Fosun’s Replicable Global Operational Capabilities Poised for Robust Revaluation

HONG KONG, June 20, 2024 – (ACN Newswire) – Amid the recovery in the Hong Kong stock market, Fosun International (HKEX: 00656) has recently attracted significant attention from the market.

On 28 May, Fosun International announced the sale of 99.743% of its subsidiary’s shares in the German private bank, Hauck Aufhäuser Lampe Privatbank AG (HAL), to ABN AMRO Bank for a total consideration of approximately EUR670.3 million. Upon the completion of this transaction, Fosun International will no longer hold shares in HAL, but will fully retain the shares of Hauck & Aufhäuser Fund Services S.A. (HAFS) held by HAL, i.e. retain HAL’s asset servicing business.

Shortly after the announcement, Fosun International’s share price has continued to rise, reflecting the market’s recognition of its ability to restore value growth. However, simply looking at its market value based on the sizable profits from the sale of HAL and the asset-light operating model of the retained HAFS asset servicing business are not enough to fully capture Fosun’s underlying potential.

Based on the transaction consideration of EUR670.3 million, the sale is expected to yield double-digit IRR for Fosun. In 2016, Fosun International acquired HAL (formerly known as H&A). Leveraging Fosun’s in-depth operational management and support for HAL to pursue M&As, HAL was able to fully harness the advantages of Fosun’s globalization strategy to accelerate business upgrades and enhance asset value. In fact, it quite rare for a company to yield such a rate of return over an 8-year time span.

It is worth noting that Fosun, as a holding group, has always been committed to investing in undervalued companies with great potential. By providing long-term capital and supporting their management teams and relevant resources, Fosun helps investee subsidiaries to access resources for growth, developing them into industry leaders. In addition, Fosun orderly invests and divests to unlock the value of its investments.

In fact, great companies usually possess their own replicable business models. Through the HAL transaction, the market should recognize that Fosun has developed a set of standardized, replicable and sustainable core business operational capabilities encompassing “global operations” and “value realization”.

In 2016, Fosun International officially acquired H&A (renamed HAL later). It not only served as a successful implementation of “Combing China’s Growth Momentum with Global Resources” and laid a foundation for Fosun’s globalization strategy, but also marked an important step for Fosun to firmly establish a presence in the high-end wealth management market.

Since the acquisition, Fosun has continued to increase its business scale, expand its business presence, and deploy new technologies and new fields through investments and M&As, so as to drive H&A’s organic growth. Through in-depth operational management, Fosun not only supported H&A’s M&As, but also empowered H&A’s development in the Chinese market, thereby leveraging the fast-growing Chinese market to drive global performance and accelerate H&A’s globalization.

Data shows that when Fosun acquired H&A in 2016, H&A had a total of approximately EUR43.0 billion in assets under administration (including EUR8.0 billion in assets under management (AUM) and EUR35.0 billion in assets under custody (AUC)). After the acquisition, Fosun’s in-depth operational management and support for HAL’s active M&A strategy have been instrumental in advancing H&A’s business development and globalization. In 2021, Fosun supported H&A in acquiring the leading German private bank Bankhaus Lampe KG, enabling a qualitative leap in H&A’s M&A history. After the merger, it was renamed HAL, and the scale effect emerged after integration.

The acquisition also drove HAL’s wealth management business’ AUM to exceed EUR17.0 billion. In 2023, HAL’s revenue was EUR435 million; net profit was RMB83.00 million; assets under administration reached EUR265.213 billion, ranking among the top 10 private banks in Germany. Previously, HAL ranked 20th in the German market.

Overall, HAL’s revenue and market ranking have enhanced significantly since the M&A integration. For private banking, asset management, and custodian businesses, a larger scale and higher ranking make it easier for the bank to qualify the white list of more customers, helping with organic client acquisition. Furthermore, after the M&A integration, the scale effects in IT, risk control, compliance, and other operational projects helped HAL reduce operating costs, optimize cost-income ratio, and enhance profitability. Against the backdrop of accelerating digital transformation in the global financial sector, Fosun assisted HAL in deepening its digital innovation, enabling HAL’s online platform Zeedin to win the “Best Robo Advisory” award in Germany for consecutive years.

Market analysts pointed out that H&A’s series of M&As demonstrated the further upgrading of Fosun’s global financial footprint, reaffirming its globalization capabilities and M&A investment and integration capabilities.

In fact, this is not an “isolated case” within Fosun’s industrial operation system. In 2003, Fosun participated in the restructuring of Nanjing Iron & Steel at a cost of RMB1.65 billion. Through in-depth industrial operations, Fosun helped Nanjing Iron & Steel boost its revenue from RMB6.8 billion to RMB72.5 billion in 2023. Nanjing Iron & Steel’s profit attributable to the parent company also grew from RMB500 million to RMB2.13 billion in 2023, and steel production expanded from 1.69 million tons to 10.3987 million tons.

Over the past 20-plus years, Fosun has actively driven the digital transformation of Nanjing Iron & Steel, advancing the development of its intelligent factories. Fosun also assisted Nanjing Iron & Steel in promoting the development of special steel and expanding energy-saving and environmental protection businesses to facilitate business transformation and upgrade, driving the rapid development of Nanjing Iron & Steel. Thereafter, Fosun was able to realize long-term, stable and substantial investment returns upon its exit. According to market sources, in addition to the transaction consideration of RMB13.58 billion from the sale, Fosun’s pre-tax profit is estimated to exceed RMB15.2 billion, given its initial investment of RMB1.65 billion in 2003 and the dividends received over the 20 years.

It is evident that Fosun has been focusing on long-term investment in growth-oriented companies with promising futures, with the aim of supporting them in achieving long-term strategic goals and business development. Fosun has also demonstrated its ability to strike a balance between investment and divestment, thereby unlocking value and delivering substantial capital returns for shareholders.

Regarding the sale of HAL, this transaction only involves a portion of HAL. Fosun will continue to hold the HAFS asset servicing business, which is an asset-light “cash cow” operation. The retained business is expected to consistently generate tens of millions of euros in annual profits and maintain approximately EUR200.0 billion in AUC. HAFS is one of the ten major asset servicing companies in German-speaking regions that has consistently ranked among the top three independent third-party fund establishment and asset servicing providers in the Luxembourg market, which is a hub for the fund industry in Europe, giving it strong market influence and recognition. The retained business will continue to form good synergies with Fosun’s insurance, asset management, and other financial businesses in Europe. Fosun will also continue to invest in and maintain a close watch on the market opportunities for this business.

In another perspective, Fosun International’s divestment of non-core businesses at good valuations helps enhance the company’s net asset value, while enabling it to pursue more focused and efficient development in the new market environment.

Furthermore, the capital generated from this transaction can be allocated towards Fosun’s core businesses and other higher-growth opportunities. Fosun’s asset investments and divestments are well aligned with its strategy of focusing on core and high-growth businesses. In fact, globalization and innovation have clearly emerged as Fosun’s growth drivers in recent years. Going forward, Fosun will strategically focus on assets with the potential to become market leaders, and assets capable of generating stable income and dividends.

Moreover, streamlining the business helps narrow the discount of the holding company. Taking Danaher Corporation as an example, Danaher is the leader in life sciences and medical diagnostics, successfully realized a sharp turnaround from a downturn by focusing on biotechnology and life sciences, while spinning off low-growth subsidiaries and retaining high-growth subsidiaries.

Similar to Fosun International, Danaher also has an excellent M&A system and a mature management and operation structure, which enhances its business transparency. It also continuously divests non-core businesses to maintain revenue growth momentum. It is expected that as Fosun International focuses more on the “global household consumption sector”, the highlights of its core businesses will continue to emerge, resulting in a rapid restoration of investor confidence.

The Hong Kong stock market has been extremely volatile in recent years. After this round of adjustments, the investment value of Fosun International has gradually become prominent, mainly reflected in three aspects.

First, Fosun possesses global operational capabilities to further increase its growth potential.

The company has not given up on making medium-term investments. In addition to capturing opportunities with good liquidity and profitability, Fosun will focus more on its core shareholding companies, reallocate funds towards upstream and downstream as well as its related businesses. While strengthening the ecosystem of core companies, it can also create longer-term investment returns for shareholders.

Fosun’s successful global operations of HAL and Nanjing Iron & Steel, along with its ability to orderly carry out asset investment and divestment, not only confirms the successful implementation and value realization of past strategies, but also verifies Fosun’s investment capabilities and vision. It also demonstrates Fosun’s ability to identify undervalued assets and deliver strong performance, thereby building world-class, highly profitable enterprises globally. Moreover, Fosun’s industry and geographical champions are constantly evolving, deserving the market’s higher growth expectations.

Second, Fosun is able to create certainty in the midst of uncertainty, bringing stable dividend returns to shareholders.

Since its listing, Fosun International has maintained a stable dividend payout record, with 21 dividend payouts to date. This year’s cash dividend was HK$310 million, maintaining a stable payout ratio of 20%. Over the past 17 years since its listing, the cumulative cash dividends have reached HK$25.6 billion.

At the same time, Fosun International demonstrates solid profitability. Both revenue and net profit experienced growth in 2023. Its total revenue was RMB198.2 billion, up 8.6% year-over-year, achieving three consecutive years of continuous growth; profit attributable to owners of the parent was RMB1.38 billion. Its profitability is steadily recovering, outperforming among listed conglomerates. As Fosun’s earnings per share has steadily rebounded, the dividend indicators has continued to improve, demonstrating solid profitability and conveying positive market signals.

Given the recent volatile international landscape and the intensifying worldwide inflation, the stability of investment returns has become a primary concern for investors. In this era of “asset shortage”, companies like Fosun International, with solid fundamentals and a commitment to provide stable dividends, undoubtedly holds greater appeal.

Third, Fosun’s asset quality and credit quality are steadily improving, ushering in a rebound in its share price

As Fosun advances its core business-focused strategy, Fosun’s divestment of non-strategy and non-core assets in 2023, including Nanjing Iron & Steel, Jianlong Shares, Shanghai PANASIA Shipping, ATG, and various real estate assets, generated a consolidated cash inflow of approximately RMB40 billion.

In the face of a complex and volatile global economic situation in recent years, Fosun has taken proactive measures to continuously optimize its capital and asset structure, expand financing channels, and reduce debt, providing a solid foundation for the execution of the company’s core strategies. On 30 May, S&P Global Ratings affirmed Fosun’s stable rating outlook, fully recognizing Fosun’s proactive measures and achievements over the past two years. It is expected that Fosun’s asset quality and credit quality will remain stable, with possible further improvement.

Due to the systemic risks in the Hong Kong stock market, Fosun International’s current market capitalization is around HK$36 billion (equivalent to approximately RMB33.392 billion), while the company holds over RMB70 billion in cash, nearly twice its market capitalization. Its P/B (Price-to-Book Ratio) has reached 0.26x, a low level last seen during the 2015 market crash triggered by Renminbi depreciation and proliferation of “black swan” events. For investors, investing in market-leading companies like Fosun at a historical low P/B range aligns with the principle of “investing in quality companies at reasonable prices.”

Against the backdrop of uncertainties in the global consumer market, based on the company’s accumulated industrial operational capabilities over the years, Fosun is actively seeking high-quality partners and projects for cooperation. The market should remain optimistic about Fosun’s prospects, as its transformation to an asset-light model, stable liquidity, and robust growth will provide strong support to realize a rebound and potential surge in its share price.

EPB Group Berhad Signs on Malacca Securities as Underwriter

KUALA LUMPUR, June 20, 2024 – (ACN Newswire) – EPB Group Berhad (“EPB”) and its group of companies (the “Group”), an established one-stop food processing and packaging machinery solutions provider, is pleased to announce that it has entered into an underwriting agreement with Malacca Securities Sdn. Bhd. (“Malacca Securities”), for the upcoming initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad; Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd.; Mr. Liew Meng Hooi, Deputy Managing Director of EPB Group Berhad [L-R]

The Group’s IPO exercise shall involve a public issue of 71,570,000 new ordinary shares, or 19.24% of the enlarged issued share capital upon listing with an offer for sale of 40,000,000 ordinary shares, or 10.75% of the enlarged issued share capital upon listing.

For information, the IPO shares shall be allocated in the following manner: –

A. Public Issue of 71,570,000 new ordinary shares (“Issue Shares”)

Malaysian public

19,570,000 Issue Shares, or 5.26% of the enlarged issued share capital upon listing will be made available for application by the Malaysian public via balloting, of which 50% of this allocation representing 9,785,000 Issue Shares shall be made available to Bumiputera public investors.

Eligible persons

21,196,000 Issue Shares, or 5.70% of the enlarged issued share capital upon listing will be reserved for application by the eligible directors, eligible key senior management, eligible employees and business associates (including any other persons who have contributed to the success of the Group) (“Pink Form Allocations”).

Private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”)

30,804,000 Issue Shares, or 8.28% of the enlarged issued share capital upon listing will be made available for application by Bumiputera Investors approved by MITI by way of private placement.

B. Offer for Sale of 40,000,000 ordinary shares (“Offer Shares”)

Private placement to Bumiputera investors approved by MITI

15,696,000 Offer Shares, or 4.22% of the enlarged issued share capital upon listing shall be made available to Bumiputera investors approved by MITI.

Private placement to selected investors

24,304,000 Offer Shares, or 6.53% of the enlarged issued share capital upon listing, shall be made available to selected investors.

Pursuant to the Underwriting Agreement, Malacca Securities will underwrite the 19,570,000 Issue Shares made available for application by the Malaysian public, and 21,196,000 Issue Shares made available for application under the Pink Form Allocations.

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad commented, “Our vision is to broaden our market reach and enhance our offerings in the food processing and packaging machinery sector. This IPO is a strategic step towards achieving that goal. We are honoured to partner with Malacca Securities to facilitate our listing on the ACE Market of Bursa Securities. Looking ahead, our Group plans to expand its product lines, particularly in robotics automation for the food manufacturing industry.”

Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd. added, “We are delighted to assist EPB Group with its upcoming IPO. The Group’s comprehensive approach to delivering food processing and packaging machinery solutions, combined with a relentless drive for innovation and a strong focus on customer needs, sets a solid foundation for future growth. With a commendable track record since 1992 and a team rich in experience, EPB Group Berhad is well-equipped to navigate the dynamic landscape of the food industry.”

According to the Independent Market Research report, the food processing and packaging machinery industry is growing steadily, including technological advancements, and a shift towards more efficient and automated food processing methods. Furthermore, the industry is projected to expand at a CAGR of 9.7% from the forecast period of RM1.80 billion in 2023 to RM2.66 billion in 2027. Leveraging on the Group’s industry expertise and innovative capabilities, the Group is aiming to expand its product offerings in robotics automation to meet the growing global demand for innovative food manufacturing automation methods.

MSG Officials: Papua Is Stable and Conducive Overall

JAKARTA, June 20, 2024 – (ACN Newswire) – The Melanesian Spearhead Group (MSG) team, led by Director General Leonard Louma and Executive Advisor Christopher Nisbert, emphasized that Papua is stable, and conducive overall. Economic and social activities are well and normal. The statement was released after MSG officials visited the Land of Cenderawasih, as Papua is known, traveling overland from Port Moresby, Papua New Guinea (PNG) to Jayapura on Monday, 17 June.

Vice President Ma'ruf Amin (left) waves to residents in the Malawei Fishing Village, Sorong Manoi District, Sorong City, West Papua, on Thursday (6 June 2024). The government set a target to build 350 houses for indigenous Papuan fishers in 2014, but only 40 houses have been completed due to technical constraints, including environmental impact assessments (AMDAL permits). Therefore, the remaining houses will be completed in 2024/2025. (ANTARA FOTO/Olha Mulalinda/Spt.) — Vice President Ma’ruf Amin waves to residents in the Malawei Fishing Village, Sorong Manoi District, Sorong City, West Papua, on 6 June 2024. The Indonesian government targeted building 350 houses for indigenous Papuan fishers in 2014, but only 40 houses have been completed due to technical constraints, including environmental impact assessments (AMDAL permits). The remaining houses will be completed in 2024/25.(ANTARA FOTO/Olha Mulalinda/Spt.)

Usman Kansong, Head of the Public Communication Task Force for Papua Welfare, appreciated the MSG team’s visit. “This is a positive step, and I would like to express my appreciation for MSG because its two leaders were able to witness the real conditions in Bumi Cenderawasih, and various developments that the government has undertaken in Papua,” he said in Jakarta on Tuesday, 18 June.

During their visit, both Leonard Louma and Christopher Nisbert agreed that Indonesia could serve as a good example of how a country manages its borders. These best practices could be emulated in border areas in the MSG region. They also believe that Indonesia’s role in the ASEAN region will be crucial and beneficial for MSG member countries, providing various advantages and benefits in multiple fields.

Specifically, Leonard Louma revealed that he would promote cooperation in the plantation sector within MSG that involves Indonesia, including a vanilla plantation program in Vanuatu and the Solomon Islands. Therefore, he believes it is necessary to create an economic corridor in the form of an MSG vanilla association to strengthen the vanilla commodity in the region.

Indonesia’s involvement is crucial because it is believed to help open the ASEAN market. This is highly beneficial as MSG is working to build communication and involve Indonesia regionally. During his visit, Leonard Louma also discussed the potential for cooperation in education between MSG and Indonesia, suggesting that student and faculty exchanges can be realized soon.

Separately, Senior Advisor Theo Litaay of the Presidential Staff Office deemed the MSG leaders visit to Indonesia a significant breakthrough that benefits the region across various economic, socio-cultural, and political sectors. “Such regional cooperation will expand economic growth towards the Pacific. The region will benefit from economic growth in Southeast Asia as a driver for development. That is from a regional perspective,” he said.

Leonard Louma and Christopher Nisbert, with their entourage, arrived in Indonesia from Port Moresby via overland journey to the Skouw-Wutung border on Monday, 17 June. They arrived at the border post around 10:00 AM local time, accompanied by Indonesian Consul General Tangkuman Alexander, and left the post with Representatives of the Border Affairs and Cooperation Agency of Papua Province as they continued their journey to the city of Jayapura, observing developments in Papua.

Both MSG leaders attended the MSG Security Strategy (MSG SS) on Wednesday, 19 June, in Jakarta, organized by the Indonesian Ministry of Foreign Affairs. The MSG SS aims to gather various input from Non-Governmental Organizations (NGOs), including civil society, regarding key priorities in addressing security challenges in the region.

* Note: The Melanesian Spearhead Group is an intergovernmental organization, composed of the four Melanesian states of Fiji, Papua New Guinea, Solomon Islands and Vanuatu, and the Kanak and Socialist National Liberation Front of New Caledonia. In June 2015, Indonesia was recognized as an associate member.

For more information, please contact the Directorate General of Public Information and Communication, Usman Kansong (+62 81 678 5320), or visit https://infopublik.id for up-to-the-minute news.

MMpro Trust and Tonkeeper Launch RWA Store for Pre-IPO Investments

LONDON, June 18, 2024 – (ACN Newswire) – Tonkeeper, the #1 self-custody wallet for the TON blockchain, and MMpro Trust, a prominent platform for tokenized assets, have announced a strategic partnership to launch an RWA (Real-World Asset) Store. This initiative aims to provide investors with access to Pre-IPO investments through RWA NFTs, offering significant advantages to both traditional and crypto investors.

First project: The initial project under this partnership involves the hardware wallet firm Ledger. MMpro Trust now offers investors the opportunity to purchase Ledger Pre-IPO assets directly through the Tonkeeper wallet, which is available on all major platforms.

Simplified explanations:

RWA NFTs (Real-world asset non-fungible tokens): Digital tokens representing real assets that can be bought and sold.
Pre-IPO: An opportunity to invest in companies before they go public and start trading their shares on the stock exchange.
TON blockchain: A modern technology that ensures the security and transparency of all transactions.

Accessibility for all: MMpro Trust is transforming the Pre-IPO investment market by making it accessible to a broader audience. Through RWA NFTs representing options on assets of promising companies like Ledger, any investor can participate in Pre-IPO deals regardless of capital size. This solution removes barriers that previously existed in this segment, as many investors struggled to access the often opaque Pre-IPO marketplace.

Benefits of using RWA NFTs: Investors can easily buy and sell these Pre-IPO RWA NFTs through the Tonkeeper app, simplifying portfolio management and allowing for quick responses to market changes. The TON blockchain guarantees the security and transparency of all transactions, and investors receive real-time information about the status of their blockchain-based assets, minimizing risks and increasing trust in the investment process.

“This collaboration marks an important milestone in the evolution of digital investments,” said Oleg Andreev, CEO of Tonkeeper. “By ensuring accessibility, security, and innovation, this partnership with MMpro Trust offers unique opportunities for all types of investors.”

“Our commitment to innovation ensures that Tonkeeper remains the definitive choice for various projects across the industry, including services for digital nomads, games, NFTs — and much more.”

About Tonkeeper: Tonkeeper, a product of Ton Apps Group, is the leading non-custodial wallet for the TON blockchain. It has created innovations such as Tonkeeper Battery for handling token and NFT fees and TON Connect for secure connection to thousands of web3 apps. Tonkeeper also has the largest developer platform on the TON network — TON API, which is used by over 80% of projects in the ecosystem.

Download Tonkeeper:

iOS & Android: tonkeeper.com
Windows, Mac, Linux: tonkeeper.com/pro

About MMPro Trust: MMpro Trust redefines asset management and trading on a global scale. It is committed to innovation, security, and broadening access. With over 50 major banks and 300+ investment funds already in blockchain, including giants like BlackRock,Goldman Sachs and JPMorgan, this market is expected to grow to $16 trillion by 2030, presenting unparalleled opportunities for investors.

More on MMPro Trust: https://mmprotrust.com

Media contact
Brand: MMPro
Contact: Media team
Website: https://mmprotrust.com

SOURCE: MMPro

JBM Healthcare Announces FY2024 Annual Results

KEY HIGHLIGHTS

Year-on-year revenue increased by 24.6%, totalling HK$648.4 million
Adjusted profit attributable to equity shareholders* soared 149.5% to HK$130.5 million
The Board recommends a final dividend of HK4.05 cents per share
All three business segments exhibited robust growth momentum
Flagship proprietary brands Ho Chai Kung and Po Chai Pills led with impressive growth
Cross-border e-commerce continued to grow on various platforms

HONG KONG, June 18, 2024 – (ACN Newswire) – JBM (Healthcare) Limited (“JBM Healthcare” or the “Company”; Stock Code: 2161, together with its subsidiaries, the “Group”), a leading branded healthcare products marketer and distributor in Hong Kong, today announced the annual results of the Group for the year ended 31 March 2024 (“FY2024” or the “Reporting Period”).

During the Reporting Period, the Group’s branded healthcare business achieved a 24.6% increase in revenue, totaling HK$648.4 million. Gross profit for the same period rose by 64.5% to HK$338.1 million. Adjusted profit attributable to equity shareholders* surged by 149.5% to HK$130.5 million. This robust performance is primarily due to improved retail market sentiment and successful marketing strategies for key brands in the proprietary medicine category, notably Ho Chai Kung and Po Chai Pills.

The Board recommends a final dividend of HK4.05 cents per share. Including the interim dividend of HK3.45 cents per share already paid, the total dividend for FY2024 will be HK7.5 cents per share.

Effective Brand Management Fueled Robust Performance

In the branded medicines business, sales revenue achieved a significant growth of 53.3%, primarily attributable to the remarkable performance of Ho Chai Kung products. A widely recognised household name for over-the-counter painkillers and fever relief, Ho Chai Kung has experienced a significant boost in sales, which is attributed to its effective brand marketing strategy alongside effective sales channel management. The brand’s launch of a new TV advertising campaign featuring celebrity Hins Cheung, has received a tremendous response from the audience. The creative campaign, “Trust Hin Gong, Use Ho Chai Kung”, garnered substantial views and likes across various social media platforms, creating a trending topic in the city and significantly enhancing the brand’s visibility in Hong Kong.

The proprietary Chinese medicines segment exhibited an overall 7.3% increase in revenue, fueled by the strong growth of Po Chai Pills and the sustained momentum of the Group’s concentrated Chinese medicine granules business. During the Reporting Period, Po Chai Pills successfully launched a new TV advertisement named “Ivana’s Po Chai Pills Digestive Tune” targeting a younger audience and reinforcing its leadership in Chinese gastrointestinal medicine. Renowned singer-song writer Ivana Wong lends her voice to a revamped version of the classic jingle, “Take Po Chai Pills for Rapid Relief”, which resonates with viewers, invokes nostalgic memories and revitalises the brand.

Sustained Development in Cross-Border E-commerce

The Group’s cross-border e-commerce division continued its growth trajectory and remained a consistent contributor to the Group’s profits. This was driven by strong demand for its proprietary brands, such as Ho Chai Kung and Po Chia Pills, as well as solid performances in the medical devices and beauty products segments. In the fourth quarter of 2023, the Group launched its Tmall Ho Chai Kung Overseas Flagship Store, intending to bolster the brand’s image and recognition while expanding its consumer base in Mainland China.

Mr. Patrick Wong, Chief Executive Officer of JBM Healthcare, commented, “In FY2024, JBM Healthcare capitalised on promising growth opportunities amid the notable rebound of Hong Kong’s retail sector, leveraging our strategic acumen and robust execution.”

“As we forge ahead, we are poised to harness transformative trends in healthcare. We will prioritise operational excellence, productivity, and shareholder value while enhancing efficiency and actively expanding its sales platforms and geographic reach. By providing trusted, branded healthcare products, JBM Healthcare empowers consumers to better manage their health, aligning with its mission.”

About JBM (Healthcare) Limited (Stock Code: 2161)

JBM Healthcare is a Hong Kong-based company that markets and distributes branded healthcare products across Greater China, Southeast Asia, and other select countries. The Group is a distinctive player in the sector with marketing expertise and heritage in pharmaceuticals that prioritises product efficacy and quality to meet consumers’ healthcare needs. As a renowned healthcare brand operator in Hong Kong, the Group carries a wide-ranging portfolio of branded healthcare products comprising branded medicines, proprietary Chinese medicines, and health and wellness products, which include well-recognised household brands such as Po Chai Pills, Ho Chai Kung Tji Thung San, Contractubex, Mederma for Kids, Tong Tai Chung Woodlok Oil, Flying Eagle Woodlok Oil, Saplingtan, Shiling Oil and Konsodona Medicated Oil. JBM Healthcare has been a constituent stock of the MSCI Hong Kong Micro Cap Index since 27 May 2021. For more details about JBM Healthcare, please visit: www.jbmhealthcare.com.hk

SGX-Listed Mooreast to Acquire 98,919 sqm Facility from Seatrium, Quadrupling Production Capacity to Serve Floating Offshore Renewable Sector

SINGAPORE, June 18, 2024 – (ACN Newswire) – Mooreast Holdings Ltd. (“Mooreast” or the “Group”), announced today that its wholly-owned subsidiary, Mooreast Asia Pte. Ltd., intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited (“Seatrium”), quadrupling its production capacity in Singapore to serve the fast-growing floating offshore renewable sector.

The SGX Catalist-listed specialist in total mooring solutions catering to the renewable sector has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy Limited, which is a wholly-owned subsidiary of Seatrium, a leading provider of engineering solutions to the global offshore, marine and energy industries.

Mooreast, Asia’s only ultra-high power anchor manufacturer says it expects to complete the proposed acquisition (subject to approval by JTC Corporation, the facility’s lessor) and commence operations at the new facility by the end of 2024. The consideration for the new facility will be funded through internal resources.

The facility adjoins Mooreast’s current 30,691 sqm (approx. 323,000 sqft) yard at 51 Shipyard Road, which is one of the world’s largest drag anchor manufacturing sites with in-house fabrication capabilities. Together, these two facilities will have a total land area of 129,609 sqm (approx. 1.4 million sqft). The combined value of right-of-use assets and equipment is estimated at approximately S$50 million including machinery/equipment.

The enlarged facility will increase its production capacity by four-fold, further cementing Mooreast’s position as one of only three ultra-high power anchor manufacturers globally. This will enable Mooreast to produce enough subsea foundations to support between 1.5 gigawatts (“GW”) to 2GW of floating offshore wind energy per annum, a significant increase from 0.5GW currently.

The new facility will be used to fabricate high-value sub-sea foundations and serve as a logistics hub to handle holding, staging and assembly of equipment and blocks. This will streamline operations and enhance efficiency, enabling Mooreast to manage and execute larger-scale projects.

The new facility’s 865-metre water frontage will further strengthen the Group’s Yard division. It will be able to accommodate specialist vessels for mobilisation and demobilisation for both onshore and offshore projects globally. Mooreast will also install solar panels on the facility’s rooftop to power on-site operations, in line with the Group’s commitment to sustainability.

This expansion is a major part of Mooreast’s strategy to increase its capacity to meet anticipated demand in the emerging floating offshore renewable market. It has been introducing new products and stepping up marketing efforts. Mooreast is also widening its geographical footprint, having incorporated Mooreast Taiwan this month and Mooreast UK in July 2022.

These efforts have helped Mooreast secure several project wins, including for the supply of its proprietary anchors to a pre-commercial floating offshore wind farm in Southern France, as well as supply of buoys to Japan’s first commercial-scale floating wind farm.

Mr Sim Koon Lam, founder, Executive Director, CEO and Deputy Chairman of Mooreast, said, “The acquisition of 60 Shipyard Crescent will expand our manufacturing capabilities significantly. Apart from economies of scale with a wide sea-front, we will also be able to position ourselves better to meet the growing global demand.”

“We are already fielding enquiries from several developers of floating offshore renewable energy projects. Mooreast is now ready to handle even bigger, commercial-scale wind projects. This will strengthen our value proposition and competitive edge in international markets significantly,” he added

This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

About Mooreast Holdings Ltd.

Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland and Taiwan.

Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe.

For more information, please visit https://mooreast.com/

Media & Investor Contact Information
WeR1 Consultants Pte Ltd
1 Raffles Place #02-01
One Raffles Place Mall Suite 332
Singapore 048616
Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

U.S. Polo Assn. Presents the Firenze Polo Tribute at Florence’s Santa Croce Square

FLORENCE, ITALY & WEST PALM BEACH, FL, June 18, 2024 – (ACN Newswire) – U.S. Polo Assn., the official brand of the United States Polo Association (USPA), presented the Firenze Polo Tribute at historic Santa Croce Square in Florence, an arena-style match between the Italian and French National Teams, in celebration of the history of Florence and the unique timing of Pitti Immagine Uomo, the largest and most important menswear tradeshow in the world.

This was the very first time that a polo game has ever been played in the ancient square, supported by the Italian and French Federations, the Federation of International Polo (FIP) as well as the Municipality of Florence. Ultimately, the French took home the medal in a hard-fought but good-spirited game, with a score of Team France 8 – Team Italy 6.

The momentous polo game was preceded by the Calcio Storico Legends Match, which celebrated hundreds of years of Florentine tradition with both a spectacular Florentine parade through Piazza della Signoria and the story of the Calcio Storico Fiorentino game. Calcio Storico is a combination of soccer, rugby, and wrestling that originated in 16th-century Florence and is played today in authentic costume in the Piazza Santa Croce, located directly in front of the Santa Croce church. The sport is known and followed throughout Florence, and over several thousand people were in attendance to watch both games, including hundreds of media and VIPs.

The respective polo players included Italy: Stefano Giansanti, Camila Rossi, and Giordano Magini; France: Jules Legoubin, Pearl Venot, and Côme Dubois. One woman played on each of the Italian and French Teams, which is important to the sport of polo and something the sport and U.S. Polo Assn. are very proud to support.

U.S. Polo Assn. outfitted the polo players, Calcio Storico players, and procession flag-wavers with U.S. Polo Assn. polo shirts for the parade. Custom U.S. Polo Assn. performance team jerseys were designed for both the Italian and French National Teams. Additionally, custom “Firenze Polo Tribute 2024” caps were given out to the many thousands of fans at the sports events as well as attendees at Pitti Uomo.

As part of the day’s ceremony, J. Michael Prince, President and CEO of USPA Global, the company that oversees and markets the $2.4 billion U.S. Polo Assn. brand across 190 countries, was appointed the next Magnifico Messere. This is a rare honor bestowed by the city of Florence that remains in the city’s record books for all time.

“It was an incredible honor to receive the Magnifico Messere by the city of Florence, and something I will cherish forever. I have always loved Florence and now my bond with this very special city only deepens.”

The evening concluded with a private cocktail party following the games at the beautiful Fondazione Zeffirelli headquarters in Piazza San Firenze.

THE PITTI IMMAGINE UOMO SHOW

At the Pitti Immagine Uomo 106th Edition, in the legendary Fortezza da Basso in Florence, U.S. Polo Assn. was proud to present its timeless, sporty Spring-Summer Collection 2025 from June 11 – 14 at Booth 32 Cavaniglia. Celebrating the brand’s heritage in the sport of polo since 1890, the Collection’s display was set in an immersive setting and included classic, sport-inspired apparel, shoes, bags and accessories.

“Our booth was packed this week with those interested in learning more about the brand, our Collections and our one-of-a-kind events. I was delighted to again represent U.S. Polo Assn. at Pitti beside my outstanding partners Incom, Bonis, EastLab and EuroTrade, who bring the very best of what our global brand has to offer to Western Europe,” added Prince.

The very special, and perhaps even once-in-a-lifetime polo event in Santa Croce, was led by Incom CEO Lorenzo Nencini and his team, based in Florence. Incom is U.S. Polo Assn.’s Italian Apparel Licensee. Florentine by birth, Lorenzo Nencini joined the family company, Incom, based in Montecatini Terme, in his early twenties. When Incom and U.S. Polo Assn. entered their licensing arrangement at the end of 2007, Nencini, as CEO, became responsible for the partnership that has helped both Incom and U.S. Polo Assn. become a great success story in Western Europe. Nencini has served on the Pitti Immagine Board of Directors since 2023.

“We have managed to do something very unique, because polo, like Calcio Fiorentino, has ancient roots and similarities. Being able to bring these two sports together here in Florence is something extraordinary, thanks to Calcio Storico and the city of Florence,” said Nencini.

“It was an incredible day of sportsmanship and excitement. I thank everyone who was involved, for their incredible support and belief in making this dream come true,” he adds.

Alongside Prince and Nencini, U.S. Polo Assn. licensees in Italy Augusto Bonetto representing Bonis, Andrea Zini representing EastLab, and Franco Zuccon representing EuroTrade, were all present to proudly show their respective products and speak with partners, vendors, and other brand representatives.

On the sport side, guests include Stefano Giansanti, Captain of the Italian Polo Team, and Alessandro Giachetti, Member of the Federation of Italian Sports Equestrian (FISE) Polo. Also present were Michele Pierguidi, President of Calcio Storico di Firenze, Gianluca Lapi, an icon of Florentine Calcio Storico, and players Dario Bordoni (Rossi), Arno Di Puccio (Bianchi), Antonio Marcelli (Azzurri), and Francesco Manzella (Verdi), heroes of the marketing campaign created for the event. Representatives of the Municipality of Florence also attended.

THE COLLECTIONS:

U.S. Polo Assn. Men’s and Women’s SS25 Collection of apparel, presented by Incom, highlighted timeless Spring and Summer styles, in a sophisticated neutral color palette. Washed red, white, and blue colors with denim tones gave a fresh new look to the classic Americana style that is U.S. Polo Assn. Pops of color enhance the bright, summer mood of this amazing Collection. SS25 presents Premium, Tailored, and Heritage capsules, with a beauty and style that take U.S. Polo Assn. to the ‘next level’ for the new season.

The U.S. Polo Assn. Footwear Collection for SS25 was presented by Bonis. Drawing inspiration from the sport of polo and American tradition, while keeping an eye on contemporary trends, U.S. Polo Assn. presented four footwear trends; the urban and sophisticated spirit in the “Inside Out”; innovative design and functional details distinguish “Rubber Lifestyle,” the timeless elegance and Mediterranean inspiration for the summer season of “Summer Weavings” and “Indie Taste,” a fashion trend that brings forth the bohemian spirit while retaining the signature U.S. Polo Assn. style.

U.S. Polo Assn. Men’s and Women’s Handbags for SS25 were presented by Eastlab and were synonymous with sporting elegance and timeless style. The new collection promises to captivate with its supreme totes and handbags, adorned with the classic double-horseman logo for an elegant finish. From formal to the beach, there were new and exciting styles for women and men.

U.S. Polo Assn. Watch & Jewelry SS25 Collection by EuroTrade is known for its sport-inspired, classic style that respects the brand’s history while always paying close attention to the themes of quality, sport, and authenticity. The new SS25 Watch Collection brought the softest leathers, classic shapes, and precious details while the new SS25 Jewelry collection offered a more vibrant and modern assortment with a wide variety of styles and bright colors.

About U.S. Polo Assn. and USPA Global

U.S. Polo Assn. is the official brand of the United States Polo Association (USPA), the governing body for the sport of polo in the United States and one of the country’s oldest sports governing bodies, founded in 1890. With a multi-billion-dollar global footprint and worldwide distribution through more than 1,100 U.S. Polo Assn. retail stores as well as thousands of additional points of distribution, U.S. Polo Assn. offers apparel, accessories, and footwear for men, women, and children in more than 190 countries worldwide. A recent, multi-year deal with ESPN to broadcast several of the premier polo championships in the world, sponsored by U.S. Polo Assn., has made the thrilling sport accessible to millions of sports fans globally for the very first time.

U.S. Polo Assn. has consistently been named one of the top global sports licensors alongside the NFL, NBA, and MLB, according to License Global. In addition, the sport-inspired brand is being recognized around the world with awards for global growth, expansion, licensing, and digital growth. Due to its tremendous success as a global brand, particularly in the last five years, U.S. Polo Assn. has been featured in Forbes, Fortune, Modern Retail, and GQ as well as on Yahoo Finance and Bloomberg, among many other noteworthy media sources around the world. For more information, visit uspoloassnglobal.com and follow @uspoloassn.

USPA Global is a subsidiary of the USPA and manages the global, multi-billion-dollar U.S. Polo Assn. brand. Through its subsidiary, Global Polo Entertainment (GPE), USPA Global also manages Global Polo TV, which provides sports and lifestyle content. For more sports content, visit globalpolo.com.

About Incom S.p.A

Incom S.p.A, founded in Montecatini Terme (PT) in 1951, manages, as a licensee, the apparel for the U.S. Polo Assn. brand in Western Europe, which produces and distributes iconic clothing brands all over the world. In addition, Incom is one of the main suppliers of military and paramilitary clothing in the Italian State both for uniforms and for technical clothing. Since January 2008, it has been producing and distributing men’s, women’s, and children’s clothing in Western Europe under the U.S. Polo Assn. brand, with record sales results and growth. For further information, visit www.incomitaly.com.

About Bonis S.P.A.

Bonis is the exclusive footwear licensee for U.S. Polo Assn. in Western Europe. Founded in 1970, Bonis is a leading company in the footwear business and is a partner selected by some of the most influential international brands. Located in the heart of the Asolo and Montebelluna footwear district, the home of the most important sport system brands. Bonis works with private labels, contracting, and licensing. Visit www.bonis-spa.com.

About Eastlab

Eastlab is the exclusive licensee for U.S. Polo Assn. handbags in Western Europe. Founded in 2015, Eastlab today represents some of Italy’s major players in the production and marketing of bags, footwear, accessories, and suitcases. Eastlab’s targeted response to market demand and passion for the craft has allowed the company to quickly acquire great credibility in the market and gain the trust of important partners. Visit www.eastlab.it.

EuroTrade s.r.l.

EuroTrade is U.S. Polo Assn.’s licensee in Western Europe for watches and accessories. Headquartered in Italy, EuroTrade was founded in 1987 and specializes in the creation and distribution of high-quality watches and accessories characterized by original design and innovative technology. EuroTrade offers the market an original and trendy accessory to wear on any occasion. Visit www.incomitaly.com/en/euro-trade-s-r-l.

Contact Information

Stacey Kovalsky
VP Global PR and Communications
skovalsky@uspagl.com
+001.561.790.8036

Paola Varani
paolavarani@hubcomm.net

Laura Varani
lauravarani@hubcomm.net

Sara Montanelli
saramontanelli@hubcomm.net

Laura Manfrin
laura@twins-pr.com

Maura Busatto
maura@twins-pr.com

SOURCE: USPA Global Licensing Inc.

China Medical System: Innovative Drug Methylthioninium Chloride Enteric-coated Sustained-release Tablets Approved for Marketing in China

Innovative drug Methylthioninium Chloride Enteric-coated Sustained-release Tablets (Lumeblue®) is an oral diagnostic drug, approved by China’s NMPA for enhancing visualisation of colorectal lesions in adult patients undergoing screening or surveillance colonoscopy.
The results of the Phase III clinical trial in China show that the Product can significantly improve the detection rate of non-polypoid colorectal lesions (the primary endpoint of the study), leading to an improved detection rate of dangerous lesions such as non-polypoid adenomas (the secondary endpoint).
The Product can be taken during the bowel preparation step, ensuring that colorectal staining is completed by the time colonoscopy is conducted. This not only enhances the detection rate of colorectal lesions but also potentially simplifies the colonoscopy procedure, making the examination more efficient and improving the screening benefits.
As of now, CMS’s newly launched innovative portfolio has been expanded to 5 products, continuously generating driving force to the Group’s sustainable and healthy development.

SHENZHEN, June 18, 2024 – (ACN Newswire) – China Medical System Holdings Limited (the “Company”, together with its subsidiaries, the “Group” or “CMS”) is pleased to announce that on 11 June 2024, the New Drug Application (NDA) of the Group’s innovative drug methylthioninium chloride enteric-coated sustained-release tablets (Lumeblue®) (the “Product”) has been approved by the National Medical Products Administration of China (NMPA). The drug registration certificate was obtained on 18 June 2024. The Product is indicated to enhancing visualisation of colorectal lesions in adult patients undergoing screening or surveillance colonoscopy, and it is the first oral methylthioninium chloride enteric-coated sustained-release tablets in China. The Group will synergize with existing gastroenterology products and resources to advance the commercialization and academic promotion related works of the Product in an orderly manner, aiming to achieve nationwide large-scale clinical application as soon as possible so as to benefit patients with colorectal disease.

Lumeblue® is an oral diagnostic drug that uses patented multi-matrix (MMX) technology to deliver active substances directly to the colon and release them locally in a controlled manner. As an enhancer dye, the Product increases the contrast between colorectal lesions and healthy mucosa. The results of the Phase III clinical trial in China show that the Product can significantly improve the detection rate of non-polypoid colorectal lesions (the primary endpoint of the study), leading to an improved detection rate of dangerous lesions such as non-polypoid adenomas (the secondary endpoint)[1]. In addition, the Product can be taken during the bowel preparation step, ensuring that colorectal staining is completed by the time colonoscopy is conducted. This not only enhances the detection rate of colorectal lesions but also potentially simplifies the colonoscopy procedure, making the examination more efficient and improving the screening benefits.

According to the diagnosis and treatment data of the Digestive Endoscopy Branch of the Chinese Medical Association, approximately a total of 28 million gastroenteroscopies were completed nationwide in 2012, including 5.83 million colonoscopies. In 2019, approximately 38.73 million gastroenteroscopies were completed nationwide, an increase of 34.62% compared with 2012[2]. The Chinese consensus of early colorectal cancer screening recommends that people aged 50 to 75 years old should be screened for colorectal cancer regardless of whether they have alarm symptoms[3]. There are approximately 400 million people aged 50 to 75 in China in 2020[4]. With the popularity of early screening for colorectal cancer in China, it is expected to witness a considerable growth of the number of colonoscopies in China in the future.

The Product has been approved by the European Medicines Agency (EMA) to be commercialized in the European Union under the trade name Lumeblue™ in August 2020. The Group obtained an exclusive license for the Product from Cosmo Technologies Ltd, a fully owned subsidiary of Cosmo Pharmaceuticals NV, on 3 December 2020.

Driven by the twin-wheel of “Collaborative R&D and Independent R&D”, CMS has continuously deployed global first-in-class (FIC) and best-in-class (BIC) innovative products guided by patient and clinical demands. With enhancing R&D capabilities in developing differentiated innovative products, CMS has empowered the continuous transformation of scientific research outcomes into clinical application, continuously releasing the value of innovation. As of now, CMS’s newly launched innovative portfolio has been expanded to 5 products, continuously generating driving force to the Group’s sustainable and healthy development. Desidustat Tablets and Methotrexate Injection (rheumatoid arthritis), CMS’s innovative pipeline products, are currently under NDA review in China. Meanwhile, over 10 innovative pipeline products are undergoing clinical trials in China, mainly randomized controlled trials (RCT). CMS is expected to launch differentiated innovative products every year in the future with higher efficiency and more controllable costs, continuing to optimize its product portfolio and build fresh driving forces for the mid- to long-term development of the Company.

About CMS

CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.

CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.

CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development of its advantageous specialty fields and expand business boundaries. While strengthening the competitiveness of the cardio-cerebrovascular/gastroenterology business, CMS independently operates its dermatology and medical aesthetics business, and ophthalmology business, aiming to gain leading positions in specialty therapeutic fields, whilst enhancing the scale and efficiency. At the same time, CMS has expanded its business territory to the Southeast Asian market, striving to become a “bridgehead” for global pharmaceutical companies to enter the Southeast Asian market, further escorting the sustainable and healthy development of the Group.

Reference:

1. The results of the Phase III clinical trial in China was published and can be found at: https://web.cms.net.cn/en/2022/12/positive-results-for-china-phase-iii-clinical-trial-of-methylthioninium-chloride-enteric-coated-sustained-release-tablets/

2. The diagnosis and treatment data of the Digestive Endoscopy Branch of the Chinese Medical Association

3. Chinese consensus of early colorectal cancer screening (2019, Shanghai)ï¼ŒChinese Journal of Internal Medicineï¼ŒDOIï¼š 10.3760/cma.j.issn.0578-1426.2019.10.004

4. CHINA POPULATION CENSUS YEARBOOK 2020, can be found atï¼š https://www.stats.gov.cn/sj/pcsj/rkpc/7rp/zk/indexch.htm

CMS Disclaimer and Forward-Looking Statements

This press release is not intended to promote any products to you and is not for advertising purposes. This press release does not recommend any drugs, medical devices and/or indications. If you want to know more about the diagnosis and treatment of specific diseases, please follow the opinions or guidance of your doctor or other medical and health professionals. Any treatment-related decisions made by healthcare professionals should be based on the patient’s specific circumstances and in accordance with the drug package insert.

This press release which has been prepared by CMS does not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This press release has been prepared by CMS based on information and data which it considers reliable, but CMS makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this press release. Certain matters discussed in this press release may contain statements regarding the Group’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Group and the Company is not responsible for such third-party statements and projections.

Media Contact
China Medical System Holdings Ltd.
CMS Investor Relations
Website: https://web.cms.net.cn/en/home/

Source: China Medical System Holdings Ltd.

ONERHT Foundation’s 7th Edition of Annual GAIL Forum Returns on 25 June 2024 at Suntec Singapore

Business and industry leaders as well as sustainability domain experts will gather to share actionable insights and strategies to drive ASEAN’s Green Future
Mr Chee Hong Tat, Singapore’s Minister for Transport and Second Minister for Finance to attend as Guest-of-Honour
Fireside chat with Vivek Kumar, Chairman of World Wide Fund for Nature (WWF)
Interactive discussion panels on ESG, SME Sustainability, and Low-Carbon Strategies

SINGAPORE, June 18, 2024 – (ACN Newswire) – The 7th edition of the Greening ASEAN: Initiatives and Leadership (“GAIL”) forum is set to take place on 25 June 2024 at the Suntec Singapore Convention & Exhibition Centre. Business and Industry leaders, as well as sustainability domain experts, gather to share actionable insights and strategies to drive ASEAN’s Green Future. The forum will be graced by Mr Chee Hong Tat, Singapore’s Minister for Transport and Second Minister for Finance, as the Guest-of-Honour.

The GAIL forum aims to facilitate the sharing of expertise, experience, and practical strategies for businesses and other stakeholders within ASEAN to respond to the region’s growing call for sustainable development. Attendees will be able to hear directly from business and industry leaders as well as sustainability domain experts as they share their insights and experience on future-proofing SMEs for sustainability, integrating ESG at Board level, and navigating the carbon economy with strategies and cutting-edge technologies.

Kaylee Kwok, Chairman of ONERHT Foundation, said, “For businesses, sustainability transcends being just a necessity. By its impact on the physical environment, supply chains, natural resources, on the general population, and the economic environment, it has become a fundamental issue for businesses on which their viability and success depend. GAIL serves as a crucial platform for promoting sustainable practices throughout ASEAN.”

A key highlight of event will be a fireside chat with Mr. Vivek Kumar, CEO of Worldwide Fund for Nature (WWF) Singapore.

Abe Jacob, Director of RHT Green, said, “Sustainability isn’t just a choice; it’s a shared responsibility for our future, and we are passionate about educating and empowering individuals to make sustainable choices. GAIL serves as a reminder that through regional collaboration, we can achieve significant progress towards achieving net zero.”

Recognising the importance of sustainability in addressing climate change, adverse social and community impact, and corporate governance issues, ONERHT Foundation launched the GAIL initiative at the 2018 annual RHT ASEAN Summit. Today, GAIL has become a much-anticipated annual event for the region’s business and industry leaders looking for actionable insights and strategies to advance their sustainability goals.

GREENING ASEAN: INITIATIVES & LEADERSHIP (GAIL) will facilitate the sharing of expertise, experience and practical strategies with the aim of helping the ASEAN businesses and other stakeholders gain the confidence and capabilities to embed and grow sustainability into their business models.

For more information and to register for the ONERHT Foundation GAIL Forum 2024, please visit: GAIL 2024 https://www.gail2024.com/#/?lang=en

ONERHT Foundation Ltd

A Singapore registered charity and grant-making philanthropic organisation, ONERHT Foundation Ltd (“Foundation”) enables RHTLaw Asia LLP and the RHT Group of Companies (collectively, “ONERHT”) to do right and do good through various charitable endeavours.

Set up by ONERHT in 2015, the Foundation was registered as a Singapore charity by the Commissioner of Charities and a grant-making philanthropic organisation by the Inland Revenue Authority of Singapore on 16 September 2016 and 28 November 2016 respectively.

The Foundation seeks to establish, inspire and encourage the right philanthropic culture among the corporate and legal fraternity of giving back to the community in a focused, hands-on and meaningful manner. Since its inception, the Foundation has raised more than S$5 million to support more than 30 beneficiaries involved in education, the environment and sustainability, disadvantaged groups as well as the arts and sports.

For more information, please visit www.onerht.foundation

For media enquiries, please contact:
Elliot Siow / Elliot@waterbrooks.com.sg / +65 8375 0417

SMEIC: The Acquisition of Shanghai Prime Will Form Complementary Advantages and Help Enhance Shareholder Returns

HONG KONG, June 18, 2024 – (ACN Newswire) – On 15 May, Shanghai Mechanical & Electrical Industry Co., Ltd. (hereinafter referred to as “SMEIC” or the “Company”, 600835.SH) disclosed the Announcement on Related Transaction of Shanghai Mechanical & Electrical Industry Co., Ltd. According to the announcement, SMEIC intends to acquire 100% equity interests in Shanghai Prime in cash. Upon completion of the transaction, Shanghai Prime will become a wholly-owned subsidiary of SMEIC. This transaction constitutes a related transaction of SMEIC.

Based on the pricing principle, as of 31 December 2023, the appraised value of 100% equity interests in Shanghai Prime was RMB5,318 million. Through friendly negotiations among the parties involved in the transaction, the agreed transaction price for 100% equity interests in Shanghai Prime is RMB5,318 million. The final transaction price will be subject to the appraised value filed by the competent state-owned assets administration department.

All the counterparties to this transaction, Shanghai Electric, SEHK and SEG HK, as the performance undertakers, have made performance compensation commitments to the Company in respect of the performance of the target company that, during the performance commitment period (from 2024 to 2026), Shanghai Prime will realize a cumulative net profit of approximately RMB1.059 billion. For the years 2024, 2025 and 2026, the committed net profit for the period will be approximately RMB255 million, RMB352 million and RMB452 million respectively.

It is reported that Shanghai Prime is an industrial group under Shanghai Electric (601727.SH), specializing in the manufacturing and services of industrial basic parts and key components and parts, with five business segments: blades, bearings, tools, industrial fasteners and automotive fasteners. After years of development, Shanghai Prime has expanded its business presence to over 10 countries, with its products being exported to more than 70 countries and regions worldwide. It has become the main force of domestic import substitution of medium and high-end basic parts.

Shanghai Electric has stated that the acquisition of Shanghai Prime will further strengthen the strategic positioning of the Company’s “professional, refined, featured and innovative” industrial platform, leveraging the industry position and competitive advantages of Shanghai Prime’s subordinate Industrial sectors. After the completion of this transaction, the proportion of revenue from the Company’s “professional, refined, featured and innovative” business will be significantly increased by approximately 30% compared with the proportion before the transaction, and the business structure will be effectively optimized. This transaction will make full use of the capital platform attributes of being a listed company and Shanghai Prime’s advantageous position in the field of industrial basic parts and key components and parts and will facilitate the Company’s transformation in the target market from primarily focusing on commercial users to a balanced emphasis on both industrial and commercial users, effectively enhancing its development space.

At the same time, SMEIC’s size of asset and operation will be significantly increased after the completion of this transaction, which will be conducive to optimizing and adjusting the Company’s industrial structure, enhancing its risk resistance and improving its market competitiveness. Following the completion of the acquisition, the scale of the Company’s operating income as well as profitability will be effectively enhanced, with the Company’s operating income in 2023 and 2022 increasing by 42.93% and 38.09%, earnings per share increased by 23.47% and 35.42%, respectively compared with pre-transaction. SMEIC will become one of the world’s largest comprehensive industrial basic parts conglomerates by virtue of a relatively wide range of products offerings and a relatively large scale of operation

It is also worth mentioning that the acquisition of Shanghai Prime will contribute to enhancing the return of SMEIC’s shareholders and safeguarding the interests of the Company’s shareholders. In 2023, the Company’s cash dividend ratio was 45%, representing the highest dividend ratio since 2015. Upon completion of the transaction, the cash dividend per share will be increased accordingly with the increase in earnings per share.

It can be expected that with the advancement of the related transaction of the acquisition of Shanghai Prime, SMEIC will focus on the common downstream market for the two sides, improve the overall performance of products, expand common customers and services, enhance customer stickiness, improve the value of services, strengthen the Company’s digital and intelligent synergies to promote the sharing of high-quality resources between the two sides, thereby enhancing the overall strength and operating results, and creating more value for the shareholders and investors.