Category: Featured

Hong Kong rated as leading sustainable business hub

– New HKTDC ESG Index sees city receive high level of recognition from global, regional and local traders

Hong Kong has been globally recognised as taking a lead in sustainable business development. This is the key finding from the preliminary edition of the HKTDC ESG Index, an important new metric introduced by the Hong Kong Trade Development Council (HKTDC) with the aim of ensuring local, Mainland China and global enterprises have an in-depth understanding of the city’s strengths as an ESG (environmental, social and governance) business hub.

The index is based on an analysis of how businesses perceive Hong Kong’s strengths across the three established ESG criteria: environmental, social and governance. The initial research factored in the views of more than 1,200 businesses through surveys conducted by the HKTDC at many of its most high-profile trade fairs and related business events in 2024.

Explaining the rationale behind the launch of the new index and its ongoing significance for Hong Kong, Irina Fan, Director of HKTDC Research, said: “This new metric has been devised to help domestic and global businesses gauge the efficacy of Hong Kong as a platform for sourcing ESG-related products and services, as well as identifying more ESG-responsible counterparts. We believe the index will significantly contribute to the overall understanding of the business world’s prioritisation of sustainable operational models and the real and lasting contribution Hong Kong is making to this shift at a global, regional and local level.”

Overall, Hong Kong scored highly in the index across all three criteria, receiving an aggregated total of 64.3 points. This figure is well above the neutral watershed point of 50 and indicates the city’s status as an effective and highly regarded global ESG business hub.

Hong Kong rates highly across all criteria as an ESG hub

This high score was reflected in the marks accorded to each criterion – Environmental (63,8), Social (65.0), and Governance (64.7). Across these categories, respondents from the three designated geographical regions all had distinct individual preferences and their own specific reasons for awarding the city such high marks.

In the case of Hong Kong’s Environmental credentials, respondents from the mainland (68.6) saw Hong Kong’s strengths as lying primarily in its provision of green and sustainable investment opportunities. International enterprises (67.2), meanwhile, had a particularly high regard for the availability and diversity of green and sustainable solutions, while local businesses rated the quality and innovation of the city’s portfolio of green and sustainable products and services most highly.

Regarding the Social Sub-Index, it was Hong Kong’s ESG-related expertise and talents that most impressed mainland survey respondents, followed by the city’s success in promoting cross-border ESG knowledge exchange. International and Hong Kong-based respondents highly rated the engagement of local businesses in community development and social welfare programmes, as well as the ability to find socially responsible business partners.

For the Governance Sub-Index, Hong Kong’s proficiency in facilitating effective ESG-oriented international collaborations, particularly with regard to international standard-setting and the provision of market access, was highly valued by all participants regardless of location. Mainland respondents also singled out the effectiveness of Hong Kong’s ESG reporting frameworks and regulations.

Commercial advantages of ESG engagement

In addition to its core focus on the views of buyers and vendors regarding the efficacy of Hong Kong as an ESG hub, the research also set out to provide insights into other developmental aspects of ESG-related business. Among the key findings here were:

All buyers currently sourcing ESG-related products or services indicated they were willing to pay a higher premium for such products or services. Some 68% of them were willing to pay a premium of at least 10% to secure such items. This is largely because prioritising ESG-friendly solutions is seen as likely to enhance a company’s brand reputation and corporate image while ensuring compliance with all relevant regulatory requirements and risk-management protocols.All vendors currently providing ESG-related products or services maintained they earned additional profit margins from such products or services. Approximately 72% of them reported that the additional profit margins delivered by such activities were 10% or higher than those related to comparable non-ESG-compliant products and services. In addition, by meeting market demand for ESG-related products and services, such vendors also saw themselves as positively differentiated from their competitors and, consequently, gaining a commercial advantage.Nearly 90% of respondents see ESG considerations as an integral element of their overall business decision-making process, underscoring the general acceptance of the importance of such principles.

Methodology

The provisional findings of this initial edition of the HKTDC ESG Index were drawn from a survey of 1,200+ vendors or buyers in attendance at seven HKTDC trade fairs and business events from April to December 2024. The survey will be completed in March and the first full edition of the index will be released thereafter. Full details of the methodology used for the survey can be found in the Appendix to the Preliminary Report.

Photo download: https://bit.ly/4hbnJbj

(from left) HKTDC Director of Research Irina Fan, Principal Economist (Global Research Team) Alice Tsang, Economist Edmund Lo and Senior Economist Nicholas Fu announced the preliminary edition of the HKTDC ESG Index at a press conference today.

HKTDC Director of Research Irina Fan

HKTDC Principal Economist (Global Research Team) Alice Tsang

HKTDC Senior Economist Nicholas Fu

HKTDC Economist Edmund Lo

Media enquiries

Please contact the HKTDC’s Communication and Public Affairs Department:

Jane Cheung Tel: (852) 2584 4137 Email: jane.mh.cheung.hktdc.org
Johnny Tsui Tel: (852) 2584 4395 Email: johnny.cy.tsui@hktdc.org

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 over 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

February 24, 2025

Fourth Star’s FSTR Token now Available on CoinMarketCap

Fourth Star, a leading immersive media and game streaming virtual reality platform, is pleased to announce that its native utility token, FSTR, is now a verified listing available on CoinMarketCap. This milestone marks a significant step in increasing FSTR’s visibility, accessibility, credibility, and value within the broader cryptocurrency ecosystem.

With its verified listing, FSTR is now easier to track, analyze, and trade. CoinMarketCap provides users with real-time market data, including pricing trends, market capitalization, exchange listings, and trading volume, ensuring greater transparency and accessibility for traders and investors.

FSTR verified listing on CoinMarketCap: https://coinmarketcap.com/currencies/fourth-star/

Enhanced Trading with CoinMarketCap Listing

The CoinMarketCap listing brings substantial improvements to FSTR trading, making it easier for investors to discover, monitor, and engage with the token. Increased visibility on CMC helps attract new traders, enhancing market liquidity and price stability. Additionally, traders can now access accurate, up-to-the-minute trading data, empowering them to make informed decisions while supporting a more dynamic and active trading environment.

“This listing is an important step in solidifying FSTR’s presence in the digital asset space,” said Greg Simon, CEO of Fourth Star. “As we continue to expand our metaverse, we are committed to ensuring that FSTR remains a valuable and functional currency within our ecosystem.”

As a U.S.-based corporation, Fourth Star and its FSTR utility token are strategically positioned to capitalize on the incoming federal administration’s commitment to accelerating the growth of the U.S. crypto industry. With an increased focus on fostering domestic blockchain innovation, Fourth Star is well-aligned to thrive in this evolving regulatory landscape and expand its impact within the digital economy.

What is Fourth Star?

Fourth Star is an immersive media and game streaming VR platform. It redefines entertainment by allowing users to seamlessly transition from traditional 2D films into breathtaking, interactive 360-degree stereoscopic gamified experiences, where users can step into the action, interact with characters, and experience stories from a first-person perspective. Fourth Star transforms entertainment into fully immersive, gamified adventures.

Click for an introduction to Fourth Star’s ‘New Entertainment Frontier’

Fourth Star offers next-level interactive entertainment, allowing you to watch a film and then seamlessly step into its world for fully gamified, immersive experiences. With over thirty interactive environments to explore, from deep-space colonies to futuristic metropolises, the expansive digital universe is yours to discover. Enjoy personalized spaces by relaxing in your own luxury ship or apartment, where you can access hours of immersive entertainment content.

Engage socially by inviting friends to explore, play, and interact within the Fourth Star universe. For creators, the platform provides powerful monetization opportunities through in-app purchases, subscriptions, and brand partnerships. Additionally, AI integration enhances immersion with advanced AI companions, delivering unique and dynamic experiences.

Powering the Fourth Star Immersive Media Experience

As the foundational token of Fourth Star, FSTR powers a seamless digital economy, offering users a range of benefits and experiences. Holders enjoy a 25% discount on virtual assets, including apartments, ships, and AI companions, compared to fiat prices. The token also enables rental income opportunities, allowing users to acquire and rent high-value assets such as luxury apartments, starships, and AI companions.

Additionally, FSTR unlocks VIP access to premium entertainment, immersive VR films, live events, and interactive experiences. For content creators and brand partners, Fourth Star provides a lucrative ecosystem where they can generate recurring revenue through in-app purchases, subscriptions, and brand collaborations.

Why Fourth Star Chose Polygon: Scalability, Gaming, and Ecosystem Growth

The FSTR smart contract is built on the Polygon Network, ensuring security, efficiency, and long-term scalability. Fourth Star chose Polygon for its low transaction fees, high-speed infrastructure, and eco-friendly Proof-of-Stake (PoS) consensus mechanism, making FSTR transactions fast, cost-effective, and highly accessible for in-app purchases, rentals, and content creator rewards. Additionally, Polygon is widely adopted by the gaming community due to its scalability, seamless integration with Web3 gaming, and strong developer ecosystem. As Fourth Star continues to expand, we look forward to working with game developers on Polygon as an additional distribution platform, providing them with new opportunities to showcase and monetize their content while together promoting the Polygon ecosystem.

For details on Fourth Star’s vision and the role of FSTR, read our Whitepaper here.

To verify the FSTR smart contract, visit the contract address on PolygonScan here.

About Fourth Star

Fourth Star is the leading immersive media and game streaming virtual reality platform, offering next-generation entertainment experiences that seamlessly blend traditional media with fully interactive, gamified environments. With an extensive catalog of content, a vibrant creator ecosystem, and a growing community, Fourth Star is revolutionizing how users engage with entertainment in the digital age. Fourth Star was acquired in September 2024 by CEO Greg Simon and CTO Craig Wiltshire in a management buyout, a testament to their passion and belief in its future. For more information, visit www.fourthstar.com.

Follow us on Social Media
Facebook: https://www.facebook.com/metaverseFourthStar/
LinkedIn: https://www.linkedin.com/company/fourth-star-metaverse/
YouTube: https://www.youtube.com/@FourthStarMetaverse
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Media Contact
Greg Simon
CEO and Co-Founder
Greg@fourthstar.com

February 10, 2025
Industry Leader Rebuts Condo Oversupply Claims in the Philippines

Recent reports suggesting a glut of condominiums in the Philippines—with units supposedly taking two to three years to sell—have come under scrutiny from Chris Malazarte, National President of the Accredited Real Estate Salespersons of the Philippines, Inc. (Acres Philippines Inc.).

According to Malazarte, these conclusions overlook key considerations that shape unsold inventories.

“The assessment oversimplifies the situation,” he said, emphasizing that variables such as location, price points, developer reputation, buyer preferences, amenities, and marketing strategies all play a part in determining sales outcomes.

Malazarte cautioned that slower absorption rates in certain areas cannot be taken as a barometer for the industry at large.

While some developments may experience lagging sales due to mismatched pricing or less strategic locations, numerous other projects have rapidly sold out, highlighting a steady demand for properties that align well with market needs.

Malazarte also underscored that developers continue launching new projects precisely because their existing inventories are running low, an observation he says directly counters the notion of widespread oversupply.

He called on analysts to adopt a more balanced perspective, noting that “real estate is not a one-size-fits-all industry.”

Each project, he argued, requires a thorough examination of its unique circumstances and the macroeconomic trends driving local and national demand.

Acres Philippines Inc. maintains that evidence-based, nuanced evaluations offer a more accurate reflection of the market’s condition.

The organization remains optimistic about the industry’s long-term potential, citing the country’s robust economic fundamentals, the steady growth of the middle class, and ongoing urban development initiatives.

These factors, Malazarte says, continue to bolster confidence in the Philippine real estate sector.

BusinessNews.ph

January 20, 2025
Insight: The Philippines’ Bold Vision for Halal Industry Leadership

The Department of Trade and Industry’s (DTI) establishment of the National Halal Industry and Development Office (NHIDO) signals the Philippines’ ambition to carve a significant niche in the global halal market, aiming to become a global leader by 2025.

While ambitious, this initiative reflects the growing recognition of the halal industry’s potential as a driver of economic growth and international trade.

A Shift in Halal Strategy

The Philippines’ move to accelerate its halal industry development is a strategic pivot. Traditionally positioned as an emerging halal hub within the Asia-Pacific, the country now seeks to fast-track its aspirations on a global scale.

This new focus aligns with the burgeoning demand for halal-certified goods and services worldwide, driven by a growing Muslim population and increasing adoption of halal principles by non-Muslim consumers for quality and ethical reasons.

The NHIDO’s mandate to act as a central coordinating body underscores the need for streamlined efforts in a fragmented sector.

Halal compliance spans food, pharmaceuticals, cosmetics, and even travel services. A unified approach is essential to integrate these industries and create a coherent value proposition for the Philippines on the global stage.

Opportunities for MSMEs and Economic Growth

A cornerstone of NHIDO’s strategy is simplifying halal certification and standards, particularly for micro, small, and medium enterprises (MSMEs).

By addressing regulatory barriers, the DTI aims to empower smaller players to participate in the multi-trillion-dollar halal economy.

This focus on MSMEs is significant, as they account for the majority of Philippine businesses and could unlock untapped potential in domestic and international markets.

Furthermore, the “Halal-Friendly Philippines” campaign positions the country not only as a supplier of halal-certified products but also as a destination for halal-friendly tourism.

This dual approach could boost both exports and inbound travel, creating jobs and stimulating sectors like hospitality, logistics, and retail.

Infrastructure and Supply Chain Modernization

The emphasis on halal-compliant infrastructure, including slaughterhouses, cold storage facilities, and regional trade hubs, addresses critical gaps in the halal supply chain.

By establishing these facilities across Luzon, Visayas, and Mindanao, the NHIDO aims to ensure that products meet international standards while reducing logistical inefficiencies.

These improvements will also enhance the competitiveness of Philippine halal products in export markets, particularly in Southeast Asia, the Middle East, and Europe.

Countries like Malaysia and Indonesia have long dominated the halal industry; the Philippines’ efforts could challenge this status quo if executed effectively.

Challenges to Overcome

Despite its ambitious goals, the Philippines faces several challenges. Competing against established players in the global halal market requires significant investment in infrastructure, certification systems, and marketing.

Gaining international recognition for Philippine halal standards will also be critical, as trust and credibility are non-negotiable in the halal economy.

Another hurdle lies in fostering collaboration among stakeholders. The NHIDO’s success depends on partnerships with local government units, private enterprises, and international bodies.

Ensuring these stakeholders are aligned on goals and standards will require careful coordination and effective governance.

A Game-Changer for the Philippines

The establishment of the NHIDO represents a pivotal moment for the Philippines’ halal industry. If the DTI’s vision materializes, the Philippines could position itself as a major player in a global industry that extends far beyond religious compliance into mainstream consumer trends.

This initiative also underscores a broader narrative of economic diversification and resilience. By tapping into the halal market, the Philippines not only enhances its global trade portfolio but also reinforces its commitment to inclusive growth, leveraging cultural and geographic strengths to compete on the world stage.

As the country embarks on this ambitious journey, the real test will be its ability to translate plans into action, ensuring that infrastructure, standards, and stakeholder collaboration come together to elevate the Philippines as a true leader in the halal industry.

Business News Asia

January 18, 2025
Everest Medicines Announces the First Prescription of VELSIPITY(R) in the Greater Bay Area

– Officially Benefiting Mainland China Patients

Everest Medicines (HKEX 1952.HK, Everest, or the Company), a biopharmaceutical company focused on the discovery, clinical development, manufacturing and commercialization of innovative therapeutics, today announced that the first prescription for VELSIPITY(R) has been written at Foshan Fosun Chancheng Hospital in Guangdong, under the “Hong Kong and Macau Medicine and Equipment Connect” policy, which marks the official beginning of this new therapy benefiting patients in mainland China.

VELSIPITY(R) is an innovative advanced therapy that was approved by the Pharmaceutical Administration Bureau of Macau in April 2024. It is an oral treatment taken once daily for the treatment of patients aged 16 and above with moderately to severely active ulcerative colitis (UC). UC is a chronic, relapsing, non-specific inflammatory disease, and as the disease progresses, the risk of disability and colorectal cancer incidence continues to rise. By 2030, the number of patients with UC in China is expected to more than double compared to 2019, reaching approximately 1 million, with a significant unmet need for innovative therapies.

Professor Wu Ji, Director of the Gastroenterology Department at Foshan Fosun Chancheng Hospital said, “We are very happy to see that VELSIPITY(R) has been prescribed in our hospital through the ‘Hong Kong and Macau Medicine and Equipment Connect’ policy. With a large population of UC patients in the Guangdong province and high clinical demand, this is a significant milestone. As the only drug that has been proven to be effective in isolated proctitis in global Phase III clinical trials, VELSIPITY(R) is an oral treatment taken once daily with a favorable safety profile, providing an innovative treatment option for patients who have long been troubled by UC. We look forward to Everest Medicines further enhancing the accessibility of VELSIPITY(R) to benefit more Chinese patients in the future.”

As a core product of Everest Medicines, VELSIPITY(R) can provide patients with a chance for corticosteroid-free remission, mucosal healing, and rapid symptom relief. In the results of the Asian multi-center Phase 3 clinical trial of VELSIPITY(R) for the treatment of moderately to severely active UC announced in July this year, VELSIPITY(R) achieved positive topline data results in both the induction and maintenance treatment periods, providing further solid scientific basis and support for the wide application of the drug in clinical practice.

In this October, through the “Hong Kong and Macau Medicine and Equipment Connect” policy, VELSIPITY(R) has officially been approved for patients with moderately to severely active UC by the Guangdong Provincial Medical Products Administration and can be used in the medical institutions designated by the Connect Policy in the Greater Bay Area, including First Affiliated Hospital of Sun Yat-sen University, Foshan Fosun Chancheng Hospital, Shenzhen Hospital of Southern Medical University and Guangzhou United Family Healthcare. Also, with the recent inclusion in the Catalog of Pharmaceutical and Medical Devices Imported from Hong Kong and Macau for the Nine Municipalities in Guangdong Province within the Guangdong-Hong Kong-Macau Greater Bay Area, VELSIPITY(R) is expected to accelerate its availability in all 45 designated medical institutions under the Connect Policy.

About VELSIPITY(R) (etrasimod)

VELSIPITY(R) is a once-daily, oral, sphingosine 1-phosphate (S1P) receptor modulator that selectively binds with S1P receptor subtypes 1, 4, and 5. Regulatory approvals have been granted in US, EU, Canada, Australia, Singapore, UK, Switzerland, Israel and Macau for VELSIPITY(R) in ulcerative colitis.

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules in the company’s core therapeutic areas of renal diseases, infectious diseases and autoimmune disorders. For more information, please visit its website at www.everestmedicines.com.

Forward-Looking Statements:

This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

December 18, 2024
Everest Medicines Announces Acceptance of the New Drug Application for VELSIPITY

– by the National Medical Products Administration of China for the Treatment of Moderately to Severely Active Ulcerative Colitis

Everest Medicines (HKEX 1952.HK, Everest, or the Company), a biopharmaceutical company focused on the discovery, clinical development, manufacturing and commercialization of innovative therapeutics, today announced that the National Medical Products Administration (NMPA) of China has officially accepted the New Drug Application (NDA) for VELSIPITY(R) (etrasimod) for the treatment of patients with moderately to severely active ulcerative colitis (UC). VELSIPITY(R) is an effective and convenient, once-daily, oral treatment for patients with moderately to severely active UC.

VELSIPITY(R) was officially approved by the Pharmaceutical Administration Bureau of Macau in April 2024, and was introduced in the Greater Bay Area in October through the “Hong Kong and Macau Medicine and Equipment Connect” policy. VELSIPITY(R) is now the third commercialized product of Everest Medicines.

“We are pleased to see that the NDA for VELSIPITY(R) has been officially accepted in mainland China., “said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. “If approved, China would represent the third approval of VELSIPITY(R) in Everest’s licensed territories for the drug after Macau and Singapore. By 2030, the number of patients with UC in China is expected to more than double compared to 2019, reaching approximately 1 million, with a significant unmet need for innovative therapies. We are committed to expanding access to VELSIPITY(R), with the goal of benefiting more patients living with moderately to severely active ulcerative colitis. “

” As the only drug that has been proven to be effective in UC patients with moderately to severely active isolated proctitis in global Phase III clinical trials, the official acceptance of the NDA for VELSIPITY(R) in mainland China brings hope to many patients,” said Prof. Wu Kaichun with the First Affiliated Hospital of AFMU who is the principal investigator for etrasimod’s Asia clinical trial.” As a next-generation S1P receptor modulator, VELSIPITY(R) can provide patients with a chance for corticosteroid-free remission, mucosal healing, and rapid symptom relief. In addition, the data from the largest-scale Phase III clinical trial of moderately to severely active UC patients in Asia once again confirmed the favorable efficacy and safety profile of VELSIPITY(R). We look forward to the early approval of this drug to benefit more patients.”

As a key product for Everest Medicines, VELSIPITY(R) was approved in Macau, China and Singapore in the first half of this year. Its first prescription has been issued on December 11th at Kiang Wu Hospital in Macau, which marks the official beginning of this new therapy benefiting patients across Asia. In addition, Everest Medicines has also submitted and had its NDA officially accepted for VELSIPITY(R) in Hong Kong. With the support of the “Hong Kong and Macau Medicine and Equipment Connect” policy, VELSIPITY(R) has also been officially approved to enter the Greater Bay Area and can be used in four designated medical institutions which are the First Affiliated Hospital of Sun Yat-sen University, Foshan Fosun Chancheng Hospital, Shenzhen Hospital of Southern Medical University and Guangzhou United Family Hospital.

VELSIPITY(R) has been recently included in the Catalog of Pharmaceutical and Medical Devices Imported from Hong Kong and Macau for the Nine Municipalities in Guangdong Province within the Guangdong-Hong Kong-Macau Greater Bay Area (“the Catalog”), published by the Guangdong Provincial Medical Products Administration and Health Commission of Guangdong Province. With the inclusion of VELSIPITY(R) in the Catalog, we expect to accelerate its availability in all 45 designated medical institutions under the Connect Policy.

About VELSIPITY(R) (etrasimod)
VELSIPITY(R) is a once-daily, oral, sphingosine 1-phosphate (S1P) receptor modulator that selectively binds with S1P receptor subtypes 1, 4, and 5. Regulatory approvals have been granted in US, EU, Canada, Australia, Singapore, UK, Switzerland, Israel and Macau, China for VELSIPITY(R) in ulcerative colitis.

About Everest Medicines
Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules in the company’s core therapeutic areas of renal diseases, infectious diseases and autoimmune disorders. For more information, please visit its website at www.everestmedicines.com.

Forward-Looking Statements:
This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

December 17, 2024
HAIN, the Power of Turkish Cinema

Turkish cinema is hosting a new production that draws attention with its strong script, unique cast and use of new generation cinema technologies. “Hain”, which will be released on December 13, drags the audience into an international espionage story.

The movie, produced by Fix360 Entertainment, is written and directed by Berke Uzrek. The cast of the movie consists of young and masterful names such as Haldun Dormen, Mustafa Alabora, Erkan Petekkaya, Yurdaer Okur, Meltem Beydilli, Ali Dusenkalkar, Itr Esen, Zeynep Sarlgil, Engin Benli, Umit Crak and Elif Bilgetekin.

A Production That Will Make Turkiye Proud

“Hain” is not just a movie, but is poised to create a strong wave of excitement in movie theaters as it is positioned as a work that reinforces Türkiye’s national and international stance and brings its deep-rooted military and strategic tradition to the cinema.

Emphasizing Turkiye’s power and competence in the field of intelligence, “Hain” also carries the deep-rooted military past and heroic tradition of the Turks to the present day in the subtext. Hain (Traitor), which locks the audience on the edge of their seats with its complicated plot and suspenseful scenes and deals with the Turkish agent’s plan to overcome them by unraveling the relationships within the organization, deals with the realization of a long-awaited showdown with a new knot and solution in each scene.

The Modern Face of Turkish Intelligence: Hain

This gripping story, deals with the power of Turkish intelligence; basically, it is about the struggle of one of the best agents of the intelligence to resist the difficulties that come her way. This production, full of action and suspense, is preparing to offer the audience a breathtaking adventure in the cinema. Turkish intelligence, which has come to the forefront on the world stage in recent years; is also represented with all its power in the movie “Hain”. The agent character, who plays the lead role in the movie, draws attention with her highly educated, intelligent and determined stance.

About Fix360 Entertainment

Fix360 Entertainment is a film and series production company that transforms imagination into reality under CapitalTurk Holding. The company, which aims to offer unforgettable experiences to viewers by bringing together innovation, visual aesthetics and emotional depth in storytelling, appeals to local and international audiences with its content. At the same time, Fix360 Entertainment brings the latest stories to the screen with the understanding of setting a new standard in the sector.

For more information, visit: https://fix360entertainment.com
For enquiries, email: info@fix360.com

December 6, 2024
Grand Ming Group Announces Interim Results for the Six Months Ended 30 September 2024

– Revenue Increased by 257% to HK$683.7 Million
– Profit for the Period Decreased by 52.7% to HK$52.6 Million

– Revenue amounted to HK$683.7million, an increase of 257% from the last corresponding period.
– Net profit for the period was HK$52.6 million, representing a decrease of 52.7%.
– The Board resolved not to declare any interim dividend for FH 2024/25.
– Develop the two new data centres iTech Tower 3.1 and 3.2 in Fanling in good shape.
– Continue to sell the remaining units of The Grand Marine and Cristallo.

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 2024 (FH 2024/25).

The Group’s consolidated revenue increased by 257% from HK$191.7 million for the six months ended 30 September 2023 (“FH 2023/24”) to HK$683.7 million for FH 2024/25. The Group recorded a net profit of HK$52.6 million for FH 2023/24, representing a decrease by 52.7% when compared to that of HK$111.1 million for FH 2023/24. Basic earnings per share was 3.7 HK cents (FH2022/23: 7.8 HK cents). The Group’s underlying profit for FH 2024/25, excluding the effect of the change in fair value of investment properties, amounted to HK$27.0 million, representing an increase of 19.8 times as compared to an underlying profit of HK$1.3 million for FH 2023/24. Increase in revenue and underlying profits were mainly attributable to increase in units of “The Grand Marine” and “The Grands” completed and handed over to buyers during the period under review.

With challenging market landscape and adhering to prudent financial management, the Board resolves not to declare any interim dividend for FH 2024/25.

The Group has demonstrated a high level of expertise in initiating and executing property development projects. At present, the Group’s completed property projects for sale include “The Grand Marine” at Tsing Yi, “The Grands” at To Kwa Wan, and “Cristallo” at Kowloon Tong.

The residential development project “The Grand Marine” is located at No. 18 Sai Shan Road, Tsing Yi, the New Territories. It offers 776 units with a total gross floor area of approximately 400,000 square feet. Market response was overwhelming with all typical units being sold and only a few special units remained available for sale. During the period under review, around 4% (in terms of units) of the total units were handed over to buyers with related revenue recognised in FH 2024/25.

The residential-cum-commercial development project “The Grands”, located at No. 45 Pau Chung Street, To Kwa Wan, Kowloon in close proximity to MTR To Kwa Wan station, provides 76 residential units with commercial shops on the ground and first floor covering a total gross floor area of approximately 31,000 square feet. This project was also well received and all residential units had been sold. During the period under review, around 18% (in terms of units) of the residential units were handed over to buyers with related revenue recognised in FH 2024/25.

The luxury residential project at No. 279 Prince’s Road West, Kowloon, namely “Cristallo”, was well received in the market. Cumulatively 15 out of the total 18 units had been sold. In November 2024, one apartment was sold and completion of the sales is scheduled to take place in November 2025.

The Group continued to execute its two property development projects located at No.1 Luen Fat Street, Fanling, and No. 66 Fort Street and No. 57 Kin Wah Street, North Point respectively.

The site situated at No.1 Luen Fat Street, Fanling, the New Territories, is developing into a 17-storey residential-cum-commercial tower plus two-level underground car park with a total gross floor area of approximately 36,000 square feet. Superstructure works has been progressing well and the development is scheduled to be completed in or around mid-2025. In September 2024, the Group accepted the offer from the Lands Department in respect of the land premium for the proposed in-situ land exchange. A deposit of the same was subsequently paid in October 2024.

The project in North Point comprises two sites at No. 66 Fort Street and No. 57 Kin Wah Street, North Point, Hong Kong, with a total gross floor area of approximately 30,000 square feet. The site at No. 57 Kin Wah Street will be developed into a 27-storey residential tower, while the site at No. 66 Fort Street will be developed into a single-storey commercial shop. Foundation works is in progress and the project is expected to be completed in or around the second half of 2027.

The balanced portfolio development initiative also includes geographical footprint expansion. The Group’s development project in Mainland China is located in the Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province, with a gross floor area of approximately 1,435,000 square feet. It will develop into a luxury residential project with a leisure and healthy lifestyle theme, comprising high-rise apartments and villas, complemented by facilities including commercial and a wellness centre. It will target at the elderly, retirees and their families. Superstructure works of the high-rise apartments and basement construction works for the remaining part of the site are now underway. The development is expected to be completed in or around the second half of 2026.

The data centre leasing business sustain a steady development. The Group currently owns two data centres, iTech Tower 1 and iTech Tower 2. Revenue from its leasing business increased by 4.3% year on year to HK$139.0 million. This was mainly due to increasing power consumption by customers.

Construction works of the two new data centres in Fanling, the New Territories, namely iTech Tower 3.1 and iTech Tower 3.2, are progressing well. For iTech Tower 3.1, installation of the electrical and mechanical equipment and internal fitting out works are now underway. This data centre is scheduled for phased delivery starting mid-2025. For iTech Tower 3.2, foundation works had completed and superstructure works has commenced. This development is scheduled to be completed in or around 2026.

Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, “Our successful business evolution and transformation into a property development company gives us the confidence to address macro trends and market dynamics in a challenging economic environment. Our balanced operating and property portfolio, demand-driven development pipeline, committed management and continuous evolutionary mindset position us well to weather the current volatility while staying the course to drive future growth and value creation.”

“The economic landscape remains challenging and highly volatile. The geopolitical tension, Sino-US relations and trends of interest rates pose considerable uncertainty in the economy outlook. Despite of these uncertainties, we remain steadfast in our strategy and cautiously optimistic of the medium and long term prospects of the Hong Kong and Mainland property market. We will focus on the completion and delivery of our development projects. Furthermore, we will closely monitor the market changes and continue to market the remaining units of ‘The Grand Marine’ and ‘Cristallo’. We also relentlessly focus in managing our financial resources and position, including cash flow generation from our business operations and the gearing level, as well as explore refinancing opportunities that will enhance the Group’s financial position to pursue a long-term sustainable growth and development. Meanwhile, we have initiated the preparatory works for the pre-sale of Fanling Luen Fat Street residential project, which is scheduled to take place in the second half of 2025.”

“We are on the right track to seize the opportunities of the era for the emergence and widespread use of AI which gives rise to an increasing demand for data centre with hyperscale facilities. iTech Tower 3.1 and 3.2 have been designed to cater for AI workloads and cloud computing. We are working diligently with the customer to ensure delivery of the data centre of iTech Tower 3.1 meets their requirement. Besides, discussion with potential customer for leasing iTech Tower 3.2 has commenced. At the same time, we maintain our commitment of delivering reliable services and support to our customers of iTech Tower 1 and 2, and maintaining and upgrading the mechanical and electrical provisions in these two data centres so as to keep abreast of the technological trends and changes.”

About Grand Ming Group Holdings Limited (Stock code: 1271.HK)
The Group is principally engaged in the business of property development and property leasing, as well as building construction. 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 owns two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2. It also acquired two pieces of land in Fanling, the New Territories for developing into two high-tier data centres which have been named as iTech Tower 3.1 and 3.2. Furthermore, the Group’s property development projects for sale include “The Grand Marine” at No.18 Sai Shan Road, Tsing Yi, “The Grands” at No. 45 Pau Chung Street, To Kwa Wan and “Cristallo” at No. 279 Prince’s Edward Road West. Besides, property development in progress includes a site located at No.1 Luen Fat Street, Fanling and a site located at No. 66 Fort Street and No. 57 Kin Wah Street, North Point. In Mainland China the Group owns a piece of land at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province for development into a luxury residential project under the theme of leisure and healthy lifestyle.

Media Contacts:
Angel Yeung | Jovian Communications Ltd |Email: news@joviancomm.com

November 27, 2024
S&P Acknowledges Fosun’s Return to the USD Bond Market

Fosun’s creditworthiness has notably improved and gained market recognition

On 21 November 2024, S&P Global Ratings released an updated report expressing strong recognition of Fosun International (HKEX: 00656)’s recent US dollar note issuance. S&P noted that the successful issuance is positive for the company’s credit matrix as it helps broaden the Group’s funding channels, thereby maintaining a “stable” outlook on Fosun International’s rating.

S&P released the report following Fosun International’s successful issuance of USD300 million 3.5-year US dollar-denominated senior unsecured notes on 13 November. S&P pointed out that re-opening the offshore US dollar bond market which has been closed for more than three years reflects a significant improvement in Fosun’s creditworthiness and recognition from broad-based investors. The US dollar note issuance is positive in helping Fosun International to diversify its financing options, extend its debt maturities, and strengthen its liquidity buffer. Alongside the new note issuance, Fosun announced to tender its 2025 maturity bond up to equivalent amount of the new issue. This is to ensure that the new issue will not increase Fosun’s total outstanding interest-bearing debt.

It is reported that the note issuance attracted strong interest from a large number of mainstream institutional investors globally, with the order book reportedly exceeding USD1.2 billion.

According to various market sources, the successful issuance of the USD300 million notes was attributed to the company’s consistent focus on core business development, divestment of non-strategy asset, optimization of debt structure, and stabilization of international credit ratings over the past two years, helping Fosun to become one of the few Chinese private enterprises to regain vote of confidence from global investors in recent years. Amidst a backdrop of US rate easing cycle, Fosun continues to provide high-quality, secure, and long-term asset allocation options for its long-term supportive investors, thereby maximizing value for them.

S&P mentioned in the report that although the size of the USD300 million note issuance is not large, combined with the Group’s USD888 million offshore syndicated loan raised earlier in the end of September, as well as Fosun’s solid track record of refinancing onshore bank loans over past years, S&P believes Fosun has adequate liquidity buffer to meet its debt maturities obligation over the next two years. S&P reaffirmed a “BB-” stable rating to the US dollar notes and expects Fosun to continue divesting its non-core assets, leading to a steady decline in the Group’s debt. Furthermore, as offshore subsidaries reach maturity, Fosun International’s dividend receipts are expected to enhance significantly.

On 30 September, Fosun International announced the closure of a sustainability-linked syndicated loan totaling USD888 million through greenshoe, one of the largest of its kind issued by Chinese private enterprises this year. The loan is a three-year senior unsecured working capital loan and the participating banks include several leading banks from Greater China, the Asia-Pacific region, and Europe and the Americas. This reflects the continued recognition of the Group’s credit quality by both domestic and international banks, and indicates that the company’s sound financing channels will provide a solid foundation for its steady development.

Recently, research reports from several securities firms have pointed out that Fosun International’s strategy of focusing on its core businesses has yielded significant results. Among them, Northeast Securities released a research report on 15 November, noting that Fosun International, driven by its twin driver of “innovation + globalization”, has a clear strategic positioning and robust performance across its four business segments. Furthermore, Fosun has steadily improved its cash flow through optimizing asset allocation. Northeast Securities is optimistic about Fosun’s future prospects and has assigned the company a “Buy” rating.

November 25, 2024
New Progress in the Merger of Guotai Junan and Haitong Securities

– Synergies Ranking First in the Industry

On November 21, Guotai Junan Securities (2611.HK; 601211.SH) and Haitong Securities (6837.HK; 600837.SH) announced significant progress in their merger, issuing a joint circular to further clarify the details of merger and reorganization. In addition, Guotai Junan plans to raise up to RMB 10 billion to support the development of key business areas following the merger.

This merger holds significant symbolic importance, not only is it the largest A+H dual-market merger in the history of China’s capital market and the largest integration case of listed brokerage firms in the A+H market, but it is also the first restructuring case of a leading brokerage firm under the latest version of Several Opinions of China‘s State Council on Further Promoting the Healthy Development of the Capital Market. Upon completion, the total assets and net assets of the merged entity will rank No.1 in China’s securities industry.

Strong Alliance to Lead the Industry

According to the joint circular, as of the end of the third quarter of 2024, the combined net assets of the two companies amounted to RMB 341.5 billion and the net capital amounted to RMB 177.4 billion, ranking No.1 in China’s securities industry. In the first three quarters of 2024, the combined net income from investment banking business amounted to RMB 3.1 billion, net interest income amounted to RMB 4.0 billion and the scale of funds raised amounted to RMB 145.8 billion, all ranking No.1 in China’s securities industry.

After the merger, the two companies will unleash win-win synergies in terms of capital utilization, service capability and operational management. The merged entity will establish a new corporate governance structure, management framework, development strategy, and corporate culture. In accordance with the requirements of corporate governance, and based on the overall business objectives and strategic planning, it will conduct a comprehensive integration of its business, assets, finances, personnel, and institutions, so as to promote effective integration of its business and enhance its overall profitability. At the same time, the post-merger company will also have stronger capital strength and a more balanced asset-liability structure, which will significantly enhance its risk tolerance, improve the efficiency of capital utilization, and the effect of capital utilization, thus providing a solid financial foundation for future business development and market response.

Integration and Reorganization to Achieve Synergies

Both Guotai Junan Securities and Haitong Securities are large comprehensive financial institutions, with leading positions in capital scale, profitability and comprehensive capabilities. While both companies has their own business focus, the merger will significantly enhance their comprehensive competitiveness, facilitate the integration of resources and strategies, and complement each other’s advantages to further strengthen their business capabilities.

Based on the aggregate figures in 2023, the two companies will rank first in the industry after the merger in terms of the number of retail customers, the number of monthly active app users for retail customers, the scale and number of IPO underwriters, the revenue from public fundraising positions, the scale of custodian outsourcing and other important business indicators, as well as the number of outlets in key regions such as the Yangtze River Delta, Beijing-Tianjin-Hebei, and the Pearl River Delta. Relying on a stronger and more stable customer base, more professional and comprehensive service capabilities, and more intensive and efficient operation management, the post-merger company will continue to enhance its retail, institutional and corporate customer service capabilities, and continue to increase customer stickiness and market share by capitalizing on its branding effect and economies of scale.

Raising RMB 10 Billion to Accelerate the Construction of International World-Class Investment Bank

This time, Guotai Junan will raise a matching fund of not more than RMB 10 billion, which will be used for the internationalization of the post-merger company’s business, trading and investment business, digital transformation and construction, and replenishment of working capital, so as to accelerate the development of the post-merger company into a first-class investment bank and enhance the ability to serve the real economy.

The post-merger company will comprehensively enhance its cross-border and global integrated capabilities in financial services, improving the linkage between its domestic and overseas businesses, resources and markets, so as to better participate in global competition and resource allocation on behalf of the Chinese financial industry in the global financial arena. This will help provide high quality global wealth management, investment management and cross-border financing services for global retail, corporate and institutional customers, striving to become a world-class investment bank that can meet various cross-border financing and global assets allocation demands from customers.

November 25, 2024