Appia Begins Extensive Auger and Reverse Circulation Drilling Campaign at Its Ionic Clay PCH Project, Brazil

TORONTO, ON, Jul 18, 2023 – (ACN Newswire) – Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (the "Company" or "Appia") Appia is pleased to announce that after the successful completion of its evaluation of historic and due diligence work conducted by the Company's consulting industrial minerals expert, Mr. Don Hains, P.Geo, that it has commenced an aggressive auger and reverse circulation (RC) drill campaign to delineate a potential resource estimate on Target #4 on its ionic clay PCH project in Goias State, Brazil.

SUMMARY:

– All data from diamond and auger drilling, trenching, stream sediment sampling, and various geophysical testing methods covering Target #4 on the extensive 17,551 ha PCH project have been analyzed and plotted.
– The results revealed significant exploration potential with impressive values that often surpass known ionic clay deposits in Brazil, particularly for the highly valuable heavy rare earths Terbium and Dysprosium.
– Notably, the Company's evaluation of the data identified an average concentration of Total Rare Earth Elements (TREE), as determined by auger sampling, of 1,291 ppm with the highest recorded concentration reaching 16,648 ppm.
– Historic work by the Vendors indicates that the magnetic REEs represent +/- 25% of the TREEs found within the project area.
– A Lidar topographic survey covering approximately 1,700 ha, encompassing the southern, western, and northwestern extensions of Target #4, has commenced.
– Auger and reverse circulation (RC) drilling campaigns are being conducted over the coming weeks with approximately 300 holes planned across the Target #4 area.

"Our full-time Brazilian technical team has developed a comprehensive exploration plan which is currently being executed and we are looking forward to receiving results," stated Stephen Burega, President. "The plan includes a Lidar topographic survey covering approximately 1,700 ha, and 300 proposed auger and RC drill holes across our primary Target #4. Additionally, an extensive ground truthing program across the remainder of the project area is planned with initial stream sediment sampling and mapping programs."

Figure #1 – The figure showcases a Lidar survey area displayed over satellite imagery, with the Analytical Signal superimposed. The blue polygon highlights the Target #4 area, while the white dots represent the locations where auger drilling has been carried out by the vendors.
https://images.newsfilecorp.com/files/5416/173914_170b864504ae7aac_005.jpg

"In total, approximately 4,500 m of auger and RC drilling is planned with +/-2,500 m focused on Target #4 at 100 m grid spacing and 2,000 m of drilling will explore new targets spread across the project area that have received limited exploration to date but exhibit similar geological, geophysical and geochemical signatures to Target #4," Burega continued.

"Appia is thrilled with the progress made and the promising results thus far," stated Tom Drivas, CEO. "The company remains committed to advancing its exploration plans, aiming to promptly gather significant data throughout the year, and to work towards estimating a maiden mineral resource in the coming months."

BACKGROUND ON THE PCH PROJECT

The PCH Project is located within the Tocantins Structural Province in the Brasilia Fold Belt, more specifically, the Arenopolis Magmatic Arc. The PCH Project is 17,551.07 ha. in size and located within the Goias State of Brazil. It is classified as an alkaline intrusive rock occurrence with highly anomalous REE and Niobium mineralization. This mineralization is related to alkaline lithologies of the Fazenda Buriti Plutonic Complex and the hydrothermal and surface alteration products of this complex by supergene enrichment in a tropical climate. The positive results of the recent geochemical exploration work carried out to date indicates the potential for REEs and Niobium within lateritic ionic adsorption clays.

The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.

ABOUT APPIA RARE EARTHS & URANIUM CORP.

Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. Lastly, the Company holds the right to acquire up to a 70% interest in the PCH Project which is 17,551.07 ha. in size and located within the Goias State of Brazil. (See June 9th, 2023 Press Release – Click Here)

Appia has 130.5 million common shares outstanding, 143.5 million shares fully diluted.

Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.

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

For more information, visit www.appiareu.com

As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online (Twitter, Facebook, LinkedIn) please feel free to send direct messages.

To book a one-on-one 30-minute Zoom video call, please click here. sburega@appiareu.com

For further information, please contact:
Tom Drivas, CEO and Director: (cell) 416-876-3957 or (email) tdrivas@appiareu.com
Stephen Burega, President: (cell) 647-515-3734 or (email) sburega@appiareu.com

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

Upcoming IPOs on the ASX and Their Pre-IPO Brochures Now Featured in IPO News

RATHCOOLE, IRELAND, Jul 14, 2023 – (ACN Newswire) – IPO News & Calendar has released an IPO Prospectus section. Full information can be found on the subject companies in over 20 pages of compact information. The Discord IPO and Instacart IPO prospectus have shown to be very popular on the website as many investors await these future IPO stock market listings. For now, these are only available on its website until an app update is released next week.

IPO News has reported extensively on highly anticipated TSX IPOs, LSE IPOs. The site has recently reported on the potential ASX IPO for Canva Inc, in addition to providing a prospectus for the potential Starlink IPO. A brochure detailing Epic Games stock allocations and funding rounds will be released next month by the unicorn mobile app and site, which has also been reporting on information released on the big investors in Boston Dynamics stock and has been briefed on the possible availability of Lamborghini stock in the form of an IPO.

A huge upcoming potential IPO is being closely watched as many await the final Arm share price and valuation if the possible plan to list proceeds. To stay informed about the potential listing, the app can be downloaded on the Google Play store, or readers can visit IPO News to see the site's full content and view all of the IPO prospectus available. The brochures will be available on the app in due course but for now, they are only on the website.

Contact Information
David Jofferey
Chief Editor
info@adverwise.net
+356 89967 9030

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

RHTLaw Asia Expands Debt Recovery Expertise with New Partner Addition

SINGAPORE, Jul 11, 2023 – (ACN Newswire) – RHTLaw Asia, a regional law firm headquartered in Singapore, has appointed Mr Vernon Voon as Partner to oversee the firm's debt recovery portfolio.

Vernon brings extensive experience and expertise in assisting clients with debt recovery litigation and management. Since 2004, he has honed his skills in this specialised field, successfully handling a wide range of cases involving the recovery of unsecured and secured debts and the resolution of complex payment issues related to debentures, bonds, and other financial facilities.

"With a deep understanding of the complexities involved in debt recovery, I am committed to delivering effective solutions to our clients in their pursuit of debt resolution and recovery. I am excited to collaborate with the talented team at RHTLaw Asia and contribute to the firm's continued success," said Vernon.

Vernon's comprehensive legal background includes appearances before Singapore International Commercial Court, a Singapore High Court division renowned for handling transnational commercial disputes. He has valuable experience in general litigation, advising clients and arguing cases before respected entities like the Strata Titles Board, State Courts, and High Court. He has also aided in cases brought before the Court of Appeal.

RHTLaw Asia Managing Partner, Mr Azman Jaafar, said, "We are very familiar with Vernon, and we are excited to have Vernon back as a Partner leading the debt recovery practice. Vernon will be a valuable asset to our firm's multidisciplinary approach to practice."

About RHTLaw Asia LLP

RHTLaw Asia LLP is a leading regional law firm headquartered in Singapore with a network of offices in over 88 cities across Asia, Oceania, the Middle East and Africa through the ASEAN Plus Group (APG) comprising over 2,000 lawyers. We help clients understand the local challenges, and navigate regional complexities to deliver the competitive advantage for their businesses in Asia. RHTLaw Asia is a member of the Interlex Group, a global network of leading law firms, and HLB, a global network of independent advisory and accounting firms.

RHTLaw Asia is a member of ONERHT, an integrated network of multidisciplinary professional and specialist services which empowers stakeholders to achieve purposeful growth. For more details, please visit www.rhtlawasia.com

For media queries, please contact:
Elliot Siow / elliot.siow@rhtgoc.com / +65 8375 0417

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

Q&M Free Dental Clinic launched to provide free essential dental treatments for underprivileged individuals and families

SINGAPORE, Jul 10, 2023 – (ACN Newswire) – Q&M Free Dental Clinic Limited, a registered charity under the Commission of Charities, has opened its first Q&M Free Dental Clinic in Chai Chee dedicated to delivering essential dental treatment for underprivileged individuals and families in need.

Dr Ng Chin Siau, Group CEO of Q&M Dental Group, Mr Ong Ye Kung, Minister for Health, Mr Tan Chuan
Jin, Speaker of Parliament, Dr Mohanarajah, Chairman of Q&M Free Dental Clinic Limited [L-R]

The opening ceremony at 26 Chai Chee Rd was witnessed by Guest-of-Honour Ong Ye Kung, Minister for Health; and Tan Chuan-Jin, Speaker of Parliament, and Adviser to Marine Parade GRC Grassroots Organisations (Kembangan-Chai Chee).

In its first phase of operations, the free clinic will be staffed by more than 50 volunteer dentists from Q&M Dental Group, on a rotational basis and is expected to serve up to 1,400 patients each year. Eligible patients will be initially referred by grassroots organisations within Kembangan-Chai Chee Division and will receive free dental consultation and treatments that are essential to oral health, such as scaling and polishing, fillings, and extractions.

Mr Tan Chuan-Jin, Speaker of Parliament, and Adviser to Marine Parade GRC Grassroots Organisations (Kembangan-Chai Chee), said, "In Kembangan-Chai Chee, preventive healthcare has been an essential pillar of our social initiatives, besides food security and education. While we have made inroads with health screening, vaccinations, and general health management, we realise that oral health has often been overlooked, especially for our underprivileged residents.

"Hence, the idea of a free dental clinic was mooted over lunch with Dr Ng and I in August 2021 and we are grateful to have Q&M Dental Group partnering with us in this meaningful journey. This initiative is also timely as it fits perfectly into our nationwide Preventive Healthcare Program – Healthier SG," he added.

Dr Ng Chin Siau, Group CEO of Q&M Dental Group said, "With the continued support of our generous donors and volunteer staff, we aim to ramp up the current capacity to serve up to 5,000 patients per year in the free clinic's next phase of operations, in line with our goal to make dental care accessible to all."

Q&M Dental Group led the fundraising efforts to fully equip and set up the free dental clinic, donating S$500,000 to fund the initial costs of renovations and equipment. In total, close to S$1 million was raised together with the support of other key donors including Quan Min Holdings, Straumann, Belmont, Prof Hwang Yee Cheau, Madam Kong Siew Yin, Ng Kok Mee, Navi Corporate Advisory Pte Ltd and Dr Ng Chin Siau, in his personal capacity.

"The generosity of our donors will make a lasting impact on the lives of the underprivileged, providing essential dental care for them and creating a healthier community overall. We look forward to collaborating with other stakeholders to reach out to more patients in need and galvanise the medical community to contribute their expertise and resources to ensure everyone has access to essential healthcare services," added Dr Ng.

Dr Mohanarajah s/o S. Senathirajah, Chairman of Q&M Free Dental Clinic Limited, said, "We are really excited to launch the Q&M Free Dental Clinic knowing that we will make a meaningful contribution in the lives of the underprivileged amongst us. This initiative marks the latest milestone in our longstanding commitment in giving back to society, and what better way than to contribute our professional expertise in a sustained manner to help those in need."

Q&M Dental Group was recently awarded The President's Certificate of Commendation (COVID-19) for its contributions during the pandemic which include Q&M Dental Group volunteers, comprising of dentists and nurses administering swabbing procedures to migrant workers at factory-converted dormitories and government quarantine facilities, donating 200,000 medical grade surgical masks to 51 migrant worker dormitories and setting-up satellite Covid-19 testing facilities throughout its island-wide clinic network.

Q&M Free Dental Clinic
To donate and find out more, please visit: www.qmfdc.sg

Media contacts:
Q&M Dental Group
Jess Chang, jess@qnm.sg, +65 8388 6240
Lloyd Chan, lloydchan@qnm.sg, +65 9385 5702

Waterbrooks Consultants
Wayne Koo, wayne.koo@waterbrooks.com.sg, +65 9338 8166
Elliot Siow, elliot@waterbrooks.com.sg, +65 8375 0417

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

Aldrich Resources Berhad’s Strategic Collaboration with 20% Stake in Octowill Trustee Berhad

KUALA LUMPUR, Jul 8, 2023 – (ACN Newswire) – Aldrich Resources Berhad, a listed company on Bursa Malaysia primarily engaged in providing corporate secretarial, share registration service, computerised maintenance management systems and business solutions, is pleased to inform that its' wholly owned subsidiary, Aldrich Capital Sdn Bhd had undertaken a 20% stake in Octowill Trustees Berhad. This strategic collaboration aims to strengthen Octowill's shareholding structure and infuse confidence among stakeholders.

Executive Director of Aldrich Resources Berhad, Mr. James Chan; Managing Director of Octowill
Trustees Berhad, Mr. Jack Leong; CEO of Octowill, Dato' Sharif Bin Mohamed [L-R]

Octowill, a leading name in the financial services industry, is widely recognised for its expertise, professionalism, and commitment to surpass client expectations. Boasting over 30 years of experience in estate administration and wealth management, Octowill is well-positioned to redefine trust management in the financial landscape.

The five-pillar associate framework of Octowill – encompassing Venture Capital Management Company, Experienced Industry Experts, Chartered Financial Analysts (CFA), Legal Professionals, and Associates of Public Listed Companies – significantly boosts Octowill's profile and consolidates its strong market position.

Managing Director of Octowill Trustees Berhad, Mr. Jack Leong said "In the realm of finance and estate management, trust is paramount. Octowill's commitment goes beyond delivering on promises, ensuring that our clients' best interests are diligently served.

"Our newly introduced comprehensive trust solution symbolises this unwavering commitment and testifies to our team's collective dedication, efforts, and expertise."

Octowill's trust solution offers clients an array of benefits, serving as an essential tool for estate planning, providing a flexible, personalised approach to wealth distribution planning, assuring privacy and confidentiality, and offering robust asset protection.

CEO of Octowill, Dato' Sharif Bin Mohamed said, "Our vision is to be the first choice for individuals, families, and organisations seeking comprehensive trust solutions. Beyond providing unparalleled expertise in trust and wealth management, we are committed to supporting our clients' philanthropic endeavours. For us, success is holistic, comprising not only financial gains but also the transformative impact we catalyse in societies."

Executive Director of Aldrich Resources Berhad, Mr. James Chan said, "We are excited to embark into this new venture, as it marks a significant milestone for Aldrich Resources Berhad. The strategic stake in Octowill not only amplifies our investment portfolio but also extends our reach into the ever-evolving financial services landscape. We believe in Octowill's mission and the exceptional value it offers to its clients. With the experience of Octowill's professional team, this strategic collaboration is a testament to our confidence in Octowill's innovative solutions and its future growth trajectory."

This landmark announcement underscores Aldrich's strategic vision and commitment to drive growth and value for its shareholders, reinforcing its belief in Octowill's future potential as a leading provider of trust and wealth management services.

Aldrich Resources Berhad: http://aldrich.my/

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

RHTLaw Asia Appoints Sim Sze Kuan as Of Counsel

SINGAPORE, Jul 6, 2023 – (ACN Newswire) – Singapore-headquartered regional law firm RHTLaw Asia welcomes Mr Sim Sze Kuan as Of Counsel, effective 6 July 2023 to strengthen the firm's private wealth practice.

Sze Kuan brings with him extensive legal experience spanning over three decades. His professional qualifications include being called to the Bar in England & Wales as a Barrister in 1989, being admitted as an Advocate & Solicitor in Singapore in 1990, obtaining solicitor status in Hong Kong in 1996, and joining the New York Bar in 2004.

With his extensive background in family office, investments, and asset management, Sze Kuan brings a wealth of knowledge and expertise that will enable him to contribute effectively to RHTLaw Asia's private wealth practice. His deep understanding of these areas will allow him to provide strategic advice and guidance to clients seeking to establish family offices in Asia.

Sze Kuan said, "The firm's core multidisciplinary capabilities and client-centric approach provide an ideal platform for me to leverage my deep understanding of the complexities in private wealth management to provide strategic guidance and help clients achieve their goals. I look forward to collaborating with my colleagues to drive the success of RHTLaw Asia across the region."

As an Of Counsel, his addition will strengthen the firm's capabilities in serving high-net-worth individuals and families, enabling the delivery of tailored legal solutions to meet their unique needs.

RHTLaw Asia Managing Partner, Mr Azman Jaafar said, "As we witness the growing trend of Asian capital migrating into Asian financial centres, Sze Kuan is well-positioned to leverage his experience for the benefit of our clients."

About RHTLaw Asia LLP

RHTLaw Asia LLP is a leading regional law firm headquartered in Singapore with a network of offices in over 88 cities across Asia, Oceania, Middle East and Africa through the ASEAN Plus Group (APG) comprising over 2,000 lawyers. We help clients understand the local challenges, navigate regional complexities to deliver the competitive advantage for their businesses in Asia. RHTLaw Asia is a member of the Interlex Group, a global network of leading law firms, and HLB, a global network of independent advisory and accounting firms.

RHTLaw Asia is a member of ONERHT, an integrated network of multidisciplinary professional and specialist services which empowers stakeholders to achieve purposeful growth. For more details, please visit www.rhtlawasia.com

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

PrimePartners Group forges a strategic alliance with leading UK independent corporate advisory firm Strand Hanson to strengthen global connectivity

SINGAPORE, Jul 6, 2023 – (ACN Newswire) – PrimePartners Group ("PrimePartners" or "PPG"), one of Singapore's leading investment banking advisory firms has entered into a strategic alliance with Strand Hanson, a London-based corporate advisory firm to explore areas of new listings and capital market transactions.

Strand Hanson has an extensive geographical footprint, particularly in emerging markets such as Africa, Southeast Asia, South America, and the Middle East. Similarly, PrimePartners also services a global client base, with an emphasis on the Southeast Asia region and Greater China.
Both parties are set to leverage one another's business connections to strengthen their respective cross-regional presence. This partnership will create a combined pool of diverse clients, which is expected to leverage a host of new opportunities, particularly in the area of energy transition where a key to success is effectively linking the producers of critical raw materials which feature strongly in Strand Hanson's client base with end users.

On top of the enhanced connectivity, the collaboration also enables knowledge transfer, especially in regard to regulations, legislation, and culture between the two firms, which will improve service efficiency levels in mutual regions.

Mark Liew, Chief Executive Officer of PrimePartners said, "Our respective strengths and focus in different geographical regions will open doors to a wider universe of potential clients to both of us, especially pertaining to capital market deals with cross-border elements. The extensive reach that Strand Hanson has is an attractive proposition and we look forward to growing together with our new partner."

Simon Raggett, Chief Executive of Strand Hanson said, "Singapore offers a strong combination of regulatory oversight, access to world-class talent and a vibrant capital market from which to access some of the world's fastest-growing economies. We are delighted to have formed a partnership with PrimePartners, which shares our values and commitment to servicing our clients.

"Strand Hanson has been advising clients with a global reach via its established network of offices and partnerships and is excited at strengthening its regional presence via this new relationship."

About PrimePartners Group

PrimePartners Group (PPG) was founded in 1994 by the late Mr Ng Soo Peng, Mr Quek Peck Lim, Mr Teo Ek Tor and Mr Hsieh Fu Hua, former senior Morgan Grenfell executives.
PrimePartners Corporate Finance (PPCF) was formed by PPG in 2003. PPCF is focused on providing advisory and capital raising services for private and public-listed small and medium sized companies operating in Singapore and internationally. Headquartered in Singapore, PPCF provides a comprehensive range of public listing, financial advisory, capital raising, mergers and acquisitions and continuing sponsorship services. PPCF is one of the pioneer group of full sponsors licensed by the Singapore Exchange and is the leading continuing sponsor on the Catalist market.

About Strand Hanson

Established in 1993, Strand Hanson is a leading adviser to SMEs on London's public markets, with a focus on growth companies both in the UK and internationally.

Drawing on the executive team's considerable experience across a significant range of sectors, geographies and transaction types, Strand Hanson is focused on delivering bespoke, strategic and timely advice, recognising that the "one size fits all" model does not maximise value or deliverability.

Issued for and on behalf of PrimePartners Group
By Financial PR

For more information, please contact:
Kamal SAMUEL / Hong Ee TANG
E-mail: kamal@financialpr.com.sg / hongee@financialpr.com.sg
Tel: 6438 2990

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

Nominations now open for Media Savvy Awards

Singapore / Malaysia / Bahrain, Jul 5, 2023 – (ACN Newswire) – Nominations are now open for the 6th annual Media Savvy Awards, to find the best media spokespeople in Singapore, Malaysia and the GCC.

Business leaders or their corporate communications or PR specialists can nominate for free across four categories:

– Best Broadcast Interview
– Best Online Interview
– Best Hybrid Event Presentation
– Best Sustainability Communications

Go to the official nomination form at: www.mediasavvyawards.com (there is no charge to nominate, to enter, or to win the award).

The deadline for nominations is September 15.

This year's judges are:

– Keith Morrison, Director of Marketing & Communications at Black & Veatch and President, Asia-Pacific Association of Communications Directors
– Bridgit O'Donovan, Head of Communications, Product and Partnerships APAC, Meta
– Christina Koh, Director Communications, AMEA, Avantor
– Asiya Bakht, CEO & Founder of Beets Public Relations
– Ramya Chandrasekaran, Chief Communications Officer, QI Group
– Rimmi Harindran, Senior Director, Corporate Affairs, AMEA, Kellogg Asia Pacific
– Shruti Bose, Head of Communications & Public Affairs, Roche Diagnostics
– Yang Wai Wai, Head, Communications and Research, Singapore Institute of Directors
– Shruti Gupta, Former Chief of Marketing Communication, Cashify.in
– David Venn, Global Director, Communications, World Scout Bureau
– Lina Marican, Regional Managing Director, Mutant Communications
– Bruce Porter, Managing Director, ACN Newswire

What the judges say: https://vimeo.com/showcase/10369525

About Media Saavy Awards

The Media Savvy Awards recognize local business leaders who are good orators and have excellent traditional and new media skills. Convened in 2018 by Hong Bao Media, the awards seek to encourage business leaders, entrepreneurs, and founders to step up in front of the camera in this new hybrid environment. As businesses move forward in a digital world with new media platforms, having a strong media presence and the ability to get your message across to your key stakeholders is crucial for business leaders and entrepreneurs alike. Learn more at https://www.mediasavvyawards.com.

For further information:
Mark Laudi
Convenor, Hong Bao Media Savvy Awards
Tel: +65 9017 3534
mark.laudi@hongbaomedia.com

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

Fosun Repays US$700 Million Bond, and Has No Significant US Dollar Bonds Maturing in the Next 12 Months

HONG KONG, Jul 4, 2023 – (ACN Newswire) – On 2 July, Fosun International repaid US$700 million maturing offshore US dollar bond, marking a significant milestone in its debt management strategy, as Fosun has effectively repaid all concentrated maturing offshore bonds in the public market. According to public information, since the beginning of this year, Fosun has successively repaid a US$450 million bond in January, a US$1.2 billion syndicated loan in April, and a EUR350 million bond in May prior to the recent US$700 million bond repayment. In addition, Fosun has completed the repayment of RMB6.7 billion maturing onshore bonds in the public market. As a result, Fosun has alleviated any near-term pressure associated with offshore debt repayment for the next 12 months.

Being a diversified and internationally active conglomerate, Fosun benefits from the inherent advantages of a well-balanced asset portfolio that can withstand industry-specific and market-specific downturns. Despite the challenges posed by the market environment, Fosun has leveraged its operational flexibility to monetize non-core and non-strategic assets in sectors such as steel making, and diversified financial investments. This proactive approach has generated substantial cash inflows, with Fosun successfully completing over RMB 40 billion in asset divestments in 2022 alone, resulting in nearly RMB30 billion of cash inflow. The successful redemption of maturing debts in 2023 underscores Fosun's consistent execution of its financial strategy aimed at divesting non-core assets.

In addition, Fosun has fostered enduring partnerships with domestic and international banks, enabling it to navigate the pace of asset divestments effectively. Domestically, benefiting from credit policies supporting the development of private enterprises, Fosun secured a syndicated loan for total credit line of RMB12 billion with eight major Chinese banks in January 2023. In the international market, Fosun has collaborated with more than ten domestic and foreign banks to execute a syndicated loan amounting to no less than US$500 million. These stable and robust financial relationships serve as a testament to the recognition of Fosun's financial strategy by both domestic and international financial institutions.

Looking ahead, Fosun will continue to implement its financial strategy of asset portfolio optimization, focusing on core businesses and streamlining the organization. This ongoing commitment is expected to yield continuous improvements in the company's credit metrics. In a report issued by S&P Global Ratings on 30 May, Fosun's determination in asset divestments and debt reduction was acknowledged, with a projection that the company will further reduce its interest-bearing liabilities and leverage within the next 12 to 18 months. As the short-term debt repayment peak is surmounted, Fosun's debt structure will significantly optimize. S&P Global Ratings report also highlighted the stable cooperation between Fosun and multiple banks, anticipating a substantial enhancement in debt stability as the proportion of bank loans in Fosun's liabilities increases, consequently mitigating capital structure risks. Fosun's diversified asset portfolio across different regions and industries, coupled with its prudent debt management practices, will effectively safeguard the company's resilience during economic downturns.

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

GBA Business Confidence Index eases to the 50 neutral mark

HONG KONG, Jul 3, 2023 – (ACN Newswire) – Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the Standard Chartered GBA Business Confidence Index (GBAI) for the second quarter of this year. The current performance of "business confidence" eased to the 50 neutral mark while the expectations index remained in the expansionary territory (58.7), the second-highest reading in two years. The headline expectations index for credit also remained expansionary at 51.6, reflecting sanguine underlying growth expectations among companies in the region. Both expectations and credit indices point to further recovery in the third quarter.

Resilient investment appetite

The softer Q2 GBAI readings were expected considering the strong first-quarter GBAI performance brought by Mainland China's swift post-COVID sentiment rebound. The performance of underlying sub-indices was more diverse this quarter after a more uniform increase in Q1. Fixed Asset Investment had the highest score of 52.9 among components, suggesting that respondents remained optimistic towards the longer-term GBA business outlook, by acknowledging the need to invest in capacity expansion in anticipation of further demand normalisation.

Industry sub-indices vary

The current performance index for Professional Services rose 4.0 points to an industry-best 56.1. The sector's expectations index also outperformed by being the lone print above 60 (61.9). The current performance and expectations index of Financial Services and Innovation and Technology saw the largest quarter-to-quarter drops among sectors. Financial respondents' sentiment was driven by margin pressures and credit worries amid an easing recovery momentum while the tech sector continues to face many headwinds, led by the ongoing global semiconductor downcycle.

China on modest recovery path

"The dip in the index in Q2 reflects the normalisation of base effects, softening of nationwide macro data quarter-to-date, and the novelty of reopening was bound to wear off. However, the index did not fall back into contractionary territory, suggesting only a softening of the recovery momentum. Given that GBA is a microcosm of Mainland China's diverse economic drivers making it a bellwether for overall growth, we see the mainland managing to stay on a modest recovery path," said Mr Kelvin Lau, Senior Economist, Greater China, Standard Chartered.

More diverse performance among GBA cities

There was a more diverse city performance among the current performance sub-indices. Most notably, Shenzhen (from 51.5 to 51.9) and Dongguan (from 53.5 to 56.4) showed their second consecutive improvement while other city sub-indices fell. Shenzhen weathered weaker responses from its tech respondents by posting the highest manufacturing and trading score among all city sub-indices. Guangzhou and Hong Kong, the other two GBA core cities, outperformed Shenzhen across the other four industry sub-indices.

Sustained recovery momentum in the coming quarters

Ms Irina Fan, Director of Research at the HKTDC, said: "We continue to take comfort from the fact that all city expectations indices stood comfortably in the 50+ expansionary territory, consistent with our view of a sustained recovery momentum in the coming quarters. That includes Hong Kong, which, despite returning to the lowest score of the pack, still managed to record a solid 54.7 expectations print (led by retail and professional services), making it two straight quarters of expansion."

Overseas global supply chain migration yet to happen

Although there has been a lot of discussion about global supply chain shifts in the market, 91% of survey respondents said they have not moved any capacity overseas, and 87% reported no plans to do so for now. The survey found the biggest hurdles and concerns for relocating production capacity overseas are "cost of production higher than expected" topped the list at 34.6%, followed by "poor labour quality and productivity" at 29.9%, and "lack of good suppliers / proximity to suppliers" at 22.8%.

Related materials
– Standard Chartered GBA Business Confidence Index Report: https://www.sc.com/hk/gba/gba-index-report/
– HKTDC Research: https://research.hktdc.com/en/article/MTQxNzI2NzQ2MA

About Standard Chartered

We are a leading international banking group, with a presence in 57 of the world's most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR's three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

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: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries

Corporate Affairs Department
Standard Chartered Bank (Hong Kong) Limited
Sharon Cheung, Tel: +852 3843 0144, Email: Sharonps.cheung@sc.com

Communications & Public Affairs Dept
Hong Kong Trade Development Council
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

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