VC Holdings Announces 2022 Annual Results

HONG KONG, Mar 30, 2023 – (ACN Newswire) – Value Convergence Holdings Limited ("VC Holdings", together with its subsidiaries, the "Group"; Stock Code: 0821.HK), a well-established and one-stop financial services institution in Hong Kong, is pleased to announce its annual results for the year ended 31 December 2022 ( the "Year"). During the Year, the Group sought to expand its asset management business to enhance its core competence in the industry, and launched virtual asset sales and marketing business to diversify its business development.

During the Year, the world economy was perilously close to recession overshadowed by the lingering impacts of Coronavirus Disease 2019 ("COVID-19" or "the pandemic"), escalating geopolitical tensions between regions and tightening central bank monetary policies, leading to a gloomy and uncertain outlook of Hong Kong financial markets. With the challenges presented in global and Hong Kong financial market, the Group's consolidated revenue decreased by about 19.1% year-on-year to approximately HK$73.3 million (2021: approximately HK$90.6 million). The Group recorded a loss for the year attributable to owners of the Company of approximately HK$178.1 million (2021: Profit for the year attributable to owners of the Company of approximately HK$15.2 million). It was mainly attributable to decrease in revenue, coupled with net realised and unrealised loss in financial assets at fair value through profit or loss of approximately HK$171.7 million against net realised and unrealised gain of approximately HK$32.9 million for last year. Basic loss per share from continuing and discontinued operations was HK8.57 cents (2021: Basic earnings per share from continuing and discontinued operations of HK0.81 cents).

Mr. Peter Fu, Chairman and Executive Director of Value Convergence Holdings Limited, said, "The year was a tumultuous one for global capital markets, marked by significant and intensifying volatility. Sluggish economic environment and escalating uncertainty was witnessed in both global and Hong Kong financial markets. Under this backdrop, we took further steps to enhance our core competence in the industry. Following the establishment of a professional sales and marketing team to broaden our sales channels, we also formed strategic cooperation agreements with large enterprises, notably those in the tech sector."

Business Overview
Financial Service Business
The financial service business remained the Group's core business during the Year and contributed approximately 96.8% of the Group's total revenue. Amid the deterioration of the economic environment, the segmental revenue decreased approximately 21.4% year-on-year to approximately HK$71.0 million (2021: approximately HK$90.3 million). During the Year, the Group continued to offer local and overseas securities trading, derivatives and trading in other structured products, placements, underwriting and margin financing through VC Brokerage Limited ("VC Brokerage"), and financing services through VC Finance Limited ("VC Finance"). In addition to continuously acting as a placing agent and underwriter for Hong Kong-listed companies' fundraising activities. the Group continued to offer corporate finance advisory services, including mergers and acquisitions advisory through VC Capital Limited ("VC Capital") and company secretarial services through VC Corporate Services Limited ("VCCS").

Proprietary Trading Business
In line with the underperforming global and Hong Kong stock markets, the Group recorded a segmental revenue of approximately HK$250,000 during the Year, representing a 12.0% year-on-year decrease (2021: approximately HK$284,000). As at 31 December 2022, the Group held equity securities listed in Hong Kong worth approximately HK$300.6 million as financial assets for trading (31 December 2021: HK$423.5 million).

Sales and Marketing of Virtual Asset Business
While maintaining the development of its traditional financial service businesses, the Group has also been actively seeking diversified business development opportunities and identifying new revenue growth engines to expand its portfolio. The Group kick started its virtual assets sales and marketing business in December 2021, and has since benefited from significant effort and resources to expedite its development.

During the Year, the Group continued to enhance its collaboration with Tencent and became one of its selected partners. The Group also commenced a collaboration with the distributor of Microsoft products in Hong Kong, involving sales of Xbox-related virtual assets.

Outlook
Looking ahead, after years of macroeconomic and geopolitical turmoil, global stock markets are expected to remain gloomy in 2023. On a positive note, a slower pace of interest rate rises followed by a gradual cooling of inflation, coupled with China's recent border reopening, will provide a more favourable environment for fundraising and pave a way for an economic rebound in the Greater China region.

To expedite development of the financial services business, the Group obtained shareholders' approval of acquiring Anli Asset Management Limited and Anli Investment Fund SPC in March 2023, following by the proposed acquisition in November 2022. The acquisition is expected to help the Group enlarge its customer base, expand its asset management business and improve the quality of its asset management services, thus enhancing the Group's core competence.

Besides, while enhancing strategic collaborations with partners, especially tech giant Tencent, the Group will allocate more resources to its virtual asset business in order to drive syncretistic effects among its businesses, as well as enhancing the profitability and market share of the business segment. It will also explore trends in virtual asset markets to drive its virtual asset marketing, intellectual property collaboration and marketing cooperation development.

Mr. Fu concluded, "To broaden our revenue streams and tap new growth drivers for sustainable development, the Group will adopt a business strategy of steadily expanding its financial operations and virtual asset business. The Group will also elevate service quality and provide premium financial offerings to its customers at competitive prices, at the same time expanding its scale and broadening the scope of its services by identifying suitable acquisition and investment targets, in order to maintain its competitiveness in the market. Leveraging our solid experience and all-rounded portfolio of financial products and services, we will continue to create the greatest possible value for our shareholders and investors."

About VC Holdings Limited
Value Convergence Holdings Limited (Stock code: 0821.HK) was listed on the GEM board of Hong Kong Stock Exchange in 2001, and completed transfer of listing to the Main Board in 2008. Being a well-established financial services group committed to delivering premier financial services and products in the Great China region, the Group's services include (i) provision of financial services comprising securities and options brokering and dealing, financing services, corporate finance and other advisory services, asset management and insurance brokerage; (ii) proprietary trading; and (iii) sale and marketing of virtual assets.

For more details, please visit www.vcgroup.com.hk.

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

ESPRIT Announces Annual Results for FY 2022

HONG KONG, Mar 30, 2023 – (ACN Newswire) – ESPRIT HOLDINGS LIMITED (the "Company", together with its subsidiaries, "ESPRIT" or the "Group;" HKEx: 00330) has announced its audited financial annual results for the year ended 31 December 2022 (the "Year").

The Company has faced an unfavourable economic environment this year, particularly in Germany. Exacerbated by the Russia-Ukraine conflict and an overreliance on natural gas from Russia, energy prices soared and triggered a large inflationary spike. This led to an increase in interest rates and currency volatility that has affected consumer spending behaviour. In order to address these challenges, the management team has continued to focus on improving operational efficiency while reducing aged inventory in preparation for the Company's exciting rebrand launch.

Against this backdrop, the Group recorded a total revenue of HK$7,063 million and gross profit margin of 40.7% for the Year, representing a year-on-year drop of 15% and 7.9% points respectively. Nonetheless, the Group remained essentially debt free and recorded cash, bank balances and deposits in a total of HK$2,012 million as at the end of the Year.

Mr. PAK William Eui Won, Executive Director, Chief Executive Officer and Chief Operating Officer, said, "Despite occasional slowdown in our performance as impacted by several external factors, the Company and the management team are consistently building a solid foundation for rebound. The Company launched a series of initiatives undertaken during the Year. Additionally, exciting new plans for 2023 relating to Retail, Omnichannel, Marketing, Product, and Information Technology (IT) are already in place."

Highlights of 2022 initiatives and new plans in 2023
Relaunch in the US: The Company moved its global creative headquarters to New York City (NYC) at the end of 2022. The new NYC headquarters host the brand's global design, branding, creative and marketing teams as well as a showroom and a photo studio. ESPRIT has redefined its global identity by distilling its brand origins into the three pillars – Playful, Modern and Cool. The 3 brand pillars will be expressed through creative direction and branding efforts. ESPRIT celebrated its return to the US with a LA pop-up in Beverly Hills followed by a NYC pop-up in Soho – paving the path for the official ESPRIT brand relaunch set for mid-2023, with a focus on modernizing the brand heritage and values for today's consumer in a way that resonates across generations.

Retail: Company plans to open additional pop-up stores within 2023, building on the success of launching pop-up stores in Los Angeles, NYC, Hong Kong, and Seoul. The first flagship store in the US will be opened in Q3 2023 on the trendy Robertson Boulevard in LA. The Company is in the process of integrating a brand-new retail store design to both new and existing stores. The first revamp of an ESPRIT flagship store in Duesseldorf, Germany, its first redesign in more than ten years, is expected to be completed in mid-2023.

Omnichannel: The Company finalized its omnichannel strategy in 2022 to strengthen ESPRIT's omnichannel-commerce capabilities in building a highly personalized customer experience from 2023 onwards. Core elements within the omnichannel strategy includes omnichannel stores that utilize artificial intelligence, digital technology, and real-time data not only to support retail operations but, more importantly, to enrich the customer experience. Omnichannel platform which also includes a new loyalty program, gamification elements and hyper personalized one-of-a-kind shopping experience that bridges offline and online seamlessly. Dedicated E-shop was launched in several new key markets including America, Canada, Australia, South Korea, Hong Kong, Taiwan, Philippines, Thailand, and Singapore. ESPRIT mobile applications was also launched in several Asian countries to provide a seamless shopping experience.

Product: The Company vows to reposition ESPRIT back to its roots by focusing on design, fit and quality. The new product design translates the brand DNA of playful, modern and cool into product directions with an emphasis on premium fabric quality. This is achieved by streamlining the existing suppliers and through internal cross functional collaboration from design, product planning to sourcing. In addition to developing new fits that are relevant for all silhouettes, existing fit blocks have been closely examined and reviewed to provide the best fit and ensure consistency.

Ms. CHIU Christin Su Yi, Chairperson and Executive Director, concluded, "Amidst a challenging global business environment, the on-going initiatives, and new plans for 2023 are strategic opportunities planned for ESPRIT's growth. The Company has a firm financial footing with a healthy balance sheet, which allows it to invest whenever good opportunities arise. We have great confidence to build towards a brighter and more successful future."

About ESPRIT
Fueled by the vision of essential positivity, ESPRIT was founded in California by couple Susie and Doug Tompkins in 1968. Inspired by the revolutionary spirit of the 60s the brand developed a clear philosophy – always celebrating real people and togetherness. The success story of ESPRIT is based on two pillars: Delivering joy every day through laid-back tailored, high quality essentials and carefully selected fashion-forward pieces while staying true to its core values of sustainability, equality and freedom of choice. In the early 90ies, long before "Eco Fashion" became fashionable, ESPRIT debuted its first "collection" made of 100% organic cotton and featured its own team instead of models in in honor of their "Real People Campaign." Listed on the Hong Kong Stock Exchange since 1993, ESPRIT represents the next fashion revolution: influence the ways we interact with our environment, create joy and care for things we love – the true essence of "ESPRIT de Corps". ESPRIT has a presence in 30 markets around the globe. The Company's administrative headquarters is located in Hong Kong and New York City hosts the brand's creative headquarters.

For media enquiries, please contact:
Asia:
Strategic Financial Relations Limited
Ms. Heidi So
Email: sprg_esprit@sprg.com.hk / heidi.so@sprg.com.hk

Investor Relations:
ESPRIT Holdings Limited
Ms. Jennifer Lui
Email: jennifer.lui@esprit.com

The information contained herein is not a public issuance of securities. These materials do not contain or constitute an offer of securities for sale in the United States or to any "U.S. Person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Act"). The securities referred to herein have not been and will not be registered under the Act, and may not be offered or sold in the United States absent registration under such Act or an available exemption from it.

Forward-Looking Statements
This press release contains certain forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties, including without limitation, statements relating to our plans to transform the Company's business, make a significant investment in our businesses and achieve sustainable profitability in the future, and other risks and factors identified by us from time to time. Although the Group believes that the anticipations, beliefs, estimates, expectations and/or plan stated in this document are, to the best of its knowledge, true, actual events and/or results could differ materially. The Group cannot assure you that those current anticipations, beliefs, estimates, expectations and/or plan will prove to be correct and you are cautioned not to place undue reliance on such statements. The Group undertakes no obligation to publicly update or revise any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or any other applicable laws and regulations. All forward-looking statements contained in this document are expressly qualified by these cautionary statements.

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

Palladium One Announces Strategic Equity Investment by Glencore

TORONTO, ON, Mar 30, 2023 – (ACN Newswire) – Palladium One Mining (TSXV: PDM) (FSE: 7N11) (OTCQB: NKORF) ("Palladium One" or "PDM") is pleased to announce that it has entered into a subscription agreement for a C$4,252,050 non-brokered private placement financing (the "Private Placement") with a wholly owned subsidiary of Glencore plc ("Glencore"). Pursuant to the Private Placement, PDM will issue 28,347,000 common shares ("Common Shares") at C$0.15 per Common Share. Upon completion of the Private Placement, Glencore will own approximately 9.99% of the issued and outstanding Common Shares on a non-diluted basis.

"We welcome Glencore as a shareholder and are pleased that our efforts to build a portfolio of nickel – copper sulphide projects in Tier 1 jurisdictions has been recognized and endorsed by an industry leader. We believe this transaction highlights the deep discount to fundamental value and strategy that PDM's shares represent.

"By utilizing its financial resources and expertise Palladium One will continue to execute its strategy of maximizing exposure to critical minerals on a per share basis.

"We look forward to working with Glencore's exploration team to advance our common exploration and development goals," commented Derrick Weyrauch, Chief Executive Officer of PDM.

"We are very pleased to become a cornerstone investor in Palladium One. The management team has been able to put together a sizeable land package focused on critical minerals. The exploration results to date have been very encouraging and we look forward to working with Palladium One to build on the success the team has had to date," commented Wayne Ashworth, Head of Nickel Assets for Glencore.

Net proceeds of the Private Placement are intended to be used for exploration and development activities at the Company's nickel projects, for future exploration and development activities, working capital and general and administrative expenses.

In connection with the Private Placement, Palladium One and Glencore will enter into an investor rights agreement (the "Investor Rights Agreement"), pursuant to which Glencore will be entitled to certain customary rights including participation rights on future equity security issuances and a right to nominate an individual to the technical committee of Palladium One (such committee will be formed on execution of this investment). Under the Investor Rights Agreement, Glencore will agree to certain customary transfer and standstill restrictions.

The Private Placement is expected to close on or about April 11, 2023, subject to customary conditions, including acceptance by the TSX Venture Exchange. The Common Shares issued pursuant to the Private Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. No commissions or finder fees are payable in connection with the Private Placement.

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.

These forward-looking statements include, but are not limited to, statements relating to the proposed Private Placement; expected future attributes, capitalization and strategy of Palladium One following the completion of the Private Placement; the anticipated benefits of, and rationale for, the Private Placement; plans, strategies and initiatives for Palladium One; terms and conditions of the Separation, including the expected use of proceeds of the Private Placement; the anticipated timing for completion of the Private Placement; the terms and conditions of the Investor Rights Agreement; and other statements that are not historical facts.

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.

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

Q P Group’s 2022 Net Profit Up 6.5% to HK$126.8 Million

HONG KONG, Mar 30, 2023 – (ACN Newswire) – Q P Group Holdings Limited ("Q P Group" or the "Group"; Stock code: 1412), one of the leading manufacturers of paper-based tabletop games and greeting cards in the People's Republic of China (the "PRC"), today announced its annual results for the year ended 31 December 2022 ("FY2022" or the "Reporting Period").

In FY2022, the Group recorded a net profit of approximately HK$126.8 million, representing an approximately 6.5% year-on-year increase, benefiting from the improvement in gross profit margin as a result of the depreciation of Renminbi against Hong Kong dollars, and the saving in transportation expenses in relation to the web sales business. The net profit margin increased to approximately 9.9% for the Reporting Period from approximately 8.6% for the year ended 31 December 2021 ("FY2021"), while the Group's revenue amounted to approximately HK$1,276.4 million (FY2021: approximately HK$1,389.8 million). Basic earnings per share was approximately HK23.84 cents (FY2021: HK22.38 cents).

The Board of Directors has proposed a final dividend of HK11.0 cents per share (FY2021: HK11.0 cents) for FY2022. Together with the interim dividend of HK3.0 cents (FY2021: HK2.0 cents) already paid, the total dividend for FY2022 will be HK14.0 cents (FY2021: HK13.0 cents).

Business Review

In FY2022, the slower growth in major economies, coupled with factors such as interest rate hikes and inflationary pressures, weakened consumer purchasing power and consumption sentiment. The demand for tabletop games was affected by the lifting of epidemic control measures and the resumption of outdoor and mass activities as the COVID-19 pandemic receded. In addition, certain OEM customers adjusted their procurement strategies to digest inventory. To cope with the challenging market environment, the Group adopted diversified growth strategies to develop new customers and proactively offer diverse manufacturing solutions to its existing customers. Consequently, revenue from OEM sales amounted to approximately HK$1,082.7 million for FY2022 (2021: approximately HK$1,191.0 million).

In terms of web sales business, the Group launched Q P Market Network ("QPMN"), a business-to-business-to-consumer online platform that provides business partners with one-stop e-commerce solutions for customised products, in the second quarter of 2022. The Group devoted efforts to optimising its website infrastructure and services to address a wider range of market needs and promote its competitiveness. QPMN has established partnerships with a number of local enterprises and designers, including retailers with large sales networks and customer bases. The Group also launched several crowdfunding projects on international online crowdfunding platforms to boost product sales and brand awareness in the marketplace. During FY2022, revenue from web sales amounted to approximately HK$193.7 million (FY2021: approximately HK$198.7 million).

During the Reporting Period, the Group officially commenced the construction of its self-owned production plant in Vietnam, while initiatives for pursuing Industry 4.0 maturity level 2i were implemented in its Dongguan plant to push forward smart operation further. It conducted targeted reviews and analyses of various operating and production costs, and formulated and implemented efficiency and cost optimisation measures, resulting in significant improvements in these areas.

Prospects

Looking ahead, the Group will strengthen its online and offline marketing activities, such as launching more crowdfunding projects for its online sales brands, participating in exhibitions to promote products and services, and sponsoring events related to products to further increase the Group's brand exposure and popularity in the market. QPMN will focus its business development on local and overseas enterprises and organisations and OEM customers. At the same time, the Group will expand QPMN's customised solutions and provide business partners and their end customers with more innovative customisation solutions that meet market needs.

In terms of the OEM business, the Group will proactively explore business opportunities with existing and potential customers to create win-win partnerships with competitive service quality and pricing. Leveraging its production capabilities and brand reputation for card products, the Group looks to actively develop the domestic market for premium card products in the PRC to capture its market potential and diversify the Group's OEM business. To facilitate business development, the Group will expand its internal research and development capabilities so as to provide OEM customers with more product options to meet different market demands.

The Group will consistently implement strategic expansion and continuous improvement in order to consolidate its competitiveness. The Vietnam plant is expected to commence operation in the second half of 2023 and will provide OEM customers with an additional geographical manufacturing option. The Group also intends to develop other third-party production sites and connect them to its online platforms through its smart operations network system to consolidate a more comprehensive and digitalised supply chain that maximises the benefits of the intelligent operations network and expands its product options.

Mr. Cheng Wan Wai, Founder, Chairman and CEO of Q P Group concluded: "While the global pandemic continues to subside, the manufacturing sector is expected to face numerous uncertainties in 2023 amid concerns over geopolitical situation and sluggish global economic growth. With our solid business, operational and financial foundations, and our years of experience and ability in coping with adversity and challenges, we remain cautious about the Group's prospects. We will steadfastly implement various short and long-term development and operations strategies, keep our finger on the pulse of the latest market changes and respond in an agile manner in order to maintain profitability. We look forward to the completion of the construction of our new plant in Vietnam, which will play a substantial strategic role in the development of our entire supply chain and business. In addition to expanding production capacity, improving efficiency and reducing costs are also priorities for us. In today's challenging and competitive environment, it is particularly important to apply technology appropriately and integrate it into our operations to improve our efficiency, capabilities and corporate competitiveness. We will continue to implement various development and optimisation projects in our plants to pursue the smart operation network."

About Q P Group Holdings Limited (Stock code: 1412)
Established in Hong Kong in 1985, Q P Group is one of the leading paper-based tabletop games and greeting cards manufacturers in the PRC, with production sites in Dongguan and Heshan. Its principal product categories include tabletop games, greeting cards, educational items and premium packaging. Since 2010, the Group has been operating web sales businesses to provide online solutions for diversified customised paper products and gift items. Currently, the number of its active registered users has reached over 57,000.

Q P Group's major websites are:
www.makeplayingcards.com
www.boardgamesmaker.com
www.createjigsawpuzzles.com
www.printerstudio.com
www.gifthing.com
www.maketotebags.com

Q P Market Network: www.qpmarketnetwork.com

For more information, please visit: https://www.qpp.com/

Media Enquiries
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Website: http://www.sprg.com.hk

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

CMGE Shares Jump Following 2022 Results Announcement; R&D investment increased 69.5%

HONG KONG, Mar 30, 2023 – (ACN Newswire) – 2022 was a challenging year for the game industry. Due to the pandemic and gaming regulations, the gaming industry experienced a reduction in both revenue and user scale. In the context of pervasive uncertainties and low expectations, the market has focused on gaming company plans and financial reports.

According to the latest financial report published by CMGE Technology Group Ltd (0302.HK), operating revenue in 2022 was RMB 2,714 million, a year-on-year decrease of 31.4%, with a net loss of RMB 217 million. However, on the day after the financial report was released, CMGE's share price jumped and closed with a one-day increase of 8.78%.

The financial report from CMGE shows that the industry continues to be affected by external factors from previous years, according to analysts. But CMGE's share price bucked that trend, which demonstrates new confidence stemming from the financial report and anticipated business performance.

– Strong operating revenue, with an increase of 69.5% in R&D investment

CMGE earned RMB 2,114 million from its game publishing business, RMB 453 million from its game development, and RMB 147 million from its IP licensing business. In addition, CMGE achieved a gross profit rate of 41.0%, a year-on-year increase of 3.8%, demonstrating the high profitability of its core businesses.

Mr. SIN Hendrick, Executive Director and Vice Chairman of CMGE, explained at the performance meeting that the loss of profits resulted from CMGE's provision of investment impairment and other non-operating expenses of RMB193 million from companies in which CMGE invests. In addition, CMGE's provision of non-operating financial and contractual asset impairments of RMB 137 million was also a factor. If non-operating impairment and other non-operating expenses were not included in financial accounting, CMGE would have achieved profits from its operations in 2022. According to analysts the provision of impairment is based on the prudence principle of accounting and impacts financial results on a one-time basis.

In response to uncertain external factors, gaming companies have focused on cost reductions and efficiency improvements in recent years. CMGE has long been engaged in R&D and continuously increasing investment in this area, while reducing unnecessary costs and improving its gross profit. According to the financial report, CMGE invested RMB 527 million in R&D in 2022, a record year-on-year increase of 69.5%. Meanwhile, R&D personnel reached 650 employees, accounting for 55.8% of CMGE's total staff.

Supported by continuous investment, CMGE has fully implemented its strategy for independent development of quality products, ensuring supplies of such products and laying a solid foundation for the start of its second growth curve. Furthermore, the results achieved by CMGE in game development in 2022 show the company's strong ability to independently develop quality games.

In the first month after its launch in the domestic market, "The King of Fighters: All Stars", a 3D mobile game independently developed and distributed by CMGE, stood at the top of the free games ranking in Chinese mainland's Apple App Store. As of December 31, 2022, "Legend of Sword and Fairy 7", developed and launched by CMGE in the second half of 2021, had seen total sales of more than 510,000 PC units, 210,000 cloud-based units, and 70,000 host units.

Meanwhile, subject to continuous optimization and meticulous management, "The World of Legend – Thunder Empire" and "Legend of Dragon City" and other existing games have been generating recurring income and profit for CMGE as well.

Through developing and maintaining games with strong IP components, CMGE is clearly seeking greater possibilities in global markets.

– Three-year R&D efforts are expected to produce superior results

Xiao Jian, Executive Director, Chairman and CEO of CMGE, said at the performance meeting, "CMGE is making every effort to build the first Chinese-style metaverse-style game with open elements in China – a 'Chinese Paladin: Sword and Fairy World'. We will launch its conceptual PV on April 20 and its real PV on April 27, and implement initial testing around late May and early June this year."

"Sword and Fairy World" was developed for Chinese fans of the franchise by Starry Sky Studio under CMGE based on Chinese Paladin IP. By introducing the model of 'game, entertainment, community, consumption' the game will offer a real-virtual open world for creation and sharing by players. To create Sword and Fairy World a specialized R&D team at CMGE has spent three years and invested heavily to develop such a game independently.

Industry insiders agree that "Sword and Fairy World" is a hotly anticipated game from CMGE for players and investors alike as it boasts major features of a long-term popular gaming brand.

Firstly, developed based on CMGE's Legend of Sword and Fairy IP, the game is naturally expected to be well received by players. According to data, that game has more than 600 million users in China and elsewhere around the world.

Secondly, it is an immersive mythology-based game developed by CMGE after three years of R&D. With eight major technological innovations such as 24-hour lighting, a dynamic weather system, real water flow effects, non-player character (NPC) AI, open world technology, simultaneous online capacity for millions of users, high-definition modeling, multi-dimensional facial graphics, as well as UGC creation tools, it opens a Chinese Paladin world, filling a key gap in this sector. As one of the first partners of ERNIE Bot, CMGE uses AIGC technology for intelligent NPC interaction, marketing, script creation and art production for game R&D, which reduces costs and improves efficiency.

Thirdly, "Sword and Fairy World" focuses on open elements while introducing the latest metaverse elements. In the game, the Chinese Paladin Metaverse provides experiences such as UGC creation, leisure, social entertainment, and virtual performances. "Chinese Paladin: The World" engages players in the construction and development of this metaverse that is independent from the real world.

2023 will mark a milestone for CMGE. With the normalized distribution of games under regulatory supervision, CMGE will release its new products to the market step by step. Since obtaining authorization from gaming authorities, several mobile games, including "Cultivation Fantasy" and "Sword and Fairy: Wen Qing" are scheduled for release in the first half of 2023. More importantly, the launch of CMGE's self-developed game, "Sword and Fairy World" is expected to support future sustainable growth and further improve the company's performance.

In terms of the long-term significance of "Sword and Fairy World", CMGE wishes to implement the concept of 'Games as Platforms'. The company also expects to achieve its strategic vision of incorporating IP-based game ecosystems with own well-known IP brand and the Chinese Paladin Metaverse platform, while building itself into an outstanding gaming company with sustainable growth and popular products.

Focusing on player-centered services and quality products, CMGE is comprehensively developing its own IP-related business and striving to create new areas of growth. As Xiao Jian said, "As long as we concentrate on product development and player services, results will surely be achieved."

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A Detailed Look at Fosun International’s Annual Results: Create Space to Concentrate on Core Businesses in 2022, Poised for Rebound in 2023

HONG KONG, Mar 30, 2023 – (ACN Newswire) – After a year of ups and downs, can Fosun spark a new round of growth by continuing its strategy of "streamlining the organization and focusing on core businesses"? Fosun International released its 2022 annual results on 29 March, revealing some clear signals.

Fosun International reported both growth and declines in its annual results announcement. The total revenue for the year was RMB175.39 billion, representing a year-on-year increase of 8.7%; the net profit attributable to owners of the parent was RMB0.54 billion as compared to RMB10.08 billion in the same period of 2021. The sharp decline in net profit attributable to owners of the parent was mainly due to the recurrent outbreak of COVID19 pandemic in 2022 and the turmoil and downturn of the international capital markets, resulting in high business costs and an increase in floating losses in secondary capital market investment. By sorting out data such as balance sheets, cash flow statements, asset disposals, and business changes, it is clear that the "transient" impact of the pandemic fades away, Fosun, which has accelerated its focus on core businesses in the household consumption sector, is poised to usher in a new round of growth.

Complementing the financial figures, Guo Guangchang, Chairman of Fosun International, published a Letter to Shareholders on 29 March. In the letter, Guo Guangchang candidly responded to questions such as debt, business, and strategy that investors are highly concerned about.

"This year, the Company decided to further 'streamline the organization', focusing on businesses in the household consumption sector and devoting the limited resources to industries with growth potential." Guo Guangchang said in the letter, "changes in economic and social development and the birth of emerging technologies will definitely have an impact on consumers' choices, and consumption sentiment usually depends on the individual's confidence in income, economic growth and the consumption environment. However, I believe that people's aspirations for a better life and the fundamentals of China's long-term sound economic growth will remain unchanged. Therefore, we remain committed to our vision of bringing healthier, happier, and wealthier lives to families worldwide."

Fosun International significantly eases its debt pressure with a cash inflow of nearly RMB30.0 billion from divestment during the period

Both the results announcement and the Letter to Shareholders disclosed on 29 March indicated that the impact of the domestic pandemic and fluctuations in the global capital market in 2022 brought great challenges to Fosun International's financial structure. Coupled with the disturbance of market rumors, Fosun's debt issue was once questioned.

In response to the challenges of external force majeure factors, Fosun has adopted "multiple measures to optimize its funds and capital structure" since the second half of last year.

First of all, Fosun has stepped up its efforts in the divestment of non-strategic and non-core assets to consolidate its liquidity cushion. The results announcement showed that the divestment at the group level was far greater than the investment in 2022. The amount based on the consideration set out in the disposal agreements exceeded RMB40.0 billion, bringing a cash inflow of nearly RMB30.0 billion at holding company level.

Fosun's divestment of assets in 2022 included the systematic divestment of the iron and steel asset, the transfer of partial equity interests in Yong An Insurance, and the sale of all equity interests or substantial reduction of shareholding in Tsingtao Brewery, Zhaojin Mining, Zhongshan Public Utilities, etc.

While stepping up its efforts in the divestment of non-strategic and non-core assets, Fosun has also made continuous efforts in financing. In 2022, the Group completed syndicated loans of US$875 million and RMB1.66 billion, completed the issuance and resale of domestic bonds equivalent to RMB10.2 billion, and redeemed several offshore bonds in advance.

In 2023, Fosun successfully obtained a loan of RMB12.0 billion from a domestic syndicate, which was the largest private corporate loan led by five major state-owned banks in cooperation with policy banks and joint-stock banks since the announcement of "encouraging and supporting the development of the private economy and private enterprises" at the Central Economic Working Conference held in December 2022.

According to outside commentators, this move reflects the confidence of financial institutions, especially state-owned commercial banks, in Fosun's capital and business strategies, and further reduces Fosun's reliance on public market financing, increasing its risk tolerance to cope with fluctuations in the international capital market.

Through the above-mentioned series of actions, Fosun has established a satisfactory risk tolerance strategy. Its ratio of total debt to total capital was 53.2%, down 3.6 percentage points from mid-2022; the average cost of debt was at a low level of 4.7%; the adjusted NAV was HK$21.6 per share; the duration of existing interest-bearing debt has also been extended to more than two years. As of the end of the Reporting Period, cash and bank balances and time deposits were relatively abundant, amounting to RMB100.56 billion.

It is worth noting that the above-mentioned liability figures are still based on the consolidated statement at the group level. If the liabilities of its consolidated listed subsidiaries such as Yuyuan, Fosun Pharma, and Fosun Tourism Group (FTG) are excluded, the actual decline in liabilities attributable to Fosun International is even greater.

Analysts believe that based on the financial figures for 2022, it is evident that Fosun's debt structure has been further optimized in the past six-plus months, and it has remained at a relatively healthy level as a whole, while the quality of assets has been greatly improved during the same period. As a result, its adjusted NAV remained solid at HK$21.6 per share.

"In the future, Fosun will continue to prioritize 'sustainable growth'. As the external environment is gradually picking up, I believe that Fosun has survived the most difficult time. In the future, we will continue to achieve sustainable growth," Guo Guangchang said in the Letter to Shareholders.

Businesses in consumer and tourism sectors see robust rebound as "one-off" impact fades away

Due to the impact of the pandemic, especially the violent fluctuations in the global capital market, Fosun International's net profit attributable to owners of the parent was greatly affected. Its annual results announcement indicated that, the Group's net profit attributable to owners of the parent fell 94.7% year-on-year to RMB0.54 billion in 2022.

However, it is a total different story if we take a closer look at Fosun International's total revenue.

Against the backdrop of a complex macroeconomic environment in 2022, Fosun's total revenue still maintained growth, reaching RMB175.39 billion, representing a year-on-year increase of 8.7%. Focusing on the needs of global families for health, happiness, and wealth, the four core subsidiaries, namely Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and FTG contributed 72% of the Group's total revenue.

Market analysts believe that the sharp decline in profits is mainly resulted from the "one-off" impact caused by external force majeure factors in 2022. Once the force majeure factors are gone, the "one-off" impact will also fade away. In 2023, Fosun's core businesses in the household consumption sector may usher in an important period of opportunity for rebound, and its forward-looking layout in the anti-epidemic field will gradually yield results. It is worth noting Fosun's rebound following a period of strategic deployment.

In fact, since the beginning of 2023, Fosun's businesses in consumer and tourism sectors have shown a remarkable upward trend. In 2023, the Yuyuan Garden Lantern Festival, which received wide recognition in Chinese mainland and overseas, attracted more than 4 million visits, effectively driving consumption in the area. Fosun's tourism business has rebounded rapidly, the occupancy rate of Atlantis Sanya, a subsidiary of FTG, has fully recovered and surpassed the level before the pandemic, recording a business volume of RMB399 million, representing an increase of 10% over the same period in 2022, the average room occupancy rate reached 96%; the business volume of Club Med increased by 55% compared to the same period in 2022; the business volume of FOLIDAY Town Lijiang increased by 149% compared to the same period in 2022.

It is worth noting that FTG has demonstrated a robust momentum of recovery since the second half of 2022. Its annual results announced on 26 March showed that the business volume of tourism operations in 2022 increased by 85% year-on-year relative to the same period last year. Adjusted EBITDA turned positive by a notable extent, up from RMB213 million in 2021 to RMB2,345 million in 2022. Loss attributable to equity holders narrowed significantly from RMB2,719 million in 2021 to RMB545 million in 2022. Among them, the business volume of Club Med reached RMB12,011 million in 2022, representing a year-on-year surge of 108%.

Growth momentum: twin drivers of global operations and technology innovation

In the Letter to Shareholders, Guo Guangchang said, "In 2022, Fosun divested some non-core assets and further focused on core businesses in the household consumption sector, which has created space and built momentum for future business rebound and rapid development." Global operations and innovation are the two driving forces for future endogenous growth.

According to the annual results announcement, Fosun has established businesses in more than 35 countries and regions (based enterprises with revenue exceeding RMB 100 million in such year) during the year. In 2022, Fosun's global operations capabilities has been further improved, and its overseas revenue amounted to RMB77.4 billion, representing a year-on-year increase of 14% and accounting for 44% of its total revenue. As of the end of the Reporting Period, it had 43 overseas brand enterprises with more than 45,000 overseas employees.

Guo Guangchang set the year 2022 as a new starting point for the third stage of Fosun's globalization to foster cross-regional, cross-cultural, and cross-organizational operation capabilities of Fosun's global business ecosystem through "global organization + local operations", thereby providing new impetus for the improvement and expansion of Fosun's industry operations.

Taking Lanvin, a French couture house, as an example, after joining Fosun, Lanvin has maintained robust growth. On 15 December 2022, Lanvin Group was listed on the New York Stock Exchange under the ticker symbol LANV. In 2022, Lanvin Group achieved an unaudited revenue of EUR425 million, representing a year-on-year increase of 38%, of which the revenue of its flagship brand Lanvin increased by 67% year-on-year. Lanvin Group became one of the fastest growing companies in the global luxury goods industry.

While its global operations capabilities continue to improve, Fosun is gradually ushering the harvest period after years of dedication and continuous investment in technology innovation.

Taking Shanghai Henlius' self-developed HANSIZHUANG as an example, since its launch in March 2022, it has been approved in China for the treatment of three indications and has become the world's first anti-PD-1 mAb approved for the first-line treatment of small cell lung cancer. Since its launch nine months ago, it has generated a revenue of RMB300 million.

The annual results announcement showed that, Fosun's R&D investment reached RMB10.4 billion in 2022, representing a year-on-year increase of 17%; as of the end of 2022, it had a total of 1,771 patents for intention.

"Both business and economy have cycles, and innovation is our core capability to win out. In between the ups and downs of the cycle, we must step up investment in innovation. Looking ahead in 2023, we will continue to increase investment in innovation to ensure that innovation is driving growth continuously and efficiently," Guo Guangchang said.

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

TA Detailed Look at Fosun International’s Annual Results: Create Space to Concentrate on Core Businesses in 2022, Poised for Rebound in 2023

Tresorfx Launches Revolutionary Automated Copy Trading Service for Investors

LONDON, Mar 29, 2023 – (ACN Newswire) – Tresorfx, a leading global investment firm, is excited to announce the launch of its new and revolutionary automated copy trading service for investors. This new service aims to help retail investors automatically copy the Tresorfx master account with their favorite brokerages and achieve similar results as the Tresorfx Exclusive Premium Account.

Tresorfx Copy Trading

Copy trading is a type of social trading that allows investors to automatically copy the trades of professional traders. Tresorfx's new automated copy trading service takes this concept to the next level, offering a comprehensive platform that's easy to use, reliable, and designed to help investors achieve their financial goals.

"Our new automated copy trading service is a game-changer for retail investors," said a spokesperson for Tresorfx. "We've been providing excellent results to investors for over 10 years, and we're excited to bring our expertise to a wider audience. With our new copy trading service, investors can benefit from our experience and success with just a few clicks."

Tresorfx's new copy trading service offers a range of benefits to investors, including:

Simplified investing: With automated copy trading, investors can easily copy the trades of professional traders without having to do any research or analysis themselves.

Diversification: Tresorfx's copy trading platform offers a wide range of trading instruments, including stocks, forex, commodities, and more, allowing investors to diversify their portfolio and minimize risk.

Control and customization: Investors can choose the level of risk they're comfortable with and adjust their copy trading settings to suit their needs.

Transparency: Tresorfx's automated copy trading platform is transparent, allowing investors to see the performance of the traders they're copying in real-time.

Tresorfx's automated copy trading service is backed by a team of experienced traders and customer support agents who are available 24/7 to answer any questions and help investors make the most of their investment. With over 10 years of experience providing excellent results to investors, Tresorfx is a trusted name in the investment industry.

Overall, Tresorfx's new automated copy trading service is set to revolutionize the way retail investors invest in the markets. With simplified investing, diversification, control and customization, and transparency, investors can benefit from Tresorfx's expertise and success with just a few clicks.

Register now at: https://tresorfx.com

Contact:
Sebastian Ritterstrom
Sebastian.r@tresorfx.com
+4407744477777

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

Bintai Kinden Pressures Melaka Government on Unimel Project Payments

PETALING JAYA, Malaysia, Mar 29, 2023 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, which has been classified as an affected listed issuer pursuant to Para 2.1(f) of Practice Note 17 (PN17) of the listing requirements of the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities), is pressuring the Melaka government for not taking action to address payments owed the Company from the Universiti Melaka (UNIMEL) project resulting in the default of an RM109.0 million Islamic financing facility.

Azri Azerai, Executive Director of Bintai Kinden

The PN17 classification came after MBSB Bank Berhad (MBSB) issued a notice of termination dated 29 March 2023 to Bintai Kinden as the corporate guarantor and its wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM), as the borrower in respect of RM109.0 million in Islamic banking facilities in which the Company and/or OPM has defaulted on.

En. Azri Azerai, Executive Director of Bintai Kinden said, "We are being victimised into PN17 status because the Melaka government has not seen fit despite a series of meetings to take action to address the RM49.8 million owed to OPM by Kolej Teknologi Islam Melaka Berhad (KTIMB) for the construction of the UNIMEL student campus accommodation."

KTIMB is the operator of UNIMEL, which had awarded a contract via a concession agreement to OPM in early 2016 valued at RM121.0 million to construct student accommodation for the campus. The 25-year concession agreement comprised three years of construction and 22 years of maintenance services in which KTIMB is obliged to pay OPM for the upkeep of the campus accommodation. OPM had taken a 17-year tenure Islamic financing facility of RM109.0 million with MBSB to part-finance the UNIMEL campus accommodation project, which was completed in 2019.

"We have also sent various reminders to KTIMB as well as Melaka Chief Minister Incorporated (CMI Melaka) on the matter. Let us be clear that despite non-payment or irregular payments by the parties, Bintai Kinden has been honouring its debt to MBSB and has paid RM18.6 million from March 2021 to December 2022 towards the financing facility despite collecting only RM3.7 million from KTIMB."

"Bintai Kinden would like to appeal to the Prime Minister to seek redress on this issue for the sake of the UNIMEL students, as we have been trying our best to maintain the campus accommodation. CMI Melaka is obliged to top-up any shortfall in the payments as part of the financing facility agreement with MBSB but the top-ups have been inadequate while KTIMB, which was required as part of the concession agreement to pledge land or properties with a market value of not less than RM42.5 million to safeguard Bintai Kinden's credit risk, has not done so."

Pursuant to the PN17 classification, Bintai Kinden is required to announce within three months of today's announcement on whether the regularisation plan will result in a significant change in its business direction or policy and, within 12 months of today's announcement, to submit a regularisation plan to the Securities Commission ("SC") if the plan will result in a significant change in the business direction or policy of the Company and to complete the implementation of the plan within such timeframe as prescribed by the SC or, submit a regularisation plan to Bursa Securities if the plan will not result in a significant change in the business direction or policy as well as complete the implementation of the plan within such timeframe as prescribed.

Bintai Kinden reassures stakeholders that its other businesses such as the Mechanical & Engineering and Oil & Gas are running as usual. The Company has total unbilled orderbook to RM142.95million.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

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

Society Pass’ (Nasdaq: SOPA) Thoughtful Media Group Launches in Vietnam Market, Revolutionizing the Creator Economy with Integrated Marketing Services

HO CHI MINH CITY, VIETNAM, Mar 29, 2023 – (ACN Newswire) – Society Pass Inc (Nasdaq: SOPA), Southeast Asia (SEA)'s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces the official launch of its digital advertising platform, Thoughtful Media Group Inc (TMG), in the Vietnamese market.

Founded in 2010, TMG pioneered the use of multi-channel network for content creators in the Asian market. After being acquired by SOPA in July 2022, TMG has transformed into a multi-platform integrated advertising platform connecting content creators and brands.

With headquarters in Bangkok, Thailand, TMG has expanded its ecosystem of integrated advertising services to include Vietnam and Indonesia. Through a network of talented creators across multiple industries, TMG assists brands and merchants to build their businesses from awareness to effective conversion.

Mr. Rokas Sidlauskas, Chief Marketing Officer of SOPA Group, announced the launch of TMG in Vietnam, stating, "After almost one year of being acquired and joining the SOPA ecosystem, TMG has become a vital part of our integrated advertising and digital strategy. As a digital marketing powerhouse, TMG not only provides innovative marketing and branding services, but also helps other ventures in the SOPA ecosystem grow and acquire customers faster. Through strategic partnerships with SOPA's sister companies in other verticals, TMG generates additional benefits for users, such as our leading lifestyle platform Leflair. By partnering with TMG, Leflair leverages the TMG network of talented creators to review and sell their products across multiple online platforms like Youtube and Tiktok. SOPA is fully committed to the growth of TMG in SEA, and we are excited to see the innovative marketing campaigns that the new TMG after restructuring will bring to the region."

"Cultivating Vietnam's vast potential in the digital transformation is at the forefront of TMG's mission," said Thao Ngo, Representative of TMG Vietnam. "With our wealth of experience and deep understanding of the local Vietnamese market, TMG Vietnam provides brands and advertisers with top-notch services to maximise the effectiveness of their marketing budgets. By offering strategic advice and premium advertising services, TMG connects brands with consumers more efficiently, enabling them to expand their marketing businesses and tap into the full potential of the region."

Since joining the SOPA ecosystem, TMG has gained access to greater financial resources and technological capabilities of its parent company. And this access has enabled TMG to expand rapidly into new markets, upgrade its service offerings. Following its corporate restructuring, TMG has become a fully integrated marketing powerhouse with four core businesses: Online Platforms, Premium Brands, Social-selling, and Sports Marketing.

With its unique values of technological innovation, diverse content, and approaches through a network of talented creators, TMG Vietnam attracts bright talents, create and introduce them to the market through strategic content directions and massive online reach. TMG's premium marketing services help brands interact with consumers more effectively, thereby boosting business performances and bringing the awareness of those companies beyond Vietnam and out to the region.

About Thoughtful Media Group (TMG)

Founded in 2010, Thoughtful Media Group is a leading digital advertising platform in SEA. Through our network of talented creators across multiple industries in Thailand, Vietnam and Indonesia, we help brands maximise marketing budgets and achieve business objectives through some of the most innovative marketing campaigns in the region.

In 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired Thoughtful Media Group. Since then, TMG has fully evolved into a digital-first and fully integrated advertising powerhouse.

For more information, please visit:
Website at www.thoughtfulmedia.com
LinkedIn at https://www.linkedin.com/company/thoughtful-media-group-inc or
Instagram at https://www.instagram.com/thoughtfulmedia/ or
Facebook at https://www.facebook.com/thoughtfulmediaasia or
Twitter at https://twitter.com/ThoughtfulMedia.

About Society Pass

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Media Contact:
Public Relations Representative
Ms. Ha Nguyen – 0903 988579
hanguyen@sunrisesvn.com

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