Noah’s First-Quarter 2024 Results Highlight Strategic Transformation

SHANGHAI, May 31, 2024 – (ACN Newswire) – Noah Holdings Limited (“the Company,” or “Noah”) (NYSE: NOAH and HKEX: 6686), a leading, pioneer wealth-management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today highlighted its strategic transformation and the changes being made to the business to ensure long-term and healthy growth in its financial results for the first quarter ended March 31, 2024.

In the first quarter, Noah navigated through a turbulent domestic economic situation. This has put high-net-worth individuals on their back feet and injected a measure of investment caution. Overseas, the Federal Reserve is expected to maintain its regime of elevated interest rates for longer.

That doesn’t mean that Noah’s commitment to driving operational efficiencies and overseas growth has been dimmed—not at all. Noah has been busy as of late with transformations to its business, as well as a major leadership change—while at the same time reporting a number of positive financial results.

Zhe Yin, the Chief Executive Officer of Noah Holdings, said: “The macroeconomic environment has been a challenge, but we have responded with a strategic transformation that we believe will set us up for future success. From day one, we adhered to our core principles: a strict segregation of client capital, no maturity mismatches, and no cross-border movement of funds. Our decision in 2019 to shift to a more standardized product offering while winding down all non-standard private credit products—including domestic residential real-estate funds—has served Noah clients well in turbulent times. The restructuring of our domestic wealth management business is, at present, at a critical stage as we consolidate and further optimize our operations. At the same time, our expansion overseas remains on track—but will still require additional resources and investments in the near term. Taken as a whole, these measures will require more time, but once complete, we expect sales to stabilize in the second half of this year.”

Financials and Other Success Metrics

Noah reported first-quarter net revenues of RMB 650 million, a decrease of 19.2% from a year earlier. Its wealth management business generated revenues of RMB 463 million, a decrease of 21.2% from a year earlier. Its asset management business generated revenues of RMB 180 million, a decrease of 12.1% from a year earlier. These changes are in line with Noah’s strategic realignment and are part of a deliberate effort to enhance the Company’s long-term growth trajectory. Noah’s overseas expansion has achieved solid results by contributing 77.1% of the revenue generated from new business and products, while the domestic business accounted for 22.9%.

Operating profit for the first quarter of 2024 was RMB 121 million, and Noah reported an operating profit margin of 18.7%.

In the overseas business, Noah is committed to healthy and sustainable growth outside of China. Overseas assets under management (AUM) grew 11.6% from a year earlier to RMB 37.3 billion, accounting for 24.4% of total AUM. Also, overseas assets under administration (AUA) grew 14.8% from a year earlier, accounting for 24.1% of total AUA. This reflected Noah’s ability to capture a larger share of its clients’ U.S. dollar wallets and its determination on going global.

Reflecting additional overseas success, as of the end of the quarter, overseas registered clients increased 17.1% from a year earlier. In addition, the number of overseas, active high-net-worth clients increased 39.6% from a year earlier. Total transaction value during the quarter reached RMB 8.4 billion, up 58.5% from the year-earlier period.

Other Changes

Noah is pleased to have had the opportunity to reflect upon its successes since the appointment of its new CEO, Zhe Yin. Mr. Yin, a co-founder and director of the Company and Chairman of Gopher Asset Management Co., Ltd., was appointed to the CEO position late last year. He succeeded Jingbo Wang, who will retain her post as Chairlady of the Board. Mr. Yin’s appointment was aimed at achieving better corporate governance pursuant to relevant regulations in Hong Kong and reflected the Company’s commitment to adhering to corporate governance best practices.

Operational Changes That Position Noah for the Future

Earlier, Noah discussed how economic challenges spurred it to make operational changes to the business. The restructuring of the Company’s wealth management business is on track and is at an important stage. Over the past few quarters, Noah has consolidated its operations to better meet the needs of its clients. It cut the number of mainland Chinese cities in which it operates to 18 from nearly 80, which has lowered labor costs and improved operational efficiencies. By strategically consolidating its presence in core cities, Noah will be better positioned to grow and make strategic investments.

At the same time, Noah is expanding overseas, which requires significant resource allocations. The Company is reorienting its operations and personnel toward global markets, where demand for asset diversification is growing. This may bring short-term challenges, including temporary fluctuations in Noah’s financial performance. Noah is confident this transformation will lay a solid foundation for robust and sustainable growth and generate greater value for shareholders.

Jingbo Wang, Co-Founder and Chairlady, said: “Noah was founded with a deep respect for financial principles and a steadfast commitment to investor enlightenment. In this volatile market environment, our strategy is anchored in the protection and security of our clients’ assets. Our primary goal is the preservation of assets, which we do by identifying top-tier investment opportunities globally. Safeguarding our clients’ interests is our paramount responsibility, and it is the foundation upon which we will pursue future growth.”

Ms. Wang continued: “Confronting the evolving challenges to our domestic business, we are streamlining operations and concentrating our efforts in key strategic cities. As we transition, we are deploying advanced operational models and service philosophies from international markets to enhance our global competitiveness and strengthen our international profile. With a sharp vision and strong determination, we are navigating these strategic changes to become stronger, more agile, and better positioned to serve our clients globally.”

Noah appreciates the patience of its investors and the lasting relationships with its clients. As Mandarin-speaking, high-net-worth investors become more mature and globally oriented, the trust-based relationships that Noah has built at home will allow it to continue serving them as they look overseas.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. Noah’s American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol “NOAH”, and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code “6686.” One ADS represents five ordinary shares, par value $0.00005 per share. To the Company’s knowledge, as of March 31, 2024, 177,020,325 of its ordinary shares were held by one record holder in the United States, which is Citibank, N. A., the depositary of its ADS program. The number of beneficial owners of its ADSs in the United States is much larger than the number of record holders of its ordinary shares in the United States.

In the first quarter of 2024, Noah distributed RMB18.9 billion (US$2.6 billion) of investment products. As of March 31, 2024, through Gopher Asset Management, Noah managed assets totaling RMB153.3 billion (US$21.2 billion).

Noah’s wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,109 relationship managers across 18 cities in mainland China, and serves the international investment needs of its clients through offices in Hong Kong (China), Taiwan (China), New York, Silicon Valley and Singapore as of March 31, 2024. Noah’s wealth management business had 457,705 registered clients as of March 31, 2024. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. Noah also provides other businesses.

For more information, please visit Noah at ir.noahgroup.com.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

Contact info:
Noah Holdings Limited
E-mail: in_communication@noahgroup.com

Varia Reports Strong Q4 FY2024 with RM65.78 Million in Revenue with PBT of RM1.99 Million

KUALA LUMPUR, May 30, 2024 – (ACN Newswire) – Varia Berhad (“Varia” or the “Group”), an experienced player in the field of construction and property development, is pleased to announce its financial results for the fourth quarter of the financial year 2024 (“Q4 FY2024”), demonstrating substantial growth and continued momentum from previous quarters. Varia’s revenue for Q4 FY2024 surged to RM65.78 million, showcasing a 1,654% increase compared to a negative revenue of RM4.23 million in corresponding year’s quarter (“Q4 FY2023”), primarily driven by the successful integration of Pembinaan Teguh Maju Sdn Bhd (“PTM”) and strategic leadership initiatives, highlights the new management’s effectiveness in steering the Group towards sustainable growth.

Datuk Benson Lau, Managing Director of Varia

The Group reported a Profit Before Tax (“PBT”) of RM1.99 million in Q4 FY2024, a 33% increase from a PBT of RM1.49 million in the same period last year. This robust performance was primarily driven by the construction segment, which continues to benefit from the full integration of PTM.

The construction segment generated RM58.62 million in revenue and RM5.90 million in PBT, with key contributions from projects such as Perkeso, Pulau Indah, and Kuarters Hospital Pulau Pinang (“KHPP”). For property segment, Taman Arowana Phase 1, 106 units of single-storey development project generated revenue of RM0.35 million and a gross profit of RM0.05 million.

For the twelve months ended 31 March 2024 (“12M FY2024”), Varia’s revenue stood at RM148.31 million, a remarkable 404% increase from RM29.41 million in the corresponding period of the previous year (“12M FY2023”). The Group achieved a PBT of RM8.39 million for 12M FY2024, a substantial turnaround from a Loss Before Tax (“LBT”) of RM10.81 million in 12M FY2023.

Datuk Benson Lau, Managing Director of Varia, remarked, “The strategic acquisition of PTM and the successful execution of significant projects have been pivotal to Varia’s outstanding financial performance in Q4 FY2024. Our revenue growth and improved profitability highlight our capability to deliver on our strategic goals. We are optimistic about sustaining this momentum as we continue to explore new opportunities within the construction and property development sectors.”

Looking forward, Varia is poised for continued growth, bolstered by PTM’s diversified order book valued at RM1.10 billion, which includes a mix of building construction and mechanical and electrical (M&E) projects. On 29 January 2024, Mewah Kota Sdn Bhd, a wholly-owned subsidiary of Varia, was awarded a Letter of Award from Kator Construction Sdn Bhd for the “Rancangan Tebatan Banjir Sungai Klang di Seksyen 25 Shah Alam, Daerah Klang, Selangor” project. This project, valued at RM94.86 million, will span 60 months, commencing on 1 February 2024.

Varia Berhad https://stella-holdings.com.my/

Minetech Records RM128.14 Million Revenue in 12M FY2024 amidst Challenging Market Conditions

KUALA LUMPUR, May 30, 2024 – (ACN Newswire) – Minetech Resources Berhad (“Minetech” or the “Company”), is pleased to report a solid set of financial performance for the fourth quarter ended 31 March 2024 (“Q4 FY2024”). Despite a challenging market environment, Minetech achieved a revenue of RM33.47 million for the quarter, reflecting the Company’s resilience and operational strength. The Company recorded a gross profit of RM3.62 million in Q4 FY2024, an improvement from RM3.40 million in the corresponding quarter of the previous year (“Q4 FY2023”).

Encik Abang Abdillah Izzarim, the Executive Chairman of Minetech

For Q4 FY2024, both Civil Engineering division and Bituminous Products see a slight decrease of revenue to RM23.01 million and RM7.6 million respectively. However, the Energy segment, representing Minetech’s venture into renewable energy, contributed RM1.78 million in revenue for Q4 FY2024, marking a successful entry into the renewable energy sector.

For the financial year ended 31 March 2024 (“FY2024”), Minetech reported a revenue of RM128.14 million, an increase from RM123.77 million in the previous year. The gross profit for the year was RM14.97 million, up from RM13.42 million in the previous year. The Company recorded a loss before tax of RM6.85 million, an improvement from the RM7.92 million loss in the previous financial year. The net loss for the financial year was RM8.82 million, a notable improvement from the net loss of RM11.87 million in the previous year. This improvement is primarily attributed to enhanced operational efficiencies, stringent cost management practices, and strategic project completions that reduced overall expenditure. The Company also benefited from increased contributions from the Energy segment, which helped offset declines in other areas.

A significant highlight for Minetech Construction Sdn. Bhd. (“MCSB”), a wholly-owned subsidiary, is the renewal of a substantial contract with Able Return Sdn. Bhd. and Damar Consolidated Exploration Sdn. Bhd. for the Selinsing Gold Mine Project, valued at approximately RM230.0 million. This renewal, effective from 1 January 2024 to 31 December 2026, signifies an increase in production volume and contract value, reflecting the expanded mining area and operational scope. This contract sets a positive trajectory for Minetech’s future projects and reinforces the Company’s capability and commitment to growth.

Encik Abang Abdillah Izzarim, the Executive Chairman of Minetech, expressed his perspective on the Company’s performance, stating, “While the quarter presented several challenges, our strategic direction and adaptability have proven effective. The contract renewal for the Selinsing Gold Mine Project is a testament to our capabilities and commitment to growth. We remain focused on driving sustainable value for our stakeholders as we navigate the evolving market landscape.”

Adding to this, he highlighted the Company’s goal of turning profitable: “Our primary objective moving forward is to steer Minetech towards profitability. Through strategic initiatives, cost management, and operational efficiency, we are dedicated to transforming our financial performance and delivering long-term value to our shareholders.”

As at 5:00 P.M. 30 May 2024, the share price of Minetech closed at RM0.135, reflecting a market capitalisation of RM241 million.

Minetech Resources Berhad https://minetech.com.my/

Amazfit Elevates Smartwatch Technology with Updated AI-Powered Zepp OS 3.5

KUALA LUMPUR, May 30, 2024 – (ACN Newswire) – Zepp Health (NYSE: ZEPP), a global health technology provider of smart wearables, announced the update of the Zepp OS 3.5 featuring AI-powered Zepp Flow(TM) for the Amazfit Balance models. The groundbreaking advancement is the first operating system to integrate Natural-Language User Interface (LUI) driven by LLM (large language model) AI.

The LUI allows users to interact with the wearable device in natural or normal way via speech. Zepp Flow(TM) fosters a progression towards AI usage by amalgamating AI with all aspects of Zepp OS 3.5, enabling the device to recognise and execute based on the user’s voice. The progression continues with expanded capabilities offering users an even more personalised experience, taking control of their well-being through AI utilisation. Features of the updated OS include scheduling, reply to notifications, check weather, and much more.

Ms. Chow Kar Mun, Marketing Manager-Malaysia said, “Zepp Flow(TM) will revolutionise health technology. The Natural-Language User Interface, powered by LLM AI, offers a seamless, user-friendly way to monitor and maintain a healthier lifestyle. Users simply describe their needs, and Zepp Flow(TM) will recognise and provide the most appropriate response.”

Additional updated features include:

Marathon Training: Support for half and full marathon training via the Zepp Coach(TM), with new Confidence Index and Plan Completion Rate for training insights.

HRV Recording: Sleep Heart Rate Variability (HRV) tracks heartbeat variations, provides information on user’s recovery state, stress levels and post-exercise recovery. Complete records of the previous night’s HRV data is displayed for better awareness of your holistic well-being.

WhatsApp Integration: View Whatsapp image messages directly on the Amazfit Balance smartwatch when received via WhatsApp for an Android device.

Offline Maps: Enhanced navigation with intuitive road names for better running, hiking, or even finding a new place to eat easier.

New Sports Modes: Includes latest activities in the sports modes list – bouldering and indoor rock climbing.

Running Power tracking: for power performance insights during a run.

Winter Sports: Enhanced experience for snowboarding and skiing, with trail navigation and resort maps.

Malaysia will see the launch of more AI technology, in July 2024, in the form of the Zepp Aura personal wellness assistant. Zepp Aura will feature sleep and stress management, health reporting, soothing soundscapes and sleep analysis. Combined with Zepp Flow(TM), Zepp Aura will be an impressive piece of technology.

Image Download

Please download high-resolution images from this LINK.

Singapore’s First On-Demand Gig Work Platform, Jod, Reveals 80% of Blue-Collar Gig Workers Lack Benefits, Unveils Rewards Programme Benefitting 60,000 Workers

With eight in ten users seeking access to critical basic employment benefits, JodRewards bridges the income gap and incentivising users with benefits such as Sponsored Personal Accident Insurance Coverage, Paid Break Time Cover and Transport & Meal Vouchers

In a local survey conducted by Jod among 1000 members, 800 surveyed respondents are benefits-starved and seek traditional employment benefits akin to full-time salaried employees
The launch of JodRewards will better support and protect Singapore’s gig workforce through enhanced access to insurance coverage and redeemable benefits tailored for the informal workers, that are often associated with regular full-time employment
JodRewards, boasting around 60,000 members, witnessed over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$12,755 worth of rewards) since its soft launch in April
Jod will further expand JodRewards’ offerings to include benefits such as Prolonged Medical Leave Coverage and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia by H2 2024
Since its launch in 2015, Jod aims to pioneer support for gig workers, providing them with the same benefits as traditional salaried employees to foster their success both personally and professionally

SINGAPORE, May 29, 2024 – (ACN Newswire) – Jobs on Demand (Jod), Singapore’s first multi-industry flexible on-demand gig work platform, launches JodRewards, an initiative to incentivise its users to complete jobs on the Jod platform while providing worker benefits to the gig economy. This comes in the wake of a local survey conducted among 1000 Jod Members, where eight out of ten surveyed members expressed a lack of access to traditional employment benefits as gig workers.

Calls for implementing changes in work-life balance and mental health recognition surged amidst the COVID-19 pandemic, leading to an increase in employees transitioning to gig work despite sacrificing the stability and security of full-time jobs. According to a 2023 annual survey by DBS, gig workers, often dipping into their savings to cover expenses, are considered the “most financially stretched” group due to the escalating cost of living.

The JodRewards Benefits Program represents a pivotal step forward in ensuring the well-being of gig workers across various industries. Comprising a comprehensive suite of benefits tailored specifically to the needs of gig workers, this program aims to redefine the standards of support and protection within the gig economy by providing the same employment benefits akin to traditional full-time employees. Through a range of sponsored and redeemable rewards on the platform, it fosters an ecosystem that empowers the gig economy to thrive and improve the quality of life.

Speaking about the launch of this program, Sebastian San, Singapore Country Manager of Jod shared, “We are excited to launch JodRewards and play a leading role in empowering Singapore’s gig workforce – an important backbone for today’s economy. Beyond just a conventional hiring platform, Jod caters to flexible on-demand gig work across various sectors. Eight in ten of our members are seeking greater protection and employment benefits. In response to this growing demand, we’re committed to safeguarding the benefits of these gig workers. Since the launch of JodRewards, we’ve sponsored over S$400,000 worth of Group Personal Accident and Group Public Liability coverage for over 300 jobs. We are honoured by the trust and support that our brand partners have placed in us, and will continue to work towards enhancing social protection for our gig workforce.”

JodRewards, which currently has an estimate of 60,000 Jod Members, saw over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$$12,755 worth of rewards) since its soft launch in April, accumulated based on the user’s tiering and the total number of hours completed per job.

The program also saw strong participation in challenges, with close to 800 members participating in challenges throughout April. The points earned could be redeemed for transport, meal, and grocery vouchers worth up to $20 each. It was particularly notable that over 600 vouchers, worth more than S$7,000 in total, were redeemed during the month. The highest number of vouchers redeemed by one Jod member was S$380 worth of grocery vouchers, which is more than the monthly average of S$211 spent by Singaporeans per month.

The JodRewards Benefits Program comprises three tiers: Bronze, Silver and Gold. Jod Members progress through these tiers by accumulating points through the user’s activity level on the platform. The program offers a comprehensive suite of sponsored benefits that members typically pay out-of-pocket. Underwritten by Etiqa Insurance Singapore, this includes personal accident coverage with up to S$3,000 in medical expenses and up to S$100,000 in permanent disability and accidental death coverage. Additionally, members also enjoy public liability coverage of up to S$100,000 per accident, safeguarding gig workers from the financial impact of workplace accidents.

Beyond the insurance-based benefits, the program also provides redeemable rewards. Members can redeem benefits such as paid break time, allowing them to receive payment for up to one hour of break time, and paid annual leave, which provides a S$80 payout for a rest day. Through these tiered benefits, the program aims to provide its members with a comprehensive suite of support, incentives and resources, both personally and professionally.

Ms Pally, a 38-year-old PMET currently undergoing a career shift, recently joined Jod. Reflecting on her membership, she adds, “Discovering the Jod app was a game-changer. As someone seeking flexible and part-time opportunities, it aligned perfectly with my needs. Jod’s prompt payout system significantly bolstered my financial stability, and the introduction of JodRewards served as a strong incentive for me to consistently perform my best, especially with redeemable rewards such as grocery vouchers. I would highly recommend it to anyone seeking reliable part-time job opportunities.”

In the coming months, JodRewards will continue to expand their offerings to include benefits such as Prolonged Medical Leave, and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia. This initiative aims to address the uncertainties inherent in gig work arrangements, fostering a more equitable and sustainable future in the dynamic world of gig work.

Jod remains committed to its mission of empowering the next billion workers by creating an ecosystem that allows them to connect with communities and businesses – unlocking unlimited opportunities through technology and innovation.

How Jod Works

Jod is a re-imagination of the ultimate gig worker hiring platform, built for speed and efficiency with mobile-first innovations such as Attendance Tracker and Daily Earnings Payout. This helps Employers save time and resources to hire fast.

Employers have access to a web-based dashboard to manage candidates and job applications, as well as analytics to hire more effectively.

Jod Members simply need to download the Jod App, register and they can start applying for available jobs. With Jod’s easy-to-use features, it is a quick and simple process for Gig workers to apply for jobs.

The Jod mobile app is now available for download in Singapore, Vietnam and Indonesia at the Android Play store and Apple App store.

About Jod

Jod is a mobile-first digital platform that easily enables employers to find and manage their workforce more effectively & efficiently. Jod deploys technology to make our products simple, flexible, easy to use and accessible.

Started in 2015, Jod launched Southeast Asia’s first gig work platform – JodGig and has since evolved to empower the new workforce as one of the fastest growing HR tech services platform in Southeast Asia.

Jod is a subsidiary of Janakuasa since 2020, a Singaporean energy MNC as part of its newly launched New Ventures division.

The company’s vision is, “To be the pioneering force in shaping a brighter future for the world’s next billion workers”. As Jod expands across Southeast Asia, the company utilises key data insights to support better job matching; promoting greater personal economic growth and improving people’s lives.

For media enquiries, please contact:
PRecious Communications for Jod
jod@preciouscomms.com

Legend Capital Portfolio Company Qunabox Group Lists on the Main Board of the HKEX Successfully

HONG KONG, May 29, 2024 – (ACN Newswire) – On May 27, Legend Capital’s portfolio company, Qunabox Group (0917.HK), was successfully listed on the main board of the Hong Kong Stock Exchange with an opening price of HKD33 per share, a 32% increase from the issue price of HKD25 per share.

Founded in 2013, Qunabox Group is an AIoT marketing service provider focusing on fast-moving consumer goods (“FMCG”). Through utilizing its broad network of vending machines with interactive marketing functions, Qunabox Group provides target consumers with convenient and interesting experience in testing and accessing FMCG that it served, while successfully soliciting and completing necessary interaction and feedback.

As of December 31, 2023, Qunabox Group operated 7,543 vending machines in 22 cities in China including all the tier one cities and many new tier one cities. Substantially all of Qunabox Group’s vending machines are located in commercial properties with an aim to cover the major consumer groups of FMCGs, and by attracting consumers for interaction and converting them into users of their online platform “Quna” with a combination of online and offline channels, Qunabox Group had approximately 15.9 million AAUs in 2023. According to CIC, it provided marketing service to 472 brand customers for approximately 1,400 SKUs of FMCG products, including products from 74 emerging brands among the top 100 emerging brands in the industries of beverages, food and daily necessities in China.

Legend Capital invested in Qunabox Group in 2016 and has accompanied the company in its development from a vending machine-style outdoor marketer to a comprehensive marketing service provider integrating AI technology, IoT technology, and interactive sensing technology. After the investment, Legend Capital actively helped the company improve its strategic management and organizational management capabilities, and provided the company with value-added services in multiple dimensions such as business connection, finance, legal compliance and talent recruitment.

Legend Capital said: “Qunabox Group represents an upgrade of consumer services driven by technological innovation. By utilizing various AIoT technologies, it has transformed traditional low-efficiency free trial marketing services into a new generation of service model that is interesting for consumers, data-driven for brands, and significantly improves efficiency for the industry. With the advancement of large-scale AI models, Qunabox Group will become the best platform for AI applications in digital marketing. At the same time, Qunabox Group will continuously expand into overseas markets and enhance its global presence. The team has achieved remarkable achievements under the leadership of the company’s chairwoman, Ms. Yin Juehui, one of the rare Chinese entrepreneurs who possess both global vision and strong execution capabilities. Congratulations to Qunabox Group on its successful listing in Hong Kong.”

About Legend Capital

Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore.

It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn

Genetec’s Consistent Performance Delivers Higher Overall Margins in Q4FY2024

Key Financial Performance Highlights for Q4FY2024:

Year-on-year (“YoY”) revenue increase of 7.5% to RM70.5 million, with significant flow through to deliver high double digits in bottom line numbers;
Profit before tax (“PBT”) for the quarter rose by 40.4% to RM19.1 million, with an improved YoY margin of 27.1% versus 20.7%;
Profit after tax (“PAT”) for the quarter rose by 59.5% to RM17.7 million, with an improved YoY margin of 25.1% versus 16.9%.

BANGI, Malaysia, May 28, 2024 – (ACN Newswire) – Technology leader in providing fully customised, intelligent manufacturing automation solutions, GENETEC TECHNOLOGY BERHAD (“Genetec” or the “Company”) recorded another consistent and solid quarter performance, maintaining a healthy momentum with a 7.5% year-on-year YoY increase in revenue for the quarter to RM70.5 million from RM65.6 million in Q4FY2023. Genetec’s PBT and PAT rose to RM19.1 million and RM17.7 million or by 40.4% and 59.5% respectively, for the quarter under review versus RM13.6 million and RM11.1 million a year ago.

On the overall, the Company’s solid performance for the quarter saw an improvement across all key financial indicators due to continued costs and operational efficiency that allowed the flow through of its top line to boost bottom-line numbers. Performance highlights for the quarter include, a 33.0% gross profit (“GP”) margin versus 29.0% in the preceding year reflecting a 4.0% YoY increase, a 27.1% PBT margin versus a 20.7% margin in Q4FY2023, and a PAT margin of 25.1% versus 16.9% in the preceding year.

Chin Kem Weng, Co-founder and Managing Director of Genetec, commented, “Despite ongoing market volatility, uncertainties and concerns especially in the automotive, Electric Vehicle (“EV”), and renewable energy (“RE”) sectors, Genetec has been consistent in our performance. This is due to the Group’s ability to convert our opportunities to orders, especially in securing recurring orders from existing clients. Our high client retention rate is also a key factor to our success and in building our pipeline. Our teams have been and will continue to work closely with our clients to improve on current solutions, as well as to collaborate on new opportunities with other divisions within our client groups to grow our revenue over the long-term.

The EV and Energy Storage (“ES”) segments remain Genetec’s primary revenue contributors and are expected to anchor our earnings prospects in the coming quarters. We are however, actively looking to diversify our revenue sources within these segments to cater to different areas within automotive manufacturing. As our revenues normalise over time, we are focused on increasing cost efficiencies from recurring orders, whilst ensuring quality delivery across all our projects.”

The Group remains confident in its position as a key solutions provider for manufacturing automation for its key clients in the automotive industry that serve the EV and plug-in hybrids (“PHEV”) platforms. To remain competitive, Genetec is constantly enhancing its capabilities and solutions to cater to either platform. At the same time, the Group is engaging closely with its clients and the industries to remain at the forefront of development and planning.

In closing, Chin highlighted his optimism on the prospects for the RE industry. He added, “Growth for RE storage solutions are expected to rise in tandem with the need for clean energy sources as the world continues to replace fossil-based energy with RE sources for industrial, commercial and residential purposes. The most immediate shift is in the transport system where we see efforts to improve the local and international charging infrastructure for EVs especially. From the manufacturing automation perspective, autonomous robotics and software-defined automation are poised to revolutionise industry operations. As a result, Genetec anticipates an increase in demand for our key solutions in automation and energy storage as clients continue to execute their production plans.”

At the end of the quarter, Genetec’s earnings per share (“EPS”) stood at 2.21 sen (basic) compared to 1.50 sen (basic) in Q4FY2023.

About Genetec Technology Berhad

Genetec Technology Berhad is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the Main Market of Bursa Malaysia Securities Berhad (Stock code: 0104). Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors.

For more information please visit: https://genetec.net/.

Fourth Paradigm Announces Business Performance For The First Quarter Ended March 31 2024

Financial Highlights:

For the three months ended March 31, 2024, the total revenue amounted to RMB828 million, representing a year-on-year growth of 28.5%
- The revenue of the 4Paradigm Sage AI Platform (hereinafter referred to as “Sage AI Platform”) business grew by 84.8% year on year to RMB502 million, accounting for 60.6% of the total revenue
- The SHIFT Intelligent Solutions business recorded revenue of RMB249 million, accounting for 30.1% of the total revenue
- The revenue of the 4Paradigm SageGPT AIGS Services segment amounted to RMB77 million, accounting for 9.3% of the total revenue
The gross profit amounted to RMB341 million, representing a year-on-year increase of 21.1% and a gross profit margin of 41.2%
The total R&D expenses was RMB348 million, representing a R&D expense ratio of 42.0%

Operation Highlights:

During the three months ended March 31, 2024, Fourth Paradigm had 124 total users and 54 lighthouse users, and the average revenue contribution from the lighthouse user group was RMB8.9 million, representing a year-on-year increase of 64.0%. From January 1, 2020 to March 31, 2024, the Company has provided services for a total of 1,058 users
4ParadigmSage: In March 2024, the “4Paradigm Sage AI Platform 5.0” was released, a new platform that can build industry-specific large models. Based on the “4Paradigm Sage AI Platform 5.0”, Fourth Paradigm built a number of typical industry-specific large model cases with lighthouse users and partners in fields including vehicle manufacturing, healthcare, disaster prevention and more
4Paradigm SHIFT: During the three months ended March 31, 2024, Fourth Paradigm released dozens of solution products for industries such as finance, retail, manufacturing, energy, construction, telecom operators, and healthcare, accelerating the expansion of the company’s business territory
4Paradigm AIGS: During the three months ended March 31, Fourth Paradigm continued to iterate and optimize its AIGS Code X product, a generative AI-based auxiliary programming tool. The Company has been conducting in-depth exploration with a number of leading players in industries, such as finance companies, operators, and new energy vehicle enterprises, in areas including programming development

HONG KONG, May 28, 2024 – (ACN Newswire) – A leading enterprise AI software company-Beijing Fourth Paradigm Technology Co., Ltd. (“Fourth Paradigm” or the “Company”, Stock Code: 6682.HK) today announces business performance for the three months ended March 31 2024 (the “Period”).

During the period, amidst the seasonal impact of the industry and market volatility, Fourth Paradigm’s core business performed well and achieved solid growth. During the Period, Fourth Paradigm’s total revenue amounted to RMB828 million, representing a year-on-year growth of 28.5%. Gross profit was RMB341 million, representing a year-on-year increase of 21.1% and a gross profit of 41.2%. The Company continued to diversify its customer base by actively acquiring new customers while improving digital transformation experience and increasing product stickiness for existing customers. During the Period, Fourth Paradigm had 124 total users and 54 lighthouse users, and the average revenue contribution from the lighthouse user group was RMB8.9 million, representing a year-on-year increase of 64.0%. From January 1, 2020 to March 31, 2024, Fourth Paradigm has provided services for a total of 1,058 users. The Company insisted on innovation-driven development. During the Period, its R&D expenditure was RMB348 million, representing a R&D expense rate of 42.0%.

Revenue of Core Business Surged by 84.8% YoY, Industry-specific Large Models Have Significant Scale Effect

During the Period, the revenue of the 4Paradigm Sage AI Platform business amounted to RMB502 million, representing a year-on-year increase of 84.8%. Revenue from the 4Paradigm Sage AI Platform business accounted for 60.6% of the total revenue.

At the end of March 2024, the “4Paradigm Sage AI Platform 5.0” was released. At present, most of the language-based large models can solve the problem of generating the next text/picture/video. However, for enterprises, their core demands (i.e., strategic upgrading, performance growth, competitiveness enhancement, etc.) urgently need to be addressed. There are more demands to fortify enterprise core efficiency through advancing digital and intelligent transformation. Based on the technical principle of predicting the next arbitrary modality, the “4Paradigm Sage AI Platform 5.0” can construct industry-specific large models with different modalities of data for various industry scenes, greatly expanding the application field of industry-specific large models and providing enterprises with sufficient supply of large models.

This is the fifth iteration of the product in 10 years. Over the past 10 years, Fourth Paradigm has been committed to solving the core pain points of AI applications in different stages.

The 4Paradigm Sage AI Platform Version 1.0 dramatically scales up model parameters through a high-dimensional, real-time, self-learning framework, replacing the enterprise’s traditional expert-rule-based decision engine.
The 4Paradigm Sage AI Platform Version 2.0 launched the HyperCycle low-threshold development tool based on automated machine learning, dramatically reducing the model development threshold and enabling customers to construct industry-specific large models on their own.
The 4Paradigm Sage AI Platform Version 3.0 defines the full-process standard for accelerating AI application scenarios, reducing 95% of the time for data governance in enterprises, significantly improving the efficiency of AI application, and realizing efficient application of industry-specific large models.
The 4Paradigm Sage AI Platform Version 4.0 sets up the “North Star Metric” 1to identify high-value business scenarios of the enterprise, so that the industry-specific large models can serve the core competitiveness of enterprises.

1. The North Star Metric, a business indicator highly related to a company’s core values, helps companies focus on the most important growth drivers, such as revenue growth, profit enhancement, market share expansion, etc., and guides their decision-making and resource allocation.

During the period, with the large-scale development of the core business, Fourth Paradigm’s other two businesses, SHIFT intelligent solutions and 4Paradigm SageGPT AIGS services segment, have steadily expanded, and the company’s business territory and technology development efficiency have been effectively improved.

During the Period, the SHIFT Intelligent Solutions business recorded revenue of RMB249 million, representing 30.1% of the total revenue. During the Period, Fourth Paradigm released dozens of solution products for key industries such as finance, energy, construction, telecom operators and transportation, accelerating the expansion of the company’s business territory.

During the Period, the revenue of the 4Paradigm SageGPT AIGS Services segment amounted to RMB77 million, accounting for 9.3% of the total revenue. During the Period, Fourth Paradigm iterated and optimized its AIGS Code X product, a generative AI-based auxiliary programming tool. The product is oriented to the whole process of enterprise R&D, providing one-stop services including code rewriting, annotation generation, code correction, code reconstruction, and generation of unit testing, etc. It constructs a standardized “application production line”, and thus comprehensively improves organizational efficiency. As of March 31, 2024, Fourth Paradigm has been conducting in-depth exploration with a number of leading players in industries, such as finance companies, operators, and new energy vehicle enterprises, in areas including programming development.

Large Model Business Application Progress: Industry-specific Large Models Effectively Enhance the Production and Operation Efficiency of Multiple Industries

During the Period, based on the “4Paradigm Sage AI Platform 5.0”, Fourth Paradigm has built a number of typical industry-specific large model cases with its lighthouse users and partners in fields including vehicle manufacturing, healthcare, disaster prevention and more. The Company continued to promote the commercialization of generative AI technology and large model products, which can not only greatly improve the efficiency of the core business of the Company, but also contribute to the sustainable development of the social economy.

During the period, Fourth Paradigm partnered with a domestic smart manufacturing enterprise to realize full integration of factory operation data through artificial intelligence. With this intelligent platform, the factory’s production efficiency has increased by 11.4%. In the healthcare industry, Fourth Paradigm improves the quality and efficiency of healthcare services and reduces the burden of disease through artificial intelligence technology and industry-specific large model capabilities, thereby enhancing the health of consumers. In collaboration with a standardized metabolic disease management center, Fourth Paradigm has developed a large model for chronic disease management, which is capable of assessing the risk of five common and highly prevalent chronic diseases, including cardiovascular, cardiovascular system, stroke, diabetes, and hypertension, over a three-year period, with a three-fold increase in accuracy.

Flood control large model can deploy flood control work in advance to cope with the summer flood season: During the period, Fourth Paradigm united with a water conservancy unit to build a large model of intelligent flood control to cope with the summer flood season. This flood control large model can optimize emergency response and resource deployment through real-time monitoring and prediction of flood risks, provide early warning and reduce disaster losses, thereby protecting residents’ lives and properties and enhancing the overall disaster-resistant capability of the society.

Dr. Dai Wenyuan, Chairman of the Board, Executive Director, Chief Executive Officer and General Manager of Beijing Fourth Paradigm Technology Co., Ltd. said, “In the era of artificial intelligence, we are committed to using artificial intelligence to improve the core business of enterprises and help them enhance their core competitiveness. As of March 31, 2024, we unveiled the ‘4Paradigm Sage AI Platform 5.0’, using the ability of generative AI to build customer-specific fundamental large models, further reducing the barriers to entry for enterprises to develop large models. We are pleased to witness that the application of industry-specific large models is playing a role in the core business of more and more industries.”

MUFG Pension & Market Services Inaugurates Hong Kong Office, Sets the Stage for Expansion into the Region’s Pension Market

HONG KONG, May 28, 2024 – (ACN Newswire) – MUFG Pension & Market Services, a leading global leader in retirement solutions, took a significant step forward on the 24 May as its MUFG Retirement Solutions division unveiled the grand opening of its Hong Kong office, located in Tower 1 HSBC Centre near the MTR Olympic Station. To celebrate this momentous occasion, MUFG Retirement Solutions hosted an inauguration ceremony graced by the presence of esteemed guests including its CEO, Dee McGrath who officiated the proceedings.

(From the left) Dee McGrath, CEO, MUFG Retirement Solutions and Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions, kick started the lion dance performance by eye dotting ceremony and took a photo as a memento.

(From the left) Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions; Shannon Powell, Senior Trade and Investment Commissioner Hong Kong and Macau, The Australian Trade and Investment Commission; Gareth Williams, Australian Consul-General to Hong Kong and Macau; and Dee McGrath, CEO, MUFG Retirement Solutions, officiated the inauguration of MUFG Retirement Solutions' Hong Kong office. — (From the left) Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions; Shannon Powell, Senior Trade and Investment Commissioner Hong Kong and Macau, The Australian Trade and Investment Commission; Gareth Williams, Australian Consul-General to Hong Kong and Macau; and Dee McGrath, CEO, MUFG Retirement Solutions, officiated the inauguration of MUFG Retirement Solutions’ Hong Kong office.

The inauguration of MUFG Retirement Solutions’ Hong Kong office exemplifies its unwavering determination and commitment to further grow and reshape the Hong Kong pension market and expand its global footprint. With a physical presence in Hong Kong, MUFG Retirement Solutions enjoys the vibrant business ecosystems with a network of industry stakeholders and customers, fostering collaborations, partnerships, and knowledge exchange that can accelerate business growth in the city.

By leveraging Hong Kong’s role as a premier business hub in Asia, MUFG Retirement Solutions can tap into the multitude of opportunities, setting the stage to greatly enhance its business growth and strategic development in various sectors in Hong Kong and across Asia.

Dee McGrath, CEO, MUFG Retirement Solutions, said “MUFG Retirement Solutions remains more committed than ever to growing partnerships with clients and expanding its presence in the Asian market. Hong Kong is strategically located at the heart of Asia, making it an ideal gateway to the vast opportunity across Asia with access to a diverse and rapidly growing consumer base. The opening of our Hong Kong office marks a significant milestone in MUFG Retirement Solutions’ strategic expansion into the region and is a key part of our overall strategy to cement our presence in Asia. Through our deep specialist expertise, provision of integrated, end-to-end solutions and scalable infrastructure, we are confident that we will make a positive impact and become a catalyst for progress in the industry.”

Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions, said, “The unveiling of our Hong Kong office fills us with immense excitement. We have witnessed the ongoing digital transformation of the pension market in Hong Kong, and we will leverage our new office to contribute to its development. With our continued investment in cutting-edge technology platforms and digital services, we are well positioned to deliver global best practice solutions to meet the evolving needs of the Hong Kong pension market and to maintain our position as a market leader.”’

Located in Tower 1 HSBC Centre, the new office’s prime location not only provides convenience, but also fosters a close collaborative environment with its strategic partner, HSBC, fostering a powerful synergy between the two entities.

MUFG Retirement Solutions is committed to investing in local talent, establishing a graduate program to encourage young people to explore career opportunities in the exciting and dynamic pension industry. To date, the business has onboarded 20 interns from universities across Hong Kong and is continuing to grow the program as we continue to establish our presence in the region.

With more than 36 years of success and over a decade of operations in the region, MUFG Retirement Solutions has established a strong foothold in the market, thanks to its proprietary technology platforms that provide clients with unparalleled scale, end-to-end solutions and specialist services that empower clients to effectively engage with their stakeholders for better retirement outcomes.

Media contact:
Strategic Financial Relations Limited (On behalf of MUFG Retirement Solutions)
Heidi So, (t) +852 2864 4826, (e) heidi.so@sprg.com.hk
Yoko Li, (t) +852 2864 4813, (e) yoko.li@sprg.com.hk

About MUFG Pension & Market Services

On 16 May 2024, the acquisition of Link Group by Mitsubishi UFJ Trust & Banking Corporation (the Trust Bank), a consolidated subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), by way of scheme of arrangement (Scheme) was successfully implemented, marking a significant milestone in Link Group’s history. Under its new ownership, Link Group is now MUFG Pension & Market Services.

MUFG Pension & Market Services is a global, digitally enabled business that empowers a brighter future by connecting millions of people with their assets – safely, securely and responsibly.

Through our two market leading businesses MUFG Retirement Solutions and MUFG Corporate Markets, we partner with a diversified portfolio of global clients to provide robust, efficient and scalable services, purpose-built solutions and modern technology platforms that deliver world class outcomes and experiences.

A member of MUFG, a global financial group, we help manage regulatory complexity, improve data management and connect people with their assets, through exceptional user experience that leverages the expertise of our people combined with scalable technology, digital connectivity and data insights.

Alta Partners with Davidson Kempner to Enhance Investor Access to Multi-Strategy and Asset-Based Lending Strategies

Global investment management firm Davidson Kempner Capital Management selects Alta, Asia’s leading digital securities exchange, as a partner in the region
Alta’s partnership with Davidson Kempner provides access for investors seeking diversification through alternative investments

SINGAPORE, May 28, 2024 – (ACN Newswire) – Alta Alternative Investments Pte. Ltd. (Alta), Asia’s leading digital securities exchange for alternative assets, has partnered with global investment management firm Davidson Kempner Capital Management LP (Davidson Kempner) to enhance access to the firm’s strategies.

“Alta is proud to partner with Davidson Kempner to bring industry-leading opportunities to our investor community. There’s a growing demand for stable, income-producing portfolios and low-volatility strategies, especially amid persisting uncertainties in the markets, and we are addressing precisely that with this partnership. Alta is pioneering accessible avenues for alternative investments and this collaboration presents a distinctive investment opportunity aimed at breaking down barriers to enter private markets, enabling easy access to alternative assets typically reserved for high-net-worth individuals and institutional investors,” said Muzahir Degani, Head of Private Capital Markets, Alta.

In the past decade, private credit has skyrocketed, jumping from $320 billion in 2010 to $875 billion in 2020 in Assets Under Management (AUM). Now, major firms predict even more growth in Asia-Pacific lending for 2024, with a focus on top-tier borrowers over distressed cases. A Bloomberg survey anticipates a market expansion of over 10% this year.

In response to this surge, Alta has teamed up with global investment firms with unique access to opportunities. First, with Hamilton Lane to offer access to a senior private credit fund across the region. Second, collaborating with Scenic to introduce the Scenic Private Access Fund, providing direct venture secondaries.

Melanie Levine, Partner and Global Head of Sales & Client Service at Davidson Kempner, added, “At Davidson Kempner, we’re committed to partnering with investors through innovative solutions tailored to their unique needs with an emphasis on strong downside protection and capital preservation. Our partnership with Alta marks an important step forward in catering to the growing investor demand in Asia for multi-strategy and asset-based lending strategies.”

In an era marked by evolving investor demands for liquidity and portfolio diversification, Alta provides diverse investment opportunities in private capital markets, including a wide range of alternative assets. Most recently, Alta announced the inaugural trade for the first tranche of shares from shareholders of Income Insurance Limited. This marked the listing of Singapore’s top general insurance provider on a private securities exchange, enabling institutional and accredited investors to trade shares of a non-publicly listed company.

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies and wines, to include fund management and digital custody. Visit us on https://alta.exchange/

About Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has over $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.

For media inquiries, please contact:

For Alta Alternative Investments
Deeksha Kakkar
Marketing Communications Specialist, Alta
deeksha.kakkar@alta.exchange

For Davidson Kempner
Rob White and Teresa Berezowski
Greenbrook
davidsonkempner@greenbrookadvisory.com