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Author: Marie Jones

  • Yanlord Posts Revenue up 44.7% to RMB13.189 Billion for 1H 2021

    Yanlord Posts Revenue up 44.7% to RMB13.189 Billion for 1H 2021

    Yanlord Land Group Limited (Z25.SI) (“Yanlord” or the “Company” and together with its subsidiaries, the “Group”), a Singapore Exchange-listed real estate developer focusing on developing high-end integrated commercial and residential property projects in strategically selected high-growth cities in the People’s Republic of China (“PRC”) and Singapore, today announced its unaudited first half year condensed interim financial statements for the six months ended 30 June 2021 (“1H 2021”).

    The Group’s revenue increased by 44.7% to RMB13.189 billion in 1H 2021 compared to the first half of financial year ended 31 December 2020 (“1H 2020”), of which, RMB11.359 billion was contributed from property development, RMB692 million from property investment and hotel operations, RMB420 million from property management and the remaining RMB718 million from other segment, representing an increase of 46.0%, 40.9%, 13.7% and 50.4% compared to 1H 2020, respectively. The increase in revenue for 1H 2021 was primarily attributable to the increase in gross floor area (“GFA”) delivered to customers, which partly offset by the decrease in average selling price (“ASP”) per square metre (“sqm”) achieved by the Group in 1H 2021 compared to 1H 2020. The decrease in ASP achieved by the Group in 1H 2021 was mainly due to the change in the composition of product-mix delivered in the reporting period.

    The Group has been accelerating the development pace and growing the scale of operations to sustain its growth over the past few years. With the increase of GFA being delivered and recognised as revenue of the Group in 1H 2021, gross profit of the Group for 1H 2021 increased by 7.5% to RMB3.520 billion compared to 1H 2020. Gross profit margin decreased by 9.2 percentage points to 26.7% in 1H 2021 from 35.9% in 1H 2020 primarily due to the change in the composition of product-mix delivered in 1H 2021.

    Profit for the period increased by 54.8% to RMB1.567 billion in 1H 2021 from RMB1.013 billion in 1H 2020, mainly resulting from the increase in gross profit, other operating income and other gains and share of profit from joint ventures and associates as well as decrease in finance cost, partly offset by absence of fair value gain on investment property recorded in 1H 2021 compared to 1H 2020. The profit margin for the period increased by 0.8 percentage point to 11.9% in 1H 2021 compared to 11.1% in 1H 2020. Profit attributable to owners of the Company for 1H 2021 was RMB823 million, an increase of 67.1% compared to 1H 2020.

    Property sales recognition, property pre-sales and accumulated property contracted presales pending recognition

    The Group together with its joint ventures and associates delivered a total GFA of 711,738 sqm of residential and commercial units, and 3,323 units of car parks to customers in 1H 2021, an increase of 145.4% and 96.7% respectively compared to 1H 2020. The gross property sales (including car parks) recognised in 1H 2021 amounting to RMB18.558 billion, an increase of 127.4% compared to 1H 2020, of which, RMB11.433 billion was recognised as revenue of the Group and RMB7.125 billion was recognised as revenue of joint ventures and associates.

    Testament to the strong buyer support for its high-quality developments in the PRC, the property contracted pre-sales of the Group together with its joint ventures and associates from residential and commercial units, and car parks for 1H 2021 was RMB28.681 billion on contracted GFA of 898,943 sqm, a decrease of 3.7% and an increase of 8.1% respectively over 1H 2020. ASP achieved in 1H 2021 was RMB31,905 per sqm.

    For 1H 2021, the total property contracted pre-sales of other property development projects under the Group’s project management business bearing the “Yanlord” brand name was RMB6.843 billion on contracted GFA of 160,221 sqm.

    As at 30 June 2021, the accumulated property contracted pre-sales of the Group together with its joint ventures and associates reached RMB115.364 billion pending recognition in the second half of 2021 (“2H 2021”) and beyond.

    Growing recurring income from property investment and hotel operations and property management

    For 1H 2021, the total rental and hotel income of the Group increased by 40.9% to RMB692 million over 1H 2020. The increase was mainly attributable to the strong recovery of domestic business travel and tourism demand for hotels and serviced apartments in the PRC. Income from property management increased by 13.7% year-on-year to RMB420 million in line with the increase in GFA under management of the Group.

    Prudent financial management

    Benefiting from the strong property contracted pre-sales with high collection ratio achieved in 1H 2021, cash and cash equivalents of the Group increased by 31.9% to RMB22.695 billion with net gearing ratio of the Group decreased by 13.3 percentage points to 49.9% as at 30 June 2021, compared to year end of 2020.

    Land acquisitions

    For 1H 2021, the Group replenished a total GFA of approximately 386,000 sqm of new development sites through public land auctions and acquisitions in Tianjin, Yancheng, Wuxi and Shanghai, the PRC. The total land cost amounted to RMB6.113 billion, of which, RMB3.107 billion was attributable to the Group. Subsequent to 1H 2021, the Group continued to seize land acquisition opportunities and has acquired two sites in Wuxi, the PRC for a total GFA of 299,000 sqm with a total investment amounting to RMB4.540 billion in July 2021.

    Commenting on the Group’s development strategy, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said, “Given the backdrop of strong economic recovery across the PRC during the reporting period, Yanlord’s development strategy of focusing on building premium developments in high-growth economic regions and cities within the PRC continues to deliver business growth.”

    Yanlord will maintain its strategic focus to strengthen its presence in core high-growth cities in the Yangtze River Delta and Greater Bay Area as well as Chengdu, Shenyang, Wuhan and Tianjin, the PRC. Against a backdrop of rapid urbanisation, these regions offer strong fundamentals and a positive economic outlook that attracts talent to sustain the market growth. Yanlord’s highquality developments are highly sought after by home owners looking to upgrade.

    With the constantly introduction of various regulations and control policies across the PRC by central and local authorities as well as the prevailing COVID-19 pandemic, Yanlord has adopted stringent investment strategies and prudent financial management policies to sustain its long-term business growth and control risk. The Group will uphold its competitive strength and market reputation to deliver high-quality products to customers.

    Yanlord’s premium product positioning and development capabilities have been key drivers of its growth over the years. The Group will continue optimising its product range and enhancing its management system to ensure efficient resource allocation. It will also continue improving services to ensure Yanlord can maintain its high standards while expanding its customer base and achieving growth.

    Landbank and new launches in 2H 2021

    As of 30 June 2021, the Group together with its joint venture and associates held a total GFA of approximately 10.734 million sqm of landbank in the prime location of 19 high-growth cities in six major economic regions in the PRC, Singapore and Malaysia. Approximately 51.3% of total landbank is located in Yangtze River Delta, and 21.2% in Greater Bay Area. Tier 1, New Tier 1 and Tier 2 cities of the PRC and Singapore accounted for over 93.3% of the total landbank.

    In line with the strong recovery of the PRC real estate industry, the Group together with its joint ventures and associates will continue to launch new projects for pre-sales in accordance with its development schedule. This would include launching of new projects and new batches of existing projects in 2H 2021, namely:

    – Yangtze River Delta: Yanlord Arcadia, Poetic Villa, Moons Villa and Shanghai Olympic Garden (Phase 3 – Section 2) in Shanghai; Riverbay Century Gardens (Phase 2) and Majestive Mansion in Nanjing; Lantern (Phase 1) in Suzhou; Hangzhou Bay (Phase 4); Yanlord Riverside Gardens (Phase 1) and Yanlord The Mansion in Park in Yancheng; Central Lake (Phase 1) in Wuxi;
    – Bohai Rim: Star Century in Tianjin; Tangshan Nanhu Eco-City – Land Parcel A14; Yanlord Century Plaza and The Mansion in Park in Jinan; Yanlord on the Park in Shenyang;
    – Greater Bay Area: Yanlord Century Mansion and Yanlord Reverie Plaza in Shenzhen; Four Seasons Park (Phase 1) in Zhongshan; and
    – Central China: The Yangtze Garden (Phase 1) in Wuhan.

    Disclaimer

    This press release may contain forward-looking statements that involve assumptions, risks and uncertainties. These forward-looking statements are based on the Group’s current intentions, plans, expectations, assumptions and views about certain future events and are subject to risks, uncertainties and other factors, many of which are not within the Group’s control. Actual future performance and outcomes of certain events and results may differ materially from the Group’s current intentions, plans, expectations, assumptions and views about the future. Examples of these factors include, inter alia, general industry and economic conditions, interest rate movements, cost of capital and capital availability, changes in operating expenses such as employee wages and benefits, governmental and public policy changes, changes to laws and regulations, acts of god and the prevailing global COVID-19 pandemic. Accordingly, forwardlooking statements are not, and should not be construed as a representation as to the future performance of the Group. The past performance of the Group is not indicative of future performance as well.

    While the Group has taken reasonable care to ensure the accuracy and completeness of the information provided in this press release, neither the Group nor any of its affiliates, advisers or representatives shall be liable (in negligence or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind) suffered due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information contained in this press release.

    Shareholders, investors and potential investors are cautioned not to place undue reliance on these forwardlooking statements, which are based on current view of the Group on future events. Shareholders, investors and potential investors should consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take.

    About Yanlord:

    Yanlord is a real estate developer focusing on developing high-end fully-fitted residential, commercial and integrated property projects in strategically selected key and high-growth cities in the PRC and Singapore. Yanlord has been listed on the Mainboard of the Singapore Exchange since June 2006. As at 30 June 2021, the Group’s total asset was approximately RMB156.0 billion.

    Since Yanlord’s foray into the PRC property market in 1993, it has successfully developed a number of large-scale residential property developments with international communities of residents. Building on its established track record for developing high-end residential property developments in prime locations within affluent cities of the PRC, the “Yanlord” name has been developed into a premium brand synonymous with quality within the property development industry of the PRC. Typically, Yanlord’s residential property developments are characterised by large-scale, multi-phased projects designed and built by international architects, leading designers and reputable contractors. Currently, the Group has an established presence in 19 key high-growth cities within the six major economic regions of the PRC, namely:

    – Yangtze River Delta – Shanghai, Nanjing, Suzhou, Hangzhou, Nantong, Yancheng, Taicang
    and Wuxi;
    – Western China – Chengdu;
    – Bohai Rim – Tianjin, Tangshan, Jinan and Shenyang;
    – Greater Bay Area – Shenzhen, Zhuhai and Zhongshan;
    – Hainan – Haikou and Sanya; and
    – Central China – Wuhan.

    In Singapore, Yanlord currently has two residential projects under development, namely Leedon Green and Dairy Farm Residences.

    Since 2003, Yanlord has been developing high-quality commercial and integrated properties for long-term investment purpose, such as shopping malls, offices, serviced apartments and hotels. Currently, Yanlord holds a portfolio of core completed investment and hotel properties, including Yanlord Landmark and Hengye International Plaza in Chengdu; Yanlord Riverside Plaza in Tianjin; Yanlord Marina Centre in Zhuhai; Crowne Plaza Sanya Haitang Bay Resort in Sanya; and Yanlord International Apartments, Tower A and Yanlord Landmark in Nanjing, in the PRC. The Group also holds a high-quality investment property portfolio and hotels in Singapore, including UE BizHub CITY (including Park Avenue Clemenceau), UE BizHub TOWER, UE BizHub WEST, Rochester Mall and Park Avenue Rochester and Park Avenue Robertson. These projects are generating a growing rental income and increase the asset value for the Group. More information about Yanlord can be found on the Company’s corporate website at www.yanlordland.com.

    Analysts & Media Contact:

    Michelle Sze
    Head of Investor Relations
    Yanlord Land Group Limited
    Phone: +852 2861 0608
    Michelle.sze@yanlord.com.hk

    Emma Xu
    Investor Relations and
    Corporate Communication
    Executive
    Yanlord Land Group Limited
    Phone: +65 6336 2922
    Emma.xu@yanlord.com.sg

    Krystal Xu
    Investor Relations Associate
    Yanlord Land Group Limited
    Phone: +65 6336 2922
    Krystal.xu@yanlord.com.sg

     

  • HKTDC Food Expo and concurrent fairs open today

    • Week-long global gourmet food parade and a whole lot more

    The HKTDC Food Expo, HKTDC Hong Kong International Wine & Spirits Fair (Special Edition), HKTDC Hong Kong International Tea Fair, HKTDC Home Delights Expo and HKTDC Beauty & Wellness Expo, hosted by the Hong Kong Trade Development Council (HKTDC), opened today at the Hong Kong Convention and Exhibition Centre (HKCEC).

    The five public fairs have assembled 900 exhibitors from Hong Kong and beyond to showcase a global selection of delicacies and lifestyle products. About 85% of the exhibitors said they are making available at least one consumption voucher payment method to provide a smoother shopping experience for visitors.

    Edward Yau, Secretary of Commerce and Economic Development of the Hong Kong Special Administrative Region (front row, fourth from right), Dr Peter K N Lam, Chairman of the HKTDC (front row, fourth from left), Margaret Fong, HKTDC Executive Director (front row, third from right), and other distinguished guests officiated at the opening ceremony.

     

    The Food Expo is a summer shopping hotspot, attracting thousands of public visitors. The Public Hall presents a global selection of specialty food products.

    In addition to the five public fairs, the International Conference of the Modernization of Chinese Medicine and Health Products (ICMCM), jointly organised by the HKTDC and the Modernized Chinese Medicine International Association, runs at the HKCEC on 12 and 13 August.

    Officiating at this morning’s opening ceremony for the fairs was Guest of Honour Edward Yau, Secretary of Commerce and Economic Development of the Hong Kong Special Administrative Region (HKSAR). Margaret Fong, HKTDC Executive Director, said: “Given the current travel restrictions, we are grateful to see group and individual exhibitors from outside Hong Kong showcasing products through their local representatives, including those from Mainland China, Cambodia, Finland, Indonesia, Japan, Korea, Norway, the Philippines, Poland, Thailand and Vietnam. Their presence underlines Hong Kong’s strength as the ideal trading platform through which food suppliers from around the world can expand their business networks. We are most delighted to welcome 900 exhibitors who are showing their support for these events.”

    On-site hygiene measures to ensure safe shopping experience
    The well-being and safety of exhibitors and visitors is the top priority at the exhibitions. Various measures have been put in place to protect people against the pandemic, including requiring everyone entering and staying in the fairground to wear a mask; not allowing eating, drinking and sample tasting in the fairground; setting up temperature-screening stations; providing hand sanitiser at multiple locations around the venue; and stepping up the cleaning and disinfection of exhibitors’ booths and the venue itself. Physical ticket sales for the August exhibitions are not available at the fairground to avoid the use of cash and minimise contact. Visitors can pay with their Octopus cards at the entrance toll booths to gain entry. To spread the flow of visitors and encourage the public to visit the exhibitions during non-peak hours, the HKTDC has introduced morning and night admission tickets at special prices.

    Updates on the visitor flow and crowd control measures at the HKCEC will be provided on the event website for the consideration of those wishing to visit the fairs. For more details, please visit hkfoodexpo.hktdc.com/tc

    Food Expo (12-16 Aug): wide selection of delicacies and culinary masterclasses
    The 31st Food Expo comprises the Gourmet Zone and the Public Hall. The Public Hall, which opens throughout the five-day fair, showcases a global selection of food items including Japanese salted half boiled egg marinated in sea salt from Okinawa (booth: 1B-D02); Malaysian bak kut teh from Klang Back Street King Seng (booth: 1B-C21); radish pickles with three times more Chinese parsley, deep fried garlic, sakura shrimp and dried chillies (booth: 1C-B34) and low-calorie cauliflower rice (booth: 1E-E21). The Premium Food Zone in the Public Hall features food items offered by more than 20 renowned brands, including Tai Pan’s brand-new vegan snowy mooncakes, Maxims’ “Minions Collection” mooncakes, as well as other products from Nissin, Chui Lau Heung, WH Group, Chewy, Kee Wah, Wing Wah, Super Star Group, Tao Ti and more. New joiners in 2021 include Sau Tao and Chen Yun Pao Chuan.

    The much-anticipated Gourmet Zone is open to the public for four consecutive days (12 to 15 August) and features five thematic zones, namely Asian Cuisine, Western Delicacy, Sweet Delight, Green Palate and Coffee Avenue. Speciality food items are featured in each zone, including tender aged sashimi with rich umami taste (booth: 3C-B17); lemon ginger kombucha that is both healthy and delicious (booth: 3C-E08); decaffeinated sparkling coffee tea brewed from Bolivian Cascara (booth: 3C-F24); Japanese Kohakuiro plum wine that uses 100% Japanese plums soaked in distilled brandy (booth: 3C-A02); and Daitouryou premium white peach from Yamanashi, Japan with 13.5 degrees of sweetness (booth: 3C-F07).

    Activity highlights at the Food Expo include:
    – Culinary masterclasses on “Less Salt and Sugar” recipes to encourage urbanites to develop healthy eating habits (13 August)
    – Cooking demonstrations performed by eight celebrity chefs, including Ricky Cheung, Executive Chef of The Food Story; Kitty Siu, Executive Chef of Kitty’s Kitchen; Will Leung, Executive Chef of 1111; Sandy Keung, founder and Executive Chef of Good BBQ; and Ng Kong-kiu, founder and Chef of Ju Xing Home (12 to 15 August)
    – Local Fresh 123 at which the Fish Marketing Organization and Vegetables Marketing Organization will introduce fresh ingredients from local fisheries and farms (13 August)
    – A series of seminars covering topics such as Dark Magic in Microwave Cooking (13 August), Plant-based Meat Development in Hong Kong (13 August), EatSmart Restaurant Star+ (12 August), Diet Therapy (14 and 15 August) and Foodwise (13 August)
    – The Beef-and-egg King Prize Presentation Ceremony, highlighting what goes into making one of the most popular choices served at Hong Kong-style cafes, the beef and egg sandwich (13 August)
    – Hosted by Jacky Chan, Chef’s Dialogue invites three renowned Hong Kong chefs to share their tips on cooking, eating and ingredient selection (14 August)

    Wine & Spirits Fair (Special Edition) (12-16 Aug): expert sharing, huge range of drinks
    A new addition to the August fairs, the Hong Kong International Wine & Spirits Fair (Special Edition) introduces a broad range of old and new world wines, such as Luna di Luna prosecco (booth: 3D-A01) and wine from the East Helan Mountain Area of Ningxia, Mainland China (booth: 3C-G14). Popular craft beers include Hokkaido Brewing Melon Ale (booth: 3D-A31); MiMi Beer Ruby Roselle Gose (booth: 3C-G13) and Lion Rock Signature, a beer with a silky foam and a refreshing complex fruity taste (booth: 3C-G12). Japanese sake and spirits lovers will enjoy Pure Rice Daiginjo Dairi Special Limited, a masterpiece sake by Fujinishiki brewed with Omachi rice and low-flow water from Mount Fuji, with a specially designed bottle in the shape of the sacred mountain (booth: 3C-G08), Japanese whisky with a unique yuzu and myrtle flavour (booth: 3C-G20) and other interesting brews.

    Wine lovers should not miss the series of activities covering the outlook for natural wines (13 August); sake basics delivered by the Hong Kong General Chamber of Wine & Spirits (13 August); a chit-chat on wine and food pairing with TV host Cecilia Wong (14 August); criteria for selecting high-quality wines from different production regions by Anty Fung, an MWM Wine School recognised instructor (14 August); spirit recommendations by the Hong Kong Wine and Spirits Association (15 August), and more.

    International Tea Fair (12-16 Aug): selected teas and teaware, inspirational events
    The 12th Hong Kong International Tea Fair showcases a variety of high-quality specialty teas, including Rooibos Tea from South Africa (booth: 3D-A12), fully hand-processed Tieguanyin Coal Fired Tea (booth: 3D-A20), 2002 Yiwu Song Ping Hao Lao Shu Tea Block (booth: 3D-A16), premium blended Da Hong Pao and Aged Old Growth Shui Xian from Wuyi Mountain (booth: 3D-B13), Matcha Divine Cloud (booth: 3D-A08A) and other selected teas. Delicate teaware is also featured at the fair, such as NIKKO – FLOWER DANCE designed by Japanese artist Shinpei Naito (booth: 3D-A08), Nambu Iron Kettle from Japan (booth: 3D-A02) and a Famille-Rose tea bowl with an intricate image of a woman teaching her child in the garden (booth: 3D-A10). Activities include an introduction to Japanese tea leaves (13 August), Tea for the Soul (14 August), The Mystery of Tea Therapy (15 August) and a milk tea workshop hosted by KamCha (15 August).

    Home Delights Expo (12-16 Aug): one-stop shop for home tech and household products
    The Home Delights Expo returns for its seventh edition, running for five consecutive days. The Avenue of Delights gathers multiple lifestyle brands, such as Towngas, ZWILLING J.A. Henckels, Tiger and German Pool, offering various kinds of home appliances, kitchenware, tableware and household items. Featured products include sterilisation items such as a car air purifier that employs NASA-developed technology (booth: 3F-D20) and an intelligent disinfection diffuser using ultrasonic technology (booth: 3G-E07).

    In addition, the fair features Hong Kong’s first-ever Smart (IoT) Anti-scorch Gas Built-in Hob (booth: 3F-E02), which can be linked to a mobile application that ensures hassle-free monitoring and supports remote emergency shut-off; and a foldable universal cooker that can be used as an electric oven, a hot pot, a stir-fryer, a grill pan or a barbeque grill (booth: 3F-A16), offering a creative solution for those who love cooking but have limited space at home. Other attractions include a showcase of home design solutions from the Hong Kong Furniture and Decoration Trade Association, while Sharon Lam, Founder of Home Therapy, will deliver a talk on decluttering under the pandemic (12 August).

    Beauty & Wellness Expo (12-16 Aug): discover the formula for improved wellbeing
    The fifth Beauty & Wellness Expo welcomes the Federation of Beauty Industry (H.K.), Hong Kong Hair & Beauty Merchants Association, International Beauty & Health General Union and The Cosmetic & Perfumery Association of Hong Kong to present a variety of health- and beauty-related products at their pavilions. Popular products include a bedding and mattress spray with an anti-dust mite function and blended Indian Neem and eucalyptus essential oils (booth: 3E-D06); an energy-balancing therapy machine that incorporates big data into body analysis and health advice (booth: 3E-A12); and a professional plasma skin purification treatment that employs thermal plasma condensation technology to purify skin, enhance absorption and accelerate skin regeneration (booth: 3D-C01).

    Mask-induced skin problems have become of increasing concern since the pandemic began. Beauty & Health Columnist Yoko Tsang will share tips on treating mask-related skin problems (15 August). On the same day, the Hong Kong China Federation of Bodybuilding & Fitness will stage an event to introduce the Hong Kong Bodybuilding & Fitness Invitation Championship.

    ICMCM (12 to 13 August): convergence of healthcare insights
    Jointly organised by the HKTDC and the Modernized Chinese Medicine International Association, the International Conference of the Modernization of Chinese Medicine and Health Products (ICMCM) runs on 12 and 13 August. The conference this year is themed “Integrative Medicine for Prevention and Treatment of COVID-19 and Related Disorders: Clinical Studies and Product Development”, presenting invaluable Chinese medicine insights to industry practitioners. The speaker line-up features professors from Yale University in the United States and experts from the Netherlands, Malaysia, Mainland China and Hong Kong. Running in a hybrid format, physical and online sessions will be offered to facilitate the exchange of ideas among participants. Registered Chinese medicine practitioners in Hong Kong are eligible for the CME application.

    More opportunities to spend consumption vouchers plus daily lucky draw
    The HKTDC has invited Octopus and WeChat Pay to provide exhibitors with exclusive discounts to encourage them to use the payment platforms, which in turn will give visitors more opportunities to spend their recently received consumption vouchers under the HKSAR Government’s Consumption Voucher Scheme. Besides, the “Buy-more-win-more Lucky Draw” will be held every day during the exhibition period with prizes including five-star hotel accommodation packages, restaurant vouchers, luxury food items, skincare kits and health products. Spending HK$200 or more with a single receipt gives visitors one entry into the lucky draw – the more you spend, the greater your chance of winning.

    The HKTDC has launched the August Happy Buy website for the five exhibitions, allowing the public to keep up to date with the latest shopping news and various flash sales, including a HK$1 Super Star Seafood Feast, bottled Hong Kong-style milk tea and Musang King durian snowy mooncakes. E-coupons can be downloaded in advance to enjoy all the special offers at the exhibitions. For more details, please visit the August Happy Buy website at https://ecoupon.hktdc.com/food

    In addition, a vaccination incentive campaign is running during the fairs to give out 30,000 free admissions to citizens who have been vaccinated (that is, having received at least one dose of a COVID-19 vaccine). Members of the public can enter the venue for free on weekday mornings (12, 13 and 16 August before 12 noon) by presenting their COVID-19 vaccination record. Free admission will be given on a first-come-first-served basis while the quota lasts. Many exhibitors are also participating in providing discounts and gifts for people who have been vaccinated. For details, please visit the August Happy Buy website.

    Websites:
    – HKTDC Food Expo: https://hkfoodexpo.hktdc.com
    – HKTDC Hong Kong International Wine & Spirits Fair (Special Edition): https://hkwinefairaugust2021.hktdc.com
    – HKTDC Hong Kong International Tea Fair: https://hkteafair.hktdc.com
    – HKTDC Home Delights Expo: https://homedelights.hktdc.com
    – HKTDC Beauty & Wellness Expo: https://hkbeautyexpo.hktdc.com
    – The International Conference of the Modernization of Chinese Medicine and Health Products (ICMCM): https://icmcm.hktdc.com
    – August Happy Buy website: https://ecoupon.hktdc.com/food/
    – Photo Download: https://bit.ly/2VGD0x5

    About HKTDC
    The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

    Media enquiries:
    HKTDC Communication & Public Affairs Department
    Clayton Lauw, Tel: +852 2584 4472, Email: clayton.y.lauw@hktdc.org
    Angel Tang, Tel: +852 2584 4544, Email: angel.hc.tang@hktdc.org
    Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

  • Sunpower’s GI business performed well in 1H 2021 with GI PATMI up 37.0% YoY to RMB91.8 million

    Sunpower’s GI business performed well in 1H 2021 with GI PATMI up 37.0% YoY to RMB91.8 million

    Mainboard-listed Sunpower Group Ltd. (Sunpower or the Group), a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term, cash-generating Green Investments (GI) projects that uses innovative integrated environmental protection technologies to facilitate the development of the circular economy and help China attain carbon peak and carbon neutrality, today announced its financial results for the six months to 30 June 2021 (1H 2021).

    Results Highlights
    Completed disposal of M&S business to unlock value and improved return for shareholders

    • Paid substantial Special Dividend of S$0.2412 per share
    • Recognised gain on disposal of RMB934.0 million
    • Green Investments (GI) is now the principal business of the Group
    •  GI performance remains strong, driven by continued ramp-up of GI plants
    • Total steam sales volume for 1H2021 grew by 73.2% YoY to 3.93 million tons
    •  GI revenue rose 77.3% YoY to record RMB906.6 million
    •  GI EBITDA rose 50.0% YoY to RMB 281.3 million
    • GI PATMI grew 37.0% YoY to RMB91.8 million in 1H 2021
    • GI operating cashflow rose to RMB156.0 million
      Group results boosted by gain on M&S disposal and excellent GI performance
    • PATMI rose 247.2% YoY to RMB602.5 million due to gain on disposal and strong GI results

    Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million
    Group Financial Highlights (Without Financial Effects of Convertible Bonds and Warrants)
    Please see http://sunpower.listedcompany.com/newsroom/20210812_001821_5GD_X3CN815RIZBAT10L.2.PDF

    Key Investment Highlights
    Leading provider of industrial steam with development strategy aligned with national policies
    Within 3 years from the first CB issue in 2017, Sunpower has scaled up to 9 projects in operation and 2 in construction with a proven track record, leading market position and strong brand equity. Its long-term growth strategy is aligned with national policies on CO2 reduction, energy conservation and smog control. Multiple pollution sources can be eliminated with just one centralised GI plant within a circular economy industrial park that helps the park attain zero emissions and allows Sunpower to increase revenue and reduce cost.

    Superior GI business model that generates 100%-recurring, long-term income and cash flows
    GI’s superior business model is based on exclusive concessions of typically 30 years with first right to renew that confer a strong market position to supply steam, a non-discretionary input product, to a large base of customers that provides resilient counter-cyclical demand, bolstered by technologies that act as entry barriers against competition. Direct B2B arrangements with customers enable GI plants to require either pre-payment or immediate post-payment, and a contractual fuel cost passthrough mechanism that allows reliable long-term profitability across cycles.

    Excellent financial performance with high margins and strong cash generation
    Sunpower has proven its ability to sustain excellent financial performance with high profitability and strong cash generation.

    Well-positioned to gain long-term growth potential
    Sunpower is well-positioned to benefit from customers’ natural organic growth as the mandatory closures of small dirty boilers redirect steam demand to its clean centralised GI plants and as more factories relocate to industrial parks served by GI plants. Long-term sustainable growth will come from the large addressable market and strong project pipeline.

    Practises ESG and sustainability values in every aspect
    Sunpower is committed to better sustainability in its business by incorporating environmental, social and governance (ESG) values it does. In this way, it supports the ecologically sustainable development of China’s economy, and aims to help China achieve its national CO2 emission peak and carbon neutrality targets.

    Professional & disciplined management with strong execution and entrepreneurship
    The key management are professional and disciplined executives with extensive experience, strong execution capabilities, entrepreneurship and a refined and standardised management approach.

    DCP and CDH are strategic institutional investors that support the group
    They are among the largest and most experienced private equity investors in China with a strong track record of investing and nurturing many leading companies in China.

    Financials
    As the GI business went from strength to strength, the strong 1H 2021 performance proved the recurring, high-quality nature of Sunpower’s GI development strategy that is creating sustainable value for the Group in the long-term.

    Total steam sales volume grew 73.2% to 3.93 million tons in 1H 2021, boosted by (a) robust rampingup of new plants such as Shantou Phase 1; (b) connections to new customers; and (c) organic expansion of existing customers’ already-resilient businesses.

    As a result, GI revenue grew 77.3% YoY to RMB906.6 million. GI EBITDA and GI PATMI grew 50.0% YoY and 37.0% YoY to RMB281.3 million and RMB91.8 million respectively due to Sunpower’s sophisticated management and strong operational capabilities. GI operating cashflow in 1H2021 increased to RMB156.0 million, demonstrating GI’s excellent capabilities of generating recurring cashflows.

    Following the disposal, the M&S business was deconsolidated on 30 April 2021. A substantial gain on disposal of RMB934.0 million was recorded, boosting group PATMI to RMB602.5 million in 1H 2021, up 247.2% YoY. Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million.

    Business Update
    Sunpower supplies industrial steam to a diverse range of industries, such as chemical, printing & dyeing, paper making, F&B, building materials, pharmacy, paint, wood processing, chemical fertilisers, supported by structural demand. It also provides pollution-free civil heating to a large base of households and electricity to the State Grid.

    Update on Shantou Project:
    – Rapid ramp up of Phase 1 since the beginning of 2021 and will continue to ramp up with connections to additional customers in the Park
    – New revenue sources are being added, e.g. compressed air, sludge incineration, sales of waste products, etc
    – Phase 2 is expected to commence production in 2021 to meet customers’ robust demand

    Shantou Project is Sunpower’s 51%-owned steam and electricity cogeneration plant in the Shantou Textile Circular Economy Industrial Park in Chaonan District of Shantou City, Guangdong Province (the “Park”) with a 38.5 year concession. The combined current designed capacity of Phase 1 (which started commercial operations in 4Q 2020) and Phase 2 (under construction) is 970 tons/hour of steam and 100 MW of electricity, making it the largest project in Sunpower’s GI portfolio.

    Shantou Project is one of the key water pollution control and alleviation measures put in place to clean up heavily-polluted Lianjiang River, specially built to supply 128 printing & dyeing companies that qualified to be relocated from their previous sites along Lianjiang River into the Park on an accelerated basis. In addition to controlling air and water pollution along the river, Shantou Project promotes the built-up of circular economy activities in the Park and ensures long-term employment amidst the sustainable development of the area’s dyed textile and garment industry, a pillar industry in Shantou City that has helped make China a major producer of garments such as jeans and women’s wear.

    Shantou has large potential as it is the exclusive steam supplier in the park, and the accelerated relocation of local printing & dyeing companies into the park is boosting its ramp-up.

    Updates on other GI projects:
    – Changrun Project: Steam supply to new large customer Sanli started in May 2021 following the completion of the pipeline connection.
    – Yongxing Plant: Commencement of blended sludge combustion in 1Q 2021 improved efficiency and increased revenue.
    – Xintai Zhengda Project: The remaining part is under construction and is expected to be completed by the end of 2021.
    – Xinyuan Plant: The construction of the city heating network system for the newly-added 2 million m2 concession area in Jimo International Trade Park is expected to be completed in 3Q 2021.
    – Projects under construction: Tongshan and Shanxi Xinjiang Projects are progressing as planned, and are expected to start operations in 2021 and 2022 respectively.

    Outlook
    With a stronger balance sheet following the disposal of the M&S business, Sunpower is well positioned to take the GI business to even greater heights. GI is expected to continue to generate 100%-recurring, long-term, high-quality income and cashflows for the Group.

    China’s GDP grew 12.7% YoY in 1H 2021 to RMB53.2 trillion. Overall, the economy of China improved in a stable way, and the recovery of the global economy has also led to greater external demand. However, due to the global economic recovery and the impact of easing monetary policy, commodity prices have been continuously increasing this year which pushes up the cost of raw materials and adds pressure to the production and operation of some downstream enterprises. The Chinese government has rolled out a series of measures to secure supply and stabilise the prices of commodities.

    The recently-issued “14th Five-Year Plan for Circular Economy Development” by the National Development and Reform Commission (NDRC) promotes the circular economy and centralized steam facilities as part of China’s efforts to achieve its carbon peak and carbon neutral goals. Sunpower is well positioned to benefit as it is already a pioneer in circular economy and centralized steam facilities through its GI plants.

    For 2021, Sunpower intends to continue to execute the following two-pronged strategy with emphasis on the quality of development that amplifies its strengths:
    (1) By solidifying its market position as an environmentally-clean centralised provider of industrial steam, heating and electricity through (a) the continuous ramp-up of its existing GI portfolio, supported by further expansion of the coverage areas and customer base of the projects but with less intense capital expenditure; (b) proceeding with the planned construction of the expansion phases of certain existing projects; (c) continuous closure of small “dirty” boilers; and (d) the continuous cultivation of the earnings quality and asset returns of existing projects, and

    (2) By tapping into its proven ability to identify and invest in additional promising GI projects that meet the investment hurdles of the Company.

    Barring unforeseen circumstances, the Group expects the business trends summarized below to benefit its business in FY2021. Please note that Sunpower’s financial results12 should be viewed on a 12-month basis to arrive at a balanced perspective.

    Anticipated additional contributions from new plants, namely:
    – Shantou Project, where Phase 1 is in commercial operation and will continue to ramp up rapidly, while Phase 2 construction is expected to be completed in 2021.
    – Xintai Zhengda Project, where part of the new facility is in commercial operation, and construction of the remaining part is expected to be completed in 2021.
    – Tongshan Project, where construction of Phase 1 is expected to be completed in 2021.

    Continued ramp-up and enhancement of all existing GI plants, namely:
    – Continuous connection of new customers, following mandatory closures of small dirty boilers, mandatory location and/or relocation of new factories into industrial parks, expansion of coverage area, and/or organic growth of customers and industrial parks served by the Group’s GI plants
    – Anticipated increase in demand for steam when Xinyuan Plant starts to supply clean heating to its new 2 million m2 concession area in Jimo International Trade Park.
    – Changrun Project has recently started to supply Sanli under its 25-year exclusive supply contract in May 2021 following the completion of the connecting pipeline.

    Mr. Ma Ming, Executive Director of Sunpower, commented:
    “It has been a busy but satisfying time in 1H 2021. We successfully completed the disposal of the M&S business and was able to return a substantial amount of capital to shareholders and bondholders. I thank them for their investment and belief in Sunpower. Due to our leading market position and effective cost management measures, we were also able to capture the strong growth potential of the GI business in 1H 2021 with a robust double-digit jump in GI revenue.

    Going forward, we will leverage on all of our resources to steer the development of the GI business. Meanwhile, the Group will intensify efforts to cultivate and enhance the quality of its existing GI projects, greenfield and acquired projects alike, to achieve even stronger, better quality growth which will further boost the investment returns and value of its assets in the long term, and will also seek suitable opportunities to expand the portfolio, either by procuring new GI projects with exclusive longterm concessions or to embark on further phases of expansion for certain existing projects.”

    Forward-looking Statement
    This press release includes forward-looking statements and financial information provided with respect to the anticipated future performance and involve assumptions and uncertainties based on the Group’s view of future events. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. The actual results may vary from the anticipated results and such variations may be material. Accordingly, there can be no assurance that such projections and forward-looking statements can be realized. No representations or warranties are made as to the accuracy or reasonableness of such assumptions of the forward-looking statements and financial information based thereon. The Group undertakes no obligation to update forwardlooking statements and financial information to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. The past performance of the Group is not necessarily indicative of the future performance of the Group.

    About Sunpower Group Ltd.
    Sunpower Group Ltd. (SGX: 5GD.SI) is a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term cash-generating Green Investments (“GI”) projects that use innovative integrated environmental-protection technology to facilitate the development of the circular economy and help China to attain its carbon peak and carbon neutrality goals. It was founded in China in 1997 and listed on the Singapore Exchange (SGX) in 2005.

    In 2020, Sunpower disposed its Manufacturing and Services (“M&S”) business for an attractive consideration that unlocked value and improved investment returns for investors. To reward shareholders and bondholders, a substantial Special Dividend of S$0.2412 a share was declared and paid in 2021. Following the monetisation of M&S, the sole principal business of the Group is the “Green Investments” (“GI”) business where it has a sizeable portfolio of GI projects that generate 100% recurring, long-term, high-quality income and cashflow.

    Sunpower is successfully expanding the GI business by leveraging on its robust and replicable business model with unique competitive edge to unlock the long-term growth potential. With the application of innovative technology packages that raise high entry barriers, a proven effective management team to provide leadership and execution capabilities in operations and risk management, and the strong support of strategic investors DCP and CDH, Sunpower is continuously shaping a green future for itself as it takes its green, low-carbon, circular economy GI business to greater heights.

    For more information, please refer to Sunpower’s investor relations website, http://sunpower.listedcompany.com/.

    August Consulting (Singapore)
    Silvia Heng
    Email: silviaheng@august.com.sg
    Phone: +65 6733 8873

    Jeremy Sing
    Email: jeremysing@august.com.sg
    Phone: +65 6733 8873

  • Wintermar Offshore (WINS:JK) Reports 1H2021 Results

    Wintermar Offshore Marine (WINS:JK) has announced results for 1H2021, achieving a gross profit of US$3.3 million for 1H2021, compared to gross loss of US$0.66 million for the same period last year, with fleet utilization recovering to 63%.

    Utilization improved from 61% in 1Q2021 to 63% in 2Q2021 as oil prices climbed, bringing total revenue for 1H2021 to US$20.1 million, just 8% lower than 1H2020. Due to the cost control measures and streamlining of fleet carried out, total direct costs reduced by 26% thus producing a gross profit of US$3.3 million for 1H2021.

    –Owned Vessel Division
    Owned Vessel Revenue declined slightly by 3%YOY to US$16.7 million in 1H2021, but total direct costs for the division for 1H2021 fell sharply by 25% to US$14 million, thereby contributing US$2.7 million of Owned Vessel gross profit. The cost reduction was mainly due to the sale of vessels and a reorganization of the vessel management structure to reduce overheads.

    –Chartering and Other Services
    Although chartering revenue fell by 27% YOY to US$2.6 million for 1H2021, the Division still recorded a gross profit of US$0.36 million, up 22% YOY. Gross profit from other services fell by 32% YOY to US$0.22 million.

    –Indirect Expenses and Operating Loss
    Indirect expenses fell by 14% in 1H2021 to US$1.2 million compared to 1H2020, largely due to a 10% YOY drop in staff salary to US$1.8 million, as the number of employees declined as a result of a smaller fleet and cost efficiency measures. Office Utilities fell by 33% YOY as the Company implemented Work from Home for most of the past few months to reduce mobility in the pandemic. As tendering activity picked up, marketing costs in 1H2021 rose by 140% YOY to US$0.15 million.

    The Company booked an operating profit of US$0.7 million for 1H2021, compared to a loss of US$3.7 million in 1H2020, reflecting a marked improvement in the industry environment this year.

    –Other Income, Expenses and Net Attributable profit
    Interest expenses were 37% lower in 1H2021 to US$1.2 million as the Company has continued to pay down debt. Associated companies turned in a very small loss, but there was a gain of US$1 million from the sale of vessels. Profit before tax for 1H2021 amounted to US$0.35 million compared to a loss of US$4.2 million in 1H2020.

    Net income before tax for 1H2021 was US$0.35 million, compared to a loss of US$4.2 million in 1H2021. After tax and minorities, the net loss attributable to Shareholders amounted to US$0.56 million compared to US$4.0 million loss attributable to shareholders in 1H2020.

    EBITDA for 1H2021 also rose by 11% YOY to US$7.4 million.

    –Oil & Gas Industry
    Since the beginning of 2021, the oil price has consistently trended up, providing strong support for the offshore industry. Although the delta variant of the coronavirus has presented challenges for many countries, the rising vaccination rates around the world have also brought mobility. The gradual opening up of economies again has added to the demand for oil and gas, prompting offshore oil and gas projects to commence, with some energy industry experts are projecting a shortage of supply coming up due to the declining productivity of existing oilfields.

    –Offshore Vessels
    Since early 2021 there has been a rising trend for offshore activity, with more tenders being issued. This can be seen in higher utilization rates and charter rates in most offshore vessel segments.

    Most vessel operators are seeing better utilization as a result. However, the delta variant which has spread globally has caused some disruptions to operations, as COVID19 infections suddenly spiked in June and July. Although this will have a short term impact on vessel utilization, the longer term outlook still remains more positive.

    –Strategy and Outlook
    In recent months, there has been an increase in new proposals as the outlook for offshore vessels continues to look more favourable for the years ahead. Offshore Wind is an industry which is expected to see a sharp rise in investment, with Taiwan leading the Asian investments in this new field.

    The Company is considering several proposals at the moment and is planning to start investment in new assets to grow the business. One of the strategies is to continue selling some vessels and keep a more focused fleet, while managing the gearing and cash flow.

    The Company has proposed an issuance of non pre-emptive shares to be approved at the upcoming AGM on 19th August 2021, to provide the flexibility to raise some equity should the opportunity to invest arise.

    In addition, the Company continues to build up ship management capability through investment into software and digitization of processes to provide more cost efficiency and better controls. With these capabilities, the Company will be able to grow the third party ship management business to provide more fee based income without heavy capital investment.

    Contracts on hand as at end July 2021 totalled US$69 million.

    About Wintermar Offshore Marine Group
    Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by an experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

    Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

    Ms. Pek Swan Layanto, CFA
    Investor Relations
    PT Wintermar Offshore Marine Tbk
    Tel +62-21 530 5201 Ext 401
    Email: investor_relations@wintermar.com

  • Synopsis 2021: Edition III to air September 20-24

    Synopsis 2021: Edition III to air September 20-24

    Synopsis, the world’s largest blockchain, crypto, DeFi and digital-art event, convenes for Edition III from September 20-24, a quarterly summit that draws hundreds of participants, and hundreds of thousands of viewers from around the world, and an event that gathers top-level experts and blockchain industry stars to present top trends, key questions, and compelling answers on the state of cryptocurrency markets today.

    Synopsis is being held for the third time this year to recreate the spirit of full immersion in the digital economy and decentralized finance. Its agenda includes round tables, panel discussions, solo performances, AMAs, and interviews. Synopsis will be streamed on several popular platforms, including YouTube and Theta.tv.

    Synopsis will feature two activity zones: an Interactive Zone, and an NFT + Digital Art Zone. The Interactive Zone welcomes viewers to flex their skills, gain knowledge, and win prizes from top blockchain projects, while the NFT + Digital Art Zone will feature summit organizers and partners presenting NFTs with Alien Bell, the official artist of Synopsis: Edition III.

    Mark your calendars, whether you are an investor, trader, analyst, economist, marketer, developer, student, crypto enthusiast, or anyone else who keeps an eye on the crypto world. With two months to go before Edition III, Synopsis has already confirmed 40 speakers, bright and professional world-class figures ready to share their knowledge and vision of the industry, targeting 60 speakers by Airtime.

    • Airtime: September 20 to 24, 2021
    • Place: THETA.tv, YouTube, Verasity
    • Hosts: Maria Stankevich (EXMO), Yan Khavansky (Coindar, Colibri), and Yaroslav Kabakov (Finam)
    • Speakers: Wes Levitt, Theta Labs; Felix Xu, ARPA and Bella Protocol; Gleb Kostarev, Binance Director for Russia and the CIS; Alexander Filatov, TON Labs; Justin Wenczka, Verasity CRO; Sergey Khitrov, Listing.help and Blockchain Life; Raghav Jerath, Gather Network; Nik Anikin, Colibri Group; Alex Sudadze, Blockchain Association of Georgia; Ksenia Oshurko, OKEx Russia; Nikolai Gadzhiev, VEROS and WIDCI; Artyom Kan, Gate io; Sota Watanabe, Astar Network (previously Plasm); Anri Gabaidze, Port of Royal CEO; Evgeniy Pavlov, Binance BDM for Russia and the CIS; and others.
    • Afterparty: The organizers have prepared an unforgettable afterparty for summit viewers in cooperation with the manufacturer of exclusive rum Port of Royal that owns the eponymous penthouse hotel and thematic loft bar in Batumi, Georgia. The afterparty will be streamed live from Port of Royal’s headquarters 270 ft above the coast of the Black Sea.
    • Sponsors: ARPA, Algorand Foundation, Verasity, Bella Protocol, Gather Network, Ethereum Pro, SubGame, Bingbon, Gate.io, TrustBase, MaNEKO Finance, Port of Royal
    • Partners: THETA, Binance, TON Labs, Free TON, EXMO, MahaDAO, Astar Network (previously Plasm), Stake Technologies, Shiden Network, J2TX, Coffe.io, EXIP, AERGO, Curate, Digital Rights Center, Nano Future, Blockster, Delio, BeInCrypto, and other popular projects.
    • Organizers: Colibri Group, Coindar
    • Co-organizers: Investment Russia, Cryptus Media
    • Website: https://synopsis.events

    Media contact
    Colibri Group, Coindar
    Contact: Daria Chernova
    E: info@coindar.org, info@colibri-group.org
    W: https://synopsis2021.com, https://coindar.org.

  • The Return of China’s Overseas-listed NEV Companies Accelerates with Li Auto’s Dual Primary Listing in Hong Kong

    HONG KONG – Along with changes in the domestic and foreign regulatory environments and the policy reform of the Hong Kong Exchanges and Clearing Limited (HKEX), the Hong Kong market becomes increasingly attractive to some China-based US-listed companies.

    The return of China-based overseas-listed companies has become a trend now. Li Auto Inc (2015.HK) is among the three major China-based overseas-listed NEV companies listing on HKEX today through a dual primary listing, after Xpeng Motors Inc (9868.HK) was listed in Hong Kong on July 7. The IPO is jointly sponsored by Goldman Sachs and China International Capital Corporation (CICC), with UBS as the financial advisor.

    Advanced Smart Automobile Solutions Drive Rapid Sales Growth
    Li Auto Inc, incorporated in 2015, is a Chinese NEV (new energy passenger vehicle) automaker, specializing in designing, developing, manufacturing, and sales of premium smart electric vehicles. On July 30, 2020, Li Auto Inc was listed on the Nasdaq Global Select Market under the symbol LI.

    Li ONE, as Li Auto’s first extended-range electric passenger vehicle (EREV), is a six-seat large premium electric SUV (sport utility vehicle) equipped with the Company’s independently developed range extension system and advanced smart vehicle solutions. An EREV is purely electric-driven by its electric motor, but its energy source and power come from both its battery pack and range extension system. With its integrated powertrain system, Li ONE delivers a total NEDC range of 1,080 kilometers. Meanwhile, this model’s energy can be replenished by slow charging, fast charging, and refueling. Li ONE can operate even when users have no access to charging infrastructure, thereby completely eliminating range anxiety.

    Advanced technology not only improves product quality, but also significantly promotes the Company’s sales. Data after the hearing showed that the total number of vehicles that the Company delivered in the first quarter of 2021 was 12,579, representing an increase of 334.4% YoY. The delivery volume in the first half of this year already represented around 92% of that in the previous year. As of July 31, 2021, total deliveries in 2021 reached 38,743, bringing cumulative deliveries of Li ONE to 72,340 since its market debut. In 2020, Li ONE was recognized as the best-selling new energy SUV model in China with a 9.7% market share according to the CIC Report.

    Multi-faceted Comprehensive Layout of Dual Listing to Enhance Competitiveness
    Li Auto is accelerating to fully develop its R&D, capacity, and channels, while maintaining the current business. Currently, the Company is developing the X platform, which succeeds the existing EREV platform for Li ONE and is equipped with the next-generation EREV powertrain system. The Company plans to launch the first product on the X platform, a full-size premium extended-range electric SUV – in 2022, and two additional SUVs on the platform in 2023.

    In terms of BEV models, Li Auto is investing significantly in the HPC (High-power Charging) BEV technologies, and developing two platforms, Whale and Shark, for its HPC BEVs. Starting from 2023, the Company plans to launch at least two new HPC BEV models every year.

    In regard to autonomous driving, Li Auto is strengthening R&D and investing significantly in its proprietary autonomous driving technologies. It is expected that all the new models of the Company will be equipped with necessary hardware compatible with in-house developed, future Level 4 autonomous driving as a standard configuration from 2022. Furthermore, the Company will continue to optimize its autonomous driving solutions leveraging its full-stack proprietary software development capabilities.

    China has become the world’s largest NEV market. In recent years, the growth of NEV sales volume has surpassed that of the ICE vehicles in China. According to the CIC Report, the NEV sales volume in China increased from 300,000 in 2016 to 1.2 million in 2020, representing a CAGR of 41.7%. In 2020, the NEV sales volume only accounted for 5.8% of the total passenger vehicle sales volume, implying massive future growth potential.

    It is expected that the NEV sales volume in China will continue to rise at the CAGR of 35.8% from 2020 to 2025, driven by favorable policies, constantly developing auto technology, a rapid decrease in battery costs, and higher popularity of NEVs among consumers (due to a deeper understanding of intelligent technology and the Internet and demand growth), the CIC Report showed.

    Li Auto Inc, as one of the top three Chinese new auto brands, choosing dual primary listing in Hong Kong, will expand the financing channel and acquire sustainable financial support. The primary listing of Li Auto offers a lot of capital reserves to future technology development and product R&D in order to further reinforce its competitiveness and consolidate and raise its market share.

    Source: South China Morning Post

  • Bitcoin Latinum Partners with World Famous The h.wood Group for Blockchain Expansion

    Bitcoin Latinum Partners with World Famous The h.wood Group for Blockchain Expansion

    Bitcoin Latinum, the next-generation insured Bitcoin fork capable of massive transaction volume, digital asset management, cyber security, and capacity is announcing a partnership with Los Angeles based luxury hospitality and lifestyle company, The h.wood Group.

    The partnership involves cross-promotional marketing initiatives, event sponsorships, endorsements, and the acceptance of Bitcoin Latinum for services, products, and amenities across The h.wood Group’s diversified portfolio of upscale nightlife and restaurant venues. Guests will have the option to seamlessly pay for tables, drinks, food, and merchandise with Bitcoin Latinum, in addition to Bitcoin and Ethereum tokens.

    Founded by successful entrepreneurs John Terzian and Brian Toll, the independently owned and operated The h.wood Group’s restaurant, nightlife, and events divisions manage restaurants, nightlife and hotel venues across the world. The brand includes restaurant concepts The NICE GUY, Delilah LA, Delilah Las Vegas at Wynn Resorts, Delilah Miami, SLAB, Mason, Petite Taqueria, and hospitality venues include Blind Dragon, Bootsy Bellows, Poppy, The Peppermint Club, SHOREbar, 40 LOVE and FOUND Hotels. The h.wood Group has received multiple awards and international recognition for its design and execution. The h.wood Group venues have also become popular with A-list celebrities and influencers. The implementation of Bitcoin Latinum, along with other blockchain technologies opens new business opportunities for The h.wood Group.

    “As entrepreneurs, Brian and I have always looked into the future rather than get stuck in old ways. We are constantly watching, learning and adapting. Crypto and blockchain are the future in many ways and we want The h.wood Group to be ahead of the curve. We are excited for this endeavor with Bitcoin Latinum,” stated Terzian.

    Cryptocurrency payments with businesses have been gaining broader acceptance across a wide spectrum of industries. Several major credit card issuers have rolled out the ability for users to buy and make transactions with cryptocurrencies such as Bitcoin and Ethereum. According to Statista, the United States has the greatest number of companies with Bitcoin ATM’s and in-store payment options than any other country in the world, at around 6,000 businesses. In a recent survey by Deloitte, 56% of businesses said their organizations would be making at least $500,000 in blockchain investments over the next twelve months.

    Bitcoin Latinum is an enhanced Bitcoin fork. The Bitcoin Latinum algorithm and infrastructure break barriers and speed limits that have prevented some virtual currencies from achieving practical, real-time use. The Bitcoin Latinum tokens are part of an ecosystem being adopted by companies in media, entertainment, gaming, storage, cloud and telecommunications. Bitcoin Latinum tokens can be interchangeably used on each of these partner/supplier networks by consumers. Furthermore, Bitcoin Latinum looks to reduce the cost of a Bitcoin transaction from dollars to pennies for on-chain transactions.

    Monsoon Blockchain Corporation, Asia’s premier blockchain company, was selected by Bitcoin Latinum as its foundation partner. Monsoon is focused on innovative cloud solutions in the blockchain ecosystem, leveraging the latest blockchain technology to develop powerful business solutions that allow the successful digitization of and listing of assets across a variety of industries, including financial services, telecommunications, and media and entertainment. Dr. Donald Basile, Monsoon’s CEO and founder, is the former CEO of Fusion IO, a company known for playing a major role in implementing the cloud systems at Apple and Facebook as well as partnerships with HP, IBM, and Dell.

    “It is an honor to work with great entrepreneurs like John and Brian,” said Dr. Donald Basile, CEO of Monsoon Blockchain Corporation. “We look forward to our partnership, and helping companies and individuals understand the benefits of the blockchain to foster widespread adoption across the entertainment and hospitality industries.”

    Dr. Basile is also the Co-CEO and Chairman of Roman DBDR, a special purpose acquisition company, which raised $236 million in its initial public offering in November 2020. Roman DBDR announced a merger with CompoSecure, a pioneer in premium payment cards whose clients includes some of the world’s largest financial institutions. The merger of the two companies will create a combined enterprise value of approximately $1.2 billion.

    Bitcoin Latinum is planning to launch on public exchanges across the globe in Q3 2021 under the symbol LTNM. In Q2 2021 Bitcoin Latinum announced a groundbreaking green initiative to achieve a carbon net-zero footprint. This will be achieved through an enhanced proof of stake consensus protocol system for settling transactions. As a further commitment to sustainable environmental practices, Bitcoin Latinum officially joined the Crypto Climate Accord. Bitcoin Latinum sold out its initial two pre-sales. More information on obtaining LTNM is available at https://bitcoinlatinum.com/

    FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. Any Bitcoin Latinum offered is for educational and informational purposes only and should NOT be construed as a securities-related offer or solicitation or be relied upon as personalized investment advice. Bitcoin Latinum strongly recommends you consult a licensed or registered professional before making any investment decision.

    Contact:
    Kai Okada, Director of Communications, Bitcoin Latinum
    T: +1 800 528 0985
    E: kai.okada@bitcoinlatinum.com
    W: https://bitcoinlatinum.com/

    SOURCE: Bitcoin Latinum

  • Newly-formed Labuan Economic Sector Coalition urges federal gov to begin dialogue to formulate fair SOP

    The newly-formed Labuan Economic Sector Coalition (the Coalition) which comprises of various associations and business organizations released a press statement to express its grave concerns on the prospects facing Labuan due to unfair application of new SOP requirements, which are causing shipping firms and related major economic sectors to slow down or completely halt their activities on the island. This is despite the fact that Labuan is first among territories and states in Malaysia to have fully-vaccinated over 80% of its population and achieved herd immunity.

    Labuan
    Ts Daniel Doughty

    The Labuan Economic Sector Coalition Members comprises of various associations and business organizations including Labuan Freight Forwarder Association, Sabah Shipping Agent Association, Malaysia Offshore Support Vessels Owners Association (MOSVA), Malaysia Shipowners’ Association (MASA), Petronas, Labuan Shipyard & Engineering, Megah Port Management, Asian Supply Base, Sabah Flour & Feed Mills and Antara Steel.

    The Coalition’s lead facilitator Ts Daniel Doughty said that import and export difficulties in Labuan started on July 16 when all visiting local and foreign ships were required to stay in quarantine for a minimum of 14 days to a maximum of 21 days. Merchant ships have shown reluctance to visit Labuan to avoid paying substantial charges triggered by a prolonged stay at the port due to the quarantine rule. The new SOP has also disrupted the supply chain security for more than 3 weeks despite marine transportation being included in the essential services by Majlis Keselamatan Negara (MKN). As a result, parts and machinery supplies as well as oil and gas production are affected, while ship yards are burdened with losses of contracts and delay penalties.

    Appeals to the District Disaster Management Committee (JPBD Labuan) and Federal Territory Ministry by various parties here have been left unresolved, and shipping SOP requirements that were updated have not been favourable despite Labuan successfully moving on to Phase 3 of the National Recovery Plan due to its splendid record in managing Covid-19.

    “All of this disappointment and frustration can be easily solved if JPBD Labuan is willing to have a dialogue with the stakeholders and formulate a winning SOP for all parties, and also recognize that we cannot expect to have an SOP to fit all types of business operations. It does not work and the impact in the long run, is towards the Labuan community and not just the businesses,” commented Ts Daniel.

    MOSVA President Mohamed Safwan Othman said that there are on average 10 to 15 offshore support vessels (OSVs) loading essential supplies for 7000+ personnel working at offshore platforms and rigs. He explained, “With SOP phase-3, these vessels are subjected to 7-day quarantines and crews have to undergo RT-PCR test after every completed trip. One round trip which takes 1 to 3 days, involves zero contact with personnel at jetties and platforms/rigs. Therefore, these vessels which perform supply run dedicated for the oil and gas industry should be exempted from repeated quarantine and RT-PCR tests. Before signing on, each crew has already completed a 14-day quarantine with 2 swab tests thus they should be safe in their respective green bubbles. These phase-3 SOPs are a significant interruption to the supply runs and consequently the national oil production.”

    Notably, a representative from MASA Mr James Ong pointed out that Port Klang was not subject to similarly applied SOP requirements, despite being located in Selangor which is still in Phase 1 of the National Recovery Plan. He said, “The stringent SOPs currently in place would have been necessary when Labuan was still deep in the pandemic two to three months ago. However, Labuan’s situation has greatly improved thus the introduction of these SOPs are outdated.”

    Coalition Member, Megah Port Management managing director Tan Sri Mohd Bakri Mohd Zinin echoed MASA’s dismay on the discrimination against Labuan and warned that if the government did not take action quickly, the oil and gas sector here could come to a grinding halt.

    “Vessels with Labuan-consigned containers have shown reluctance to make a stop at Labuan and have chosen instead to discharge their cargo at the nearest ports such as Sandakan and Kota Kinabalu. There, they are able to get port health clearance to dock without quarantine as well. Some shipping firms have even decided to halt their activities here because of the unfair Labuan condition.

    It is ironic that hundreds of lorries and drivers can enter the island from Sabah (human contact) each day while ships with far less crews (with no human contact) are restricted and forced to quarantine,” said Mohd Bakri.

    He added that the situation is worrying because at the end of the day, the problems of shortages and rising costs of imports would trickle down to the consumers in Labuan.

    The Coalition has formally requested a dialogue session with the relevant authorities and has expressed their willingness to be proactive and help shape up a winning SOP. At the time of the announcement, they have yet to receive a response.

    An emergency online meeting was held yesterday among the Coalition Members to formulate a consensus on the way forward, and most importantly to begin documenting the past and future impacts due to the unconsulted, rigid SOPs that was created by the authority.

    “The shipping industry and O&G sector is presently the most significant pillar of the local economy, as this is the main source of income and livelihood for most of the people in Labuan while the tourism sector is still inactive. We urge the federal government and relevant authorities to address and solve this matter immediately, before it inevitably deals a severe blow to many other essential sectors in a chain effect,” concluded the Coalition’s lead facilitator Ts Daniel.

  • A new book, “How To Talk To Strangers” by Kerrie Phipps, launched to help people decrease anxiety, build confidence, and heal the pandemic affected world

    A new book, “How To Talk To Strangers” by Kerrie Phipps, launched to help people decrease anxiety, build confidence, and heal the pandemic affected world

    A new self-help book, How To Talk To Strangers by Kerrie Phipps, was launched globally along with the co-authors of the book, reaching over 1000 people through the event was aired live on Facebook and Youtube. The book is an invitation to think more deeply about how you connect with others, so you don’t overlook essential connections or risk missing opportunities to impact people and the chance to change your own life in the process.

    Kerrie Phipps, the Author and publisher, says, “Stories of the kindness of strangers are so moving, the impression they have on people, and the power of encouragement in our lives – strangers or friends, family, colleagues, and it was vital to share some in a book.”

    At the launch, Coen Tan, Director of Ministry of Influence, said, “I grew up as a socially awkward child who was often bullied in school. I was even referred to the Institute of Mental Health for treatment for depression. However, over time, I’ve developed my speaking and social skills and now, I train and coach leaders internationally to inspire through their stories. I hope that my stories in this book will inspire people, that like me; they too can find their voice and connect confidently with strangers.”

    Krescendo Communications, Founder, and Global Goodwill Ambassador for Singapore, Malaysia and India, Ganesh Somwanshi, one of the contributors, quips, “I am fascinated with connecting with people since I am in the business of communications. This book is the manifesto of connecting with strangers, a work of light amid dark times. Let us embrace the new normal; let us connect with the world with an open heart and mind. Together we can we shall.”

    Cathy Johnson, Authentic Leadership Coach, shares, “It’s so beautiful to read (and hear) stories of how a stranger can build your confidence – and they often have no idea they’re doing it! Let’s keep coming together and building our relationships with each other.”

    Conor O’Malley, Executive Coach, Author of “Trust – Begins and Ends with Self”, adds, “I feel I have talked to strangers all my life, however never really seen it that way. I see strangers as real people with a story to share. I hope my stories in this book serve you well when it comes to having a conversation with someone or trusting yourself to reach out to a stranger.”

    Anupama Singal, Fashion & Technology Entrepreneur, Speaker, Creator & Co-author of SYZYGYmoments, notes, “This book is all about how talking to strangers can sometimes be a life-changing experience and how you could find meaningful connections with strangers. It feels great to be a contributor and share some memorable experiences from my life.”

    Brandhood Media Founder and Thought Leadership Brand Specialist Nathan Shooter, “When you push beyond your fear, to enter the world of others, you’ll discover those small conversations can create big change. People are looking to you for hope and connection, now more than ever.”

    The insightful Foreword by Masami Sato concludes with, “I invite you to ponder on the power of human connection with me and with us – no matter whether you think you are an extrovert or an introvert. Surprisingly, it starts with just one conversation, one smile, one interaction. That is all it takes – a look, a smile and a conversation. It’s powerful. And it really can change our world.”

    Click https://www.amazon.com/gp/product/0994157347/ref=dbs_a_def_rwt_bibl_vppi_i4 to buy the book in digital or print format. Kerrie’s other books include DO Talk To Strangers – How To Connect With Anyone, Anywhere and the sequel, DO Talk To Strangers Travel Toolkit.

    For media queries contact:
    Ganesh Somwanshi
    (+65) 9779 1286

  • Techtronic Industries Delivers Exceptional First Half Sales Growth

    Hong Kong-based global power equipment and floorcare company Techtronic Industries Co. Ltd. (TTI or the Group) (stock code: 669, ADR symbol: TTNDY) announced its results for the six months ended June 30, 2021.

    The Group delivered extraordinary results for the first half of 2021, growing sales by 52.0% to US$6.4 billion. Gross margin improved for the 13th consecutive first half to 38.6%, and the growth in EBIT, net profit, and earnings per share all outpaced sales growth. EBIT increased 57.4% to US$572 million, net profit rose 57.9% to US$524 million, and earnings per share increased 57.8% to approximately US28.62 cents per share.

    • Exceptional sales growth of 52.0%
    • Sales growth of 71.5% over two years, compared to the first half of 2019
    • Strong sales growth across all businesses and geographies
    •  Gross margin improved for the 13th consecutive first half to 38.6%, up 58 basis points
    • Net profit growth of 57.9% to US$524 million

    Working capital as a percent of sales finished at 18.3%, below TTI’s goal of 20.0% or less. The Group continues to strategically build inventory to support its exceptional above market growth, to serve its customers with consistently high service levels, and to insulate the company from potential critical component shortages.

    The TTI Power Equipment segment delivered sales growth of 55.3% to US$5.8 billion. All geographies and business units contributed to this stellar performance in the first half of 2021. The flagship Milwaukee business delivered an astounding 64.1% growth globally. RYOBI performed exceptionally well across all brands with solid double-digit growth in all categories and geographies. In addition, the Floorcare & Cleaning business accounted for 9.0% of total TTI sales, with sales increasing 25.3% to US$574 million.

    Mr. Horst Pudwill, Chairman of TTI, said, “At TTI, we have built an exceptional world-class team and we would like to recognize our outstanding global organization for delivering strong results. We are proud of the bold, strategic decisions we have made over the past 18 months to position ourselves for a strong second half of 2021.”

    Mr. Joseph Galli, CEO of TTI, commented, “TTI’s first half results clearly demonstrate our leadership position, our momentum, and our future potential. Our high-speed new product machine allows us to expand the market and capture market share, while we continue to improve gross margin to record levels.”

    About TTI
    Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare Cleaning Products and Solutions for the consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence – reflecting a long-term expansive vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries. TTI’s powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.

    TTI is one of the constituent stocks of the Hang Seng Index, FTSE RAFI(TM) All-World 3000 Index, FTSE4Good Developed Index and MSCI ACWI Index. For more information, please visit www.ttigroup.com.

    All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.

    For enquiries:
    Techtronic Industries Co. Ltd.
    Isabella Chan
    Tel: +(852) 2402 6495
    Email: isabella.chan@tti.com.hk
    Website: www.ttigroup.com

    Strategic Financial Relations Limited
    Veron Ng +(852) 2864 4831 veron.ng@sprg.com.hk
    Adrianna Lau +(852) 2114 4987 adrianna.lau@sprg.com.hk
    Karen Kwan +(852) 2114 4171 karen.kwan@sprg.com.hk
    Email: sprg_tti@sprg.com.hk
    Website: www.sprg.com.hk