OMD AGAIN NAMED BEST PERFORMING GLOBAL MEDIA NETWORK
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China Literature Announces 2023 Annual Results
China Literature Announces 2023 Annual Results
CCTV+: 2024 Conference on International Industrial Cooperation (Singapore) & China's Machinery and Electronics Show Set to Launch in Singapore
Zibo embraces innovation for enhanced industrial growth
Xinhua Silk Road: China's porcelain from Dehua debuts at United Nations Headquarters
Singapore Chinese author Dr. Zhang Lu's latest masterpiece "Legend of Mirror" book launch was successfully held at the National Library of Singap
Global Celebration of Irish Culture comes to life across the island of Ireland this St Patrick's Day
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IAB HK Spring Dinner & Digital Awards Gala 2023: Celebrate digital brilliance with 350 marketers
HSBC is crowned Best Digital Campaign of the Year HONG KONG, March 15, 2024 /PRNewswire/ -- As one of the most active advertising and digital marketing associations in Hong Kong, IAB Hong Kong (IAB HK) successfully held its Spring Dinner & Digital Awards Gala 2023 (The Gala) at the Hong Kong Convention and Exhibition Centre on 13 Mar 2024. This event brought together 350 local digital marketing elites to network, celebrate, and recognize outstanding achievements in the industry. Group photo with all judges and awardees Kevin Huang, Chairman of IAB Hong Kong, addressed his welcoming speech to mark the opening: "Over the past year, we have seen a healthy recovery in the ad market as brands ramped up their brand-building and marketing efforts again to stay top of mind, gain market share and fuel growth. Tonight, we are here to honor some very talented individuals who have shown outstanding creativity, innovation and achievements with our 2nd annual Digital Awards". This award is the only digital marketing-focused award organized by a non-profit organization, contributing to developing an innovative future for the digital marketing industry. The Gala was first held in the format of a spring dinner and was sponsored by AnyMind Group, EternityX, Google, Hang Seng Bank, HKT, Omnicom Media Group, Publicis Groupe, RFI Asia, RTB House, Uni-China Group and Yahoo. The judging panel comprised 43 highly recognized industry leaders and senior professionals across the digital marketing industry including brands, agencies, platforms, NGOs, academia, and AdTech (Appendix 1: Judge List of IAB HK Digital Awards 2023). They dedicated almost 550 hours to reviewing over 110 entries and selected the outstanding campaigns based on four key areas: strategy, execution, innovation, and results. Arthur Chan, Vice Chairman of IABHK, shared that the overall quality of entries was splendid. "The standard of this year's entries is impressively high. I served as a judge last year as well and I would say the submissions from this year surpassed our expectations," said Chan. "All the entries were solid contenders. Our main discussion was deciding which was better," added Simone Tam, CEO (Greater Bay Area) of Dentsu. All the compliments from the judges are testaments to the industry's dedication to excellence and the continuous pursuit of innovative marketing strategies. The award includes six categories, namely Best Use of Adtech & Programmatic Advertising, Best Branding Campaign, Best Use of Commerce, Best Use of Content Innovation, Best Use of Data & Insights, and Best Use of Martech, comprehensively covering various technological aspects and market trends in digital marketing. Each award has an independent judging panel, evaluating the campaigns' Strategy, Execution, Innovation/Creativity, and Results. Among the gold winners, the campaign with the highest scores and most awards will be crowned the "Best Digital Campaign of the Year". Winner Results of IAB HK Digital Awards 2023 Category Award Brand / Agency Campaign Name Best Use of Adtech & Programmatic Advertising Gold Brand: HSBC Hong Kong Agencies: OMG, Saatchi & Saatchi HSBC - Smart Use of Future Money Campaign Silver Brand: HSBC Hong Kong Agencies: OMG, Saatchi & Saatchi 2023 Wealth and Stock Decoded Campaign Bronze Brand: Hong Kong Disneyland Agencies: Zenith HK, The Trade Desk Hong Kong Hong Kong Disneyland - "Momentous" Nighttime Spectacular Best Branding Campaign Gold Brand: Hang Seng Bank Limited Agency: The Bread Digital Prestige Banking − CFO Campaign Silver Brand: Tam Jai International - TamJai SamGor Mixian Agencies: The Bread Digital, The Bridge Agency TamJai SamGor 15th Anniversary Campaign Bronze Brand: HSBC Hong Kong Agencies: Hungry Digital Limited, Hill & Knowlton, OMG HSBC Fraud Fair Best Use of Commerce Gold Brand: HSBC Hong Kong Agencies: OMG, Saatchi & Saatchi HSBC - Smart Use of Future Money Campaign Silver Brand: SHISEIDO Agency: iProspect MyFirstLight: A 126-year-old SHISEIDO EUDERMINE's Transformation Bronze Brand: Chow Sang Sang Agency: Prizm Group Chow Sang Sang - AI Optimized Relationship-Centric CRM Ecosystem Best Use of Content Innovation Gold Brand: HSBC Hong Kong Agencies: Hungry Digital Limited, Hill & Knowlton, OMG HSBC Fraud Fair Silver Brand: Hang Seng Bank Limited Agency: Sunny Idea (HK) Limited Preferred Banking - Be a Game Changer and "Carry" Yourself Campaign Bronze Brand: MSD Agency: Narrow Door Men's Choice Matter Best Use of Data & Insights Gold Brand: Chow Sang Sang Agency: Prizm Group Chow Sang Sang - AI Optimized Relationship-Centric CRM Ecosystem Silver Brand: Hang Seng Bank Limited Agency: Zenith HK Preferred Banking - Be a Game Changer and "Carry" Yourself Campaign Bronze Brand: Hang Seng Bank Limited Agency: Zenith HK Credit Card +FUN Dollars Launch Best Use of Martech Gold Brand: PayMe by HSBC Agency: OMG The Biggest Laisee of All Silver Brand: SHISEIDO Agencies: Narrow Door, Pontac, iProspect MyFirstLight: A 126-year-old SHISEIDO EUDERMINE's Transformation Silver Brand: FWD Insurance Agency: Cymballe Limited Here We Are For Your Health Best Digital Campaign of the Year - Brand: HSBC Hong Kong Agency: OMG, Saatchi & Saatchi HSBC - Smart Use of Future Money Campaign Click to view more details on IAB Hong Kong Digital Awards and event photos. First-ever IABHK Pavilion to feature 15 member booths at MarketingPulse & eTailingPulse IAB HK organized its first-ever IAB HK Pavilion at MarketingPulse & eTailingPulse and brought together 15 member companies from adtech, agency, and media, including Anymind Group, Aspire, Emarsys, EternityX, First Page, Ignite Vision, Ingenium Digital, Meltwater, Mezzofy, Omnichat, Presslogic, RTB House, Strategic Digital Marketing Company (SDMC), Sleekflow, and Social Power. By showcasing the latest innovative marketing strategies, solutions and technologies, marketing professionals and brand owners can interact with industry experts and explore the latest market trends and best practices. About IAB HK IAB Hong Kong is the 46th national Interactive Advertising Bureau (IAB) licensee. It is a not-for-profit association that aims to develop standards and best practices on digital marketing to shape the future of digital marketing for Hong Kong's advertising and marketing community. IAB HK has been one of the most active and influential digital marketing associations in Hong Kong, with over 100 company members coming from all aspects of the ecosystem, including media, ad platforms, agencies, brands and more. Through working with its member companies, IAB HK is committed to talent development, education and cutting-edge research about the critical role of digital marketing. The founding members include comScore, Facebook, Google, South China Morning Post, and Yahoo. Appendix 1: Judge List of IAB HK Digital Awards 2023 Category Name Company Title Best Use of Adtech & Programmatic Advertising Alexandra Lo Nestle Head of Digital Marketing and Consumer Engagement Antony Yiu PHD Media CEO Eric Lin Lee Kum Kee General Manager, Hong Kong & Macau Kai Tsang McDonald's Hong Kong Senior Director, Digital Customer Experience and Partnership Lawrence Yang Publicis Media CEO Tim Hung* (Lead) Blossom Lane Communications Founder and CEO Yvonne Leung BUPA Director of Customer Transformation & Growth Best Branding Campaign Agnes Lung Uni China Group Group Chief Marketing and Digital Officer Andrea Leung Sino Group Group General Manager - Marketing Brian Hui HSBC Hong Kong MD and Head of Customer Propositions and Marketing, Wealth and Personal Banking Gloria Ho Shiseido Hong Kong Limited President & Managing Director Karen Woo MTR General Manager – Branding & Communications Mark Chan CMRS Group (HK) Group CEO Simone Tam* (Lead) Dentsu CEO, Greater Bay Area Best Use of Commerce Arthur Chan* (Lead) Vpon Big Data Group Consultant Bonnie Mak Samsung Electronics Associate Director, Head of eCommerce, Online Group Chi Fai Leung Chow Sang Sang Associate Director, Omni Channel Business Integration Kenny Ng FWD Financial Limited Head of Digital Commerce Kenny Sham Klook General Manager Matthew Lam Swire Hotels Director of Marketing - Digital Silas Ho EssenceMediacom Managing Director Best Use of Content Innovation Angela Wong AXA Chief Marketing and Customer Officer Bruce Lam HKT Limited Chief Executive Officer, Consumer Danny Chan CUHK Lecturer Kitty Lun* (Lead) Meta Head of Creative Shop Greater China Michelle Lam Kerry Properties Limited Senior Director - Sustainability & Communications Miuson Chi MSL Group General Manager Roger Li Yahoo Senior Director of Ad Creative, Yahoo Creative Studios, APAC Rudi Leung Hungry Digital Director & Founder Best Use of Data & Insights Andrew Chan Apoidea Group VP, Growth and Data Cedric Delzenne 55 Managing Director, APAC Ellen Yau* (Lead) Bayer Head of Marketing and Innovation - Consumer Health North Asia Fred Ngan Bowtie Life Insurance Company Co-Founder & Co-CEO Ginnie Lam Emarsys Regional Vice President of Greater China Henry Leung New World Corporate Services Limited (New World Group) Head of Data Management Tracy Lui Havas Group Hong Kong Strategy Director Best Use of Martech Akina Ho* (Lead) AllStarsWomen DAO Co-Founder, The Global Head of Business Consultancy & Head of Asia Pacific Chapter Andy Ann YAS Digital Co-founder Ben Chien AnyMind Group Managing Director, Greater China Jingtao Ji Google Head of App & Measurement Timothee Semelin Darewise (Animoca Brands) Marketing and Ecosystem Director Keith Li WTIA Chairman Kenny Chien Cherrypicks Chief Executive Officer
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BIGO Ads to Showcase Game-Changing Advertising Solutions at GDC 2024
SAN FRANCISCO, March 15, 2024 /PRNewswire/ -- BIGO Ads, the leading advertising platform powered by BIGO, is set to showcase its innovative advertising solutions at the Game Developers Conference (GDC) 2024 in San Francisco from March 20 to 22. This premier event is an excellent opportunity for game developers to explore BIGO Ads' extensive offerings designed to optimize ad revenue and drive user acquisition. The Game Developers Conference is a prestigious industry gathering that fosters collaboration and innovation within the gaming sector. From its inception 38 years ago as an informal meeting of 25 developers, GDC has evolved into a comprehensive conference covering various platforms, including consoles, mobile devices, and cutting-edge technologies like VR and AR. BIGO Ads is committed to aggregating high-quality in-house and global developer traffic. Leveraging advanced machine learning technology, powerful AI algorithms, and big data analysis, BIGO Ads provides one-stop marketing solutions that boost app revenue and deliver impressive Return on Ad Spend (ROAS). The BIGO Audience Network, a self-created ad network within BIGO Ads, focuses on enhancing developers' ad revenue globally through a robust ecosystem. With over 20 billion daily ad requests, 120 million daily impressions, and a user base exceeding 70 million DMP DAUs, the BIGO Audience Network engages with more than 35 global ad exchanges and 5,000 direct partner apps. This network ensures transparent collaborations, superior ad fill rates, and expert service for developers. Over the years, BIGO Ads has forged strategic partnerships with top mediation and DSP platforms, including Digital Turbine FairBid, Appodeal, Yandex Ads, and Liftoff. These collaborations have solidified BIGO Ads' reputation among global developers, earning the trust of industry giants like Voodoo and Fugo. At GDC 2024, BIGO Ads invites game developers to discover its suite of advertising solutions tailored to elevate ad monetization and user acquisition strategies. For an opportunity to explore how BIGO Ads can contribute to your success, visit us at Booth #S1431 or reach out via email at bigoads@bigo.sg. Join us in unlocking new possibilities for revenue growth and success in the dynamic world of game development.
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2024 AFA X STI BEST DRESSED AWARD goes to Korean Goddess Actress LEE Young-ae
HONG KONG, March 15, 2024 /PRNewswire/ -- Korean actress Lee Young-ae, known for her roles in Park Chan-wook's Joint Security Area and Lady Vengeance was presented with the Best Dressed Award on Red Carpet at this year's Asian Film Awards in Hong Kong. AFA X STI BEST DRESSED AWARD Red Carpet Best Dressed Award Jury: Mr. William Chang Suk Ping, Oscar-nominated & Renowned HK Art Director Ms. Winnie Wan, Editor-in-Chief of ELLE Hong Kong Ms. Michele Reis, Renowned Artist & co-creator of M Tower@THE SAIL MELAKA Dato' Leong Sir Ley, Founder & Chairman of Sheng Tai International For the prize, in addition to the AFA X STI BEST DRESSED AWARD trophy designed by Mr. William Chang Suk Ping, there is also THE SAIL MELAKA X iPANDAS Memorigin Tourbillon watch which is not for sale. THE SAIL MELAKA X iPANDAS Memorigin Tourbillon watch takes the romantic starry sky city as the background. Adorned with a diamond & backed by the logo of the landmark integrated luxury development project, THE SAIL MELAKA, the iPANDAS panda stands at the six o'clock position and tells time with two hands. The hour hand of the panda has become a cube logo holding the letter "M" to match the theme of M TOWER, while the minute hand is holding a star-shaped magic wand, showing childlike happiness. The watch is equipped with Memorigin's in-house tourbillon movement, which has 153 components and 25 jewels. It has a 72-hour power reserve and a vibration frequency of 28,800 oscillations per hour. YouTube: https://www.youtube.com/watch?v=lh2MhgzaSUk
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Shanghai plans huge boost for its service sector
SHANGHAI, March 14, 2024 /PRNewswire/ -- A news report from english.shanghai.gov.cn: Shanghai has unveiled a comprehensive action plan to boost its service sector in the coming year, with a strategic goal of it comprising more than 60 percent of the city's total retail sales by 2035. During a news conference on March 12, Zhu Min, director of the Shanghai Municipal Commission of Commerce, stated that the action plan released on March 8 focuses on promoting the expansion and high-quality development of service consumption, with an objective to establish Shanghai as an international consumption hub adhering to world-class standards. In order to achieve this goal, the action plan includes 37 measures spanning 12 areas such as culture and tourism, sports, health, elderly care, information, finance, education, catering, housekeeping, living standards, transportation, integrated service scenarios, and more. Zhu noted that certain targets must be achieved by 2027. As outlined in the plan, Shanghai aims to bolster its cultural creativity and influence, increase competitiveness, and target a tourism revenue of 550 billion yuan by 2027. Cheng Meihong, deputy director of the Shanghai Municipal Administration of Culture and Tourism, said a diverse range of cultural and tourism offerings, including performances, concerts, music festivals, shows, and exhibitions, will be featured in the plan. Major venues throughout the city have already secured 176 scheduled bookings, nearing last year's total of 194. Cheng anticipates that the number of performances and box office revenue will surpass that of the previous year. According to the plan, Shanghai is actively accelerating the development of an international sports consumption hub as it aspires to become a world-class sports event capital. The plan sets a target of achieving approximately 45 percent of total sports consumption from service consumption by 2027, while emphasizing the increasing significance of hosting major sports events in the city. "Along with the Paris Olympic Games taking place this year, Shanghai has also formed a compact schedule for as many as 175 major sports events at or above national level," said Xu Qi, deputy head of the Shanghai Administration of Sports. "We've made quite a few innovations and tried to collaborate the events with culture, entertainment, consumption to make them fun and enjoyable," Xu added. As part of its efforts to establish a health service consumption city of global influence and a hub for elderly service consumption, Shanghai will provide high-quality, diversified, and innovative healthcare services. Additionally, the city aims to cultivate and introduce tailor-made and differentiated elderly care service models. With the goal of becoming a world-class benchmark city for information service consumption, Shanghai will focus on developing over 100 digital application scenarios, nurturing more than 1,000 information consumption products, and fostering a group of industry leaders with global competitiveness, the plan states. According to Ge Dongbo, chief engineer with the Shanghai Commission of Economy and Informatization, the rapid advancement of new-generation information infrastructures such as AI, 5G, and blockchain will result in faster and more reliable internet surfing speeds. This development will enable various sectors, including industrial manufacturing, cultural and tourism consumption, occupational education, and healthcare to bring a more diverse range of offerings. As part of its efforts to establish itself as a premier destination for education service consumption with international recognition, Shanghai will proactively expand its education offerings for international students. The city will strive to enhance vocational education and professional training to cater to the diverse needs of lifelong learning and skill development, according to the guidelines. "Taking the catering sector as an example, a complete talent cultivating system ranging from vocational education, specialized training, to qualification and certification will be formed, so as to cultivate skilled talents and promote the catering industry's development," said Zhang Guohua, deputy director of the Shanghai Municipal Commission of Commerce. In order to build the city into a culinary capital known for its international characteristics, the plan aims to introduce up to 1,000 stores of renowned catering brands and will certify 4,000 eco-friendly restaurants as "green". Complementing enhanced transportation services, Shanghai envisions itself as a global cruise consumption destination, aiming to accommodate 3 million cruise travelers annually by 2027.
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So-Young to Report Fourth Quarter and Full Year 2023 Financial Results on March 20, 2024
BEIJING, March 14, 2024 /PRNewswire/ -- So-Young International Inc. (NASDAQ: SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2023, before U.S. markets open on March 20, 2024. So-Young's management will hold an earnings conference call on Wednesday, March 20, 2024, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: International: +1-412-902-4272China: 4001-201203US: +1-888-346-8982Hong Kong: +852-301-84992Passcode: So-Young International Inc. A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, March 27, 2024. The dial-in details are: International: +1-412-317-0088US: +1-877-344-7529Passcode: 5107574 Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com. About So-Young So-Young is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young's strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market. For more information, please contact: So-Young Investor RelationsMs. Vivian XuPhone: +86-10-8790-2012E-mail: ir@soyoung.com Christensen In ChinaMs. Julie ZhuPhone: +86-10-5900-1548E-mail: julie.zhu@christensencomms.com In US Ms. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com
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Weibo Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results and Dividend
BEIJING, March 14, 2024 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (NASDAQ: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. "In 2023, we further improved our product's competitiveness and operating efficiency," said Gaofei Wang, CEO of Weibo. "Our user community expanded this year, as we have reinforced our content ecosystem and enhanced core competitiveness of our products. On monetization front, our advertising business exhibited solid performance this quarter and gradually recovered throughout the year. With our continued focus on operating efficiency and financial discipline, we achieved decent profitability and solid growth of operating cash flow in 2023. As we are committed to driving shareholder value, we are pleased to announce that our board of directors has approved a special cash dividend of US$200 million to our shareholders." Fourth Quarter 2023 Highlights Net revenues were US$463.7 million, an increase of 3% year-over-year or an increase of 5% year-over-year on a constant currency basis [1]. Advertising and marketing revenues were US$403.7 million, an increase of 3% year-over-year or an increase of 5% year-over-year on a constant currency basis [1]. Value-added services ("VAS") revenues were US$59.9 million, an increase of 4% year-over-year or an increase of 6% year-over-year on a constant currency basis [1]. Income from operations was US$119.0 million, representing an operating margin of 26%. Net income attributable to Weibo's shareholders was US$83.2 million and diluted net income per share was US$0.34. Non-GAAP income from operations was US$145.9 million, representing a non-GAAP operating margin of 31%. Non-GAAP net income attributable to Weibo's shareholders was US$76.4 million and non-GAAP diluted net income per share was US$0.31. Monthly active users ("MAUs") were 598 million in December 2023, a net addition of approximately 11 million users on a year-over-year basis. Mobile MAUs represented 95% of MAUs. Average daily active users ("DAUs") were 257 million in December 2023, a net addition of approximately 5 million users on a year-over-year basis. [1] On a constant currency (non-GAAP) basis, we assume that the exchange rate in the fourth quarter of 2023 had been the same as it was in the fourth quarter of 2022, or RMB7.13=US$1.00. Fiscal Year 2023 Highlights Net revenues were US$1.76 billion, a decrease of 4% year-over-year or an increase of 1% year-over-year on a constant currency basis [2]. Advertising and marketing revenues were US$1.53 billion, a decrease of 4% year-over-year or an increase of 1% year-over-year on a constant currency basis [2]. VAS revenues were US$225.8 million, a decrease of 6% year-over-year or a decrease of 1% year-over-year on a constant currency basis [2]. Income from operations was US$472.9 million, representing an operating margin of 27%. Net income attributable to Weibo's shareholders was US$342.6 million and diluted net income per share was US$1.43. Non-GAAP income from operations was US$592.1 million, representing a non-GAAP operating margin of 34%. Non-GAAP net income attributable to Weibo's shareholders was US$450.6 million and non-GAAP diluted net income per share was US$1.88. [2] On a constant currency (non-GAAP) basis, we assume that the average exchange rate of 2023 had been the same as 2022, or RMB 6.73=US$1.00. Fourth Quarter 2023 Financial Results For the fourth quarter of 2023, Weibo's total net revenues were US$463.7 million, an increase of 3% compared to US$448.0 million for the same period last year. Advertising and marketing revenues for the fourth quarter of 2023 were US$403.7 million, an increase of 3% compared to US$390.5 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$358.8 million, an increase of 3% compared to US$348.3 million for the same period last year. VAS revenues for the fourth quarter of 2023 were US$59.9 million, an increase of 4% year-over-year compared to US$57.5 million for the same period last year, primarily attributable to increase of game-related revenues. Costs and expenses for the fourth quarter of 2023 totaled US$344.7 million, an increase of 20% compared to US$287.5 million for the same period last year. The increase of costs and expenses was primarily due to lower general and administrative expenses booked in the fourth quarter of 2022, because of the reversal of US$58.8 million compensation expenses previously accrued, based on a contingent payment arrangement between the Company and the founder of Shanghai Jiamian Information Technology Co., Ltd. ("JM Tech"), an entity consolidated into the Company's financial statements since the fourth quarter of 2020. Income from operations for the fourth quarter of 2023 was US$119.0 million, compared to US$160.5 million for the same period last year. Operating margin was 26%, compared to 36% last year. Non-GAAP income from operations was US$145.9 million, compared to US$152.0 million for the same period last year. Non-GAAP operating margin was 31%, compared to 34% last year. Non-operating income for the fourth quarter of 2023 was US$42.3 million, compared to a loss of US$21.1 million for the same period last year. Non-operating income for the fourth quarter of 2023 mainly included (i) a US$25.4 million gain from fair value change of investments, which was excluded under non-GAAP measures; and (ii) a US$16.7 million net interest and other income. Income tax expenses for the fourth quarter of 2023 were US$72.6 million, compared to benefits of US$18.7 million for the same period last year. The increase was primarily due to (i) the reversal recorded in the fourth quarter of 2022 of previously recognized tax liabilities related to uncertain tax positions; and (ii) withholding tax paid and accrued related to the Company's wholly-foreign owned enterprise's ("WFOE") earnings, remitted and to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for U.S. dollars in business operations, payments of dividends and debts, and potential investments, etc. Net income attributable to Weibo's shareholders for the fourth quarter of 2023 was US$83.2 million, compared to US$141.9 million for the same period last year. Diluted net income per share attributable to Weibo's shareholders for the fourth quarter of 2023 was US$0.34, compared to US$0.60 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the fourth quarter of 2023 was US$76.4 million, compared to US$178.5 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the fourth quarter of 2023 was US$0.31, compared to US$0.75 for the same period last year. As of December 31, 2023, Weibo's cash, cash equivalents and short-term investments totaled US$3.2 billion. For the fourth quarter of 2023, cash provided by operating activities was US$218.2 million, capital expenditures totaled US$7.5 million, and depreciation and amortization expenses amounted to US$14.7 million. Fiscal Year 2023 Financial Results For fiscal year 2023, Weibo's total net revenues were US$1.76 billion, a decrease of 4% compared to US$1.84 billion in 2022. Advertising and marketing revenues for 2023 were US$1.53 billion, a decrease of 4% compared to US$1.60 billion in 2022, primarily due to the unfavorable impact from the overall depreciation of RMB against the U.S. dollar on a year-over-year basis. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$1.42 billion, a decrease of 5% compared to US$1.49 billion for 2022. VAS revenues for 2023 were US$225.8 million, a decrease of 6% compared to US$239.7 million for 2022. Costs and expenses for 2023 totaled US$1.29 billion, compared to US$1.36 billion for 2022. The decrease of costs and expenses was primarily attributable to (i) the unfavorable impact from the overall depreciation of RMB against the U.S. dollar on a year-over-year basis; and (ii) the decrease of personnel-related costs. These decreases were partially offset by the increase of general and administrative expenses in 2023, primarily resulted from the fluctuation of compensation expenses relating to JM Tech. Income from operations for 2023 was US$472.9 million, compared to US$480.5 million for 2022. Operating margin for 2023 was 27%, compared to 26% last year. Non-GAAP income from operations was US$592.1 million, compared to US$601.1 million for 2022. Non-GAAP operating margin was 34%, compared to 33% last year. Non-operating income for 2023 was US$29.8 million, compared to a loss of US$352.4 million for 2022. Non-operating income in 2023 mainly included (i) a US$43.0 million gain from fair value change of investments, which is excluded under non-GAAP measures; and (ii) a US$25.7 million investment related impairment, which is excluded under non-GAAP measures; and (iii) net interest and other income of US$11.3 million. Income tax expenses for 2023 were US$145.3 million, compared to US$30.3 million for 2022. The increase in income tax expense was primarily due to (i) the reversal recorded in the fourth quarter of 2022 of previously recognized tax liabilities related to uncertain tax positions; and (ii) withholding tax paid and accrued related to the Company's WFOE's earnings, remitted and to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for U.S. dollars in business operations, payments of dividends and debts, potential investments, etc. Net income attributable to Weibo's shareholders for 2023 was US$342.6 million, compared to US$85.6 million for 2022. Diluted net income per share attributable to Weibo's shareholders for 2023 was US$1.43, compared to US$0.36 for 2022. Non-GAAP net income attributable to Weibo's shareholders for 2023 was US$450.6 million, compared to US$540.1 million for 2022. Non-GAAP diluted net income per share attributable to Weibo's shareholders for 2023 was US$1.88, compared to US$2.27 for 2022. For fiscal year 2023, cash provided by operating activities was US$672.8 million, compared to US$564.1 million for 2022, an increase of 19% year-over-year. Capital expenditures totaled US$36.8 million, and depreciation and amortization expenses amounted to US$58.5 million. Recent Developments Completion of Convertible Senior Notes Offering In December 2023, the Company completed an offering of convertible senior notes due 2030 in an aggregate principal amount of US$330 million (the "Notes"), which reflected the exercise in full by the initial purchaser of its option to purchase an additional US$30 million in aggregate principal amount of the Notes. The Notes bear interest at a rate of 1.375% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024. The Notes will mature on December 1, 2030, unless redeemed, repurchased or converted earlier in accordance with their terms prior to such date. In order to facilitate the short positions by some holders of the Notes for purposes of hedging their investment in the Notes, the Company lent 6,233,785 ADSs to an affiliate of the initial purchaser of the Notes. Special Cash Dividend On March 14, 2024, the Company's board of directors has approved a special cash dividend of US$0.82 per ordinary share and ADS to holders of its ordinary shares and ADSs as of the close of business on April 12, 2024, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on April 12, 2024 (Beijing/Hong Kong Time). The aggregate amount of the dividend will be approximately US$200 million. The payment date for holders of ordinary shares is expected to be on or around May 6, 2024. The payment date for holders of ADSs is expected to be on or around May 13, 2024. Conference Call Weibo's management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on March 14, 2024 (or 7:00 PM to 8:00 PM Beijing Time on March 14, 2024) to present an overview of the Company's financial performance and business operations. Participants who wish to dial in to the teleconference must register through the below public participant link. Dial in and instruction will be in the confirmation email upon registering. Participants Registration Link: https://register.vevent.com/register/BI7140d89e0c3844dd981dcf7b042efa87 Additionally, a live and archived webcast of this conference call will available at http://ir.weibo.com. Non-GAAP Financial Measures This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo's shareholders, non-GAAP diluted net income per share attributable to Weibo's shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP. The Company's non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, non-cash compensation cost to non-controlling interest shareholders, impairment of intangible assets, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA excludes interest income/expense, net, income tax expenses/benefits, and depreciation expenses. The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company's non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results." About Weibo Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream. Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. The Company generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Designed with a "mobile first" philosophy, Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. To support the mobile format, we have developed and continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. Among other things, Weibo's expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo's limited operating history in certain new businesses; failure to grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo's annual report on Form 20-Fs and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law. Contact:Investor RelationsWeibo CorporationPhone: +86 10 5898-3336Email: ir@staff.weibo.com WEIBO CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except per share data) Three months ended Twelve months ended December 31, September 30, December 31, December 31, December 31, 2022 2023 2023 2022 2023 Net revenues: Advertising and marketing $ 390,544 $ 389,301 $ 403,739 $ 1,596,650 $ 1,534,014 Value-added services 57,454 52,850 59,928 239,682 225,822 Net revenues 447,998 442,151 463,667 1,836,332 1,759,836 Costs and expenses: Cost of revenues (1) 106,087 93,998 100,156 400,585 374,279 Sales and marketing (1) 122,665 109,776 139,726 477,107 461,421 Product development (1) 99,328 82,764 67,243 415,190 333,628 General and administrative (1) (40,552) 21,627 37,537 52,806 117,574 Impairment of intangible assets - - - 10,176 - Total costs and expenses 287,528 308,165 344,662 1,355,864 1,286,902 Income from operations 160,470 133,986 119,005 480,468 472,934 Non-operating income (loss): Investment related income (loss), net (3,582) (8,915) 25,544 (313,109) 18,594 Interest and other income (loss), net (17,508) (19,498) 16,713 (39,273) 11,254 (21,090) (28,413) 42,257 (352,382) 29,848 Income before income tax expenses 139,380 105,573 161,262 128,086 502,782 Less: Income tax expenses (benefits) (18,701) 25,407 72,578 30,277 145,287 Net income 158,081 80,166 88,684 97,809 357,495 Less: Net income attributable to non-controlling interests 16,165 474 808 12,254 2,095 Accretion to redeemable non-controlling interests - 2,203 4,646 - 12,802 Net income attributable to Weibo's shareholders $ 141,916 $ 77,489 $ 83,230 $ 85,555 $ 342,598
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MarketingPulse and eTailingPulse attract 1600 industry professionals
Some 80 renowned speakers from around the world focus on hot topics in marketing and e-commerce The parallel MarketingPulse and eTailingPulse conferences at the Hong Kong Convention and Exhibition Centre (HKCEC) today featured about 80 speakers from around the world who presented at over 30 sessions, InnoTalks and digital marketing and e-tailing workshops The conferences attracted more than 1600 industry professionals from 20 countries and regions Discussions focused on technology; AI futurist Zack Kass revealed the opportunities AI brought and suggested marketers embrace the change with optimism HONG KONG, March 14, 2024 /PRNewswire/ -- The Hong Kong Trade Development Council (HKTDC) held the parallel MarketingPulse and eTailingPulse conferences at the Hong Kong Convention and Exhibition Centre (HKCEC) today. Themed Envision the Next Level, the conferences featured over 30 sessions, InnoTalks and digital marketing and e-tailing workshops, attracting more than 1600 industry professionals from 20 countries and regions. In her welcoming remarks, HKTDC Executive Director Margaret Fong said: "The marketing and e-tailing industries are in constant search of innovative strategies that can reinforce those treasured connections between brands and their consumer base. And that is what MarketingPulse and eTailingPulse are about. This two-in-one event brings together the most creative minds from around the world to exchange insights on the latest trends and opportunities in marketing and e-tailing and to facilitate collaboration." Some 80 speakers from across the globe addressed topics ranging from AI marketing, purpose marketing, national trends and K-Pop for marketing. On targeting age groups, speakers discussed tactics and strategies for the Gen Alpha and silver markets. Other speakers discussed sustainability, sensory marketing, genderless marketing and brand storytelling. AI and other technologies change marketing worldHaving radically changed the world, artificial intelligence is playing a growing role in marketing. AI Futurist Zack Kass, former Head of Go To Market at OpenAI, analysed AI trends in marketing, said AI adoption was creating more powerful, efficient agents in the industry. "It's no longer when you should adopt, but what you should adopt," Mr Kass said, emphasising the urgency. On the public concerns that AI agents would replace human beings, Mr Kass said: "We get to decide what is the line between human and machine and we want to be very clear about it." He urged his audience to "embrace the change with optimism". Karen Cheng, the Head of Social at 9GAG, discussed the transformative impact of memes on brand engagement and content creation in the Web3 era. She said that using memes involved a long-term strategy which impacted business, and pointed out that technology impacted all ages groups. She said: "Business should constantly create value for these holders and influence people to create a community." National trends define direction The national trends discussion combined Chinese elements with contemporary cultural trends. Yinan Wang, Director of the Digital and Information Management Centre and iMoutai Department, Kweichow Moutai, described how the brand innovatively brought the national beverage Moutai to the younger generation. He said the firm established a Maoxiaoling brand of liquor infused chocolates with a trendy image to target customers aged 25 to 50. Mr Wang said: "Youth easily change their tastes, the focus is how to keep them with you, this is the challenge." Purpose marketing success storyPurpose marketing has received significant attention. Ibby Abutarboush, former Brand Defining & Purpose Marketing Director of Nike, emphasised the importance of brand-building and consumer experiences, saying: "It is very important to understand your consumer and your community. Change is ever constant, and our community is becoming more global than ever." On the experience of Nike brand building, he believed the power of sport was underpinned by the power of people. He emphasised the importance of staying committed and working with the right partners. Overseas marketing experts presented their ideas, including Jungsuk Jay Lee, recent Chief Ecosystem Officer of NAVER Z Corp (ZEPETO); Dani Mariano, President of Razorfish; Simon Barnett, Director of Brand Partnerships & Advertising of Moonbug Entertainment, which distributes IP rights for children's entertainment brands Blippi and Cocomelon; Giovanni Musillo, Managing Director (Hong Kong and Macao) of OnTheList; Patrick Garvey, Founding Partner of WE ARE Pi, a renowned advertising agency in the Netherlands; Yoji Minakuchi, Fellow & Chief Design Officer of Suntory Holdings from Japan; Johanna Monange, Founder and CEO of Maison 21G, a perfume brand from France; Julie Nestor, Executive Vice President, Head of Marketing and Communications of Asia Pacific for Mastercard; and Bradley Horowitz, CEO of MALIN+GOETZ, a skincare brand from New York. Participants exchange insights, seize opportunitiesAt the conferences, 40 marketing services and e-commerce solutions suppliers presented diverse and quality marketing services to attendees from Hong Kong and overseas. At the event to find service providers, Trai Sasatavadhana, Business Development Director from Ananda Development Public Company Limited, Thailand, welcomed the exhibition. He said: "The event exceeded my expectations, and I can really feel that the city is ready to restart. There were a lot of interesting solutions, great speakers and topics discussed." More than 150 business matching sessions helped brand and marketing company representatives work together. At the end of the event, a performance by singers JW and DJ King helped attendees unwind, connect and broaden their networks. Supports from industry facilitate interactionMarketingPulse and eTailingPulse were supported by a number of organisations and industry associations, including the Hong Kong Federation of E-Commerce, Hong Kong Federation of Live Commerce, Hong Kong Public Relations Professionals' Association, Hang Seng Bank, EternityX and the Association of Accredited Advertising Agencies of Hong Kong, and IAB Hong Kong powered by HKDMA. Video on-demand pass available until 13 AprilIndustry professionals will be able to access the online MarketingPulse & eTailingPulse platform from tomorrow, 14 March, until 13 April, offering a chance to take advantage of the many features of the platform and revisit the events online. MarketingPulse website: https://marketingpulse.hktdc.com/conference/mp/eneTailingPulse website: https://etailingpulse.hktdc.com/conference/etp/en Photo download: https://bit.ly/43enXZE AI Futurist Zack Kass, former Head of Go To Market at OpenAI, analysed the trends of AI in marketing. Media enquiriesPlease contact the HKTDC's Communications & Public Affairs Department:Katy Wong Tel: (852) 2584 4524 Email: katy.ky.wong@hktdc.orgPhyllis Tsang Tel: (852) 2584 4288 Email: phyllis.km.tsang@hktdc.org HKTDC Media Room: http://mediaroom.hktdc.com About HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
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Study of Kintor's c-Myc Degrader Published in Subsidiary Journal of Nature
SUZHOU, China, March 14, 2024 /PRNewswire/ -- Kintor Pharmaceutical Limited ("Kintor Pharma", HKEX: 9939.HK), a clinical-stage biotechnology company developing innovative small molecule and biological therapeutics, announces that Kintor and its cooperative partner had published an article named MYC Induces CDK4/6 Inhibitors Resistance by Promoting pRB1 Degradation in a subsidiary journal of Nature—Nature Communications (Impact factor: 16.6). Nature Communications is one of the top journals in biology field and is classified as Q1 in several categories, representing a leading research level in the world. The study shows that target c-Myc molecular glue compound has great potential, which could provide more directions for overcoming resistance issues of CDK4/6 inhibitors in various tumor fields. Issue: This article analyzes the mechanism of c-Myc that induces CDK4/6 inhibitors resistance and introduces A80.2HCl, a promising molecular glue compound developed by Kintor Pharma, to enhance the therapeutic efficacy of CDK4/6 inhibitors. Background: CDK4 and CDK6 (CDK4/6) govern progression through the early G1 phases of the cell cycle, and they have shown profound effects against several solid tumors. CDK4/6 inhibitors (CDK4/6i) have been approved for the treatment of hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative advanced or metastatic breast cancer. However, their application to other tumor types and intrinsic resistance mechanisms are still unclear. Existing mechanism studies have shown that the loss of normal RB1 function is the most frequently observed change in cells resistant to CDK4/6i. MYC is one of the most widely investigated oncoproteins that regulates many cellular processes and contributes to tumorigenesis and therapeutic resistance in several different cancer types. This article analyzes the mechanism of MYC that induces CDK4/6 inhibitors resistance by promoting pRB1 degradation and introduces a c-Myc degrader A80.2HCl, a promising molecular glue compound developed by Kintor Pharma, to enhance the therapeutic effectiveness of CDK4/6 inhibitors. Results: High MYC expression drives resistance to CDK4/6i by masking pRB1 High MYC expression reduces pRB1 abundance via proteasomal degradation The E3 ubiquitin ligase KLHL42 interacts with pRB1 and induces pRB1 proteasomal degradation KLHL42 is a transcriptional target of MYC that mediates CDK4/6i resistance Identification of A80.2HCl as a MYC-degrading molecule A80.2HCl potentiates the therapeutic efficacy of CDK4/6 inhibitors Conclusion: High MYC expression drives resistance to CDK4/6i by directly activating the transcription of the E3 ubiquitin ligase KLHL42, which promotes pRB1 ubiquitination and degradation and thus leads to pRB1 protein deficiency A molecule that degrades MYC, A80.2HCl, developed by Kintor Pharma, to abolish MYC when applied at nanomolar levels, rescues pRB1 protein activity, and diminishes MYC-dependent CDK4/6i resistance The combination of CDK4/6i and MYC-degrading molecule A80.2HCl shows an additive effect on killing tumor cells both in vitro and in vivo Full article: The full article is available in Nature Communications.Download: https://www.nature.com/articles/s41467-024-45796-w
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U.S. EV Battery Recycling Industry Faces Challenge as Input Supply Reaches Only a Quarter of Capacity by 2030
Between operational and announced projects, annual recycling capacity will greatly surpass the expected 341,000 EV-equivalents of batteries available for recycling NEW YORK, March 13, 2024 /PRNewswire/ -- Heavy investment from the private sector and the U.S. government has led to plans for battery recycling outpacing demand. According to new research from global technology intelligence firm ABI Research, U.S. Electric Vehicle (EV) battery recycling plants plan to have the capacity to recycle 1.3 million EV-equivalents of batteries annually, but only 341,000 will be available by 2030. "There are concerns about a lack of capacity for EV battery recycling, but the opposite is true. Current plans for recycling plants see capacity greatly outstripping the supplies of waste batteries. This will lead to uneconomic utilization rates or, more likely, a delay or scaling down in recycling projects," says Dylan Khoo, Electric Vehicles Industry Analyst at ABI Research. In 2030, around one-third of waste EV batteries will be end-of-life batteries installed in cars, having reached the end of their useful lives, and are then recycled. The rest will come from factory scrap: batteries that do not pass quality control on production lines and go directly to recycling. For the planned battery recycling plants to reach a viable utilization rate, there must either be a massive reduction in EV battery lifespans or a gigafactory yield rate, neither of which is likely. Given the expected shortage of waste EV batteries, battery recyclers must be highly competitive to win. A superior recycling process, such as Ascend Elements' more efficient hydro-to-cathode direct recycling process, could be a key advantage. Recyclers that are also building up a supply chain of non-recycled materials to ensure a consistent output of processed materials, such as Redwood Materials, will also be better poised to make it through the supply shortage without scaling back their plans. "We expect to see a revision of recycling plant plans to account for the shortage of waste EV batteries and an increase in demand for these batteries, which will put pressure on recyclers. This will have knock-on effects, further weakening the business case for second-life applications, as used batteries are more likely to go directly to recycling rather than be reused," concludes Khoo. These findings are from ABI Research's Securing the EV Supply Chain: Battery Recycling in the United States application analysis report. This report is part of the company's Electric Vehicles research service, which includes research, data, and ABI Insights.. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific technology. About ABI Research ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers. ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。 For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com. Contact Info: GlobalDeborah PetraraTel: +1.516.624.2558pr@abiresearch.com
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Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results
NANJING, China, March 13, 2024 /PRNewswire/ -- Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Highlights for the Fourth Quarter of 2023 Net revenues in the fourth quarter of 2023 increased by 265.8% year-over-year to RMB99.9 million (US$14.1 million[1]). Revenues from package tours in the fourth quarter of 2023 increased by 1377.1% year-over-year to RMB73.4 million (US$10.3 million). Gross profit in the fourth quarter of 2023 increased by 511.7% year-over-year to RMB74.6 million (US$10.5 million). Highlights for the Fiscal Year 2023 Net revenues in 2023 increased by 140.3% year-over-year to RMB441.3 million (US$62.2 million). Revenues from package tours in 2023 increased by 374.1% year-over-year to RMB333.4 million (US$47.0 million). Gross profit in 2023 increased by 227.9% year-over-year to RMB293.7 million (US$41.4 million). "In 2023, the travel market's robust recovery helped Tuniu achieve a strong performance for the year," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "In the fourth quarter, our net revenues increased by 265.8% year-over-year, while revenues from packaged tours increased by 1377.1%. Tuniu has become a trusted brand in the vacation sector due to our longstanding commitment to delivering high-quality products and services. Reflecting the progress of our business, we are pleased to announce that the Company achieved its first full-year non-GAAP[2] profitability since the COVID-19 pandemic. This demonstrates the effectiveness of the strict cost control measures that we have implemented. In 2024, we will continue to seize upon opportunities presented by the market recovery, leverage Tuniu's core advantages, enhance performance, and continuously demonstrate our growth potential and profitability to the market." [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.0999 on December 29, 2023 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm. [2] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP. Fourth Quarter 2023 Results Net revenues were RMB99.9 million (US$14.1 million) in the fourth quarter of 2023, representing a year-over-year increase of 265.8% from the corresponding period in 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers. Revenues from packaged tours were RMB73.4 million (US$10.3 million) in the fourth quarter of 2023, representing a year-over-year increase of 1377.1% from the corresponding period in 2022. The increase was primarily due to the growth of organized tours. Other revenues were RMB26.6 million (US$3.7 million) in the fourth quarter of 2023, representing a year-over-year increase of 18.8% from the corresponding period in 2022. The increase was primarily due to the growth in commission fees received from other travel-related products. Cost of revenues was RMB25.3 million (US$3.6 million) in the fourth quarter of 2023, representing a year-over-year increase of 67.3% from the corresponding period in 2022. As a percentage of net revenues, cost of revenues was 25.3% in the fourth quarter of 2023, compared to 55.4% in the corresponding period in 2022. Gross profit was RMB74.6 million (US$10.5 million) in the fourth quarter of 2023, representing a year-over-year increase of 511.7% from the corresponding period in 2022. Operating expenses were RMB198.0 million (US$27.9 million) in the fourth quarter of 2023, representing a year-over-year increase of 509.3% from the corresponding period in 2022. The increase was primarily due to the impairment of goodwill of RMB114.7 million (US$16.2 million) recorded in the fourth quarter of 2023. Research and product development expenses were RMB10.4 million (US$1.5 million) in the fourth quarter of 2023, representing a year-over-year decrease of 4.5%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.4% in the fourth quarter of 2023, decreasing from 40.0% as a percentage of net revenues in the corresponding period in 2022. Sales and marketing expenses were RMB33.2 million (US$4.7 million) in the fourth quarter of 2023, representing a year-over-year increase of 45.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.2% in the fourth quarter of 2023, decreasing from 83.6% as a percentage of net revenues in the corresponding period in 2022. General and administrative expenses were RMB42.1 million (US$5.9 million) in the fourth quarter of 2023, representing a year-over-year increase of 27.0%. The increase was primarily due to the impairment of property and equipment, net, recorded in the fourth quarter of 2023. General and administrative expenses as a percentage of net revenues were 42.1% in the fourth quarter of 2023, decreasing from 121.2% as a percentage of net revenues in the corresponding period in 2022. Loss from operations was RMB123.4 million (US$17.4 million) in the fourth quarter of 2023, compared to a loss from operations of RMB20.3 million in the fourth quarter of 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB15.2 million (US$2.1 million) in the fourth quarter of 2023. Net loss was RMB132.9 million (US$18.7 million) in the fourth quarter of 2023, compared to a net loss of RMB9.3 million in the fourth quarter of 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB5.6 million (US$0.8 million) in the fourth quarter of 2023. Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB132.3 million (US$18.6 million) in the fourth quarter of 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB4.4 million in the fourth quarter of 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB6.2 million (US$0.9 million) in the fourth quarter of 2023. As of December 31, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.2 billion (US$171.8 million). Fiscal Year 2023 Results Net revenues were RMB441.3 million (US$62.2 million) in 2023, representing a year-over-year increase of 140.3% from 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers. Revenues from packaged tours were RMB333.4 million (US$47.0 million) in 2023, representing a year-over-year increase of 374.1% from 2022. The increase was primarily due to the growth of organized tours. Other revenues were RMB107.9 million (US$15.2 million) in 2023, representing a year-over-year decrease of 4.8% from 2022. The decrease was primarily due to the decrease in revenues generated from financial services. Cost of revenues was RMB147.6 million (US$20.8 million) in 2023, representing a year-over-year increase of 56.9% from 2022. As a percentage of net revenues, cost of revenues was 33.4% in 2023 compared to 51.2% in 2022. Gross profit was RMB293.7 million (US$41.4 million) in 2023, representing a year-over-year increase of 227.9% from 2022. Operating expenses were RMB395.6 million (US$55.7 million) in 2023, representing a year-over-year increase of 32.0% from 2022. Research and product development expenses were RMB57.0 million (US$8.0 million) in 2023, representing a year-over-year increase of 12.2%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 12.9% in 2023, decreasing from 27.7% as a percentage of net revenues in 2022. Sales and marketing expenses were RMB117.7 million (US$16.6 million) in 2023, representing a year-over-year increase of 13.6%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 26.7% in 2023, decreasing from 56.4% as a percentage of net revenues in 2022. General and administrative expenses were RMB113.2 million (US$15.9 million) in 2023, representing a year-over-year increase of 3.9%. The increase was primarily due to the impairment of property and equipment, net, recorded in 2023. General and administrative expenses as a percentage of net revenues were 25.7% in 2023, decreasing from 59.3% as a percentage of net revenues in 2022. Loss from operations was RMB101.9 million (US$14.3 million) in 2023, compared to a loss from operations of RMB210.2 million in 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.0 million (US$7.0 million) in 2023. Net loss was RMB101.1 million (US$14.2 million) in 2023, compared to a net loss of RMB203.0 million in 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.8 million (US$7.2 million) in 2023. Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB99.3 million (US$14.0 million) in 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB193.4 million in 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB52.6 million (US$7.4 million) in 2023. Business Outlook For the first quarter of 2024, Tuniu expects to generate RMB101.1 million to RMB107.4 million of net revenues, which represents a 60% to 70% increase year-over-year compared with net revenues in the corresponding period in 2023. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Share Repurchase Program In March 2024, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares representing ordinary shares. The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Tuniu plans to fund the repurchases from its available cash balance. Conference Call Information Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 13, 2024, (8:00 pm, Beijing/Hong Kong Time, on March 13, 2024) to discuss the fourth quarter and fiscal year 2023 financial results. To participate in the conference call, please dial the following numbers: US 1-888-346-8982 Hong Kong 852-301-84992 Mainland China 4001-201203 International 1-412-902-4272 Conference ID: Tuniu 4Q 2023 Earnings Conference Call A telephone replay will be available one hour after the end of the conference call through March 20, 2024. The dial-in details are as follows: US 1-877-344-7529 International 1-412-317-0088 Replay Access Code: 6212624 Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com. About Tuniu Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com. Safe Harbor Statement This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; the impact of the COVID-19 on Tuniu's business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. 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. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law. About Non-GAAP Financial Measures To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to income/(loss) from operations, net income/(loss), net income/(loss) attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries, impairment of goodwill and impairment of property and equipment, net. The presentation of this non-GAAP financial measure 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 believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release. (Financial Tables Follow) Tuniu Corporation Unaudited Consolidated Balance Sheets (All amounts in thousands, except per share information) December 31, 2022 December 31, 2023 December 31, 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 153,835 377,529 53,174 Restricted cash 44,052 65,764 9,263 Short-term investments 724,413 776,645 109,388 Accounts receivable, net 33,644 44,739 6,301 Amounts due from related parties 1,030 9,515 1,340 Prepayments and other current assets 242,994 236,076 33,251 Total current assets 1,199,968 1,510,268 212,717 Non-current assets Long-term investments 230,562 209,819 29,552 Property and equipment, net 85,182 57,479 8,096 Intangible assets, net 30,672 26,091 3,675 Land use right, net 92,590 90,529 12,751 Operating lease right-of-use assets, net 33,204 12,484 1,758 Goodwill 114,661 - - Other non-current assets 91,091 55,960 7,882 Total non-current assets 677,962 452,362 63,714 Total assets 1,877,930 1,962,630 276,431 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS ANDEQUITY Current liabilities Short-term borrowings 7,517 7,277 1,025 Accounts and notes payable 261,873 317,104 44,663 Amounts due to related parties 4,710 6,405 902 Salary and welfare payable 26,507 21,401 3,014 Taxes payable 4,047 4,305 606 Advances from customers 98,899 271,485 38,238 Operating lease liabilities, current 12,439 2,709 382 Accrued expenses and other current liabilities 358,312 330,343 46,529 Total current liabilities 774,304 961,029 135,359 Non-current liabilities Operating lease liabilities, non-current 26,482 5,348 753 Deferred tax liabilities 6,839 6,027 849 Long-term borrowings 11,959 10,395 1,464 Total non-current liabilities 45,280 21,770 3,066 Total liabilities 819,584 982,799 138,425 Redeemable noncontrolling interests 27,200 27,200 3,831 Equity Ordinary shares 249 249 35 Less: Treasury stock (288,600) (285,983) (40,280) Additional paid-in capital 9,125,655 9,138,720 1,287,162 Accumulated other comprehensive income 298,981 305,416 43,017 Accumulated deficit (8,028,261) (8,127,552) (1,144,742) Total Tuniu Corporation shareholders' equity 1,108,024 1,030,850 145,192 Noncontrolling interests (76,878) (78,219) (11,017) Total equity 1,031,146 952,631 134,175 Total liabilities, redeemable noncontrolling interests and equity 1,877,930 1,962,630 276,431 Tuniu Corporation Unaudited Consolidated Statements of Comprehensive Loss (All amounts in thousands, except per share information) Quarter Ended Quarter Ended Quarter Ended Quarter Ended December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023 RMB
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ASIA'S 50 BEST RESTAURANTS UNVEILS THE ESTABLISHMENTS VOTED ONTO THE EXTENDED 51-100 LIST FOR 2024
LONDON, March 13, 2024 /PRNewswire/ -- Asia's 50 Best Restaurants, sponsored by S.Pellegrino & Acqua Panna, announces the list of restaurants ranked between 51st and 100th in the region ahead of its live awards ceremony. This coveted list is created from the votes of Asia's 50 Best Restaurants Academy, an influential, gender-balanced group of 318 leaders made up of food writers and critics, chefs, restaurateurs and regional culinary experts. This year's 51-100 list welcomes 12 new entries. The 51-100 list: A Snapshot Spanning the region, the 51-100 list includes restaurants from 16 cities Singapore and Tokyo lead the rankings with eight spots each with two and three new entries, respectively Lamdre in Beijing is the 2024 recipient of the American Express One To Watch Award, and debuts on the list at No.97 Bangkok is represented by seven restaurants, including new entrant Haoma at No.90 Hong Kong has six places on the list and a new entry with Howard's Gourmet at No.100 Seoul occupies five spots on the list with three new entries: Solbam (No.65), Kwonsooksoo (No.89) and Alla Prima (No.91) Shanghai and Mumbai claim three places each with a new entrant for the latter, The Bombay Canteen at No.70 The cities of Colombo, Gurugram, Kuala Lumpur, Macau, Manila, New Delhi, Shenzhen and Toyama each have one restaurant on the list William Drew, Director of Content at Asia's 50 Best Restaurants, says: "We proudly present the 51-100 list of restaurants in Asia, extending a particularly warm welcome to the newcomers to the 50 Best ranking. This underscores our ongoing commitment to championing the remarkable gastronomic talent thriving in the region. With 12 new entries and representation from 16 Asian cities, this extended list offers gourmets worldwide a selection of establishments to savour during their travels and a variety of exceptional experiences to choose from." The 2024 list of Asia's 50 Best Restaurants will be revealed at the awards ceremony held on 26 March 2024 in Seoul, South Korea. Hosted in collaboration with destination partner Ministry of Agriculture, Food and Rural Affairs (MAFRA) and the Seoul Metropolitan Government, the event will also be livestreamed on 50 Best's Facebook and YouTube channels, starting at 20:00 KST on 26 March (11:00am on 26 March GMT). Media contact:asias50bestrestaurants@foodnews.com.sg Media centre:https://mediacentre.theworlds50best.com/ Asia's 50 Best Restaurants, sponsored by S.Pellegrino & Acqua Panna, announces the extended 51-100 list for 2024.
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The Adecco Group: 2023 ANNUAL REPORT
AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange ZURICH, Switzerland, March 13, 2024 /PRNewswire/ -- The Adecco Group 2023 Annual Report is now available in the Ad Hoc section of the Group's website. Please also refer to the dedicated Annual Report section. 2023 Annual Report (PDF) Financial calendar AGM 11 April 2024 Ex-Dividend date 16 April 2024 Q1 2024 Results 7 May 2024 Q2 2024 / Half Year 2024 Results 6 August 2024 Q3 2024 Results 5 November 2024 About The Adecco Group The Adecco Group is the world's leading talent company. Our purpose is making the future work for everyone. Through our three global business units - Adecco, Akkodis and LHH - across 60 countries, we enable sustainable and lifelong employability for individuals, deliver digital and engineering solutions to power the Smart Industry transformation and empower organisations to optimise their workforces. The Adecco Group leads by example and is committed to an inclusive culture, fostering sustainable employability, and supporting resilient economies and communities. The Adecco Group AG is headquartered in Zurich, Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). Important notice about forward-looking information Information in this release may involve guidance, expectations, beliefs, plans, intentions, or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco Group AG as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company's forward-looking statements include, among other things: global GDP trends and the demand for temporary work; the impact of the global outbreak of novel coronavirus disease (COVID); changes in regulation of temporary work; intense competition in the markets in which the Company operates; integration of acquired companies; changes in the Company's ability to attract and retain qualified internal and external personnel or clients, the potential impact of disruptions related to IT; any adverse developments in existing commercial relationships, disputes or legal and tax proceedings. For further information please contact: Investor Relations investor.relations@adeccogroup.com +41 (0)44 878 88 88 Press Officemedia@adeccogroup.com +44 (0) 20 4592 0646
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Fourth MEGA International Creative Media Festival seeks submissions
SUZHOU, China, March 13, 2024 /PRNewswire/ -- The fourth annual MEGA International Creative Media Festival is accepting submissions for outstanding creative media works by students and professionals until 10 April 2024. The festival will take place from 10 to 16 May 2024 in Suzhou, China. The Academy of Film and Creative Technology at Xi'an Jiaotong-Liverpool University hosts the annual global event to celebrate creative media, exhibitions, graphics, and art. The festival features its International Creative Media Competition; Film, New Media and Creative Technology Summit; and showcases for digital media arts. It aims to facilitate communication among those in the film, television, and creative media fields and to support collaboration between academia and industry. The selection of submissions for the International Creative Media Competition involves a three-stage review by the organising committee, XJTLU academic staff, and industry professionals, including renowned directors, producers, and executives such as Joe Cheung, former chair of the Hong Kong Film Awards Association, and You-Ning Lee, former chair of the Asia-Pacific Film Festival and the Taiwan Film Producer Association. The winning works will have the opportunity to be exhibited at XJTLU's Dolby 4K Cinema. Professor Li-Chuan Evelyn Mai, Associate Dean of the Academy of Film and Creative Technology, says that last year's MEGA festival featured 348 entries spanning genres like short films, documentary films, television shows, music videos, installations, animations, virtual reality works, and games. "With active participation from 114 universities across 11 countries last year, the festival's global impact is undeniable," she says. Professor Mai says she looks forward to introducing a more expansive and cutting-edge perspective in this year's MEGA festival: "Our goal is to create a platform encouraging diversity and meaningful dialogue at the crossroads of technology and creativity." Previous winners say they appreciate the visibility MEGA gave their works and that it provided a platform to meet other creators and gain new ideas. Yun Lee, director of award-winning student work at XJTLU's MEGA festival last year Yun Lee, a Korean student studying in China, directed the work awarded the Best TV Show in the student award section at last year's MEGA festival. "The festival served as a valuable platform to showcase our creativity," she says. "We express gratitude for the chance to share our narrative, hoping that many other students can embrace this incredible opportunity." For submission requirements, please visit https://premiumpro.learningmall.cn/activity#/detail?id=3 For more information, please visit: https://www.xjtlu.edu.cn/en/study/departments/academy-of-film-and-creative-technology/mega
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iQIYI's 'To the Wonder' Selected for CANNESERIES, Marking the First C-Drama in Long Form Competition
BEIJING, March 12, 2024 /PRNewswire/ -- On March 12, the iQIYI original Chinese series To the Wonder was announced by the CANNESERIES (The Cannes International Series Festival), as part of this year's Official Selection for Long Form Competition. This marks the first Chinese language long-form drama series to be selected in this competition since its launch in 2018. To the Wonder is set for its world premiere in Cannes on April 7, where it will vie for five major awards against seven other international series. The nominated mini-series is an adaptation of the award-winning essay collection My Altay by Juan LI, a renowned Chinese essayist. Set in Xinjiang's pristine Altay region, the 8-episode series offers a fresh narrative and sensory experience, blending light comedy with Li's literary aesthetics to explore themes of nature reverence, self-discovery, and the simple yet resilient spirit of the northern Xinjiang herders. Produced by iQIYI, co-produced by RUYI FILM and THE CITY FILM, the series boasts a top-notch cast and production team, which includes some of the acclaimed actors such as Yili MA, winner of the Best Actress award at the 2018 Shanghai Magnolia Awards, one of the most prestigious television awards in China, Yiran ZHOU and Shi YU in the lead roles, with special appearances by Qiming JIANG and Peilun YAN. Other main cast members include Xiaojuan HUANG, Alimujiang TULUXUNBAIKE, Alima, and Hailati HAMU. The production team includes executive producer Dapeng, director Congcong TENG, scriptwriter Yining PENG, chief producer Kang QI and Yueting CAI, producer Shuo ZHANG, cinematography director Yizeng LIU, art director Jianing LI, styling director Yige ZHAO, sound recording director Nan ZHANG, editing director Xinxia ZHOU, and composer Xiaoyang GAO, among others. Reflecting on the universal themes of the series, director Teng remarked, "Art and love enable humanity to transcend language and national boundaries. " Kang QI, one of the chief producers of the series and head of iQIYI's Canran Studio further emphasized the collaborative nature of the project, stating, "We are very fortunate to explore uncharted territories with our outstanding collaborators." CANNESERIES, now in its 7th year and scheduled to take place from April 5 to 10, continues its commitment to showcasing international talents, celebrated screenwriters, and contributors from the multifaceted world of television series production. The selection of To the Wonder for the festival places it alongside notable past selections such as BBC America's Killing Eve, the German period drama series Bauhaus: A New Era, the French biographical mini-series Tapie, and the gripping South Korean thriller, Bargain. The selection of To the Wonder for CANNESERIES marks another milestone in the global recognition of Chinese language dramas, following the earlier selection of another iQIYI original Chinese series, Why Try to Change Me Now, which was selected for the Berlinale Series selection of the 73rd Berlin International Film Festival. These achievements highlight iQIYI's dedication to creating high-quality content that resonates with global audiences and underscore its growing influence in the international entertainment industry. Show Information:To the WonderGenre: DramaFormat: 45 minutes x 8 episodesCreators: Yu GONG, Xiaohui WANGExecutive Producer: Dapeng (One and Only, The Reunions)Director and Screenwriter: Congcong TENG (Send Me to the Clouds)Original Author: Juan LIScreenwriters: Congcong TENG, Yining PENGChief Producer: Kang QI, Yueting CAIProducer: Shuo ZHANG, Man WANGPresented and Produced by: BEIJING IQIYI SCIENCE AND TECHNOLOGY CO., LTD.Co-produced by: SHANGHAI RUYI FILM&TV PRODUCTION CO., LTD.THE CITY FILM CO., LTD. CONTACT: iQIYI Press, press@qiyi.com
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People's voice, people's lives: About China's whole-process people's democracy
BEIJING, March 12, 2024 /PRNewswire/ -- A news report from China.org.cn on China's "two sessions":  People's voice, people's lives: About China's whole-process people's democracy During the just-concluded "two sessions," more than 7,000 suggestions from deputies have been submitted to the secretariat of the second session of the 14th National People's Congress (NPC). But, do these suggestions truly reflect people's concerns? Can the "two sessions" bring these suggestions to fruition? To answer these questions, let's first hear some stories about how the NPC deputies perform their duties. On the birth of "suggestions": NPC deputy Li Ziwei is a senior teacher at Liaoyang Special Education School. For 17 years, she has devoted herself to the education and personal growth of children with Autism Spectrum Disorder (ASD). After Li was elected as an NPC deputy, she has been assiduous in field research and visited ASD households, to collect concerns from parents of ASD patients and the feedback from the general public. Through these efforts, she realized that gaps still exist in China's policies supporting adult ASD patients. Therefore, at this year's "two sessions," Li Ziwei put forth a suggestion about the development of adults with ASD, hoping relevant policies will be made to help them get employed. On the development of the suggestions: NPC deputy Liu Ting has focused on old-age care and submitted corresponding suggestions for four years in a row. Last year, Liu Ting suggested that the purchase and renting of assistive products should be covered by insurance, because for many disabled and partially disabled elderly, assistive products such as household nursing beds and stair climbers are necessities. To improve the situation, Liu Ting visited over 20 cities and learned all about the existing problems in assistive products' rental services under long-term care insurance. This year, Liu refined his suggestion and concentrated on rental services for aged care related assistive products, which are more pertinent to the daily lives of senior citizens and can meet their diversified needs. On the implementation of the suggestions: Last year, NPC deputy Wu De, who is also the president of Sichuan Agricultural University, proposed that services concerning youth employment should be improved, and youth access channels to employment information should be broadened, especially for the graduates with actual challenges. Wu has been following the updates on the implementation of his suggestion. After considering specific suggestions, the Ministry of Human Resources and Social Security aptly adopted various measures. For example, they have incentivized employers to hire more fresh graduates and provided targeted positions for young people including college graduates. Wu is satisfied with these measures. He said that the people in charge confronted the problems, responded with positive attitudes, and helped carry out effective policies. After extensive field research, the NPC deputies who are elected by the people, rooted in the people, and represent the people, have dug out the actual concerns of the people, submitted them to the NPC with pragmatic suggestions, followed up on all updates, and gave the solutions and feedback back to the people. In China, people's voices can be heard, and the lives of Chinese people are being constantly improved. China Mosaic http://www.china.org.cn/video/node_7230027.htm People's voice, people's lives: About China's whole-process people's democracyhttp://www.china.org.cn/video/2024-03/12/content_117056233.htm
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Southeast Asia Connectivity Revenues for FWA and Satellite Communication Markets to Reach US$3.45 Billion by 2028
Fixed wireless access and satellite broadband boom as scalable solutions reach rural and underserved populations SINGAPORE, March 12, 2024 /PRNewswire/ -- Fixed Wireless Access (FWA) and Satellite Communication (SatCom) are ideal broadband technologies to bridge the digital gap in the Southeast Asian region. According to a new report from global technology intelligence firm ABI Research, the FWA connectivity market is expected to reach a value of US$1.33 billion by 2028. Similarly, the adoption of SatCom broadband services in the region is forecasted to grow to US$2.12 billion by 2028. The entry of new FWA and SatCom broadband service providers in the region and, consequently, the rising affordability of broadband plans will contribute to the uptake of broadband services across the region. "Considering the low Fixed Broadband (FBB) subscription rate in the region, for instance, in Indonesia, the Philippines, and Malaysia, wireless connectivity solutions such as FWA and SatCom are the ideal solutions to tap into underserved and remote populations. As Southeast Asian economies build more robust network infrastructure and welcome 5G services, FWA deployment will also become more scalable. Meanwhile, the collaboration between notable SatCom broadband providers such as Starlink, Kacific, and Thaicom will support the region's potential for SatCom connectivity services in Southeast Asia," says Matthias Foo, Senior Analyst at ABI Research. While the Philippines will continue to see a rapid decline in FWA services through 2024, the country demonstrates immense potential for SatCom services. It is forecasted to be the largest Southeast Asian market for SatCom broadband, with 909,000 subscriptions by 2028. Following this, Indonesia and Thailand are forecasted to have the greatest potential to close the digital divide with FWA and SatCom technologies, with a total of 3.17 million FWA and 2.58 million SatCom subscriptions by 2028. These markets, particularly the Philippines and Indonesia, have challenging geographies and limited infrastructure to deploy fixed broadband. These countries also have more than 40% rural populations, demonstrating the potential for SatCom and FWA to penetrate these populations. With the growing Gross Domestic Product (GDP) in the SEA region, there is more disposable income for people to afford wireless connectivity solutions. "Furthermore, with the upcoming 3GPP Release 19 in 2024, the focus on 5G commercial deployments, specifically regarding 5G-Advanced and Massive MIMO, will impact FWA and SatCom markets. However, the lack of spectrum availability to dedicate to FWA and SatCom broadband in competition with regular cellular network connectivity should be carefully considered. The widespread adoption will require more collaboration between the private and public sector," Jake Saunders, VP of Asia-Pacific, concludes. These findings are from ABI Research's Connecting the Unconnected market data report. This report is part of the company's Southeast Asia Digital Transformation Research Service research service, which includes research, data, and analyst insights. Market Data spreadsheets comprise deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie. ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers. ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。 For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com. Contact Info: GlobalDeborah PetraraTel: +1.516.624.2558pr@abiresearch.com
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Xinhua Silk Road: Itinerant exhibition on Dehua white porcelain to be held in U.S., Mexico and Netherlands
BEIJING, March 12, 2024 /PRNewswire/ -- A series of promotion activities for the Chinese Dehua white porcelain international itinerant exhibition, titled the "BLANC de CHINE - Porcelain from Dehua", will be held from March 14 to 22 in the United States, Mexico, and the Netherlands. Photo shows a piece of Dehua white porcelain called "the daughter of the sea". (Photo by Zheng Wenji) The aim of the promotion activities is to enhance the international influence of Dehua porcelain, strengthen its brand awareness among foreign customers and further promote the high-quality development of the porcelain industry. Located in east China's coastal province of Fujian, Dehua has a history of more than 3,700 years of porcelain production. Dehua white porcelain was regarded as the prominent export product during the Song Dynasty and the Yuan Dynasty. In the Ming Dynasty, Dehua white porcelain used to be dubbed "Blanc de CHINE (White from China)" by the French and gained worldwide fame. Ceramics are a carrier, a symbol and a business card for the spread of Chinese culture to the outside world, said Fang Junqin, the head of Dehua County, adding that Dehua expects to take this opportunity to expand its global footprints and strengthen cooperation with foreign partners. At present, Dehua boasts more than 4,000 ceramic enterprises with the scale of the sector reaching 57.7 billion yuan. The county is still one of China's largest producers and exporters of porcelain craftwork which have been sold to more than 190 countries and regions around the world. This event, organized by the Fujian Museum, the United Association of American Fujianese, and the Dehua Ceramic Trade Association with media support from the North American Economic Herald Media Group, is part of a five-year international exhibition tour by Dehua porcelain producers designed to cover over 20 countries and regions. The first leg of the international exhibition tour was held in August last year in Frankfurt, Germany. See the original link: https://en.imsilkroad.com/p/339152.html