Conant Optical Leverages Industry-Academia-Research Collaboration to Forge Strong Synergies

HONG KONG, June 11, 2024 – (ACN Newswire) – Shanghai Conant Optical Co., Ltd. (“Conant Optical” or the “Company”, together with its subsidiaries, the “Group”; stock code: 2276.HK), the global leading provider of optical lens products and services, is pleased to announce that its subsidiary Jiangsu Conant Optics Co., Ltd. (“Jiangsu Conant Optics”) signed a technology development (entrusted) contract (the “Contract”) with the Changchun Institute of Optics, Fine Mechanics and Physics (CIOMP) of the Chinese Academy of Sciences on 7 June 2024 to jointly promote the automation upgrade of optical lens manufacturing. On the same day, Jiangsu Conant Optics also signed a technology development contract with the University of Shanghai for Science and Technology. The two parties will leverage their respective strengths to collaborate on the research and development (R&D) of optical lenses with better optical performance and field of vision.

These two technology collaborations will help Conant Optical further consolidate its leading position in the optical lens industry and provide customers with higher quality products and services. The Company will continue to increase its R&D investment, committed to driving technological innovation in the industry to meet the ever-changing market demands.

Left to right: Li Yuanfeng, Technician of Conant Optical; Fan Hongbin, Deputy General Manager of Conant Optical; Wang Chuanbao, Technical Director of Conant Optical; Xiang Huazhong, Associate Professor at the University of Shanghai for Science and Technology; Ma Lefei, Master's Student at the University of Shanghai for Science and Technology; Wang Bingcheng, Master's Student at the University of Shanghai for Science and Technology. — Left to right: Li Yuanfeng, Technician of Conant Optical; Fan Hongbin, Deputy General Manager of Conant Optical; Wang Chuanbao, Technical Director of Conant Optical; Xiang Huazhong, Associate Professor at the University of Shanghai for Science and Technology; Ma Lefei, Master’s Student at the University of Shanghai for Science and Technology; Wang Bingcheng, Master’s Student at the University of Shanghai for Science and Technology.

Photo of the signing ceremony of the technology development contract between Wang Chuanbao (left), Technical Director of Conant Optical and Xiang Huazhong (right), Associate Professor at the University of Shanghai for Science and Technology.

Promoting the upgrade of automated production

The optical lens industry that Conant Optical is in is a technology-intensive industry. With the continuous upgrade of the Company’s product mix, the product R&D and production process requires the comprehensive application of precision optics, mechanics and electronics, as well as the mastery of precision manufacturing technology, which places high demands on the Company’s technical level and R&D capabilities. This collaboration with CIOMP is based on their years of expertise and knowledge accumulated in robotic polishing technology. The two parties plan to develop R&D projects and incubate them, and ultimately realize the domestic mass production of glass mold surface polishing equipment in Changchun Changguang DAQI , thereby replacing the need for imported solutions .

Conant Optical has a veteran technical team that continuously promotes the upgrade of lens processing technology through independent R&D. The Company has always attached great importance to industry-academia-research collaboration and actively promoted technological breakthroughs and product innovation. Last year, as one of the few suppliers of 1.74 refractive index lenses in Mainland China, Conant Optical successfully collaborated with the University of Shanghai for Science and Technology to develop a 1.74 refractive index lens product. This year, it will continue to develop functional lens products with different refractive indices, significantly improving the field of vision and wearing comfort, achieving a comprehensive upgrade of products and expanding the scope for personalized customization.

Deepening industry-academia-research collaboration to continuously lead technological innovation

Mr. Fei Zhengxiang, Chairman of the Board and General Manager of Conant Optical, said, “R&D capabilities are crucial to the success of business operations and market competitiveness. Over the years, we have been committed to upgrading R&D equipment and actively promoting industry-academia-research collaboration to continuously enhance our R&D capabilities and competitiveness. This collaboration with CIOMP will allow us to share access to professional talent and technical resources, which will help further improve our manufacturing level and product competitiveness. In the future, we will continue to explore more cross-industry collaboration opportunities, work with experts from various fields to create high-quality optical lens products, and fully utilize accelerated strategic optimization and upgrading to provide consumers with enhanced visual experience.”

The growing applications of the optical industry is driving the continuous upgrading and iteration of product technologies. This industry-academia-research collaboration once again demonstrates Conant Optical’s long-term commitment to R&D. Through close collaboration with the academic community, it not only continuously improves the performance and quality of Conant Optical’s lens products, but also consolidates its leading position in the industry. Industry-academia-research collaboration can forge strong synergies, accelerate the translation of research results, continuously explore sustainable innovative business models, which will drive the Company’s steady development and lead industry advancement, creating a win-win situation, and promoting the innovative development of the entire industry.

About Conant Optical

Shanghai Conant Optical Co., Ltd. (“Conant Optical” or the “Company”, together with its subsidiaries, the “Group”; stock code: 2276.HK) is a global leading provider of optical lens products and services. The Group is committed to delivering efficient and comprehensive one-stop services through the Customer to Manufacturer (C2M) business model, meeting the diverse needs of customers for personalized, differentiated, premium, and customized lenses. In terms of the revenue generated from sales of resin lenses, the Group is the only company headquartered in China among the top ten global market participants. The Group’s sales network spans 90 countries and markets worldwide, including but not limited to China, the United States, Japan, India, Australia, Thailand, Germany and Brazil.

For media enquiries, please contact:

Avy Yu

Eudice Law

Tel: +852 9500 4443

Tel: +852 9326 1113

Email: avy.yu@ajacapital.com.hk

Email: eudice.law@ajacapital.com.hk

Rimag is Officially Listed on the Hong Kong Stock Exchange, Becoming the “First Listed Medical Imaging Service Company in China”

HONG KONG, June 7, 2024 – (ACN Newswire) – Jiangxi Rimag Group Co., Ltd. (“Rimag” or the “Company”, together with its subsidiaries, the “Group”, stock code: 2522.HK), a leading medical group specialized in medical imaging in China, was officially listed and commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) at 9:00 a.m. today.

The Global Offering involves a total of 17,816,000 Shares (assuming the over-allotment option is not exercised) at a final Offer Price of HK$14.98 per Offer Share. The net proceeds from the Global Offering, after deducting underwriting fees and expenses paid and payable in connection with the Global Offering, are estimated to be approximately HK$183.48 million. The Hong Kong Public Offering was oversubscribed, with valid applications received for approximately 336.33 times the total number of Offer Shares initially available for subscription, and the International Offering was also oversubscribed by approximately 1.24 times. The final number of Offer Shares under the Hong Kong Public Offering and the International Offering were 8,908,000 and 8,908,000 respectively, each representing approximately 50% and 50% of the total number of Offer Shares available for subscription under the Global Offering.

Rimag is a leading medical group specialized in medical imaging in China. In 2023, Rimag ranked first among all PRC third-party medical imaging center operators in terms of the number of medical imaging centers in the network, number of units of equipment, number of registrations by practicing radiologists who are registered with Rimag as the primary workplace, average daily screening volume and fees paid by patients; and in terms of revenue generated from imaging center services in 2023, Rimag ranked second among all PRC third-party medical imaging center operators, according to Frost & Sullivan.

According to the same source, the PRC third-party medical imaging center market is a fast-growing segment whose market size grew at a CAGR of 29.0% from 2018 to 2023 and is expected to grow with a CAGR of 33.5% from 2023 to 2026. Against this backdrop, Rimag has seized the opportunity of the booming medical imaging market to become the only operator and manager of a medical imaging platform that provides diversified imaging services and value to the entire medical imaging industry chain in China. Rimag has created integrated one-stop business network centered around the three core businesses of imaging center services, imaging solution services and Rimag Cloud services to meet the growing demand for medical imaging services of medical institutions and individuals.

Rimag proposes the innovative concept of “clinically targeted imaging services” and utilizes efficient and standardized development and operational management systems to enable rapid business expansion. The Company strives to establish and operate a medical imaging center network and explore service models under the hierarchical diagnosis and treatment system in China with the aim to promote the extension of quality medical resources to the primary healthcare system and balance the distribution of such resources in line with aforementioned favorable policies and industry trends since its inception. Covering 17 provinces, autonomous regions and municipalities and spanning first- and second-tier cities to 59 county-level divisions, Rimag’s comprehensive medical imaging center network consists of 97 imaging centers, including 9 flagship imaging centers, 24 regional collaborative imaging centers, 50 specialized medical consortium imaging centers and 14 operational management imaging centers as of December 31, 2023.

Having been founded for almost 10 years, Rimag has accumulated a wealth of experience in medical imaging services, successfully established a comprehensive imaging center development system and secured a leading position in the industry. In the future, Rimag is further expected to expand its medical imaging center network and enrich the offerings of imaging solution services, continually invest in R&D, strengthen the capabilities of Rimag Imaging Academy, and enhance strategic cooperation with industry upstream and downstream stakeholders to establish a dominant medical imaging solution service platform. By doing so, the Company expects to be able to provide patients and healthcare consumers with a better medical imaging experience, enable clinicians to obtain more accurate diagnostic imaging results, and allow radiologists to realize greater professional value through Rimag’s platform.

About Jiangxi Rimag Group Co., Ltd.

Jiangxi Rimag Group Co., Ltd. (“Rimag” or the “Company”, together with its subsidiaries, the “Group”, stock code: 2522.HK), a leading medical group specialized in medical imaging in China, mainly generates revenue from the three core businesses of imaging center services, imaging solution services and Rimag Cloud services. In 2023, the Company ranked first among all PRC third-party medical imaging center operators in terms of the number of medical imaging centers in the network, number of units of equipment, number of registrations by practicing radiologists who are registered with the Company as the primary workplace, average daily screening volume and fees paid by patients; and in terms of revenue generated from imaging center services in 2023, the Company ranked second among all PRC third-party medical imaging center operators in China, according to Frost & Sullivan.

This press release is issued by Porda Havas International Finance Communications Group for and on behalf of Rimag. For further information, please contact: Porda Havas International Finance Communications Group.

Bunny Lee	+852 3150 6707	bunny.lee@h-advisors.global
Jasmine Chen	+852 3150 6713	jasmine.chen@h-advisors.global
Erica Wu	+852 3150 6767	erica.wu@h-advisors.global

Go Hub Capital Berhad Inks Underwriting Agreement with UOB Kay Hian Securities

KUALA LUMPUR, June 7, 2024 – (ACN Newswire) – Go Hub Capital Berhad (“Go Hub” or the “Company”), a key transportation information technology (IT) solutions provider, is pleased to announce that it has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd (“UOBKH”) in preparation for its Initial Public Offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

From left: Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub, Mr. David Lim, Chief Executive Officer of UOB Kay Hian Securities (M) Sdn Bhd

Go Hub’s listing exercise involves the public issue of 107,180,000 new ordinary shares. The IPO shares will be allocated in the following manner:

Malaysian public

20,000,000 IPO shares made available for application by the Malaysian public.

Eligible persons

12,000,000 IPO shares reserved for application by eligible directors and employees as well as persons who have contributed to the success of the Group.

Private placement to selected investors

75,180,000 IPO shares made available by way of private placement to identified institutional and/or selected investors.

UOBKH will underwrite 32,000,000 IPO shares made available to the Malaysian public and eligible persons as part of the underwriting agreement. This IPO does not involve an offer for sale and placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry as the operating company, NSS has MSC Malaysia Status (now known as Malaysia Digital Status).

Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub said, “We are gearing up to expand our technological footprint and solution offerings within the transportation sector, and this IPO is a strategic step in that direction. We are excited to collaborate with UOB Kay Hian to facilitate our listing on the ACE Market. The IPO proceeds raised will be primarily fuel our business expansion plans, which includes the expansion of our technical capabilities and workforce. Our aim is to expand our IT solutions for transportation industry, enhancing customer engagement through digital transformation, and exploring new opportunities in adjacent markets.”

Chief Executive Officer of UOB Kay Hian Securities (M) Sdn Bhd, Mr. David Lim commented, “We are enthusiastic to collaborate with Go Hub on its listing exercise. Go Hub’s strong performance, driven by its innovative and comprehensive IT solutions in transportation industry, presents a compelling investment opportunity. We look forward to supporting Go Hub’s journey as it transitions into a publicly listed company.”

As an established provider of specialised IT services in the transportation industry, Go Hub has consistently demonstrated strong commitment towards innovation and excellence. The Group’s strategic initiatives and technological advancements have solidified its position as a key player in transforming Malaysia’s transportation landscape.

Go Hub Capital Berhad http://gohubcapital.com.my

Fosun’s Global Operational Prowess Forged through Years of Dedication in HAL

HONG KONG, June 7, 2024 – (ACN Newswire) – On 28 May, Fosun International issued an announcement on the Hong Kong Stock Exchange announcing the sale of 99.743% of its subsidiary’s shares in the German private bank, Hauck Aufhäuser Lampe Privatbank AG (HAL), to ABN AMRO Bank for a total consideration of approximately EUR670.3 million. Upon the completion of this transaction, Fosun International will no longer hold shares in HAL, but will fully retain the shares of Hauck & Aufhäuser Fund Services S.A. (HAFS) held by HAL, i.e. retain HAL’s asset servicing business.

A company’s business operations are typically comprised two elements: strategic planning capabilities and tactical execution capabilities. The former determines the direction, while the latter affects its development.

Fosun’s decision in selling HAL stems from its foresight in the globalization era. Additionally, Fosun’s robust global operational capabilities enable it to help subsidiaries optimize their asset portfolios and cultivate high-quality assets to unlock value.

Let’s take a closer look at how Fosun had deeply tapped into the value of this German private bank, how Fosun had empowered HAL to create a win-win situation, and how HAL had aligned with Fosun’s evolving globalization strategy.

Fosun’s globalization 1.0 – Beginning: “Combining China’s Growth Momentum with Global Resources”

The globalization journey of Fosun started with its listing in 2007, when globalization was on the rise and Chinese companies were eager to go global and invest overseas.

To advance its globalization strategy, Fosun proposed “Combining China’s Growth Momentum with Global Resources”, helping Chinese companies go global while also assisting overseas companies to benefit from China’s rapid growth.

In 2016, Fosun acquired H&A (renamed HAL in 2021). Guo Guangchang, Chairman of Fosun International stated at the time that “The bank aligns with our long-term value investment philosophy and provides us with better access to Europe’s leading economies. We believe through this cooperation, we can not only serve the local German population, but also help H&A expand its reach to more Chinese corporate and individual clients and meet their overseas financial needs. This is also a manifestation of Fosun’s globalization strategy of ‘Combining China’s Growth Momentum with Global Resources’.”

The then-Chairman of H&A Supervisory Board and Shareholder Committee, Wolfgang Deml, said, “The majority of shareholders chose Fosun, an investor with strength and long-term vision, which will allow H&A to maintain its traditions and culture while gaining a fresh international perspective. Fosun’s global network and deep understanding of the financial industry will help us grow our business and acquire new clients.”

In fact, the acquisition of H&A was not only another practical implementation of Fosun’s globalization strategy of “Combining China’s Growth Momentum with Global Resources”, but also an important step for Fosun to firmly establish a presence in the high-end wealth management market.

Data shows that when Fosun acquired H&A, H&A had a total of approximately EUR43.0 billion in assets under administration (including EUR8.0 billion in assets under management (AUM) and EUR35.0 billion in assets under custody (AUC)), and a net profit of EUR5.20 million in 2014.

Fosun’s globalization 2.0 – Deepening: “Mutual Empowerment between China and the World”, empowering H&A’s M&A integration and geographic expansion

After acquiring H&A, Fosun’s globalization journey entered a 2.0 phase. The core issues were how to further increase scale through M&A, achieve effective integration, leverage scale to drive organic growth, thereby allowing H&A to fully harness the advantages of Fosun’s globalization strategy, accelerate business upgrades and transformation.

In retrospect, Fosun’s in-depth operational management, as well as its support for HAL to continuously pursue M&A integration, have been extremely successful in terms of mutually empowering HAL’s business development, globalization journey, and other aspects. In 2023, HAL’s revenue amounted to EUR435 million; net profit was RMB83 million; assets under administration reached EUR265.213 billion, ranking among the top 10 private banks in Germany.

Guo Guangchang said, “A successful investment must be followed by successful integration in order to realize the target investment value.” Therefore, after the integration of H&A, Fosun began to increase its business scale, expand its business presence, and deploy new technologies and new fields through investment and M&As, so as to enhance its organic growth momentum.

It is understood that HAL’s acquisition of Sal Oppenheim, Deutsche Bank’s Luxembourg-based asset custodian platform, in 2017 accelerated the development of its asset custodian business. The acquisition added over EUR20.0 billion in AUC to its existing AUC of more than EUR40.0 billion and enhanced HAL’s brand recognition and market influence, which in turn reinforced its organic growth. In the six years since the acquisition and integration, the organic growth had developed at an annualized rate of approximately 30%. By 2023, the scale of AUC exceeded EUR200.0 billion, placing HAL among the top three asset servicing business providers in Luxembourg.

In terms of geographic expansion, HAL acquired Ireland’s CCM asset servicing platform in 2019 to enter the English-speaking market and kick off its internationalization strategy. At the same time, as the Chinese wealth market rose rapidly, Fosun brought HAL, a high-quality overseas brand and its products to China, helping it develop the Chinese market and leveraging China’s rapid growth to drive its global business. Fosun supported HAL to successively establish branches in Nanjing and Shanghai, fully launching its China business.

In 2021, Fosun empowered H&A to achieve a qualitative leap in its M&A history. Fosun supported H&A in acquiring the leading German private bank Bankhaus Lampe KG, and after the merger, it was renamed HAL. After the integration, the scale effect initially emerged. This acquisition drove HAL’s wealth management business’ assets under management to exceed EUR17.0 billion, making it one of the top 10 private banks in Germany. Michael Bentlage, CEO of HAL also mentioned in a media interview that “this merger is a ‘real success’ for the company, as before acquiring Bankhaus Lampe, we ranked 20th in the German market.”

Overall, after the M&A integration, HAL’s revenue and market ranking have enhanced significantly. For private banking, asset management, and custodian businesses, a larger scale and higher ranking make it easier for the bank to qualify the white list of more customers, helping with organic client acquisition. Furthermore, after the M&A integration, HAL can achieve scale effects in IT, risk control, compliance, and other operational projects, reducing its operating costs, optimizing the cost-income ratio, and enhancing its profitability. The German media DER PLATOW Brief reported that HAL’s cost-income ratio decreased to 71.6% in 2023 (from 76% the previous year), and the 70% target is now within reach, despite significant investments in technology and new employees.

Market analysts pointed out that the H&A’s series of acquisitions demonstrated Fosun’s continued upgrades to its global financial footprint, further validating its globalization capabilities and M&A investment and integration capabilities.

Fosun’s Globalization 3.0 – Evolution: “Profound Global Operations”, empowering HAL’s organizational optimization and further enhancing innovation capabilities

Since 2022, Fosun has continued to evolve its globalization strategy – the “Combining Global Growth Momentum with Global Resources, Global Organization + Local Operations” model has been maturing, actively empowering its subsidiaries in business integration, product innovation, and ecosystem collaboration worldwide.

Fosun’s globalization journey has maintained steady development over the years. This is not only rooted in its incremental and far-sighted industrial development philosophy, but also underpinned by its philosophy of openness, mutual trust, win-win collaboration, strict compliance with local laws and regulations and respect for local culture.

“Talent” is Fosun’s most important and valuable asset. Therefore, an open, fair, and incentive-based talent employment philosophy also serves as the foundation of Fosun’s global operations. Fosun has also extended this global operational philosophy to HAL, empowering HAL’s systematic organizational reform through three dimensions: organizational structure, talent development, and corporate policy.

In terms of top-level organizational structure, Fosun had continuously gave suggestions to optimize the bank’s management structure, attached importance to internal talent cultivation and advised to promote two young executives into the core management team. In terms of incentive system guarantees, Fosun had provided comprehensive incentives to the management and core employees through options and virtual equity. In terms of globalization management, Fosun had assisted HAL in implementing a global rotation mechanism among Fosun’s financial companies worldwide, providing employees with a broader perspective. Based on the aforementioned support from Fosun and HAL’s mature talent management mechanism, HAL was named the Best Employer in Germany for consecutive years.

It is worth mentioning that the HAL management team fully recognized Fosun International’s globalization strategy. According to a mainstream German financial media Borsen Zeitung, the relationship between HAL and Fosun was constructive and characterized by trust. Fosun showed staying power as an investor and apparently understood HAL’s business best.

In addition to organizational optimization, Fosun is firmly committed to technology innovation as its core driver to achieve stable revenue and profit growth. HAL’s digital transformation is also progressing, with its online platform Zeedin winning the “Best Robo Advisory” award in Germany for consecutive years. In terms of innovative business, HAL acquired the digital currency custodian service provider Kapilendo in 2022, thus obtaining the subsequent digital custodian license issued by BAFIN and an initial business team, becoming one of the first banks in Germany with this license, and subsequently launching a comprehensive digital asset business line and digital asset management products.

Orderly investment and divestment creates a win-win situation

In addition to spending eight years meticulously cultivating and strengthening HAL to unlock its growth potential, Fosun also found the most suitable buyer, ABN AMRO Bank, to take HAL’s business to new heights. ABN AMRO Bank expects after deduction of one-off and integration costs, around EUR60 million of pre-tax run-rate cost synergies are expected to be achieved. The management of ABN AMRO Bank said at the announcement of the M&A that “This will not only generate cost synergies, but also bring mutual growth in the coming years.”

Upon the completion of this transaction, Fosun will fully retain the shares of HAFS held by HAL, i.e. retain HAL’s asset servicing business. HAL’s asset servicing business holds around EUR200 billion in assets under administration and is expected to consistently generate tens of millions of euros in annual profits, which aligns with Fosun’s objective of achieving long-term stable profits through asset-light operations, economies of scale, and ecosystem synergies. In addition, HAL’s asset servicing business can forge synergies with Fosun’s insurance, asset management and other financial businesses in Europe. In the future, Fosun will continue to invest in and maintain a close watch on the market opportunities for this business segment.

Furthermore, HAL will be able to unlock more value. Through the integration with ABN AMRO Bank, HAL can allocate more resources on the development of its banking business, thereby achieving a win-win-win situation.

Fosun, which is rooted in China and developing globally, has persistently upheld innovation and globalization as its two core growth drivers. It is one of the few domestic companies that is equipped with global operations and investment capabilities, and accumulated profound technology and innovation capabilities. As a representative of Chinese enterprises going global, Fosun has taken a unique path of industrial development through cross-border investment and M&As in its early globalization journey. From identifying excellent targets to bidding, operations, and eventual divestment, Fosun has encountered challenges in each step that needs its strategic foresight and excellent execution capabilities to stay ahead of the curve.

Fosun has combined its investment, operations and divestment strategies with its globalization strategy of “Combing China’s Growth Momentum with Global Resources – Mutual Empowerment Between China and the World – Profound Global Operations – Focusing on Innovation and Globalization” to realize a win-win situation for global and local operations, demonstrate its robust capabilities in empowering member companies and create win-win outcomes for all parties.

Nomination Opens for 2024 Directors Of The Year Awards & Inaugural Climate Governance Awards

HONG KONG, June 6, 2024 – (ACN Newswire) – The Hong Kong Institute of Directors (“HKIoD”) announced yesterday that nomination has opened for the 2024 Award Series for Director Excellence (the “Awards”), consisting of the long-established Directors of the Year Awards (“DYA) and the first Climate Governance Awards (“CGA”).

From left to right: Ir Edmund K H Leung, Dr Christopher To, Ms Alice Yip, and Mr Vincent Chan provide an overview of the 2024 Award Series for Director Excellence during the briefing session.

The new series of Climate Governance Awards, launched on the United Nations World Environment Day on 5 June, aims to recognise and inspire exemplary achievements in climate governance, advocating climate action by directors to help build a sustainable future. The judging format of CGA is similar to that of the DYA.

The Awards project this year, themed “Leading with Agility in an Era of Innovation”, echoes with today’s rapidly evolving business landscape that presents both challenges and opportunities. The global economy has remained sluggish, with tough financial conditions and prevailing geopolitical tensions dampening economic prospects. Directors in Hong Kong are facing particularly daunting challenges in the demanding economic environment. On top of business performance, another test of organisational agility is in climate action. Directors must guide their companies in identifying the risks and opportunities that climate change brings, which are vital to ensuring the sustainability of the world and mankind.

Dr Christopher To, Chairman of HKIoD, said, “In the face of unpredictable circumstances, we must be prepared to learn, evolve, and change quickly in order to build a prosperous future. Adaptability, vision, and integrity are also essential leadership traits. Directors need the agility to pivot strategies as the landscape shifts, the foresight to anticipate and prepare for future challenges, and the principled decision-making to uphold good governance even in turbulent times. By hosting these award series, HKIoD aims to recognise outstanding boards and directors, as well as promote good practices in corporate governance.”

Director Of The Year Awards & Climate Governance Awards

Nomination for these two Awards will close on 31 July 2024. The Panel of Judges consists of leaders, professionals and regulators in Hong Kong. Both awards recognise excellence in the following categories:

Company Categories

Director Categories

1. Listed Companies

2. Non-Listed Companies

3. Statutory/Non-Profit-Distributing Organisations*

1. Executive Directors

2. Non-Executive Directors

3. Boards

Notes: *A non-profit-distributing organisation is defined as an organisation of which profits are not distributed to its shareholders, members, directors, employees or any other persons, with objectives including, but not limited to, charitable welfare, social service, health and medical care, education, research, trade and industrial alliance, professional advancement, self-help support etc.

The Awards nomination form and related information are available on The Hong Kong Institute of Directors website at www.hkiod.com.

About “HKIoD Award Series for Director Excellence”

The HKIoD Award Series for Director Excellence is a project organised by The Hong Kong Institute of Directors (“HKIoD”) and consists of two series of Awards.

The first series, Directors Of The Year Awards, was inaugurated in 2001 as the first ever such Awards organised in Asia. As directors are ultimately responsible for corporate governance and leading the company in prosperity and integrity, the objectives of the Awards are to recognise outstanding boards and directors and to promote good practices in corporate governance and director professionalism. The Awards have become an annual project of impact in the community organised by HKIoD together with over 100 Project Partners. To date, 242 Awardees have been recognised for their achievements in demonstrating exemplary high standards in corporate governance and director practice.

Inaugurated in 2024, Climate Governance Awards constitute the second series of HKIoD Awards with the objectives to recognise and inspire exemplary achievements in climate governance and to advocate climate action by directors. It is critical time now for directors to address the risks and opportunities of climate change in board agendas and their governance role.

Candidates are open to public nomination, with data processed in well-defined and stringent procedures, followed by interviews with independent consultants in utmost due diligence and finally selected by independent judges with high standards and fair judgment. Awards are presented by company categories, viz Listed Companies, Non-listed Companies and Statutory/Non-profit-distributing Organisations, and by capacities, viz Executive Directors, Non-Executive Directors and Boards.

About The Hong Kong Institute of Directors (“HKIoD”)

The Hong Kong Institute of Directors (“HKIoD”) is Hong Kong’s premier body representing directors working together to advance corporate sustainability in creating long-term value for companies, their owners, stakeholders, humankind and Planet Earth through advocacy and standards-setting in corporate governance and director professionalism.

Led by Founder Chairman Dr The Hon Moses Cheng, HKIoD was founded in 1997. Throughout the years, HKIoD is honoured to have the Chief Executive of HKSAR as the Institute’s Patron. Membership of HKIoD comprises of directors from diverse industries and corporate types and includes Executive Directors, Non-Executive Directors and Independent Non-Executive Directors. With multi-culturalism and international perspectives, HKIoD organises activities that cover director training, seminars and forums, collective director voice, guideline establishment, public education, Award Series for Director Excellence, assessment of Corporate Governance Scorecard for listed companies etc.

As a member body of the Global Network of Director Institutes (“GNDI”), HKIoD is committed to global collaboration in promoting good corporate governance and director professionalism. HKIoD is the appointed Host of the Hong Kong Chapter of Climate Governance Initiative, a global network that collaborates with the World Economic Forum in actively promoting directors’ address of the risks and opportunities of climate change.

For details please visit: http://www.hkiod.com | http://www.gndi.org | https://climate-governance.org/

Directors Award Series for Director Excellence Enquiries	Media Enquiries
The Hong Kong Institute of Directors	Strategic Public Relations Group
Odessa So	Brenda Chan
+852 2889 4988 / odessa.so@hkiod.com	+852 2114 4396 / brenda.chan@sprg.com.hk
Fax +852 2889 9982	Fax +852 2114 4948

Startup ecosystem in Southeast Asia and India show signs of maturity – Profitability and customer-centricity take centre stage: HubSpot Study

SINGAPORE, June 5, 2024 – (ACN Newswire) – HubSpot, the customer platform for scaling businesses, today announced the findings of a study conducted by Milieu Insight that explored the trends and innovations shaping the startup landscape in Southeast Asia and India.

Despite current global economic headwinds and private funding in the region declining to its lowest levels in six years, the startup ecosystem in Southeast Asia and India remains resilient, demonstrating significant signs of maturity. HubSpot’s new report reveals that on average, about half (53%) of startups across the region found it easier to grow their businesses in the past year compared to previous years. Notably, startups recognise the need to balance growth and profitability, with the majority of regional startups agreeing that a clear path to profitability (98%) has become more important in the last year as compared to the years prior.

This resilience is characterised by an interesting dichotomy: while geographical expansion presents challenges, with 23% of startups finding it harder to enter new markets, customer acquisition and retention have become more manageable. Although 18% mentioned that acquiring customers has become more challenging, more than half (55%) of startups report improvements in customer acquisition and retention. Increased competition (31%), stricter customer demands (31%), and access to capital (29%) were cited as the key challenges to customer acquisition among those who mentioned acquiring customers have gotten harder.

Laurence Butler, Global Senior Director, HubSpot for Startups, commented: “These signs of growing resilience are a testament to the region’s entrepreneurial spirit and adaptability. While digital transformation has been a focus among the region’s SMBs in recent years, the digital-first nature of modern startups empowers them to swiftly adapt to volatile market conditions by leveraging data analytics and foundational technologies such as CRM platforms. Most startups now recognise the critical importance of having a clear path to profitability, marking a shift towards focusing on core markets and building robust customer relationships, which are crucial for long-term sustainability.”

Potential for technology-augmented growth

The survey findings also revealed that startups in the region have built a robust foundation of technology and are leveraging their tech stack to collect, structure, and analyse customer data to drive business growth.

Almost all (99%) startups say they are using at least one CRM tool and eight in ten (81%) startups are satisfied with their tech stack. CRM platforms consolidate customer data from multiple sources, creating a single source of truth that enables brands to accurately track and measure the impact or effectiveness of their customer engagement efforts.

Consequently, 71% of startups surveyed perceive that they have an adequate amount of data at their disposal to identify new opportunities for business growth. The collective use of data and technology is not only helping drive innovation and build better customer relationships, but may have also contributed to the enhanced resilience and adaptability of startups in the backdrop of a persisting global funding winter.

The report also uncovered a disparity between countries surveyed. More than a third of startups (38%) in the Philippines reported a lack of sufficient data on their business prospects and the customer journey. Only 58% of startups in the Philippines indicated satisfaction with their tech stack, the lowest among all countries surveyed. This could have contributed to local startups’ inability to collect the right data for better decision-making and also their growth prospects. Nearly half (48%) expressed that it is more difficult than before to grow their companies, almost double the regional average of 25%.

Amid ongoing economic uncertainties, the findings collectively suggest that the most successful startups will be those that adopt the relevant technologies to collect and leverage customer data, boosting their growth or expansion prospects.

AI is on the rise but talent is still in short supply

The emergence of artificial intelligence (AI) is fundamentally transforming the startup landscape in Southeast Asia and India. AI is increasingly seen as a pivotal element in the future strategies of companies, automating repetitive tasks and creating new roles that demand advanced skill sets. However, this technological advancement comes with its own set of challenges, particularly in the area of talent acquisition.

Startups are struggling to fill key positions, with marketing (46%), customer success (40%), as well as sales and business development (38%) roles being the most difficult to hire for among go-to-market positions. For non-go-to-market positions, AI and machine learning engineers top the list of hardest-to-hire roles (35%), followed closely by experts in data analytics (33%), product management, (33%) and industry-specific specialists (33%). Software engineers also remain in high demand (32%).

Cost and experience are identified as the primary shortcomings in the current talent pool across the region. Other challenges include a lack of soft skills among candidates and mismatch of expectations regarding remote and hybrid working arrangements.

The talent landscape varies across different countries:

In Singapore, the lack of diversity in the talent pool (41%) and the shortage of specialised technical skills (37%) are significant challenges, alongside cost (37%).
In India, limited experience in startup environments (49%), expectations misalignment regarding remote/hybrid work (49%), a general shortage of talent (48%), lack of soft skills (47%), and high turnover rates (41%) are prevalent issues, with cost being a major factor (50%).
Indonesia mirrors many of India’s trends, although the challenges related to soft skills, remote/hybrid working expectations, and turnover rates are less pronounced.

With the talent shortage showing no signs of easing, startups must rethink their talent strategies to overcome these hurdles. Solutions could include investing in upskilling and reskilling employees by tapping government-led talent initiatives such as Singapore’s SkillsFuture programme, leveraging remote work to access a broader talent pool, and fostering a culture that values diversity and continuous learning.

Future outlook: The role of AI in driving growth

The majority of startups across the region (98%) agree that AI is important in their future strategy, particularly among those in India and Indonesia. 73% of respondents in India and 63% in Indonesia strongly agreed with this statement, the highest sentiments registered among all countries surveyed.

Leveraging AI offers several key opportunities for startups:

Accelerating Time to Market: 32% of startups see AI as a way to bring products to market faster.
Enhancing Product Delivery: 30% believe AI can help in delivering products more quickly.
Competing with Larger Competitors: 30% view AI as a tool to level the playing field against bigger competitors and incumbents.

“Today, AI is viewed as the single largest economic opportunity since the start of the internet, and data is the currency of AI,” explained Butler. “Residing in some of the world’s fastest growing digital economies, digital-native startups in the region are well-positioned to tap on their established tech infrastructure and quality data that form the basis for effective AI solutions. By leveraging AI, startups can quickly identify gaps in their business models, better anticipate customer needs, and improve their overall ability to deliver highly personalised customer experiences.”

These findings were based on responses from 600 startup founders and decision-makers across Singapore, Indonesia, the Philippines and India to understand their biggest challenges and opportunities for growth conducted from February to March 2024.

Learn more about the startup pulse report at https://hubs.la/Q02zzr3s0. For more insights like this and helpful tips for founders, we invite you to join HubSpot for Startups. Get a library of free resources, access to top investors, and a place to meet other passionate founders — plus exclusive discounts on AI-powered growth tools. Learn more here: hubspot.com/startups

About HubSpot

HubSpot (NYSE: HUBS) is the customer platform that helps your business grow better. HubSpot delivers seamless connections for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, a connected ecosystem, and a team of over 7,600 employees. With over 1,500 App Marketplace integrations, a community network, and educational content from HubSpot Academy, that has helped over 459,000 professionals. Today, over 216,000 customers, like DoorDash, Reddit, Eventbrite, and Tumblr, across more than 135 countries use HubSpot to attract, engage, and delight customers. Learn more at www.hubspot.com.

Press contact:
Yanchang Tan
E: yanchangtan@slingstone.com

Kucingko Inks Underwriting Agreement with Kenanga Investment Bank

KUALA LUMPUR, June 5, 2024 – (ACN Newswire) – Kucingko Berhad (“Kucingko” or the “Company”), an established 2D animation production services provider, is pleased to announce the signing of an underwriting agreement with Kenanga Investment Bank Berhad (“Kenanga Investment Bank”) for its upcoming IPO on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Executive Director of Kucingko Berhad, Mr. See Chin Joo; Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga IB, Datuk Roslan Hj Tik; Executive Director of Kucingko Berhad, Mr. Ooi Kok Hong [L-R]

Kucingko’s IPO exercise, according to the draft prospectus available on Bursa Securities’ website, involves a public issue of 100.0 million new ordinary shares and an offer for sale of 100.0 million existing ordinary shares, which represents an aggregate of 40.0% of the enlarged number of ordinary shares of the Company.

The IPO involves the following:

Public Issue (“Issue Shares”)

Malaysian public
25.0 million Issue Shares, representing 5.0% of the enlarged number of ordinary shares, are allocated for application by the Malaysian public, with half of this allocation reserved for Bumiputera investors.

Eligible persons
10.0 million Issue Shares, representing 2.0% of the enlarged number of ordinary shares, are allocated for application by eligible directors, key senior management, employees, and associates who have contributed to the Kucingko group’s success (“Pink Form Allocations”).

Private placement to selected investors
65.0 million Issue Shares, representing 13.0% of the enlarged number of ordinary shares are allocated by way of private placement to selected investors.

Offer for Sale (“Offer Shares”)

Private placement to selected investors
100.0 million Offer Shares representing 20.0% of the enlarged number of ordinary shares are allocated by way of private placement to selected investors.

Kenanga Investment Bank, as Principal Adviser, Sponsor, Underwriter and Placement Agent, will underwrite the 35.0 million Issue Shares made available for application by the Malaysian Public and Pink Form Allocations.

Mr. See Chin Joo, Executive Director of Kucingko Berhad said, “This IPO aligns very well with Kucingko’s ambition to grow in the 2D animation sector. The funds raised from the IPO will be instrumental in scaling our business through setting up a sales office in the United States of America, our largest market, and increasing our production capacity by setting up branch offices in Sabah and Sarawak to tap into the talent pools in these two cities. We are also very excited to be the first animation production studio to be listed on Bursa and, we are delighted to have Kenanga Investment Bank to advise us on this significant corporate milestone.”

Mr. Ooi Kok Hong, Executive Director of Kucingko Berhad, expressed his gratitude towards Kenanga Investment Bank for their support in the IPO process. He added, “Their expertise and guidance have been instrumental in helping Kucingko navigate the complexities of going public. We believe that Kucingko’s position as the first 2D animation company to be listed on Bursa Malaysia will have a positive impact on the market and industry, setting a benchmark for excellence in the creative sector.”

Datuk Roslan Hj Tik, Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga Investment Bank, stated, “Kucingko Berhad offers an excellent diversity for investors as the Malaysian market has historically lacked publicly traded animation production companies. We are proud to support Kucingko through its IPO, bringing one of the industry’s most successful and reputable 2D animation production companies to Bursa Malaysia. The IPO of Kucingko marks a momentous occasion, potentially inspiring other creative ventures to pursue such similar paths as well.”

Kucingko Berhad https://www.kucingko.com/

Nissin Foods Acquires Korean Snack Manufacturer Gaemi Food

HONG KONG, June 3, 2024 – (ACN Newswire) – Nissin Foods Company Limited (“Nissin Foods”, together with its subsidiaries, the “Group”; Stock code: 1475) is pleased to announce that the Group, as the purchaser, and the Vendor entered into the Share Purchase Agreement (the “Acquisition”). This agreement relates to the Acquisition of 100% equity interest in Gaemi Food, a manufacturer of crispy roll snacks, which is a top national brand in the domestic crispy roll market in the Republic of Korea (“Korea”).

Nissin Foods Company Limited acquires Korean snack manufacturer Gaemi Food Co. Ltd. (From left to right) Mr. Shinji TATSUTANI, Executive Director and Chief Financial Officer of Nissin Foods; Mr. Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods; Mr. Brian Hyunjin YUK, Chief Executive Officer of the Vendor and Gaemi Food; and Mr. Gyeonghoon PARK (Chief Strategic Officer of the Vendor and Gaemi Food, attended the signing ceremony of the Share Purchase Agreement today. — Nissin Foods Company Limited acquires Korean snack manufacturer Gaemi Food Co. Ltd. (On the left) Mr. Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, signed the Share Purchase Agreement with Mr. Brian Hyunjin YUK, Chief Executive Officer of the Vendor and Gaemi Food, today.

The consideration for the Acquisition is KRW 48,000 million (equivalent to approximately HK$271.7 million). Upon completion of the Acquisition, Gaemi Food will become a wholly-owned subsidiary of the Group engaged in the business of baked grain crispy rolls in the Korean and overseas markets. The Korean confectionery brand, “Kemy”, will be added to the Group’s portfolio, further enriching its non-noodle business.

Gaemi Food’s revenue was approximately KRW 20,150 million (approximately HK$121.6 million) for the year ended 31 December 2023, being a top national brand in the domestic crispy roll market in Korea. Gaemi Food has a national brand portfolio that includes its flagship “Baked Crispy Roll” product line and other product lines targeting at the high-value market of kids and toddlers’ snacks. Gaemi Food also supplies private brand and original design manufacturer products to many customers. The snack bars market is expected to experience robust growth in the next five years, not only in Korea but also in overseas markets such as China and Southeast Asia. This growth is driven by the continuous increase in consumer demand for convenient food products. The Group believes that this trend will continue and that there will be ample opportunities for expansion of the baked grain crispy rolls market.

The addition of the Korean snack manufacturer Gaemi Food to the Group would provide greater flexibility to deploy the Group’s distribution capabilities in China and Southeast Asia to respond to the increasing market demand and the changing business environment. The addition of the Korean confectionery brand, “Kemy”, to the Group’s non-noodle business portfolio would expand the business by further deepening its understanding of the Korean market with respect and leveraging the sales, logistics and related networks in the Korean market.

Mr. Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “The addition of Gaemi Food represents a strategic milestone for Nissin Foods in developing our business in the Korean and overseas markets. While leveraging Nissin Foods’ core competencies in marketing and food technology, the Group is developing a non-noodle business that can create synergies with the instant noodle business. Most importantly, expanding into overseas markets not only diversifies our revenue sources, but also deepens our understanding of local cultures and consumer behaviours. This knowledge allows us to build stronger relationships with local consumers, enabling us to identify and pursue additional opportunities. Going forward, the Group will continue enhancing our market insights, ultimately boosting the Group’s market share and overall profitability.”

For more information, please refer to the Announcement on the Hong Kong Stock Exchange website at: https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0603/2024060301475.pdf

Gaemi Food has a national brand portfolio that includes its flagship “Baked Crispy Roll” product line and other product lines targeting at the high-value market of kids and toddlers’ snacks.

About Nissin Foods Company Limited

Nissin Foods Company Limited (“Nissin Foods”, together with its subsidiaries, the “Group”; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China, with a diversified portfolio of well-known and highly popular brands, primarily focusing on the premium instant noodle segment. The Group officially established its presence in Hong Kong in 1984 and is the largest instant noodle company in Hong Kong. The Group primarily manufactures and sells instant noodles, high-quality frozen food products, including frozen dim sum and frozen noodles, and also sells and distributes other food and beverage products, including retort pouches, snacks, mineral water, sauce and vegetable products under its two core corporate brands, namely “NISSIN” and “DOLL” together with a diversified portfolio of iconic household premium brands. The Group’s five flagship product brands, namely “Cup Noodles”, “Demae Iccho”, “Doll Instant Noodle”, “Doll Dim Sum” and “Fuku” are also among the most popular choices in their respective food product categories in Hong Kong. In the Mainland China market, the Group has introduced technology innovation through the “ECO Cup” concept and primarily focuses its sales efforts in first-and second-tier cities. In addition, Nissin Foods operated business in other Asian regions including Vietnam, Taiwan and Korea markets.

Nissin Foods is a constituent of five Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Composite SmallCap Index, Hang Seng Composite Industry Index – Consumer Staples, Hang Seng SCHK Consumption Index and Hang Seng SCHK Consumer Staples Index. Nissin Foods is eligible for trading under Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect. For more information, please visit www.nissingroup.com.hk.

Black Spade Capital and UBS Co-hosted Successful Business Reception in Hanoi

HONG KONG, June 3, 2024 – (ACN Newswire) – Black Spade Capital Limited (“Black Spade”), the family office of Mr. Lawrence Ho, hosted a successful business reception with UBS in Hanoi on 31 May 2024 to engage directly with the local business community.

Third from the right, Mr. Dennis Tam, President and CEO of Black Spade and Mr. John Lee, UBS Global Banking Vice Chairman and Co-Head of Asia Country Coverage

The event gathered dozens of business leaders, executives and industry professionals from Vietnam and the rest of the world, notably Madam Thuy Le, Chairwoman of VinFast Auto Ltd. and Mr. Russell Galbut, Chairman of Norwegian Cruise Line Holdings Ltd., which provided an opportunity for Black Spade and participants to meet face-to-face.

Mr. Dennis Tam, President and CEO of Black Spade, said, “We are very pleased to co-host this event with UBS in the vibrant city of Hanoi. Vietnam has attracted global attention in recent years with its rapid economic growth and open market policies. Its strategic location, low labour costs, and government reforms such as streamlined business setup processes and tax incentives make it an ideal investment destination for international companies. Coupled with massive infrastructure investments and a focus on technological innovation, Vietnam is quickly becoming a key economic player in Southeast Asia. We were thrilled with the turnout and engagement at our reception. This event is a valuable opportunity for us to connect and to learn more about the potential of the Vietnamese market first hand. Black Spade looks forward to further deepening ties with Vietnam as well as the South East Asia region.”

About Black Spade Capital Limited

Black Spade Capital Limited is an established family office that manages the private investments of Mr. Lawrence Ho. Headquartered in Hong Kong, its global portfolio consists of a wide spectrum of cross-border investments as it consistently seeks to add new projects and opportunities to its investment mix. Black Spade’s investment strategy maximizes coverage of geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, ranging from equity, fixed income, medical technology, leisure and culture, green energy, real estate to Pre-IPO investments. In August 2023, Black Spade Acquisition Co, a blank check company (SPAC) sponsored by Black Spade, completed a US$23 billion business combination with VinFast Auto Ltd.

Shopee’s logistics partners dispel concerns over monopoly allegations

JAKARTA, May 31, 2024 – (ACN Newswire) – Shopee’s logistics service partners have expressed their support for continued partnerships with the e-commerce company, citing the positive impact on their businesses and communities.

PT Tiki Lintas Nugraha Ekakurir, known as JNE, noted it had successfully collaborated with Shopee as a logistics partner for the past eight years. “Our strong relationship with Shopee is grounded in our joint commitment to developing the digital economy and integrating JNE’s logistics system with Shopee technology,” JNE SVP and Marketing Group Head Eri Palgunadi said.

Since 2016, the partnership has seen significant success, as the demand for logistics services driven by the increasing number of MSME players utilizing Shopee’s sales channels continues to surge. The 33-year-old company plans to continue working with Shopee, and remains committed to innovating its technology and services to support the growth of Indonesian MSMEs.

On May 28, the state-owned courier and logistics service company PT Pos Indonesia (PosID) awarded Shopee as Best Private Partner in a ceremony for partners who consistently support PosID’s work programs in the logistics sector.

Haris, PosIND’s Director of Financial Services Business, noted “As a postal operator, courier service provider, and logistics provider, we are proud to serve millions of Shopee users by connecting sellers to buyers in 514 cities and regions in Indonesia,” he said.

Previously, it was reported that the Business Competition Supervisory Commission (KPPU) suggested that Shopee deliberately discriminated by mass activating select delivery service companies on its seller dashboard.

The Chairman of the E-commerce Logistics Entrepreneurs Association (APLE), Sonny Harsono, offered a different take, explaining that the priority mechanism for couriers is part of a marketing strategy, not an attempt to monopolize. Furthermore, the techniques benefit consumers.

Sonny explained that from his observations, Shopee still provided courier service options in addition to those affiliated with the company. “Therefore, it does not meet the classification of monopoly or oligopoly,” he explained when contacted on Thursday (30/5/2024).

There are more than three courier services on the Shopee platform, leading Sonny to suspect a misinterpretation of the marketing pattern as a violation of healthy business competition regulations, as outlined in Law No. 5 of 1999. “Our concern is that the cross-selling or cross-promotion interpretation is being misunderstood as an attempt at monopolization. Furthermore, buyers can change their delivery provider after check-out,” he said.

“In our opinion, since Shopee still uses other logistics or courier providers, Shopee is merely utilizing marketing techniques to make services more attractive for the broader public.”