ZhongAn Online Announces 2023 Annual Results

HONG KONG, Mar 27, 2024 – (ACN Newswire) – On March 26, 2024, ZhongAn Online (6060.HK) released its 2023 annual results. For the year ended December 31, 2023, ZhongAn Online achieved gross written premiums (GWP) of RMB29,501 million, with a year-on-year increase of 24.7%. ZhongAn remained as the 9th largest P&C insurance company in the Chinese market as measured by GWP in 2023, and the fastest growing company among the top 10 P&C insurance companies in China, with underwriting profits for three consecutive years. The Group has adopted the new accounting standard for insurance contracts, HKFRS 17, starting from January 1, 2023. Insurance revenue from the P&C insurance business under HKFRS 17 amounted to RMB27,521 million, an increase of 24.2% year-on-year.

In 2023, we celebrated ZhongAn’s 10th anniversary. With a decade of dedicated cultivation, ZhongAn has always adhered to “Insurance + Tech” dual-engine strategy, and has achieved high-quality growth by adopting a customer-centric approach and focusing on its core insurance business. During the past decade, ZhongAn has been dedicated to improving its technology, product, service and brand strengths, thereby achieving numerous breakthroughs from scratch, and contributing its one-of-a-kind strengths to accelerating the digital and intelligent transformation of the insurance industry. In 2023, as the only InsurTech company selected, ZhongAn Online was included in the 2023 China 500 list published by Fortune with honor, demonstrating the market’s recognition to ZhongAn’s decade-long brand and technology.

For a long term, ZhongAn Online adhered to the strategy of “sustainable growth with quality” as well as technology-driven cost-efficiency. In 2023, our underwriting combined ratio for 2023 was 95.2%, achieving underwriting profit for three consecutive years, and beyond the industry average performance. The Group recorded net profit attributable to owners of the parent of RMB4,078 million, this included a one-off investment gain of approximately RMB3,784 million as ZA International ceased to be a subsidiary of the Company and was accounted for as a joint venture under the equity method with effect from August 14, 2023. Excluding this one-off investment gain, the Group’s adjusted net profit to owners of the Company amounted to RMB294 million, a turnaround from the previous year.

Benefiting from the domestic economic recovery and the ongoing digital transformation in the global financial industry, the Group’s technology segment recorded technology export revenue of RMB829 million, representing a year-on-year increase of 40.0%., of which domestic revenue grew by more than 73% year-on-year.

Building user-centric proprietary channels

In 2023, the Company stayed focused on multi-scenario and multi-dimensional touchpoints with potential customers around the “ZhongAn” brand, continuously exploring and grasping online traffic dividend from mainstream content platforms via short video and livestreaming. Through AI customer service and Enterprise WeChat customer service, we delivered efficient cross-guidance and customized product recommendation, and continuously optimizing the contents of live streaming. This year, ZhongAn also stayed focused on cross-penetration between ecosystems, provided comprehensive insurance protection around four ecosystems, and increased value proposition to users through upgraded medical health, family, and pets related services. In 2023, the GWP of our proprietary channels increased by 31.0% year-on-year to RMB7,614 million, whose growth rate is higher than the company’s overall GWP growth, and accounted for 25.8% of the total GWP. The number of paying users of our proprietary channels increased by 47.6% year-on-year to 11.36 million. Renewal rate reached 88.3%, with year-on-year improvement of 3.3 percentage points; and the average premium per user reached RMB670.

Diversified product offerings of health ecosystem provide medical coverage for over 100 million people and digital lifestyle ecosystem innovates to lead the way

In 2023, China’s commercial health insurance market reported GWP of RMB903.5 billion, representing a year-on-year increase of 4.4%. As China’s multi-level healthcare protection system continued to penetrate and improve, there is a growing demand for multi-level, diversified and personalized health protection. Adhering to our original aspiration of provide medical insurance for 100 million people, our health ecosystem provided health insurance to approximately 28.80 million insured customers in 2023, recorded GWP of RMB9,806 million in 2023, representing a year-on-year increase of 9.2%. The health ecosystem had approximately 19.96 million individual insurance paying users, representing an increase of 23.6% as compared with the corresponding period of last year. Meanwhile, the company also published the customized products for the chronic disease patients, elderly, children, and female, as well as critical illness policy, outpatient policy, and other types of productions to meet the diversified needs of users under different scenarios.

For digital lifestyle ecosystem, ZhongAn capitalized on the booming growth of the domestic e-commerce industry, the strong recovery of the air travel business, and the explosive growth of innovative business including pet insurance. The GWP of the digital lifestyle ecosystem reached RMB12,563 million, representing a year-on- year increase of 41.6%. Among them, the e-commerce business segment amounted to RMB6,593 million, representing a year-on-year increase of 25.3%. The travel business segment provided travel protection for nearly 70 million users, recording GWP of RMB3,242 million in 2023, representing a year-on-year increase of 89.0%.

In the innovation business segment, ZhongAn closely follow the trends of emerging consumer behavior, continuously leverage technology empowerment, and rapidly launch various innovative insurance products to meet evolving insurance protection needs of users. In 2023, we launched a brand new sports accident insurance named Zhong Participation covering general sports and high-risk sports, and enriched our pet insurance product matrix, serving over 4.65 million pet owners nationwide and consolidating our highly leading position in the domestic pet insurance market.  

Beyond that, along with the continued recovery of the domestic economy in all sectors, and the emergence of new hotspots such as AI and NEV, the Company ushered in a new era in the consumer finance ecosystem and the auto ecosystem. With the recovery of the consumer finance industry, ZhongAn consumer finance ecosystem recorded GWP of RMB5,551 million, representing a year-on-year increase of 22.5%. We also seized the opportunities for the NEV insurance and embracing government support, bringing new momentum to auto insurance, with GWP of NEV auto insurance increased by approximately 196.1% year-on-year in 2023 and total GWP of auto ecosystem increased by 24.7% year-on-year to RMB1,580 million in 2023

Tech segment grows fast with innovations powered by AIGC

In the long term, ZhongAn continues to focus on the development of cutting- edge technologies including artificial intelligence, blockchain, cloud computing, and big data, aiming to reshape every stage throughout the insurance value chain with technology, creating a value delivery system of “technology + service”. In 2023, ZhongAn launched “Lingxi”, an AIGC middle platform, EasyCreation, the pioneering intelligent content creation platform with AIGC application covering scenarios of insurance verticals, and CWisdom, the operational analysis platform (AI upgraded version) with conversational AI. ZhongAn empowers the finance and insurance industry with AI, promotes high-quality development for financial industries with core technologies and reshapes the landscape of digital finance.

In 2023, ZhongAn’s technology segment continued to expand both domestically and internationally, helping many clients across the globe with their digital transformation processes. During the reporting period, ZhongAn recorded technology export revenue of RMB829 million, representing a year-on-year increase of 40.0%.

Benefiting from the industry’s demand for continued digital upgrading and transformation brought by Digital China and the digital economy, our domestic technology export business recorded revenue of RMB504 million, representing a year-on-year increase of 73.2%. Number of newly contracted clients along the insurance industrial chain reached 91, of which more than 40 clients had a contracted amount of more than RMB1 million and 4 clients had a contracted amount of more than RMB10 million. ZhongAn’s tech segment also made breakthroughs in expanding business into diversified sectors, serving 12 clients from the banking and securities industries, and further expanded to cover manufacturing and other high-tech industries.

For overseas technology export, ZA Tech, under ZhongAn International, founded in 2018 and headquartered in Singapore, focuses on exporting new insurance core systems and digital insurance technology experience to overseas insurance companies and insurance intermediary platforms, aiming to build a new digital operating system of the global insurance industry. As of now, ZA Tech’s footprints have covered regional markets such as Japan, Hong Kong, Southeast Asia, and Europe. In 2023, ZA Tech recorded technology export revenue of RMB325 million, of which sustainable revenue accounted for 51%, and the gross margin increased to 46% from 40% for the corresponding period of 2022.

ZA Bank continues to build a leading financial services platform In Hong Kong

As one of the first banks in Hong Kong granted a virtual banking license, ZA Bank has become one of the virtual banks with the most comprehensive product matrix in Hong Kong market. By the end of 2023, ZA Bank had total deposits  of approximately HKD11.7 billion and gross loans of approximately HKD 5.4 billion.

ZA Bank became the first virtual bank in Hong Kong to be granted a Type 1 regulated activity (dealing in securities) license by the Securities and Futures Commission (SFC) in January 2022, and has been actively expanding its product matrix for investment business since then. The Bank officially launched mutual fund services in August 2022, successfully onboard over 100 investment fund products, and officially launched its US stock trading services in February 2024 for Hong Kong users. By the end of 2023, retail users’ AUM amounted to nearly HKD 1 billion. Meanwhile, benefiting from the interest rate hike cycle and the diversification of loan products, ZA Bank’s net interest margin further improved to 1.94% from 1.84% in the corresponding period of 2022. In 2023, ZA Bank recorded net revenue of approximately HKD 370 million, representing a year-on-year increase of 42.9%; With the Bank’s focus on business quality and operationalefficiency improvement, the net loss margin narrowed by approximately 85.6 percentage points

The General Manager of ZhongAn Online Simon Jiang says, “In the past decade , ZhongAn had been growing on the background of FinTech development and diversification trend across the globe. In the wave of digital transformation, we remain true to our original aspirations and adhere to the concept of “insurance + technology” so as to offer more inclusive products to users, bring warm experience of ZhongAn and contribute to the building of a high-quality inclusive financial system.”

About ZhongAn Online P&C Insurance Co., Ltd. (Stock Code: 6060.HK)

Founded in October 2013, ZhongAn Online P & C Insurance Co., Ltd. (“ZhongAn Online”, “ZhongAn” or the “Company”) is a leading digital-only insurance company in China. On September 28, 2017, ZhongAn became the first FinTech company listed on the Stock Exchange of Hong Kong. ZhongAn offers insurance products and solutions within four ecosystems, which include health, digital lifestyle, consumer finance, and auto. Focusing on InsurTech, ZhongAn leverages its advanced InsurTech experience and technological capability to facilitate the digital transformation of companies along the insurance industry value chain through the development of new digital infrastructure.

For further information, please contact ZhongAn Online IR team

Email: IR@ZhongAn.com



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Noah Holdings Posts Solid Q4 and Full-Year Financial Performance

HONG KONG, Mar 27, 2024 – (ACN Newswire) – Noah Holdings Limited (the “Company,” or “Noah”) (NYSE: NOAH and HKEX: 6686), a leading wealth management service provider offering comprehensive global investment and asset allocation advisory services primarily for high-net-worth investors, today announced its unaudited financial results for the fourth quarter and the financial results for the full year ended December 31, 2023.

Despite a challenging year for the global wealth management industry and a sluggish post-pandemic economic recovery, Noah continued to drive revenue and non-GAAP net income growth and keep a healthy operating margin. This robust performance was driven by Noah’s strategic foresight and adaptability as it transitioned from a product-focused model to a solution-driven approach. This strategic shift allowed Noah to assist in building portfolios that are resilient in the face of challenging market cycles, earning it significant trust from existing and prospective clients.

Ms. Jingbo Wang, co-founder and Chairwoman of Noah, said “Noah’s relentless focus on client needs, spearheaded our transition from a product-focused model to a solutions-driven approach over the past year, strengthening our ability guide clients through this challenging market environment. The pace of our international expansion continues to increase as our clients’ demand for global asset allocation grows. Our balance sheet is robust, clean and is generating sufficient capital to support Noah’s overseas expansion. By enhancing operational efficiency, attracting top talent, and strategically cutting costs while simultaneously investing in new international markets, channels, technologies and the development of a global product and service matrix, we are ideally positioned to help clients traverse this market.”

Noah generated total net revenues of RMB 3.3 billion in 2023, an increase of 6.3% from 2022, with RMB 2.5 billion from wealth management and RMB 766.2 million from asset management. Operating profit for the year achieved a slight increase of 0.9% YoY, while operating profit margin for the year remained at a healthy level of 33.3%.

Noah made significant progress in expanding its international presence in 2023. As demand for asset security and global diversification grows, Noah is directly aligning itself with client priorities and investing in overseas products and services. Through its enriched product offerings and enhanced cooperation with top global primary and secondary market funds and insurance companies, Noah drove increases of 10.7% in overseas AUM, 73% in overseas net revenues, 14.2% and 38.0% in overseas registered clients and active clients, respectively. As a percentage of total net revenues, overseas net revenues accounted for 43.5% in 2023.

Noah’s international footprint also expanded in 2023. Following extensive research to identify overseas markets with high concentrations of HNW Chinese-speaking investors, Noah opened an office in Los Angeles. To support this expanding presence, Noah onboarded 89 overseas relationship managers as of the end of 2023, ramped up campus recruitment to ensure a steady pipeline of highly qualified graduates, offered overseas relocation opportunities to high-performing employees, and continued to recruit capable professionals from global top tier private banks in our target markets. This diverse and highly skilled professional team will better serve clients with overseas assets and deepen Noah’s share of their USD wallet, allowing it to attract new clients across the globe.

The Company’s performance in 2023 was widely acknowledged by the industry with numerous awards, including ‘Best Independent Wealth Manager – China’ by Asian Private Banker for the seventh straight year, ‘Best Wealth Manager for Overseas Asset Management’ by Asiamoney, and ‘Best Wealth Manager’ by Euromoney in 2023, underscoring its status as a leader in overseas wealth management. Recently, Noah achieved a notable milestone by receiving full membership to the Private Wealth Management Association (PWMA), becoming the first non-bank institution to be welcomed into this distinguished organization.

The Company’s CIO house view and CCI model reflect this international focus and combine it with the latest asset allocation advice and a full suite of wealth management products and services. This strategic approach has further resonated with clients during recent market volatility. At the end of the fourth quarter of 2023, Diamond Card clients decreased by 2.8% from the same period last year and 1.2% sequentially. However, the number of Black Card clients increased by 8.8% year-over-year and 1.7% sequentially, reflecting a growing trend of Diamond clients upgrading to Black Card status. This underscoring the trust and loyalty clients place in Noah, especially in these challenging market conditions. Starting from 2024, the semi-annual CIO report begins issuing both domestic and overseas versions to provide clients with strengthened overseas investment advice.

Noah continued to invest in its technology stack throughout the year to improve the client experience globally and maximize internal efficiency. iNoah One Account, the Company’s wealth management platform, expanded in 2023 with cash management, hedge funds, structured products, and one-click access to research and recommendations. It also gave clients access to one-click CCI portfolio reports, enhanced its CRM system to generate significant time savings for relationship managers, and streamlined insurance services in Hong Kong as it works to extend those improvements globally. These efforts were widely recognized by the industry, with Noah being named “Best Wealth Management Platform for Investments and Digital Innovation” in 2023.

In March 2024, the Company’s Board of Directors approved an annual dividend of approximately RMB 509 million (USD 71.7 million) in total, equivalent to 50% of 2023 non-GAAP net income attributable to Noah shareholders, and a non-recurring special dividend of approximately RMB 509 million (USD 71.7 million) in total for 2023. Thus, the amount of total shareholder returns for 2023 will be RMB 1 billion, equivalent to 100% of 2023 non-GAAP net income, subject to final approval of AGM in June 2024. The dividends reflect Noah’s confidence in its future business prospects and commitment to returning capital to shareholders while ensuring that it has the resources necessary to fuel future growth.

Noah’s full financial results for the fourth quarter and year ended December 31, 2023 are available at ir.noahgroup.com.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. In 2023, Noah distributed RMB 74.1 billion (US$10.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB 154.6 billion (US$21.8 billion) as of December 31, 2023.

Noah’s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah’s network covers 44 cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Los Angeles and Singapore. A total of 1,252 relationship managers provide customized financial solutions for clients through this network, and meet their international investment needs. The Company’s wealth management business had 455,827 registered clients as of December 31, 2023. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. The Company also provides other businesses.

For more information, please visit Noah at ir.noahgroup.com.  

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

Contact info:

Noah Holdings Limited E-mail: in_communication@noahgroup.com



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Sunshine Insurance Announces 2023 Annual Results

HONG KONG, Mar 27, 2024 – (ACN Newswire) – Sunshine Insurance Group Company Limited (“Sunshine Insurance” or the “Company”, and its subsidiaries collectively the “Group”; Stock code: 6963.HK) is pleased to announce the audited consolidated results for the year ended 31 December 2023 (the “Reporting Period”).

2023 Annual Results Highlights:

— GWPs increased by 9.3% YoY to RMB118.91 billion;

— Insurance revenue increased by 7.5% to RMB59.90 billion;

— Net profit attributable to equity owners of the parent reached RMB3.74 billion;

— Embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis;

— Comprehensive investment yield was 4.8%;

— As of December 31, 2023, the number of active customers was approximately 31.54 million.

In 2023, with the overall recovery in China’s economy and steady progress in high-quality development, the Group actively seized the development opportunities arising from the economic recovery, the rising awareness of insurance protection among residents, the increasing diversity of insurance needs and the growing demand for pension insurance brought about by the ageing population. With in-depth research, development and innovation, the Group effectively formulated and fully activated the “New Sunshine Strategy” with “Sunshine of Technology” created by data intelligence, “Sunshine of Value” created by model innovation, and “Sunshine of Caring” created by a culture of goodness with love and responsibility as its three core elements, and achieved steady development in core business of insurance industry with a high level of strategic determination and solid execution, resulting in continuous improvement in value creation and effective implement of customer idea.

During the Reporting Period, the gross written premiums (GWPs) of the Group were RMB118.91 billion, representing a year-on-year increase of 9.3%, and the insurance revenue reached RMB59.9 billion, representing a year-on-year increase of 7.5%. The net profit attributable to equity owners of the parent was RMB3.74 billion. The embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis. The total investment yield was 3.3% and the consolidated investment yield was 4.8%. As the end of 2023, the Group had approximately 31.54 million active customers.

Positive Development in Core Business with Remarkable Results in Value Creation Project

In 2023, based on its core business of insurance, Sunshine Insurance has laid a solid foundation for its high-value growth by continuing to promote the innovation and value development of life insurance business, strengthening core competency and doing a good job in asset management and risk management with a clear strategic consistency.

In terms of life insurance, the path of differentiation and value realization for Sunshine Life Insurance is becoming increasingly clear with its “one body” and “two wings” project. The business value ratio and persistency ratio have been steadily improved, and the pursuit of the “five highs” of “high-morality, high-productivity, high-value, high-income, and high-quality” has initially been achieved, highlighting the industry’s comparative advantages. During the Reporting Period, the Group’s total life insurance premium income reached RMB74.60 billion, a year-on-year increase of 9.2%. The first-year regular premiums (“FYRPs”) reached RMB18.10 billion, a year-on-year increase of 22.7%. The value of one year’s new business was RMB3.60 billion, a year-on-year increase of 44.2% on a comparable basis. FYRPs from individual insurance channel for the year reached RMB4.30 billion, a year-on-year increase of 46.5%. FYRPs with Sunshine’s characteristics from worksite marketing achieved more than double. The Company’s operating indicators, including the education level of its workforce, productivity per person, product value ratio, 13-month persistency ratio, and agent income, have been improved in an all-round way.

In terms of property insurance, Sunshine P&C has made breakthroughs in all “three life table” projects. The intelligent automobile insurance life table has achieved the “last mile” connectivity, truly establishing industry-leading risk pricing capabilities. Full intelligence of rigid risk cost management and optimal allocation of resources provided a technological model guarantee for auto insurance to become a stable and profitable business. The non-auto data life table and credit insurance life table have also witnessed substantial progress and have been gradually applied to the operation side. During the Reporting Period, Sunshine P&C witnessed rapid growth in business scale, continuous optimization of business structure and quality. It achieved a premium income of RMB44.24 billion, a year-on-year increase of 9.6%. The underwriting combined ratio was 98.7%, a year-on-year optimization of 0.7 percentage point, indicating sustained enhancement in profitability.

In the area of asset management, facing challenges brought by market fluctuations, the Group has ensured the healthy and steady development of the core business through clear strategic consistency, appropriate choices align with the reality, and exceptional asset correlation. It has also closely followed the national development strategy, continuously improving its capabilities and allocation ratio of investment for future-oriented industries, and seizing the initiative in strategic implementation. During the Reporting Period, the Group’s asset management business maintained healthy development, with a total investment income of RMB14.62 billion, a total investment yield of 3.3% and a consolidated investment yield of 4.8%.

Building New Strategy of “Technological Sunshine” with Data Intelligence, Enhancing Overall Technological Capabilities

The Central Financial Work Conference held in 2023 clearly put forth the goal of “building a strong financial nation and making great strides in technological finance, green finance, inclusive finance, pension finance and digital finance”. During the Reporting Period, the Group, focusing on the two initiatives, “technological finance” and “digital finance”, improved innovative mechanisms, fostered innovative culture, deepened product orientation and intensified efforts in “three robots” project, namely sales robot, service robot and management robot. AI products gradually took shape and began testings in institution businesses.

The Group also embraced the trend of AI innovation and listed the independently developed AI large models as its strategic project. It also pioneered developing the Sunshine GPT large model with independent intellectual property rights, which has already been applied in customer service, sales support, intelligent claims and other scenarios.

Meanwhile, the Group continued to strengthen digital customer insights, marketing, operations, risk control and product innovation, gaining remarkable results. In terms of customer insights, the customer conversion rate has increased by 99.5% year-on-year through big data integration and customer portrait applications. In terms of marketing support, the use of big data and text exploration facilitated sales, empowering an increase in per capita productivity. In terms of operational services, intelligent businesses handling like intelligent consultation and assessment are provided to customers, with a 91% of Online self-service processing rate of property and life insurance business customers and 90.2% of customer satisfaction for intelligent services. In terms of risk prevention, 210 new risk monitoring and identification indicators have been launched, with 147 optimizations, effectively monitoring, identifying and controlling risks. In terms of product innovation, the “Mileage-based New Energy Vehicle Model” utilized data exploration technology to significantly enhance the capabilities of the new energy vehicle business.

Furthermore, the Group actively promoted the digital and intelligent transformation of the entire industry. With a great sense of responsibility and mission, it took the initiative in holding the first InsurTech Digital Intelligence Conference which gathered more than 150 industry insiders and outsiders, and published the first white paper on the application of large model technology in the insurance industry. It also initiated the establishment of the InsurTech Digital Intelligence Innovation Consortium, gathered industry forces of insurtech intelligence, and promoted innovative all-round breakthroughs in Sunshine Technology.

Building “Sunshine of Caring” with a Culture of Love and Responsibility and Moving Customer Operation Capabilities to a New Level

Grounded and focused on the ideology of “finance for the people and the culture of love and responsibility”, the Group effectively implemented the “customer-centered” core value and built a customer-driven development mode in 2023 from strategic deployment to business implementation, remaining committed to building the “Sunshine of Caring”.

Sunshine Life took the implementation of “Matrix Plan” as the first step to ensure that customers’ thoughts and actions can be put into practice. Focusing on the needs of the whole life cycle of customers’ families, based on the large-scale research of more than 20,000 customers, and through in-depth research and thorough analysis of multi-dimensional issues such as life stages, categorization of needs, and product correspondences, Sunshine Life has creatively introduced the truly customer-centric product allocation philosophy of “3 insurance policies for your lifetime of safety and security, 5 policies for the whole family, and 7 policies of Sunshine Insurance bring you a promising future” (“3/5/7”), making the Group the first company in the industry to make it clear to society in a simple and clear way that one needs a few insurance policies for one’s whole life, which is not easy to explain.

Aiming at its advantageous areas, Sunshine P&C continued to promote the implementation of “Partnership Action” risk management services, focused on the innovation and practice of the “insurance + service + technology” model, created exclusive risk management solutions for a number of industries, and built the “Sunshine Partnership” applet, a lightweight enterprise customer service platform that combines “disaster warning, online service, risk control and security”, to effectively help customers identify and dispose of hidden security risks, and manage risks from the perspective of customers in real sense. In 2023, it provided technology disaster mitigation and professional risk consulting services to 14,000 corporate clients.

In accordance with the “four features” principle of “value, characteristics, practicality and usability”, the Group was making new strives to reshape its value-added service system and upgrade its unique team of “customer experience officers” to better “advocate for customers”. With the continuous enhancement of customer operation capabilities, the number of Group’s active customers has been growing steadily, reaching 31.54 million by the end of 2023.

Serving “National Priorities” and Conducting In-depth Practice of Social Responsibility

Finance is the bloodline of the real economy. As the only traditional insurance company being listed among 205 insurance companies established in this century, the Group actively plays a leading role in the response to national policy and regulatory requirements with stable corporate governance and scientific risk control, integrates with national strategies, enhances the quality of service to the real economy, and provides targeted and strong support for the development of real economy.

Throughout the year of 2023, the Group provided risk coverage of RMB61 trillion for the real economy. It also worked to assist in the green and low-carbon transformation by providing green insurance coverage of RMB12.2 trillion, with a sustainable investment balance exceeding RMB50 billion; promoted rural revitalization by launching comprehensive insurance assistance, expanding insurance coverage for agricultural products and providing a package of products such as “Poverty Prevention Insurance” and supplementary medical insurance to key assistance groups. In 2023, the Group provided agricultural risk coverage of RMB 28.60 billion for 917,000 farmer and paid out RMB 460 million in claims, delivering benefits to 368,000 farmers; served the construction of the Belt and Road Initiative by providing risk coverage of RMB98.16 billion for 402 related projects and long-term financial support of RMB 60.07 billion for large-scale investment projects; focused on the actual needs of SMEs by providing risk coverage of RMB304.02 billion for about 26,000 SMEs and helping about 68,200 SMEs obtain financing of RMB11.3 billion.

In addition, the Group actively fulfilled its social responsibilities and participated in public welfare. The Group gave full play to its advantages in financial technology and medical resources, and actively organized and participated in various public welfare activities such as education, elderly assistance and poverty alleviation. By the end of 2023, the Group had supported the construction of 73 schools in 24 provinces; provided training to 19,478 rural doctors; and granted parental maintenance allowances to 40,716 employees.

The year 2024 is crucial for achieving the goals and tasks outlined in China’s “14th Five-Year Plan”. With multiple favorable factors such as the long-term upward trend of China’s economy, the country’s policy orientation to support the development of the insurance industry, the market environment created by financial regulatory authorities, and the continuous advancement of high-quality development in the industry, the development space for the insurance industry is expected to further expand, and the long-term upward trend will remain unchanged. This year’s government work report clearly states that “vigorously developing technology finance, green finance, inclusive finance, aging finance, and digital finance” is a continuation of the emphasis on doing a good job in the five major areas of financial work, and it also points out the direction for the industry to assist in the implementation of the “14th Five-Year Plan” with high-quality development and serve the construction of Chinese-type modernization.

Looking ahead, the Group will uphold the original intention and entrepreneurial spirit, adhere to strategic determination and scientific corporate governance, and firmly hold the bottom line of preventing systemic financial risks, and continue to deepen the implementation of the New Sunshine Strategy rooted in high-quality development, and use it as a pivotal force for growth. The Group keeps breast of the service objectives of “Five Major Areas of Financial Work” and execute targeted innovative strategies accordingly. The ultimate aspiration is to achieve “technological leadership, robust value creation, and customer-centered thought”, thereby sustainably contributing to the construction of a strong financial nation and fostering high-quality financial growth.

About Sunshine Insurance Group Company Limited

Sunshine Insurance Group Company Limited is a fast-growing private insurance service group in China. Since its establishment, the Group has demonstrated unwavering commitment to its core business, embracing an industrial mindset within the financial industry. It prioritizes value creation and strives to emerge as a premier provider of family insurance services, while simultaneously serving as a dependable partner for enterprise risk management. The Group carries out life and health insurance business through Sunshine Life, property and casualty insurance business through Sunshine P&C, and manages insurance funds through Sunshine AMC. As of December 31, 2023, the Group has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 13 consecutive years and has been entitled as one of the “Top 500 Valuable Brands in China” by the World Brand Lab for 12 consecutive years.



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Tingyi: Steady Growth in 2023 with a Commitment to High Quality Development, GPM Improved to 30.4% and EBITDA Increased 13.8% YoY

HONG KONG, Mar 27, 2024 – (ACN Newswire) – On March 26, 2024, Tingyi (Cayman Islands) Holding Corp. (0322.HK, “Tingyi”, “Master Kong” or the “Company”, together with its subsidiaries, the “Group”) is pleased to announce its 2023 annual results. In 2023, the Group proactively responded to the challenges from external environment, focused on high-quality development, and achieved steady development with healthy financial indicators. For the twelve months ended on December 31, 2023, the Group’s revenue grew 2.16% year-on-year to RMB80.418 billion. Among which, the revenue from instant noodles was RMB28.793 billion, while the revenue from beverages was RMB50.939 million. Gross profit margin grew 1.33 percentage points year-on-year to 30.42%. EBITDA grew 13.82% year-on-year to RMB8.207 billion. The board of directors proposed to distribute a special dividend of RMB0.2766 per common share and a final dividend of RMB0.2766 per common share. Dividend payout ratio for the year reached 100%.

Financial Summary

 

For the twelve months ended 31 December

 

RMB’000

2023

2022

Change

Revenue

80,418,075

78,717,420

↑ 2.16%

Gross margin

30.42%

29.09%

↑ 1.33ppt.

Gross profit of the Group

24,467,089

22,899,417

↑ 6.85%

EBITDA

8,206,526

7,209,990

↑ 13.82%

Profit for the period

3,516,667

3,075,834

↑ 14.33%

Profit attributable to owners of the Company

3,117,461

2,632,312

↑ 18.43%

Earnings per share(RMB cents)

 

 

 

Basic

55.33

46.73

↑ 8.60 cents

Diluted

55.31

46.71

↑ 8.60 cents

 

In 2023, the domestic consumption market gradually recovered, with a significant recovery of the out-of-home consumptions. Since consumers have become more rational in making shopping decisions,  they are pursuing healthy and high-value products, while also focusing on product cost-effectiveness. During the year, the Group centered its approach “Serving Consumers Comprehensively and Perfectly”, and implemented the strategy of “Consolidate, Reform and Develop” in all respects. At the same time of consolidating the core products, the Group also focused on product innovation, branding and channel development to consistently meet the dynamic needs of different consumers.

In 2023, the gross profit structure of the instant noodle business was improved step by step. Revenue of the instant noodle business was RMB28.793 billion, accounting for 35.80% of the Group’s total revenue. During the year, due to the decline in raw material prices and improvement in selling prices, the gross profit margin of instant noodles grew 3.05 percentage points to 27.00% year-on-year. As a result of gross profit margin expansion, the profit attributable to shareholders of the Company in the instant noodle segment grew 46.10% year-on-year to RMB2.008 billion for the full-year 2023. During the year, the instant noodle market faced changes such as shift in consumption scenarios. The business continued to consolidate core products, develop innovative flavors, accommodating the diverse needs of consumers. Meanwhile, the Group made active investment in the rejuvenation of the brand and the improvement of food safety risk management, making it a “A Cooperative Partner of China Space” for seven consecutive years.

In 2023, the beverage business was accelerating the strength of scale advantages as consumers travelled more. Growth realized in categories of tea, juices, water, and carbonated soft drinks. Revenue from beverage business was RMB50.939 billion, with a year-on-year growth of 5.39%, accounting for 63.34% of the Group’s total revenue. During the year, the gross profit margin of beverages grew 0.15 percentage points year-on-year to 32.10%, due to the decline in raw material prices and change of product-mix. Because of the year-on-year increase in distribution cost rate, the profit attributable to shareholders of the Company in the beverages segment declined 8.57% year-on-year to RMB1.260 billion for the full-year 2023. During the year, following the trend of sugar-free and health, the Group launched a suite of products including sugar-free tea, sugar-free carbonated soft drinks and sugar-free coffee. Through cross-sector collaborations, title sponsorships, packaging enhancements  and other marketing methods, the beverage business continued to expand the penetration among young demographics, consistently enhancing brand preference and awareness.

Mr. Richard Chen, Chief Executive Officer, commented, “In 2024, it is expected that economic development will be stable and domestic demand will be released under the tone of “Consumption-Promotion Year”. The Group remains committed to its strategy to “Consolidate, Reform and Develop” and will keep working to expand and strengthen its business for the domestic market. The Group will continue to invest in product innovation, brand building, channel construction, increase investment in basic research, accelerate the development of talent echelons, strengthen system platform integration, and accelerate the construction of projects for digital transformation, food safety, and sustainable development. At the same time, it will drive business growth, better serve customers and consumers, create value for shareholders, and establish a comprehensive food and beverage “National Brand” that is trusted by the government, delightful for partners, and reassuring for consumers.”

About Tingyi (Cayman Islands) Holding Corp. (0322.HK)

Tingyi (Cayman Islands) Holding Corp. (the “Company”), and its subsidiaries (the “Group”) specialise in the production and distribution of instant noodles and beverages in the People’s Republic of China (the”PRC”). The Group started its instant noodle business in 1992, and expanded into instant food business and beverage business in 1996. In March 2012, the Group further expanded its beverage business by forming a strategic alliance with PepsiCo for the beverage business in the PRC. The Company exclusively manufactures, bottles, packages, distributes and sells PepsiCo soft drinks in the PRC. After years of hard work and accumulation, “Master Kong” has become one of the best-known brands among consumers in the PRC.

For enquiries, please contact:

Investor Enquiries

Investor Relation Team, Tingyi (Cayman Islands) Holding Corp.

E-mail: ir@tingyi.com

 

Christensen China Limited

Stephanie Chen

E-mail: stephanie.chen@christensencomms.com

Tel: +852 2117 0861



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Cinese International Announces 2023 Annual Results

HONG KONG, Mar 27, 2024 – (ACN Newswire) – Air ticket distributor, travel business process management services provider and travel products services provider Cinese International Group Holdings Limited (“Cinese International”, collectively with its subsidiaries, the “Group”; stock code: 1620) has announced its annual results for the year ended 31 December 2023.

Following the ease of the COVID-19 pandemic, there was a continuous recovery of the travel industries worldwide, and the Group’s performance in 2023 has also recovered steadily. The Group recorded a total revenue of approximately HK$103.5 million for the year ended 31 December 2023 (2022: HK$45.8 million). Such increase was mainly attributable to the increase in revenue generated from the air ticket distribution segment and travel products and services segment. Gross profit increased by approximately 96.4% year-on-year to approximately HK$44.2 million in 2023 (2022: HK$22.5 million); overall Gross profit margin was 42.7%. The Group achieved a turnaround for the year, with a profit for the year of HK$2.9 million (2022: loss for the year at HK$13.8 million).

Air ticket distribution

During the year, revenue for the air ticket distribution segment substantially increased by approximately 93.9% to approximately HK$22.1 million. Such increase was mainly attributable to the increase in transaction volume of air tickets sales and gross sales proceeds generated from air tickets sales, primarily due to the continuous recovery of the travel industries worldwide. As one of the International Air Transport Association (IATA) accredited travel agents in Canada and one of the Airlines Reporting Corporation (ARC) accredited travel agents in the United States, the Group is qualified to obtain ticketing authority to issue air tickets of all available flights on behalf of IATA member airlines and ARC member airlines and secure private fare deals directly from them. As at 31 December 2023, the Group had ticketing authority for more than 150 airlines and private fare deals with around 70 airlines, including top airlines based in Canada, the United States and the People’s Republic of China (“the PRC”).

Travel business process management

The travel business process management segment provides a range of travel business process management including air ticket transaction processing, customer contact, BSP/ARC settlement and reconciliation, software development and travel licensing, compliance and other administrative matters. Segment revenue generated from travel business process management decreased by approximately 34.1% year-on-year to approximately HK$21.1 million for the year. Such decrease in segment revenue was mainly attributable to the Group’s reduced business cooperation with certain customers with lower profit margins to improve the operational efficiency and profitability. As a result, the Group recorded a year-on-year increase in gross profit margin for the travel business process management segment of approximately 18.4 percentage points to approximately 66.4%. The management will continue to expand the Group’s customer base by initiating sales efforts targeting travel agents that share similar profile and market positioning as its existing customers, while at the same time optimise the Group’s customer profile.

Travel products and services

The Group has resumed providing package tours in the first quarter of 2023 following the ease of the COVID-19 pandemic. Leveraging its knowledge and experience as a travel services provider, the Group continues to extend its presence to the Guangdong-Hong Kong-Macao Greater Bay Area (“Greater Bay Area”). During the year, the Group recognised segment revenue of approximately HK$60.3 million primarily in relation to the provision of company-operated cultural tours in the Greater Bay Area. The management will continue to consolidate and expand the Group’s presence in the Greater Bay Area through sourcing new customers.

Future Prospects

Air travel demand is off to a very healthy start in 2023, which bodes well for the continued and steady recovery from the COVID-19 pandemic. The airline, travel and tourism industries worldwide have significantly improved alongside with steady demand for travel and increasing flight numbers. Airlines of different countries have increased their number of destinations while passenger demand and bookings demonstrate a continued growth. Leveraging its knowledge and experience from being a travel services provider to explore new business opportunities, the Group had entered into a non-legally binding memorandum of understanding in early 2024 with a travel and healthcare services provider based in Hainan, the PRC in relation to potential travel and healthcare business cooperation.

Ms. Mariana Kou, Chairperson and Executive Director of Cinese International, said, “The Group has resumed providing package tours in the first quarter of 2023. We believe that the travel industries as a whole are improving, which will in turn create more business opportunities for the Group. The Group will continue to develop its presence in the travel industries of the Greater Bay Area. Also, Cinese International will keep deploying business strategies with a view to further develop its travel related businesses and endeavor to explore suitable business opportunities in the travel consultancy, healthcare, hospitality and other potential service industries by leveraging its knowledge and experience, so as to create business synergy, enhance earning capability and potential, and bring value to shareholders of the Company.”

About Cinese International Group Holdings Limited

Cinese International is a long-established air ticket distributor, travel business process management provider and travel products and services provider in Canada, founded in 1976 and with more than 40 years of operating history. The principal businesses of the Group include (i) air ticket distribution in which it distributes air tickets to travel agents and travelers and issue air tickets directly on behalf of contracted airlines; (ii) travel business process management in which it provides mid-office and back-office support services to travel agents; and (iii) travel products and services in which it designs, develops and sells package tours, as well as other travel products and services to travel agents and travelers.

For media enquiries:

Strategic Financial Relations Limited

Keris Leung  Tel: (852) 2864 4863  Email: keris.leung@sprg.com.hk

Maggie Ko  Tel: (852) 2846 4890  Email: maggie.ko@sprg.com.hk



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HOFA Returns to Art Central 2024 With Eight Exceptional International Artists

HONG KONG, Mar 27, 2024 – (ACN Newswire) – HOFA Gallery returns to Art Central Hong Kong from 28 to 31 of March 2024, eager to captivate audiences at Booth B11 with a showcase titled ‘Abstract Actuality’. Presenting the works of eight internationally renowned artists, exhibiting Ilhwa Kim, Jan Kaláb, Mary Ronayne, Hannes Schauer, Alejandro Monge, Li Jie, Breakfast and Sougwen Chung, that intentionally play with the realms of reality.

Alejandro Monge, I.S., 2024, Fiberglass, Concrete and Pigments, 40 × 25 × 20 cmAlejandro Monge, I.S., 2024, Fiberglass, Concrete and Pigments, 40 × 25 × 20 cm

Elio D’Anna, co-founder of HOFA, elaborates by stating, “Art Central is renowned for pushing the boundaries of contemporary art since its inception and HOFA is proud to exhibit alongside Asia’s most innovative galleries alongside distinguished artists from around the world.”

For 2024’s edition of Art Central, HOFA, the renowned contemporary London gallery, presents a captivating array of eclectic contemporary subjects, accentuating the profound connections engendered by explorations of mind, matter and nature intertwined, challenging the aspects of abstract vs actuality.

Ilhwa Kim’s artworks showcase the mastery of patience, guiding viewers into a contemplative state. Her commanding perspective deftly manipulates precision, depth, and space, evoking elusive imagery that invites interpretation through the lens of each individual’s perspective.

As a multidisciplinary artist, Jan Kalab’s work reflects a conflicting spectrum, oscillating between the spontaneity of graffiti and controlled geometric forms. His method is essentially a documentation of experimenting with a repertoire of medium, motion, and variation.

Mary Ronayne’s artistry is marked by her remarkable skill with fluid enamel, capturing the dynamic energy and movement of her subjects with immediacy. Through her figurative yet abstract compositions, she achieves a captivating aesthetic that radiates playfulness, in delightful contrast to the meticulous control she maintains over the narrative.

Regarded as a refuge from the world’s noise, Hannes Schauer’s art serves as a space for quiet contemplation, akin to communing with nature. His highly embodied and intuitive process involves laying the canvas on the floor and expressively splashing it with highly diluted ink and acrylic paint, shaping its precipitation and atmospheric turbulence in a spiritual ritual.

Alejandro Monge’s portraits defy the confines of flat canvases, reaching beyond the visual limits of two-dimensional art. His works, influenced by Caravaggio’s chiaroscuro and the mastery of John Singer Sargent, possess a sculptural quality that pushes against the boundaries of traditional space. Monge’s painted elements exhibit a hyperrealistic allure reminiscent of photography, skilfully deceiving the vision of the observer.

Establishing himself as a dedicated researcher in the field of oil painting, Li Jie actively portrays his commitment to continuous artistic growth. His unique perspective and aesthetic insights propels his experimentation with depth, layering and structure that defy the boundaries of two dimensional works. This duality of environment and experience has undoubtedly influenced his artistic vision, creating a compelling and diverse body of work that captivates art enthusiasts worldwide.

Breakfast pushes the boundaries of computer-driven kinetic art to generate an emotionally impactful aesthetic. At the heart of their work is a commitment to developing advanced artworks that seamlessly integrate deep concepts, software, and hardware. These pieces not only offer interactive experiences that bridge distances, but also narrate the profound stories shaping our rapidly transforming world.

Exploring the frontiers of human-machine connection, Sougwen Chung is a prominent artist and researcher, renowned for groundbreaking work in the realm of human-machine collaboration. Chung’s artistic endeavours transcend conventional boundaries, showcasing the intricate interplay between the mark-made-by-hand and the mark-made-by-machine.

‘Abstract Actuality’ HOFA Gallery (Booth B11) Art Central, Hong Kong, 28 – 31 March 2024

Contact Information:
Emma-Louise O’Neill
Comms & Brand Collaborations Director
emmalouise@thehouseoffineart.com
+447515136909

SOURCE: HOFA Gallery



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

BoardWare Announces 2023 Annual Results

HONG KONG, Mar 26, 2024 – (ACN Newswire) – BoardWare Intelligence Technology Limited (“BoardWare” or together with its subsidiaries, the “Group”; stock code: 1204.HK), a leading company in the Greater Bay Area (“GBA”) that offers comprehensive, high-quality and end-to-end enterprise IT solutions, today announced its annual results for the year ended 31 December 2023 (“2023” or the “Year”).

Financial Performance

The potential demands of various IT solutions resumed along with the end of the influence from COVID-19 pandemic. During the Year, the Group continued to provide comprehensive and high-quality end-to-end enterprise IT solutions as well as distribution and resale business to customers under various industry sectors in Macau, Hong Kong and the PRC. The Group endeavoured to capture the resumed demands from the recovery of the economy from the pandemic to expand its market share in Macau, Hong Kong and the PRC. During the Year, the Group’s revenue increased by 23.6% to HK$717.6 million, such increase was primarily attributable to the aggregate effect of the increase in revenue generated from both enterprise IT solutions business and distribution and resale business. Gross profit increased by 15.1% to HK$115.6 million, with gross profit margin at 16.1%. Profit for the year increased by 40.6% to HK$4.5 million. Basic earnings per Share attributable to the Shareholders increased by 15.4% to HK0.90 cents.

With regard to business segments, the revenue from enterprise IT solutions increased 27.9% to HK$456.2 million. Such increase was mainly attributable to the increase in the revenue from Professional IT services resulting from the increase in the number of contracts in Macau and the PRC. In particular, the revenue generated from the PRC increased significantly. In addition, the Group also procured different IT products for resale to fulfil the needs from different customers in Macau, Hong Kong and the PRC. The revenue from distribution and resale increased 12.4% to approximately HK$251.0 million.

Maintains the Competitive Advantage in the Macau Market while Seizing the Development Opportunities in the GBA

The government of Macau SAR has been actively promoting the development of smart city for several years. According to the “Government of Macau SAR Five Years Development Plan (2024–2028)” published in October 2023, “Transformation and upgrading of high-tech industries and traditional industries” has been introduced to develop new economy growing point by (i) strengthening the business development and policy supports to IT enterprises in Macau; (ii) enhancing the existing legal framework relating to IT industries; (iii) collaborating with Hengqin on the share of talents, resources and IT infrastructure; and (iv) enhancing the quality of the services and products from traditional industries with the assistance of new technologies.

During the Year, the Group was accredited as one of the top three key technology enterprises under the “Certification Programme for Technology Enterprises” (the “scheme”) in Macau. The scheme assesses enterprises in multi-dimensions, including its businesses and scale, research and development (“R&D”) status, and degree of innovation and more. Qualified enterprises to be accredited, valid for three years, as “Potential Technology Enterprises”, “Growing Technology Enterprises”, or “Key Technology Enterprises”. The accreditation has reinforced the leading position and elevated the reputation of the Group in Macau, allowing the Group to attract more businesses.

The Guangdong-Macao In-Depth Cooperation Zone in Hengqin (the “Zone”) officially started closed-loop operation on 1 March 2024. The Group has been active in leveraging the resource advantages of the Zone to lower the price of IT solutions and products through the tax-free arrangement in the Zone, thereby enhancing the competitiveness of the Group. In addition, that the government of Macau SAR set the new requirements on gaming operator license relating to investments on non-gaming industries aiming at diversifying away from its reliance on gaming industry, drives growth in demand for the IT solutions and products relating to the investments from those gaming operators. Benefiting from the policy, the Group successfully signed a contract with one of the gaming operators to foster the development of digital economy among small and medium-sized enterprises (“SME”) in Macau. The scope of the contract consists of (i) construction of a Software as a Service platform; (ii) development of related mobile applications; and (iii) maintenance of dynamic data storage hub for SME in Macau.

The government of Macau SAR also reinforced its policies of the “1+4” adequate diversification development strategy to enrich Macau’s function as “One Centre” for integrated tourism and leisure, while facilitating the development of four nascent industries, namely the “Big Health” industry; modern financial services; high technology; and conferences and exhibitions, commerce and trade, and culture and sports in “2024 Policy Address”. By gradually increasing the proportion of these four nascent industries, it will allow Macau to boost economic growth impetus and overall competitiveness. With the increasing influence of IT elements in their business operations and related support policy from the government of Macau SAR, the Group’s business development is also poised to benefit from the increasing demand of IT solutions in the above industries and achieve further growth.

Besides, in response to the development goal of “Opinions on Financial Support for The Construction of The Guangdong-Hong Kong-Macao Greater Bay Area”, the government of Macau SAR will provide financial incentives to local small and medium enterprises and help them develop e-Commerce and cross-border e-Commerce business, as well as popularising digital payment system. With the support of the relevant policies, the Group will further maintain its current competitive advantage in the Macau market.

Driving Diversified Development through Artificial Intelligence of Things (AIoT) and Brain-Computer Interfaces (BCI) Businesses

To embrace the forthcoming business opportunities from the development and widespread application of Web 3.0, the Group continues to build up its own features and functions in Artificial Intelligence (“AI”) technology. In the early of FY2023, the Group has relocated its existing AIoT team and BCI team to a newly established wholly-owned subsidiary incorporated in the PRC, namely Barco Technologies Limited* (“Barco”). During the Year, Barco successfully developed the BCI headband which can integrate with various application scenarios, including wheelchairs, metaverse and gaming applications. The BCI headband is currently under the stage of features’ optimisation. Users can connect with designated application scenarios through the device seamlessly. In addition, the Group signed a cooperation framework agreement with Baidu Group to foster the development of the construction of BCI based metaverse application scenarios. At the same time, Barco entered into a contract relating to metaverse content of Solitary Beauty Peak in Guilin. The scope of the project is to create a virtual scene for Solitary Beauty Peak in Guilin and allow users to enter the virtual scene for immersive tourism experience by using BCI headband and AI technology.

During the Year, Barco also entered into an agreement to build a joint laboratory with Beihang University, which mainly focuses on the development of additional features and furthering new technologies as well as new applications with AIoT, BCI and AI technology. The Group believes such technologies will be the new development trend in IT and will be widely applied in various industries with the increasing awareness from the world.

Expanding Business in China and Entering New Areas of Computing Centre

The Group has also capitalised on the development opportunities in the PRC by entering into a non-legally binding memorandum of understanding with SCB Global Capital Holdings Limited (the “Vendor”) with the intention to indirectly acquire the land use right to develop an internet data centre situated in Pinggu, Beijing (the “Proposed Investment”). The Proposed Investment will create value to the customers and shareholders by further diversifying and extending the current business of the Company in the PRC. As of today, the Group is still under the progress of finalising the formal sale and purchase agreement with the Vendor.

Mr. Matthew CHAO, Chairman and Chief Executive Officer of BoardWare, said, “the rapid recovery of the IT solutions business in the post-epidemic era and the continued supportive policies from the government have had a positive impact on the Group’s development. The Group will proactively grasp the emerging new business opportunities and further expand its presence in the Hong Kong and GBA markets to broaden its profitability. At the same time, the Group will keep abreast of the development trend of AI and fully utilise its competitive advantages and leading position in the GBA by focusing on its AIoT and BCI businesses, which will help the Group diversify its business development.”

BoardWare Intelligence Technology Limited

Headquartered in Macao, BoardWare Intelligence Technology Limited is the leading company in the Macao IT solutions market. With over 10 years of operating history, it has been dedicated to providing comprehensive, end-to-end and high-quality enterprise IT solutions covering professional IT services and managed services, to customers which include globally renowned enterprises or bodies in TMT, gaming and hospitality and public sectors in Macao. To date, it has business presence extended to cover the Greater China region, with a focus on the Guangdong-Hong Kong-Macao Greater Bay Area, with branches and subsidiaries established in Hong Kong, Zhuhai, Guangzhou and Beijing.



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

TIS Has Signed Binding Agreement with Marlin Equity Partners to Secure a Majority Growth Investment

BERLIN, Germany, Mar 26, 2024 – (ACN Newswire) – Today, Treasury Intelligence Solutions (“TIS”), a global leader in cloud-native cash management, liquidity and payment solutions, announced that it has signed a binding agreement to secure majority growth investment from Marlin Equity Partners (“Marlin”). The investment positions TIS to execute on organic and inorganic strategic initiatives to further serve the Office of the CFO. The agreement is subject to customary regulatory clearance. A closing of the transaction is expected in the second quarter.

TIS’ Group CEO Erik Masing commented “this exciting partnership with Marlin will fuel our international expansion efforts, leveraging their expertise to broaden our partnerships and strengthen our product offering. In an era of supply chain disruption, rate volatility and macroeconomic uncertainty, the importance of liquidity management, working capital optimization, and secure, efficient B2B payments has never been higher for our customers. The Marlin team demonstrated a deep appreciation for the strength of our value proposition and a strong alignment with our strategic goals.”

Chris Calhoun, TIS’ CEO of Americas, added “Marlin’s deep understanding of the European and U.S. markets, as well as their experience in the Office of the CFO and monetization of data and payments in particular were the key reasons we were keen to partner with them.”

“The TIS team impressed us with their strategic and innovative product offering, strong banking integrations and dedicated customers focus. The company’s mission-critical platform is well positioned to deliver continued growth in the global market for B2B payments, cashflow and treasury management solutions,” said Konstantin von Bismarck from Marlin. “We are excited to welcome TIS to our family of software businesses and are thrilled to support the company’s vision of helping more enterprises effectively, securely and transparently manage their treasury needs.”

Raymond James served as exclusive financial advisor to TIS. Guggenheim Securities, LLC served as exclusive financial advisor to Marlin.

About Treasury Intelligence Solutions (TIS)

TIS helps Chief Financial Officers, Treasurers, and Finance teams transform their global cash flow, liquidity, and payment functions. Since 2010, our award-winning cloud platform and robust service model have empowered the entire office of the CFO to collaborate more effectively and attain maximum efficiency, automation, and control. With over 11,000 banking options, $80 billion in daily cash managed, and $2.7 trillion in annual transaction volume, TIS has a proven track record of combining our extensive market expertise with tailored client and community feedback to drive digital transformation for companies of all sizes and industries. For more information, please visit www.tispayments.com.

About Marlin Equity Partners

Marlin Equity Partners is a global investment firm with approximately $9 billion in capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions. The firm is headquartered in Los Angeles, California, with an additional office in London. For more information, please visit www.marlinequity.com.

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment specialist based in New York, London, Philadelphia, and Greenwich, Connecticut, that invests across financial services and related technologies. The firm has $10.1 billion in assets under management as of September 30, 2023. For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

Contact Information
Jennifer Knutel
EVP Global Marketing
jennifer.knutel@tispayments.com

SOURCE: Treasury Intelligence Solutions (TIS)



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Moderna Achieves Positive Interim Results from Phase 3 Trial of Next-Generation COVID-19 Vaccine

  • mRNA-1283 induced a more robust immune response compared to Spikevax® COVID-19 vaccine, mRNA-1273.222
  • Next-generation mRNA vaccine design offers the potential of longer shelf life and storage advantages, and paves the way for combination vaccine against influenza and COVID-19, mRNA-1083

Cambridge, MA, Mar 26, 2024 – (ACN Newswire) – Moderna, Inc. (NASDAQ:MRNA) today announced that mRNA-1283, the Company’s next-generation COVID-19 vaccine, has successfully met the primary endpoints of its Phase 3 clinical trial, demonstrating a higher immune response against SARS-CoV-2 when compared to mRNA-1273.222, Moderna’s licensed COVID-19 vaccine.

“We are excited to announce our fourth infectious disease vaccine program with positive Phase 3 data, further validating our robust mRNA platform,” said Stéphane Bancel, Chief Executive Officer of Moderna. “mRNA-1283 is a critical component of our combination vaccine against flu and COVID-19, mRNA-1083, and this milestone gives us confidence in our ability to bring this much needed vaccine to market.”

In the NextCOVE (NCT05815498) Phase 3 pivotal trial, mRNA-1283 was shown to elicit a higher immune response against both the Omicron BA.4/BA.5 and original virus strains of SARS-CoV-2, compared to mRNA-1273.222. Importantly, this benefit was most acutely seen in participants over the age of 65 years, the population that remains at highest risk for severe outcomes from COVID-19. The most common solicited local adverse event was injection site pain. The most common solicited systemic adverse events included headache, fatigue, myalgia and chills.

The NEXTCove clinical trial is a randomized, observer-blind, active-controlled study of approximately 11,400 individuals aged 12 years and older in the United States, United Kingdom and Canada. mRNA-1283 was found to have a similar safety profile to Moderna’s approved COVID-19 vaccines.

The storage, shelf life and pre-filled syringe presentation of mRNA-1283 could alleviate healthcare provider burden and potentially increase access into new settings to serve public health. A detailed analysis of the Phase 3 clinical trial data for mRNA-1283 will be shared at the Company’s Vaccines Day event on March 27 and presented at upcoming scientific conferences.

About Moderna

Moderna is a leader in the creation of the field of mRNA medicine. Through the advancement of mRNA technology, Moderna is reimagining how medicines are made and transforming how we treat and prevent disease for everyone. By working at the intersection of science, technology and health for more than a decade, the company has developed medicines at unprecedented speed and efficiency, including one of the earliest and most effective COVID-19 vaccines.

Moderna’s mRNA platform has enabled the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases and autoimmune diseases. With a unique culture and a global team driven by the Moderna values and mindsets to responsibly change the future of human health, Moderna strives to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Spikevax®is a registered trademark of Moderna.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the potential longer refrigerator shelf life and storage advantages of mRNA-1283 compared to Spikevax; and the ability of mRNA-1283 to maintain effectiveness compared to Spikevax. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading “Risk Factors” in Moderna’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date of this press release.

Moderna Contacts

Media:
Elise Meyer
Sr. Director, Corporate Communications
+1 617-852-7041
Elise.Meyer@modernatx.com 

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com 

SOURCE: Moderna, Inc.



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Horizon Robotics Formally Files Hong Kong IPO Application, aiming to enhance people’s safety and experience in passenger vehicles

HONG KONG, Mar 26, 2024 – (ACN Newswire) – Smart vehicle transformation is a mega trend that has been reshaping the automotive industry. In China, it is estimated that the commuters in China’s top tier cities spend an average of over 80 minutes every day on the road. Smart vehicles with autonomous features can free up time and boost productivity for drivers and passengers during these long commutes. According to CIC, the global advanced driver assistance systems (“ADAS”) and autonomous driving (“AD”) solutions market presents a RMB61.9 billion opportunity in 2023 and is expected to grow at a CAGR of 49.2% through 2030 to reach RMB1,017.1 billion.

Faced with a broad market prospect, there are also more and more players participating in the smart vehicle industry. Recently, Horizon Robotics, a leading provider of ADAS and AD solutions for passenger vehicles, submitted its IPO application to the Hong Kong Stock Exchange and plans to list on the Main Board. Empowered by its proprietary software and hardware technologies, the Company’s solutions combine cutting-edge algorithms, purpose-built software and state-of-the-art processing hardware, providing the core technologies for assisted and autonomous driving that enhance the safety and experience of drivers and passengers.

The relevant information shows that Horizon Robotics is the first and has consistently been the largest Chinese company providing integrated ADAS and AD solutions in terms of annual installation volume since the mass deployment of its solutions in 2021. The Company has a large, global customer base of industry-leading OEMs and tier-one suppliers.

Collaborative optimization of hardware and software grants Horizon Robotics a distinct competitive edge, allowing it to rapidly penetrate the market with a comprehensive product matrix

Based on its localized expertise, extensive research and development efforts, coupled with years of local business operations, Horizon has insightful knowledge and practicable experience in designing its ADAS and AD solutions to address China’s unique and challenging road conditions.

With the approach of software and hardware co-optimization, Horizon has built a comprehensive product portfolio, offering three solutions: Horizon Matrix Mono, Horizon Matrix Pilot and Horizon Matrix SuperDrive, to address different customer needs from mainstream assisted driving to advanced level autonomous driving with high efficiency at affordable costs.

In 2023 alone, the Company obtained more than 100 new design-wins for car models, more than three times of that in 2021. The installation volume of its solutions increased by fourfold from 2022 to 2023. According to CIC, Horizon Robotics is the second-largest ADAS solution provider with a market share of 21.3% in 2023, in terms of ADAS solution installation volume to Chinese OEMs in China.

As of the Latest Practicable Date, the Company’s ADAS and AD solutions have been adopted by 24 OEMs (or 31 OEM brands) for implementation in over 230 car models. All of the top 10 Chinese OEMs including SAIC, BYD, Geely, in terms of sales volume in China are all customers of Horizon Robotics.

Revenue maintains high growth and localized expertise supports long-term performance growth

On the financial front, Horizon Robotics also achieved an impressive revenue performance. The Company’s revenue increased significantly during the Track Record Period and amounted to RMB466.7 million, RMB905.7 million and RMB1,551.6 million in 2021, 2022 and 2023 respectively, representing revenue growth rates of 94.1% in 2022 and 71.3% in 2023, respectively. The compound annual growth rate (CAGR) from 2021 to 2023 is 82.3%.

As a company under rapid growth, in the future, Horizon Robotics intends to further expand the company’s revenue scale by leveraging positive industry tailwind, capitalizing on robust backlogs of orders for vehicles not yet mass produced, attracting new customers, expanding cooperation with existing customers, introducing new solutions with higher value, and expanding new geographies. The Company plans to extend its reach beyond markets in China, although it does not sell products to customers in the United States or to customers who incorporate them into products for sale to the United States.

In terms of profitability, the gross profit increased significantly from RMB331.0 million in 2021 to RMB627.7 million in 2022, and further to RMB1,094.3 million in 2023, and gross profit margin amounted to 70.9%, 69.3% and 70.5%, respectively, maintaining at a stable high-level. This indicates that Horizon Robotics’ growth was not achieved at the expense of its own interests, highlighting the competitiveness and high consumer acceptance of its products.

Meanwhile, it is further disclosed in the company’s prospectus that in order to maintain high margin profile, in the future, the Company will optimize its gross profit margin by implementing a series of measures such as continuously introducing new solutions with a relatively high margin profile, optimizing the supply chain to drive cost reduction and further adjusting the business mix.

From an industry perspective, China is the world’s largest smart vehicles market, with sales volume of smart vehicles of 12.4 million in 2023. However, China’s unique traffic conditions also bring challenges to autonomous driving, and both market opportunities and challenges exist.

Leveraging on the Company’s product maturity, technological strengths, localized expertise and commercial success, Horizon is expected to capture the opportunities and continue to provide ADAS and AD solutions that enhance the safety and experience of drivers and passengers. As stated in its corporate mission, it aims to make human life safer and better through driver assistance and autonomous driving.



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