BRI Named as Market Leader and Best Service Provider in the Euromoney Trade Finance Awards 2023
Coins receives "in-principle" approvals for Virtual Asset Service Provider ("VASP") licenses, to expand globally
GEARING UP FOR PFFM 2023 WITH SIGNING OF MOU
Ankura Bolsters Capabilities in Australia with the Launch of its Disputes & Economics Practice
ATIF Releases First Quarter Financial Report, Achieving First-time Profit in US Business
GBG Compliance Platform launches in Australia
Luokung Announces 30-to-1 Share Combination
Locus Unveils 'ShipFlex' To Equip Businesses With Flexible & Intelligent Third-Party Delivery
Crossover Markets Launches First-of-its-Kind Execution-Only Digital Asset Trading Venue CROSSx with Seed Round Financing from Flow Traders, Nomura
BingX Launches a $10M Fund to Boost Social Trading Ecosystem
-
OANDA launches US and UK Share CFD trading in its Global Markets division
OANDA launches CFDs trading to enable retail clients in emerging markets to use CFDs to invest in US stocks. LONDON, March 21, 2023 /PRNewswire/ -- A global leader in online multi-asset trading services, OANDA has expanded its contracts-for-difference offering in its Global Markets division by adding share CFDs on US and UK listed equities. This addition to OANDA's offering, which already includes share CFDs on European equities, increases the trading options available to clients, who can now use CFDs to seek exposure to popular US and UK stocks. With this announcement, OANDA completes its goal of allowing retail traders to trade CFDs on individual company shares, such as BP and Vodafone in the UK, and Tesla, Amazon, and Apple in the US. Commenting on this development, Phil Waters, Head of APAC & Emerging Markets, said: "Interest in CFDs has been surging globally as they offer traders and investors the opportunity to profit from price changes without owning the underlying assets. CFDs give exposure to markets that are trending downward as well as upward, allowing traders to take positions even when volatility is high. Enabling clients to build leveraged exposure to the most popular listed corporations, including many familiar US companies across a variety of sectors, provides them with valuable diversification opportunities." Under the launch, OANDA clients in emerging markets can now trade share CFDs on an intuitive platform alongside CFDs on a wide range of asset classes, such as indices, forex, commodities, metals, and bonds. Find out more: https://www.oanda.com/bvi-en/cfds/share-cfds/ About OANDA Founded in 1996, OANDA was the first company to share exchange rate data free of charge on the Internet, launching an FX trading platform that helped pioneer the development of web-based currency trading five years later. Today, the OANDA group - which includes OANDA Global Markets and other subsidiaries of OANDA Global Corporation - provides online multi-asset trading, currency data and analytics to retail and corporate clients around the globe, demonstrating an unrivaled expertise in foreign exchange. With regulated entities in many of the world's most active financial markets, OANDA remains dedicated to transforming how the world interacts with trading, enabling clients to trade global market indices, commodities, treasuries, precious metals and currencies on one of the fastest trading platforms in the market. For more information visit https://www.oanda.com/group/ or follow OANDA on LinkedIn.
-
Arf Solving Liquidity Constraints in Cross-Border Payments with Support from Stellar Development Foundation
ZUG, Switzerland and SAN FRANCISCO, March 21, 2023 /PRNewswire/ -- Arf, the Swiss-regulated global settlement banking platform, with support from the Stellar Development Foundation, is now offering the world's first unsecured, short-term, USDC-based working capital financing solutions for licensed financial institutions. Arf x Stellar Development Foundation Making cross-border payments faster, cheaper, and more transparent and inclusive is a priority for global economic development and prosperity. However, as a capital-intensive sector, cross-border payments remain a challenging industry for payment and remittance companies with limited capital; but solutions that bridge Web3 and traditional finance can tackle this problem. Arf, a global settlement banking platform, and the Stellar Development Foundation, a non-profit organization supporting the growth and development of the open-source Stellar network, have teamed up to solve the liquidity constraints faced by payment and remittance companies in cross-border payments Arf's solution, known as the Arf Credit Line, is built on the Stellar network and powered by Circle's USDC, and provides access to unsecured and short-term (1 to 5 days) working capital for qualified licensed financial institutions worldwide. With Arf Credit Line, financial institutions can make same-day settlements with their partners in desired countries without requiring pre-funding or any additional collateral. Arf Credit Line eliminates the capital-intensive business model for sending parties and counterparty risk for receiving parties in cross-border payments. Moreover, because all of these transactions happen on-chain with USDC, money transfers can be transparently tracked without any intermediary. "Today, there are more than $4 trillion in pre-funded accounts that could be used for global payments' growth and development instead of staying idle," said Arf Co-founder & CEO Ali Erhat Nalbant. "Arf Credit Line unlocks this trapped capital to drive trillions of dollars worth of industry growth. We currently help more than 800 money transfer locations worldwide to make same-day treasury settlements with their partners in a fully compliant manner, so that they can grow and thrive in competition with global players." "We are supporting Arf in creating real-world blockchain use cases that transparently solve liquidity constraints for cross-border payments," said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. "Our commitment to making financial services more accessible for everyone is reinforced by category-defining solutions like Arf's Credit Line." Within four months after its launch, Arf Credit Line has provided over $80 million in loans to licensed financial institutions, generating a cumulative on-chain USDC volume of $150 million. Arf Credit Line creates an exceptional use case showing how USDC on Stellar can be utilized for working capital lending, along with making settlements more transparent, accessible, and in real time. Financial institutions interested in Arf Credit Line can sign up here. About ArfArf is a regulated global settlement banking platform, eliminating the capital-intensive business model of the cross-border payments industry by offering digital asset-based working capital and settlement services with fiat on- and off-ramp capabilities to licensed financial institutions. About StellarStellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 7 million accounts. For more information, visit stellar.org. About the Stellar Development FoundationThe Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.
-
Jianpu Technology Inc. Reports Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results
BEIJING, March 21, 2023 /PRNewswire/ -- Jianpu Technology Inc. ("Jianpu," or the "Company") (NYSE: JT), a leading independent open platform for the discovery and recommendation of financial products in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. Fourth Quarter 2022 Operational and Financial Highlights: Total revenues from recommendation services for the fourth quarter of 2022 increased by 8.5% to RMB171.3 million (US$24.8 million) from RMB157.9 million in the same period of 2021, primarily driven by the increase in revenue from loan recommendation services, partially offset by the slight decrease in revenue from credit card recommendation services. The number of loan applications and average fee per loan application for loan recommendation services increased by 7.6% to approximately 4.5 million and 31.7% to RMB13.9 (US$2.0) in the fourth quarter of 2022, respectively, from the same period of 2021. Revenues from big data and system-based risk management services decreased by 20.8% to RMB28.9 million (US$4.2 million) in the fourth quarter of 2022 from RMB36.5 million in the same period of 2021. The decrease was mainly attributable to the impact of COVID-19 on our cooperation with customers and product adjustments. Revenues from marketing and other services[1] decreased by 11.9% to RMB48.0 million (US$7.0 million) in the fourth quarter of 2022 from RMB54.5 million in the same period of 2021, mainly attributable to the decrease of other new business initiatives. Loss from operations was RMB29.6 million (US$4.3 million) in the fourth quarter of 2022, compared with RMB61.2 million in the same period of 2021. Operating loss margin was 11.9% in the fourth quarter of 2022, compared with 24.6% in the same period of 2021. The improvement in loss from operations was mainly attributable to the Company's continued efforts in efficiency improvement and cost optimization. Net loss was RMB20.2 million (US$2.9 million) in the fourth quarter of 2022, compared with RMB48.3 million in the same period of 2021. Net loss margin was 8.1% in the fourth quarter of 2022, compared with 19.4% in the same period of 2021. Non-GAAP adjusted net loss[2] was RMB27.9 million (US$4.0 million) in the fourth quarter of 2022, compared with non-GAAP adjusted net loss[2] of RMB45.9 million in the same period of 2021. Non-GAAP adjusted net loss margin[2] was 11.2% in the fourth quarter of 2022, compared with 18.4% in the same period of 2021. Fiscal Year 2022 Operational and Financial Highlights: The credit card volume and number of loan applications for recommendation services increased by 12.7% to approximately 4.2 million and 30.1% to approximately 17.7 million, and the average fee per credit card and loan application increased by 3.4% to RMB113.6 (US$16.5) and 27.8% to RMB14.6 (US$2.1), respectively, in the fiscal year of 2022 compared with 2021. As a result, total revenues from recommendation services for the fiscal year of 2022 increased by 27.2% to RMB731.7 million (US$106.1 million) from RMB575.2 million in 2021. Revenues from big data and system-based risk management services decreased by 25.7% to RMB96.9 million (US$14.1 million) in the fiscal year of 2022 from RMB130.4 million in 2021. The decrease was mainly attributable to the impact of COVID-19 on our cooperation with customers and product adjustments. Revenues from marketing and other services[1] increased by 62.0% to RMB161.0 million (US$23.3 million) in the fiscal year of 2022 from RMB99.4 million in 2021. The increase was mainly attributable to the growth of insurance brokerage services and other new business initiatives. Loss from operations was RMB152.0 million (US$22.0 million) in the fiscal year of 2022, compared with RMB258.5 million in 2021. Operating loss margin was 15.4% in the fiscal year of 2022, compared with 32.1% in 2021. The improvement of loss from operations was mainly attributable to an increase in revenues and a decrease in operating expenses resulting from efficiency improvement and cost optimization. Net loss was RMB134.3 million (US$19.5 million) in the fiscal year of 2022, compared with RMB204.1 million in 2021. Net loss margin was 13.6% in the fiscal year of 2022, compared with 25.4% in 2021. Non-GAAP adjusted net loss[2] was RMB120.2 million (US$17.4 million) in the fiscal year of 2022, compared with Non-GAAP adjusted net loss[2] of RMB186.7 million in 2021. Non-GAAP adjusted net loss margin[2] was 12.1% in the fiscal year of 2022, compared with 23.2% in 2021. Mr. David Ye, Co-founder, Chairman and Chief Executive Officer of Jianpu, commented, "Looking back on the year of 2022, despite the challenging economic environment, we weathered the storm and achieved sound business growth overall. Although our growth was hindered in the fourth quarter, which was one of the toughest quarters in the last few years, we recorded solid revenue growth of 22.9% on a full year basis. These defiant results were primarily driven by our preemptive measures to shore up our businesses and enhance our market leading position. We continued to differentiate ourselves by leveraging our unique asset-light platform model in the marketplace and consequently achieved both growth and efficiency gain on a full-year basis." "We remain committed to our vision of 'Becoming everyone's financial partner' and empowering the digital transformation of financial industry, as well as other adjacent categories. Despite some uncertainties at this early stage of China's reopening, we are more optimistic about our performance in the longer term. The improving economic conditions, alongside disruptive trends in artificial intelligence such as ChatGPT, should open up new opportunities to facilitate the digital transformation of the economy and benefit inclusive finance for small and micro enterprises. We believe our industry-leading position, advanced technology, and sound execution should generate sustainable value creation for our shareholders," concluded Mr. Ye. "Our overall 2022 results highlight our relentless efforts to maintain a balanced and diversified revenue structure, improve operating efficiency and execute disciplined cost optimization measures. In 2022, revenues from recommendation services increased by 27.2%, while revenues from our new business initiatives, i.e. marketing and other services, were up 62.0%. Our ROI[3] improved by 9 percentage points in the full year of 2022. Driven by our productivity improvement, as well as continued cost structure optimization, our non-GAAP adjusted net loss[2] reduced significantly by 35.6% year-over-year to RMB120.2 million (US$17.4 million) in 2022," said Oscar Chen, Chief Financial Officer of Jianpu. Fourth Quarter 2022 Financial Results Total revenues for the fourth quarter of 2022 were RMB248.3 million (US$36.0 million), compared with RMB248.9 million in the same period of 2021. Total revenues from recommendation services increased by 8.5% to RMB171.3 million (US$24.8 million) in the fourth quarter of 2022 from RMB157.9 million in the same period of 2021. Revenues from recommendation services for credit cards decreased by 3.5% to RMB108.4 million (US$15.7 million) in the fourth quarter of 2022 from RMB112.3 million in the same period of 2021. Credit card volume slightly decreased year over year by 5.5% to approximately 1.0 million in the fourth quarter of 2022. The average fee per credit card were RMB113.0 (US$16.4) in the fourth quarter of 2022 and RMB110.6 in the same period of 2021, respectively. Revenues from recommendation services for loans increased by 37.9% to RMB62.9 million (US$9.1 million) in the fourth quarter of 2022 from RMB45.6 million in the same period of 2021. The number of loan applications was approximately 4.5 million in the fourth quarter of 2022, representing a 7.6% increase from that in the same period of 2021. The average fee per loan application increased by 31.7% to RMB13.9 (US$2.0) in the fourth quarter of 2022 from RMB10.5 in the same period of 2021, resulting from a more optimized product mix. Revenues from big data and system-based risk management services decreased by 20.8% to RMB28.9 million (US$4.2 million) in the fourth quarter of 2022 from RMB36.5 million in the same period of 2021. The decrease was mainly attributable to the impact of COVID-19 on our cooperation with customers and product adjustments. Revenues from marketing and other services[1] decreased by 11.9% to RMB48.0 million (US$7.0 million) in the fourth quarter of 2022 from RMB54.5 million in the same period of 2021, primarily due to the decrease of the Company's other new business initiatives under the COVID-19 impact. Cost of promotion and acquisition decreased by 8.2% to RMB171.8 million (US$24.9 million) in the fourth quarter of 2022 from RMB187.2 million in the same period of 2021. The decrease was primarily in line with the decrease in the Company's revenues from credit card recommendation services and marketing and other services. Cost of operation decreased by 4.0% to RMB24.1 million (US$3.5 million) in the fourth quarter of 2022 from RMB25.1 million in the same period of 2021. The decrease was primarily attributable to decreases in software development and maintenance costs related to the big data and system-based risk management services and depreciation expenses, partially offset by an increase in call center outsourcing costs. Sales and marketing expenses decreased by 6.0% to RMB32.7 million (US$4.7 million) in the fourth quarter of 2022 from RMB34.8 million in the same period of 2021. The decrease was primarily due to decreases in payroll expenses, entertainment expenses and professional fees resulting from the Company's continued efforts in cost optimization, partially offset by an increase in client service-related expenses. Research and development expenses decreased by 12.9% to RMB26.3 million (US$3.8 million) in the fourth quarter of 2022 from RMB30.2 million in the same period of 2021, primarily due to a decrease in payroll expenses resulting from the Company's continued efforts in cost optimization, partially offset by an increase in professional fee. General and administrative expenses decreased by 29.9% to RMB23.0 million (US$3.3 million) in the fourth quarter of 2022 from RMB32.8 million in the same period of 2021, primarily due to decreases in payroll expenses and professional fees resulting from the Company's continued efforts in cost optimization as well as share-based compensation expenses. Loss from operations was RMB29.6 million (US$4.3 million) in the fourth quarter of 2022, compared with RMB61.2 million in the same period of 2021. Operating loss margin was 11.9% in the fourth quarter of 2022, compared with 24.6% in the same period of 2021. The decrease in operating loss was mainly attributable to the Company's continued efforts in efficiency improvement and cost optimization. Others, net represented a gain of RMB8.9 million (US$1.3 million) in the fourth quarter of 2022, decreased by 36.4% from RMB14.0 million in the same period of 2021. The Company recognized an investment gain of RMB17.0 million resulting from the deconsolidation of one of its subsidiaries[4] in the second quarter of 2022 and an impairment loss of RMB9.1 million on investments; while the Company recognized a realized investment gain of RMB10.9 million from the investment in Conflux Global, a decentralized applications block-chain solution provider, in the same period of 2021. Net loss was RMB20.2 million (US$2.9 million) in the fourth quarter of 2022 compared with RMB48.3 million in the same period of 2021. Net loss margin was 8.1% in the fourth quarter of 2022, compared with 19.4% in the same period of 2021. Non-GAAP adjusted net loss[2], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries and tax effects of above Non-GAAP adjustments was RMB27.9 million (US$4.0 million) in the fourth quarter of 2022, compared with RMB45.9 million in the same period of 2021. Non-GAAP adjusted net loss margin[2] was 11.2% in the fourth quarter of 2022 compared with 18.4% in the same period of 2021. Non-GAAP adjusted EBITDA[5], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries, depreciation and amortization, interest income and expenses, and income tax benefits from net loss, for the fourth quarter of 2022 was a loss of RMB27.8 million (US$4.0 million), compared with a loss of RMB42.5 million in the same period of 2021. As of December 31, 2022, the Company had cash and cash equivalents, restricted cash and time deposits of RMB684.2 million (US$99.2 million), and working capital of approximately RMB371.3 million (US$53.8 million). Compared to those as of December 31, 2021, cash and cash equivalents, restricted cash and time deposits decreased by RMB32.6 million, which was primarily attributable to net cash used in operating activities, partially offset by net cash inflow from financing activities. Besides, time deposits and short-term investment were RMB 46.0 million and nil as of December 31, 2021 and December 31, 2022, respectively. The balance as of December 31, 2021 primarily belonged to one of the Company's subsidiaries. The decrease of time deposits and short-term investment was mainly attributable to the deconsolidation of this subsidiary[4]. Fiscal Year 2022 Financial Results Total revenues for the fiscal year of 2022 increased by 22.9% to RMB989.7 million (US$143.5 million) from RMB805.0 million in the prior year. Total revenues from recommendation services increased by 27.2% to RMB731.7 million (US$106.1 million) in the fiscal year of 2022 from RMB575.2 million in the prior year. Revenues from recommendation services for credit cards increased by 16.2% to RMB473.7 million (US$68.7 million) in the fiscal year of 2022 from RMB407.8 million in the prior year. Credit card volume in the fiscal year of 2022 increased by 12.7% to approximately 4.2 million from 3.7 million in the prior year. The average fee per credit card were RMB113.6 (US$16.5) in the fiscal year of 2022 and RMB109.8 in the prior year, respectively. Revenues from recommendation services for loans increased by 54.1% to RMB258.1 million (US$37.4 million) in the fiscal year of 2022 from RMB167.5 million in the prior year, primarily due to the increase in both the number of loan applications on our domestic platform and average fee per loan application, partially offset by less contribution of loan recommendation revenue generated from overseas markets. The number of loan applications was approximately 17.7 million in the fiscal year of 2022, representing a 30.1% increase from that in the prior year. The average fee per loan application increased to RMB14.6 (US$2.1) in the fiscal year of 2022 from RMB11.4 in the prior year. Revenues from big data and system-based risk management services decreased by 25.7% to RMB96.9 million (US$14.1 million) in the fiscal year of 2022 from RMB130.4 million in the prior year, primarily due to the COVID-19 impact on our cooperation with customers as well as product adjustments. Revenues from marketing and other services[1] increased by 62.0% to RMB161.0 million (US$23.3 million) in the fiscal year of 2022 from RMB99.4 million in the prior year, primarily due to the growth of the Company's insurance brokerage services and other new business initiatives. Cost of promotion and acquisition increased by 23.3% to RMB693.3 million (US$100.5 million) in the fiscal year of 2022 from RMB562.1 million in the prior year. The increase was in line with the growth of the Company's revenues from recommendation services and marketing and other services. Cost of operation decreased by 4.5% to RMB84.0 million (US$12.2 million) in the fiscal year of 2022 from RMB88.0 million in the prior year. The decrease was primarily attributable to decreases in payroll costs and depreciation expenses, partially offset by an increase in call center outsourcing costs. Sales and marketing expenses decreased by 6.4% to RMB134.3 million (US$19.5 million) in the fiscal year of 2022 from RMB143.5 million in the prior year. The decrease was primarily due to decreases in payroll expenses, rental expenses and traveling expenses resulting from our continued efforts in cost optimization, partially offset by an increase in client service-related expenses. Research and development expenses decreased by 13.9% to RMB114.0 million (US$16.5 million) in the fiscal year of 2022 from RMB132.4 million in the prior year, primarily due to a decrease in payroll expenses resulting from our continued efforts in cost optimization. General and administrative expenses decreased by 25.2% to RMB102.8 million (US$14.9 million) in the fiscal year of 2022 from RMB137.5 million in the prior year, primarily due to decreases in professional fees, share-based compensation expenses and payroll costs resulting from our continued efforts in cost optimization, partially offset by an increase in credit loss expenses. Impairment of goodwill and intangible assets was RMB13.3 million (US$1.9 million) in the fiscal year of 2022, which was the impairment of the goodwill and intangible assets of an acquired subsidiary, Newsky Wisdom Treasure (Beijing) Co., Ltd. There was no such impairment loss in the prior year. Loss from operations was RMB152.0 million (US$22.0 million) in the fiscal year of 2022, compared with RMB258.5 million in the prior year. Operating loss margin was 15.4% in the fiscal year of 2022, compared with 32.1% in the prior year. The decrease in operating loss was mainly attributable to an increase in revenues and a decrease in operating expenses resulting from efficiency improvement and cost optimization, partially offset by the impairment of goodwill and intangible assets. Others, net, represented a gain of RMB20.6 million (US$3.0 million) in the fiscal year of 2022, decreased by 64.5% from RMB58.0 million in the prior year. The Company recognized a gain from tax benefit for value-added tax of RMB12.0 million, an investment gain of RMB23.1 million resulting from the deconsolidation of one of its subsidiaries[4] and an impairment loss of RMB17.8 million on investments in the fiscal year of 2022; while the Company recognized a realized investment gain of RMB51.2 million from the investment in Conflux Global, a decentralized applications block-chain solution provider, in the prior year. Net loss was RMB134.3 million (US$19.5 million) in the fiscal year of 2022 compared with RMB204.1 million in the prior year. Net loss margin was 13.6% in the fiscal year of 2022 compared with 25.4% in the prior year. Non-GAAP adjusted net loss[2], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries and tax effects of above Non-GAAP adjustments, was RMB120.2 million (US$17.4 million) in the fiscal year of 2022, compared with RMB186.7 million in the prior year. Non-GAAP adjusted net loss margin[2] was 12.1% in the fiscal year of 2022 compared with 23.2% in the prior year. Non-GAAP adjusted EBITDA[5], which excluded share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries, depreciation and amortization, interest income and expenses, and income tax benefits from net loss, for the fiscal year of 2022 was a loss of RMB112.4 million (US$16.3 million), compared with a loss of RMB172.0 million in the prior year. Subsequent Events Deposits with Silicon Valley Bank The Company is aware that Silicon Valley Bank ("SVB") was closed on March 10, 2023 by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara. According to the FDIC press release, the FDIC as receiver will retain all the assets from SVB for later disposition. On March 12, 2023, the FDIC, Board of Governors of the Federal Reserve System and the Department of the Treasury of the United States issued a joint statement addressing the failure of SVB. The joint statement indicates that the FDIC will provide direct protection of 100% of the deposits that depositors held at SVB, including the uninsured amounts, and that depositors will have access to all of their funds as of March 13, 2023. As of December 31, 2022, the Company had a cash deposit of US$3.3 million with SVB US Branch, representing approximately 3.4% of the Company's total cash and cash equivalents and restricted cash and time deposit as of December 31, 2022. As of March 13, 2023, the Company has a cash deposit of US$2.4 million with SVB US Branch. The rest of the Company's cash and cash equivalents and restricted cash and time deposit is distributed across multiple large financial institutions. The Company's funds with SVB are largely uninsured. The Company maintains a strong cash position. Notwithstanding the closure of SVB, the Company continues to believe that its existing cash and cash equivalent balance will be sufficient to meet its working capital, capital expenditures, and material cash requirements from known contractual obligations for the next twelve months and beyond. There is no disruption to the normal business operation of the Company. Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 21, 2023 (8:00 PM Beijing/Hong Kong Time on March 21, 2023). Dial-in details for the earnings conference call are as follows: United States (toll free): 1-888-346-8982 International: 1-412-902-4272 Hong Kong, China (toll free): 800-905-945 Hong Kong, China: 852-3018-4992 Mainland China: 400-120-1203 Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "Jianpu Technology Inc." Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.jianpu.ai. A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 28, 2023, by dialing the following telephone numbers: United States (toll free): 1-877-344-7529 International: 1-412-317-0088 Replay Access Code: 3549844 About Jianpu Technology Inc. Jianpu Technology Inc. is a leading independent open platform for the discovery and recommendation of financial products in China. The Company connects users with financial service providers in a convenient, efficient, and secure way. By leveraging its proprietary technology, Jianpu provides users with customized search results and recommendations tailored to each user's particular financial needs and profile. The Company also enables financial service providers with sales and marketing solutions to reach and serve their target customers more effectively through integrated channels and enhance their competitiveness by providing them with tailored data, risk management services and solutions. The Company is committed to maintaining an independent open platform, which allows it to serve the needs of users and financial service providers impartially. For more information, please visit http://ir.jianpu.ai. Use of Non-GAAP Financial Measures The Company uses adjusted EBITDA and adjusted net (loss)/income, each a Non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that adjusted EBITDA and adjusted net (loss)/income help identify underlying trends in its business that could otherwise be distorted by the effect of the expenses and gains that the Company include in (loss)/income from operations and net (loss)/income. The Company believes that adjusted EBITDA and adjusted net (loss)/income provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. Adjusted EBITDA and adjusted net (loss)/income should not be considered in isolation or construed as alternatives to net (loss)/income or any other measure of performance or as indicators of the Company's operating performance. Investors are encouraged to review the historical Non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA and adjusted net (loss)/income presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted EBITDA represents EBITDA before share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets and investment gain of deconsolidation of subsidiaries. EBITDA represents net (loss)/income before interest, tax, depreciation and amortization. Adjusted net (loss)/income represents net (loss)/income before share-based compensation expenses, investment impairment loss, impairment of goodwill and intangible assets, investment gain of deconsolidation of subsidiaries and tax effects of above Non-GAAP adjustments. For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the Company's expectations regarding demand for, and market acceptance of, its solutions and services; the Company's expectations regarding keeping and strengthening its relationships with users, financial service providers and other parties it collaborates with; trends, competition and regulatory policies relating to the industries the Company operates in; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: Jianpu Technology Inc. (IR) Oscar Chen, E-mail: IR@rong360.com (PR) Amanda Hu, E-mail: Media@rong360.com Tel: +86 (10) 6242 7068 Christensen Advisory Suri Cheng, E-mail: suri.cheng@christensencomms.com Tel: +86 185 0060 8364 Crystal Lai, E-mail: crystal.lai@christensencomms.comTel: +852 2232 3907 In US: Christensen Advisory Linda Bergkamp, E-mail: linda.bergkamp@christensencomms.com Tel: +1 480 353 6648 Jianpu Technology Inc. Unaudited Condensed Consolidated Balance Sheets (In thousands) As of December 31, As of December 31, 2021 2022 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 444,933 346,539 50,243 Time deposits 10,000 - - Restricted time deposits 234,601 297,634 43,153 Short-term investment 35,950 - - Accounts receivable, net (including amounts billed through related party of RMB4,359 and nil as of December 31, 2021 and December 31, 2022, respectively) 175,165 189,665 27,499 Amount due from related parties 140 153 22 Prepayments and other current assets 53,466 46,537 6,747 Total current assets 954,255 880,528 127,664 Non-current assets: Property and equipment, net 12,617 12,578 1,824 Intangible assets, net 21,675 18,339 2,659 Goodwill 10,236 - - Restricted cash and time deposits 37,266 40,059 5,808 Other non-current assets 33,873 10,758 1,560 Total non-current assets 115,667 81,734 11,851 Total assets 1,069,922 962,262 139,515 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings 181,853 253,481 36,751 Accounts payable (including amounts billed through related party of RMB2,384 and RMB5,652 as of December 31, 2021 and December 31, 2022, respectively) 103,782 96,729 14,024 Advances from customers 47,221 46,920 6,803 Tax payable 14,670 9,662 1,401 Amount due to related parties 29,270 13,534 1,962 Accrued expenses and other current liabilities 152,521 88,871 12,885 Total current liabilities 529,317 509,197 73,826 Non-current liabilities: Deferred tax liabilities 4,549 3,644 528 Other non-current liabilities 13,604 13,096 1,900 Total non-current liabilities 18,153 16,740 2,428 Total liabilities 547,470 525,937
CLEARBLUE MARKETS ANNOUNCES ROYAL BANK OF CANADA AS MINORITY INVESTOR AS PART OF SERIES A FINANCING
Financing led by RBC with participation from existing investor CRCM Ventures provides capital to help support the growth of ClearBlue Market's technology platform TORONTO, March 21, 2023 /PRNewswire/ -- ClearBlue Markets Holding ("ClearBlue Markets"), a leading global carbon markets company, announced it has raised $8 million as part of its Series A financing led by Royal Bank of Canada ("RBC"). The investment will deepen ClearBlue Markets experience in financial markets and is aligned with RBC's climate strategy of supporting its clients in the transition to net zero. ClearBlue Markets provides carbon markets services to hundreds of clients worldwide, helping them optimize their strategies for compliance requirements and voluntary net zero ambitions through its deep advisory expertise and AI enabled technology. The company is headquartered in Canada with a European office in the Netherlands, and offers a range of services, including market analysis, capacity building, carbon strategy, and transaction facilitation. Today, it boasts an impressive 200+ client portfolio that spans local, multinational, and blue-chip companies, including CRH, Mercuria, JD Irving, Bain Capital Partnership Strategies, Mitsubishi, Energir and VARO Energy. "Purpose-driven investments, like the one by RBC, are central to ClearBlue Markets as we expand. They extend our reach and scale beyond what we could do alone and this helps our clients succeed in environmental markets," said Nicolas Girod, Co-Founder and Chief Technology Officer, ClearBlue Markets. "This strategic investment will unlock capital to double down on technology and see more clients confidently achieve their carbon reduction and net zero ambitions." RBC supports some of Canada's most innovative companies. Leveraging its platform to support businesses of all sizes and stages, it delivers experience, networks, and capital to help solve some of the biggest challenges our communities and economies face. "RBC recognizes that climate change is a global challenge, and companies like ClearBlue Markets can play an important role in addressing it effectively," says Barrie Laver, Managing Director, Head of Venture Capital & Private Equity, RBC. "Adding ClearBlue Markets and its technology platform to our portfolio is aligned with RBC's climate strategy and will in turn provide our clients with additional access to advisory services and technology needed to support their transition to a more sustainable future." Investment dollars are earmarked for enhanced usability of ClearBlue Market's existing technology platform and expanded functionality of carbon market enablement tools that build off ClearBlue Markets' supply-demand and price outlooks across the carbon and environmental markets, deep regulatory and policy insights, offset development work, and transaction facilitation expertise. The new funding, combined with its internal team of experts, has meant an accelerated roadmap for ClearBlue Markets to help more clients in more places. ClearBlue Markets also announced the appointment of Mr. Bill Morris to its Board of Directors. As the former CEO of Accenture Canada, Mr. Morris has an undeniable track record of scaling and transforming businesses. He currently serves as an Advisor to the Nature Conservancy of Canada and sits on the Board of Directors for Boreal Carbon Corporation. Additionally, Mr. Morris' experience in both environment and carbon markets will be instrumental as ClearBlue Markets continues to expand globally. "We believe that one tonne of carbon dioxide reduced, avoided, or sequestered contributes to the fight against climate change in meaningful and measurable ways," said Michael Berends, Co-Founder and Chief Executive Officer, ClearBlue Markets. "Continued alignment and investments from key players, like RBC, will drive transparency and confidence in compliance and voluntary carbon markets worldwide for more effective emission pricing and reductions. The future is bright for ClearBlue Markets, its client base, and the global carbon market." ClearBlue Markets has received multiple awards for its advisory, market analysis, and offset development services including the coveted 2022 Environmental Finance Voluntary Carbon Markets Award for Best Advisor. To learn more about investment opportunities with ClearBlue Markets, please visit www.clearbluemarkets.com. About ClearBlue Markets ClearBlue Markets is a technology-enabled carbon markets company simplifying and creating confidence for companies when they access environmental financial markets to meet carbon compliance or net zero goals. Through ClearBlue's deep practical expertise and integrated set of products and solutions - including carbon compliance and offset strategy development, carbon market policy and risk assessments, demand and supply analysis and price forecasting for offsets, carbon credits and renewable energy credits, transaction facilitation, and offset development - our clients confidently achieve their carbon reduction and net zero ambitions. LinkedIn Twitter About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 95,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com. We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact. General Inquiries: Fiona Oliver-Glasford, foliverglasford@clearbluemarkets.com, (416) 986-3948; Media Inquiries: Alessandra Seca, Blue Door Agency, alessandra@bluedoor.agency, (647) 294-4657; Andrew Block, Royal Bank of Canada, andrew.block@rbc.com ClearBlue_Markets_CLEARBLUE_MARKETS_ANNOUNCES_ROYAL_BANK_OF_CANA
Fusion Bank Launches Business Banking, Empowering SMEs to Capture Global Opportunities
24/7 Deposit and Fund Transfer Services HONG KONG, March 21, 2023 /PRNewswire/ -- Fusion Bank, a virtual bank strategically invested by Tencent Holdings Limited, today announces the launch of Business Banking Services to provide flexible and convenient Internet Banking services to local small and medium-sized enterprises (SMEs), empowering them to expand their businesses. SMEs can now submit Fusion Bank Business Account opening application anywhere, anytime online with approval in as fast as 24 hours[1], remove the hassle and save time for customers who would normally have to prepare piles of documents and visit brick and mortar bank branch. Fusion Bank Business Banking supports 24/7 Deposit and instant Fund Transfers, enabling customers to deploy funds flexibly to better meet the business needs. During the promotion period[2], new customers who successfully open Business Account could enjoy the offer about exemption of account opening fee and remittance handling fee for all Fund Transfers in the first six months[3]. Mr. Ari Zhou, Executive Director and Chief Executive of Fusion Bank, said: "As more and more SMEs are undergoing digitalization, their business operations and expectations for financial services are also evolving. Fusion Bank understands the challenges encountered by SMEs when using traditional banking. By leveraging our innovative technology, we are committed to offering them convenient and comprehensive Internet Banking services together with a hassle-free account opening experience, fostering financial inclusion in Hong Kong and empowering SMEs to manage finances easily and expand their businesses locally and globally." Convenient account opening process with diversified services to help SMEs seize business opportunities Fusion Bank Business Banking online account opening service now supports the following types of companies incorporated in Hong Kong: sole proprietorship, partnership and single-layered limited company, whose "connected parties" must be HKID holders and open or maintain Fusion Bank personal accounts. SMEs who meet the Bank's requirements can submit account application online anytime, anywhere through Fusion Bank's website with approval in as fast as 24 hours[1], saving time compared to the traditional service model which often takes months. Last but not least, there is no minimum deposit requirement lowering the entry barriers to banking for SMEs. Fusion Bank Business Banking offers diversified banking services including multi-currency savings accounts, time deposits, local transfers via the Faster Payment System (FPS) and CHATS, and telegraphic transfers (TT) cross-border remittance services covering countries and regions around the world, to help customers to deploy their funds flexibly and meet the round-the-clock business needs in today's digital economy and expand their businesses overseas. Leveraging advanced artificial intelligence (AI) and cloud-based technologies, Fusion Bank Business Banking provides customers with a more seamless, secure banking experience, including online smart customer services to handle enquiries in real time, as well as the adoption of eKYC identity authentication technology jointly developed by Tencent and Fusion Bank which substantially improves the accuracy of facial and image recognition. With the new technology, the False Acceptance Rate and Straight Through Rate have been improved, while the number of facial captures needed for ID verification decreased, bringing a smoother online account opening experience to our customers[4]. Fusion Bank Business Banking is available now. During the promotion period[2], new customers who successfully open Business Account could enjoy the offer about exemption of account opening fee and remittance handling fee for all transfers, and monthly fee in the first six months[3]. [1] The actual time required to open an account may vary depending on the completeness of the documents. [2] Promotion period is valid from March 21, 2023 until December 31, 2023 (both dates inclusive). [3] Terms and Conditions apply. Please refer to https://www.fusionbank.com for details. [4] According to internal data from Fusion Bank (2022-2023). Fusion Bank launches Business Banking Services to provide flexible and convenient Internet Banking services to local SMEs, empowering them to expand their businesses. About Fusion Bank Fusion Bank was granted a banking licence to conduct virtual banking business by the Hong Kong Monetary Authority (HKMA) in 2019. A joint venture between Tencent Holdings Limited, Industrial and Commercial Bank of China (Asia) Limited ("ICBC (Asia)"), Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng (via investment entity, Perfect Ridge Limited), Fusion Bank aims at promoting financial inclusion in Hong Kong and providing customers with convenient, preferred and secure virtual banking and financial technology services. Headquartered in Hong Kong, Fusion Bank will ensure its compliance with the relevant regulatory requirements and guidelines. For more information, please visit https://www.fusionbank.com/
So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results
BEIJING, March 21, 2023 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Total revenues were RMB325.1 million (US$47.1 million[1]), compared to RMB449.5 million in the corresponding period of 2021, in line with our previous guidance. Net income attributable to So-Young International Inc. was RMB31.3 million (US$4.5 million), compared with net loss attributable to So-Young International Inc. of RMB27.7 million in the same period of 2021. Non-GAAP net income attributable to So-Young International Inc.[2] was RMB38.8 million (US$5.6 million), compared with non-GAAP net income attributable to So-Young International Inc. of RMB62.9 million in the same period of 2021. Fourth Quarter 2022 Operational Highlights Average mobile MAUs were 4.0 million, compared with 7.4 million in the fourth quarter of 2021. Number of paying medical service providers on So-Young's platform was 4,274, compared with 5,327 in the fourth quarter of 2021. Number of medical service providers subscribing to information services on So-Young's platform was 1,489, compared with 2,085 in the fourth quarter of 2021. Total number of purchasing users through reservation services was 120.4 thousand and the aggregate value of medical aesthetic treatment transactions facilitated by So-Young's platform was RMB370.2 million. Fiscal Year 2022 Financial Highlights Total revenues were RMB1,257.9 million (US$182.4 million) in the full year 2022, a decrease of 25.7% from RMB1,692.5 million in the prior year. Net loss attributable to So-Young International Inc. was RMB65.6 million (US$9.5 million) in the full year 2022, compared with a net loss attributable to So-Young International Inc. of RMB8.4 million in the prior year. Non-GAAP net loss attributable to So-Young International Inc. was RMB22.2 million (US$3.2 million) in the full year 2022, compared with RMB139.5 million non-GAAP net income attributable to So-Young International Inc. in the prior year. Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "2022 is a remarkable year for all of us at So-Young. Despite multiple external headwinds, we have successfully stabilized our core businesses and substantially improved our profitability. In the past fourth quarter, amidst the most severe challenges of the past three years that the operation of many aesthetic service providers was seriously disrupted by COVID-19 pandemic, we strived to achieve quarterly revenue of RMB325.1 million, in-line with our prior guidance. In the meantime, we significantly enlarged our profit scale from the third quarter by achieving non-GAAP net income attributable to So-Young International Inc. of RMB38.8 million, thanks to the optimized cost structure and increased efficiency. As of the end of 2022, our cash balance remained at a level of nearly RMB1.6 billion, which provides us with solid financial flexibility when exploring new business growth opportunities in the year ahead. " "Looking into 2023, we will continue to scale up our existing business, leveraging the multi-year experience and insights of the industry, the loyal user base and our strong relationship with thousands of institution partners. At the same time, we will increase our investments in So-Young Prime, a one-stop aesthetic service offering endorsed by ourselves by integrating product, doctor and institution resources. We believe such product will diversify our revenue streams and it will be supported by our unique strength and as a barrier for our competitors. In summary, we are still optimistic about the long-term prospect of Chinese aesthetic sector. With the re-open of business activities in China, we expect to see a gradual recovery of consumer spending and the return of our business growth."Mr. Jin concluded. [1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB6.8972 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on December 30, 2022. [2] Non-GAAP net income attributable to So-Young International Inc. is defined as net income attributable to So-Young International Inc. excluding share-based compensation expenses and impairment of goodwill and intangible assets attributable to So-Young International Inc. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. Fourth Quarter 2022 Financial Results Revenues Total revenues were RMB325.1 million (US$47.1 million), a decrease of 27.7% from RMB449.5 million in the same period of 2021. The decrease was primarily due to a decrease in average revenue per paying medical service provider. The decrease in average revenue per paying medical service provider was primarily due to: 1) COVID-19 control measures and the surge of COVID-19 cases, especially in major areas in China, limited people's visit to offline service providers; 2) pressure on overall Chinese consumer market. Information services and other revenues were RMB233.9 million (US$33.9 million), a decrease of 32.1% from RMB344.3 million in the same period of 2021. The decrease was primarily due to a decrease in the number of paying medical service providers subscribing to information services. Reservation services revenues were RMB26.0 million (US$3.8 million), a decrease of 37.2% from RMB41.4 million in the same period of 2021. The decrease was primarily due to COVID-19 control measures and the surge of COVID-19 cases, especially in major areas in China, limited people's visit to offline service providers. Sales of equipment and maintenance services revenues were RMB65.3 million (US$9.5 million) and RMB63.8 million in the fourth quarter of 2022 and 2021, respectively, from Wuhan Miracle Laser Systems, Inc. ("Wuhan Miracle"). Cost of Revenues Cost of revenues was RMB88.2 million (US$12.8 million), a decrease of 30.6% from RMB127.1 million in the fourth quarter of 2021. The decrease was primarily due to measures taken to improve cost structure. Cost of revenues included share-based compensation expenses of RMB1.0 million (US$0.1 million), compared with RMB5.8 million in the corresponding period of 2021. Operating Expenses Total operating expenses were RMB212.6 million (US$30.8 million), a decrease of 42.8% from RMB371.9 million in the fourth quarter of 2021. Sales and marketing expenses were RMB98.4 million (US$14.3 million), a decrease of 35.6% from RMB152.7 million in the fourth quarter of 2021. The decrease was primarily due to a decrease in expenses associated with branding and user acquisition activities. Sales and marketing expenses included share-based compensation expenses of RMB0.4 million (US$0.1 million), compared with RMB3.7 million in the corresponding period of 2021. General and administrative expenses were RMB73.2 million (US$10.6 million), a decrease of 14.8% from RMB85.9 million in the fourth quarter of 2021. The change was primarily due to a decrease in share-based compensation expenses, partially offset by an increase in payroll costs and professional services fees. General and administrative expenses included share-based compensation expenses of RMB4.3 million (US$0.6 million), compared with RMB32.3 million in the corresponding period of 2021. Research and development expenses were RMB41.1 million (US$6.0 million), a decrease of 39.2% from RMB67.5 million in the fourth quarter of 2021. The decrease was primarily attributable to a decrease in payroll costs. Research and development expenses included share-based compensation expenses of RMB1.8 million (US$0.3 million), compared with RMB7.1 million in the corresponding period of 2021. Income tax benefits/(expenses) Income tax benefits were RMB2.4 million (US$0.4 million), compared with income tax expenses of RMB10.1 million in the same period of 2021. Net income/(loss) attributable to So-Young International Inc. Net income attributable to So-Young International Inc. was RMB31.3 million (US$4.5 million), compared with a net loss attributable to So-Young International Inc. of RMB27.7 million in the fourth quarter of 2021. Non-GAAP net income attributable to So-Young International Inc. Non-GAAP net income attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses and impairment of goodwill and intangible assets attributable to So-Young International Inc., was RMB38.8 million (US$5.6 million), compared with RMB62.9 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2021. Basic and Diluted Earnings/(loss) per ADS Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB0.29 (US$0.04) and RMB0.29 (US$0.04), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.26 and RMB0.26, respectively, in the same period of 2021. Fiscal Year 2022 Financial Results Revenues Total revenues were RMB1,257.9 million (US$182.4 million), a decrease of 25.7% from RMB1,692.5 million in fiscal year 2021. Information services and other revenues were RMB888.5 million (US$128.8 million), a decrease of 31.9% from RMB1,304.5 million in fiscal year 2021. The decrease was primarily due to a decrease in the number of paying medical service providers subscribing to information services. Reservation services revenues were RMB128.7 million (US$18.7 million), a decrease of 53.4% from RMB276.1 million in fiscal year 2021. The decrease was primarily due to control measures caused by the resurgence of COVID-19 in China and adoption of an operating strategy which gave higher subsidies to end users. Sales of equipment and maintenance services revenues were RMB240.7 million (US$34.9 million), from Wuhan Miracle. Cost of Revenues Cost of revenues were RMB393.3 million (US$57.0 million), an increase of 19.9% from RMB327.9 million in fiscal year 2021. The increase was primarily due to the consolidation of Wuhan Miracle. In addition, cost of revenues for fiscal year 2022 included share-based compensation expenses of RMB8.3 million (US$1.2 million) compared to RMB18.8 million in fiscal year 2021. Operating Expenses Total operating expenses were RMB967.4 million (US$140.3 million), a decrease of 30.8% from RMB1,397.1 million in fiscal year 2021. Sales and marketing expenses were RMB472.1 million (US$68.4 million), a decrease of 40.4% from RMB792.5 million in fiscal year 2021. The decrease was primarily due to a decrease in expenses associated with branding and user acquisition activities. Sales and marketing expenses for fiscal year 2022 included share-based compensation expenses of RMB6.8 million (US$1.0 million), compared to RMB9.8 million in fiscal year 2021. General and administrative expenses were RMB260.2 million (US$37.7 million), an increase of 3.2% from RMB252.2 million in fiscal year 2021. The increase was primarily due to an increase in staff costs and professional services fees. General and administrative expenses for 2022 included share-based compensation expenses of RMB19.0 million (US$2.8 million), compared to RMB56.7 million in fiscal year 2021. Research and development expenses were RMB235.1 million (US$34.1 million), a decrease of 18.0% from RMB286.6 million in fiscal year 2021. The decrease was primarily attributable to a decrease in payroll costs. Research and development expenses for 2022 included share-based compensation expenses of RMB9.3 million (US$1.3 million), compared to RMB20.9 million in fiscal year 2021. Income tax benefits/(expenses) Income tax benefits were RMB21.0 million (US$3.0 million), compared with an income tax expense of RMB21.2 million in fiscal year 2021. The increase in income tax benefits was primarily due to the refund of income tax of RMB12.6 million in the third quarter of 2022 based on the final 2021 tax return filing result. Net loss attributable to So-Young International Inc. Net loss attributable to So-Young International Inc. was RMB65.6 million (US$9.5 million), compared with a net loss attributable to So-Young International Inc. of RMB8.4 million in fiscal year 2021. Non-GAAP net (loss)/income attributable to So-Young International Inc. Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses and impairment of goodwill and intangible assets attributable to So-Young International Inc., was RMB22.2 million (US$3.2 million), compared with RMB139.5 million non-GAAP net income attributable to So-Young International Inc. in fiscal year 2021. Basic and Diluted loss per ADS Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.61 (US$0.09) and RMB0.61 (US$0.09), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.08 and RMB0.08 in fiscal year 2021. Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments As of December 31, 2022, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,585.3 million (US$229.8 million), compared with RMB1,756.0 million as of December 31, 2021. Business Outlook For the first quarter of 2023, So-Young expects total revenues to be between RMB290 million (US$42.0 million) and RMB310 million (US$44.9 million), representing a decrease of 3.4% and an increase of 3.2% from the same period in 2022. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change. Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses and impairment of goodwill and intangible assets from income/(loss) from operations and net income/(loss) attributable to So-Young International Inc., respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future. This is not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release. Conference Call Information So-Young's management will hold an earnings conference call on Tuesday, March 21, 2023, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: International: +1-412-902-4272Mainland China： 4001-201203US: +1-888-346-8982Hong Kong： +852-301-84992Passcode: So-Young International Inc. A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, March 28, 2023. The dial-in details are: International: +1-412-317-0088US: +1-877-344-7529Passcode: 2937673 Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com. About So-Young International Inc. So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young's strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic to So-Young's business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law. For more information, please contact: So-Young Investor RelationsMs. Vivian XuPhone: +86-10-8790-2012E-mail: ir@soyoung.com Christensen In ChinaMr. Eric YuanPhone: +86-10-5900-1548E-mail: eric.yuan@christensencomms.com In USMs. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com SO-YOUNG INTERNATIONAL INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) As of December 31, December 31, December 31, 2021 2022 2022 RMB RMB US$ Assets Current assets: Cash and cash equivalents 1,331,968 694,420 100,681 Restricted cash and term deposits 15,119 14,908 2,161 Trade receivables 54,829 36,006 5,220 Inventories, net 91,812 120,480 17,468 Receivables from online payment platforms 18,864 14,787 2,144 Amounts due from related parties 14,038 33,382 4,840 Term deposits and short-term investments 408,946 875,955 127,002 Prepayment and other current assets 91,842 126,889 18,397 Total current assets 2,027,418 1,916,827 277,913 Non-current assets: Long-term investments 252,500 227,959 33,051 Intangible assets 193,955 169,280 24,543 Goodwill 540,693 540,693 78,393 Property and equipment, net 124,576 116,184 16,845 Deferred tax assets 47,520 64,739 9,386 Operating lease right-of-use assets 95,609 62,898 9,119 Other non-current assets 48,097 99,293 14,396 Total non-current assets 1,302,950 1,281,046 185,733 Total assets 3,330,368 3,197,873 463,646 Liabilities Current liabilities: Taxes payable 48,571 74,580 10,813 Contract liabilities 139,155 110,159 15,972 Salary and welfare payables 103,624 72,532 10,516 Amounts due to related parties 681 5,895 855 Accrued expenses and other current liabilities 376,841 224,589 32,561 Operating lease liabilities-current 43,529 50,285 7,291 Total current liabilities 712,401 538,040 78,008 Non-current liabilities: Operating lease liabilities-non current 62,356 20,972 3,041 Deferred tax liabilities 38,577 30,993 4,494 Total non-current liabilities 100,933 51,965 7,535 Total liabilities 813,334 590,005 85,543 SO-YOUNG INTERNATIONAL INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (Amounts in thousands, except for share and per share data) Shareholders' equity: Treasury stock (217,712) (232,835) (33,758) Class A Ordinary shares (US$ 0.0005 par value; 750,000,000 shares authorized as of December 31, 2021 and December 31, 2022; 71,736,059 and 69,092,367 shares issued and outstanding as of December 31, 2021, 73,065,987 and 68,843,320 shares issued and outstanding as of December 31, 2022, respectively) 230 236 33 Class B Ordinary shares (US$ 0.0005 par value; 20,000,000 shares authorized as of December 31, 2021 and December 31, 2022; 12,000,000 shares issued and outstanding as of December 31, 2021 and December 31, 2022) 37 37 5 Additional paid-in capital 2,999,562 3,043,971 441,334 Statutory reserves 20,331 29,027 4,209 Accumulated deficit (272,368) (346,618) (50,255) Accumulated other comprehensive (loss)/income (83,891) 4,107 595 Total So-Young International Inc. shareholders' equity 2,446,189
Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2022 Unaudited Financial Results
SHENZHEN, China, March 21, 2023 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2022. Financial Highlights In the three months ended December 31, 2022: Net profit attributable to equity holders of the Company was RMB1.15 billion (US$167 million), representing a 114.7% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB1.44 billion (US$208 million), representing a 72.8% year-over-year growth. Total revenues were RMB7.43 billion (US$1.08 billion). Revenues from music subscriptions were RMB2.35 billion (US$341 million), representing a 20.6% year-over-year growth. Paying users reached 88.5 million, increasing by 16.1% year-over-year. On a sequential basis, the number of online music paying users grew by 3.2 million. Diluted earnings per ADS was RMB0.72 (US$0.11) and ADS used in diluted earnings per ADS computation was 1.59 billion. Total cash, cash equivalents, term deposits and short-term investments as of December 31, 2022 were RMB27.4 billion (US$3.97 billion). In the full year ended December 31, 2022: Net profit attributable to equity holders of the Company was RMB3.68 billion (US$533 million), representing a 21.4% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB4.75 billion (US$688 million), representing a 14.4% year-over-year growth. Total revenues were RMB28.34 billion (US$4.11 billion). Revenues from music subscriptions were RMB8.70 billion (US$1.26 billion), representing an 18.6% year-over-year growth. "Amid a fast-changing macro environment in 2022, we continued to innovate our services and carried out effective cost optimization measures, leading to strong growth in our full-year profitability as well as steady growth in online music subscriptions throughout the year," said Mr. Cussion Pang, Executive Chairman of TME. "Our diversified suite of monetization tools expanded and made progress during the year such as ad-supported mode, long-form audio, as well as audio live streaming and our international expansion, among many more. Another meaningful accomplishment was the headway we made with our 'music+public welfare' model, which innovatively combines music's emotional expression and influence to promote social progress. With our confidence in the long-term prospects of the company, we had completed the US$1 billion share buyback program approved by the Board in 2021. Looking ahead into 2023, as we are repositioning ourselves to better capture future growth areas, we currently expect our quarterly revenues from online music services will exceed those from social entertainment services at some point within this year. Meanwhile, with our relentless focus on executing our growth strategies and operating efficiencies, we are confident to achieve year-over-year growth in total revenues and profitability as well as continuous improvement in user quality in 2023 while fueling the thriving music industry." "On the back of our firm execution of the dual engine content-and-platform strategy, in 2022 TME launched a lineup of new tools and leveraged our end-to-end production and promotional resources to unlock value for our partners' content creation, while delivering compelling experiences to all those who are passionate about music as we innovated in each of our four entertainment pillars: listen, watch, sing, and play," said Mr. Ross Liang, CEO of TME. "With our refined mission to 'create endless possibilities with music and technology,' in the fourth quarter, we launched multiple product upgrades and made pioneering advancements in virtual idol, sound quality, visual effects, social functions, virtual entertainment experiences, and more, while comprehensively extending our cooperation with Weixin Video Accounts in the Tencent ecosystem to explore new avenues to distribute music and video content. In addition, we have been deploying and developing breakthrough AIGC tools, such as the LyraSinger, Muse and Lingyin Engines, to further empower music-related content creation and enhance production efficiency. In the future, we will continue to explore the application of large language models (LLMs) in the fields of pictures, texts, video and other content, as well as music recommendation and search, to meet the massive demand for music-related content. In 2023 and in the years to come, we will keep driving industry development, blazing new trails in content and platform innovations, while fulfilling our responsibilities as a leading music industry player." Financial Review for the Fourth Quarter of 2022 Total revenues for the fourth quarter of 2022 were RMB7.43 billion (US$1.08 billion) which declined 2.4% year-over-year but increased quarter-over-quarter by 0.8%. Revenues from online music services continued its growth trajectory and increased by 23.6% year-over-year to RMB3.56 billion (US$516 million). Revenues from social entertainment services and others decreased by 18.2% year-over-year to RMB3.87 billion (US$561 million). Online Music Services Revenues from music subscriptions for the fourth quarter of 2022 delivered healthy growth of 20.6% year-over-year and 4.5% quarter-over-quarter growth to RMB2.35 billion (US$341 million) as we strengthened our monetization capabilities with improved operating efficiency. During the fourth quarter, the surge in COVID-19 cases and churn of our casual users amid competition, along with cost optimization measures aimed at boosting monetization efficiency as a platform of scale, led to the year-over-year decline in online music mobile MAUs. Nevertheless, online music paying users maintained a strong growth trend of 16.1% year-over-year and reached 88.5 million. At the same time, ARPPU continued to improve sequentially for the third consecutive quarter and increased by 4.7% year-over-year to RMB8.9. The strong paying user and ARPPU momentum was driven by optimized content quality, more attractive member privileges, broadened sales channels, and more effective promotions. Revenues from online music services other than subscriptions for the fourth quarter of 2022 increased by 29.8% year-over-year and by 2.3% quarter-over-quarter to RMB1.21 billion (US$175 million). Revenues from advertising continued to recover quarter-over-quarter. Specifically, ad-supported mode has achieved strong growth, and leading advertisers, including WU LIANG CHUN, Coca-Cola, KFC and JD.com, embraced TME Live and TMELAND as innovative channels for musical-format advertising in the fourth quarter. Additionally, in the fourth quarter, we worked with a wide range of A-list artists, including Lu Han, JJ Lin, Jackson Wang, Wang Yibo, Roy Wang, Joker Xue and Lay Zhang[3], to release their physical albums, digital albums, vinyl records, or customized artist merchandise with head-start benefits. For long-form audio, its subscribers doubled year-over-year to surpass 10 million during the fourth quarter, driving solid year-over-year growth of revenues from long-form audio subscription. Social Entertainment Services and Others Revenues from social entertainment services and others for the fourth quarter of 2022 decreased by 18.2% year-over-year to RMB3.87 billion (US$561 million). Social entertainment services MAUs and paying users declined year-over-year, resulted from the impact of the evolving macro headwinds, increased competition from other platforms and the surge in COVID-19 cases in the fourth quarter of 2022. To adapt to the changing environment, we focused on increasing our competitiveness through ongoing product innovation and new initiatives in social entertainment services, such as audio live streaming, real-time interactive experiences and international expansion. Revenues from audio live streaming in the fourth quarter of 2022 increased year-over-year driven by expanding QQ Music Live Streaming, and Kugou Music's move, following QQ Music, to foster a tighter connection between its music platform and audio live streaming. WeSing's multi-person singing rooms in both video and audio settings have continued to enrich real-time interaction scenarios on the platform leading to increases in its penetration rate and user time spent, and we plan to roll out the feature to other platforms in the future. Meanwhile, we leveraged our experience in operating singing and social products and mature monetization models and brought them to the international market, expanding our presence through both organic growth and M&A. Revenues from our overseas business continued to increase year-over-year in the fourth quarter. Costs, Expenses and Profitability Cost of revenues for the fourth quarter of 2022 decreased by 8.1% year-over-year to RMB4.98 billion (US$722 million). The decline in revenues from social entertainment services led to a decrease in revenue sharing fees, which was the primary reason for the overall decrease in cost of revenues on a year-over-year basis, and it was partially offset by the increase in content costs of royalties. Gross margin for the fourth quarter of 2022 increased by 4.2% to 33.0% from 28.8% in the same period of 2021, primarily due to our effective control of content costs including decreased revenue sharing fees for our live streaming business, as well as improved operational cost efficiency. Total operating expenses for the fourth quarter of 2022 decreased by 25.1% year-over-year to RMB1.36 billion (US$197 million). Operating expenses as a percentage of total revenues decreased to 18.3% in the fourth quarter of 2022 from 23.9% in the same period of 2021. Selling and marketing expenses were RMB266 million (US$39 million), representing a year-over-year decrease of 64.5%. This decrease was primarily due to effective control over marketing expenses and optimization of the overall promotion structure to improve operating efficiency. Our selling and marketing expenses continuously decreased on a year-over-year basis as we reduced the marketing spending on user acquisition and remained more focused on driving high-quality paying user growth. General and administrative expenses were RMB1.10 billion (US$159 million), representing a year-over-year increase of 2.6%. The increase was mainly due to increased investment in research and development to further empower music-related content creation, enhance production efficiency and improve sound quality and effects. Driven by effective cost controls and improved operating efficiency, our operating profit grew to RMB1.39 billion (US$201 million) in the fourth quarter of 2022, representing an increase of 103.5% year-over-year. For the fourth quarter of 2022, net profit attributable to equity holders of the Company was RMB1.15 billion (US$167 million), and non-IFRS net profit attributable to equity holders of the Company was RMB1.44 billion (US$208 million). Please refer to the section in this press release titled "Non-IFRS Financial Measure" for details. Basic and diluted earnings per American Depositary Shares ("ADS") were RMB0.73 (US$0.11) and RMB0.72 (US$0.11), respectively, for the fourth quarter of 2022, and non-IFRS basic and diluted earnings per ADS were RMB0.92 (US$0.13) and RMB0.91 (US$0.13), respectively. The Company had weighted averages of 1.57 billion basic and 1.59 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company's Class A ordinary shares. Financial Review for the Year of 2022 Total revenues for the full year of 2022 decreased by 9.3% year-over-year to RMB28.34 billion (US$4.11 billion). Online Music Services Revenues from online music services for the full year of 2022 increased by 8.9% year-over-year to RMB12.48 billion (US$1.81 billion). The increase was driven by strong growth in music subscription revenues, supplemented by growth in revenues from long form audio, despite a decrease in sublicensing revenues and advertising revenues. Revenues from music subscriptions were RMB8.70 billion (US$1.26 billion), representing an 18.6% year-over-year growth, primarily due to the increase in the number of paying users by 22.7%, partially offset by a decrease in ARPPU from RMB8.9 in year 2021 to RMB8.6 in year 2022 as we had relatively lower ARPPU in the first half of 2022 due to our promotional efforts. Social Entertainment Services and Others Revenues from social entertainment services and others for the full year of 2022 decreased by 19.8% year-over-year to RMB15.86 billion (US$2.30 billion). On a year-over-year basis, ARPPU increased by 5.9% while paying users of social entertainment services decreased by 24.3%. The decrease was mainly due to the impact of the evolving macro environment, increased competition from other platforms and the impact related to COVID-19. Costs, Expenses and Profitability Cost of revenues for the full year of 2022 decreased by 10.4% year-over-year to RMB19.57 billion (US$2.84 billion). The decline in revenues from social entertainment services led to a decrease in revenue sharing fees, which was the primary reason for the overall decrease in cost of revenues on a year-over-year basis. Gross margin for the full year of 2022 increased by 0.9% to 31.0% from 30.1% in the same period of 2021, primarily due to our effective control and optimization of content costs including decreased revenue sharing fees for our live streaming business. Total operating expenses for the full year of 2022 decreased by 16.9% year-over-year to RMB5.56 billion (US$806 million). Operating expenses as a percentage of total revenues decreased to 19.6% for the full year of 2022 from 21.4% in 2021. After excluding the impact of the expenses related to our secondary listing, operating expenses as a percentage of total revenues would have decreased by 2.1% year-over-year. Selling and marketing expenses were RMB1.14 billion (US$166 million), representing a decrease of 57.3% year-over-year. This decrease was primarily due to effective control over marketing expenses and optimization of the overall promotion structure for marketing spending on user acquisition and we remained more focused on driving high-quality paying user growth in 2022. General and administrative expenses were RMB4.41 billion (US$640 million), representing an increase of 10.1% year-over-year. After excluding the impact from the expenses related to our secondary listing, general and administrative expenses would have increased by 8.0% year-over-year. The increase was mainly due to increased investment in research and development to further empower music-related content creation, enhance production efficiency and improve sound quality and effects, as well as to support our international expansion. Driven by effective cost controls and improved operating efficiency, our operating profit grew to RMB4.44 billion (US$644 million) for the full year of 2022, representing an increase of 16.9% year-over-year. For the full year of 2022, net profit attributable to equity holders of the Company was RMB3.68 billion (US$533 million), and non-IFRS net profit attributable to equity holders of the Company was RMB4.75 billion (US$688 million). Please refer to the section in this press release titled "Non-IFRS Financial Measure" for details. Basic and diluted earnings per ADS were RMB2.30 (US$0.33) and RMB2.27 (US$0.33), respectively, for the full year of 2022, and non-IFRS basic and diluted earnings per ADS were RMB2.96 (US$0.43) and RMB2.93 (US$0.43), respectively. The Company had weighted averages of 1.60 billion basic and 1.62 billion diluted ADSs outstanding, respectively. Other Key Financial Information As of December 31, 2022, the combined balance of the Company's cash, cash equivalents, term deposits and short-term investments amounted to RMB27.4 billion (US$3.97 billion), compared to RMB25.4 billion as of September 30, 2022. The increase was primarily driven by cash flows generated from operations. Operating Metrics TME's online music and social entertainment services key operating metrics[2] 4Q22 4Q21 YoY % Mobile MAU - online music (million) 567 615 (7.8 %) Mobile MAU - social entertainment (million) 146 175 (16.6 %) Paying users - online music (million) 88.5 76.2 16.1 % Paying users - social entertainment (million) 7.6 9.0 (15.6 %) Monthly ARPPU - online music (RMB) 8.9 8.5 4.7 % Monthly ARPPU - social entertainment (RMB) 169.6 175.1 (3.1 %) Business Review Collaborated with top artists, labels and industry partners to benefit users and artists: Reached an agreement with JVR to extend our close strategic partnership, and will continue to provide our users with the high-quality music created by JVR, accentuated by the extraordinary experience on our platform. Deepened our strategic cooperation with leading records such as B'in Music in the fourth quarter, providing users with songs from Mayday and other renowned singers. Began teaming up with Billboard extensively and announced the integration of TME UNI Chart on Billboard as its only music chart from mainland China. Jointly released the 2022 Annual Music Report, which attracted participation from a record-high number of unique visitors. What's more, coached and supported musicians such as Pan Yunqi to grow quickly into rising stars by collaborating with Coca-Cola's music event and promoting her via Billboard's global network. She also came in third place in 2022 SING! China and was featured on the cover of Billboard's December issue. Supported the strategic musician partner we cultivated, Krystal Chen, by inviting well-known producers to launch her first extended play, from which the song "Skylight" topped QQ Music's Best New Release music chart. Empowered original content production leveraging new tools and end-to-end resources and services: Brought to life TME's first hyper-real virtual pop idol, Lucy, along with our other virtual performers Xiaoqin, Shanbao and Anko with original content, unique voices and dance moves. With a record-grade, automatically generated vocal print developed by TME LYRA LAB's LyraSinger Engine, Lucy has received partnership interest for joint performances from a broad array of global brands. Our Tencent Musician Platform has empowered our indie musicians to create more than 2.3 million musical works by the fourth quarter. Meanwhile, we constantly pay close attention to music ecosystem development, and launched more features and smart tools for indie musicians to accelerate song composition and release while earning revenues from listeners who want to show extra gratitude in addition to album sale. Created close to 1,000 original blockbusters throughout the year, leading to streams exceeding 100 million each in 2022. In the fourth quarter, the hit song "Grant Me" dominated major music charts and took the market by storm, with nearly half a billion streams. Another hit was "Turn into Fireworks and Fall for You," which has been extensively used as background music and generated over five billion social media discussions. Deepened collaboration with the Tencent ecosystem and launched a total of 111 songs in the gaming and animation category in 2022. Notably, "Fairytale Love" made for Peacekeeper Elite, was among the finalists for the Best Original Song in the Mobile Video Game category of the 13th Hollywood Music in Media Awards. Strengthened product features to provide all-round musical companionship to our users: We have been deploying and developing breakthrough AIGC tools to further empower music-related content creation and enhance production efficiency. For example, we rolled out the Muse Engine, which enables automated large-scale music poster production based on melody and lyrics. Expanded use cases for our patented technology, Lingyin Engine, to produce long-form audio content read by synthetic voices. Receivers of QQ Music's newly launched VR greeting card can walk into the gift generated automatically, and receive blessings as avatars in an exquisite virtual space. Holistically improved sound quality and sound effects to bring more vivid listening experiences via new launches such as the Premium Sound series. Empowered users to flexibly customize their listening experience through options such as the pitch and tempo alteration feature. Recommendation streaming volume and time spent per user produced sustained growth in the fourth quarter. Comprehensively expanded collaboration with Weixin Video Accounts to enrich users' visual experience and explore new avenues to distribute music and video content. TME Live deepened cooperation with Weixin Video Accounts to allow a broader user base to participate in concerts, both paid and free, and engage with innovative online-merge-offline interactions at fourth quarter performances from Ryuichi Sakamoto, Andy Lau and Hacken Lee[3], among others. Applied song recognition feature to automatically identify the background music of videos from Weixin Video Accounts and direct users to QQ Music to listen, set their Weixin ringtone, or use in their own videos. Social Responsibilities Fulfilling social responsibilities remains one of our priorities. In the fourth quarter, we launched "The Spirit of Chinese Song: Guangxi Style" and partnered with singers Fox Hu and XIN Liu (Yuxin Liu)[3] to promote Chinese traditional culture through the power of digital music. In December 2022, many of the musical works from "The Spirit of Chinese Song 2020," a public welfare album we released previously, officially entered the first digital collection of National Archives of Publications and Culture, supporting the preservation and inheritance of Chinese culture. Share Repurchase Program As of December 31, 2022, we had completed the US$1 billion 2021 Share Repurchase Program announced on March 28, 2021. In addition, to underscore our confidence in TME's future development and growth prospects, our board of directors has recently authorized a new Share Repurchase Program under which the Company may repurchase up to $500 million of its Class A ordinary shares during a 24-month period commencing from March 2023. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8972 to US$1.00, the noon buying rate in effect on December 30, 2022, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. Non-IFRS Financial Measure The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from acquisitions, share-based compensation expenses, net losses/gains from investments and income tax effects. Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period. [1] Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from acquisitions, share-based compensation expenses, net losses/gains from investments, and income tax effects.[2] For the definitions of the cited key operating metrics, please refer to the introduction section in the Company's 2021 20-F filed on April 26, 2022. The monthly ARPPU of social entertainment services is calculated based on revenues from social entertainment and others, including advertising services provided on our social entertainment platforms. Online music mobile MAUs for a given month refers to the sum of mobile MAUs of our music products, including QQ Music, Kugou Music and Kuwo Music, for that month; duplicate access to different services by the same device is not eliminated from the calculation.[3] Sorted by Chinese surname. About Tencent Music Entertainment Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact Tencent Music Entertainment Groupir@tencentmusic.com +86 (755) 8601-3388 ext. 818415 TENCENT MUSIC ENTERTAINMENT GROUP CONSOLIDATED INCOME STATEMENT Three Months Ended December 31 Year ended December 31 2021 2022 2021 2022 RMB RMB US$ RMB RMB US$ Unaudited Unaudited Unaudited Audited Unaudited Unaudited (in millions, except per share data) (in millions, except per share data) Revenues Online music services 2,880 3,559 516 11,467 12,483 1,810 Social entertainment services and others 4,727 3,866 561 19,777 15,856 2,299 7,607 7,425 1,077 31,244 28,339 4,109 Cost of revenues (5,415) (4,978) (722) (21,840) (19,566) (2,837) Gross profit 2,192 2,447 355 9,404 8,773 1,272 Selling and marketing expenses (750) (266) (39) (2,678) (1,144) (166) General and administrative expenses (1,067) (1,095) (159) (4,009) (4,413) (640) Total operating expenses (1,817) (1,361) (197) (6,687) (5,557) (806) Interest income 122 224 32 530 711 103 Other gains, net 185 78 11 553 516 75 Operating profit 682 1,388 201 3,800 4,443 644
Family businesses see largest growth increase in 15 years: traits like values, employee communication, digital capabilities stand out in companies whi
71% of family businesses reported growth in their latest financial year, with 43% reporting double-digit growth and 77% reporting that they expect to grow in the coming two years Family businesses with a communicated ESG strategy are more trusted by customers (62% vs. 49%) than those that do not, yet 67% of family businesses put little/no focus on ESG Family businesses with diverse boards (46%) have a slight advantage of those that do not (43%) in terms of double-digit growth this year Two thirds of family businesses say employee trust is essential – yet only 36% say they are focused on attracting and retaining talent LONDON, March 21, 2023 /PRNewswire/ -- Family businesses with a company purpose connected to the United Nations' Sustainable Development Goals (SDGs) are performing better than their peers across multiple financial and social metrics, according to PwC's 11th Global Family Business Survey. The report, Transform to Build Trust, which polled over 2,000 family businesses across 82 countries between October 2022 and January 2023, reveals double-digit sales growth at 43% of family businesses globally in the last financial year, up from 21% in 2021. Notably, nearly three-quarters (73%) of family businesses that experienced double-digit growth over the last financial year are those with a clear set of family values and an agreed purpose for the business. This year's survey reveals an upward trend in the share of family businesses willing to lead the way in sustainable business practices, with half (50%) of firms surveyed with a purpose connected to the UN's Sustainable Development Goals seeing double-digit growth during the same period. Family businesses bounced back after the COVID-19 pandemic, and despite a positive commercial outlook in 2023, the data reveals a disparity between priorities for leaders and focus areas that are typically associated with higher levels of growth. High performing family businesses in 2023 are shown to have: Employee incentives (53%) Boards committed to diversity (52%) Strong digital capabilities (47%) As challenging macroeconomic headwinds impact businesses globally, family businesses in 2023 are largely committed to protecting the core business, covering costs, and surviving, increasing significantly as a key priority (+37%) in 2023 rather than pursuing digital capabilities and introducing new products and services. Just over a third (36%) of family businesses say they are focused on attracting and retaining talent – despite the understanding that employee trust is critical to business success. There is clear evidence that being very advanced in having an agreed and communicated ESG strategy correlates strongly with success and other positive attributes. Half (50%) of those surveyed who are very advanced in having an agreed and communicated ESG strategy saw double-digit growth (42% for family businesses not very advanced in this area). Building trust through commitment to purpose Fundamental to the unique challenges in the management of family businesses, those that are purpose-led generally experience higher levels of trust (59%) between family members. According to Edelman's 2023 Trust Barometer, customers now more than ever expect action from business on social issues, and this is reflected in the growing number of family firms who achieved double-digit growth (52%) in the past year, as found in PwC's survey. Furthermore, more businesses (10%) that are working hard to build trust within their companies experienced a higher level of growth in the same period. However, only a minority of family businesses are taking routine action to ensure purpose is being tracked effectively, with 46% respondents publishing it online and 36% actively communicating it to family members. Notably, despite the correlation between delivering on ESG (62%), diversity and trust with customers, only 22% of family businesses globally are currently focussed on it. With nearly all respondents considering customers their most essential stakeholder group (95%), and more businesses that are advanced on DEI (10%) and ESG strategies (8%) experiencing double-digit growth, there is an opportunity for family businesses to gain a competitive advantage in the face of radical disruption and a changing economic landscape. Peter Englisch, Global and EMEA Family Business Leader, PwC, said: "Family businesses are showing they can grow by welcoming change and building trust with digital communication and diverse boards – even in a challenging landscape. To continue this trajectory, firms will need to re-orient to focus on delivering value not just for customers, but for society. Transformation, purpose, and legacy are no longer converse, but intertwined." Digital capabilities for better corporate governance and customer relations Critical to supporting governance structures and managing real-time information that feeds into decision-making processes, nearly 10% more family businesses that have strong digital capabilities experienced double-digit growth in the past year. Also facilitating processes to gather customer and employee feedback, family firms fully trusted by these stakeholders tend to be more digitally advanced. However, only two-in-five (42%) feel they have strong digital capabilities and the share of firms focussed on improving in this area as a key priority has fallen as a top priority for family businesses since 2021, with 52% ranking digital capabilities as a top five priority for the next two years. Peter Englisch, PwC Global and EMEA Family Business Leader, concluded: "While market pressures and rising costs mean survival is the main priority for family businesses globally, our latest data shows that those family businesses which are focussed on digital transformation and diversity, are reaping the rewards. Now more than ever, building competence and achieving strong financial performance are linked to corporate responsibility. The message is clear, for family businesses to survive, they must transform. And that transformation is now." Board diversity is key for transformation Legacy and succession planning are top-of-mind for family businesses in 2023, with younger and external voices often cited as advocates for change and progression. For example, those adopting digital transformation tend to have more diverse boards (49%). In this year's report, having more than two non-family board members was strongly associated with double-digit growth. These firms also tend to be more advanced in areas such as contributing solutions to society, the environment, and diversity, equity & inclusion, focus areas that were also linked to stronger financial performance. Yet one-third of all respondents only have family members on the board, a quarter have no-one from a different industry background, and only 9% are considered diverse. Family businesses with board diversity have a slight advantage of those that do not in terms of reported double-digit growth this year (46% and 43%, respectively). Notes to Editors About PwC: At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2023 PwC. All rights reserved. PwC's 11th Global Family Business Survey: FBS is a global market survey among key decision makers in family businesses within a number of PwC's key territories.The survey seeks to understand the key issues facing family businesses. The survey team conducted 2,043 interviews with family businesses, averaging 25 minutes between 20 Oct 2022 and 22 Jan 2023 across 82 countries. More information is available at pwc.com. Contacts Mike Davies, Director, Global Corporate Affairs and Communications, PwC UK: mike.davies@pwc.com Dan Barabas, Manager, Global Corporate Affairs and Communications, PwC UK: dan.barabas@pwc.com
-
Up to US$300m secured to facilitate development of 3Moz Bau Gold Project
Highlights Up to US$300m gold pre-purchase and offtake non-binding drawdown funding facility term sheet signed with major shareholder Quantum Metal Recovery Inc, which Besra believes to be one of the largest deals of its kind signed by an ASX listed junior. Post-completion the Facility provides up to a US$300m deposit paid, to be paid over 30 months, against future production ounces, enabling Besra to fully fund production at Bau and the appraisal of other deposits within the Bau goldfield corridor. The Facility is expected to remove the need for dilutive equity financing and project/corporate debt encumbering Besra with hedging requirements and/or onerous covenants and is expected to be delivered at up to US$10m/month. Subject to the receipt by Besra of the proposed US$10m/month, the Facility is to be settled by way of delivery to Quantum of up to 3moz ounces of gold according to an agreed percentage of production at an agreed floating gold reference price, but subject to a Floor Price. Subject to draw-down under the Facility, Besra will be funded to immediately commence an update of the previous feasibility studies with initial results of this work due in the 2H CY23. Upon implementation of the pilot plant and futher successful updates to the feasability studies, Besra plans to utilize funds to commence commercial-scale production within 12-18 months. Quantum is one of the largest gold distributors in Malaysia. PERTH, Australia, March 21, 2023 /PRNewswire/ -- Besra Gold Inc (ASX:BEZ) is very pleased to announce the execution of a non-binding term sheet for the provision of US$300m gold pre-purchase drawdown and offtake funding agreement signed with our major shareholder Quantum Metal Recovery Inc, which upon completion Besra believes to be one of the largest deals of its kind signed by an ASX listed junior. The Facility was negotiated on behalf of the Company by Besra shareholder and advisor, Noblemen Ventures Pty Ltd. Besra's Chairwoman, Jocelyn Bennett commented: "This funding would completely alter Besra's trajectory and provides a clear pathway to gold production at the Bau Project. At a time when access to capital for emerging gold producers is difficult and typically highly dilutive, the Board is very pleased to have removed this impediment to Besra's growth. We now have clear line of sight on commencing production at Bau with our issued capital intact, as well as recourse to little, if any, debt and the restrictive covenants typically required by lenders. At completion Besra will have immediate access to funding to advance the Bau Project. We plan to commence a refresh of the 2013 feasibility study and accelerate our plans to begin pilot production in calendar year 2023. On the exploration front, we will focus on upgrading the quality of our JORC resource by converting a portion of our Inferred ounces into the Measured & Indicated category. With Quantum's position as a major shareholder, we have a strong alignment between the Company's funding partner and the interests of shareholders. The Facility clearly endorses the long-term viability of Besra's future in Sarawak, where Quantum already has a firm presence. Quantum continues to demonstrate a clear commitment to support our exploration and development strategies in Sarawak and at Bau." Quantum's Executive Chairman Dato Lim Khong Soon commented: "We are most pleased to have entered into the agreement with Besra and play a part in continuing the long tradition of gold mining in the Bau region which goes back just over 200 years. As a major shareholder in the Company, we are excited at the potential of the Bau Project which we anticipate this funding will unlock. We are particularly attracted to the expertise of Besra's Board and executive team as well as the scale of the gold resource at Bau that they and their in country team of locals are working very hard to commercialise. We are very positive on the outlook for gold and this opportunity to secure a material long term supply of gold for our bullion trading business is very propitious." Transaction Benefits Upon completion the Company will have access to the staged funding of US$300m, at a rate of up to US$10m/month, to be used for construction, commissioning and operation of the Bau mine site plant and associated infrastructure, renewal of mining leases, feadibility studies, exploration and mining activities, M&A, gold treasury activities, Besra corporate and working capital purposes. The Facility is expected to remove the Company's need for dilutive equity financing for project development in particular and the perceived overhang this can cause which often negatively impacts the market's valuation of companies entering the project development stage. *For further information refer to the ASX announcement dated 21 March 2023 or contact: Angela EastMedia + Capital Partners +61 428 432 025angela.east@mcpartners.com.au
-
PR Newswire Solidifies Position in APAC Region with Enhanced Content and Journalist Ecosystem
Mounting partnerships and heightened brand awareness escalate growth momentum in 2023 HONG KONG, March 21, 2023 /PRNewswire/ -- PR Newswire, a Cision company and leading global provider of news distribution and earned media software and services, announced today its successful growth within the Asia-Pacific market with secured media and network partnerships, boosting content agreements, and increasing brand awareness. PR Newswire saw strong growth across several key sectors throughout the region, including adding more than 425 new content partners and 3,500 new journalists and influencers to the platform, as well as boosting the total number of views to more than 430 million, serving as the main daily source for reliable and updated news. By utilizing artificial intelligence, PR Newswire improved its targeted marketing strategies across popular social channels including WeChat, Weibo, Twitter, and Zalo and generated more than 460 million impressions, while increasing the total number of followers to more than 2.5 million. PR Newswire 2022 APAC Network Updates "Our content network is larger and more vibrant than ever, prepared to serve the growing needs in the Asia-Pacific region and to provide solutions to our valued clients. In terms of growing our content network and journalists, we anticipate a busier year in 2023 as the business continues to accelerate post-pandemic," said Lynn Liu, Head of Audience Development and Distribution Services. "PR Newswire will continue to be the leading solutions provider for companies across the region." Key content partnerships in the APAC region: Greater China: PR Newswire secured partnerships with more than 200 new sites which include 165 in mainland China and 48 in Hong Kong and Taiwan. Some of the most notable wins included partnerships with the leading national news portals. For greater access to the huge potential audience market of over 1 billion people in China, PR Newswire added more than 600 new Chinese newsrooms to the PRN Asia media platform. Japan: PR Newswire collaborated with 49 new feed partners from domestic media companies. Our coverage includes reputable media including Yomiuri Shimbun, the number one National newspaper in Japan, Niconico, one of the most popular websites for young people in Japan, as well as Mapion.co.jp, Japan's largest map information site, with 9 million monthly active users. South Korea: It made significant progress in its target customer approach, doubling the average number of exact matches from 20 to 40 compared to 2021. PR Newswire has grown to be the most powerful newswire service provider in South Korea by establishing strategic partnerships with the most influential media outlets such as Yonhap, South Korea's national news agency, and Naver, Duam, Nate, the dominated search engines and news portals. Australia and New Zealand: As a result of PR Newswire's announcement that it has tightened its collaboration with Australian Associated Press (AAP), clients can enjoy greater online visibility and coverage for their stories, which are published through AAP's Newsroom platform and on dedicated press release sections within website publications like AAP, AAP News, The Canberra Times, The Newcastle Herald, and more. Southeast Asia: An emerging market in APAC with a population of nearly 700 million and a rising number of English-speaking residents, PR Newswire has contributed to the establishment of a powerful APAC English media network, with 120 APAC English distribution outlets. PR Newswire Secured 425 New Content Partners in 2022 Riding on success in 2022, PR Newswire is poised to escalate its growth momentum in 2023 and continued to tell the stories of their clients with the leading regional and global distribution networks. About PR Newswire PR Newswire, a Cision Ltd. company, is a leading global provider of news distribution and earned media software and services. In conjunction with Cision's cloud-based communications product suite, PR Newswire's services enable marketers, corporate communicators, and investor relations officers to identify key influencers, engage target audiences, craft and distribute strategic content, and measure meaningful impact. Combining the world's largest multi-channel, multi-cultural content dissemination network with comprehensive workflow tools and platforms, PR Newswire powers the stories of organizations around the world. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, the Middle East, Africa and Asia-Pacific regions. Visit www.cision.asia for more information. About Cision Cision is a comprehensive consumer and media intelligence and communications platform enabling public relations, marketing and communications professionals around the world to understand, influence and amplify their stories. As the market leader, Cision enables the next generation of leaders to strategically operate in the modern media landscape where company success is directly impacted by public opinion. Cision has offices in 24 countries through the Americas, EMEA and APAC, and offers a suite of best-in-class solutions, including PR Newswire, Brandwatch, Cision Communications Cloud® and Cision Insights. To learn more, visit www.cision.com and follow @Cision on Twitter.
-
CPIC: Priority on Service! Effectively Protect the Rights and Interests of the Elderly and New Citizens Insurance Consumer Groups
HONG KONG, March 21, 2023 /PRNewswire/ -- Based on the risk characteristics of the elderly group and their growing demand for health insurance, CPIC has accelerated the launch of "elderly-friendly" products and the upgrading of services so as to serve more senior citizens. As an insurance company simultaneously listed in Shanghai, Hong Kong and London, China Pacific Insurance (Group) Co., Ltd. ("CPIC" or the "Company", 601601.SH; 02601.HK; CPIC.LSE) actively deploying and solidly promoting the protection of the rights and interests of financial consumers, providing consumers with an excellent customer experience through the construction of "CPIC Service" based on our own operating characteristics, and promoting the protection of financial consumer rights and interests in a more targeted, distinctive, effective and innovative manner. CPIC attaches great importance to the social insurance protection and service for the aging population and the new citizens who are working in cities from rural areas, gives full play to the protection function of insurance, deeply practices the mission of insurance company and makes full use of insurance to fulfil our social responsibilities. On the one hand, we will break the gap between the development of insurance technology and the elderly group, and provide safety protection for the new citizens to help them cope with accidental risks. On the other hand, it connects with the professional resources of Huadong Hospital and opens up the service chain of integrated medical treatment with elderly care, combining medical treatment, rehabilitation and elderly care, so as to provide basic protection for the elderly group to solve the problem of medical treatment in their vicinity. Launch "Elderly-Friendly" Products and Services, Ensure New Citizens Live and Work in Peace and Contentment For instance, CPIC Property and Casualty (hereinafter referred to as "P/C") Guangdong Branch has been successively developing and launching accident and health insurance products for the middle-aged and elderly customers. As for its offline business, it has been vigorously promoting insurance coverage connected to elderly care service in Guangdong Province, including but not limited to liability insurance for elderly institutions and customised supplemental medical insurance products with high value. In addition, based on the perspective of the elderly and their actual situation, CPIC P/C starting from the details, strengthened its efforts to upgrade the elderly-friendly facilities in its outlets and 135 elderly-friendly service outlets have been built across the province to provide a uniform, standardised, high-quality and warm service environment for elderly customers. Meanwhile, with the rapid development of urbanization, there are more and more new citizens. CPIC continued to provide quality services, improve the efficiency of handling claim settlement, simplify the process of claim settlement, provide professional risk assessment and risk prevention suggestions for the new citizens. During the period from January to December 2022, CPIC P/C Guangdong Branch received the reporting of more than twenty cases concerned to the defaulted wage of workers in a construction project in Dinghu District, Zhaoqing City. After receiving the case, CPIC immediately set up a special service team for workers' wage guarantee insurance, started the claim payment process, ensured that the payment was completed within three days, and accumulatively resolved the defaulted wage issues for more than 400 workers on behalf of CPIC. With efficient and professional claim service, Guangdong Branch contributed to the government's efforts to improve the employment environment for migrant workers, protect their rights and interests, and promote social harmony. Focus on Consumer Rights and Interests Protection to Benefit Elderly Customers Cross the "Digital Divide" In response to the hot issues of infringing on the legitimate rights and interests of financial consumers such as illegal agency for rights protection, financial fraud in elderly-care and leakage of personal information, as well as acts that endanger financial stability and security, CPIC Life's head office and its branches have held publicity and educational activities "based on case studies" and other vivid and interesting ways, launched in-depth education on basic insurance knowledge and issued risk reminders to encourage consumers to form a sound philosophy of investment and wealth management and enhance their awareness and ability to identify and prevent illegal financial activities and products. In addition to initiatives to protect the rights and interests of insurance consumers, how to benefit elderly customers cross the "digital divide" has also been a common concern of insurance companies in recent years. For the elderly insurance consumer group, CPIC Life continues to upgrade the Company's online intelligent applications. The two client service platforms of "CPIC Life" official WeChat account and "CPIC" APP are used as carriers to build a "Care Version" for the elderly. By upgrading function icons, magnifying font, and clear the service interface, we have made "key information easy to read, main functions easy to find and operation steps easy to understand" for elderly group. Medical treatment +rehabilitation+elderly care to build a one-stop CPIC Home On February 21, 2022, the State Council issued the "Plan for the National Aging Career Development and the Elderly Care Service System during the 14th Five-Year Plan Period", putting forward the goals and measures to improve the support system of elderly health, including "by 2025, the elderly care institutions will generally have the capacity to integrate medical treatment with elderly care", and further clarified the implementation path of making full use of hospital's professional resources to achieve the integration of medical treatment with elderly care. In response to the national policy, the Shanghai Putuo International Health Care Community, under the CPIC Home, has recently signed the Framework Agreement on Integration of Medical treatment with Elderly Care with Huadong Hospital Affiliated to Fudan University, aiming to provide convenient and efficient "integration of medical treatment with elderly care" services for the elderly of the CPIC Home through resource-sharing and complementary advantages. It is understood that Huadong Hospital is a famous grade－A tertiary hospital with the characteristics of geriatric medical treatment, rehabilitation, nutrition and nursing, and the comprehensive development of medical treatment, teaching and research. Its geriatric medicine is a national key clinical specialty and a top priority discipline in Shanghai. The TCM Geriatrics is a key specialty of the State Administration of Traditional Chinese Medicine, and the department of rehabilitation medicine is an affiliated unit of the Shanghai Quality Control Center of Rehabilitation and the Shanghai Association of Rehabilitation Medicine, with a large number of experienced professional team of senior medical, rehabilitation, nutrition and nursing. The signing of the agreement means that CPIC Home can strengthen the link of "two-way referral (minor illness go into the community, serious illness go to the hospital)" and provide a more convenient, safe and fast channel for possible transfer treatment by virtue of highly professional, rich and systematic medical resources of Huadong Hospital. As a responsible insurer, CPIC continued to improve the main business in pragmatic manner and form a first-class business operation capability. CPIC P/C has continuously consolidated its endurance capability and insisted on the construction of underwriting profitability; CPIC Life fully launched the long-term operation, optimized the channel structure, reshaped the marketing team, deepened customer operation, and enriched the "product plus service" system; the layout of the elderly care industry has been steadily promoted, the health and retirement business segment has been arranged in a forward-looking way and substantive steps have been taken in the professional fields of Internet medical treatment, rehabilitation medical treatment, high-end medical treatment, etc. The industrial investment has been gradually arranged with the gradual establishment of full-life cycle health insurance service circle.
-
Budget Direct Insurance Offers SGD$6.5M Assurance Package to Singaporean Motorists
SINGAPORE, March 21, 2023 /PRNewswire/ -- Budget Direct Insurance is offering Singaporean motorists a special multimillion dollar support package to help soften the blow of increased motoring costs. In the news. The Budget Action Party (BAP) takes a stand against rising motoring costs Motorists with a private car or private motorcycle can receive a free NETS FlashPay card worth $10* for registering their basic details with the insurer, without having to buy anything. If they do go on to buy a motor insurance policy, consumers will receive up to $150* in e-vouchers as part of a limited time promotion currently being offered. Existing Budget Direct Insurance customers will also gain with a Free NETS FlashPay card that retails at $5 (zero stored value) and a host of other benefits including early bird renewal rewards and loyalty rewards, says the award-winning insurer. As car running costs, including Certificate of Entitlement (COE) and fuel, hit record highs, the low-cost insurer says that Singaporeans are keener than ever to get better value on their insurance. The SGD$6.5M Assurance Package is part of an exciting new campaign that aims to address these concerns and help consumers manage their motoring costs more effectively. The initiative centres around the fictitious Budget Action Party (BAP) with the brand's mascot Budsy as its Secretary-General, leading Singaporeans in their search for better value. Budsy can even be seen at his own rally speech urging consumers to "Say NO to overpriced car insurance." Through the BAP, the insurer says it will provide real solutions to help consumers stretch their dollar further with expert advice and tips on how to save on motor insurance, COE, petrol, and other motor running costs. Simon Birch, CEO of Budget Direct Insurance, said: ''We are delighted to be able to offer this whopping SGD$6.5M Assurance Package to ALL Singapore motorists who don't even have to buy a policy to benefit. The Budget Action Party is a powerful vehicle through which we can show our support for motorists during these challenging times as many households struggle to make ends meet. The support package is just one way we can show we care and that we're here to help when the going gets tough.'' Budsy in his role as Secretary-General of the Budget Action Party (BAP) is featured in a series of new online commercials, as well as print and radio adverts around town. The campaign will continue to support the brand's popular "Pay Less or Get $100*" offer in which motorists are challenged to beat their price on car insurance. If any other insurer's premium is cheaper than Budget Direct's, for the same level of cover, the consumer will receive $100*, even if they don't buy. Cohort Communications, the Singapore advertising agency behind Budsy the mascot for Budget Direct Insurance and the campaign's creator, said: "We're thrilled to be part of this exciting campaign for Budget Direct. We believe that the boundaries of traditional insurance communications need to be pushed to showcase how customers can enjoy a better deal. It's bold, on brand and positions Budget Direct Insurance as a digital company that strives to put customers first as it shakes up the industry." Birch added that by shopping around and being smarter, consumers can really save money on their insurance. "Our customers have told us they've saved up to 20 per cent on motor insurance when they switched to comparable cover with Budget Direct Insurance." Indeed, an independent study by consumer researchers, Value Champion, found that Budget Direct Insurance offers Singapore's cheapest comprehensive car insurance and the cheapest comprehensive plans for safe motorcyclists. Meanwhile, the digital online insurer says it will continue to demonstrate that Budget Direct Insurance is the smart choice for consumers who are not just attracted to cheap prices but good service and a brand they can trust. It aims to do this by leveraging on customer reviews and its customer service awards, including being four times winner of the independent Feefo Platinum Trusted Service Award, given for delivering outstanding customer service, based on customer feedback and reviews. See the *Terms and Conditions that apply to our offers here. About Budget Direct Insurance Budget Direct Insurance is an award-winning online digital insurance company for car, motorcycle, and travel. It is part of an international group which provides insurance solutions for millions of policyholders worldwide. Their brands include EasyCompare in Thailand, Compare the Market in the UK, Budget Direct in Australia, and Telesure in South Africa.
-
Angeles Equity adds new Operating Partner
Angeles Equity Partners, LLC (“Angeles”), a private investment firm focused on value creation through operational transformation, today announced that Adam Lerner has been named as an operating partner at Angeles Operations Group. Lerner joins the firm with more than 20 years of private equity operating experience, holding various senior leadership positions within portfolio companies and providing direct operational and board oversight driving transformative outcomes. Angeles is a specialist lower middle-market private equity investment firm with a consistent approach to transforming underperforming industrial businesses. As an operating partner in Angeles’ affiliated operations group, Lerner is responsible for the evaluation and due diligence of new investment opportunities, developing and executing value creation plans, and providing oversight across Angeles portfolio companies. “We have tracked Adam’s career since first working together in the mid-2000s and are thrilled to welcome him to Angeles Operations Group,” said Tim Meyer and Jordan Katz, co-founders and managing partners of Angeles Equity Partners. “His experience driving commercial excellence, delivering robust organic growth in complex situations across various end markets, and extensive M&A experience brings further depth to our accomplished operations group.” Prior to joining Angeles Operations Group, Adam was an executive with KIK Custom Products, a Centerbridge Partners-backed portfolio company. Before joining KIK, Adam was an operating partner at Marlin Equity Partners. Prior to that, he was executive vice president of sales and marketing for MicronPC, a direct manufacturer of computer and network hardware. Adam earned a B.S. in economics, summa cum laude, from The Wharton School of the University of Pennsylvania, where he was a Joseph Wharton Scholar. “Angeles has assembled a gifted group of investment and operating professionals, and I am excited to complement its capabilities with the goal of delivering extraordinary investment outcomes for its investors,” Lerner added.
-
Feutune Light Acquisition Corporation Announces Intention to Extend the Deadline for an Initial Business Combination
METUCHEN, N.J., March 21, 2023 /PRNewswire/ -- Feutune Light Acquisition Corporation (NASDAQ: FLFV) (the "Company"), a blank check company incorporated as a Delaware business company, today announced that it received notice from Feutune Light Sponsor LLC (the "Sponsor"), the Company's sponsor, of the Sponsor's intention to extend the period of time the Company will have to consummate its initial business combination by three months from the current deadline of March 21, 2023 until June 21, 2023 (the "Extension"), subject to the timely depositing into the trust account of the Company, an aggregate of $977,500 (the "Extension Deposit"), on or prior to March 21, 2023. The Company was notified by the Sponsor that they intend to wire the Extension Deposit on timely basis to effectuate the Extension on March 21, 2023. About Feutune Light Acquisition Corporation Feutune Light Acquisition Corporation is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company is actively searching and identifying suitable business combination targets but has not selected any business combination target. The company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company is prohibited from undertaking initial business combination with any entity that is based in or have the majority of its operations in China (including Hong Kong and Macau). Forward-Looking Statements This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement, as amended from time to time, and prospectus for the offering filed with the SEC. Such forward-looking statements include the successful consummation of the Company's initial public offering or exercise of the underwriters' over-allotment option. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
-
Projectworks teams up as QuickBooks Solution Provider for US professional services
SEATTLE, March 21, 2023 /PRNewswire/ -- Projectworks – The cloud based Professional Services Automation platform, has joined the QuickBooks Solution Provider Program from Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp. Projectworks teams up as QuickBooks Solution Provider for US professional services By aligning with QuickBooks Online, New Zealand founded Projectworks is expanding its already strong presence in APAC and the UK, into the US market. Projectworks is purpose built for the Professional Services industry, with its core customer base comprising of software development houses, engineering firms, and management consultancies. The estimated total addressable market in the US is over six million businesses. For Intuit, Projectworks is one of a number of software providers they are adding to their new QSP program. Now the focus is on creating an app ecosystem powerful enough to do two things: give QuickBooks Desktop customers good reason to move to Intuit's cloud offerings, where they can benefit from the ease of integrating with a variety of platforms, and also continue to serve customers as they grow into the mid-market segment. A main aim of the relationship for both parties is to entice the on-premise hold-outs to migrate to the cloud. "When they see what real integration can do for them," said Matt Hayter, CEO of Projectworks, "even consultancies that have said 'no' to the cloud for years, will find it difficult to resist the benefits of access-anywhere, real-time resource management, project budget burn, and real time margin reporting. Not to mention being able to submit an expense or timesheet through your phone, which is a real must for any modern business." Professional Services businesses that leverage QuickBooks Online with Projectworks will benefit from a comprehensive business management system that helps to answer the two most important questions to any consultancy - are we making good margin, and is my team properly utilized? All the while ensuring expenses are easily claimed and invoices go out on time, without double handling data. Together the platforms enable small to midsize businesses to effectively manage their resources, work and invoicing while providing the information they need to scale. Matt Hayter, CEO of Projectworks says: "We're very excited to be a QuickBooks Solution Provider, as it is a seamless fit with our mission of creating a healthier Professional Services industry. Projectworks features for resource and project management, revenue forecasting and margin reporting combined with QuickBooks Online's ability to manage financials is the ultimate combination for any Professional Services firm serious about scaling." Kevin Zavaglia, VP of US Sales, for QuickBooks added: "We're thrilled to welcome Projectworks to the QuickBooks Solution Provider ecosystem. Intuit customers can leverage the power of Projectworks to manage their Professional Services firms without missing out on the financial tracking capabilities of QuickBooks Online. This bundle helps Professional Service firms to scale their business and drive revenue growth without managing complicated spreadsheets." To learn more on Projectworks and QuickBooks online visit https://projectworks.io/projectworks-quickbooks About Projectworks Projectworks is an all-in-one software platform for consulting, engineering, architecture, and software firms. The platform was developed specifically for the consulting industry after it's founders saw a need while running their own global consultancy firm. With users spanning the globe, Projectworks serves professional services firms ranging from 4-400 employees. The unique feature set of Projectworks works precisely the way Professional Services Firms operate and enables improved utilization, maximization of billable hours, more accurate forecasting, and most importantly, higher margins. For more information about Projectworks, visit https://projectworks.io
-
Thailand BOI Approves 56.6 Billion Baht Investment Projects, Announces March Kick Off for "HQ Biz Portal" Service, Details Updated LTR Visa Criteria
BANGKOK, March 20, 2023 /PRNewswire/ -- The Thailand Board of Investment (BOI) at a meeting held today granted investment privileges to projects worth a combined 56.6 billion baht (US$1.64 billion) that will strengthen the country's infrastructure especially in the energy and digital sectors, and announced that this month saw the start of operations of the "HQ Biz Portal", an integrated service setup in close coordination with other Thai regulators to provide swift and convenient support to international companies seeking to setup regional management operations in the country. Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), announced today after a Board meeting the approval of a total of 56.6 billion baht (US$1.64 billion) in investments, mostly in the energy and digital sectors. The board also acknowledged the recent approval by the country's Cabinet of a series of updates to the qualification criteria, and the list of skills and activities eligible for the 10-year Long-Term Resident Visa (LTR Visa) in the "Highly Skilled Professionals" category, a move that adds flexibility to this program aimed at attracting foreign talent to help develop the economy and the industries of the future. "The projects that have been granted investment privileges today will help strengthen the country's infrastructure, which is a key factor in attracting more foreign investment," Mr. Narit Therdsteerasukdi, Secretary General to the BOI, told reporters at a briefing held at Government Houses after the board meeting chaired by Prime Minister General Prayut Chan-o-cha. Investment Project Approvals The projects presented by both local and foreign investors that were approved today, and granted a series of both tax and non-tax benefits, include a 32.7 billion baht investment in a liquified natural gas (LNG) terminal project, and a 5 billion baht investment in a cogeneration power plant project by a Thai-Singapore joint venture. Two data center projects, representing a combined investment value of 10.4 billion baht, were approved to help address the rapid growth of the digital sector, and the rising domestic and international demand for large-scale storage and management services. One of the projects is by a U.K.-Singapore joint venture, that will use renewable energy to reduce its carbon footprint and ensure environmental sustainability. The meeting also approved other projects worth 8.5 billion baht in combined investment value, including an investment in a project for the production of cold rolled steel for use in the automotive and electrical appliances industries, a gold and silver production project, and an industrial waste treatment facility. Regional Headquarters Policy Update: Kick Off of the "HQ Biz Portal" Service The Secretary General announced that the "HQ Biz Portal", an integrated service setup by the BOI, the Revenue Department, the Department of Business Development, and the Bank of Thailand, started operations this month, following the earlier approval by the board. The service was setup to further strengthen Thailand's position as a regional headquarters destination. The HQ Biz Portal is a one-stop service providing a comprehensive list of consultation and facilitation services for companies considering the establishment in Thailand of international business centers (IBC) or regional headquarters, consisting of an online appointment system and information center. The service is coordinated by a working group comprising officials of the four agencies. In the first two month of 2023, the BOI has granted investment promotion benefits to four new IBC projects by companies coming from countries including Norway, Japan, and Singapore. The BOI has since the year 2000 already granted investment promotion privileges to more than 500 companies to setup IBC or headquarters in Thailand, including well know companies such as Agoda, Ajinomoto, Toyota, Honda, Nissin Food, Michelin, Harley Davidson, and Huawei Technologies. Japanese companies rank top in setting up such offices in Thailand, accounting for 40% of the promoted projects, followed by the U.S., Singapore and Hong Kong. The top 3 promoted industries for headquarters are the automotive sector, the machinery and equipment industry, and the electrical appliances and electronics sector. Updated Qualification Criteria, Eligible Skills for the 10-Year LTR Visa The improvements include new type of activities as well as renamed and broadened activities, that match the BOI's updated list of targeted industries in which it wants to attract foreign talent. "The improvements will increase the program's flexibility and the industry coverage and provide an easier path to applications for talent we need to attract in key sectors," said Mr. Narit Therdsteerasukdi, Secretary General of the BOI. "Some of the new types of eligible activities include non-technological skills, such as international business center (IBC), trade and investment promotion, or financial advisory services, which will support our plan to attract more companies to setup regional headquarters in Thailand, and contribute to the country's economic development over the long term." The LTR Visa program, which started accepting applications in September 2022, is opened to 4 categories of eligible individuals, namely the "Wealthy Global Citizens" category, targeting investors, "Wealthy Pensioners", targeting retirees, "Work from Thailand Professionals", targeting remote workers, and "Highly Skilled Professionals", targeting talents and experts in key industries. So far, some 3,000 foreigners have applied for the scheme, led by citizens from Americans, followed by Chinese and Europe. The improved list of targeted industries for the LTR program has been expanded to cover talent working in activities including the transport and logistics sector, the food industry, the petrochemical and chemical industry, and the setup of international business centers. The list of special skills eligible for LTR has also been expanded to include the following: Research and development in targeted industries or targeted technologies such as Biotechnology, Nanotechnology, Advanced Material Technology, Digital Technology. Human resource development in science and technology at the vocational or higher education level Application of automation and robotic technology in business operations Digital planning and development to enhance business production and services Provision of financial or marketing services or advice Environmental and energy management Management or consulting of incubation programs, accelerator programs, and innovation support programs and startup ecosystem programs Alternative dispute resolution services Promotion and support of economic development, trade and investment by institutions such as foreign chambers of commerce in Thailand, and foreign trade and investment promotion organizations. Individuals interested to apply to the LTR Visa program can contact the BOI at its headquarters in Bangkok, and at its 16 offices around the world, or visit the website at https://ltr.boi.go.th/. For more information, please contact: Thailand Board of InvestmentTel. +66 (0) 2553 8111Website: www.boi.go.th YouTube: Think Asia, Invest Thailand
-
HSBC #OpenToArt Initiative Continues to Inspire and Cultivate Hong Kong Visual Art and Culture this March 2023!
After presenting the M+ Kusama exhibition and Metaverse Art Gallery last year, the bank is excited to support the arrival of Pharrell Williams and Lorraine Schwartz for the debut of JOOPITER auction platform in Hong Kong this March, together with other exciting inspiring art activations HONG KONG, March 20, 2023 /PRNewswire/ -- Committed to promoting contemporary visual art culture in Hong Kong, HSBC launched the #OpenToArt initiative in 2022 to develop key partnerships with the city's leading cultural groups and non-government organisations. So far, the creative endeavor has been wildly successful. The bold actions include becoming lead partner of the M+ Museum in the West Kowloon Cultural District, presented the wildly popular 'Yayoi Kusama: 1945 to Now' exhibition as the lead sponsor, and launch of the 'Open to Art' Metaverse Gallery featuring 3 local artists, an immersive digital platform to increase art appreciation with technology. HSBC #OpenToArt Initiative HSBC 'Open to Art' Metaverse Gallery, an immersive digital platform to increase art appreciation with technology A Month of Art this March As Hong Kong prepares to welcome the annual gathering of artists, galleries, collectors, and art patrons this month, the HSBC #OpenToArt initiative will again be at the centre of art and culture activations, supporting various events. On top of celebrating Hong Kong's visual culture at the M+ Welcome Party tonight (Mar 20) with the local art community, patrons of M+, art & culture institutions from around the world; the most exciting happening will be a special #OpenToArt talk (by invitation only) introducing JOOPITER, the digital-first auction platform founded by Pharrell Williams, American multiple Grammy-award winning musician, cultural visionary, and Louis Vuitton's newly appointed men's creative director. The Hong Kong debut entitled "A Journey Through Gems" will feature the creations of world-renowned American jeweller Lorraine Schwartz, who is responsible for iconic bespoke high jewellery coveted by royalty and international A-list celebrities such as Beyonce and Rihanna. Selected HSBC Global Private Banking clients will also have the privilege to join Pharrell for dinner after the talk for a money-can't-buy experience. Pharrell Williams, cultural visionary, Founder of JOOPITER, the digital-first auction platform Pharrell Williams, cultural visionary, Founder of JOOPITER, the digital-first auction platform Pharrell Williams with world-renowned American jeweller Lorraine Schwartz Other high calibre, exclusive and public events for all art & cultural elites & lovers! As the newest cultural contribution to HSBC's "Open to Art" Initiative - ESKYIU OPEN FOREST, was launched last week. Inspired by the West Kowloon Cultural District's transformations, the interactive spatial installation amplified with Augmented Reality ("AR") technology, explores how the urban and cultural landscape is rapidly changing and adds a new visual dynamic to the waterfront. HSBC invites everyone to be an inspired explorer and immerse themselves in the space from now till May 12! ESKYIU OPEN FOREST, an interactive spatial installation amplified with Augmented Reality ("AR") technology Inspired by the West Kowloon Cultural District’s transformations, ESKYIU OPEN FOREST explores how the urban and cultural landscape is rapidly changing and adds a new visual dynamic to the waterfront. "ESKYIU OPEN FOREST" is amplified with Augmented Reality ("AR") technology For the city's cultural elite, HSBC is hosting a series of #OpenToArt art talks aboard the magnificent Tatler Catamaran for key patrons and VIP tastemakers on Mar 21 and Mar 23. Four sessions will be presented on the opulent vessel featuring insightful speakers such as established architect, collector turned debut artist William Lim, Nick Buckley Wood, Director of Private Sales at Sotheby's, Queenie Rosita Law, the founder of Q Art Group and Evan Chow, one of the city's most enthusiastic art collectors; as well as prolific art collector Lumen Kinoshita, who will be talking to her artist friends, Stephen Wong Chun Hei and Chow Chun Fai. Another notable event on the calendar is the opening of Phillips' new Asia headquarter and its inaugural sale. This Hong Kong location represents the first international auction house – and Phillips is arguably the world's most innovative auction house – to have a permanent exhibition space and auction room in Asia (next to M+). HSBC will present Exclusive curated tours of its contemporary collection and watch and jewellery collection highlights for its clients on March 24, with exclusive brunch cocktails. "Our high-net-worth clients have a diverse range of interests and hobbies. To stay relevant with client needs, we are exploring opportunities to provide them with different chic, unique and personalised experience. With art being an international language, these events and sponsorships are helping us to connect customers with the world, the same way HSBC bridges them to a world of opportunities." said Maggie Ng, Head of Wealth & Personal Banking, HSBC Hong Kong. Other art events open to the public and supported by HSBC include 10 NGO tours in M+, and part of the HKSAR government-led Strive and Rise Program, to boost arts awareness and appreciation among local youths. Two tours of M+ have already taken place, with more to come. Each activation in its own way, was a transformative and modern avenue for people to access innovative art and culture, and experience it in different forms in Hong Kong, one of the world's biggest art trading centres. About The Hongkong and Shanghai Banking Corporation Limited The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,985bn at 30 June 2022, HSBC is one of the largest banking and financial services organisations in the world.
