Tag: Alternatives

Mr. Shi Bo, Southern Asset Management: Creating Long-term Value with Diligence and Professionalism

BEIJING, Apr 24, 2020 – (ACN Newswire) – Mr. Shi Bo is a Master of Economics, Chartered Financial Analyst (CFA), Deputy General Manager, Chief Investment Officer (Equity) and Fund Manager of Southern Asset Management.
Mr. Shi Bo of Southern Asset Management: Creating Long-term Value



Independent Thinking on Value Investment

"The overall style is rather long-term investment and value investment," Mr. Shi Bo said. As a senior in mutual fund industry, Mr. Shi Bo's investment method has been consistent for many years.

Specifically, when selecting stocks from bottom to top, Mr. Shi Bo focuses on the main factors of the company's fundamentals, including the company's management, main business market, the company's current income, its position in the industry, gross profit margin, net profit margin and core financial indicators, and hopes to find the reasons behind them clearly and judge the company's future growth in combination with the company's development and industry trends "I value the integrity of the company's management. I must find out whether the management's focus is on research and development or on new product development, and how the management can enhance the company's core competitiveness," Mr. Shi Bo said that he attached great importance to the matching of valuation and growth. He will allocate targets with better risks and returns according to the fundamental changes of the company, the existing valuation and the comparison of similar companies.

"For fund managers, investment is a lifelong undertaking. The important thing is to think rationally," Mr. Shi Bo said.

Mr. Shi Bo believes that with the increasing influence of capital market and more and more participants, the market with public participation will form a certain emotional trend. When people are emotional, their rationality tends to decrease. However, fund managers should go against the direction of group thinking. Through independent thinking, they find the expected difference between themselves and the market, and obtain excess returns through the expected difference. Mr. Shi Bo thinks it is important to stick to reason. Market sentiment will not dissipate in a short time. Sometimes, market bias or market effectiveness will last for quite a long time. At this time, fund managers need to stick to their ideas, constantly review the latest information and data, and change their judgment. If they think that the probability of success is high, they should dare to stick to it even though they will face a period of pressure in all aspects.

Risk control is an indispensable part of investment, especially in the current volatile market. In Mr. Shi Bo's view, risk control depends first on how risks are defined. If one pursues absolute return, one will generally have an accurate concept of risk-benefit. That is, what is the maximum loss that investors can bear if they want to get a certain absolute return every year. Next, the investment ratio of risk assets should be further carried out.

If pursuing a benchmark of comparative performance or a relative ranking, Mr. Shi Bo requires that the net value fluctuation of the portfolio should be as small as possible among similar products, in order to give investors a better experience.

Diligence, Professionalism and Diversification

Diligence, professionalism and in-depth thinking are Mr.Shi Bo's summary of the Southern Asset Management Equity Investment Team.

In Mr. Shi Bo's view, one of the core advantages of Southern Asset Management team is that the whole team has a very solid basic skills and a very serious working attitude. Researchers and fund managers are diligent and adhere to the customer-centered thinking mode. Their ultimate goal is to create long-term value for customers.

In terms of personnel, Mr. Shi Bo said that there are currently more than 100 people in equity investment team, including equity investment department, equity research department, macro research and asset allocation department, as well as quantitative investment department, index investment department and international business department etc.

Mr. Shi Bo introduced that the equity investment department is a fund manager group model, which is divided into three groups: value group, growth group and mixed group. Fund managers in the group can communicate with each other and improve together.

"Integration of investment and research" is a common topic in the mutual fund industry. As a leading enterprise, how could Southern Asset Management go further? Mr. Shi Bo said that research's effective support for investment is to have the same research and investment objectives, that is, to achieve better performance and create wealth. While this direction is consistent, the assessment is also consistent. The evaluation of research is not only the work of the research department itself, but also the achievement of the investment department.

From the perspective of personnel development, researchers also have the opportunity to become assistant fund managers, fund managers in the future. Therefore, in the process of doing research, one should not only understand the company's fundamentals, industry trends and development trends, but also pay attention to the evaluation of the company's market value and understand how to obtain excess returns in the market. That is, while doing research, one should also be prepared for investment.

From the perspective of team management, Mr. Shi Bo has long proposed a "diversified" development model, allowing fund managers of different styles to stick to their own styles at different stages of the market. Mr. Shi Bo said that within the Southern Asset Management equity investment team, different fund managers can have different styles, and diversified styles are much better than a single one. "Southern Asset Management encourages diversification of investment styles, encourages fund managers to invest rationally, continuously improves their own styles and enhances their investment ability."

No matter what style it is, it will eventually involve how to assess it. Mr. Shi Bo said that if only the ranking of fund managers in the market is assessed, it may be that technology fund products rank well in one year and consumer fund products rank well in another year. It is difficult for fund managers of different styles to be suitable for each year. However, if the assessment is based on the excess return relative to the benchmark, it is much more reasonable to a certain extent, and the style of fund managers will be more clear.

"For products with style, the assessment is not to pursue ranking in the whole market, but to pursue relative performance benchmarks and obtain stable excess returns," Mr. Shi Bo pointed out that if the relative performance benchmark can obtain a certain amount of stable excess returns every year, the style of this product will remain unchanged and fund managers will gradually form their own investing styles. From the company's point of view, different products can be diversified if they have different benchmarks.

Make concerted efforts to jointly improve

The replicability and sustainability of investment return is the focus of management issues in the mutual fund industry. How to maintain the inexhaustible capacity of the investment team? The design of incentive system is the key.

Mr. Shi Bo said Southern Asset Management attaches great importance to equity investment in the appraisal. For fund managers, it is not required to carry out normal distribution within the company, but to carry out horizontal comparison in the whole market. According to the performance level in the whole market, fund managers can get corresponding incentives, which can well avoid internal comparisons. "Everyone is united, making concerted efforts to learn from each other and promote each other so as to get a better position in the comparison of fund managers across the market. As long as it is in a better position in the whole market, the company will give corresponding recognition," Mr. Shi Bo said.

As for the personnel training, Mr. Shi Bo said Southern Asset Management also attaches great importance to the equity team. For outstanding talents, the company could offer competitive salary. After three to five years of training, the new employees will gradually become the backbone of the company, and will further become the business leaders of the company in a few years. Mr. Shi Bo hopes that young investment and research personnel can lay a good foundation, make continuous progress, create their own styles in research, broaden their horizons, gradually acquire research capabilities, and further improve their investment capabilities in the industry or in the whole market.

When introducing the risk control measures at the team management level, Mr. Shi Bo pointed out that in addition to risk control, the risk control department of Southern Asset Management has many risk control methods that are not simply implemented by people, but through a set of technical systems.

Mr. Shi Bo revealed that the risk control department will also make a detailed performance analysis to help fund managers to understand their own investing styles.

When it comes to the planning of the equity investment team, Mr. Shi Bo hopes that the product line could be richer, the products could be more distinctive, the team personnel could be further increased, and the intelligent investment research system could be well constructed, so that investment will depend on both people and systems.

It is reported that Southern Asset Management has invested a lot in science and technology. Mr. Shi Bo introduced that the support of science and technology for investment and research has become more and more obvious in the past two years. This is reflected in the improvement of related systems, the monitoring of portfolios and the dynamic monitoring of fundamental changes, which are systematically presented to fund managers so that fund managers can focus more on exploring the investment value of the company. In the process of exploring the company's investment value, the company has also established many analysis models to help fund managers find outstanding enterprises faster and avoid risks.

Long-term Optimism on Leading Enterprises

When it comes to the market, Mr. Shi Bo thinks, from the perspective of profit, the short-term impact of the virus pandemic is serious. In the medium and long term, this kind of impact is a periodic matter. Once the epidemic has passed, the impact will gradually weaken. From the global industrial chain, the epidemic will make the industrial chain of various countries more perfect.

From a global comparison, A shares declined slightly during the epidemic. Mr. Shi Bo pointed out that the current macro policies, including monetary and fiscal policies, are the core factors affecting the A-share market. Maintaining a relatively loose monetary environment and an active fiscal policy are supportive of the A-share market. In the medium and long term, the relatively loose monetary policy in the world is also increasing the allocation value of the stock market.

According to Mr. Shi Bo, another factor affecting the A-share market is the level of dividends in the overall market. Although there are many emerging industries and technology industries in the A-share market, compared with other markets in the world, traditional industries still account for a relatively high proportion in the A-share market, which will bring about the demand for dividends. In Mr. Shi Bo's view, the leading companies in the traditional industries should pay reasonable dividends according to the situation, and investors could reinvest, which may be more efficient than the company's own diversified investment.

He is optimistic about leading enterprises in various industries. Mr. Shi Bo pointed out that from an industry perspective, the current valuation of science and technology innovation industries, including computers, cloud computing, 5G applications and other fields, is not low. However, China's advantage in 5G is not fully reflected in the stock market. Whether it is an equipment manufacturer or an application terminal, it may make profits in the next year or two, showing its competitive advantages, thus generating many investment opportunities.

Mr. Shi Bo also favors the pharmaceutical, consumer and financial industries. For traditional industries such as finance and real estate, Mr. Shi Bo mostly considers them from their own financial statements, dividend paying ability and dividend paying rate. For consumer and pharmaceutical stocks, Mr. Shi Bo focuses more on domestic demand companies and high-quality companies with strong R&D capabilities and continuously improving competitive advantages.

Company Overview

On March 6th, 1998, China Southern Asset Management Co., Ltd. ("Southern Asset Management") was officially established as one of the first domestic asset management companies approved and regulated by the China Securities Regulatory Commission ("CSRC"), which symbolizes the start of our nation's "New Golden Era for Funds".

Southern Asset Management has stood the tests of time throughout periodic shifts between bull and bear market in Chinese capital market. By showing stable and sustainable performances and providing improved and professional services, Southern Asset Management managed to continuously build the trust and recognition of a wide range of investors, including mutual fund investors, the National Council for Social Security Fund, corporate annuity clients and high-net-worth clients.

Southern Asset Management has grown into one of the industry leaders that boasts diverse range of products, comprehensive type of business activities, exceptional investment performance and a large scale of assets under management. As of December 31th 2019, Southern Asset Management and its subsidiaries have a scale of combined assets under management (AUM) that totaled USD 153.9 billion.

Media Contact: Si Chen
E: chensi@southernfund.com
China Southern Asset Management Co., Ltd
URL: http://www.southernfund.com/en


Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Azabu Insights: Mask Usage in Tokyo Reaches Ninety-Seven Percent And Other Reasons Asian Countries Are Winning Against Coronavirus

TOKYO, Apr 23, 2020 – (ACN Newswire) – A group of consultants based in Azabu Juban have been following the coronavirus, spread, and response around the world. We have been tracking mask usage in Tokyo over the last months and readers had asked us to update these. In addition we wanted to take a look at global responses to the coronavirus pandemic to find keys for moving forwards.
[Image #1] European/Asian Countries by Cases and Deaths Per Population (April 21, 2020)


[Image #2] Percent of People Wearing Masks – Azabu Jyuban, Tokyo (Mar. 13, Apr. 2, Apr. 17)


[Image #3] Decrease in Ridership from April 2 to April 17, Azabu Jyuban



Even as cases have grown in Japan and Singapore, we find it remarkable how well Asia has fared and how effective their measures have been overall, taken in a global context. In this piece, we will therefore update mask usage numbers, compare global outbreak statistics, and look at some of the measures large and small that seem to have been effective in Asian countries so far.

As one reader commented, "we may need to start to think of dealing with the coronavirus not as a sprint, but as a marathon." In this light we find it instructive to look back at some of the successes Asia countries have had, so far.

Response from Asia

As people stay focused on their own country they often forget that in a wider perspective solutions have been very helpful. As shown in the table, countries like Taiwan, Korea and Japan have been able to keep death rates much lower than those of Italy, Spain, and the United States. Death rates in the Asian countries come in at less .5 per 100,000, whereas in many European countries they are more than one hundred times that amount.

[Image #1] European/Asian Countries by Cases and Deaths Per Population (April 21, 2020)

Masks in Tokyo Up Thirteen Percent

As the Japanese government and citizens get ever more vigilant about controlling the coronavirus, we have found that mask wearing has become ubiquitous in Japan. We updated our survey for a third time, on April 17th. This time we found ninety-seven percent of people wearing masks.

This is up from eighty-six percent on April 2nd (thirteen days ago), and sixty-four percent March 13 (thirty-five days ago), an increase of thirteen percent.

In this survey, again, women were more likely to wear masks, though only barely. Ninety-eight percent of women wore masks and ninety-seven percent of men wore them. See the charts below for the changes over time.

[Image #2] Percent of People Wearing Masks – Azabu Jyuban, Tokyo (Mar. 13, Apr. 2, Apr. 17)

In addition we found the more proactive approach towards beating the virus to have had a significant effect on ridership as well. Said a Sawayaka Shinyou Kinkou bank employee who commutes daily, "oh there are definitely less people; now people even open a seat next to each other on the train, rather than crowding in like they used to." Our data backed up her inference, with ridership down forty-nine percent on April 17th compared to April 2nd.

[Image #3] Decrease in Ridership from April 2 to April 17, Azabu Jyuban

NOTE: All data collected at identical times during a ninety minute period during rush hour. All days were clear, temperate days. Average temperatures on the three days were 14, 15 and 12 degrees celsius and 57, 59, and 54 degrees fahrenheit. The temperature came down slightly.

Getting Ready for the Long Haul – Asia Strategies Working

Following along with the goal of thinking of coronavirus as a marathon, we wanted to look for other examples of success in containing the virus that might be applicable to other countries in Asia or the West.

We find the successes in Taiwan, Japan, Singapore, China, South Korea, and Thailand to be frankly. All of these countries have kept death numbers very low compared to western countries. They have done this largely while still keeping at least a portion of the population at work and pushing the economies forwards.

We have identified important learnings from each country:

Lessons from China

China perhaps had the most significant early success. We noted three of the most significant measures.

1. It quarantined Wuhan from the rest of China on January 23rd, just before Chinese New Year, China's largest holiday period for both in-country and international travel. This allowed it to largely contain the spread and it allowed them to provide more healthcare workers and supplies to Wuhan.

2. As a part of this exercise, it also forced an internal quarantine in Hubei, shutting down non-essential businesses and locked down 11 million people in Wuhan and (the following day) more than 57 million people in other cities.

3. Third, it built two coronavirus hospitals (February 3rd). This led to a rapid drop off in deaths from the worst day of 150 deaths on February 23rd level down to less than 10 per day in only 19 days. We find these last hospitals to have been very important given the amount of in-hospital spread previously noted. In one study 42% of cases in Wuhan had previously been spread within the hospital.

We found that the coronavirus only hospitals that were built were truly amazing. However, subsequently in the UK a 4,000 bed hospital was built in the ExCeL Center in nine days and The United States's Corp of Army Engineers created seventeen hospitals with 15,500 beds in about a week. We believe that building these hospitals was so important because it has become clear that up to forty percent of spread has typically been inside hospitals and this is killing many at risk people.

Lessons from Taiwan

Taiwan has perhaps been the most successful, with only 422 cases and just 6 deaths. It was the most proactive, testing people for temperature on flights before it had even had a one case recorded.

It was also very proactive with other measures. For instance on January 29 the Taiwan Premier took steps to guarantee the supply of masks including releasing 23 million mask into the market and banning their export. By April 1st, Taiwan's successful measures led to them approaching their target of producing 15 million masks daily and announced it was donating 10 million masks to health workers outside of Taiwan.

The masks seem to have shown their efficacy again. We think it is a combination of catching some droplets, while also keeping people vigilant about isolating as much as possible even while in public. The relative success of Taiwan has been so high that they were able to open Taiwan baseball (albeit with no fans) a week ago.

Lesson from South Korea

South Korea, as most know, took to mass testing and a number high tech tracking measures so as to track the one major cluster that emanated out from an outbreak in a church in Daegu.

More than seven-thousand cases were confirmed in less than three weeks, but the death rate remained low.

Their attention to tracking and quarantining people affected by an outbreak was successful in controlling the spread with only .5 deaths per 100,000 population as of the writing of this article.

Hong Kong and Singapore

Despite its proximity to China and role as international transit hub, Hong Kong has successfully minimized its coronavirus impact with 1,026 confirmed cases and just 4 deaths. It acted quickly in late January to shut a number of border crossings, significantly reducing travel to and from China and implementing work from home orders. It has since tightened travel restrictions and shut schools.

Singapore immediately set up a multi-ministerial committee on January 24th, the day after the first confirmed case, to manage the pandemic.

Singapore has implemented strict cluster tracing, put in place airport temperature checks and set up holiday chalets to use as quarantine centres. Hong Kong has managed only .5 deaths per 100,000 population and Singapore has achieved only .2 deaths per 100,000 population.

Lessons from Japan

Japan has seen a spike in cases and deaths recently and has been criticized for low numbers of tests. However, like Singapore Japan has maintained death rates at .2 per 100,000 people. Again, this is compared to European countries such as Spain with 45 per 100,000 people (225 times the number on a per person basis). Many of its measures have proven effective so far, including:
1. Publicizing the most dangerous outbreak areas
2. Carefully tracking early clusters
3. Keeping coronavirus patients largely out of hospitals and nursing homes
4. Setting targets for reduction interactions (now set at eighty percent).

From the get go Japanese media daily reported the exact places where outbreaks were occurring: first taxi cabs, then karaoke bars, then live music events. These gave the populous clues of where to avoid and eventually a focus for what activities to shut down first. The Japanese citizens were largely attuned to understanding these dangerous activites and taking responsibility to avoid them as much as possible. Later the government was able to successfully "request" that many of these venues temporarily shut down. Again, with no law enforcement capability they achieved the limitations with the cooperation of business owners.

Secondly, Japan effectively kept coronavirus cases away from hospitals. As Azabu Insights has noted before, this is very important because seventy-three percent of people in hospitals are over age sixty-five and very vulnerable.

Lastly, their targeting of a specific target for reduction of interactions has significantly slowed the spread. Japan showed, as had Taiwan and Korea that a semblance of work can continue while still drastically slowing the spread of the disease.

The Effect of BCG Vaccination

Beyond the proactive nature of the Asian communities with masks, hand washing, polite social distancing, school closure and the like, we think that many parts of Asia have likely benefited from the protection of the BCG Vaccines. The BCG Vaccine, which was intended to protect from Tuberculosis seems to have some protectiveness against coronavirus.

The BCG vaccine has been used extensively in Japan, South Korea, Thailand, Taiwan, Singapore, and Hong Kong. It is not used in countries such as Italy, Spain, and the United States, which have had some of the worst outbreaks.

Hopes and Recommendations for the Future

For round one of the coronavirus outbreak, many of the Asian countries have fared very well compared to other parts of the world. But coronavirus may well be a marathon and not a sprint.

We hope and recommend that they will adopt the following policies going forwards:

1. Continue to keep testing in locations separate from hospitals to keep the virus from spreading in hospitals.
2. Build multiple 2-4,000 bed "coronavirus only" hospitals, staffed by young, low-risk doctors and nurses. This will allow the healthcare system to continue to treat the rest of society well.
3. Increase testing at targeted areas, including all people that enter an aged care facility (some twenty percent of deaths in USA are at aged care facilities)
4. Involve the military/self defense forces in helping to create hospital capacity and to safely transport coronavirus patients
5. Adopt the new secure outbreak tracking technologies offered by some of the tech companies that can allow us to track clusters even as populations grow. This will allow us to track clusters effectively.
6. Continue to be strategic in keeping the right things closed and targeting a reduced number of interactions. This necessarily requires finding funding to support small businesses.
7. Move to vaccinate more populations with BCG, including non-Japanese who request them.
8. We hope that individuals will remain vigilant as we wait for more good news about treatments and a potential vaccination. Wearing masks has some effect, making the move to more indoor home activities helps even more.

As Europe and America take baby steps towards loosening stay at home orders, we hope they will also learn from some of the relative successes of the Asian countries mentioned above. Of course as we continue on this journey, Asia probably has lessons to learn from the USA and Europe as well.

We would like to hear your opinions at info@azabuinsights.com

About Azabu Insights

Azabu Insights is a boutique strategic consulting company based in Azabu Juban, Tokyo, Japan. Our teams work collaboratively with clients to build strategies that lead to positive change. Our multilingual team members have top tier academic backgrounds and deep industry experience that we leverage to provide first class, fully engaged, strategic consulting. Core specializations include life sciences, finance, electronics, automotive, aerospace and other industries. For more information contact: info@azabuinsights.com.

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Greenbriar Executes Cooperation Agreement with China Machinery Engineering Corporation to Build the Large Montalva Solar Facility

Coquitlam, British Columbia, Apr 7, 2020 – (ACN Newswire) – Greenbriar Capital Corp (TSXV: GRB) (OTC: GEBRF) ("Greenbriar") is pleased to announce that it has signed a fully executed Cooperation Agreement with China Machinery Engineering Corporation ("CMEC") of Beijing, China to be the Engineering, Procurement and Construction ("EPC") company to design, build, equip and construct the 80MW to 160 MW AC Montalva Solar project in Puerto Rico.
Greenbriar Capital Corp


China Machinery Engineering Corporation



After two massive hurricanes in 2017 and a crushing 6.4 magnitude earthquake on January 6, 2020 which destroyed the 990 MW Costa Sur power plant, Puerto Rico is acutely short of long term stable power generation. Finally, the value of our solar project has been recognized as a major solution to the long term energy needs of the Island, offering green, reliable, affordable and safe energy that further offers energy independence to the rate payers of Puerto Rico. A congressional report in 2017 discovered that the local utility over-paid $18 Billion of crude oil purchases from 2003 to 2017. The Montalva project offers an exit from this dangerous cycle of expensive and toxic generation of electricity from burning expensive imported crude oil.

China Machinery Engineering Corporation (CMEC) is a leading world class and premier construction and engineering company, forming one part of the USD $40 Billion dollar China National Machinery Industry Corporation (Sinomach) group of companies.

The specialization of CMEC is the construction of power projects in generation, transmission, and distribution and with its parent company is considered the 3rd largest in the world.

The company is also present in Turkey with representative offices in Istanbul and Ankara. CMEC has operated in Turkey since the mid-1980s and operations in the country accounted for a total value of projects in Turkey amounting to USD $3 Billion dollars.

Moving into investment, the CMEC announced in 2013 the creation of an investment fund, based on its own equity capital and lines of credit from Chinese financial institutions.

CMEC signed a deal with Argentina in 2010 to rehabilitate the Belgrano Cargas freight network, part a series of railways that cross the central and northern parts of the country. In 2013, financing was announced for the project with a loan of USD $2.47 billion dollars from China Development Bank to finance the bulk of costs. A second deal was signed in September 2015, doubling the original investment to USD $4.8 Billion dollars.

CMEC also built and partially owns two power plants in Nigeria, the Omotosho Power Plants in Ondo State.

In January 2016, the company signed EUR 150 million euro deal with the Bosnian city, Tomislavgrad, to build a wind farm. The project was finished in 2017.

Jeff Ciachurski, CEO of Greenbriar states "CMEC has the industrial might and horsepower to build this complex solar project for the citizens of Puerto Rico that encompasses a very large DC/AC ratio and significant battery storage systems that account for up to 45% of the rated capacity, providing power long after the sun goes down. We are honoured to be working with the dedicated and professional staff at CMEC."

About Greenbriar Capital Corp:

Greenbriar is a leading developer of renewable energy and sustainable real estate. With long-term, high impact, contracted sales agreements in key project locations and led by a successful, industry-recognized operating and development team, Greenbriar targets deep valued assets directed at accretive shareholder value. Greenbriar and its financial and legal advisors have closed over $180 Billion in renewable projects since 2003.

ON BEHALF OF THE BOARD OF DIRECTORS
"Jeff Ciachurski"
Jeffrey J. Ciachurski
Chief Executive Officer and Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54190

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

China Southern Selected Growth Balanced Fund Wins Morningstar Balanced Fund Award

BEIJING, Mar 28, 2020 – (ACN Newswire) – The Morningstar International Fund Awards are set to recognize the China 2020 winners on March 26. The China Southern Selected Growth Balanced Fund (202023) from China Southern Asset Management Co., Ltd. won the annual Balanced Fund Award, as the only fund in the Chinese market to win this award.



According to Morningstar's evaluation criteria, China Southern Selected Growth Balanced Fund has a five-star rating for the past three and five years of hybrid growth. In accordance with the data of Galaxy Securities Fund Research Center, by the end of 2019, the cumulative net growth rate of the fund since its establishment had reached 205.7%, its net growth rates for the past three and five years were 57.17% and 126.95% respectively; a similar ranking is 9.16% and 3.45% respectively. With a long-term balanced and steady performance, this China Southern Selected Growth Balanced Fund, managed by Luo Shuai, stood out from the 290 selected funds of the same category and won the Morningstar Annual Balanced Fund Award.

China Southern Selected Growth Balanced Fund has also won many honorary awards: in 2018, it was awarded the five-year Open Hybrid Sustainable Winning Golden Bull Fund. In 2018 and 2019, it won the Balanced Star Fund with Five-year Sustainable Return Balance. (Source of Awards: China Securities Journal, Securities Times, March 2018, March 2019) (The past performance of the fund does not predict its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of the fund.)

Company Overview

On March 6th, 1998, China Southern Asset Management Co., Ltd. (hereinafter referred to as "Southern Asset Management") was officially established as one of the first domestic asset management companies approved and regulated by the China Securities Regulatory Commission (hereinafter referred to as "CSRC"), which symbolizes the start of our nation's "New Golden Era for Funds".

On January 4th, 2018, Southern Asset Management restructured for the Limited. On July 24th, 2019, following approval of the CSRC, Southern Asset Management realized its employee stock ownership plan (ESOP). Through employee shareholding and shareholder capital increase, the registered capital was increased to CNY 361.72 million. Currently, with its headquarters in Shenzhen, Southern Asset Management has 6 branches and 2 subsidiaries.

Southern Asset Management has stood the tests of time throughout periodic shifts between bull and bear market in Chinese capital market. By showing stable and sustainable performances and providing improved and professional services, Southern Asset Management managed to continuously build the trust and recognition of a wide range of investors, including mutual fund investors, the National Council for Social Security Fund, corporate annuity clients and high-net-worth clients.

Southern Asset Management has grown into one of the industry leaders that boasts diverse range of products, comprehensive type of business activities, exceptional investment performance and a large scale of assets under management. As of December 31th, 2019, Southern Asset Management and its subsidiaries have a scale of combined assets under management (AUM) that totaled USD 153.9 billion.

Media Contact: Si Chen
E: chensi@southernfund.com
China Southern Asset Management
URL: https://southernfund.com


Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

EuroEyes’s Revenue in 2019 Rose by 14%, Launch New Clinics and Services in 2020 to Boost Future Growth

HONG KONG, Mar 26, 2020 – (ACN Newswire) – EuroEyes International Eye Clinic Limited ("EuroEyes" or the "Company", stock code: 1846), is one of the leading brands in the vision correction industry that combines German ophthalmology excellence and 25 years of experience with individualised customer-care and principally engaged in the provision of vision correction services in Germany, Denmark and the People's Republic of China ("the PRC").

2019 Annual Results Highlights
– Total Revenue for the year 2019 reached approximately EUR49 million, up approximately 14% YoY
– Gross Profit for the year 2019 reached approximately EUR20.3 million, up approximately 16.3% YoY
– Adjusted Gross Profit1 for the year 2019 was approximately EUR20.6 million, up approximately 18.4% YoY
– Adjusted Gross Profit Margin for the year 2019 was 42.1%, increased 1.6 percentage points YoY
– Adjusted Net Profit after tax2 for the year 2019 reached EUR5.7 million, up approximately 4.2% YoY

The Revenue by Geographical Regions
– Total revenue in Germany increased by 12.5% YoY
– Total revenue in the PRC increased by 6.8% YoY
– Total revenue in Denmark increased by 45.7% YoY

EuroEyes is pleased to announce its annual results for the year ended 31 December 2019 (the "Year 2019").

For the Year 2019, the Group's revenue increased by approximately 14.0% on a year-on-year ("YoY") basis to approximately EUR49.0 million, adjusted gross profit increased by 18.4% YoY to approximately EUR20.6 million, and the adjusted gross profit margin was 42.1%, representing a YoY increase of 1.6 percentage points.

In respect of geographical regions, the operating revenue from Germany, the PRC and Denmark was EUR30.2 million, EUR12.9 million and EUR5.8 million accounting for 61.7%, 26.4% and 11.9% of total revenue, respectively. .

In respect of the types of surgery, the total revenue for the Year 2019 generated from lens exchange surgery was EUR22.9 million, accounting for 46.8% of total revenue. Lens exchange surgery consists of monofocal and trifocal lens exchange surgery. The total revenue generated from phakic lens (ICL) surgery was EUR6.7 million, accounting for 13.7% of the total revenue.

During the Year 2019, the Group's total revenue in Germany increased by 12.5% YoY, of which EUR13.4 million was from lens exchange surgery, representing an increase of 23.8% YoY. The Group's revenue in Germany has grown each year since 2016 as the Group established its position as the market leader in Germany. In Denmark market, the Group's revenue for the Year 2019 increased by 45.7% YoY. The Group achieved strong revenue growth in Denmark, mainly as a result of the Company's effective marketing strategy. In addition, the revenue of lens exchange surgery recorded EUR4.9 million, representing a YoY increase of 39.8%.

During the Year 2019, the Group's revenue in the PRC increased by 6.8% YoY. The growth rate of the Company's business in the PRC market is expected to increase as the Group expands operations and executes new marketing strategies throughout the PRC. Revenue generated from lens exchange surgery was EUR4.6 million, representing a YoY increase of 27.8%

Strategic Steps Taken
As a leading vision correction company in the world, EuroEyes is committed to be the go-to eye clinic group in Europe and the PRC as it provides patients with the best service combined with state-of-the art German technology and expertise. The Group is actively expanding its business into the PRC while maintaining top quality of the services in Germany, Denmark, and the PRC.

The Group opened two new clinics in the PRC in 2019. The Hangzhou Clinic commenced its operation in June 2019 while the Beijing (East) Clinic opened in September 2019. Further, the Company began construction of the Chongqing Clinic in December 2019, which is expected to commence its operation along with the new Fuzhou Clinic in 2020. In addition, the Company plans to open two new clinics in Chengdu and Qingdao.

As Chinese households become wealthier, they have a greater disposable income to afford high quality eye treatments. This increase in the middle-class is propelling the growth of the ophthalmic market in the PRC. Since entering the PRC in 2013, EuroEyes has provided advanced German technology and 100% German services to patients with myopia, hyperopia, presbyopia and cataracts, enabling them to have clear vision without glasses. Dr.Jorn Slot Jorgensen, founder and the chairman of EuroEyes has successfully completed over 100,000 ophthalmological surgeries and helped patients in Europe and the PRC to have clear vision without glasses.

New Services Was Launched in EuroEyes Clinics
Around 30 years ago, less than 1 % of the Chinese adult population had diabetes. These levels today, however, have increased to around 12 %. This is approximately 114 million diabetic patients in China. The longer a patient has diabetes, the higher his or her chances of developing diabetic retinopathy. Up to 80% of those who have had diabetes for 20 years or more develop diabetic retinopathy. The Chinese government is paying greater attention to prevent diabetic retinopathy as it is the leading cause of new cases of blindness in adults in China. In recent years, Chinese government initiated the "Chinese type II diabetes prevention and treatment guideline (2017)", stating that diabetic patients need to have their eye screened once every one to two years (or more frequently depending on his or hers condition). It is estimated that at least 90% of new cases could be reduced with proper treatment and monitoring of the eyes by detecting the disease at its early stage.

Against this backdrop, EuroEyes will launch its new service for eye screening in the PRC in April 2020 subsequent to its successful commence of the same service in Germany and Denmark.

EuroEyes will also launch its new service of EDOF treatment in Germany in the second half of 2020 for the people of age 45-55. Given the ICL treatment has been well received in the market for the people of age over 55, the Company believes the new service will become a new revenue growth driver for the Group as it is expected 75%-80% of the people of age 45-54 would accept vision correction surgery for presbyopia.

Recent Development

As at 18 March 2020, EuroEyes's clinics in Germany and Denmark saw a steady business growth during the majority time Q1 2020. Adjusted Gross Profit Margin for the year 2019 was 42.1%, increased 1.6 percentage points YoY. Meanwhile, the clinics in the PRC resumed their operation in mid-February and received a strong demand for surgery booking via its online platforms.

The Company has incorporated various measures to minimize the impact from Covid-19, such as opening online consultations and online info lectures, maintaining close connection with patients, operating on a reservation-only basis, taking strict measures on disinfection and cleaning of the clinics and consultation centers etc.

The Company believes the volume of surgery will grow steadily in Germany, Denmark and the PRC market after the end of Convid-19 outbreak based on the indicated interest and recorded bookings.

Dr.Jorn Slot Jorgensen, the Founder, Chairman and CEO of EuroEyes commented, "Thanks to all our supporting parties and diligent staff of the Group, EuroEyes has seen a substantial return as it has experienced outstanding business development in the Year 2019. With the strategy of expansion and strong marketing efforts by the Company, we have seen an aggressive surge in the company's overall revenue and the growth rate of lens exchange surgery in all three countries where EuroEyes is located. We are extremely pleased with the pace of opening our new clinics and plan to continue opening two to three new clinics each year in the PRC. During the Year 2019, the Group continued to fulfil the huge market demand for vision correction using our in-depth experience and technology. In the coming years, the Company will continue to deploy its strategies and resources with a combination of prudent and proactive approaches with an aim to realise our goal of "Nie wieder Brille!" (No More Glasses)."

About EuroEyes International Eye Clinic Limited
EuroEyes was established in 1993 and is one of the leading brands in the vision correction industry that combines German ophthalmology excellence and over 25 years of experience with individualized customer care. EuroEyes is one of the few eye clinic groups with a far-reaching geographical coverage, with operations in Germany, Denmark and the PRC. The Group's vision correction services include (i) refractive laser surgery (which includes ReLEx smile and Femto LASIK); (ii) phakic lens (ICL) surgery; (iii) lens exchange surgery (which includes the monofocal and trifocal lens exchange surgery) and (iv) others (which include PRK/LASEK and ICRS implantation).

(1) Adjusted gross profit is derived from adding pre-operating expenses for two clinics in the People's Republic of China (the "PRC") in 2019 to the gross profit.
(2) Adjusted net profit is derived from adding pre-operating expenses for two clinics in the PRC, listing expenses and foreign exchange loss to the net profit for the year.



Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Yamada Consulting and ZICO Unveil Advisory and Consulting Services Platform To Bridge Urgent Funding Gap Between Japan and ASEAN SMEs

SINGAPORE / TOKYO, Mar 26, 2020 – (ACN Newswire) – Yamada Consulting Group Co., Ltd. ("YCG") of Japan and ZICO Holdings Inc. ("ZICO") announced today they would offer a joint platform for advisory and consulting services to bridge a major funding gap between Japanese investors and ASEAN small and medium enterprises ("SMEs"), with initial target funding of between US$10 to US$50 million each.

The Strategic Collaboration Agreement was signed by Mr Keisaku Masuda, President and CEO of YCG, a leading independent consulting group based in Japan which is listed on the First Section of the Tokyo Stock Exchange, and Mr Chew Seng Kok, Managing Director of ZICO, a multi-disciplinary professional services firm listed on the Catalist Board of the Singapore Exchange.

The collaboration takes place amidst economic uncertainty, worsened by the Covid-19 crisis, as many Japanese corporations accelerate transformation through acquisitions in the face of an ageing population and slow domestic growth; while ASEAN SMEs urgently need access to more sources of funding beyond traditional bank borrowings.

With over 900 staff and offices in 13 Japanese cities, ASEAN, Shanghai and Los Angeles, YCG recorded an average of US$22.4 million in pre-tax profits for the last three financial years leading up to 31 March 2019. YCG focuses on, amongst others, restructuring and business succession consulting for Japanese corporations, many of whom seek acquisitions, alliances and extended business networks, offering major buy-side opportunities which the YCG-ZICO platform can address.

On the sell-side, ASEAN SMEs tend to be family-owned, dependent on internal resources and often lack access to bank borrowings and external investors. The Covid-19 situation may make this even more acute.

The confluence of these factors offers an exceptional opportunity for the YCG-ZICO platform to provide access to private equity and institutional investors from Japan looking for good business targets in ASEAN. While Japanese companies had made ad hoc attempts to seek such targets, the pace of transformation has accelerated recently.

YCG and ZICO will provide ASEAN SMEs with professional services support and access to these corporations as well as pre-IPO investors, and providers of mezzanine capital and private equity, initially targeting those in the range of US$10 million and US$50 million each. The platform will also leverage on YCG's expertise to provide technical, consulting and corporate restructuring services. Projects will be geared towards achieving business succession and transformation for target companies and SMEs, eventually leading up to exits through IPOs or trade sales.

The impetus from the buy-side is driven in part by activist shareholders in Japan demanding better returns and performance. YCG's Mr Masuda revealed that based on independent estimates[1], 63% of Japanese corporations are reviewing their direct investment portfolio every three months, with about half of them saying they intend to acquire companies over the next year.

Giving a breakdown of YCG's investor base, Mr Masuda said the Food & Beverage and Engineering/Construction sectors each comprised 26.3% followed by Energy/Oil and Gas (15.8%), IT & Digital and Logistics (5.3% each) and Others (21.0%).

While YCG will introduce buy-side investors from Japan, ZICO will tap on its network of partners and professionals who can provide deep local knowledge and insights of target companies in ASEAN.

YCG and ZICO will help corporations seeking investments, divestment or other means to grow revenue and profitability. Both sides will develop and execute corporate finance and M&A advisory projects; identify and facilitate international buyers and sellers; create, secure and execute sell-side and buy-side mandates; and support geographic acquisition strategies of corporate finance clients.

Due to the concerns arising from the Covid-19 coronavirus health situation, the momentum to increase investment and flows and business relationships between the two regions is expected to gather pace, boosted also by the strong network and deep client relations that both parties have in their respective regions.

Commenting on the strategic collaboration, Mr Keisaku Masuda said: "Japanese corporations are more eager than before to capitalise on opportunities in ASEAN. The potential for a surge in investment flows between Japan and ASEAN, hastened by the Covid-19 situation, makes it more conducive for both parties to collaborate. We see ZICO as a partner who shares our aspirations in seeking to build economic bridges between the two regions."

"This strategic collaboration lays the foundation of a platform to provide advisory and consulting services to Japanese investors and businesses in ASEAN. It will facilitate the provision of such services between Japanese companies who are seeking acquisition targets and ASEAN businesses, particularly SMEs, who intend to obtain investments or divest their businesses to international investors," said Mr Chew Seng Kok.

In line with the Strategic Collaboration, ZICO also announced separate agreements with two Malaysian sell-side advisory companies. They are Sage 3 Sdn. Bhd., a leading corporate finance advisory firm offering a range of services including debt restructuring and financing, and Andersen Corporate Restructuring Sdn. Bhd., a boutique corporate restructuring firm. Both firms have an extensive client base and strong professional networks in Malaysia.

The collaboration with these leading independent Malaysian firms provides valuable access for businesses-seeking capital and investments for expansion from Japan. Consequently, this will play a key role in strengthening the collaboration between ZICO and YCG by facilitating the identification of acquisition and investment targets for Japanese investors in ASEAN.

[1] Source: EY 17 June 2019, Global M&A appetite at 10-year high fueled by portfolio reshaping (https://www.eyjapan.jp/newsroom/2019/2019-06-17-en.html)

About Yamada Consulting Group

Listed on the First Section of the Tokyo Stock Exchange, Yamada Consulting Group Co., Ltd. engages in the provision of financial consulting services. It operates through the following business segments: Business Consulting, Real Estate Consulting, Financial Planner (FP) related, and Investment and Fund. The Business Consulting segment includes business revival, operations, and financial consulting. The FP related segment includes marketing course, corporate training, and insurance consulting for financial planners. The Investment and Fund segment includes composition and management of investment partnership and investment business. The company was founded on July 10, 1989 and is headquartered in Tokyo, Japan. For more information, please visit https://www.yamada-cg.co.jp/en/

About ZICO Holdings Inc.

ZICO, an integrated provider of multidisciplinary professional services focused on the ASEAN region, provides advisory and transactional services, management and support and licensing services. Through its multidisciplinary services, regional capabilities and local insights, ZICO enables its clients to capitalise on opportunities across Southeast Asia.

The Group currently operates two key business segments: (i) Advisory and Transactional Services ("ATS"); and (ii) management support services business & licensing services ("MSSL").

Within the ATS, ZICO provides legal services, Shariah advisory, trust advisory, corporate services, consulting services, investor services, wealth management services, corporate finance advisory services and immigration services. ZICO provides legal services only to the extent permitted in the relevant jurisdictions. In other jurisdictions, ZICO cooperates with and supports independent and autonomous law firms who are members of the ZICOlaw Network, in compliance with local professional regulations. Presently, ZICO provides legal services in Myanmar, Lao PDR and Thailand.

For the MSSL segment, the Group provides regional management services and business support services to members of the ZICOlaw Network and certain entities within the Group.

ZICO also engages in the licensing of the "ZICO", "ZICOlaw" and "ZICOlaw Trusted Business Advisor" trademarks to members of the ZICOlaw Network and certain entities within the Group.

ZICO has business operations in Indonesia, Lao PDR, Malaysia (including Labuan), Myanmar, Singapore and Thailand. The Group augments its existing regional presence with that of the ZICOlaw network to extend its reach to all 10 countries in ASEAN. For more information, please visit http://www.zicoholdings.com.

For media queries, please contact:

WeR1 Consultants Pte Ltd
3 Phillip Street #12-01, Royal Group Building
Singapore 048693
Tel: +65 6737 4844
Email: zico@wer1.net

Yamada Consulting Group Co., Ltd. Singapore Branch
78 Shenton Way #24-01
Singapore 079120
Tel: +65 6221 7727
Email: asean-support@yamada-cg.co.jp

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Greenbriar Capital Corp. to Participate in Grit Capital’s #ESG Investor Webcast Live on March 25th, 2020

Vancouver, BC, Mar 23, 2020 – (ACN Newswire) – Greenbriar Capital Corp (TSXV: GRB) (OTC: GEBRF) ("Greenbriar"), is pleased to announce that Jeff Ciachurski, CEO & Director, will present live at Grit Capital's #ESG Investor Webcast Live on March 25th, 2020 at 1:00pm ET/10:00am PT.

DATE: March 25th, 2020
TIME: 1:00pm ET/10:00am PT
FORMAT: Live 10 minutes presentation & 5 minutes Q&A session
LINK: https://event.on24.com/wcc/r/2219187/A56D3D8FEA459BB0F66306AFABE17792

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Greenbriar is also very pleased to announce the execution of a new USD $195 Million project financing mandate with Voya Investment Management, LLC ("Voya") for the Company's 80 to 160 MW AC Montalva Solar Project ("Montalva Project"). This project financing takes place at the project level and does not involve any dilution of the Company's shares. Voya is a USD $550 Billion Fund Manager.

About Grit Capital

Grit Capital is a world class investor relations firm that showcases its clients to its over 150,000 followers on social media as well as traditional targeted meetings, events, conferences and international roadshows both online and in person. Grit covers the most innovative redemptive and disruptive technologies in the world. Grit is co-headed by both an award winning small cap portfolio manager and veteran investment banker.

Follow Grit Capital on Instagram at https://www.instagram.com/stories/gritcap/ or https://www.gritcapital.ca

About Greenbriar Capital

Greenbriar is a leading developer of sustainable real estate and renewable energy. With long-term, high impact, contracted sales agreements in key project locations and led by a successful, industry-recognized operating and development team, Greenbriar targets deep valued assets directed at accretive shareholder value. Management and advisors of Greenbriar have closed over $80 Billion of renewable energy project transactions since 2003.

ON BEHALF OF THE BOARD OF DIRECTORS
"Jeff Ciachurski"
Jeffrey J. Ciachurski
Chief Executive Officer and Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53680

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

China Everbright Limited Announces 2019 Annual Results, New Strategy Shapes New Future

HONG KONG, Mar 19, 2020 – (ACN Newswire) – China Everbright Limited ("Everbright" or "the Group", stock code: 165.HK) today announced its annual results for the year ended 31 December 2019.

– New "One, Four, Three" strategic plan was launched with an aim to fully transform into a "Leading cross-border asset management company in the world"
– Total amount of newly raised funds reaches approximately HK$20.3 billion, ranking top among Chinese institutions peers
– AUM increases to HK$157.0 billion, reaching historical high, up 9% year on year
– Leveraging cross-border capability, non-RMB AUM increases to 26%
– Management fee income increases 7% to HK$895 million, recurrent income further increases contribution to total income increasing income stability
– Maintains stable dividend payout ratio of 36.2%, and declares annual dividend of HK$0.48 per share

Despite a challenging macroeconomic and private equity industry situation in 2019, Everbright has rapidly transformed and launched various initiatives to cope with the challenges. In 2019, the asset under management (AUM) reached HK$157 billion, up 9% compared with the same period last year, reaching a historical high, with 69 funds and 188 post-investment projects under management.

A relatively complex external environment which began at the start of 2019 had impacted the operating results of Everbright to a certain extent. Everbright focused on solving the problem in the second half of the year, and implemented its strategic transformation towards an asset management company, and this had successfully helped the Company to stay resilient against impacts from the external environment and industry downturn. In 2019, Everbright recorded a total income of HK$ 5,519 million, representing an increase of 2% compared with the same period last year. The profit attributable to shareholders of the Company for the year was HK$ 2,237 million, representing a decrease of 28% compared to the same period last year. Earned Management Fee Income in fund management business segment was HK$895 million, representing an increase of 7% compared with the same period last year. In order to reward the shareholders for their support, the Board of Directors declared a final dividend of HK$0.23 per share. Together with the interim dividend of HK$0.25 per share already paid, the aggregate dividend for the year was HK$0.48 per share, with the dividend payout ratio increased 0.4 percentage points to 36.2%.

2019 Annual Business Highlights

New strategy shapes new future In 2019, Everbright drafted and announced its brand new "One, Four, Three" strategic plan, with a goal to fully transform into a "Leading cross-border asset management company in the world". With the new strategy, Everbright has a clearer development direction, with each initiative executed rapidly, resulting in stable financial indicators, laying a strong foundation to forge ahead to the future. During the year, Everbright joined the list of Top 100 of the World Private Equity Firms (assessed by international influential institution, PEI 300).

Fund management business grows despite headwinds During the year, the AUM of the funds managed by Everbright reached approximately HK$157 billion, hitting a record high. Total funds raised amounted to approximately HK$20.3 billion for the year, with net increase in AUM at approximately HK$13.5 billion. It managed to achieve business growth despite overall industry downturn with only a handful of firms in China achieving a fundraising scale of over RMB10 billion. Leveraging the cross-border capabilities, the non-RMB currencies denominated AUM grew by 26% to an equivalent of HK$40.2 billion.

Last year, Everbright's fund-of-funds successfully set up new funds in Guangzhou, Suzhou, and Taizhou, increasing AUM by RMB3.5 billion, which strengthened regional economic cooperation with local governments and contributes to local economic transformation and upgrade. As of the end of 2019, Everbright's fund of funds has a total of seven funds under management with a total AUM over RMB 20.6 billion.

In terms of business development, fund-of-funds has completed strategic deployment in East China, South China and Central China regions, and is also actively expanding overseas businesses. Furthermore, fund-of-funds has actively cooperated with China Everbright Bank and Everbright Securities on fundraising, investment, management and project exit, which effectively promoted the positive interaction and synergistic coordination with the subsidiaries of Everbright.

Four major strategic platforms develop rapidly, strategic position continues to advance Under the guidance of the new strategy, Everbright has strengthened the support on relevant fields, as well as the upstream and downstream of industrial chains for the leading enterprises which it has incubated and nurtured, and has further promoted the positive interaction of industrial investment and asset management. The four platforms, China Aircraft Leasing (CALC), Everbright Jiabao / EBA Investments, Everbright Senior Healthcare and Terminus have either maintained their leading positions in the industry or realised strategic advancement.

CALC obtained the first aircraft disassembly license and became a one-stop aircraft full life-cycle solutions provider. In 2019, Everbright increased its stake in CALC to 35.67%. The profit attributable to the Group increased to HK$319 million, up 15% compared with the same period last year. CALC ranks among the top ten aircraft leasers in the world in terms of fleet size and number of aircraft in its orderbook.

Everbright holds 29.17% stake of Everbright Jiabao. Having issued two REITs, Everbright Jiabao's subsidiary EBA Investments has been ranked No. 1 in the "Top 10 Funds in terms of Comprehensive Strength among China Real Estate Funds" for a fifth consecutive year, gaining wide recognition from the capital market.

Everbright Senior Healthcare introduced new shareholders, including Everbright Financial Holding Asset Management, Sun Life Everbright Life Insurance and Everbright Industry, becoming a benchmark enterprise in the senior healthcare industry in China. With business presence in 24 core cities across the country and managing nearly 80 elderly centers and over 21,000 beds, Everbright Senior Healthcare entered into the ranking of the top five players in the senior healthcare industry in China as of 2019.

During 2019, Terminus completed C-round financing led by Everbright, and this was followed by well-known institutions such as Jingdong. As of the end of 2019, Terminus had obtained a total of 720 patents, including 417 invention patents. It also became one of the first batch of intelligence of things companies to pass the "Multilevel Protection of Information Security Scheme (MLPS) 2.0" standard assessment.

Leveraging outstanding asset management and investment expertise to fulfil social responsibilities In 2019, Everbright leveraged its professional financial expertise and strengthened regional economic cooperation with various local governments and institutions in China. It established the Taizhou CEL Big Health Industry Fund and the Guangzhou CEL Guangzhou-Hong Kong-Macau Youth Venture Fund-of-Funds and is committed to achieving a "win-win" outcome that is beneficial to both local economic development and investor returns.

In face of the COVID-19 epidemic at the beginning of 2020, Everbright actively undertook its social responsibility as a state-owned enterprise, promoting the establishment of the East Lake CEL Science & Finance Innovation Fund and the CCC Wuhan Optics Valley B&R Industry Fund, with the aim of helping coordinate and facilitate epidemic prevention and control as well as economic and social development in Wuhan.

In addition, Everbright will actively respond to the Chinese government's promotion of green development by focusing on facilitating green infrastructure construction, green investment and green finance. The establishment of the Everbright Belt & Road Green Fund and the Air Silk Road Fund is underway.

Strategies and Outlook

In 2020, the global economy is expected to forge forward in the midst of uncertainty. On the one hand, a new round of technological revolution and industrial upgrading are accelerating the reshaping of the world economy. On the other hand, the tensions among great powers are ongoing and geopolitical order remains in the rebalancing process. As the year begins, the outbreak of COVID-19 has increased the uncertainty in global economic growth. However, the combined effect of strengthened counter-cyclical policies and the new round of opening-up policies, coupled with the cyclical improvement of corporate profits, are expected to bring support to the economy.

As crises create opportunities, Everbright will strive to capture the structural opportunities for investment worldwide and step forward with more stability, further promote its transformation, so as to strengthen its operating performance, mitigate risks and maximise the returns to investors. Specifically, Everbright will adopt the following strategies:

Enhancing brand advantage and expanding fundraising scale Everbright will continue to leverage the brand advantages of its China's leading asset management institutions to consolidate and strengthen fundraising capabilities, so as to further expand its fundraising scale.

Deepening its industry-focused strategy and making investments steadily Everbright will continue to focus on the leading enterprises which it has incubated and nurtured, fortify the construction of its ecosystem platforms by deepening the support on relevant fields and upstream and downstream of the industrial chain, and further promote the interaction of industrial investment and asset management. Everbright will also focus on nurturing enterprises in industries on which Everbright has extensive asset management experience, such as high-end manufacturing, core technology, food and beverage and medical and health, and promote the development of enterprises with high potential to become industry leaders.

Strengthening cross-border presence with internal expansion and external alliance Everbright will further expand its cross-border business and strengthen its overseas presence by expanding foreign operations, acquiring overseas companies or setting up asset management joint ventures locally. Besides, Everbright will focus on the Belt and Road initiative and continue to implement the strategies of "venturing out" and "bringing in" in the fields of infrastructure and high-end new technology.

Mitigating risks and operating steadily In the face of potential exposure of industry concentration risk in industries such as private equity and real estates during the economic downturn, Everbright will take positive steps to respond to and handle challenges cautiously, striving to mitigate risks properly.

Mr. Zhao Wei, Executive Director & Chief Executive Officer of China Everbright Limited said, "The year 2019 marks the first year of Everbright's implementation of the strategic transformation. In 2020, adhering to the core principle of progress with transformation, Everbright will continue to carry out the transformation strategy to build alternative asset management systems and competitive advantage, aiming to become the world's leading cross-border asset management company. Deeply rooted in China, Everbright aims at the global market and keeps forging ahead in a prudential, yet enterprising manner to create an even better future with all our partners, offering the best returns to investors, creating the greatest value for our company and provide shareholders with the most stable growth."

The 2019 Annual Results Announcement is available on the Company's official website: www.everbright.com.


Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HKTDC Export Index 1Q20: Exporter confidence hits record low amid COVID-19 outbreak

HONG KONG, Mar 17, 2020 – (ACN Newswire) – The confidence level of Hong Kong's exporters has fallen to its lowest-ever level in the face of a triple challenge – the COVID-19 outbreak, softening global demand and lingering trade tension between the United States and Mainland China. The Hong Kong Trade Development Council (HKTDC) announced the latest HKTDC Export Index today with a reading of 16 – down a further 2.8 points from the previous quarter's low – indicating that local exporters have become more pessimistic about the city's short-term export outlook across all industries and markets, especially jewellery.
HKTDC Director of Research Nicholas Kwan (2nd R) announced the HKTDC Export Index for the first quarter of 2020 which hit its lowest-ever level of 16, indicating that Hong Kong exporters are pessimistic on the outlook for all sectors and markets, especially jewellery. The other speakers at the press conference were HKTDC Assistant Principal Economist (Asian and Emerging Markets) Wenda Ma (R), and HKTDC Economists Doris Fung (2nd L) and Poon Cheuk-hong (L)



Close to 94% of the 500 Hong Kong exporters surveyed said the COVID-19 outbreak has adversely affected their companies in areas such as arranging product deliveries (80.4%), supply of labour following the Chinese New Year holiday (76.2%), business contacts with overseas buyers or suppliers (60.5%) and supply of raw materials (56.1%).

HKTDC Director of Research Nicholas Kwan said the COVID-19 pandemic has disrupted the global supply chain, leaving entire markets in a state of uncertainty, and may accelerate its transformation. "Since the Sino-US trade dispute surfaced, many manufacturers have set up production lines outside the mainland to avoid additional tariffs. Following the COVID-19 outbreak, operations in some factories in the mainland – and even in Japan and Korea – have been suspended or have yet to fully resume, putting a strain on the global supply chain. For example, the shortage of electronics components has affected the supply of consumer electronics in the market. Multinational corporations may begin to further diversify their investments and no longer rely on a single country for production."

Mr Kwan added that the pandemic has resulted in the global economy losing its growth momentum, leading to a decline in the demand for new orders. "Economic and business activity has been on the wane worldwide during the outbreak. A total of 15 of the HKTDC's locally held trade fairs and conferences have been postponed. However, industry players can make good use of the HKTDC's digital platform for promotion purposes, and access government funding programmes to enhance their competitiveness and diversify production and markets."

Exporters bearish on jewellery and watches
The HKTDC Export Index highlights the city's current export outlook and its level reflects the positive or negative sentiment of exporters. HKTDC Economist Doris Fung said the figures in the latest export index are the lowest since its launch, across all industries, indicating that Hong Kong's exports are expected to stay in the doldrums in the coming months.

Ms Fung explained that consumer sentiment has been negatively affected by COVID-19, with a weakening in demand for luxury goods in particular. "The survey showed that exporters are most bearish on jewellery (8) and watches (13.9). The indexes for other industries are also well below the 50 watershed, including machinery (16.4), electronics (16.3), toys (14.9) and garments (14.2). The decline of the index for export markets was less severe. Companies are most positive about Japan (44.8) followed by the United States (40), Mainland China (37) and Europe (34)."

Impact of Sino-US trade dispute diminishes
Ms Fung explained that just one-third of respondents said the phase-one trade deal between the world's two largest economies and the subsequent tariff cuts would benefit their exports. Rather, traders have shifted their attention from softening global demand (18.5%) and Sino-US trade tensions (6.2%) to the impact of the COVID-19 outbreak, with 63.9% of respondents viewing it as the biggest threat to their exports over the next six months.

Compared with the last quarter of 2019 (56.5%), fewer respondents (51.2%) said they had been adversely affected by Sino-US trade tensions. Among the key issues affecting their businesses were reduced order size (70%), price bargaining from buyers (54.9%), sharing or bearing part of the tariff costs (16%), or cancelled orders (10.9%). In response to the trade issues, the local exporters surveyed had considered options such as developing in non-US markets (36.5%), lowering unit prices (28.2%), moving their production/sourcing base (23.1%), increasing the added value of products (22.4%) or even downsizing their companies (16%).

Hong Kong manufacturers look to opportunities in northern Vietnam
HKTDC Assistant Principal Economist (Asian and Emerging Markets) Wenda Ma expected that manufacturers will continue shifting or extending their supply chains from the mainland to other countries, including Vietnam. "While it has developed quickly as a manufacturing hub, Vietnam has become a victim of its own success, with growing issues such as congested ports and roads and the rising cost of land and labour."

In response, the Vietnamese government has given a massive push to improve the country's infrastructure sector. Several key infrastructure projects in the northern part of the country have been completed and are now in operation, including the deep seaport of Hai Phong and two international airports in Cat Bi and Van Don, coupled with significant improvements in the region's road network and the supply of utilities such as electricity and water. "These improvements have helped to make Vietnam's northern provinces much more attractive to overseas investors, and an electronics cluster is now taking shape," Ms Ma said.

She added that with its proximity to China, northern Vietnam is particularly suitable for industries that rely on supplies of raw materials, parts and components from the mainland's southern provinces. Although wages in Vietnam are still substantially lower than in the mainland, low cost is no longer the country's most competitive factor, which may make it less attractive to labour-intensive industries.

High level of consumer confidence in Greater Bay Area
A study of consumer markets in the nine mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area found that close to 80% of the middle-class consumers surveyed in these cities believe that both their income and expenditure will increase in the coming three years. On average, respondents said they spend 28% of their monthly income on living expenses, 19% on investment/wealth management and insurance, and 18% on savings.

HKTDC Economist Poon Cheuk-hong said these middle-class consumers value improvements in areas such as their personal image and smart living, with more spending in the past year on upmarket clothing and footwear (46%), high-end skin-care products/cosmetics/perfumes (46%), personal electronics products (45%), fitness services (37%) and beauty services (32%). "Those surveyed said they are, on average, willing to pay a 29% premium for made-to-order products, especially electronics products and jewellery items. In addition, Hong Kong companies can pay close attention to opportunities arising from the growing demand for personalised services, cultural performances and personalised image-enhancing services," Mr Poon said.

He explained that the middle-class consumers surveyed have a preference for the online-to-offline (O2O) consumption model, whereby they get product information and make the actual purchase online, while experiencing the products and services in physical stores. The study also found that e-tailing platforms, WeChat and video-sharing social networking platforms such as Douyin and Kuaishou are the most popular mobile apps in terms of influencing consumers' buying decisions.

"The survey also revealed that middle-class consumers in the nine mainland cities in the Greater Bay Area agree that Hong Kong is a 'shopping paradise' as well as being the most international city in the region," Mr Poon added.

The survey was conducted in November 2019, interviewing 2,160 middle-class consumers from Guangzhou, Shenzhen, Dongguan, Zhuhai, Zhongshan, Foshan, Jiangmen, Huizhou and Zhaoqing through an online questionnaire. The interviewees' average monthly individual income was Rmb10,257 with a monthly household income of Rmb18,294.

Note to editors: In response to the impact of COVID-19, the HKTDC has adjusted its schedule of exhibitions and conferences as part of a continued effort to create business opportunities for various sectors through multiple channels. For details, please see: https://home.hktdc.com/en/s/health-protection-measures

References
– HKTDC Research website: http://research.hktdc.com/tc
– HKTDC Export Index 1Q20 – Exporter Confidence Repeatedly Hit Record-Low amid the Novel Coronavirus Outbreak https://bit.ly/2Q4UNaT
– Northern Vietnam: A Magnet for Foreign Investment https://bit.ly/2IEaxh1
– The Mainland Cities of the Greater Bay Area (1): Consumer Characteristics and Wealth Management Arrangements https://bit.ly/2vQWDpg
– Photo Download: https://bit.ly/2xClSMj

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: http://www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.

Contact:
Beatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.org



Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Tiger Trade, the one-stop global trading app, launches in Singapore

SINGAPORE, Mar 13, 2020 – (ACN Newswire) – Tiger Trade, a one-stop mobile trading application by Tiger Brokers, has launched in Singapore. Designed for investors to access the global markets and build global investment portfolios, Tiger Trade offers the most competitive fees and lowest trading minimums in the market for investing in U.S. and Hong Kong securities, futures and options.

Targeting Singapore's mobile-savvy younger generation of retail investors, Tiger Trade offers lowest commissions per trade, for as low as US$0.99 (S$1.39), excluding brokerage and exchange fees. This lowers the barrier of entry to help investors better diversify their portfolio, balancing their investment risk and reward.

Mr Wu Tianhua, CEO of Tiger Brokers, says "Tiger Brokers is very excited with the launch of Tiger Trade, our intuitive global trading app, here in Singapore. With Tiger Brokers' rich broker-dealer experience and Tiger Trade's dynamic multi-currency trading platform, investors will be able to make more informed decisions and better manage their investment portfolio anywhere, anytime."

Tiger Brokers had over 600,000 customer accounts worldwide with a trading volume of US$26.8 billion (S$37.5 billion) for the quarter ending 30 September 2019. "We take pride in our proprietary technology. Tiger Trade's efficient and robust interface creates a user-friendly and seamless experience for our users from account opening to trading right at the fingertips," added Mr Wu.

Tiger Trade creates an unparalleled experience for users, with complimentary real-time stock quotes, dedicated multilingual customer service during trading hours, and 24/7 finance news updates. The app also includes AI-driven data screeners, and easy-to-analyse trading charts, and the convenience of trading across multiple markets with the multi-currency facility, also provided 24/7.

Mr Eng Thiam Choon, CEO of Tiger Brokers (Singapore), leads the Tiger Trade launch in Singapore, with 14 years' experience focusing on institutional clients in the futures industry. "As Singapore positions itself to be the fintech hub in Asia and beyond, Tiger Brokers could be the solution to address Singaporeans' appetite for investment, helping them to diversify their portfolio into international markets at competitive cost rates."

"Having the platform in the form of a mobile application aligns with the mobile-savviness of our users. Coupled with a high per capita income and Singapore's excellent telecommunications infrastructure, it is an opportune time for Tiger Brokers to enter the Singapore market," added Mr Eng.

The Tiger Trade mobile application is available for download on Apple App store and Google Play store.
– App store: https://apps.apple.com/sg/app/id1023600494
– Google Play: https://play.google.com/store/apps/details?id=com.tigerbrokers.stock

Tiger Brokers (Singapore) is offering new users a chance to win free stocks valued between S$2.50 to S$1,000 by opening a trading account, from now till 31st March 2020. https://www.tigerbrokers.com.sg/market/sem-sg?invite=TIGERSG003

About Tiger Brokers (Singapore) Pte Ltd
Tiger Brokers (Singapore) Pte Ltd is a licensed broker under the Monetary Authority of Singapore (MAS) providing one-stop online brokerage services. Tiger Brokers' one-stop trading platform for global asset allocation serves investment professionals worldwide, and gives investors in Singapore access to fast trade execution along with competitive transaction fees, and advanced technological tools to better manage investment portfolios. For more information, please visit https://www.tigerbrokers.com.sg

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com