Hong Kong advantages in green buildings

HONG KONG, Apr 27, 2023 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) and Link Asset Management Limited (Link) released a survey study, "Hong Kong Green Capabilities in Real Estate Development and Property Management: RCEP Opportunities", which highlights seven distinct advantages of Hong Kong in the field of green buildings.

Irina Fan, Director of HKTDC Research (L) and George Hongchoy, Executive Director and Chief Executive
Officer of Link (R)

The report also underscores green building challenges across the Regional Comprehensive Economic Partnership (RCEP) countries, with which Hong Kong can strengthen collaboration in four major areas to expand Hong Kong's and regional green building capacities to create a greener and sustainable future: climate risk assessment and design consulting; green financing; construction and facility management digitalisation; and green material certification and sourcing.

Mr George Hongchoy, Executive Director and Chief Executive Officer of Link Asset Management Limited, said: "We are delighted to learn that Hong Kong's real estate sector is in a leading position in terms of green competences among the major RCEP markets being examined. As a real estate asset manager and investor based in Hong Kong, sustainability is at the heart of Link's operation. We have been incorporating sustainability consideration in almost every part of our business, pioneering many sustainability applications in our daily operations, and striving to achieve net zero carbon emission by 2035. We are keen to work with other industrial practitioners to further advance sustainability initiatives in Hong Kong and showcase the city's green capabilities in RCEP markets to capture new opportunities in the region."

Ms Irina Fan, Director of HKTDC Research, said: "Green real estate development and property management are a key element in achieving net zero by 2050, particularly in the case of Hong Kong, where 50,000 private and government buildings generate 60% of the city's carbon emissions. The progress made towards green buildings in Hong Kong in recent years is encouraging, thanks to the joint efforts of industry stakeholders. At the same time, demand for green real estate and property management services in RCEP economies is also growing. Hong Kong practitioners are well placed to take advantage of the momentum to seize business opportunities in RCEP countries, establish Hong Kong's leading position in green buildings in the global marketplace and create stronger synergies."

Hong Kong's seven green building advantages

The survey has been compiled through a three-pronged approach: (1) Desktop research on Mainland China, Hong Kong and other RCEP countries of interest to understand and compare green buildings trends; (2) In-depth interviews with more than 70 stakeholders in the real estate and property management sectors in RCEP countries and Hong Kong between July and November 2022 to assess the green capabilities of Hong Kong's real estate and property management industries; (3) Questionnaire survey via phone and online of 300 practitioners from Australia, Japan, Mainland China, Singapore and South Korea with the aim of gaining a better understanding of the green capabilities of the real estate and property management sectors across the RCEP bloc, while exploring collaboration opportunities for Hong Kong practitioners. All survey respondents are manager level or above and have been involved in green construction, property development or facility management projects for more than four years.

The report identifies seven advantages of Hong Kong in the green building field, including:

1. Green finance: Hong Kong is Asia's leading green finance hub with a deep capital pool capable of meeting the diverse financing needs of the real estate sector;

2. Green building products and embodied carbon reduction: Local manufacturers of construction materials have made use of waste materials in their production processes to reduce embodied carbon emissions;

3. Industry coherence: Hong Kong's well-established testing, inspection and certification (TIC) industry plays a pivotal role in certifying green building products and projects;

4. Innovative construction methods: The application of new construction approaches with higher efficiency and lower production costs, like digitalisation and prefabrication, has been pioneered by Hong Kong's real estate developers;

5. Facility management: World-renowned for its skyline of supertall skyscrapers, Hong Kong is now turning up the dial on high-rise sustainable development and management;

6. Alternative and renewable energy and sustainable lifestyle: Hong Kong's power suppliers have been promoting a sustainable lifestyle and energy efficiency through measures like renewable energy development, energy management, digitalisation and retrofitting; and

7. Sustainable community development: Hong Kong's industry practitioners have built features, such as common social facilities and shared climate-resilient infrastructure into the design of real estate developments, to create sustainable, well-connected communities.

Challenges for RCEP members

Our survey results show that reducing energy consumption, encouraging sustainable business practices and lowering greenhouse gas emissions are the top three reasons for adopting green building practices, as indicated by 43%, 41% and 35% of the respondents, respectively. In terms of specific green building approaches, site planning and construction management (85%) is ranked highest, followed by sustainable architectural design and construction techniques (83%), and energy and waste management (81%).

The aspects that are considered the most challenging by respondents are efficient use and reduction of construction materials (18%), air quality monitoring and air purification (18%), monitoring and reducing energy consumption (17%) and use of recycled or eco-friendly construction materials (17%). Passive design (2%), BIM modelling (4%) and Daylighting designs (6%) are considered the least challenging in the region, perhaps reflecting Asia's strong expertise in architectural design.

While sustainability has gone mainstream, challenges for green building activities vary across countries. Japan, South Korea and Singapore face high initial costs, with 46%-56% of respondents citing costs as the top challenge for increasing green building activities. Mainland China is faced with a lack of experienced talent (44%), while Japan is struggling with securing financial resources (40%). The low availability of certified green building products and services is another area of concern among the South Korean (32%) and mainland Chinese (33%) respondents.

Hong Kong can meet the needs of the RCEP market in four major areas

The views of the survey respondents together with the in-depth stakeholder interviews carried out in Hong Kong and the five selected RCEP markets summarise four major areas, for which Hong Kong's green building capabilities can best meet the needs of RCEP markets. They are: climate risk assessment and design consulting services; green financing; construction and facility management digitalisation; and green building product certification and sourcing.

1. Climate risk assessment and design consulting services

Hong Kong has a well-established TIC industry and is seen as an experienced player in handling a volatile climate. With 72% of respondents saying that they believe Hong Kong excels in design concepts and construction techniques, the city's experience in handling volatile climates and constructing high rises could be valuable in RCEP markets. According to the survey, biophilic design / landscaping with greenery (42%) and climate risk assessment (34%) will be the most and the fifth most popular green building approach, respectively, for the next 12 months. Hong Kong is well placed to ride on its experience to provide these services to Australia, Mainland China, Singapore, and South Korea.

2. Green financing

Hong Kong is a leading financial centre that actively participates in sustainable finance development and can play a key role in providing green financing and carbon trading services to Japan, Mainland China and South Korea. According to the survey, 84% of the respondents showed an interest in increasing the use of green finance products and services in the coming 24 months, to enhance public recognition of (cited by 72%), public engagement with (cited by 65%) and transparency (cited by 60%) of their sustainability strategies.

3. Construction and facility management digitalisation

Hong Kong is experienced in the adoption of BIM, MiC and DfMa, while city practitioners are also good at implementing digitalisation in facility management and retrofitting existing buildings. Hong Kong can transfer knowledge of installing indoor air monitoring and control systems and smart waste management systems to RCEP. According to the survey, AI to improve energy efficiency (41%) and the construction process (37%) will be the second and the third most popular green building approaches, respectively, for the next 12 months.

4. Green building products certification and sourcing

As the world's sixth largest trading entity in merchandise trade, Hong Kong has a well-established assessment and certification protocol for green construction materials that can facilitate the sourcing of eco-friendly materials, and Japan, Mainland China and South Korea will be the focus markets. According to the survey, even though 40% of the respondents have already adopted recycled or eco-friendly construction materials in their projects, they still find the sourcing and application of eco-friendly materials a challenge due to the lack of standardisation and certification. Hong Kong can work with the RCEP market to develop a standardised assessment and certification protocol for green construction materials and set up a comprehensive regional database and platform of eco-friendly materials and suppliers.

References
– HKTDC Research Portal: http://research.hktdc.com/
– Hong Kong Green Capabilities in Real Estate Development and Property Management: RCEP Opportunities https://research.hktdc.com/en/article/MTM2MTk3MTk5Nw
– Photo download: https://bit.ly/40KTqQl

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 research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.

About Link

Link Real Estate Investment Trust (Hong Kong stock code: 823) is the largest REIT in Asia by market capitalisation. It is managed by Link Asset Management Limited, a leading real estate investor and asset manager in the world. Since its listing in 2005 as the first REIT in Hong Kong, Link REIT has been 100% held by public and institutional investors. It is a constituent of the Hong Kong securities market benchmark Hang Seng Index, as well as a component of the Dow Jones Sustainability Asia Pacific Index, the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index. From its home in Hong Kong, Link Asset Management Limited owns and manages a diversified portfolio including retail facilities, car parks, offices and logistics assets spanning from China's Beijing, Greater Bay Area (Hong Kong, Guangzhou and Shenzhen), and Yangtze River Delta centred around Shanghai, to Singapore, Australia's Sydney and Melbourne and the UK's London. Link Asset Management Limited seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of sustainable growth. For details, please visit https://www.linkreit.com

Media enquiries
For enquiries please contact:
HKTDC
Corporate Communication & Marketing Department
Frankie Leung, Tel: +852 2584 4298, Email: frankie.cy.leung@hktdc.org
Eric Wong, Tel: +852 2584 4575, Email: eric.ks.wong@hktdc.org

Link Asset Management Limited
Kelvin Tam, Tel: +852 2175 1870, Email: kevin.hf.tam@linkreit.com
Krista Chan, Tel: +852 2175 1344, Email: krista.hl.chan@linkreit.com

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

ASTI Says Requisitioners’ Call for Board Overhaul Could Disrupt Operations After Recent Financial Turnaround, and Be Counter-Productive to An Exit Offer

SINGAPORE, Apr 27, 2023 – (ACN Newswire) – ASTI Holdings ("ASTI" or the "Company") said today that any attempt to overhaul the composition of its current board of directors would potentially disrupt operations and financial performance after a recent turnaround, and be counter-productive to ongoing efforts to secure an exit offer to unlock value for shareholders.

The directors were responding to the 53-page 3 April 2023 Circular released by four shareholders – Mr. Ng Yew Nam ("Mr. Ng"), Mr. Lim Chee San, Mr. Toh Cheng Hai and Mr. Ng Kok Hian – who had requisitioned to replace the current board of SGX Mainboard-listed ASTI with new directors. The directors consider several statements in the circular to be "wrong or misleading or give an incomplete picture".

While the requisitioners had highlighted "adverse developments… and the deteriorating value of the Company's shares", the directors said ASTI had declared an interim dividend of 0.45 Singapore cent for the financial year ended 31 December 2022 ("FY2022") – its first from operating profits in a decade – after recording a profit after tax of S$3.0 million that reversed a pre-tax loss of S$8.1 million in FY2021.

The Board said the FY2022 turnaround led by Mr. Anthony Loh (the CFO who was given additional duties on 31 December 2021 as Acting CEO) was achieved after retrenchments at ASTI and its 40.9%-held subsidiary Dragon Group International Limited ("DGI"), ceasing loss-making units, downsizing corporate and administrative functions and relocating to a smaller office.

Notably, the Directors added, the cost-cutting included reducing the remuneration of the then CEO, Dato' Michael Loh and the then Group Business Development Director Mr. James Soh ("Mr. Soh") which reduced total employee remuneration by S$3.3 million per year. The latter is one of two candidates proposed by the requisitioners as incoming executive directors.

Mr. Soh was ASTI's Vice President of Business Development from 2019 up to his retrenchment in 2021, a tenure which coincided with the Company's recent loss-making years. He was concurrently the Vice President of Business Development at DGI. In FY2020, Mr. Soh was ASTI Group's highest-earning employee (excluding the CEO and directors) with an annual remuneration range of S$500,000 to S$599,999. In FY2019, he was one of the top four earners in the Group, with annual remuneration of between S$250,000 to S$499,999, ASTI said.

Despite the FY2022 performance, ASTI could not meet the deadline of 5 June 2022 to exit the SGX-ST Watch-list as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI's shares were suspended from 5 July 2022 pending the completion of an exit offer. ASTI is currently in discussions with Thailand-listed Capital Engineering Network Public Company Limited on a potential exit offer.

"The Company's positive performance in FY2022 puts it in a stronger position to secure a fair and reasonable exit offer for shareholders as part of its directed delisting. This remains the Board's immediate priority, and it is presently working hard to secure the same in order to maximise value to the Company's shareholders," ASTI said.

An overhaul of the management team and the removal of Acting CEO Mr. Anthony Loh "would potentially disrupt the Company's operations and affect the Group's financial performance moving forward. The Proposed Resolutions would also be counter-productive to the Board's efforts to secure an exit offer in the near future" ASTI added.

ASTI also expressed concerns relating to the two persons that the requisitioners had proposed as incoming executive directors – Mr. Ng and Mr. Soh.

ASTI directors believe Mr. Ng has limited experience managing a listed company and "in navigating the company through the delisting and exit offer processes." While the requisitioners' circular had cited Mr. Ng as the current managing director of iTrue Technologies Pte. Ltd. and iTrue China Private Limited, a search of the ACRA business registry did not find any company registered under the latter name. ASTI urged shareholders to seek clarification as to whether there may be any other omissions, errors, or inconsistencies in the information provided by Mr. Ng in the Circular.

As to the other proposed executive director, Mr. Soh – a former Vice President of Business Development of the Company – who is now a business consultant to ASTI "had on several occasions declined the Board's various invitations to familiarise himself with the Company's business". Also, he has no prior understanding of the Company's tape and reel business operations in the Philippines, the Directors said.

The Directors also asked if the Proposed Directors including Mr. Soh and Mr. Ng had "a reasonable timeframe in which they aim to achieve a successful exit offer should they be appointed, whether they currently already have viable leads on an exit offer and whether they would be prepared to share these with the Company now that the Requisitioning Members have failed to call the Proposed EGM."

The Board announced last week that the Extraordinary General Meeting originally proposed to be held on 5 May 2023 ("Proposed EGM") was invalid and does not and cannot constitute a proper EGM as the requisitioners had failed to despatch relevant documents to shareholders on time.

The Board warned requisitioners "not to take any further step towards any purported 'postponement' of the Proposed EGM", and that such actions "would be treated as deliberatively disruptive… as well as an attempt to sow confusion on the other shareholders."

The Board also "exhorts the Requisitioning Shareholders as well as Mr. Soh to be "transparent and forthcoming", and requested that Mr. Ng "should be transparent as to his possession or control of, or access to, one or more shareholding list(s) of the Company, or else he should issue an unequivocal denial. He should also explain the several sale and purchase agreements he entered into in February 2023… the price(s) he agreed to pay for the shares in question, and his motivations for so doing despite the fact that the trading of shares in the Company is suspended."

Media & Investor Contact
Isaac Tang
WhatsApp (Text): +65 9748 0688
asti@wer1.net

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

Aneka Jaringan Awarded RM30.28 Million Melaka Project

KUALA LUMPUR, Apr 26, 2023 – (ACN Newswire) – Aneka Jaringan Holdings Berhad, a basement and foundation construction specialist, is pleased to announce that the Group has received a letter of award from Reliacon Sdn. Bhd. for bored piling works worth RM30.28 million related to a serviced apartment and office project located in Bandar Melaka.

Managing Director of Aneka Jaringan, Pang Tse Fui

The project involves bored piling works for one 41-storey block of serviced apartments, one 40-storey block of serviced apartments, one 15-storey office block, a seven-storey car park and one level of commercial space.

The project commences in May and is expected to take eight months to complete.

Managing Director of Aneka Jaringan, Pang Tse Fui said, "The Group is steadily getting jobs as we focus on our markets in Malaysia and Indonesia. This will replenish our order book and assist the Group in improving the topline and bottomline performance while contributing positively to the financial years ending 31 August 2023 (FYE2023) and 31 August 2024 (FYE2024).

"We will continue to seek projects from the government and private sectors of both Malaysia and Indonesia and are anticipating a strong pipeline of projects."

Aneka Jaringan has an order book of RM137 million as of 30 November 2022, with Malaysian operations contributing RM124 million and Indonesian operations contributing RM13 million.

As of 31 March 2023, the Group's tender book stood at RM1.19 billion, with tenders in Malaysia valued at RM1.12 billion and tenders in Indonesia valued at RM68 million.

Aneka Jaringan Holdings Berhad: 226 [BURSA: ANEKA], http://www.anekajaringan.com/

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

Amplifidor Closes Pre-Seed Funding Round to Disrupt the Influencer Industry

Riyadh, Saudi Arabia, Apr 26, 2023 – (ACN Newswire) – Amplifidor, the forthcoming web and mobile platform that aims to transform the influencer industry by bridging the gap between creators, brands, and fans, has successfully closed on its pre-seed funding. The funding round was led by multiple institutional and value-add angel investors who recognized the potential of the platform's innovative approach to influencer marketing automation and network relations management.

Amplifidor resonate graphic – Amplifidor icon, logo, and branding pattern.

The Amplifidor platform has been designed as a space for open collaboration between influencers and their communities, along with brands and their stockholders. The platform's amplified discovery algorithms suggest collaboration candidates based on users' interests and shared values, making it easier than ever to find new opportunities, and join ongoing campaigns, which are called "missions".

Creators can manage their network, track their growth, and find new creators or brands to work with, while brands are able to search for the perfect creators or communities that fit their needs, track their influencer ROI, and manage their collaborations all in one place. Brands can also unleash their internal influence by discovering and engaging internal influencers and stakeholders, like employees, investors, advisors and others.

Mr. Adel Alsubeaei is also announced to be joining the board of directors, bringing extensive entrepreneurial & financial expertise, and ecosystem connections. Mr. Adel has more than 20 years of experience in the financial industry while serving on boards of directors at various institutions and other committees. Mr. Adel had this to say about the future of Amplifidor: "This investment will enable a truly industry-shaking platform to enter public beta, first in the MENA region and then throughout the world. Social marketing is very siloed at the moment – a platform that makes collaborative relationships more fluid is a very big deal."

Chief Vision Officer and founder of Amplifidor, Faisal Alqahtani, a recognized thought-leader on social influence, and the mastermind behind many influencer marketing industry innovations and standards, such as "The Fair Market Pricing Initiative", "The Social Influence Matrix" and the "Direct Influence Strategy Format", has led strategy and execution with multiplied ROI and cost savings for over 500 high-profile startups, brands, and government programs (G20, Riyadh Season, Hungerstation, etc). Faisal recognized that the concept of "influencers" was becoming less and less accessible, while the influence of the average social networker continued to grow. This led to his co-founding of the company alongside co-founder Waleed Alqahtani to enable a more inclusive and collective economy of influence.

Speaking on the close of the funding round, Faisal commented, "Our vision is to be the enabler of more meaningful and purposeful human connection, communication and collaboration, with more collective creation of wealth and culture. The world needs less individualistic and reactive social influencers and content creators, and more proactive impact amplifiers and inclusive community ambassadors – thus the name Amplifidor. We are at a moment in history between the no-more and not-yet, transitioning to a whole new reality – and we're well positioned to shape the future and the narrative of our industry and adjacent markets, leveraging the significant shift in social and business norms."

Co-founder Waleed Alqahtani is also excited about what this round of funding will mean for Amplifidor, stating: "This round will enable us to build the platform, the services and the ecosystem that will empower each social media user to grow their influence and become part of something bigger, and each organization to achieve sustainable growth with the support of their extended networks, regardless of their size, budget and objectives."

The founder also notes the impact that this round will have on continued team growth – stating, "We've got great leadership in place and a full plan to scale with a new round of partnerships and hiring starting today. We really want everyone to be part of the Amplifidor movement and ecosystem, with so many collaborations, partnerships and incubation programs to be announced soon, to co-shape and co-own the future of influence. We believe that everyone can positively influence and be influenced, given the empowering tools, opportunities and platform."

A private alpha test of the platform is already well underway, and excited users won't have to wait long to finally install Amplifidor on their iOS and Android devices – the web app and public beta are planned to launch early this summer. The company encourages anyone interested in staying updated on development progress and beta announcements to sign up at www.amplifidor.com

Media Kit: https://bit.ly/3lBxUPC

Contact Information
Chad Hagan
Marketing Manager
chad@amplifidor.com
609-970-8079

SOURCE: Amplifidor

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

Lufax Holding lists on the Hong Kong Stock Exchange: Improving Industry Demand and Focusing on Small and Micro Business (“SMBs”) Financing

HONG KONG, Apr 20, 2023 – (ACN Newswire) – Recently, Lufax Holding Limited ("Lufax Holding" or the "Company", 06623.HK) lists by way of introduction on the Hong Kong Stock Exchange, realizing dual primary listing on HKEX and the NYSE.

Lufax Holding now mainly provides small business owners ("SBOs") and other highquality borrowers with tailored financing products. As of end of 2022, the total outstanding balance of enabled loans of the Company amounted to RMB576.5 billion (RMB, same as below), serving more than 6.6 million SBOs in China.

Cutting-edge technology helps solve industry pain points

SMBs are an important foundation for China's economic and social development, contributing over 60% of China's GDP and over 80% of its job creation. Traditional financial institutions encounter significant challenges in risk assessment of SMBs due to small scale and high turnover, making it difficult for SMBs to obtain the amount of financing required for their business development.

To address the financing pain points of SMBs, non-traditional financial service providers, represented by Lufax Holding, have fused their financial genes with advanced technology and leveraged their extensive traffic and data technology advantages to effectively solve the financing difficulties of SMBs. By combining data-driven algorithms, Lufax can comprehensively analyze customer risks and offer loan products with flexibility in structure, size and tenor for small and micro businesses based on different levels of user risk to meet the needs of SBOs. Meanwhile, Lufax continuously improved its algorithm model through continuous feedback from the monitoring data of post-origination, thereby optimizing the system and helping it better serve SME owners.

As of the end of 2020 and 2022, the outstanding balance of loans granted by Lufax to SBOs increased from RMB370.9 billion to RMB448.9 billion, with a compound annual growth rate of 10%. According to CIC, we ranked second among non-traditional financial service providers for SBOs in China in terms of total outstanding balance of inclusive SMB loans as of June 30, 2022, with a market share of 17.6%.

Bright industry prospects with U-shaped recovery potential

In October 2020, Lufax was listed on the New York Stock Exchange in the United States. Since its listing, the Company has always maintained compliant and prudent operation. In 2022, the Company achieved a total revenue of RMB58.1 billion and a net profit of RMB8.8 billion. At the same time, the Company focuses on creating value for its shareholders by starting to pay dividends in its second year of listing. The amount of dividends paid and to be paid in 2021 and 2022 represents approximately 29.4% and 40.0% of the net profit of the year, respectively.

Lufax Holding has a strong balance sheet position. As of December 31, 2022, the net assets of the Company increased to RMB94.8 billion from RMB83.2 billion as of December 31, 2020, of which cash at bank increased from RMB24.2 billion to RMB43.9 billion.

Recently, China's economy has been on a clear upward trend, which has expanded room for growth for leading enterprises such as Lufax Holding. On the one hand, domestic fundamentals remain a strong recovery. According to financial data in March, new short-term corporate loans increased by RMB 1.08 trillion, an increase of over RMB 270 billion year-on-year, which objectively reflects that demand from SMEs also improved in March. On the other hand, Lufax Holding itself is actively adjusting its business to focus on higher quality customers and continues to push forward its cost control measures to improve operational efficiency. Listing filings indicate that as new loan vintages replace older ones, the Company's financial performance is expected to achieve a U-shaped recovery, supported by a macroeconomic rebound and improved loan quality.

In the medium to long term, the credit market for SMBs still has great potential for growth. According to CIC, the total outstanding balance of inclusive SMB loans in China is expected to grow from RMB20.8 trillion as of the end of 2021 to RMB42.7 trillion by the end of 2026, representing a CAGR of 15.5%. The balance of such loans enabled by non-traditional financial service providers will grow at a CAGR of 17.7%, and the percentage of such loans will increase from 12.9% in 2021 to 14.1% in 2026.

The return of Lufax Holding to the Hong Kong stock market will help it realize its long-term growth strategy by synergizing with its business centred on China, and helping it to better capture the growth opportunities of the credit market in China's micro and small enterprises. At the same time, a dual listing will also widen the investor base of the Company and increase the liquidity of the Shares. There is a possibility that company's valuations will be reshaped in anticipation of a U-shaped recovery.

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

Palladium One Intersects Wide Zones of Mineralization at West Pickle, on the Tyko Nickel Project, Canada

TORONTO, ON, Apr 19, 2023 – (ACN Newswire) – Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the "Company" or "Palladium One") is pleased to report the final results of the 2022 drill program on the Tyko Project Nickel – Copper Project, in Ontario, Canada. These results represent the widest intercepts to date from the West Pickle Zone massive sulphide discovery.

Figure 1. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies,
background is Calculated Vertical Gradient Magnetics ("CVG").

Figure 2. Plan and long section looking north perpendicular to the interpreted chonolith structure linking
the West Pickle and RJ zones and showing potential for massive sulphide mineralization beyond the
depth detectable by the 2021 VTEM airborne survey.

Figure 3. Long section of the West Pickle Zone showing drill hole intercepts.

Figure 4. Blebby and stringer nickel-copper sulphide in altered clinopyroxenite in hole TK22-114 ~130m
down hole.

Highlights
– Wide zones of nickel-copper mineralization intersected at West Pickle Include:
— 0.6% Ni, 0.4% Cu, 0.01% Co, 0.08 g/t Total Precious Metals ("TPM") (Pt+Pd+Au) over 28.2 meters in hole TK22-114
—- Including 2.0% Ni, 0.6% Cu, 0.04% Co, 0.12 g/t TPM over 3.2 meters
— 0.43% Ni, 0.26% Cu, 0.01% Co, 0.06 g/t TPM over 27.0 meters in hole TK22-118
—- Including 2.0% Ni, 0.7% Cu, 0.04% Co, 0.14 g/t TPM over 1.0 meters
— 1.5% Ni, 0.7% Cu, 0.02% Co, 0.30 g/t TPM over 8.0 meters in hole TK22-116
—- Including 10.0% Ni, 4.47% Cu, 0.14% Co, 2.13 g/t TPM over 1.0 meters
– The most easterly hole to date on West Pickle returns high grade:
— 1.9% Ni, 1.04% Cu, 0.03% Co, 0.58 g/t Total Precious Metals ("TPM") (Pt+Pd+Au) over 2.6 meters in hole TK22-117
—- Including 5.7% Ni, 1.9% Cu, 0.07% Co, 1.57 g/t TPM over 0.8 meters
—- West Pickle remains open for expansion to the east toward the RJ Zone
– West Pickle shown to contain wide zones of mineralization similar to the nearby RJ Zone, and narrower zones of high-grades similar to the Smoke Lake Zone, located 20 kilometers to the east.
— RJ Zone, 2.7 kilometres east of West Pickle, previously retuned 85.4 meters of ultramafic hosted mineralization with Feeder Dyke / Chonolith breccia textures:
—- 0.5% Ni and 0.2% Cu over 85.4 meters in hole TK-16-002
—- Including 1.0% Ni and 0.2% Cu over 16.2 meters (see press release June 8, 2016)

President and CEO, Derrick Weyrauch commented, "These drill results reinforce both the high-grade nature of the West Pickle Zone and the potential for tonnage as seen in hole TK22-114, having 28 meters of 0.6% nickel and 0.4% copper. These widths and grades are very reminiscent of the wide zones of mineralization found at the RJ Zone which retuned 85.4 meters of 0.5% Ni and 0.2% Cu (Hole TK16-002), and speaks to the potential of these Chonolith / Feeder Dykes to host significant mineralization (Figure 1, 2)."

The most easterly hole drilled to date on the West Pickle Zone (Hole TK22-117), intersected high-grade massive nickel-copper sulphides and has extended the zone to over 600 meters in length, and it remains open for further expansion on the east toward the RJ Zone.

To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Discovery. At present, West Pickle mineralization has been defined over more than 600 meters of strike length (Figure 2,3).

The 2022 drill program consisted of 70 holes totaling 13,038 meters.

The 2023 exploration program is focused on ground truthing and drill testing interpreted Chonoliths / Feeder Dykes on the Tyko Project. In Q1 2023, the Company completed a high-resolution magnetic survey while the field season is expected to resume once snow conditions allow. The Q1 2023 magnetic survey was designed to refine the geometry of the interpreted feeder dykes / chonoliths across the Tyko project's 30-kilometer strike length prior to additional drill testing.

Figure 1. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics ("CVG").
https://images.newsfilecorp.com/files/6502/162958_25a6ad221402ba93_001full.jpg

Figure 2. Plan and long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle and RJ zones and showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.
https://images.newsfilecorp.com/files/6502/162958_25a6ad221402ba93_002full.jpg

Figure 3. Long section of the West Pickle Zone showing drill hole intercepts.
https://images.newsfilecorp.com/files/6502/162958_25a6ad221402ba93_003full.jpg

Figure 4. Blebby and stringer nickel-copper sulphide in altered clinopyroxenite in hole TK22-114 ~130m down hole.
https://images.newsfilecorp.com/files/6502/162958_palladiumonefig4.jpg

Table 1: Assay Results: Select Tyko 2022 Drill Results from the West Pickle Zone
https://www.acnnewswire.com/docs/Multimedia/20230419.PalladiumOne.Table1.jpg

Table 2: Drill Hole Locations for assay results from this News Release
https://www.acnnewswire.com/docs/Multimedia/20230419.PalladiumOne.Table2.jpg

QA/QC

The drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration, and a Director of the Company

Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored onsite at the Tyko exploration camp core yard facility.

Samples were transported in secure bags directly from the logging facility at the onsite exploration camp, to the Activation Laboratories Ltd. ("Actlabs") in Thunder Bay, Ontario. Actlabs, which is ISO 17025 accredited with CAN-P-1579 (Mineral Lab). In addition to ISO 17025 accreditation, Actlabs is accredited/certified to ISO 9001:2015. All samples are crushed to 2 millimeters with a 250-gram split pulverized to 105 microns. Analysis for PGEs is performed using a 30 grams fire assay with an ICP-OES finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion with ICP-OES finish. Ni, Cu and Co samples over 1.0 wt% were re-analysed by ore grade methods using 4 acid digestion with ICP-OES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance within the defined limits of the standard used before being released to the public.

About Tyko Nickel – Copper – Cobalt Project

The Tyko Nickel – Copper – Cobalt Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel – copper (2:1 ratio) project and currently has five known mineralized zones spanning over a 20 kilometer strike length. The West Pickle Zone occurs on the Pezim II claim block of the larger Tyko Project.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.

About Palladium One

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

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

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

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

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

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162958

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

Accrelist to acquire 51% stake in Aesteem clinics operator SJY Medical, pursue further network expansion across Singapore and the region

SINGAPORE, Apr 19, 2023 – (ACN Newswire) – Accrelist Ltd. has entered into a Sales and Purchase Agreement (the "SPA") with SJY Healthcare Pte. Ltd. to acquire a 51% equity interest in SJY Medical Pte. Ltd., which operates Aesteem medical aesthetic clinics, ("Target Company") (the "Proposed Acquisition") for a consideration of S$550,000.

Upon completion of the Proposed Acquisition, the Target Company will become a subsidiary of Accrelist, and its four existing medical aesthetic clinics located in Novena Medical Centre, NEX Serangoon, Jurong Point, and SingPost Centre will be rebranded under the Accrelist Medical Aesthetics ("A.M Aesthetics") brand. A.M Aesthetics will also retain the Target Company's experienced doctors to continue delivering medically proven treatment to its existing customer base for sustainable growth.

Accrelist's Executive Chairman and Managing Director, Dr Terence Tea, said, "We remain confident in A.M Aesthetics' long-term prospects amidst an ageing population with rising affluence and growing acceptance of minimally invasive procedures. Having established a leading position in the Singapore market, A.M Aesthetics will continue to seek growth opportunities across the region."

In addition to the Proposed Acquisition, two more A.M Aesthetics clinics in Northpoint City and VivoCity are set to open later this year. This is set to cement A.M Aesthetics' leading position in the market as one of the largest local clinic networks. Beyond Singapore, plans are also underway to set up A.M Aesthetics clinics in Bangkok, Thailand and Kuala Lumpur, Malaysia.

Beauty entrepreneur Dato Sri Marilyn Tay joins the A.M Aesthetics team as Group Business Development Director to support customer growth as A.M Aesthetics integrates the Target Company's four clinics and pursues further growth with more clinic openings in the pipeline. With prior experience in pageants, healthcare products and supplements, she has an extensive network across the health and beauty industry.

The Group also aims to broaden its revenue stream through its skincare products business, A.M Skincare Pte. Ltd. ("A.M Skincare"), the Group's wholly owned subsidiary, which complements the
Group's expanding clinic network.

This press release should be read in conjunction with the Company's announcement posted on SGX's website on 18 April 2023.

About Accrelist Ltd.

Accrelist Ltd. ("Accrelist") seeks to create long-term value for our shareholders and business partners by unlocking and adding value to the companies we invest in. The Group continues to actively pursue new opportunities with a growing focus on medical aesthetics.

The Group's wholly owned subsidiary corporations include the Accrelist Medical Aesthetics group of companies, branded as A.M Aesthetics, and A.M Skincare Pte. Ltd. ("A.M Skincare").

A.M Aesthetics operates a chain of registered medical aesthetics clinics in Singapore and Malaysia which use state-of-the-art equipment and clinically proven solutions to deliver a wide range of highly reliable and effective treatments.

A.M Aesthetics Clinic Locations

Singapore:
Bedok Mall #B1-12
Lot 1 Shoppers Mall #02-26
Clementi Mall #04-50
Raffles City Shopping Centre #B2-06/07
Clarke Quay Central #04-77-82

Toa Payoh Hub #B1-30
SingPost Centre #02-140/141
253 Serangoon Central Drive #01-193
Orchard Central #05-33/36

Malaysia:
88-N, Jalan Masjid Negeri, Taman Greenview, 11600 Jelutong, Penang

A.M Skincare is principally involved in the retail sale of pharmaceutical and medical goods. It develops and distributes its own original design manufacturer clinical skincare products ("ODM") with support from South Korean dermatologists alongside other non-ODM products.

In addition, Accrelist holds a 53.31% controlling stake in Jubilee Industries Holdings Ltd. ("Jubilee"), a one-stop service provider with two main business segments:

1. Mechanical Business Unit ("MBU") which is engaged primarily in precision plastic injection moulding and mould design and fabrication services; and
2. Electronics Business Unit ("EBU") which distributes integrated electronic components.

Headquartered in Singapore, Jubilee's production facilities span across Malaysia and Indonesia. Jubilee's products are sold to customers in Singapore, Malaysia, Indonesia, Vietnam, India, the People's Republic of China, the United States and various European countries. For more information, please visit www.accrelist.com.sg

Issued on behalf of Accrelist Limited
By Waterbrooks Consultants Pte. Ltd.

For media enquiries, please contact:
Wayne Koo
+65 9338 8166
wayne.koo@waterbrooks.com.sg

Elliot Siow
+65 8375 0417
elliot@waterbrooks.com.sg

This Press Release has been reviewed by the Company's Sponsor, RHT Capital Pte. Ltd. ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST").

This Press Release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this Press Release including the correctness of any of the statements or opinions made or reports contained in this Press Release.

The contact person for the Sponsor is:
Name: Mr Mah How Soon, Registered Professional, RHT Capital Pte. Ltd.
Address: 36 Robinson Road, #10-06, City House, Singapore 068877s
sponsor@rhtgoc.com

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

Aquilius Investment Partners Closes Its Maiden Secondaries Fund at over US$400 Million

SINGAPORE, Apr 19, 2023 – (ACN Newswire) – Aquilius Investment Partners ("Aquilius" or the "Firm"), a Singapore based investment manager focused on secondaries in the Asia Pacific region, has announced the final closing of its maiden AIP Secondary Fund I, LP. ("AIP SF I"), at over US$400 million in client commitments. Alongside these commitments, the Firm has raised an additional US$200m of managed accounts available for co-investments from its investors. AIP SF I's limited partners include global institutional investors such as sovereign wealth funds, endowments, and family offices.

Christian Keiber, Founding Partner, said: "We have seen strong institutional demand for our dedicated Asia secondaries strategy and are grateful for the trust that our clients have placed in us with the closing of our maiden fund. As investment managers, we seek to provide our clients with a differentiated, lower-risk access to Asia's private markets and we are excited by the market opportunity, which continues to grow rapidly across both traditional LP secondaries and more complex GP-led secondaries transactions."

Through AIP SF I, Aquilius is targeting investments in traditional and non-traditional secondaries transactions across the fast-growing and largely untapped Asia Pacific region. To date, the fund has made existing investments across a comprehensive set of secondary solutions ranging from the acquisition of limited partnership interests to recapitalization of closed-ended funds and joint ventures, and seeks to capitalize on the liquidity needs across Asia's private markets landscape.

Bastian Wolff, Founding Partner, said: "We created Aquilius to provide custom-tailored liquidity solutions for both Limited and General Partners across their private market investments in the region. We are seeing an increasing need for our product, driven by a slow-down in overall exit activity, a significant tail of unrealized NAV across older fund vintages, and a changing regulatory environment. Our approach is focused on solving investors' headaches through flexible, patient, and solutions-oriented capital and our deep local experience and network position us well to do so."

ABOUT AQUILIUS INVESTMENT PARTNERS

Founded by Bastian Wolff and Christian Keiber, Aquilius is a specialized provider of secondaries solutions in the Asia Pacific region. Headquartered in Singapore, Aquilius' platform is designed to serve the entirety of the Asian secondaries market, with capabilities spanning across LP fund transfers, GP-led transactions, and secondary direct transactions. Aquilius' team consists of senior professionals with long tenures in investment management at leading global private markets organizations and have executed over US$2 billion of transactions through market cycles. www.aquilius.com

MEDIA CONTACT
PRecious Communications
Email: aquilius@preciouscomms.com
Tel: +65 6303 0567

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

Doubleview Reports Hat Project Copper Equivalent Disclosures Will Now Include Recoverable Copper, Gold, Cobalt and Scandium

Vancouver, BC, Apr 19, 2023 – (ACN Newswire) – Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (FSE: A1W038) (the "Company or "Doubleview") is pleased to announce that following discussions with the Company's technical advisors regarding metallurgical matters related to its Hat Project, assay results will be reported as Copper Equivalent ("CuEq") which will include gold, cobalt and scandium in addition to copper.

Doubleview's Hat Project metallurgical studies have been managed by EUR ING Andrew Carter B.Sc. CEng. MIMMM, MSAIMM SME of Tetra Tech, Geo-Environment & Mining Services. The Hat Project is located in the Atlin Mining District of northwestern British Columbia.

Table 3 presents drill core assay and Copper Equivalent values for copper, gold, cobalt, and scandium. Copper Equivalent values also recognize recoverability of metals and metal prices. Assay data included in Table 3 has been previously released. Future drilling, metallurgical work, and modeling may result in different outcomes. Metal prices and markets are highly variable and current estimates may differ from those realized in future.

Inclusion of scandium in Hat Project Copper Equivalent values significantly increases the CuEq figures.

The Hat Property is interpreted to be a silica-undersaturated alkalic copper-gold porphyry system similar to other metal-rich porphyry systems in the Golden Triangle area of British Columbia. Industry practice is to disclose copper-gold porphyry systems on either a copper or gold equivalency basis. As presently interpreted, Doubleview's technical team recognizes two significant mineralizing events: scandium appears to be associated with an early stage of intrusion and mineralization that was followed by a higher temperature intrusive event that brought copper and other metals.

– The Company's exploration work has been based on a conceptual model in which the copper and gold values support a potential mine at the Hat Property. Scandium would act as a high value credit from the operation.

Metal values shown in Table 1 used in Copper Equivalent estimations follow guidance provided by Energy, Metals and Agriculture Consensus Forecasts(R) for 2023 and 2024.

Table 1: Metal prices (Source: Energy, Metals and Agriculture Consensus Forecasts(R) for 2023 and 2024)
https://www.acnnewswire.com/docs/Multimedia/20230419.Doubleview1.jpg

Copper Equivalent is a calculated single-value composite of possibly economically recoverable metals and is widely used in the evaluation of early-stage mineral properties. CuEq estimates should not be unduly relied upon in any current evaluation of Hat Project mineralization. Doubleview's CuEq estimates employ the following equation:

=(Ag(g/t) x Price_Ag x Rec_Ag/31.1035 + Au(g/t) x Price_Au x Rec_Au/31.1035 + Co(%) x Price_Co x Rec_Co x 22.0462 + Cu(%)x Price_Cu x Rec_Cu x 22.0462 + Sc(g/t) x Price_Sc x Rec_Sc x Sc_con) / (Price_Cu x 22.0462)

[Note: Rec stands for recovery as per table 2]

Current technical studies and research consider production of a high-gold, low-cobalt concentrate and a low-gold, high-cobalt pyrite concentrate, followed by a scandium recovery circuit that would process end-product tailings. Scandium in tailings could be purified to yield scandium phosphate, a high value specialized product*, or scandium oxide, a much lower value commodity. The Company has chosen scandium oxide for its CuEq estimation as it has broader industrial applications.

*Scandium phosphate is usually sold in small quantity – high purity five gram lots at about $35 per gram. Demand is limited with sale prices usually not disclosed.

Flotation and extraction test work has shown that the following recoveries can be achieved.

Table 2. Flotation and extraction test work Recoveries
https://www.acnnewswire.com/docs/Multimedia/20230419.Doubleview2.jpg

Table 3: Hat Project selected assays and corresponding CuEq values, excluding and including scandium.
https://www.acnnewswire.com/docs/Multimedia/20230419.Doubleview3.jpg

Notes:
– Metal equivalents should not be relied upon for future evaluations.
– Drill hole intercepts included in this news release are core lengths that may or may not be truel widths of mineralization. It is not possible to determine true widths.
– Details of analytical testing procedures are set forth in the Company's news releases dated [11/07/2013, 20/01/2014, 14/05/2014, 03/02/2015, 30/09/2019, 02/02/2020, 03/07/2020, 16/02/2021 05/08/2021 of the Company on sedar.com]
– CuEq=(Ag(g/t) x Price_Ag x Rec_Ag/31.1035 + Au(g/t) x Price_Au x Rec_Au/31.1035 + Co(%) x Price_Co x Rec_Co x 22.0462 + Cu(%)x Price_Cu x Rec_Cu x 22.0462 + Sc(g/t) x Price_Sc x Rec_Sc x Sc_con) / (Price_Cu x 22.0462)
– Sc to Sc2O3 Conversion is 1.533

Qualified Persons:

EUR ING Andrew Carter B.Sc. CEng. MIMMM, MSAIMM SME of Tetra Tech, Geo-Environment & Mining Services is Doubleview's Qualified Person with respect to the HAT Project Metallurgical Studies as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the technical contents of this news release. He is independent of Doubleview.

Erik Ostensoe, P. Geo., a consulting geologist, and Doubleview's Qualified Person with respect to the Hat Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, and approved the technical contents of this news release. He is not independent of Doubleview as he is a shareholder in the company.

Doubleview Gold Corp. also wishes to announce a clarification to its previous news release dated January 04, 2023. The TSX Venture Exchange has requested the Company to issue this clarification to ensure that investors have accurate information.

The January 04, 2023, news release announced that the Company had appointed Red Cloud Securities Inc. and Red Cloud Financial Services Inc. (together "Red Cloud") to provide a range of corporate advisory services. The Company wishes to clarify that no Investor Relations Activities will be performed under the engagement with Red Cloud. The engagement is strictly limited and focused on financial advisory.

About Doubleview Gold Corp

Doubleview Gold Corp., a mineral resource exploration and development company, is based in Vancouver, British Columbia, Canada, and is publicly traded on the TSX-Venture Exchange (TSXV: DBG) (OTCQB: DBLVF) (FSE: A1W038) (FSE: 1D4). Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. Doubleview increases shareholder value through acquisition and exploration of quality gold, copper and silver properties and the application of advanced state-of-the-art exploration methods. The Company's portfolio of strategic properties provides diversification and mitigates investment risks.

On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer

For further information please contact:
Doubleview Gold Corp
Vancouver, BC Farshad Shirvani
President & CEO
T: (604) 678-9587
E: corporate@doubleview.ca

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162912

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

GBA Business Confidence Index increment on record high

HONG KONG, Apr 17, 2023 – (ACN Newswire) – Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the GBA Business Confidence Index (GBAI) for the first quarter of 2023. The current performance for "business confidence" jumped 11.8 points to 51.3, which was also the first above-50 print since the fourth quarter of 2021. The expectations index leapt to 61.5, the 16.4 points jump was the biggest on record since GABI was launched in the second quarter of 2020. The better-than-expected GBAI reflected that companies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) had regained confidence as normal travel between Hong Kong and Mainland China fully resumed.

Mr Kelvin Lau, Senior Economist, Greater China, Standard Chartered, and Ms Irina Fan, Director of Research, HKTDC, announced the latest "GBA Business Confidence Index" (GBAI) at a press conference today (17 April).

Sub-indices surge across board

Both the current performance and expectations sub-indices for business activity of all industries rose. Financial Services (59.8) and Innovation and Technology (54.3) topped current performance index; while Professional Services (65.2, up 19.1 points), Manufacturing and Trading (61.3, up 17 points) and Financial Services (67.4, up 16.9 points) showed the strongest improvements in expectations index.

Dongguan, Guangzhou and Shenzhen lead bulls

The current performance and expectations sub-indices rebounded for business activity in all GBA cities; Foshan (55.1), Dongguan (53.5) and Hong Kong (51.6) performed better for the time being, while the strongest growth in expectation index was registered in Dongguan (69.6, up 32.5 points), Guangzhou (67.7, up 24.6 points) and Shenzhen (60.8, up 13.7 points).

Sustained recovery expected

"As Mainland swiftly acquired herd immunity after the reopening early this year, economic activities have resumed speedily. This was reflected in the 'business confidence' level of companies operating in GBA rebounding significantly in the first quarter this year," said Mr Kelvin Lau, Senior Economist, Greater China, Standard Chartered.

"With the support of government policies and boundary reopening, we see little reason to doubt the sustainability of the post-COVID recovery for now. As many GBA companies are still operating below pre-COVID levels, there appears plenty of room still for GBA businesses to play catch-up and return to trend," he added.

Hong Kong sub-indices hit peak

Ms Irina Fan, Director of Research at the HKTDC, said: "The increase in current performance index was prompted by the sharp rise in new orders. It is also worth noting that the profit index (52.5) returns to expansionary territory, showing business improvement for those interviewed."

"In addition, the two sub-indices for Hong Kong hit the highest level since GBAI was launched in the second quarter of 2020, reflecting that local companies are turning optimistic for the city's outlook."

Industrial production, services and fixed-asset investment growth all reaccelerated in the first two months of this year, she added. "The recent string of encouraging macro data explained the positive sentiments, confirming that China's economy has turned the corner post-COVID."

Back to normal by 2024

The GBAI is the first forward-looking quarterly survey in the market that looks at the business sentiment and synergistic effects in cities and industries across the GBA. It is compiled based on a survey of more than 1,000 companies in the GBA covering the manufacturing and trading, retail and wholesale, financial services, professional services and innovation and technology sectors. The index enables investors and businesses to better understand the current business climate, gauge future performance prospects and formulate their market strategies for the GBA.

Close to two-thirds (65%) of the interviewees said relaxation of mainland pandemic measures would positively impact their business for the rest of this year. More than half (53%) of the respondents said they had raised the business targets since the resumption of normal travel earlier this year. About 60% of them expected business – in terms of workforce, capacity utilisation, orders and sales – back to or exceeding the pre-COVID level in the fourth quarter.

Improved consumption on the mainland is expected but respondents remain concerned about rising raw-material costs, geopolitical tensions and intensifying competition within the industry. They hope expanding domestic demand, new GBA-specific policies, more attractions for foreign investments and more supports to the private sector will further improve the business operating environment.

Related materials
– Standard Chartered GBA Business Confidence Index Report: https://bit.ly/3A3GmKZ
– HKTDC Research: https://research.hktdc.com
– Photos download: https://bit.ly/3mynG2Y

About Standard Chartered

We are a leading international banking group, with a presence in 59 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
Beatrice Lam
Tel: +852 2584 4049
Email: beatrice.hy.lam@hktdc.org

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