year 2018, primarily contributed by FinTech and cloud services. The increase in FinTech revenues was driven by our take-rate on commercial transactions collected from merchants, cash withdrawal fees and credit card repayment charges collected from users, and the service fees from financial institutions for the distribution of FinTech products such as WeiLiDai and the wealth management products on our LiCaiTong platform. In January 2019, we completed the transition to the centralised clearing and settlement system and moved all custodian cash to the accounts of the People's Bank of China. As we added more use cases online and offline for our payment services, our payment active users increased robustly year-on-year. Users' transaction frequency and value per transaction also increased. Weixin Pay launched a new user interface enabling easier access to new features including virtual subsidiary cards for parents and children. We enhanced account management tools for merchants, including cash register, book-keeping and revenue sharing settlement functions. LiCaiTong enlarged its user base, reaching 100 million accumulated users by end of 2018. We expanded our FinTech services by rolling out LingQianTong, which enables users to invest the unused cash balance in their Weixin Pay accounts in funds. Our cloud revenues increased by over 100% to RMB9.1 billion for the year 2018. Paying customers more than doubled year-on-year in the fourth quarter of 2018. Tencent Cloud's global infrastructure covered 25 regions and operated 53 availability zones as of the end of 2018. We developed and launched new IaaS and PaaS products in the fourth quarter. In addition to strengthening our leadership in games and video verticals, we further promoted our presence in financial and retail cloud services, leveraging our AI and security capabilities. 4. Company Outlook and Strategies for 2019 Looking ahead, we will invest in core infrastructure and frontier technologies to embrace the trend of the Industrial Internet, while continuing to drive the evolution of the Consumer Internet. We will enable our enterprise partners to better connect with our users via an expanding, open and connected ecosystem. Utilising our innovation and technology capabilities, we seek to assist a range of industries in undergoing digital upgrades and transformation. For our social communications platforms, we will strengthen connections between our users with digital content, as well as online and offline services. We will also enhance connections with enterprises leveraging Mini Programs, Weixin Pay and WeChat Work. For online games, we will strengthen our game portfolio through enhancing our internal R&D capability and external partnerships. We will further expand our overseas business through exploring new game genres and strengthening our overseas publishing capability. For digital content, we will continue to invest and grow our subscription business. For advertising, we will strengthen our user targeting capabilities to further increase our ROIs to advertisers and relevance to consumers. For FinTech, we will drive innovation in our payment product development and add new payment use cases. We will also expand our FinTech solutions and product portfolio to cater to the wealth management and financial needs of our users. For cloud, we will integrate our advanced cloud computing capability, data analytics, AI and security solutions, to develop customised solutions for various industries such as retail, financial, transportation, healthcare and education. We will assist enterprises in upgrading and innovating for the digital age. For other detailed disclosure, please refer to our website www.tencent.com/ir, or follow us via Weixin Official Account (Weixin ID: Tencent_IR): Tencent Holdings Limited QR code [1] Figures stated in USD are based on USD1 to RMB6.8632 [2] Non-GAAP adjustments excludes share-based compensation and M&A related impact such as net (gains)/ losses from investee companies, amortisation of intangible assets and impairment provision About Tencent Tencent uses technology to enrich the lives of Internet users. Our social products Weixin and QQ link our users to a rich digital content catalogue including games, video, music and books. Our proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Our infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support our partners' business growth. Tencent invests heavily in people and innovation, enabling us to evolve with the Internet. Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are traded on the Main Board of the Stock Exchange of Hong Kong. Non-GAAP Financial Measures To supplement the consolidated results of the Group prepared in accordance with IFRS, certain additional non-GAAP financial measures (in terms of, operating profit, operating margin, profit for the period, net margin, profit attributable to equity holders of the Company, basic EPS and diluted EPS), have been presented in this press release. These unaudited non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Group's financial performance prepared in accordance with IFRS. In addition, these non-GAAP financial measures may be defined differently from similar terms used by other companies. The Company's management believes that the non-GAAP financial measures provide investors with useful supplementary information to assess the performance of the Group's core operations by excluding certain non-cash items and certain impact of M&A transactions. In addition, non-GAAP adjustments include relevant non-GAAP adjustments for the Group's material associates based on available published financials of the relevant material associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises. Forward-Looking Statements This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website. CONSOLIDATED INCOME STATEMENT RMB in millions, unless specified Unaudited Audited 4Q2018 4Q2017 2018 2017 Revenues 84,896 66,392 312,694 237,760 VAS 43,651 39,947 176,646 153,983 Online advertising 17,033 12,361 58,079 40,439 Others 24,212 14,084 77,969 43,338 Cost of revenues (49,744) (34,897) (170,574) (120,835) Gross profit 35,152 31,495 142,120 116,925 Gross margin 41% 47% 45% 49% Interest income 1,350 1,156 4,569 3,940 Other (losses)/ gains, net (2,139) 7,906 16,714 20,140 Selling and marketing expenses (5,730) (6,022) (24,233) (17,652) General and administrative expenses (11,345) (8,811) (41,522) (33,051) Operating profit 17,288 25,724 97,648 90,302 Operating margin 20% 39% 31% 38% Finance costs, net (1,372) (859) (4,669) (2,908) Share of profit/(loss) of associates and joint ventures 16 (120) 1,487 821 Profit before income tax 15,932 24,745 94,466 88,215 Income tax expense (1,906) (3,123) (14,482) (15,744) Profit for the period 14,026 21,622 79,984 72,471 Net margin 17% 33% 26% 30% Attributable to: Equity holders of the Company 14,229 20,797 78,719 71,510 Non-controlling interests (203) 825 1,265 961 Non-GAAP profit attributable to equity holders of the Company 19,730 17,454 77,469 65,126 Earnings per share for profit attributable to equity holders of the Company (in RMB per share) - basic 1.505 2.206 8.336 7.598 - diluted 1.489 2.177 8.228 7.499 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME RMB in millions, unless specified Audited 2018 2017 Profit for the year 79,984 72,471 Other comp
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Markel Corporation releases 2018 annual report
RICHMOND, Virginia, March 22, 2019 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today that it released its 2018 annual report. One of the highlights of the annual report is the letter to shareholders. An excerpt from the letter is shared below. "As we noted last year, we define a great company as one with a win/win/win structure. Our customers win as we serve them with products and services that make their lives better. Our associates win because we enjoy our jobs, and through them provide the means to serve our families, our colleagues, our customers, our communities, and ourselves. Our shareholders win because by doing these things in positive and sustainable ways, we create financial value which shows up in the increasing value of Markel over time." The annual report is available on Markel's home page at markelcorp.com and the investor relations page at markelcorp.com/investor-relations. Markel's annual shareholders meeting will be held on May 13, 2019, in Richmond, Virginia. About Markel CorporationMarkel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com. Logo - https://mma.prnewswire.com/media/73238/markel_event_insurance_markel_logo.jpg Related Links :http://www.markelcorp.com
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OPIM launches Spectron FX Fund
HONG KONG, March 22, 2019 /PRNewswire/ -- OP Investment Management Ltd. ("OPIM"), Asia's leading hedge fund platform, is partnering with Spectron Capital to launch Spectron FX Fund, which is Cayman-domiciled and for professional investors only. The absolute return fund will deploy fundamental, macro FX strategies expressed through G10 currencies. Founded by Mr. Chuan Hong, the Fund will deploy two strategies. The first uses a top-down approach by analyzing macroeconomic data to monitor currency volume, prices, and cycles to trade currency spots. The second is a tactical strategy that will incorporate technical factors and examine historical price patterns to determine the strength of market trends affecting G10 currency pairs. Signals generated from both strategies will help determine the holding period of the positions. In the short term, these can be intraday, while medium to long term positions can range from three to six months. "Last year, the economic outlook for all major economies worsened, so central banks became cautious about changing interest rates, remaining more dovish this year. As a result, the market expects lower volatility in G10 currencies, so the fluctuation of these currency prices will stay in a tighter range," said Mr. Hong. "Our dynamic strategy will take advantage of these sudden price movements during these currency cycles." Mr. Hong is the founding member of Spectron Capital, and the sole portfolio manager of Spectron FX Fund, having built his track record on over 6 years of proprietary trading experience in FX. Mr. Hong received his Bachelor of Science Degree in Chemistry from Imperial College London. "Spectron FX Fund is a great opportunity for Asian allocators to gain global exposure to macro themes outside of traditional equities, a strategy which has the tactical flexibility to generate absolute returns in different economic cycles and market conditions," remarked Alvin Fan, Chief Executive Officer of OP Investment Management. About OP Investment Management Ltd.OPIM is a leading Hong Kong based asset management company established and licensed since 2004 with Hong Kong Securities and Futures Commission (the "SFC") to carry out Type 4 (advising on securities) and 9 (asset management) regulated activities under the provisions of the Securities and Futures Ordinance (Cap.571) (the "HK SFO"). The company is also a member of the Oriental Patron Financial Group and associate of OP Financial Investments Ltd. (Hong Kong publicly listed 1140.HK). OPIM partners with emerging managers to develop innovative strategies for institutional and professional investors. OPIM's institutional fund platform attracts both managers and investors from around the world working with the industry's best business partners in alternative asset management. Website: www.opim.com.hk About the Oriental Patron Financial GroupFounded in 1993, Oriental Patron Financial Group is an independent financial services group based and fully licensed in Hong with the Hong Kong Securities and futures Commission (the "SFC"). Oriental Patron provides a diverse range of financial securities from Advisory to Investing, Financing to Securities and Research. Disclaimer This document is issued by OP Investment Management Limited ("OPIM"). This document, and the website of OPIM (www.opim.com.hk) has not been reviewed by the Securities and Futures Commission of Hong Kong. This document is solely for information purposes and is not intended as an offer, a solicitation of offer or a recommendation, to deal in shares of securities or any financial instruments. Past performance and the predictions, projections, or forecasts on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of OPIM, any funds managed by OPIM, or any future funds to be launched under the Sunrise SPC Platform. Information herein is believed to be reliable at time of publication but OPIM does not warrant its completeness or accuracy and is not responsible for error of facts or opinion nor shall be liable for damages arising out of any person's reliance upon this information. Any opinion or estimate contained in this document may subject to change without notice. This document may not be published, circulated, reproduced or distributed without the prior written consent of OPIM.Related Links :http://www.opim.com.hk
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eCommerce Channels Find High Penetration for Drug and Medical Device Sales
Digital marketplaces with predictive and efficient business models receive a boost with the higher adoption of eCommerce channels, finds Frost & SullivanSANTA CLARA, Calif., March 21, 2019 /PRNewswire/ -- As the tech-savvy millennial population has come to expect a high level of user experience (UX), the healthcare industry has begun to digitize products, services, and commerce models. The industry is setting up personalized UX/user interface (UI)-enabled eCommerce platforms and websites, which are expected to be the preferred digital channels for browsing and ordering medical devices and supplies. This will not only improve access, quality, and affordability of healthcare, but also promote predictive, preventive, and outcome-based care models. The overall benefits of supply chain optimization and improved UX are expected to result in an eCommerce channel that will reach $200 billion at a compound annual growth rate (CAGR) of 15 percent by 2022. Photo - https://mma.prnewswire.com/media/839291/Frost_and_Sullivan_eCommerce_Health.jpg "Drug and device OEMs and distributors should prioritize their eCommerce strategy based on the maturity of their buyer/market using a mix of available digital tools for educating, researching product information, and order and payment management," said Kamaljit Behera, Industry Analyst, Transformational Health. Frost & Sullivan's recent analysis, Healthcare eCommerce Market in North America, Forecast to 2022, examines the key trends and developments in healthcare eCommerce with specific focus on the eCommerce market for pharma drugs and medical devices in North America. It also provides market projections, opportunity analysis by supply chain participants, strategic imperatives, and industry best practices or case studies for both segments. For further information on this analysis, please visit: http://frost.ly/3ak. "The convergence of healthcare with IT and retail industries has opened the market up to non-traditional players, which is disrupting the existing business channels and future revenue streams. For example, Google, Amazon, Facebook, Apple, and Microsoft (GAFAM) in the West, and Baidu, Ali Health, and Tencent (BAT) in East will continue to make further headways in the healthcare industry," noted Behera. "Amazon will have a particularly high impact on emerging home or individual care concepts like telehealth, telemedicine, and direct-to-consumer (D2C) commerce." Some of the most prominent trends and growth opportunities in the healthcare eCommerce space include: Hospital buyers are more willing to repurchase from a B2B digital marketplace that offers transparency, personalization, and competitive pricing for stable medical devices, implants, and consumables. Selling, general & administrative (SG&A) expenses accounting for 35 percent to 40 percent of the overall healthcare industry cost, which creates a need for an efficient eCommerce distribution model by automating sales representatives' routine and tactical works. Development of business models that support the integration of the product sale and service functions (maintenance, repairs) in the eCommerce channel. Furthermore, the integration of eCommerce channels with customer relationship management (CRM), business intelligence (BI), and social relationship management (SRM) tools will help standardize the purchasing process. eCommerce platforms offering not only robust account management functionalities but also integration with warehouse and fulfillment software to provide real-time inventory updates and delivery status to customers. Apart from drug or device types and purchase volumes, factors such as market positioning, target end users, and reimbursement playing a critical role in eCommerce channel selection and success. Retail pharmacy, consumer devices, and medical supplies segments present a scope for large profit pool disruption by eCommerce. At the same time, digital marketplace and centralized contract management platforms such as OpenMarkets, Amazon Business, DST Pharmacy Solutions, and Global Healthcare Exchange (GHX) are viewed both as an opportunity and threat by groups of purchasing organization (GPOs) and pharmacy benefit management (PBMs). eCommerce will solve the humongous medication adherence challenge and it presents an opportunity to increase transparency in drug pricing- a problem plaguing the United States healthcare system for decades. Healthcare eCommerce Market in North America, Forecast to 2022 is part of Frost & Sullivan's global Advanced Medical Technologies Growth Partnership Service program. About Frost & Sullivan For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Healthcare eCommerce Market in North America, Forecast to 2022K2AB-54 Contact:Mariana FernandezCorporate CommunicationsT: +1 210 348 10 12E: Mariana.Fernandez@frost.com http://ww2.frost.comRelated Links :http://www.frost.comhttp://ww2.frost.com
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Hang Lung Publishes 2018 Annual Reports Today
Chairman Ronnie C. Chan Elaborates on the Geo-Economic Impact on Company's StrategiesHONG KONG, March 21, 2019 /PRNewswire/ -- Hang Lung Group Limited (Stock Code: 00010) and Hang Lung Properties Limited (Stock Code: 00101) today published their Annual Reports themed "Building a Sustainable Future" for the Financial Year 2018. Mr. Ronnie C. Chan once again penned the Chairman’s Letters to Shareholders in the Hang Lung Group and Hang Lung Properties 2018 Annual Reports themed “Building a Sustainable Future”. Highlighting the Company's five operating strategies, this year's Annual Reports adopt the twin covers design to showcase the unique architectural and design features of our 10 world-class properties, while the respective sections in the Reports focus on the various features of our exceptional performance. The Chairman of Hang Lung Group and Hang Lung Properties, Mr. Ronnie C. Chan, once again personally pens the Chairman's Letters to Shareholders, sharing his in-depth analysis of the industry, high-end retailers and the Company's business. Mr. Chan also examines the troubled geopolitical and geo-economic environment and reminds the market to be prepared for a prolonged period of uncertainties and difficulties. Mr. Chan noted that although private consumption in China is indeed slowing, the rate is still respectable and it has become a more meaningful share of the domestic economic pie. Quality goods have gradually become commonplace in the many economically vibrant Mainland cities. Against this backdrop, Hang Lung malls have performed satisfactorily, not only in Shanghai but also in other cities. He elaborated that over the past few months, Hang Lung has signed or about to sign many leases with top luxury brands. Of the 30-some new contracts, two-thirds were for properties outside of Shanghai. The Company's strategic move to expand in mainland China over the years is bearing fruit. He cited the fact that high-end retailers are expanding again in mainland China, and Hang Lung is one of the preferred landlords in Shanghai as well as in other cities. Chinese government policies to stimulate private consumption are also working, even for high-end goods, which is all favorable for our business. Mr. Chan then talked about the inflection points that the Company faces, saying that Hang Lung will continue to undertake development projects for sale in Hong Kong, but with a targeted approach. The focus of the Company in the coming years will still be on high-end commercial properties for long-term hold. He is confident China is still a haven of relative tranquility amid a turbulent environment. Private consumption in China will continue to rise and Hang Lung's business will benefit. For the key points of the Chairman's Letters to Shareholders in the Annual Reports of Hang Lung Properties and Hang Lung Group, please refer to the appendix. The Financial Year 2018 Annual Reports are now available for download from the Hang Lung corporate website at www.hanglung.com Hang Lung Group: http://www.hanglung.com/HLGAnnualReport2018/index.html Hang Lung Properties: http://www.hanglung.com/HLPAnnualReport2018/index.html Appendix Key Points of Letter to Shareholders in Hang Lung Group's FY 2018 Annual Report For the 12 years between 2000 and 2011, private consumption (in mainland China) on average increased at almost 13% per year…In the ensuing six years of 2012 to 2017, the average annual growth slowed to a still respectable 10.4%. However, luxury goods sales were much more affected. The anti-corruption campaign in the past few years was certainly a major factor. The increase in overseas sales of such items was another. This trend only began to turn around towards the end of 2017. By 2013 at the latest, most if not all of these top brands froze further advancement. A good number had to cut back the number of stores in many cities. The head office grip was so tight that moving a shop from one location to a much better location at comparable rents was rejected. This condition lasted through the end of 2017 and the beginning of 2018. Sentiments now have definitely turned and they are all opening new stores again. Their sales growth in China has been brisk of late. Gifting involving government officials is long gone. The market has shifted into a healthier one where demand mainly comes from end users. The slow growth of the past five to six years has created pent-up demand. Since the salary rise of the target customers, especially younger professionals, has never stopped, this clientele that bought less when market sentiments were weak has now returned, and with more money to spend. Many top brands have told us that the average age of their shoppers in the world, including China, is getting younger. This means that they now have even more fans and potential fans. The fashion name owners are also expecting that Beijing's efforts to bring overseas sales domestic will soon bear fruit. All these factors are once again fueling the expansion plans of luxury brands. Expanding into tier-two cities in the mid-2000's was a necessary step for the long-term growth of the Company. We have been the "Home to Luxury" in Shanghai since the 2000's, and were expecting the same in other cities in the 2010's. In the next two years, we will have completed more world-class commercial space on the Mainland than at any comparable period in our history -- a total of approximately 1.1 million square meters of luxury malls and office skyscrapers. While being quite pleased with our business and its short- to medium-term prospects, we are also taking defensive measures. This is one reason why we have decided to soon build out our not inconsequential Mainland land bank of high-end serviced apartments. These are located in Heartland 66 in Wuhan, Center 66 in Wuxi, Forum 66 in Shenyang, and Spring City 66 in Kunming. I expect a healthy cash flow as well as profits therefrom. In this sea of instability, China may in fact be a haven of relative tranquility. If so, then private consumption will rise and our business will benefit therefrom. Looking around the world, I consider myself fortunate to be engaged in our business on the Mainland. In the more immediate term, I see gradual growth in our business for the rest of this year. The Hong Kong rental market performance should be similar to that of 2018. On the Mainland, it is quite possible that all our investment properties will do better than last year. The leap in the top line will begin next year, and the trend may last for several years. With a lag of say one to three years, the rental net profit should rise. Key Points of Letter to Shareholders in Hang Lung Properties' FY 2018 Annual Report Statistics show that private consumption in China is indeed slowing. The growth rate last year was probably not much more than 8%, the most sluggish in 15 years. There are many reasons for this, including the present trade war with the U.S. and the resulting slowdown in China's GDP growth. While this is in no way detrimental to the economy, it may temporarily blunt job growth. Lack of consumer confidence will likely result. Our malls have performed satisfactorily, not only in Shanghai but also elsewhere. In the past few months, we have signed many leases with top luxury brands and more are forthcoming. Of the total of 30-some new contracts, about two-thirds are outside Shanghai… Forum 66 is expected to gain a few more top brands, while Center 66 will very soon become the "Plaza 66 of Wuxi". Spring City 66 in Kunming will be the city's "Home to Luxury" from the day it opens its doors later this year. This development tells us several things. First, top fashion brands are expanding again in mainland China. Second, we are one of their preferred landlords in Shanghai as well as in other key cities. Third, Beijing's recent policies to stimulate private consumption are working, even for high-end goods -- perhaps particularly well for high-end goods. These prestigious fashion groups must have conducted careful research before deciding to expand in China. Many of them have been operating in the country for two decades or more and are therefore experienced. Most of them over-expanded in the 2000's and suffered the consequences during the bear market of 2012 to 2017…They know well the statistics that showed a weakening in personal consumption growth but are undeterred. There seems to be a divergence in the market place between ordinary spending and that for luxury items. While the former may be weakening, we have seen the opposite in the latter. This view is confirmed by the experience of selective high-end facilities owned by others. Like us, they are also faring well. The recent results of certain European fashion houses spoke to the same. While enjoying an advantageous industry environment, we do not forget that there are many worrying developments in the geopolitical and geo-economic spheres. Consequently, we constantly take precautionary measures to mitigate any possible negative effect. We should all be prepared for a prolonged period of uncertainties and difficulties. I believe that the trade war is not only not detrimental to our industry; it may in fact help, at least in the near term. Concerned that the country's GDP growth will be adversely affected, Beijing has been taking measures to stimulate its slowing economy…All these measures will help boost consumer spending. This should be music to our ears. Photo - https://photos.prnasia.com/prnh/20190320/2408955-1-bRelated Links :http://www.hanglung.com
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Lazada Fires Up Growth Of "Super eBusinesses" In Southeast Asia
"Super-solutions" will fuel brands and sellers of all sizes to win bigger market share SINGAPORE, March 21, 2019 /PRNewswire/ -- Southeast Asia eCommerce leader Lazada today announced an all-encompassing series of products and services that will fire up the growth of its brands and sellers -- big or small -- to win market share in the region by transforming them into "Super eBusinesses". The offerings, dubbed super-solutions, are aimed at resolving three pain points that brands and sellers face -- branding, marketing and sales. These features, which have been rolled out in conjunction with Lazada's 7th Birthday celebration, are aimed at brands and sellers, of all sizes, to ensure they are well-positioned to ride the eCommerce boom in Southeast Asia. "No seller is too small to aspire, and no brand is too big to be a Super eBusiness. That is why we are thrilled to roll out super-solutions to help our brands and sellers become more nimble in digitising their businesses and better reach customers," said Pierre Poignant, Lazada Group Chief Executive Officer. The "super-solutions" which were unveiled include: A series of 'Super' campaigns in which LazMall brands and sellers can choose to take part to boost their brand image and better engage with customers; A new and improved Marketing Solutions Package and Business Advisor Dashboard that can deliver more traffic to their storefronts, and arm brands and sellers with near real-time information to help them make faster and better decisions to sell more effectively and efficiently; New tech tools like Store Builder for brands and sellers to customise their storefronts to differentiate themselves on Lazada, while in-app live streaming, news feed and in-app consumer games can help win the hearts of consumers with higher consumer engagement. (See factsheet for details) At the same time, Lazada also formalised cooperation partnerships with 12 leading global lifestyle, technology and fashion companies that will boost collaboration and strengthen their online retail presence. Called Joint Business Partnerships (JBP), these collaborations will enable brands to tap on Lazada's industry-leading tech and logistics infrastructure, innovation and eCommerce expertise. Lazada today inked Memorandums of Understanding (MOU) with electronics leaders Realme and Coocaa, while the one with Huawei was signed earlier this month. Other brands that are set to join will include several of the world's biggest FMCG companies. Backed by Alibaba's technology and logistics infrastructure, Lazada has been able to launch over the past year industry-leading tech innovations like search-image function, consumer engagement games and in-app live streaming to become the region's only "shoppertainment" platform on which people can watch, shop and play, said Poignant at the inaugural LazMall Brands Future Forum (BFF). The annual summit gathers brands and sellers to discuss growth opportunities and technological advancements that will create 'Super eBusinesses', shaping the future of Southeast Asia's eCommerce landscape. Accelerating the growth of Lazada brands and sellers The super-solutions will also make it easier for brands and sellers to open up stores on LazMall. Qualified merchants can now take advantage of the new self-sign up feature, a simplified sign-up process that can now be completed in mere minutes. This is in line with the Lazada's goal of enabling SMEs to become globally competitive. "Since the launch of LazMall in 2018, we have seen tremendous growth among our key pioneer brand partners. We want to extend the benefits of LazMall to even more brands and sellers to elevate their eCommerce operations," said Lazada Group President Jing Yin. "We want to incubate them so they can grow alongside us and become sustainable and successful eBusinesses." Across the region, 60 percent of small and medium enterprises (SMEs) are keen to invest in technologies to achieve sustainable growth in today's digital economy. Business-oriented tools including online commerce solutions, customer relationship management (CRM) and business intelligence, were identified as the top investment priorities[1]. Further promoting excellence in eCommerce, Lazada also handed out awards to top performing brands that have proven to be shining examples of "eBusinesses". Five awards were presented to outstanding brands and sellers that have been constantly innovating to drive new ways to reach their customers on Lazada. Comprising global and Southeast Asian brands, the winners are Unilever (Best Marketing Innovation), Pampers (Best Social Media Activation), Coocaa (Fastest Growing Brand), Philips (Customers' Choice Award) and Wardah (Best Product Launch). Driving 'Shoppertainment' in Southeast Asia Pushing boundaries in eCommerce in Southeast Asia, Lazada is driving 'shoppertainment' to provide shoppers with a fun, interactive and entertaining experience. As part of its 7th birthday celebrations, Lazada is hosting a first-of-its-kind concert, called "Super Party", in Jakarta on March 26, 8 pm (Jakarta time). The concert, which features a star-studded lineup including British popstar Dua Lipa, culminates with Lazada's birthday shopping event on March 27. The one-day sale promises a new online shopping experience that includes a new selection of exciting games for redeeming vouchers and attractive deals for consumers in the region. [1] ASEAN SMEs: Are you transforming for the future? About LazMall Launched on the Lazada platform in August 2018, LazMall is a dedicated space for shoppers to get direct access to trusted leading international and local brands, top-rated online brands and authorized brand distributors. Boasting over 1,500 brands, LazMall is Southeast Asia's biggest virtual mall that provides shoppers across the region trusted brands and products, reliable services and quality assurance to get their hands on all they ever wanted. LazMall offers three promises to guarantee shoppers the highest-quality shopping experience: 100% authenticity, 15-day hassle-free return, and next-day delivery. LazMall brands and sellers are also able to create a more customisable experience for their customers within their own storefronts. LazMall is open to any brand or seller who wants to start their ecommerce. About Lazada Group Launched in 2012, Lazada is the number-one online shopping and selling destination in Southeast Asia -- present in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. With 300 million SKUs available, Lazada offers the widest range of products in categories from beauty, fashion, and consumer electronics to household goods, toys, sports equipment and groceries. The expanded grocery business also adds more than 160,000 products, ranging from high-quality fresh fruits and vegetables, frozen and chilled meats and seafood, premium specialty products, baby food and toys, and daily necessities such as toiletries, home, and pet care. Lazada Group is majority owned by Alibaba Group Holding Limited (NYSE: BABA). Logo - http://photos.prnasia.com/prnh/20160928/8521606183LOGO
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Frost & Sullivan Recognizes Best-in-class Companies with Prestigious Industry Awards
Innovative companies celebrated at black tie awards banquet MOUNTAIN VIEW, California, March 21, 2019 /PRNewswire/ -- Frost & Sullivan honored recipients of its Best Practices Awards at a banquet held on Wednesday, March 20th in London at the Royal Garden Hotel. "Our Awards program has now been in existence for more than eighteen years," said Jeff Frigstad, Global Sr. Vice President, Best Practices, Frost & Sullivan. "These Awards come from the rigor used by our talented team of 2,000 thought leaders from over 50 global offices working with over 200,000 clients, to locate the best." Frost & Sullivan Best Practices Awards are presented each year to companies that are predicted to encourage significant growth in their industries, have identified emerging trends before they became the standard in the marketplace, and have created advanced technologies that will catalyze and transform industries in the near future. Awarded companies include the following: AdaSky—2018 Israeli Infrared Sensors for Autonomous Vehicles Technology Innovation Award AlmavivA Contact & Almawave—2019 European Customer Management BPO Enabling Technology Leadership Award Arbe Robotics—2018 Global Four-Dimensional Imaging RADAR Technology Innovation Award Biamp—2018 Global Installed Audio Conferencing Endpoint Company of the Year Award Bosch Service Solutions—2018 European Customer Management BPO Technology Leadership Award Cognitec—2019 Global Facial Recognition Customer Value Leadership Award Comsys AB—2018 Global Harmonic Filters Customer Value Leadership Award Creative Virtual—2019 European AI-enhanced Customer Self-service Product Leadership Award CyanConnode—2018 Global Smart Meter Company of the Year Award DBT CEV France—2019 European EV Charging Competitive Strategy Innovation and Leadership Award DOMO Engineering Plastics—2018 European Post-Industrial Feedstock (PIF) Based Polyamides Product Line Strategy Leadership Award EcoEnergy Insights—2019 Global BEMS Growth Innovation & Leadership Frost Radar Award Europlacer—2019 Global Flexible Surface Mount Technology Pick-and-Place Equipment Company of the Year Award Eurotech—2018 Global IoT Platforms Growth Innovation & Leadership Frost Radar Award EXFO—2018 Global Data Analytics Solutions for Communications Service Providers Customer Value Leadership Award Fox-IT, part of NCC Group—2019 European Managed Security Service Product Line Strategy Leadership Award GaN Systems—2019 European Gallium Nitride Power Semiconductors New Product Innovation Award GE Inspection Technologies—2019 Global Industrial Computed Tomography Solutions Market Leadership Award GenCell—2019 European Fuel Cells Enabling Technology Leadership Award GridBeyond—2019 European Demand Response Technology Innovation Award Grundfos—2018 Global Water and Wastewater Pumps Company of the Year Award Healcerion, Inc. —2018 Global Ultrasound Imaging New Product Innovation Award Irdeto—2018 Global Content Protection Customer Value Leadership Award IRONSCALES—2018 European AI-powered Email Security Technology Innovation Award Kontainers—2019 Global Digital Freight Platform for Ocean Transportation Product Leadership Award L7 Defense—2018 Global Anti-DDoS for Critical National Infrastructure New Product Innovation Award LivePerson, Inc.—2018 Global Conversational AI in Financial Services Customer Value Leadership Award Megger—2018 Global Electronic Test and Measurement Innovation Excellence Frost Radar Award Octopus Systems—2018 Global Integrated Command and Control Platforms Customer Value Leadership Award OpenIP—2018 French Hosted IP Telephony and UCaaS Entrepreneurial Company of the Year Award Orange Business Services—2019 European Hosted IP Telephony and UCaaS for Multi-national Corporations Customer Value Leadership Award Pcysys—2019 Global Automated Penetration-testing Customer Value Leadership Award ReviveMed—2018 North American AI-driven Next-generation Metabolomics Technology Innovation Award Scandit—2018 European Retail Automation Technology Innovation Award Securens Systems Pvt. Ltd.—2019 Indian Electronic Surveillance Customer Value Leadership Award Sepio Systems—2019 European Rogue Device Mitigation Enabling Technology Leadership Award Tata Communications—2018 Sub-Saharan African IoT MVNO Visionary Innovation Leadership Award Tata Communications—2019 Global Hybrid Cloud Services Product Line Strategy Leadership Award TESTIA, an Airbus Company—2018 European Non-destructive Testing Services Customer Value Leadership Award Valeo—2018 European CV Aftermarket Supplier Company of the Year Award Vallum Corporation—2018 North American Spinal Fusion Device Performance Enhancers New Product Innovation Award Visiopharm—2019 Global Digital Pathology Software Solutions Company of the Year Award VisualDx—2018 Global Clinical Decision Support Systems Technology Innovation Leadership Award Webhelp—2018 European Contact Center Outsourcing Market Leadership Award WENZEL Group GmbH & Co. KG—2018 Global Coordinate Measurement Machine New Product Innovation Award WirelessCar—2018 European Telematics Services Market Leadership Award ZTE Corporation—2018 Global 5G Infrastructure Technology Leadership Award Zyfra—2018 European AI-based Machine Data Monitoring Solution for Process Industries Entrepreneurial Company of the Year Award Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, collaborates with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, Frost & Sullivan has been developing growth strategies for the global 1000, emerging businesses, the public sector, and the investment community. Contact us: Start the discussion. Contact: Claudia ToscanoP: 210.477.8417F: 210.348.1003E: Claudia.Toscano@Frost.com Photo - https://mma.prnewswire.com/media/839085/Frost_and_Sullivan_2019_plain_plaque.jpg Related Links :http://www.frost.com
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Ever-Glory To Report Forth Quarter 2018 Earnings on March 29, 2019
- Conference Call to be Held at 8:00 AM ET -NANJING, China, March 21, 2019 /PRNewswire/ -- Ever-Glory International Group, Inc. (the "Company" or "Ever-Glory") (NASDAQ: EVK), a retailer of branded fashion apparel and a leading global apparel supply chain solution provider, today announced that the Company will report its forth quarter 2018 financial results on Friday, March 29, 2019 before the open of trading in the U.S. The Company's management will host an earnings conference call at 8:00 a.m. Eastern Time on March 29, 2019 (8:00 p.m. Beijing Time on March 29, 2019). The dial-in details for the conference call are as follows: Toll-free dial-in number: +1-888-394-8218 International dial-in number: 1-323-701-0225 Conference ID: 1693644 The live audio webcast of the call can also be accessed by visiting the investor relations section of Ever-Glory's website at http://www.everglorygroup.com. A replay of the call will be available from 10:00 a.m. Eastern Time on March 29 through 11:59 p.m. Eastern Time on April 5 by calling +1-844-512-2921 or +1-412-317-6671 with pin number 1693644. About Ever-Glory International Group, Inc. Based in Nanjing, China, Ever-Glory International Group, Inc. is a retailer of branded fashion apparel and a leading global apparel supply chain solution provider. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange (now named as NYSE MKT) in July 2008 and then transferred to The NASDAQ Global Market on December 31, 2015. Ever-Glory offers apparel to woman in China under its own brands "La go go", "Velwin", "Sea To Sky" and "idole". Ever-Glory is also a leading global apparel supply chain solution provider with a focus on middle-to-high end casual wear, outerwear, and sportswear brands. Ever-Glory services a number of well-known brands and retail stores by providing a complete set of supply chain management services, including: fabric development and design, sampling, sourcing, quality control, manufacturing, logistics, customs clearance and distribution. For investor and media inquiries, please contact: Ever-Glory International Group Dandan Song Tel: +86-25-52096817 E-Mail: sdd@ever-glory.com.cn View original content:http://www.prnewswire.com/news-releases/ever-glory-to-report-forth-quarter-2018-earnings-on-march-29-2019-300816147.htmlRelated Links :http://www.everglorygroup.com
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Global IPO momentum slows but Q2 2019 is set to rebound
- Global IPO activity falls following ongoing geopolitical and trade uncertainty- Technology, health care and industrials were the most active sectors in Q1 2019- Rebounding IPO activity will bloom in Q2 2019 once fog of uncertainty has lifted LONDON, March 21, 2019 /PRNewswire/ -- Despite positive performance of main stock indices and a decrease of volatility in many markets, ongoing geopolitical uncertainties and trade issues continue to dampen investor enthusiasm, resulting in the number of IPOs in the first three months of 2019 (YTD 2019) falling to 199 globally and US$13.1b in proceeds. This is a 41% decrease in deals and a 74% decrease in proceeds from YTD 2018. The technology, health care and industrials sectors were the most prolific producers of IPOs globally in YTD 2019, together accounting for 101 IPOs (51% of global IPO by deal numbers) and raising US$5.4b altogether (42% of global proceeds). By proceeds, technology was the strongest sector with US$2.1b raised (16% of global proceeds). These and other findings were published today in the EY quarterly report, Global IPO trends: Q1 2019. Dr. Martin Steinbach, EY Global and EY EMEIA IPO Leader, says: "While Q1 is usually a quiet IPO quarter across regions, in 2019 we've seen IPO markets sent into a cautious wait-and-see mode as a number of factors collide. The dense fog of ongoing geopolitical tensions, trade issues among the US, China and Europe, as well as uncertainty as to how the UK will leave the European Union, slowed down IPO activity in all regions. As we look to Q2 2019, we only need a successful mega IPO or unicorn from the robust IPO pipeline for the fog of uncertainty to clear and global IPO markets to spring into bloom toward the second half of 2019." Americas IPO markets quiet with the US Government shutdown Americas IPO activity fell sharply in YTD 2019, with deal proceeds decreasing 83% to US$3.3b and deal numbers falling by 44% to 31 IPOs, compared with Q1 2018. The US accounted for 65% of Americas' IPOs (20) and 92% by proceeds (US$3.0b). However, in the US, market volatility caused foreign issuers to choose to postpone their listings. Only four cross-border IPOs listed in the US in Q1 2019, in comparison with 15 companies in Q1 2018. The NASDAQ ranked second among the top exchange by proceeds globally in YTD 2019, raising US$2.5b or 19.1% of global proceeds, while Canada's Toronto Main Market and Venture Exchange saw 5 IPOs, which raised US$188m in Q1 2019, and Chile raised $69m via a real estate IPO. Jackie Kelley, EY Americas IPO Markets Leader, says: "It was a quiet quarter across the Americas, partly because of the US Government shutdown, where the lion's share of Americas IPO activity occurs, and partly as a result of different geopolitical uncertainties affecting other markets. However, as the dust begins to settle following a quarter of uncertainties, we expect IPO activity to return to more normal levels in Q2 2019." Asia-Pacific IPO market sentiment impacted by the trade tensions A lull in IPO activity also spread across the Asia-Pacific region in Q1 2019 as global economic uncertainty and geopolitical issues prevailed. Ongoing trade tensions between China and the US in particular weighed heavily on market sentiment and the region saw a decline of 24% by deal numbers (126) and 30% by proceeds (US$8.4b) versus Q1 2018. However, Asia-Pacific continued to dominate global IPO activity in Q1 2019, with 63% of global IPOs and 64% by proceeds. This region accounted for eight of the top 10 exchanges globally by deal number and six exchanges by proceeds. The Hong Kong Stock Exchange ranked first by both volume and proceeds respectively, among the top 10 global exchanges. Mainland China saw 30 IPOs raising US$3.7b in Q1 2019. Although these numbers are lower when compared with Q1 2018, they are notably up from Q4 2018, suggesting the Mainland China IPO market may be showing signs of a recovery. Japan continued to demonstrate strength in its IPO markets with Q1 2019 numbers exceeding those from Q1 2018 (23 IPOs in Q1 2019 versus 18 IPOs in Q1 2018). Further, Japan's exchanges (Tokyo, MOTHERS and JASDAQ) ranked number two among the top 10 exchanges by volume. Ringo Choi, EY Asia-Pacific IPO Leader, says: "Ongoing trade issues between the US and China continue to have an effect on IPO market sentiment across Asia-Pacific. But with exchanges across the region recovering from equity market corrections in Q4 2018, there are signs of a recovery in IPO activity ahead. Post-IPO performance levels are another key factor to watch in determining the recovery speed of IPO activity levels in 2019." EMEIA IPO activity delayed with Brexit uncertainties In EMEIA, deal volumes and proceeds were down substantially from Q1 2018 with EMEIA exchanges posting only 42 IPOs raising a total of US$1.4b in Q1 2019. However, although Q1 2019 was a remarkably slow quarter, those EMEIA IPOs that did come to the main markets experienced average first-day returns of 4% and current returns of around 46%, giving IPO investor sentiment a boost. In Europe and the UK, the ongoing uncertainty around Brexit continued to plague IPO markets, and risk of slow growth in large European economies resulted in only 23 companies issuing IPOs, with proceeds of US$0.4b. EMEIA's two largest IPOs in Q1 2019 came from India's National Stock Exchange, accounting for 94% of India's IPO proceeds and 66% of EMEIA's proceeds for Q1 2019. However, a liquidity crisis among non-bank lenders caused a correction in the Indian stock market in Q4 2018, which has continued to impact Q1 2019 IPO activity. Cross-border IPO activity in Q1 2019 remained at 2018 levels, accounting for 9% of EMEIA companies' IPO activity. Steinbach says: "Ongoing geopolitical tensions and trade issues, the risk of slower economic growth and uncertainties about Brexit delayed IPO activity in EMEIA in Q1 2019. IPO candidates are becoming more nervous, proceeding cautiously and taking a wait and see approach. However, with a number of mega IPOs and unicorns in the pipeline, and a diverse group of candidates, including family businesses, carve-outs and high-growth companies, we anticipate IPO activity to spring into action in the second half of 2019." Notes to Editors About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients. About EY's Strategic Growth Markets Network EY's worldwide Strategic Growth Markets Network is dedicated to serving the changing needs of high-growth companies. For more than 30 years, we've helped many of the world's most dynamic and ambitious companies grow into market leaders. Whether working with international, mid-cap companies or early stage, venture-backed businesses, our professionals draw upon their extensive experience, insight and global resources to help your business succeed About EY's Initial Public Offering Services EY is a leader in helping companies go public worldwide. With decades of experience, our global network is dedicated to serving market leaders and helping businesses evaluate the pros and cons of an initial public offering (IPO). We demystify the process by offering IPO readiness assessments, IPO preparation, project management and execution services, all of which help prepare you for life in the public spotlight. Our Global IPO Center of Excellence is a virtual hub, which provides access to our IPO knowledge, tools, thought leadership and contacts from around the world in one easy-to-use source. ey.com/ipo About the data The data presented in the Global IPO trends: Q1 2019 report and press release is from Dealogic and EY. Q1 2019 (i.e., January-March) and 2019 (January-March) is based on priced IPOs as of 15 March 2019 and expected IPOs in March. Data is up to 15 March 2019, 12 p.m. UK time. All data contained in this document is sourced to Dealogic, CB Insights, Crunchbase and EY unless otherwise noted. Appendix: January 2019 to March 2019 global IPOs by sector Sectors Number of IPOs Percentage of global IPOs Proceeds (US$m) Percentage of global capital raised Consumer products and services 18 9.0% $612 4.7% Consumer staples 12 6.0% $877 6.7% Energy 8 4.0% $842 6.5% Financials 10 5.0% $1,835 14.1% Health care 32 16.1% $2,110 16.2% Technology 45 22.6% $2,137 16.4% Industrials 24 12.1% $1,194 9.1% Materials 17 8.5% $326 2.5% Media and entertainment 12 6.0% $527 4.0% Real estate 12 6.0% $1,772 13.6% Retail 8 4.0% $739 5.7% Telecommunications 1 0.5% $81 0.6% Global total 199 100.0% $13,051 100.0% Alan DuerdenEY Global Media Relations+44 (0) 207 951 8993aduerden1@uk.ey.com Photo - https://mma.prnewswire.com/media/839013/EY_chart.jpg Logo - https://mma.prnewswire.com/media/708904/EY_Logo.jpg Related Links :http://www.ey.com
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TankQ earned the Malaysia Book of Records for the first to offer a 'Portable Resilient Aquarium'
KUALA LUMPUR, Malaysia, March 21, 2019 /PRNewswire/ -- TankQ.my is recognised by the Malaysia Book of Records as the first to offer a 'Portable Resilient Tank' which is Malaysia's first portable, durable and affordable aquarium for homes and offices. The team from TankQ and the representatives from The Malaysia Book Of Records with TankQ's founder, John Wong receiving the certificate. Owned by a young entrepreneur, John Wong, who had taken the bold step in venturing into providing aquariums with laminated-tempered glass, which is not easily breakable. "I see this as a specialty item, which although can be a little bit more pricy but is more durable and it will withstand for a couple years more than any other regular aquariums out there currently available in the market," claims Wong. "I came up with this idea as there are often cases of either children or adults, unknowingly knocking onto aquariums, thus, breaking the glass panel." Recounting his foray into the business, Wong said he got hooked on aquariums since 13. "I observed how cumbersome it was to maintain an aquarium, let alone afford the pricy tag of owning one. I, then, spent the initial years gaining knowledge on the industry, the care, maintenance and costs involved before deciding to venture into the business on my own ten years ago," said Wong. Asked why he dared to venture into such a business, Wong said many homes and offices looked upon setting up aquariums which offered a destressing & calming effect. Wong believes aquariums help improve one's physical and mental well-being; improve people's mood where there is reductions in heart rates and blood pressure; enhances family-bonding; and educates on the eco-system. "Aquariums are also ideal for research on marine husbandry, its life cycles, reproduction, behaviour, autecology and fish pathology. Exorbitant costs of owning and maintaining aquariums may be a thing of the past as the company's aquarium specialist has initiated an ingenious purchase plan so that the public aquariums will become affordable," said Wong. The ambitious John Wong, the man behind TankQ.my, is also offering enthusiasts free units of the other products which are the Reef Tanks - provided they engage his services. Probably the first of its kind in Asia, Wong's TankQ.my will offer complimentary aquariums with an easy-to-pay and affordable scheme. "All they need to do is secure our affordable scheme and leave the rest to us. Our reef tanks come complete with fish, sand, corals, piping, protein skimmer, chiller, nitrate reactor and installation," said Wong, a father of two, whose company offers training and employment to local youths. Wong said a basic reef tank could incur an estimated RM1,800 a month in maintenance fees. His ambitious project that is already in the pipeline is setting his sights on building a public aquarium, much like the one in Zoo Negara in five years. "Interested investors who aspire to realize this aspiration, are most welcomed to contact me," said Wong. Click for more information at : https://tankq.my/ Media Contact: John Wong+60123665262 Photo - https://photos.prnasia.com/prnh/20190320/2408924-1
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ASX100 to bring almost $100 billion onto corporate balance sheets this year with new AASB 16 standard
SYDNEY, March 21, 2019 /PRNewswire/ -- LeaseAccelerator, the pioneer of enterprise lease accounting software, has released a ranking of Australian companies highlighting those with the largest off-balance sheet leasing obligations. Australia's top 100 listed companies will bring almost $100 billion on to their balance sheets over the next 18 months as new accounting standards come into effect. Historically, operating lease obligations have been reported in the footnotes of financial reports. However, the introduction in January this year of IFRS 16 internationally and AASB 16 in Australia requires companies to add new assets and liabilities for operating leases to their balance sheets, which will impact key financial metrics. The report, entitled AASB 16 Lease Accounting - A Ranking of the Leasing Obligations of the ASX 100, demonstrates the Australian business sectors most impacted by the new standards include retail, healthcare, telecommunications, mining and financial services. LeaseAccelerator VP Solution Consulting ANZ and South East Asia, Michelle Laybutt, said the report could help Australian companies benchmark their exposures against their peers as the business community grapples with the complexity of one of the biggest accounting changes in history. "Companies in the US and UK, who are 3-6 months ahead of us in this journey, have found the transition to the new lease accounting standards to be much more complicated than anticipated," she said. "Large companies can have hundreds of thousands of individual leases, which historically have been tracked on spreadsheets with very little governance, automation or financial controls." "We have seen many organisations underestimate the complexity of this standard in various countries around the world. A substantial effort will be required to take an inventory of their leases, capture the data needed for calculations from contracts, and implement specialised new systems in advance of the transition. Following adoption, companies will also encounter a significant challenge as they will need to implement new business processes, and financial controls to ensure that accounting remains as their lease portfolio continues to change with new contracts and modifications to existing agreements." Australian companies will report under the new standards for the first time for fiscal years starting after 1 January 2019 with most Australian companies transitioning in July 2019. Developed over a decade by the International Accounting Standards Board (IASB) in response to scandals including Enron and WorldCom, the new standards will bring an estimated $3 trillion on to balance sheets worldwide. The report is available at www.leaseaccelerator.com/asx-100-lease-accounting-impact Logo - https://mma.prnewswire.com/media/676137/LeaseAccelerator_Logo.jpg Related Links :http://www.leaseaccelerator.com
