Showa Denko Concludes MOU with SK Inc. to Give Consideration to a Plan to Cooperatively Produce High-Purity Gases for Semiconductors in North America

TOKYO, Jun 29, 2022 – (ACN Newswire) – On June 29, 2022, Showa Denko K.K. (SDK) (TOKYO: 4004) and SK Incorporated concluded a memorandum of understanding (MOU) to give consideration to a plan to start cooperative work to produce high-purity gases, which are used in semiconductor production processes, in North America.

While semiconductor markets in various countries continue growing and geopolitical risks are increasing, the US Government has embarked on strengthening domestic semiconductor industry and inviting supply chain of semiconductors into the country. As a result of this movement, large manufacturers of semiconductors are increasing their capital investment in the United States, and the demand for materials for semiconductors in the country is growing. Supply-demand balance of high-purity gases for wiring process (front-end of semiconductor production process) in the US has been tightening. Therefore, many semiconductor manufacturers in the US want to secure stable supply of high-purity gases for semiconductors. On the other hand, SDK's business segment to produce high purity gases for semiconductors has established and continues strengthening high-purity gas supply chain in which the Company producing high-purity gases and filling it into cylinders in its Asian facilities, and transporting those cylinders to the US. Therefore, there are some problems to be solved including increases in transportation costs and potential instability in supply of high-purity gases when there is congestion in global logistics network.

To cope with these problems, SDK and SK Materials, which is an in-house independent company of SK Incorporated and produces high-purity gases for semiconductors, will start to give consideration to a plan to cooperatively produce high-purity gases for semiconductors in North America. In the global market for high-purity gases for semiconductors, SDK has the top share of the etching gas*1 market, and SK Materials has the top share of the cleaning gas*2 market and deposition gas*3 market. Thus, the two leading companies in the high-purity gas industry are now aiming to expand their business in the US cooperatively.

In 2017, SDK and SK Materials established a joint corporation named SK Showa Denko, Co., Ltd. which produces and sells high-purity gases for semiconductors, and, in the Republic of Korea, they cooperatively produce CH3F, which is used mainly as etching gas for silicon nitride film. Now SK Showa Denko is constructing a new plant to produce HBr in the Republic of Korea, and the new plant is expected to be finished in July, 2022.

As a "Co-creative Chemical Company," the Sowa Denko Group has positioned its electronics business including the business to produce and sell high-purity gases for semiconductors as Core-growth Business, and has been focusing on this electronics business, aiming to contribute to sustainable development of the global society. The Showa Denko Group will continue making its electronics business grow by responding rapidly to the growth of semiconductor market and continuing supply of leading-edge products.

*1. Etching gas is used in etching process, which is a process to carve fine grooves and holes on the surface of wafers in order to make up electronic circuits, etc.
*2. Cleaning gas is used to clean up inside of semiconductor chip production equipment.
*3. Deposition gas forms silicon oxide film or silicon nitride film on the surface of wafers.

About Showa Denko K.K.

Showa Denko K.K. (SDK; TSE:4004, ADR:SHWDY) is a major manufacturer of chemical products serving from heavy industry to computers and electronics. The Petrochemicals Sector provides cracker products such as ethylene and propylene, the Chemicals Sector provides industrial, high-performance and high-purity gases and chemicals for semicon and other industries, the Inorganics Sector provides ceramic products, such as alumina, abrasives, refractory/graphite electrodes and fine carbon products. The Aluminum Sector provides aluminum materials and high-value-added fabricated aluminum, the Electronics Sector provides HD media, compound semiconductors such as ultra high bright LEDs, and rare earth magnetic alloys, and the Advanced Battery Materials Department (ABM) provides lithium-ion battery components. For more information, please visit

Media contact:
Showa Denko K.K., Public Relations Group, Brand Communication Department, Tel: 81-3-5470-3235

Copyright 2022 ACN Newswire. All rights reserved.

Jacobson Pharma Announces FY2022 Annual Results

HONG KONG, Jun 29, 2022 – (ACN Newswire) – Jacobson Pharma Corporation Limited ("Jacobson Pharma" or the "Company"; Stock Code: 2633), a leading company engaged in the research, development, production, marketing and sale of essential medicines, specialty drugs and branded healthcare products, today announced the annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2022 ("FY2022" or the "Reporting Period").

— Year-on-year revenue up by 10.3%, amounting to HK$1,595.5 million
— Profit for the year up by 78.4%*, amounting to HK$187.7 million
— Strong growth witnessed on key therapeutic classes for chronic diseases such as lipid lowering agents and angiotensin II inhibitors
— Progress with expansion plan in Greater China as facilitated by Greater Bay Area ("GBA") healthcare policy and formation of joint venture with an established partner
— Delivery of approximately 9 million doses of Fosun BioNTech Comirnaty Vaccine in Hong Kong and Macau for the collaborative fight against COVID-19

During the Reporting Period, the Group delivered total revenue of HK$1,595.5 million with a year-on-year growth of 10.3%, primarily driven by the solid growth momentum of business in the public sector. The profit from operations and profit for the year was registered at HK$260.9 million and HK$187.7 million, representing a promising growth of about 48.9%* and 78.4%* respectively, as compared to the adjusted profit from operations* and adjusted profit* for the corresponding year of 2021.

The Group's financial position remains stable as supported by a healthy cash flow, with adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) posted at HK$441.6 million for the Reporting Period and a net gearing ratio at 29.2% as of 31 March 2022. With a cash balance of HK$478.7 million as of the end of the Reporting Period, the Group also recently secured a syndicated loan of HK$1.4 billion to enhance its capital capability.

The Board has recommended the payment of a final dividend of HK2.68 cents per share (FY2021: HK1.50 cents per share). Excluding the FY2021 special interim dividend in the form of distribution in specie of shares of JBM (Healthcare) Limited (Stock code: 2161.HK), an indirectly non-wholly owned subsidiary of the Company, total dividend for the Reporting Period amounts to HK3.88 cents per share (FY2021: HK2.30 cents per share), an increase of 68.7%.

Solid Performance of Generics Business
The Group's generic drugs business demonstrated a resilient performance amidst the COVID-19 pandemic, presenting a solid growth of 13.6%, with revenue posted at HK$1,191.3 million for the Reporting Period.

The Group's product offerings in the key therapeutic classes for chronic diseases such as diabetes and cardiovascular disease achieved high double-digit growth. For instance, the lipid-lowering product class recorded a strong growth of 37.2% in sales during the Reporting Period. In addition, the oncology drug class has also shown a significant growth of 572.6%, owing to the increased acceptance of the new Arsenic Trioxide Oral Solution.

As a major supplier of essential medicines in Hong Kong, the Group responded swiftly to cater to the surged demand for medications during the fifth wave of the epidemic. This was reflected by the strong growth in the Group's analgesics (+18.6%), cough & cold preparations (+45.8%) and anti-inflammatory products (+77.5%).

Steady Pipeline and Portfolio Enhancement
The Group continued to make steady progress with its research and development ("R&D") pipeline. As of 31 March 2022, the Group has a total of 172 products in the pipeline, among which 54 items have been approved for registration, 15 of them have been submitted for registration, 52 items have finished the development stage and are under stability preparation or stability study, plus 25 items are currently under formulation or pre-formulation research development stage.

As a continuous drive for portfolio enhancement, the Group launched a number of new products during the Reporting Period, including Rabeprazole Tablets, Valsartan and Amlodipine Tablets, Telmisartan and Hydrochlorothiazide Tablets, Pregabalin Capsules, Atosiban Injection, and Idarubicin Injection. Additionally, the Group has secured the registration approvals for a group of new products such as Levetiracetam Tablets, Febuxostat Tablet, Dexmedetomidine Infusion, Pramipexole Extended Released Tablets, Brimonidine and Timolol Eye Drops, Telmisartan and Amlodipine Tablets for upcoming market launches.

Tapping Specialty Drugs Market in China and Asia
Facilitated by new measures under the "Work Plan for Regulatory Innovation and Development of Pharmaceutical and Medical Devices in the Guangdong-Hong Kong-Macau Greater Bay Area", the Group has established collaboration with the University of Hong Kong-Shenzhen Hospital for the introduction of its Arsenic Trioxide Oral Solution (indicated for the treatment of acute promyelocytic leukaemia) into designated hospitals in the Greater Bay Area. The collaboration will also be part of a multi-centre clinical trial covering Guangdong, Singapore and Hong Kong.

More recently, the Group, together with its non-wholly owned subsidiary, JBM (Healthcare) Limited (Stock code: 2161.HK), formed a joint venture with Ban Loong Holdings Limited (Stock code: 0030.HK), a company of which Yunnan Baiyao Group Co., Ltd (Stock code: 0538.SZ) is the controlling shareholder, to capture the growth opportunities of the specialty medicines in Greater China and the Asia-Pacific region. The joint venture will be primarily engaged in exploring business opportunities in various growth streams including specialty medicines (including orphan drugs), over-the-counter drugs, and branded healthcare products as well as medical devices in the Greater China region.

Distribution of Fosun BioNTech Comirnaty Vaccine in Hong Kong and Macau
The Group is the exclusive distributor of Fosun BioNTech Comirnaty Vaccine (the "Vaccine") in Hong Kong and Macau. Up to the end of the Reporting Period, the Group delivered approximately 9 million doses of the Vaccine to the Department of Health and community vaccination centres in Hong Kong and the Macau governments.

To protect the public against COVID-19 and help ensure herd immunity through vaccination, the Group is committed to supporting the governments and professional partners in the acceleration of vaccination in Hong Kong and Macau, especially among the elderly, and will continue to collaborate with the Shanghai Fosun Pharmaceutical (Group) Co., Ltd. and its subsidiaries to supply booster vaccination doses for the public, as encouraged by the health authorities.

Mr. Derek Sum, Chairman and Chief Executive Officer of Jacobson Pharma, concluded, "While the pandemic continues to impact the market environment, the Group delivered a solid performance in FY2022 by focusing on strong execution, bolstered by our core capabilities and enhanced product pipeline and portfolio. We also take pride in playing a collaborative role in the distribution of the Fosun BioNTech Comirnaty Vaccine in Hong Kong and Macau and have demonstrated our commitment to robust manufacturing and logistics operations by ensuring a continuous supply of our essential medicines were delivered to hospitals and patients during Hong Kong's fifth wave of the epidemic.

"Looking ahead, we are entering 2022 with positive momentum as we aim to build a differentiated portfolio that anticipates future healthcare needs. By executing our R&D and in-licensing strategies, fostering strong partnerships, and cementing our foothold in key strategic markets, we will further diversify and transform our business, bringing sustainable growth and value to shareholders."

About Jacobson Pharma Corporation Limited (Stock Code: 2633)
Jacobson Pharma is a leading pharmaceutical company in Hong Kong vertically integrated and engaged in the research, development, production, sale and distribution of essential medicines and specialty drugs. As a major provider of generic drugs in Hong Kong, the Group has one of the most extensive sales and distribution coverage for both the private and public sectors in Hong Kong, with an expanding reach into strategically selected Asian markets. Carrying a broad product portfolio and taking a pre-eminent market position in a number of therapeutic categories, the Group operates a host of 10 PIC/S GMP licensed production facilities for generic drugs in Hong Kong.

The Group aims at the continued strategic enrichment of its generic drug portfolios through the addition of high-value-added products. With its corporate headquarters based in Hong Kong, the Group has also established its operating subsidiaries in China, Macau, Taiwan and Cambodia, forming a regional commercial platform to tap the market potential in the Asia Pacific and Greater China region. Jacobson Pharma has been a constituent stock of MSCI Hong Kong Micro Cap Index since 1 June 2017. For more details about Jacobson Pharma, please visit the Group's website:

* Excluding the one-off Employment Support Scheme subsidy from the Hong Kong Government of about HK$81.1 million in FY2021

Copyright 2022 ACN Newswire. All rights reserved.

Tat Hong Equipment Service Co., Ltd. Announces FY2022 Annual Results

HONG KONG, Jun 29, 2022 – (ACN Newswire) – Tat Hong Equipment Service Co., Ltd. ("Tat Hong" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its annual results for the year ended 31 March 2022 ("FY2022" or the "Year").

In FY2022, the Group recorded revenue amounting to RMB867.0 million, representing a 9.3% increase from that for the year ended 31 March 2021, primarily due to the increase in the number of both self-owned and rented tower cranes, the majority of which had been working on-site and generating revenue. The Group's total Tonne Metres in use increased from approximately 2,491,629 in FY2021 to 3,112,084 in FY2022.

Gross profit decreased by approximately 14.3% to RMB234.1 million for the Year. Profit for the year amounted to RMB47.6 million for the Year (FY2021: RMB101.2 million). The decrease was primarily due to the impact of accounting treatment (a non-cash adjustment) on the value of the shares awarded to the top management of the Company in March 2022 under the share award scheme contributed by the shares of the Company owned by the controlling shareholders of the Company. The Board of Directors recommended the payment of a final dividend of HK1.6 cents per share.

As at 31 March 2022, the Group had 288 projects in progress with a total outstanding contract value of approximately RMB569 million and 42 projects on hand with a total expected contract value of approximately RMB102 million. Of these projects, the Group expects to complete contract work of approximately RMB497 million by the year ending 31 March 2023, demonstrating high and solid earnings visibility in the forthcoming year.

Mr. Sean Yau, CEO of Tat Hong Equipment Service Co., Ltd. said, "FY2022 was a tough year not only to us, but to the entire market as well. Despite COVID-19 pandemic prevention and control measures, vaccination rates have begun to rise in various countries, and economies including China are gradually recovering. However, global public health, economy and employment are still adversely affected by it. With the continued occurrence of COVID-19 pandemic situation across the world, the global market is still facing many uncertainties under the pandemic. We will take this opportunity to expand new market opportunities and continue to provide customers with one-stop tower crane solution services."

During the Year, the Group expanded its business by purchasing additional tower cranes and relevant ancillary parts and components to meet the increasing customers' demand. As at the date of this announcement, a total of 1,180 tower cranes were managed by the Group, equipped to cater for the Group's customers' specialised range of EPC projects throughout the PRC. As a well-recognised foreign-owned tower crane service provider in the PRC, the Group has also built a strong reputation in our awareness to workers' safety, service quality and technical strength. The Group currently possesses 77 registered patents for utility models and inventions relating to tower cranes.

In addition to enhancing the manufacturing capability, the Group has continuously enhanced its remanufacturing and reprocessing capabilities for tower cranes and their ancillary structural components, as well as committed to providing a green service and to improving the operational and management efficiency through developing the digital management platform "iSmartCon".

Looking ahead, we will focus on operation of medium and large size tower cranes to meet the growing needs for prefabricated construction, and to establish a standardized post market service eco-system for tower cranes so as to provide a green, safe and environmental friendly tower crane service foundation.

Mr. Roland Ng, Chairman of Tat Hong Equipment Service Co., Ltd. concluded, "Going forward, the Group, with the effective execution of the PRC prevention and control policies, will continue to pay attention to the situation of the COVID-19 pandemic to ensure the safety of the employees and to mitigate its negative impact on the financial position and operating results. We will continue to consolidate our strengths and leading position in the market with a view to capture the huge market growth opportunities, driving sustainable long-term business and bringing satisfactory returns to our shareholders."

Copyright 2022 ACN Newswire. All rights reserved.

Argentine President Fernandez meets with Gotion High-tech chairman Li Zhen

HONG KONG, Jun 29, 2022 – (ACN Newswire) – On the afternoon of June 24, Argentine Time, Argentine President Alberto Fernandez met with Li Zhen, chairman of Gotion High-tech, and his delegation at the presidential residence in Olivos, he explicitly supported Chinese investment in Argentina, and praised Gotion High-tech's multiple industrial investments will promote the development of Argentina's new energy industry. The two sides also had friendly exchanges on the "Targets of Carbon Peak and Carbon Neutralization" strategy, the new energy vehicle industry, the Sustainable Transportation Act and the joint venture between Gotion High-tech and Corven, a well-known American auto parts manufacturer, to establish electric bus batteries and other topics.

Alberto Fernandez:
The friendship between China and Argentina goes back to ancient times. I attended the Beijing Winter Olympics this year and witnessed the unique Chinese winter Olympics moment. Not long ago, I also participated in the online communication of the BRICS Summit. China's "One Belt, One Road" strategy and "Targets of Carbon Peak and Carbon Neutralization" strategy have encouraged many Chinese enterprises to invest in Argentina, undertake photovoltaic power stations, hydropower DAMS and other new energy projects, and continue to promote them, it also brings opportunities for Argentina's development.

The world is already shifting to renewable energy. Argentina has made incentives for lithium, wind power, photovoltaic and other industries. The Development of Sustainable Transport Act, introduced last year, it aims to promote investment in electric vehicles, promote the electrification of transport and provide legal protection for investors in new energy.

We welcome Chinese investment in Argentina. Gotion High-tech's industrial investment activities in Argentina, cover the development, processing and battery products of lithium resources, which accelerates the development of local lithium resources and it will help the development and progress of Argentina's new energy industry.

Li Zhen:
Since the establishment of diplomatic ties between China and Argentina, leaders of the two countries have actively supported complementary advantages and economic cooperation between enterprises, especially the "Belt and Road" initiative. It provides strategic guidance, points out the direction and lays the foundation for inter-enterprise cooperation.

The third energy revolution with solar and wind power as the main body has come. To make full use of it, we must have energy storage technology. Gotion High-tech has been focusing on energy storage for 16 years. We plan to reach 300GWh battery production capacity in the world by 2025, which makes enterprises' demand for lithium resources more vigorous.

Argentina is the third-largest economy in Latin America, with a harmonious social system and orderly development of resources, it provides a good external environment for enterprises to invest in. We have partnered with Jujuy National Energy and Mining Company and we will work with Corven in Buenos Aires to develop downstream applications. In the next 100 years, new energy vehicles will certainly be a new engine for the world economy. Gotion is willing to work with visionary people in Argentina to jointly create a new era in the energy industry.

Daniel Scioli, Argentina's minister of Production and Development, Ariel Schale, The industry minister, and President Fernandez were accompanied by Cecilia Todesca, Minister of International Economic Relations, and Fernanda Avila, Minister of Mines, and communicated with the Gotion High-tech team on the development of the lithium industry.

Copyright 2022 ACN Newswire. All rights reserved.

Asia’s Largest Play-2-Earn Crypto Expo to Kick Off in Bangkok August 10 to 13

BANGKOK, June 29, 2022 – (ACN Newswire) – Play-2-Earn Hybrid Expo Asia, the world’s first event focused specifically on the Play-2-Earn industry for businesses only, is to be held this year in Bangkok, Thailand from August 10 to 13 at W Hotel Bangkok and Metaverse. With up to 250 physical C-suites and more than 500 virtual attendees expected from all around the world, the expo is to bring together the entire ecosystem of the P2E industry from guilds, venture capitalists, game developers, exchanges, launch pads, and key opinion leaders.

With a direct approach to connecting the most experienced individuals and companies and building a strong P2E community, the expo stands out by focusing entirely on a business-to-business approach rather than being consumer-centric.

What to Expect at P2E Hybrid Expo Asia

3-Day programme will present an immersive experience for more than 250 physical and up to 2,000 virtual attendees. More than 50 speakers will participate in panel discussions to share their insights and experiences. Each day will end with an evening of networking at a unique location across Bangkok, including at W Bangkok’s very own House of Sathorn featuring welcome drinks on the first night. The second night will be at Bangkok’s one of the trendiest rooftop bars at Tichuca Bar and the event will end off with a pool party at Wet Deck at W Bangkok on the last night.

A business matching portal will be provided for all the attendees one month prior to the event to be able to request for meetings with others in attendance to nurture connections and synergies for partnerships. With virtual booths of sponsors in tow, the hybrid component of P2E Expo Expo will ensure virtual attendees from around the world will have access to all the insights being shared.

Play-2-Earn Industry in 2022

Play-2-Earn Hybrid Expo Asia comes at a significant time in the P2E industry, having taken off just a year ago. Despite being in its early stages, a huge number of game projects have raised a significant amount of funding and the concept of Play-to-Earn has evolved into Play-to-Earn and Move-to-Earn. There is a significant shift for traditional game developers to join the Web3 movement, which demonstrates P2E as an industry itself making a real impact and empowering third world countries.

P2E industry being in its early phases of development is more the reason to attend, connect, and share insights with those in the same field to strengthen the community and the industry. The environmental conditions such as the bear market we are facing today further underscores the need for the P2E industry to evolve and find the perfect balance to self-sustain and grow.

Final Winner at Pitch Competition to Win up to $3,000,000!

Impressive lineup of judges from the P2E space will be physically present at the event including venture capitalists and guilds such as DFG/Jsquare, Enjin Starter, Faculty Group, Openspace ventures, SeaX Ventures, and YGG SEA. Every game is able to submit its whitepaper on the website to be shortlisted and invited to pitch. With a total of 8 pitches by game developers, the pitch competition at P2E Hybrid Expo Asia is one of the most coveted parts of the event programme especially with more attention towards the introduction of the new games that are emerging in the market.

Future of Play-2-Earn Hybrid Expo Asia

Play-2-Earn Hybrid Expo Asia stays true to its mission of empowering the P2E ecosystem and is looking to host the expo throughout the year with its subsequent one planned for early 2023 in the exciting destination of Bali, Indonesia. Bali is widely known for playing host to a huge surge of Web 3.0 and blockchain residences from those flying in from around the world and it will be an exciting spot to kickstart 2023 for the P2E community.

Register today for your ticket (limited tickets left!)

Copyright 2022 ACN Newswire. All rights reserved.

Hypebeast Ltd. (0150.HK) ended the financial year with another all-time high in revenue and profitability

HONG KONG, Jun 29, 2022 – (ACN Newswire) – Hypebeast Limited (Stock Code: 0150.HK) is the global leading platform for contemporary culture and lifestyle, and a premier destination for editorially-driven commerce and news. The Board of Directors of Hypebeast Limited has announced the Group's annual results for the year ended 31 March 2022 ("FY2022").

— Revenue amounted to HK$895.6 million in FY2022, up from HK$674.2 million in FY2021, representing an increase of HK$221.4 million or 32.8%.
— Gross profit margin rose by 11.7 percentage points from 49.6% in FY2021 to 61.3% in FY2022.
— The Group delivered net profit of HK$100.2 million for FY2022, a 41.9% increase compared to FY2021. The increase translated to an improvement of net profit margin by 0.7 percentage points, resulting in an increase from 10.5% in FY2021 to 11.2% in FY2022.
— Total value in signed contracts for the Media Segment increased by 31.7% during FY2022 as compared to the prior year.
— 12-month average website monthly unique visitors (number of user who requests web pages across Hypebeast, Hypebae and Popbee platforms in a month) amounted to 16.4 million, representing a 5.1% increase over FY2021, and aggregated social media following (total number of followers on all third-party social media platforms, including but not limited to Facebook, Instagram, Twitter) increased from 26.1 million as at 31 March 2021 to 32.4 million as at 31 March 2022.

The Group recorded strong revenue growth in FY2022 and reported another all-time high in revenue and profitability. Revenue amounted to HK$895.6 million in FY2022, up from HK$674.2 million in FY2021, representing an increase of HK$221.4 million or 32.8%. Gross profit margin rose by 11.7 percentage points from 49.6% in FY2021 to 61.3% in FY2022. The Group delivered net profit of HK$100.2 million for FY2022, a 41.9% increase compared to FY2021. The increase translated to an improvement of net profit margin by 0.7 percentage points, resulting in an increase from 10.5% in FY2021 to 11.2% in FY2022.

Demand for the Group's media and agency services remained strong, with total value in signed contracts for the Media Segment having increased by 31.7% during FY2022 as compared to the prior year. As COVID-19 pandemic's intensity wanes and pandemic-related restrictions continue to ease, the Group's events production and offline partnerships under the Media Segment have surpassed pre-COVID-19 and FY2019 levels. The Group noted increasing demand for offline campaigns and activations as global marketing spend continues to expand.

12-month average website monthly unique visitors (number of user who requests web pages across Hypebeast, Hypebae and Popbee platforms in a month) amounted to 16.4 million, representing a 5.1% increase over FY2021, and aggregated social media following (total number of followers on all third-party social media platforms, including but not limited to Facebook, Instagram, Twitter) increased from 26.1 million as at 31 March 2021 to 32.4 million as at 31 March 2022. The Group aims to attract and reach a wider user-customer base through its development of new editorial properties, such as Hypegolf that focuses on golf and lifestyle, Hypeart on art and artists, and Hypemoon on Web 3.0 projects and technologies. The Group continues to explore similar opportunities by establishing various online and offline channels and touchpoints in order to drive the Group's brand awareness and increase engagement with new and existing users and customers.

The HBX physical retail shop located in Central, Hong Kong remains a strong marketing window and attraction point for customers to participate in the Hypebeast ecosystem offline. In addition, the Group's U.S. flagship store opened in June 2022 (subsequent to the reporting financial year), spanning seven floors, housing the U.S. East Coast office, the HBX New York flagship store, a Hypebeans cafee, as well as event spaces. The New York flagship store will support execution and accelerate growth of our strong North American customer base and serve as a focused point of marketing for the E-Commerce and Retail Segment.

Kevin Ma, Executive Director, Chairman, and CEO of Hypebeast, said:
"We have recorded yet another all-time high in revenue and profitability, showing the strategic choices made both before and during the unprecedented COVID-19 context have paid off. The FY2022 result is the best demonstration of how the Group is geographically and strategically well-positioned to continue to capture further growth opportunities. Despite today's uncertainties, we are ambitious and will continue to focus on building and strengthening all facets of Hypebeast through market expansion, category diversification, and offering an omnichannel experience through our e-commerce platform and physical stores, in particular the newly opened HBX New York flagship store."

A breakdown of this year's financial highlight is as follows:

FY2022 HK$'000 FY2021 HK$'000
Revenue 895,632 674,212
Gross Profit 549,313 334,127
Gross Profit Margin 61.3% 49.6%
Selling and marketing expenses (160,391) (112,791)
Administration and operating expenses (202,650) (125,005)
Professional fees related to the Merger (30,185) –
EBITDA (Note) 174,252 122,596
Net profit 100,167 70,584
Net profit margin 11.2% 10.5%
Earnings per share
– Basic (HK cent) 4.88 3.47
– Diluted (HK cent) 4.87 3.45

Note: Earnings before interest, tax, depreciation and amortization ("EBITDA") is calculated as profit before tax + interest expense + depreciation + amortization expense.

For further details on the Annual Results performance, visit the Group's corporate website to view the full results announcement.

For investor inquiries, please contact:

For more information, please contact:

Strategic Financial Relations Limited
Vicky Lee Tel: (852) 2864 4834 Email:
Ivy Chan Tel: (852) 2864 4890 Email:

About Hypebeast Ltd. (Stock Code: 0150.HK)
Hypebeast is a leading global platform for contemporary culture and lifestyle, and a premier destination for editorially-driven commerce and content. Founded in 2005, it became a publicly listed media company in 2016 and today boasts a global readership across North America, Asia Pacific, Europe and more. The Group has expanded its publishing brands to a wider scope in recent years, encompassing Hypebeast and its multiple content distribution platforms, e-commerce and physical store HBX, and agency Hypemaker. For more information, please visit

Copyright 2022 ACN Newswire. All rights reserved.

Novotech Receives “Best Biologics CRO Award 2022” at Korea Bioprocessing Excellence Awards 2022

SEOUL, S.KOREA, Jun 29, 2022 – (ACN Newswire) – Novotech, the leading Asia Pacific biotech specialist CRO which has recently expanded its services to the US, was today awarded the Best Biologics CRO Award at a ceremony as part of 11th Biologics Manufacturing Korea, the 6th Cell & Gene Therapy World East Asia, and the 3rd BioLogistics World Korea conferences (29th – 30th June 2022) which attract more than 300 representatives from Korea's top biopharmas, vaccine manufacturers, and biologics companies.

Novotech Country Managing Director Sanghee Kim said the Korea team was extremely pleased to receive this award in recognition of the clinical excellence provided to clients in the biologics sector.

Novotech Vice President Global Head Clinical Services Yooni Kim also said: "Novotech's Asia-Pacific and US teams support cost-effective expedited clinical research with world-class data and the most advanced technology including solutions that enable acceleration of clinical trials across the regions."

Novotech now has a workforce of ~2,500 clinical trial professionals across Australia, New Zealand, South Korea, Greater China, Southeast Asia, India, South Africa and the US.

Novotech CEO Dr. John Moller said: "The focus on Asia-Pacific for biotech clinical research over the past five years makes the region the fastest-growing clinical trial destination with China being the leading location for new trials followed by the US. Asia-Pacific offers a compelling solution for expedited clinical trials especially in oncology with its vast patient populations, less competitive clinical trial landscape, and world-class KOLs, in addition regulatory reforms have accelerated approval processes. The expansion into the US provides US-based expertise and infrastructure for our US clients wanting trials in APAC and the US, and for our APAC clients wanting US clinical programs. Clients will receive a seamless service, with a unified approach to systems and SOPs," Moller said.

About Novotech Health Holdings

Novotech Health Holdings Pte. Ltd. ("Novotech") is the leading Asia-Pacific and US biotech specialist CRO. Novotech has integrated labs and phase I facilities and provides drug development consulting and clinical development services across all phases. It has been instrumental in the success of approximately 4,000 clinical trials across a broad range of therapeutic areas. Novotech is well-positioned to serve biopharma clients conducting clinical trials in Asia-Pacific and the US. For more information visit

Media Contact
David James
AU: +61 2 8218 2144
USA: +1 415 951 3228
Asia: +65 3159 3427

Copyright 2022 ACN Newswire. All rights reserved.

Main Market-Bound Seng Fong Holdings Berhad IPO Shares Oversubscribed by 3.09 Times

KUALA LUMPUR, Jun 29, 2022 – (ACN Newswire) – Tricor Investor & Issuing House Services Sdn Bhd (TIIH) is pleased to announce that the Initial Public Offering (IPO) of Seng Fong Holdings Berhad is oversubscribed by 3.09 times.

Managing Director of Seng Fong, Mr. Er Hock Lai

Group Managing Director/ Chief Executive Officer of Hong Leong Investment Bank, Ms. Lee Jim Leng

Seng Fong's IPO involves the issuance of 160,874,300 IPO Shares in the following manner:

(A) Retail offering of 42,198,000 IPO Shares to be allocated in the following manner:
– 25,948,000 IPO Shares to the Malaysian public; and
– 16,250,000 IPO Shares to the eligible directors and employees of Seng Fong and its subsidiaries (Group) and persons who have contributed to the success of the Group;

(B) Institutional offering of 118,676,300 IPO Shares to be allocated in the following manner:
– 64,870,000 IPO Shares by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry ("MITI"); and
– 53,806,300 IPO Shares by way of private placement to other institutional and selected investors.

A total of 3,968 applications for 106,046,800 IPO Shares with a value of RM79,535,100 were received from the Malaysian public, which represents an overall oversubscription rate of 3.09 times. For the Bumiputera public portion, a total of 2,097 applications for 31,762,400 IPO Shares were received, which represents an oversubscription rate of 1.45 times. For the remaining Malaysian public portion, a total of 1,871 applications for 74,284,400 IPO Shares were received, which represents an oversubscription rate of 4.73 times.

Meanwhile, the 16,250,000 IPO Shares available to the eligible directors and employees of the Group and persons who have contributed to the success of the Group have also been fully subscribed.

Managing Director of Seng Fong, Mr. Er Hock Lai said, "We would like to thank investors for their response to our IPO as this is an indication of their confidence in the fundamentals of the business. We can now look forward to capture opportunities arising from the increasing demand from existing customers as well as from new customers as we ramp up production through the hiring of more people for a second shift and implementing ESG initiatives to make our business more sustainable."

Group Managing Director/ Chief Executive Officer of Hong Leong Investment Bank, Ms. Lee Jim Leng said: "We are pleased with the reception from investors to Seng Fong's IPO reflecting their confidence in the solid fundamentals of the business and in the leadership as well as vision of the founders and promoters."

Hong Leong Investment Bank Berhad is the Principal Adviser, Underwriter and Placement Agent for the IPO.

The notices of allotment will be posted to all successful applicants on or before 6 July 2022. The company will list on the Main Market of Bursa Malaysia Securities Berhad on 7 July 2022.

Seng Fong Holdings Bhd:

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Oculis Announces First Patient Enrolled in Phase 3 OPTIMIZE Trial of OCS-01 in the Treatment of Inflammation and Pain Following Cataract Surgery

LAUSANNE, Switzerland, Jun 29, 2022 – (ACN Newswire) – Oculis S.A., (Oculis) a global ophthalmology company developing life-changing treatments to save sight and improve eye care with breakthrough innovations, today announced that the first patient has been enrolled in its Phase 3 OPTIMIZE (Once-daily Post ocular surgery Treatment for InflaMmation and paIn to minimiZE drops) trial evaluating the efficacy and safety of once-daily OCS-01, a novel, high concentration, preservative-free, topical OPTIREACH formulation of dexamethasone for the treatment of inflammation and pain following cataract surgery.

In the completed Phase 2 SKYGGN study, once-daily OCS-01 successfully met its primary endpoint demonstrating superior efficacy and safety vs vehicle (placebo) in the treatment of inflammation and pain following cataract surgery. Positive data from that trial was presented at the American Society of Cataract and Refractive Surgery (ASCRS) 2020 Annual Meeting. Oculis subsequently held a positive end-of-Phase 2 meeting with U.S. FDA which enabled the start of the Phase 3 OPTIMIZE trial.

OPTIMIZE is a randomized, double-blind, placebo-controlled Phase 3 trial in 25 participating sites across the US and is scheduled to enroll approximately 240 patients. Efficacy measures of the trial include the absence of anterior chamber cells at Day 15 and absence of pain at Day 4.

Treatment of inflammation and pain following ocular surgery is another indication being pursued for OCS-01, following the commencement in November 2021 of the Phase 3 DIAMOND trial investigating OCS-01 in patients with DME.

Eric Donnenfeld, M.D. clinical professor of ophthalmology at New York University and Trustee of Dartmouth Medical School, said: "Following cataract surgery, patients often need to self-administer eye drops several times a day to manage inflammation and pain. An efficacious, preservative-free alternative, administered just once a day could provide significant advantages over current options."

Riad Sherif, M.D., CEO of Oculis, said: "This is another important development milestone for OCS-01, following the start of our Phase 3 trial in DME last year, which further signals the potential for this novel product candidate to address the limitations of currently available treatments for both retinal and front-of-the-eye indications. Clinical data generated so far have been very encouraging and we look forward to generating further data in this trial to support regulatory submissions."

OCS-01 has been developed using Oculis's OPTIREACH solubilizing nanoparticle technology, a proprietary platform that enables the formulation of drugs as non-invasive topical eyedrop treatments, a longer residence time on the eye surface and enhances their bioavailability in the relevant eye tissues, particularly the retina.

About Oculis
Oculis is a global biopharmaceutical company purposefully driven to save sight, improve eye care and address significant unmet medical needs with breakthrough innovations. Oculis's highly differentiated pipeline includes candidates for topical retinal treatments, topical biologics and disease modifying treatments. With a presence in key international markets, Oculis is poised to deliver life-changing treatments to patients worldwide. Headquartered in Lausanne, Switzerland and with operations in Europe, the U.S. and China, Oculis is led by an experienced management team with a successful track record and supported by leading international healthcare investors.
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Regina Miracle Fiscal 2022 Results Hit Record High, Revenue Increased by 39.7% to HK$8.35 Billion, Adjusted Net Profit More than Doubled to HK$582 Million

HONG KONG, Jun 29, 2022 – (ACN Newswire) – Regina Miracle International (Holdings) Limited ("Regina Miracle" or the "Company", together with its subsidiaries, collectively the "Group") (HKEX: 2199), a leading global intimate wear company boasting an Innovative Design Manufacturer ("IDM") business model, has announced its annual results for the year ended 31 March 2022 (the "year" or "Fiscal 2022").

During the year, despite the various challenges in the macro environment, the Group's revenue hit a historical high of approximately HK$8,346.7 million (Fiscal 2021: HK$5,974.3 million), representing a year-on-year increase of 39.7%, which was in line with the expected progress of the Group's five-year plan. Gross profit grew correspondingly by 65.2% to approximately HK$2,045.4 million, with the gross profit margin up by 3.8 percentage points to 24.5% (Fiscal 2021: HK$1,238.0 million and 20.7%, respectively). As the satisfactory revenue growth and effective cost control measures resulted in enhanced operating leverage, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 62.5% to approximately HK$1,333.8 million, with the EBITDA margin up by 2.3 percentage points to 16.0% (Fiscal 2021: HK$820.6 million and 13.7%, respectively). The Group recorded a net profit of approximately HK$520.7 million for the year, representing a year-on-year increase of 314.8%, with the net profit margin up by 4.1 percentage points to 6.2% (Fiscal 2021: HK$125.5 million and 2.1%, respectively). Basic earnings per share attributable to owners of the Company were HK42.5 cents (Fiscal 2021: basic earnings per share of HK10.3 cents). Excluding the one-off expense item arising from the surrender of parts of the leased factory in Shenzhen during the year, the adjusted EBITDA was approximately HK$1,394.9 million with an adjusted EBITDA margin of 16.7%, while adjusted net profit was approximately HK$581.8 million with an adjusted net profit margin of 7.0%.

The Group is in a sound financial position, with cash and cash equivalents increasing to approximately HK$995.0 million during the year (Fiscal 2021: HK$828.0 million). It has undrawn banking facilities of approximately HK$2,371.0 million in total as at 31 March 2022 (31 March 2021: HK$2,391.0 million). In order to share the fruitful results with shareholders, the Board has resolved to declare a final dividend of HK7.2 cents per share for Fiscal 2022 (Fiscal 2021: HK3.3 cents per share), together with the interim dividend of HK6.8 cents per share, making a total dividend of HK14.0 cents, in line with the Group's dividend policy of distributing no less than 30% of its net profit for the financial year.

Mr. YY Hung, Chairman, Chief Executive Officer & Executive Director of Regina Miracle, said, "While the Pandemic has further reshaped the global landscape, industry leaders with strong R&D capabilities, large scale, rapid response and multi-regional production capacity layout are strongly favored by the market, reflecting the fact that the strong get stronger. Furthermore, highly viscous brand partners have fully resumed their businesses operations and there is a greater demand for innovative designs appealing to consumers. The emphasis on continuous innovation, delivering speed and consistent quality of supply chain partners is gaining importance, while the approach to innovation-led services is increasingly valued and favored. Through six years of investment in innovation, automation and digital production, as well as the refinement of its production capacity layout, Regina Miracle has established a solid business foundation and formulated a five-year plan for Fiscal 2022 to 2026 tapping multiple favorable factors to fully capitalize on this golden period of growth. In the face of the diversified product needs driven by users' changing lifestyles, and increasingly flexible supply chains and production cycles, the Group will continue to focus on various business segments to provide appropriate integrated solutions for different needs."

Business Review
Orders from European and American brand partners have fully recovered, thus the intimate wear segment has soared by more than 60%, exceeding the pre-epidemic level
During the year, this segment contributed approximately HK$4,716.0 million in revenue (Fiscal 2021: HK$2,886.0 million), a year-on-year surge of 63.4%, accounting for 56.5% of the Group's total revenue, and remaining the main source of revenue for the Group. The segment's gross profit grew by 94.1% to approximately HK$1,189.2 million, with the gross profit margin up by 4.0 percentage points to 25.2% (Fiscal 2021: HK$612.6 million and 21.2%, respectively). As a result of the better-than-anticipated recovery of the European and U.S. markets during the year, and the strong rebound in orders from the Group's largest U.S. partner, the segment revenue hit a record high, with orders for traditional intimate wear rebounding and surpassing pre-epidemic levels. Drawing on its industry-leading R&D capabilities and innovative craftsmanship, Regina Miracle was able to fully capture the opportunities arising from the easing of the Pandemic, and to work with its major brand partners to seize market opportunities whenever and wherever they arose through flexible production capabilities. In addition, the Group added a number of new emerging PRC e-commerce brands during the year, making its brand partner portfolio more diversified and paving the way for future business growth.

The sports product segment remained resilient, with revenue rising by more than 30% year-on-year, with continued product mix enrichment
This business segment contributed approximately HK$2,190.7 million in revenue during the year (Fiscal 2021: HK$1,596.4 million), a 37.2% year-on-year increase, accounting for 26.3% of total revenue. Segmental gross profit was approximately HK$513.9 million and the gross profit margin was 23.5% (Fiscal 2021: HK$298.9 million and 18.7%, respectively). As the Pandemic eased and the sports craze continued, related products maintained a strong performance, with the order momentum for sports bras from international brand partners being especially strong and thus serving as the main growth driver of this business segment. During the year, the sports leggings product category also showed great momentum through an enriched brand partner portfolio and represented a promising incremental growth driver for the sports products segment.

Riding on the emergence of the "Metaverse" concept, the consumer electronics components segment has grown by more than 60% year-on-year, highlighting broad development space
Revenue from this business segment amounted to approximately HK$496.2 million (Fiscal 2021: HK$291.4 million), representing a significant year-on-year increase of 70.3% and accounting for 5.9% of the Group's total revenue. The segment's gross profit increased by 79.5% to approximately HK$125.0 million, with the gross profit margin up by 1.3 percentage points to 25.2% (Fiscal 2021: HK$69.7 million and 23.9%, respectively). The demand for consumer home electronics continued to rise amid the Pandemic during the year, and with the rapid emergence of the "Metaverse" concept, demand for 5G and related products grew considerably and continuously during the year. As consumer electronics are high value-added products and there is ample room for market development, the segment will continue to generate a new growth impetus for the Group in the future.

The revenue from production in Vietnam rose to 80%, with multi-regional production capacity layout fully meeting the enthusiastic demand from domestic and overseas brand partners
As an important production base of Regina Miracle, Vietnam provides a solid foundation to support the continuous growth of the Group's export business. As of 31 March 2022, the revenue from production in Vietnam rose to 80% of the total revenue of the Group. During the year, the Group completed its factory layout at the Vietnam Singapore Industrial Park in Hai Phong City ("VSIP Hai Phong"), Vietnam. It is worth mentioning that the Group's recruitment and staff stability in the region have been satisfactory, enabling the Group to benefit to the maximum extent from the increasing proportion of mature employees, long service of employees and the master-apprentice model, ensuring that the production capacity and efficiency of each factory will increase year on year. To meet the robust demand of domestic and overseas brand partners as the market resumes, it will be the Group's top priority to continuously enhance the efficiency and effectiveness of its five factories. Through the addition of new production lines and further implementation of automation and digitalization, the overall production capacity in Vietnam will be further increased. After four to six years of integration, the current operation and labor efficiency, as well as the single factory gross margin of the three factories which were first put into operation in Vietnam, have outperformed the three factories put into operation subsequently. According to the rigorous technological authentication conducted by the Company, there is still room for continuous growth and optimization of these factories. Meanwhile, leveraging the actual operational experience of the first three factories in Vietnam, the Group will accelerate the production efficiency of the other factories in Vietnam so as to enhance the consolidated gross margin. The first phase of the facility in Hung Yen Province, Vietnam, which mainly applies seamless knitting technology, officially commenced operation in April 2021 and active recruitment is still in progress. As for domestic operations in China, in order to enhance operational efficiency and optimize its cost structure, the Group surrendered parts of the leased factory in Shenzhen and made a write-off of fixed assets of approximately HK$61.1 million during the year. The aforementioned relocation of the Shenzhen production base to Zhaoqing will further help the Group achieve an optimized production capacity allocation in the long run.

The vaccination rates of eligible employees at the Group's production bases in Shenzhen and Hai Phong reached approximately 95% and 90%, respectively, which, to a large extent, will protect the health of employees and the safety of the working environment, while maintaining stable production operations. From the end of 2021 to the beginning of 2022, there were temporary closures and lockdown measures implemented in Shenzhen and Vietnam, respectively, due to a further outbreak of the Pandemic. Thanks to the rapid response of the Shenzhen and Vietnam governments, the Pandemic was soon brought under control. The flexible deployment of human resources by its local managerial team also enabled the Group to minimize the impact of the Pandemic on its production capacity and avoid compromising its ability to fully capture the strong order demand from international and domestic brand partners.

Insist on innovation-driven development, to thrive on vast experience, and expand multiple business segments to usher in a golden era of development
Faced with a combination of various factors, the industry is up against challenges such as tight supply chains and rising raw material costs, and is undergoing a reshuffle. In this context, Regina Miracle's comprehensive competitiveness in terms of technological barriers, world-leading product innovation capabilities and highly viscous brand-partner relationships established over the years will be further highlighted, laying a solid foundation for future growth and ushering in a golden era of development.

Continuous upgrading of core technologies and formation of a win-win and mutually beneficial strategic cooperative relationship with loyal brand partners
Over the years, Regina Miracle has adhered to its IDM business model, supported by its global industry-leading product innovation capabilities. The Group has formed a diversified technological matrix based on three core technologies: computer-aided mold design and production, 3D compression molding, and seamless bonding, with applications spanning various fields such as intimate wear, sports and consumer electronics. The uniqueness, leadership, malleability and versatility of the core technologies allow for a high degree of cross-use by different brand partners in different categories, as well as the ability to cater to the different positioning and needs of each brand and to continue to develop unique and innovative products for the Group's brand partners. This, coupled with the Group's insistence on a mutually beneficial win-win strategy, consistent quality and a high degree of flexibility, has won the trust and viscousness of various brand partners in terms of Regina Miracle's IDM positioning, which will help strengthen the Group's market position in the long run after the industry reshuffle. The Group has also strived to foster and steer the industry trends by continuously strengthening and upholding its technological barriers, registering patents and trademarks for its unique technologies, defining new standards for the industry and providing consumers with a more direct and in-depth understanding of high value-added products, leading the development trend and demand of the market.

Realization of the Five-Year Plan blueprint for Fiscal 2022-2026 well underway, promote stability and diversified growth with solid foundation
After several years of significant investment, Regina Miracle has laid a solid foundation for its future development. In order to lead the Group to a new chapter of development and a brighter future, after giving careful consideration to and conducting a comprehensive review of the market and the businesses, the management has formulated a brand-new five-year plan for Fiscal 2022-2026 focusing on the following areas:

I. Drive steady revenue growth: Adhere to the IDM business model to drive steady growth in sales through innovation and R&D, and accelerate the expansion into the PRC market;

II. Margin expansion: Continue to develop high value-added and innovative products with better margin, while enhancing management and production efficiency, improving operating leverage as revenue grows and effectuating faster growth in target earnings than in revenue; and

III. Sound financial position: Maintain healthy operating cash flows and control capital expenditures through the above measures in order to gradually lower gearing ratio in the medium and long terms, following the completion of the Group's capex intensive investment phase in Northern Vietnam over the last few years.

During the year under review, the Group was successful in realizing its target blueprint for Fiscal 2022 set out in its five-year plan, and on the basis of achieving high sales growth, its efficiency and profit margin increased, laying foundation for the Group's medium- and long-term healthy financial position. Based on currently foreseeable orders, the Group remains optimistic that the business will continue to perform well in the first half of 2023. Looking forward, despite numerous uncertainties in the macro-environment, the Group will endeavor to comprehensively achieve the established goals in the five-year plan, fully utilize tailwinds from the advantages of the environment and itself, take stock of the situation and remain flexible to respond, and drive steady rise in the Group's business.

At the business level, the Group's future growth will be driven by the four business segments of intimate wear, sports products, consumer electronics components products and footwear:

— The intimate wear business is expected to continue growing steadily. The growth in the intimate wear segment is mainly attributable to the expansion of individual brand partners and the increase in market share of key brand partners, underpinned by the development of innovative craftsmanship products and the product expansion into several sub-categories.

— Growing share of the sports business, with innovative craftsmanship leading the rapid growth in industry demand. In recent years, international brands have become increasingly aware of the importance of the female sports market, of which sports bras are a core product which still has huge development potential. Owing to its foresighted planning several years ago, the Group's strategic partnerships with several leading global brands have become increasingly steadfast and the addition of a number of fast-growing new brands has formed an ideal brand partner portfolio and helped the Group to grasp the growth momentum of the sports intimate wear industry. Meanwhile, Regina Miracle's innovation and R&D capabilities have led to the evolution and upgrading of leggings in the sports segment, significantly enhancing their functionality and comfort, etc. Demand for products in the sports leggings segment is growing significantly and is expected to replicate the growth trajectory of sports bras.

— The consumer electronic components business is showing a trend of diversified development for the coming years to build a more stable product and brand partner portfolio. With the emergence of the "Metaverse" concept, more emphasis is being placed on consumer electronic softgoods products offering a more comfortable, skin-friendly wearing experience that is suitable for prolonged use. The Group is well positioned to apply its innovative craftsmanship and three core technologies in the consumer electronics segment, conducive to develop market-leading products. In addition to the existing international brand partners, the Group introduced domestic leading brand partner during the year with the opportunities for expansion of product categories, driving the growth of consumer electronics components segment of the Group in the coming years. Relevant brand partners have been promptly deploying in this field as well as lengthening their product cycles, resulting in relatively high sales visibility. The Group actively plans and responds to the changing high technology product market through implementing a strategy to diversify its brand partners and product portfolios, laying a flexible and stable foundation for the development of consumer electronics components business.

— The footwear business will continue its steady growth on the current basis. The Group is currently focused on working with an American casual footwear brand. With years of joint development, the partners will continue to go hand in hand and maintain the growth momentum in the foreseeable future.

A maturing multi-regional production capacity layout, with advantages of Vietnam as a production base in the global supply chain becoming more prominent
In order to enhance its core competitive advantages, the Group is committed to multi-regional production capacity deployment, bolstering the growth of its export business with its production bases in Vietnam, while promoting the development of the PRC market by leveraging the production bases in China.

Against the backdrop of the increasing complexity of global competition and cooperation, Vietnam has become highly sought after by global manufacturing enterprises due to its status as a member state of various trade agreements, its advantages in terms of population size, labor costs and cultural standards, and the local government's commitment to ensuring stable operations for supply chain enterprises. After around six years of strategic deployment for overseas production capacity layout and team cultivation, the Group's production capacity in Vietnam now presents multiple advantages in terms of scale, power, agility and high-quality output. Meanwhile, the implementation of digital management has enabled the Group's deployment of its production capacity to be more coordinated and agile. In addition, Regina Miracle has gradually refined its supply chain localization, including spearheading its core suppliers to accelerate the deployment or expansion of local production capacity in Vietnam, thereby shortening the delivery cycle, improving response time and forming an efficient local problem-solving mechanism, and ultimately optimizing integrated cost efficiency. The Group's competitive advantages are becoming more evident as the industry supply undergoes consolidation.

In respect of its business development in the PRC, the Group has also improved production efficiency by promoting automation and digitalization to address the needs of production capacity, strengthening supply chain management, developing local suppliers and ensuring fast delivery, as well as planning production capacity deployment in advance. With the relocation of the Group's R&D center and production base from Shenzhen to the new industrial park in Zhaoqing New District in the Greater Bay Area in phases during the period between mid-2023 and the end of 2024, to produce mainly intimate wear, sports apparel and consumer electronics components with its leading and innovative craftsmanship, the Group will be better positioned to collaborate with international brand partners in tapping the PRC market and to step up efforts to explore new opportunities with emerging online brands in the domestic market and across other channels.

Integrating technological innovation and digital intelligence to accelerate penetration into the PRC market
The intimate wear market in China is characterized by low brand concentration, with most of the existing brands offering a single or relatively narrow product range, while consumer demand is growing rapidly across product segmentation and functional specialization. This industry trend, coupled with the rapid development of e-commerce in the PRC, provides an excellent opportunity for all brands with potential to expand their market share.

— Entered into strategic partnership with Tmall Intimate Wear and TMIC
In order to better serve our brand partners that make sales in the PRC and to more quickly identify and address the latest market trends and consumer needs, the Group entered into a strategic partnership with Tmall Intimate Wear and Tmall Innovation Center ("TMIC") on 20 May 2022. TMIC has gained insights into consumer aspirations and feedback from mass purchase activities, forward-looking trend data analysis and a deep understanding of consumer behavior, which helps the Group to carry out specialized and precise R&D, translate consumers' demands into concrete technological solutions and integrate them into end products. Through the joint efforts of the three parties, the Group hopes to achieve the goals of incubating highly reputable and consistently best-selling products that could set new trends, create innovative technology IP, and establish industry standards for specific categories, thereby promoting the healthy and orderly development of the intimate wear market in the PRC.

–Established a joint venture with Victoria's Secret to Seize the Opportunities in the PRC market
The establishment of a joint venture ( "VS China" ) between Regina Miracle and Victoria's Secret & Co. ( "Victoria's Secret" ) in January 2022 also marks a strategic move towards the Group's layout in the PRC market. As the world's largest international intimate wear brand, Victoria's Secret boasts strong consumer brand awareness and mature retail operation and marketing capabilities in the PRC market, which highly complement the Group's strengths in product innovation, research and development and manufacturing, as well as its deep insights into the PRC market and consumers. The joint venture will focus on three main dimensions encompassing product, supply chain and business operations, strengthening the brand in all aspects to better cater for the PRC market. Recently, the range of products that the Group has developed with VS China for the PRC market have been well-received. The first stage of the transformation of the brand's online business has already yielded remarkable results, in which the first launch of "Double-Size 'Jelly-Striped' Bra Top" has seen cumulative sales of more than 250,000 units within four months, while the brand's impact and performance has gradually become more consistent, which clearly demonstrates the synergies between VS China and Regina Miracle in setting the trend for the market.

ESG is incorporated into the supervisory responsibilities of the Board and the Group is committed to achieving the 2030 Sustainable Development Goals
In Fiscal 2022, Regina Miracle officially incorporated ESG into the supervisory responsibilities of the Board, and established an environmental, social and governance committee (the ESG committee), led by the Group's Chief Operating Officer, to strengthen the Board's role in overseeing ESG policies, and facilitate better planning for the management and achievement of the Group's sustainability goals. During the year, the Group decided upon six key issues of concern, including climate action, life on the land, clean water and sanitation, responsible consumption and production, decent work and economic growth, and gender equality, based on the United Nations' 2030 Sustainable Development Goals. In response to these six major directions, the Group has set itself four goals for 2030, namely carbon reduction, waste management, sustainable innovation, and people and community. Regina Miracle will continue to be committed to promoting environmental and social sustainable development, creating long-term value for all stakeholders and assuming its social responsibility with a responsible attitude.

Mr. Hung concluded: "With years of perseverance in innovative design and manufacturing, Regina Miracle has successfully established solid technological barriers and developed market-leading products. In the future, the Group will continue to give full play to its advantages in various aspects and pursue win-win situations with its brand partners. At the same time, the Group will continue to be committed to fulfilling its social responsibilities and contributing to the enhancement of the environment, employees and the community, thereby achieving sustainability and delivering long-term value for shareholders and stakeholders. The Group's encouraging performance during the year is attributed to the tireless efforts and dedication of the management team and colleagues. The Group would also like to express its sincere gratitude to the brand partners, supply chain partners and the shareholders for their unwavering support in overcoming the challenges created by the Pandemic. The management is confident that the Group can sustain its growth momentum in the future, further achieve the goals set out in its five-year plan, and move closer towards a golden era of development."

About Regina Miracle International (Holdings) Limited
Founded in Hong Kong in 1998, Regina Miracle International (Holdings) Limited is a global leader in the intimate wear manufacturing industry. Adopting the innovative design manufacturer ("IDM") business model, Regina Miracle offers its world-renowned brand partners diverse products, including intimate wear, sports products, consumer electronics components, bra pads and moulded products, footwear and fabric masks. The Group has two strategic strongholds – its R&D and production base in Shenzhen, China, and a major production base in Vietnam, where the Group has expanded production capacity since 2016.

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