VC Holdings Announces 2022 Annual Results

HONG KONG, Mar 30, 2023 – (ACN Newswire) – Value Convergence Holdings Limited ("VC Holdings", together with its subsidiaries, the "Group"; Stock Code: 0821.HK), a well-established and one-stop financial services institution in Hong Kong, is pleased to announce its annual results for the year ended 31 December 2022 ( the "Year"). During the Year, the Group sought to expand its asset management business to enhance its core competence in the industry, and launched virtual asset sales and marketing business to diversify its business development.

During the Year, the world economy was perilously close to recession overshadowed by the lingering impacts of Coronavirus Disease 2019 ("COVID-19" or "the pandemic"), escalating geopolitical tensions between regions and tightening central bank monetary policies, leading to a gloomy and uncertain outlook of Hong Kong financial markets. With the challenges presented in global and Hong Kong financial market, the Group's consolidated revenue decreased by about 19.1% year-on-year to approximately HK$73.3 million (2021: approximately HK$90.6 million). The Group recorded a loss for the year attributable to owners of the Company of approximately HK$178.1 million (2021: Profit for the year attributable to owners of the Company of approximately HK$15.2 million). It was mainly attributable to decrease in revenue, coupled with net realised and unrealised loss in financial assets at fair value through profit or loss of approximately HK$171.7 million against net realised and unrealised gain of approximately HK$32.9 million for last year. Basic loss per share from continuing and discontinued operations was HK8.57 cents (2021: Basic earnings per share from continuing and discontinued operations of HK0.81 cents).

Mr. Peter Fu, Chairman and Executive Director of Value Convergence Holdings Limited, said, "The year was a tumultuous one for global capital markets, marked by significant and intensifying volatility. Sluggish economic environment and escalating uncertainty was witnessed in both global and Hong Kong financial markets. Under this backdrop, we took further steps to enhance our core competence in the industry. Following the establishment of a professional sales and marketing team to broaden our sales channels, we also formed strategic cooperation agreements with large enterprises, notably those in the tech sector."

Business Overview
Financial Service Business
The financial service business remained the Group's core business during the Year and contributed approximately 96.8% of the Group's total revenue. Amid the deterioration of the economic environment, the segmental revenue decreased approximately 21.4% year-on-year to approximately HK$71.0 million (2021: approximately HK$90.3 million). During the Year, the Group continued to offer local and overseas securities trading, derivatives and trading in other structured products, placements, underwriting and margin financing through VC Brokerage Limited ("VC Brokerage"), and financing services through VC Finance Limited ("VC Finance"). In addition to continuously acting as a placing agent and underwriter for Hong Kong-listed companies' fundraising activities. the Group continued to offer corporate finance advisory services, including mergers and acquisitions advisory through VC Capital Limited ("VC Capital") and company secretarial services through VC Corporate Services Limited ("VCCS").

Proprietary Trading Business
In line with the underperforming global and Hong Kong stock markets, the Group recorded a segmental revenue of approximately HK$250,000 during the Year, representing a 12.0% year-on-year decrease (2021: approximately HK$284,000). As at 31 December 2022, the Group held equity securities listed in Hong Kong worth approximately HK$300.6 million as financial assets for trading (31 December 2021: HK$423.5 million).

Sales and Marketing of Virtual Asset Business
While maintaining the development of its traditional financial service businesses, the Group has also been actively seeking diversified business development opportunities and identifying new revenue growth engines to expand its portfolio. The Group kick started its virtual assets sales and marketing business in December 2021, and has since benefited from significant effort and resources to expedite its development.

During the Year, the Group continued to enhance its collaboration with Tencent and became one of its selected partners. The Group also commenced a collaboration with the distributor of Microsoft products in Hong Kong, involving sales of Xbox-related virtual assets.

Outlook
Looking ahead, after years of macroeconomic and geopolitical turmoil, global stock markets are expected to remain gloomy in 2023. On a positive note, a slower pace of interest rate rises followed by a gradual cooling of inflation, coupled with China's recent border reopening, will provide a more favourable environment for fundraising and pave a way for an economic rebound in the Greater China region.

To expedite development of the financial services business, the Group obtained shareholders' approval of acquiring Anli Asset Management Limited and Anli Investment Fund SPC in March 2023, following by the proposed acquisition in November 2022. The acquisition is expected to help the Group enlarge its customer base, expand its asset management business and improve the quality of its asset management services, thus enhancing the Group's core competence.

Besides, while enhancing strategic collaborations with partners, especially tech giant Tencent, the Group will allocate more resources to its virtual asset business in order to drive syncretistic effects among its businesses, as well as enhancing the profitability and market share of the business segment. It will also explore trends in virtual asset markets to drive its virtual asset marketing, intellectual property collaboration and marketing cooperation development.

Mr. Fu concluded, "To broaden our revenue streams and tap new growth drivers for sustainable development, the Group will adopt a business strategy of steadily expanding its financial operations and virtual asset business. The Group will also elevate service quality and provide premium financial offerings to its customers at competitive prices, at the same time expanding its scale and broadening the scope of its services by identifying suitable acquisition and investment targets, in order to maintain its competitiveness in the market. Leveraging our solid experience and all-rounded portfolio of financial products and services, we will continue to create the greatest possible value for our shareholders and investors."

About VC Holdings Limited
Value Convergence Holdings Limited (Stock code: 0821.HK) was listed on the GEM board of Hong Kong Stock Exchange in 2001, and completed transfer of listing to the Main Board in 2008. Being a well-established financial services group committed to delivering premier financial services and products in the Great China region, the Group's services include (i) provision of financial services comprising securities and options brokering and dealing, financing services, corporate finance and other advisory services, asset management and insurance brokerage; (ii) proprietary trading; and (iii) sale and marketing of virtual assets.

For more details, please visit www.vcgroup.com.hk.


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ESPRIT Announces Annual Results for FY 2022

HONG KONG, Mar 30, 2023 – (ACN Newswire) – ESPRIT HOLDINGS LIMITED (the "Company", together with its subsidiaries, "ESPRIT" or the "Group;" HKEx: 00330) has announced its audited financial annual results for the year ended 31 December 2022 (the "Year").

The Company has faced an unfavourable economic environment this year, particularly in Germany. Exacerbated by the Russia-Ukraine conflict and an overreliance on natural gas from Russia, energy prices soared and triggered a large inflationary spike. This led to an increase in interest rates and currency volatility that has affected consumer spending behaviour. In order to address these challenges, the management team has continued to focus on improving operational efficiency while reducing aged inventory in preparation for the Company's exciting rebrand launch.

Against this backdrop, the Group recorded a total revenue of HK$7,063 million and gross profit margin of 40.7% for the Year, representing a year-on-year drop of 15% and 7.9% points respectively. Nonetheless, the Group remained essentially debt free and recorded cash, bank balances and deposits in a total of HK$2,012 million as at the end of the Year.

Mr. PAK William Eui Won, Executive Director, Chief Executive Officer and Chief Operating Officer, said, "Despite occasional slowdown in our performance as impacted by several external factors, the Company and the management team are consistently building a solid foundation for rebound. The Company launched a series of initiatives undertaken during the Year. Additionally, exciting new plans for 2023 relating to Retail, Omnichannel, Marketing, Product, and Information Technology (IT) are already in place."

Highlights of 2022 initiatives and new plans in 2023
Relaunch in the US: The Company moved its global creative headquarters to New York City (NYC) at the end of 2022. The new NYC headquarters host the brand's global design, branding, creative and marketing teams as well as a showroom and a photo studio. ESPRIT has redefined its global identity by distilling its brand origins into the three pillars – Playful, Modern and Cool. The 3 brand pillars will be expressed through creative direction and branding efforts. ESPRIT celebrated its return to the US with a LA pop-up in Beverly Hills followed by a NYC pop-up in Soho – paving the path for the official ESPRIT brand relaunch set for mid-2023, with a focus on modernizing the brand heritage and values for today's consumer in a way that resonates across generations.

Retail: Company plans to open additional pop-up stores within 2023, building on the success of launching pop-up stores in Los Angeles, NYC, Hong Kong, and Seoul. The first flagship store in the US will be opened in Q3 2023 on the trendy Robertson Boulevard in LA. The Company is in the process of integrating a brand-new retail store design to both new and existing stores. The first revamp of an ESPRIT flagship store in Duesseldorf, Germany, its first redesign in more than ten years, is expected to be completed in mid-2023.

Omnichannel: The Company finalized its omnichannel strategy in 2022 to strengthen ESPRIT's omnichannel-commerce capabilities in building a highly personalized customer experience from 2023 onwards. Core elements within the omnichannel strategy includes omnichannel stores that utilize artificial intelligence, digital technology, and real-time data not only to support retail operations but, more importantly, to enrich the customer experience. Omnichannel platform which also includes a new loyalty program, gamification elements and hyper personalized one-of-a-kind shopping experience that bridges offline and online seamlessly. Dedicated E-shop was launched in several new key markets including America, Canada, Australia, South Korea, Hong Kong, Taiwan, Philippines, Thailand, and Singapore. ESPRIT mobile applications was also launched in several Asian countries to provide a seamless shopping experience.

Product: The Company vows to reposition ESPRIT back to its roots by focusing on design, fit and quality. The new product design translates the brand DNA of playful, modern and cool into product directions with an emphasis on premium fabric quality. This is achieved by streamlining the existing suppliers and through internal cross functional collaboration from design, product planning to sourcing. In addition to developing new fits that are relevant for all silhouettes, existing fit blocks have been closely examined and reviewed to provide the best fit and ensure consistency.

Ms. CHIU Christin Su Yi, Chairperson and Executive Director, concluded, "Amidst a challenging global business environment, the on-going initiatives, and new plans for 2023 are strategic opportunities planned for ESPRIT's growth. The Company has a firm financial footing with a healthy balance sheet, which allows it to invest whenever good opportunities arise. We have great confidence to build towards a brighter and more successful future."

About ESPRIT
Fueled by the vision of essential positivity, ESPRIT was founded in California by couple Susie and Doug Tompkins in 1968. Inspired by the revolutionary spirit of the 60s the brand developed a clear philosophy – always celebrating real people and togetherness. The success story of ESPRIT is based on two pillars: Delivering joy every day through laid-back tailored, high quality essentials and carefully selected fashion-forward pieces while staying true to its core values of sustainability, equality and freedom of choice. In the early 90ies, long before "Eco Fashion" became fashionable, ESPRIT debuted its first "collection" made of 100% organic cotton and featured its own team instead of models in in honor of their "Real People Campaign." Listed on the Hong Kong Stock Exchange since 1993, ESPRIT represents the next fashion revolution: influence the ways we interact with our environment, create joy and care for things we love – the true essence of "ESPRIT de Corps". ESPRIT has a presence in 30 markets around the globe. The Company's administrative headquarters is located in Hong Kong and New York City hosts the brand's creative headquarters.

For media enquiries, please contact:
Asia:
Strategic Financial Relations Limited
Ms. Heidi So
Email: sprg_esprit@sprg.com.hk / heidi.so@sprg.com.hk

Investor Relations:
ESPRIT Holdings Limited
Ms. Jennifer Lui
Email: jennifer.lui@esprit.com

The information contained herein is not a public issuance of securities. These materials do not contain or constitute an offer of securities for sale in the United States or to any "U.S. Person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Act"). The securities referred to herein have not been and will not be registered under the Act, and may not be offered or sold in the United States absent registration under such Act or an available exemption from it.

Forward-Looking Statements
This press release contains certain forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties, including without limitation, statements relating to our plans to transform the Company's business, make a significant investment in our businesses and achieve sustainable profitability in the future, and other risks and factors identified by us from time to time. Although the Group believes that the anticipations, beliefs, estimates, expectations and/or plan stated in this document are, to the best of its knowledge, true, actual events and/or results could differ materially. The Group cannot assure you that those current anticipations, beliefs, estimates, expectations and/or plan will prove to be correct and you are cautioned not to place undue reliance on such statements. The Group undertakes no obligation to publicly update or revise any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or any other applicable laws and regulations. All forward-looking statements contained in this document are expressly qualified by these cautionary statements.


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Alltronics 2022 Profit Surges 61.6%, Driven by Robust Cost Control and Better Product Mix

HONG KONG, Mar 30, 2023 – (ACN Newswire) – Alltronics Holdings Limited ("Alltronics" or the "Group") (SEHK: 833), a leading electronic products manufacturer and provider of energy-saving business solutions, today announced its annual results for the year ended 31 December 2022 ("the year 2022" or "review year").

During the year 2022, profit for the year attributable to owners of the Company increased to HK$112.1 million from HK$69.3 million in the year 2021, as total gross profit for the year increased by HK$68.4 million to HK$328.6 million. The overall gross profit margin increased to 19.0% for the year 2022 (2021: 15.7%), primarily due to the Group's continued effort to tighten controls over production costs and overheads, an increase in the proportion of sales of products with higher average profit margins and the reversal of warranties. Total turnover increased slightly by 4.6% to HK$1,732.1 million due to the increase in sales of electronic products.

The Board has proposed the payment of a final dividend of HK2.0 cents per share. Together with the interim dividend of HK2.0 cents per share, the total dividends paid or payable for the year 2022 will be HK4.0 cents per share.

Sales of electronic products remain the major source of income of the Group, which comprises sales of finished electronic products, plastic moulds and components, and other components for electronic products. Within the segment of electronic products, sales of the Group's irrigation controller products increased by approximately HK$153.1 million to HK$761.4 million and sales of walkie-talkie products rose by approximately HK$25.1 million to HK$173.1 million.

In terms of geographical market, customers in the United States continued to be the major market for the Group's products and services, which accounted for approximately 74.8% of the total revenue for the year 2022 (2021: 74.0%).

Looking ahead, despite the relaxation of COVID-19 related control measures, the Group expects that the business environment will continue to be challenging for some time amid factors such as geopolitical tensions, fluctuation in exchange rate of Renminbi against United States dollars and Hong Kong dollars, risk of high inflation and rise in interest rate. The Group will continue its efforts to manage these factors and tighten controls over production costs and overheads. It will also seek to improve production efficiency and maximise gross profit margin. While focusing on its core electronic products segment, the Group will explore opportunities for new products and projects with existing and potential customers in Hong Kong, in the PRC and overseas to provide a better return to all shareholders.

About Alltronics Holdings Limited (Stock code: 833)
Alltronics Holdings Limited is mainly engaged in the design and manufacture of a wide range of electronic products with quality and style, supplying biodiesel products and energy efficient gas stoves, as well as the provision of energy-saving business solutions. The Company is a constituent stock of the Morgan Stanley Capital International ("MSCI") Hong Kong Micro Cap Index. For more information, please visit the company website
http://www.alltronics.com.hk/

Media enquiries
Strategic Financial Relations Limited
Vicky Lee Tel.: +852 2864 4834 Email: vicky.lee@sprg.com.hk
Carol Cheung Tel.: +852 2114 2200 Email: carol.cheung@sprg.com.hk
Betty Xu Tel.: +852 2114 4109 Email: betty.xu@sprg.com.hk
Website: www.sprg.com.hk


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Apollomics, a Company Developing Novel Oncology Therapies to Address Difficult-to-Treat Cancers, Announces Closing of Business Combination and Listing on Nasdaq

FOSTER CITY, Calif., Mar 30, 2023 – (ACN Newswire) – Apollomics Inc. ("Apollomics" or the "Company"), a clinical-stage biopharmaceutical company developing multiple oncology drug candidates to address difficult-to-treat and treatment-resistant cancers, today announced the completion of its business combination (the "Business Combination") with Maxpro Capital Acquisition Corp. ("Maxpro", Nasdaq: JMAC). Apollomics' Class A ordinary shares and public warrants are expected to commence trading today, March 30, 2023, on the Nasdaq Capital Market (Nasdaq) under the symbols "APLM" and "APLMW," respectively. The Business Combination, which was approved by Maxpro's shareholders on March 20, 2023, along with a $23.65 million private investment in public equity (PIPE) financing raised in connection with the Business Combination, provides access to capital that is expected to enable the Company to advance its pipeline of drug candidates.

Apollomics' mission is to improve treatment options for patients diagnosed with difficult-to-treat, high mortality cancers. Apollomics' pipeline includes nine novel oncology drug candidates, six of which are currently in clinical stage of development. By using targeted therapy, immuno-oncology agents, and other innovative approaches, Apollomics' novel drug candidates have the potential to address a range of cancers, including lung cancer, brain cancer, acute myeloid leukemia, and other solid tumors.

Apollomics expects results from its global Phase 2 multi-cohort clinical trial of vebreltinib (APL-101), a highly specific cMet inhibitor, in non-small cell lung cancer and other solid tumors with cMet dysregulation, this year, which the Company believes may support its first new drug application with the U.S. Food and Drug Administration (FDA) while generating clinical data on other indications. Apollomics is also developing uproleselan (APL-106), an E-selectin inhibitor, in China as an adjunct to chemotherapy to enhance its anti-cancer effects for adult patients with relapsed or refractory acute myeloid leukemia. The FDA granted Breakthrough Therapy Designation to GlycoMimetics, Apollomics' collaboration partner in the United States, for uproleselan, and the China National Medical Products Administration (NMPA) designated it as a breakthrough therapy in China. The Company expects to complete patient recruitment of its Phase 3 study for uproleselan (APL-106) in China this year.

"Becoming a public company represents a major milestone in our journey to provide solutions for patients with difficult-to-treat cancers worldwide," said Dr. Guo-Liang Yu, Ph.D., Chairman and Chief Executive Officer of Apollomics. "The funds now available to us are expected to facilitate development of our oncology pipeline and further our mission to provide patients with effective therapies and hope."

Moses Chen, Chief Executive Officer of Maxpro, said, "We are thrilled to have completed the Business Combination with Apollomics. We're confident that the Company's cutting-edge drug candidates will deliver value to investors while advancing the Company's ability to provide treatment options for patients diagnosed with difficult-to-treat, high mortality cancers."

Apollomics will continue to be led by Dr. Yu, a serial entrepreneur and pharmaceutical researcher with more than 300 patents, as its Chief Executive Officer and Chairman of the Board of Directors.

The Apollomics executive leadership team will also consist of:
— Dr. Sanjeev Redkar, Ph.D., MBA, Apollomics' Co-Founder, who will continue to serve as President and will serve as a Director;
— Dr. Jane Wang, Ph.D., who will continue to serve as Chief Scientific Officer; and
— Dr. Peony Yu, MD, who will continue to serve as Chief Medical Officer.

In addition to Dr. Yu and Dr. Redkar, Apollomics' Board of Directors will also consist of: Dr. Jonathan Wang, Ph.D., MBA; Dr. Kenneth C. Carter, Ph.D.; Dr. Hong-Jung (Moses) Chen, Ph.D.; Wendy Hayes, MBA; and Glenn S. Vraniak, MBA.

Advisors

EF Hutton, division of Benchmark Investments, LLC served as capital markets advisor and exclusive placement agent to Maxpro. Nelson Mullins Riley & Scarborough LLP served as legal advisor to Maxpro. White & Case LLP served as legal advisor to Apollomics.

About Apollomics Inc.

Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics currently has a pipeline of nine drug candidates across multiple programs, six of which are currently in the clinical stage of development. Apollomics' lead programs include investigating its core product, vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is currently in a Phase 2 multicohort clinical trial in the United States, and developing an anti-cancer enhancer drug candidate, uproleselan (APL-106), a specific E-Selectin antagonist that has the potential to be used adjunctively with standard chemotherapy to treat acute myeloid leukemia and other hematologic cancers, which is currently in Phase 1 and Phase 3 clinical trials in China.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes statements that constitute "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of present or historical fact included in this press release, regarding the Company's future financial performance, as well as the Company's strategy, future operations, revenue guidance, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Apollomics cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Apollomics. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including: (i) the impact of any current or new government regulations in the United States and China affecting Apollomics' operations and the continued listing of Apollomics' securities; (ii) the inability to achieve successful clinical results or to obtain licensing of third-party intellectual property rights for future discovery and development of Apollomics' oncology projects; (iii) the failure to commercialize product candidates and achieve market acceptance of such product candidates; (iv) the failure to protect Apollomics' intellectual property; (v) breaches in data security; (vi) risks related to the ongoing COVID-19 pandemic and response; (vii) the risk that Apollomics may not be able to develop and maintain effective internal controls; (viii) unfavorable changes to the regulatory environment; and those risks and uncertainties discussed in the Form F-4 (as amended) filed by Apollomics, Inc. with the U.S. Securities and Exchange Commission ("SEC") under the heading "Risk Factors" and the other documents filed, or to be filed, by the Company with the SEC. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. New risk factors that may affect actual results or outcomes emerge from time to time and it is not possible to predict all such risk factors, nor can Apollomics assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Apollomics has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC's website at www.sec.gov. Apollomics undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If Apollomics updates one or more forward-looking statements, no inference should be drawn that Apollomics will make additional updates with respect to those or other forward-looking statements.

CONTACTS

Investor Relations
Peter Vozzo
ICR Westwicke
Peter.Vozzo@westwicke.com
443-213-0505

Media Relations
Sean Leous
ICR Westwicke
Sean.Leous@westwicke.com
646-866-4012


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Baguio Green’s 2022 Net Profit* Increased by 3.2 times, Contracts On Hand Recorded a Historical High with a Surge of 67% to HK$3.6 billion

HONG KONG, Mar 30, 2023 – (ACN Newswire) – Baguio Green Group Limited ("Baguio" or the "Group", Stock Code: 01397.HK) is pleased to announce its annual results for the year ended 31 December 2022 (the "Year").

During the Year, the Group's revenue was approximately HK$1.79 billion, representing an increase of approximately 40.8% as compared with the preceding year. The Group's profit attributable to equity shareholders of the Company was approximately HK$53.7 million, representing a surge of approximately 3.2 times as compared with the preceding year. The Board recommends the payment of a final dividend for the Year at HK$3.8 cents per share.

Business Overview and Prospects

In 2022, new contracts awarded to the Group amounted to a total of HK$3.08 billion. As a result, the Group recorded a historical high for its contracts on hand of approximately HK$3.59 billion (as of 31 December 2022), representing a surge of approximately 67.3%.

During the Year, The Group's core business, cleaning services, recorded a substantial growth. Revenue of cleaning services increased by approximately 61.2% to approximately HK$1.33 billion. During the Year, the Group secured a number of service contracts worth approximately HK$1.99 billion in total for street cleansing services. Winning these contracts from the Food and Environmental Hygiene Department ("FEHD") of the HKSAR Government signifies that Baguio is a leading player in the Hong Kong cleaning market. The Group currently provides FEHD street cleansing services in a total of eight Hong Kong districts, serving over 2.8 million people.

With regard to the waste management and recycling business, the Group continued to expand its operational capacity and collection network for recyclable items. During the Year, the Group secured two new contracts with FEHD for the provision of waste collection services, worth approximately HK$140 million. The Group is contracted by the Environmental Protection Department ("EPD") of the HKSAR Government to handle over 5,000 recycling spots (including plastic, glass bottles, metals and waste paper) across Hong Kong. During the Year, Baguio won a new 33-month EPD Plastic Recycling Pilot Scheme contract to provide plastic collection services for three districts (Eastern, Kwun Tong and Central & Western). Baguio also provides plastic collection services for Recycling Stations of "GREEN@COMMUNITY" and Reverse Vending Machines ("RVMs"), which were introduced by EPD and other institutions in Hong Kong. In addition, the Group also provides collection and management services of glass bottles for the Hong Kong Island, the New Territories and Islands District.

With the Municipal Solid Waste (MSW) charging scheme scheduled to be launched in the second half of 2023, the recycling volume is expected to increase rapidly. To support the expected growth in the volume of the plastic recycling business, a new high-speed and fully-automated plastic-sorting facility was introduced to the Group's recycling plant. When fully operational, its plastic processing capacity per year could exceed 10,000 tonnes, equivalent to 400 million bottles.

Leveraging the extensive recycling experience and innovative capability, the Group has been successfully awarded a 2-year service contract by the EPD for the provision of the self-developed Smart Recycling Machines ("SRMs"), and a Big Data Analytics Platform to help bring recycling in Hong Kong to the next stage and to drive the smart city development in Hong Kong.

During the Year, the Group has been awarded EPD's first service contract for using bioconversion technology (Black Soldier Flies) to help solve Hong Kong's chicken manure problem. The project has commenced production.

Both green technology contracts (SRMs and Bioconversion technology) represent important milestones for Baguio's development, and has strategic significance for rapid development of the Group's green technology business. It is expected that the green technology business will be one of the main growth drivers of the Group.

With regard to recyclable food waste collection services, the Group secured two contracts with EPD for the provision of recyclable food waste collection services in Kowloon District and New Territories West, worth approximately HK$68.9 million. Among the total four EPD's similar contracts granted, Baguio has secured half of them, highlights Baguio's position as Hong Kong's market leader in food waste collection.

For the landscaping services, Baguio secured a contract for the provision of landscaping services to Hong Kong University of Science and Technology and Tung Chung East Promenade. For pest management business, the Group won the FEHD's contract for pest management services in the Wong Tai Sin and Tai Po districts during the Year worth approximately HK$150 million.

With the increasing emphasis on social and environmental issues, the Group has been actively integrating "Environmental, Social and Governance (ESG)" into its core business. By launching the "ESG+" solution, the Group provides sustainable low-carbon waste management, waste audit, recycling, sustainability professional services and green products, as well as green/ESG data, which can greatly enhance the ESG performance of listed company clients, thereby increasing their chances of securing green financing and becoming an ESG index constituent.

Mr. Ng Wing Hong, Chairman of Baguio, commented, "2022 marks a year with outstanding result performance with net profit* substantially increased by 3.2 times and contracts on hand recorded a historical high since Baguio established 43 years ago. This further signifies Baguio's successful focus on cleaning, collection & recycling, green technology and sustainability related business. With reference to the contracts on hand as of 31 December 2022, HK$1.80 billion contract value will be recognised as revenue in 2023. This value is higher than the revenue for the whole year of 2022 (HK$1.79 billion). With potential new contracts to be obtained in 2023, the revenue growth of 2023 should be considered commendable considering the current unsatisfactory global economic environment.

Looking ahead 2023, with the Municipal Solid Waste Charging Scheme scheduled to be launched in the second half of 2023, it is expected to further motivate the public to recycle and to increase the recycling volume. With the potential legislation of the Producer Responsibility Scheme on Plastic Beverage Containers this year, when the new regulation becomes effective, producers of plastic beverage containers will add a deposit to the selling price and refund the deposit to consumers when they return their plastic beverage containers. The recycling volume of plastic beverage containers is expected to have a significant increase. The two schemes are expected to directly drive the growth of Baguio's recycling business and create solid returns from our investment in recycling facilities which creates a strong entry barrier to the competition."

For details of the Group's 2022 annual results announcement, please visit the following website:
http://www.baguio.com.hk/en-US/Investor%20Relations/Announcements%20and%20Notices

* The Group's profit attributable to equity shareholders of the Company

About Baguio Green Group
Established in 1980, Baguio Green Group (Stock code: 01397.HK) is one of Hong Kong's largest integrated environmental services groups. It provides a full spectrum of professional services including professional cleaning, waste collection & recycling, waste management, green technology, organic fertilizer and animal feed production, horticulture & landscaping, and pest control. It serves a wide range of customers in various sectors including Government departments, statutory organizations and multinational corporations. Fully committed to ESG, the Group works relentlessly to advance sustainable development and create a cleaner, greener, healthier city.


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Palladium One Announces Strategic Equity Investment by Glencore

TORONTO, ON, Mar 30, 2023 – (ACN Newswire) – Palladium One Mining (TSXV: PDM) (FSE: 7N11) (OTCQB: NKORF) ("Palladium One" or "PDM") is pleased to announce that it has entered into a subscription agreement for a C$4,252,050 non-brokered private placement financing (the "Private Placement") with a wholly owned subsidiary of Glencore plc ("Glencore"). Pursuant to the Private Placement, PDM will issue 28,347,000 common shares ("Common Shares") at C$0.15 per Common Share. Upon completion of the Private Placement, Glencore will own approximately 9.99% of the issued and outstanding Common Shares on a non-diluted basis.

"We welcome Glencore as a shareholder and are pleased that our efforts to build a portfolio of nickel – copper sulphide projects in Tier 1 jurisdictions has been recognized and endorsed by an industry leader. We believe this transaction highlights the deep discount to fundamental value and strategy that PDM's shares represent.

"By utilizing its financial resources and expertise Palladium One will continue to execute its strategy of maximizing exposure to critical minerals on a per share basis.

"We look forward to working with Glencore's exploration team to advance our common exploration and development goals," commented Derrick Weyrauch, Chief Executive Officer of PDM.

"We are very pleased to become a cornerstone investor in Palladium One. The management team has been able to put together a sizeable land package focused on critical minerals. The exploration results to date have been very encouraging and we look forward to working with Palladium One to build on the success the team has had to date," commented Wayne Ashworth, Head of Nickel Assets for Glencore.

Net proceeds of the Private Placement are intended to be used for exploration and development activities at the Company's nickel projects, for future exploration and development activities, working capital and general and administrative expenses.

In connection with the Private Placement, Palladium One and Glencore will enter into an investor rights agreement (the "Investor Rights Agreement"), pursuant to which Glencore will be entitled to certain customary rights including participation rights on future equity security issuances and a right to nominate an individual to the technical committee of Palladium One (such committee will be formed on execution of this investment). Under the Investor Rights Agreement, Glencore will agree to certain customary transfer and standstill restrictions.

The Private Placement is expected to close on or about April 11, 2023, subject to customary conditions, including acceptance by the TSX Venture Exchange. The Common Shares issued pursuant to the Private Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. No commissions or finder fees are payable in connection with the Private Placement.

About Palladium One

Palladium One Mining Inc. (TSXV: PDM) is focused on discovering environmentally and socially conscious Metals for Green Transportation. A Canadian mineral exploration and development company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

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

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions.

These forward-looking statements include, but are not limited to, statements relating to the proposed Private Placement; expected future attributes, capitalization and strategy of Palladium One following the completion of the Private Placement; the anticipated benefits of, and rationale for, the Private Placement; plans, strategies and initiatives for Palladium One; terms and conditions of the Separation, including the expected use of proceeds of the Private Placement; the anticipated timing for completion of the Private Placement; the terms and conditions of the Investor Rights Agreement; and other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Mindsets of CEOs managing cyber risk: The CEO Report on Cyber Resilience

SINGAPORE / OXFORD, Mar 30, 2023 – (ACN Newswire) – ISTARI, a Temasek-founded global cybersecurity firm dedicated to helping clients build cyber resilience, and Said Business School at the University of Oxford today revealed the findings of their joint CEO Report on Cyber Resilience. The report applies a top-management lens to cybersecurity risks and underscores the critical role CEOs play in building cyber resilience.

It shares insights from thirty-seven, one-hour-long face-to-face interviews with American, Asian and European CEOs whose businesses' average annual revenue is $12 billion, employing an average of 40,000 employees. One-third of the interviewees are from Asia. Nine of the CEOs interviewed had guided their company through a serious cyberattack.

When cyberattacks happen, CEOs are inevitably at the centre of the incident and act as the face of the company. And in a cyber climate where cyberattacks have become a question of "when" and not "if" – with the Asia Pacific region facing the highest number of cyber-attacks in 2022 – CEOs are naturally expected to take accountability when such unfortunate incidents occur.

What CEOs really think about cyber risk: secret fears, uncertainty, and discomfort

Drawing on the in-depth interviews with global CEOs, nine of whom had endured a serious cyberattack, researchers uncover the emotions and struggles in properly managing cyber risk. Under the condition of anonymity, the CEOs spoke with remarkable honesty about their feelings, frustrations and regrets about cyber threats and security.

The CEOs acknowledged that they are formally answerable to regulators, shareholders, and their boards for cybersecurity. Yet the majority (72%) said they were uncomfortable making decisions about it, often leading them to delegate responsibility for, and understanding of, cybersecurity to their technology teams, which can jeopardise resilience.

Co-author of the report, Dr Manuel Hepfer, Head of Knowledge and Insights at ISTARI and a Research Affiliate at Oxford University's Said Business School, says: "Many CEOs we spoke with highlighted the agonies of having to make existential decisions on imperfect information under extreme pressure in an area they lack familiarity and intuition."

The study outlines four mindsets CEOs should adopt to build cyber resilience:

* All CEOs interviewed said they feel accountable for cybersecurity. However, a parallel ISTARI survey of Chief Information Security Officers (CISOs) found one in two European (50%) and almost a third of US (30%) CISOs did not believe that their CEOs feel accountable. This gap in perception, according to the research, lies partly in the meaning of accountability: instead of seeing themselves as accountable – being the face of the mistake – CEOs should assume co-responsibility for cyber resilience together with their CISO.

* CEOs should stay away from blindly trusting their technology teams. Instead, they should move to a state of informed trust about their enterprise's cyber resilience maturity.

* CEOs should embrace what the authors call the 'preparedness paradox': an inverse relationship between the perception of preparedness and resilience – the better-prepared CEOs think their organisation is for a serious cyberattack, the less resilient their organisation likely is, in reality.

* CEOs should adapt their communication styles to regulate pressure from external stakeholders who have different and sometimes conflicting demands. Depending on the stakeholder and the situation, CEOs should either be a transmitter, filter, absorber or amplifier of pressure.

Put down your phones, you'll want to listen carefully…

Leaders who have endured a cyberattack feel strongly about helping others avoid some of the mistakes they have made. As one CEO said: "Whenever I speak to a group of CEOs to share my learnings from the cyberattack, I start by saying, 'put down your phones for 15 minutes, you'll want to listen carefully to what I have to tell you'."

Rashmy Chatterjee, a co-author of the report and CEO of ISTARI, said: "It is self-evident that the impacts of a cyberattack go beyond IT. But, as our research shows, CEOs struggle to know how to lead their organisations' responses. From these candid conversations, we can better answer what their role should be and fill the gap in what CEOs need to do to build and command cyber resilient organisations."

The second part of the report synthesizes such advice in a playbook for CEOs wanting to build cyber resilience in their enterprises, laying out specific steps CEOs can personally take to anticipate, withstand, respond, and adapt to serious cyberattacks.

Michael Smets, co-author and Professor of Management at Said Business School said: "The fact that all CEOs in our study felt accountable for cybersecurity, but less than a third of them felt comfortable making decisions in that area reveals an alarming gap. To build cyber resilience, CEOs must close that gap. This report offers a first playbook to help CEOs do so."

The CEO Report on Cyber Resilience, available now for download at:
https://istari-global.com/insights/articles/ceo-report

About ISTARI

Established in 2020 by Temasek, an investment company headquartered in Singapore, ISTARI has a unique model. It is an advisory practice, investor and educator through its Academy. ISTARI harnesses the collective power of the world's leading cybersecurity companies, experts and knowledge to work alongside clients on their journey to becoming digitally resilient. The ISTARI Collective includes Sygnia, BlueVoyant, Axio, Ensign InfoSecurity (EIS), Claroty, Armis, Prevalent AI and Sonrai Security. Headquartered in London, ISTARI has a global presence in the US, Europe and Singapore. To learn more, visit www.istari-global.com

About Said Business School, University of Oxford

Said Business School at the University of Oxford blends the best of new and old. We are a young, vibrant, and entrepreneurial business school deeply embedded in the world's most prestigious university. We deliver cutting-edge education and ground-breaking research that transform individuals, organisations, business practice, and society. We educate people for successful business careers and, as a community, we seek to harness our collective expertise and knowledge to help solve pressing global issues such as demographic change, natural resource scarcity and technological challenges. www.sbs.oxford.edu

Media Contacts:

PINPOINT PR Singapore
Jill Ilao
Email: jill@pinpointpr.sg | Phone: +63 915 437 3619

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Email: windy@pinpointpr.sg | Phone: +62 811 910 9266

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Q P Group’s 2022 Net Profit Up 6.5% to HK$126.8 Million

HONG KONG, Mar 30, 2023 – (ACN Newswire) – Q P Group Holdings Limited ("Q P Group" or the "Group"; Stock code: 1412), one of the leading manufacturers of paper-based tabletop games and greeting cards in the People's Republic of China (the "PRC"), today announced its annual results for the year ended 31 December 2022 ("FY2022" or the "Reporting Period").

In FY2022, the Group recorded a net profit of approximately HK$126.8 million, representing an approximately 6.5% year-on-year increase, benefiting from the improvement in gross profit margin as a result of the depreciation of Renminbi against Hong Kong dollars, and the saving in transportation expenses in relation to the web sales business. The net profit margin increased to approximately 9.9% for the Reporting Period from approximately 8.6% for the year ended 31 December 2021 ("FY2021"), while the Group's revenue amounted to approximately HK$1,276.4 million (FY2021: approximately HK$1,389.8 million). Basic earnings per share was approximately HK23.84 cents (FY2021: HK22.38 cents).

The Board of Directors has proposed a final dividend of HK11.0 cents per share (FY2021: HK11.0 cents) for FY2022. Together with the interim dividend of HK3.0 cents (FY2021: HK2.0 cents) already paid, the total dividend for FY2022 will be HK14.0 cents (FY2021: HK13.0 cents).

Business Review

In FY2022, the slower growth in major economies, coupled with factors such as interest rate hikes and inflationary pressures, weakened consumer purchasing power and consumption sentiment. The demand for tabletop games was affected by the lifting of epidemic control measures and the resumption of outdoor and mass activities as the COVID-19 pandemic receded. In addition, certain OEM customers adjusted their procurement strategies to digest inventory. To cope with the challenging market environment, the Group adopted diversified growth strategies to develop new customers and proactively offer diverse manufacturing solutions to its existing customers. Consequently, revenue from OEM sales amounted to approximately HK$1,082.7 million for FY2022 (2021: approximately HK$1,191.0 million).

In terms of web sales business, the Group launched Q P Market Network ("QPMN"), a business-to-business-to-consumer online platform that provides business partners with one-stop e-commerce solutions for customised products, in the second quarter of 2022. The Group devoted efforts to optimising its website infrastructure and services to address a wider range of market needs and promote its competitiveness. QPMN has established partnerships with a number of local enterprises and designers, including retailers with large sales networks and customer bases. The Group also launched several crowdfunding projects on international online crowdfunding platforms to boost product sales and brand awareness in the marketplace. During FY2022, revenue from web sales amounted to approximately HK$193.7 million (FY2021: approximately HK$198.7 million).

During the Reporting Period, the Group officially commenced the construction of its self-owned production plant in Vietnam, while initiatives for pursuing Industry 4.0 maturity level 2i were implemented in its Dongguan plant to push forward smart operation further. It conducted targeted reviews and analyses of various operating and production costs, and formulated and implemented efficiency and cost optimisation measures, resulting in significant improvements in these areas.

Prospects

Looking ahead, the Group will strengthen its online and offline marketing activities, such as launching more crowdfunding projects for its online sales brands, participating in exhibitions to promote products and services, and sponsoring events related to products to further increase the Group's brand exposure and popularity in the market. QPMN will focus its business development on local and overseas enterprises and organisations and OEM customers. At the same time, the Group will expand QPMN's customised solutions and provide business partners and their end customers with more innovative customisation solutions that meet market needs.

In terms of the OEM business, the Group will proactively explore business opportunities with existing and potential customers to create win-win partnerships with competitive service quality and pricing. Leveraging its production capabilities and brand reputation for card products, the Group looks to actively develop the domestic market for premium card products in the PRC to capture its market potential and diversify the Group's OEM business. To facilitate business development, the Group will expand its internal research and development capabilities so as to provide OEM customers with more product options to meet different market demands.

The Group will consistently implement strategic expansion and continuous improvement in order to consolidate its competitiveness. The Vietnam plant is expected to commence operation in the second half of 2023 and will provide OEM customers with an additional geographical manufacturing option. The Group also intends to develop other third-party production sites and connect them to its online platforms through its smart operations network system to consolidate a more comprehensive and digitalised supply chain that maximises the benefits of the intelligent operations network and expands its product options.

Mr. Cheng Wan Wai, Founder, Chairman and CEO of Q P Group concluded: "While the global pandemic continues to subside, the manufacturing sector is expected to face numerous uncertainties in 2023 amid concerns over geopolitical situation and sluggish global economic growth. With our solid business, operational and financial foundations, and our years of experience and ability in coping with adversity and challenges, we remain cautious about the Group's prospects. We will steadfastly implement various short and long-term development and operations strategies, keep our finger on the pulse of the latest market changes and respond in an agile manner in order to maintain profitability. We look forward to the completion of the construction of our new plant in Vietnam, which will play a substantial strategic role in the development of our entire supply chain and business. In addition to expanding production capacity, improving efficiency and reducing costs are also priorities for us. In today's challenging and competitive environment, it is particularly important to apply technology appropriately and integrate it into our operations to improve our efficiency, capabilities and corporate competitiveness. We will continue to implement various development and optimisation projects in our plants to pursue the smart operation network."

About Q P Group Holdings Limited (Stock code: 1412)
Established in Hong Kong in 1985, Q P Group is one of the leading paper-based tabletop games and greeting cards manufacturers in the PRC, with production sites in Dongguan and Heshan. Its principal product categories include tabletop games, greeting cards, educational items and premium packaging. Since 2010, the Group has been operating web sales businesses to provide online solutions for diversified customised paper products and gift items. Currently, the number of its active registered users has reached over 57,000.

Q P Group's major websites are:
www.makeplayingcards.com
www.boardgamesmaker.com
www.createjigsawpuzzles.com
www.printerstudio.com
www.gifthing.com
www.maketotebags.com

Q P Market Network: www.qpmarketnetwork.com

For more information, please visit: https://www.qpp.com/

Media Enquiries
Strategic Financial Relations Limited
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Michelle Shiu Tel: (852) 2864 4861 Email: michelle.shiu@sprg.com.hk
Website: http://www.sprg.com.hk


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

CMGE Shares Jump Following 2022 Results Announcement; R&D investment increased 69.5%

HONG KONG, Mar 30, 2023 – (ACN Newswire) – 2022 was a challenging year for the game industry. Due to the pandemic and gaming regulations, the gaming industry experienced a reduction in both revenue and user scale. In the context of pervasive uncertainties and low expectations, the market has focused on gaming company plans and financial reports.


According to the latest financial report published by CMGE Technology Group Ltd (0302.HK), operating revenue in 2022 was RMB 2,714 million, a year-on-year decrease of 31.4%, with a net loss of RMB 217 million. However, on the day after the financial report was released, CMGE's share price jumped and closed with a one-day increase of 8.78%.

The financial report from CMGE shows that the industry continues to be affected by external factors from previous years, according to analysts. But CMGE's share price bucked that trend, which demonstrates new confidence stemming from the financial report and anticipated business performance.

– Strong operating revenue, with an increase of 69.5% in R&D investment

CMGE earned RMB 2,114 million from its game publishing business, RMB 453 million from its game development, and RMB 147 million from its IP licensing business. In addition, CMGE achieved a gross profit rate of 41.0%, a year-on-year increase of 3.8%, demonstrating the high profitability of its core businesses.

Mr. SIN Hendrick, Executive Director and Vice Chairman of CMGE, explained at the performance meeting that the loss of profits resulted from CMGE's provision of investment impairment and other non-operating expenses of RMB193 million from companies in which CMGE invests. In addition, CMGE's provision of non-operating financial and contractual asset impairments of RMB 137 million was also a factor. If non-operating impairment and other non-operating expenses were not included in financial accounting, CMGE would have achieved profits from its operations in 2022. According to analysts the provision of impairment is based on the prudence principle of accounting and impacts financial results on a one-time basis.

In response to uncertain external factors, gaming companies have focused on cost reductions and efficiency improvements in recent years. CMGE has long been engaged in R&D and continuously increasing investment in this area, while reducing unnecessary costs and improving its gross profit. According to the financial report, CMGE invested RMB 527 million in R&D in 2022, a record year-on-year increase of 69.5%. Meanwhile, R&D personnel reached 650 employees, accounting for 55.8% of CMGE's total staff.

Supported by continuous investment, CMGE has fully implemented its strategy for independent development of quality products, ensuring supplies of such products and laying a solid foundation for the start of its second growth curve. Furthermore, the results achieved by CMGE in game development in 2022 show the company's strong ability to independently develop quality games.

In the first month after its launch in the domestic market, "The King of Fighters: All Stars", a 3D mobile game independently developed and distributed by CMGE, stood at the top of the free games ranking in Chinese mainland's Apple App Store. As of December 31, 2022, "Legend of Sword and Fairy 7", developed and launched by CMGE in the second half of 2021, had seen total sales of more than 510,000 PC units, 210,000 cloud-based units, and 70,000 host units.

Meanwhile, subject to continuous optimization and meticulous management, "The World of Legend – Thunder Empire" and "Legend of Dragon City" and other existing games have been generating recurring income and profit for CMGE as well.

Through developing and maintaining games with strong IP components, CMGE is clearly seeking greater possibilities in global markets.

– Three-year R&D efforts are expected to produce superior results

Xiao Jian, Executive Director, Chairman and CEO of CMGE, said at the performance meeting, "CMGE is making every effort to build the first Chinese-style metaverse-style game with open elements in China – a 'Chinese Paladin: Sword and Fairy World'. We will launch its conceptual PV on April 20 and its real PV on April 27, and implement initial testing around late May and early June this year."

"Sword and Fairy World" was developed for Chinese fans of the franchise by Starry Sky Studio under CMGE based on Chinese Paladin IP. By introducing the model of 'game, entertainment, community, consumption' the game will offer a real-virtual open world for creation and sharing by players. To create Sword and Fairy World a specialized R&D team at CMGE has spent three years and invested heavily to develop such a game independently.

Industry insiders agree that "Sword and Fairy World" is a hotly anticipated game from CMGE for players and investors alike as it boasts major features of a long-term popular gaming brand.

Firstly, developed based on CMGE's Legend of Sword and Fairy IP, the game is naturally expected to be well received by players. According to data, that game has more than 600 million users in China and elsewhere around the world.

Secondly, it is an immersive mythology-based game developed by CMGE after three years of R&D. With eight major technological innovations such as 24-hour lighting, a dynamic weather system, real water flow effects, non-player character (NPC) AI, open world technology, simultaneous online capacity for millions of users, high-definition modeling, multi-dimensional facial graphics, as well as UGC creation tools, it opens a Chinese Paladin world, filling a key gap in this sector. As one of the first partners of ERNIE Bot, CMGE uses AIGC technology for intelligent NPC interaction, marketing, script creation and art production for game R&D, which reduces costs and improves efficiency.

Thirdly, "Sword and Fairy World" focuses on open elements while introducing the latest metaverse elements. In the game, the Chinese Paladin Metaverse provides experiences such as UGC creation, leisure, social entertainment, and virtual performances. "Chinese Paladin: The World" engages players in the construction and development of this metaverse that is independent from the real world.

2023 will mark a milestone for CMGE. With the normalized distribution of games under regulatory supervision, CMGE will release its new products to the market step by step. Since obtaining authorization from gaming authorities, several mobile games, including "Cultivation Fantasy" and "Sword and Fairy: Wen Qing" are scheduled for release in the first half of 2023. More importantly, the launch of CMGE's self-developed game, "Sword and Fairy World" is expected to support future sustainable growth and further improve the company's performance.

In terms of the long-term significance of "Sword and Fairy World", CMGE wishes to implement the concept of 'Games as Platforms'. The company also expects to achieve its strategic vision of incorporating IP-based game ecosystems with own well-known IP brand and the Chinese Paladin Metaverse platform, while building itself into an outstanding gaming company with sustainable growth and popular products.

Focusing on player-centered services and quality products, CMGE is comprehensively developing its own IP-related business and striving to create new areas of growth. As Xiao Jian said, "As long as we concentrate on product development and player services, results will surely be achieved."

For further information, please contact:
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World First Comes to Wynyard Tunnels as Part of Vivid Sydney 2023

SYDNEY, AU, Mar 30, 2023 – (ACN Newswire) – Australia's largest festival, Vivid Sydney, today announced that it will add a first-ever activation of the Wynyard railway tunnels to the festival's upcoming program with the world premiere of Dark Spectrum.
Dark Spectrum (Image credit: Destination NSW)


Three years in the making and tipped as an underground spectacular of what lies beneath, Dark Spectrum will fuse a dynamic musical soundtrack with the latest in laser, robotics, lighting and visual technology to transform the disused Wynyard Station train tunnels in a truly one-of-a-kind experience in a venue that has never been open to the public.

Creating an immersive multi-media environment, Dark Spectrum will deliver a heightened visual and audio experience for Vivid Sydney attendees set to penetrate the deep underground of Wynyard's tunnels and take its audience into a new time and space.

Secret passageways will be lit, and pulses of electronic dance music will ring out across eight rooms, with each space representing a different human experience and associated colour. Guests move through rooms themed to separation, constriction, pressure, the unseen, reflection, the unfamiliar, connection and end with a revelation.

Highlights from Dark Spectrum include "Constriction," 150 LED "pipes" hung from the roof to form an interactive landscape of animated pixels that can be touched; "Pressure," a spectacular array of 50 archways covered in lights and mirrors that create the visual illusion of a never-ending tunnel; and "Interaction," an Avatar-esque environment featuring hundreds of hanging strings of light interspersed with illuminated alien plants that respond to movement.

Presented by Vivid Sydney, Sony Music, Mandylights and Culture Creative, Dark Spectrum will premiere at Vivid Sydney on May 26, running until July 16 before touring the world.

Dark Spectrum will be a ticketed experience with entry via Wynyard Park Rooftop between York and Carrington Streets, Sydney. Entry will be timed from 12:00 p.m. to 9.15 p.m. Ticket prices vary depending on the visit date/time; general admission from $35, children from $24, and families from $98.

"We're thrilled to announce this world-first experience for Vivid Sydney 2023. Dark Spectrum perfectly fits this year's festival theme, exploring the intersection between human emotions, our natural environment, and the urban landscape and relics of Sydney's industrial past.

"Diving beneath the surface of what is now one of the city's busiest railway lines, Dark Spectrum is a truly mesmerising and engaging experience for visitors to explore Sydney in a whole new way. I am excited we get to shine a light on unknown spaces across the city," says, Gill Minervini, Vivid Sydney Festival Director.

This year, Vivid Sydney will deliver the biggest and most culturally relevant program in its event history when it returns from Friday, May 26 to Saturday, June 17. The spectacular Light Walk will host the works of 100+ light collaborators and 26 international light artists from 13 countries, with street installations, re-shaping old sights, surprising projection sites and large-scale immersive experiences that will paint the urban landscape.

Vivid Sydney will be staged across Sydney's city centre, at locations including Circular Quay, the Sydney Opera House, The Rocks, Walsh Bay, Barangaroo, King Street Wharf, Darling Harbour, Darling Quarter, Darling Square, The Goods Line, Central Train Station, the Royal Botanic Garden Sydney, Carriageworks, Taronga Zoo and more.

For more information and to purchase tickets to Dark Spectrum and full details of the Vivid Sydney 2023 program, visit vividsydney.com.

About Vivid Sydney

Vivid Sydney is Australia's largest festival celebrating creativity, innovation and technology, and transforms Sydney into a kaleidoscope of colour and events for 23 nights. Staged for its 13th year in 2023, Vivid Sydney will bring together mesmerising displays from the world's brightest light artists, exhilarating live music performances, deep-dive discussions with thought leaders, and innovative experiences from food creatives. Vivid Sydney is owned, managed and produced by Destination NSW, the NSW Government's tourism and major events agency. For more information visit vividsydney.com.

Contact Information
Jenna Whyte
PR Manager
jenna.whyte@dnsw.com.au

SOURCE: Vivid Sydney

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