SINGAPORE, Oct 24, 2022 – (ACN Newswire) – Relevant shareholders[2] of Kitchen Culture Holdings Ltd. today announced that they wish to reiterate and clarify to all shareholders of the Company on the following:
1. EGM to proceed on 1 November 2022, 9am as planned;
2. Relevant Shareholders had on 14 October 2022, at about 5pm, informed Kitchen Culture of the requisition of EGM;
3. Notice of EGM on a major local English newspaper was published on the 16 October 2022 edition of the Sunday Times.
4. To date (as at 24 October 2022, 6pm), Kitchen Culture has failed to announce the Notice of EGM, requisitioned by shareholders under Section 177 of the Company Act 1967, which is a clear breach of Catalist Rule 704 of the SGX Listing Manual;
5. Relevant shareholders do not need to send the Notice of EGM and Proxy Form to all Kitchen Culture's shareholders by post, due to current exemptions[3] related to COVID-19. This exemption was also applied in the previous Annual General Meeting of the Company held in March 2022.
The Relevant shareholders said, "We encourage all shareholders of Kitchen Culture to vote at the EGM, either in person on 1 November 2022 (9am), or by proxy by 30 October 2022 (9am). Your votes matter and will determine the composition of the leadership and strategic direction of the company going forward."
The new Board of Directors if elected, is committed to ensure the completion of the Special Audit to clear Kitchen Culture's outstanding issues and to comply with the Notice of Compliance, paving the way for the resumption of trading in Kitchen Culture shares, which has been suspended since 12 July 2021.
For more information on Notice of EGM and CVs, please refer to the following URL: https://tinyurl.com/5bkvtepr
At the upcoming EGM, the 2 main agenda items among others to be raised are:
1. Removal of the following 5 Directors on the existing Board:
a. Mr. Lau Kay Heng
b. Mr. Lim Wee Li
c. Mr. William Teo Choon Kow
d. Mr. Ang Lian Kiat and
e. Mr. Peter Lim King Soon
2. Appointment of the following individuals to the Board:
a. Mr James Beeland Rogers, Jr. to be appointed as a Non-Executive Director of the Company;
b. Mr Yip Kean Mun to be appointed as an Executive Director of the Company;
c. Mr Lam Kwong Fai to be appointed as an Independent Director of the Company;
d. Mr Tan Meng Shern to be appointed as an Independent Director of the Company; and
e. Mr Cheung Wai Man to be appointed as an Independent Director of the Company.
[1] Section 177 Notice constituting a special notice under Section 152(2) read with Section 185 of the Companies Act 1967 of Singapore (the "Companies Act") of the intention of the Relevant Shareholders to convene an extraordinary general meeting of the Company (the "EGM") pursuant to Section 177 of the Companies Act.
[2] "Relevant Shareholders" refers to OOWAY Group Ltd., Koh Cher Chow, Lin Xiao Long, Ling Chui Chui, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng.
[3] Due to COVID-19 pandemic, pursuant to paragraph 5(1) read with the First Schedule of the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020, the Company may convene, hold, conduct, whether wholly or partly, the Annual General Meeting, by electronic means. This includes Provision for laying and production of documents at a general meeting of a listed company which can be via electronic means.
Issued by Relevant Shareholders of Kitchen Culture Ltd.
Media and Investors Contact:
Email: query@oowayasia.com
– EGM to be held on 1st November 2022, 9.00 am at Toucan Room Level 4, Grand Copthorne Waterfront Hotel, 392 Havelock Road, Singapore 169663.
– EGM is convened in accordance with and in compliance with Section 177[1] of Companies' Act 1967
– As required by legal procedure, Notice of EGM was published in the Straits Times (Sunday Times edition) on 16 October 2022
Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Tag: Daily Finance
Southeast Asia-focused Vitamin Brand YOUVIT Raises US$ 6 Million in a Series B Funding Led by Unilever Ventures
SINGAPORE, Oct 22, 2022 – (ACN Newswire) – YOUVIT, a Southeast Asia-based new generation vitamin brand is proud to announce that it has raised US$ 6 million in a growth funding round. The amount raised will be utilized to fuel the expansion plans as YOUVIT aims to become the leading vitamin brand for urban millennials across the region. With Unilever Ventures as the lead investor of its latest Series B funding round, round, along with participation from existing investor DSG Consumer Partners and several other new investors, YOUVIT is well positioned to achieve its goals.
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YOUVIT is on a mission to revolutionize the vitamin category by making quality vitamin products in innovative formats accessible to urban millennials. Their first line of vitamin gummies took the Indonesian market by storm, propelling YOUVIT to become the country's #1 gummy vitamin brand.
With the fresh funding, YOUVIT now plans to expand its product offering and launch new formats, while investing in team expansion. The company plans to double-down on its unique omnichannel distribution model with a presence in more than 20,000 modern retail stores and strong traction through online channels and its DTC platform at www.youvit.co.id. The expansion plan includes the launch of the full product range in Malaysia and ramping up across Southeast Asia.
"With its modern and innovative product formats and an omnichannel approach to distribution, YOUVIT is poised to disrupt the large vitamins and supplements market in Southeast Asia. We look forward to partnering with Wouter and Maarten as they build out the wellness category in this exciting market," said Pawan Chaturvedi, Partner at Unilever Ventures, adding that "YOUVIT also marks our first investment in the vibrant start-up ecosystem of Southeast Asia, a market which offers us immense opportunities to partner with visionary founders".
Preventative health and vitamins are top of mind across emerging markets. The ASEAN supplements market size is expected to touch US$ 10.6 billion by 2026, fueled by increasing health consciousness among the urban population. The pandemic accelerated a lifestyle change towards preventative health and millennials are often at the forefront of this shift. According to a report by Inventure Knowledge, 52% of Indonesians are consuming more vitamins since the pandemic. Furthermore, lockdowns and movement control measures have triggered a rapid shift towards online and direct-to-consumer (DTC) sales channels.
The vision behind YOUVIT is that the vitamin category is rusty and old-fashioned, while there is a large market for quality products that specifically target millennials from the emerging middle classes in growth markets such as Indonesia. "Customers deserve a better experience. We aim to improve the health and well-being of hundreds of millions of customers and as a result grow into the number one vitamin brand for urban millennials in Southeast Asia," says Wouter van der Kolk, Co-Founder and CEO at YOUVIT.
YOUVIT is uniquely positioned to leverage the changes happening in the market. After launching its first products in 2017, it quickly became the product of choice for millions of urban millennials, 70% of which are female. Headed by co-founders Wouter van der Kolk and Maarten Vrouenraets, YOUVIT has breathed new life into the supplement category with its innovative line of one-a-day gummy vitamins. The products are formulated with health-conscious millennials in mind and tailored to local tastes and needs such as Halal certification in Indonesia and Malaysia, vitamin dosages based on the local recommended intake values and local ingredients like curcuma. The gummy vitamins come packed with nutrients and minerals to boost immune function, brain development, energy, beauty and overall health of adults and children. It is tasty and healthy and loaded with natural fruit flavors giving it a new twist. From its interesting marketing to convenient packaging, YOUVIT offers a welcome alternative to more traditional, medicinal vitamin pill brands.
About YOUVIT
YOUVIT was started out of a passion for building consumer health ventures that serve consumers across emerging Asia. After observing the severe lack of affordable, high-quality supplements and the significant deficiencies in the average diet, the founders of YOUVIT spent 18 months working with the U.S.-based product experts and labs to formulate a deliciously tasting functional vitamin supplement in gummy format, specifically tailored towards the dietary requirements and habits of the Southeast Asian consumer. The brand launched its first vitamin products in 2017 under the YOUVIT brand. Its products are currently available at over 20,000 points of sale, through the brands official online stores on all major e-commerce platforms as well as its own DTC platform at www.youvit.co.id.
Since its inception, the company has been providing frontline workers, hospital staff and underprivileged people in society with vitamins to boost their immune system. An example of such a cooperation is its close teamwork with the Peduli Anak Foundation in Indonesia, which is committed to improving the lives of former street children. YOUVIT has donated tens of thousands of doses of YOUVIT vitamins in order to supports the Foundation's cause.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Policy Address 2022: Creating a thriving, vibrant Hong Kong through improved governance and economic diversification
HONG KONG, CHINA, Oct 20, 2022 – (ACN Newswire) – 19 October 2022, HKSAR Chief Executive John Lee today unveiled his first Policy Address, mapping out a bold, comprehensive five-year blueprint for strengthening Hong Kong's competitiveness by building on the city's unique advantages and capturing new growth opportunities.
This comes against the backdrop of China's 20th Party Congress, which opened on 16 October. In his opening address, President Xi Jinping highlighted the crucial role of Hong Kong as he charted China's direction over the next five years, addressing the need to safeguard national security and pursue talent and innovation to give new momentum to development.
In line with the "four proposals" put forward by President Xi, the Chief Executive emphasized the importance of delivering on the sixth-term HKSAR Government's focus areas of injecting impetus into economic growth and tackling deep-seated social issues, while enhancing the level of governance and safeguarding social harmony and stability.
"With these goals in mind, today's Policy Address included a wide array of policies for economic transformation and social welfare in the short, medium, and long term, which will be welcomed by businesses and citizens in Hong Kong," says Deloitte China Southern Region Managing Partner Edward Au.
"The Chief Executive also signaled a focus on enhancing governance capacity and efficacy through a results-oriented approach, tasking top officials to lead key initiatives, and establishing clear KPIs and mechanisms to review progress. This shows the Government's resolve to reform its organizational culture by putting governance at the core of policy making and implementation."
Attracting and developing talent
The Policy Address included a raft of measures on talent, including the launch of the Top Talent Pass Scheme, creation of a Talent Service Unit to be led by the Chief Secretary for Administration, extension of stay for work visas, and enhancements to the Technology Talent Admission Scheme, making it clear that the HKSAR Government views talent as a top priority.
The Top Talent Pass Scheme will enhance Hong Kong's competitiveness in attracting mature global talent. The Government could also consider policies to attract technical scholars and overseas STEAM students, including subsidies, tax incentives, and simplified visa application procedures.
Talent retention and integration are equally crucial. We hope the HKSAR Government will consider support for medical care, housing, and children's education to help global talent integrate better into Hong Kong. For balance and social cohesion, the Government could also create new opportunities for local students and talent through internships and further studies.
The Policy Address mentioned that within next five years, 35% of students at universities funded by the University Grants Committee (UGC) should be studying STEAM subjects and 60% studying subjects related to developing Hong Kong into the "eight centers" under China's 14th Five-Year Plan. As global demand and the required skills for talent are constantly evolving, the Government should work with UGC universities to ensure Hong Kong talent remains competitive and meets ever-changing market needs.
Innovation & Technology as growth drivers
To promote the development of "eight centers" in Hong Kong as outlined in the 14th Five-Year Plan, the Policy Address set out strategic plans to boost the growth of finance, technology, and the arts in Hong Kong, with a view to injecting vitality into the local economy.
Re-industrialization and R&D commercialization initiatives, including the expansion of the Innovation & Technology (I&T) funding program and incentives for I&T companies to establish headquarters in Hong Kong, will enhance the growth of the local I&T ecosystem and encourage closer cooperation between industry, academia, and the research sector.
With the Northern Metropolis and Hong Kong-Shenzhen Innovation & Technology Park, Hong Kong is repositioning itself as an international I&T hub to drive growth in parallel with its long-established financial hub. Looking ahead, we would like to see cross-border connectivity and support strengthened to better integrate Hong Kong startups into GBA networks, particularly in legal advisory and professional services for startups seeking expansion.
Diversification of capital markets
We welcome the proposed revitalization of GEM and a listing regime for pre-earnings and/or pre-revenue large-scale advanced technology enterprises. This will form a more diverse, effective multi-tier platform for companies' funding needs in different stages, and further Hong Kong's I&T ecosystem. To further enhance efficiency and effectiveness, and maintain Hong Kong's leadership as an international listing venue, Hong Kong should deploy technology continuously to transform market infrastructure like the upcoming IPO settlement modernization.
We also hope the Government will consider more tax and other initiatives to further promote the bond market and enhance market infrastructure, liquidity, and investor diversity, given the bond market is also key to Hong Kong's status as an international financial center and the goal of building Hong Kong into a regional hub for sustainable finance.
Boosting green finance
Hong Kong is in a unique position to develop a robust carbon credit standard and trading platform of high integrity, to achieve recognition from international and Mainland markets. In keeping with international trends, Hong Kong could continue to strengthen disclosure requirements on climate risks, net zero targets, and ESG.
As an international green finance hub, the Government could consider further incentives in relation to the cost of raising green funds. Hong Kong could also accelerate the development of carbon exchange and deploy existing channels, such as Bond Connect and Stock Connect, to bring in international investors to the Mainland, and connect Mainland investors with international markets.
Enhancing Hong Kong's tax competitiveness
We are pleased to see the Government introduce tax measures to attract talent and investment, such as the refund of extra stamp duty to eligible incoming talents, family office tax incentive, and enhancement of preferential aircraft leasing. We look forward to proposals on tax measures to attract high-potential and representative strategic enterprises to Hong Kong.
To enhance tax competitiveness, the Government could consider offering tax relief for intellectual property income, relaxed tax deductions on R&D spending, and reducing stamp duty on stock transfers to its original level to attract overseas company listings.
Striving toward carbon neutrality
We welcome the continued commitments to halving emissions before 2035 and carbon neutrality before 2050. To achieve this, all the infrastructure developments in the Policy Address should take account of the city's decarbonization targets, with in-built pathways to net-zero that make all development green development.
Hong Kong should use the best possible carbon accounting standards and metrics, and ensure that business and finance also use leading climate risk monitoring, reporting, and verification measures. This will enhance its role as a regional center for green technology, green finance, and carbon markets.
Alongside production-based carbon accounting, Hong Kong, which depends almost entirely on imports of food, consumer goods, energy, equipment, and raw materials, could consider preparing statistics on consumption-based emissions. Better information on this embodied carbon can encourage responsible consumption and complement plans to boost local agriculture.
Regulatory challenges brought by new technological developments
We support measures to facilitate cross border technological collaboration, including the introduction of a new regulatory regime for virtual assets, studying the feasibility of a regime for stablecoins, and reinforcing the protection of intellectual property rights.
To further support innovation, we hope the Government could continue to review possible regulatory issues arising from new fintech developments, including streamlining the regulatory framework to address complex legal issues around activities in the Metaverse, and developing specific data ethics rules and guidance for the use of artificial intelligence (AI) and cloud computing.
About Deloitte China
Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China's reform, opening-up and economic development. We are a globally connected and deeply locally-rooted firm, owned by its partners in China. With over 20,000 professionals across 30 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit & assurance, consulting, financial advisory, risk advisory, business advisory and tax services.
We serve with integrity, uphold quality, and strive to innovate. With our professional excellence, insight across industries, and intelligent technology solutions, we help clients and partners from many sectors seize opportunities, tackle challenges, and attain world-class, high-quality development goals.
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2022. For more information, please contact Deloitte China.
Contact: Ashley Leung
Tel: +852 2109 5261
Email: asleung@deloitte.com.hk
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OOWAY GROUP Clarifies Factual Inaccuracy in Kitchen Culture’s 14 October 2022 Announcement to SGXNet
SINGAPORE, Oct 20, 2022 – (ACN Newswire) – OOWAY Group Ltd today announced that it wishes to clarify the factual inaccuracy in Kitchen Culture Holdings Limited's 14 October 2022 announcement ("Announcement") to SGXNet with regard to an interest-free loan of S$1.5 million (Unconditional Interest-Free Loan) that was offered to Kitchen Culture by OOWAY Group as a gesture to assist the Company in alleviating its dire financial situation. Kitchen Culture's Announcement had stated:
"As regards the S$1.5 million interest-free loan proposed by the OOWAY Group as referred to in the Article, it came with the pre-condition that a specific candidate had to be appointed as Chief Financial Officer ("CFO") of the Company".
OOWAY Group would like to clarify that the final version of the Loan dated 8 June 2022 and offered to the Company, did not come with any pre-conditions, and that Kitchen Culture's Announcement to SGXNet was a factual inaccuracy.
From May 2022 to early June 2022, there were several rounds of discussions on the loan amount and conditions tied to the loan. The final version of the Term Sheet dated 8 June 2022 was signed by OOWAY Group and then circulated to Kitchen Culture's Board of Directors on the same date.
The terms specified in the Term Sheet are as follows:
1. Loan Tenor of 1 year from the date of first drawn down (Initial Term);
2. No interest shall be payable;
3. OOWAY has the option to extend the loan tenor or convert the loan to equity shares of KC after the Initial Term expires. Term and condition to be agreed upon later by both parties and approvals from the relevant authorities.
OOWAY Group invites the Board of the Company to clarify the above statement in the Announcement and to circulate to the shareholders the Term Sheet of the Unconditional Interest-Free Loan for purpose of clarity and transparency.
Expressing his surprise at Kitchen Culture's not accepting the Unconditional Interest-Free Loan, Mr Liu Yanlong, representative for OOWAY Group said, "This proposed Unconditional Interest-Free Loan was not accepted by the Board of Kitchen Culture for reasons unknown to us. Instead, the Board subsequently accepted a loan bearing interest of 10% per annum along with an additional term that the loan could be defaulted if there was any change in the composition of the Board".
Mr Liu added, "This misstatement of facts if not clarified and rectified by the Company may lead to shareholders being misled and cause damage to the Company's reputation.
OOWAY Group on 16 October 2022, announced that together with 7 other shareholders of Kitchen Culture, they will be convening an Extraordinary General Meeting (EGM) of the Company pursuant to Section 177 of the Companies Act, to appoint a new board and remove 5 existing directors. The EGM will be held on 1st November 2022, 9.00 am at Toucan Room Level 4, Grand Copthorne Waterfront Hotel, 392 Havelock Road, Singapore 169663.
About OOWAY Group Ltd.
OOWAY GROUP LTD. is a corporate entity registered with Accounting and Corporate Regulatory Authority which has a stake in OOWAY Technology Pte Ltd. OOWAY Group is an established big data, Artificial Intelligence (AI) and Blockchain technology provider of innovative solutions for the integration of cross-border trade. Its DIGIT platform (Digital Innovation of Global Integrated Trade) seamlessly integrates cross-border trade with all parties through all stages from initialization to conclusion. The use of AI enables the platform to collect and analyze data to recognize, predict and optimize the cross-border trade process for all parties involved. The use of Blockchain ensures transparency, traceability and immutability, and automatic updating of all documents in the cross-border trade process. www.ooway.com
Issued by OOWAY Group Ltd.
Media and Investors Contact:
Email: query@oowayasia.com
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
HKTDC welcomes ground-breaking measures in 2022 Policy Address
HONG KONG, Oct 19, 2022 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) welcomes the Policy Address announced by the Hong Kong Special Administrative Region (HKSAR) Chief Executive John Lee Ka-chiu today, and believes the proposed ground-breaking and wide-ranging policies can help drive Hong Kong's long-term development while resolving some of its pressing issues.
Dr Peter KN Lam, Chairman, Hong Kong Trade Development Council said, "The Policy Address clearly sets forth strategic priorities to ensure Hong Kong's growth by defining the city's role in supporting and leveraging the development of the mainland, especially the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) while contributing to global initiatives in innovation and technology, healthcare and environmental protection. The new structures and resources in coordinating infrastructure, economic, social and youth development as well as sector synergy will also create sustained momentum for Hong Kong. At the same time, policies to support SMEs, attract talent, encourage investment and tackle social issues will help resolve some of the immediate problems we are facing.
"I am particularly pleased that the Chief Executive has taken into account the suggestions of the business community on supporting SMEs and revitalising Hong Kong's position as an international trade fair and convention capital." Dr Lam added. These include the expansion of exhibition space and the extension of the "Convention and Exhibition Industry Subsidy Scheme to the end of June 2023. Hong Kong companies will also benefit from the higher level of government funding support in the "Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)" and the "SME Export Marketing Fund," the latter also includes an extension of special measures covering virtual fairs and local consumer fairs and expansion of eligibility to cover non-SMEs. Dr Lam also welcomes the new support scheme to attract other exhibitions to be staged in Hong Kong over three years.
Dr Lam also welcomed policies to boost the growth of specific sectors such as technology and innovation, art and culture and intellectual property (IP) to help diversify Hong Kong's economy while opening up opportunities, especially in the GBA and mainland market and Belt and Road countries.
"Our full range of fairs, conferences and programmes are ready to support Hong Kong's economic sectors, from finance, aviation and logistics, legal services to technology and innovation, art and culture and IP, for which our Business of Intellectual Property Asia Forum (BIP Asia) and Asia IP Exchange portal will support Hong Kong's development into a regional IP trading and commercialisation hub. In addition, we will work with the Hong Kong SAR Government and Hong Kong family of organisations to promote Hong Kong's strengths overseas. Through our global network of 50 offices, support programmes such as GoGBA, and major international promotional events such as Think Business, Think Hong Kong, we will promote Hong Kong to the world and create opportunities for the local, mainland and global business community."
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.
Media enquiries
Please contact the HKTDC's Communications and Public Affairs Department:
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Counting down 21 days, top-level globalization summit to be held in Shanghai
SHANGHAI, Oct 19, 2022 – (ACN Newswire) – The EqualOcean Summit for Globalization 2022 (ESG 2022) will be held in Shanghai on November 8 during the 5th China International Import Expo (CIIE), by the globalization think tank EqualOcean. The Summit will focus on the third generation of global entrepreneurs and respond to China's promotion of high-level opening up from the perspective of industry research.
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ESG 2022 will be the first cross-boundary communication platform for entrepreneurs, investors, scholars, and diplomats. It is of special significance to hold high-level market-driven activities during the CIIE.
Other highlights include:
— The "2022 China Brand Globalization Index Report" will be released, and the "Global Brand 100" will be announced;
— The "Chinese Brand Globalization Resource Handbook 2022" will be released, and representative service providers in each field will be promoted;
— "50 Global Young Leaders in China's globalization" and "50 Global Leaders in China's globalization " will be released to express a new voice of the global generation;
— Senior diplomats and well-known scholars of international relations will attend and give macro guidance to global entrepreneurs;
— Representative enterprises from the industry chain will be present at the seminar, covering ecosystems of globalization, and insightful communication and links will be made on-site.
Some of the confirmed guests include: Lin Minwang, professor at the Institute of International Studies of Fudan University and expert in Indian issues; Li Wei, professor at Renmin University of China and expert in United States issues; Xu Liping, researcher at the Chinese Academy of Social Sciences and expert in Southeast Asia issues; Sun Degang, professor from the Institute of International Studies of Fudan University, also an expert in Middle East issues; Wang Guanchun, founder of LAIYE Technology; Hao Yusheng, chief representative of NASDAQ China; Song Xiangqian, chairman of Harvest Capital; Li Feng, founding partner of FREES FUND Capital; Jiang Shun, partner of INCAPITAL; Shu Chang, vice-chairman of China Youth Entrepreneurs Association; Pei Yigen, vice-chairman of Shanghai Service Federation; Zhang Peng, executive chairman of Beijing Youth Entrepreneurs Association; and Wen Jing, assistant researcher, Center for International Strategy and Security (CISS), Tsinghua University, among others.
ESG 2022's strategic partner, Wu Jianmin Public Welfare Foundation, will coordinate several senior diplomats to attend the summit and hold a closed-door panel to give macro-level guidance to entrepreneurs who are going for globalization/going overseas.
ESG 2022 will invite representative platforms, consumer brands, and technology companies in globalization field, including Alibaba International, AliExpress, Amazon, TikTok, AliCloud, Meta, Anker Innovation, NIO, Geek+, NEIWAI, XAG Technology, Rokid, ninebot, moody, PatPat, Cyclone-robotics, dreame, Ecoflow, Westwell Technology, RENOGY, Roborock Technology, Insta360, CooHom, Jushuitan ERP, Muzen Radio, 42Verse, and others.
In addition, the most representative venture capital firms and financial advisory firms in the globalization direction will be invited, including SEQUOIA Capital, Gaorong Capital, 5Y Capital, Blue Lake Capital, Yunqi Partners, Fosun RZ Capital, eWTP Arabia Capital, LightHouse Capital, Index Capital, Yiren Capital, Foresight Capital, Wavierider Capital, and others.
ESG 2022 Agenda
— 9:15-9:30/ Government Official's Address
— 9:30-9:50/ Report release: The 2022 China Brand Globalization Index Report
— 9:50-10:00/ Launch ceremony: Alliance for China's Brands and Globalization & Brand Globalization Intellects
— 10:00-10:45/ Roundtable: China's Globalization Strategy Outlook
— 10:45-11:30/ Roundtable: Crosstalk of a Global-born Generation
— 11:30-12:15/ Roundtable: Opportunities for China's Brands to Go Global – Observations from Diplomats
— 12:15-12:20/ Award session 1: 50 Global Leaders in China's globalization
— 12:20-13:50/ Lunch Break
— 14:30-14:20/ Keynote: Opportunities and Challenges for China in the Next 10 Years
— 14:20-15:05/ Roundtable: How to Build a Global Brand
— 15:05-15:25/ Keynote: Forging China's Global Brands
— 15:25-16:10/ Roundtable: Entrepreneurship Across Continents
— 16:10-16:30/ Keynote: Infrastructure for Globalization
— 16:30-17:15/ Roundtable: Service Providers on Building a Global Brand
— 17:15-17:35/ Keynote: Investors' View: Business and Investment Opportunities in the Tide of Globalization
— 17:35-17:40/ Award session 2: TOP Investment Institutions/FA/Service Providers for China's Globalization
This event will be held during the fifth China International Import Expo (CIIE), where national leaders, government officials, and diplomats from various countries and management from famous enterprises from home and abroad will gather in Shanghai. ESG 2022 will take advantage of the CIIE to raise the voice of the third generation of global entrepreneurs and respond to the national construction of high-level opening up from our perspectives. We cordially invite entrepreneurs, investors and representatives from all segments of the industry, who are interested in the direction of globalization/going abroad, to come to Shanghai on November 8 to participate and witness together.
About ESG 2022 and EqualOcean
EqualOcean Summit For Globalization 2022, known as ESG 2022, is positioned as a top-level industry conference that brings together the third generation of global entrepreneurs and global brands. ESG 2022 will be held in Shanghai on November 8, 2022 during the fifth China International Import Expo (CIIE), and will include not only the most representative global entrepreneurs, brand leaders and investors, but also government representatives, academics, diplomats in China and representatives of international organizations. ESG 2022 will release "2022 China Brand Globalization Index Report", "2022 China Brand Globalization Resource Handbook 2022 Edition", "2022 China 50 Young Leaders in Globalization", "2022 China 50 Leaders in Globalization".
Founded in November 2018, EqualOcean is a business information platform and think tank that focuses on Chinese brands going global and on helping overseas investors or organizations to grasp China's development opportunities. For clients from China, EqualOcean provides macro political and economic analysis, overseas market and industry research, brand international makeup photos, overseas resource building, among others. EqualOcean has both Chinese and English websites, and is one of the very few organizations in China with the ability to write in-depth reports in English.
EqualOcean's global partners include Bloomberg Terminal, Refinitiv, SeekingAlpha, Nasdaq, ACN Newswire, SeaPRwire and other platforms. EqualOcean's business analysts are frequently interviewed by Wall Street Journal, New York Times, Financial Times, SCMP and other well-known media outlets.
ESG 2022 is now in the process of registration. For more information please visit EqualOcean's website. If you have any questions about ESG 2022, please feel free to contact us at our WeChat official account or via LinkedIn (EqualOcean).
Media contact
Email address: lena@equalocean.com
Official website: https://equalocean.com
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GBA Business Confidence Index continues to drop
HONG KONG, Oct 17, 2022 – (ACN Newswire) – Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the "GBA Business Confidence Index" (GBAI) for the third quarter of 2022. It shows that the current performance for "business confidence" weakened for a fifth straight quarter in Q3 to 41.3 from 43.3 in Q2, reflecting a more challenging reality as both external (rising interest rates and recession risk) and domestic (COVID disruptions and a weak housing market) headwinds worsened in recent months.
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This in turn prompted corporates to turn more cautious towards the Q4 outlook – the expectations index for business activity fell 2.6 points to 49.9 in Q3 from 52.2 in Q2, below the 50-neutral mark for the first time in nine quarters, indicating there is little hope of a swift pick-up momentum.
Meanwhile, among the 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Hong Kong (up 2.8 points to 42.5) and Guangzhou (up 0.9 point to 44.6) were the only two reporting improvements in their "current performance" sub-index. Hong Kong was the only city showing growth in the "expectation" sub-index (up 3 points to 46.3).
"With the recent relaxation of quarantine rules for inbound visitors, we expect Hong Kong to remain on a recovery path in the coming quarters," said Kelvin Lau, Senior Economist, Greater China, Standard Chartered. "That said, a recovery is likely to be modest, given the intensifying external (looming recessions in the West and a slowing China) and domestic (higher interest rates and a weak housing market) drags."
Financial services sector improves while tech plunges
Financial services was the only industry sector that saw improvements in both the "current performance" (up 7.9 points to 47.3), and "expectations" (up 9.1 points to 51.5) sub-indices. The sector likely benefited from recent policy easing, be it via the lowering of banks' own borrowing costs or relaxation towards the real-estate sector, which could help banks mitigate some of the related downside risks to asset quality and loan growth.
Tech companies saw the biggest plunge in the "current performance" and "expectation" sub-indices, falling 10.7 points to 39.6 and down 15.3 points to 46.0, respectively. "Slowing consumer demand, strong capacity growth and high inventories globally, coupled with lingering domestic concerns stemming from prior regulatory tightening, likely explained the sharp fall," Mr Lau added.
COVID disruption lessens
The GBAI is the first forward-looking quarterly survey in the market that looks at the business sentiment and synergistic effects in cities and industries across the GBA. It is compiled based on a survey of more than 1,000 companies in the GBA covering the manufacturing and trading, retail and wholesale, financial services, professional services, and innovation and technology sectors. The index enables investors and businesses to better understand the current business climate, gauge future performance prospects and formulate their market strategies for the GBA.
About half (49%) of the respondents said they have been affected by the pandemic in recent months in terms of transportation and/or logistics disruption, but more than 90% said China's recent shortening of the quarantine period for inbound travellers would help improve business. Over 80% said China's real-estate downturn would have limited or no impact on the overall economy. Meanwhile, most of the respondents said the impact of a potential reduction in US-China trade tariffs would be minimal, as any tax cut is likely to be small in scale and scope.
Asian markets outperform
The survey found that respondents have become more cautious regarding the market outlook and have broad-based growth concerns. Irina Fan, Director of Research, HKTDC, said respondents remained relatively upbeat regarding the outlook in Asian markets. Mainland China saw the highest share of gross positive responses, followed by Hong Kong and Macao, as well as the Association of Southeast Asian Nations (ASEAN) bloc.
"We expect the GBAI will rebound gradually when the pandemic subsides and business activities are able to fully return to normal. Yet, economic headwinds, lukewarm demand, fluctuating global markets and rising costs remain the key challenges ahead."
Related materials
– Standard Chartered GBA Business Confidence Index Report: https://sc.com/hk/zh/gba/gba-index/
– HKTDC Research: https://bit.ly/3EuNsLO
– Standard Chartered Annual GBA Client Survey: https://av.sc.com/hk/content/docs/hk-shop-talk-our-annual-gba-client-survey-26aug.pdf
– Photos download: https://bit.ly/3CCu8K8
About Standard Chartered
We are a leading international banking group, with a presence in 59 of the world's most dynamic markets, and serving clients in a further 83. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India. The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR's three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC. For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Media enquiries
Corporate Affairs Department
Standard Chartered Bank (Hong Kong) Limited
Lilian Goh
Tel: +852 3843 0341
Email: lilian.goh@sc.com
Communications & Public Affairs Dept
Hong Kong Trade Development Council
Beatrice Lam
Tel: +852 2584 4049
Email: beatrice.hy.lam@hktdc.org
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Kitchen Culture Rejects Requisition to Remove 5 Directors, Sharply Criticises Major Shareholder OOWAY Group for Factual Inaccuracies and Mischaracterisations to the Media
SINGAPORE, Oct 14, 2022 – (ACN Newswire) – The Board of Directors (the "Board") of Kitchen Culture Holdings Ltd. ("Kitchen Culture" or the "Company") today rejected a requisition to remove 5 of its 6 directors, and sharply criticised its largest shareholder, OOWAY Group Ltd. ("OOWAY"), for conveying to the media factual inaccuracies and mischaracterising recent events.
The Board, with the exception of Madam Hao Dongting ("Mdm Hao"), said that there are no grounds to justify the resignations. The Board had received a notice (the "Section 177 Notice") – issued under Section 177 of the Companies Act 1967 – on 30 September 2022 from OOWAY and 7 individuals who own an aggregate of 21.71% of the Company's shares.
Kitchen Culture was listed on SGX Catalist in 2011 as a provider of solutions and products for kitchens and wardrobes. Its shares have been suspended from trading since July 2021. Its Board has seen several changes since the involvement of OOWAY in October 2020. As announced on 17 July 2022, Mr Lincoln Teo ("Mr Lincoln Teo"), an OOWAY representative and former Interim CEO of Kitchen Culture, ceased to be Executive Director, while 2 new Board members were named – Mr Lau Kay Heng as Vice-Chairman and Non-Executive Director and Mr Peter Lim King Soon as Independent Director.
Kitchen Culture has written to the requisitioning shareholders that the 2 new Board members, Mr Lim Wee Li (Executive Director) and 2 Independent Directors Mr William Teo Choon Kow and Mr Ang Lian Kiat (the "5 Directors") will not resign. The Company stressed that OOWAY had in fact supported the reappointments of Mr William Teo and Mr Ang Lian Kiat at the Annual General Meeting held on 18 March 2022.
"The circumstances suggest that OOWAY may have its own reasons for calling for the replacement of the 5 Directors, which are unknown to the Board, with the exception of Mdm Hao," Kitchen Culture said.
Separately, Kitchen Culture sharply criticised Mr Liu Yanlong ("Mr Liu"), representative of OOWAY, for his remarks to the Chinese-language Lianhe Zaobao newspaper, published on 7 October 2022, and as contained in a 12 October 2022 press release issued on ACN Newswire.
The Board, with the exception of Mdm Hao, said it "notes with grave disappointment that this is at least the second instance in which Mr Liu of the OOWAY has mis-characterised to the media events of the recent past with blatant factual inaccuracies. These efforts are a distraction to the serious matters, as outlined above, which the current Board is working very hard to address."
The Board, with the exception of Mdm Hao, highlighted 5 key matters:
1) The remarks to the media misinterpret the findings of an internal control review by Baker Tilly Consultancy (Singapore) Pte. Ltd. ("Baker Tilly").
It also notes that on 19 August 2021, the Singapore Exchange Regulation Pte. Ltd. ("SGX RegCo") issued a Notice of Compliance ("NOC") for a Special Audit ("Special Audit") to review several matters including the internal control weaknesses noted in the Interim Report issued by Baker Tilly. Matters including the use of the Company's funds – including the funds of S$19 milion raised from February to August 2020 for business transformation, before OOWAY's involvement in the Company in October 2020 – remain within the purview of the Special Auditor and it is premature for Mr Liu or OOWAY to make any insinuations in that regard. The Company is reviewing a draft report in relation only to the Payroll Matters and the Transaction announced by the Company on 29 September 2021. The independent review of the remaining scope of work is on-going. The Company will update shareholders once there are material developments in this regard.
2) It rejects any allegation of impropriety as to the appointment of Mr Lau Kay Heng as director, whose appointment was duly assessed by the Nominating Committee.
3) Regarding the reference in the media to 2 loan matters:
(i) for the loan of S$1.0 million taken up by the Company, the rationale – announced on 30 August 2022 – was to meet anticipated general working capital needs up to the end of 2022; and
(ii) a S$1.5 million interest-free loan proposed by OOWAY had initially come with the pre-condition that a specific candidate had to be appointed as Chief Financial Officer ("CFO") of the Company. This condition could not be accepted after the Nominating Committee's due assessment which found the candidate to be not suitable to be the CFO of the Company. Subsequently, the former Executive Director and Interim CEO Mr Lincoln Teo had on 7 July 2022 recommended the Board to accept a proposal by another investor found by the OOWAY Group which contained conditions, among others, that the Company's investment in OTPL be provided as collateral for a convertible loan of S$5.0 million. By late-July 2022, the balance proceeds from the past fundraising activities were reduced to the precariously low level of S$26,559 while liabilities accumulated under the management of Mr Lincoln Teo amounted to approximately S$935,000.
4) There is no basis to state "OOWAY Technology [Pte. Ltd.] [("OTPL")] is Kitchen Culture's most valuable asset".
OOWAY has made many promises of injecting profitable businesses to the Company but did not make good its promises since becoming shareholders of the Company in October 2020 and had management control of the Company between July 2021 and July 2022.
It is noted that the OTPL and its subsidiaries ("the OTPL Group") recorded losses in 2020 and 2021. The Company's share of OTPL Group's losses amounted to approximately S$910,000 and S$803,000 for the 12 months ended 30 June 2021 and 30 June 2022, respectively.
5) As to Mr Liu's remarks to the media on the Section 177 Notice, the Board said that since the resignation of Mr Lincoln Teo and appointments of the 2 new Independent Directors, the current Board has achieved significant progress in the last 3 months, by:
– successfully negotiating payment terms for liabilities incurred during Mr Lincoln Teo's tenure, including rental arrears for the Company's office premises and unpaid salaries;
– reducing overhead costs significantly by terminating services of 6 staff (4 of whom were existing/former employees of companies related to Mr Lincoln Teo) who were receiving almost S$600,000 in combined salaries and allowances annually from the Company; and
– securing a S$1 million loan to settle immediate debts as well as to provide short term working capital.
The current Board is also in the process of evaluating the acquisition of new businesses that are cashflow positive and profitable.
In its letter to the requisitioning shareholders, the Board, with the exception of Mdm Hao, said the Directors will continue to act honestly and diligently in discharging their functions and duties and will continue the ordinary course of business for the Company.
Further, the Board wishes to state that it has this afternoon received a letter dated 14 October 2022 from the requisitioning shareholders enclosing a Notice of Extraordinary General Meeting ("EGM") and proxy form, and giving notice that the EGM will be held on Tuesday, 1 November 2022, 9.00 a.m. at Toucan Room Level 4, Grand Copthorne Waterfront Hotel, 392 Havelock Road, Singapore 169663. A further announcement will be made in this regard on SGXNet.
Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: +65 6471 6776, Fax: +65 6472 6776
Media & Investor Contact
Whatsapp (Text): +65 9748 0688
kitchenculture@wer1.net
This press release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.
The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
InvestHK’s Investment Promotion Week aims to lift foreign companies’ awareness of Hong Kong’s business opportunities
HONG KONG, Oct 14, 2022 – (ACN Newswire) – Invest Hong Kong of the Hong Kong Special Administrative Region will launch a series of themed seminars to provide foreign companies and business chambers with the latest updates about the city's dynamic business environment, enduring global hub status and business opportunities arising from growing ties with the Mainland.
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As part of the official celebrations of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR), the five-day Investment Promotion Week will run in a hybrid format from October 17 to 21 at the Hong Kong Convention and Exhibition Centre and online. It will feature five thematic days – Financial Services/Business Professional Services/FinTech, Innovation and Technology, Lifestyle and Creative Industries, Startup – Sustainable Futures, and the Greater Bay Area – with over 120 speakers sharing insights and experiences in their respective areas.
The Chief Executive, Mr John Lee, and the Financial Secretary, Mr Paul Chan, are offering full support for the event and hope it will reinforce foreign investors' understanding of the city's enduring business advantages and highlight the new and emerging business opportunities.
Mr Lee said, "Hong Kong is the world's freest economy and an international financial, trading and shipping centre. We are always welcoming companies and investors from all over the world. With the full support of the Central Government, as well as the plentiful opportunities under such national strategies as the National 14th Five-Year Plan and the Greater Bay Area development, Hong Kong is the best choice for b usiness operations and expansion plans."
Mr Chan said, "Under 'one country, two systems', Hong Kong has a distinctive status and advantages: we have unparalleled and privileged access to the Mainland market, while remaining a free and open market economy with the common law system. And moreover, the HKSAR Government is committed to creating a strong impetus for economic development, by combining the strengths of a proactive government and an efficient market. We are sure that businesses from all over the world will be able to tap the vast opportunities Hong Kong and the Mainland offer."
The Director-General of Investment Promotion, Mr Stephen Phillips, said, "This is a week not to be missed for those who want to learn about the key trends shaping global investment and how Hong Kong can help in capturing these opportunities. Participants will gain first-hand insights and pragmatic advice in all these important areas where we are witnessing tremendous growth – not only in Hong Kong, but in Mainland China and the region as a whole."
For more details of Investment Promotion Week, visit www.investhk.gov.hk/en/investment-promotion-week.html.
About Invest Hong Kong
Invest Hong Kong is the department of the HKSAR Government responsible for attracting foreign direct investment and supporting overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services for overseas and Mainland companies. For more information, please visit www.investhk.gov.hk.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
InvestHK’s Investment Promotion Week aims to lift foreign companies’ awareness of Hong Kong’s business opportunities
HONG KONG, Oct 14, 2022 – (ACN Newswire) – Invest Hong Kong will launch a series of themed seminars to provide foreign companies and business chambers with the latest updates about the city's dynamic business environment, enduring global hub status and business opportunities arising from growing ties with the Mainland.
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As part of the official celebrations of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR), the five-day Investment Promotion Week will run in a hybrid format from October 17 to 21 at the Hong Kong Convention and Exhibition Centre and online. It will feature five thematic days – Financial Services/Business Professional Services/FinTech, Innovation and Technology, Lifestyle and Creative Industries, Startup – Sustainable Futures, and the Greater Bay Area – with over 120 speakers sharing insights and experiences in their respective areas.
The Chief Executive, Mr John Lee, and the Financial Secretary, Mr Paul Chan, are offering full support for the event and hope it will reinforce foreign investors' understanding of the city's enduring business advantages and highlight the new and emerging business opportunities.
Mr Lee said, "Hong Kong is the world's freest economy and an international financial, trading and shipping centre. We are always welcoming companies and investors from all over the world. With the full support of the Central Government, as well as the plentiful opportunities under such national strategies as the National 14th Five-Year Plan and the Greater Bay Area development, Hong Kong is the best choice for b usiness operations and expansion plans."
Mr Chan said, "Under 'one country, two systems', Hong Kong has a distinctive status and advantages: we have unparalleled and privileged access to the Mainland market, while remaining a free and open market economy with the common law system. And moreover, the HKSAR Government is committed to creating a strong impetus for economic development, by combining the strengths of a proactive government and an efficient market. We are sure that businesses from all over the world will be able to tap the vast opportunities Hong Kong and the Mainland offer."
The Director-General of Investment Promotion, Mr Stephen Phillips, said, "This is a week not to be missed for those who want to learn about the key trends shaping global investment and how Hong Kong can help in capturing these opportunities. Participants will gain first-hand insights and pragmatic advice in all these important areas where we are witnessing tremendous growth – not only in Hong Kong, but in Mainland China and the region as a whole."
For more details of Investment Promotion Week, visit www.investhk.gov.hk/en/investment-promotion-week.html.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
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