Video Industry Sees Optimism Amidst Rationalisation, the Continued Importance of Asian Content and AI Everywhere

SINGAPORE, Apr 1, 2024 – (ACN Newswire) – The Asia Video Summit, the marquee conference for the video industry, kicked off in Hong Kong this year from 13 – 14 March, as part of the HK Entertainment Expo.

The Summit opened with an overview on the state of video in Asia, and how scale had redefined the industry. Vivek Couto, Executive Director, Media Partners Asia, shared that the ecosystem had changed, and a new pecking order was in place, with the global digital giants dominating video action in APAC, with a total video and screen revenues of US$24.4B coming out of Asia in 2023.

Global demand for premium Asian content continued to grow substantially, with 1.4B active unique users worldwide consuming almost 14B hours of Asian content in 2023, equivalent to a global average of 9.9 hours per user. Asian content also drove significant viewership and acquisition in APAC, with Korean, Anime and Chinese content coming up tops. Couto also shared that Chinese short form drama may be the next big thing, with the domestic market having grown to half a billion in 2023.

For Karen Fu Binxing, CEO of Huace Group, one of China’s largest content producers, the increasing interest in Chinese content overseas filled her with optimism on the rise of Chinese content, with a view to focus more on international cooperations. Fu also added that AI was unstoppable and would bring changes to all aspects of production and broadcasting trends in the content industry.

Wang Yangbin, CEO, Vobile, similarly added that generative AI was a new frontier but believed that the core value of the ecosystem were the rights and the intellectual property, both of which needed to be protected effectively for the industry to grow. However, for Michael Kwan, Senior IP Enforcement Advisor, TVB, AI was very much seen as a double-edged sword, with both pirates and companies using AI to achieve their goals, and infringers using AI to automate piracy and bypass site blocking mechanisms.

AI as a topic came up organically throughout the summit. Kelvin Yau, President, APAC and Overseas Marketing, International Business Department, iQiyi, talked about the use of technology across the company to help the business. By listening to social trends, AI enabled social media posts to be done quickly, to help promote their shows and satisfy what people were curious about. “It was a sprint race before, now it’s a marathon. How do you win the marathon in keeping the pace, changes the whole game,” said Yau.

James Gibbons, President, Asia Pacific, Warner Bros. Discovery, stressed the importance of focusing on both growth and profitability for streaming in APAC. Gibbons also added that the reason the pay TV model worked so well was due to its dual revenue streams, and this needed to be recreated for streaming. The fact that advertising in a premium video environment lagged so far behind social and UGC video platforms was a huge issue for the industry, and hence it was incredibly important that people who had an investment in premium video came together to solve this issue.

Phil Hardman, SVP & General Manager, Asia, BBC Studios, highlighted the need for curation and aggregation of content, and felt the term pay TV was becoming redundant. Avi Himatsinghani, Founder & CEO, Rewind Networks, also said that it was all converging together, with linear services aggregated alongside streaming services. “We have to reinvent and work harder to make the narrative come alive,” added Himatsinghani.

For sports platform, beIN Media Group, now was a period of rationalisation. “It’s about carving out your niche and finding a sustainable model which can be profitable, and building scale through partnerships,” said Mike Kerr, MD, Asia. “The players that are left standing understand the value of sports and how to manage it from a consumer perspective.” However, with piracy taking US$30B out of the ecosystem it was not sustainable, and the industry needed to come together to combat it, added Kerr.

Closing off the Summit, Alexandre Muller, MD, APAC, TV5MONDE, said that the region needed to listen to local audiences and deliver what they want, and not listen to all the noise coming out of the US. “Asia is Asia, we need to follow our own path and find the right equilibrium among ourselves,” said Muller. “The world is just waking up to the great content that is coming out of Asia,” added Phil Hardman.

The Asia Video Summit 2024 is proudly sponsored by Lead Sponsor Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative Region; Gold Sponsors AsiaSat, Bango, InvestHK, Publica, TV5Monde, Vobile, Warner Bros. Discovery; Silver Sponsors France24, Paramount and Bronze Sponsor A+E Networks

Visit the event website and gallery for more information and photos from the Summit.

About the Asia Video Industry Association

The Asia Video Industry Association (AVIA) is the trade association for the video industry and ecosystem in Asia Pacific. It serves to make the video industry stronger and healthier through promoting the common interests of its members. AVIA is the interlocutor for the industry with governments across the region, leads the fight against video piracy through its Coalition Against Piracy (CAP) and provides insight into the video industry through reports and conferences aimed to support a vibrant video industry.

For media enquiries and additional background please contact:
Charmaine Kwan
Head of Marketing and Communications
Email: charmaine@avia.org
LinkedIn: www.linkedin.com/company/asiavideoia | Twitter: @AsiaVideoIA

Singapore Cable Car Launches World’s First Skyorb Cabins

SINGAPORE, Apr 1, 2024 – (ACN Newswire) – Mount Faber Leisure Group has officially launched the new futuristic SkyOrb Cabins on the Singapore Cable Car – Mount Faber Line. The launch of the SkyOrb Cabins took place at Mount Faber Peak, as part of the Singapore Cable Car’s 50th anniversary celebrations. The event was attended by Mr Bob Tan, Chairman of Sentosa Development Corporation and Ms Thien Kwee Eng, Chief Executive Officer of Sentosa Development Corporation, as well as Mr Michael Syn, Chairman of Mount Faber Leisure Group and Mr Buhdy Bok, Managing Director of Mount Faber Leisure Group.

Singapore Cable Car's SkyOrb Cabin Takes Its Maiden Flight on 15 March 2024 — Singapore Cable Car’s SkyOrb Cabin Took Its Maiden Flight on 15 March 2024

SkyOrb Cabins – A cabin like no other in the world

Exclusively designed for the Singapore Cable Car, the SkyOrb Cabin is the world’s first chrome-finished spherical cable car cabin. Unlike conventional cabins, the spherical design of the SkyOrb Cabins breaks the boundaries of traditional cable car aesthetics, offering a futuristic and captivating look.

The SkyOrb cabin boasts a spectacular view through its glass-bottomed floor

Fitted with glass-bottomed floors to allow guests to view the scenery below their feet, the new cabins offer guests an elevated journey with a stunning panoramic view of the skyline. As night falls, a captivating ring of lights surrounds the cabin windows, casting an illuminating glow that imparts a distinctly futuristic ambience.

The SkyOrb Cabins have been thoughtfully designed with double window louvres at the front and triple window louvres at the rear, providing enhanced air ventilation for guests on board. To offer an exclusive experience, only seven SkyOrb Cabins will join the existing fleet, enriching the vibrancy of the Sentosa skyline.

“Each SkyOrb cabin, a gleaming chrome orb soaring through the sky, embodies modern design. These cabins offer guests a one-of-a-kind experience, taking them on a discovery between Mount Faber Peak and Sentosa, unveiling breathtaking views along the way,” said Mr Buhdy Bok, Managing Director of Mount Faber Leisure Group.

Collaboratively designed between Mount Faber Leisure Group and renowned cable car cabin manufacturer CWA, the SkyOrb Cabins showcase product innovation and commitment to creating new unique experiences for guests. Based in Olten, Switzerland, CWA has enjoyed a long partnership with Mount Faber Leisure Group since the first generation of the Singapore Cable Car cabins was launched in 1974.

The SkyOrb Cabins are open for guests to experience from 20 March 2024 and tickets are available for sale at the Singapore Cable Car Mount Faber and Sentosa Station ticketing counters from the same day. Mount Faber Line and Cable Car Sky Pass ticket holders have the privilege of upgrading one-way of their round trip (between Mount Faber and Sentosa Cable Car Stations) to a SkyOrb Cabin experience. This upgrade costs $15 per person on weekdays, and $20 per person on weekends and Public Holidays.

Official Hashtags:
#MountFaberLeisure| #SingaporeCableCar | #SkyOrbCabin

About Mount Faber Leisure Group

Mount Faber Leisure Group (MFLG) is one of Singapore’s leading operators of a suite of leisure and lifestyle services, including attractions, guided tours, event venues, souvenir and lifestyle outlets as well as F&B operations. The company’s portfolio of products and services includes the Singapore Cable Car, SkyHelix Sentosa, Sentosa Island Bus Tour, Mount Faber Peak, Arbora Hilltop Garden & Bistro, Dusk Restaurant & Bar, Arbora Café, Cable Car Gift Shop, Sentosa Shop and Faber Licence. The company also operates Sentosa SkyJet, Sentosa Musical Fountain and International Food Street, in addition to the existing Wings of Time, Good Old Days Food Court & Western Grill and FUN Shop @ Central Beach Bazaar.

Spanning across the hilltop at Mount Faber and Sentosa Island, MFLG’s products are linked by the Singapore Cable Car Sky Network of six stations on two main lines – the Mount Faber Line that connects mainland Singapore to the resort island of Sentosa, and the Sentosa Line that connects to the island’s western end at the Siloso Point.

Its legal name remains as Mount Faber Leisure Group Pte Ltd, which is a wholly owned subsidiary of Sentosa Development Corporation and operates as an autonomous commercial arm.

MFLG is also one of the 17 founding members of Singapore’s first carbon neutrality-driven business alliance, the Sentosa Carbon Neutral Network (SCNN), which was established in September 2021. The SCNN is a collective public-private effort to achieve Sentosa’s sustainability goals, including carbon neutrality by 2030. MFLG is also a member of the Carbon Pricing Leadership Coalition (CPLC) Singapore and a recipient of the LowCarbonSG Logo, awarded to companies that successfully measure and monitor their carbon footprints.

Visit www.mountfaberleisure.com for more information.

For media enquiries, please contact:

PRecious Communications
Jacqualine Chan
Senior Manager, Client Services
mflg@preciouscomms.com
HP: (65) 9879 6633

Mount Faber Leisure Group
Communications Team
communications@mflg.com.sg

ANNEX A | CELEBRATING HALF A CENTURY: THE EVOLUTION OF SINGAPORE CABLE CAR

1974: Deputy Prime Minister Dr Goh Keng Swee and his wife took their seats in Cable Car Cabin No.1 to launch Singapore’s first and only cable car ride.
1994: As SCC hit its 20-year mark, its visitorship attained more than 18 million in total and was expected to increase, especially with the launch of new attractions on Sentosa island. On 10 April, the first batch of cable car cabins bade farewell – but not before offering “nostalgia trips” for Singaporeans who had created fond memories on the pioneering cable car cabins. Four days later, the second generation of cable car cabins was launched, which boasted higher speeds, increased ventilation, and the playing of audio commentaries about landmarks and highlights of Sentosa island.
1999: To commemorate the SCC 25th anniversary, six limited edition third-generation cabins were launched in 1999. It made history as the world’s first glass-bottom cable car cabins that offered unobstructed views of the harbour and seascape south of Singapore.
2009: The cable car system was revamped for the fourth time to rejuvenate the cable car experience. The fleet now comprises 67 LED-illuminated, sparkling metallic black and chrome cabins on a mono-cable ropeway that links Mount Faber to Harbourfront Tower and Sentosa island.

ANNEX B | THE SINGAPORE CABLE CAR HAS ACHIEVED SEVERAL WORLD FIRSTS FOR SINGAPORE

1974: World’s first cable car system to span a harbour
1998: World’s first Cable Car Sky Dining
1999: World’s first glass-bottomed cable car cabin
2010: World’s first 7* VIP Jewelled Cabin
2024: World’s first chrome-finished spherical cable car cabin

TANAKA Memorial Foundation Announces Recipients of FY2023 Precious Metals Research Grants

TOKYO, Mar 29, 2024 – (ACN Newswire) – The TANAKA Memorial Foundation’s Representative Director, Hideya Okamoto, announced the recipients of the FY2023 Precious Metals Research Grants.

Following a rigorous screening process, the Umekichi Tanaka Award, for 10 million yen, was presented to Professor Haruichi Kanaya of Kyushu University, and the Gold Award, for 2 million yen, was presented to Professor Seiji Ogo of Kyushu University. In addition, one research project received the Silver Award, and three Young Researcher Awards were presented.

The TANAKA Memorial Foundation undertakes programs designed to foster developments in new precious metal fields while contributing to the advancement of science, technology, and socio-economics for the overall enrichment of society. The research grant program was launched in FY1999 and has continued each year since with the goal of supporting the various challenges of the “new world opened up by precious metals.” This year, the program’s 25th year, the Umekichi Tanaka Award was established in honor of the founder, Umekichi Tanaka, who was instrumental in expanding the industrial use of precious metals, and researchers were invited to apply for the program in a wide range of fields where precious metals can make contributions to the research and development of new technologies, and research and development can be applied to precious metals. As a result, a total of 210 applications were received, and a total of 19 research grants of 19.9 million yen was awarded.

The names of the recipients of the Umekichi Tanaka Award and Gold Award, their research, and the reasons for their selection are below.

Umekichi Tanaka Award
Professor Haruichi Kanaya of Kyushu University
Research on bonding wire with electromagnetic wave shielding function
This research engages in development to make it possible to use bonding wire in the high-frequency band, which was not previous possible, by coating the surface of bonding wire with a magnetic thin film containing precious metals. It is an extremely groundbreaking advancement that further applies the unprecedented phenomenon of magnetic thin films under study. It is expected to be applied to general electric wires, and the great potential for the expansion of precious metals into new material fields was also highly rated.

Gold Award
Professor Seiji Ogo of Kyushu University
Development of precious metal hydrogen energy electron carriers
This research seeks to create a single hydrogen-derived electron (precious metal complex) that can extract electrons from hydrogen under mild conditions and directly use the electrons when needed, as an unprecedented concept. It was highly rated not only as innovative energy carriers for the realization of carbon neutrality, but also as a potential for direct use in various catalytic reactions.

One Silver Award, three Young Researcher Awards, and 13 TANAKA Special Awards were also granted. The recipients and an overview of the Precious Metals Research Grants are indicated below. Applications for the FY2024 research grants are scheduled to open in the fall.

Overview of the 2023 Precious Metals Research Grants

[Conditions]
Research content that falls under any of the following
– New technology related to precious metals (new materials, processing methods, process development, etc.)
– Research that brings about innovative evolution in product development (new functions, process development, computational science, etc.)
– Research and development of new products using precious metals
– Effective technologies for creating a well-balanced and prosperous society
* Precious metal refers to eight elements of platinum, gold, silver, palladium, rhodium, iridium, ruthenium and osmium.
* If development is conducted jointly (or planned to be) with other material manufacturers, please indicate so.
* Products that have already been commercialized, put to practical use, or that are planned are not eligible.

[Grant Amounts] (Maximum amounts from a grant pool of 20 million yen)
– Umekichi Tanaka Award (New): 10 million yen
– Gold Award: 2 million yen
– Silver Award: 1 million yen
– Young Researcher Award: 1 million yen
– TANAKA Special Award (Previously Encouragement Award): 300,000 yen
* The grant amount is treated as a scholarship donation.
* Awards may not be granted in some cases.
* The Platinum Award was discontinued from this year.

[Eligible Candidates]
– Personnel who belong to (or work for) educational institutions in Japan (universities, graduate schools, or technical colleges) or public and related research institutions may participate.
* As long as the applicant is affiliated with a research institution in Japan, the base of activity can be in Japan or overseas.
* The Young Researcher Awards are for researchers under the age of 37 as of April 1, 2023.

[Application Period]
– 9am, September 4, 2023 (Mon) – 5pm, November 30, 2023 (Thu)

[Inquiries Concerning the Research Grant Program]
Precious Metals Research Grants Office
Global Marketing / R&D Supervisory Department, TANAKA Kikinzoku Kogyo K.K.
22F Tokyo Building, 2-7-3 Marunouchi, Chiyoda-ku, Tokyo 100-6422
E-mail: joseikin@ml.tanaka.co.jp
TANAKA Memorial Foundation website: https://tanaka-foundation.or.jp

TANAKA Memorial Foundation
Organization Name: TANAKA Kikinzoku Memorial Foundation
Address: 22F Tokyo Building, 2-7-3 Marunouchi, Chiyoda-ku, Tokyo
Representative: Hideya Okamoto (Special Advisor, TANAKA Holdings Co., Ltd.)
Incorporated: 2015
Purpose of Business: To provide grants for research related to precious metals to contribute to the development and cultivation of new fields for precious metals, and to the development of science, technology, and the social economy.
Areas of Business:
– Provision of grants for scientific and technological research related to precious metals.
– Recognition of excellent analysis of precious metals and holding of seminars and other events.

TANAKA Holdings Co., Ltd.
Headquarters: 22F, Tokyo Building, 2-7-3 Marunouchi, Chiyoda-ku, Tokyo
Founded: 1885
Incorporated: 1918*
Representative: Koichiro Tanaka, Group CEO
Capital: 500 million yen
Net sales of consolidated group: 611,100 million yen (as of the fiscal year ended December 2023)
Employees in consolidated group: 5,355 employees (as of the fiscal year ended December 2023)
Main businesses of the group: The holding company at the center of TANAKA PRECIOUS METALS is responsible for strategic and efficient group management and management guidance to group companies.
Website: https://www.tanaka.co.jp/english (TANAKA PRECIOUS METALS)
https://tanaka-preciousmetals.com/en (Industrial products)
* Tanaka Holdings adopted a holding company structure on April 1, 2010.

Press Inquiries
TANAKA Holdings Co., Ltd.
https://tanaka-preciousmetals.com/en/inquiries-for-media/

Press Release: http://www.acnnewswire.com/docs/files/20240329EN.pdf

TANAKA Memorial Foundation Announces Recipients of Precious Metals Research Grants

TOKYO, Mar 29, 2024 – (ACN Newswire) – The TANAKA Memorial Foundation’s Representative Director, Hideya Okamoto, announced the recipients of the FY2023 Precious Metals Research Grants.

The names of the recipients of the Umekichi Tanaka Award and Gold Award, their research, and the reasons for their selection are below.

Overview of the 2023 Precious Metals Research Grants

[Application Period]
– 9am, September 4, 2023 (Mon) – 5pm, November 30, 2023 (Thu)

Press Inquiries
TANAKA Holdings Co., Ltd.
https://tanaka-preciousmetals.com/en/inquiries-for-media/

Press Release: http://www.acnnewswire.com/docs/files/20240329EN.pdf

Guoquan: Continuously Expanding the Business Scale While Enhancing Profitability

HONG KONG, Mar 29, 2024 – (ACN Newswire) – Guoquan Food (Shanghai) Co., Ltd. (“Guoquan” or “the Company”; Stock Code: 2517.HK) is pleased to announce the consolidated results of the Company and its subsidiaries for the year ended December 31, 2023 (the “Reporting Period”).

In 2023, the Chinese economy showed a sustained recovery and steady improvement. Despite the challenges, which posed threats to consumer-oriented enterprises, Guoquan responded by effectively managing the supply chain and enhancing operational efficiency, thereby bolstering the profitability. During the Reporting Period, Guoquan recorded the revenue of RMB6,094.1 million, the gross profit of approximately RMB1,350.9 million, reflecting an 8.2% year-on-year growth, and the gross profit margin of approximately 22.2%, improving 4.8 percentage points from 17.4% in the same period of 2022. Furthermore, Guoquan achieved the net profit of approximately RMB263.4 million, representing an increase of 9.3% compared to the same period in 2022. The adjusted net profit reached approximately RMB318.0 million, marking a year-on-year increase of 23.8%. Besides, the operating cash flow represents a year-on-year increase of 137.7% to reach RMB678.3 million.

On November 2, 2023, Guoquan was listed on the Main Board of the Hong Kong Stock Exchange, marking a new milestone in the development. Starting from March 4, 2024, Guoquan officially accessed to the Hong Kong Stock Connect, which is expected to enhance the liquidity of the Company’s stock and gradually highlight its investment value. Additionally, to better reward shareholders, the board of directors proposed the payment of final cash dividend of RMB 0.0521 per share (inclusive of tax), with an estimated total distribution of RMB 143 million, demonstrating Guoquan’s emphasis on shareholder interests.

Expansion of offline stores and acceleration of online channels

In terms of channels, Guoquan has established a nationwide store network to occupy market share. During the Reporting Period, Guoquan’s store network expanded despite the sluggish consumption trend. As of the end of 2023, Guoquan had 10,307 retail stores, covering 31 provinces, autonomous regions, and municipalities, a net increase of 1,086 in the number of stores compared to the end of 2022, further expanding the market influence.

Meanwhile, to empower franchisees and facilitate the sales growth as well as further our consumer reach and offer more flexible shopping experience, we have established multiple online channels, including Guoquan APP, WeChat mini-program, third-party food delivery platforms, Douyin and other popular social commerce platforms. In 2023, through multi-level Douyin accounts for live streaming of Guoquan products or posting related short videos, the total views exceeded 6 billion times.

By establishing close online and offline connections and interactions with consumers, Guoquan achieved a record high number of members, with the top-up amount increasing by 18% annually to approximately RMB720 million. As of the end of 2023, Guoquan had approximately 27.9 million registered members.

Continuous Enrichment of product matrix and digital intelligence driving product innovation

Guoquan has provided offered diversified, tasty, convenient and affordable home meal products in a one-stop shop manner for consumers across a wide range of dining scenarios. With deep consumer insights and R&D efforts, Guoquan has collaborated closely with suppliers and R&D centers to consistently improve its range of products to align with evolving consumer demands and preferences.

In regards to product development, Guoquan leveraged digital tools to analyze consumer behavior, gained in-depth insights into consumers, accurately assessed market trends, and launched new products and upgraded existing ones accordingly. Guoquan also regularly introduced products tailored to local markets to cater to different consumer preferences across regions. In 2023, Guoquan successfully launched a total of 339 new SKUs.

As of December 31, 2023, Guoquan’s product portfolio comprises eight categories including hotpot products, barbecue products, beverages, solo-dining meals, ready-to-cook meal kits, fresh produce, western cuisines and snacks, covering diverse dining needs of consumers comprehensively.

In 2023, the gross profit margin of Guoquan was approximately 22.2%, representing an increase of 4.8 percentage points as compared to 17.4% in the corresponding period in 2022. This improvement was mainly attributable to better cost control resulting from Guoquan’s advantageous scale, along with the development of new products, upgrading of existing products, and the increased proportion of self-production following the acquisition of factories.

Steadily advancing the “three-sphere integrated” development strategy to solidify market leadership

Looking ahead, Guoquan will maintain its commitment to the three-sphere integrated development strategy encompassing brand, product, and channel. This includes expanding product categories, strengthening omni-channel sales network, increasing investments in brand building and marketing, and exploring consumer scenarios to improve consumer value and further solidify the market leadership. Furthermore, Guoquan aims to leverage digital tools to empower both upstream supply chain and downstream franchisees, with the goal of tasty, convenient and affordable home meal products to a diverse consumer base across various channels and scenarios.

Specifically, in terms of channel construction, Guoquan will continue to expand and deepen our omni-channel sales network to further our direct reach to consumers. Strengthen the depth and breadth of the offline store network by deepening offline market penetration in regions already covered, expanding the store network to new regions and by various store types. Further develop our online sales platforms to realize mutual empowerment of offline and online, driving the increase of sales revenue. Moreover, Guoquan will continue to cultivate more entrepreneurial franchisees by encouraging our existing franchisees to open more franchised stores, and propel their sales growth and cultivate entrepreneurial franchisees by continuously expanding to more product categories, upgrading our product portfolio, and developing more online leads.

Guoquan have created a diversified product portfolio in terms of both product categories as well as the consumption scenarios it serves, and in the future, Guoquan will continue to explore campsite dining as a new consumption scenario, explore sales channels for enterprise customers and strengthen the regionalised supply chain of home meal products, so as to provide a wider range of regionalised meal products to cater to consumer needs.

In terms of products, Guoquan will continue to enhance our R&D capability and continue to collaborate with upstream suppliers to improve our R&D and innovation capability. Meanwhile, further integrate Guoquan’s upstream resources and source quality food ingredients through investment in or partnerships with selective and qualified Chinese and overseas food suppliers who have market potential and can achieve synergy with Guoquan, so as to reinforce Guoquan’s core competitive edges.

In terms of digitization, Guoquan will continue to enhance digitization by further improving its procurement and fulfilment management platforms and promoting the development of its membership system, with a view to improving its overall operational efficiency and boosting the growth of sales revenue.

In terms of brand building, Guoquan will increase its investment in brand building and marketing by stepping up its marketing efforts in high-profile TV advertisement, offline advertisement, community group buy and social e-commerce platforms in order to further deepen consumer reach and raise consumer stickiness, thereby elevating brand recognition, brand awareness, brand reputation and consumer loyalty.

Legend Holdings Realized Revenue of RMB436 billion in 2023

HONG KONG, Mar 29, 2024 – (ACN Newswire) – Legend Holdings Corporation (3396.HK) announced its audited annual results for the year ended December 31, 2023 (the “Reporting Period”). The Company’s revenue for 2023 was RMB436,012 million (RMB, the same below), and the net profit was RMB630 million.

Against the backdrop of global economic slowdown, Legend Holdings’ operation performance temporarily suffered from pressure due to the fluctuations in the industry and capital markets; the profits contributed by Lenovo Group and Levima Group from the industrial operations segment, as well as the investment gain in the industrial incubations and investments segment, both recorded a year-on-year decrease, and the net profit attributable to equity holders of the Company recorded a loss. In response, the Company implemented proactive measures to help its subsidiaries accommodate market challenges and industry cycles’ influence and achieved initial success. Furthermore, the recovery of the capital market will boost the development of the Company’s investment businesses.

Mr. Li Peng, the Executive Director and Chief Executive Officer of Legend Holdings, said, in the year 2023, in the face of various challenges emerged in the high-quality development transformation of the enterprises, Legend Holdings remained resolute in advancing innovation-driven development strategies, proactively responded to the influence of external environment, solidly fulfilled its corporate social responsibilities, and actively integrated itself into the strategic deployment for Chinese path to modernization. Furthermore, the Company has conducted more in-depth review on its shortcomings and will be committed to coordinating high-quality development while maintaining a high-level of security. While further consolidating its foundations, the Company will fully capitalize on its accumulated strengths to seize opportunities from this new wave of technological innovation, not only to fuel the continuous improvements in its business performance but also actively contribute value to the society.

Strengthening the pillar industries and resolutely advancing innovation-driven enterprise transformation and upgrade

In 2023, Legend Holdings safeguarded the relative stability of its business foundations while implementing the new development concept in depth.

The Company accelerated the development of leading enterprises with international competitiveness and command over the industrial chain, focusing its efforts on strengthening its industrial base. Lenovo maintained its solid leading position in IT field, further consolidated its world’s No. 1 place in PC market with a significant outperformance in the market, ranking among the top three globally in the server industry, and retained as the No. 1 in the global TOP500 and Green100 in terms of high-performance computing. At the same time, Lenovo took the lead in launching the world’s first AI PC, and committed to leading the PC industry in intergenerational upgrade, and to creating the first inclusive AI terminal. After completing the domestic substitution of EVA photovoltaic adhesive film materials, Levima Advanced Materials has once again entered into the field of POE (Polyolefin elastomer), breaking the monopoly held by foreign countries in production and technology of POE, and multiple projects will be put into production in the first half of 2024. With the steady development of its businesses, Fullhan Microelectronics has made solid and in-depth efforts in the three major business areas of smart video, smart IoT and smart automotive products, accelerated the introduction of new products, penetrated new market opportunities, and possessed the capability of supplying complete one-stop solutions.

Continuously enhancing the ability in scientific and technological innovation, increasing investment in research and development, the Company continued to strengthen the exploration and practice of its AI innovation path. In 2023, the R&D expenditure of the Company reached RMB14.8 billion, raising its R&D expense ratio from 2.6% in 2021 to 3.4% in 2023. At the same time, it actively promoted its subsidiary funds to increase support for China’s innovative hi-tech enterprises, and invested in more than 100 Chinese innovative hi-tech enterprises throughout the year. In the field of artificial intelligence, which is an important engine for the development of new quality productive forces, the Company has invested in more than 200 related enterprises, formed a full-stack portfolio covering “device, technology, model, platform, and application”, securing a first-mover advantage for the development of the “AI+” initiative. On March 8, 2024, Legend Holdings entered into a strategic cooperation agreement with Zhipu AI to carry out in-depth cooperation in the field of artificial intelligence.

The Company continued to harness the role of industrial chain leader and actively promoted the digital and intelligent transformation and growth of SMEs, which has gained considerable achievements. Its subsidiary, Lenovo, can provided SMEs with not only a full matrix of smart devices, but also stable computing power for all scenarios, hybrid cloud, industry solutions, and life-cycle intelligent transformation services. It has served over a million SMEs and supported the intelligent transformation of over 30,000 specialized and innovative enterprises, including over 3,000 national specialized and innovative “little giant” firms.

The Company also strengthened its attention on early-stage technologies and explored approaches to integrated development across education, technology, talent, and industries. The “Legend Holdings Forward-looking Technology Research Institute , set up by the Company, has initially built an enterprise-led and market-oriented technology innovation system leveraging collaboration among industry, academia, research institutes, and end users. It has established connections with more than 60 enterprises and research institutions to discuss IP co-creation and cooperation modes, and preliminarily selected 39 seed technologies, and initiated in-depth cooperation with 2 universities and 7 domestic and foreign enterprises.

Practicing low-carbon development and actively fulfilling corporate social responsibilities

Legend Holdings has consistently promoted its subsidiaries to seize the green and low-carbon development and actively responded to the national strategy of carbon peaking and carbon neutrality. Lenovo was the first company in China to pass the net zero target verification by the Science Based Targets initiative (SBTi) and has zero-carbon factories with the highest-standard in the industry. Levima Advanced Materials, as a state-level High-tech enterprise and Green Factory, deepened its layout in green industries such as new energy materials and biodegradable plastics, contributing to the achievement of Chinese de-carbonization goals.

Rural revitalization and technological innovation are the focused areas of Legend Holdings for its corporate social responsibility. In terms of rural revitalization, the Company has launched the “Legend Enterprising Class” with a focus on education in underdeveloped areas, providing assistance for the talent pool of rural industry revitalization over the past 20 years. The Revolving Loans for Mothers, a project supported by the Company since 2018, has helped women from low-income families in many areas to start businesses with local characteristics, promoting their hometowns towards improving agriculture by high-quality and green products while giving first priority to effectiveness. In terms of technological innovation, the Company remained committed to building an entrepreneurial ecosystem conducive to technological innovation and supported the growth of high-tech entrepreneurial leaders. For instance, the public welfare training program for start-up CEOs launched in 2008 has admitted approximately 1,300 entrepreneurs. Currently, 55 enterprises founded by the trainees have been successfully listed, while 122 have been selected as national specialized and innovative “little giant” firm, providing employment for nearly 400,000 people.

Developing new quality productive forces and deepening the establishment of core competitiveness

The “give great impetus to the development of the modern industrial system and accelerate the development of new quality productive forces” proposed in this year’s government work report provided new guidance for the development of enterprises. In the future, the Company will focus more on “technological innovation”, fully capitalize on its 40 years of industrial accumulation, ecological layout and technological & innovative investment, highlight the development of new quality productive forces and deepen the establishment of the Company’s core competitiveness.

The Company will continue to promote the strategic transformation of itself and its subsidiaries to build a more robust industrial foundation; further optimize the business layout and financial structure, accelerate the backflow of resources, and incline to make investment in the field of scientific and technological innovation; in combination with the trend of the capital markets, the Company will actively promote the capital operation of quality enterprises to help them develop faster and become better, and effectively increase its public value; continue to give full play to the exploration and cultivation of the early-stage technologies by The Legend Holdings Forward-looking Technology Research Institute, with a focus on the forward-looking needs in three major fields of intelligent sensing, new materials and new energy. It will accelerate the advancement and implementation of innovative incubation topics which are our key layout, such as photonic integration to fill the shortcoming of AI’s new computing, biodegradable new materials for treating white pollution, and virtual power plant algorithms oriented for the optimization of the new type of electric power system.

Mr. Ning Min, Chairman and Executive Director of Legend Holdings, said, in 2023, in the face of multiple internal and external challenges, Legend Holdings, on the one hand, consolidated its industrial foundation and strengthened its risk-resistant capability, and on the other hand, put the implementation of the innovation-driven development strategy and support for high-level scientific and technological self-reliance in a more prominent position, confronted the difficulties, conducted positive explorations, and made solid progress in operations. This year marks the 75th anniversary of the founding of the People’s Republic of China, and in accordance with the deployment of the Central Economic Work Conference, the Company will stay true to its original aspiration of serving the country through industry, consciously practice the people-centered philosophy of development, and accommodate itself to the trend of the times by actively participating in scientific and technological innovation-led high-quality development, to vigorously promote the development of new quality productive forces and make greater contributions to Chinese path to modernization.

Gome Retail Streamlines to Focus on Main Business

HONG KONG, Mar 29, 2024 – (ACN Newswire) – Gome Retail Holdings Limited (Stock code: 493.HK, “Gome Retail” or the “Company”), together with its subsidiaries, “the Group”) announced its audited annual results during the twelve months ended December 31, 2023 (the “reporting period”).

Streamlining Transformation Focuses on Main Business, Multiple Measures to Resolve Debt

In 2023, the global economy remained in a trough, and the external geopolitical environment remained unstable. At the same time, the domestic economy faced both cyclical and structural adjustments, and the recovery of domestic demand was slow. In terms of industries, real estate and other related upstream industries have not yet emerged from the trough, the overall recovery in retail was not as expected, and the demand for the home appliance industry also decreased. In 2023, the Group recorded revenue of approximately RMB647 million; and loss attributable to owners of the parent of approximately RMB10,057 million.

In 2023, under the macroeconomics and the slow recovery of the industry, GOME Retail continued to implement streamlining transformation, officially launched the class franchise cooperative joint venture model, to achieve low-cost and high-efficiency business expansion to the greatest extent, while focusing on the main business of home appliance retail, and continued to provide high-quality home appliance and consumer electronics retail services in a vertical mode. In addition, in the past year, GOME Retail actively resolved issues with creditors, successfully reached an agreement in December 2023, successfully introduced JD.com, Inc. as the investor, and also provided a successful reference for other debt resolutions.

Live Streaming & Class Franchise Facilitate Corporate Optimization, Continued Operational Enhancement

GOME Retail Holdings Limited has been actively optimizing the business model to facilitate successful transformation. The company has focused on initiatives such as live streaming, short videos, and class franchise business models,investing more resources and effort and enhancing quality. Notably, GOME has continued to strengthen its own GOME APP platform while also exploring and integrating with external platforms like Douyin, Kuaishou, and WeChat short videos. In July 2023, GOME officially joined the Kuaishou Life Service platform, becoming the first large-scale 3C (Consumer Electronics, Computers, and Communication) home appliance chain brand to do so. Additionally, GOME has collaborated extensively with MCN companies and internet influencers (KOLs) to increase its influence and attract more businesses and users, accumulating rich experience in user engagement and scene creation.

The formal launch of the class franchise business model has strengthened GOME’s operational capabilities and facilitated corporate optimization and transformation. By leveraging brand empowerment and other strategies, GOME collaborates with franchisees to jointly establish companies. This collaboration spans open commercial platforms, brand resources, and supply chains, fostering mutual growth. Since launching the class franchise business model in May 2023, GOME Retail has rapidly expanded discussions and cooperation nationwide. In cities such as Shenyang, Jilin, Harbin, Dalian, and Tianjin, the model has already entered substantial operational phases, and achieved rapid development with booming sales. Leveraging both Douyin’s “Craftsman” +“Influencer” channels, the class-franchise company’s performance exceeded expectations. Meanwhile, the class-franchise company’s in cities like Shanghai, Xi’an, Chengdu, and Chongqing have strengthened their market presence by promotion and live streaming on external platforms such as Douyin, Kuaishou, and WeChat Short Video. These efforts contribute to GOME’s transformation and upgrade in the retail landscape.

Proactively exploring new build a new Gome ecosystem

During the reporting period, while focusing on its main business, the Group also actively expanded into three new businesses: vehicle showroom, unmanned retail and overseas home appliances. These new businesses maintain independence from the original electrical appliances business, constructing a new GOME ecosystem. The vehicle showroom includes three existing systems of GOME, building two major digital systems, fully penetrating the upstream and downstream, and achieving rapid payment, delivery, and landing of vehicles nationwide. At present, unmanned retail is gradually developing towards scale, and its rapid market development will bring new business opportunities to GOME Retail and provide an important supplement to the GOME retail ecosystem. In addition, GOME is considering pushing home appliance products to the overseas market, seizing the new opportunities brought by the “Belt and Road” initiative, using the resources and advantages of the retail platform, expanding the high-quality supply chain to emerging markets, and helping domestic high-quality goods reach the global market, creating new growth opportunities.

Looking ahead, the internal environment is gradually improving, the real estate industry is stabilizing step by step, and the implementation of national policies should be more proactive than last year. At the recently concluded “two sessions”, it was once again emphasized to increase macro-control efforts, and it was proposed to “Encourage and promote consumer goods trade-in programs and boost spending on intelligent connected new energy vehicles, electronic products, and other big-ticket items”. It is believed that the development of the industry in the new year will meet more benefits with the support of national policies.

Gome Retail management said: “In the future, the retail industry will face more new opportunities and challenges. GOME has never forgotten the original intention to serve the people’s better life and its responsibility as a listed company. The company’s management will still strive actively, carry out structural reforms, actively resolve debts by dividing the electrical business and establishing a new management system. In terms of strategy, it will accelerate the development of innovative formats such as home decoration, vehicle experience halls, and leasing businesses, and focus on the layout and expansion of unmanned retail. In addition, GOME will promote the integration of unmanned retail with existing business sectors, jointly develop three warehouses in urban areas, improve logistics efficiency and consumer experience, and meet the pursuit of a better life for Chinese families.”

About GOME RETAIL HOLDINGS LIMIT

GOME RETAIL HOLDINGS LIMITED was listed on the Hong Kong Stock Exchange in July 2004 (Stock Code: 493HK). Founded in 1987 in China, GOME is committed to building China’s leading technology-based, experiential, entertainment-oriented and socialized home-life technology retailer. With the strategy of “Home-Life”, Gome Group focuses on retailing of electrical appliances and consumer electronics products, and builds a closed-loop ecosystem for the entire product line.

Please visit our website for more information www.gome.com.hk

Gome Fin Tech Announced Annual Results of 2023

HONG KONG, Mar 29, 2024 – (ACN Newswire) – Gome Finance Technology Co., Ltd.(Stock Code:628.HK,“Gome Fin Tech”or “the Company”,with its subsidiaries,the“Group”), announced its audited annual results for the year ended 31 December, 2023 (the “Reporting Period”).

In 2023, the global geopolitical risks are frequent, the lack of economic recovery momentum and the widening trend of differentiation among countries are highlighted, and the risk spillover from European and US banks under the global high interest rate environment also casts a shadow over the global growth outlook. In the face of the risky international environment and the arduous task of domestic reform, development and stabilisation, the Chinese government has coordinated domestic and international situations, effectively responded to the impact of the unexpected factors, strengthened support for the real economy, continuously optimised the structure of loan investment, improved the quality and efficiency of credit services, and developed supply chain finance with the strong support of national policies.

During the Reporting Period, the Group continued to focus on technology-based finance as its strategic main line, further explored the integration and development path between emerging technology industry and supply chain finance industry, and continued to strengthen its support to the real economy. The Group’s revenue increased by 2.24% to RMB82.0 million (2022: RMB80.2 million), which was mainly attributable to the increase in revenue from commercial factoring business. The Group recorded a profit after taxation of RMB37million (2022: loss after taxation of RMB5.6 million).

Optimizing asset and liability structure, commercial factoring progressing steadily

The commercial factoring business, as the Group’s principal business with a well-established risk management system, grew steadily in 2023 and contributed 92% of the Group’s operating revenue, despite the challenging external environment. In 2023, the Group repaid bank borrowings in a timely manner and used the Company’s own funds as working capital, resulting in a significant reduction in the gearing ratio,and the working capital was more more sufficient. In addition, in recent years, the Group started to grant longer loan period to certain high-quality customers in order to increase its profitability and at the same time to maintain credit risk at a low level. In 2023, the Group’s commercial factoring business steadily expanded its scale of operation, with the average net loan balance increasing to RMB1.01 billion (2022: RMB890 million), revenue increasing by 8.16% year-on-year to RMB75.8 million, and segment profit increasing to RMB68.2 million (2022: RMB58.4 million).

Additionally, during the Reporting Period, other financial services within the Group were impacted by restrictions imposed by certain mobile app stores on the content of deployed applications (Apps). As a result, service fees for referral services decreased by 38.65% to RMB6.2 million, while the other financial services segment achieved a profit of RMB2.6 million.

The acquisition process was progressing systematically, and the diversified synergy was poised for development

In addition, the Company is advancing the Proposed CashBox Acquisition subject to, among others, the approval of the Company’s independent shareholders. The management expects to, through the Proposed CashBox Acquisition, rely on the large and multi-regional user resources of CashBox, combining with the Company’s advantages in internet technology, to create synergies for the Group’s business. The management believes that the Proposed CashBox Acquisition will enable the Group to diversity its business, expand its income stream and maximise returns for the shareholders.

Looking ahead, the Federal Reserve is expected to initiate an interest rate reduction cycle around mid-year. In an external macro environment characterized by easing inflation and stable growth, global economic growth is poised for a “soft landing”. China continues to adhere to the principles of seeking progress while maintaining stability, focusing on high-quality development, and continuously fostering new productive forces. With frequent macro policy adjustments and a flexible and precise monetary policy, China provides robust support for stable economic operations. Against this backdrop, we believe that the industry’s development in the coming year will benefit from additional favorable policies driven by national strategies.

The management of GOME Financial Technology stated: “In 2024, the macroeconomic situation is expected to improve. The relatively relaxed financing environment is poised to inject more vitality into the national economy and create opportunities for the development of the Group. We will further explore the integration and development paths of emerging technology industries and supply chain financial industries. Additionally, we will continue to enhance support for the real economy and private economy, leveraging financial services to contribute to high-quality development. While consolidating our core financial business, we will also advance the Proposed CashBox Acquisition, enabling diversified transformation and creating greater benefits for shareholders.”

About Gome Finance Technology Co., Ltd.

Gome Finance Technology Co., Ltd. (stock code: 628) is a publicly listed company on the Hong Kong Stock Exchange. The Company’s vision is to “drive technological development through innovation and revolutionize finance through technology.” It actively expands its strategic layout in the field of financial technology, continuously enriches its product portfolio, gradually extends its risk control services driven by big data and artificial intelligence, and further enhances its comprehensive financial services to provide efficient, convenient, and high-quality financial services for customer.

Baguio Green’s 2023 Adjusted Net Profit increased by 36.7%

HONG KONG, Mar 29, 2024 – (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 2023 (the “Year”).

During the Year, the Group’s revenue was approximately HK$2.33 billion, representing an increase of approximately 29.8% as compared with the preceding year. Excluding non-operating subsidies* from the HKSAR Government (the “Government”), the Group has recorded an adjusted net profit for the Year of approximately HK$46.3 million, representing an increase of approximately 36.7% as compared to the corresponding figure in 2022. The Board recommends the payment of a final dividend for the Year at HK$3.4 cents per share.

Business Overview and Prospects

This significant increase in adjusted net profit primarily stems from: (i) the growth impetus provided by the Hong Kong Waste Charging Scheme for our recycling and green technology businesses; (ii) securing new cleaning contracts with the Government, quasi-government bodies, and private entities; and (iii) amplified efficiency gains due to economies of scale. As of 27 March 2024, the Group’s contracts on hand increased significantly to approximately HK$5.1 billion, providing strong revenue growth in the subsequent years.

During the Year, as the core business of the Group, cleaning services continued to record a significant growth, with revenue increased by 37.3% year-on-year to approximately HK$1.83 billion, accounting for approximately 78.5% of the Group’s total revenue. As the end of 2023, the Group’s Government-related street cleaning services cover a total of eight districts (Tsuen Wan, Mong Kok, Sha Tin, Yuen Long, Western, Eastern, Sham Shui Po and Tai Po districts), serving a population of approximately 3 million. The Group’s Government market related cleaning services and Government-related leisure venues cleaning services have also cover various districts in Hong Kong. The Group’s other cleaning sites covered hospitals (North Lantau Hospital, Caritas Medical Centre and Kwai Chung Hospital), clinics (clinics of the Department of Health in Kowloon East and Kowloon West), Hong Kong International Airport, schools, housing estates and private institutions, demonstrating the Group’s leading position in Hong Kong cleaning services market.

In terms of waste management, the Group provided Government-related waste collection services to five districts, including Tsuen Wan, Wong Tai Sin, Mong Kok, Wan Chai and Eastern districts, serving a population of approximately 1.6 million. In terms of recycling, the Group is contracted by the Environmental Protection Department (“EPD”) of the Government to handle around 5,000 recycling spots (including plastic, glass bottles, metals, waste paper and food waste) across Hong Kong, and is one of the market leaders. In 2023, the Group was granted by EPD to provide collection services for recycling bins in public places and schools. During the Year, the Group continued to provide plastic collection services for Eastern, Kwun Tong and Central & Western districts under the EPD Plastic Recycling Pilot Scheme contract. The Group also provides plastic collection services for Recycling Stations of “GREEN@COMMUNITY” and Reverse Vending Machines, 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 Hong Kong Island, the New Territories and Islands district. With regard to recyclable food waste collection services, as one of the market leaders in Hong Kong in providing recyclable food waste collection services, the Group was engaged by the EPD to provide recyclable food waste collection services in Kowloon district and New Territories West. Besides, in early 2024, the Group won two contracts to provide smart food waste recycling machines and maintenance services for large private residential estates, helping residents to recycle food waste efficiently and reduce Waste Charging expenses.

After strategic deployment in recent years, the green technology business achieved rapid growth. The Group made impressive progress in providing the Government with smart recycling machines and a big data analytics platform. Smart recycling machines are now available in different places of Hong Kong, providing the public with a convenient recycling experience 24 hours a day and helping to increase the overall recycling volume in Hong Kong. In addition, the Group was awarded a contract by the Food and Environmental Hygiene Department for the provision of people counting services servicing at over 800 public toilets, aqua privies and bathhouses through the system powered by Time-of-flight and Internet of Things technologies to assist the Government in monitoring flow and optimising service standard, and to support the future strategic development of public toilets.

The Group’s bioconversion technology (Black Soldier Flies) project has successfully “converted waste into useful resources”, which not only solves the problem of chicken manure in Hong Kong, but also supplies converted insect protein and organic fertilizer for fisheries and agriculture in Hong Kong.

In partnership with Jardine Engineering Corporation Limited, the Pilot Biochar Production Plant at the EcoPark in Tuen Mun commenced trial operation in the Year. By converting yard waste into high-quality biochar with pyrolysis technology for various applications, the production plant effectively “turns waste into useful resources”.

As for the landscaping business, the Group’s landscaping services currently cover some large private residences, schools, shopping malls, hotels, the Hong Kong Science Park and the Hong Kong University of Science and Technology. During the Year, the Group won the Yuen Long barrage and flood barrier improvement works and the Tuen Ma Line Extension – Tuen Mun Swimming Pool reconfiguration project. For pest management business, the Group provided pest management services in Wong Tai Sin, Tai Po and Yau Tsim districts during the Year. During the Year, the Group provided termite control and monitoring services to 29 monuments under the Antiquities and Monuments Office and 24 temples under the Chinese Temples Committee respectively.

In order to achieve the target of “Zero Landfill” in Hong Kong by 2035 as set out in the Waste Blueprint for Hong Kong 2035, the Government during the Year announced that the “Municipal Solid Waste (MSW) charging scheme” (“Waste Charging”) will be officially implemented on 1 August 2024, it is expected to further motivate the public to recycle and to increase the recycling volume. Currently, food waste recycling machines are installed in only 35% of public housing estates in Hong Kong. The Government intends to extend the installation of such machines to all public housing estates in Hong Kong in 2024. In the private housing sector, the initiative is still in its initial phrase. With Waste Charging set to effect, under the strong advocacy of the Government and the expected market demand created by the Waste Charging, it is believed that the Group’s smart recycling machines, food waste recycling machines and related smart technology business will bring huge business opportunities.

In addition to the Waste Charging, the Government is also proactively promoting the “Producer Responsibility Scheme on Plastic Beverage Containers and Beverage Cartons”, which is expected to be launched within two to three years. The launch of the Waste Charging and this scheme will directly drive the growth of Baguio’s recycling business and create solid returns for its investment in recycling facilities over the years which creates a strong entry barrier to competitors.

Moreover, according to the 2023 Policy Address, the Northern Metropolis is a new engine for the future development of Hong Kong and will provide about 500,000 new housing units after fully developed, which is believed to bring opportunities to the Group’s core businesses.

Looking forward, Baguio will continue to increase its market share in all businesses and proactively engage in expansion in Hong Kong and beyond. In addition, it will actively explore suitable mergers and acquisitions, joint ventures or new business projects to accelerate future business growth and deliver substantial and long-term returns to shareholders.

For details of the Group’s 2023 annual results announcement, please visit the following website:

http://www.baguio.com.hk/en-US/Investor%20Relations/Announcements%20and%20Notices

* Non-operating subsidies from the HKSAR Government include but not limited to Employment Support Scheme under the Anti-epidemic Fund, government vehicle schemes and Green Employment Scheme, etc.

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.

Forward Fashion Announced 2023 Annual Results

HONG KONG, Mar 29, 2024 – (ACN Newswire) – Forward Fashion (International) Holdings Company Limited (“Forward Fashion” or the “Group”; Stock Code: 2528), a creative integrated group with three synergistic business segments – fashion, art and lifestyle, today announced its annual results for the year ended 31 December 2023 (“FY2023” the “Period”). Due to the increase in the number of visitors to Macau and the improvement in the Macau retail market in 2023 increased to HKD1,007.8 million, representing a year-on-year 5.0% increase.

During the Period, revenue from the multi-brand stores was HK$190.3 million, while revenue from the mono-brand stores was HK$685.0 million, both record an increase of 2.5% and 44.3% respectively. Revenue from Store management and consignment services surged 110.5% to HK$65.0 million. Gross profit increased by 3.0% to HKD467.8 million, while Gross profit margin down from 47.3% to 46.4%. The Group recorded a net loss of HKD19.8 million for 2023 comparing with a net loss of HKD36.5 million in 2022 mainly attributable to the increase in subsidy from suppliers.

The revenue generated from Macau for 2023 increased to HKD481.6 million, representing a year-on-year increase of 9.9%, mainly attributable to the increase in the number of visitors to Macau in 2023 by 394.9% year-on-year while the total visitor expenditure increased by 292.2% year-on-year. The revenue generated from Mainland China recorded HKD426.1 million in 2023, representing a year-on-year decrease of 5.3%. The revenue generated from the sales in Hong Kong and Taiwan recorded a year-on-year increase of 31.6% and 283.7%, respectively.

Milestones in Business Upgrades: Pioneering Integration of Art, Fashion, and Lifestyle

Throughout the year, Forward Fashion achieved significant milestones in its business upgrades, reinforcing its position as an innovative leader in the integration of art, fashion, and lifestyle. Artelli, the multi-dimensional premium art space under Forward Fashion, expanded its presence to Hong Kong, Shanghai, and Taipei, hosting notable exhibitions and showcasing exclusive art projects including the “BE@RBRICK WORLD WIDE TOUR 3” exhibition in Hong Kong, the “Attack of Clone Venus” exhibition in collaboration with Japanese artist Takeru Amano in Macau, the partnership with emerging artist Chen Wei Zhu in Shanghai, and the “Artelli exclusive: Satoru KOIZUMI Meets Taiwan – World Debut of Disney’s Mickey Collection” exhibition. In addition, Forward Fashion launched ASCE (Art Space for Contemporary Expression), its first diverse and explorative art hub in Hong Kong and Macau in 2023, providing an accessible and trendy collection for the public, complementing Artelli’s premium offerings.

These initiatives not only enhanced the artistic and cultural landscape of the regions but also solidified Forward Fashion’s role as a key organizer, co-organizer, and curator of Art Macao, a prominent annual international art event. Through collaborations with major integrated resort operators in Macau, Forward Fashion delivered high-quality art content, created diverse and immersive arts and cultural experiences, contributing to the development and promotion of culture and the arts, further establishing Macau as an appealing travel destination.

Furthermore, a notable highlight of the year was the highly anticipated opening of Galeries Lafayette Macau at the YOHO Treasure Island Resorts World Shopping Centre. Galeries Lafayette Macau has quickly become a fashion and art landmark, offering a seamless blend of luxury shopping and artistic experiences. This accomplishment further underscores Forward Fashion’s success in integrating art, fashion, and lifestyle while providing diverse and upscale shopping experiences for fashion enthusiasts.

Mr. Patrick Fan, Founder, Chairman of the Board and Executive Director of Forward Fashion (International) Holdings Company Limited, said, “Last year, the group implemented a series of adjustments and measures in its business and operations. We firmly believe that these initiatives will bring forth new hope and opportunities for the group. Looking ahead, Forward Fashion acknowledges the gradual recovery of the market and the increased willingness of customers to consume. With the rise in visitor numbers to Macau, increased visitor expenditure, and the growth of GDP in Mainland China, positive signs of progress are evident. With prudent assessment and investment in new projects, the Group aims to sustain positive business development and further enhance the interests of both the Group and its shareholders.”

About Forward Fashion (International) Holdings Company Limited

Forward Fashion (International) Holdings Company Limited is an integrated group with three synergistic business segments – fashion, art, and lifestyle – and a commitment to creating innovative retail business model. With a track record of managing over 100 brands, the Group has helped many brands to establish their first presence in Greater China. In recent years, the Group has actively enhanced its operations and developed its own brands, such as Artelli, ASCE, UMJ, WF Fashion, to further enrich its brand portfolio. Leveraging its extensive retail experience and IP resources, the Group has spearheaded exclusive collaborations with brands and cultural and art communities to expand into the international market.

Mr. Fan Wing Ting, Patrick, is the founder, chairman and executive director of Forward Fashion Holdings. In 2005, he founded the first company of the Group in Hong Kong focusing on fashion apparel retail in Greater China. Following the Group’s 2020 listing on the Main Board of The Stock Exchange of Hong Kong Limited, Forward Fashion has embarked on eCommerce platforms and introduced international fashion and artistic brands and visionary international art projects to Greater China. The Group aims to cater for the preferences and needs of local youths and promotes business diversification.

Media Enquiry
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