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Category: Business

  • Trintech Expands to Meet Demand for Leading Mid-Market Solution, Adra

    Company Launches Mid-Market Capacity within Australian Data Centre, Continues to Invest in Product Enhancements and Grows Team

    Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, today announced at its virtual Trintech Connect Adra User Conference, the expansion of its Australian Data Centre with an expanded in country team to meet the needs of mid-market customers using its Adra solution in the region. With these investments, Adra customers will benefit from higher performance and robust support for data governance requirements.

    “At Trintech, we are relentlessly committed to ensuring our customers are supported by not only the strength of our solutions, but also the expertise of our people,” said Darren Heffernan, President, Mid-Market at Trintech. “This investment reinforces our dedication to ensuring a best-in-class experience wherever our customers are globally. With this newly expanded data centre, our customers can be assured that their data is housed in some of the world’s most secure, high-end facilities, offering the highest industry standard levels of uptime, security and reliability – and compliant with governance and financial regulatory policies.”

    “Trintech has several consulting partners in the APAC region who are also excited about this investment, a positive and forward-looking move to help meet the needs of global mid-market customers and those operating specifically in this region,” said Tim Green, Director of Green Cloud Consulting. “This investment enables mid-market companies in the APAC region to leverage Trintech’s industry-leading financial close solution, Adra, in complete compliance with onshore data requirements.”

    “We continue to see rapid adoption and expansion of our Adra solution in the APAC region,” said Fintan Diviney, Director, APAC Sales at Trintech. “We are excited about the upcoming opportunities to serve a growing number of companies in industries such as government, semi-government and financial services, who now have a financial close solution available to them that meets their onshore data security requirements.”

    Earlier this year, Trintech released Adra Analytics, which enables continuous improvement of the close cycle by providing data independence and reporting flexibility. Adra Analytics data can be used natively in Adra or in combination with internal data sets to create company tailored actionable insights in your business intelligence tool of choice (i.e. Power BI, Tableau).

    The latest enhancements to Adra Analytics, being shown today at the Trintech Connect Adra User Conference, meet the needs of mid-market organizations to easily evaluate close performance trends and answer crucial organization-specific questions with robust data. Customers who have implemented Adra Analytics are able to easily share company specific internal control KPIs and evaluate variances over time to highlight focus areas. Some of the benefits these customers are seeing include the ability to:

    – Measure close process efficiency and quality, as a starting point for continuous improvements over time
    – Measure the quality of reconciliations over time
    – Measure the timely completion of reconciliations over time
    – Answer organization-specific questions and address organizational use cases

    Heffernan kicked off the last day of Trintech Connect 2020 with some thoughts on making sense of big, complex data. “It’s all about intelligence. How can I turn data into intelligence?,” concluded Heffernan. “Adra Analytics can help organizations with this.”

    About Trintech
    Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency® Platform, Adra® Suite, and targeted tools, ReconNET™, T-Recs®, and UPCS®, help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

    Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

    Media Contact:
    Kristina Pereira Tully
    Vested
    650-464-0080
    trintech@fullyvested.com

    SOURCE: Trintech, Inc.

  • Global Hospitality Leader Millennium & Copthorne Prepares for Post-COVID-19 Recovery of Hotel Operations

    Global Hospitality Leader Millennium & Copthorne Prepares for Post-COVID-19 Recovery of Hotel Operations

    A year after delisting from the London Stock Exchange, Millennium & Copthorne Hotels Limited (M&C), a global hospitality leader, disclosed today major initiatives that will prepare it for a recovery by as early as 2021 from the recent challenges caused by the COVID-19 pandemic.

    The privatisation granted M&C greater agility and cushioned impact of the pandemic. Lessons learned and operational changes in recent months have helped to lay a much stronger foundation. Properties across the globe have started to show ‘green shoots’ of improvements in occupancy and Gross Operating Profit (GOP) from the second half of 2020 which are expected to gain momentum in 2021.

    London-headquartered M&C was privatised on 19 November 2019 after delisting from the London Stock Exchange at a valuation of GBP2.23 billion (S$3.96 billion). M&C operates 66 hotels (seven of which are managed by third parties) in Asia (12), Europe/UK (21), USA (18) and New Zealand (15) under the Millennium Hotels and Resorts (MHR) global brands; and 79 are under franchise and management contracts.

    M&C, with an inventory of over 40,000 rooms and operations in 29 countries, is wholly owned by Singapore Exchange-listed City Developments Limited (CDL), a leading global real estate company with total assets of over S$23.8 billion. CDL is also a Sponsor that holds an effective 37.8% effective stake in CDL Hospitality Trusts (CDLHT), a Singapore-listed Real Estate Investment Trust (REIT) with a market value of over S$1.40 billion.

    Assessing The Operating Landscape
    In 2019, M&C recorded revenue of GBP1.025 billion (S$1.82 billion) (2018: GBP997 million (S$1.78 billion)) and a pre-tax profit of GBP102 million (S$181.2 million) (2018: profit of GBP106 million (S$188.3 million)) and included net valuation and impairment charges of GBP34 million (S$60.4 million) (2018: GBP36 million (S$101.2 million)). Excluding the effects of impairment losses and net revaluation gains, M&C reported profit before tax of GBP136 million (S$241.6 million) in 2019 (2018: GBP142 million (S$252.3 million)).

    M&C has assessed as positive recent reports of vaccines against COVID-19, air travel ‘bubbles’, the recent US presidential elections and plans to hold the Tokyo Olympics in 2021 (postponed from 2020). The signing by 15 countries of the Regional Comprehensive Economic Partnership (RCEP) world trade pact also points to a brighter future for the region.

    In Singapore, where M&C operates over 2,000 hotel rooms, several properties will resume pre-COVID-19 activities such as selling rooms, corporate bookings, events and weddings in the next few months.

    M&C recognises that in this ‘new normal’ hygiene is much more important when a customer chooses a hotel, restaurant or consider events; and that brands must look beyond ‘personal touch’ and ambience to include the promise of safety and to emphasise value for money.

    The new business dynamics mean that large hospitality groups such as M&C must have sufficient working capital to weather possible prolonged uncertainty or even fresh lockdowns. Accordingly M&C management has outlined three strategic initiatives:

    #1 – Engaging Customers Better; Digital Marketing and New Revenue Streams
    Building on the ‘We Clean, We Care, We Welcome’ campaign launched in February 2020, M&C has chosen to keep as many properties open as possible throughout the pandemic. By staying open, its hotels in several regions have increased market share. Since Q4 2020, there has been a pick-up in individual bookings from small and medium corporate accounts in Singapore, New York and UK.

    M&C will scale up digital marketing strategies to reach domestic retail consumers and target potential drive-in consumers residing within 300 km of hotels in certain cities in USA, UK and Europe.

    To segment better its customer base, various brands now offer different price-value touchpoints. Reflecting the success of the digital strategy, online channels accounted for 80% of bookings as at end-September, up from 56% in 2019.

    In the first 10 months of 2020, M&C booked 163,000 staycation nights (excluding the Middle East and North African region). At least 65% of staycation bookings were made through the M&C brand website by loyalty members. M&C expects that some parts of the corporate offline bookings, upon return, will be handled digitally as well.

    In Singapore, two M&C hotels (Grand Copthorne Waterfront and Orchard Hotel) have portioned areas as pay-per-use co-working spaces since September and November 2020, respectively. Utilisation for such use has hovered at around 85%. Building on this success, this service has been launched elsewhere in Singapore in Copthorne King’s Hotel and M Social, with Studio M and M Hotel next to roll out. M&C’s London hotels have also re-purposed rooms for customers who want the space for work.

    F&B menus have been shortened and rotated frequently to support fewer kitchen staff and reduce wastage in Southeast Asia, Taipei and in the UK. In gateway cities in North America M&C hotels offer reduced menus, focusing on signature dishes with ‘sweet-spots’ that combine turnover and operating margin. Singapore M&C hotels leveraged on signature dishes to compete with F&B operators.

    Through these and other efforts, M&C’s global occupancy rate in September 2020 has recovered to 40% from a low of 30% in June. M&C expects to close 2020 with an occupancy rate that is at least half the 73% rate achieved in pre-COVID-19 2019. Over the comparative periods, average rate per available room has increased by 23% to GBP25.4 (S$45.1) from a low of GBP20.61 (S$36.6). M&C entities have begun recovering from loss to Gross Operating Profit (GOP) in Asia (since May), New Zealand (since June), UK (since October). Global M&C GOP has been positive since July.

    #2 – Lowering Global Cost Structure; Improving Efficiencies
    As a major hotel operator, M&C has adopted group procurement, centralised functions and technological innovation for years. While staffing for the industry is unlikely to return to pre-COVID-19 levels, M&C’s strategy is to lower the entire cost-structure through group and operational efficiencies, with staff layoffs as a last resort. Current efforts include:

    i) Clustering functions such as administration, finance, marketing and communications to handle multiple properties in Singapore and across other regions; and
    ii) Doubling of roles (e.g. regional GM doubling up as as a hotel GM; global function head also handling regional roles) and redeploying staff to handle multiple functions. Operations in various countries have been helped by tax relief and other Government efforts to offset wages.

    Only after these efforts has workforce rationalisation been undertaken as a last resort. As at end-September 2020, total global headcount has been reduced by 36% compared to the end of 2019.

    #3 – Review of Global Footprint To Align With Objectives of Parent Company
    As a 100% subsidiary of CDL, M&C is able to tap the strengths of a parent with strong balance sheet and deep corporate experience. CDL exercises financial prudence such as stating investment properties in its accounts at cost less accumulated depreciation and impairment losses. CDL had grown the hospitality division over the last 25 years by acquiring entire portfolios, such as the Copthorne chain in 1995 and the Regal chain in 1999, as well as individual properties.

    Land values of many M&C properties are now significantly higher than acquisition cost. However, in line with CDL’s prudent strategy, assets held as investment properties have not been revalued to market. M&C recognises that while capital values of many properties have increased even amid the COVID-19 uncertainty, return on equity of such assets (from hospitality revenue and profits) is not likely to recover to pre-COVID-19 levels in the near term. Accordingly, M&C intends carry out the following:

    i) As an international hotel operator, it will focus on key gateway cities globally including Singapore, London and New York. M&C will also focus on the four-star category under three brand collections – M Collection, Millennium Collection and Copthorne Collection – while maintaining several prized assets in the five-star and luxury categories under Leng’s Collection;
    ii) M&C has been and will continue to review and fine-tune the upgrade of its portfolio to better suit future market conditions. In 2020, M&C closed Copthorne Penang (since July) and deferred renovation for Millennium Hilton Downtown in New York which it announced before COVID-19; and
    iii) Having received expressions of interest for various assets globally, M&C is assessing at least three offers. Some offers are subject to re-zoning and regulatory approval for change of use from hospitality. The sale of any of these assets, if concluded, is likely to result in significant gain on disposal. A case in point, M&C recorded gain on disposal of equivalent of S$26.4 million (GBP14.3 million) from the sale of Millennium Cincinnati, completed on 14 February 2020, for equivalent of S$49 million (GBP27.6 million). Based on current offers, M&C expects to conclude at least one such sale in 2021.

    The outcome of these initiatives may reduce slightly M&C’s global room inventory of over 40,000 at the end of 2019. But the revised footprint and inventory will sharpen focus and conserve human and financial resources to position M&C better for recovery from as early as 2021. Hotels which can return to sustained levels of profitability may also be seeded for acquisition by CDLHT (whose shareholders approved in January 2020 the acquisition of W Singapore – Sentosa Cove hotel from CDL at a valuation of S$324 million).

    “M&C is strengthening its foundations to prepare for a recovery in hotel operations from as early as 2021. Our product has been refined to offer new revenue streams. We have improved processes, cost structure and digital marketing, amongst other efforts, as we prepare for improvements in business sentiment and confidence to travel. By streamlining our global portfolio in line with the strategy of our parent, M&C will emerge stronger and better positioned to benefit from a post-COVID-19 environment,” said Mr Lee Richards, Vice-President Operations, South East Asia, Millennium Hotels and Resorts.

    ABOUT MILLENNIUM & COPTHORNE HOTELS
    Millennium Hotels and Resorts (MHR) is the global brand of Millennium & Copthorne Hotels Limited (M&C), a global hotel company which owns, manages and operates over 145 hotels across some 80 locations worldwide. It has four distinct hotel collections – Leng’s Collection, M Collection, Millennium Collection and Copthorne Collection – throughout Asia, Europe, the Middle East, New Zealand and the United States. Its properties are in key gateway cities such as London, New York, Los Angeles, Paris, Dubai, Beijing, Shanghai, Seoul, Tokyo, Singapore and Hong Kong. Occupying the best locations around the world, MHR has the perfect address for business and leisure travellers. M&C is the hotel arm of Singapore-listed global real estate company City Developments Limited, and is a member of the Hong Leong Group. Visit www.millenniumhotels.com for more information.

    For media enquiries, please contact:
    Gerry De Silva
    Head, Group Corporate Affairs
    Hong Leong Group
    T: +65 6877 8538
    E: gerry@cdl.com.sg
    M: +65 97317122

    Joanne Koh
    Manager, Group Corporate Affairs
    Hong Leong Group
    T: +65 6877 8537
    E: joannekoh@cdl.com.sg

  • Zhonghua Gas Holdings Limited Announces Completion of the Subscription Agreement of Issuance of Convertible Bonds Amounting to HK$97,800,000

    Zhonghua Gas Holdings Limited Announces Completion of the Subscription Agreement of Issuance of Convertible Bonds Amounting to HK$97,800,000

    Zhonghua Gas Holdings Limited (the “Company”; Stock Code: 8246) together with its subsidiaries (collective namely the “Group”) today announces that the completion of the Subscription Agreement of the issuance of the three-year convertible bonds in the aggregate principal amount of HK$97,800,000. The bond Subscriber is the wholly-owned subsidiary of Kai Yuan Holdings Limited (Stock Code: 1215). The net proceeds are intended to be used for the enhancement of the existing business of the Group and working capital.

    The Board of Directors considers this move presents an opportunity for the Group to strengthen its financial position while optimizing its investor and capital base. It will also set a good foundation for further strategic alliance with the Subscriber. Therefore, the Group is optimistic towards the prospects of the Group.

    Kai Yuan Holdings Limited, a company listed on the Main Board of the Hong Kong Stock Exchange, is principally engaged in investment holding. One of its substantial shareholders is renowned Chinese entrepreneur Mr. Du Shuang Hua, who was ranked 65th in the Hurun Rich List of 2019. He has extensive businesses covering industries in steel manufacturing, logistics, banking and properties development in the PRC. The subsidiary companies of Kai Yuan are principally engaged in hotel operation and money lending business.

    The convertible bonds represent approximately 10.00% of the existing issued share capital of the Company as at the date of completion and approximately 9.09% of the issued share capital of the Company as enlarged by the issue of the Conversion Shares. The Company has a total of 3,622,136,000 Shares in issue. The initial Conversion Price of HK$0.27 (subject to adjustments) per Conversion Share.

    Zhonghua Gas Holdings Limited
    Zhonghua Gas Holdings Limited is principally engaged in provision of diverse integrated new energy services including technological development, construction and consultancy services in relation to heat supply and coal-to-natural gas conversion, supply of liquefied natural gas, coupled with trading of new energy related industrial products. The Group is also engaged in the property investment business.

    Media Contacts:
    Angel Yeung
    Jovian Communications Ltd
    Tel: +852 2581 0168
    Email: news@joviancomm.com

  • Asian Logistics, Maritime and Aviation Conference opens

    Industry elites examine opportunities amid volatility at virtual event

    The 10th Asian Logistics, Maritime and Aviation Conference (ALMAC), an annual signature event for the industries jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), opened today, running online for the first time in light of the pandemic. More than 60 experts and leaders from the logistics, maritime and aviation industries will share their insights at the two-day programme.

    Today’s opening session was officiated by Carrie Lam, Chief Executive of the HKSAR. Margaret Fong, Executive Director of the HKTDC, welcomed international delegates to the conference, saying: “While the global pandemic has necessitated the conference to be held online, it will not impede our ability to provide a platform for learning, sharing and networking. In fact, the online format allows the conference to move beyond the limits of a physical location to connect global participants to a world of industry insights and expertise.” Also new this year, “Aviation” has been added to the conference name to highlight the industry’s importance.

    Given the current challenges faced by the logistics, maritime and aviation industries, ALMAC Online is running under the theme “Capturing Opportunities Amidst Volatility”. The conference features more than 60 industry elite speakers who exchange their experiences in coping with the impact of the pandemic and, more importantly, share their forward-looking insights for future business development. With Asia playing a key role in global supply chain transformation under the new normal, ALMAC Online puts a sharp focus on examining Asia’s future role and cooperation within the region.

    International participation from online to offline
    This year, more than 3000 industry elites from over 60 countries and regions have registered for the annual logistics event. Numerous virtual business-matching sessions and roundtables have been organised to connect participants from around the world — including countries such as France, Germany and Italy as well as various Asian countries and regions — with industry players and chambers from Hong Kong and Mainland China, helping them expand business connections and explore partnership opportunities. At the same time, participants from different parts of the world are joining ALMAC Online from nine satellite venues, where sessions are held and live-streamed.

    AI-driven business matching creates more connections
    The ALMAC Online platform also provides several interactive functions that serve to connect different industry players around the world. Click-to-connect enables audience to identify potential partners with ease, perform one-on-one video conferencing, and exchange business cards. Online networking and artificial intelligence-(AI) driven business-matching services are also provided, creating easy connections between potential business partners. The Consultancy and Services Lounge also connects participants with some leading logistics technology and solutions providers. A total of 150-200 business matching meetings are expected to be held during the conference. Leading professionals and associations provide complimentary advisory services at the Meet the Experts and Meet the Shippers sessions, covering areas such as supply chain management and changing trade flows.

    Air Freight Forum examines air cargo demand and industry collaboration
    While the pandemic has brought unprecedented challenges to the air cargo industry, soaring demand for COVID-19 vaccines and e-commerce deliveries requires companies to maintain operational resilience and service excellence. This and other topical issues were discussed as ALMAC Online kicked off this morning with the Air Freight Forum, co-organised with Airport Authority Hong Kong under the theme “Overcoming Challenges to Prevail under the Pandemic”. Several salient topics were explored, including global air cargo demand, operational agility, COVID-19 vaccine air logistics, cross-border e-commerce and industry collaboration. Chaired by Yvonne Ho, General Manager, Hong Kong and Macau, International Air Transport Association, the speakers included Marco Bloemen, Managing Director, Seabury Consulting; Frosti Lau, Chairman, HKIA Air Cargo Carrier Liaison Group; Tony Khan, President and Representative Director, DHL Express Japan; Frederic Leger, Director APCS Products, International Air Transport Association; William Xiong, Chief Strategist and General Manager for Export & Global Logistics, Cainiao Network; and Alaina Shum, General Manager, Aviation Logistics, Airport Authority Hong Kong.

    Maritime Forum focuses on Hong Kong’s role
    The pandemic has disrupted the operation of the maritime industry but it has also inspired innovation and digitalisation that mitigate the impact. The outlook for the sector was in focus as the keynote address at this afternoon’s Maritime Forum was delivered by Kitack Lim, Secretary-General, International Maritime Organization, who shared his thoughts on future business perspectives in the industry. This was followed by a session titled “The Way Forward for Hong Kong as an International Maritime Centre and its Role in the Guangdong-Hong Kong-Macao Greater Bay Area”, with speakers including Benjamin Wong, Head of Maritime Cluster, InvestHK; Captain Bjorn Hojgaard, Chairman, Hong Kong Shipowners Association; Hing Chao, Executive Chairman, Wah Kwong Maritime Transport Holdings; Kenneth Lam, Chairman & CEO, Credit Agricole Asia Shipfinance Limited; and Rosita Lau, Partner, Hong Kong, Ince & Co. Discussions focused on lessons learned from the COVID-19 pandemic, how the industry should adapt to the new normal in the post-pandemic world, and sustaining Hong Kong’s position as an international maritime centre in the midst of uncertainties in trade and related regulations. The session also explored how Hong Kong can leverage its strengths in ship management, ship financing and maritime legal services for maintaining a key strategic role in the Greater Bay Area.

    The Maritime Forum also featured sessions titled “A Catalyst for Change”, with speakers including Jeremy Nixon, CEO, Ocean Network Express; Huang Xiaowen, Executive Vice President, China COSCO Shipping Corporation Limited; Esben Poulsson, Chairman, International Chamber of Shipping; and Vincent Clerc, CEO of Ocean and Logistics, A.P.Moller-Maersk. Panel members shared on the latest developments in the shipping industry, operational challenges brought about by COVID-19, the roadmap for recovery, and digital transformation trends in the face of an uncertain future.

    Power Dialogue sessions at the forum featured Kelvin Leung, CEO, Asia Pacific, DHL Global Forwarding, Grom Alexey Nikolaevich, CEO, Chairman of the Board, United Transport and Logistics Company – Eurasian Rail Alliance (UTLC ERA) and Zheng Shuangli, Director of Operations, Chengdu International Railway Port Investment & Development (Group) Co., Ltd. They examined Asian connectivity under the new normal and how the logistics industry can design smarter, stronger, better connected and more diverse supply chains to rebuild resilience and better manage future risk.

    Supply Chain Management Forums cover logistics automation and social commerce
    As logistics and supply chains become increasingly AI-driven, the second day of the conference will feature two Supply Chain Management Forums examining the role of transformational automation and the new trend of social commerce. Speakers at the first forum, co-organised with the Hong Kong Shippers’ Council, will include Sunny Ho, Executive Director, Hong Kong Shippers’ Council; Wu Ying Ying, Solution Head, Hangzhou Hikvision Robotics Technology; Michael Xie, Head, DHL Consulting China; and Lyan Law, Senior Consultant, Industry 4.0 and Smart Manufacturing, Hong Kong Productivity Council. They will examine automation, robotics and the deployment of AI in logistics and supply chains.

    The second session, co-organised with GS1 Hong Kong, will be chaired by Heidi Ho, Principal Consultant, GS1 Hong Kong, with a panel featuring James Li, Head of Operations, Shopee Cross-Border; Tom Lin, Hong Kong/Taiwan Supply Chain Director, Procter & Gamble; and Ben Au, General Manager, Empower SCM Ltd. Under the theme “Shaking up Supply Chain Management from E-commerce to Social Commerce”, this session will look into the relationship between social commerce and supply chains/logistics; how the supply chain and logistics sector is responding to changing trends; and how industry players can grasp the opportunities arising from social commerce.

    ALMAC finale: WTO addresses outlook for industry recovery
    The Closing Plenary session and respective keynote address, co-organised with The Hang Seng University of Hong Kong, will feature Yonov Frederick Agah, Deputy Director-General, World Trade Organization (WTO), sharing his views on the theme “World Trade Organisation Outlook for Charting Recovery”. According to the latest World Trade Report from the WTO, trade costs brought about by COVID-19 are closely related to trade policy uncertainty and restrictions on travel and transportation. The impact of the pandemic on the logistics industry has been widespread, with global air freight and ocean freight volumes shrinking substantially amid land border closures, along with a halt to business travel that is crucial for connecting trade and managing global value chains. With a potential trade rebound being hindered by increasing trade policy barriers and regulatory differences as well as cyber disruptions, this session will examine the outlook for world trade and how the industry and governments can help mitigate disruption.

    World-renowned speakers on global logistics risks
    The logistics, maritime and aviation industries face continued risks from escalating trade disputes, the pandemic and cyber disruptions, while the process of globalisation is challenged by geopolitical tensions and trade protectionism. Under these circumstances, global traders need to be more flexible in sourcing and production operations. Addressing these issues, ALMAC’s Closing Plenary will see leaders from different spheres share strategies for minimising the global logistics risks that lie ahead and assess the outlook for the industry under more volatile trade and business environments. Dr Agah will also speak at the Closing Plenary, titled “Leading through the New Paradigm of Global Logistics Risks under an Uncertain Trading Environment and Cyber Disruptions”, with other heavyweight speakers including Fox Chu, Partner, McKinsey; Jan Hoffmann, Chief, Trade Logistics Branch, United Nations Conference on Trade and Development; Kenny Ye, Chief Operation Officer, Orient Overseas Container; Christopher Chan, Partner and Hong Kong Head of Shipping, Offshore and Logistics, Holman Fenwick Willan; Mathieu Renard Biron, Managing Director, Global Freight Forwarding, Kerry Logistics; and Stone Ho, Group Vice President, Apex Logistics International.

    MarketTalks return to explore logistics opportunities
    Launched last year, InnoTalks and MarketTalks both return in 2020. The InnoTalks sessions feature innovative solutions to help conference participants keep abreast of the technological developments in the logistics industry and generate new impetus in their business. MarketTalks sessions, meanwhile, feature key industry players from Mainland China, the United Arab Emirates (UAE), India, Malaysia and Thailand leading attendees in exploring new business opportunities among logistics ecosystems. Today, Liu Libing, Director of Marketing, New Land-Sea Corridor Operation Co, Ltd, shared on the current situation regarding the New International Land-Sea Trade Corridor after nearly five years of development and explained how corporations can grasp opportunities arising from the corridor. Dato’ Hasan Azhari HJ. Idris, CEO, Invest Selangor, explored opportunities for halal logistics in Selangor. Ghanyapad Tantipipatpong, Chairwoman, Thai National Shippers’ Council, shared on the shift in supply chain strategies from globalisation to regionalisation. In other sessions, Xerrxes Master, Vice President, Association of Multimodal Transport Operators of India, provided updates on India’s logistics industry and discussed the path to excellence. Tomorrow, Mohsen Ahmad, CEO – Logistics District, Dubai South, will focus on how the EZDubai development is positioning Dubai as a key hub for e-commerce.

    Websites
    ALMAC Online: https://www.almac.hk/main/en
    ALMAC Online Speaker List: https://www.almac.hk/main/en/speaker/2020speaker
    ALMAC Online Programme: https://www.almac.hk/main/en/s/info-programme
    Photo download: https://bit.ly/2UvLrah

    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

    Contact:
    Christine Kam, Tel: +852 2584 4514, Email: christine.kam@hktdc.org Clayton Lauw, Tel: +852 2584 4472, Email: clayton.y.lauw@hktdc.org

  • Kingsoft Announces 2020 Third Quarter Results

    WPS Office Enhanced Technological Abilities and Established a Comprehensive Ecosystem for Office Products
    Online Games Business Expanded Development Plans for Long-term Growth Potential

    Kingsoft Corporation Limited (“Kingsoft” or the “Company”; HKEx stock code: 03888), a leading Chinese software and Internet service company, has announced its unaudited quarterly results for the three months ended 30 September 2020 (“period under review”).

    During the period under review, the revenue of Kingsoft increased 34% year-on-year to RMB1,397.3 million. Revenue from online games and office software and services and others represented 56% and 44% respectively of total revenue. Gross profit for the third quarter increased 40% year-on-year to RMB1,157.8 million, while operating profit increased 120% year-on-year to RMB361.5 million.

    Mr. Jun LEI, Chairman of Kingsoft, commented, “The Company maintained a steady performance in the third quarter of 2020. Our outstanding results are mainly attributed to the increasing market recognition of our Kingsoft Office business as well as our continuous innovation in premium games. Regarding office software, Kingsoft Office’s licensing business and subscription services have been rapidly growing year-on-year. We continued to explore technology enhancement in the office software industry, optimize our user experience and strengthen our competitive advantages in online collaborative office products. In the online games sector, we will further pursue product innovation and enhance our capabilities in product development and operation, so as to expand our game categories.”

    Mr. Tao ZOU, Chief Executive Officer of Kingsoft, added, “In the third quarter, our total revenue reached RMB1,397.3 million, up 34% year-on-year showing strong resilience despite the impact of the pandemic. Both of our office software and services and other business, as well as online games business have maintained strong revenue momentum as they were up 59% and 19% year-on-year respectively in the third quarter”

    BUSINESS REVIEW
    Office Software and Services and Others
    Revenue from the office software and services and others for the third quarter of 2020 increased 59% year-on-year to RMB609.1 million. In software licensing business, business from government and enterprise markets maintained a rapid growth. Kingsoft Office has further enhanced its services and brand influence in several regional government and enterprise markets, as the Company continued to strengthen its technology capabilities and marketing efforts. Kingsoft has also maintained close cooperation with leading customers in traditional industries.

    Kingsoft Office organized the 2nd Office Application Developer Conference in the third quarter of 2020 and brought together a diverse group of near 200 developers in its ecosystem. Kingsoft Office has launched innovative products such as WPS Document Writing and WPS Docs Online Preview during the period, and fully integrated the Linux version of Sogou Input Method into WPS for Linux Edition. Kingsoft Office has acquired Beijing Suwell Technology Co., Ltd. in the third quarter. Going forward, Kingsoft Office and Suwell’s collaboration in technology and product developments will drive the fixed-layout document format standards for government and enterprise customers.

    During the quarter, Kingsoft Office’s personal subscription services maintained its rapid growth. The Company continued to explore innovative channels for marketing such as live-streaming e-commerce. In addition, WPS Docs has become the official office software supplier for the 31st Summer World University Games, and Kingsoft launched the WPS Office Education Edition. Kingsoft Office also entered into a smart office cooperation framework agreement with Tsinghua University, which further strengthened our presence in different market segments.

    Online Games
    In the third quarter, revenue from the online games business reached to RMB788.2 million, represented a 19% growth year-on-year, mainly attributable to the continuous growth of the flagship JX Online III PC game. On 28 August 2020, Kingsoft celebrated the 11th anniversary of JX Online III PC game and shared with gamers the latest development of its technological innovation and content creation. In addition, Kingsoft introduced its development plans in film and television, music, animation, theatrical plays and e-sports which will help to further increase its user base and bring long-term growth potential to the core IP. On 29 October 2020, Kingsoft launched Feng Tian Zheng Dao, the anniversary expansion pack for JX Online III PC game, with a new season and enriched content, which brought players a better gaming experience. In addition, JX Online I mobile game has been renamed as New JX Online I: Yuan Qi Wang You with an all-new game appearance and received positive feedbacks from the players.

    Mr. Jun LEI concluded, “In the third quarter, we once again demonstrated stable performance across all business divisions amidst a turbulent economic environment and complex international situations. We are confident in our strategy, business model, operation resilience and our prospects going forward. We will further strengthen our research and development capabilities, improve operational efficiency and promote product and service innovation. We will strive to provide our customers with excellent user experience, so as to achieve a sustainable growth in our business and create fruitful returns for our shareholders and business partners.”

    About Kingsoft Corporation Limited
    Kingsoft is a leading software and Internet services company based in China listed on the stock exchange of Hong Kong. It has two subsidiaries including Seasun and Kingsoft Office. Following the implementation of its “mobile internet transformation” strategy, Kingsoft has completed the comprehensive transformation of its overall business and management models and formed a strategic platform with interactive entertainment and office software as the pillars and cloud services and AI as the new directions. The Company has more than 5,000 staff around the world and enjoys a large market share in China. For more information, please visit http://www.kingsoft.com.

    Kingsoft Investor Relations:
    Francie Lu Tel: (86) 10 6292 7777 Email: ir@kingsoft.com

    For further queries, please contact Hill+Knowlton Strategies Asia:
    Sophie Du Tel: (852) 2894 6264 Email: kingsoft@hkstrategies.com

  • Bank of America Awards a New Contract Order to RIWI for over $650,000

    Bank of America Awards a New Contract Order to RIWI for over $650,000

    RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the “Company” or “RIWI”), a global trend-tracking and prediction technology firm, announces that BofA Securities has awarded an initial contract order to RIWI for over US$650,000 under its new three-year long-term agreement (the “Agreement”). BofA Securities represents the Bank of America’s institutional broker-dealer businesses, including Global Markets, Investment Banking, and Capital Markets.

    This new contract order is the first request for RIWI data collection services under the Agreement signed between RIWI and BofA Securities on August 1, 2020. Under the Agreement, BofA Securities enjoys the opportunity to issue additional contract orders for RIWI data collection services – in any country of the world and on a broad range of topics affecting the global economy – up to July 31, 2023. This is the second three-year agreement RIWI has won with BofA Securities to date.

    “This new, exciting work reflects RIWI’s commitment to client delivery excellence and our commitment to innovative and proprietary data collection techniques for analysts and economists in diverse sectors and with investment interests across the world,” said Neil Seeman, RIWI’s Chief Executive Officer.

    RIWI’s offerings for the finance sector include: predictions about major geopolitical events that significantly impact equities and markets; high-frequency data on the behavioral and labor market impacts of public health phenomena, such as COVID-19 vaccine approvals and vaccine hesitancy; and real-time analytics about fast-changing consumer sentiment, employment, and business investment trends across China.

    RIWI and the Future of Data Collection – Public Webinar, November 19, 3:30 pm Eastern Standard Time:

    Please join us for: “The Legacy Polling Industry’s ‘Instrument Error’ and the US 2020 Presidential Election – Why RIWI and other Anonymous Prediction Tools are Making the ‘Art’ of Polling Obsolete”.

    RIWI is among the only data organizations in the world to have defied media and consensus polling wisdom in the 2020 US election (RIWI always predicted an extremely close Electoral College race) and the 2016 US election (RIWI predicted an Electoral College win for President Donald J. Trump and the popular vote for Secretary Hillary Clinton). RIWI also predicted the outcomes of the key 2018 US Senate races, the turnout model that would define the outcome of Brexit and many market-moving, significant events across the globe, starting with the fall of the Mubarak regime in February 2011. In this talk, Jennifer Curley, President and CEO of Curley Company and publisher of The Association 100, the newsletter that provides actionable strategies and trends to top association executives across the United States, interviews Neil Seeman, founder and CEO of RIWI, to discuss why instrument error is the core problem with traditional polling – and why it is getting worse. Prior to founding Curley Company, Ms. Curley served as a Vice President at Edelman Public Relations Worldwide, where she ran the technology policy practice. During the Administration of President Bill Clinton, she was a political appointee in the Protocol Office of the White House and Department of State. Ms. Curley started her career in the United States Senate as an aide to Senator Daniel Patrick Moynihan.

    Register at: https://us02web.zoom.us/webinar/register/WN_Xz2USLpmTKupGnNoRxrrig

    About RIWI

    RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries – without collecting any personally identifiable data. https://riwi.com/

    RIWI CORP.
    Signed: “Neil Seeman”
    Neil Seeman, Chief Executive Officer

    For more information, please contact:
    Daniel Im, Chief Financial Officer
    danielim@riwi.com | +1-416-205-9984 ext. 2

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    CAUTION REGARDING FORWARD-LOOKING INFORMATION:

    Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company’s expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68355

  • Blockpass Provides eKYC Services for Base Protocol as Private Pre-Sale Launches

    Today, Blockpass has revealed its latest partner in the form of Base Protocol, a synthetic crypto asset that derives its price from the total market cap of all cryptocurrencies. Blockpass will be providing eKYC services to Base Protocol, which is currently preparing to launch its private BASE token pre-sale.

    Described at the ‘S&P 500 for crypto’, Base Protocol acts as a one-stop trading instrument which allows holders to speculate on all cryptocurrencies simultaneously, rather than just one or a select portfolio of multiple. It allows traders to agnostically invest in the entire crypto ecosystem. Although this is its primary function, BASE tokens can also be used for other means, such as a safe transitory currency when trading between other cryptocurrencies with volatile prices, a price reference for all cryptocurrencies, or as a lending instrument to hedge on leveraged crypto trading.

    Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. From the Blockpass Mobile App, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industry. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users.

    “We’re very excited to be working with Base Protocol.” said Adam Vaziri, Blockpass CEO. “Cryptocurrencies have been notorious for price volatility and the sheer volume of different options available; having a token that is linked to the entire market is a great way to provide opportunities and mitigate all number of risks associated with cryptocurrency trading. By providing KYC services we can enable a safe, secure and regulatory compliant experience for Base Protocol and its users.”

    “Base Protocol reviewed a variety of different KYC options when determining who to choose for our pre-sale. We ultimately chose to go with Blockpass as our partnered provider because they had the most intuitive, and flexible KYC portal that we were able to easily integrate onto our website.” Said Dylan Senter, Base Protocol Co-Founder and Business Development. “Blockpass is clearly built to align with the needs of any crypto company doing KYC, and they have the most affordable payment structure. Our favorite thing about Blockpass is that there is no minimum number of KYC checks that we must purchase. We have been very happy with our Blockpass experience so far, and will definitely be using them moving forward.”

    Blockpass has grown significantly in size and use since its inception, both in the number and range of companies it has partnered with, and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. Blockpass has seen rapidly increasing numbers of users in the past year as its identity verification solution is used for ICOs, STOs and IEOs, including supporting a number of successful fundraisers in the past few months.

    With a current 90%+ discount on its services, a fact made possible due to the unique reusable nature of its verification method and put in place to help as many people as possible access KYC in the current pandemic, there has never been a better time to explore the potential of Blockpass. The Blockpass App is available from the App Store and Google Play.

    About Blockpass

    Blockpass is a fast, fully comprehensive KYC & AML screening software-as-a-service for Crypto, Defi and other regulated industries. With Blockpass, you get an unmatched set of benefits for any compliance service that includes pay-as-you-go, no setup cost, no integration necessary, free testing, immediate launch and at the lowest cost. Blockpass’ KYC Connect(TM) platform enables businesses to select requirements for customer onboarding that can include ID authentication, face-matching, address checking, AML ongoing monitoring and/or screening of sanctions lists, politically exposed persons (PEP), and adverse media. Through Blockpass, end-users easily create a verified portable identity that they can control and re-use to onboard with any service instantly.

    For more information and updates, please visit and sign up to the following:
    Promotional video: https://youtu.be/SvO2cw3e-SI
    Website: http://www.blockpass.org
    Email: sales@blockpass.org

    About Base Protocol

    The Base Protocol acts as a one-stop trading instrument which allows holders to speculate on the entire crypto industry simultaneously, rather than just one token or a select portfolio of multiple. This should be valuable for outsiders interested in crypto investing who don’t know which assets they “should” buy. It will also be useful for institutional investors seeking to diversify crypto exposure to the entire industry, and general crypto traders looking to hedge or diversify their investments.

    Base Protocol (BASE) is a token whose price is pegged to the total market cap of all cryptocurrencies at a ratio of 1 : 1 trillion. BASE allows traders to speculate on the entire crypto industry with one token.
    If crypto market cap is $350B, BASE is $0.35.
    If crypto market cap is $700B, BASE is $0.70.

  • Grand Ming Group Holdings Limited Announces Interim Results for the Six Months Ended 30 September 2020

    Grand Ming Group Holdings Limited Announces Interim Results for the Six Months Ended 30 September 2020

    • Revenue Increased by 114% to HK$786.1 Million
    • Profit for the Period amounted to HK$70.2 Million
    • Declared an Interim Dividend of 4.0 HK Cents per share

    Grand Ming Group Holdings Limited (the “Company” and together with its subsidiaries, the “Group”, stock code: 1271.HK) today announces its interim results for the six months ended 30 September 2020 (“FH 2020/21”).

    Highlights
    – Revenue amounted to approximately HK$786.1 million, up by 114% from the last corresponding period.
    – Net profit reached approximately $70.2 million, representing an increase of 60%.
    – Underlying profit increased by 223% to approximately HK$83.4 million, excluding the change in fair value of investment properties.
    – Declared payment of an interim dividend of 4.0 HK cents per share.
    – Stays positive towards the booming business of data centre leasing, aiming at developing into two new high-tier data centres in near future.
    – Seizes opportunities to increase land reserve for property development in Hong Kong and cautiously eyes on the Mainland China market.

    The Group’s consolidated revenue increased 114% from HK$367.5 million for the six months ended 30 September 2019 (“FH 2019/20”) to HK$786.1 million for FH 2020/21. The increase was primarily due to a rise in revenue recognition from the construction segment, in which the construction project in Kai Tak, Kowloon was progressing in full swing and recorded a substantial work in progress during the FH 2020/21.

    The Group’s net profit for FH 2020/21 was approximately HK$70.2 million, representing an increase of approximately 60% when compared to that of approximately $44.0 million for FH 2019/20. Earnings per share was 4.9 HK cents (2019 (restated): 3.1 HK cents). The Group’s underlying profit for FH 2020/21, excluding the change in fair value of investment properties, amounted to approximately HK$83.4 million, representing an increase of approximately 223% as compared to an underlying profit of approximately $25.8 million for FH 2019/20. Underlying earnings per share was 5.9 HK cents (2019 (restated): 1.8 HK cents). The increase in net profit was mainly benefited from (i) the increase in revenue recognised from the construction segment; and (ii) a higher margin attained from the sales of one duplex and one typical unit in Cristallo, as compared to three typical units sold in the corresponding period of last financial year.

    It is the Company’s policy to reward its shareholders by sharing part of its profits while ensuring that sufficient working capital are reserved for future development. The Board now declares to pay an interim dividend of 4.0 HK cents (2019: 4.0 HK cents) per share, payable on 16 December 2020 to shareholders whose names appear on the Company’s register of members on 4 December 2020.

    During FH 2020/21, revenue derived from the construction business increased by approximately 227% or HK$373.6 million, from approximately HK$164.4 million for FH 2019/20 to approximately HK$538.0 million for FH 2020/21. The increase was primarily attributed to the construction project at Kai Tak that was in full swing and had substantial work in progress during the period under review.

    The Group’s data centre leasing business remained buoyant during the time of the COVID-19 pandemic. Revenue derived from this segment increased approximately 8.6% or HK$6.2 million, from approximately HK$71.9 million for FH 2019/20 to approximately HK$78.1 million for FH 2020/21, primarily driven by the higher utilisation rate of iTech Tower 2 from newly committed customers. In September 2020, the Group completed the acquisition of two parcels of land in Fanling, New Territories for the purpose of developing into two new high-tier data centres.

    The Grand Marine, the Group’s first residential property development project located at Tsing Yi, New Territories, provides a saleable area of approximately 345,000 square feet for 776 residential units comprising one-bedroom to four-bedroom and special units. Superstructure works have commenced and are going on in good progress. The whole project is expected to be completed by late 2021. The project has received tremendous responses from the market since its pre-sale in November 2019. Approximately 86% of the residential units had been sold, with cumulative presale proceeds of approximately HK$4.23 billion being recorded.

    The Group’s luxury residential project, CRISTALLO, at No. 279 Prince Edward Road West, Kowloon was also well-received by the market. During FH 2020/21, sales and delivery of two apartments had been completed, and revenue of approximately HK$170 million was recognized accordingly. Furthermore, the Group entered into six provisional sales and purchase agreements for six apartments with an aggregate contract sum of HK$235.7 million. Completion of these 6 apartments are scheduled to take place between December 2020 and October 2021.

    In order to increase its land bank, the Group also entered into a provisional sale and purchase agreement in early November 2020, in respect of the acquisition of a piece of land at No.1 Luen Fat Street, Fanling, New Territories, with a site area of approximately 6,800 square feet. The acquisition is scheduled to be completed in January 2021 and its consideration will be settled by the Group’s internal resources and/or bank borrowings.

    Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, “Year 2020 is a COVID-19 pandemic year that poses huge challenges to different businesses. It also brought much of global economic activity to a halt during the first half of the year and the path to full recovery remains long and uncertain. While cautiously exploring for suitable property development projects in Mainland China, the Group will also utilize its existing resources to increase our land reserve in Hong Kong. In the meantime, we strive to promote the sales of the remaining units in the Grand Marine and Cristallo. On the other hand, we envision that the surging growth in the use of digital technology as a result of the pandemic will lead to high demands for new high-tier data centres. We acquired two parcels of greenfield land for the proposed high-tier data centre development in a move to expand our data centre capacities and seize the upcoming rising demand opportunities. For the construction segment, we currently maintain our focus in completing the projects in hand and adopt a ‘wait and see’ attitude in tendering new construction projects in face of the fierce market competition.”

    About Grand Ming Group Holdings Limited (Stock code: 1271.HK)
    The Group is principally engaged in the business of building construction, property leasing and property development. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clientele includes multinational data centre operator, telecommunications company and financial institutions. The Group currently owns two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2. It also acquired two parcels of land in Fanling, New Territories for developing into two new high-tier data centres. With more than 20 years of experience in the construction industry, the Group also provides building construction services as a main contractor, and is involved in residential property development projects with prominent local developers, as well as offering alteration, renovation and fitting-out services for existing buildings in Hong Kong. Furthermore, the Group is developing a residential development project namely “The Grand Marine” at Sai Shan Road, Tsing Yi, as well as selling a luxury residential project, Cristallo, at Prince Edward Road West, Kowloon.

    Media Contacts:
    Angel Yeung
    Jovian Communications Ltd
    Tel: +852 2581 0168
    Email: 1271@joviancomm.com

  • AI business matching at Autumn Sourcing Week | ONLINE

    AI business matching at Autumn Sourcing Week | ONLINE

    The Hong Kong Trade Development Council (HKTDC) is running Autumn Sourcing Week | ONLINE (ASWO) from 16 to 27 November, featuring the latest products from different industries including electronics, houseware, lighting, outdoor lighting, eco tech, gifts and premiums, toys, baby products, stationery, optical and watches and clocks. The virtual fair serves as a one-stop online sourcing platform to keep small and medium-sized enterprises (SMEs) connected with global buyers and help create business opportunities across various sectors.

    Benjamin Chau, HKTDC Deputy Executive Director, said the COVID-19 pandemic has changed sourcing patterns and driven more companies to go digital and promote their businesses through online channels, increasing the demand for online marketing services. “The pandemic will eventually come to an end, but for now Hong Kong companies are taking a positive approach to the new normal by making more use of online promotion platforms to capture online-to-offline (O2O) business opportunities. The HKTDC has reacted to these changes swiftly, developing online exhibitions that can help SMEs attract new buyers and gain new orders during this difficult time.”

    Under the theme “A New Connected World Beyond the New Normal”, ASWO has attracted 2,600 exhibitors from 33 countries and regions, featuring 37 group pavilions, including the Japan External Trade Organization (JETRO), Korea Trade-Investment Promotion Agency (KOTRA), Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA), Zhejiang, Chongqing and Jiangsu provinces from Mainland China, Cyberport and the Federation of Hong Kong Industries.

    New 3D virtual booth
    A new 3D virtual booth has been introduced at ASWO to enable exhibitors to showcase their products and promote their brands in a more attractive and effective way. The Environment Bureau of the Hong Kong Special Administrative Region (HKSAR) is featuring an interactive “Hong Kong GO Green” virtual tour, showcasing the latest waste-reduction facilities and applied technologies in three areas: “Community Recycling Network”, “Recycling Facilities” and “Green High-Tech”. Cyberport is featuring 14 start-up companies at its virtual booth, highlighting innovative technologies in the areas of consumer electronics, electronic health products, robotics and wearable devices. Eastcolight, a Hong Kong toy company, is presenting its virtual booth as a theme park featuring electronic toys, DIY toys, STREAM (science, technology, robotics, engineering, arts and maths) toys and more. In addition, exhibitors from the houseware, gifts and premiums, baby products and optical sectors are presenting their latest products through their specially designed 3D booths.

    Intelligence Hub
    More than 20 webinar sessions will be staged over the exhibition period with some 100 industry leaders sharing the latest market trends, providing buyers and exhibitors with the latest information to help their future planning. Highlights of the webinars include:

    – “Symposium on Innovation & Technology – A New Connected World Beyond the New Normal” on 16 November. Among the speakers, Ricky Wong, Vice Chairman and Chief Executive Officer of Hong Kong Television Network Limited, Professor Yuen Kwok-yung, Chair of Infectious Diseases, Department of Microbiology at the University of Hong Kong, Professor Ray Liu from the University of Maryland, Dr Adam Drobot from OpenTech Works, who is also a member of the US Federal Communication Commission (FCC) Technological Advisory Council, together with representatives from Google, Amazon and KPMG will discuss how pivotal technologies including artificial intelligence (AI), 5G and cloud technology will help combat the pandemic and create a better post-pandemic world.

    – “Beyond Connection: Lighting as a Strategy” on 17 November invites Nicolas Rimbeau from British smart street lighting and smart city application developer Telensa to talk about the importance of smart street lighting in future city planning.

    – “Hong Kong Toys Industry Conference – Toys for the Future” on 18 November invites Kenny Sham from LEGO Group to share consumer analysis and marketing strategies for the toy industry in the Greater China region.

    – “Hong Kong International Watch Forum” on 18 November will see industry representatives from Germany, France, Japan, Korea and Mainland China share valuable insights into the watch industry’s trading performance and manufacturing trends.

    – The “Eco Asia Conference”, powered by the Environment Bureau of the HKSAR, will take place on 19, 20 and 23 November, featuring five thematic sessions. Wong Kam-sing, Secretary for the Environment, and representatives from the Department of Ecology and Environment of Guangdong Province and Macao’s Environmental Protection Bureau (DPSA) will give updates on environmental work in the Guangdong-Hong Kong-Macao Greater Bay Area on 19 November. In addition, a representative from the Ministry of Ecology and Environment of the People’s Republic of China will share the latest green policies in Mainland China.

    Anti-epidemic products draw attention
    Various anti-epidemic products are available at the virtual exhibition, including some from local companies that are looking for the opportunity to explore international markets. One Hong Kong start-up has developed a 5G AI-driven robot that can measure body temperatures and is already used by several companies in Hong Kong. Other health-related products being exhibited include a disinfectant spray, cotton mask for repeated use, a germicidal lamp and many more.

    A wide range of new educational toys, houseware and lifestyle products are also being showcased at the virtual exhibition. For example, well-known optical brands such as Laura Ashley, Big Horn and OSSII SOUND are showcasing new designs, along with an Italian exhibitor featuring glasses with Venice-inspired designs. In the watches and clocks section, special-edition watches will be introduced in the Korea and Taiwan pavilions. Elsewhere, buyers can find STREAM toys for children learning at home along with a variety of baby strollers and baby gear from Europe.

    Click2Match AI-driven business matching platform
    Buyers and exhibitors can make deals through the HKTDC’s business matching platform, Click2Match, which uses AI technologies to conduct automatic matching between potential business partners. The platform also helps participants to schedule meetings, get together for video conferences, chat in real time and exchange e-business cards. In addition, the HKTDC has mobilised its network of 50 offices worldwide to invite quality international buyers, arranging online business matching meetings according to their sourcing needs to increase the chance of business collaboration.

    Exhibitors are eligible for a three-month promotion on the upgraded hktdc.com Sourcing platform to help maintain business relationships with global buyers. The platform has brought together more than 130,000 suppliers and 2 million buyers, facilitating 24 million business connections a year. It applies AI, machine learning and image recognition technologies to provide a more effective and more personalised smart sourcing experience.

    Websites
    Autumn Sourcing Week | ONLINE: http://asw.hktdc.com
    hktdc.com Sourcing: http://sourcing.hktdc.com
    Photos download: https://bit.ly/3ppj1ge

    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

    Contact:
    Janet Chan, Tel: +852 2584 4369, Email: janet.ch.chan@hktdc.org Beatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.org

  • BYD Debuts DM-i Hybrid Technology and 1.5L Xiaoyun Engine

    The new plug-in hybrid engine enables a world-leading 43% BTE

    On November 13, BYD launched the DM-i hybrid technology alongside the official announcement of the high efficiency version, which is dedicated for plug-in hybrid vehicles (PHEVs), of the 1.5L Xiaoyun engine. As a leader in new energy vehicles (NEVs), the announcements underline BYD’s lead in strategically segmenting its plug-in hybrid technologies. After defining new performance standards for PHEVs with the DM-p technology, BYD continues to break new ground with the DM-i, this time prioritizing ultra-efficient fuel consumption.

    The new highly efficient 1.5L plug-in hybrid engine, is specifically built for the DM-i hybrid technology. With a Brake Thermal Efficiency (BTE) of 43%, it stands as the world’s highest thermally efficient gasoline engine in production. The engine’s immense fuel efficiency easily meets China’s newest national emissions standards, while also providing a distinctly smooth and quiet driving experience.

    The DM-i Hybrid Technology – Bold new advances for a more fuel-efficient world
    In the Chinese government’s recent New Energy Vehicle Industry Development Plan (2021-2035), NEVs are expected to account for 20% of the total sales of new vehicles in China by 2025. Among these, the path for PHEVs shows immense potential.

    By leveraging its Dual Platform strategy, BYD’s dual-mode (DM) hybrid technologies – the DM-p and the DM-i – further enhances the competitiveness of PHEVs against traditional fuel vehicles.

    The DM-p platform, with a focus on exceptional performance, provides a power output that surpasses large fuel cars. This has drawn the interest of consumer groups that strongly care about environmental protection and sustainable lifestyles, while also holding high expectations for driving experiences.

    New models with the DM-i hybrid technology will see a wide array of improvements, including further reductions in fuel consumption, faster acceleration, smoother and quieter rides, and more environmentally-friendly electric power. When compared to traditional fuel cars, vehicles equipped with DM-i hybrid technology stand out as superior products with their enhancement of driving experiences while being less reliant on fossil fuels. In addition, the prices of models with the DM-i hybrid technology are similar to the cost (tax and fee included) of fuel vehicles of the same type from outside of China. This is positioned to be a significant shift in the competition between PHEVs and fuel vehicles, impacting consumer and market perceptions of NEVs.

    Eric Li, Deputy General Manager of BYD Auto Sales, said, “BYD has always insisted on self-reliance to build its core technology. With our advantages in new energy technologies, we have achieved major breakthroughs in several key areas. The DM-i hybrid will rigorously accelerate the replacement of traditional fuel cars with new energy vehicles.”

    The Xiaoyun engine – Hardcore technology for premium thermal efficiency
    Powering the ultra-high thermal efficiency of the Xiaoyun is a multitude of innovative technical features, allowing it to reach its world-leading 43% BTE.

    The Xiaoyun boasts an ultra-high compression ratio (CR) of 15.5, an increased B/S ratio, an Atkinson cycle for improved combustion efficiency, an Exhaust Gas Recirculation (EGR) system, a series of friction-reducing measures and an engine control system that is uniquely optimized for high thermal efficiency targets.

    In addition, the Xiaoyun engine takes full advantage of the electrification of plug-in hybrid models, electrifying accessories and removing the traditional front-engine accessory drive system, further reducing wear and tear and improving efficiency.

    For the first time ever, BYD has implemented split cooling technology for an engine. Through on-demand cylinder head and cylinder block temperature measurements, this enables precise and accurate cooling for the Xiaoyun engine to reach optimal running temperatures. By mitigating heating losses, this shortens the length of warming up the engine after a cold start by 15-20%, reducing fuel consumption and carbon emissions during the process.

    To dramatically improve noise, vibration, and harshness (NVH) performance, the engine has specially-optimized designs for the crankshaft, bearings, cylinder block, intake manifold, oil pan, timing cover, cylinder head cover and other components of the plug-in hybrid system.

    About BYD
    BYD Company Ltd. is one of China’s largest privately-owned enterprises. Since its inception in 1995, the company quickly developed solid expertise in rechargeable batteries and became a relentless advocate of sustainable development, successfully expanding its renewable energy solutions globally with operations in over 50 countries and regions. Its creation of a Zero Emissions Energy Ecosystem – comprising affordable solar power generation, reliable energy storage, and cutting-edge electrified transportation – has made it an industry leader in the energy and transportation sectors. BYD is listed on the Hong Kong and Shenzhen Stock Exchanges. More information on the company can be found at http://www.byd.com.

    Contacts
    In Asia-Pacific: Richard Li
    pr@byd.com;
    tel:+86-755-8988-8888-69666

    In North America: Frank Girardot
    frank.girardot@byd.com;
    tel: +1 213 245 6503

    In Europe: Penny Peng
    penny.peng@byd.com;
    tel: +31-102070888

    BYD Company Ltd.