CITICPE attends 2018 China M&A Annual Conference
Hanergy Participates in First China International Import Expo 2018
Leading travel agents gather in London to discuss and promote Chinese tropical resort Sanya
Global Entrepreneurship Monitor: Women Entrepreneurship Buoyant Globally, but Targeted Support Needed
INSEAD Launches its Biggest Fundraising Campaign
Sunlands to Report Third Quarter 2018 Financial Results on November 23, 2018
iChongqing: China Yangtze River Three Gorges International Tourism Festival Hosted in Chongqing
Southern Song Culture, International Expression the Activity of China-Africa-Europe Tour for Three
Ambow Education Presents at the 4th U.S.-China State and Provincial Education Leaders Dialogue
RYB Education, Inc. to Hold Annual General Meeting on December 14, 2018
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Former Microsoft Engineer Harris Chan establishes a Hong Kong Based Education Start-up to Empower Children to Become Future Ready
In the digital economy where almost every company is a software company, coding is the new language of technology every child should master. Harris Chan, a former Microsoft Engineer, is committed to make a difference with his Hong Kong based education start-up -- Cobo Academy.HONG KONG, Nov. 9, 2018 /PRNewswire/ -- Digital transformation is upon the world and Cobo Academy, a Hong Kong-based education start-up focusing on coding education, is on a mission to transform and improve traditional education. As a former Microsoft engineer and a tech veteran, Harris Chan has a vision and passion to empower young innovators through early exposure to coding and robotics, which led to his founding of Cobo Academy. Harris Chan, CEO & Co-founder of Cobo Academy, working with students on micro:bit coding projects. Harris' career began as a Software Engineer at Microsoft headquarters in Redmond, Washington. He also held senior leadership positions at Yahoo! Hong Kong as Head of Business Development and Director of eCommerce. Prior to founding Cobo Academy, Harris was the Director of Central Marketing Organization at Microsoft Hong Kong, in charge of commercial and consumer marketing. Harris was awarded Microsoft Circle of Excellence Gold Award in 2009. Designed for tech enthusiasts ages 4-16 at all skill levels, Cobo Academy's highly structured curriculum has been created to augment formal education and is the collective brainchild of experienced coders and educators -- many of whom happen to be parents. Through problem-based and project-based learning, children will work on fun and exciting projects that challenge them to unleash their full potential, creativity and inner curiosity. "Inspired by an incident where he saw a visually impaired person bumping into a wall, 10-year-old Joseph designed and programmed an obstacle detector using a micro:bit connected to a speaker and a pair of ultrasonic sensors. We challenge our students to use technology to make an impact and are always blown away by what they can do," said Harris. Cobo runs weekly coding courses, private sessions, and holiday camps covering trending topics including Scratch, Minecraft, micro:bit, AppInventor, mBot and Python. Student-to-teacher ratio is kept low at 4:1 - 8:1 to optimize student learning to their individual pace. "Cobo Academy goes beyond just a coding school to develop children's critical thinking, collaboration and communication skills," said Harris. About Cobo Academy Founded in 2018, Cobo Academy is a STEM education start-up with a mission to empower the next generation to become future ready through early exposure to coding, AI, robotics and more! The founding team consists of experienced tech leaders, entrepreneurs, educators and parents who share the same passion for children and vision about the future of technology. For more information, please contact: Harris ChanE-mail: harrisc@coboacademy.comTel: +852-3905-1112Website: www.coboacademy.com Photo - https://photos.prnasia.com/prnh/20181108/2294029-1 Related Links :http://www.coboacademy.com
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Shell IdeaRefinery's Demo Day Showcases Five Startups Set to Disrupt the Energy Sector
As part of Singapore's first energy-focused accelerator, 10 startups underwent a two-month pivot programme to adapt their technologies to the future digital needs of the energy industry.SINGAPORE, Nov. 8, 2018 /PRNewswire/ -- In partnership with Energy Market Authority and NUS Enterprise, Shell IdeaRefinery hosted an invite-only Demo Day to conclude Shell IdeaRefinery Pivot, a 10-week accelerator programme. Five selected startups showcased their pivot solutions to investors, industry leaders and other partners from the community. Shell IdeaRefinery Pivot is one of the two key programmes offered and it supports startups with proven digital technologies to pivot their solutions for the energy industry. Earlier this year, the first edition of Shell IdeaRefinery, the Launch programme, invited and developed early-stage startups already within the energy sector. Both programmes were created with the aim to increase the mix of energy startups in Singapore, in line with Shell's aim to be a "living lab" of energy innovation for the nation. "Energy systems are changing at varying rates and degrees of complexity across the globe. This change is driven by growing energy demand and an urgent need to curb emissions. We need more startups because these driven and ambitious individuals can bring in fresh ideas that incorporate new technologies and solving myriads of challenges in the energy industry and beyond," said Emily Tan, General Manager, City Solutions, Shell Singapore. The 10-week programme was designed and delivered by Enrupt, a Singapore-based energy innovation company. Leading up to the pitch, the startups went through a structured curriculum, followed by a series of workshops, personal mentoring sessions and masterclasses with industry professionals. This allowed them to gain deep insights into the energy industry, the customer and business model innovation. "Startups working for the energy sector rise and fall with the quality of their industrial partnerships. Shell IdeaRefinery offers an unparalleled platform where startups can establish good-quality connections with energy players and get a better understanding of problem statements related to digitalisation," said Katarina Uherova Hasbani, Founder of Enrupt. The five startups showcased on Demo Day were selected for their ability to pivot their businesses to better serve the energy sector or high energy-impact industries, including shipping, buildings and transport. Demo Day was attended by key players in the energy innovation ecosystem in Singapore - industry players, research institutes and universities, technology solution providers, startups from the Shell IdeaRefinery community and investors interested in the energy sector. Here are the five companies that pitched at the Shell IdeaRefinery Demo Day this year: AVA AsiaBased on investigations, 70% of pipeline rupturing incidents are corrosion-related, and preventable. For oil and gas pipeline integrity managers who are constantly facing the challenge of monitoring the aggression of corrosion along pipelines, AVA helps to acquire, process and analyse data using robotics and artificial intelligence. The AVA team, which is made up of experienced data architects and engineers, developed unique proprietary machine learning algorithms to integrate data from structured and unstructured data to address specific pain points faced by the energy and logistics industry. AVA has been integrating and analysing data in solar PV plants. With this approach, AVA has helped plant owners improve their yield by at least 2%, which translates to millions of dollars to date. ChektecChektec is a Software-as-a-Service (SaaS) Enterprise mobile solution with a unique form creation tool that enables team task assignments integrating workplace safety, health and environment goals, collecting valuable data for actionable insights. Documentation is the life-blood of businesses. However, with more mobile teams globally, they rely on forms and checklists on their mobile devices. Chektec allows users to submit reports on-the-go or immediately assign corrective actions that can be monitored on mobile and in the office. Chektec collects the data, images, signatures and indicates time and date stamps, for document traceability and follow-up changes. In addition to document traceability is specific task traceability; identifying users accountable for which tasks, sharing those tasks if they cannot be resolved and indicating task deadlines. This is especially useful for organisations working together on special time-sensitive projects or joint ventures. Nodis Nodis provides the technology to make beautiful windows that are responsive, energy-saving and energy-producing smart glass. Their flagship product, TruTint, is smart glass that enables carbon neutral and energy efficient buildings. Nodis enables smart glass at up to 10x lower costs. TruTint is the only colour smart glass solution. Unlike other smart glass technologies in the market that take 20 minutes to change, TruTint changes instantly. In addition, TruTint has infinite tints and infrared control to optimise building energy savings. Nodis is passionate about transforming glass, making buildings carbon neutral and reducing CO2 emissions. ShipsFocus ShipsFocus provides an aggregated shipping solution that optimises utilisation, cuts waste and reduces carbon footprint. They offer their customers three things: Intelligence, technology and service. With better market intelligence, customers of ShipsFocus can immediately access anonymised market data and curated benchmarks, enabling decisions critical in an otherwise fragmented and non-transparent space. Customers also have access to technologies of highest standards in cohesiveness, security and contingency, with user-friendly and low-cost applications from tracking to chartering systems. ShipsFocus' heart and soul is in maritime, allowing them to view pain points empathetically and provide a service that would help its customers transit onto the digitalisation bandwagon. QIQ GlobalQIQ Global is set to disrupt the current transportation industry by building a sustainable, smart and shared mobility ecosystem utilising fast charging electric vehicles. They provide the next generation of electric last-mile transport solution that is based on their proprietary Ultra Capacitor Technology. Targeting energy providers, existing fleet operators, public transportation companies, land owners and last-mile (on-demand) startups, QIQ is an autonomous vehicle provider and is made up of a diverse group of people from automotive industry, mechanical, oil and gas, banking and finance. Their product line consists of electric bikes and scooters with docking that allows Rapid Charging in minutes for up to 20km, autonomous capable of 25-degree hill climbs and over 50,000 duty cycles, and rapid charging technology that charges five times faster than other battery technologies. QIQ hopes to deploy their products and expand their business internationally. About Shell IdeaRefineryShell IdeaRefinery is a leading energy-focused accelerator programme that aspires to increase the mix of energy startups in Singapore. The programme hopes to bring like-minded individuals together to deliver innovations with a positive impact on our shared energy future. About EnruptEnrupt is an independent, innovation company for the energy sector. Enrupt drives collaboration between corporations and startups to build clean, decentralised digital solutions, transforming the future of energy. Enrupt's vision is to build energy companies of the future. Enrupt's mission is to drive change through open innovation and community building via its corporate programmes, community events and thought leadership.
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AECOM's China Theme Park Pipeline Report finds the industry is poised for significant future growth
AECOM latest report offers proprietary insights into China theme park industry HONG KONG, Nov. 8, 2018 /PRNewswire/ -- AECOM, a premier, fully integrated global infrastructure firm, today released its China Theme Park Pipeline Report, which details the distribution of theme parks across China, number and scale by geographic region, and offers unique attendance insights that are often difficult to obtain. "In recent years there has been a substantial investment by Chinese theme park owners and operators, but our research shows that attendance levels are still considerably lower than other developed markets such as the United States," said Chris Yoshii, Vice President, Economics and Global Director of Leisure + Culture, Asia, AECOM. "While the total attendance at China's theme parks grew to 190 million visits in 2017, a 20 percent year-over-year growth, it is still a markedly lower per-capita attendance compared with other developed economies. These findings demonstrate a significant opportunity for future growth in the Chinese market." According to the report, the future pipeline for theme parks in China appears robust. At least 70 new theme parks are under construction or in a detailed planning stage. "We anticipate that by year 2020, China will have surpassed the United States in terms of total theme park attendance," said Mr. Yoshii. AECOM's Economics practice produced the report at a unique moment for China's theme park industry, when owners and operators are assessing future trends and potential paths forward for investment success. "We found that parks with a clear and distinctive theme, such as those tied to international intellectual property brands, stand a higher chance of business success than independent parks. Overall, however, trends for China's theme park industry are strong and offer a myriad opportunities for both themed and non-themed owners and operators." The China Theme Park Pipeline Report is meant to serve as a reference tool for industry analysts and media. Its proprietary research reflects AECOM's extensive experience in the themed entertainment industry globally and the firm's unparalleled expertise of the market conditions and environment in China. For more details on the performance and trends of the theme park industry in China, please click here to download the report. About AECOMAECOM, a premier, fully integrated global infrastructure firm, is built to deliver a better world. We design, build, finance and operate infrastructure assets for governments, businesses and organizations in more than 150 countries. As a fully integrated firm, we connect knowledge and experience across our global network of experts to help clients solve their most complex challenges. From high-performance buildings and infrastructure, to resilient communities and environments, to stable and secure nations, our work is transformative, differentiated and vital. A Fortune 500 firm, AECOM had revenue of approximately $18.2 billion during fiscal year 2017. See how we deliver what others can only imagine at aecom.com and @AECOM. Media Contact: Juliet Chu Director, Marketing & Communications, Greater China 852.3922.9974 Juliet.Chu@aecom.com Logo - https://photos.prnasia.com/prnh/20170518/1855385-1LOGO Related Links :www.aecom.com
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Bright Scholar Announces Unaudited Financial Results for Fourth Fiscal Quarter and Fiscal Year Ended August 31, 2018
FOSHAN, China, Nov. 8, 2018 /PRNewswire/ -- Bright Scholar Education Holdings Limited ("Bright Scholar," the "Company," "we" or "our") (NYSE: BEDU), the largest operator of international and bilingual K-12 schools in China*, today announced its unaudited financial results for the fourth fiscal quarter and fiscal year ended August 31, 2018. 2018 Fourth Fiscal Quarter Ended August 31, 2018 Financial Highlights (in comparison to same period of the last fiscal year): Revenue was RMB389.7 million, up 41.5% Gross profit was RMB106.7 million, up 56.2%; gross margin was 27.4%, up from 24.8% Operating loss was RMB9.0 million, as compared to operating loss of RMB16.6 million in the same period of the last fiscal year; operating margin was (2.3%), up from (6.0%) Adjusted operating income(1) was RMB 0.3 million, as compared to adjusted operating loss of RMB16.6 million in the same period of the last fiscal year; adjusted operating margin(1) was 0.1%, up from (6.0%) Net income was RMB11.7million, as compared to net loss of RMB3.7 million in the same period of the last fiscal year; adjusted net income(2) was RMB20.9 million, as compared to adjusted net loss of RMB3.7 million in the same period of the last fiscal year; net margin was 3.0%, up from (1.3%); adjusted net margin(2) was 5.4%, up from (1.3%) Basic and diluted EPS was RMB0.09, as compared to RMB(0.03) in the same period of the last fiscal year; adjusted basic and diluted EPS(3) was RMB0.17, as compared to RMB(0.03) in the same period of the last fiscal year Adjusted EBITDA(4) was RMB34.9 million, up 270.8%; adjusted EBITDA margin(4) was 8.9%, up from 3.4% 2018 Fiscal Year Ended August 31, 2018 Financial Highlights (in comparison to last fiscal year): Revenue was RMB1,718.9 million, up 29.4% Gross profit was RMB628.3 million, up 34.2%; gross margin was 36.6%, up from 35.2% Operating income was RMB272.2 million, up 26.6%; operating margin was 15.8%, down from 16.2% Adjusted operating income(1) was RMB301.2 million, up 40.1%, adjusted operating margin(1) was 17.5%, up from 16.2% Net income was RMB248.9 million, up 29.8%; adjusted net income(2) was RMB278.0 million, up 44.9%; net margin was 14.5%, up from 14.4%; adjusted net margin(2) was 16.2%, up from 14.4% Basic and diluted EPS was RMB2.02, up 23.2%; Adjusted basic and diluted EPS(3) was RMB2.26, up 37.8% Adjusted EBITDA(4) was RMB408.8 million, up 33.6%; adjusted EBITDA margin(4) was 23.8%, up from 23.0% * In terms of student enrollment as of September 1, 2017, according to an industry report commissioned by Bright Scholar and prepared by Frost & Sullivan in 2017. (1) Adjusted operating income/(loss) is defined as operating income/(loss) excluding share-based compensation expense. Adjusted operating margin is defined as adjusted operating income/(loss) divided by revenue. (2) Adjusted net income/(loss) is defined as net income/(loss) excluding share-based compensation expense. Adjusted net margin is defined as adjusted net income/(loss) divided by revenue. (3) Adjusted basic and diluted EPS is defined as adjusted net income/(loss) attributable to ordinary shareholders (net income/(loss) to ordinary shareholders excluding share-based compensation expense) divided by the weighted average number of basic and diluted ordinary shares or American depositary shares (each an "ADS"), each representing one Class A ordinary share of the Company, on an as-converted basis. (4) Adjusted EBITDA is defined as net income/(loss) excluding interest income, net; income tax expense/benefit; depreciation and amortization; share-based compensation expense and non-recurring foreign exchange gain/loss (included in other expenses) due to the realized exchange gain from cash denominated in USD exchanged to RMB, which was reserved for designated purpose of use. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue. For more information on these adjusted financial measures, please see the section captioned under "Non-GAAP Financial Measures" and the tables captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release. "Bright Scholar delivered another year of strong business and operational performance. Revenue grew by 29.4% and average student enrollment grew by 23% year over year, with both metrics exceeding the top end of our revised guidance range. Our growth continues to be driven by solid performance across all our business. We remain committed to making investments in the education service industry and forming strategic partnerships to accelerate growth in our core business and our complementary business" said Jerry He, Chief Executive Officer of Bright Scholar. "During this fiscal year, we have completed four acquisitions (Xinqiao, Can-Achieve, Foundation Global Education and Zangxing) and we expect to complete the acquisition of renowned Zhejiang-based art training institution by the end of November 2018. Also we have entered into agreements to acquire 85% equity interest in a company managing a chain of eight kindergartens in the Shandong province ; 75% equity interest in Chengdu Yinzhe, which primarily engages in online career and education mentoring services for Chinese students seeking for overseas education and; Bournemouth Collegiate School ("BCS") in the United Kingdom, an established independent school which offers day and boarding education for students aged two to 18. BCS will be our first school outside China as we begin to build a global network of schools. " "Strategic partnerships are important to Bright Scholar as we navigate an increasingly dynamic education service industry. Our strategic partnership with Country Garden allows us to grow the number of schools with an asset-light model. We had signed contracts to operate an additional 12 kindergartens and one bilingual school with a total capacity of approximately 5,000 students within Country Garden properties as of October 31, 2018. Additionally, we are progressing in our collaborations with Fettes College and Beijing Normal University." "I am also pleased to report that since the adoption of the Company's previously announced share repurchase program in April 2018, the Company had repurchased approximately 3 million of its American depositary shares as of October 31, 2018 for an aggregate purchase price of approximately US$37 million." "Fiscal year 2018 was a rewarding and transformative year for Bright Scholar. Going into 2019, we will continue to focus on executing our long-term strategy to grow our business organically and through acquisitions. By expanding our portfolio of services, increasing utilization, enhancing operating efficiency and delivering superior academic outcomes, we intend to further enhance our market leadership and create substantial value for our stakeholders." UNAUDITED FINANCIAL RESULTS of the FOURTH Fiscal Quarter ended AUGUST 31, 2018 Revenues Revenue for the fourth fiscal quarter was RMB389.7 million, representing a 41.5% increase from RMB275.5 million in the same period of the last fiscal year. The table below sets forth a breakdown of revenues: Fourth Fiscal Quarter Ended August 31, 2018 Fourth Fiscal Quarter Ended August 31, 2017 YoY % Change (RMB in millions) (RMB in millions) International Schools 117.4 95.5 22.9% Bilingual Schools 108.2 83.1 30.1% Kindergartens 90.1 66.4 35.8% Complementary 74.0 30.5 143.0% Total 389.7 275.5 41.5% International Schools: Revenue for the quarter was RMB117.4 million, representing a 22.9% increase from RMB95.5 million. This accounts for 30.1% of total revenues as compared to 34.7% in the last fiscal year, primarily due to a 20.5% increase in the average number of students from 6,191 to 7,462, and a 2.0% increase in the average tuition and fees from RMB15,432 to RMB15,737 during the comparison periods. Bilingual Schools: Revenue for the quarter was RMB108.2 million, representing a 30.1% increase from RMB83.1 million, accounting for 27.8% of total revenues as compared to 30.2% in the same period of the last fiscal year. This was primarily due to a 19.1% increase in the average number of students from 13,246 to 15,782, and a 9.2% increase in the average tuition and fees from RMB6,276 to RMB6,854 during the comparison periods. Kindergartens: Revenue for the quarter was RMB90.1 million, representing a 35.8% increase from RMB66.4 million, accounting for 23.1% of total revenues as compared to 24.1% in the same period of the last fiscal year. This was primarily due to a 31.9% increase in the average number of students from 10,748 to 14,175, and a 2.9% increase in the average tuition and fees from RMB6,176 to RMB6,357 during the comparison periods. Revenue contribution from Xinqiao kindergartens was RMB8.8 million for the reporting quarter. Complementary: Revenue for the quarter was RMB74.0 million, representing a 143.0% increase from RMB30.5 million, accounting for 19.0% of total revenues as compared to 11.0% in the same period of the last fiscal year. The revenue of élan English learning centers has increased by 6.1% to RMB16.9 million. Can-Achieve, the international education consulting company, contributed an RMB26.2 million to our revenue for the fourth fiscal quarter ended August 31, 2018. Revenue from camps and study tour business was RMB10.4 million, increased 130.7% from the same fiscal quarter last year, and Foundation Global Education contributed RMB6.7 million for the quarter. Cost of Revenues Cost of revenues for the quarter was RMB283.0 million, representing a 36.6% increase from RMB207.2 million in the same period of the last fiscal year. This was primarily due to an increase in staff costs to RMB193.0 million, as a consequence of an increase in the headcount of teaching staff as our school network expanded. Average number of teachers and instructors rose across all business lines by 13.6% from 3,811 to 4,330 during the comparison periods. International Schools: Cost of revenues for the quarter was RMB94.4 million, representing a 2.3% increase from RMB92.3 million in the same period of the last fiscal year. Bilingual Schools: Cost of revenues for the quarter was RMB77.6 million, representing a 37.8% increase from RMB56.3 million in the same period of the last fiscal year. Kindergartens: Cost of revenues for the quarter was RMB55.3 million, representing a 32.9% increase from RMB41.7 million in the same period of the last fiscal year. Complementary: Cost of revenues for the quarter was RMB55.7 million, representing a 229.4% increase from RMB16.9 million in the same period of the last fiscal year. The increase was primarily attributed to the inclusion of the cost of RMB22.6 million from Can-Achieve. Gross Profit and Gross Margin Gross profit for the quarter was RMB106.7 million, representing a 56.2% increase from RMB68.3 million in the same period of the last fiscal year. Gross margin for the quarter was 27.4%, as compared to 24.8% in the same period of the last fiscal year. International Schools: Gross profit for the quarter was RMB23.0 million, representing a 618.5% increase from RMB3.2 million in the same period of the last fiscal year. Gross margin for the quarter was 19.6%, as compared to 3.4% in the same period of the last fiscal year. Bilingual Schools: Gross profit for the quarter was RMB30.6 million, representing a 14.0% increase from RMB26.8 million in the same period of the last fiscal year. Gross margin for the quarter was 28.3%, as compared to 32.3% in the same period of the last fiscal year. Kindergartens: Gross profit for the quarter was RMB34.8 million, representing a 40.7% increase from RMB24.7 million in the same period of the last fiscal year. Gross margin for the quarter was 38.6%, as compared to 37.2% in the same period of the last fiscal year. Complementary: Gross profit for the quarter was RMB18.3 million, representing a 35.2% increase from RMB13.6 million in the same period of the last fiscal year. Gross margin for the quarter was 24.8%, as compared to 44.5% in the same period of the last fiscal year. Selling, General and Administrative Expenses and Adjusted SG&A Expenses (6) Total selling, general and administrative expenses for the quarter were RMB117.4 million, representing a 31.9% increase from RMB89.0 million in the same period of the last fiscal year. This accounted for 30.1% of total revenues as compared to 32.3% in the same period of the last fiscal year. The increase in selling, general and administrative expenses was primarily due to the increase in the compensation and benefits paid to additional general and administrative staff members and employee stock ownership plan ("ESOP") related expenses to retain talent, as well as increase in marketing fees for brand promotion, merger and acquisition and other professional services to support the growing business as a listed company Adjusted SG&A expenses(6) for the quarter were RMB108.1 million, representing a 21.5% increase from RMB89.0 million in the same period of the last fiscal year. This accounted for 27.7% of total revenues as compared to 32.3% in the same period of the last fiscal year. (6) Adjusted SG&A Expenses are defined as selling, general and administrative expenses excluding share-based compensation expense. Operating Income, Operating Margin and Adjusted Operating Income Operating loss for the quarter was RMB9.0 million, as compared to RMB16.6 million loss in the same period of the last fiscal year. Operating margin for the quarter was (2.3%), as compared to (6.0%) in the same period of the last fiscal year. Adjusted operating income for the quarter was RMB0.3 million, as compared to adjusted operating loss of RMB16.6 million in the same quarter of the last fiscal year. Adjusted operating margin was 0.1% for the quarter as compared to (6.0%) in the same period of the last fiscal year. Net Income and Adjusted Net Income Net income for the quarter was RMB11.7 million, as compared to net loss of RMB3.7 million in the same period of the last fiscal year. Adjusted net income for the quarter was RMB20.9 million, as compared to adjusted net loss of RMB3.7 million in the same period of the last fiscal year. Earnings per ordinary share/ADS and Adjusted Earnings per ordinary share/ADS Basic and diluted net earnings per ordinary share/ADS attributable to ordinary shareholders/ADS holders, on an as-converted basis, for the quarter were RMB0.09 and RMB0.09, respectively, as compared to loss of RMB0.03 and RMB0.03, respectively, in the same period of the last fiscal year. Adjusted basic and diluted net earnings per ordinary share/ADS attributable to ordinary shareholders/ADS holders, on an as-converted basis, for the quarter were RMB0.17 and RMB0.17, respectively, as compared to loss of RMB0.03 and RMB0.03, respectively, in the same period of the last fiscal year. Adjusted EBITDA Adjusted EBITDA for the quarter was RMB34.9 million, representing a 270.8% increase from RMB9.4 million in the same period of the last fiscal year. UNAUDITED FINANCIAL RESULTS of FISCAL YEAR 2018 ended August 31, 2018 Revenues Revenues for the fiscal year 2018 were RMB1,718.9 million, representing a 29.4% increase from RMB1,328.4 billion in the last fiscal year. The table below sets forth a breakdown of revenues: Fiscal Year 2018 Ended August 31, 2018 Fiscal Year 2017 Ended August 31, 2017 YoY % Change (RMB in million) (RMB in million) International Schools 589.6 505.6 16.6% Bilingual Schools 534.0 413.4 29.2% Kindergartens 399.2 312.0 28.0% Complementary 196.1 97.4 101.3% Total 1,718.9 1,328.4 29.4% International Schools: Revenue for the year was RMB589.6 million, representing a 16.6% increase from RMB505.6 million. This accounted for 34.3% of total revenues as compared to 38.1% in the last fiscal year. The increase was primarily due to a 17.2% increase in the average number of students from 6,283 to 7,366, and a 0.5% decrease in the average tuition and fees from RMB80,478 to RMB80,048 during the comparison years. Bilingual Schools: Revenue for the year was RMB534.0 million, representing a 29.2% increase from RMB413.4 million. This accounts for 31.1% of total revenues as compared to 31.1% in last fiscal year. The increase was primarily due to an 18.4% increase in the average number of students from 13,189 to 15,620, and a 9.1% increase in the average tuition and fees from RMB31,346 to RMB34,187 during the comparison years. Kindergartens: Revenue for the year was RMB399.2 million, representing a 28.0% increase from RMB312.0 million. This accounted for 23.2% of total revenues as compared to 23.5% in the last fiscal year. The increase was primarily due to a 33.3% increase in the average number of students from 10,276 to 13,693, and a 1.2% increase in the average tuition and fees from RMB30,364 to RMB30,736 during the comparison years. Revenue contribution from Xinqiao kindergartens was RMB21.6 million for the reporting year. Complementary: Revenue for the year was RMB196.1 million, representing a 101.3% increase from RMB97.4 million. This accounted for 11.4% of total revenues as compared to 7.3% in last fiscal year. The revenue of élan English learning centers has increased by 18.7% to RMB84.6 million. Can-Achieve, the international education consulting company, contributed RMB62.5 million to our revenue for the year. Revenue from camps and study tour business was RMB11.0 million, an increase of 42.9% from last year, and Foundation Global Education contributed RMB6.7 million for this fiscal year. Cost of Revenues Cost of revenues for the year was RMB1,090.6 million, representing a 26.8% increase from RMB860.3 million in last fiscal year. This was primarily due to an increase in staff costs to RMB753.7 million, as a consequence of an increase in the headcount of teaching staff as our school network expanded. The average number of our teachers and instructors across all business lines increased by 18.4% from 3,628 to 4,297 during the comparison years. International Schools: Cost of revenues for the year was RMB373.4 million, representing a 3.7% increase from RMB360.0 million in last fiscal year. Bilingual Schools: Cost of revenues for the year was RMB346.9 million, representing a 32.2% increase from RMB262.3 million in last fiscal year. Kindergartens: Cost of revenues for the year was RMB223.4 million, representing a 25.0% increase from RMB178.8 million in last fiscal year. Complementary: Cost of revenues for the year was RMB146.9 million, representing a 148.0% increase from RMB59.2 million in last fiscal year. The increase was primarily attributed to the inclusion cost of RMB47.3 million from Can-Achieve which was consolidated during our fiscal year 2018. Gross Profit and Gross Margin Gross profit for the year was RMB628.3 million, representing a 34.2% increase from RMB468.0 million in last fiscal year. Gross margin for the year was 36.6%, as compared to 35.2% in last fiscal year. International Schools: Gross profit for the year was RMB216.2 million, representing a 48.5% increase from RMB145.6 million in last fiscal year. Gross margin for the year was 36.7%, as compared to 28.8% in last fiscal year. Bilingual Schools: Gross profit for the year was RMB187.1 million, representing a 23.8% increase from RMB151.1 million in last fiscal year. Gross margin for the year was 35.0%, as compared to 36.6% in last fiscal year. Kindergartens: Gross profit for the year was RMB175.8 million, representing a 32.0% increase from RMB133.2 million in last fiscal year. Gross margin for the year was 44.0%, as compared to 42.7% in last fiscal year. Complementary: Gross profit for the year was RMB49.2 million, representing a 28.8% increase from RMB38.1 million in last fiscal year. Gross margin for the year was 25.0%, as compared to 39.1% in last fiscal year. Selling, General and Administrative Expenses and Adjusted SG&A Expenses (6) Total selling, general and administrative expenses for the year were RMB368.1 million, representing a 40.5% increase from RMB262.0 million in last fiscal year, accounting for 21.4% of total revenues as compared to 19.7% in last fiscal year. The increase in selling, general and administrative expenses was primarily due to the increase in the compensation and benefits paid to additional general and administrative staff members and ESOP related expenses to retain talents, as well as increase in marketing fees for brand promotion, merger and acquisition and other professional services to support the growing business as a listed company. Adjusted SG&A expenses(6) for the year were RMB339.1 million, representing a 29.4% increase from RMB262.0 million in last fiscal year, accounting for 19.7% of total revenues as compared to 19.7% in the previous fiscal year. (6) Adjusted SG&A Expenses are defined as selling, general and administrative expenses excluding share-based compensation expense. Operating Income, Operating Margin and Adjusted Operating Income Operating income for the year was RMB272.2 million, representing a 26.6% increase from RMB214.9 million in last fiscal year. Operating margin for the fiscal year was 15.8%, as compared to 16.2% in the previous fiscal year. Adjusted operating income for the year was RMB301.2 million, representing a 40.1% increase from RMB214.9 million in last fiscal year. Adjusted operating margin for the fiscal year was 17.5% as compared to 16.2% in last fiscal year. Net Income and Adjusted Net Income Net income for the year was RMB248.9 million, representing a 29.8% increase from RMB191.8 million in last fiscal year. Adjusted net income for the year was RMB278.0 million, representing a 44.9% increase from RMB191.8 million in the previous fiscal year. Earnings per ordinary share/ADS and Adjusted Earnings per ordinary share/ADS Basic and diluted net earnings per ordinary share/ADS attributable to ordinary shareholders/ADS holders, on an as-converted basis, for the year were RMB2.02 and RMB2.02, respectively. These were up 23.2% respectively as compared to earnings of RMB1.64 and RMB1.64, respectively, in the previous fiscal year. Adjusted basic and diluted net earnings per ordinary share/ADS attributable to ordinary shareholders/ADS holders, on an as-converted basis, for the year were RMB2.26 and RMB2.26, respectively. These were up 37.8% respectively as compared to earnings of RMB1.64 and RMB1.64 respectively, in the last fiscal year. Adjusted EBITDA Adjusted EBITDA for the year was RMB408.8 million, representing a 33.6% increase from RMB305.9 million in last fiscal year. Cash and Working Capital As of August 31, 2018, the Company's cash and cash equivalents and restricted cash totaled RMB3,164.1 million (US$463.3 million), as compared to RMB1,896.7 million as of August 31,2017. GUIDANCE FOR FISCAL YEAR ENDING AUGUST 31, 2019 For the fiscal year 2019, the Company currently expects its average student enrollment to be between approximately 41,600 and 42,000, representing a year-over-year increase between 13% and 15%, and its revenue to be between approximately RMB2,300 million and RMB2,350 million, representing a year-over-year growth between 34% and 37%. The Company also currently expects five new kindergartens openings for fiscal year 2019. This guidance is based on the current market and operating conditions and reflects the Company's current and preliminary estimates of such market and operating conditions and customer demand, which are all subject to change. Conference Call BEDU's management will host a conference call at 8:00 am US Eastern Time (9:00 pm Beijing/Hong Kong Time) on November 8, 2018, to discuss its quarterly and fiscal year results and recent business activities. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: China: 4001-201-203 Hong Kong: 852-301-84992 United States: 1-888-346-8982 Canada Toll Free: 1-855-669-9657 International: 1-412-902-4272 *No passcode is needed for the call. Please request to join Bright Scholar Education Holdings Ltd.'s call as you dial in. The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.brightscholar.com/. Following the earnings conference call, an archive of the call will be available by dialing: United States: 1-877-344-7529 International: 1-412-317-0088 Canada Toll Free: 855-669-9658 Replay Passcode: 10125527 Replay End Date: November 15, 2018 CONVENIENCE TRANSLATION The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi ("RMB"). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the prevailing exchange rates at the balance sheet date, for the convenience of readers. Translations of balances in the condensed combined and consolidated balance sheets, and the related condensed combined and consolidated statements of operations, and cash flows from RMB into U.S. dollars as of and for the quarter and fiscal year 2018 ended August 31, 2018 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.8300, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on August 31, 2018. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on August 31, 2018, or at any other rate. NON-GAAP FINANCIAL MEASURES In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA and adjusted net income/(loss), as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted EBITDA as net income/(loss) excluding interest income, net; income tax expense/benefit; depreciation and amortization; share-based compensation expense and non-recurring foreign exchange gain/loss (included in other expenses) due to the movement of the cash denominated in USD at a PRC subsidiary level which is reserved for designated purpose of use in near future and adjusted net income/(loss) as net income/(loss) excluding share-based compensation expense. We define adjusted SG&A as selling, general and administration expense excluding share-based compensation expense and adjusted operating income/(loss) as net operating income/(loss) excluding share-based compensation expense. Additionally, we define adjusted net earnings per share attributable to ordinary shareholders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders (net income/(loss) to ordinary shareholders excluding share-based compensation expense) divided by the weighted average number of basic and diluted ordinary shares or American depositary shares (each an "ADS"), each representing one Class A ordinary share of the Company, on an as-converted basis. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures, including adjusted EBITDA and adjusted net income/(loss), enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expense, and without considering the impact of non-operating items such as interest income, net; income tax expense/benefit and non-recurring foreign exchange gain/loss (included in other expenses) due to the movement of the cash denominated in USD at a PRC subsidiary level which is reserved for designated purpose of use in near future. We also believe that the use of the non-GAAP measure facilitates investors' assessment of our operating performance. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Interest income, net; income tax expense/benefit; depreciation and amortization; share-based compensation expense and non-recurring foreign exchange gain/loss (included in other expenses) due to the movement of the cash denominated in USD at a PRC subsidiary level which is reserved for designated purpose of use in near future have been and may continue to be incurred in our business and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. About Bright Scholar Education Holdings Limited Bright Scholar is the largest operator of international and bilingual K-12 schools in China*. The Company is dedicated to providing quality international education to Chinese students and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education overseas. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China. As of August 31, 2018, Bright Scholar operated 65 schools covering the breadth of K-12 academic needs of its students across eight provinces in China. In the fiscal year 2018 school year ended August 31, 2018, Bright Scholar had an average of 36,679 students enrolled at its schools. * In terms of student enrollment as of September 1, 2017, according to an industry report commissioned by Bright Scholar and prepared by Frost & Sullivan in 2017. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's business plans and development, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED UNAUDITED CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS (Amounts in thousands) As of August 31, August 31, 2017 2018 RMB RMB USD ASSETS Current assets Cash and cash equivalents 1,883,000 3,153,852 461,765 Restricted cash 13,662 10,229 1,498 Held-to-maturity investments 6,390 - - Accounts receivable 20 809 118 Amounts due from related parties 7,940 17,960 2,630 Other receivables, deposits and other assets 30,535 52,457 7,681 Inventories 8,598 9,174 1,343 Total current assets 1,950,145 3,244,481 475,035 Property and equipment, net 423,344 460,485 67,421 Land use right, net 34,694 33,721 4,937 Intangible assets, net 21,177 73,657 10,784 Goodwill 104,035 609,511 89,240 Long-term investments - 204,968 30,010 Investments in associates - 2,313 339 Other Investments - 83 12 Prepayment for construction contract 5,490 2,983 437 Deferred tax assets, net 25,337 18,129 2,654 Deposits for acquisition 78,750 8,854 1,296 Other non-current assets 43,660 7,296 1,068 Total non-current assets 736,487 1,422,000 208,198 TOTAL ASSETS 2,686,632 4,666,481 683,233 BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED UNAUDITED CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS-CONTINUED
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UPER Energy's presence at Japan Solar + Energy Storage Summit: China needs to enhance the value of its energy storage market
TOKYO, Nov. 7, 2018 /PRNewswire/ -- Japan Solar + Energy Storage Summit & Expo 2018 was held in Osaka, Japan between October 29 and 30. The conference, Japan's largest summit focusing on opportunities in the PV and energy storage market, gathered together the country's major power generation companies, solar project developers and other participants in the industry. UPER Energy was among one of the many invited, at which it spoke about several issues currently the industry was confronting, including current Chinese market situation, as well as current challenges in operation and maintenance (O&M) sector of power stations. Over the first 6-month of 2018, the amount of newly installed distributed PV capacity in China has far exceeded previously anticipated annual target. Japan's rooftop and distributed PV sectors have also achieved significant growth over the last several years. However, compared to concentrated PV stations, distributed PV stations are currently facing several challenges, including smaller size, more geographical difficulties and lack of personnel, making it harder to properly implement O&M after construction. UPER Energy's UniCare® O&M platform, which leverages a design of centralized control centers for distributed stations O&M, is constantly collecting real-time data, enabling basic information management and malfunction-order-dispatch system. The platform provides O&M services to both large-scale and small distributed stations. It is believed that, by 2030, the renewable energy generation is expected to account for 35% of total power generation in Japan. Accordingly, Zhang Chengfei, Chainman's Assistant of UPER Energy, illustrated great confidence in the country's PV and energy storage market. Speaking of ideal business model for distributed PV + energy storage, Mr. Zhang said that the coexistence of multiple energy sources can be expected to last for some time. As one of the forward-looking technology which generates new income streams and stimulates new business modes, user-side energy storage systems will play a leading role in response to demands and providing auxiliary services for power grids. Mr. Zhang indicated that energy storage industry, especially the electrochemical energy storage sector, which is at its early stage of development in China, is temporarily facing some bottlenecks. First, it is very difficult to generate profits from electrochemical energy storage products under the existing market-oriented electricity pricing mechanisms and trading systems. Second, the market volume of O&M services for power storage stations is much smaller compared to that for PV stations. Furthermore, there are only a few market players currently provide O&M services to energy storage stations. As a global leading third-party power asset management service provider, UPER Energy rolled out Online + Offline business model after a thorough market research. The innovative management approach combines the collection and monitoring of real-time data from the online platform. Meanwhile, O&M professionals are on duty at the power stations around the clock, providing feedbacks and smooth communication with operation center right after any malfunctions are detected. The data collected will be analyzed to optimize the energy storage system, further improving stations' O&M reachability. Recently, 9MW/4.478MWh energy storage and frequency modulation project at Inner Mongolia's Xinfeng Power Plant was successfully put into operation by UPER Energy. UPER Energy had optimized the overall performance with its unique O&M platform and energy storage management system. This West Inner Mongolia Grid's first frequency modulation service project combines both energy storage systems and thermal power units, marking UPER Energy's expansion into the field of energy storage and frequency modulation in the Chinese market. The global energy storage market has now reached 140GW, of which over 97 percent is water-pumped storage in generation and transmission phases. However, on the user side, market volume is less than 1GW, yet the Chinese market is even smaller. These figures show the overall potential of the distributed PV and energy storage market. Mr. Zhang concluded that Chinese energy storage industry is at a crossroad where it needs to plan and deploy electrochemical energy storage systems in more renewable projects, raising overall consumption level in wind and solar; as well as to establish a friendly market and electricity pricing mechanisms, fully realizing the value of energy storage in the fields of module frequency, load modulation, backup power supply, black-start, demand response, and other ancillary services. View original content:http://www.prnewswire.com/news-releases/uper-energys-presence-at-japan-solar--energy-storage-summit-china-needs-to-enhance-the-value-of-its-energy-storage-market-300745497.html
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Jinergy's 1500V High-voltage Polycrystalline Modules Successfully Registered in BIS
GREATER NOIDA, India, Nov. 7, 2018 /PRNewswire/ -- Jinneng Clean Energy Technology Ltd (Jinergy), the China-based leading PV module manufacturer, announced Jinergy's high-efficiency polycrystalline solar modules have been registered by the Bureau of Indian Standards(BIS), meaning the quality and safety of Jinergy modules met Indian standards and are officially permitted to enter the Indian market. After acquiring Korean KS certification in August, Jinergy was once again highly recognized by the international market. The products granted were 60-cell (265W - 295W) and 72-cell (320W - 360W) 1500V high-voltage polycrystalline modules and were tested in accordance with IS 14286:2010, IEC 61215:2005, IS/IEC 61730 (Part 1):2004 and IS/IEC 61730 (Part 2):2004. Jinergy's high-efficiency polycrystalline modules feature excellent anti-PID performance and can fully adapt to hot and humid environments in India. Meanwhile, 1500V high-voltage modules could significantly increase system voltage, reduce overall cost of system construction, and guarantee high profitability for solar power stations. As a photovoltaic enterprise committed to the "go-global" strategy, Jinergy has accelerated the pace of developing overseas markets. Currently, Jinergy exports high-quality modules to India, Pakistan, Mexico, Argentina, Australia, Japan, Ukraine and other countries and regions. The Indian market has become one of Jinergy's key target markets because of abundant solar energy resources and the government's stimulation of the ambitious 100GW PV initiative. In the first half of 2018, Jinergy's overseas shipments accounted for 30% of the company's total shipments, and they shipped more than 7% of all China-made modules exported to India. Dr. Liyou YANG, general manager of Jinergy, said, "The successful acquisition of BIS certification will help us further expand in the Indian market and we're expecting to export more than 600MW modules to India by the end of this year." About Jinergy JINERGY, the leading PV cell and module manufacturer headquartered in Shanxi Province, China, follows the technology iteration strategy and has deployed three generations of cutting-edge technology, i.e. polycrystalline, Passivated Emitter and Rear Cell (PERC) monocrystalline and HJT. By the end of 2017, Jinergy had 1.3GW production capacity in Wenshui manufacture base, and realized mass production of Poly C-Si Modules and PERC Mono C-Si Modules. In 2017, the company also commercialized the high efficiency HJT cell & module in the Jinzhong manufacture base, and will expand its production capacity to GW scale and reduce the cost of breakthroughs to decrease LCOE. Learn more at http://en.jinergy.com. Logo - https://photos.prnasia.com/prnh/20180528/2144424-1LOGORelated Links :http://en.jinergy.com/
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UNCTAD and Alibaba Business School Enroll Second Class of Asian Entrepreneurs under the eFounders Fellowship
Fourth cohort of 40 selected, comprising participants from 11 Asian countries --a record for the program HANGZHOU, China, Nov. 7, 2018 /PRNewswire/ -- Class Four is now in session for the second group of Asian entrepreneurs participating in the eFounders Fellowship, a program jointly administered by the United Nations Conference on Trade and Development (UNCTAD) and Alibaba Business School. 40 participants from a record 11 countries across South and Southeast Asia were selected from over 300 applicants to take part in an intensive 14-day bootcamp, providing first-hand exposure to e-commerce best practices and innovations from China and around the world. Within the framework of the 2030 Agenda for Sustainable Development, the initiative was first developed to help ensure no one is left behind in the digital economy by bridging the digital divide faced by businesses in emerging markets. The program is part of the commitment by Jack Ma, Alibaba Group's founder and Executive Chairman and UNCTAD Special Adviser, to empower 1,000 budding entrepreneurs from developing countries within five years. For the first time, entrepreneurs from Singapore, India, Bangladesh and Myanmar join peers from Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Cambodia and Pakistan. Collectively, the participants represent various industries including e-commerce, logistics, fintech, tourism and big data. All participants are founders of promising start-ups and will graduate as eFounders Fellows, an exclusive community of like-minded young entrepreneurs who will catalyze digital transformation in their home countries. "This initiative, done together with Alibaba Business School, can be considered as a successful partnership model covering many elements of the global goals," says Arlette Verploegh, Coordinator of the eFounders Fellowship at UNCTAD. "We notice that young entrepreneurs, and in particular those participating in this initiative, demonstrate a strong commitment to contribute to a better world. Enhancing the digital economy, developing rural areas and including vulnerable groups in the workforce through training and recruitment in developing countries are among some of the major takeaways since the eFounders Fellowship was launched one year ago." The eFounders Fellowship has already enrolled three classes prior to the latest cohort, starting with a pilot project with 24 African entrepreneurs and followed by a class of 37 entrepreneurs from Southeast Asia and South Asia. The third class returned to the African continent, with 29 Africa-based business owners participating in the program. "We are delighted to be able to continue advancing our vision to empower digital champions and communities around the world and include even more talents from new Asian markets. The eFounders Fellowship is growing from strength-to-strength with each cohort, and we already are starting to see the positive impact and outcomes this promising community is creating in their home markets," said Brian A. Wong, Vice President of Alibaba Group, who heads the Global Initiatives program. "We aim to inspire entrepreneurs from these regions to serve as evangelists in building a more inclusive digital development model that is good for their business and at the same time spread the digital economy paradigm in these countries and benefit the society at large," he added. Advisors from five Asian countries will be inducted into a network overseeing and supporting the continual development of the latest batch of budding Asian entrepreneurs after graduation. These advisors will also be a part of the course in order to better understand the program and entrepreneurs under their charge. The eFounders Fellowship reflects Alibaba's mission to help small businesses succeed beyond their home markets, and was first announced in 2017 by Jack Ma in his capacity as the UNCTAD Special Adviser for young entrepreneurs and small business when he, together with Dr. Mukhisa Kituyi, Secretary-General of UNCTAD, visited Africa. For more information on the eFounders Fellowship, please visit: https://agi.alibaba.com/efounders-fellowship and http://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=1615 About UNCTAD The eFounders Fellowship is part of a set of smart partnerships UNCTAD is creating to reach the Sustainable Development Goals. About Alibaba Group Alibaba Group's mission is to make it easy to do business anywhere and the company aims to achieve sustainable growth for 102 years. For the fiscal year ended March 2018, the company reported revenues of US$39.9 billion. Logo - https://photos.prnasia.com/prnh/20181107/2292324-1LOGO-a Logo - https://photos.prnasia.com/prnh/20181107/2292324-1LOGO-b
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KPS Capital Partners Portfolio Company C&D Technologies To Acquire Trojan Battery Company
Creates Global Technology Leader in the Battery IndustryNEW YORK, Nov. 6, 2018 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that its portfolio company C&D Technologies, Inc. ("C&D") has agreed to acquire Trojan Battery Company, LLC ("Trojan") from Charlesbank Capital Partners, LLC and other shareholders. Financial terms of the transaction were not disclosed. C&D's acquisition of Trojan combines two leading specialty battery manufacturers with long histories of delivering the highest-quality, most-innovative products in the industrial, renewable energy and specialty motive markets. The combined company will be a global technology leader in the battery industry, with over $1.0 billion of revenue, and the ability to provide a wide portfolio of high quality energy storage solutions to meet the growing needs of customers around the world. The combined company will have eight manufacturing facilities in the United States (California, Georgia, Indiana and Wisconsin), Mexico and China; a joint venture operation in China; two advanced research and development centers dedicated exclusively to deep-cycle battery technologies; and international offices located in Europe, the United Arab Emirates and Asia. David Shapiro, a Managing Partner of KPS, said, "KPS acquired C&D to serve as a platform in the global energy storage industry, and the industrial logic of combining C&D and Trojan is extremely compelling. Trojan is an iconic brand name and we look forward to accelerating its growth by leveraging C&D's global reach and strong technological capabilities. We look forward to working closely with the management team and employees of C&D and Trojan to build the global leader in the energy storage industry." Armand Lauzon, Chief Executive Officer of C&D, added, "This is a historic moment for both C&D and Trojan and I look forward to leading the new company into the future. Given C&D and Trojan's complementary portfolios of global manufacturing plants, markets and products, this is a highly compelling combination with tremendous strategic value and an exciting multi-segment growth opportunity. We are committed to preserving everything about C&D and Trojan that our respective loyal customers, suppliers and employees have come to expect over the years, while also using our larger scale and resources to take advantage of many exciting new opportunities." Neil Thomas, Chief Executive Officer of Trojan, added, "The combination of Trojan and C&D creates a powerful new leader in the energy storage and transmission industry. The combined company will take a leading role as the energy storage industry rapidly evolves and grows in scale and sophistication. I am excited about KPS and C&D's commitment to manufacturing excellence, which I believe will further Trojan's ambitious growth initiatives and provide attractive opportunities for our hard-working employees." Completion of the transaction is expected by year end 2018 and is subject to customary closing conditions and approvals. Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to KPS and C&D with respect to the transaction. About C&D TechnologiesC&D is a leading global manufacturer and service provider of industrial lead acid batteries and battery systems for the storage and transmission of electrical power, primarily for standby power applications. Headquartered in Blue Bell, Pennsylvania, C&D supplies products and services to customers in the utility, telecommunications, uninterruptible power supply, cable, broadband and renewable energy markets. C&D has four manufacturing facilities in the United States (Indiana, Wisconsin), Mexico and China, as well as a joint venture operation in China. About Trojan Battery CompanyTrojan is the world's leading manufacturer of deep-cycle batteries for motive and stationary applications. Headquartered in Santa Fe Springs, California, Trojan's operations include four manufacturing plants in California and Georgia, two advanced research and development centers dedicated exclusively to deep-cycle battery technologies, and international offices located in Europe, the United Arab Emirates and Asia. About KPS Capital Partners, LPKPS is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $5.4 billion of assets under management. For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds' portfolio companies have aggregate annual revenues of approximately $5.5 billion, operate 110 manufacturing facilities in 27 countries, and have nearly 21,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.Related Links :http://www.kpsfund.com
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The Consumer Goods Forum and Fair Labor Association Call for Greater Collaboration to Tackle Forced Labour Issues in Palm Oil Industry
PARIS, Nov. 6, 2018 /PRNewswire/ -- FLA report highlights serious challenges in the Indonesian and Malaysian markets Malaysia and Indonesia are leading producers of palm oil, together accounting for 86 percent of global production and employing nearly 3.5 million workers, largely migrants from poorer neighbouring regions and countries. A new report from the Fair Labor Association (FLA), commissioned by The Consumer Goods Forum's (CGF) Palm Oil Working Group, seeks to understand the forced labour risks across the sector in both countries and examine the role that consumer goods companies can play in bringing an end to the issue. Indicators of forced labour New research from the Fair Labor Association and the CGF finds that the palm oil sector in Indonesia and Malaysia each show several indicators of forced labour, such as coercive practices including threats; violence and lack of clarity of employment terms and conditions; dependency on the employer; lack of protection by state/police; debt bondage; high recruitment fees; and involuntary overtime. The highest risk of forced labour was determined to be among harvest and maintenance workers, including those who apply pesticides and fertilisers, a job that carries higher health and safety risks as well. Peter Freedman, Managing Director of The Consumer Goods Forum, said, "Three years ago, the CGF, as the global platform for driving positive change across the consumer industry, established a programme of work to help eradicate forced labour from value chains around the world - the first of its kind. We welcome the FLA report which gives us new insights and practical recommendations that will help us accelerate our work. Forced labour is an endemic global problem, and the only solution is to work together alongside palm oil companies, recruitment agencies, business and governments." Sharon Waxman, FLA President and CEO, said: "The Fair Labor Association's review of the palm oil sector in Malaysia and Indonesia confirms that forced labour is a systemic and enormously complex challenge that must be addressed expeditiously. We hope our report drives meaningful conversation and concerted action to tackle the root causes behind forced labour in palm oil production. The FLA commits to work alongside The Consumer Goods Forum, CGF members, and like-minded stakeholders to identify and implement solutions that will bring an end to forced labour and protect workers around the globe." Mitigating forced labour risks This report highlights the critical role companies can play in mitigating forced labour risks in the production of palm oil by leveraging its industry leadership to spur the collective action of its members. Key areas of opportunity include: Advocacy to the Indonesian and Malaysian governments, companies and suppliers. Fostering multi-stakeholder, sectoral dialogue and regional collaboration. Research and knowledge sharing among CGF members, supply chain actors, and others. Improvement of existing assessment methodologies. Improvement of existing certification schemes, mechanisms, and forced labour standards. Ensuring commitment to address forced labour from CGF members and their suppliers. To take action, and mitigate these risks, the CGF has also developed an action plan based upon the recommendations in the FLA report, demonstrating and reconfirming its resolve to work collaboratively to address forced labour issues in the sector. Olaf Koch, CEO of METRO AG, and Co-Chair of the CGF Board of Directors, said, "In the world of sustainability, the environmental issues related to palm oil have long overshadowed the human rights concerns. Thanks to the latest report commissioned by the CGF, no one can now deny that this problem exists. With the support of the FLA and our fellow members of the CGF, it's time to start driving positive change on this issue and begin implementing the Priority Industry Principles on Forced Labour and following the newly-published action plan. We must act today." Marc Engel, Chief Supply Chain Officer at Unilever, said, "As CGF members, we are convinced that businesses must work collaboratively. When it comes to the eradication of forced labour there is no time to waste and it is paramount we remain vigilant to tackle the root causes. Collectively, we wanted an independent, comprehensive review of the continuing social challenges in the palm industry in Indonesia and Malaysia. As Unilever is one of the leading buyers of palm oil, the findings of the FLA report are highly valuable and will help strengthen our efforts to end forced labour globally. We will continue to work alongside fellow CGF members and other stakeholders to drive implementation of the CGF's Priority Industry Principles and drive positive change." To learn more about the CGF's work on eradicating forced labour, visit http://www.tcgfsocial.com About The Consumer Goods Forum The Consumer Goods Forum ("CGF") is a global, parity-based industry network that is driven by its members to encourage the global adoption of practices and standards that serves the consumer goods industry worldwide. It brings together the CEOs and senior management of some 400 retailers, manufacturers, service providers, and other stakeholders across 70 countries, and it reflects the diversity of the industry in geography, size, product category and format. Its member companies have combined sales of EUR 3.5 trillion and directly employ nearly 10 million people, with a further 90 million related jobs estimated along the value chain. It is governed by its Board of Directors, which comprises more than 50 manufacturer and retailer CEOs. For more information, please visit: http://www.theconsumergoodsforum.com. About the Fair Labor Association The Fair Labor Association promotes and protects workers' rights and improves workplace conditions by facilitating collaboration among businesses, civil society organizations, and colleges and universities. The FLA conducts transparent and independent monitoring to ensure that rigorous labor standards are upheld wherever FLA affiliates source their products, identifies root causes of non-compliances and proposes solutions to workplace problems. For more information, visit http://www.fairlabor.org.Related Links :http://www.theconsumergoodsforum.comhttp://www.tcgfsocial.com
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WISE Awards 2019 - Submissions Now Open for Impactful Education Projects
DOHA, Qatar, Nov. 6, 2018 /PRNewswire/ -- Submission deadline: 13.00 GMT, January 15, 2019 The World Innovation Summit for Education has opened the submission period for the 2019 WISE Awards. Applications and nominations for the 2019 WISE Awards can be submitted from today until 13.00 GMT, January 15, 2019. Each year, the WISE Awards recognize innovative and impactful initiatives addressing today's most urgent education challenges. Past WISE Awards projects have tackled diverse issues in education, including access and inclusion, design and ecosystems, digital and multimedia, society and workforce, youth employment and more. Submissions are judged according to strict criteria. They must show innovation, have a clear development plan, be financially stable, scalable and replicable. They must also demonstrate a transformative impact on individuals, communities and society. During the course of 2019, a panel of independent judges will select 12 WISE Awards finalist projects. An independent evaluator will conduct an on sight due diligence for the 12 finalists, and the six winning projects are then selected from this pool by a panel of judges. The finalists and winners gain global visibility and opportunities to collaborate through various platforms, including the global Summit and WISE events across the world, WISE communications and publications. They also receive $20,000 (US). Applications and nominations for the 2019 WISE Awards can be submitted online at: https://programs.wise.org.qa/ Visit the WISE Awards webpage: https://www.wise-qatar.org/wise-awards About the WISE Awards: Since 2009, WISE has received over 3,200 applications from more than 150 countries. To date, 60 projects from a wide variety of sectors and locations have won the WISE Awards for their innovation, positive contribution and potential for scalability and adaptability. These projects represent a growing resource of expertise and sound education practice. About the World Innovation Summit for Education (WISE): The World Innovation Summit for Education was established by Qatar Foundation in 2009 under the leadership of its Chairperson, Her Highness Sheikha Moza bint Nasser. WISE is an international, multi-sectoral platform for creative, evidence-based thinking, debate, and purposeful action in education. Through the biennial summit, collaborative research and a range of on-going programs, WISE is a global reference in new approaches to education. The next WISE event will be WISE@Paris, a regional gathering in France, on February 20-21, 2019, under the theme "Education Futures: Fostering Learning Societies." For further information about WISE, visit http://www.wise-qatar.org Press contact: Lina Lahlou, WISE - media@wise.org.qa Related Links :http://www.wise-qatar.org
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HRH The Duke of York, KG Visits Peking University HSBC Business School
SHENZHEN, China, Nov. 6, 2018 /PRNewswire/ -- HRH The Duke of York visited Peking University HSBC Business School (PHBS) on November 1. Accompanied by Dame Barbara Janet Woodward, British Ambassador to China, and Karen Maddocks, British Consul General in Guangzhou, this visit was to further enhance Sino-UK cooperation in education, which was made after his first visit to PHBS UK Campus on June 14. Before offering his remarks, HRH was escorted on a tour of the PHBS building by Vice Chairman of Peking University Council, PHBS Dean Wen Hai where the dean talked about the building's architectural conception and facilities, as well as the school's teaching philosophy. The Duke praised PHBS's Internationalization and its advanced teaching environment. Dean Wen Hai introduces PHBS building to HRH The Duke of York After the tour, he spoke with a number of PHBS faculty on entrepreneurship where he heard of current teaching cases including interdisciplinary cultivation and quality development training and teamwork for enhancing team spirit, which will enable students to build strong relationships and bring their talent into full play. The Duke also participated in the ribbon-cutting ceremony for the PHBS Future Media Laboratory. Equipped with an advanced video studio, the lab will provide a professional platform for financial news teaching, research and practice for PHBS faculty and students. He then spoke to students in the laboratory on pushing forward innovation and entrepreneurship, and enhancement of Sino-UK education. HRH The Duke of York speaks to a student in the laboratory on pushing forward innovation and entrepreneurship, and enhancement of Sino-UK education After that, The Duke was welcomed to the school's grand hall to deliver a keynote speech on innovation and entrepreneurship while introducing the establishment, development and vision of Pitch@Palace, a platform which he founded in 2014 to amplify and accelerate the work of entrepreneurs. The Duke acknowledged PHBS's engagement in Sino-UK educational communication and collaboration and of the cooperation between the University of Cambridge and Peking University. He spoke of cooperation in education, research and student cultivation playing an essential role in promoting understanding between young people of both countries. After the speech, The Duke, Dame Barbara Janet Woodward, Dean Wen Hai and Professor Wayne Chen unveil the plaque together for the PHBS Center for Innovation and Entrepreneurship (CIE) Photo - https://photos.prnasia.com/prnh/20181106/2290789-1-a Photo - https://photos.prnasia.com/prnh/20181106/2290789-1-b Photo - https://photos.prnasia.com/prnh/20181106/2290789-1-c
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SUEZ furthers its development in Taiwan with new industrial water contract
TAIPEI, Taiwan, Nov. 6, 2018 /PRNewswire/ -- SUEZ, through its business unit Water Technologies & Solutions, has signed a 12-year industrial wastewater membrane service contract with Forest Water Environmental Engineering Co. Ltd. to increase operational efficiency and wastewater discharge water quality. The two parties also signed a MOU to jointly pursue reclaimed water opportunities in Taiwan in order to alleviate the pressure on conventional water sources and promote Taiwan's water sustainability. On November 6, Kuo Shu-Chen, Chairman of the Board of Forest Water Environmental Engineering of Forest Water Environmental Engineering Co., Ltd. and Tim Huang, Senior Vice President of Greater China of SUEZ - Water Technologies and Solutions sign the MOU to jointly pursue reclaimed water opportunities in Taiwan Having adopted SUEZ's ZeeWeed* MBR since 2016, the wastewater treatment plant ("WWTP") of the Guanyin Industrial Park in Taoyuan city, operated by Forest Water Environmental Engineering Co., Ltd. operates at a capacity of 25,000 m3/day and has shown an excellent performance so far. This long-term contract for industrial wastewater membrane biological reactor (MBR) service, which is the Group's first in Asia, aims to optimize the efficiency and treatment results of the plant. With a holistic performance protection system and the cloud-based InSight* platform, the contract will help to further reduce operational risks and improve the operating efficiency of the WWTP while ensuring the quality of discharged water. In recent years, having recognized the importance of water resources management, Taiwan has implemented the Reclaimed Water Resources Development Act which has put reclaimed water in focus. The latest MOU on reclaimed water signed between SUEZ and Forest Water Environmental Engineering gives full play to the advantages of both parties by establishing a cooperation platform that helps reduce the pressure on water sources and stabilizes the demand for industrial water, thus promoting the sustainable development of local water resources. Kuo Shu-Chen, Chairman of the Board of Forest Water Environmental Engineering, said, "Our company has been involved in environmental engineering for over 14 years in Taiwan. We look forward to forging a strong partnership with SUEZ, a world leader in environmental solutions, to grow the reclaimed water business in Taiwan by leveraging SUEZ's strong reclaimed water treatment capabilities and our deep understanding of the Taiwan market." Tim Huang, Senior Vice President of Greater China of SUEZ -- Water Technologies and Solutions, said, "Providing customer expertise and products through the service model is a new model that we have been actively exploring. With this long-term service contract, our experts can directly enhance the operational efficiency of the customer's WWTP through the digital platform. Meanwhile, we can also follow up directly on the membranes with a complete replacement program. These services give our customers truly complete protection during the 12 years of operation of the MBR. We strive to be a trusted partner for our customers, providing similar services to more customers not only in Taiwan, but also in Greater China." SUEZ has been in Taiwan since 1976 for more than 40 years and its industrial water business serves a wide range of industrial customers such as petrochemicals, steel, electric power, and electronic semiconductors. It assists industries in achieving sustainable use of water resources and building circulating cooling water for power plants systems and microelectronics plant wastewater recycling zero emission system, among other benchmark projects. In 2000, it entered Taiwan's waste market with a 20-year O&M contract for the Kaohsiung Renwu waste-to-energy plant. The Renwu plant has a daily capacity of 1,350 tons to treat municipal and industrial waste, which is then converted into energy after treatment for onsite needs of the plant and for power grid transmission. In 2002, SUEZ has expanded its business to water operations with the DBO contract of the Chengcing Lake Water Treatment Plant which provides 450,000 m3 of purified water treatment per day for the city of Kaohsiung. In 2018, SUEZ won the Kaohsiung Dafa hazardous waste treatment project as well as provided Taiwan's first municipal reclaimed water plant ultrafiltration system to produce 450,000 tons of recycled water for industrial use. *Trademark of SUEZ; may be registered in one or more countries. SUEZ With 90,000 people on the five continents, SUEZ is a world leader in smart and sustainable resource management. We provide water and waste management solutions that enable cities and industries optimize their resource management and strengthen their environmental and economic performances, in line with regulatory standards. To meet increasing demands to overcome resource quality and scarcity challenges, SUEZ is fully engaged in the resource revolution. With the full potential of digital technologies and innovative solutions, the Group recovers 17 million tons of waste a year, produces 3.9 million tons of secondary raw materials and 7 TWh of local renewable energy. It also secures water resources, delivering wastewater treatment services to 58 million people and reusing 882 million m3 of wastewater. SUEZ generated total revenues of 15.9 billion euros in 2017. SUEZ in Asia SUEZ has been present for over 60 years in South East Asia and 40 years in Greater China in water and waste management. With over 9,000 employees and over 70 water and waste projects with local partners, SUEZ is helping authorities and industries develop innovative solutions to address climate change and sustainable resource management. The Group built over 440 water and wastewater treatment plants in Asia, supplying drinking water to 20 million people. It operates China's first PPP water contract in Macau and Mainland China's first water concession in Chongqing. It is also the leader of waste management in Hong Kong and delivers its expertise in the management of environmental services to 12 industrial parks in Mainland China. In 2017, SUEZ managed revenues of over EUR1.3 billion generated by its activities in Asia. Forest Water Environmental Engineering Co., Ltd.Forest Water Environmental Engineering Co., Ltd. (stock code: 8473) was founded in 2004 as the environmental arm of Rich Development. The company's core activities include water treatment engineering and construction and operation and maintenance services. It is a leader in wastewater treatment in Taiwan, best known for its involvement in the two BOT sewage network project in Nanzih District, Kaohsiung, and Luodong Township, Yilan County. Find out more about SUEZ Asia on our website and social mediaTwitter / Linkedln / YouTube / Instagram Photo - https://photos.prnasia.com/prnh/20181106/2290835-1
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Firexo: Firefighting Revolutionised With Ground-breaking New Liquid
READING, England, Nov. 6, 2018 /PRNewswire/ -- New liquid able to quickly extinguish all classes of fire (A, B, C, D, E, & F) Environmentally friendly, cools to touch, and requires small volumes to put out a fire The time it takes to extinguish a fire has been dramatically reduced with the global launch of Firexo. In one test, nine litres of the liquid put out a car fire in just 53 seconds, compared with conventional methods which can take up to an hour and 1,800 litres of water. Furthermore, Firexo is the only solution able to extinguish all classes of fire (A, B, C, D, E & F). Electrical, fuel, gas, oil, metals, and solid combustible material fires can all be put out with it. From professional firefighters to the general public around the world, everyone will be able to reach for Firexo without the worry of which extinguisher tackles what fire. Firexo is also environmentally friendly - the non-toxic liquid is made from natural ingredients and is biodegradable, with a neutral PH. It cools materials to a temperature that they can be handled, creates less debris, and requires small volumes to extinguish a fire. A rapid-response motorcycle could be dispatched to tackle any kind of fire and could hold enough of the liquid to put out up to three cars, as demonstrated by Firexo's own display bike. Currently, up to three fire engines complete with crews could be deployed to tackle a car fire. They may also have to deploy foam in addition to water, which is harmful to the environment and requires prior permission for the firefighters to use. During the last financial year, Fire and Rescue Services (FRS) in England attended 564,827 incidents, up one percent on the year before, underlying the need for a time saving solution[1]. Within the current firefighting time frames, office buildings are still not protected enough from the damage a blaze can inflict before it is terminated. It's extremely difficult for businesses to recover after a devastating fire - in fact, 80% of companies fail within 18 months of a major fire[2]. Fire brigades and businesses fitted with Firexo could dramatically reduce this figure. Dave Breith, CEO of Firexo, said: "The current time frames to put out a fire, whatever type it may be, are too long. The people who have lost assets, valuables, property, investments and above all else, loved ones, would attest to this. The life-saving potential that Firexo yields is clear. "It can be used in every single place where current fire extinguishers are found, by professional firefighters as well as people in their households when absolutely necessary, from small fires to forest fires. The global revolution in firefighting is here, and its possibilities are endless." Firexo will be available in four different forms: Sachet, designed to tackle pan fat fires, Spray, a smaller product for small fires, three sizes of Extinguishers aimed at homes and small, right up to enterprise, businesses, and Mass, targeted towards large organisations and fire rescue services. Global licensing agreements are also available. References 1. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/732555/fire-and-rescue-incident-march-2018-hosb1618.pdf 2. NFU Mutual survey reported on by: http://elitebusinessmagazine.co.uk/finance/item/up-in-flames About Firexo Firexo is committed to protecting lives by providing a more efficient and safer method to extinguish all types of fire, fast. Whether it's extinguishing fires in the home, in public, or in private organisations, it offers the most efficient solution on the market. Learn more about Firexo by visiting https://firexo.com/. For more information contact the Firexo PR team at: firexo@berkeleypr.com+44(0)118-334-8126
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Heidrick & Struggles Takes Action with Board Diversity Pledge Globally
- Heidrick & Struggles is the first executive search firm to announce a commitment to diversity in its board of director searches - Heidrick & Struggles collaborated with Stanford's Rock Center for Corporate Governance on its board diversity pledge CHICAGO, Nov. 6, 2018 /PRNewswire/ -- Heidrick & Struggles (Nasdaq: HSII), a premier provider of executive search, leadership assessment and development, organization effectiveness, and culture shaping services globally, today announced that on an annual basis at least half of its cumulative slate of initial board candidates presented to clients will be diverse, reaffirming a commitment to promoting diversity in board of director searches globally. Developed in collaboration with Stanford's Rock Center for Corporate Governance, Heidrick & Struggles' pledge is designed to increase the number of women and members of underrepresented groups considered by boards. "Now is the time to make public what we have been driving as a firm globally," said Krishnan Rajagopalan, President and CEO, Heidrick & Struggles. "Today, we are making a pledge to our clients, candidates and employees: we commit that a minimum of half of the initial board candidates presented to clients globally on an annual basis will be diverse." To accelerate this effort, the firm will proactively identify and interview diverse director candidates, with an emphasis on prospective directors who have not previously served on a corporate board. Each year, the firm will measure results and seek new ways to broaden and enhance global diversity efforts across each board search. "Our firm is committed to fostering a talent landscape as diverse as the world we live in to better serve our clients and represent our employees," said Rajagopalan. "As advisors to boards all across the globe, we recognize that identifying a diverse slate of candidates is an imperative and delivers on the deeper purpose and values of our firm." The recently released Heidrick & Struggles 2018 Board Monitor found a substantial increase in female directors among incoming directors in Fortune 500 companies, but a lack of growth in the percent of Hispanic and Asian directors. African-American directors are also significantly under-represented on boards. "In the past year, 52% of our board of director placements in North America have been diverse," said Bonnie Gwin, vice chairman and co-managing partner of the global CEO and Board practice at Heidrick & Struggles. "This is an opportunity to build momentum globally by presenting the most diverse board options to our clients around the world. Today, there is no talent shortage of diverse and qualified candidates, and there are many exceptional female and ethnically diverse executives who would make highly effective directors. Our latest data from the Heidrick & Struggles Board Monitor suggests that boards are shifting their refresh rates and opting to broaden the views, background and overall composition of the board to enhance diversity." About Heidrick & Struggles:Heidrick & Struggles (Nasdaq: HSII) serves the senior-level talent and leadership needs of the world's top organizations as a trusted advisor across executive search, leadership assessment and development, organization and team effectiveness, and culture shaping services. Heidrick & Struggles pioneered the profession of executive search more than 60 years ago. Today, the firm provides integrated leadership solutions to help our clients change the world, one leadership team at a time.® www.heidrick.com Media Contact:Nina Chang - +1 212 551 1634 nchang@heidrick.com Logo - https://mma.prnewswire.com/media/139029/heidrick_struggles_logo.jpg Related Links :http://www.heidrick.com
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"Universities Must Do More Within the International Community" - Joint Statement from the Westlake Forum on Higher Education
HANGZHOU, China, Nov. 5, 2018 /PRNewswire/ -- Westlake University, a non-profit research university, held the first Westlake Forum on Higher Education on Oct 20th, 2018 in Hangzhou, China. The event, which followed the University's founding ceremony held on the same day, welcomed leading educators and distinguished scholars from internationally renowned universities around the world to explore the roles of higher education institutions in addressing global issues and at the forefront of technological advancement. "We are living through a period of considerable concern, a considerable polarization on the political level, but also a period of anti-globalisation. "Universities have a fundamentally important role to play in ensuring that despite these periods of anti-globalization rhetoric that we are going through we continue to engage, and continue to build bridges between countries. We need to continue to ensure that our graduates are prepared to take their place in the global economy, in a world where they are likely to find themselves living and working in many different countries," said Andrew Hamilton, President of New York University during his forum address. On the proposal of Professor Yigong Shi, President of Westlake University, the presidents and representatives of domestic and international universities, attending the forum, unanimously agreed to sign and release the following joint statement: "Humankind faces daunting global challenges on economic development, education, energy, environment, food, climate change, and healthcare. As an indispensable pillar of any modern society, universities transform the world through education and research. Education and research transcend national borders and benefit greatly from international collaboration and cooperation. To address the global challenges and to respond to calls of our community and the world, we believe the universities should play a more active role through improved collaboration and cooperation." Included within the joint statement are the following guiding principles for greater cooperation: Encourage exchange of students Facilitate regular visits by faculty and staff Promote joint interdisciplinary research Strengthen collaborations in research and academic affairs Protect academic freedom within the legal framework of each nation Running concurrently to the 2018 Westlake Forum on Higher Education, was the university's first WE Forum on the Frontiers of Sciences and Transformation. Under the theme of "Facing the Future: Challenges and Opportunities", the inaugural WE Forum welcomed speeches on a range of topics from Nobel Laureates, including James D. Watson, Brian K. Kobilka, Jean-Marie Lehn, Sir Fraser Stoddart and Jonathan M. Rothbergand, and renowned academics, including Ching Wan Tang and George M. Church, on the key topics facing academic research and the advancement of humankind. For further details on the joint statement, the inaugural event of Westlake University, the Westlake Forum on Higher Education or the WE Forum, please visit: www.westlake.edu.cn Related Links :http://www.westlake.edu.cn/
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Allegis Group Research Highlights Urgency to Adopt New Talent Acquisition Practices
Findings Indicate Need to Replace Traditional Approaches with Flexible Work Models as Organizations Reach Talent Tipping Point HANOVER, Maryland, Nov. 5, 2018 /PRNewswire/ -- Allegis Group, the global leader in talent solutions, today released a report that examines how the skills and talent shortage is being influenced by the changing nature of work, employee demographics and emerging technologies. In "The New Meaning of Talent: Adapting to the Work and the Workforce of Tomorrow," Allegis Group explores successful strategies employers are using to evolve their talent management practices to align with a world of low unemployment, talent scarcity, a multigenerational workforce, global sourcing, digital talent acquisition and other factors. The report uses survey data collected from over 1,000 HR decision-makers to illustrate how the market for talent has changed over the last decade and to shed light on the need for employers to move from rigid, full-time, industry-centric approaches, and instead embrace more flexible, innovative employment models and fulfill needs through transferable skills. "The world of work looks significantly different than it did just a few years ago. Critical skills are scarce, demand is high, and new trends and innovations are changing the talent landscape every day. As a result, organizations are challenging old assumptions about the people they need to do the work, the trends that shape how they acquire talent and the evolving nature of the work itself," said Andy Hilger, president of Allegis Group. "Talent strategies must evolve to stay ahead of change. It's a priority that is important not only for the future of talent acquisition but for the success of the business itself." Survey research finds that companies today rely on outdated workforce strategies, even amid a talent shortage and changing markets. Finding: Companies are slow to adopt flexible models for talent A majority use updated engagement models; however, some organizations are still trailing. Three-fourths of HR leaders say their organizations recognize the importance of strategically evaluating how work gets done, and 56 percent say their organizations use different engagement models — from traditional employment to contractor, contingent worker or outsourced services — to their full potential. This means that 44 percent still have work to do when it comes to utilizing all worker types. 90 percent of those surveyed are beginning to adopt technology that allows flexibility. While 90 percent of HR leaders agree that embracing digitally enabled practices (i.e., flexible scheduling, remote working, virtual meetings and online chat) would position them for future talent management success, just 15 percent of HR professionals say their companies fully adopt all four practices. Most organizations are rethinking job descriptions; 63 percent feel they have too many must-have demands. Many newly emerging skills are causing companies to rethink their requirements for a minimum number of years of experience as a priority. While signaling the fading of experience as a priority, organizations continue to struggle with excess requirements in job descriptions. Finding: Technology underutilized in creating talent visibility and availability HR professionals need more access to talent-related data. Thirty percent of HR leaders say their organizations cannot see the total demand for talent across the organization, 29 percent lack visibility into the total talent supply, and 34 percent do not have a central system to measure talent acquisition success. Digitizing talent sourcing remains a challenge, but most are adapting. A minority of respondents (40 percent) say digitizing how talent is sourced is a challenge for their organizations, and roughly a third of HR leaders are not confident in their organizations' ability to leverage digital sourcing channels to their maximum effectiveness. A large percentage of organizations have begun executing on digitization and automation strategies. HR leaders believe that within 10 years, 25 to 35 percent of current processes will be automated. While 42 percent of HR decision-makers say their organizations have begun executing a strategy to map work processes or identify areas for future digitization and automation, 17 percent of HR leaders say their companies are years away from considering a strategic approach to automation or are not even thinking about it. "In our 35 years of delivering talent solutions, placing the right people in fulfilling jobs and adopting new technologies, we've found that the most successful workforce model is one that evolves with changing times," Hilger said. "Companies are increasingly committed to a future-focused talent approach, and through our dedicated expertise, services and innovation leadership, we're proud to be a part of that vision." Readers of "The New Meaning of Talent: Adapting to the Work and the Workforce of Tomorrow" will gain a solid understanding of the relationship between talent and business in the world of work today, with expert advice on how to replace outdated assumptions with a more effective and modern approach. Get a free download of Allegis Group's "The New Meaning of Talent: Adapting to the Work and the Workforce of Tomorrow" at https://www.allegisgroup.com/insights/workplace-trends. About Allegis GroupAs the global leader in talent solutions, we take pride in what we do, connecting great people to great opportunities, helping businesses win and careers soar. Today, with $12.3 billion in revenues and 500+ global locations, Allegis Group and its network of specialized companies provide a full suite of complementary talent solutions that solves nearly every workforce challenge to empower business success while consistently delivering an unsurpassed quality experience. Our companies include Aerotek; TEKsystems; Aston Carter; Allegis Global Solutions; Major, Lindsey & Africa; Allegis Partners; MarketSource; EASi; The Stamford Group; and Getting Hired. Learn more at www.AllegisGroup.com. Media ContactJoseph Rigoli, LEWIS781-418-2400allegis@teamlewis.com Logo - https://mma.prnewswire.com/media/741146/Allegis_Group_Logo.jpg Related Links :http://www.allegisgroup.com
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Jiangxi Tourism Promotion Event Held in Siam Square
BANGKOK, Nov. 3, 2018 /PRNewswire/ -- On Nov. 3, 2018, the tourism promotion event sponsored by the Department of Culture and Tourism of Jiangxi with the theme of "One Hour Travel Around Jiangxi" was held in Siam Square, Thailand. Jiangxi is a famous tourism city in China. With abundant tourism resources, the world-renowned "blue-and-white porcelain" is from Jingdezhen in Jiangxi. Theme Poster for this activity The promotion event organized by Jiangxi Culture and Tourism Department in Siam Square was new-fashioned and many citizens actively participated in it. The event was combined with popular social media such as Facebook and Twitter, and participants could take photos with a photo frame in their hands，showing off their favourite poses. The background wall, decorated with Jiangxi elements and scenery, gives people a feeling of being in Jiangxi. The event was closely connecting to the theme. In a short period of time, the images of many Thai citizens have been left in the splendid scenery of Jiangxi. In addition to the activities, the Jiangxi Tourism Development Committee also prepared exquisite gifts for the participants. Among them, the porcelain bowls and folding fans were deeply loved by the public. The event has left a beautiful Jiangxi image in Thailand, and it was a creative and effective tourism promotion event. Photo - https://photos.prnasia.com/prnh/20181030/2283587-1
